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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2019
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or
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Maryland
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90-0885534
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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50 Rockefeller Plaza
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New York, New York
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10020
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(Address of principal executive offices)
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(Zip Code)
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INDEX
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Page No
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PART I
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Item 1.
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||
Item 1A.
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Item 1B.
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Item 2.
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||
Item 3.
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||
Item 4.
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||
PART II
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Item 5.
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||
Item 6.
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||
Item 7.
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Item 7A.
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||
Item 8.
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||
Item 9.
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||
Item 9A.
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Item 9B.
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||
PART III
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|
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Item 10.
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||
Item 11.
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Item 12.
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Item 13.
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||
Item 14.
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||
PART IV
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Item 15.
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Item 16.
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||
|
|
•
|
provide attractive risk-adjusted returns for our stockholders;
|
•
|
generate sufficient cash flow over time to provide investors with increasing distributions;
|
•
|
seek investments with potential for capital appreciation; and
|
•
|
use leverage to enhance returns on our investments.
|
•
|
our Advisor is compensated for certain transactions on our behalf (e.g., acquisitions of investments and sales), which may cause our Advisor to engage in transactions that generate higher fees, rather than transactions that are more appropriate or beneficial for our business;
|
•
|
agreements between us and our Advisor, including agreements regarding compensation, are not negotiated on an arm’s-length basis, as would occur if the agreements were with unaffiliated third parties;
|
•
|
acquisitions of single assets or portfolios of assets from WPC and its affiliates, subject to our investment policies and procedures, in the form of a direct purchase of assets, a merger, or another type of transaction;
|
•
|
competition with WPC for investments, which are resolved by our Advisor (although our Advisor is required to use its best efforts to present a continuing and suitable investment program to us, allocation decisions present conflicts of interest, which may not be resolved in the manner most favorable to our interests);
|
•
|
decisions regarding asset sales, which could impact the timing and amount of fees payable to our Advisor, as well as allocations and distributions payable to CPA:18 Holdings pursuant to its special general partner interests (e.g., our Advisor receives asset management fees and may decide not to sell an asset; however, CPA:18 Holdings will be entitled to certain profit allocations and cash distributions based upon sales of assets as a result of its Operating Partnership profits interest);
|
•
|
decisions regarding potential liquidity events and business combination transactions (including a merger with WPC), which may entitle our Advisor and its affiliates to receive additional fees and distributions in relation to the liquidations;
|
•
|
a recommendation by our Advisor that we declare distributions at a particular rate because our Advisor and CPA:18 Holdings may begin collecting subordinated fees once the applicable preferred return rate has been met; and
|
•
|
the negotiation or termination of the advisory agreement and other agreements with our Advisor and its affiliates.
|
•
|
failure to comply with federal, state, and local legal and regulatory requirements, including the Americans with Disabilities Act or fire and life-safety requirements;
|
•
|
enactment of laws relating to the foreign ownership of property (including expropriation of investments), or laws and regulations relating to our ability to repatriate invested capital, profits, or cash and cash equivalents back to the United States;
|
•
|
legal systems where the ability to enforce contractual rights and remedies may be more limited than under U.S. law;
|
•
|
difficulty in complying with conflicting obligations in various jurisdictions and the burden of complying with a wide variety of foreign laws, which may be more stringent than U.S. laws (including land use, zoning, environmental, financial, and privacy laws and regulations, such as the European Union’s General Data Protection Regulation);
|
•
|
tax requirements vary by country and existing foreign tax laws and interpretations may change (e.g., the on-going implementation of the European Union’s Anti-Tax Avoidance Directives), which may result in additional taxes on our international investments;
|
•
|
changes in operating expenses in particular countries; and
|
•
|
geopolitical risk and adverse market conditions caused by changes in national or regional economic or political conditions (which may impact relative interest rates and the terms or availability of mortgage funds), including with regard to Brexit (discussed below).
|
•
|
responsibility and liability for the costs of investigation and removal (including at appropriate disposal facilities)
|
•
|
liability for claims by third parties based on damages to natural resources or property, personal injuries, or costs of removal or remediation of hazardous or toxic substances in, on, or migrating from our property; and
|
•
|
responsibility for managing asbestos-containing building materials and third-party claims for exposure to those materials.
|
•
|
any person who beneficially owns 10% or more of the voting power of our outstanding voting stock, referred to as an interested stockholder;
|
•
|
an affiliate or associate who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of our outstanding stock, also referred to as an interested stockholder; or
|
•
|
an affiliate of an interested stockholder.
|
•
|
not be allowed a deduction for distributions to stockholders in computing our taxable income;
|
•
|
be subject to federal and state income tax, including any applicable alternative minimum tax (for taxable years ending prior to January 1, 2018), on our taxable income at regular corporate rates; and
|
•
|
be barred from qualifying as a REIT for the four taxable years following the year when we were disqualified.
|
•
|
reduces the corporate income tax rate from 35% to 21% (including with respect to our TRSs);
|
•
|
reduces the rate of U.S. federal withholding tax on distributions made to non-U.S. shareholders by a REIT that are attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;
|
•
|
allows for an immediate 100% deduction of the cost of certain capital asset investments (generally excluding real estate assets), subject to a phase-down of the deduction percentage over time;
|
•
|
changes the recovery periods for certain real property and building improvements (e.g., 30 years (previously 40 years) for residential real property);
|
•
|
restricts the deductibility of interest expense by businesses (generally, to 30% of the business’s adjusted taxable income) except, among others, real property businesses electing out of such restriction; generally, we expect our business to qualify as such a real property business;
|
•
|
requires the use of the less favorable alternative depreciation system to depreciate real property in the event a real property business elects to avoid the interest deduction restriction above;
|
•
|
restricts the benefits of like-kind exchanges that defer capital gains for tax purposes to exchanges of real property;
|
•
|
permanently repeals the “technical termination” rule for partnerships, meaning sales or exchanges of the interests in a partnership will be less likely to, among other things, terminate the taxable year of, and restart the depreciable lives of assets held by, such partnership for tax purposes;
|
•
|
requires accrual method taxpayers to take certain amounts in income no later than the taxable year in which such income is taken into account as revenue in an applicable financial statement prepared under in accordance with U.S. generally accepted accounting principles (“GAAP”), which, with respect to certain leases, could accelerate the inclusion of rental income;
|
•
|
eliminates the federal corporate alternative minimum tax;
|
•
|
implements a one-time deemed repatriation tax on corporate profits (at a rate of 15.5% on cash assets and 8% on non-cash assets) held offshore, which profits are not taken into account for purposes of the REIT gross income tests;
|
•
|
reduces the highest marginal income tax rate for individuals to 37% from 39.6% (excluding, in each case, the 3.8% Medicare tax on net investment income);
|
•
|
generally allows a deduction for individuals equal to 20% of certain income from pass-through entities, including ordinary dividends distributed by a REIT (excluding capital gain dividends and qualified dividend income), generally resulting in a maximum effective federal income tax rate applicable to such dividends of 29.6% compared to 37% (excluding, in each case, the 3.8% Medicare tax on net investment income), although regulations may restrict the ability to claim this deduction for non-corporate shareholders depending upon their holding period in our stock; and
|
•
|
limits certain deductions for individuals, including deductions for state and local income taxes, and eliminates deductions for miscellaneous itemized deductions (including certain investment expenses).
|
|
Years Ended December 31,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Class A
|
|
Class C
|
|
Class A
|
|
Class C
|
||||||||
First quarter
|
$
|
0.1563
|
|
|
$
|
0.1373
|
|
|
$
|
0.1563
|
|
|
$
|
0.1375
|
|
Second quarter
|
0.1563
|
|
|
0.1376
|
|
|
0.1563
|
|
|
0.1378
|
|
||||
Third quarter
|
0.1563
|
|
|
0.1376
|
|
|
0.1563
|
|
|
0.1374
|
|
||||
Fourth quarter
|
0.1563
|
|
|
0.1374
|
|
|
0.1563
|
|
|
0.1376
|
|
||||
|
$
|
0.6252
|
|
|
$
|
0.5499
|
|
|
$
|
0.6252
|
|
|
$
|
0.5503
|
|
|
|
Class A
|
|
Class C
|
|
|
|
|
||||||||||
2019 Period
|
|
Total number of Class A
shares purchased (a) |
|
Average price
paid per share |
|
Total number of Class C
shares purchased (a) |
|
Average price
paid per share |
|
Total number of shares
purchased as part of publicly announced plans or program (a) |
|
Maximum number (or
approximate dollar value)of shares that may yet be purchased under the plans or program (a) |
||||||
October 1-31
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
||
November 1-30
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
||
December 1-31
|
|
425,780
|
|
|
$
|
8.42
|
|
|
159,714
|
|
|
$
|
8.27
|
|
|
N/A
|
|
N/A
|
Total
|
|
425,780
|
|
|
|
|
159,714
|
|
|
|
|
|
|
|
(a)
|
Represents shares of our Class A and Class C common stock requested to be repurchased under our redemption plan, pursuant to which we may elect to redeem shares at the request of our stockholders, subject to certain exceptions, conditions, and limitations. The maximum amount of shares purchasable by us in any period depends on a number of factors and is at the discretion of our board of directors. During the three months ended December 31, 2019, we received 109 and 37 redemption requests for Class A and Class C common stock, respectively. As of the date of this Report, we have fulfilled all of the valid redemption requests that we received during the three months ended December 31, 2019. We generally receive fees in connection with share redemptions. The average price paid per share will vary depending on the number of redemption requests that were made during the period, the number of redemption requests that qualify for special circumstances, and the most recently published quarterly NAV. For shares redeemed under such special circumstances, the redemption price was the greater of the price paid to acquire the shares from us or 95% of our most recently published quarterly NAVs.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Operating Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
197,439
|
|
|
$
|
216,716
|
|
|
$
|
205,634
|
|
|
$
|
184,323
|
|
|
$
|
135,943
|
|
Net income (loss) (a)
|
44,004
|
|
|
117,290
|
|
|
39,817
|
|
|
(19,785
|
)
|
|
(49,326
|
)
|
|||||
Net income attributable to noncontrolling interests (a)
|
(11,432
|
)
|
|
(20,562
|
)
|
|
(13,284
|
)
|
|
(10,299
|
)
|
|
(8,406
|
)
|
|||||
Net income (loss) attributable to
CPA:18 – Global
|
32,572
|
|
|
96,728
|
|
|
26,533
|
|
|
(30,084
|
)
|
|
(57,732
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to
CPA:18 – Global Class A
|
0.22
|
|
|
0.67
|
|
|
0.19
|
|
|
(0.22
|
)
|
|
(0.45
|
)
|
|||||
Net income (loss) attributable to
CPA:18 – Global Class C
|
0.22
|
|
|
0.66
|
|
|
0.18
|
|
|
(0.23
|
)
|
|
(0.44
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions per share declared to CPA:18 – Global Class A
|
0.6252
|
|
|
0.6252
|
|
|
0.6252
|
|
|
0.6252
|
|
|
0.6250
|
|
|||||
Distributions per share declared to CPA:18 – Global Class C
|
0.5499
|
|
|
0.5503
|
|
|
0.5526
|
|
|
0.5467
|
|
|
0.5333
|
|
|||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
2,234,803
|
|
|
$
|
2,304,553
|
|
|
$
|
2,330,997
|
|
|
$
|
2,209,446
|
|
|
$
|
2,134,683
|
|
Net investments in real estate
|
1,946,720
|
|
|
1,936,236
|
|
|
2,062,451
|
|
|
1,953,153
|
|
|
1,862,969
|
|
|||||
Long-term obligations (b)
|
1,208,256
|
|
|
1,249,977
|
|
|
1,287,847
|
|
|
1,180,138
|
|
|
1,035,354
|
|
|||||
Other Information
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
$
|
90,820
|
|
|
$
|
97,703
|
|
|
$
|
88,425
|
|
|
$
|
66,747
|
|
|
$
|
37,537
|
|
Net cash used in investing activities
|
(22,675
|
)
|
|
(8,980
|
)
|
|
(63,226
|
)
|
|
(214,598
|
)
|
|
(893,421
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(96,244
|
)
|
|
16,588
|
|
|
(34,063
|
)
|
|
102,708
|
|
|
559,829
|
|
|||||
Cash distributions paid
|
89,845
|
|
|
87,609
|
|
|
85,174
|
|
|
81,677
|
|
|
75,936
|
|
|||||
Distributions declared
|
90,326
|
|
|
88,187
|
|
|
85,865
|
|
|
82,594
|
|
|
78,385
|
|
(a)
|
The year ended December 31, 2019 includes gains on sale of real estate totaling $24.8 million (which includes a $2.9 million gain attributable to noncontrolling interests). The year ended December 31, 2018 includes gains on sale of real estate totaling $78.7 million (inclusive of a tax benefit of $2.0 million), as well as a gain on insurance proceeds totaling $16.6 million (inclusive of a tax benefit of $3.5 million). The gains on sale of real estate and insurance proceeds include amounts attributable to noncontrolling interest of $8.3 million and $2.3 million, respectively (Note 13).
|
(b)
|
Represents non-recourse secured debt obligations, deferred acquisition fee installments (including interest), and the annual distribution and shareholder servicing fee liability.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total revenues
|
$
|
197,439
|
|
|
$
|
216,716
|
|
|
$
|
205,634
|
|
Net income attributable to CPA:18 – Global
|
32,572
|
|
|
96,728
|
|
|
26,533
|
|
|||
|
|
|
|
|
|
||||||
Cash distributions paid
|
89,845
|
|
|
87,609
|
|
|
85,174
|
|
|||
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
90,820
|
|
|
97,703
|
|
|
88,425
|
|
|||
Net cash used in investing activities
|
(22,675
|
)
|
|
(8,980
|
)
|
|
(63,226
|
)
|
|||
Net cash (used in) provided by financing activities
|
(96,244
|
)
|
|
16,588
|
|
|
(34,063
|
)
|
|||
|
|
|
|
|
|
||||||
Supplemental financial measures:
|
|
|
|
|
|
||||||
FFO attributable to CPA:18 – Global (a)
|
69,413
|
|
|
86,437
|
|
|
85,138
|
|
|||
MFFO attributable to CPA:18 – Global (a)
|
65,864
|
|
|
65,223
|
|
|
61,344
|
|
|||
Adjusted MFFO attributable to CPA:18 – Global (a)
|
65,672
|
|
|
62,546
|
|
|
59,068
|
|
(a)
|
We consider the performance metrics listed above, including FFO, MFFO, and Adjusted modified funds from operations (“Adjusted MFFO”), which are supplemental measures that are not defined by GAAP (“non-GAAP measures”), to be important measures in the evaluation of our operating performance. See Supplemental Financial Measures below for our definitions of these non-GAAP measures and reconciliations to their most directly comparable GAAP measures.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Number of net-leased properties
|
47
|
|
|
57
|
|
||
Number of operating properties (a)
|
70
|
|
|
72
|
|
||
Number of development projects
|
12
|
|
|
12
|
|
||
Number of tenants (net-leased properties)
|
61
|
|
|
93
|
|
||
Total square footage (in thousands)
|
15,130
|
|
|
15,660
|
|
||
Occupancy (net-leased properties)
|
99.4
|
%
|
|
98.3
|
%
|
||
Weighted-average lease term (net-leased properties, in years)
|
9.4
|
|
|
10.2
|
|
||
Number of countries
|
12
|
|
|
12
|
|
||
Total assets (consolidated basis in thousands)
|
$
|
2,234,803
|
|
|
$
|
2,304,553
|
|
Net investments in real estate (consolidated basis in thousands)
|
1,946,720
|
|
|
1,936,236
|
|
||
Debt, net — pro rata (in thousands)
|
1,126,326
|
|
|
1,156,060
|
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands, except exchange rates)
|
2019
|
|
2018
|
|
2017
|
||||||
Acquisition volume — consolidated (b)
|
$
|
29,736
|
|
|
$
|
390,975
|
|
|
$
|
145,519
|
|
Acquisition volume — pro rata (c)
|
29,736
|
|
|
369,921
|
|
|
160,773
|
|
|||
Financing obtained — consolidated
|
113,444
|
|
|
163,186
|
|
|
94,119
|
|
|||
Financing obtained — pro rata
|
110,098
|
|
|
166,954
|
|
|
100,064
|
|
|||
Average U.S. dollar/euro exchange rate
|
1.1196
|
|
|
1.1813
|
|
|
1.1292
|
|
|||
Average U.S. dollar/Norwegian krone exchange rate
|
0.1137
|
|
|
0.1230
|
|
|
0.1210
|
|
|||
Average U.S. dollar/British pound sterling exchange rate
|
1.2767
|
|
|
1.3356
|
|
|
1.2882
|
|
|||
Change in the U.S. CPI (d)
|
2.3
|
%
|
|
1.9
|
%
|
|
2.1
|
%
|
|||
Change in the Netherlands CPI (d)
|
2.7
|
%
|
|
2.0
|
%
|
|
1.3
|
%
|
|||
Change in the Norwegian CPI (d)
|
1.4
|
%
|
|
3.4
|
%
|
|
1.6
|
%
|
(a)
|
As of December 31, 2019, our operating portfolio consisted of 68 self-storage properties and two student housing operating properties, all of which are managed by third parties.
