Corporate Property Associates 18 Global (CPYA) 10-K 25 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-54970
Entity Registrant Name	CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED
Entity Incorporation, State	MD
Entity Tax Identification Number	90-0885534
Entity Address, Street	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001558235
Class A
Cover
Entity Common Stock Shares Outstanding		119,148,270
Class C
Cover
Entity Common Stock Shares Outstanding		30,721,779

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,513,254	$ 1,440,354
Operating real estate — Land, buildings and improvements		477,588	596,998
Real estate under construction		103,309	180,055
Net investments in direct financing leases		11,449	16,933
In-place lease and other intangible assets		285,222	293,075
Investments in real estate		2,390,822	2,527,415
Accumulated depreciation and amortization		(448,277)	(403,171)
Net investments in real estate		1,942,545	2,124,244
Cash and cash equivalents		52,133	62,346
Other assets		148,191	172,328
Total assets	[1]	2,142,869	2,358,918
Liabilities and Equity
Non-recourse secured debt, net		1,253,045	1,310,378
Accounts payable, accrued expenses and other liabilities		127,173	155,259
Due to affiliates		7,696	31,283
Distributions payable		9,330	9,447
Total liabilities	[1]	1,397,244	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		1,315,260	1,331,278
Distributions and accumulated losses		(555,256)	(514,859)
Accumulated other comprehensive loss		(51,794)	(19,930)
Total stockholders’ equity		708,360	796,640
Noncontrolling interests		37,265	55,911
Total equity		745,625	852,551
Total liabilities and equity		2,142,869	2,358,918
Class A common stock
Liabilities and Equity
Common stock		119	119
Class C common stock
Liabilities and Equity
Common stock		$ 31	$ 32
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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 common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	320,000,000	320,000,000
Common stock, shares outstanding (shares)	118,684,766	119,059,188
Class C common stock
CPA®:18 – Global stockholders’ equity:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares outstanding (shares)	30,600,539	32,096,796

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Lease revenues — net-leased	$ 121,646	$ 102,316	$ 119,100
Lease revenues — operating real estate	81,142	70,182	70,589
Other operating and interest income	1,429	4,569	7,750
Revenues	204,217	177,067	197,439
Operating Expenses
Depreciation and amortization	68,179	63,809	65,498
Operating real estate expenses	30,071	27,847	27,423
Impairment charges	23,504	0	0
Property expenses, excluding reimbursable tenant costs	20,240	18,690	18,660
Reimbursable tenant costs	14,817	12,159	13,204
General and administrative	8,274	7,630	7,724
Change in allowance for credit losses	0	(2,874)	0
Operating Expenses	165,085	127,261	132,509
Other Income and Expenses
Interest expense	(50,959)	(43,343)	(48,019)
Gain on sale of real estate, net	44,015	2,390	24,773
Other gains and (losses)	(2,728)	1,904	4,715
Earnings (losses) from equity method investment in real estate	0	12,313	(2,185)
Other Income and Expenses	(9,672)	(26,736)	(20,716)
Income before income taxes	29,460	23,070	44,214
Provision for income taxes	(1,850)	(769)	(210)
Net Income	27,610	22,301	44,004
Net loss (income) attributable to noncontrolling interests	236	(9,958)	(11,432)
Net Income Attributable to CPA:18 – Global	27,846	12,343	32,572
Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 21,990	$ 9,737	$ 25,636
Basic weighted-average shares outstanding (in shares)	120,077,202	118,567,905	116,469,007
Diluted weighted-average shares outstanding (in shares)	120,077,202	118,567,905	116,469,007
Basic income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Diluted income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Class C
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 5,856	$ 2,606	$ 6,936
Basic weighted-average shares outstanding (in shares)	31,972,362	32,402,493	32,123,513
Diluted weighted-average shares outstanding (in shares)	31,972,362	32,402,493	32,123,513
Basic income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Diluted income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22

Consolidated Statements of In_2

Consolidated Statements of Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Available Cash Distributions	$ 7,345	$ 7,225	$ 8,132

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 27,610	$ 22,301	$ 44,004
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(36,960)	43,772	(4,509)
Unrealized gain (loss) on derivative instruments	2,513	(3,519)	(2,079)
Net current-period Other comprehensive loss	(34,447)	40,253	(6,588)
Comprehensive (Loss) Income	(6,837)	62,554	37,416
Amounts Attributable to Noncontrolling Interests
Net loss (income)	236	(9,958)	(11,432)
Foreign currency translation adjustments	2,595	(3,666)	644
Unrealized (gain) loss on derivative instruments	(12)	18	2
Comprehensive loss (income) attributable to noncontrolling interests	2,819	(13,606)	(10,786)
Comprehensive (Loss) Income Attributable to CPA:18 – Global	$ (4,018)	$ 48,948	$ 26,630

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A	Class C	Total CPA 18 - Global Stockholders	Total CPA 18 - Global StockholdersCumulative Effect, Period of Adoption, Adjustment	Common StockClass A	Common StockClass C	Additional Paid-In Capital	Distributions and Accumulated Losses	Distributions and Accumulated LossesCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning equity balance, value at Dec. 31, 2018	$ 895,970	$ (1,108)			$ 828,977	$ (1,108)	$ 114	$ 32	$ 1,290,888	$ (411,464)	$ (1,108)	$ (50,593)	$ 66,993
Beginning equity balance, shares at Dec. 31, 2018							114,589,333	31,641,265
Statements of Equity
Shares issued	43,814				43,814		$ 4	$ 1	43,809
Shares issued, shares							3,822,104	1,171,368
Shares issued to affiliate	6,262				6,262		$ 1		6,261
Shares issued to affiliate, shares							714,598
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,164
Contributions from noncontrolling interests	2,838												2,838
Distributions to noncontrolling interests	(21,818)												(21,818)
Distributions declared	(90,326)				(90,326)					(90,326)
Net income (loss)	44,004				32,572					32,572			11,432
Other comprehensive income (loss)
Foreign currency translation adjustments	(4,509)				(3,865)							(3,865)	(644)
Unrealized gain (loss) on derivative instruments	(2,079)				(2,077)							(2,077)	(2)
Repurchase of shares	(21,457)				(21,457)		$ (2)	$ (1)	(21,454)
Repurchase of shares, shares							(1,955,621)	(574,120)
Ending equity balance, value at Dec. 31, 2019	$ 851,671	$ (6,903)			792,872	$ (6,903)	$ 117	$ 32	1,319,584	(470,326)	$ (6,903)	(56,535)	58,799
Ending equity balance, shares at Dec. 31, 2019							117,179,578	32,238,513
Other comprehensive income (loss)
Accounting Standards Update	Accounting Standards Update 2016-13 [Member]
Shares issued	$ 30,173				30,173		$ 3	$ 1	30,169
Shares issued, shares							2,702,908	775,285
Shares issued to affiliate	9,812				9,812		$ 1		9,811
Shares issued to affiliate, shares							1,152,029
Shares issued to directors	80				80				80
Shares issued to directors, shares							9,650
Contributions from noncontrolling interests	4,609												4,609
Distributions to noncontrolling interests	(20,802)												(20,802)
Acquisition of noncontrolling interest in real estate	(4,343)				(4,042)				(4,042)				(301)
Distributions declared	(49,973)				(49,973)					(49,973)
Net income (loss)	22,301				12,343					12,343			9,958
Foreign currency translation adjustments	43,772				40,106							40,106	3,666
Unrealized gain (loss) on derivative instruments	(3,519)				(3,501)							(3,501)	(18)
Repurchase of shares	(24,327)				(24,327)		$ (2)	$ (1)	(24,324)
Repurchase of shares, shares							(1,984,977)	(917,002)
Ending equity balance, value at Dec. 31, 2020	852,551				796,640		$ 119	$ 32	1,331,278	(514,859)		(19,930)	55,911
Ending equity balance, shares at Dec. 31, 2020			119,059,188	32,096,796			119,059,188	32,096,796
Statements of Equity
Shares issued	17,469				17,469		$ 2	$ 1	17,466
Shares issued, shares							1,474,248	511,195
Shares issued to affiliate	12,547				12,547		$ 1		12,546
Shares issued to affiliate, shares							1,420,820
Shares issued to directors	80				80				80
Shares issued to directors, shares							8,979
Contributions from noncontrolling interests	3,838												3,838
Distributions to noncontrolling interests	(19,665)												(19,665)
Distributions declared	(68,243)				(68,243)					(68,243)
Net income (loss)	27,610				27,846					27,846			(236)
Other comprehensive income (loss)
Foreign currency translation adjustments	(36,960)				(34,365)							(34,365)	(2,595)
Unrealized gain (loss) on derivative instruments	2,513				2,501							2,501	12
Repurchase of shares	(46,115)				(46,115)		$ (3)	$ (2)	(46,110)
Repurchase of shares, shares							(3,278,469)	(2,007,452)
Ending equity balance, value at Dec. 31, 2021	$ 745,625				$ 708,360		$ 119	$ 31	$ 1,315,260	$ (555,256)		$ (51,794)	$ 37,265
Ending equity balance, shares at Dec. 31, 2021			118,684,766	30,600,539			118,684,766	30,600,539

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A
Statements of Equity
Distributions declared (in dollars per share)	$ 0.4500
Class C
Statements of Equity
Distributions declared (in dollars per share)	0.4500
Common Stock | Class A
Statements of Equity
Distributions declared (in dollars per share)	0.4500	$ 0.3438	$ 0.6252
Common Stock | Class C
Statements of Equity
Distributions declared (in dollars per share)	$ 0.4500	$ 0.2895	$ 0.5499

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows — Operating Activities
Net Income	$ 27,610,000	$ 22,301,000	$ 44,004,000
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	72,130,000	66,601,000	69,139,000
Gain on sale of real estate, net	(44,015,000)	(2,390,000)	(24,773,000)
Impairment charges	23,504,000	0	0
Asset management fees and directors’ compensation paid in shares	12,608,000	10,493,000	5,850,000
Realized and unrealized loss (gain) on foreign currency transactions, derivatives, and other	3,903,000	(3,465,000)	(694,000)
Deferred income tax benefit	(2,294,000)	(2,472,000)	(2,310,000)
Straight-line rent adjustments	(2,179,000)	4,780,000	(2,960,000)
Loss on extinguishment of debt	2,010,000	28,000	133,000
Amortization of rent-related intangibles and deferred rental revenue	(798,000)	(508,000)	(1,068,000)
(Earnings) losses from equity method investment in real estate in excess of distributions received	0	(4,426,000)	2,185,000
Change in allowance for credit losses	0	(2,874,000)	0
Net change in other operating assets and liabilities	(89,000)	1,923,000	1,607,000
Change in deferred acquisition fees payable	0	0	(293,000)
Net Cash Provided by Operating Activities	92,390,000	89,991,000	90,820,000
Cash Flows — Investing Activities
Proceeds from sale of real estate	162,164,000	6,101,000	50,846,000
Funding for development projects	(114,302,000)	(157,097,000)	(108,139,000)
Acquisition of real estate	(10,919,000)	0	0
Value added taxes refunded in connection with constructing funding	10,398,000	4,674,000	9,627,000
Capital expenditures on real estate	(8,293,000)	(7,006,000)	(2,989,000)
Value added taxes paid in connection with construction funding	(2,880,000)	(9,133,000)	(6,964,000)
Payment of deferred acquisition fees to an affiliate	(1,854,000)	(2,619,000)	(4,503,000)
Other investing activities, net	796,000	(1,317,000)	159,000
Proceeds from sale of equity investment in real estate	0	22,760,000	0
Return of capital from equity investment	0	1,135,000	3,161,000
Capital contributions to equity investment	0	(1,104,000)	(911,000)
Proceeds from repayment of notes receivable	0	0	35,954,000
Proceeds from insurance settlements	0	0	1,084,000
Net Cash Provided by (Used in) Investing Activities	35,110,000	(143,606,000)	(22,675,000)
Cash Flows — Financing Activities
Scheduled payments and prepayments of mortgage principal	(171,205,000)	(26,679,000)	(132,160,000)
Proceeds from mortgage financing	147,737,000	96,525,000	123,641,000
Distributions paid	(68,360,000)	(63,271,000)	(89,845,000)
Repayment of notes payable to affiliate	(62,048,000)	0	0
Repurchase of shares	(46,115,000)	(24,327,000)	(21,457,000)
Proceeds from notes payable to affiliate	41,000,000	21,048,000	0
Distributions to noncontrolling interests	(20,101,000)	(20,802,000)	(20,070,000)
Proceeds from issuance of shares	17,508,000	28,230,000	41,735,000
Payment of deferred financing costs and mortgage deposits	(4,577,000)	(2,436,000)	(1,001,000)
Contributions from noncontrolling interests	3,838,000	4,356,000	2,922,000
Other financing activities, net	(196,000)	(781,000)	(9,000)
Acquisition of noncontrolling interest in real estate	0	(4,343,000)	0
Net Cash (Used in) Provided by Financing Activities	(162,519,000)	7,520,000	(96,244,000)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(2,966,000)	2,410,000	659,000
Net decrease in cash and cash equivalents and restricted cash	(37,985,000)	(43,685,000)	(27,440,000)
Cash and cash equivalents and restricted cash, beginning of year	119,713,000	163,398,000	190,838,000
Cash and cash equivalents and restricted cash, end of year	$ 81,728,000	$ 119,713,000	$ 163,398,000

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”), is a publicly owned, non-traded real estate investment trust (“REIT”), that invests primarily in a diversified portfolio of income-producing commercial real estate properties net leased to companies, both domestically and internationally. In addition, our portfolio includes self-storage and student housing investments. We were formed in 2012 and are managed by W. P. Carey Inc. (“WPC”) through one of its subsidiaries (collectively our “Advisor”). As a REIT, we are not subject to U.S. federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, among other factors. We earn revenue primarily by leasing the properties we own to single corporate tenants, predominantly on a triple-net lease basis, which requires the tenant to pay substantially all of the costs associated with operating and maintaining the property. We derive self-storage revenue from rents received from customers who rent storage space, primarily under month-to-month leases for personal or business use. We earn student housing operating revenue primarily from leases of one year or less with individual students. Our last multi-family residential property was sold on January 29, 2019. After that date, we no longer earned revenue from multi-family residential tenants. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership (“the Operating Partnership”), and as of December 31, 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 December 31, 2021, our net lease portfolio was comprised of full or partial ownership interests in 53 properties, substantially all of which were fully occupied and triple-net leased to 50 tenants totaling 10.4 million square feet. The remainder of our portfolio was comprised of our full or partial ownership interests in 65 self-storage properties, three student housing development projects (two of which will become subject to net lease agreements upon their completion) and one student housing operating property, totaling approximately 5.1 million square feet. We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Other Operating Properties segment is primarily comprised of our investments in student housing operating properties and, until January 2019, multi-family residential properties. In addition, we have an All Other category that includes our notes receivable investments, one of which was repaid during the second quarter of 2019. Our reportable business segments and All Other category are the same as our reporting units ( Note 14 ). On December 20, 2019, we executed a framework agreement with a third party to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. As of December 31, 2021, we have placed into service nine student housing properties, and the remaining two student housing projects under construction will become subject to net lease agreements upon their completion and are scheduled to do so throughout 2022 and 2023. We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our offering. In addition, from inception through December 31, 2021, $220.4 million and $63.7 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our Distribution Reinvestment Plan. On August 31, 2021, we reported that our independent directors intended to begin the process of evaluating possible liquidity alternatives for our stockholders, which included an unsolicited preliminary proposal for a potential business combination transaction received from affiliates of our Advisor. The independent directors have formed a special committee and retained advisors. There can be no assurance as to the form or timing of any liquidity alternative or that any alternative may be pursued at all for the foreseeable future. We do not intend to discuss the evaluation process unless and until a particular alternative is selected.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies and Estimates Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents and growth factors rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid. Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, we apply a selected capitalization rate and deduct estimated costs of sale. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases/Notes Receivable — This policy was superseded by Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Credit Losses . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. For notes receivable, we determined the estimated fair value of these financial instruments using a discounted cash flow model that estimated the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates took into account interest rate risk and the value of the underlying collateral, which included the quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Equity Method Investment in Real Estate — Prior to its disposition in 2020 ( Note 4 ), we evaluated our equity method investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity method investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our equity method investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values. Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If, however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Credit Losses We adopted ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2020, which replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including net investments in direct financing leases and notes receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842. We adopted ASU 2016-13 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $6.9 million on January 1, 2020, which is reflected within our consolidated statements of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases or notes receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 5 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Our notes receivable are included in Other assets, net on our consolidated balance sheets. Allowance for credit losses is included in our consolidated statements of income within Allowance for credit losses. Other Accounting Policies Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets. As of December 31, 2021 and 2020, we considered ten and 15 entities to be VIEs, respectively, all of which we consolidate, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the consolidated balance sheets (in thousands): December 31, 2021 2020 Real estate — Land, buildings and improvements $ 324,908 $ 427,129 Real estate under construction 102,009 179,162 In-place lease intangible assets 101,450 106,703 Accumulated depreciation and amortization (107,765) (98,433) Total assets 532,686 729,611 Non-recourse secured debt, net $ 321,747 $ 331,113 Total liabilities 361,867 390,882 Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g., real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period. Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements. Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions. Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital). Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net loss (income) attributable to noncontrolling interest. Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties; we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. During the year ended December 31, 2020, we wrote off $7.0 million in straight-line rent receivables based on our assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Additionally, we did not recognize uncollected rent within lease revenues of $9.9 million and $9.2 million during the years ended December 31, 2021 and 2020, respectively. Our straight-line rent receivables totaled $20.8 million and $19.0 million at December 31, 2021 and 2020, respectively. We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease. Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective. Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations. Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset. Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from this translation as a component of Other comprehensive (loss) income in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (loss) (within Other gains and (losses) in the statements of income). The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity. Net realized gains or (losses) are recognized on foreign currency transactions in connection with the transfer of cash from foreign operations of subsidiaries to the parent company. We recognized net realized gains (losses) of $0.7 million, $(0.2) million, and $(0.6) million for the years ended December 31, 2021, 2020, and 2019, respectively. Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged transaction affects earnin

