Corporate Property Associates 18 Global (CPYA) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-54970
Entity Registrant Name	CORPORATE PROPERTY ASSOCIATES 18 – GLOBAL INCORPORATED
Entity Incorporation, State	MD
Entity Tax Identification Number	90-0885534
Entity Address, Street	One Manhattan West, 395 9th Avenue, 58th Floor
Entity Address, City	New York,
Entity Address, State	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	492-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001558235
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		119,037,943
Common Class C
Document Information
Entity Common Stock, Shares Outstanding		30,650,918

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Investments in real estate:
Real estate — Land, buildings and improvements		$ 1,127,596	$ 1,513,254
Operating real estate — Land, buildings and improvements		477,909	477,588
Net investments in sales-type leases		430,515	0
Real estate under construction		83,178	103,309
Net investments in direct financing leases		11,453	11,449
In-place lease and other intangible assets		276,148	285,222
Investments in real estate		2,406,799	2,390,822
Accumulated depreciation and amortization		(440,146)	(448,277)
Net investments in real estate		1,966,653	1,942,545
Cash and cash equivalents		37,579	52,133
Other assets, net		141,215	148,191
Total assets	[1]	2,145,447	2,142,869
Liabilities and Equity
Non-recourse secured debt, net		1,179,301	1,253,045
Accounts payable, accrued expenses and other liabilities		136,776	127,173
Due to affiliates		18,845	7,696
Distributions payable		9,355	9,330
Total liabilities	[1]	1,344,277	1,397,244
Commitments and contingencies (Note 10)
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued		0	0
Additional paid-in capital		1,319,086	1,315,260
Distributions and accumulated losses		(495,644)	(555,256)
Accumulated other comprehensive loss		(57,317)	(51,794)
Total stockholders’ equity		766,275	708,360
Noncontrolling interests		34,895	37,265
Total equity		801,170	745,625
Total liabilities and equity		2,145,447	2,142,869
Class A common stock
Liabilities and Equity
Common stock		119	119
Class C common stock
Liabilities and Equity
Common stock		$ 31	$ 31
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
CPA®:18 – Global stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
CPA®:18 – Global stockholders’ equity:
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	320,000,000	320,000,000
Common stock, shares outstanding (in shares)	119,037,943	118,684,766
Common Class C
CPA®:18 – Global stockholders’ equity:
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares outstanding (in shares)	30,650,918	30,600,539

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Lease revenues — net-leased	$ 31,070	$ 28,723
Lease revenues — operating real estate	21,190	19,347
Other operating and interest income	438	299
Revenues	52,698	48,369
Operating Expenses
Depreciation and amortization	16,016	16,996
Impairment charges	9,221	0
Operating real estate expenses	7,205	7,147
Property expenses, excluding reimbursable tenant costs	5,062	4,695
Reimbursable tenant costs	3,619	3,543
Merger and other expenses	2,015	0
General and administrative	1,922	1,895
Operating Expenses	45,060	34,276
Other Income and Expenses
Gain on sale of real estate, net	77,271	0
Interest expense	(11,708)	(11,747)
Other gains and (losses)	(910)	(969)
Other Income and Expenses	64,653	(12,716)
Income before income taxes	72,291	1,377
(Provision for) benefit from income taxes	(1,289)	1,101
Net Income	71,002	2,478
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $2,587 and $1,539, respectively)	(2,034)	(1,967)
Net Income Attributable to CPA:18 – Global	68,968	511
Common Class A
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 54,830	$ 403
Basic weighted-average shares outstanding (in shares)	119,067,927	119,516,815
Diluted weighted-average shares outstanding (in shares)	119,067,927	119,516,815
Basic earnings (loss) per share (in usd per share)	$ 0.46	$ 0
Diluted earnings (loss) per share (in usd per share)	$ 0.46	$ 0
Common Class C
Other Income and Expenses
Net Income Attributable to CPA:18 – Global	$ 14,138	$ 108
Basic weighted-average shares outstanding (in shares)	30,695,542	32,187,435
Diluted weighted-average shares outstanding (in shares)	30,695,542	32,187,435
Basic earnings (loss) per share (in usd per share)	$ 0.46	$ 0
Diluted earnings (loss) per share (in usd per share)	$ 0.46	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Available Cash Distributions	$ 2,587	$ 1,539

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 71,002	$ 2,478
Other Comprehensive Loss
Foreign currency translation adjustments	(7,606)	(20,158)
Unrealized gain on derivative instruments	1,849	1,377
Other Comprehensive Loss	(5,757)	(18,781)
Comprehensive Income (Loss)	65,245	(16,303)
Amounts Attributable to Noncontrolling Interests
Net Income (Loss) Attributable to Noncontrolling Interest	(2,034)	(1,967)
Foreign currency translation adjustments	248	1,314
Unrealized gain on derivative instruments	(14)	(2)
Comprehensive income attributable to noncontrolling interests	(1,800)	(655)
Comprehensive Income (Loss) Attributable to CPA:18 – Global	$ 63,445	$ (16,958)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Class A	Common Class C	Total CPA:18 – Global Stockholders	Common StockCommon Class A	Common StockCommon Class C	Additional Paid-In Capital	Distributions and Accumulated Losses	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 852,551			$ 796,640	$ 119	$ 32	$ 1,331,278	$ (514,859)	$ (19,930)	$ 55,911
Beginning balance (in shares) at Dec. 31, 2020					119,059,188	32,096,796
Statements of Equity
Shares issued	4,425			4,425			4,425
Shares issued (in shares)					384,998	132,641
Shares issued to affiliate	3,092			3,092			3,092
Shares issued to affiliate (in shares)					361,448
Distributions to noncontrolling interests	(3,672)									(3,672)
Distributions declared ($0.0625 per share to Class A and Class C)	(9,470)			(9,470)				(9,470)
Net income	2,478			511				511		1,967
Other comprehensive loss:
Foreign currency translation adjustments	(20,158)			(18,844)					(18,844)	(1,314)
Unrealized gain on derivative instruments	1,377			1,375					1,375	2
Repurchase of shares	(4,425)			(4,425)			(4,425)
Repurchase of shares (in shares)					(299,204)	(213,687)
Ending balance at Mar. 31, 2021	826,198			773,304	$ 119	$ 32	1,334,370	(523,818)	(37,399)	52,894
Ending balance (in shares) at Mar. 31, 2021					119,506,430	32,015,750
Beginning balance at Dec. 31, 2020	852,551			796,640	$ 119	$ 32	1,331,278	(514,859)	(19,930)	55,911
Beginning balance (in shares) at Dec. 31, 2020					119,059,188	32,096,796
Ending balance at Dec. 31, 2021	745,625			708,360	$ 119	$ 31	1,315,260	(555,256)	(51,794)	37,265
Ending balance (in shares) at Dec. 31, 2021		118,684,766	30,600,539		118,684,766	30,600,539
Statements of Equity
Shares issued	4,384			4,384			4,384
Shares issued (in shares)					351,685	123,134
Shares issued to affiliate	2,086			2,086			2,086
Shares issued to affiliate (in shares)					230,000
Distributions to noncontrolling interests	(4,170)									(4,170)
Distributions declared ($0.0625 per share to Class A and Class C)	(9,356)			(9,356)				(9,356)
Net income	71,002			68,968				68,968		2,034
Other comprehensive loss:
Foreign currency translation adjustments	(7,606)			(7,358)					(7,358)	(248)
Unrealized gain on derivative instruments	1,849			1,835					1,835	14
Repurchase of shares	(2,644)			(2,644)			(2,644)
Repurchase of shares (in shares)					(228,508)	(72,755)
Ending balance at Mar. 31, 2022	$ 801,170			$ 766,275	$ 119	$ 31	$ 1,319,086	$ (495,644)	$ (57,317)	$ 34,895
Ending balance (in shares) at Mar. 31, 2022		119,037,943	30,650,918		119,037,943	30,650,918

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Class A
Statements of Equity
Distributions declared per share (in usd per share)	$ 0.0625
Common Class C
Statements of Equity
Distributions declared per share (in usd per share)	0.0625
Common Stock | Common Class A
Statements of Equity
Distributions declared per share (in usd per share)	0.0625	$ 0.0625
Common Stock | Common Class C
Statements of Equity
Distributions declared per share (in usd per share)	$ 0.0625	$ 0.0625

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows — Operating Activities
Net Cash Provided by Operating Activities	$ 30,047	$ 16,652
Cash Flows — Investing Activities
Proceeds from sale of real estate	32,364	0
Funding for development projects	(7,893)	(46,225)
Capital expenditures on real estate	(2,160)	(814)
Value added taxes refunded in connection with construction funding	1,908	747
Value added taxes paid in connection with construction funding	(533)	(947)
Payment of deferred acquisition fees to an affiliate	0	(1,658)
Other investing activities, net	0	(1,538)
Net Cash Provided by (Used in) Investing Activities	23,686	(50,435)
Cash Flows — Financing Activities
Scheduled payments and prepayments of mortgage principal	(70,598)	(3,194)
Proceeds from notes payable to affiliate	18,000	0
Distributions paid	(9,331)	(9,447)
Repayment of notes payable to affiliate	(7,000)	(21,050)
Proceeds from issuance of shares	4,307	4,427
Distributions to noncontrolling interests	(4,170)	(3,672)
Proceeds from mortgage financing	3,374	40,214
Repurchase of shares	(2,644)	(4,425)
Other financing activities, net	(129)	(1,322)
Net Cash (Used in) Provided by Financing Activities	(68,191)	1,531
Change in Cash and Cash Equivalents and Restricted Cash During the Period
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(796)	(849)
Net decrease in cash and cash equivalents and restricted cash	(15,254)	(33,101)
Cash and cash equivalents and restricted cash, beginning of period	81,728	119,713
Cash and cash equivalents and restricted cash, end of period	$ 66,474	$ 86,612