|
(b)
|
Includes development project transactions and related budget amendments, which are reflected as the total commitment for the development project funding, and excludes investments in unconsolidated joint ventures.
|
(c)
|
Includes development project transactions and related budget amendments, which are reflected as the total commitment for the development project funding, and includes investments in unconsolidated joint ventures, which include our equity investment in real estate (Note 4).
|
(d)
|
Many of our lease agreements include contractual increases indexed to changes in the U.S. CPI, Netherlands CPI, Norwegian CPI, or other similar indices in the jurisdictions where the properties are located.
|
Property Type
|
|
Stabilized NOI
|
|
Percent
|
|||
Net-Leased
|
|
|
|
|
|||
Office
|
|
$
|
39,227
|
|
|
31
|
%
|
Hospitality
|
|
14,266
|
|
|
11
|
%
|
|
Warehouse
|
|
12,933
|
|
|
11
|
%
|
|
Industrial
|
|
8,695
|
|
|
7
|
%
|
|
Retail
|
|
7,549
|
|
|
6
|
%
|
|
Net-Leased Total
|
|
82,670
|
|
|
66
|
%
|
|
|
|
|
|
|
|||
Operating
|
|
|
|
|
|||
Self storage
|
|
37,057
|
|
|
29
|
%
|
|
Other operating properties
|
|
6,329
|
|
|
5
|
%
|
|
Operating Total
|
|
43,386
|
|
|
34
|
%
|
|
Total
|
|
$
|
126,056
|
|
|
100
|
%
|
Region
|
|
Stabilized NOI
|
|
Percent
|
|||
United States
|
|
|
|
|
|||
South
|
|
$
|
29,987
|
|
|
24
|
%
|
Midwest
|
|
23,385
|
|
|
19
|
%
|
|
West
|
|
12,411
|
|
|
10
|
%
|
|
East
|
|
9,476
|
|
|
8
|
%
|
|
U.S. Total
|
|
75,259
|
|
|
61
|
%
|
|
|
|
|
|
|
|||
International
|
|
|
|
|
|||
Norway
|
|
11,179
|
|
|
9
|
%
|
|
Germany
|
|
10,466
|
|
|
8
|
%
|
|
Netherlands
|
|
8,409
|
|
|
7
|
%
|
|
United Kingdom
|
|
6,330
|
|
|
5
|
%
|
|
Mauritius
|
|
4,980
|
|
|
4
|
%
|
|
Poland
|
|
4,275
|
|
|
3
|
%
|
|
Croatia
|
|
2,615
|
|
|
2
|
%
|
|
Slovakia
|
|
2,303
|
|
|
1
|
%
|
|
Canada
|
|
240
|
|
|
—
|
%
|
|
International Total
|
|
50,797
|
|
|
39
|
%
|
|
Total
|
|
$
|
126,056
|
|
|
100
|
%
|
Tenant/Lease Guarantor
|
|
Property Type
|
|
Tenant Industry
|
|
Location
|
|
Stabilized NOI
|
|
Percent
|
|||
Fentonir Trading & Investments Limited (a)
|
|
Hospitality
|
|
Hotel, Gaming, and Leisure
|
|
Munich and Stuttgart, Germany
|
|
$
|
7,590
|
|
|
6
|
%
|
Sweetheart Cup Company, Inc.
|
|
Warehouse
|
|
Containers, Packaging and Glass
|
|
University Park, Illinois
|
|
6,213
|
|
|
5
|
%
|
|
Rabobank Groep NV (a)
|
|
Office
|
|
Banking
|
|
Eindhoven, Netherlands
|
|
5,465
|
|
|
5
|
%
|
|
Albion Resorts (Club Med) (a)
|
|
Hospitality
|
|
Hotel, Gaming, and Leisure
|
|
Albion, Mauritius
|
|
4,980
|
|
|
4
|
%
|
|
Bank Pekao S.A. (a)
|
|
Office
|
|
Banking
|
|
Warsaw, Poland
|
|
4,275
|
|
|
4
|
%
|
|
Siemens AS (a)
|
|
Office
|
|
Capital Equipment
|
|
Oslo, Norway
|
|
4,235
|
|
|
4
|
%
|
|
State Farm Automobile Co.
|
|
Office
|
|
Insurance
|
|
Austin, Texas
|
|
3,892
|
|
|
3
|
%
|
|
Orbital ATK, Inc.
|
|
Office
|
|
Metals and Mining
|
|
Plymouth, Minnesota
|
|
3,591
|
|
|
3
|
%
|
|
State of Iowa Board of Regents
|
|
Office
|
|
Sovereign and Public Finance
|
|
Coralville and Iowa City, Iowa
|
|
3,472
|
|
|
3
|
%
|
|
COOP Ost AS (a)
|
|
Retail
|
|
Grocery
|
|
Oslo, Norway
|
|
3,462
|
|
|
3
|
%
|
|
Total
|
|
|
|
|
|
|
|
$
|
47,175
|
|
|
40
|
%
|
(a)
|
Stabilized NOI amounts for these properties are subject to fluctuations in foreign currency exchange rates.
|
Industry Type
|
|
ABR
|
|
Percent
|
|||
Hotel, Gaming, and Leisure
|
|
$
|
14,634
|
|
|
16
|
%
|
Banking
|
|
10,325
|
|
|
11
|
%
|
|
Grocery
|
|
6,872
|
|
|
8
|
%
|
|
Containers, Packaging, and Glass
|
|
6,213
|
|
|
7
|
%
|
|
Insurance
|
|
4,845
|
|
|
5
|
%
|
|
Capital Equipment
|
|
4,525
|
|
|
5
|
%
|
|
Utilities: Electric
|
|
3,922
|
|
|
4
|
%
|
|
Oil and Gas
|
|
3,762
|
|
|
4
|
%
|
|
Retail
|
|
3,626
|
|
|
4
|
%
|
|
Sovereign and Public Finance
|
|
3,547
|
|
|
4
|
%
|
|
Metals and Mining
|
|
3,531
|
|
|
4
|
%
|
|
Business Services
|
|
3,430
|
|
|
4
|
%
|
|
Media: Advertising, Printing, and Publishing
|
|
3,398
|
|
|
4
|
%
|
|
High Tech Industries
|
|
3,258
|
|
|
4
|
%
|
|
Healthcare and Pharmaceuticals
|
|
2,639
|
|
|
3
|
%
|
|
Automotive
|
|
1,984
|
|
|
3
|
%
|
|
Construction and Building
|
|
1,521
|
|
|
2
|
%
|
|
Non-Durable Consumer Goods
|
|
1,239
|
|
|
1
|
%
|
|
Telecommunications
|
|
1,095
|
|
|
1
|
%
|
|
Electricity
|
|
1,057
|
|
|
1
|
%
|
|
Wholesale
|
|
1,049
|
|
|
1
|
%
|
|
Residential
|
|
990
|
|
|
1
|
%
|
|
Cargo Transportation
|
|
977
|
|
|
1
|
%
|
|
Consumer Services
|
|
685
|
|
|
1
|
%
|
|
Other (a)
|
|
722
|
|
|
1
|
%
|
|
Total
|
|
$
|
89,846
|
|
|
100
|
%
|
(a)
|
Includes ABR from tenants in the following industries: durable consumer goods and environmental industries.
|
Year of Lease Expiration (a)
|
|
Number of Leases Expiring
|
|
ABR
|
|
Percent
|
||||
2020
|
|
3
|
|
|
$
|
714
|
|
|
1
|
%
|
2021
|
|
2
|
|
|
1,021
|
|
|
1
|
%
|
|
2022
|
|
2
|
|
|
113
|
|
|
—
|
%
|
|
2023
|
|
12
|
|
|
15,241
|
|
|
17
|
%
|
|
2024
|
|
14
|
|
|
5,286
|
|
|
6
|
%
|
|
2025
|
|
3
|
|
|
4,810
|
|
|
5
|
%
|
|
2026
|
|
5
|
|
|
7,494
|
|
|
8
|
%
|
|
2027
|
|
6
|
|
|
6,120
|
|
|
7
|
%
|
|
2028
|
|
4
|
|
|
5,310
|
|
|
6
|
%
|
|
2029
|
|
3
|
|
|
9,085
|
|
|
10
|
%
|
|
2030
|
|
2
|
|
|
3,961
|
|
|
4
|
%
|
|
2031
|
|
4
|
|
|
5,027
|
|
|
6
|
%
|
|
2032
|
|
3
|
|
|
7,913
|
|
|
9
|
%
|
|
Thereafter (>2032)
|
|
12
|
|
|
17,751
|
|
|
20
|
%
|
|
Total
|
|
75
|
|
|
$
|
89,846
|
|
|
100
|
%
|
(a)
|
Assumes tenant does not exercise renewal option.
|
Location
|
|
Number of Properties
|
|
Square Footage
|
||
Florida
|
|
21
|
|
|
1,779
|
|
Texas
|
|
12
|
|
|
843
|
|
California
|
|
10
|
|
|
860
|
|
Nevada
|
|
3
|
|
|
243
|
|
Delaware
|
|
3
|
|
|
241
|
|
Georgia
|
|
3
|
|
|
171
|
|
Illinois
|
|
2
|
|
|
100
|
|
Hawaii
|
|
2
|
|
|
95
|
|
Kentucky
|
|
1
|
|
|
121
|
|
North Carolina
|
|
1
|
|
|
121
|
|
Washington D.C.
|
|
1
|
|
|
67
|
|
South Carolina
|
|
1
|
|
|
62
|
|
New York
|
|
1
|
|
|
61
|
|
Louisiana
|
|
1
|
|
|
59
|
|
Massachusetts
|
|
1
|
|
|
58
|
|
Missouri
|
|
1
|
|
|
41
|
|
Oregon
|
|
1
|
|
|
40
|
|
U.S. Total
|
|
65
|
|
|
4,962
|
|
Canada
|
|
3
|
|
|
316
|
|
United Kingdom
|
|
2
|
|
|
215
|
|
International Total
|
|
5
|
|
|
531
|
|
Total
|
|
70
|
|
|
5,493
|
|
Location
|
|
Ownership Percentage (a)
|
|
Number of Buildings
|
|
Square Footage
|
|
Estimated Project Totals (b)
|
|
Amount Funded (b) (c)
|
|
Estimated Completion Date
|
|||||||
Malaga, Spain (d)
|
|
100.0
|
%
|
|
2
|
|
|
230,329
|
|
|
$
|
39,136
|
|
|
$
|
10,735
|
|
|
Q3 2020
|
Austin, Texas
|
|
90.0
|
%
|
|
1
|
|
|
185,720
|
|
|
74,469
|
|
|
47,802
|
|
|
Q3 2020
|
||
San Sebastian, Spain (d)
|
|
100.0
|
%
|
|
1
|
|
|
126,075
|
|
|
33,998
|
|
|
17,277
|
|
|
Q3 2020
|
||
Porto, Portugal (d)
|
|
98.5
|
%
|
|
1
|
|
|
102,112
|
|
|
22,957
|
|
|
7,077
|
|
|
Q3 2020
|
||
Barcelona, Spain (d)
|
|
100.0
|
%
|
|
3
|
|
|
77,504
|
|
|
29,474
|
|
|
17,479
|
|
|
Q3 2020
|
||
Seville, Spain (d)
|
|
75.0
|
%
|
|
1
|
|
|
163,477
|
|
|
41,343
|
|
|
14,060
|
|
|
Q1 2021
|
||
Coimbra, Portugal (d)
|
|
98.5
|
%
|
|
1
|
|
|
135,076
|
|
|
24,820
|
|
|
9,996
|
|
|
Q1 2021
|
||
Bilbao, Spain (d)
|
|
100.0
|
%
|
|
1
|
|
|
179,279
|
|
|
49,109
|
|
|
10,076
|
|
|
Q3 2021
|
||
Valencia, Spain (d)
|
|
98.7
|
%
|
|
1
|
|
|
100,423
|
|
|
25,201
|
|
|
7,142
|
|
|
Q3 2021
|
||
Pamplona, Spain (d)
|
|
100.0
|
%
|
|
1
|
|
|
91,363
|
|
|
28,064
|
|
|
10,024
|
|
|
Q3 2021
|
||
Granada, Spain (d)
|
|
98.5
|
%
|
|
1
|
|
|
75,557
|
|
|
21,742
|
|
|
4,399
|
|
|
Q3 2021
|
||
Swansea, United Kingdom (e)
|
|
97.0
|
%
|
|
1
|
|
|
176,496
|
|
|
67,077
|
|
|
26,287
|
|
|
Q2 2022
|
||
|
|
|
|
15
|
|
|
1,643,411
|
|
|
$
|
457,390
|
|
|
182,354
|
|
|
|
||
Third-party contributions (f)
|
|
|
|
|
|
|
|
|
|
(7,069
|
)
|
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
$
|
175,285
|
|
|
|
(a)
|
Represents our expected ownership percentage upon the completion of each respective development project.
|
(b)
|
Amounts related to our 11 international development projects are denominated in a foreign currency. For these projects, amounts are based on their respective exchange rates as of December 31, 2019.
|
(c)
|
Amounts exclude capitalized interest, accrued costs, and capitalized acquisition fees paid to our Advisor, which are all included in Real estate under construction on our consolidated balance sheets.
|
(d)
|
Included as part of the executed Framework Agreement to become a net-leased property upon completion of construction (Note 14).
|
(e)
|
Amount funded for the project includes $7.3 million right-of-use (“ROU”) land lease asset that is included in In-place lease and other intangible assets on our consolidated balance sheets.