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 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, including the identification, evaluation, negotiation, purchase, development, day-to-day management, and disposition of real estate and related assets and mortgage loans. We also reimburse our Advisor for general and administrative duties performed on our behalf. The advisory agreement has a term of one year and may be renewed for successive one-year periods. We may terminate the advisory agreement upon 60 days written notice without cause or penalty. As of December 31, 2021, the advisory agreement has been renewed through March 31, 2022. W e have an unsecured revolving line of credit with WPC with a borrowing capacity of $50.0 million, for which the scheduled maturity date was extended from March 31, 2022 to March 31, 2023 during the fourth quarter of 2021. The line of credit bears an interest rate equal to the rate that WPC can borrow funds under its senior credit facility (including an annual facility fee of 0.20%). During the year ended December 31, 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 December 31, 2021 , we had no amounts drawn on the line of credit . Subsequent to December 31, 2021 and through the date of this Report , we borrowed $18.0 million under the line of credit ( Note 15 ). Jointly Owned Investments As of December 31, 2021 and 2020, we owned interests ranging from 50% to 99% in 16 and 18 jointly owned investments, respectively, with the remaining interests held by WPC (four investments as of both dates) or by third parties. Since no other parties hold any rights that supersede our control, we consolidate all of these joint ventures (our sole equity investment, which we accounted for under the equity method of accounting, was sold during the year ended December 31, 2020 ( Note 4 )). On December 29, 2020, we acquired the 1.3% remaining shares in a jointly owned net lease student housing property located in Barcelona, Spain, from the joint-venture partner, for total consideration of $4.5 million. Other Transactions with Our Affiliates The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements (in thousands): Years Ended December 31, 2021 2020 2019 Amounts Included in the Consolidated Statements of Income Asset management fees $ 12,528 $ 11,914 $ 11,539 Available Cash Distributions 7,345 7,225 8,132 Personnel and overhead reimbursements 2,714 2,648 3,161 Interest expense 536 468 492 Disposition fees — — 1,117 $ 23,123 $ 22,255 $ 24,441 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 135 $ 140 $ 665 Current acquisition fees — 110 695 Deferred acquisition fees — 88 555 $ 135 $ 338 $ 1,915 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2021 2020 Due to Affiliates External joint-venture loans, accounts payable, and other (a) $ 6,624 $ 6,940 Asset management fees payable 1,062 1,328 Acquisition fees, including accrued interest 10 1,871 Loan from WPC, including accrued interest — 21,144 $ 7,696 $ 31,283 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of December 31, 2021 and 2020, amounts outstanding to our joint-venture partners, including accrued interest, were $5.5 million and $5.3 million, respectively. Asset Management Fees Pursuant to the advisory agreement, our Advisor is entitled to an annual asset management fee ranging from 0.5% to 1.5%, depending on the type of investment and based on the average market value or average equity value, as applicable, of our investments. Asset management fees are payable in cash and/or shares of our Class A common stock at our board of directors’ election in consultation with our Advisor. For any portion of fees our Advisor receives in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share (“NAV”) per Class A share, which was $9.07 as of September 30, 2021. Effective January 1, 2019, our Advisor agreed to receive 50% of the asset management fees in shares of our Class A common stock and 50% in cash. Effective April 1, 2020, our Advisor agreed to receive all of its asset management fees in shares of our Class A common stock. As of December 31, 2021, our Advisor owned 8,326,732 shares of our outstanding Class A common stock, or 5.6% of our total Class A and Class C shares outstanding. Asset management fees are included in Property expenses, excluding reimbursable tenant costs in the consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The initial acquisition fee and subordinated acquisition fee are 2.5% and 2.0%, respectively, of the aggregate total cost of our portion of each investment for all investments, other than those in readily marketable real estate securities purchased in the secondary market, for which our Advisor will not receive any acquisition fees. Deferred acquisition fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased and are subject to the preferred return described above. The preferred return was achieved as of the years ended December 31, 2021 and 2020. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the consolidated financial statements and bear interest at an annual rate of 2.0%. The cumulative total acquisition costs, including acquisition fees paid to the Advisor, may not exceed 6.0% of the aggregate contract purchase price of all investments, which is measured at the end of each year. Effective January 1, 2020, the Advisor has waived its right to disposition fees with respect to sales and dispositions of single investments and portfolios of investments. The Advisor may still be entitled to disposition fees in connection with a transaction or series of transactions related to a merger, liquidation, or other event, at the discretion of our board of directors. Prior to January 1, 2020, our Advisor was entitled to receive a disposition fee equal to the lesser of (i) 50.0% of the competitive real estate commission (as defined in the advisory agreement) or (ii) 3.0% of the contract sales price of the investment being sold. These fees were paid at the discretion of our board of directors. During the year ended December 31, 2019, a total of $1.1 million of disposition fees were approved and paid in connection with certain 2018 and 2019 dispositions, and are included in Gain on sale of real estate, net in the consolidated financial statements. Personnel and Overhead Reimbursements Under the terms of the advisory agreement, our Advisor allocates a portion of its personnel and overhead expenses to us and the other entities that are managed by WPC and its affiliates, which as of December 31, 2021 included Carey European Student Housing Fund I L.P. (WPC’s advisory agreements with Carey Watermark Investors Incorporated and Carey Watermark Investors 2 Incorporated were terminated on April 13, 2020). We reimburse our Advisor for the allocated costs of personnel and overhead in managing our day-to-day operations, including accounting services, stockholder services, corporate management, and property management and operations. In addition, we reimburse our Advisor for various expenses it incurs in the course of providing services to us. We reimburse certain third-party expenses paid by our Advisor on our behalf, including professional fees, and office expenses. We do not reimburse our Advisor for salaries and benefits paid to our named executive officers or for the cost of personnel that provide services for transactions for where our Advisor receives a fee (such as for acquisitions and dispositions). Under the advisory agreement, the amount of applicable personnel costs allocated to us is capped at 1.0% of our pro rata total revenues for each of 2021, 2020, and 2019. Our Advisor allocates overhead expenses to us based upon the percentage that our full-time employee equivalents comprised of the Advisor’s total full-time employee equivalents. Costs related to our Advisor’s legal transactions group are based on a schedule of expenses relating to services performed for different types of transactions, such as financing, lease amendments, and dispositions, among other categories. In general, personnel and overhead reimbursements are included in General and administrative expenses in the consolidated financial statements. Excess Operating Expenses Our Advisor is obligated to reimburse us for the amount by which our operating expenses exceeds the “2%/25% guidelines” (the greater of 2% of average invested assets or 25% of net income) as defined in the advisory agreement for any 12-month period, subject to certain conditions. For the most recent trailing four quarters, our operating expenses were below this threshold. Available Cash Distributions WPC’s interest in the Operating Partnership entitles it to receive distributions of up to 10.0% of the available cash generated by the Operating Partnership (“the Available Cash Distribution”), which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Available Cash Distributions are included in Net loss (income) attributable to noncontrolling interests in the consolidated financial statements.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate	Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate Real Estate — Land, Buildings and Improvements Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): December 31, 2021 (a) 2020 Land $ 264,590 $ 235,243 Buildings and improvements 1,248,664 1,205,111 Less: Accumulated depreciation (199,664) (172,319) $ 1,313,590 $ 1,268,035 _________ (a) Amounts include four recently completed student housing properties located in Spain and Portugal (subject to net lease agreements), as further described in the “Real Estate Under Construction” section below. The carrying value of our Real Estate — Land, buildings and improvements decreased by $65.3 million from December 31, 2020 to December 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 $37.2 million, $30.5 million, and $29.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During the year ended December 31, 2021, we reclassified a property with a carrying value of $1.8 million from Net investments in direct financing leases to Real estate — Land, buildings and improvements in connection with a change in lease classification due to a lease termination ( Note 5 ). Acquisition of Real Estate On December 30, 2021, we acquired an industrial facility located in Houston, Texas, which was deemed to be an asset acquisition, at a total cost of $10.9 million, including land of $1.9 million, building of $7.1 million, and an in-place lease intangible of $1.9 million (with an expected life of 15 years). In connection with this acquisition, the lease with this tenant at another property was terminated. Dispositions of Real Estate During the year ended December 31, 2021, we sold one property located in Zadar, Croatia, classified as Real estate — Land, buildings and improvements. As a result, the carrying value of our Real estate — Land, buildings and improvements decreased by $11.9 million from December 31, 2020 to December 31, 2021 ( Note 13 ). Other Operating Income During the year ended December 31, 2021, we received $4.9 million of lease termination proceeds from one property in a two-property domestic portfolio, which will be recognized as other operating income ratably over the remaining lease term of the occupied property (lease expiration is in 2034). Accordingly, during the year ended December 31, 2021, we recognized less than $0.1 million within Other operating and interest income in the consolidated statements of income related to this lease termination. The vacant facility was sold in December 2021, as disclosed in Note 5 and Note 13 . Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage, student housing (not subject to net lease agreements), and multi-family residential properties (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2021 2020 Land $ 80,481 $ 89,148 Buildings and improvements 397,107 507,850 Less: Accumulated depreciation (80,035) (73,569) $ 397,553 $ 523,429 The carrying value of our Operating real estate — land, buildings and improvements increased by $1.5 million from December 31, 2020 to December 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 for the years ended December 31, 2021, 2020, and 2019 was $16.2 million, $16.0 million, and $15.2 million, respectively. Dispositions of Operating Real Estate During the year ended December 31, 2021, we sold two student housing operating properties located in Cardiff and Portsmouth, United Kingdom. As a result, the carrying value of our Operating real estate — land, buildings and improvements decreased by $114.1 million from December 31, 2020 to December 31, 2021 ( Note 13 ). Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 180,055 $ 235,751 Placed into service (171,413) (236,923) Capitalized funds 97,099 153,539 Foreign currency translation adjustments (7,850) 19,415 Capitalized interest 5,418 8,273 Ending balance $ 103,309 $ 180,055 Projects Placed into Service During 2021 During the year ended December 31, 2021, we completed and placed into service the following student housing properties, which became subject to individual net lease agreements with minimum fixed rents and were reclassified to Real estate — Land, buildings and improvements on our consolidated balance sheets (in thousands): Property Location(s) Date of Completion Total Capitalized Costs (a) (b) Coimbra, Portugal 7/5/2021 $ 35,096 Pamplona, Spain 7/8/2021 32,781 Seville, Spain 7/30/2021 46,593 Bilbao, Spain 8/24/2021 56,719 $ 171,189 ___________ (a) Amounts include capitalized interest, carrying costs, and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts reflect the exchange rate of the euro on the date the assets were placed into service. Projects Placed into Service During 2020 During the year ended December 31, 2020, we completed and placed into service the following student housing properties (in thousands): Property Location(s) Reclassified to Date of Completion Total Capitalized Costs (a) (b) Austin, Texas Operating real estate — Land, buildings and improvements 8/4/2020 $ 78,927 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,429 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,532 Porto, Portugal (d) Real estate — Land, buildings and improvements 10/30/2020 28,809 Malaga, Spain (d) Real estate — Land, buildings and improvements 12/10/2020 50,975 $ 230,672 ___________ (a) Amounts include capitalized interest and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts related to our international student housing properties are denominated in a foreign currency. For these properties, amounts reflect the euro on the date the assets were placed into service. (c) Upon completion, these properties became subject to individual net lease agreements with minimum fixed rents. (d) Upon completion, these properties became subject to an individual net lease agreement with variable rent based on gross revenues, which converted to minimum fixed rent in the second year of operation. In addition, during the year ended December 31, 2020, we placed into service approximately $6.3 million in capital investment projects at three of our net lease properties (non-cash investing activity). Capitalized Funds During 2021 and 2020 During the years ended December 31, 2021 and 2020, total capitalized funds primarily related to construction draws for student housing development projects, and includes $5.0 million and $20.5 million, respectively, 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 $5.4 million, $8.3 million, and $7.1 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is a non-cash investing activity. Ending Balance As of December 31, 2021 and 2020, we had three and seven open student housing development projects, respectively, and aggregate unfunded commitments totaling approximately $55.4 million and $174.9 million, respectively, excluding capitalized interest, accrued costs, and capitalized acquisition fees. Leases Lease Income Lease income recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the consolidated statements of income are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Lease revenues — net-leased Lease income — fixed $ 101,944 $ 84,047 $ 99,771 Lease income — variable (a) 18,237 15,096 15,468 Total operating lease income (b) $ 120,181 $ 99,143 $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 78,726 $ 67,964 $ 67,969 Lease income — variable (c) 2,416 2,218 2,620 Total operating real estate income $ 81,142 $ 70,182 $ 70,589 _________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes interest income from direct financing leases of $1.5 million, $3.2 million, and $3.9 million for the years ended December 31, 2021, 2020, and 2019, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the consolidated statements of income. (c) Primarily comprised of late fees and administrative fees. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases as of December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 114,185 2023 107,886 2024 97,357 2025 92,530 2026 84,796 Thereafter 664,191 Total $ 1,160,945 See Note 5 for scheduled future lease payments to be received under non-cancelable direct financing leases. Lease Cost During the years ended December 31, 2021, 2020, and 2019, total lease costs for operating leases totaled $0.8 million, $1.0 million, and $1.1 million, respectively, which is included in Property expenses, excluding reimbursable tenant costs and Reimbursable tenant costs in the consolidated statements of income. Additionally, we recognized reimbursable ground rent totaling approximately $0.4 million for each of the years ended December 31, 2021, 2020, and 2019, which is included in Lease revenues — net-leased in the consolidated statements of income. Other Information Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Years Ended December 31, Location on Consolidated Balance Sheets 2021 2020 Operating ROU assets — land leases In-place lease and other intangible assets $ 34,496 $ 37,339 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 7,287 $ 8,084 Weighted-average remaining lease term — operating leases (a) 42.5 years 42.2 years Weighted-average discount rate — operating leases (a) 6.8 % 6.8 % Number of land lease arrangements 8 8 Lease term range 4 – 981 years 5 – 982 years ___________ (a) Excludes ROU land lease asset totaling $7.4 million and $7.5 million as of December 31, 2021, and 2020, related to the student housing development project located in Swansea, United Kingdom, as it has no future obligation during the 983-year lease term. Cash paid for operating lease liabilities included in the Net cash provided by operating activities for the years ended December 31, 2021, 2020, and 2019 was $0.7 million, $0.4 million, and $0.8 million, respectively. There are no land finance leases for which we are the lessee, therefore there are no related ROU assets or lease liabilities. Undiscounted Cash Flows A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 596 2023 596 2024 596 2025 591 2026 480 Thereafter 18,833 Total lease payments 21,692 Less: amount of lease payments representing interest (14,405) Present value of future lease payments/lease obligations $ 7,287 Ghana Settlement Update In relation to the litigation with our former joint-venture partner, the arbitrator issued a final decision and awarded the joint-venture partner a settlement of $2.6 million during the year ended December 31, 2020. As of December 31, 2021 and 2020, all amounts payable to the joint-venture partner have been paid. In addition, during the year ended December 31, 2020, the collectibility of the value added tax (“VAT”) receivable to be refunded by the Ghanaian government was no longer deemed probable. As such, we recorded a $2.8 million loss to write-off the VAT receivable during the year ended December 31, 2020, which is included within Other gains and (losses) on our consolidated statements of income. Equity Investment in Real Estate We classify distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. We held an interest in an unconsolidated investment in our Self Storage segment that related to a joint venture for three self-storage facilities in Canada. This entity was jointly owned with a third party, which was also the general partner of the joint venture. On April 15, 2019, the joint-venture agreement was amended and our ownership and economic interest in the joint venture increased from 90% to 100%. We did not consolidate this entity because we were not the primary beneficiary due to shared decision making with the general partner and the nature of our involvement in the activities, which allowed us to exercise significant influence, but did not give us power over decisions that significantly affect the economic performance of the entity. On December 23, 2020, we disposed of our sole equity method investment which was comprised of the three self-storage facilities located in Canada for total proceeds of $62.3 million. In conjunction with this disposal, we recognized a gain on sale of $12.9 million (inclusive of tax of $1.8 million) during the year ended December 31, 2020, which is included in Earnings (losses) from equity method investment in real estate in our consolidated financial statements. Upon closing of the sale, loans totaling $31.8 million encumbering these properties were repaid. Amounts are based on the exchange rate of the Canadian dollar on the date of the transaction. On August 15, 2019, we closed on the disposition of the self-storage development project located in Vaughan, Canada. In conjunction with this disposal, we recognized a gain on sale of $0.2 million during the year ended December 31, 2019, which is included in Earnings (losses) from equity method investment in real estate in our consolidated financial statements. As of December 31, 2021 and 2020, we no longer have any equity method investments. Asset Retirement Obligations We have recorded asset retirement obligations for the removal of asbestos and environmental waste in connection with certain of our investments. We estimated the fair value of the asset retirement obligations based on the estimated economic lives of the properties and the estimated removal costs provided by the inspectors. This liability was $1.2 million and $3.3 million as of December 31, 2021 and 2020, respectively. The liability was discounted using the weighted-average interest rate on the associated fixed-rate mortgage loans at the time the liability was incurred. We include asset retirement obligations in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Financing Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our notes receivable (which are included in Other assets, net in the consolidated financial statements) and our Net investments in direct financing leases (net of allowance for credit losses). Operating leases are not included in finance receivables. See Note 2 and Note 4 for information on ROU operating lease assets recognized on our consolidated balance sheets. Notes Receivable As of December 31, 2021, our notes receivable consisted of a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York, with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. As of both December 31, 2021 and 2020, the balance for this note receivable remained $28.0 million. On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date through December 31, 2021, we have received $4.0 million from the borrower, which is recognized as a liability within Accounts payable, accrued expenses and other liabilities in our 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 for the year ended December 31, 2021 or the third and fourth quarters of 2020. On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet Farm Group LLC mezzanine loan. Interest income recognized from our notes receivable was $1.4 million and $4.1 million for the years ended December 31, 2020 and 2019, respectively, and is included in Other operating and interest income in our consolidated statements of income. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): December 31, 2021 2020 Lease payments receivable $ 5,192 $ 14,325 Unguaranteed residual value 10,550 15,559 15,742 29,884 Less: unearned income (4,293) (12,466) Less: allowance for credit losses — (485) $ 11,449 $ 16,933 Interest income from direct financing leases was $1.5 million, $3.2 million, and $3.9 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in Lease revenues — net-leased in our consolidated statements of income. During the year ended December 31, 2021, we sold a property accounted for as a direct financing lease that had an aggregate net carrying value of $3.6 million. In connection with this disposition, we removed the related allowance for credit losses of $0.5 million. During the year ended December 31, 2021, we reclassified a property with a carrying value of $1.8 million from Net investments in direct financing leases to Real estate — Land, buildings and improvements in connection with a change in lease classification due to a lease termination ( Note 4 ). Upon our adoption of ASU 2016-13 on January 1, 2020, we applied changes in loss reserves through a cumulative-effect adjustment to retained earnings totaling $6.9 million, which is reflected within our consolidated statements of equity ( Note 2 ), as well as an additional allowance for credit loss of $4.9 million, due to changes in expected economic conditions for a net investment in a direct financing lease, which is reflected in Allowance for credit losses in our consolidated statements of income. During the fourth quarter of 2020, the tenant emerged from a pre-packaged bankruptcy, leading to a reversal of $7.8 million of the original reserve for this property, which is included in Allowance for credit losses in our consolidated statements of income. The investment was reclassified as an operating lease in 2020, and is therefore not reflected in the table above. We did not record an additional allowance for credit losses during the year ended December 31, 2021. Scheduled Future Lease Payments to be Received Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2021 were as follows (in thousands): Years Ending December 31, Total 2022 $ 835 2023 863 2024 892 2025 921 2026 951 Thereafter 730 Total $ 5,192 See Note 4 for scheduled lease payments to be received under non-cancelable operating leases. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. As of both December 31, 2021 and 2020, we had no significant finance receivable balances that were past due; however, we have an allowance for credit losses. Other than the lease termination noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the year ended December 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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2021 2020 2021 2020 1 – 3 1 3 $ 11,449 $ 16,933 4 1 1 28,000 28,000 5 — — — — 0 $ 39,449 $ 44,933

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 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 consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. Goodwill is included in our Net Lease segment, which is also the reporting unit for goodwill impairment testing, and is included in Other assets, net in the consolidated financial statements. As a result of foreign currency translation adjustments, goodwill increased from $26.0 million as of December 31, 2019 to $27.3 million as of December 31, 2020. Goodwill decreased from $27.3 million as of December 31, 2020 to $26.0 million as of December 31, 2021, reflecting the impact of foreign currency translation adjustments. We performed our annual test for impairment during the fourth quarter of 2021 for goodwill and no impairment was indicated. Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2021 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 9 – 23 $ 240,432 $ (162,497) $ 77,935 $ 244,963 $ (151,613) $ 93,350 Above-market rent 9 – 30 10,294 (6,081) 4,213 10,773 (5,670) 5,103 250,726 (168,578) 82,148 255,736 (157,283) 98,453 Goodwill Goodwill 26,021 — 26,021 27,259 — 27,259 Total intangible assets $ 276,747 $ (168,578) $ 108,169 $ 282,995 $ (157,283) $ 125,712 Finite-Lived Intangible Liabilities Below-market rent 9 – 30 $ (14,654) $ 8,755 $ (5,899) $ (14,776) $ 7,755 $ (7,021) Total intangible liabilities $ (14,654) $ 8,755 $ (5,899) $ (14,776) $ 7,755 $ (7,021) Net amortization of intangibles, including the effect of foreign currency translation, was $14.2 million, $17.3 million, and $20.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; amortization of in-place lease intangibles is included in Depreciation and amortization on our consolidated statements of income. Based on the intangible assets and liabilities recorded as of December 31, 2021, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net (Increase) Decrease in Rental Income Increase to Amortization Net 2022 $ (391) $ 14,203 $ 13,812 2023 (489) 12,011 11,522 2024 (529) 9,539 9,010 2025 (548) 8,741 8,193 2026 (206) 7,113 6,907 Thereafter 477 26,328 26,805 $ (1,686) $ 77,935 $ 76,249

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the years ended December 31, 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 consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): December 31, 2021 2020 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,253,045 $ 1,266,234 $ 1,310,378 $ 1,329,482 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of December 31, 2021 and 2020, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.7 million and $6.9 million, respectively, and unamortized premium, net of $4.3 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 December 31, 2021 and 2020. Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Our impairment policies are described in Note 2 . During the year ended December 31, 2021, we recognized an impairment charge of $23.5 million (inclusive of $11.8 million attributable to a noncontrolling interest) on an international office facility in order to reduce its carrying value to its estimated fair value ($61.4 million), due to the current tenant’s notice of non-renewal of its lease expiring in May 2023. The fair value measurement was determined by estimating discounted cash flows using three significant unobservable inputs, which were the discount rate (7.00%), residual capitalization rate (range of 6.75% to 7.75%), and estimated market rents (range of $17 to $18 per square foot). This impairment charge is included within Impairment charges and Net loss (income) attributable to noncontrolling interests on our consolidated statements of income, and reduced Real estate — Land, buildings and improvements and Noncontrolling interests on our consolidated balance sheets.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	12 Months Ended
	Dec. 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 When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts. The primary risks related to our use of derivative instruments include: (i) a counterparty to a hedging arrangement defaulting on its obligation and (ii) a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment, as well as the approval, reporting, and monitoring of derivative financial instrument activities. We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings when the hedged net investment is either sold or substantially liquidated. All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2021 and 2020, no cash collateral had been posted nor received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2021 2020 2021 2020 Foreign currency collars Other assets, net $ 594 $ 440 $ — $ — Interest rate caps Other assets, net 133 21 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,304) (3,350) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (198) 727 461 (1,304) (3,548) Derivatives in Not Cash Flow Hedging Relationships Interest rate swap Accounts payable, accrued expenses and other liabilities — — (3) (28) — — (3) (28) $ 727 $ 461 $ (1,307) $ (3,576) The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Interest rate swaps $ 2,046 $ (1,412) $ (2,288) Foreign currency collars 352 (1,019) 1,343 Interest rate caps 115 (227) (38) Foreign currency forward contracts — (861) (1,096) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars — 113 19 Foreign currency forward contracts — — 23 Total $ 2,513 $ (3,406) $ (2,037) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Interest rate swaps Interest expense $ (1,351) $ (1,997) $ (136) Foreign currency collars Other gains and (losses) 292 633 257 Interest rate caps Interest expense (199) (82) (13) Foreign currency forward contracts Other gains and (losses) — 889 1,450 Total $ (1,258) $ (557) $ 1,558 Amounts reported in Other comprehensive (loss) income related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of December 31, 2021, we estimated that an additional $0.8 million and $0.6 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Foreign currency collars Other gains and (losses) $ 28 $ (229) $ 206 Interest rate swaps Interest expense 23 23 — Foreign currency forward contracts Other gains and (losses) — (15) (4) Interest rate swaps Other gains and (losses) — — (14) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,338 1,997 (1) Interest rate cap 13 — — Foreign currency collars Other gains and (losses) — — 7 Total $ 1,402 $ 1,776 $ 194 Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse secured debt and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2021 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2021 (a) Interest rate swaps 5 35,948 USD $ (1,304) Interest rate caps 6 95,663 EUR 133 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,341 EUR (3) $ (1,174) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 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, the Norwegian krone, and, to a lesser extent, the British pound sterling. We manage foreign currency exchange rate movements by generally placing our debt service obligation on an investment in the same currency as the tenant’s rental obligation to us. This reduces our overall exposure to the net cash flow from that investment. However, we are subject to foreign currency exchange rate movements to the extent that there is a difference in the timing and amount of the rental obligation and the debt service. Realized and unrealized gains and losses recognized in earnings related to foreign currency transactions are included in Other gains and (losses) in the consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 62 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 6 3,900 EUR $ 524 Foreign currency collars 4 5,000 NOK 70 $ 594 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2021. At December 31, 2021, our total credit exposure was $0.7 million and the maximum exposure to any single counterparty was $0.5 million. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of December 31, 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 $1.4 million and $3.7 million as of December 31, 2021 and 2020, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of December 31, 2021 or 2020, we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.4 million and $3.8 million, respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	12 Months Ended
	Dec. 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. For a list of our encumbered properties, see Schedule III — Real Estate and Accumulated Depreciation . As of December 31, 2021, the weighted-average interest rate for our total non-recourse secured debt was 3.8% (fixed-rate and variable-rate non-recourse secured debt were 3.9% and 3.5%, respectively), with maturity dates ranging from February 2022 to April 2039. Subsequent to December 31, 2021 and through the date of this Report, we (i) prepaid a non-recourse mortgage loan with a principal balance of $36.2 million (in connection with a disposition) and (ii) repaid $22.3 million of principal outstanding on a non-recourse mortgage loan ( Note 1 5 ). Financing Activity During 2021 During the year ended December 31, 2021, we obtained the following non-recourse mortgage loans and construction loans in connection with certain student housing properties (dollars in thousands): Property Location(s) Date Obtained Interest Rate Rate Type Maturity Date Drawdowns (a) Loan Amount (a) Malaga, Spain (b) 3/31/2021 2.5% Variable 12/31/2023 $ 27,261 $ 27,261 Swansea, United Kingdom (c) 4/6/2021 6.4% Variable 10/5/2023 28,162 56,577 Porto, Portugal (b) (d) 4/30/2021 2.8% Fixed 4/30/2025 16,432 18,123 Pamplona, Spain (b) 9/30/2021 2.5% Variable 12/31/2023 19,684 19,684 Bilbao, Spain (b) 11/11/2021 2.5% Variable 12/31/2023 32,088 32,088 $ 153,733 ___________ (a) Amounts are based on the exchange rate of the euro or British pound sterling, as applicable, on the date of the transactions. (b) Represents a non-recourse mortgage loan. (c) Represents a construction loan for a student housing development project, which we currently expect to be completed in the third quarter of 2022. This loan has a one (d) At closing, we drew down the first tranche of the loan of $16.4 million, which bears a fixed interest rate of 2.8%. The second tranche of $1.7 million is undrawn as of December 31, 2021, and would bear a variable interest rate equal to the Euro Interbank Offering Rate plus 2.5% when drawn. Repayments On September 3, 2021, we repaid a non-recourse mortgage loans of $83.3 million with an interest rate of 2.3% in connection with the disposition of two student housing operating properties encumbered by the loan ( Note 13 ). We recognized a net loss on extinguishment of debt of $1.5 million on this prepayment, which is included within Other gains and (losses) on our consolidated statements of income. On October 29, 2021, we prepaid a non-recourse mortgage loan of $8.3 million with an interest rate of 3.9%, in connection with the disposition of a retail facility encumbered by the loan ( Note 13 ). On December 29, 2021, we prepaid a non-recourse mortgage loan of $6.8 million with an interest rate of 5.0%, in connection with the disposition of a vacant industrial facility encumbered by the loan ( Note 13 ). We recognized a net loss on extinguishment of debt of $0.5 million on this prepayment, which is included within Other gains and (losses) on our consolidated statements of income. During the year ended December 31, 2021, we repaid four other non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $56.3 million and a weighted-average interest rate of 4.2%. Interest Paid Interest paid totaled $42.2 million, $39.4 million, and $43.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. Scheduled Debt Principal Payments Scheduled debt principal payments as of December 31, 2021, during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2022 $ 220,270 2023 394,582 2024 196,730 2025 341,730 2026 90,891 Thereafter through 2039 11,242 Total principal payments 1,255,445 Unamortized deferred financing costs (6,749) Unamortized premium, net 4,349 Total $ 1,253,045 Certain amounts in the table above are based on the applicable foreign currency exchange rate at December 31, 2021. The carrying value of our Non-recourse secured debt, net, increased by $38.1 million in the aggregate from December 31, 2020 to December 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 December 31, 2021. As of December 31, 2021, we were in breach of a non-recourse mortgage loan encumbering a net-leased property for non-payment of a $4.0 million scheduled payment of mortgage principal (principal balance of $52.6 million as of December 31, 2021). The lender has the right to call the loan and apply any restricted cash towards the repayment of the loan. As of the date of this Report, the lender has not enforced this right and we are in separate negotiations with the lender.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 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 expected to have a material adverse effect on our consolidated financial statements of income or results of operations. See Note 4 for unfunded construction commitments.