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 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. Revenue is subject to fluctuation due to the timing of new lease transactions, lease terminations, lease expirations, contractual rent adjustments, tenant defaults, sales of properties, and changes in foreign currency exchange rates. Substantially all of our assets and liabilities are held by CPA:18 Limited Partnership (the “Operating Partnership”), and as of March 31, 2022 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. On February 27, 2022, we entered into a merger agreement with WPC and certain of its subsidiaries (the “Merger Agreement”), pursuant to which we will merge with and into one of WPC’s indirect subsidiaries in exchange for shares of WPC’s common stock and cash (the “Proposed Merger”). On April 4, 2022, WPC filed a registration statement on Form S-4 with the SEC to register the shares of its common stock to be issued in the Proposed Merger. On April 25, 2022, WPC filed a Form S-4/A, which was declared effective by the SEC on April 27, 2022. We filed the definitive proxy statement/prospectus with the SEC on April 27, 2022 and commenced mailing the proxy statement/prospectus to our stockholders in early May 2022. The Proposed Merger and related transactions are subject to a number of closing conditions, including approval by our stockholders at a special meeting scheduled for July 26, 2022. If this approval is obtained and the other closing conditions are met, we currently expect the transaction to close in early August 2022, although there can be no assurance that the Proposed Merger will be completed at such time or at all. Subject to the terms and conditions contained in the Merger Agreement, at the effective time of the Proposed Merger, each share of our common stock issued and outstanding immediately prior to the effective time of the Proposed Merger will be canceled and, in exchange for cancellation of such share, the rights attaching to such share will be converted automatically into the right to receive (i) 0.0978 shares of WPC common stock and (ii) $3.00 in cash, which we refer to herein as the Merger Consideration. Each share of our common stock owned by WPC immediately prior to the effective time of the Proposed Merger will automatically be canceled and retired, and will cease to exist, for no Merger Consideration. In light of the Proposed Merger, effective February 27, 2022, our board of directors suspended our Distribution Reinvestment Plan (“DRIP”), as well as repurchases of shares of our common stock from our stockholders under our quarterly redemption program (except for special circumstance redemptions). During the three months ended March 31, 2022, we incurred expenses related to the Proposed Merger totaling approximately $2.0 million, which is included in Merger and other expenses in our condensed consolidated statements of income. As of March 31, 2022, our net lease portfolio was comprised of full or partial ownership interests in 52 properties, substantially all of which were fully occupied and triple-net leased to 47 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 comprised of our investments in student housing properties. In addition, we have an All Other category that is comprised of our notes receivable investment. Our reportable business segments and All Other category are the same as our reporting units ( Note 13 ). We raised aggregate gross proceeds in our initial public offering of approximately $1.2 billion through April 2, 2015, which is the date we closed our offering. We have fully invested the proceeds from our offering. In addition, from inception through March 31, 2022, $223.6 million and $64.9 million of distributions to our shareholders were reinvested in our Class A and Class C common stock, respectively, through our DRIP.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2021, which are included in the 2021 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Basis of Consolidation Our condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated. When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2021 Annual Report. As of both March 31, 2022 and December 31, 2021, we considered ten entities to be VIEs, all of which we consolidated as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2022 December 31, 2021 Real estate — Land, buildings and improvements $ 314,301 $ 324,908 Operating real estate — Land, buildings and improvements 79,444 79,427 Net investments in sales-type leases 32,742 — Real estate under construction 81,894 102,009 In-place lease intangible assets 100,094 101,450 Accumulated depreciation and amortization (110,570) (107,765) Total assets 527,833 532,686 Non-recourse secured debt, net $ 301,030 $ 321,747 Total liabilities 343,926 361,867 Foreign Currencies We are subject to fluctuations in exchange rates between foreign currencies and the U.S. dollar (primarily the euro, the Norwegian krone, and, to a lesser extent, the British pound sterling). The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2022 December 31, 2021 Percent Change British Pound Sterling $ 1.3123 $ 1.3479 (2.6) % Euro 1.1101 1.1326 (2.0) % Norwegian Krone 0.1143 0.1134 0.8 % Revenue Recognition Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant. Due to the adverse impact of the COVID-19 pandemic, we did not recognize uncollected rent within lease revenues of $2.1 million and $3.5 million during the three months ended March 31, 2022 and 2021, respectively. Our straight-line rent receivables totaled $18.0 million and $20.8 million at March 31, 2022 and December 31, 2021, respectively. Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 37,579 $ 52,133 Restricted cash 28,895 29,595 Total cash and cash equivalents and restricted cash $ 66,474 $ 81,728 Deferred Income Taxes Our deferred tax liabilities were $45.7 million and $45.0 million at March 31, 2022 and December 31, 2021, respectively, and are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Our deferred tax assets, net of valuation allowances, were $2.3 million and $2.1 million at March 31, 2022 and December 31, 2021, respectively, and are included in Other assets, net in the condensed consolidated financial statements.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Proposed Merger The Proposed Merger with WPC is described in Note 1 . Transactions with Our Advisor We have an advisory agreement with our Advisor whereby our Advisor performs certain services for us under a fee arrangement, as discussed in detail in the 2021 Annual Report. We have an unsecured re volving line of credit with WPC with a borrowing capacity of $50.0 million and a scheduled maturity date of March 31, 2023. 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%). The principal outstanding balance on the line of credit was $11.0 million as of March 31, 2022. No amounts were outstanding as of December 31, 2021. Subsequent to March 31, 2022 and through the date of this Report, we borrowed a net amount of $5.0 million under the line of credit ( Note 14 ). Jointly Owned Investments As of both March 31, 2022 and December 31, 2021, we owned interests ranging from 50% to 99% in 16 jointly owned investments, with the remaining interests held by third parties or by WPC (four investments). Since no other parties hold any rights that supersede our control, we consolidate all of these joint ventures. Other Transactions with our Affiliates The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements, as discussed in the 2021 Annual Report (in thousands): Three Months Ended March 31, 2022 2021 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 3,058 $ 3,138 Available Cash Distributions 2,587 1,539 Personnel and overhead reimbursements 1,046 630 Interest expense 127 257 $ 6,818 $ 5,564 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ — $ 20 $ — $ 20 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2022 December 31, 2021 Due to Affiliates Loan from WPC, including accrued interest $ 11,033 $ — External joint-venture loans, accounts payable, and other (a) 6,785 6,624 Asset management fees payable 1,017 1,062 Acquisition fees, including accrued interest 10 10 $ 18,845 $ 7,696 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of both March 31, 2022 and December 31, 2021, amounts outstanding to our joint-venture partners, including accrued interest, were $5.5 million. Asset Management Fees For any portion of asset management fees our Advisor receives in shares, the number of shares issued is determined by dividing the dollar amount of fees by our most recently published estimated net asset value per share (“NAV”) per Class A share, which was $9.07 as of September 30, 2021. From January 1, 2021 through February 28, 2022, at our option our Advisor received all of its asset management fees in shares of our Class A common stock. In light of the Proposed Merger, in February 2022 our board of directors approved the payment of all asset management fees in cash instead of shares of our common stock, effective as of March 1, 2022. As of March 31, 2022, our Advisor owned 8,556,732 shares of our Class A common stock, or 5.7% of our total Class A and Class C shares outstanding. Asset management fees are included in Property expenses, excluding reimbursable tenant costs in the condensed consolidated financial statements. Acquisition and Disposition Fees Our Advisor receives acquisition fees, a portion of which is payable upon acquisition, while the remaining portion is subordinated to a preferred return of a non-compounded cumulative distribution of 5.0% per annum (based initially on our invested capital). The preferred return was achieved as of the periods ended March 31, 2022 and December 31, 2021. Unpaid installments of deferred acquisition fees are included in Due to affiliates in the condensed consolidated financial statements and bear interest at an annual rate of 2.0%. The Advisor has waived its right to disposition fees with respect to sales and dispositions of single investments and portfolios of investments. In addition, as a condition of the Proposed Merger, WPC agreed to waive certain back-end fees that it would have been entitled to receive from us upon our liquidation pursuant to the terms of our advisory agreement and Operating Partnership agreement with WPC. Personnel and Overhead Reimbursements Under the advisory agreement, the amount of applicable personnel costs allocated to us is capped at 1.0% of our pro rata total revenues for each of 2022 and 2021. Our Advisor allocates overhead expenses to us based upon the percentage of the Advisor’s full-time employee equivalents that are attributable to us, to be reviewed annually by us and the Advisor. In general, personnel and overhead reimbursements are included in General and administrative expenses in the condensed consolidated financial statements. Available Cash Distributions WPC’s interest in the Operating Partnership entitles it to receive distributions of up to 10.0% of the available cash generated by the Operating Partnership (the “Available Cash Distribution”), which is defined as cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments. Available Cash Distributions are included in Net income attributable to noncontrolling interests in the condensed consolidated financial statements.