|
(f)
|
Amount represents the funds contributed from our joint-venture partners.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income (GAAP)
|
$
|
44,004
|
|
|
$
|
117,290
|
|
|
$
|
39,817
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
65,498
|
|
|
66,436
|
|
|
75,174
|
|
|||
Interest expense
|
48,019
|
|
|
53,221
|
|
|
48,994
|
|
|||
Gain on sale of real estate, net
|
(24,773
|
)
|
|
(78,657
|
)
|
|
(14,209
|
)
|
|||
Other (gains) and losses
|
(4,715
|
)
|
|
(21,276
|
)
|
|
(19,969
|
)
|
|||
Equity in losses of equity method investment in real estate
|
2,185
|
|
|
1,072
|
|
|
871
|
|
|||
Provision for (benefit from) income taxes
|
210
|
|
|
(1,952
|
)
|
|
(1,506
|
)
|
|||
NOI related to noncontrolling interests (1)
|
(12,835
|
)
|
|
(12,313
|
)
|
|
(12,128
|
)
|
|||
NOI related to equity method investment in real estate (2)
|
200
|
|
|
692
|
|
|
75
|
|
|||
Net Operating Income Attributable to CPA:18 – Global (Non-GAAP)
|
$
|
117,793
|
|
|
$
|
124,513
|
|
|
$
|
117,119
|
|
|
|
|
|
|
|
||||||
(1) NOI related to noncontrolling interests:
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interests (GAAP)
|
$
|
(11,432
|
)
|
|
$
|
(20,562
|
)
|
|
$
|
(13,284
|
)
|
Depreciation and amortization
|
(7,389
|
)
|
|
(6,673
|
)
|
|
(6,430
|
)
|
|||
Interest expense
|
(4,770
|
)
|
|
(4,884
|
)
|
|
(4,703
|
)
|
|||
Gain on sale of real estate, net
|
2,898
|
|
|
8,259
|
|
|
3,627
|
|
|||
Other gains and (losses)
|
(366
|
)
|
|
1,934
|
|
|
174
|
|
|||
Benefit from (provision for) income taxes
|
92
|
|
|
(79
|
)
|
|
(162
|
)
|
|||
Available Cash Distributions to a related party (Note 3)
|
8,132
|
|
|
9,692
|
|
|
8,650
|
|
|||
NOI related to noncontrolling interests
|
$
|
(12,835
|
)
|
|
$
|
(12,313
|
)
|
|
$
|
(12,128
|
)
|
|
|
|
|
|
|
||||||
(2) NOI related to equity method investment in real estate:
|
|
|
|
|
|
||||||
Equity in losses of equity method investment in real estate (GAAP)
|
$
|
(2,185
|
)
|
|
$
|
(1,072
|
)
|
|
$
|
(871
|
)
|
Depreciation and amortization
|
1,771
|
|
|
549
|
|
|
334
|
|
|||
Interest expense
|
1,780
|
|
|
943
|
|
|
641
|
|
|||
Gain on sale of real estate, net
|
(1,122
|
)
|
|
—
|
|
|
—
|
|
|||
Other gains and (losses)
|
(58
|
)
|
|
7
|
|
|
(11
|
)
|
|||
Benefit from (provision for) income taxes
|
14
|
|
|
265
|
|
|
(18
|
)
|
|||
NOI related to equity method investment in real estate
|
$
|
200
|
|
|
$
|
692
|
|
|
$
|
75
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net-leased
|
$
|
82,670
|
|
|
$
|
86,176
|
|
|
$
|
81,436
|
|
Self storage
|
37,057
|
|
|
36,090
|
|
|
33,232
|
|
|||
Other operating properties
|
6,329
|
|
|
2,397
|
|
|
11,508
|
|
|||
Stabilized NOI
|
126,056
|
|
|
124,663
|
|
|
126,176
|
|
|||
Other NOI:
|
|
|
|
|
|
||||||
Corporate (a)
|
(19,593
|
)
|
|
(20,281
|
)
|
|
(22,757
|
)
|
|||
Notes receivable
|
4,075
|
|
|
7,234
|
|
|
7,158
|
|
|||
Straight-line rent adjustments
|
3,461
|
|
|
4,712
|
|
|
5,184
|
|
|||
Non-core income (b)
|
2,457
|
|
|
—
|
|
|
—
|
|
|||
Disposed properties
|
1,516
|
|
|
7,477
|
|
|
1,241
|
|
|||
|
117,972
|
|
|
123,805
|
|
|
117,002
|
|
|||
Recently-opened operating properties (c)
|
(148
|
)
|
|
906
|
|
|
165
|
|
|||
Build-to-Suit and Development Projects (d)
|
(31
|
)
|
|
(198
|
)
|
|
(48
|
)
|
|||
Net Operating Income Attributable to CPA:18 – Global (Non-GAAP)
|
$
|
117,793
|
|
|
$
|
124,513
|
|
|
$
|
117,119
|
|
(a)
|
Includes expenses such as asset management fees and cash distributions to the Special General Partner as well as other gains and (losses) that are calculated and reported at the corporate level and not evaluated as part of any property’s operating performance.
|
(b)
|
Includes NOI related to back rents collected from tenants that were previously reserved in prior periods.
|
(c)
|
The year ended December 31, 2019 includes NOI for the student housing operating property located in Barcelona, Spain, which was placed into service during the third quarter of 2019. This property became net lease upon the execution of the Framework Agreement with a third party in December 2019 (Note 14). The years ended December 31, 2018 and 2017 include NOI relating to the student housing operating properties located in Portsmouth and Cardiff, United Kingdom, which were completed and began operating during the third quarter of 2018.
|
(d)
|
All years include NOI for our ongoing student housing development projects. Refer to the Development Projects table above for a listing of all current projects. The years ended December 31, 2018 and 2017, include NOI for our Canadian self-storage development projects which were all substantially completed as of December 31, 2018.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||||
Existing Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
$
|
100,050
|
|
|
$
|
104,651
|
|
|
$
|
(4,601
|
)
|
|
$
|
104,651
|
|
|
$
|
103,302
|
|
|
$
|
1,349
|
|
Depreciation and amortization
|
(44,185
|
)
|
|
(39,778
|
)
|
|
(4,407
|
)
|
|
(39,778
|
)
|
|
(40,865
|
)
|
|
1,087
|
|
||||||
Reimbursable tenant cots
|
(11,492
|
)
|
|
(11,493
|
)
|
|
1
|
|
|
(11,493
|
)
|
|
(10,902
|
)
|
|
(591
|
)
|
||||||
Property expenses
|
(5,803
|
)
|
|
(10,352
|
)
|
|
4,549
|
|
|
(10,352
|
)
|
|
(8,110
|
)
|
|
(2,242
|
)
|
||||||
Property level contribution
|
38,570
|
|
|
43,028
|
|
|
(4,458
|
)
|
|
43,028
|
|
|
43,425
|
|
|
(397
|
)
|
||||||
Recently Acquired Net-Leased Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
17,019
|
|
|
17,741
|
|
|
(722
|
)
|
|
17,741
|
|
|
7,172
|
|
|
10,569
|
|
||||||
Depreciation and amortization
|
(5,031
|
)
|
|
(5,474
|
)
|
|
443
|
|
|
(5,474
|
)
|
|
(2,448
|
)
|
|
(3,026
|
)
|
||||||
Reimbursable tenant costs
|
(1,515
|
)
|
|
(1,720
|
)
|
|
205
|
|
|
(1,720
|
)
|
|
(436
|
)
|
|
(1,284
|
)
|
||||||
Property expenses
|
(700
|
)
|
|
(619
|
)
|
|
(81
|
)
|
|
(619
|
)
|
|
(405
|
)
|
|
(214
|
)
|
||||||
Property level contribution
|
9,773
|
|
|
9,928
|
|
|
(155
|
)
|
|
9,928
|
|
|
3,883
|
|
|
6,045
|
|
||||||
Existing Operating Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
60,763
|
|
|
57,909
|
|
|
2,854
|
|
|
57,909
|
|
|
55,098
|
|
|
2,811
|
|
||||||
Operating property expenses
|
(23,628
|
)
|
|
(22,133
|
)
|
|
(1,495
|
)
|
|
(22,133
|
)
|
|
(21,782
|
)
|
|
(351
|
)
|
||||||
Depreciation and amortization
|
(11,911
|
)
|
|
(12,840
|
)
|
|
929
|
|
|
(12,840
|
)
|
|
(22,460
|
)
|
|
9,620
|
|
||||||
Property level contribution
|
25,224
|
|
|
22,936
|
|
|
2,288
|
|
|
22,936
|
|
|
10,856
|
|
|
12,080
|
|
||||||
Recently Acquired Operating Properties
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating property revenues
|
10,195
|
|
|
2,627
|
|
|
7,568
|
|
|
2,627
|
|
|
12
|
|
|
2,615
|
|
||||||
Operating property expenses
|
(3,715
|
)
|
|
(1,662
|
)
|
|
(2,053
|
)
|
|
(1,662
|
)
|
|
1
|
|
|
(1,663
|
)
|
||||||
Depreciation and amortization
|
(3,683
|
)
|
|
(700
|
)
|
|
(2,983
|
)
|
|
(700
|
)
|
|
—
|
|
|
(700
|
)
|
||||||
Property level contribution
|
2,797
|
|
|
265
|
|
|
2,532
|
|
|
265
|
|
|
13
|
|
|
252
|
|
||||||
Properties Sold, Transferred, or Held for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease revenues
|
2,031
|
|
|
7,265
|
|
|
(5,234
|
)
|
|
7,265
|
|
|
7,501
|
|
|
(236
|
)
|
||||||
Depreciation and amortization
|
(688
|
)
|
|
(7,644
|
)
|
|
6,956
|
|
|
(7,644
|
)
|
|
(9,401
|
)
|
|
1,757
|
|
||||||
Property expenses
|
(618
|
)
|
|
(3,185
|
)
|
|
2,567
|
|
|
(3,185
|
)
|
|
(3,636
|
)
|
|
451
|
|
||||||
Operating property revenues
|
354
|
|
|
18,807
|
|
|
(18,453
|
)
|
|
18,807
|
|
|
24,915
|
|
|
(6,108
|
)
|
||||||
Reimbursable tenant costs
|
(197
|
)
|
|
(764
|
)
|
|
567
|
|
|
(764
|
)
|
|
(814
|
)
|
|
50
|
|
||||||
Operating property expenses
|
(80
|
)
|
|
(9,133
|
)
|
|
9,053
|
|
|
(9,133
|
)
|
|
(11,749
|
)
|
|
2,616
|
|
||||||
Property level contribution
|
802
|
|
|
5,346
|
|
|
(4,544
|
)
|
|
5,346
|
|
|
6,816
|
|
|
(1,470
|
)
|
||||||
Property Level Contribution
|
77,166
|
|
|
81,503
|
|
|
(4,337
|
)
|
|
81,503
|
|
|
64,993
|
|
|
16,510
|
|
||||||
Add other income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income and other
|
7,027
|
|
|
7,707
|
|
|
(680
|
)
|
|
7,707
|
|
|
7,633
|
|
|
74
|
|
||||||
Less other expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management fees
|
(11,539
|
)
|
|
(12,087
|
)
|
|
548
|
|
|
(12,087
|
)
|
|
(11,293
|
)
|
|
(794
|
)
|
||||||
General and administrative
|
(7,724
|
)
|
|
(7,425
|
)
|
|
(299
|
)
|
|
(7,425
|
)
|
|
(7,335
|
)
|
|
(90
|
)
|
||||||
|
64,930
|
|
|
69,698
|
|
|
(4,768
|
)
|
|
69,698
|
|
|
53,998
|
|
|
15,700
|
|
||||||
Other Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
(48,019
|
)
|
|
(53,221
|
)
|
|
5,202
|
|
|
(53,221
|
)
|
|
(48,994
|
)
|
|
(4,227
|
)
|
||||||
Gain on sale of real estate, net
|
24,773
|
|
|
78,657
|
|
|
(53,884
|
)
|
|
78,657
|
|
|
14,209
|
|
|
64,448
|
|
||||||
Other gains and (losses)
|
4,715
|
|
|
21,276
|
|
|
(16,561
|
)
|
|
21,276
|
|
|
19,969
|
|
|
1,307
|
|
||||||
Equity in losses of equity method investment in real estate
|
(2,185
|
)
|
|
(1,072
|
)
|
|
(1,113
|
)
|
|
(1,072
|
)
|
|
(871
|
)
|
|
(201
|
)
|
||||||
|
(20,716
|
)
|
|
45,640
|
|
|
(66,356
|
)
|
|
45,640
|
|
|
(15,687
|
)
|
|
61,327
|
|
||||||
Income before income taxes
|
44,214
|
|
|
115,338
|
|
|
(71,124
|
)
|
|
115,338
|
|
|
38,311
|
|
|
77,027
|
|
||||||
(Provision for) benefit from income taxes
|
(210
|
)
|
|
1,952
|
|
|
(2,162
|
)
|
|
1,952
|
|
|
1,506
|
|
|
446
|
|
||||||
Net Income
|
44,004
|
|
|
117,290
|
|
|
(73,286
|
)
|
|
117,290
|
|
|
39,817
|
|
|
77,473
|
|
||||||
Net income attributable to noncontrolling interests
|
(11,432
|
)
|
|
(20,562
|
)
|
|
9,130
|
|
|
(20,562
|
)
|
|
(13,284
|
)
|
|
(7,278
|
)
|
||||||
Net Income Attributable to CPA:18 – Global
|
$
|
32,572
|
|
|
$
|
96,728
|
|
|
$
|
(64,156
|
)
|
|
$
|
96,728
|
|
|
$
|
26,533
|
|
|
$
|
70,195
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Carrying Value (a)
|
|
|
|
||||
Fixed rate
|
$
|
951,748
|
|
|
$
|
1,007,020
|
|
Variable rate:
|
|
|
|
||||
Amount subject to interest rate swaps and caps
|
184,361
|
|
|
115,251
|
|
||
Amount subject to floating interest rate
|
65,804
|
|
|
115,156
|
|
||
|
250,165
|
|
|
230,407
|
|
||
|
$
|
1,201,913
|
|
|
$
|
1,237,427
|
|
Percent of Total Debt
|
|
|
|
||||
Fixed rate
|
79
|
%
|
|
81
|
%
|
||
Variable rate
|
21
|
%
|
|
19
|
%
|
||
|
100
|
%
|
|
100
|
%
|
||
Weighted-Average Interest Rate at End of Year
|
|
|
|
||||
Fixed rate
|
3.9
|
%
|
|
4.0
|
%
|
||
Variable rate (b)
|
3.8
|
%
|
|
5.1
|
%
|
||
Total debt
|
3.9
|
%
|
|
4.2
|
%
|
(a)
|
Aggregate debt balance includes unamortized deferred financing costs totaling $5.8 million and $6.9 million as of December 31, 2019 and 2018, respectively, and unamortized premium, net of $2.1 million and $1.3 million as of December 31, 2019 and 2018, respectively (Note 9).
|
(b)
|
The impact of our derivative instruments is reflected in the weighted-average interest rates.
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
Debt — principal (a)
|
$
|
1,205,638
|
|
|
$
|
101,331
|
|
|
$
|
322,955
|
|
|
$
|
416,529
|
|
|
$
|
364,823
|
|
Capital commitments (b)
|
281,894
|
|
|
200,404
|
|
|
81,490
|
|
|
—
|
|
|
—
|
|
|||||
Interest on borrowings
|
189,886
|
|
|
46,013
|
|
|
74,708
|
|
|
52,702
|
|
|
16,463
|
|
|||||
Deferred acquisition fees (c)
|
4,427
|
|
|
3,381
|
|
|
1,046
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,681,845
|
|
|
$
|
351,129
|
|
|
$
|
480,199
|
|
|
$
|
469,231
|
|
|
$
|
381,286
|
|
(a)
|
Represents the non-recourse secured debt, net that we obtained in connection with our investments and excludes $5.8 million of deferred financing costs and $2.1 million of unamortized premium, net (Note 9).
|
(b)
|
Capital commitments is comprised of our current development projects totaling $275.0 million (Note 4), $4.8 million of outstanding commitments on development projects that have been placed into service, and $2.0 million of tenant improvement allowances at certain properties.
|
(c)
|
Represents deferred acquisition fees and related interest due to our Advisor as a result of our acquisitions (Note 3). These fees are scheduled to be paid in three equal annual installments following the quarter in which a property was purchased.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to CPA:18 – Global
|
$
|
32,572
|
|
|
$
|
96,728
|
|
|
$
|
26,533
|
|
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization of real property
|
65,494
|
|
|
66,209
|
|
|
75,375
|
|
|||
Gain on sale of real estate, net
|
(24,773
|
)
|
|
(78,657
|
)
|
|
(14,209
|
)
|
|||
Proportionate share of adjustments for noncontrolling interests to arrive at FFO (a)
|
(4,529
|
)
|
|
1,608
|
|
|
(2,895
|
)
|
|||
Proportionate share of adjustments to equity in net income of partially owned entities
|
649
|
|
|
549
|
|
|
334
|
|
|||
Total adjustments
|
36,841
|
|
|
(10,291
|
)
|
|
58,605
|
|
|||
FFO (as defined by NAREIT) attributable to CPA:18 – Global
|
69,413
|
|
|
86,437
|
|
|
85,138
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Straight-line and other rent adjustments (b)
|
(3,408
|
)
|
|
(4,892
|
)
|
|
(5,635
|
)
|
|||
Amortization of premiums and discounts
|
2,552
|
|
|
1,907
|
|
|
934
|
|
|||
Other (gains) and losses (c) (d)
|
(2,173
|
)
|
|
(20,600
|
)
|
|
(19,663
|
)
|
|||
Above- and below-market rent intangible lease amortization, net (e)
|
(631
|
)
|
|
(378
|
)
|
|
223
|
|
|||
Other amortization and non-cash items
|
486
|
|
|
510
|
|
|
—
|
|
|||
Acquisition and other expenses
|
72
|
|
|
28
|
|
|
64
|
|
|||
Proportionate share of adjustments for noncontrolling interests
|
(407
|
)
|
|
2,198
|
|
|
285
|
|
|||
Proportionate share of adjustments for partially owned entities
|
(40
|
)
|
|
13
|
|
|
(2
|
)
|
|||
Total adjustments
|
(3,549
|
)
|
|
(21,214
|
)
|
|
(23,794
|
)
|
|||
MFFO attributable to CPA:18 – Global
|
65,864
|
|
|
65,223
|
|
|
61,344
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Tax expense, deferred
|
(1,959
|
)
|
|
(3,281
|
)
|
|
(3,659
|
)
|
|||
Hedging gains
|
1,767
|
|
|
604
|
|
|
1,383
|
|
|||
Total adjustments
|
(192
|
)
|
|
(2,677
|
)
|
|
(2,276
|
)
|
|||
Adjusted MFFO attributable to CPA:18 – Global
|
$
|
65,672
|
|
|
$
|
62,546
|
|
|
$
|
59,068
|
|
(a)
|
The years ended December 31, 2019, 2018, and 2017 include gains on sale with regard to our joint venture real estate disposals (Note 13).
|
(b)
|
Under GAAP, rental receipts are recorded on a straight-line basis over the life of the lease. This may result in timing of income recognition that is significantly different than on an accrual basis. By adjusting for these items (to reflect changes from a straight-line basis to an accrual basis), management believes that MFFO and Adjusted MFFO provides useful supplemental information on the realized economic impact of lease terms, provides insight on the contractual cash flows of such lease terms, and aligns results with management’s analysis of operating performance.
|
(c)
|
Primarily comprised of gains and losses from foreign currency movements, gains and losses on derivatives, and loss on extinguishment of debt. During the year ended December 31, 2019, we aggregated loss on extinguishment of debt and realized (gains) and losses on foreign currency (both of which were previously disclosed as separate MFFO adjustment line items), as well as certain other adjustments, within this line item, which is comprised of adjustments related to Other gains and (losses) on our consolidated statements of income. Prior period amounts have been reclassified to conform to current period presentation.
|
(d)
|
During the year ended December 31, 2018, we recognized a gain from insurance proceeds received of $16.6 million (inclusive of a tax benefit of $3.5 million), which we then transferred to the insurer, as a result of a settlement agreement with our insurer regarding a joint venture development project located in Accra, Ghana, as well as insurance proceeds of $5.6 million for the rebuild of a property that was damaged by a tornado in 2017.
|
(e)
|
Under GAAP, certain intangibles are accounted for at cost and reviewed at least annually for impairment, and certain intangibles are assumed to diminish predictably in value over time and amortized, similar to depreciation and amortization of other real estate related assets that are excluded from FFO. However, because real estate values and market lease rates historically rise or fall with market conditions, management believes that by excluding charges relating to amortization of these intangibles, MFFO, and Adjusted MFFO provides useful supplemental information on the performance of the real estate.