Earnings Per Share and Equity

Earnings Per Share and Equity	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share and Equity	Earnings Per Share and Equity Basic and Diluted Earnings Per Share The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2021 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 120,077,202 $ 21,990 $ 0.18 Class C common stock 31,972,362 5,856 0.18 Net income attributable to CPA:18 – Global $ 27,846 Year Ended December 31, 2020 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,567,905 $ 9,737 $ 0.08 Class C common stock 32,402,493 2,606 0.08 Net income attributable to CPA:18 – Global $ 12,343 Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572 The allocation of Net income attributable to CPA:18 – Global is calculated based on the basic and diluted weighted-average shares outstanding for Class A and Class C common stock for each respective period. The Class C common stock allocation includes interest expense related to the accretion of interest on the annual distribution and shareholder servicing fee liability, which was less than $0.1 million and $0.2 million for the years ended December 31, 2020, and 2019, respectively. As of December 31, 2021 and 2020, we have no further obligation with respect to the distribution and shareholder servicing fee as the total underwriting compensation paid in respect to the offering reached the Financial Industry Regulatory Authority (“FINRA”) limit of 10.0% of the gross offering proceeds. As a result, interest expense related to the accretion of the distribution and shareholder servicing fee will no longer impact the Class C common stock. Distributions Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our distributions per share are summarized as follows: Years Ended December 31, 2021 2020 2019 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.2686 $ 0.2686 $ 0.1490 $ 0.1241 $ 0.1251 $ 0.1101 Capital gain 0.2439 0.2439 0.1423 0.1185 0.1339 0.1178 Return of capital — — 0.1463 0.1218 0.3662 0.3220 Total distributions paid $ 0.5125 $ 0.5125 $ 0.4376 $ 0.3644 $ 0.6252 $ 0.5499 Distributions are declared at the discretion of our board of directors and are not guaranteed. During the fourth quarter of 2021, our board of directors declared quarterly distributions of $0.0625 per share for both our Class A common stock and Class C common stock, which were paid on January 14, 2022 to stockholders of record on December 31, 2021. We paid $9.3 million of aggregate quarterly distributions declared during the fourth quarter of 2021. In addition, during the fourth quarter of 2021, we declared an all-cash special distribution of $0.2000 per share for both Class A and Class C stock, paid on December 16, 2021 to stockholders of record at December 9, 2021 (with proceeds from the disposition of certain assets), totaling $30.5 million. During the year ended December 31, 2021, our board of directors declared distributions in the aggregate amount of $54.0 million for our Class A common stock and $14.2 million for our Class C common stock, which equates to $0.4500 per share for both Class A and Class C common stock. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2019 $ 2,215 $ (52,808) $ (50,593) Other comprehensive loss before reclassifications (521) (4,509) (5,030) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707) — (1,707) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079) (4,509) (6,588) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 138 (56,673) (56,535) Other comprehensive income before reclassifications (4,076) 43,772 39,696 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,522) — (1,522) Interest expense 2,079 — 2,079 Net current-period Other comprehensive income (3,519) 43,772 40,253 Net current-period Other comprehensive income attributable to noncontrolling interests 18 (3,666) (3,648) Balance at December 31, 2020 (3,363) (16,567) (19,930) Other comprehensive loss before reclassifications 1,255 (36,960) (35,705) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 1,550 — 1,550 Other gains and (losses) (292) — (292) Net current-period Other comprehensive loss 2,513 (36,960) (34,447) Net current-period Other comprehensive loss attributable to noncontrolling interests (12) 2,595 2,583 Balance at December 31, 2021 $ (862) $ (50,932) $ (51,794) See Note 8 for additional information on our derivative activity recognized within Other comprehensive (loss) income for the periods presented.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct distributions paid to our stockholders and generally will not be required to pay U.S. federal income taxes. Accordingly, the only provision of income taxes in the consolidated financial statements relates to our TRSs. We conduct business in various states and municipalities, primarily within the United States and in Europe, and as a result, we file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. Our tax returns are subject to audit by taxing authorities. Such audits can often take years to complete and settle. The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ 78 $ 80 $ 60 Deferred (2) 1 — 76 81 60 State and Local Current 262 126 85 262 126 85 Foreign Current 3,804 3,033 2,375 Deferred (2,292) (2,471) (2,310) 1,512 562 65 Total Provision for Income Taxes $ 1,850 $ 769 $ 210 We account for uncertain tax positions in accordance with ASC 740, Income Taxes . Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. During the year ended December 31, 2021, our unrecognized tax benefits increased by $1.3 million from $2.1 million as of December 31, 2020 to $3.4 million as of December 31, 2021, reflecting additions based on tax positions related to the current period. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2021 and 2020, we had accrued interest related to uncertain tax positions of $0.6 million and $0.2 million, respectively. Tax authorities in relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2015 through 2020 remain open to adjustment in major tax jurisdictions. Income Taxes Paid Income taxes paid were $5.2 million, $1.5 million, and $1.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. Deferred Income Taxes Our deferred tax assets before valuation allowances were $22.1 million and $24.2 million as of December 31, 2021 and 2020, respectively. Our deferred tax liabilities were $45.0 million and $50.2 million as of December 31, 2021 and 2020, respectively. We determined that $19.9 million and $21.8 million of our deferred tax assets did not meet the criteria for recognition under the accounting guidance for income taxes, and accordingly, a valuation allowance was established in that amount as of December 31, 2021 and 2020, respectively. Our deferred tax assets, net of valuation allowance, is recorded in Other assets, net on our consolidated balance sheets. Our deferred tax liabilities are recorded in Accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. Our deferred tax assets and liabilities are primarily the result of temporary differences related to: • basis differences between tax and GAAP for real estate assets. For income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP; • timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and • tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We may decide to dispose of a property due to a variety of circumstances, including but not limited to, vacancy, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheets. Our property dispositions are also discussed in Note 4 and Note 5 . 2021 Real Estate — Land, Buildings and Improvements On October 29, 2021, we sold a retail facility in Zadar, Croatia, for total proceeds, net of selling costs, of $14.4 million, and recognized a net gain on this sale of $2.0 million (inclusive of $0.4 million attributable to a noncontrolling interest). In connection with this disposition, we repaid the $8.3 million non-recourse mortgage loan encumbering the property ( Note 9 ). Amounts are based on the exchange rate of the euro on the date of the transaction. On December 29, 2021, we sold a vacant industrial facility located in Columbus, Georgia, for total proceeds, net of selling costs, of $0.5 million, and recognized a net loss on this sale of $0.8 million. In connection with this disposition, we prepaid the $6.8 million non-recourse mortgage loan encumbering this property ( Note 9 ). Operating Real Estate — Land, Buildings and Improvements On September 3, 2021, we sold two student housing operating properties located in Cardiff and Portsmouth, United Kingdom, for total proceeds, net of selling costs, of $147.8 million (based on the exchange rate of the British pound sterling on the date of disposition) and recognized a net gain on these sales totaling $42.8 million (inclusive of $3.7 million attributable to a noncontrolling interest and income taxes totaling $0.4 million recognized upon sale). In connection with this disposition, we repaid the $83.3 million non-recourse mortgage loan encumbering the properties ( Note 9 ). 2020 Real Estate — Land, Buildings and Improvements On July 22, 2020, our warehouse facility located in Freetown, Massachusetts, was disposed of through eminent domain. As a result, we received condemnation proceeds, net of selling costs, of $6.1 million, and recognized a gain on sale of real estate of $2.4 million. We repaid the $3.2 million non-recourse mortgage loan previously encumbering the property using the condemnation proceeds. 2019 Operating Real Estate — Land, Buildings and Improvements On January 29, 2019, we sold the 97% interest that we held in our last multi-family residential property, located in Fort Walton Beach, Florida, to one of our joint-venture partners for total proceeds, net of selling costs, of $13.1 million, and recognized a gain on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests). The buyer assumed the related non-recourse mortgage loan outstanding on this property totaling $24.2 million. Real Estate — Land, Buildings and Improvements During the year ended December 31, 2019, we sold the 11 properties in our United Kingdom trade counter portfolio for total proceeds, net of selling costs, of $39.3 million, and recognized an aggregate gain on sale of $10.3 million. At closing, we repaid the $22.7 million non-recourse mortgage loan encumbering these properties (amounts are based on the exchange rate of the British pound sterling at the date of sale).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 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 primarily comprised of our investments in student housing operating properties and multi-family residential properties (our last multi-family residential property was sold in January 2019). In addition, we have an All Other category that includes our notes receivable investments, one of which was repaid during the second quarter of 2019. The following tables present a summary of comparative results and assets for these business segments (in thousands): Years Ended December 31, 2021 2020 2019 Net Lease Revenues (a) $ 122,036 $ 104,611 $ 122,038 Operating expenses (97,628) (63,583) (69,959) Interest expense (35,604) (28,388) (34,105) Gain on sale of real estate, net 1,245 2,390 9,932 Other gains and (losses) 387 (3,231) 1,203 (Provision for) benefit from income taxes (539) 52 1,019 Net loss (income) attributable to noncontrolling interests 10,773 (2,868) (759) Net income attributable to CPA:18 – Global $ 670 $ 8,983 $ 29,369 Self Storage Revenues $ 71,613 $ 61,426 $ 60,767 Operating expenses (37,129) (36,407) (35,604) Interest expense (11,833) (13,447) (13,802) Other gains and (losses) (b) (353) 12,329 (942) Provision for income taxes (160) (110) (115) Net income attributable to CPA:18 – Global $ 22,138 $ 23,791 $ 10,304 Other Operating Properties Revenues $ 10,568 $ 9,604 $ 10,550 Operating expenses (9,609) (7,749) (7,713) Interest expense (3,402) (1,424) 133 Gain on sale of real estate, net 42,770 — 14,841 Other gains and (losses) (1,513) 19 (182) (Provision for) benefit from income taxes (104) 241 87 Net (income) loss attributable to noncontrolling interests (3,192) 135 (2,541) Net income attributable to CPA:18 – Global $ 35,518 $ 826 $ 15,175 All Other Revenues (c) $ — $ 1,426 $ 4,076 Operating expenses (14) (45) — Other gains and (losses) — 60 — Net (loss) income attributable to CPA:18 – Global $ (14) $ 1,441 $ 4,076 Corporate Unallocated Corporate Overhead (d) $ (23,121) $ (15,473) $ (18,220) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,345) $ (7,225) $ (8,132) Total Company Revenues (a) (c) $ 204,217 $ 177,067 $ 197,439 Operating expenses (165,085) (127,261) (132,509) Interest expense (50,959) (43,343) (48,019) Gain on sale of real estate, net 44,015 2,390 24,773 Other gains and (losses) (b) (d) (2,728) 14,217 2,530 Provision for income taxes (1,850) (769) (210) Net loss (income) attributable to noncontrolling interests 236 (9,958) (11,432) Net income attributable to CPA:18 – Global $ 27,846 $ 12,343 $ 32,572 Total Assets at December 31, 2021 2020 Net Lease $ 1,586,662 $ 1,688,259 Self Storage 337,052 345,936 Other Operating Properties 160,746 258,017 Corporate 30,409 38,697 All Other 28,000 28,009 Total Company $ 2,142,869 $ 2,358,918 __________ (a) The years ended December 31, 2021, 2020, and 2019 include straight-line rent adjustments of $2.2 million, $2.2 million, and $3.0 million, respectively. Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our consolidated financial statements. (b) Includes Earnings (losses) from equity method investment in real estate. The year ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million), relating to the disposition of our equity method investment in real estate ( Note 4 ). (c) On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (d) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $12.5 million, $11.9 million, and $11.5 million for the years ended December 31, 2021, 2020, and 2019, respectively ( Note 3 ). Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): Years Ended December 31, 2021 2020 2019 Revenues Texas $ 27,349 $ 22,685 $ 20,941 Florida 26,276 22,469 22,876 All Other Domestic 74,723 70,410 72,513 Total Domestic 128,348 115,564 116,330 Total International (a) (b) 75,869 61,503 81,109 Total Company $ 204,217 $ 177,067 $ 197,439 ___________ (a) All years include operations in Norway, the Netherlands, Poland, Spain, the United Kingdom, Croatia, Germany, Mauritius, and Slovakia. The years ended December 31, 2021 and 2020 include operations in Portugal. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2021, 2020, and 2019. (b) The years ended December 31, 2021 and 2020 reflect the impact of the COVID-19 pandemic on certain net lease hotels located in Germany and Mauritius, as well as student housing operating properties located in the United Kingdom (which were sold in 2021 ( Note 13 )). Years Ended December 31, 2021 2020 Long-lived assets (a) Texas $ 262,427 $ 259,719 All Other Domestic 582,601 609,926 Total Domestic 845,028 869,645 Spain 295,266 261,476 All Other International (b) 802,251 993,123 Total International 1,097,517 1,254,599 Total Company $ 1,942,545 $ 2,124,244 ___________ (a) Consists of Net investments in real estate. (b) Comprised of investments in Norway, Germany, the Netherlands, the United Kingdom, Poland, Portugal, Mauritius, Croatia, and Slovakia.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Disposition In January 2022, we sold a portion of an office facility in Rotterdam, the Netherlands, for gross proceeds of $23.0 million. In connection with the disposition, we prepaid the $36.2 million non-recourse mortgage loan encumbering the full property. Amounts are based on the exchange rate of the euro on the date of the transaction ( Note 9 ). Borrowing Under Line of Credit with WPC Subsequent to December 31, 2021 and through the date of this Report, we borrowed $18.0 million under the unsecured revolving line of credit with WPC ( Note 3 ), which was used primarily to fund the repayment of principal on the non-recourse mortgage loan disclosed below. Mortgage Loan Repayment In February 2022, we repaid $22.3 million of principal outstanding on a non-recourse mortgage loan ( Note 9 ).

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years Ended December 31, 2021, 2020, and 2019 (in thousands) Description Balance at Beginning of Year Other Additions Deductions Balance at End of Year Year Ended December 31, 2021 Valuation reserve for deferred tax assets $ 21,777 $ 9,367 $ (11,199) $ 19,945 Year Ended December 31, 2020 Valuation reserve for deferred tax assets $ 17,556 $ 5,181 $ (960) $ 21,777 Year Ended December 31, 2019 Valuation reserve for deferred tax assets $ 9,213 $ 8,879 $ (536) $ 17,556 Allowance for uncollectible accounts (a) 9,781 — (9,781) — ___________ (a) In accordance with the adoption of ASU 2016-02 during the first quarter of 2019, any amounts deemed uncollectible are now recorded within lease revenues.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Real Estate Under Operating Leases Office facility in Austin, TX $ 72,763 $ 29,215 $ 67,993 $ — $ — $ 29,215 $ 67,993 $ 97,208 $ 17,650 1993 Aug. 2013 40 yrs. Retail facility in Zagreb, Croatia 5,561 — 10,828 — (1,889) — 8,939 8,939 2,116 2005 Dec. 2013 34 yrs. Retail facility in Zagreb, Croatia 5,370 — 10,576 — (1,918) — 8,658 8,658 1,936 2006 Dec. 2013 36 yrs. Retail facility in Zagreb, Croatia 5,265 2,264 10,676 — (2,335) 1,863 8,742 10,605 2,136 2006 Dec. 2013 34 yrs. Retail facility in Split, Croatia 244 — 3,161 — (580) — 2,581 2,581 770 2001 Dec. 2013 27 yrs. Industrial facility in Streetsboro, OH 2,683 1,163 3,393 4,123 (535) 1,163 6,981 8,144 2,230 1993 Jan. 2014 21 yrs. Warehouse facility in University Park, IL 47,221 13,748 52,135 — — 13,748 52,135 65,883 14,837 2003 Feb. 2014 34 - 36 yrs. Office facility in Norcross, GA 3,044 1,044 3,361 — — 1,044 3,361 4,405 777 1999 Feb. 2014 40 yrs. Office facility in Oslo, Norway 43,987 14,362 59,219 47 (23,104) 9,852 40,672 50,524 8,009 2013 Feb. 2014 40 yrs. Office facility in Warsaw, Poland 52,573 — 112,676 — (43,442) — 69,234 69,234 18,120 2008 Mar. 2014 40 yrs. Industrial facility in Columbus, GA — 448 5,841 — — 448 5,841 6,289 1,631 1995 Apr. 2014 30 yrs. Office facility in Farmington Hills, MI 6,498 2,251 3,390 672 47 2,251 4,109 6,360 1,140 2001 May 2014 40 yrs. Industrial facility in Surprise, AZ 2,000 298 2,347 1,699 — 298 4,046 4,344 983 1998 May 2014 35 yrs. Industrial facility in Temple, GA 5,783 381 6,469 — — 381 6,469 6,850 1,690 2007 May 2014 33 yrs. Industrial facility in Houston, TX 2,154 1,675 — — 1,837 1,675 1,837 3,512 — 1973 May 2014 25 yrs. Land in Chicago, IL 1,515 3,036 — — — 3,036 — 3,036 — N/A May 2014 N/A Warehouse facility in Jonesville, SC 27,192 2,995 14,644 19,389 — 2,995 34,033 37,028 9,448 1997 Jun. 2014 28 yrs. Office facility in Warstein, Germany 9,440 281 15,671 — (1,711) 251 13,990 14,241 2,657 2011 Sep. 2014 40 yrs. Warehouse facility in Albany, GA 5,591 1,141 5,997 4,690 — 1,141 10,687 11,828 2,131 1977 Oct. 2014 14 yrs. Office facility in Stavanger, Norway 40,593 8,276 80,475 — (22,420) 6,232 60,099 66,331 10,905 2012 Oct. 2014 40 yrs. Office facility in Eagan, MN 9,440 1,189 11,279 — — 1,189 11,279 12,468 2,164 2013 Nov. 2014 40 yrs. Office facility in Plymouth, MN 26,710 3,990 30,320 646 — 3,990 30,966 34,956 5,858 1982 Nov. 2014 40 yrs. Industrial facility in Dallas, TX 1,449 512 1,283 2 — 512 1,285 1,797 412 1990 Nov. 2014 26 yrs. Industrial facility in Dallas, TX 682 509 340 2 — 509 342 851 181 1990 Nov. 2014 20 yrs. Industrial facility in Dallas, TX 242 128 204 2 — 128 206 334 91 1990 Nov. 2014 21 yrs. Industrial facility in Dallas, TX 1,050 360 1,120 1 — 360 1,121 1,481 338 1990 Nov. 2014 29 yrs. Industrial facility in Fort Worth, TX 1,063 809 671 1 — 809 672 1,481 295 2008 Nov. 2014 30 yrs. Industrial and warehouse facility in Byron Center, MI 6,855 625 1,005 9,515 — 625 10,520 11,145 1,688 2015 Nov. 2014 40 yrs. Office facility in Rotterdam, Netherlands 36,121 2,247 27,150 — (5,488) 1,480 22,429 23,909 3,991 1960 Dec. 2014 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Accumulated Depreciation (d) Date of Construction Date Acquired Life on which Description Encumbrances Land Buildings Land Buildings Total Office facility in Rotterdam, Netherlands — 2,246 27,136 — 48 2,597 26,833 29,430 4,792 1960 Dec. 2014 40 yrs. Hotel in Albion, Mauritius 15,290 4,047 54,927 243 (4,148) 3,766 51,303 55,069 10,849 2007 Dec. 2014 40 yrs. Office facility in Eindhoven, Netherlands 53,956 8,736 14,493 78,956 879 13,553 89,511 103,064 10,805 2017 Mar. 2015 40 yrs. Office facility in Plano, TX 21,867 3,180 26,926 — — 3,180 26,926 30,106 4,714 2001 Apr. 2015 40 yrs. Hotel in Munich, Germany 47,620 8,497 41,883 42,982 (5,962) 10,164 77,236 87,400 8,284 2017 May 2015 40 yrs. Warehouse facility in Plymouth, MN 10,466 2,537 9,731 1,019 — 2,537 10,750 13,287 2,742 1975 May 2015 32 yrs. Retail facility in Oslo, Norway 61,722 61,607 34,183 985 (13,869) 52,658 30,248 82,906 8,795 1971 May 2015 30 yrs. Hotel in Hamburg, Germany 17,092 5,719 1,530 21,713 (245) 5,879 22,838 28,717 2,519 2017 Jun. 2015 40 yrs. Office facility in Jacksonville, FL 10,377 1,688 10,082 — — 1,688 10,082 11,770 1,858 2001 Jul. 2015 40 yrs. Office facility in Warrenville, IL 21,956 2,222 25,449 1,574 — 2,222 27,023 29,245 4,957 2001 Sep. 2015 40 yrs. Office facility in Coralville, IA 34,619 1,937 31,093 5,048 — 1,937 36,141 38,078 5,823 2015 Oct. 2015 40 yrs. Industrial facility in Michalovce, Slovakia 12,681 1,055 10,808 13,978 124 1,386 24,579 25,965 3,713 2006 Oct. 2015 40 yrs. Hotel in Stuttgart, Germany 14,532 — 25,717 1,175 1,053 — 27,945 27,945 4,806 1965 Dec. 2015 35 yrs. Industrial facility in Menomonee Falls, WI 12,728 1,680 19,600 — — 1,680 19,600 21,280 732 1974 Dec. 2015 35 yrs. Warehouse facility in Iowa City, IA 6,173 913 5,785 — — 913 5,785 6,698 1,138 2001 Mar. 2017 28 yrs. Net-lease student housing facility in Malaga, Spain 25,433 3,293 4,044 43,638 (4,105) 4,103 42,767 46,870 1,705 2020 Oct. 2017 40 yrs. Net-lease student housing facility in Barcelona, Spain 13,142 7,453 3,574 20,084 639 8,596 23,154 31,750 1,760 2019 Mar. 2018 40 yrs. Net-lease student housing facility in Coimbra, Portugal 14,874 6,963 3,341 24,793 (1,594) 6,632 26,871 33,503 467 2021 Jun. 2018 40 yrs. Net-lease student housing facility in San Sebastian, Spain 22,127 4,891 8,235 25,013 (1,689) 5,441 31,009 36,450 1,407 2020 Jun. 2018 40 yrs. Net-lease student housing facility in Barcelona, Spain 18,908 9,491 3,596 20,436 (1,251) 10,671 21,601 32,272 1,015 2020 Jun. 2018 40 yrs. Net-lease student housing facility in Seville, Spain 24,096 12,027 2,120 32,446 (2,267) 11,383 32,943 44,326 524 2021 Nov. 2018 40 yrs. Net-lease student housing facility in Bilbao, Spain 30,733 11,796 4,667 40,256 (2,310) 11,289 43,120 54,409 550 2021 Dec. 2018 40 yrs. Net-lease student housing facility in Porto, Portugal 14,992 5,229 956 22,683 (920) 5,203 22,745 27,948 1,147 2020 Dec. 2018 40 yrs. Net-lease student housing facility in Pamplona, Spain 18,629 10,492 2,375 19,913 (1,417) 9,994 21,369 31,363 377 2021 Feb. 2019 40 yrs. Industrial facility in Houston, TX — 1,923 7,058 — — 1,923 7,058 8,981 1 2011 Dec. 2021 40 yrs. $ 947,102 $ 272,569 $ 921,533 $ 457,724 $ (138,572) $ 264,590 $ 1,248,664 $ 1,513,254 $ 199,664 SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period Total Date of Construction Date Acquired Description Encumbrances Land Buildings Direct Financing Method Warehouse facility in Chicago, IL $ 5,709 $ — $ 8,564 $ 1,381 $ 1,504 $ 11,449 1942 May 2014 $ 5,709 $ — $ 8,564 $ 1,381 $ 1,504 $ 11,449 Initial Cost to Company Costs (a) Increase (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Operating Real Estate – Student Housing Facility Austin, TX $ 51,299 $ 10,623 $ 3,043 $ — $ 65,760 $ — $ 10,624 $ 67,476 $ 1,326 $ 79,426 $ 2,627 2020 Sep. 2018 40 yrs. Operating Real Estate – Self-Storage Facilities Kissimmee, FL 6,450 3,306 7,190 — 158 (18) 3,306 7,235 95 10,636 1,724 2005 Jan. 2014 38 yrs. St. Petersburg, FL 6,911 3,258 7,128 — 167 4 3,258 7,252 47 10,557 1,627 2007 Jan. 2014 40 yrs. Corpus Christi, TX 2,623 340 3,428 — 399 4 340 3,695 136 4,171 1,224 1998 Jul. 2014 28 yrs. Kailua-Kona, HI 3,628 1,356 3,699 — 335 13 1,356 3,987 60 5,403 1,125 1991 Jul. 2014 32 yrs. Miami, FL 2,920 1,915 1,894 — 237 7 1,915 2,063 75 4,053 574 1986 Aug. 2014 33 yrs. Palm Desert, CA 6,631 669 8,899 — 96 4 669 8,951 48 9,668 1,812 2006 Aug. 2014 40 yrs. Columbia, SC 2,941 1,065 2,742 — 242 15 1,065 2,879 120 4,064 956 1988 Sep. 2014 27 - 30 yrs. Kailua-Kona, HI 3,393 2,263 2,704 — 110 4 2,263 2,754 64 5,081 776 2004 Oct. 2014 32 yrs. Pompano Beach, FL 2,926 700 3,436 — 826 2 700 4,183 81 4,964 1,310 1992 Oct. 2014 28 yrs. Jensen Beach, FL 5,400 1,596 5,963 — 343 — 1,596 6,229 77 7,902 1,412 1989 Nov. 2014 37 yrs. Dickinson, TX 6,237 1,680 7,165 — 228 2 1,680 7,255 140 9,075 1,842 2001 Dec. 2014 35 yrs. Humble, TX 4,882 341 6,582 — 40 3 341 6,586 39 6,966 1,355 2009 Dec. 2014 39 yrs. Temecula, CA 6,299 449 8,574 — 55 (6) 449 8,590 33 9,072 1,790 2006 Dec. 2014 37 yrs. Cumming, GA 2,767 300 3,531 — 163 — 300 3,620 74 3,994 1,169 1994 Dec. 2014 27 yrs. Naples, FL 10,367 3,073 10,677 — 1,519 19 3,073 12,046 169 15,288 3,474 1974 Jan. 2015 31 yrs. Valrico, FL 5,812 695 7,558 — 307 (200) 695 7,637 28 8,360 1,375 2009 Jan. 2015 40 yrs. Tallahassee, FL 4,900 1,796 4,782 — 222 2 1,795 4,892 115 6,802 1,186 1999 Feb. 2015 24 yrs. Sebastian, FL 1,873 474 2,031 — 417 — 474 2,377 71 2,922 941 1986 Feb. 2015 20 yrs. Lady Lake, FL 3,929 522 4,809 — 242 — 522 5,040 11 5,573 1,004 2010 Feb. 2015 40 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Panama City Beach, FL 2,610 706 2,864 — 64 5 706 2,892 41 3,639 718 1997 Mar. 2015 36 yrs. Hesperia, CA — 779 5,504 — 134 — 779 5,572 66 6,417 1,805 2004 Apr. 2015 27 yrs. Hesperia, CA — 335 1,999 — 112 — 335 2,102 9 2,446 723 2007 Apr. 2015 28 yrs. Hesperia, CA — 384 3,042 — 318 — 384 3,317 43 3,744 1,328 1985 Apr. 2015 20 yrs. Highland, CA — 1,056 3,366 — 52 — 1,056 3,400 18 4,474 822 2003 Apr. 2015 36 yrs. Lancaster, CA — 217 4,355 — 86 — 217 4,390 51 4,658 1,117 1989 Apr. 2015 31 yrs. Rialto, CA — 1,905 3,642 — 72 — 1,905 3,676 38 5,619 1,026 2007 Apr. 2015 30 yrs. Thousand Palms, CA — 1,115 5,802 — 110 2 1,115 5,883 31 7,029 1,601 2007 Apr. 2015 31 yrs. Louisville, KY 6,593 2,973 6,056 — 198 — 2,973 6,183 71 9,227 1,757 1998 Apr. 2015 32 yrs. Lilburn, GA 2,332 1,499 1,658 — 122 — 1,499 1,726 54 3,279 865 1998 Apr. 2015 18 yrs. Stockbridge GA 1,620 170 1,996 — 253 — 170 2,196 53 2,419 754 2003 Apr. 2015 34 yrs. Crystal Lake, IL 2,627 811 2,723 — 83 — 811 2,791 15 3,617 878 1977 May 2015 24 yrs. Las Vegas, NV 6,357 450 8,381 — 163 — 450 8,488 56 8,994 1,672 1996 May 2015 38 yrs. Panama City Beach, FL 6,145 347 8,233 5 99 1 347 8,293 45 8,685 1,460 2008 May 2015 40 yrs. Sarasota, FL 5,169 835 6,193 — 157 — 835 6,317 33 7,185 1,232 2003 Jun. 2015 40 yrs. Sarasota, FL 3,779 465 4,576 — 100 — 465 4,633 43 5,141 878 2001 Jun. 2015 39 yrs. St. Peters, MO 2,298 199 2,888 — 217 — 199 3,021 84 3,304 665 1991 Jun. 2015 35 yrs. Leesburg, FL 2,391 731 2,480 — 122 — 731 2,565 37 3,333 893 1988 Jul. 2015 23 yrs. Palm Bay, FL 7,105 2,179 7,367 — 293 — 2,179 7,555 105 9,839 1,836 2000 Jul. 2015 34 yrs. Houston, TX 4,594 1,067 4,965 — 653 — 1,067 5,589 29 6,685 1,622 1971 Aug. 2015 27 yrs. Ithaca, NY 2,276 454 2,211 — 40 — 454 2,240 11 2,705 661 1988 Sep. 2015 26 yrs. Las Vegas, NV 2,333 783 2,417 — 384 — 783 2,784 17 3,584 1,184 1984 Sep. 2015 14 yrs. Las Vegas, NV 2,204 664 2,762 1 613 — 664 3,333 43 4,040 1,257 1987 Sep. 2015 17 yrs. Hudson, FL 3,232 364 4,188 — 28 — 364 4,192 24 4,580 767 2008 Sep. 2015 40 yrs. Kissimmee, FL — 407 8,027 — 89 — 407 8,087 29 8,523 1,328 2015 Oct. 2015 40 yrs. El Paso, TX 3,698 1,275 3,339 — 321 — 1,275 3,646 14 4,935 741 1983 Oct. 2015 35 yrs. El Paso, TX 2,538 921 2,764 — 82 — 921 2,845 1 3,767 614 1980 Oct. 2015 35 yrs. El Paso, TX 3,605 594 4,154 — 29 — 594 4,154 29 4,777 826 1980 Oct. 2015 35 yrs. El Paso, TX 3,622 594 3,867 — 153 — 594 3,982 38 4,614 831 1986 Oct. 2015 35 yrs. El Paso, TX 1,426 337 2,024 — 110 — 337 2,124 10 2,471 427 1985 Oct. 2015 35 yrs. El Paso, TX 3,711 782 3,825 — 32 — 782 3,836 21 4,639 1,000 1980 Oct. 2015 35 yrs. Fernandina Beach, FL 7,248 1,785 7,133 — 266 — 1,785 7,310 89 9,184 1,440 1986 Oct. 2015 25 yrs. Kissimmee, FL 3,437 1,371 3,020 3 327 — 1,371 3,315 35 4,721 946 1981 Oct. 2015 24 yrs. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2021 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition (a) Increase (Decrease) in Net Investments (b) Gross Amount at which Carried at Close of Period (c) (d) Life on which Description Encumbrances Land Buildings Personal Property Land Buildings Personal Property Total Accumulated Depreciation (d) Date of Construction Date Acquired Houston, TX 2,751 817 3,438 — 80 (2) 817 3,473 43 4,333 845 1998 Oct. 2015 30 yrs. Houston, TX 2,950 708 3,778 — 171 — 708 3,849 100 4,657 970 2001 Nov. 2015 30 yrs. Greensboro, NC 4,035 716 4,108 — 1,465 — 716 5,475 98 6,289 1,633 1953 Dec. 2015 20 yrs. Portland, OR 6,347 897 8,831 — 155 (6) 897 8,922 58 9,877 1,405 2000 Dec. 2015 40 yrs. Kissimmee, FL — 1,094 4,298 — 78 — 1,094 4,338 38 5,470 1,036 2000 Jan. 2016 32 yrs. Avondale, LA 3,418 808 4,245 — 10 (11) 808 4,237 7 5,052 764 2008 Jan. 2016 40 yrs. Gilroy, California — 2,704 7,451 — 101 — 2,704 7,499 53 10,256 1,691 1999 Feb. 2016 35 yrs. Washington, D.C. 6,621 3,185 8,177 — 31 — 3,185 8,203 5 11,393 1,409 1962 Apr. 2016 34 yrs. Milford, MA — 751 6,290 — 8 — 751 6,290 8 7,049 1,148 2003 Apr. 2016 37 yrs. Millsboro, DE — 807 5,152 — 33 — 807 5,174 11 5,992 982 2001 Apr. 2016 35 yrs. New Castle, DE 4,466 994 5,673 — 31 — 994 5,680 24 6,698 916 2005 Apr. 2016 38 yrs. Rehoboth, DE 8,347 1,229 9,945 — 29 — 1,229 9,952 22 11,203 1,764 1999 Apr. 2016 38 yrs. Chicago, IL — 796 2,112 — 160 — 796 2,214 58 3,068 495 1990 Nov. 2016 25 yrs. $ 274,073 $ 80,481 $ 317,154 $ 9 $ 80,100 $ (156) $ 80,481 $ 392,490 $ 4,617 $ 477,588 $ 80,035 ___________ (a) Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded. (b) The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates, (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (iii) reclassifications from net investments in direct financing leases to real estate subject to operating leases, and (iv) allowance for credit losses. (c) Excludes (i) gross lease intangible assets of $250.7 million and the related accumulated amortization of $168.6 million, (ii) gross lease intangible liabilities of $14.7 million and the related accumulated amortization of $8.8 million, and (iii) real estate under construction of $103.3 million. (d) A reconciliation of real estate and accumulated depreciation follows: NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliation of Real Estate Subject to Operating Leases Years Ended December 31, 2021 2020 2019 Beginning balance $ 1,440,354 $ 1,200,645 $ 1,210,776 Reclassification from real estate under construction 170,919 157,996 58 Foreign currency translation adjustment (72,745) 62,373 (11,893) Impairment charges (23,551) — — Dispositions (13,417) (3,391) (29,974) Acquisitions 8,981 — — Reclassification from direct financing leases 1,837 21,280 — Capital improvements 876 1,451 892 Reclassification from operating real estate — — 30,786 Ending balance $ 1,513,254 $ 1,440,354 $ 1,200,645 Reconciliation of Accumulated Depreciation Years Ended December 31, 2021 2020 2019 Beginning balance $ 172,319 $ 135,922 $ 112,061 Depreciation expense 37,051 30,449 29,339 Foreign currency translation adjustment (7,400) 6,889 (924) Dispositions (2,306) (941) (4,554) Ending balance $ 199,664 $ 172,319 $ 135,922 Reconciliation of Operating Real Estate Years Ended December 31, 2021 2020 2019 Beginning balance $ 596,998 $ 512,485 $ 503,149 Dispositions (123,319) — (48) Capital improvements 1,800 1,620 2,270 Foreign currency translation adjustment 1,615 3,966 3,014 Reclassification from real estate under construction 494 78,927 34,886 Reclassification to real estate — — (30,786) Ending balance $ 477,588 $ 596,998 $ 512,485 Reconciliation of Accumulated Years Ended December 31, 2021 2020 2019 Beginning balance $ 73,569 $ 57,237 $ 41,969 Depreciation expense 16,217 16,013 15,163 Dispositions (9,842) — (22) Foreign currency translation adjustment 91 319 127 Ending balance $ 80,035 $ 73,569 $ 57,237