Real Estate, Operating Real Est

Real Estate, Operating Real Estate, and Real Estate Under Construction	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate, Operating Real Estate, and Real Estate Under Construction	Real Estate, Operating Real Estate, and Real Estate Under Construction Real Estate — Land, Buildings and Improvements Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Land $ 186,806 $ 264,590 Buildings and improvements 940,790 1,248,664 Less: Accumulated depreciation (192,036) (199,664) $ 935,560 $ 1,313,590 The carrying value of our Real Estate — Land, buildings and improvements decreased by $13.0 million from December 31, 2021 to March 31, 2022, reflecting the impact of exchange rate fluctuations during the same period ( Note 2 ). Depreciation expense, including the effect of foreign currency translation, on our real estate was $8.9 million for both the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022, we reclassified nine properties classified as Real estate — Land, buildings and improvements to Net investments in sales-type leases. As a result, the carrying value of our Real estate — Land, buildings and improvements decreased by $321.4 million from December 31, 2021 to March 31, 2022 ( Note 5 ). In addition, during the three months ended March 31, 2022, we sold two properties classified as Real estate — Land, buildings and improvements. As a result, the carrying value of our Real estate — Land, buildings and improvements decreased by $28.2 million from December 31, 2021 to March 31, 2022 ( Note 12 ). Operating Real Estate — Land, Buildings and Improvements Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Land $ 80,481 $ 80,481 Buildings and improvements 397,428 397,107 Less: Accumulated depreciation (83,575) (80,035) $ 394,334 $ 397,553 Depreciation expense, including the effect of foreign currency translation, on our operating real estate was $3.5 million and $4.3 million for the three months ended March 31, 2022 and 2021, respectively. Leases Lease Income Lease income recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of income are as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease revenues — net-leased Lease income — fixed $ 26,186 $ 23,972 Lease income — variable (a) 4,670 4,381 Total operating lease income (b) $ 30,856 $ 28,353 Lease revenues — operating real estate Lease income — fixed $ 20,497 $ 18,808 Lease income — variable (c) 693 539 Total operating real estate income $ 21,190 $ 19,347 ___________ (a) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes interest income from direct financing leases of $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the condensed consolidated statements of income. (c) Primarily comprised of late fees and administrative fees. Real Estate Under Construction The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2022 Beginning balance $ 103,309 Reclassification to Net investments in sales-type leases ( Note 5 ) (29,757) Capitalized funds 9,550 Capitalized interest 2,525 Foreign currency translation adjustments (2,449) Ending balance $ 83,178 Capitalized Funds During the three months ended March 31, 2022, total capitalized funds primarily related to construction draws for our student housing development projects, and includes $2.8 million of accrued costs, which is a non-cash investing activity. Capitalized Interest Capitalized interest includes interest incurred during construction as well as amortization of the mortgage discount and deferred financing costs, which totaled $2.5 million during the three months ended March 31, 2022, and is a non-cash investing activity. Ending Balance As of March 31, 2022, we had three ongoing student housing development projects, and aggregate unfunded commitments of approximately $48.0 million, excluding capitalized interest, accrued costs, and capitalized acquisition fees.

Finance Receivables

Finance Receivables	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Finance Receivables	Finance Receivables Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in sales-type leases, notes receivable (which are included in Other assets, net in the condensed consolidated financial statements) and our Net investments in direct financing leases (net of allowance for credit losses). Operating leases are not included in finance receivables. Net Investments in Sales-Type Leases On March 30, 2022, the tenant at 11 net-lease student housing properties in Spain and Portugal exercised its option to purchase the properties, following the announcement of the Proposed Merger, which triggered a change in control event. The tenant also elected to assume the existing non-recourse mortgages encumbering the properties. The purchase is expected to occur on or around June 30, 2022. In accordance with Accounting Standards Codification (“ASC”) 842, Leases , we reclassified these net-lease assets (as described below) to Net investments in sales-type leases totaling $430.5 million on our condensed consolidated balance sheets as of March 31, 2022 (representing the aggregate sales price based on the exchange rate of the euro at period end), since the tenant exercised its purchase option. In connection with this transaction, we reclassified the following amounts to Net investments in sales-type leases: (i) $332.2 million from Real estate — Land, buildings and improvements, (ii) $29.8 million from Real estate under construction, and (iii) $10.7 million from Accumulated depreciation and amortization. In addition, we (i) reclassified $2.6 million of straight-line rent receivables on these properties within Other assets, net on our condensed consolidated balance sheets to Gain on sale of real estate, net (as a reduction to Gain on sale of real estate, net) on our condensed consolidated statements of income, and (ii) accrued $2.6 million of closing costs and taxes within Accounts payable, accrued expenses and other liabilities on our condensed consolidated balance sheets. We recognized an aggregate Gain on sale of real estate, net, of $73.5 million (inclusive of amounts attributable to noncontrolling interests totaling $3.8 million) during the three months ended March 31, 2022 related to this transaction. Notes Receivable As of both March 31, 2022 and December 31, 2021, our notes receivable was comprised of a $28.0 million mezzanine tranche of 10-year commercial mortgage-backed securities on the Cipriani banquet halls in New York, New York, with a maturity date of July 2024. The mezzanine tranche is subordinated to a $60.0 million senior loan on the properties. Interest-only payments at a rate of 10% per annum are due through its maturity date. On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date through March 31, 2022 we have received $4.8 million from the borrower, which is recognized as a liability within Accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheets. The senior loan lender has the right to call such amounts paid by the borrower but has not as of the date of this Report. 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 three months ended March 31, 2022 or 2021. Net Investments in Direct Financing Leases Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Lease payments receivable $ 4,984 $ 5,192 Unguaranteed residual value 10,550 10,550 15,534 15,742 Less: unearned income (4,081) (4,293) $ 11,453 $ 11,449 Interest income from direct financing leases was $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively, and is included in Lease revenues — net-leased in our condensed consolidated statements of income. We did not record an allowance for credit losses during the three months ended March 31, 2022 and 2021, and did not have an allowance for credit losses as of March 31, 2022 and December 31, 2021. Credit Quality of Finance Receivables We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. During the three months ended March 31, 2022, we reclassified certain assets to Net investments in sales-type leases (which are considered finance receivables), as described above under Net Investments in Sales-Type Leases. As of both March 31, 2022 and December 31, 2021, we had no significant finance receivable balances that were past due. Additionally, there were no material modifications of finance receivables during the three months ended March 31, 2022. We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly. A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 1 – 3 2 1 $ 441,968 $ 11,449 4 1 1 28,000 28,000 5 — — — — 0 $ 469,968 $ 39,449

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Intangible Assets And Liabilities [Abstract]
Intangible Assets and Liabilities	Intangible Assets and LiabilitiesIn-place lease and above-market rent intangibles are included in In-place lease and other intangible assets in the condensed consolidated financial statements. Below-market rent intangibles are included in Accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. Goodwill is included in our Net Lease segment and included in Other assets, net in the condensed consolidated financial statements. Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2022 December 31, 2021 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 $ 232,975 $ (159,030) $ 73,945 $ 240,432 $ (162,497) $ 77,935 Above-market rent 9 – 30 9,516 (5,505) 4,011 10,294 (6,081) 4,213 242,491 (164,535) 77,956 250,726 (168,578) 82,148 Goodwill Goodwill 25,985 — 25,985 26,021 — 26,021 Total intangible assets $ 268,476 $ (164,535) $ 103,941 $ 276,747 $ (168,578) $ 108,169 Finite-Lived Intangible Liabilities Below-market rent 9 – 30 $ (14,613) $ 8,990 $ (5,623) $ (14,654) $ 8,755 $ (5,899) Total intangible liabilities $ (14,613) $ 8,990 $ (5,623) $ (14,654) $ 8,755 $ (5,899) Net amortization of intangibles, including the effect of foreign currency translation, was $3.5 million and $3.6 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization on our condensed consolidated statements of income.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 condensed consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2022 and 2021. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our condensed consolidated financial statements. Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2022 December 31, 2021 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,179,301 $ 1,171,205 $ 1,253,045 $ 1,266,234 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of March 31, 2022 and December 31, 2021, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.9 million and $6.7 million, respectively, and unamortized premium, net of $5.1 million and $4.3 million, respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate. We estimated that our other financial assets and liabilities (excluding net investments in direct financing leases) had fair values that approximated their carrying values as of both March 31, 2022 and December 31, 2021. 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. There have been no significant changes in our impairment policies from what was disclosed in the 2021 Annual Report. During the three months ended March 31, 2022, we recognized an impairment charge of $9.2 million (inclusive of $4.6 million attributable to a noncontrolling interest) on an international office facility in order to reduce its carrying value to its estimated fair value ($49.9 million). The estimated fair value is based on the estimated selling price of property and the fair value of the non-recourse mortgage encumbering the property also approximates the fair value of the property. This impairment charge is included within Impairment charges and Net 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	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Use of Derivative Financial Instruments	Risk Management and Use of Derivative Financial Instruments Risk Management In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other investments due to changes in interest rates or other market factors. We own international investments, primarily in Europe, and are subject to risks associated with fluctuating foreign currency exchange rates. Derivative Financial Instruments There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2021 Annual Report. At both March 31, 2022 and December 31, 2021, no cash collateral had been posted or received for any of our derivative positions. The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps Other assets, net $ 601 $ 133 $ — $ — Foreign currency collars Other assets, net 527 594 — — Interest rate swaps Other assets, net 207 — — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (105) (1,304) 1,335 727 (105) (1,304) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — — (3) — — — (3) Total derivatives $ 1,335 $ 727 $ (105) $ (1,307) The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 Interest rate swaps $ 1,406 $ 956 Interest rate caps 509 (24) Foreign currency collars (66) 445 Total $ 1,849 $ 1,377 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2022 2021 Interest rate swaps Interest expense $ (200) $ (499) Foreign currency collars Other gains and (losses) 142 1 Interest rate caps Interest expense (36) (28) Total $ (94) $ (526) Amounts reported in Other comprehensive loss related to our interest derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive loss related to foreign currency derivative contracts will be reclassified to Other gains and (losses) when the hedged foreign currency contracts are settled. As of March 31, 2022, we estimated that an additional $0.4 million and $0.5 million will be reclassified as Interest expense and Other gains and (losses), respectively, during the next 12 months. The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2022 2021 Foreign currency collars Other gains and (losses) $ 54 $ 45 Interest rate swap Interest expense 4 6 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 200 499 Interest rate caps Interest expense (1) — Total $ 257 $ 550 Interest Rate Swaps and Caps We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we attempt to obtain mortgage financing on a long-term, fixed-rate basis. However, from time to time, we or our joint investment partners have obtained, and may in the future obtain, variable-rate non-recourse secured debt and, as a result, we have entered into, and may continue to enter into interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements. The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2022 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2022 (a) Interest rate caps 6 95,663 EUR $ 601 Interest rate swaps 5 35,692 USD 102 $ 703 ___________ (a) Fair value amount is based on the exchange rate of the euro as of March 31, 2022, as applicable. Foreign Currency Collars 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 condensed consolidated financial statements. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 61 months or less. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of March 31, 2022 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2022 Designated as Cash Flow Hedging Instruments Foreign currency collars 4 2,600 EUR $ 477 Foreign currency collars 3 3,750 NOK 50 $ 527 Credit Risk-Related Contingent Features We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2022. At March 31, 2022, our total credit exposure was $1.3 million and the maximum exposure to any single counterparty was $0.6 million. Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. As of March 31, 2022, 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 $0.1 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions as of March 31, 2022 or December 31, 2021, we could have been required to settle our obligations under these agreements at their aggregate termination value of $0.1 million and $1.4 million, respectively.