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Fixed-rate debt (a)
|
$
|
59,741
|
|
|
$
|
116,412
|
|
|
$
|
99,759
|
|
|
$
|
154,299
|
|
|
$
|
177,880
|
|
|
$
|
350,141
|
|
|
$
|
958,232
|
|
|
$
|
977,393
|
|
Variable rate debt (a)
|
$
|
7,590
|
|
|
$
|
45,200
|
|
|
$
|
95,583
|
|
|
$
|
26,241
|
|
|
$
|
22,234
|
|
|
$
|
50,558
|
|
|
$
|
247,406
|
|
|
$
|
261,611
|
|
(a)
|
Amounts are based on the exchange rate at December 31, 2019, as applicable.
|
Lease Revenues (a) (b)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro (c)
|
|
$
|
43,519
|
|
|
$
|
43,947
|
|
|
$
|
44,137
|
|
|
$
|
38,573
|
|
|
$
|
35,432
|
|
|
$
|
332,969
|
|
|
$
|
538,577
|
|
Norwegian krone (d)
|
|
12,742
|
|
|
12,092
|
|
|
11,680
|
|
|
11,680
|
|
|
8,523
|
|
|
32,055
|
|
|
88,772
|
|
|||||||
|
|
$
|
56,261
|
|
|
$
|
56,039
|
|
|
$
|
55,817
|
|
|
$
|
50,253
|
|
|
$
|
43,955
|
|
|
$
|
365,024
|
|
|
$
|
627,349
|
|
Debt Service (a) (e)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Euro (c)
|
|
$
|
64,075
|
|
|
$
|
74,978
|
|
|
$
|
49,922
|
|
|
$
|
67,314
|
|
|
$
|
73,065
|
|
|
$
|
12,291
|
|
|
$
|
341,645
|
|
Norwegian krone (d)
|
|
5,855
|
|
|
46,628
|
|
|
4,061
|
|
|
4,061
|
|
|
4,061
|
|
|
102,390
|
|
|
167,056
|
|
|||||||
British pound sterling (b)
|
|
1,666
|
|
|
1,753
|
|
|
79,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,162
|
|
|||||||
|
|
$
|
71,596
|
|
|
$
|
123,359
|
|
|
$
|
133,726
|
|
|
$
|
71,375
|
|
|
$
|
77,126
|
|
|
$
|
114,681
|
|
|
$
|
591,863
|
|
(a)
|
Amounts are based on the applicable exchange rates at December 31, 2019. Contractual rents and debt obligations are denominated in the functional currency of the country where each property is located.
|
(b)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the British pound sterling and the U.S. dollar, there would be a corresponding change in the projected estimated property-level cash flow at December 31, 2019 of $0.8 million. As a result of the sale of our Truffle portfolio during the year ended December 31, 2019 (Note 13), we no longer receive non-cancelable lease payments denominated in the British pound sterling. The revenues generated from our student housing operating properties located in the United Kingdom are excluded, as they do not meet the criteria of non-cancelable operating leases.
|
(c)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the euro and the U.S. dollar, there would be a corresponding change in the projected estimated property-level cash flow at December 31, 2019 of $2.0 million.
|
(d)
|
We estimate that, for a 1% increase or decrease in the exchange rate between the Norwegian krone and the U.S. dollar, there would be a corresponding change in the projected estimated property-level cash flow at December 31, 2019 of $0.8 million.
|
(e)
|
Interest on unhedged variable-rate debt obligations was calculated using the applicable annual interest rates and balances outstanding at December 31, 2019.
|
•
|
59% related to domestic properties, which included concentrations of 12% and 11% in Florida and Texas, respectively; and
|
•
|
41% related to international properties.
|
•
|
61% related to domestic properties, which included a concentration of 13% in Florida;
|
•
|
39% related to international properties
|
•
|
31% related to office properties, 29% related to self-storage properties, 11% related to hotel properties, 11% related to warehouse properties; and
|
•
|
29% related to the self-storage industry and 11% related to the hotel, gaming, and leisure industry.
|
•
|
44% related to domestic properties, which included a concentration of 11% in Illinois;
|
•
|
56% related to international properties, which included a concentration in Norway of 14%, Germany of 12%, and the Netherlands of 12%;
|
•
|
47% related to office properties, 16% related to hotel properties, 15% related to warehouse properties, 11% related to industrial properties, and 10% related to retail properties; and
|
•
|
16% related to the hotel, gaming, and leisure industry, and 11% related to the banking industry.
|
TABLE OF CONTENTS
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Investments in real estate:
|
|
|
|
||||
Real estate — Land, buildings and improvements
|
$
|
1,200,645
|
|
|
$
|
1,210,776
|
|
Operating real estate — Land, buildings and improvements
|
512,485
|
|
|
503,149
|
|
||
Real estate under construction
|
235,751
|
|
|
152,106
|
|
||
Net investments in direct financing leases
|
42,054
|
|
|
41,745
|
|
||
In-place lease and other intangible assets
|
284,097
|
|
|
285,460
|
|
||
Investments in real estate
|
2,275,032
|
|
|
2,193,236
|
|
||
Accumulated depreciation and amortization
|
(328,312
|
)
|
|
(280,608
|
)
|
||
Assets held for sale, net
|
—
|
|
|
23,608
|
|
||
Net investments in real estate
|
1,946,720
|
|
|
1,936,236
|
|
||
Cash and cash equivalents
|
144,148
|
|
|
170,914
|
|
||
Accounts receivable and other assets, net
|
143,935
|
|
|
197,403
|
|
||
Total assets (a)
|
$
|
2,234,803
|
|
|
$
|
2,304,553
|
|
Liabilities and Equity
|
|
|
|
||||
Non-recourse secured debt, net
|
$
|
1,201,913
|
|
|
$
|
1,237,427
|
|
Accounts payable, accrued expenses and other liabilities
|
147,098
|
|
|
132,065
|
|
||
Due to affiliates
|
11,376
|
|
|
16,827
|
|
||
Distributions payable
|
22,745
|
|
|
22,264
|
|
||
Total liabilities (a)
|
1,383,132
|
|
|
1,408,583
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Preferred stock, $0.001 par value; 50,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Class A common stock, $0.001 par value; 320,000,000 shares authorized; 117,179,578 and 114,589,333 shares, respectively, issued and outstanding
|
117
|
|
|
114
|
|
||
Class C common stock, $0.001 par value; 80,000,000 shares authorized; 32,238,513 and 31,641,265 shares, respectively, issued and outstanding
|
32
|
|
|
32
|
|
||
Additional paid-in capital
|
1,319,584
|
|
|
1,290,888
|
|
||
Distributions and accumulated losses
|
(470,326
|
)
|
|
(411,464
|
)
|
||
Accumulated other comprehensive loss
|
(56,535
|
)
|
|
(50,593
|
)
|
||
Total stockholders’ equity
|
792,872
|
|
|
828,977
|
|
||
Noncontrolling interests
|
58,799
|
|
|
66,993
|
|
||
Total equity
|
851,671
|
|
|
895,970
|
|
||
Total liabilities and equity
|
$
|
2,234,803
|
|
|
$
|
2,304,553
|
|
(a)
|
See Note 2 for details related to variable interest entities (“VIEs”).
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Lease revenues — net-leased
|
$
|
119,100
|
|
|
$
|
129,657
|
|
|
$
|
117,975
|
|
Lease revenues — operating real estate
|
70,589
|
|
|
76,962
|
|
|
77,345
|
|
|||
Other operating and interest income
|
7,750
|
|
|
10,097
|
|
|
10,314
|
|
|||
|
197,439
|
|
|
216,716
|
|
|
205,634
|
|
|||
Operating Expenses
|
|
|
|
|
|
||||||
Depreciation and amortization
|
65,498
|
|
|
66,436
|
|
|
75,174
|
|
|||
Property expenses
|
31,864
|
|
|
40,229
|
|
|
35,597
|
|
|||
Operating real estate expenses
|
27,423
|
|
|
32,928
|
|
|
33,530
|
|
|||
General and administrative
|
7,724
|
|
|
7,425
|
|
|
7,335
|
|
|||
|
132,509
|
|
|
147,018
|
|
|
151,636
|
|
|||
Other Income and Expenses
|
|
|
|
|
|
||||||
Interest expense
|
(48,019
|
)
|
|
(53,221
|
)
|
|
(48,994
|
)
|
|||
Gain on sale of real estate, net
|
24,773
|
|
|
78,657
|
|
|
14,209
|
|
|||
Other gains and (losses)
|
4,715
|
|
|
21,276
|
|
|
19,969
|
|
|||
Equity in losses of equity method investment in real estate
|
(2,185
|
)
|
|
(1,072
|
)
|
|
(871
|
)
|
|||
|
(20,716
|
)
|
|
45,640
|
|
|
(15,687
|
)
|
|||
Income before income taxes
|
44,214
|
|
|
115,338
|
|
|
38,311
|
|
|||
(Provision for) benefit from income taxes
|
(210
|
)
|
|
1,952
|
|
|
1,506
|
|
|||
Net Income
|
44,004
|
|
|
117,290
|
|
|
39,817
|
|
|||
Net income attributable to noncontrolling interests (inclusive of Available Cash Distributions to a related party of $8,132, $9,692, and $8,650, respectively)
|
(11,432
|
)
|
|
(20,562
|
)
|
|
(13,284
|
)
|
|||
Net Income Attributable to CPA:18 – Global
|
$
|
32,572
|
|
|
$
|
96,728
|
|
|
$
|
26,533
|
|
Class A Common Stock
|
|
|
|
|
|
||||||
Net income attributable to CPA:18 – Global
|
$
|
25,636
|
|
|
$
|
75,816
|
|
|
$
|
21,032
|
|
Basic and diluted weighted-average shares outstanding
|
116,469,007
|
|
|
113,401,265
|
|
|
109,942,186
|
|
|||
Basic and diluted income per share
|
$
|
0.22
|
|
|
$
|
0.67
|
|
|
$
|
0.19
|
|
Class C Common Stock
|
|
|
|
|
|
||||||
Net income attributable to CPA:18 – Global
|
$
|
6,936
|
|
|
$
|
20,912
|
|
|
$
|
5,501
|
|
Basic and diluted weighted-average shares outstanding
|
32,123,513
|
|
|
31,608,961
|
|
|
31,138,787
|
|
|||
Basic and diluted income per share
|
$
|
0.22
|
|
|
$
|
0.66
|
|
|
$
|
0.18
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income
|
$
|
44,004
|
|
|
$
|
117,290
|
|
|
$
|
39,817
|
|
Other Comprehensive (Loss) Income
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(4,509
|
)
|
|
(23,002
|
)
|
|
39,925
|
|
|||
Unrealized (loss) gain on derivative instruments
|
(2,079
|
)
|
|
3,297
|
|
|
(6,669
|
)
|
|||
|
(6,588
|
)
|
|
(19,705
|
)
|
|
33,256
|
|
|||
Comprehensive Income
|
37,416
|
|
|
97,585
|
|
|
73,073
|
|
|||
|
|
|
|
|
|
||||||
Amounts Attributable to Noncontrolling Interests
|
|
|
|
|
|
||||||
Net income
|
(11,432
|
)
|
|
(20,562
|
)
|
|
(13,284
|
)
|
|||
Foreign currency translation adjustments
|
644
|
|
|
2,324
|
|
|
(4,764
|
)
|
|||
Unrealized loss on derivative instruments
|
2
|
|
|
—
|
|
|
—
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
(10,786
|
)
|
|
(18,238
|
)
|
|
(18,048
|
)
|
|||
Comprehensive Income Attributable to CPA:18 – Global
|
$
|
26,630
|
|
|
$
|
79,347
|
|
|
$
|
55,025
|
|
|
CPA:18 – Global Stockholders
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Distributions
and Accumulated Losses |
|
Accumulated
Other Comprehensive Loss |
|
Total CPA:18 – Global Stockholders
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||||||
|
Class A
|
|
Class C
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
Total
|
|||||||||||||||||||||||
Balance at January 1, 2019
|
114,589,333
|
|
|
$
|
114
|
|
|
31,641,265
|
|
|
$
|
32
|
|
|
$
|
1,290,888
|
|
|
$
|
(411,464
|
)
|
|
$
|
(50,593
|
)
|
|
$
|
828,977
|
|
|
$
|
66,993
|
|
|
$
|
895,970
|
|
Cumulative-effect adjustment for the adoption of new accounting pronouncements (Note 2)
|
|
|
|
|
|
|
|
|
|
|
(1,108
|
)
|
|
|
|
(1,108
|
)
|
|
|
|
(1,108
|
)
|
|||||||||||||||
Shares issued
|
3,822,104
|
|
|
4
|
|
|
1,171,368
|
|
|
1
|
|
|
43,809
|
|
|
|
|
|
|
43,814
|
|
|
|
|
43,814
|
|
|||||||||||
Shares issued to affiliate
|
714,598
|
|
|
1
|
|
|
|
|
|
|
6,261
|
|
|
|
|
|
|
6,262
|
|
|
|
|
6,262
|
|
|||||||||||||
Shares issued to directors
|
9,164
|
|
|
—
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
80
|
|
|
|
|
80
|
|
|||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
2,838
|
|
|
2,838
|
|
|||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(21,818
|
)
|
|
(21,818
|
)
|
|||||||||||||||
Distributions declared ($0.6252 and $0.5499 per share to Class A and Class C, respectively)
|
|
|
|
|
|
|
|
|
|
|
(90,326
|
)
|
|
|
|
(90,326
|
)
|
|
|
|
(90,326
|
)
|
|||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
32,572
|
|
|
|
|
32,572
|
|
|
11,432
|
|
|
44,004
|
|
||||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,865
|
)
|
|
(3,865
|
)
|
|
(644
|
)
|
|
(4,509
|
)
|
||||||||||||||
Unrealized loss on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,077
|
)
|
|
(2,077
|
)
|
|
(2
|
)
|
|
(2,079
|
)
|
||||||||||||||
Repurchase of shares
|
(1,955,621
|
)
|
|
(2
|
)
|
|
(574,120
|
)
|
|
(1
|
)
|
|
(21,454
|
)
|
|
|
|
|
|
(21,457
|
)
|
|
|
|
(21,457
|
)
|
|||||||||||
Balance at December 31, 2019
|
117,179,578
|
|
|
$
|
117
|
|
|
32,238,513
|
|
|
$
|
32
|
|
|
$
|
1,319,584
|
|
|
$
|
(470,326
|
)
|
|
$
|
(56,535
|
)
|
|
$
|
792,872
|
|
|
$
|
58,799
|
|
|
$
|
851,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1, 2018
|
111,193,651
|
|
|
$
|
110
|
|
|
31,189,137
|
|
|
$
|
31
|
|
|
$
|
1,257,840
|
|
|
$
|
(420,005
|
)
|
|
$
|
(33,212
|
)
|
|
$
|
804,764
|
|
|
$
|
67,301
|
|
|
$
|
872,065
|
|
Shares issued
|
3,969,258
|
|
|
4
|
|
|
1,229,712
|
|
|
1
|
|
|
43,995
|
|
|
|
|
|
|
44,000
|
|
|
|
|
44,000
|
|
|||||||||||
Shares issued to affiliate
|
1,422,629
|
|
|
1
|
|
|
|
|
|
|
12,085
|
|
|
|
|
|
|
12,086
|
|
|
|
|
12,086
|
|
|||||||||||||
Shares issued to directors
|
8,753
|
|
|
—
|
|
|
|
|
|
|
75
|
|
|
|
|
|
|
75
|
|
|
|
|
75
|
|
|||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
5,966
|
|
|
5,966
|
|
|||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(24,512
|
)
|
|
(24,512
|
)
|
|||||||||||||||
Distributions declared ($0.6252 and $0.5503 per share to Class A and Class C, respectively)
|
|
|
|
|
|
|
|
|
|
|
(88,187
|
)
|
|
|
|
(88,187
|
)
|
|
|
|
(88,187
|
)
|
|||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
96,728
|
|
|
|
|
96,728
|
|
|