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE December 31, 2021 (dollars in thousands) Description Interest Rate Final Maturity Date Fair Value Carrying Amount Financing agreement — Cipriani 10.0 % Jul. 2024 $ 28,000 $ 28,000 NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE (in thousands) Reconciliation of Mortgage Loans on Real Estate Years Ended December 31, 2021 2020 2019 Beginning balance $ 28,000 $ 28,000 $ 63,954 Collection of principal (a) — — (35,954) Ending balance $ 28,000 $ 28,000 $ 28,000 __________ (a) On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet mezzanine loan ( Note 5 ).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting for Acquisitions	Accounting for Acquisitions In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions. Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. The fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term, and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following: • a discount rate or internal rate of return; • market rents and growth factors rents, and market lease term; • a capitalization rate to be applied to an estimate of market rent at the end of the market lease term; • the marketing period necessary to put a lease in place; • carrying costs during the marketing period; and • leasing commissions and tenant improvement allowances. The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including: • the creditworthiness of the lessees; • industry surveys; • property type; • property location and age; • current lease rates relative to market lease rates, and • anticipated lease duration. In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value. The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets, and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded. Purchase Price Allocation of Intangible Assets and Liabilities — We record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The value of any in-place lease is estimated to be equal to the acquirer’s avoidance of costs as a result of having tenants in place, that would be necessary to lease the property for a lease term equal to the remaining primary in-place lease term and the value of investment grade tenancy. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building. If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation and is included in Interest expense in the consolidated financial statements. We also consider the value of the underlying collateral taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate. Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.
Impairments	Impairments Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property. For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales. For residual values, we apply a selected capitalization rate and deduct estimated costs of sale. As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value. Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value and may recognize an additional impairment charge if warranted. Gain/Loss on Sales — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred. When these criteria are met, a gain or loss is recognized as the difference between the sale price, less any selling costs, and the carrying value of the property. Direct Financing Leases/Notes Receivable — This policy was superseded by Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses , which we adopted on January 1, 2020 and which is described below under Credit Losses . Prior to this adoption, we periodically assessed whether there were any indicators that the value of our net investments in direct financing leases may have been impaired. When determining a possible impairment, we considered the collectibility of direct financing lease receivables for which a reserve would have been required if any losses were both probable and reasonably estimable. In addition, we determined whether there had been a permanent decline in the estimate of the residual value of the property. If this review indicated a permanent decline in the fair value of the asset below its carrying value , we recognized an impairment charge. For notes receivable, we determined the estimated fair value of these financial instruments using a discounted cash flow model that estimated the present value of the future note payments by discounting such payments at current estimated market interest rates. The estimated market interest rates took into account interest rate risk and the value of the underlying collateral, which included the quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. Equity Method Investment in Real Estate — Prior to its disposition in 2020 ( Note 4 ), we evaluated our equity method investment in real estate on a periodic basis to determine if there are any indicators that the value of our equity method investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our equity method investment in real estate, we calculate the estimated fair value of the underlying investment’s real estate or net investment in direct financing lease as described in Real Estate and Direct Financing Leases above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investments in direct financing leases) have fair values that generally approximate their carrying values.
Goodwill	Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event ( Note 6 ). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If this is not determined to be the case, a step one quantitative impairment test is considered unnecessary. However, if it is more likely than not, then step one is performed to determine both the existence and amount of goodwill impairment. If the fair value of the reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If, however, the fair value of the reporting unit is less than its carrying amount, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit.
Credit Losses	Credit Losses We adopted ASU 2016-13, Financial Instruments — Credit Losses on January 1, 2020, which replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including net investments in direct financing leases and notes receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842. We adopted ASU 2016-13 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $6.9 million on January 1, 2020, which is reflected within our consolidated statements of equity. The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases or notes receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings ( Note 5 ), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Our notes receivable are included in Other assets, net on our consolidated balance sheets. Allowance for credit losses is included in our consolidated statements of income within Allowance for credit losses.
Basis of Consolidation	Basis of Consolidation —
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.
Real Estate	Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred. Real Estate Under Construction — For properties under construction, operating expenses, including interest charges and other property expenses (e.g., real estate taxes, insurance and legal costs) are capitalized rather than expensed. We capitalize interest by applying the interest rate applicable to any funding specific to the property or the interest rate applicable to outstanding borrowings to the average amount of accumulated qualifying expenditures for properties under construction during the period.
Notes Receivable	Note Receivable — For investments in mortgage notes and loan participations, the loans are initially reflected at acquisition cost, which consists of the outstanding balance. Our note receivable is included in Other assets, net in the consolidated financial statements. We generate revenue in the form of interest payments from the borrower, which are recognized in Other operating and interest income in the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Other Assets And Liabilities	Other Assets and Liabilities — We include our note receivable, prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, deferred tax assets, and derivative assets in Other assets, net in the consolidated financial statements. We include derivative liabilities, deferred income taxes, amounts held on behalf of tenants, deferred revenue, intangible liabilities, and environmental liabilities in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements.
Deferred Acquisition Fees Payable to Affiliates	Deferred Acquisition Fees Payable to Affiliate — Fees payable to our Advisor for structuring and negotiating investments and related mortgage financing on our behalf are included in Due to affiliates ( Note 3 ). This fee, together with its accrued interest, is payable in three equal annual installments on the first business day of the fiscal quarter immediately following the fiscal quarter in which an investment is made, and the first business day of the corresponding fiscal quarter in each of the subsequent two fiscal years. The timing of the payment of such fees is subject to the preferred return criterion, a non-compounded cumulative distribution return of 5% per annum (based initially on our invested capital).
Share Repurchases	Share Repurchases — Share repurchases are recorded as a reduction of common stock par value and additional paid-in capital under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors.
Noncontrolling Interests	Noncontrolling Interests — We account for the special general partner interest in our Operating Partnership as a noncontrolling interest ( Note 3 ). The special general partner interest entitles WPC–CPA:18 Holdings, LLC (“CPA:18 Holdings” or the “Special General Partner”), to cash distributions and, in the event there is a termination or non-renewal of the advisory agreement, redemption rights. Cash distributions to the Special General Partner are accounted for as an allocation to net loss (income) attributable to noncontrolling interest.
Revenue Recognition	Revenue Recognition — Revenue is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements. Operating property revenues are comprised of lease and other revenues from our self-storage and other operating properties (including student housing operating and multi-family residential properties; we sold our last multi-family residential property in January 2019). Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the Consumer Price Index (“CPI”) or similar indices in the jurisdiction where the property is located, or the lease may provide for participation in gross revenues of the tenant above a stated level (“percentage rent”). CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented. For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred ( Note 4 ). Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. During the year ended December 31, 2020, we wrote off $7.0 million in straight-line rent receivables based on our assessment of less than a 75% likelihood of collecting all remaining contractual rent on certain net lease hotels. Additionally, we did not recognize uncollected rent within lease revenues of $9.9 million and $9.2 million during the years ended December 31, 2021 and 2020, respectively. Our straight-line rent receivables totaled $20.8 million and $19.0 million at December 31, 2021 and 2020, respectively. We record leases accounted for under the direct financing method as a net investment in direct financing leases ( Note 5 ). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.
Asset Retirement Obligations	Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability. In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.
Interest Capitalization in Connection with Real Estate Under Construction	Interest Capitalized in Connection with Real Estate Under Construction — Interest directly related to development projects is capitalized. We consider a development project as substantially completed upon the completion of improvements. If discrete portions of a project are substantially completed and occupied and other portions have not yet reached that stage, the substantially completed portions are accounted for separately. We allocate costs incurred between the portions under construction and the portions substantially completed and only capitalize those costs associated with the portion under construction. We determine an interest rate to be applied for capitalizing interest based on a blended rate of our debt obligations.
Depreciation	Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment (generally up to seven years). We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life of the asset.
Foreign Currency Transactions and Translations Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, for which the functional currency is either the euro, the British pound sterling, or the Norwegian krone. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from this translation as a component of Other comprehensive (loss) income in equity. These translation gains and losses are released to net income (loss) when we have substantially exited from all investments in the related currency. A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income (loss) for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (loss) (within Other gains and (losses) in the statements of income). The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities to the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income (loss) but are reported as a component of Other comprehensive income (loss) in equity.
Derivative Instruments	Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.
Income Taxes	Income Taxes — We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business in various states and municipalities primarily within North America and Europe and, as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and certain foreign jurisdictions. As a result, we are subject to certain foreign, state, and local taxes and a provision for such taxes is included in the consolidated financial statements. We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business (except for the operation or management of health care facilities or lodging facilities or providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). These operations are subject to corporate federal, state, local, and foreign income taxes, as applicable. Our financial statements are prepared on a consolidated basis including TRSs and include a provision for current and deferred taxes on these operations. Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained. Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation and timing differences of rent recognition and certain expense deductions, for federal income tax purposes. We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for U.S. GAAP purposes as described in Note 12 ). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit) ( Note 12 ).
Income Per Share	Income Per Share — We have a simple equity capital structure with only common stock outstanding. As a result, income per share, as presented, represents both basic and dilutive per-share amounts for all periods presented in the consolidated financial statements. Income per basic and diluted share of common stock is calculated by dividing Net income attributable to CPA:18 – Global by the weighted-average number of shares of common stock issued and outstanding during the year. The allocation of Net income attributable to CPA:18 – Global is calculated based on the weighted-average shares outstanding for Class A common stock and Class C common stock for the years ended December 31, 2021, 2020, and 2019, respectively.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Lessee	Leases We adopted guidance under Accounting Standards Codification (“ASC”) 842, Leases for our interim and annual periods beginning January 1, 2019. As a Lessee : Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the CPI or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets. The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term.
Lessor	As a Lessor : We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible.
Reclassification	Reclassifications
Restricted Cash	Restricted Cash Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the transition. We have evaluated our contracts that are referenced to London Interbank Offered Rate (“LIBOR”) or other reference rates that have been discontinued and accounted for the necessary modifications with a replacement reference rate using the expedients and exceptions provided for in ASU 2020-04 and ASU 2021-01. The adoption of these standards did not have a material impact on our consolidated financial statements.
Fair Value Measurements	The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, foreign currency forward contracts and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions. Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated balance sheets (in thousands): December 31, 2021 2020 Real estate — Land, buildings and improvements $ 324,908 $ 427,129 Real estate under construction 102,009 179,162 In-place lease intangible assets 101,450 106,703 Accumulated depreciation and amortization (107,765) (98,433) Total assets 532,686 729,611 Non-recourse secured debt, net $ 321,747 $ 331,113 Total liabilities 361,867 390,882
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: December 31, 2021 2020 Percent Change British Pound Sterling $ 1.3479 $ 1.3649 (1.2) % Euro 1.1326 1.2271 (7.7) % Norwegian Krone 0.1134 0.1172 (3.3) %
Reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 52,133 $ 62,346 $ 144,148 Restricted cash (a) 29,595 57,367 19,250 Total cash and cash equivalents and restricted cash $ 81,728 $ 119,713 $ 163,398 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2020 includes $30.4 million of net proceeds held in escrow relating to the disposition of our equity method investment in real estate ( Note 4 ). These funds were transferred from a restricted cash account to us in February 2021.
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 consolidated balance sheets to the consolidated statements of cash flows (in thousands): December 31, 2021 2020 2019 Cash and cash equivalents $ 52,133 $ 62,346 $ 144,148 Restricted cash (a) 29,595 57,367 19,250 Total cash and cash equivalents and restricted cash $ 81,728 $ 119,713 $ 163,398 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of December 31, 2020 includes $30.4 million of net proceeds held in escrow relating to the disposition of our equity method investment in real estate ( Note 4 ). These funds were transferred from a restricted cash account to us in February 2021.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 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 (in thousands): Years Ended December 31, 2021 2020 2019 Amounts Included in the Consolidated Statements of Income Asset management fees $ 12,528 $ 11,914 $ 11,539 Available Cash Distributions 7,345 7,225 8,132 Personnel and overhead reimbursements 2,714 2,648 3,161 Interest expense 536 468 492 Disposition fees — — 1,117 $ 23,123 $ 22,255 $ 24,441 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ 135 $ 140 $ 665 Current acquisition fees — 110 695 Deferred acquisition fees — 88 555 $ 135 $ 338 $ 1,915 The following table presents a summary of amounts included in Due to affiliates in the consolidated financial statements (in thousands): December 31, 2021 2020 Due to Affiliates External joint-venture loans, accounts payable, and other (a) $ 6,624 $ 6,940 Asset management fees payable 1,062 1,328 Acquisition fees, including accrued interest 10 1,871 Loan from WPC, including accrued interest — 21,144 $ 7,696 $ 31,283 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of December 31, 2021 and 2020, amounts outstanding to our joint-venture partners, including accrued interest, were $5.5 million and $5.3 million, respectively.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2021 (a) 2020 Land $ 264,590 $ 235,243 Buildings and improvements 1,248,664 1,205,111 Less: Accumulated depreciation (199,664) (172,319) $ 1,313,590 $ 1,268,035 _________ (a) Amounts include four recently completed student housing properties located in Spain and Portugal (subject to net lease agreements), as further described in the “Real Estate Under Construction” section below. Operating real estate, which consists of our self-storage, student housing (not subject to net lease agreements), and multi-family residential properties (our last multi-family residential property was sold on January 29, 2019), is summarized as follows (in thousands): December 31, 2021 2020 Land $ 80,481 $ 89,148 Buildings and improvements 397,107 507,850 Less: Accumulated depreciation (80,035) (73,569) $ 397,553 $ 523,429
Schedule of real estate under construction	The following table provides the activity of our Real estate under construction (in thousands): Years Ended December 31, 2021 2020 Beginning balance $ 180,055 $ 235,751 Placed into service (171,413) (236,923) Capitalized funds 97,099 153,539 Foreign currency translation adjustments (7,850) 19,415 Capitalized interest 5,418 8,273 Ending balance $ 103,309 $ 180,055 During the year ended December 31, 2021, we completed and placed into service the following student housing properties, which became subject to individual net lease agreements with minimum fixed rents and were reclassified to Real estate — Land, buildings and improvements on our consolidated balance sheets (in thousands): Property Location(s) Date of Completion Total Capitalized Costs (a) (b) Coimbra, Portugal 7/5/2021 $ 35,096 Pamplona, Spain 7/8/2021 32,781 Seville, Spain 7/30/2021 46,593 Bilbao, Spain 8/24/2021 56,719 $ 171,189 ___________ (a) Amounts include capitalized interest, carrying costs, and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts reflect the exchange rate of the euro on the date the assets were placed into service. During the year ended December 31, 2020, we completed and placed into service the following student housing properties (in thousands): Property Location(s) Reclassified to Date of Completion Total Capitalized Costs (a) (b) Austin, Texas Operating real estate — Land, buildings and improvements 8/4/2020 $ 78,927 Barcelona, Spain (c) Real estate — Land, buildings and improvements 8/4/2020 33,429 San Sebastian, Spain (c) Real estate — Land, buildings and improvements 8/20/2020 38,532 Porto, Portugal (d) Real estate — Land, buildings and improvements 10/30/2020 28,809 Malaga, Spain (d) Real estate — Land, buildings and improvements 12/10/2020 50,975 $ 230,672 ___________ (a) Amounts include capitalized interest and acquisition fees payable to our Advisor ( Note 3 ). (b) Amounts related to our international student housing properties are denominated in a foreign currency. For these properties, amounts reflect the euro on the date the assets were placed into service. (c) Upon completion, these properties became subject to individual net lease agreements with minimum fixed rents. (d) Upon completion, these properties became subject to an individual net lease agreement with variable rent based on gross revenues, which converted to minimum fixed rent in the second year of operation.
Schedule of operating lease income	Lease income recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the consolidated statements of income are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Lease revenues — net-leased Lease income — fixed $ 101,944 $ 84,047 $ 99,771 Lease income — variable (a) 18,237 15,096 15,468 Total operating lease income (b) $ 120,181 $ 99,143 $ 115,239 Lease revenues — operating real estate Lease income — fixed $ 78,726 $ 67,964 $ 67,969 Lease income — variable (c) 2,416 2,218 2,620 Total operating real estate income $ 81,142 $ 70,182 $ 70,589 _________ (a) Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes interest income from direct financing leases of $1.5 million, $3.2 million, and $3.9 million for the years ended December 31, 2021, 2020, and 2019, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the consolidated statements of income. (c) Primarily comprised of late fees and administrative fees.
Schedule of future minimum rents	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable operating leases as of December 31, 2021 are as follows (in thousands): Years Ending December 31, Total 2022 $ 114,185 2023 107,886 2024 97,357 2025 92,530 2026 84,796 Thereafter 664,191 Total $ 1,160,945
Supplemental balance sheet	Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands): Years Ended December 31, Location on Consolidated Balance Sheets 2021 2020 Operating ROU assets — land leases In-place lease and other intangible assets $ 34,496 $ 37,339 Operating lease liabilities — land leases Accounts payable, accrued expenses and other liabilities $ 7,287 $ 8,084 Weighted-average remaining lease term — operating leases (a) 42.5 years 42.2 years Weighted-average discount rate — operating leases (a) 6.8 % 6.8 % Number of land lease arrangements 8 8 Lease term range 4 – 981 years 5 – 982 years ___________ (a) Excludes ROU land lease asset totaling $7.4 million and $7.5 million as of December 31, 2021, and 2020, related to the student housing development project located in Swansea, United Kingdom, as it has no future obligation during the 983-year lease term.
Undiscounted cash flows	A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2021 is as follows (in thousands): Years Ending December 31, Total 2022 $ 596 2023 596 2024 596 2025 591 2026 480 Thereafter 18,833 Total lease payments 21,692 Less: amount of lease payments representing interest (14,405) Present value of future lease payments/lease obligations $ 7,287