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Non-Recourse Secured Debt, Net	Non-Recourse Secured Debt, Net As of March 31, 2022, 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 3.6%, respectively), with maturity dates ranging from April 2022 to April 2039. Repayments On January 21, 2022, we prepaid a non-recourse mortgage loan of $36.3 million with an interest rate of 2.2%, in connection with the disposition of a portion of an office facility encumbered by the loan ( Note 12 ). On February 1, 2022, we prepaid $22.3 million outstanding on a non-recourse mortgage loan with an interest rate of 4.6%. The remaining principal balance on this non-recourse mortgage loan was $29.1 million as of March 31, 2022. On February 28, 2022, we repaid a non-recourse mortgage loan at maturity with a principal balance of approximately $9.3 million and interest rate of 1.6%. Scheduled Debt Principal Payments Scheduled debt principal payments during the remainder of 2022, each of the next four calendar years following December 31, 2022, and thereafter are as follows (in thousands): Years Ending December 31, Total 2022 (remainder) (a) $ 170,371 2023 370,777 2024 195,200 2025 341,890 2026 90,840 Thereafter through 2039 11,062 Total principal payments 1,180,140 Unamortized deferred financing costs (5,933) Unamortized premium, net 5,094 Total $ 1,179,301 ___________ (a) Includes a non-recourse mortgage loan (with a principal balance of $51.4 million as of March 31, 2022), for which, in April 2022, we extended the maturity date by approximately one year, from April 30, 2022 to April 28, 2023. Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2022. The carrying value of our Non-recourse secured debt, net decreased by $7.8 million in the aggregate from December 31, 2021 to March 31, 2022, 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 covenant breach discussed below, we were in compliance with our covenants at March 31, 2022. As of March 31, 2022, we were in breach of a tenant payment covenant on two of our non-recourse mortgage loans (aggregate principal balance of $61.4 million as of that date) encumbering properties leased to a tenant in the hotel industry. As a result of the breach, as of March 31, 2022, the lender declared a “cash trap” in which any surplus cash in our rent account will be transferred to a reserve account with the lender.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2022, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not exp ected to have a material adverse effect on our condensed consolidated financial statements of income or results of operations. See Note 4 for unfunded construction commitments.

Earnings Per Share and Equity

Earnings Per Share and Equity	3 Months Ended
	Mar. 31, 2022
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): Three Months Ended March 31, 2022 2021 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 119,067,927 $ 54,830 $ 0.46 119,516,815 $ 403 $ — Class C common stock 30,695,542 14,138 0.46 32,187,435 108 — Net income attributable to CPA:18 – Global $ 68,968 $ 511 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. Distributions For the three months ended March 31, 2022, our board of directors declared quarterly distributions of $0.0625 per share for both our Class A and Class C common stock, which were paid on April 14, 2022 to stockholders of record on March 31, 2022, in the amount of $9.4 million. Reclassifications Out of Accumulated Other Comprehensive Loss The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (862) $ (50,932) $ (51,794) Other comprehensive loss before reclassifications 1,755 (7,606) (5,851) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 236 — 236 Other gains and (losses) (142) — (142) Net current-period other comprehensive loss 1,849 (7,606) (5,757) Net current-period other comprehensive loss attributable to noncontrolling interests (14) 248 234 Ending balance $ 973 $ (58,290) $ (57,317) Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (3,363) $ (16,567) $ (19,930) Other comprehensive loss before reclassifications 851 (20,158) (19,307) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 527 — 527 Other gains and (losses) (1) — (1) Net current-period other comprehensive loss 1,377 (20,158) (18,781) Net current-period other comprehensive loss attributable to noncontrolling interests (2) 1,314 1,312 Ending balance $ (1,988) $ (35,411) $ (37,399) See Note 8 for additional information on our derivative activity recognized within Other comprehensive loss for the periods presented.

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2022
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 condensed consolidated balance sheet. Our property dispositions are also discussed in Note 4 . 2022 — Real Estate — Land, Buildings and Improvements On January 21, 2022, we sold a portion of an office facility in Rotterdam, the Netherlands, for total proceeds, net of selling costs of $22.4 million and recognized a loss on sale of less than $0.1 million (inclusive of income taxes of $0.1 million recognized upon sale). In connection with this disposition, and using additional sources of cash, we prepaid the $36.3 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. On March 24, 2022, we sold a vacant warehouse facility in Houston, Texas, for total proceeds, net of selling costs of $7.3 million and recognized a gain on sale of $3.8 million.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Other Operating Properties segment is comprised of our investments in student housing operating properties. In addition, we have an All Other category that is comprised of our notes receivable investment. The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2022 2021 Net Lease Revenues (a) $ 31,233 $ 28,802 Operating expenses (27,066) (17,793) Gain on sale of real estate, net 77,286 — Interest expense (8,928) (7,877) Other gains and (losses) 42 243 (Provision for) benefit from income taxes (143) 1,210 Net loss (income) attributable to noncontrolling interests 600 (473) Net income attributable to CPA:18 – Global $ 73,024 $ 4,112 Self Storage Revenues $ 19,972 $ 16,268 Operating expenses (9,566) (9,092) Interest expense (2,605) (3,266) Other gains and (losses) (10) (56) Provision for income taxes (32) (66) Net income attributable to CPA:18 – Global $ 7,759 $ 3,788 Other Operating Properties Revenues $ 1,493 $ 3,299 Operating expenses (1,271) (2,510) Interest expense (143) (570) Other gains and (losses) — (3) (Provision for) benefit from income taxes (802) 35 Net (income) loss attributable to noncontrolling interests (47) 45 Net (loss) income attributable to CPA:18 – Global $ (770) $ 296 All Other Revenues (b) $ — $ — Net income attributable to CPA:18 – Global $ — $ — Corporate Unallocated Corporate Overhead (c) $ (8,458) $ (6,146) Net income attributable to noncontrolling interests — Available Cash Distributions $ (2,587) $ (1,539) Total Company Revenues (a) (b) $ 52,698 $ 48,369 Operating expenses (45,060) (34,276) Gain on sale of real estate, net 77,271 — Interest expense (11,708) (11,747) Other gains and (losses) (c) (910) (969) (Provision for) benefit from income taxes (1,289) 1,101 Net income attributable to noncontrolling interests (2,034) (1,967) Net income attributable to CPA:18 – Global $ 68,968 $ 511 Total Assets March 31, 2022 December 31, 2021 Net Lease $ 1,602,214 $ 1,586,662 Self Storage 337,246 337,052 Other Operating Properties 163,284 160,746 All Other 28,000 28,000 Corporate 14,703 30,409 Total Company $ 2,145,447 $ 2,142,869 __________ (a) The three months ended March 31, 2022 and 2021 include straight-line rent adjustments of less than $0.1 million and $1.1 million, respectively. Straight-line lease revenue is included within Lease revenues — net-leased within our condensed consolidated financial statements. (b) On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (c) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.1 million for both the three months ended March 31, 2022 and 2021 ( Note 3 ).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Borrowing Under Line of Credit with WPC Subsequent to March 31, 2022 and through the date of this Report, we borrowed a net amount of $5.0 million under the unsecured revolving line of credit with WPC ( Note 3 ).

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our condensed consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation	Basis of ConsolidationOur condensed consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity	When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity.
Revenue Recognition	Revenue RecognitionLease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings, guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant.
Intangible Assets and Liabilities	Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to rental income; and amortization of in-place lease intangibles is included in Depreciation and amortization on our condensed consolidated statements of income.
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 condensed consolidated financial statements, are comprised of interest rate swaps, interest rate caps, and foreign currency collars ( Note 8 ). The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of variable interest entities	The following table presents a summary of selected financial data of the consolidated VIEs included in the condensed consolidated balance sheets (in thousands): March 31, 2022 December 31, 2021 Real estate — Land, buildings and improvements $ 314,301 $ 324,908 Operating real estate — Land, buildings and improvements 79,444 79,427 Net investments in sales-type leases 32,742 — Real estate under construction 81,894 102,009 In-place lease intangible assets 100,094 101,450 Accumulated depreciation and amortization (110,570) (107,765) Total assets 527,833 532,686 Non-recourse secured debt, net $ 301,030 $ 321,747 Total liabilities 343,926 361,867
Schedule of foreign currency exchange rates	The following table reflects the end-of-period rate of the U.S. dollar in relation to foreign currencies: March 31, 2022 December 31, 2021 Percent Change British Pound Sterling $ 1.3123 $ 1.3479 (2.6) % Euro 1.1101 1.1326 (2.0) % Norwegian Krone 0.1143 0.1134 0.8 %
Schedule of reconciliation of cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 37,579 $ 52,133 Restricted cash 28,895 29,595 Total cash and cash equivalents and restricted cash $ 66,474 $ 81,728
Schedule of restrictions on cash and cash equivalents	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 37,579 $ 52,133 Restricted cash 28,895 29,595 Total cash and cash equivalents and restricted cash $ 66,474 $ 81,728