20,562
|
|
|
117,290
|
|
||||||||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,678
|
)
|
|
(20,678
|
)
|
|
(2,324
|
)
|
|
(23,002
|
)
|
||||||||||||||
Unrealized gain on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
3,297
|
|
|
3,297
|
|
|
|
|
3,297
|
|
|||||||||||||||
Repurchase of shares
|
(2,004,958
|
)
|
|
(1
|
)
|
|
(777,584
|
)
|
|
—
|
|
|
(23,107
|
)
|
|
|
|
|
|
(23,108
|
)
|
|
|
|
(23,108
|
)
|
|||||||||||
Balance at December 31, 2018
|
114,589,333
|
|
|
$
|
114
|
|
|
31,641,265
|
|
|
$
|
32
|
|
|
$
|
1,290,888
|
|
|
$
|
(411,464
|
)
|
|
$
|
(50,593
|
)
|
|
$
|
828,977
|
|
|
$
|
66,993
|
|
|
$
|
895,970
|
|
|
CPA:18 – Global Stockholders
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Distributions
and Accumulated Losses |
|
Accumulated
Other Comprehensive Loss |
|
Total CPA:18 – Global Stockholders
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||||||
|
Class A
|
|
Class C
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
Total
|
|||||||||||||||||||||||
Balance at January 1, 2017
|
107,460,081
|
|
|
$
|
107
|
|
|
30,469,144
|
|
|
$
|
30
|
|
|
$
|
1,222,139
|
|
|
$
|
(360,673
|
)
|
|
$
|
(61,704
|
)
|
|
$
|
799,899
|
|
|
$
|
66,005
|
|
|
$
|
865,904
|
|
Shares issued
|
4,219,140
|
|
|
4
|
|
|
1,356,090
|
|
|
1
|
|
|
44,495
|
|
|
|
|
|
|
44,500
|
|
|
|
|
44,500
|
|
|||||||||||
Shares issued to affiliate
|
1,387,460
|
|
|
1
|
|
|
|
|
|
|
11,186
|
|
|
|
|
|
|
11,187
|
|
|
|
|
11,187
|
|
|||||||||||||
Shares issued to directors
|
12,658
|
|
|
—
|
|
|
|
|
|
|
100
|
|
|
|
|
|
|
100
|
|
|
|
|
100
|
|
|||||||||||||
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
3,409
|
|
|
3,409
|
|
|||||||||||||||
Distributions to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(20,161
|
)
|
|
(20,161
|
)
|
|||||||||||||||
Distributions declared ($0.6252 and $0.5526 per share to Class A and Class C, respectively)
|
|
|
|
|
|
|
|
|
|
|
(85,865
|
)
|
|
|
|
(85,865
|
)
|
|
|
|
(85,865
|
)
|
|||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
26,533
|
|
|
|
|
26,533
|
|
|
13,284
|
|
|
39,817
|
|
||||||||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
35,161
|
|
|
35,161
|
|
|
4,764
|
|
|
39,925
|
|
||||||||||||||
Unrealized loss on derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,669
|
)
|
|
(6,669
|
)
|
|
|
|
(6,669
|
)
|
|||||||||||||||
Repurchase of shares
|
(1,885,688
|
)
|
|
(2
|
)
|
|
(636,097
|
)
|
|
—
|
|
|
(20,080
|
)
|
|
|
|
|
|
(20,082
|
)
|
|
|
|
(20,082
|
)
|
|||||||||||
Balance at December 31, 2017
|
111,193,651
|
|
|
$
|
110
|
|
|
31,189,137
|
|
|
$
|
31
|
|
|
$
|
1,257,840
|
|
|
$
|
(420,005
|
)
|
|
$
|
(33,212
|
)
|
|
$
|
804,764
|
|
|
$
|
67,301
|
|
|
$
|
872,065
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows — Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
44,004
|
|
|
$
|
117,290
|
|
|
$
|
39,817
|
|
Adjustments to net income:
|
|
|
|
|
|
||||||
Depreciation and amortization, including intangible assets and deferred financing costs
|
69,139
|
|
|
69,622
|
|
|
77,530
|
|
|||
Gain on sale of real estate
|
(24,773
|
)
|
|
(78,657
|
)
|
|
(14,209
|
)
|
|||
Asset management fees and directors’ compensation paid in shares
|
5,850
|
|
|
12,162
|
|
|
11,393
|
|
|||
Straight-line rent adjustments
|
(2,960
|
)
|
|
(4,548
|
)
|
|
(5,223
|
)
|
|||
Deferred income tax benefit
|
(2,310
|
)
|
|
(3,690
|
)
|
|
(3,624
|
)
|
|||
Equity in losses of equity method investment in real estate in excess of distributions received
|
2,185
|
|
|
1,072
|
|
|
871
|
|
|||
Amortization of rent-related intangibles and deferred rental revenue
|
(1,068
|
)
|
|
(712
|
)
|
|
(575
|
)
|
|||
Realized and unrealized (gain) loss on foreign currency transactions, derivatives, and other
|
(694
|
)
|
|
1,913
|
|
|
(17,799
|
)
|
|||
Loss on extinguishment of debt
|
133
|
|
|
1,283
|
|
|
—
|
|
|||
Gain on insurance proceeds
|
—
|
|
|
(22,227
|
)
|
|
—
|
|
|||
Allowance for uncollectible accounts
|
—
|
|
|
5,727
|
|
|
4,164
|
|
|||
Net change in other operating assets and liabilities
|
1,607
|
|
|
86
|
|
|
3,977
|
|
|||
Change in deferred acquisition fees payable
|
(293
|
)
|
|
(1,618
|
)
|
|
(7,897
|
)
|
|||
Net Cash Provided by Operating Activities
|
90,820
|
|
|
97,703
|
|
|
88,425
|
|
|||
Cash Flows — Investing Activities
|
|
|
|
|
|
||||||
Funding for build-to-suit and development projects
|
(108,139
|
)
|
|
(172,379
|
)
|
|
(103,770
|
)
|
|||
Proceeds from sale of real estate
|
50,846
|
|
|
125,841
|
|
|
59,510
|
|
|||
Proceeds from repayment of notes receivable
|
35,954
|
|
|
2,546
|
|
|
—
|
|
|||
Value added taxes refunded in connection with the acquisitions of real estate
|
9,627
|
|
|
5,501
|
|
|
12,639
|
|
|||
Value added taxes paid in connection with acquisitions of real estate
|
(6,964
|
)
|
|
(9,440
|
)
|
|
(6,253
|
)
|
|||
Payment of deferred acquisition fees to an affiliate
|
(4,503
|
)
|
|
(3,851
|
)
|
|
(3,827
|
)
|
|||
Return of capital from equity investments
|
3,161
|
|
|
—
|
|
|
229
|
|
|||
Capital expenditures on real estate
|
(2,989
|
)
|
|
(10,450
|
)
|
|
(12,512
|
)
|
|||
Proceeds from insurance settlements
|
1,084
|
|
|
53,195
|
|
|
3,895
|
|
|||
Capital contributions to equity investment
|
(911
|
)
|
|
18
|
|
|
(5,649
|
)
|
|||
Other investing activities, net
|
159
|
|
|
39
|
|
|
(93
|
)
|
|||
Acquisition of real estate
|
—
|
|
|
—
|
|
|
(7,395
|
)
|
|||
Net Cash Used in Investing Activities
|
(22,675
|
)
|
|
(8,980
|
)
|
|
(63,226
|
)
|
|||
Cash Flows — Financing Activities
|
|
|
|
|
|
||||||
Scheduled payments and prepayments of mortgage principal
|
(132,160
|
)
|
|
(52,411
|
)
|
|
(10,711
|
)
|
|||
Proceeds from mortgage financing
|
123,641
|
|
|
158,302
|
|
|
85,559
|
|
|||
Distributions paid
|
(89,845
|
)
|
|
(87,609
|
)
|
|
(85,174
|
)
|
|||
Proceeds from issuance of shares
|
41,735
|
|
|
41,901
|
|
|
42,329
|
|
|||
Repurchase of shares
|
(21,457
|
)
|
|
(23,108
|
)
|
|
(20,082
|
)
|
|||
Distributions to noncontrolling interests
|
(20,070
|
)
|
|
(21,192
|
)
|
|
(20,264
|
)
|
|||
Contributions from noncontrolling interests
|
2,922
|
|
|
1,520
|
|
|
2,632
|
|
|||
Payment of deferred financing costs and mortgage deposits
|
(1,001
|
)
|
|
(1,495
|
)
|
|
(807
|
)
|
|||
Other financing activities, net
|
(9
|
)
|
|
680
|
|
|
(45
|
)
|
|||
Repayment of notes payable to affiliate
|
—
|
|
|
—
|
|
|
(38,696
|
)
|
|||
Proceeds from notes payable to affiliate
|
—
|
|
|
—
|
|
|
11,196
|
|
|||
Net Cash (Used in) Provided by Financing Activities
|
(96,244
|
)
|
|
16,588
|
|
|
(34,063
|
)
|
|||
Change in Cash and Cash Equivalents and Restricted Cash During the Year
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash
|
659
|
|
|
(4,656
|
)
|
|
5,306
|
|
|||
Net (decrease) increase in cash and cash equivalents and restricted cash
|
(27,440
|
)
|
|
100,655
|
|
|
(3,558
|
)
|
|||
Cash and cash equivalents and restricted cash, beginning of year
|
190,838
|
|
|
90,183
|
|
|
93,741
|
|
|||
Cash and cash equivalents and restricted cash, end of year
|
$
|
163,398
|
|
|
$
|
190,838
|
|
|
$
|
90,183
|
|
•
|
a discount rate or internal rate of return;
|
•
|
the marketing period necessary to put a lease in place;
|
•
|
carrying costs during the marketing period;
|
•
|
leasing commissions and tenant improvement allowances;
|
•
|
market rents and growth factors of these rents; and
|
•
|
a market lease term and a capitalization rate to be applied to an estimate of market rent at the end of the market lease term.
|
•
|
the creditworthiness of the lessees;
|
•
|
industry surveys;
|
•
|
property type;
|
•
|
property location and age;
|
•
|
current lease rates relative to market lease rates, and
|
•
|
anticipated lease duration.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Real estate — Land, buildings and improvements
|
$
|
359,886
|
|
|
$
|
362,536
|
|
Operating real estate — Land, buildings and improvements
|
—
|
|
|
110,543
|
|
||
Real estate under construction
|
233,220
|
|
|
151,479
|
|
||
In-place lease intangible assets
|
101,198
|
|
|
103,234
|
|
||
Accumulated depreciation and amortization
|
(78,598
|
)
|
|
(68,534
|
)
|
||
Total assets
|
642,648
|
|
|
704,975
|
|
||
|
|
|
|
||||
Non-recourse secured debt, net
|
$
|
276,124
|
|
|
$
|
341,922
|
|
Total liabilities
|
330,549
|
|
|
391,983
|
|
|
December 31,
|
|
|
|||||||
|
2019
|
|
2018
|
|
Percent Change
|
|||||
British Pound Sterling
|
$
|
1.3204
|
|
|
$
|
1.2800
|
|
|
3.2
|
%
|
Euro
|
1.1234
|
|
|
1.1450
|
|
|
(1.9
|
)%
|
||
Norwegian Krone
|
0.1139
|
|
|
0.1151
|
|
|
(1.0
|
)%
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
$
|
144,148
|
|
|
$
|
170,914
|
|
|
$
|
71,068
|
|
Restricted cash (a)
|
19,250
|
|
|
19,924
|
|
|
19,115
|
|
|||
Total cash and cash equivalents and restricted cash
|
$
|
163,398
|
|
|
$
|
190,838
|
|
|
$
|
90,183
|
|
(a)
|
Restricted cash is included within Accounts receivable and other assets, net on our consolidated balance sheets.
|
•
|
As a Lessee: we recognized $36.7 million of operating lease ROU assets and $9.5 million of corresponding lease liabilities for certain operating land lease arrangements for which we were the lessee on January 1, 2019, which included reclassifying below market land lease intangible assets, above market land lease intangible liabilities, and prepaid rent as a component of the ROU asset (a net reclassification of $27.2 million). See Note 4 for additional disclosures on the presentation of these amounts in our consolidated balance sheets.
|
•
|
As a Lessor: a practical expedient allows lessors to combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), if both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. We elected the practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within Lease revenues — net-leased in our consolidated statements of income. We record amounts reimbursed by the lessee in the period that the applicable expenses are incurred.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amounts Included in the Consolidated Statements of Income
|
|
|
|
|
|
||||||
Asset management fees
|
$
|
11,539
|
|
|
$
|
12,087
|
|
|
$
|
11,293
|
|
Available Cash Distributions
|
8,132
|
|
|
9,692
|
|
|
8,650
|
|
|||
Personnel and overhead reimbursements
|
3,161
|
|
|
3,121
|
|
|
3,170
|
|
|||
Disposition fees
|
1,117
|
|
|
—
|
|
|
—
|
|
|||
Interest expense on deferred acquisition fees, and external joint venture loans, and accretion of interest on annual distribution and shareholder servicing fee (a)
|
492
|
|
|
100
|
|
|
1,034
|
|
|||
|
$
|
24,441
|
|
|
$
|
25,000
|
|
|
$
|
24,147
|
|
|
|
|
|
|
|
||||||
Acquisition Fees Capitalized
|
|
|
|
|
|
||||||
Current acquisition fees
|
$
|
695
|
|
|
$
|
9,370
|
|
|
$
|
3,757
|
|
Capitalized personnel and overhead reimbursements
|
665
|
|
|
1,063
|
|
|
640
|
|
|||
Deferred acquisition fees
|
555
|
|
|
7,496
|
|
|
3,006
|
|
|||
|
$
|
1,915
|
|
|
$
|
17,929
|
|
|
$
|
7,403
|
|
(a)
|
For the years ended December 31, 2019 and 2018, interest on the annual distribution and shareholder servicing fee is excluded because, effective as of the third quarter of 2017, it is paid directly to selected dealers rather than through Carey Financial LLC (“Carey Financial”), a subsidiary of WPC, as discussed further below.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Due to Affiliates
|
|
|
|
||||
External joint venture loans, accounts payable, and other (a)
|
$
|
5,951
|
|
|
$
|
5,070
|
|
Deferred acquisition fees, including accrued interest
|
4,456
|
|
|
8,720
|
|
||
Asset management fees payable
|
961
|
|
|
972
|
|
||
Current acquisition fees
|
8
|
|
|
2,065
|
|
||
|
$
|
11,376
|
|
|
$
|
16,827
|
|
(a)
|
Includes loans from our joint venture partners to the jointly owned investments that we consolidate. As of December 31, 2019 and 2018, loans due to our joint venture partners including accrued interest, were $4.6 million and $3.5 million, respectively.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
196,693
|
|
|
$
|
195,275
|
|
Buildings and improvements
|
1,003,952
|
|
|
1,015,501
|
|
||
Less: Accumulated depreciation
|
(135,922
|
)
|
|
(112,061
|
)
|
||
|
$
|
1,064,723
|
|
|
$
|
1,098,715
|
|
|
|
December 31, 2019
|
||
Lease revenues — net-leased
|
|
|
||
Lease income — fixed
|
|
$
|
99,771
|
|
Lease income — variable (a)
|
|
15,468
|
|
|
Total operating lease income (b)
|
|
$
|
115,239
|
|
|
|
|
||
Lease revenues — operating real estate
|
|
|
||
Lease income — fixed
|
|
$
|
67,969
|
|
Lease income — variable (c)
|
|
2,626
|
|
|
Total operating lease income
|
|
$
|
70,595
|
|
(a)
|
Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
|
(b)
|
Excludes $3.9 million of interest income from direct financing leases that is included in Lease revenues — net-leased in the consolidated statements of income.
|
(c)
|
Primarily comprised of late fees and administrative fees revenues.