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 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): December 31, 2021 2020 Lease payments receivable $ 5,192 $ 14,325 Unguaranteed residual value 10,550 15,559 15,742 29,884 Less: unearned income (4,293) (12,466) Less: allowance for credit losses — (485) $ 11,449 $ 16,933
Schedule of future lease payments to be received	Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage rents, and future CPI-based adjustments) under non-cancelable direct financing leases as of December 31, 2021 were as follows (in thousands): Years Ending December 31, Total 2022 $ 835 2023 863 2024 892 2025 921 2026 951 Thereafter 730 Total $ 5,192
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 December 31, Carrying Value at December 31, Internal Credit Quality Indicator 2021 2020 2021 2020 1 – 3 1 3 $ 11,449 $ 16,933 4 1 1 28,000 28,000 5 — — — — 0 $ 39,449 $ 44,933

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible Assets And Liabilities [Abstract]
Schedule of intangible assets and liabilities	Intangible assets and liabilities are summarized as follows (in thousands): December 31, 2021 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 9 – 23 $ 240,432 $ (162,497) $ 77,935 $ 244,963 $ (151,613) $ 93,350 Above-market rent 9 – 30 10,294 (6,081) 4,213 10,773 (5,670) 5,103 250,726 (168,578) 82,148 255,736 (157,283) 98,453 Goodwill Goodwill 26,021 — 26,021 27,259 — 27,259 Total intangible assets $ 276,747 $ (168,578) $ 108,169 $ 282,995 $ (157,283) $ 125,712 Finite-Lived Intangible Liabilities Below-market rent 9 – 30 $ (14,654) $ 8,755 $ (5,899) $ (14,776) $ 7,755 $ (7,021) Total intangible liabilities $ (14,654) $ 8,755 $ (5,899) $ (14,776) $ 7,755 $ (7,021)
Schedule of finite-lived intangible assets, future amortization expense	Based on the intangible assets and liabilities recorded as of December 31, 2021, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands): Years Ending December 31, Net (Increase) Decrease in Rental Income Increase to Amortization Net 2022 $ (391) $ 14,203 $ 13,812 2023 (489) 12,011 11,522 2024 (529) 9,539 9,010 2025 (548) 8,741 8,193 2026 (206) 7,113 6,907 Thereafter 477 26,328 26,805 $ (1,686) $ 77,935 $ 76,249

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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): December 31, 2021 2020 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,253,045 $ 1,266,234 $ 1,310,378 $ 1,329,482 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of December 31, 2021 and 2020, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $6.7 million and $6.9 million, respectively, and unamortized premium, net of $4.3 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)	12 Months Ended
	Dec. 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 Asset Derivatives Fair Value at Liability Derivatives Fair Value at December 31, December 31, 2021 2020 2021 2020 Foreign currency collars Other assets, net $ 594 $ 440 $ — $ — Interest rate caps Other assets, net 133 21 — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,304) (3,350) Foreign currency collars Accounts payable, accrued expenses and other liabilities — — — (198) 727 461 (1,304) (3,548) Derivatives in Not Cash Flow Hedging Relationships Interest rate swap Accounts payable, accrued expenses and other liabilities — — (3) (28) — — (3) (28) $ 727 $ 461 $ (1,307) $ (3,576)
Schedule of derivative instruments, effect on other comprehensive income (loss)	The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Years Ended December 31, Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Interest rate swaps $ 2,046 $ (1,412) $ (2,288) Foreign currency collars 352 (1,019) 1,343 Interest rate caps 115 (227) (38) Foreign currency forward contracts — (861) (1,096) Derivatives in Net Investment Hedging Relationship (a) Foreign currency collars — 113 19 Foreign currency forward contracts — — 23 Total $ 2,513 $ (3,406) $ (2,037) ___________ (a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income. Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Interest rate swaps Interest expense $ (1,351) $ (1,997) $ (136) Foreign currency collars Other gains and (losses) 292 633 257 Interest rate caps Interest expense (199) (82) (13) Foreign currency forward contracts Other gains and (losses) — 889 1,450 Total $ (1,258) $ (557) $ 1,558
Schedule of derivative instruments, gain (loss)	The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): Amount of Gain (Loss) on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Years Ended December 31, 2021 2020 2019 Foreign currency collars Other gains and (losses) $ 28 $ (229) $ 206 Interest rate swaps Interest expense 23 23 — Foreign currency forward contracts Other gains and (losses) — (15) (4) Interest rate swaps Other gains and (losses) — — (14) Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 1,338 1,997 (1) Interest rate cap 13 — — Foreign currency collars Other gains and (losses) — — 7 Total $ 1,402 $ 1,776 $ 194
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2021 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at December 31, 2021 (a) Interest rate swaps 5 35,948 USD $ (1,304) Interest rate caps 6 95,663 EUR 133 Derivatives Not Designated as Hedging Instruments Interest rate swap (b) 1 8,341 EUR (3) $ (1,174) ___________ (a) Fair value amount is based on the exchange rate of the respective currencies at December 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 December 31, 2021 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at December 31, 2021 Designated as Cash Flow Hedging Instruments Foreign currency collars 6 3,900 EUR $ 524 Foreign currency collars 4 5,000 NOK 70 $ 594

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	During the year ended December 31, 2021, we obtained the following non-recourse mortgage loans and construction loans in connection with certain student housing properties (dollars in thousands): Property Location(s) Date Obtained Interest Rate Rate Type Maturity Date Drawdowns (a) Loan Amount (a) Malaga, Spain (b) 3/31/2021 2.5% Variable 12/31/2023 $ 27,261 $ 27,261 Swansea, United Kingdom (c) 4/6/2021 6.4% Variable 10/5/2023 28,162 56,577 Porto, Portugal (b) (d) 4/30/2021 2.8% Fixed 4/30/2025 16,432 18,123 Pamplona, Spain (b) 9/30/2021 2.5% Variable 12/31/2023 19,684 19,684 Bilbao, Spain (b) 11/11/2021 2.5% Variable 12/31/2023 32,088 32,088 $ 153,733 ___________ (a) Amounts are based on the exchange rate of the euro or British pound sterling, as applicable, on the date of the transactions. (b) Represents a non-recourse mortgage loan. (c) Represents a construction loan for a student housing development project, which we currently expect to be completed in the third quarter of 2022. This loan has a one (d) At closing, we drew down the first tranche of the loan of $16.4 million, which bears a fixed interest rate of 2.8%. The second tranche of $1.7 million is undrawn as of December 31, 2021, and would bear a variable interest rate equal to the Euro Interbank Offering Rate plus 2.5% when drawn.
Schedule of debt maturities	Scheduled debt principal payments as of December 31, 2021, during each of the next five calendar years and thereafter are as follows (in thousands): Years Ending December 31, Total 2022 $ 220,270 2023 394,582 2024 196,730 2025 341,730 2026 90,891 Thereafter through 2039 11,242 Total principal payments 1,255,445 Unamortized deferred financing costs (6,749) Unamortized premium, net 4,349 Total $ 1,253,045

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table presents earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2021 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 120,077,202 $ 21,990 $ 0.18 Class C common stock 31,972,362 5,856 0.18 Net income attributable to CPA:18 – Global $ 27,846 Year Ended December 31, 2020 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 118,567,905 $ 9,737 $ 0.08 Class C common stock 32,402,493 2,606 0.08 Net income attributable to CPA:18 – Global $ 12,343 Year Ended December 31, 2019 Basic and Diluted Weighted-Average Shares Outstanding Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 116,469,007 $ 25,636 $ 0.22 Class C common stock 32,123,513 6,936 0.22 Net income attributable to CPA:18 – Global $ 32,572
Schedule Of distributions paid per share for tax	Years Ended December 31, 2021 2020 2019 Class A Class C Class A Class C Class A Class C Ordinary income $ 0.2686 $ 0.2686 $ 0.1490 $ 0.1241 $ 0.1251 $ 0.1101 Capital gain 0.2439 0.2439 0.1423 0.1185 0.1339 0.1178 Return of capital — — 0.1463 0.1218 0.3662 0.3220 Total distributions paid $ 0.5125 $ 0.5125 $ 0.4376 $ 0.3644 $ 0.6252 $ 0.5499
Reclassification out of accumulated other comprehensive loss	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Gains and Losses Foreign Currency Translation Adjustments Total Balance at January 1, 2019 $ 2,215 $ (52,808) $ (50,593) Other comprehensive loss before reclassifications (521) (4,509) (5,030) Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,707) — (1,707) Interest expense 149 — 149 Net current-period Other comprehensive loss (2,079) (4,509) (6,588) Net current-period Other comprehensive loss attributable to noncontrolling interests 2 644 646 Balance at December 31, 2019 138 (56,673) (56,535) Other comprehensive income before reclassifications (4,076) 43,772 39,696 Amounts reclassified from accumulated other comprehensive loss to: Other gains and (losses) (1,522) — (1,522) Interest expense 2,079 — 2,079 Net current-period Other comprehensive income (3,519) 43,772 40,253 Net current-period Other comprehensive income attributable to noncontrolling interests 18 (3,666) (3,648) Balance at December 31, 2020 (3,363) (16,567) (19,930) Other comprehensive loss before reclassifications 1,255 (36,960) (35,705) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 1,550 — 1,550 Other gains and (losses) (292) — (292) Net current-period Other comprehensive loss 2,513 (36,960) (34,447) Net current-period Other comprehensive loss attributable to noncontrolling interests (12) 2,595 2,583 Balance at December 31, 2021 $ (862) $ (50,932) $ (51,794)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	The components of our provision for income taxes for the periods presented are as follows (in thousands): Years Ended December 31, 2021 2020 2019 Federal Current $ 78 $ 80 $ 60 Deferred (2) 1 — 76 81 60 State and Local Current 262 126 85 262 126 85 Foreign Current 3,804 3,033 2,375 Deferred (2,292) (2,471) (2,310) 1,512 562 65 Total Provision for Income Taxes $ 1,850 $ 769 $ 210

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 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): Years Ended December 31, 2021 2020 2019 Net Lease Revenues (a) $ 122,036 $ 104,611 $ 122,038 Operating expenses (97,628) (63,583) (69,959) Interest expense (35,604) (28,388) (34,105) Gain on sale of real estate, net 1,245 2,390 9,932 Other gains and (losses) 387 (3,231) 1,203 (Provision for) benefit from income taxes (539) 52 1,019 Net loss (income) attributable to noncontrolling interests 10,773 (2,868) (759) Net income attributable to CPA:18 – Global $ 670 $ 8,983 $ 29,369 Self Storage Revenues $ 71,613 $ 61,426 $ 60,767 Operating expenses (37,129) (36,407) (35,604) Interest expense (11,833) (13,447) (13,802) Other gains and (losses) (b) (353) 12,329 (942) Provision for income taxes (160) (110) (115) Net income attributable to CPA:18 – Global $ 22,138 $ 23,791 $ 10,304 Other Operating Properties Revenues $ 10,568 $ 9,604 $ 10,550 Operating expenses (9,609) (7,749) (7,713) Interest expense (3,402) (1,424) 133 Gain on sale of real estate, net 42,770 — 14,841 Other gains and (losses) (1,513) 19 (182) (Provision for) benefit from income taxes (104) 241 87 Net (income) loss attributable to noncontrolling interests (3,192) 135 (2,541) Net income attributable to CPA:18 – Global $ 35,518 $ 826 $ 15,175 All Other Revenues (c) $ — $ 1,426 $ 4,076 Operating expenses (14) (45) — Other gains and (losses) — 60 — Net (loss) income attributable to CPA:18 – Global $ (14) $ 1,441 $ 4,076 Corporate Unallocated Corporate Overhead (d) $ (23,121) $ (15,473) $ (18,220) Net income attributable to noncontrolling interests – Available Cash Distributions $ (7,345) $ (7,225) $ (8,132) Total Company Revenues (a) (c) $ 204,217 $ 177,067 $ 197,439 Operating expenses (165,085) (127,261) (132,509) Interest expense (50,959) (43,343) (48,019) Gain on sale of real estate, net 44,015 2,390 24,773 Other gains and (losses) (b) (d) (2,728) 14,217 2,530 Provision for income taxes (1,850) (769) (210) Net loss (income) attributable to noncontrolling interests 236 (9,958) (11,432) Net income attributable to CPA:18 – Global $ 27,846 $ 12,343 $ 32,572 (a) The years ended December 31, 2021, 2020, and 2019 include straight-line rent adjustments of $2.2 million, $2.2 million, and $3.0 million, respectively. Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our consolidated financial statements. (b) Includes Earnings (losses) from equity method investment in real estate. The year ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million), relating to the disposition of our equity method investment in real estate ( Note 4 ). (c) On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (d) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $12.5 million, $11.9 million, and $11.5 million for the years ended December 31, 2021, 2020, and 2019, respectively ( Note 3 ).
Reconciliation of assets from segment to consolidated	Total Assets at December 31, 2021 2020 Net Lease $ 1,586,662 $ 1,688,259 Self Storage 337,052 345,936 Other Operating Properties 160,746 258,017 Corporate 30,409 38,697 All Other 28,000 28,009 Total Company $ 2,142,869 $ 2,358,918
Schedule of segment reporting information	Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands): Years Ended December 31, 2021 2020 2019 Revenues Texas $ 27,349 $ 22,685 $ 20,941 Florida 26,276 22,469 22,876 All Other Domestic 74,723 70,410 72,513 Total Domestic 128,348 115,564 116,330 Total International (a) (b) 75,869 61,503 81,109 Total Company $ 204,217 $ 177,067 $ 197,439 ___________ (a) All years include operations in Norway, the Netherlands, Poland, Spain, the United Kingdom, Croatia, Germany, Mauritius, and Slovakia. The years ended December 31, 2021 and 2020 include operations in Portugal. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2021, 2020, and 2019. (b) The years ended December 31, 2021 and 2020 reflect the impact of the COVID-19 pandemic on certain net lease hotels located in Germany and Mauritius, as well as student housing operating properties located in the United Kingdom (which were sold in 2021 ( Note 13 )). Years Ended December 31, 2021 2020 Long-lived assets (a) Texas $ 262,427 $ 259,719 All Other Domestic 582,601 609,926 Total Domestic 845,028 869,645 Spain 295,266 261,476 All Other International (b) 802,251 993,123 Total International 1,097,517 1,254,599 Total Company $ 1,942,545 $ 2,124,244 ___________ (a) Consists of Net investments in real estate. (b) Comprised of investments in Norway, Germany, the Netherlands, the United Kingdom, Poland, Portugal, Mauritius, Croatia, and Slovakia.

Organization - Narratives (Deta

Organization - Narratives (Details) ft² in Millions, $ in Millions	12 Months Ended	39 Months Ended	120 Months Ended
	Dec. 31, 2021ft²propertysegmenttenant	Apr. 02, 2015USD ($)	Dec. 31, 2021USD ($)ft²propertytenant	Dec. 20, 2019property
Additional Disclosures
Capital interest ownership in operating partnership	99.97%		99.97%
Number of properties (property)	53		53
Number of tenants | tenant	50		50
Area of real estate property (sqft) | ft²	10.4		10.4
Number of reportable segments | segment	3
Public Offering
Proceeds from issuance of shares | $		$ 1,200
Class A
Public Offering
Distributions reinvested through the DRIP | $			$ 220.4
Class C
Public Offering
Distributions reinvested through the DRIP | $			$ 63.7
Student Housing Developments
Additional Disclosures
Number of properties (property)	3		3
Lease term (years)				25 years
Student Housing Developments | One multi-family residential property
Additional Disclosures
Number of properties (property)				11
Operating Real Estate
Additional Disclosures
Area of real estate property (sqft) | ft²	5.1		5.1
Operating Real Estate | Self Storage
Additional Disclosures
Number of properties (property)	65		65
Operating Real Estate | Student Housing Developments
Additional Disclosures
Number of properties (property)	1		1
Operating Real Estate | Student Housing Developments | Net Lease Agreement
Additional Disclosures
Number of properties (property)	2		2
Operating Real Estate | Student Housing Developments | Net Lease Agreement | Six student housing developments
Additional Disclosures
Properties placed into service (property)	9

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)vie	Dec. 31, 2020USD ($)vie	Dec. 31, 2019USD ($)	Jan. 01, 2020USD ($)
Summary of Significant Accounting Policies
Adjustments to retained earnings	$ 555,256	$ 514,859
Variable interest entity count | vie	10	15
Preferred return (percent)	5.00%
Uncollected rent receivable	$ 9,900	$ 9,200
Straight-line rent receivables	20,800	19,000
Gain (loss) on foreign currency transactions and other	700	(200)	$ (600)
Breached non recourse loans, principal amount	$ 52,600
Cumulative Effect, Period of Adoption, Adjustment
Summary of Significant Accounting Policies
Adjustments to retained earnings				$ (6,900)
Lease revenues- net-leased
Summary of Significant Accounting Policies
Allowance for accounts receivable written off		$ 7,000
Building and building improvements | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	40 years
Furniture and fixtures | Maximum
Summary of Significant Accounting Policies
Property plant and equipment (useful life)	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Real estate — Land, buildings and improvements		$ 1,513,254	$ 1,440,354
Real estate under construction		103,309	180,055	$ 235,751
In-place lease and other intangible assets		285,222	293,075
Accumulated depreciation and amortization		(448,277)	(403,171)
Total assets	[1]	2,142,869	2,358,918
Liabilities
Non-recourse secured debt, net		1,253,045	1,310,378
Total liabilities	[1]	1,397,244	1,506,367
VIE
Assets
Real estate — Land, buildings and improvements		324,908	427,129
Real estate under construction		102,009	179,162
In-place lease and other intangible assets		101,450	106,703
Accumulated depreciation and amortization		(107,765)	(98,433)
Total assets		532,686	729,611
Liabilities
Non-recourse secured debt, net		321,747	331,113
Total liabilities		$ 361,867	$ 390,882
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Foreign Currencies (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.3479	1.3649
Increase (decrease) in foreign currency exchange rate	(1.20%)
EUR
Real Estate Properties
Foreign currency exchange rate	1.1326	1.2271
Increase (decrease) in foreign currency exchange rate	(7.70%)
NOK
Real Estate Properties
Foreign currency exchange rate	0.1134	0.1172
Increase (decrease) in foreign currency exchange rate	(3.30%)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 52,133	$ 62,346	$ 144,148
Restricted cash	29,595	57,367	19,250
Total cash and cash equivalents and restricted cash	$ 81,728	119,713	$ 163,398	$ 190,838
Cash held in escrow		$ 30,400

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	Dec. 29, 2020USD ($)	Feb. 24, 2022USD ($)	Dec. 31, 2021USD ($)propertyinstallment_paymentshares	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Sep. 30, 2021$ / shares	Jan. 01, 2019
Related Party Transaction
Advisory agreement, term			1 year
Advisory agreement additional renewal period, term			1 year
Advisory agreement, unpenalized cancellation period			60 days
Repayment of notes payable to affiliate			$ 62,048,000	$ 0	$ 0
Proceeds from Related Party Debt			$ 41,000,000	21,048,000	0
Number of properties (property) | property			53
Loans payable to joint venture			$ 5,500,000	5,300,000
Due to Affiliates
Percentage of asset management fees payable in shares (percent)							50.00%
Preferred return (percent)			5.00%
Number of annual installment payments for acquisition and disposition fees | installment_payment			3
Disposition fees			$ 0	$ 0	$ 1,117,000
Personnel and overhead reimbursement (percent)			1.00%	1.00%	1.00%
Distributions of available cash (percent)			10.00%
Barcelona, Spain (c)
Related Party Transaction
Ownership interest in jointly-owned investment (percent)	1.30%
Payments to Acquire Interest in Joint Venture	$ 4,500,000
Current
Due to Affiliates
Acquisition fees rate (percent)			2.50%
Deferred
Due to Affiliates
Acquisition fees rate (percent)			2.00%
Interest rate on deferred acquisition fee (percent)			2.00%
Class A common stock
Due to Affiliates
Net asset value (usd per share) | $ / shares						$ 9.07
Percentage of asset management fees payable in shares (percent)							50.00%
Minimum
Related Party Transaction
Ownership interest in jointly-owned investment (percent)			50.00%
Maximum
Related Party Transaction
Ownership interest in jointly-owned investment (percent)			99.00%
Due to Affiliates
Acquisition fees rate (percent)			6.00%
Average market value of investment | Minimum
Due to Affiliates
Percentage of asset management fees (percent)			0.50%
Average equity value of investment | Maximum
Due to Affiliates
Percentage of asset management fees (percent)			1.50%
Real estate commission
Due to Affiliates
Percentage of subordinated disposition fees (percent)				50.00%
Contract sales price of investment
Due to Affiliates
Percentage of subordinated disposition fees (percent)				3.00%
Average invested asset
Due to Affiliates
Percentage of operating expense reimbursement (percent)			2.00%
Adjusted net income
Due to Affiliates
Percentage of operating expense reimbursement (percent)			25.00%
Related Party
Related Party Transaction
Number of properties (property) | property			16	18
Related Party | W.P. Carey
Related Party Transaction
Number of properties (property) | property			4	4
Related Party | Line of Credit
Related Party Transaction
Maximum line of credit approved by directors			$ 50,000,000
Line of credit facility, commitment fee percentage			0.20%
Repayment of notes payable to affiliate			$ 21,100,000
Related Party | Line of Credit | Subsequent Event
Related Party Transaction
Proceeds from Related Party Debt		$ 18,000,000
Advisor | Related Party
Due to Affiliates
Advisor owned percentage of common stock			5.60%
Advisor | Related Party | Class A common stock
Due to Affiliates
Number of shares held by advisor (shares) | shares			8,326,732