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of related party transactions	The following tables present a summary of fees we paid, expenses we reimbursed, and distributions we made to our Advisor and other affiliates in accordance with the terms of the relevant agreements, as discussed in the 2021 Annual Report (in thousands): Three Months Ended March 31, 2022 2021 Amounts Included in the Condensed Consolidated Statements of Income Asset management fees $ 3,058 $ 3,138 Available Cash Distributions 2,587 1,539 Personnel and overhead reimbursements 1,046 630 Interest expense 127 257 $ 6,818 $ 5,564 Acquisition Fees Capitalized Capitalized personnel and overhead reimbursements $ — $ 20 $ — $ 20 The following table presents a summary of amounts included in Due to affiliates in the condensed consolidated financial statements (in thousands): March 31, 2022 December 31, 2021 Due to Affiliates Loan from WPC, including accrued interest $ 11,033 $ — External joint-venture loans, accounts payable, and other (a) 6,785 6,624 Asset management fees payable 1,017 1,062 Acquisition fees, including accrued interest 10 10 $ 18,845 $ 7,696 ___________ (a) Includes loans from our joint-venture partners to the jointly owned investments that we consolidate. As of both March 31, 2022 and December 31, 2021, amounts outstanding to our joint-venture partners, including accrued interest, were $5.5 million.

Real Estate, Operating Real E_2

Real Estate, Operating Real Estate, and Real Estate Under Construction (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of real estate properties	Real estate, which consists of land and buildings leased to others, which are subject to operating leases, is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Land $ 186,806 $ 264,590 Buildings and improvements 940,790 1,248,664 Less: Accumulated depreciation (192,036) (199,664) $ 935,560 $ 1,313,590 Operating real estate, which consists of our self-storage and student housing properties (not subject to net lease agreements), is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Land $ 80,481 $ 80,481 Buildings and improvements 397,428 397,107 Less: Accumulated depreciation (83,575) (80,035) $ 394,334 $ 397,553
Schedule of operating lease income	Lease income recognized and included within Lease revenues — net-leased and Lease revenues — operating real estate in the condensed consolidated statements of income are as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease revenues — net-leased Lease income — fixed $ 26,186 $ 23,972 Lease income — variable (a) 4,670 4,381 Total operating lease income (b) $ 30,856 $ 28,353 Lease revenues — operating real estate Lease income — fixed $ 20,497 $ 18,808 Lease income — variable (c) 693 539 Total operating real estate income $ 21,190 $ 19,347 ___________ (a) Includes (i) rent increases based on changes in the Consumer Price Index (“CPI”) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services. (b) Excludes interest income from direct financing leases of $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively ( Note 5 ). Interest income from direct financing leases is included in Lease revenues — net-leased in the condensed consolidated statements of income. (c) Primarily comprised of late fees and administrative fees.
Schedule of real estate under construction	The following table provides the activity of our Real estate under construction (in thousands): Three Months Ended March 31, 2022 Beginning balance $ 103,309 Reclassification to Net investments in sales-type leases ( Note 5 ) (29,757) Capitalized funds 9,550 Capitalized interest 2,525 Foreign currency translation adjustments (2,449) Ending balance $ 83,178

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of net investments in direct financing leases	Net investments in our direct financing lease investments is summarized as follows (in thousands): March 31, 2022 December 31, 2021 Lease payments receivable $ 4,984 $ 5,192 Unguaranteed residual value 10,550 10,550 15,534 15,742 Less: unearned income (4,081) (4,293) $ 11,453 $ 11,449
Schedule of financing receivable credit quality indicators	A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands): Number of Tenants/Obligors at Carrying Value at Internal Credit Quality Indicator March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 1 – 3 2 1 $ 441,968 $ 11,449 4 1 1 28,000 28,000 5 — — — — 0 $ 469,968 $ 39,449

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Assets And Liabilities [Abstract]
Schedule of intangible assets and liabilities	Intangible assets and liabilities are summarized as follows (in thousands): March 31, 2022 December 31, 2021 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 $ 232,975 $ (159,030) $ 73,945 $ 240,432 $ (162,497) $ 77,935 Above-market rent 9 – 30 9,516 (5,505) 4,011 10,294 (6,081) 4,213 242,491 (164,535) 77,956 250,726 (168,578) 82,148 Goodwill Goodwill 25,985 — 25,985 26,021 — 26,021 Total intangible assets $ 268,476 $ (164,535) $ 103,941 $ 276,747 $ (168,578) $ 108,169 Finite-Lived Intangible Liabilities Below-market rent 9 – 30 $ (14,613) $ 8,990 $ (5,623) $ (14,654) $ 8,755 $ (5,899) Total intangible liabilities $ (14,613) $ 8,990 $ (5,623) $ (14,654) $ 8,755 $ (5,899)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of other financial instruments in carrying values and fair values	Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands): March 31, 2022 December 31, 2021 Level Carrying Value Fair Value Carrying Value Fair Value Non-recourse secured debt, net (a) (b) 3 $ 1,179,301 $ 1,171,205 $ 1,253,045 $ 1,266,234 Notes receivable (c) 3 28,000 28,000 28,000 28,000 ___________ (a) As of March 31, 2022 and December 31, 2021, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.9 million and $6.7 million, respectively, and unamortized premium, net of $5.1 million and $4.3 million, respectively ( Note 9 ). (b) We determined the estimated fair value of our Non-recourse secured debt, net using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates take into account interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity. (c) We determined the estimated fair value of our Notes receivable using a discounted cash flow model with rates that take into account the credit of the tenant/obligor, order of payment tranches, and interest rate risk. We also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant/obligor, the time until maturity, and the current market interest rate.

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table sets forth certain information regarding our derivative instruments (in thousands): Derivatives Designated as Hedging Instruments Balance Sheet Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Interest rate caps Other assets, net $ 601 $ 133 $ — $ — Foreign currency collars Other assets, net 527 594 — — Interest rate swaps Other assets, net 207 — — — Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (105) (1,304) 1,335 727 (105) (1,304) Derivatives Not Designated as Hedging Instruments Interest rate swap Accounts payable, accrued expenses and other liabilities — — — (3) — — — (3) Total derivatives $ 1,335 $ 727 $ (105) $ (1,307)
Schedule of derivative instruments, effect on other comprehensive income (loss)	The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2022 2021 Interest rate swaps $ 1,406 $ 956 Interest rate caps 509 (24) Foreign currency collars (66) 445 Total $ 1,849 $ 1,377 Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2022 2021 Interest rate swaps Interest expense $ (200) $ (499) Foreign currency collars Other gains and (losses) 142 1 Interest rate caps Interest expense (36) (28) Total $ (94) $ (526)
Schedule of derivative instruments, gain (loss)	The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands): Amount of Gain on Derivatives Recognized in Income Derivatives Not in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended March 31, 2022 2021 Foreign currency collars Other gains and (losses) $ 54 $ 45 Interest rate swap Interest expense 4 6 Derivatives in Cash Flow Hedging Relationships Interest rate swaps Interest expense 200 499 Interest rate caps Interest expense (1) — Total $ 257 $ 550
Schedule of derivative instruments	The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of March 31, 2022 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at March 31, 2022 (a) Interest rate caps 6 95,663 EUR $ 601 Interest rate swaps 5 35,692 USD 102 $ 703 ___________ (a) Fair value amount is based on the exchange rate of the euro as of March 31, 2022, as applicable. The following table presents the foreign currency derivative contracts we had outstanding and their designations as of March 31, 2022 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at March 31, 2022 Designated as Cash Flow Hedging Instruments Foreign currency collars 4 2,600 EUR $ 477 Foreign currency collars 3 3,750 NOK 50 $ 527

Non-Recourse Secured Debt, Net

Non-Recourse Secured Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of debt maturities	Scheduled debt principal payments during the remainder of 2022, each of the next four calendar years following December 31, 2022, and thereafter are as follows (in thousands): Years Ending December 31, Total 2022 (remainder) (a) $ 170,371 2023 370,777 2024 195,200 2025 341,890 2026 90,840 Thereafter through 2039 11,062 Total principal payments 1,180,140 Unamortized deferred financing costs (5,933) Unamortized premium, net 5,094 Total $ 1,179,301 ___________ (a) Includes a non-recourse mortgage loan (with a principal balance of $51.4 million as of March 31, 2022), for which, in April 2022, we extended the maturity date by approximately one year, from April 30, 2022 to April 28, 2023.