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
96,642
|
|
2021
|
|
97,057
|
|
|
2022
|
|
97,588
|
|
|
2023
|
|
91,057
|
|
|
2024
|
|
80,281
|
|
|
Thereafter
|
|
498,628
|
|
|
Total
|
|
$
|
961,253
|
|
Years Ending December 31,
|
|
Total
|
||
2019
|
|
$
|
101,618
|
|
2020
|
|
101,413
|
|
|
2021
|
|
101,261
|
|
|
2022
|
|
101,535
|
|
|
2023
|
|
94,502
|
|
|
Thereafter
|
|
590,636
|
|
|
Total
|
|
$
|
1,090,965
|
|
|
Location on Consolidated Balance Sheets
|
|
December 31, 2019
|
||
Operating ROU assets — land leases
|
In-place lease and other intangible assets
|
|
$
|
35,069
|
|
|
|
|
|
||
Operating lease liabilities — land leases
|
Accounts payable, accrued expenses and other liabilities
|
|
$
|
8,116
|
|
|
|
|
|
||
Weighted-average remaining lease term — operating leases (a)
|
|
|
43.4 years
|
|
|
Weighted-average discount rate — operating leases (a)
|
|
|
6.8
|
%
|
|
Number of land lease arrangements
|
|
|
8
|
|
|
Lease term range
|
|
|
6 – 983 years
|
|
(a)
|
Excludes a $7.3 million ROU land lease asset related to the student housing development project located in Swansea, United Kingdom as it has no future obligation during the remaining 983-year lease term.
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
651
|
|
2021
|
|
651
|
|
|
2022
|
|
651
|
|
|
2023
|
|
651
|
|
|
2024
|
|
651
|
|
|
Thereafter
|
|
22,179
|
|
|
Total lease payments
|
|
25,434
|
|
|
Less: amount of lease payments representing interest
|
|
(17,318
|
)
|
|
Present value of future lease payments/lease obligations
|
|
$
|
8,116
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
78,240
|
|
|
$
|
77,984
|
|
Buildings and improvements
|
434,245
|
|
|
425,165
|
|
||
Less: Accumulated depreciation
|
(57,237
|
)
|
|
(41,969
|
)
|
||
|
$
|
455,248
|
|
|
$
|
461,180
|
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
152,106
|
|
|
$
|
134,366
|
|
Capitalized funds
|
112,595
|
|
|
189,286
|
|
||
Placed into service
|
(34,944
|
)
|
|
(139,253
|
)
|
||
Capitalized interest
|
7,139
|
|
|
5,355
|
|
||
Foreign currency translation adjustments
|
(1,145
|
)
|
|
(5,129
|
)
|
||
Disposition (a)
|
—
|
|
|
(32,519
|
)
|
||
Ending balance
|
$
|
235,751
|
|
|
$
|
152,106
|
|
(a)
|
On December 17, 2018, we transferred our right to collect for tenant default damages related to the joint venture for a university complex development site located in Accra, Ghana (as discussed further below).
|
Location
|
|
Date of Acquisition
|
|
Ownership Percentage
|
|
Purchase Price (a)
|
|
Estimated Completion Date
|
|
Estimated Total Investment (a) (b)
|
|||||
Barcelona, Spain (c) (d)
|
|
3/8/2018
|
|
98.7
|
%
|
|
$
|
10,469
|
|
|
Completed Q3 2019
|
|
$
|
28,473
|
|
Coimbra, Portugal (c) (d)
|
|
6/11/2018
|
|
98.5
|
%
|
|
9,338
|
|
|
Q1 2021
|
|
26,326
|
|
||
San Sebastian, Spain (c)
|
|
6/14/2018
|
|
100.0
|
%
|
|
13,126
|
|
|
Q3 2020
|
|
36,733
|
|
||
Barcelona, Spain (c)
|
|
6/25/2018
|
|
100.0
|
%
|
|
13,089
|
|
|
Q3 2020
|
|
31,686
|
|
||
Valencia, Spain (c) (d)
|
|
7/30/2018
|
|
98.7
|
%
|
|
7,113
|
|
|
Q3 2021
|
|
26,991
|
|
||
Austin, Texas (c) (e)
|
|
9/20/2018
|
|
90.0
|
%
|
|
13,666
|
|
|
Q3 2020
|
|
70,181
|
|
||
Granada, Spain (c) (d)
|
|
9/21/2018
|
|
98.5
|
%
|
|
4,262
|
|
|
Q3 2021
|
|
23,416
|
|
||
Seville, Spain (c) (f)
|
|
11/20/2018
|
|
75.0
|
%
|
|
13,137
|
|
|
Q1 2021
|
|
32,510
|
|
||
Bilbao, Spain (c)
|
|
12/14/2018
|
|
100.0
|
%
|
|
10,694
|
|
|
Q3 2021
|
|
51,624
|
|
||
Porto, Portugal (c) (d)
|
|
12/18/2018
|
|
98.5
|
%
|
|
6,185
|
|
|
Q3 2020
|
|
23,651
|
|
||
|
|
|
|
|
|
$
|
101,079
|
|
|
|
|
$
|
351,591
|
|
(a)
|
Based on the exchange rate of the euro at the date of acquisition for international investments.
|
(b)
|
Amounts represent our expected total investment in the respective development projects.
|
(c)
|
As there is insufficient equity at risk, the investment is considered to be a VIE (Note 2).
|
(d)
|
Since we are responsible for substantially all of the economics but have disproportionate voting rights, the investment is considered to be a VIE (Note 2).
|
(e)
|
We assumed 90% interest in an existing $4.5 million loan on this property (Note 9). Additionally, the seller retained the remaining interest on this investment, which was accounted for as a $2.3 million non-cash financing activity.
|
(f)
|
As part of the transaction, the seller retained a 23.5% interest on this investment, which was accounted for as a $2.2 million non-cash financing activity.
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating real estate — Land, buildings and improvements
|
$
|
—
|
|
|
$
|
26,277
|
|
In-place lease intangible assets
|
—
|
|
|
1,090
|
|
||
Accumulated depreciation and amortization
|
—
|
|
|
(3,759
|
)
|
||
Assets held for sale, net
|
$
|
—
|
|
|
$
|
23,608
|
|
|
|
|
|
||||
Non-recourse mortgages, net, attributable to Assets held for sale
|
$
|
—
|
|
|
$
|
24,250
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Lease payments receivable
|
$
|
55,278
|
|
|
$
|
58,353
|
|
Unguaranteed residual value
|
39,401
|
|
|
39,402
|
|
||
|
94,679
|
|
|
97,755
|
|
||
Less: unearned income
|
(52,625
|
)
|
|
(56,010
|
)
|
||
|
$
|
42,054
|
|
|
$
|
41,745
|
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
3,473
|
|
2021
|
|
3,541
|
|
|
2022
|
|
3,617
|
|
|
2023
|
|
3,696
|
|
|
2024
|
|
3,784
|
|
|
Thereafter
|
|
37,167
|
|
|
Total
|
|
$
|
55,278
|
|
Years Ending December 31,
|
|
Total
|
||
2019
|
|
$
|
3,375
|
|
2020
|
|
3,455
|
|
|
2021
|
|
3,523
|
|
|
2022
|
|
3,599
|
|
|
2023
|
|
3,677
|
|
|
Thereafter
|
|
40,724
|
|
|
Total
|
|
$
|
58,353
|
|
|
|
Number of Tenants/Obligors at December 31,
|
|
Carrying Value at December 31,
|
||||||||
Internal Credit Quality Indicator
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
1-3
|
|
4
|
|
4
|
|
$
|
45,457
|
|
|
$
|
45,456
|
|
4
|
|
1
|
|
2
|
|
24,597
|
|
|
60,243
|
|
||
5
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
||
|
|
0
|
|
|
|
$
|
70,054
|
|
|
$
|
105,699
|
|
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
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
|
5 – 23
|
|
$
|
238,771
|
|
|
$
|
(131,012
|
)
|
|
$
|
107,759
|
|
|
$
|
252,316
|
|
|
$
|
(120,936
|
)
|
|
$
|
131,380
|
|
Above-market rent
|
7 – 30
|
|
10,257
|
|
|
(4,141
|
)
|
|
6,116
|
|
|
11,178
|
|
|
(3,923
|
)
|
|
7,255
|
|
||||||
Below-market ground lease (a)
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,966
|
|
|
(1,719
|
)
|
|
20,247
|
|
||||||
|
|
|
249,028
|
|
|
(135,153
|
)
|
|
113,875
|
|
|
285,460
|
|
|
(126,578
|
)
|
|
158,882
|
|
||||||
Indefinite-Lived Intangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
|
|
26,024
|
|
|
—
|
|
|
26,024
|
|
|
26,354
|
|
|
—
|
|
|
26,354
|
|
||||||
Total intangible assets
|
|
|
$
|
275,052
|
|
|
$
|
(135,153
|
)
|
|
$
|
139,899
|
|
|
$
|
311,814
|
|
|
$
|
(126,578
|
)
|
|
$
|
185,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finite-Lived Intangible Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below-market rent
|
6 – 30
|
|
$
|
(14,974
|
)
|
|
$
|
6,627
|
|
|
$
|
(8,347
|
)
|
|
$
|
(15,309
|
)
|
|
$
|
5,651
|
|
|
$
|
(9,658
|
)
|
Above-market ground lease (a)
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
|
6
|
|
|
(99
|
)
|
||||||
Total intangible liabilities
|
|
|
$
|
(14,974
|
)
|
|
$
|
6,627
|
|
|
$
|
(8,347
|
)
|
|
$
|
(15,414
|
)
|
|
$
|
5,657
|
|
|
$
|
(9,757
|
)
|
(a)
|
In connection with our adoption of ASU 2016-02 (Note 2), in the first quarter of 2019, we prospectively reclassified below-market ground lease intangible assets and above-market ground lease intangible liabilities to be a component of ROU assets. These amounts are included within In-place lease and other intangibles in our consolidated balance sheets.
|
Years Ending December 31,
|
|
Net Increase in Rental Income
|
|
Increase to Amortization
|
|
Net
|
||||||
2020
|
|
$
|
(411
|
)
|
|
$
|
14,654
|
|
|
$
|
14,243
|
|
2021
|
|
(405
|
)
|
|
14,567
|
|
|
14,162
|
|
|||
2022
|
|
(390
|
)
|
|
14,376
|
|
|
13,986
|
|
|||
2023
|
|
(486
|
)
|
|
12,206
|
|
|
11,720
|
|
|||
2024
|
|
(526
|
)
|
|
9,729
|
|
|
9,203
|
|
|||
Thereafter
|
|
(13
|
)
|
|
42,227
|
|
|
42,214
|
|
|||
|
|
$
|
(2,231
|
)
|
|
$
|
107,759
|
|
|
$
|
105,528
|
|
|
|
|
December 31,
|
||||||||||||||
|
|
|
2019
|
|
2018
|
||||||||||||
|
Level
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Non-recourse secured debt, net (a) (b)
|
3
|
|
$
|
1,201,913
|
|
|
$
|
1,239,004
|
|
|
$
|
1,237,427
|
|
|
$
|
1,257,032
|
|
Notes receivable (c)
|
3
|
|
28,000
|
|
|
30,300
|
|
|
63,954
|
|
|
66,154
|
|
(a)
|
As of December 31, 2019 and 2018, the carrying value of Non-recourse secured debt, net includes unamortized deferred financing costs of $5.8 million and $6.9 million, respectively. As of December 31, 2019 and 2018, the carrying value of Non-recourse secured debt, net includes unamortized premium, net of $2.1 million and $1.3 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.
|
Derivatives Designated as Hedging Instruments
|
|
Balance Sheet Location
|
|
Asset Derivatives Fair Value at
|
|
Liability Derivatives Fair Value at
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Foreign currency collars
|
|
Accounts receivable and other assets, net
|
|
$
|
1,444
|
|
|
$
|
750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
Accounts receivable and other assets, net
|
|
861
|
|
|
2,011
|
|
|
—
|
|
|
—
|
|
||||
Interest rate caps
|
|
Accounts receivable and other assets, net
|
|
116
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Accounts receivable and other assets, net
|
|
53
|
|
|
808
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swaps
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(1,991
|
)
|
|
(529
|
)
|
||||
Foreign currency collars
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(622
|
)
|
||||
|
|
|
|
2,474
|
|
|
3,569
|
|
|
(1,991
|
)
|
|
(1,151
|
)
|
||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
—
|
|
||||
Foreign currency collars
|
|
Accounts payable, accrued expenses and other liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
||||
|
|
|
|
—
|
|
|
—
|
|
|
(48
|
)
|
|
(115
|
)
|
||||
|
|
|
|
$
|
2,474
|
|
|
$
|
3,569
|
|
|
$
|
(2,039
|
)
|
|
$
|
(1,266
|
)
|
|
|
Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income
|
||||||||||
|
|
Years Ended December 31,
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest rate swaps
|
|
$
|
(2,288
|
)
|
|
$
|
487
|
|
|
$
|
619
|
|
Foreign currency collars
|
|
1,343
|
|
|
3,186
|
|
|
(4,535
|
)
|
|||
Foreign currency forward contracts
|
|
(1,096
|
)
|
|
(401
|
)
|
|
(2,769
|
)
|
|||
Interest rate caps
|
|
(38
|
)
|
|
25
|
|
|
16
|
|
|||
Derivatives in Net Investment Hedging Relationship (a)
|
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
|
23
|
|
|
20
|
|
|
(39
|
)
|
|||
Foreign currency collars
|
|
19
|
|
|
90
|
|
|
(179
|
)
|
|||
Total
|
|
$
|
(2,037
|
)
|
|
$
|
3,407
|
|
|
$
|
(6,887
|
)
|
(a)
|
The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income.
|
|
|
|
|
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income into Income
|
||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
$
|
1,450
|
|
|
$
|
1,058
|
|
|
$
|
1,223
|
|
Foreign currency collars
|
|
Other gains and (losses)
|
|
257
|
|
|
(232
|
)
|
|
160
|
|
|||
Interest rate swaps
|
|
Interest expense
|
|
(136
|
)
|
|
(254
|
)
|
|
(663
|
)
|
|||
Interest rate caps
|
|
Interest expense
|
|
(13
|
)
|
|
(50
|
)
|
|
(56
|
)
|
|||
Total
|
|
|
|
$
|
1,558
|
|
|
$
|
522
|
|
|
$
|
664
|
|
|
|
|
|
Amount of Gain (Loss) on Derivatives Recognized in Income
|
||||||||||
Derivatives Not in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||
Foreign currency collars
|
|
Other gains and (losses)
|
|
$
|
206
|
|
|
$
|
(95
|
)
|
|
$
|
(259
|
)
|
Interest rate swaps
|
|
Interest expense
|
|
(14
|
)
|
|
(82
|
)
|
|
(32
|
)
|
|||
Foreign currency forward contracts
|
|
Other gains and (losses)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||
Derivatives in Cash Flow Hedging Relationships
|
|
|
|
|
|
|
|
|
||||||
Foreign currency collars
|
|
Other gains and (losses)
|
|
7
|
|
|
(81
|
)
|
|
(8
|
)
|
|||
Interest rate swaps
|
|
Interest expense
|
|
(1
|
)
|
|
19
|
|
|
26
|
|
|||
Total
|
|
|
|
$
|
194
|
|
|
$
|
(239
|
)
|
|
$
|
(273
|
)
|
Interest Rate Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2019 (a)
|
||||
Interest rate swaps
|
|
9
|
|
92,339
|
|
USD
|
|
$
|
(1,938
|
)
|
Interest rate caps
|
|
2
|
|
59,000
|
|
GBP
|
|
116
|
|
|
Interest rate cap
|
|
1
|
|
5,700
|
|
USD
|
|
—
|
|
|
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|||
Interest rate swap (b)
|
|
1
|
|
9,303
|
|
EUR
|
|
(48
|
)
|
|
|
|
|
|
|
|
|
$
|
(1,870
|
)
|
(a)
|
Fair value amount is based on the exchange rate of the respective currencies at December 31, 2019, as applicable.