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts Included in the Consolidated Statements of Income
Asset management fees	$ 12,528	$ 11,914	$ 11,539
Available Cash Distributions	7,345	7,225	8,132
Personnel and overhead reimbursements	2,714	2,648	3,161
Interest expense	536	468	492
Disposition fees	0	0	1,117
Operating expenses	23,123	22,255	24,441
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	135	140	665
Current acquisition fees	0	110	695
Deferred acquisition fees	0	88	555
Transaction fees incurred	$ 135	$ 338	$ 1,915

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Due to Affiliates
External joint venture loans, accounts payable, and other	$ 6,624	$ 6,940
Asset management fees payable	1,062	1,328
Acquisition fees, including accrued interest	10	1,871
Loan from WPC, including accrued interest	0	21,144
Due to Affiliates	$ 7,696	$ 31,283

Real Estate, Operating Real E_3

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Narratives (Details) $ in Thousands	Dec. 30, 2021USD ($)	Oct. 29, 2021USD ($)	Sep. 03, 2021USD ($)property	Dec. 23, 2020USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Apr. 15, 2019	Apr. 14, 2019
Real Estate Properties
Number of properties (property) | property					53
Effect of exchange rate fluctuation					$ (36,960)	$ 43,772	$ (4,509)
Net investments in direct financing leases					11,449	16,933
Net investments in real estate					1,942,545	2,124,244
Purchases of real estate					10,919	0	0
Proceeds from lease termination					4,900
Gain on lease termination					100
Placed into service					171,413	236,923
Capitalized interest					5,418	8,273	7,100
Interest income from direct financing lease					1,500	3,200	3,900
Operating lease cost					800	1,000	1,100
Reimbursable rent					400	400	400
Operating ROU assets — land leases					34,496	37,339
Operating lease payments					700	400	800
Amount awarded to other party						2,600
Proceeds from sale of real estate					162,164	6,101	50,846
Repayment of debt					171,205	26,679	132,160
Asset retirement obligation					1,200	3,300
Adjustments
Real Estate Properties
Net investments in direct financing leases					(1,800)
Net investments in real estate					1,800
Lease revenues- net-leased
Real Estate Properties
Allowance for accounts receivable written off						7,000
Noncash
Real Estate Properties
Accrued development cost					$ 5,000	$ 20,500
Net Lease Property
Real Estate Properties
Number of properties (property) | property						3
Placed into service						$ 6,300
Zadar, Croatia | Discontinued operations, disposed of by sale
Real Estate Properties
Proceeds from sale of real estate		$ 14,400
Zadar, Croatia | Discontinued operations, disposed of by sale | Land, Buildings and Improvements
Real Estate Properties
Number of properties sold | property					1
Other real estate, period decrease					$ 11,900
Student Housing Operating Properties Located in Cardiff and Portsmouth, United Kingdom | Discontinued operations, disposed of by sale
Real Estate Properties
Proceeds from sale of real estate			$ 147,800
Student Housing in Swansea, United Kingdom
Real Estate Properties
Operating ROU assets — land leases					$ 7,400	7,500
Lease term range (in years)					983 years
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Allowance for accounts receivable written off						2,800
Real Estate
Real Estate Properties
Effect of exchange rate fluctuation					$ (65,300)
Depreciation					37,200	30,500	29,500
Net investments in real estate					$ 1,313,590	1,268,035
Real Estate | Student Housing Properties Located in Spain and Portugal
Real Estate Properties
Number of properties (property) | property					4
Real Estate Under Operating Leases | Industrial Facility Located in Houston, Texas
Real Estate Properties
Purchases of real estate	$ 10,900
Real Estate Under Operating Leases | Industrial Facility Located in Houston, Texas | Land
Real Estate Properties
Purchases of real estate	1,900
Real Estate Under Operating Leases | Industrial Facility Located in Houston, Texas | Building
Real Estate Properties
Purchases of real estate	7,100
Real Estate Under Operating Leases | Industrial Facility Located in Houston, Texas | Net Lease Intangible
Real Estate Properties
Purchases of real estate	$ 1,900
Amortization Period (Years)					15 years
Operating Real Estate
Real Estate Properties
Effect of exchange rate fluctuation					$ 1,500
Depreciation					16,200	16,000	15,200
Net investments in real estate					$ 397,553	$ 523,429
Operating Real Estate | Self Storage
Real Estate Properties
Number of properties (property) | property					65
Operating Real Estate | Student Housing Operating Properties Located in Cardiff and Portsmouth, United Kingdom | Discontinued operations, disposed of by sale | Land, Buildings and Improvements
Real Estate Properties
Number of properties sold | property			2
Other real estate, period decrease					$ 114,100
Build To Suit Projects
Real Estate Properties
Number of construction projects during period | property					3	7
Unfunded commitment					$ 55,400	$ 174,900
Equity method investment | Self Storage
Real Estate Properties
Number of properties (property) | property					3
Equity method investment | Self Storage | Joint Venture
Real Estate Properties
Equity method investments, ownership percentage								100.00%	90.00%
Equity method investment | Self-Storage Facilities Located In Canada | Self Storage
Real Estate Properties
Number of properties (property) | property				3
Proceeds from sale of real estate				$ 62,300
Recognized gain on sale						12,900
Income from investment, tax						$ 1,800
Repayment of debt				$ 31,800
Equity method investment | Development Property In Vaughn Canada
Real Estate Properties
Recognized gain on sale							$ 200

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate:
Net investments in real estate	$ 1,942,545	$ 2,124,244
Real Estate
Investments in real estate:
Land	264,590	235,243
Buildings and improvements	1,248,664	1,205,111
Less: Accumulated depreciation	(199,664)	(172,319)
Net investments in real estate	1,313,590	1,268,035
Operating Real Estate
Investments in real estate:
Land	80,481	89,148
Buildings and improvements	397,107	507,850
Less: Accumulated depreciation	(80,035)	(73,569)
Net investments in real estate	$ 397,553	$ 523,429

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Rollforward of Real Estate Under Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Under Construction
Beginning balance	$ 180,055	$ 235,751
Placed into service	(171,413)	(236,923)
Capitalized funds	97,099	153,539
Foreign currency translation adjustments	(7,850)	19,415
Capitalized interest	5,418	8,273	$ 7,100
Ending balance	$ 103,309	$ 180,055	$ 235,751

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Placed Into Service (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties
Total Capitalized Cost	$ 171,413	$ 236,923
Operating Real Estate | Austin, Texas | Operating Real Estate
Real Estate Properties
Total Capitalized Cost		78,927
Land, Buildings and Improvements
Real Estate Properties
Total Capitalized Cost	171,189	230,672
Land, Buildings and Improvements | Porto, Portugal (b) (d) | Real Estate
Real Estate Properties
Total Capitalized Cost	32,781
Land, Buildings and Improvements | Pamplona, Spain | Real Estate
Real Estate Properties
Total Capitalized Cost	35,096
Land, Buildings and Improvements | Swansea, United Kingdom (c) | Real Estate
Real Estate Properties
Total Capitalized Cost	46,593
Land, Buildings and Improvements | Bilbao, Spain | Real Estate
Real Estate Properties
Total Capitalized Cost	$ 56,719
Land, Buildings and Improvements | Barcelona, Spain (c) | Real Estate
Real Estate Properties
Total Capitalized Cost		33,429
Land, Buildings and Improvements | San Sebastian, Spain (c) | Real Estate
Real Estate Properties
Total Capitalized Cost		38,532
Land, Buildings and Improvements | Porto, Portugal (d) | Real Estate
Real Estate Properties
Total Capitalized Cost		28,809
Land, Buildings and Improvements | Malaga, Spain (d) | Real Estate
Real Estate Properties
Total Capitalized Cost		$ 50,975

Real Estate, Operating Real E_7

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease revenues- net-leased
Real Estate Properties
Lease income — fixed	$ 101,944	$ 84,047	$ 99,771
Lease income — variable	18,237	15,096	15,468
Total operating lease income	120,181	99,143	115,239
Lease revenues — operating real estate
Real Estate Properties
Lease income — fixed	78,726	67,964	67,969
Lease income — variable	2,416	2,218	2,620
Total operating lease income	$ 81,142	$ 70,182	$ 70,589

Real Estate, Operating Real E_8

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2021USD ($)
Sheduled Future Minimum Rents
2022	$ 114,185
2023	107,886
2024	97,357
2025	92,530
2026	84,796
Thereafter	664,191
Total	$ 1,160,945

Real Estate, Operating Real E_9

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Supplemental Balance Sheet Information Related to ROU Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Real Estate Properties
Operating ROU assets — land leases	$ 34,496	$ 37,339
Operating Lease, Right-of-Use Asset, Statement of Financial Position	In-place lease and other intangible assets	In-place lease and other intangible assets
Present value of future lease payments/lease obligations	$ 7,287	$ 8,084
Operating Lease, Liability, Current, Statement of Financial Position	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Weighted-average remaining lease term — operating leases (in years)	42 years 6 months	42 years 2 months 12 days
Weighted-average discount rate — operating leases (percent)	6.80%	6.80%
Number of land lease arrangements | lease | property	8	8
Minimum
Real Estate Properties
Lease term range (in years)	4 years	5 years
Maximum
Real Estate Properties
Lease term range (in years)	981 years	982 years

Real Estate, Operating Real _10

Real Estate, Operating Real Estate, Real Estate Under Construction, and Equity Investment in Real Estate - Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total
2022	$ 596
2023	596
2024	596
2025	591
2026	480
Thereafter	18,833
Total lease payments	21,692
Less: amount of lease payments representing interest	(14,405)
Present value of future lease payments/lease obligations	$ 7,287	$ 8,084

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	Jan. 01, 2020	Apr. 09, 2019	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance Receivables
Proceeds from repayment of notes receivable				$ 0	$ 0	$ 35,954,000
Interest income from direct financing lease				1,500,000	3,200,000	3,900,000
Net investments in direct financing leases			$ 16,933,000	11,449,000	16,933,000
Allowance for credit loss (reversal)	$ (500,000)		(7,800,000)
Net investments in real estate			2,124,244,000	1,942,545,000	2,124,244,000
Adjustments to retained earnings			514,859,000	555,256,000	514,859,000
Change in allowance for credit losses	4,900,000			0	(2,874,000)	0
Cumulative Effect, Period of Adoption, Adjustment
Finance Receivables
Adjustments to retained earnings	$ (6,900,000)
Adjustments
Finance Receivables
Net investments in direct financing leases				(1,800,000)
Net investments in real estate				1,800,000
Real Estate
Finance Receivables
Net investment in lease, sale				3,600,000
Net investments in real estate			1,268,035,000	1,313,590,000	1,268,035,000
Property Leased to Mills Fleet Farm Group LLC
Finance Receivables
Proceeds from repayment of notes receivable		$ 36,000,000
Cipriani
Finance Receivables
Notes receivable, principal amount				$ 28,000,000
Accounts receivable, term				10 years
Interest rate on receivable (percent)				10.00%
Notes receivable			$ 28,000,000	$ 28,000,000	28,000,000
Proceeds from collection of loans receivable				4,000,000
Interest income					$ 1,400,000	$ 4,100,000
Cipriani | Third Party
Finance Receivables
Senior notes				$ 60,000,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net Investments in Direct Financing Leases
Lease payments receivable	$ 5,192	$ 14,325
Unguaranteed residual value	10,550	15,559
Gross investments in direct financing leases	15,742	29,884
Less: unearned income	(4,293)	(12,466)
Less: allowance for credit losses	0	(485)
Net investments in direct financing leases	$ 11,449	$ 16,933

Finance Receivables - Scheduled

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2021USD ($)
Scheduled Future Minimum Rents
2022	$ 835
2023	863
2024	892
2025	921
2026	951
Thereafter	730
Total	$ 5,192

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2021USD ($)tenant	Dec. 31, 2020USD ($)tenant
Credit Quality Of Finance Receivables
Carrying value	$ 39,449	$ 44,933
Internally Assigned Grade1-3
Credit Quality Of Finance Receivables
Number of tenants and obligors | tenant	1	3
Carrying value	$ 11,449	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets And Liabilities [Abstract]
Goodwill	$ 26,021	$ 27,259	$ 26,000
Net amortization of intangibles	$ 14,200	$ 17,300	$ 20,400

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 250,726	$ 255,736
Accumulated Amortization	(168,578)	(157,283)
Net Carrying Amount	82,148	98,453
Goodwill
Goodwill	26,021	27,259	$ 26,000
Total intangible assets, gross	276,747	282,995
Total intangible assets, net	108,169	125,712
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(14,654)	(14,776)
Finite-lived intangible liabilities accumulated amortization	8,755	7,755
Finite lived intangible liabilities net	(5,899)	(7,021)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(14,654)	(14,776)
Finite-lived intangible liabilities accumulated amortization	8,755	7,755
Finite lived intangible liabilities net	$ (5,899)	(7,021)
Below-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	9 years
Below-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 240,432	244,963
Accumulated Amortization	(162,497)	(151,613)
Net Carrying Amount	$ 77,935	93,350
In-place lease | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	9 years
In-place lease | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	23 years
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 10,294	10,773
Accumulated Amortization	(6,081)	(5,670)
Net Carrying Amount	$ 4,213	$ 5,103
Above-market rent | Minimum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	9 years
Above-market rent | Maximum
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2021USD ($)
Scheduled Annual Net Amortization of Intangibles
2022	$ 13,812
2023	11,522
2024	9,010
2025	8,193
2026	6,907
Thereafter	26,805
Total	76,249
Net (Increase) Decrease in Rental Income
Scheduled Annual Net Amortization of Intangibles
2022	391
2023	489
2024	529
2025	548
2026	206
Thereafter	(477)
Total	1,686
Increase to Amortization
Scheduled Annual Net Amortization of Intangibles
2022	14,203
2023	12,011
2024	9,539
2025	8,741
2026	7,113
Thereafter	26,328
Total	$ 77,935

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / ft²	Dec. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Debt issuance costs	$ 6,749	$ 6,900
Unamortized premium, net	4,349	$ 2,500
Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges	23,500
Fair value	61,400
Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring | Noncontrolling Interests
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges	$ 11,800
Discount Rate | Minimum | Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement inputs (percent)	0.0700
Residual Capitalization Rate | Minimum | Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement inputs (percent)	0.0675
Market rent (usd per sqft) | $ / ft²	17
Residual Capitalization Rate | Maximum | Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement inputs (percent)	0.0775
Market rent (usd per sqft) | $ / ft²	18

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,253,045	$ 1,310,378
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,266,234	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 ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period	62 months
Collateral received	$ 0
Total credit exposure	700,000
Derivative in net liability position	1,400,000	3,700,000
Termination value of assets	1,400,000	$ 3,800,000
Individual Counterparty
Derivative
Total credit exposure	500,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	(800,000)
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 600,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Derivative asset fair value	$ 727	$ 461
Derivative liability, fair value	(1,307)	(3,576)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	727	461
Derivative liability, fair value	(1,304)	(3,548)
Derivatives Designated as Hedging Instruments | Other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	594	440
Derivatives Designated as Hedging Instruments | Other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	133	21
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Foreign currency collars
Derivatives, Fair Value
Derivative liability, fair value	0	(198)
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(1,304)	(3,350)
Derivatives in Not Cash Flow Hedging Relationships
Derivatives, Fair Value
Derivative liability, fair value	(3)	(28)
Derivatives in Not Cash Flow Hedging Relationships | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	$ (3)	$ (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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 2,513	$ (3,406)	$ (2,037)
Designated as Cash Flow Hedging Instruments | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	2,046	(1,412)	(2,288)
Designated as Cash Flow Hedging Instruments | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	352	(1,019)	1,343
Designated as Cash Flow Hedging Instruments | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	115	(227)	(38)
Designated as Cash Flow Hedging Instruments | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	0	(861)	(1,096)
Derivatives in Net Investment Hedging Relationship | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	0	113	19
Derivatives in Net Investment Hedging Relationship | Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 0	$ 0	$ 23

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ (1,258)	$ (557)	$ 1,558
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	(1,351)	(1,997)	(136)
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	292	633	257
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	(199)	(82)	(13)
Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income	$ 0	$ 889	$ 1,450

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 1,402	$ 1,776	$ 194
Derivatives in Not Cash Flow Hedging Relationships | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	28	(229)	206
Derivatives in Not Cash Flow Hedging Relationships | Interest rate swaps | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	0	(14)
Derivatives in Not Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	23	23	0
Derivatives in Not Cash Flow Hedging Relationships | Foreign currency forward contracts | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	(15)	(4)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	0	7
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	1,338	1,997	(1)
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 13	$ 0	$ 0

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	Dec. 31, 2021USD ($)derivative	Dec. 31, 2021EUR (€)derivative
Derivative
Fair value	$ (1,174)
Derivatives Designated as Hedging Instruments | Interest rate swaps | USD
Derivative
Number of Instruments | derivative	5	5
Notional Amount	$ 35,948
Fair value	$ (1,304)
Derivatives Designated as Hedging Instruments | Interest rate caps | EUR
Derivative
Number of Instruments | derivative	6	6
Notional Amount | €		€ 95,663
Fair value	$ 133
Derivatives in Not Cash Flow Hedging Relationships | Interest rate caps | EUR
Derivative
Number of Instruments | derivative	1	1
Notional Amount | €		€ 8,341
Fair value	$ (3)

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	Dec. 31, 2021USD ($)derivative	Dec. 31, 2021EUR (€)derivative	Dec. 31, 2021NOK (kr)derivative
Derivative
Fair value	$ 594
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | derivative	6	6	6
Notional Amount | €		€ 3,900
Fair value	$ 524
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative
Number of Instruments | derivative	4	4	4
Notional Amount | kr			kr 5,000
Fair value	$ 70

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details)	Dec. 29, 2021USD ($)	Oct. 29, 2021USD ($)	Sep. 03, 2021USD ($)loan	Feb. 24, 2022USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 06, 2021USD ($)
Debt Instruments
Interest rate (percent)					3.80%
Repayment of debt					$ 171,205,000	$ 26,679,000	$ 132,160,000
Loss on extinguishment of debt					2,010,000	28,000	133,000
Interest paid, net of amounts capitalized					42,200,000	39,400,000	43,400,000
Effect of exchange rate fluctuation					(36,960,000)	$ 43,772,000	$ (4,509,000)
Breached non recourse loans, principal amount					52,600,000
Subsequent Event
Debt Instruments
Repayment of debt				$ 22,300,000
Breached Non-recourse Mortgage Loan
Debt Instruments
Breached non recourse loans, principal amount					4,000,000
Construction Loans
Debt Instruments
Maximum borrowing capacity					153,733,000
Non Recourse Debt
Debt Instruments
Prepayment of mortgage principal					$ 56,300,000
Repayment of debt	$ 6,800,000	$ 8,300,000	$ 83,300,000
Number of loans (loan) | loan			2		4
Loss on extinguishment of debt			$ 1,500,000
Weighted average interest rate (percent)					4.20%
Swansea, United Kingdom (c) | Construction Loans
Debt Instruments
Maximum borrowing capacity								$ 56,577,000
Student Housing in the United Kingdom
Debt Instruments
Stated interest rate (percent)		3.90%	2.30%
Industrial Facility Located in Columbus, Georgia
Debt Instruments
Stated interest rate (percent)	5.00%
Loss on extinguishment of debt	$ 500,000
Office Facility in Rotterdam, the Netherlands | Subsequent Event
Debt Instruments
Repayment of debt				$ 36,200,000
Long-term debt
Debt Instruments
Effect of exchange rate fluctuation					$ 38,100,000
Fixed Interest Rate
Debt Instruments
Interest rate (percent)					3.90%
Variable Interest Rate
Debt Instruments
Interest rate (percent)					3.50%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Financing Activity (Details) - USD ($)	Nov. 11, 2021	Sep. 30, 2021	Apr. 30, 2021	Apr. 06, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Proceeds from mortgage financing						$ 147,737,000	$ 96,525,000	$ 123,641,000
Construction Loans
Debt Instrument
Maximum borrowing capacity						$ 153,733,000
Malaga, Spain (b) | Construction Loans
Debt Instrument
Interest rate (percent)					2.50%
Proceeds from mortgage financing					$ 27,261,000
Maximum borrowing capacity					27,261,000
Swansea, United Kingdom (c) | Construction Loans
Debt Instrument
Interest rate (percent)				6.40%
Proceeds from mortgage financing					$ 28,162,000
Maximum borrowing capacity				$ 56,577,000
Debt instrument, extension period				1 year
Porto, Portugal (b) (d) | Construction Loans
Debt Instrument
Interest rate (percent)			2.80%
Proceeds from mortgage financing		$ 1,700,000	$ 16,432,000
Maximum borrowing capacity			$ 18,123,000
Porto, Portugal (b) (d) | Construction Loans | Euro Interbank Offering Rate
Debt Instrument
Interest rate (percent)		2.50%
Pamplona, Spain | Construction Loans
Debt Instrument
Interest rate (percent)		2.50%
Proceeds from mortgage financing		$ 19,684,000
Maximum borrowing capacity		$ 19,684,000
Bilbao, Spain | Construction Loans
Debt Instrument
Interest rate (percent)	2.50%
Proceeds from mortgage financing	$ 32,088,000
Maximum borrowing capacity	$ 32,088,000

Non-Recourse Secured Debt, Ne_4

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total
2022	$ 220,270
2023	394,582
2024	196,730
2025	341,730
2026	90,891
Thereafter through 2039	11,242
Total principal payments	1,255,445
Unamortized deferred financing costs	(6,749)	$ (6,900)
Unamortized premium, net	4,349	$ 2,500
Total	$ 1,253,045

Earnings Per Share and Equity -

Earnings Per Share and Equity - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic
Allocation of net (loss) income	$ 27,846	$ 12,343	$ 32,572
Class A common stock
Basic
Basic weighted-average shares outstanding (in shares)	120,077,202	118,567,905	116,469,007
Diluted weighted-average shares outstanding (in shares)	120,077,202	118,567,905	116,469,007
Allocation of net (loss) income	$ 21,990	$ 9,737	$ 25,636
Basic income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Diluted income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Class C common stock
Basic
Basic weighted-average shares outstanding (in shares)	31,972,362	32,402,493	32,123,513
Diluted weighted-average shares outstanding (in shares)	31,972,362	32,402,493	32,123,513
Allocation of net (loss) income	$ 5,856	$ 2,606	$ 6,936
Basic income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22
Diluted income (loss) per share (in dollars per share)	$ 0.18	$ 0.08	$ 0.22

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 09, 2021
Distributions Declared
Payments of dividends	$ 9,300
Proceeds from the disposition	$ 9,330	$ 9,330	$ 9,447		$ 30,500
Class C
Distributions Declared
Interest expense			$ 100	$ 200
Distributions declared per share (in dollars per share)	$ 0.0625	$ 0.4500
Special cash distribution (in dollars per share)	0.2000
Aggregate distribution declared		$ 14,200
Class A
Distributions Declared
Distributions declared per share (in dollars per share)	0.0625	$ 0.4500
Special cash distribution (in dollars per share)	$ 0.2000
Aggregate distribution declared		$ 54,000

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A
Distributions
Ordinary income (usd per share)	$ 0.2686	$ 0.1490	$ 0.1251
Capital gain (usd per share)	0.2439	0.1423	0.1339
Return of capital (usd per share)	0	0.1463	0.3662
Total distributions paid (usd per share)	0.5125	0.4376	0.6252
Class C
Distributions
Ordinary income (usd per share)	0.2686	0.1241	0.1101
Capital gain (usd per share)	0.2439	0.1185	0.1178
Return of capital (usd per share)	0	0.1218	0.3220
Total distributions paid (usd per share)	$ 0.5125	$ 0.3644	$ 0.5499