Earnings Per Share and Equity (

Earnings Per Share and Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of basic and diluted loss per share	The following table presents earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Basic and Diluted Weighted-Average Allocation of Net Income Basic and Diluted Earnings Per Share Class A common stock 119,067,927 $ 54,830 $ 0.46 119,516,815 $ 403 $ — Class C common stock 30,695,542 14,138 0.46 32,187,435 108 — Net income attributable to CPA:18 – Global $ 68,968 $ 511
Reclassification out of accumulated other comprehensive income	The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands): Three Months Ended March 31, 2022 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (862) $ (50,932) $ (51,794) Other comprehensive loss before reclassifications 1,755 (7,606) (5,851) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 236 — 236 Other gains and (losses) (142) — (142) Net current-period other comprehensive loss 1,849 (7,606) (5,757) Net current-period other comprehensive loss attributable to noncontrolling interests (14) 248 234 Ending balance $ 973 $ (58,290) $ (57,317) Three Months Ended March 31, 2021 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ (3,363) $ (16,567) $ (19,930) Other comprehensive loss before reclassifications 851 (20,158) (19,307) Amounts reclassified from accumulated other comprehensive loss to: Interest expense 527 — 527 Other gains and (losses) (1) — (1) Net current-period other comprehensive loss 1,377 (20,158) (18,781) Net current-period other comprehensive loss attributable to noncontrolling interests (2) 1,314 1,312 Ending balance $ (1,988) $ (35,411) $ (37,399)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Reconciliation of revenue from segments to consolidated	The following tables present a summary of comparative results and assets for these business segments (in thousands): Three Months Ended March 31, 2022 2021 Net Lease Revenues (a) $ 31,233 $ 28,802 Operating expenses (27,066) (17,793) Gain on sale of real estate, net 77,286 — Interest expense (8,928) (7,877) Other gains and (losses) 42 243 (Provision for) benefit from income taxes (143) 1,210 Net loss (income) attributable to noncontrolling interests 600 (473) Net income attributable to CPA:18 – Global $ 73,024 $ 4,112 Self Storage Revenues $ 19,972 $ 16,268 Operating expenses (9,566) (9,092) Interest expense (2,605) (3,266) Other gains and (losses) (10) (56) Provision for income taxes (32) (66) Net income attributable to CPA:18 – Global $ 7,759 $ 3,788 Other Operating Properties Revenues $ 1,493 $ 3,299 Operating expenses (1,271) (2,510) Interest expense (143) (570) Other gains and (losses) — (3) (Provision for) benefit from income taxes (802) 35 Net (income) loss attributable to noncontrolling interests (47) 45 Net (loss) income attributable to CPA:18 – Global $ (770) $ 296 All Other Revenues (b) $ — $ — Net income attributable to CPA:18 – Global $ — $ — Corporate Unallocated Corporate Overhead (c) $ (8,458) $ (6,146) Net income attributable to noncontrolling interests — Available Cash Distributions $ (2,587) $ (1,539) Total Company Revenues (a) (b) $ 52,698 $ 48,369 Operating expenses (45,060) (34,276) Gain on sale of real estate, net 77,271 — Interest expense (11,708) (11,747) Other gains and (losses) (c) (910) (969) (Provision for) benefit from income taxes (1,289) 1,101 Net income attributable to noncontrolling interests (2,034) (1,967) Net income attributable to CPA:18 – Global $ 68,968 $ 511 __________ (a) The three months ended March 31, 2022 and 2021 include straight-line rent adjustments of less than $0.1 million and $1.1 million, respectively. Straight-line lease revenue is included within Lease revenues — net-leased within our condensed consolidated financial statements. (b) On July 28, 2020, we were notified that the borrower had defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income ( Note 5 ). (c) Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $3.1 million for both the three months ended March 31, 2022 and 2021 ( Note 3 ).
Reconciliation of assets from segment to consolidated	Total Assets March 31, 2022 December 31, 2021 Net Lease $ 1,602,214 $ 1,586,662 Self Storage 337,246 337,052 Other Operating Properties 163,284 160,746 All Other 28,000 28,000 Corporate 14,703 30,409 Total Company $ 2,145,447 $ 2,142,869

Organization - Narratives (Deta

Organization - Narratives (Details) $ / shares in Units, ft² in Millions, $ in Millions	3 Months Ended	39 Months Ended	123 Months Ended
	Mar. 31, 2022USD ($)ft²propertytenantsegment	Apr. 02, 2015USD ($)	Mar. 31, 2022USD ($)ft²propertytenant	Feb. 27, 2022$ / shares
Additional Disclosures
Capital interest ownership in operating partnership (as a percent)	99.97%		99.97%
Business combination, acquisition related costs | $	$ 2
Number of properties (property)	52		52
Number of tenants | tenant	47		47
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
CPA:18 | WPC
Additional Disclosures
Share price (in usd per share) | $ / shares				$ 3
Common Stock | CPA:18 | WPC
Additional Disclosures
Share conversion rate (in shares)				0.0978
Class A common stock
Public Offering
Distributions reinvested through the DRIP | $			$ 223.6
Class C common stock
Public Offering
Distributions reinvested through the DRIP | $			$ 64.9
Student Housing Developments
Additional Disclosures
Number of properties (property)	3		3
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

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)vie	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)vie
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities, count | vie	10		10
Uncollected rent receivable	$ 2.1	$ 3.5
Straight-line rent receivables	18		$ 20.8
Deferred tax liabilities	45.7		45
Deferred tax assets, net of valuation	$ 2.3		$ 2.1

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets
Real estate — Land, buildings and improvements		$ 1,127,596	$ 1,513,254
Operating real estate — Land, buildings and improvements		477,909	477,588
Net investments in sales-type leases		430,515	0
Real estate under construction		83,178	103,309
In-place lease intangible assets		276,148	285,222
Accumulated depreciation and amortization		(440,146)	(448,277)
Total assets	[1]	2,145,447	2,142,869
Liabilities
Non-recourse secured debt, net		1,179,301	1,253,045
Total liabilities	[1]	1,344,277	1,397,244
VIE
Assets
Real estate — Land, buildings and improvements		314,301	324,908
Operating real estate — Land, buildings and improvements		79,444	79,427
Net investments in sales-type leases		32,742	0
Real estate under construction		81,894	102,009
In-place lease intangible assets		100,094	101,450
Accumulated depreciation and amortization		(110,570)	(107,765)
Total assets		527,833	532,686
Liabilities
Non-recourse secured debt, net		301,030	321,747
Total liabilities		$ 343,926	$ 361,867
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Foreign

Basis of Presentation - Foreign Currencies (Details)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
British Pound Sterling
Real Estate Properties
Foreign currency exchange rate	1.3123	1.3479
Increase (decrease) in foreign currency exchange rate (as a percent)	(2.60%)
Euro
Real Estate Properties
Foreign currency exchange rate	1.1101	1.1326
Increase (decrease) in foreign currency exchange rate (as a percent)	(2.00%)
Norwegian Krone
Real Estate Properties
Foreign currency exchange rate	0.1143	0.1134
Increase (decrease) in foreign currency exchange rate (as a percent)	0.80%

Basis of Presentation - Cash, C

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 37,579	$ 52,133
Restricted cash	28,895	29,595
Total cash and cash equivalents and restricted cash	$ 66,474	$ 81,728	$ 86,612	$ 119,713

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Narratives (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	May 09, 2022USD ($)	Mar. 31, 2022USD ($)propertyshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)property	Sep. 30, 2021$ / shares
Related Party Transaction
Proceeds from notes payable to affiliate		$ 18,000,000	$ 0
Number of properties (property) | property		52
Loans payable to joint venture		$ 5,500,000		$ 5,500,000
Due to Related Party
Preferred return (as a percent)		5.00%		5.00%
Personnel and overhead reimbursement (as a percent)		1.00%		1.00%
Distributions of available cash (as a percent)		10.00%
Deferred
Due to Related Party
Interest rate on deferred acquisition fee (as a percent)		2.00%
Class A common stock
Related Party Transaction
Net asset value (in usd per share) | $ / shares					$ 9.07
Minimum
Related Party Transaction
Ownership Interest In joint venture (as a percent)		50.00%		50.00%
Maximum
Related Party Transaction
Ownership Interest In joint venture (as a percent)		99.00%		99.00%
Affiliated Entity
Related Party Transaction
Number of properties (property) | property		16		16
Affiliated Entity | Advisor
Related Party Transaction
Advisor owned percentage of common stock (as a percent)		5.70%
Affiliated Entity | Class A common stock | Advisor
Related Party Transaction
Number of shares held by advisor (in shares) | shares		8,556,732
Affiliated Entity | W.P. Carey
Related Party Transaction
Number of properties (property) | property		4		4
Affiliated Entity | Line of Credit
Related Party Transaction
Maximum borrowing capacity		$ 50,000,000
Line of credit commitment fee (as a percent)		0.20%
Line of credit outstanding		$ 11,000,000		$ 0
Affiliated Entity | Line of Credit | Subsequent Event
Related Party Transaction
Proceeds from notes payable to affiliate	$ 5,000,000

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amounts Included in the Condensed Consolidated Statements of Income
Asset management fees	$ 3,058	$ 3,138
Available Cash Distributions	2,587	1,539
Personnel and overhead reimbursements	1,046	630
Interest expense	127	257
Operating expenses	6,818	5,564
Acquisition Fees Capitalized
Capitalized personnel and overhead reimbursements	0	20
Transaction fees incurred	$ 0	$ 20

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due to Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Due to Affiliates
Loan from WPC, including accrued interest	$ 11,033	$ 0
External joint venture loans, accounts payable, and other	6,785	6,624
Asset management fees payable	1,017	1,062
Acquisition fees, including accrued interest	10	10
Due to Affiliates	$ 18,845	$ 7,696

Real Estate, Operating Real E_3

Real Estate, Operating Real Estate, and Real Estate Under Construction - Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in real estate:
Net investments in real estate	$ 1,966,653	$ 1,942,545
Real Estate
Investments in real estate:
Land	186,806	264,590
Buildings and improvements	940,790	1,248,664
Less: Accumulated depreciation	(192,036)	(199,664)
Net investments in real estate	935,560	1,313,590
Operating Real Estate
Investments in real estate:
Land	80,481	80,481
Buildings and improvements	397,428	397,107
Less: Accumulated depreciation	(83,575)	(80,035)
Net investments in real estate	$ 394,334	$ 397,553