|
(b)
|
This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.
|
Foreign Currency Derivatives
|
|
Number of Instruments
|
|
Notional
Amount |
|
Fair Value at
December 31, 2019 |
||||
Designated as Cash Flow Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency collars
|
|
24
|
|
19,012
|
|
EUR
|
|
$
|
1,025
|
|
Foreign currency forward contracts
|
|
7
|
|
2,776
|
|
EUR
|
|
842
|
|
|
Foreign currency collars
|
|
18
|
|
35,490
|
|
NOK
|
|
300
|
|
|
Foreign currency forward contract
|
|
1
|
|
759
|
|
NOK
|
|
19
|
|
|
Designated as Net Investment Hedging Instruments
|
|
|
|
|
|
|
|
|||
Foreign currency collars
|
|
2
|
|
9,350
|
|
NOK
|
|
119
|
|
|
|
|
|
|
|
|
|
$
|
2,305
|
|
Years Ending December 31,
|
|
Total
|
||
2020
|
|
$
|
67,331
|
|
2021
|
|
161,612
|
|
|
2022
|
|
195,342
|
|
|
2023
|
|
180,540
|
|
|
2024
|
|
200,114
|
|
|
Thereafter through 2039
|
|
400,699
|
|
|
Total principal payments
|
|
1,205,638
|
|
|
Unamortized deferred financing costs
|
|
(5,841
|
)
|
|
Unamortized premium, net
|
|
2,116
|
|
|
Total
|
|
$
|
1,201,913
|
|
|
Year Ended December 31, 2019
|
|||||||||
|
Basic and Diluted Weighted-Average Shares Outstanding
|
|
Allocation of Net Income
|
|
Basic and Diluted Earnings Per Share
|
|||||
Class A common stock
|
116,469,007
|
|
|
$
|
25,636
|
|
|
$
|
0.22
|
|
Class C common stock
|
32,123,513
|
|
|
6,936
|
|
|
0.22
|
|
||
Net income attributable to CPA:18 – Global
|
|
|
$
|
32,572
|
|
|
|
|
Year Ended December 31, 2018
|
|||||||||
|
Basic and Diluted Weighted-Average Shares Outstanding
|
|
Allocation of Net Income
|
|
Basic and Diluted Earnings Per Share
|
|||||
Class A common stock
|
113,401,265
|
|
|
$
|
75,816
|
|
|
$
|
0.67
|
|
Class C common stock
|
31,608,961
|
|
|
20,912
|
|
|
0.66
|
|
||
Net income attributable to CPA:18 – Global
|
|
|
$
|
96,728
|
|
|
|
|
Year Ended December 31, 2017
|
|||||||||
|
Basic and Diluted Weighted-Average Shares Outstanding
|
|
Allocation of Net Income
|
|
Basic and Diluted Earnings Per Share
|
|||||
Class A common stock
|
109,942,186
|
|
|
$
|
21,032
|
|
|
$
|
0.19
|
|
Class C common stock
|
31,138,787
|
|
|
5,501
|
|
|
0.18
|
|
||
Net income attributable to CPA:18 – Global
|
|
|
$
|
26,533
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Class A
|
|
Class C
|
|
Class A
|
|
Class C
|
|
Class A
|
|
Class C
|
||||||||||||
Return of capital
|
$
|
0.3662
|
|
|
$
|
0.3220
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3254
|
|
|
$
|
0.2875
|
|
Capital gain
|
0.1339
|
|
|
0.1178
|
|
|
0.3847
|
|
|
0.3388
|
|
|
0.0817
|
|
|
0.0722
|
|
||||||
Ordinary income
|
0.1251
|
|
|
0.1101
|
|
|
0.2405
|
|
|
0.2119
|
|
|
0.2181
|
|
|
0.1927
|
|
||||||
Total distributions paid
|
$
|
0.6252
|
|
|
$
|
0.5499
|
|
|
$
|
0.6252
|
|
|
$
|
0.5507
|
|
|
$
|
0.6252
|
|
|
$
|
0.5524
|
|
|
Gains and Losses
on Derivative Instruments |
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||
Balance at January 1, 2017
|
$
|
5,587
|
|
|
$
|
(67,291
|
)
|
|
$
|
(61,704
|
)
|
Other comprehensive income before reclassifications
|
(6,005
|
)
|
|
39,925
|
|
|
33,920
|
|
|||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
||||||
Other gains and (losses)
|
(1,383
|
)
|
|
—
|
|
|
(1,383
|
)
|
|||
Interest expense
|
719
|
|
|
—
|
|
|
719
|
|
|||
Net current-period Other comprehensive income
|
(6,669
|
)
|
|
39,925
|
|
|
33,256
|
|
|||
Net current-period Other comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(4,764
|
)
|
|
(4,764
|
)
|
|||
Balance at December 31, 2017
|
(1,082
|
)
|
|
(32,130
|
)
|
|
(33,212
|
)
|
|||
Other comprehensive loss before reclassifications
|
3,819
|
|
|
(23,002
|
)
|
|
(19,183
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
||||||
Other gains and (losses)
|
(826
|
)
|
|
—
|
|
|
(826
|
)
|
|||
Interest expense
|
304
|
|
|
—
|
|
|
304
|
|
|||
Net current-period Other comprehensive loss
|
3,297
|
|
|
(23,002
|
)
|
|
(19,705
|
)
|
|||
Net current-period Other comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
2,324
|
|
|
2,324
|
|
|||
Balance at December 31, 2018
|
2,215
|
|
|
(52,808
|
)
|
|
(50,593
|
)
|
|||
Other comprehensive loss before reclassifications
|
(521
|
)
|
|
(4,509
|
)
|
|
(5,030
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss to:
|
|
|
|
|
|
||||||
Other gains and (losses)
|
(1,707
|
)
|
|
—
|
|
|
(1,707
|
)
|
|||
Interest expense
|
149
|
|
|
—
|
|
|
149
|
|
|||
Net current-period Other comprehensive loss
|
(2,079
|
)
|
|
(4,509
|
)
|
|
(6,588
|
)
|
|||
Net current-period Other comprehensive loss attributable to noncontrolling interests
|
2
|
|
|
644
|
|
|
646
|
|
|||
Balance at December 31, 2019
|
$
|
138
|
|
|
$
|
(56,673
|
)
|
|
$
|
(56,535
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Federal
|
|
|
|
|
|
||||||
Current
|
$
|
60
|
|
|
$
|
130
|
|
|
$
|
234
|
|
Deferred
|
—
|
|
|
5
|
|
|
20
|
|
|||
|
60
|
|
|
135
|
|
|
254
|
|
|||
State and Local
|
|
|
|
|
|
||||||
Current
|
85
|
|
|
292
|
|
|
355
|
|
|||
|
85
|
|
|
292
|
|
|
355
|
|
|||
Foreign
|
|
|
|
|
|
||||||
Current
|
2,375
|
|
|
1,315
|
|
|
1,535
|
|
|||
Deferred
|
(2,310
|
)
|
|
(3,694
|
)
|
|
(3,650
|
)
|
|||
|
65
|
|
|
(2,379
|
)
|
|
(2,115
|
)
|
|||
Total Provision (Benefit)
|
$
|
210
|
|
|
$
|
(1,952
|
)
|
|
$
|
(1,506
|
)
|
•
|
basis differences between tax and GAAP for real estate assets. For income tax purposes, certain acquisitions have resulted in us assuming the seller’s basis, or the carry-over basis, in assets and liabilities for tax purposes. In accordance with purchase accounting requirements under GAAP, we record all of the acquired assets and liabilities at their estimated fair values at the date of acquisition. For our subsidiaries subject to income taxes in the United States or in foreign jurisdictions, we recognize deferred income tax liabilities representing the tax effect of the difference between the tax basis and the fair value of the tangible and intangible assets recorded at the date of acquisition for GAAP;
|
•
|
timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs, straight-line rent, prepaid rents, and intangible assets; and
|
•
|
tax net operating losses in foreign jurisdictions that may be realized in future periods if we generate sufficient taxable income.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net Lease (a)
|
|
|
|
|
|
||||||
Revenues (b)
|
$
|
122,038
|
|
|
$
|
130,124
|
|
|
$
|
118,476
|
|
Operating expenses (b) (c)
|
(69,959
|
)
|
|
(76,255
|
)
|
|
(70,867
|
)
|
|||
Interest expense
|
(34,105
|
)
|
|
(36,128
|
)
|
|
(30,877
|
)
|
|||
Gain on sale of real estate, net
|
9,932
|
|
|
20,547
|
|
|
—
|
|
|||
Other gains and (losses) (d)
|
1,203
|
|
|
22,597
|
|
|
1,575
|
|
|||
Benefit from income taxes
|
1,019
|
|
|
1,513
|
|
|
2,635
|
|
|||
Net income attributable to noncontrolling interests
|
(759
|
)
|
|
(2,716
|
)
|
|
(1,072
|
)
|
|||
Net income attributable to CPA:18 – Global
|
$
|
29,369
|
|
|
$
|
59,682
|
|
|
$
|
19,870
|
|
Self Storage
|
|
|
|
|
|
||||||
Revenues
|
$
|
60,767
|
|
|
$
|
57,920
|
|
|
$
|
55,075
|
|
Operating expenses
|
(35,604
|
)
|
|
(35,235
|
)
|
|
(44,357
|
)
|
|||
Interest expense
|
(13,802
|
)
|
|
(13,256
|
)
|
|
(12,357
|
)
|
|||
Other gains and (losses) (e)
|
(942
|
)
|
|
(1,298
|
)
|
|
(1,125
|
)
|
|||
Provision for income taxes
|
(115
|
)
|
|
(85
|
)
|
|
(114
|
)
|
|||
Net income (loss) attributable to CPA:18 – Global
|
$
|
10,304
|
|
|
$
|
8,046
|
|
|
$
|
(2,878
|
)
|
Other Operating Properties (a)
|
|
|
|
|
|
||||||
Revenues
|
$
|
10,550
|
|
|
$
|
21,434
|
|
|
$
|
24,915
|
|
Operating expenses
|
(7,713
|
)
|
|
(16,030
|
)
|
|
(17,666
|
)
|
|||
Interest expense
|
133
|
|
|
(3,529
|
)
|
|
(4,727
|
)
|
|||
Gain on sale of real estate, net
|
14,841
|
|
|
58,110
|
|
|
14,209
|
|
|||
Other gains and (losses)
|
(182
|
)
|
|
(870
|
)
|
|
(22
|
)
|
|||
Benefit from (provision for) income taxes
|
87
|
|
|
178
|
|
|
(132
|
)
|
|||
Net income attributable to noncontrolling interests
|
(2,541
|
)
|
|
(8,154
|
)
|
|
(3,562
|
)
|
|||
Net income attributable to CPA:18 – Global
|
$
|
15,175
|
|
|
$
|
51,139
|
|
|
$
|
13,015
|
|
All Other (f)
|
|
|
|
|
|
||||||
Revenues
|
$
|
4,076
|
|
|
$
|
7,238
|
|
|
$
|
7,168
|
|
Operating expenses
|
—
|
|
|
(4
|
)
|
|
(12
|
)
|
|||
Net income attributable to CPA:18 – Global
|
$
|
4,076
|
|
|
$
|
7,234
|
|
|
$
|
7,156
|
|
Corporate
|
|
|
|
|
|
||||||
Unallocated Corporate Overhead (g)
|
$
|
(18,220
|
)
|
|
$
|
(19,681
|
)
|
|
$
|
(1,980
|
)
|
Net income attributable to noncontrolling interests – Available Cash Distributions
|
$
|
(8,132
|
)
|
|
$
|
(9,692
|
)
|
|
$
|
(8,650
|
)
|
Total Company
|
|
|
|
|
|
||||||
Revenues
|
$
|
197,439
|
|
|
$
|
216,716
|
|
|
$
|
205,634
|
|
Operating expenses
|
(132,509
|
)
|
|
(147,018
|
)
|
|
(151,636
|
)
|
|||
Interest expense
|
(48,019
|
)
|
|
(53,221
|
)
|
|
(48,994
|
)
|
|||
Gain on sale of real estate, net
|
24,773
|
|
|
78,657
|
|
|
14,209
|
|
|||
Other gains and (losses) (e)
|
2,530
|
|
|
20,204
|
|
|
19,098
|
|
|||
(Provision for) Benefit from income taxes
|
(210
|
)
|
|
1,952
|
|
|
1,506
|
|
|||
Net income attributable to noncontrolling interests
|
(11,432
|
)
|
|
(20,562
|
)
|
|
(13,284
|
)
|
|||
Net income attributable to CPA:18 – Global
|
$
|
32,572
|
|
|
$
|
96,728
|
|
|
$
|
26,533
|
|
|
Total Assets at December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net Lease (a)
|
$
|
1,517,659
|
|
|
$
|
1,461,385
|
|
Self Storage
|
369,883
|
|
|
386,682
|
|
||
Other Operating Properties (a)
|
213,692
|
|
|
313,925
|
|
||
Corporate
|
105,407
|
|
|
78,099
|
|
||
All Other
|
28,162
|
|
|
64,462
|
|
||
Total Company
|
$
|
2,234,803
|
|
|
$
|
2,304,553
|
|
(a)
|
On December 20, 2019, we executed a Framework Agreement with a third party to enter into 11 net lease agreements for our student housing properties located in Spain and Portugal for 25 years upon completion of construction. As a result of this transaction, we reclassified $30.8 million relating to the student housing property placed into service during the third quarter of 2019 from our Other Operating Properties business segment to our Net Lease business segment (Note 4). Additionally, we reclassified $160.6 million relating to the remaining ten student housing projects under construction and are scheduled for completion throughout 2020 and 2021.
|
(b)
|
For the years ended December 31, 2018, and 2017 we recorded bad debt expense of $5.2 million and $2.9 million, respectively, which is included in Property expenses in the consolidated statements of income as a result of financial difficulties and uncertainty regarding future rent collections from our tenant Fortenova. As part of our adoption of ASU 2016-02 in the first quarter of 2019, any lease payments that were not determined to be probable of collection were recognized within lease revenues (Note 2). In addition, we restructured the lease with the tenant during the year ended December 31, 2019, under which, the tenant was current on rent.
|
(c)
|
As a result of the financial difficulties and uncertainty regarding future rent collections from a tenant in Stavanger, Norway, we recorded bad debt expense of $1.2 million for the year ended December 31, 2017. During the year ended December 31, 2019 and 2018, the tenant was current on rent under the amended lease.
|
(d)
|
The year ended December 31, 2018 includes a gain on insurance proceeds of $16.6 million (inclusive of a tax benefit of $3.5 million) as a result of a settlement agreement with our political risk insurer regarding the Ghana Joint Venture (Note 4), as well as $5.6 million of insurance proceeds regarding a property that was damaged by a tornado in 2017.
|
(e)
|
Includes Equity in losses of equity method investment in real estate.
|
(f)
|
Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019 (Note 5).
|
(g)
|
Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $11.5 million, $12.1 million, and $11.3 million for the years ended December 31, 2019, 2018, and 2017, respectively (Note 3).