Earnings Per Share and Equity_4

Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	$ 852,551	$ 851,671	$ 895,970
Other comprehensive loss before reclassifications	(35,705)	39,696	(5,030)
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(2,728)	1,904	4,715
Interest expense	50,959	43,343	48,019
Net current-period other comprehensive income/loss	(34,447)	40,253	(6,588)
Net current-period Other comprehensive income/loss attributable to noncontrolling interests	2,583	(3,648)	646
Ending equity balance, value	745,625	852,551	851,671
Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(292)	(1,522)	(1,707)
Interest expense	1,550	2,079	149
Net current-period other comprehensive income/loss			(6,588)
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(19,930)	(56,535)	(50,593)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance, value	(51,794)	(19,930)	(56,535)
Gains and Losses on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(3,363)	138	2,215
Other comprehensive loss before reclassifications	1,255	(4,076)	(521)
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period other comprehensive income/loss	2,513	(3,519)
Net current-period Other comprehensive income/loss attributable to noncontrolling interests	(12)	18	2
Ending equity balance, value	(862)	(3,363)	138
Gains and Losses on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	(292)	(1,522)	(1,707)
Interest expense	1,550	2,079	149
Net current-period other comprehensive income/loss			(2,079)
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning equity balance, value	(16,567)	(56,673)	(52,808)
Other comprehensive loss before reclassifications	(36,960)	43,772	(4,509)
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period other comprehensive income/loss	(36,960)	43,772
Net current-period Other comprehensive income/loss attributable to noncontrolling interests	2,595	(3,666)	644
Ending equity balance, value	(50,932)	(16,567)	(56,673)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Other gains and (losses)	0	0	0
Interest expense	$ 0	$ 0	0
Net current-period other comprehensive income/loss			$ (4,509)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Increase in unrecognized tax benefit	$ 1.3
Unrecognized tax benefits	3.4	$ 2.1
Accrued interest for uncertain tax positions	0.6	0.2
Income taxes paid	5.2	1.5	$ 1.7
Deferred tax assets, gross	22.1	24.2
Deferred tax liability, net	45	50.2
Deferred tax assets, valuation allowance	19.9	21.8
Operating loss carryforwards, foreign	$ 40.9	$ 42.7

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ 78	$ 80	$ 60
Deferred	(2)	1	0
Federal income taxes	76	81	60
State and Local
Current	262	126	85
State and local income taxes	262	126	85
Foreign
Current	3,804	3,033	2,375
Deferred	(2,292)	(2,471)	(2,310)
Foreign income taxes	1,512	562	65
Total Provision for Income Taxes	$ 1,850	$ 769	$ 210

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) $ in Thousands	Dec. 29, 2021USD ($)	Oct. 29, 2021USD ($)	Sep. 03, 2021USD ($)property	Jul. 22, 2020USD ($)	Jan. 29, 2019USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate						$ 162,164	$ 6,101	$ 50,846
Repayment of secured debt						$ 171,205	$ 26,679	132,160
Non Recourse Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Repayment of secured debt	$ 6,800	$ 8,300	$ 83,300
Discontinued Operations, Disposed of by Sale | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate					$ 13,100
Gain (loss) on sale of real estate, net					$ 15,400
Ownership interest					97.00%
Gain on sale of real state, net noncontrolling interest					$ 2,900
Discontinued Operations, Disposed of by Sale | Non Recourse Debt | Fort Walton Beach, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Mortgage loan					$ 24,200
Discontinued Operations, Disposed of by Sale | Freetown, Massachusetts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate				$ 6,100
Gain (loss) on sale of real estate, net				2,400
Discontinued Operations, Disposed of by Sale | Freetown, Massachusetts | Non Recourse Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Repayment of secured debt				$ 3,200
Discontinued Operations, Disposed of by Sale | United Kingdom Trade Counter Portfolio (Truffle Portfolio)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate								39,300
Gain (loss) on sale of real estate, net								$ 10,300
Number of properties sold | property								11
Repayment of secured debt								$ 22,700
Discontinued operations, disposed of by sale | Student Housing Operating Properties Located in Cardiff and Portsmouth, United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate			147,800
Gain (loss) on sale of real estate, net			42,800
Gains (losses) on sales of investment real estate, tax			$ 400
Discontinued operations, disposed of by sale | Student Housing Operating Properties Located in Cardiff and Portsmouth, United Kingdom | Operating Real Estate | Land, Buildings and Improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Number of properties sold | property			2
Discontinued operations, disposed of by sale | Student Housing Operating Properties Located in Cardiff and Portsmouth, United Kingdom | Noncontrolling Interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain (loss) on sale of real estate, net			$ (3,700)
Discontinued operations, disposed of by sale | Zadar, Croatia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate		14,400
Gain (loss) on sale of real estate, net		2,000
Discontinued operations, disposed of by sale | Zadar, Croatia | Land, Buildings and Improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Number of properties sold | property						1
Discontinued operations, disposed of by sale | Zadar, Croatia | Noncontrolling Interests
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Gain (loss) on sale of real estate, net		$ (400)
Discontinued operations, disposed of by sale | Industrial Facility Located in Columbus, Georgia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups
Proceeds from sale of real estate	500
Gain (loss) on sale of real estate, net	$ (800)

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting
Number of reportable segments | segment	3
Uncollected rent receivable	$ 9,900	$ 9,200
Allowance for doubtful accounts written off	0	(2,874)	$ 0
Straight-line rent adjustments	(2,179)	4,780	(2,960)
Asset management fees	12,528	11,914	11,539
Asset management fees
Segment Reporting
Asset management fees	12,500	11,900	11,500
Net Lease | Operating Segments
Segment Reporting
Straight-line rent adjustments	$ 2,200	2,200	$ 3,000
University in Accra, Ghana | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Segment Reporting
Allowance for accounts receivable written off		2,800
Self-Storage Facilities Located In Canada | Self Storage | Equity method investment
Segment Reporting
Recognized gain on sale		12,900
Income from investment, tax		1,800
Lease revenues- net-leased
Segment Reporting
Allowance for accounts receivable written off		$ 7,000

Segment Reporting - Segment Rep

Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information, Profit (Loss)
Revenues	$ 204,217	$ 177,067	$ 197,439
Operating expenses	(165,085)	(127,261)	(132,509)
Interest expense	(50,959)	(43,343)	(48,019)
Gain on sale of real estate, net	44,015	2,390	24,773
Other gains and (losses)	(2,728)	14,217	2,530
(Provision for) benefit from income taxes	(1,850)	(769)	(210)
Net loss (income) attributable to noncontrolling interests	236	(9,958)	(11,432)
Net Income Attributable to CPA:18 – Global	27,846	12,343	32,572
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	122,036	104,611	122,038
Operating expenses	(97,628)	(63,583)	(69,959)
Interest expense	(35,604)	(28,388)	(34,105)
Gain on sale of real estate, net	1,245	2,390	9,932
Other gains and (losses)	387	(3,231)	1,203
(Provision for) benefit from income taxes	(539)	52	1,019
Net loss (income) attributable to noncontrolling interests	10,773	(2,868)	(759)
Net Income Attributable to CPA:18 – Global	670	8,983	29,369
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	71,613	61,426	60,767
Operating expenses	(37,129)	(36,407)	(35,604)
Interest expense	(11,833)	(13,447)	(13,802)
Other gains and (losses)	(353)	12,329	(942)
(Provision for) benefit from income taxes	(160)	(110)	(115)
Net Income Attributable to CPA:18 – Global	22,138	23,791	10,304
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	10,568	9,604	10,550
Operating expenses	(9,609)	(7,749)	(7,713)
Interest expense	(3,402)	(1,424)	133
Gain on sale of real estate, net	42,770	0	14,841
Other gains and (losses)	(1,513)	19	(182)
(Provision for) benefit from income taxes	(104)	241	87
Net loss (income) attributable to noncontrolling interests	(3,192)	135	(2,541)
Net Income Attributable to CPA:18 – Global	35,518	826	15,175
Corporate
Segment Reporting Information, Profit (Loss)
Net loss (income) attributable to noncontrolling interests	(7,345)	(7,225)	(8,132)
Unallocated Corporate Overhead	(23,121)	(15,473)	(18,220)
All Other
Segment Reporting Information, Profit (Loss)
Revenues	0	1,426	4,076
Operating expenses	(14)	(45)	0
Other gains and (losses)	0	60	0
Net Income Attributable to CPA:18 – Global	$ (14)	$ 1,441	$ 4,076

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information, Additional Information
Total assets	[1]	$ 2,142,869	$ 2,358,918
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Total assets		1,586,662	1,688,259
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Total assets		337,052	345,936
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Total assets		160,746	258,017
Corporate
Segment Reporting Information, Additional Information
Total assets		30,409	38,697
All Other
Segment Reporting Information, Additional Information
Total assets		$ 28,000	$ 28,009
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Segment Reporting - Geography (

Segment Reporting - Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information, Profit (Loss)
Revenues	$ 204,217	$ 177,067	$ 197,439
Assets
Long-lived assets	1,942,545	2,124,244
Total Domestic
Segment Reporting Information, Profit (Loss)
Revenues	128,348	115,564	116,330
Assets
Long-lived assets	845,028	869,645
Texas
Segment Reporting Information, Profit (Loss)
Revenues	27,349	22,685	20,941
Assets
Long-lived assets	262,427	259,719
Florida
Segment Reporting Information, Profit (Loss)
Revenues	26,276	22,469	22,876
All Other Domestic
Segment Reporting Information, Profit (Loss)
Revenues	74,723	70,410	72,513
Assets
Long-lived assets	582,601	609,926
Total International
Segment Reporting Information, Profit (Loss)
Revenues	75,869	61,503	$ 81,109
Assets
Long-lived assets	1,097,517	1,254,599
Spain
Assets
Long-lived assets	295,266	261,476
All Other International
Assets
Long-lived assets	$ 802,251	$ 993,123

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 31, 2022	Feb. 24, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event
Proceeds from sale of real estate			$ 162,164,000	$ 6,101,000	$ 50,846,000
Repayment of secured debt			171,205,000	26,679,000	132,160,000
Proceeds from Related Party Debt			$ 41,000,000	$ 21,048,000	$ 0
Subsequent Event
Subsequent Event
Repayment of secured debt		$ 22,300,000
Subsequent Event | Related Party | Line of Credit
Subsequent Event
Proceeds from Related Party Debt		18,000,000
Subsequent Event | Office Facility in Rotterdam, the Netherlands
Subsequent Event
Proceeds from sale of real estate	$ 23,000,000
Repayment of secured debt		$ 36,200,000

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation reserve for deferred tax assets
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year	$ 21,777	$ 17,556	$ 9,213
Other Additions	9,367	5,181	8,879
Deductions	(11,199)	(960)	(536)
Balance at End of Year	$ 19,945	21,777	17,556
Allowance for uncollectible account
Movement in Valuation Allowances and Reserves
Balance at Beginning of Year		$ 0	9,781
Other Additions			0
Deductions			(9,781)
Balance at End of Year			$ 0