Real Estate, Operating Real E_4

Real Estate, Operating Real Estate, and Real Estate Under Construction - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	$ (7,606)	$ (20,158)
Capitalized interest	$ 2,525
Number of properties (property) | property	52
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss	$ (430,515)		$ 0
Real estate — Land, buildings and improvements	$ 1,127,596		$ 1,513,254
Scenario, Adjustment
Real Estate Properties
Number of properties (property) | property	9
Sales-Type Lease, Net Investment in Lease, after Allowance for Credit Loss	$ (321,400)
Real estate — Land, buildings and improvements	(321,400)
Noncash investing
Real Estate Properties
Accrued liabilities	$ 2,800
Disposed of by sale | Retail Facility Two | Land, Buildings and Improvements
Real Estate Properties
Number of properties sold (property) | property	2
Decrease in carrying value of real estate	$ 28,200
Real Estate
Real Estate Properties
Increase (decrease) due to exchange rate fluctuation	(13,000)
Depreciation expense	8,900	8,900
Operating Real Estate
Real Estate Properties
Depreciation expense	$ 3,500	$ 4,300
Build To Suit Projects
Real Estate Properties
Number of BTS projects | property	3
Unfunded commitment	$ 48,000

Real Estate, Operating Real E_5

Real Estate, Operating Real Estate, and Real Estate Under Construction - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leases, Lease Income
Interest income from direct financing lease	$ 200	$ 400
Lease revenues — net-leased
Operating Leases, Lease Income
Lease income — fixed	26,186	23,972
Lease income — variable	4,670	4,381
Total operating lease income	30,856	28,353
Lease revenues — operating real estate
Operating Leases, Lease Income
Lease income — fixed	20,497	18,808
Lease income — variable	693	539
Total operating lease income	$ 21,190	$ 19,347

Real Estate, Operating Real E_6

Real Estate, Operating Real Estate, and Real Estate Under Construction - Real Estate Under Construction (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Real Estate Under Construction
Beginning balance	$ 103,309
Reclassification to Net investments in sales-type leases (Note 5)	(29,757)
Capitalized funds	9,550
Capitalized interest	2,525
Foreign currency translation adjustments	(2,449)
Ending balance	$ 83,178

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) - USD ($)	3 Months Ended		20 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Net investments in sales-type leases	$ 430,515,000		$ 430,515,000	$ 0
Adjustments to real estate - Land, buildings and improvements	(1,966,653,000)		(1,966,653,000)	(1,942,545,000)
Adjustments to real estate under construction	(83,178,000)		(83,178,000)	(103,309,000)
Other assets	141,215,000		141,215,000	148,191,000
Accrued closing costs	(2,600,000)		(2,600,000)
Interest income from direct financing lease	200,000	$ 400,000
Allowance for credit losses	0	$ 0
Scenario, Adjustment
Accounts, Notes, Loans and Financing Receivable
Net investments in sales-type leases	321,400,000		321,400,000
Adjustments to real estate under construction	29,800,000		29,800,000
Other assets	(2,600,000)		(2,600,000)
Cipriani
Accounts, Notes, Loans and Financing Receivable
Notes receivable, principal amount	$ 28,000,000		$ 28,000,000	28,000,000
Accounts receivable (in years)	10 years
Stated interest rate (as a percent)	10.00%		10.00%
Collection of loans receivable			$ 4,800,000
Cipriani | Third Party
Accounts, Notes, Loans and Financing Receivable
Senior notes	$ 60,000,000		60,000,000
Net Investments in Sales-Type Leases
Accounts, Notes, Loans and Financing Receivable
Gain on sale of real estate, net	(73,500,000)
Net Investments in Sales-Type Leases | Noncontrolling Interest
Accounts, Notes, Loans and Financing Receivable
Gain on sale of real estate, net	(3,800,000)
Real Estate
Accounts, Notes, Loans and Financing Receivable
Adjustments to real estate - Land, buildings and improvements	(935,560,000)		(935,560,000)	(1,313,590,000)
Adjustments to accumulated depreciation	(192,036,000)		(192,036,000)	$ (199,664,000)
Real Estate | Scenario, Adjustment
Accounts, Notes, Loans and Financing Receivable
Adjustments to real estate - Land, buildings and improvements	332,200,000		332,200,000
Adjustments to accumulated depreciation	$ 10,700,000		$ 10,700,000

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Lease payments receivable	$ 4,984	$ 5,192
Unguaranteed residual value	10,550	10,550
Gross investments in direct financing leases	15,534	15,742
Less: unearned income	(4,081)	(4,293)
Net investment in direct financing leases	$ 11,453	$ 11,449

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Mar. 31, 2022USD ($)tenant	Dec. 31, 2021USD ($)tenant
Credit Quality Of Finance Receivables
Carrying Value	$ 469,968	$ 39,449
Internally Assigned Grade 1-3
Credit Quality Of Finance Receivables
Number of Tenants/Obligors | tenant	2	1
Carrying Value	$ 441,968	$ 11,449
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of Tenants/Obligors | tenant	1	1
Carrying Value	$ 28,000	$ 28,000
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of Tenants/Obligors | tenant	0	0
Carrying Value	$ 0	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 242,491	$ 250,726
Less: accumulated amortization	(164,535)	(168,578)
Finite-lived intangible assets, net	77,956	82,148
Intangible Assets, Net (Including Goodwill) [Abstract]
Goodwill	25,985	26,021
Total intangible assets, gross	268,476	276,747
Total intangible assets, net	103,941	108,169
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,613)	(14,654)
Finite Lived Intangible Liabilities Accumulated Amortization	8,990	8,755
Finite Lived Intangible Liabilities Net	(5,623)	(5,899)
Below-market rent
Amortizable Intangible Liability
Finite-Lived Intangible Liabilities, Gross	(14,613)	(14,654)
Finite Lived Intangible Liabilities Accumulated Amortization	8,990	8,755
Finite Lived Intangible Liabilities Net	$ (5,623)	(5,899)
Minimum | Below-market rent
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	9 years
Maximum | Below-market rent
Finite Lived Intangible Assets Liabilities
Amortization Period (Years)	30 years
In-place lease
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 232,975	240,432
Less: accumulated amortization	(159,030)	(162,497)
Finite-lived intangible assets, net	$ 73,945	77,935
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
Amortizable Intangible Assets
Finite-lived intangible assets, gross	$ 9,516	10,294
Less: accumulated amortization	(5,505)	(6,081)
Finite-lived intangible assets, net	$ 4,011	$ 4,213
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_4

Intangible Assets and Liabilities - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets And Liabilities [Abstract]
Net amortization of intangibles	$ 3.5	$ 3.6

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Liabilities
Non-recourse secured debt, net	$ 1,179,301	$ 1,253,045
Assets
Notes receivable	28,000	28,000
Fair Value
Liabilities
Non-recourse secured debt, net	1,171,205	1,266,234
Assets
Notes receivable	$ 28,000	$ 28,000

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Deferred financing costs	$ 5,933	$ 6,700
Unamortized premium	5,094	$ 4,300
Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other asset impairment charges	9,200
Fair value disclosure for impairments	49,900
Land Building And Improvements And Intangibles | Level 3 | Fair Value, Nonrecurring | Noncontrolling Interest
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other asset impairment charges	$ 4,600

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative
Cash collateral posted	$ 0	$ 0
Derivative instrument remaining maturity period (in months)	61 months
Collateral received	$ 0
Total credit exposure	1,300,000
Derivative in net liability position	100,000	1,400,000
Termination value of assets	100,000	$ 1,400,000
Individual Counterparty
Derivative
Total credit exposure	600,000
Interest expense
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	400,000
Other income
Derivative
Estimated amount of derivative gain (loss) to be reclassified in the next 12 months	$ 500,000

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value
Derivative asset fair value	$ 1,335	$ 727
Derivative liability, fair value	(105)	(1,307)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	1,335	727
Derivative liability, fair value	(105)	(1,304)
Derivatives Designated as Hedging Instruments | Other assets, net | Interest rate caps
Derivatives, Fair Value
Derivative asset fair value	601	133
Derivatives Designated as Hedging Instruments | Other assets, net | Foreign currency collars
Derivatives, Fair Value
Derivative asset fair value	527	594
Derivatives Designated as Hedging Instruments | Other assets, net | Interest rate swaps
Derivatives, Fair Value
Derivative asset fair value	207	0
Derivatives Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	(105)	(1,304)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative asset fair value	0	0
Derivative liability, fair value	0	(3)
Derivatives Not Designated as Hedging Instruments | Accounts payable, accrued expenses and other liabilities | Interest rate swaps
Derivatives, Fair Value
Derivative liability, fair value	$ 0	$ (3)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 1,849	$ 1,377
Derivatives in Cash Flow Hedging Relationships  | Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	1,406	956
Derivatives in Cash Flow Hedging Relationships  | Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	(66)	445
Derivatives in Cash Flow Hedging Relationships  | Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss)	$ 509	$ (24)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Derivatives in Cash Flow Hedging Relationships  - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income	$ (94)	$ (526)
Interest rate swaps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income	(200)	(499)
Interest rate caps | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income	(36)	(28)
Foreign currency collars | Other gains and (losses)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss into Income	$ 142	$ 1

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ 257	$ 550
Derivatives Not Designated as Hedging Instruments | Foreign currency collars | Other gains and (losses)
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	54	45
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Interest expense
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	4	6
Derivatives Designated as Hedging Instruments | Interest rate swaps | Interest expense | Derivatives in Cash Flow Hedging Relationships
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	200	499
Derivatives Designated as Hedging Instruments | Interest rate caps | Interest expense | Derivatives in Cash Flow Hedging Relationships
Amount of Gain on Derivatives Recognized in Income
Amount of Gain on Derivatives Recognized in Income	$ (1)	$ 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	Mar. 31, 2022EUR (€)derivative	Mar. 31, 2022USD ($)derivative
Derivative
Fair value		$ 703
Derivatives Designated as Hedging Instruments | Interest rate caps | EUR
Derivative
Number of Instruments | derivative	6	6
Notional Amount | €	€ 95,663
Fair value		$ 601
Derivatives Designated as Hedging Instruments | Interest rate swaps | USD
Derivative
Number of Instruments | derivative	5	5
Notional Amount		$ 35,692
Fair value		$ 102