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Under Operating Leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 947,102
Initial Cost to Company
Land	272,569
Buildings	921,533
Cost Capitalized Subsequent to Acquisition	457,724
Increase (Decrease) in Net Investments	(138,572)
Gross Amount at which Carried at Close of Period
Land	264,590
Buildings	1,248,664
Total	1,513,254	$ 1,440,354	$ 1,200,645	$ 1,210,776
Accumulated Depreciation	199,664	172,319	135,922	112,061
Real Estate Under Operating Leases | Office facility in Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	72,763
Initial Cost to Company
Land	29,215
Buildings	67,993
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	29,215
Buildings	67,993
Total	97,208
Accumulated Depreciation	$ 17,650
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,561
Initial Cost to Company
Land	0
Buildings	10,828
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,889)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,939
Total	8,939
Accumulated Depreciation	$ 2,116
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,370
Initial Cost to Company
Land	0
Buildings	10,576
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,918)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	8,658
Total	8,658
Accumulated Depreciation	$ 1,936
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Real Estate Under Operating Leases | Retail facility in Zagreb, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,265
Initial Cost to Company
Land	2,264
Buildings	10,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(2,335)
Gross Amount at which Carried at Close of Period
Land	1,863
Buildings	8,742
Total	10,605
Accumulated Depreciation	$ 2,136
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Retail facility in Split, Croatia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 244
Initial Cost to Company
Land	0
Buildings	3,161
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(580)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	2,581
Total	2,581
Accumulated Depreciation	$ 770
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Real Estate Under Operating Leases | Industrial facility in Streetsboro, OH
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,683
Initial Cost to Company
Land	1,163
Buildings	3,393
Cost Capitalized Subsequent to Acquisition	4,123
Increase (Decrease) in Net Investments	(535)
Gross Amount at which Carried at Close of Period
Land	1,163
Buildings	6,981
Total	8,144
Accumulated Depreciation	$ 2,230
Life on which Depreciation in Latest Statement of  Income is Computed	21 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,221
Initial Cost to Company
Land	13,748
Buildings	52,135
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	13,748
Buildings	52,135
Total	65,883
Accumulated Depreciation	$ 14,837
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Real Estate Under Operating Leases | Warehouse facility in University Park, IL | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Real Estate Under Operating Leases | Office facility in Norcross, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,044
Initial Cost to Company
Land	1,044
Buildings	3,361
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,044
Buildings	3,361
Total	4,405
Accumulated Depreciation	$ 777
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 43,987
Initial Cost to Company
Land	14,362
Buildings	59,219
Cost Capitalized Subsequent to Acquisition	47
Increase (Decrease) in Net Investments	(23,104)
Gross Amount at which Carried at Close of Period
Land	9,852
Buildings	40,672
Total	50,524
Accumulated Depreciation	$ 8,009
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warsaw, Poland
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 52,573
Initial Cost to Company
Land	0
Buildings	112,676
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(43,442)
Gross Amount at which Carried at Close of Period
Land	0
Buildings	69,234
Total	69,234
Accumulated Depreciation	$ 18,120
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Columbus, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	448
Buildings	5,841
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	448
Buildings	5,841
Total	6,289
Accumulated Depreciation	$ 1,631
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Office facility in Farmington Hills, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,498
Initial Cost to Company
Land	2,251
Buildings	3,390
Cost Capitalized Subsequent to Acquisition	672
Increase (Decrease) in Net Investments	47
Gross Amount at which Carried at Close of Period
Land	2,251
Buildings	4,109
Total	6,360
Accumulated Depreciation	$ 1,140
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Surprise, AZ
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,000
Initial Cost to Company
Land	298
Buildings	2,347
Cost Capitalized Subsequent to Acquisition	1,699
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	298
Buildings	4,046
Total	4,344
Accumulated Depreciation	$ 983
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Temple, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,783
Initial Cost to Company
Land	381
Buildings	6,469
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	381
Buildings	6,469
Total	6,850
Accumulated Depreciation	$ 1,690
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Real Estate Under Operating Leases | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,154
Initial Cost to Company
Land	1,675
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	1,837
Gross Amount at which Carried at Close of Period
Land	1,675
Buildings	1,837
Total	3,512
Accumulated Depreciation	0
Real Estate Under Operating Leases | Land in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	1,515
Initial Cost to Company
Land	3,036
Buildings	0
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,036
Buildings	0
Total	3,036
Accumulated Depreciation	0
Real Estate Under Operating Leases | Warehouse facility in Jonesville, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	27,192
Initial Cost to Company
Land	2,995
Buildings	14,644
Cost Capitalized Subsequent to Acquisition	19,389
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,995
Buildings	34,033
Total	37,028
Accumulated Depreciation	$ 9,448
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Real Estate Under Operating Leases | Office facility in Warstein, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,440
Initial Cost to Company
Land	281
Buildings	15,671
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(1,711)
Gross Amount at which Carried at Close of Period
Land	251
Buildings	13,990
Total	14,241
Accumulated Depreciation	$ 2,657
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Albany, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,591
Initial Cost to Company
Land	1,141
Buildings	5,997
Cost Capitalized Subsequent to Acquisition	4,690
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,141
Buildings	10,687
Total	11,828
Accumulated Depreciation	$ 2,131
Life on which Depreciation in Latest Statement of  Income is Computed	14 years
Real Estate Under Operating Leases | Office facility in Stavanger, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 40,593
Initial Cost to Company
Land	8,276
Buildings	80,475
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(22,420)
Gross Amount at which Carried at Close of Period
Land	6,232
Buildings	60,099
Total	66,331
Accumulated Depreciation	$ 10,905
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eagan, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 9,440
Initial Cost to Company
Land	1,189
Buildings	11,279
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,189
Buildings	11,279
Total	12,468
Accumulated Depreciation	$ 2,164
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 26,710
Initial Cost to Company
Land	3,990
Buildings	30,320
Cost Capitalized Subsequent to Acquisition	646
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,990
Buildings	30,966
Total	34,956
Accumulated Depreciation	$ 5,858
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,449
Initial Cost to Company
Land	512
Buildings	1,283
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	512
Buildings	1,285
Total	1,797
Accumulated Depreciation	$ 412
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 682
Initial Cost to Company
Land	509
Buildings	340
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	509
Buildings	342
Total	851
Accumulated Depreciation	$ 181
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 242
Initial Cost to Company
Land	128
Buildings	204
Cost Capitalized Subsequent to Acquisition	2
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	128
Buildings	206
Total	334
Accumulated Depreciation	$ 91
Life on which Depreciation in Latest Statement of  Income is Computed	21 years
Real Estate Under Operating Leases | Industrial facility in Dallas, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,050
Initial Cost to Company
Land	360
Buildings	1,120
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	360
Buildings	1,121
Total	1,481
Accumulated Depreciation	$ 338
Life on which Depreciation in Latest Statement of  Income is Computed	29 years
Real Estate Under Operating Leases | Industrial facility in Fort Worth, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,063
Initial Cost to Company
Land	809
Buildings	671
Cost Capitalized Subsequent to Acquisition	1
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	809
Buildings	672
Total	1,481
Accumulated Depreciation	$ 295
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Industrial and warehouse facility in Byron Center, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,855
Initial Cost to Company
Land	625
Buildings	1,005
Cost Capitalized Subsequent to Acquisition	9,515
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	625
Buildings	10,520
Total	11,145
Accumulated Depreciation	$ 1,688
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 36,121
Initial Cost to Company
Land	2,247
Buildings	27,150
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	(5,488)
Gross Amount at which Carried at Close of Period
Land	1,480
Buildings	22,429
Total	23,909
Accumulated Depreciation	$ 3,991
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Rotterdam, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,246
Buildings	27,136
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	48
Gross Amount at which Carried at Close of Period
Land	2,597
Buildings	26,833
Total	29,430
Accumulated Depreciation	$ 4,792
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Albion, Mauritius
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 15,290
Initial Cost to Company
Land	4,047
Buildings	54,927
Cost Capitalized Subsequent to Acquisition	243
Increase (Decrease) in Net Investments	(4,148)
Gross Amount at which Carried at Close of Period
Land	3,766
Buildings	51,303
Total	55,069
Accumulated Depreciation	$ 10,849
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Eindhoven, Netherlands
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 53,956
Initial Cost to Company
Land	8,736
Buildings	14,493
Cost Capitalized Subsequent to Acquisition	78,956
Increase (Decrease) in Net Investments	879
Gross Amount at which Carried at Close of Period
Land	13,553
Buildings	89,511
Total	103,064
Accumulated Depreciation	$ 10,805
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Plano, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,867
Initial Cost to Company
Land	3,180
Buildings	26,926
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,180
Buildings	26,926
Total	30,106
Accumulated Depreciation	$ 4,714
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Munich, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 47,620
Initial Cost to Company
Land	8,497
Buildings	41,883
Cost Capitalized Subsequent to Acquisition	42,982
Increase (Decrease) in Net Investments	(5,962)
Gross Amount at which Carried at Close of Period
Land	10,164
Buildings	77,236
Total	87,400
Accumulated Depreciation	$ 8,284
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Warehouse facility in Plymouth, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,466
Initial Cost to Company
Land	2,537
Buildings	9,731
Cost Capitalized Subsequent to Acquisition	1,019
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,537
Buildings	10,750
Total	13,287
Accumulated Depreciation	$ 2,742
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Real Estate Under Operating Leases | Retail facility in Oslo, Norway
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 61,722
Initial Cost to Company
Land	61,607
Buildings	34,183
Cost Capitalized Subsequent to Acquisition	985
Increase (Decrease) in Net Investments	(13,869)
Gross Amount at which Carried at Close of Period
Land	52,658
Buildings	30,248
Total	82,906
Accumulated Depreciation	$ 8,795
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Real Estate Under Operating Leases | Hotel in Hamburg, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 17,092
Initial Cost to Company
Land	5,719
Buildings	1,530
Cost Capitalized Subsequent to Acquisition	21,713
Increase (Decrease) in Net Investments	(245)
Gross Amount at which Carried at Close of Period
Land	5,879
Buildings	22,838
Total	28,717
Accumulated Depreciation	$ 2,519
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Jacksonville, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,377
Initial Cost to Company
Land	1,688
Buildings	10,082
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,688
Buildings	10,082
Total	11,770
Accumulated Depreciation	$ 1,858
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Warrenville, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 21,956
Initial Cost to Company
Land	2,222
Buildings	25,449
Cost Capitalized Subsequent to Acquisition	1,574
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,222
Buildings	27,023
Total	29,245
Accumulated Depreciation	$ 4,957
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Office facility in Coralville, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 34,619
Initial Cost to Company
Land	1,937
Buildings	31,093
Cost Capitalized Subsequent to Acquisition	5,048
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,937
Buildings	36,141
Total	38,078
Accumulated Depreciation	$ 5,823
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Michalovce, Slovakia
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,681
Initial Cost to Company
Land	1,055
Buildings	10,808
Cost Capitalized Subsequent to Acquisition	13,978
Increase (Decrease) in Net Investments	124
Gross Amount at which Carried at Close of Period
Land	1,386
Buildings	24,579
Total	25,965
Accumulated Depreciation	$ 3,713
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Hotel in Stuttgart, Germany
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,532
Initial Cost to Company
Land	0
Buildings	25,717
Cost Capitalized Subsequent to Acquisition	1,175
Increase (Decrease) in Net Investments	1,053
Gross Amount at which Carried at Close of Period
Land	0
Buildings	27,945
Total	27,945
Accumulated Depreciation	$ 4,806
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Real Estate Under Operating Leases | Industrial facility in Menomonee Falls, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 12,728
Initial Cost to Company
Land	1,680
Buildings	19,600
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	19,600
Total	21,280
Accumulated Depreciation	$ 732
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Real Estate Under Operating Leases | Warehouse facility in Iowa City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,173
Initial Cost to Company
Land	913
Buildings	5,785
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	913
Buildings	5,785
Total	6,698
Accumulated Depreciation	$ 1,138
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Real Estate Under Operating Leases | Net-lease student housing facility in Malaga, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 25,433
Initial Cost to Company
Land	3,293
Buildings	4,044
Cost Capitalized Subsequent to Acquisition	43,638
Increase (Decrease) in Net Investments	(4,105)
Gross Amount at which Carried at Close of Period
Land	4,103
Buildings	42,767
Total	46,870
Accumulated Depreciation	$ 1,705
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Barcelona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,142
Initial Cost to Company
Land	7,453
Buildings	3,574
Cost Capitalized Subsequent to Acquisition	20,084
Increase (Decrease) in Net Investments	639
Gross Amount at which Carried at Close of Period
Land	8,596
Buildings	23,154
Total	31,750
Accumulated Depreciation	$ 1,760
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Coimbra, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,874
Initial Cost to Company
Land	6,963
Buildings	3,341
Cost Capitalized Subsequent to Acquisition	24,793
Increase (Decrease) in Net Investments	(1,594)
Gross Amount at which Carried at Close of Period
Land	6,632
Buildings	26,871
Total	33,503
Accumulated Depreciation	$ 467
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in San Sebastian, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 22,127
Initial Cost to Company
Land	4,891
Buildings	8,235
Cost Capitalized Subsequent to Acquisition	25,013
Increase (Decrease) in Net Investments	(1,689)
Gross Amount at which Carried at Close of Period
Land	5,441
Buildings	31,009
Total	36,450
Accumulated Depreciation	$ 1,407
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Barcelona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,908
Initial Cost to Company
Land	9,491
Buildings	3,596
Cost Capitalized Subsequent to Acquisition	20,436
Increase (Decrease) in Net Investments	(1,251)
Gross Amount at which Carried at Close of Period
Land	10,671
Buildings	21,601
Total	32,272
Accumulated Depreciation	$ 1,015
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Seville, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 24,096
Initial Cost to Company
Land	12,027
Buildings	2,120
Cost Capitalized Subsequent to Acquisition	32,446
Increase (Decrease) in Net Investments	(2,267)
Gross Amount at which Carried at Close of Period
Land	11,383
Buildings	32,943
Total	44,326
Accumulated Depreciation	$ 524
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Bilbao, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 30,733
Initial Cost to Company
Land	11,796
Buildings	4,667
Cost Capitalized Subsequent to Acquisition	40,256
Increase (Decrease) in Net Investments	(2,310)
Gross Amount at which Carried at Close of Period
Land	11,289
Buildings	43,120
Total	54,409
Accumulated Depreciation	$ 550
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Porto, Portugal
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 14,992
Initial Cost to Company
Land	5,229
Buildings	956
Cost Capitalized Subsequent to Acquisition	22,683
Increase (Decrease) in Net Investments	(920)
Gross Amount at which Carried at Close of Period
Land	5,203
Buildings	22,745
Total	27,948
Accumulated Depreciation	$ 1,147
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Net-lease student housing facility in Pamplona, Spain
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 18,629
Initial Cost to Company
Land	10,492
Buildings	2,375
Cost Capitalized Subsequent to Acquisition	19,913
Increase (Decrease) in Net Investments	(1,417)
Gross Amount at which Carried at Close of Period
Land	9,994
Buildings	21,369
Total	31,363
Accumulated Depreciation	$ 377
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Real Estate Under Operating Leases | Industrial facility in Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,923
Buildings	7,058
Cost Capitalized Subsequent to Acquisition	0
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,923
Buildings	7,058
Total	8,981
Accumulated Depreciation	$ 1
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Direct Financing Method
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,709
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	1,504
Gross Amount at which Carried at Close of Period
Total	11,449
Direct Financing Method | Warehouse facility in Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	5,709
Initial Cost to Company
Land	0
Buildings	8,564
Cost Capitalized Subsequent to Acquisition	1,381
Increase (Decrease) in Net Investments	1,504
Gross Amount at which Carried at Close of Period
Total	11,449
Operating Real Estate
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	274,073
Initial Cost to Company
Land	80,481
Buildings	317,154
Personal Property	9
Cost Capitalized Subsequent to Acquisition	80,100
Increase (Decrease) in Net Investments	(156)
Gross Amount at which Carried at Close of Period
Land	80,481
Buildings	392,490
Personal Property	4,617
Total	477,588	596,998	512,485	503,149
Accumulated Depreciation	80,035	$ 73,569	$ 57,237	$ 41,969
Operating Real Estate | Austin, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	51,299
Initial Cost to Company
Land	10,623
Buildings	3,043
Personal Property	0
Cost Capitalized Subsequent to Acquisition	65,760
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	10,624
Buildings	67,476
Personal Property	1,326
Total	79,426
Accumulated Depreciation	$ 2,627
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,450
Initial Cost to Company
Land	3,306
Buildings	7,190
Personal Property	0
Cost Capitalized Subsequent to Acquisition	158
Increase (Decrease) in Net Investments	(18)
Gross Amount at which Carried at Close of Period
Land	3,306
Buildings	7,235
Personal Property	95
Total	10,636
Accumulated Depreciation	$ 1,724
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | St. Petersburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,911
Initial Cost to Company
Land	3,258
Buildings	7,128
Personal Property	0
Cost Capitalized Subsequent to Acquisition	167
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	3,258
Buildings	7,252
Personal Property	47
Total	10,557
Accumulated Depreciation	$ 1,627
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Corpus Christi, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,623
Initial Cost to Company
Land	340
Buildings	3,428
Personal Property	0
Cost Capitalized Subsequent to Acquisition	399
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	340
Buildings	3,695
Personal Property	136
Total	4,171
Accumulated Depreciation	$ 1,224
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,628
Initial Cost to Company
Land	1,356
Buildings	3,699
Personal Property	0
Cost Capitalized Subsequent to Acquisition	335
Increase (Decrease) in Net Investments	13
Gross Amount at which Carried at Close of Period
Land	1,356
Buildings	3,987
Personal Property	60
Total	5,403
Accumulated Depreciation	$ 1,125
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Miami, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,920
Initial Cost to Company
Land	1,915
Buildings	1,894
Personal Property	0
Cost Capitalized Subsequent to Acquisition	237
Increase (Decrease) in Net Investments	7
Gross Amount at which Carried at Close of Period
Land	1,915
Buildings	2,063
Personal Property	75
Total	4,053
Accumulated Depreciation	$ 574
Life on which Depreciation in Latest Statement of  Income is Computed	33 years
Operating Real Estate | Palm Desert, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,631
Initial Cost to Company
Land	669
Buildings	8,899
Personal Property	0
Cost Capitalized Subsequent to Acquisition	96
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	669
Buildings	8,951
Personal Property	48
Total	9,668
Accumulated Depreciation	$ 1,812
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Columbia, SC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,941
Initial Cost to Company
Land	1,065
Buildings	2,742
Personal Property	0
Cost Capitalized Subsequent to Acquisition	242
Increase (Decrease) in Net Investments	15
Gross Amount at which Carried at Close of Period
Land	1,065
Buildings	2,879
Personal Property	120
Total	4,064
Accumulated Depreciation	$ 956
Operating Real Estate | Columbia, SC | Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Columbia, SC | Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Kailua-Kona, HI
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,393
Initial Cost to Company
Land	2,263
Buildings	2,704
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	4
Gross Amount at which Carried at Close of Period
Land	2,263
Buildings	2,754
Personal Property	64
Total	5,081
Accumulated Depreciation	$ 776
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Pompano Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,926
Initial Cost to Company
Land	700
Buildings	3,436
Personal Property	0
Cost Capitalized Subsequent to Acquisition	826
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	700
Buildings	4,183
Personal Property	81
Total	4,964
Accumulated Depreciation	$ 1,310
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Jensen Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,400
Initial Cost to Company
Land	1,596
Buildings	5,963
Personal Property	0
Cost Capitalized Subsequent to Acquisition	343
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,596
Buildings	6,229
Personal Property	77
Total	7,902
Accumulated Depreciation	$ 1,412
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Dickinson, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,237
Initial Cost to Company
Land	1,680
Buildings	7,165
Personal Property	0
Cost Capitalized Subsequent to Acquisition	228
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,680
Buildings	7,255
Personal Property	140
Total	9,075
Accumulated Depreciation	$ 1,842
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Humble, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,882
Initial Cost to Company
Land	341
Buildings	6,582
Personal Property	0
Cost Capitalized Subsequent to Acquisition	40
Increase (Decrease) in Net Investments	3
Gross Amount at which Carried at Close of Period
Land	341
Buildings	6,586
Personal Property	39
Total	6,966
Accumulated Depreciation	$ 1,355
Life on which Depreciation in Latest Statement of  Income is Computed	39 years
Operating Real Estate | Temecula, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,299
Initial Cost to Company
Land	449
Buildings	8,574
Personal Property	0
Cost Capitalized Subsequent to Acquisition	55
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	449
Buildings	8,590
Personal Property	33
Total	9,072
Accumulated Depreciation	$ 1,790
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Cumming, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,767
Initial Cost to Company
Land	300
Buildings	3,531
Personal Property	0
Cost Capitalized Subsequent to Acquisition	163
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	300
Buildings	3,620
Personal Property	74
Total	3,994
Accumulated Depreciation	$ 1,169
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Naples, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 10,367
Initial Cost to Company
Land	3,073
Buildings	10,677
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,519
Increase (Decrease) in Net Investments	19
Gross Amount at which Carried at Close of Period
Land	3,073
Buildings	12,046
Personal Property	169
Total	15,288
Accumulated Depreciation	$ 3,474
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Valrico, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,812
Initial Cost to Company
Land	695
Buildings	7,558
Personal Property	0
Cost Capitalized Subsequent to Acquisition	307
Increase (Decrease) in Net Investments	(200)
Gross Amount at which Carried at Close of Period
Land	695
Buildings	7,637
Personal Property	28
Total	8,360
Accumulated Depreciation	$ 1,375
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Tallahassee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,900
Initial Cost to Company
Land	1,796
Buildings	4,782
Personal Property	0
Cost Capitalized Subsequent to Acquisition	222
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,795
Buildings	4,892
Personal Property	115
Total	6,802
Accumulated Depreciation	$ 1,186
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Sebastian, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,873
Initial Cost to Company
Land	474
Buildings	2,031
Personal Property	0
Cost Capitalized Subsequent to Acquisition	417
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	474
Buildings	2,377
Personal Property	71
Total	2,922
Accumulated Depreciation	$ 941
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Lady Lake, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,929
Initial Cost to Company
Land	522
Buildings	4,809
Personal Property	0
Cost Capitalized Subsequent to Acquisition	242
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	522
Buildings	5,040
Personal Property	11
Total	5,573
Accumulated Depreciation	$ 1,004
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,610
Initial Cost to Company
Land	706
Buildings	2,864
Personal Property	0
Cost Capitalized Subsequent to Acquisition	64
Increase (Decrease) in Net Investments	5
Gross Amount at which Carried at Close of Period
Land	706
Buildings	2,892
Personal Property	41
Total	3,639
Accumulated Depreciation	$ 718
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	779
Buildings	5,504
Personal Property	0
Cost Capitalized Subsequent to Acquisition	134
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	779
Buildings	5,572
Personal Property	66
Total	6,417
Accumulated Depreciation	$ 1,805
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	335
Buildings	1,999
Personal Property	0
Cost Capitalized Subsequent to Acquisition	112
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	335
Buildings	2,102
Personal Property	9
Total	2,446
Accumulated Depreciation	$ 723
Life on which Depreciation in Latest Statement of  Income is Computed	28 years
Operating Real Estate | Hesperia, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	384
Buildings	3,042
Personal Property	0
Cost Capitalized Subsequent to Acquisition	318
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	384
Buildings	3,317
Personal Property	43
Total	3,744
Accumulated Depreciation	$ 1,328
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Highland, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,056
Buildings	3,366
Personal Property	0
Cost Capitalized Subsequent to Acquisition	52
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,056
Buildings	3,400
Personal Property	18
Total	4,474
Accumulated Depreciation	$ 822
Life on which Depreciation in Latest Statement of  Income is Computed	36 years
Operating Real Estate | Lancaster, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	217
Buildings	4,355
Personal Property	0
Cost Capitalized Subsequent to Acquisition	86
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	217
Buildings	4,390
Personal Property	51
Total	4,658
Accumulated Depreciation	$ 1,117
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Rialto, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,905
Buildings	3,642
Personal Property	0
Cost Capitalized Subsequent to Acquisition	72
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,905
Buildings	3,676
Personal Property	38
Total	5,619
Accumulated Depreciation	$ 1,026
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Thousand Palms, CA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,115
Buildings	5,802
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	2
Gross Amount at which Carried at Close of Period
Land	1,115
Buildings	5,883
Personal Property	31
Total	7,029
Accumulated Depreciation	$ 1,601
Life on which Depreciation in Latest Statement of  Income is Computed	31 years
Operating Real Estate | Louisville, KY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,593
Initial Cost to Company
Land	2,973
Buildings	6,056
Personal Property	0
Cost Capitalized Subsequent to Acquisition	198
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,973
Buildings	6,183
Personal Property	71
Total	9,227
Accumulated Depreciation	$ 1,757
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Lilburn, GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,332
Initial Cost to Company
Land	1,499
Buildings	1,658
Personal Property	0
Cost Capitalized Subsequent to Acquisition	122
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,499
Buildings	1,726
Personal Property	54
Total	3,279
Accumulated Depreciation	$ 865
Life on which Depreciation in Latest Statement of  Income is Computed	18 years
Operating Real Estate | Stockbridge GA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,620
Initial Cost to Company
Land	170
Buildings	1,996
Personal Property	0
Cost Capitalized Subsequent to Acquisition	253
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	170
Buildings	2,196
Personal Property	53
Total	2,419
Accumulated Depreciation	$ 754
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Crystal Lake, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,627
Initial Cost to Company
Land	811
Buildings	2,723
Personal Property	0
Cost Capitalized Subsequent to Acquisition	83
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	811
Buildings	2,791
Personal Property	15
Total	3,617
Accumulated Depreciation	$ 878
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,357
Initial Cost to Company
Land	450
Buildings	8,381
Personal Property	0
Cost Capitalized Subsequent to Acquisition	163
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	450
Buildings	8,488
Personal Property	56
Total	8,994
Accumulated Depreciation	$ 1,672
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Panama City Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,145
Initial Cost to Company
Land	347
Buildings	8,233
Personal Property	5
Cost Capitalized Subsequent to Acquisition	99
Increase (Decrease) in Net Investments	1
Gross Amount at which Carried at Close of Period
Land	347
Buildings	8,293
Personal Property	45
Total	8,685
Accumulated Depreciation	$ 1,460
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 5,169
Initial Cost to Company
Land	835
Buildings	6,193
Personal Property	0
Cost Capitalized Subsequent to Acquisition	157
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	835
Buildings	6,317
Personal Property	33
Total	7,185
Accumulated Depreciation	$ 1,232
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Sarasota, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,779
Initial Cost to Company
Land	465
Buildings	4,576
Personal Property	0
Cost Capitalized Subsequent to Acquisition	100
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	465
Buildings	4,633
Personal Property	43
Total	5,141
Accumulated Depreciation	$ 878
Life on which Depreciation in Latest Statement of  Income is Computed	39 years
Operating Real Estate | St. Peters, MO
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,298
Initial Cost to Company
Land	199
Buildings	2,888
Personal Property	0
Cost Capitalized Subsequent to Acquisition	217
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	199
Buildings	3,021
Personal Property	84
Total	3,304
Accumulated Depreciation	$ 665
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Leesburg, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,391
Initial Cost to Company
Land	731
Buildings	2,480
Personal Property	0
Cost Capitalized Subsequent to Acquisition	122
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	731
Buildings	2,565
Personal Property	37
Total	3,333
Accumulated Depreciation	$ 893
Life on which Depreciation in Latest Statement of  Income is Computed	23 years
Operating Real Estate | Palm Bay, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,105
Initial Cost to Company
Land	2,179
Buildings	7,367
Personal Property	0
Cost Capitalized Subsequent to Acquisition	293
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,179
Buildings	7,555
Personal Property	105
Total	9,839
Accumulated Depreciation	$ 1,836
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,594
Initial Cost to Company
Land	1,067
Buildings	4,965
Personal Property	0
Cost Capitalized Subsequent to Acquisition	653
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,067
Buildings	5,589
Personal Property	29
Total	6,685
Accumulated Depreciation	$ 1,622
Life on which Depreciation in Latest Statement of  Income is Computed	27 years
Operating Real Estate | Ithaca, NY
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,276
Initial Cost to Company
Land	454
Buildings	2,211
Personal Property	0
Cost Capitalized Subsequent to Acquisition	40
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	454
Buildings	2,240
Personal Property	11
Total	2,705
Accumulated Depreciation	$ 661
Life on which Depreciation in Latest Statement of  Income is Computed	26 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,333
Initial Cost to Company
Land	783
Buildings	2,417
Personal Property	0
Cost Capitalized Subsequent to Acquisition	384
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	783
Buildings	2,784
Personal Property	17
Total	3,584
Accumulated Depreciation	$ 1,184
Life on which Depreciation in Latest Statement of  Income is Computed	14 years
Operating Real Estate | Las Vegas, NV
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,204
Initial Cost to Company
Land	664
Buildings	2,762
Personal Property	1
Cost Capitalized Subsequent to Acquisition	613
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	664
Buildings	3,333
Personal Property	43
Total	4,040
Accumulated Depreciation	$ 1,257
Life on which Depreciation in Latest Statement of  Income is Computed	17 years
Operating Real Estate | Hudson, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,232
Initial Cost to Company
Land	364
Buildings	4,188
Personal Property	0
Cost Capitalized Subsequent to Acquisition	28
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	364
Buildings	4,192
Personal Property	24
Total	4,580
Accumulated Depreciation	$ 767
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	407
Buildings	8,027
Personal Property	0
Cost Capitalized Subsequent to Acquisition	89
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	407
Buildings	8,087
Personal Property	29
Total	8,523
Accumulated Depreciation	$ 1,328
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,698
Initial Cost to Company
Land	1,275
Buildings	3,339
Personal Property	0
Cost Capitalized Subsequent to Acquisition	321
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,275
Buildings	3,646
Personal Property	14
Total	4,935
Accumulated Depreciation	$ 741
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,538
Initial Cost to Company
Land	921
Buildings	2,764
Personal Property	0
Cost Capitalized Subsequent to Acquisition	82
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	921
Buildings	2,845
Personal Property	1
Total	3,767
Accumulated Depreciation	$ 614
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,605
Initial Cost to Company
Land	594
Buildings	4,154
Personal Property	0
Cost Capitalized Subsequent to Acquisition	29
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	4,154
Personal Property	29
Total	4,777
Accumulated Depreciation	$ 826
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,622
Initial Cost to Company
Land	594
Buildings	3,867
Personal Property	0
Cost Capitalized Subsequent to Acquisition	153
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	594
Buildings	3,982
Personal Property	38
Total	4,614
Accumulated Depreciation	$ 831
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,426
Initial Cost to Company
Land	337
Buildings	2,024
Personal Property	0
Cost Capitalized Subsequent to Acquisition	110
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	337
Buildings	2,124
Personal Property	10
Total	2,471
Accumulated Depreciation	$ 427
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | El Paso, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,711
Initial Cost to Company
Land	782
Buildings	3,825
Personal Property	0
Cost Capitalized Subsequent to Acquisition	32
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	782
Buildings	3,836
Personal Property	21
Total	4,639
Accumulated Depreciation	$ 1,000
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Fernandina Beach, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 7,248
Initial Cost to Company
Land	1,785
Buildings	7,133
Personal Property	0
Cost Capitalized Subsequent to Acquisition	266
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,785
Buildings	7,310
Personal Property	89
Total	9,184
Accumulated Depreciation	$ 1,440
Life on which Depreciation in Latest Statement of  Income is Computed	25 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,437
Initial Cost to Company
Land	1,371
Buildings	3,020
Personal Property	3
Cost Capitalized Subsequent to Acquisition	327
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,371
Buildings	3,315
Personal Property	35
Total	4,721
Accumulated Depreciation	$ 946
Life on which Depreciation in Latest Statement of  Income is Computed	24 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,751
Initial Cost to Company
Land	817
Buildings	3,438
Personal Property	0
Cost Capitalized Subsequent to Acquisition	80
Increase (Decrease) in Net Investments	(2)
Gross Amount at which Carried at Close of Period
Land	817
Buildings	3,473
Personal Property	43
Total	4,333
Accumulated Depreciation	$ 845
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Houston, TX
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,950
Initial Cost to Company
Land	708
Buildings	3,778
Personal Property	0
Cost Capitalized Subsequent to Acquisition	171
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	708
Buildings	3,849
Personal Property	100
Total	4,657
Accumulated Depreciation	$ 970
Life on which Depreciation in Latest Statement of  Income is Computed	30 years
Operating Real Estate | Greensboro, NC
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,035
Initial Cost to Company
Land	716
Buildings	4,108
Personal Property	0
Cost Capitalized Subsequent to Acquisition	1,465
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	716
Buildings	5,475
Personal Property	98
Total	6,289
Accumulated Depreciation	$ 1,633
Life on which Depreciation in Latest Statement of  Income is Computed	20 years
Operating Real Estate | Portland, OR
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,347
Initial Cost to Company
Land	897
Buildings	8,831
Personal Property	0
Cost Capitalized Subsequent to Acquisition	155
Increase (Decrease) in Net Investments	(6)
Gross Amount at which Carried at Close of Period
Land	897
Buildings	8,922
Personal Property	58
Total	9,877
Accumulated Depreciation	$ 1,405
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Kissimmee, FL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	1,094
Buildings	4,298
Personal Property	0
Cost Capitalized Subsequent to Acquisition	78
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,094
Buildings	4,338
Personal Property	38
Total	5,470
Accumulated Depreciation	$ 1,036
Life on which Depreciation in Latest Statement of  Income is Computed	32 years
Operating Real Estate | Avondale, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 3,418
Initial Cost to Company
Land	808
Buildings	4,245
Personal Property	0
Cost Capitalized Subsequent to Acquisition	10
Increase (Decrease) in Net Investments	(11)
Gross Amount at which Carried at Close of Period
Land	808
Buildings	4,237
Personal Property	7
Total	5,052
Accumulated Depreciation	$ 764
Life on which Depreciation in Latest Statement of  Income is Computed	40 years
Operating Real Estate | Gilroy, California
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	2,704
Buildings	7,451
Personal Property	0
Cost Capitalized Subsequent to Acquisition	101
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	2,704
Buildings	7,499
Personal Property	53
Total	10,256
Accumulated Depreciation	$ 1,691
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | Washington, D.C.
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 6,621
Initial Cost to Company
Land	3,185
Buildings	8,177
Personal Property	0
Cost Capitalized Subsequent to Acquisition	31
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	3,185
Buildings	8,203
Personal Property	5
Total	11,393
Accumulated Depreciation	$ 1,409
Life on which Depreciation in Latest Statement of  Income is Computed	34 years
Operating Real Estate | Milford, MA
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	751
Buildings	6,290
Personal Property	0
Cost Capitalized Subsequent to Acquisition	8
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	751
Buildings	6,290
Personal Property	8
Total	7,049
Accumulated Depreciation	$ 1,148
Life on which Depreciation in Latest Statement of  Income is Computed	37 years
Operating Real Estate | Millsboro, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	807
Buildings	5,152
Personal Property	0
Cost Capitalized Subsequent to Acquisition	33
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	807
Buildings	5,174
Personal Property	11
Total	5,992
Accumulated Depreciation	$ 982
Life on which Depreciation in Latest Statement of  Income is Computed	35 years
Operating Real Estate | New Castle, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 4,466
Initial Cost to Company
Land	994
Buildings	5,673
Personal Property	0
Cost Capitalized Subsequent to Acquisition	31
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	994
Buildings	5,680
Personal Property	24
Total	6,698
Accumulated Depreciation	$ 916
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Rehoboth, DE
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 8,347
Initial Cost to Company
Land	1,229
Buildings	9,945
Personal Property	0
Cost Capitalized Subsequent to Acquisition	29
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	1,229
Buildings	9,952
Personal Property	22
Total	11,203
Accumulated Depreciation	$ 1,764
Life on which Depreciation in Latest Statement of  Income is Computed	38 years
Operating Real Estate | Chicago, IL
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	796
Buildings	2,112
Personal Property	0
Cost Capitalized Subsequent to Acquisition	160
Increase (Decrease) in Net Investments	0
Gross Amount at which Carried at Close of Period
Land	796
Buildings	2,214
Personal Property	58
Total	3,068
Accumulated Depreciation	$ 495
Life on which Depreciation in Latest Statement of  Income is Computed	25 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	$ 250,726	$ 255,736
Accumulated amortization	168,578	157,283
Finite-lived intangible liabilities, gross	14,654	14,776
Finite-lived intangible liabilities accumulated amortization	8,755	7,755
Real estate under construction	103,309	$ 180,055	$ 235,751
Federal income tax basis	2,300,000
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Finite-lived intangible liabilities, gross	14,700
Finite-lived intangible liabilities accumulated amortization	8,800
Lease Agreements
SEC Schedule III, Real Estate and Accumulated Depreciation, Other Required Disclosures
Gross Carrying Amount	250,700
Accumulated amortization	$ 168,600

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Under Operating Leases
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	$ 1,440,354	$ 1,200,645	$ 1,210,776
Reclassification from real estate under construction	170,919	157,996	58
Foreign currency translation adjustment	(72,745)	62,373	(11,893)
Impairment charges	(23,551)	0	0
Dispositions	(13,417)	(3,391)	(29,974)
Acquisitions	8,981	0	0
Reclassification from direct financing leases	1,837	21,280	0
Capital improvements	876	1,451	892
Reclassification from operating real estate	0	0	30,786
Ending balance	1,513,254	1,440,354	1,200,645
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	172,319	135,922	112,061
Depreciation expense	37,051	30,449	29,339
Foreign currency translation adjustment	(7,400)	6,889	(924)
Dispositions	(2,306)	(941)	(4,554)
Ending balance	199,664	172,319	135,922
Operating Real Estate
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments
Beginning balance	596,998	512,485	503,149
Reclassification from real estate under construction	494	78,927	34,886
Foreign currency translation adjustment	1,615	3,966	3,014
Dispositions	(123,319)	0	(48)
Capital improvements	1,800	1,620	2,270
Reclassification from operating real estate	0	0	(30,786)
Ending balance	477,588	596,998	512,485
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation
Beginning balance	73,569	57,237	41,969
Depreciation expense	16,217	16,013	15,163
Foreign currency translation adjustment	91	319	127
Dispositions	(9,842)	0	(22)
Ending balance	$ 80,035	$ 73,569	$ 57,237

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Narratives (Details) - USD ($) $ in Thousands	Apr. 09, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable		$ 0	$ 0	$ 35,954
Property Leased to Mills Fleet Farm Group LLC
Mortgage Loans on Real Estate
Proceeds from repayment of notes receivable	$ 36,000

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate
Interest rate (percent)	3.80%
Carrying Amount	$ 28,000	$ 28,000	$ 28,000	$ 63,954
Financing agreement — Cipriani
Mortgage Loans on Real Estate
Interest rate (percent)	10.00%
Fair Value	$ 28,000
Carrying Amount	$ 28,000

Schedule IV - Mortgage Loans _4

Schedule IV - Mortgage Loans on Real Estate - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Mortgage Loans on Real Estate
Beginning balance	$ 28,000	$ 28,000	$ 63,954
Collection of principal	0	0	(35,954)
Ending balance	$ 28,000	$ 28,000	$ 28,000

Uncategorized Items - cpa18-202

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]