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, kr in Thousands, $ in Thousands	Mar. 31, 2022EUR (€)derivative	Mar. 31, 2022USD ($)derivative	Mar. 31, 2022NOK (kr)derivative
Derivative
Fair value		$ 527
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | EUR
Derivative
Number of Instruments | derivative	4	4	4
Notional Amount | €	€ 2,600
Fair value		$ 477
Derivatives Designated as Hedging Instruments | Designated as Cash Flow Hedging Instruments | Foreign currency collars | NOK
Derivative
Number of Instruments | derivative	3	3	3
Notional Amount | kr			kr 3,750
Fair value		$ 50

Non-Recourse Secured Debt, Ne_2

Non-Recourse Secured Debt, Net - Narratives (Details) $ in Thousands	Feb. 28, 2022USD ($)	Feb. 01, 2022USD ($)	Jan. 21, 2022USD ($)	Mar. 31, 2022USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instruments
Weighted average interest rate (as a percent)				3.80%
Repayment of secured debt				$ 70,598	$ 3,194
Non-recourse secured debt, net				1,179,301		$ 1,253,045
Principal balance of non-recourse mortgage extended beyond the remainder of the year				51,400
Increase (decrease) due to exchange rate fluctuation				$ (7,606)	$ (20,158)
Tenant Occupancy Covenant
Debt Instruments
Breached non recourse loans (loan) | loan				2
Student Housing in the United Kingdom
Debt Instruments
Stated interest rate (as a percent)		4.60%	2.20%
Breached Non-recourse Mortgage Loan
Debt Instruments
Breached non recourse loans, principal amount				$ 61,400
Long-term debt
Debt Instruments
Increase (decrease) due to exchange rate fluctuation						$ (7,800)
Non-recourse secured debt, net
Debt Instruments
Repayment of secured debt	$ 9,300	$ 22,300	$ 36,300
Non-recourse secured debt, net				$ 29,100
Stated interest rate (as a percent)	1.60%
Fixed Interest Rate
Debt Instruments
Weighted average interest rate (as a percent)				3.90%
Variable Interest Rate
Debt Instruments
Weighted average interest rate (as a percent)				3.60%

Non-Recourse Secured Debt, Ne_3

Non-Recourse Secured Debt, Net - Schedule of Debt Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity
2022 (remainder)	$ 170,371
2023	370,777
2024	195,200
2025	341,890
2026	90,840
Thereafter through 2039	11,062
Total principal payments	1,180,140
Unamortized deferred financing costs	(5,933)	$ (6,700)
Unamortized premium, net	5,094	4,300
Total	$ 1,179,301	$ 1,253,045

Earnings Per Share and Equity -

Earnings Per Share and Equity - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic and Diluted
Allocation of Net Income	$ 68,968	$ 511
Class A common stock
Basic and Diluted
Basic weighted-average shares outstanding (in shares)	119,067,927	119,516,815
Diluted weighted-average shares outstanding (in shares)	119,067,927	119,516,815
Allocation of Net Income	$ 54,830	$ 403
Basic earnings per share (in usd per share)	$ 0.46	$ 0
Diluted earnings per share (in usd per share)	$ 0.46	$ 0
Class C common stock
Basic and Diluted
Basic weighted-average shares outstanding (in shares)	30,695,542	32,187,435
Diluted weighted-average shares outstanding (in shares)	30,695,542	32,187,435
Allocation of Net Income	$ 14,138	$ 108
Basic earnings per share (in usd per share)	$ 0.46	$ 0
Diluted earnings per share (in usd per share)	$ 0.46	$ 0

Earnings Per Share and Equity_2

Earnings Per Share and Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Distributions Declared
Distributions payable	$ 9,355	$ 9,330
Common Class A
Distributions Declared
Distributions declared per share (in usd per share)	$ 0.0625
Common Class C
Distributions Declared
Distributions declared per share (in usd per share)	$ 0.0625

Earnings Per Share and Equity_3

Earnings Per Share and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation Of Accumulated Comprehensive Income
Beginning balance	$ 745,625	$ 852,551
Other comprehensive loss before reclassifications	(5,851)	(19,307)
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	11,708	11,747
Other gains and (losses)	(910)	(969)
Net current-period other comprehensive loss	(5,757)	(18,781)
Net current-period other comprehensive loss attributable to noncontrolling interests	234	1,312
Ending balance	801,170	826,198
Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	236	527
Other gains and (losses)	(142)	(1)
Net current-period other comprehensive loss	(5,757)	(18,781)
Accumulated Other Comprehensive Loss
Reconciliation Of Accumulated Comprehensive Income
Beginning balance	(51,794)	(19,930)
Amounts reclassified from accumulated other comprehensive loss to:
Ending balance	(57,317)	(37,399)
Gains and (Losses) on Derivative Instruments
Reconciliation Of Accumulated Comprehensive Income
Beginning balance	(862)	(3,363)
Other comprehensive loss before reclassifications	1,755	851
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period other comprehensive loss attributable to noncontrolling interests	(14)	(2)
Ending balance	973	(1,988)
Gains and (Losses) on Derivative Instruments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	236	527
Other gains and (losses)	(142)	(1)
Net current-period other comprehensive loss	1,849	1,377
Foreign Currency Translation Adjustments
Reconciliation Of Accumulated Comprehensive Income
Beginning balance	(50,932)	(16,567)
Other comprehensive loss before reclassifications	(7,606)	(20,158)
Amounts reclassified from accumulated other comprehensive loss to:
Net current-period other comprehensive loss attributable to noncontrolling interests	248	1,314
Ending balance	(58,290)	(35,411)
Foreign Currency Translation Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	0	0
Other gains and (losses)	0	0
Net current-period other comprehensive loss	$ (7,606)	$ (20,158)

Property Dispositions - Narrati

Property Dispositions - Narratives (Details) - USD ($) $ in Thousands	Mar. 24, 2022	Feb. 28, 2022	Feb. 01, 2022	Jan. 21, 2022	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate					$ 32,364	$ 0
Repayment of secured debt					$ 70,598	$ 3,194
Non-recourse secured debt, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Repayment of secured debt		$ 9,300	$ 22,300	$ 36,300
Office Facility In Rotterdam, the Netherlands | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate				22,400
Gain on sale of real estate, net				100
Gain on sales of real estate, income tax				$ 100
Warehouse facility in Houston, Texas | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Proceeds from sale of real estate	$ 7,300
Gain on sale of real estate, net	$ 3,800

Segment Reporting - Narratives

Segment Reporting - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information
Number of reportable segments | segment	3
Asset management fees	$ 3,058	$ 3,138
Asset management fees
Segment Reporting Information
Asset management fees	3,100	3,100
Operating Segments | Net Lease
Segment Reporting Information
Straight line rent adjustment	$ 100	$ 1,100

Segment Reporting - Income Stat

Segment Reporting - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information, Profit (Loss)
Revenues	$ 52,698	$ 48,369
Operating expenses	(45,060)	(34,276)
Gain on sale of real estate, net	77,271	0
Interest expense	(11,708)	(11,747)
Other gains and (losses)	(910)	(969)
(Provision for) benefit from income taxes	(1,289)	1,101
Net Income (Loss) Attributable to Noncontrolling Interest	(2,034)	(1,967)
Net Income Attributable to CPA:18 – Global	68,968	511
Operating Segments | Net Lease
Segment Reporting Information, Profit (Loss)
Revenues	31,233	28,802
Operating expenses	(27,066)	(17,793)
Gain on sale of real estate, net	77,286	0
Interest expense	(8,928)	(7,877)
Other gains and (losses)	42	243
(Provision for) benefit from income taxes	(143)	1,210
Net Income (Loss) Attributable to Noncontrolling Interest	600	(473)
Net Income Attributable to CPA:18 – Global	73,024	4,112
Operating Segments | Self Storage
Segment Reporting Information, Profit (Loss)
Revenues	19,972	16,268
Operating expenses	(9,566)	(9,092)
Interest expense	(2,605)	(3,266)
Other gains and (losses)	(10)	(56)
(Provision for) benefit from income taxes	(32)	(66)
Net Income Attributable to CPA:18 – Global	7,759	3,788
Operating Segments | Other Operating Properties
Segment Reporting Information, Profit (Loss)
Revenues	1,493	3,299
Operating expenses	(1,271)	(2,510)
Interest expense	(143)	(570)
Other gains and (losses)	0	(3)
(Provision for) benefit from income taxes	(802)	35
Net Income (Loss) Attributable to Noncontrolling Interest	(47)	45
Net Income Attributable to CPA:18 – Global	(770)	296
All Other
Segment Reporting Information, Profit (Loss)
Revenues	0	0
Net Income Attributable to CPA:18 – Global	0	0
Corporate
Segment Reporting Information, Profit (Loss)
Net Income (Loss) Attributable to Noncontrolling Interest	(2,587)	(1,539)
Unallocated corporate overhead	$ (8,458)	$ (6,146)

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information, Additional Information
Assets	[1]	$ 2,145,447	$ 2,142,869
Operating Segments | Net Lease
Segment Reporting Information, Additional Information
Assets		1,602,214	1,586,662
Operating Segments | Self Storage
Segment Reporting Information, Additional Information
Assets		337,246	337,052
Operating Segments | Other Operating Properties
Segment Reporting Information, Additional Information
Assets		163,284	160,746
All Other
Segment Reporting Information, Additional Information
Assets		28,000	28,000
Corporate
Segment Reporting Information, Additional Information
Assets		$ 14,703	$ 30,409
[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 09, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events
Proceeds from notes payable to affiliate		$ 18,000,000	$ 0
Affiliated Entity | Line of Credit | Subsequent Event
Subsequent Events
Proceeds from notes payable to affiliate	$ 5,000,000