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues
|
|
|
|
|
|
||||||
Florida
|
$
|
22,876
|
|
|
$
|
29,136
|
|
|
$
|
29,263
|
|
Texas
|
20,941
|
|
|
24,681
|
|
|
25,166
|
|
|||
All Other Domestic
|
72,513
|
|
|
81,059
|
|
|
81,830
|
|
|||
Total Domestic
|
116,330
|
|
|
134,876
|
|
|
136,259
|
|
|||
|
|
|
|
|
|
||||||
Total International (a)
|
81,109
|
|
|
81,840
|
|
|
69,375
|
|
|||
Total Company
|
$
|
197,439
|
|
|
$
|
216,716
|
|
|
$
|
205,634
|
|
(a)
|
All years include operations in Norway, Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, and Canada. The year ended December 31, 2019, includes operations in Spain. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2019, 2018, and 2017.
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Long-lived assets (a)
|
|
|
|
||||
Texas
|
$
|
246,421
|
|
|
$
|
215,330
|
|
Florida
|
140,631
|
|
|
167,944
|
|
||
All Other Domestic
|
498,418
|
|
|
515,965
|
|
||
Total Domestic
|
885,470
|
|
|
899,239
|
|
||
|
|
|
|
||||
Norway
|
197,091
|
|
|
204,902
|
|
||
All Other International (b)
|
864,159
|
|
|
832,095
|
|
||
Total International
|
1,061,250
|
|
|
1,036,997
|
|
||
Total Company
|
$
|
1,946,720
|
|
|
$
|
1,936,236
|
|
(a)
|
Consists of Net investments in real estate.
|
(b)
|
Both years include operations in Croatia, the Netherlands, Poland, the United Kingdom, Germany, Mauritius, Slovakia, Canada, Spain, and Portugal.
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2019
|
|
June 30, 2019
|
|
September 30, 2019
|
|
December 31, 2019
|
||||||||
Revenues
|
$
|
50,294
|
|
|
$
|
49,027
|
|
|
$
|
49,091
|
|
|
$
|
49,027
|
|
Expenses
|
32,272
|
|
|
34,021
|
|
|
35,737
|
|
|
30,479
|
|
||||
Net income (a)
|
19,673
|
|
|
5,178
|
|
|
10,464
|
|
|
8,689
|
|
||||
Net income attributable to noncontrolling interests (a)
|
(4,846
|
)
|
|
(2,100
|
)
|
|
(1,505
|
)
|
|
(2,981
|
)
|
||||
Net income attributable to CPA:18 – Global
|
14,827
|
|
|
3,078
|
|
|
8,959
|
|
|
5,708
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Class A Common Stock
|
|
|
|
|
|
|
|
||||||||
Basic and diluted income per share (b)
|
$
|
0.10
|
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
||||||||
Class C Common Stock
|
|
|
|
|
|
|
|
||||||||
Basic and diluted income per share (b)
|
$
|
0.10
|
|
|
$
|
0.02
|
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
June 30, 2018
|
|
September 30, 2018
|
|
December 31, 2018
|
||||||||
Revenues
|
$
|
54,435
|
|
|
$
|
55,403
|
|
|
$
|
55,157
|
|
|
$
|
51,721
|
|
Expenses
|
37,270
|
|
|
37,119
|
|
|
37,348
|
|
|
35,281
|
|
||||
Net income (c) (d) (e)
|
12,318
|
|
|
2,981
|
|
|
55,487
|
|
|
46,504
|
|
||||
Net income attributable to noncontrolling interests (d) (e)
|
(1,991
|
)
|
|
(3,315
|
)
|
|
(10,003
|
)
|
|
(5,253
|
)
|
||||
Net income (loss) attributable to CPA:18 – Global
|
10,327
|
|
|
(334
|
)
|
|
45,484
|
|
|
41,251
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Class A Common Stock
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per share (b)
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
||||||||
Class C Common Stock
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per share (b)
|
$
|
0.07
|
|
|
$
|
—
|
|
|
$
|
0.31
|
|
|
$
|
0.28
|
|
(a)
|
Amount for the three months ended March 31, 2019 includes gains on sale of $15.4 million (which includes a $2.9 million gain attributable to noncontrolling interests) and $1.2 million relating to the dispositions of our last multi-family residential property, and a retail building included in our Truffle portfolio. Amount for the three months ended June 30, 2019 includes a gain on sale of $0.7 million relating to the dispositions of two additional properties located in our Truffle portfolio. Amount for the three months ended September 30, 2019 includes a gain on sale of $8.4 million relating to the remaining eight properties in our Truffle portfolio (Note 13).
|
(b)
|
The sum of the quarterly Income per share does not agree to the annual earnings per share for 2019 and 2018 due to the issuances of our common stock that occurred during such periods.
|
(c)
|
Amounts for the three months ended March 31, 2018, June 30, 2018, and December 31, 2018 include gains on insurance proceeds for $4.4 million, $0.9 million, and $0.3 million, respectively, recognized for a property that was damaged by a tornado in 2017.
|
(d)
|
Amount for the three months ended September 30, 2018 includes gain on sale of $52.2 million recognized on the disposition of four domestic multi-family residential properties, inclusive of the gains on sale of $8.1 million attributable to noncontrolling interests (Note 13).
|
(e)
|
Amount for the three months ended December 31, 2018 includes a gain on sale of real estate relating to the dispositions of an office building located in Utrecht, the Netherlands and a domestic multi-family residential property located in San Antonio, Texas of $20.5 million (inclusive of a tax benefit of $2.0 million) and $5.2 million (which includes $0.2 million gain attributable to noncontrolling interests), respectively. Additionally, there was a $16.6 million (inclusive of a tax benefit and gain attributable to noncontrolling interests of $3.5 million and $2.3 million, respectively) gain on insurance proceeds for the settlement with our insurer relating to an investment located in Accra, Ghana (Note 13).
|
Description
|
|
Balance at
Beginning
of Year
|
|
Other Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||||
Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
9,213
|
|
|
$
|
8,879
|
|
|
$
|
(536
|
)
|
|
$
|
17,556
|
|
Allowance for uncollectible accounts (a)
|
|
9,781
|
|
|
—
|
|
|
(9,781
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
13,593
|
|
|
$
|
3,090
|
|
|
$
|
(7,470
|
)
|
|
$
|
9,213
|
|
Allowance for uncollectible accounts
|
|
4,399
|
|
|
5,383
|
|
|
(1
|
)
|
|
9,781
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Valuation reserve for deferred tax assets
|
|
$
|
12,817
|
|
|
$
|
3,566
|
|
|
$
|
(2,790
|
)
|
|
$
|
13,593
|
|
Allowance for uncollectible accounts
|
|
4
|
|
|
4,398
|
|
|
(3
|
)
|
|
4,399
|
|
(a)
|
In accordance with the adoption of ASU 2016-02 during the first quarter of 2019, any amounts deemed uncollectible are now recorded within lease revenues (Note 2).
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which
Carried at Close of Period (c) (d)
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
||||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
||||||||||||||||||||||||
Real Estate Under Operating Leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Office facility in Austin, TX
|
|
$
|
72,719
|
|
|
$
|
29,215
|
|
|
$
|
67,993
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,215
|
|
|
$
|
67,993
|
|
|
$
|
97,208
|
|
|
$
|
13,427
|
|
|
1993
|
|
Aug. 2013
|
|
40 yrs.
|
Retail facility in Zagreb, Croatia
|
|
5,808
|
|
|
—
|
|
|
10,828
|
|
|
—
|
|
|
(1,962
|
)
|
|
—
|
|
|
8,866
|
|
|
8,866
|
|
|
1,576
|
|
|
2005
|
|
Dec. 2013
|
|
34 yrs.
|
|||||||||
Retail facility in Zagreb, Croatia
|
|
5,750
|
|
|
—
|
|
|
10,576
|
|
|
—
|
|
|
(1,988
|
)
|
|
—
|
|
|
8,588
|
|
|
8,588
|
|
|
1,442
|
|
|
2006
|
|
Dec. 2013
|
|
36 yrs.
|
|||||||||
Retail facility in Zagreb, Croatia
|
|
5,640
|
|
|
2,264
|
|
|
10,676
|
|
|
—
|
|
|
(2,422
|
)
|
|
1,848
|
|
|
8,670
|
|
|
10,518
|
|
|
1,591
|
|
|
2006
|
|
Dec. 2013
|
|
34 yrs.
|
|||||||||
Retail facility in Zadar, Croatia
|
|
6,339
|
|
|
4,320
|
|
|
10,536
|
|
|
748
|
|
|
(2,775
|
)
|
|
3,526
|
|
|
9,303
|
|
|
12,829
|
|
|
1,700
|
|
|
2007
|
|
Dec. 2013
|
|
33 yrs.
|
|||||||||
Retail facility in Split, Croatia
|
|
2,578
|
|
|
—
|
|
|
3,161
|
|
|
—
|
|
|
(601
|
)
|
|
—
|
|
|
2,560
|
|
|
2,560
|
|
|
573
|
|
|
2001
|
|
Dec. 2013
|
|
27 yrs.
|
|||||||||
Industrial facility in Streetsboro, OH
|
|
2,852
|
|
|
1,163
|
|
|
3,393
|
|
|
1,585
|
|
|
(535
|
)
|
|
1,163
|
|
|
4,443
|
|
|
5,606
|
|
|
1,418
|
|
|
1993
|
|
Jan. 2014
|
|
21 yrs.
|
|||||||||
Warehouse facility in University Park, IL
|
|
47,193
|
|
|
13,748
|
|
|
52,135
|
|
|
—
|
|
|
—
|
|
|
13,748
|
|
|
52,135
|
|
|
65,883
|
|
|
11,307
|
|
|
2003
|
|
Feb. 2014
|
|
34 - 36 yrs.
|
|||||||||
Office facility in Norcross, GA
|
|
3,229
|
|
|
1,044
|
|
|
3,361
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|
3,361
|
|
|
4,405
|
|
|
616
|
|
|
1999
|
|
Feb. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Oslo, Norway
|
|
41,175
|
|
|
14,362
|
|
|
59,219
|
|
|
—
|
|
|
(22,881
|
)
|
|
9,896
|
|
|
40,804
|
|
|
50,700
|
|
|
5,989
|
|
|
2013
|
|
Feb. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Warsaw, Poland
|
|
55,239
|
|
|
—
|
|
|
112,676
|
|
|
—
|
|
|
(20,644
|
)
|
|
—
|
|
|
92,032
|
|
|
92,032
|
|
|
13,331
|
|
|
2008
|
|
Mar. 2014
|
|
40 yrs.
|
|||||||||
Industrial facility in Columbus, GA
|
|
4,475
|
|
|
448
|
|
|
5,841
|
|
|
—
|
|
|
—
|
|
|
448
|
|
|
5,841
|
|
|
6,289
|
|
|
1,207
|
|
|
1995
|
|
Apr. 2014
|
|
30 yrs.
|
|||||||||
Office facility in Farmington Hills, MI
|
|
6,756
|
|
|
2,251
|
|
|
3,390
|
|
|
672
|
|
|
47
|
|
|
2,251
|
|
|
4,109
|
|
|
6,360
|
|
|
834
|
|
|
2001
|
|
May 2014
|
|
40 yrs.
|
|||||||||
Industrial facility in Surprise, AZ
|
|
2,109
|
|
|
298
|
|
|
2,347
|
|
|
1,700
|
|
|
—
|
|
|
298
|
|
|
4,047
|
|
|
4,345
|
|
|
714
|
|
|
1998
|
|
May 2014
|
|
35 yrs.
|
|||||||||
Industrial facility in Temple, GA
|
|
6,097
|
|
|
381
|
|
|
6,469
|
|
|
—
|
|
|
—
|
|
|
381
|
|
|
6,469
|
|
|
6,850
|
|
|
1,246
|
|
|
2007
|
|
May 2014
|
|
33 yrs.
|
|||||||||
Land in Houston, TX
|
|
1,101
|
|
|
1,675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,675
|
|
|
—
|
|
|
1,675
|
|
|
—
|
|
|
N/A
|
|
May 2014
|
|
N/A
|
|||||||||
Land in Chicago, IL
|
|
1,581
|
|
|
3,036
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,036
|
|
|
—
|
|
|
3,036
|
|
|
—
|
|
|
N/A
|
|
May 2014
|
|
N/A
|
|||||||||
Warehouse facility in Jonesville, SC
|
|
27,987
|
|
|
2,995
|
|
|
14,644
|
|
|
19,389
|
|
|
—
|
|
|
2,995
|
|
|
34,033
|
|
|
37,028
|
|
|
6,902
|
|
|
1997
|
|
Jun. 2014
|
|
28 yrs.
|
|||||||||
Office facility in Warstein, Germany
|
|
10,440
|
|
|
281
|
|
|
15,671
|
|
|
—
|
|
|
(1,827
|
)
|
|
249
|
|
|
13,876
|
|
|
14,125
|
|
|
1,908
|
|
|
2011
|
|
Sep. 2014
|
|
40 yrs.
|
|||||||||
Warehouse facility in Albany, GA
|
|
5,925
|
|
|
1,141
|
|
|
5,997
|
|
|
4,690
|
|
|
—
|
|
|
1,141
|
|
|
10,687
|
|
|
11,828
|
|
|
1,214
|
|
|
1977
|
|
Oct. 2014
|
|
14 yrs.
|
|||||||||
Office facility in Stavanger, Norway
|
|
40,687
|
|
|
8,276
|
|
|
80,475
|
|
|
—
|
|
|
(22,125
|
)
|
|
6,260
|
|
|
60,366
|
|
|
66,626
|
|
|
7,901
|
|
|
2012
|
|
Oct. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Eagan, MN
|
|
9,678
|
|
|
1,189
|
|
|
11,279
|
|
|
—
|
|
|
—
|
|
|
1,189
|
|
|
11,279
|
|
|
12,468
|
|
|
1,559
|
|
|
2013
|
|
Nov. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Plymouth, MN
|
|
27,563
|
|
|
3,990
|
|
|
30,320
|
|
|
—
|
|
|
—
|
|
|
3,990
|
|
|
30,320
|
|
|
34,310
|
|
|
4,186
|
|
|
1982
|
|
Nov. 2014
|
|
40 yrs.
|
|||||||||
Industrial facility in Dallas, TX
|
|
1,522
|
|
|
512
|
|
|
1,283
|
|
|
2
|
|
|
—
|
|
|
512
|
|
|
1,285
|
|
|
1,797
|
|
|
320
|
|
|
1990
|
|
Nov. 2014
|
|
26 yrs.
|
|||||||||
Industrial facility in Dallas, TX
|
|
716
|
|
|
509
|
|
|
340
|
|
|
2
|
|
|
—
|
|
|
509
|
|
|
342
|
|
|
851
|
|
|
156
|
|
|
1990
|
|
Nov. 2014
|
|
20 yrs.
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which
Carried at Close of Period (c) (d)
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
||||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
Land
|
|
Buildings
|
|
Total
|
|
|
|
|
||||||||||||||||||||||||
Industrial facility in Dallas, TX
|
|
255
|
|
|
128
|
|
|
204
|
|
|
2
|
|
|
—
|
|
|
128
|
|
|
206
|
|
|
334
|
|
|
70
|
|
|
1990
|
|
Nov. 2014
|
|
21 yrs.
|
|||||||||
Industrial facility in Dallas, TX
|
|
1,103
|
|
|
360
|
|
|
1,120
|
|
|
1
|
|
|
—
|
|
|
360
|
|
|
1,121
|
|
|
1,481
|
|
|
243
|
|
|
1990
|
|
Nov. 2014
|
|
29 yrs.
|
|||||||||
Industrial facility in Fort Worth, TX
|
|
1,117
|
|
|
809
|
|
|
671
|
|
|
1
|
|
|
—
|
|
|
809
|
|
|
672
|
|
|
1,481
|
|
|
212
|
|
|
2008
|
|
Nov. 2014
|
|
30 yrs.
|
|||||||||
Industrial and warehouse facility in Byron Center, MI
|
|
7,126
|
|
|
625
|
|
|
1,005
|
|
|
9,515
|
|
|
—
|
|
|
625
|
|
|
10,520
|
|
|
11,145
|
|
|
1,162
|
|
|
2015
|
|
Nov. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Rotterdam, Netherlands
|
|
36,507
|
|
|
2,247
|
|
|
27,150
|
|
|
—
|
|
|
(5,682
|
)
|
|
1,468
|
|
|
22,247
|
|
|
23,715
|
|
|
2,834
|
|
|
1960
|
|
Dec. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Rotterdam, Netherlands
|
|
—
|
|
|
2,246
|
|
|
27,136
|
|
|
—
|
|
|
(191
|
)
|
|
2,576
|
|
|
26,615
|
|
|
29,191
|
|
|
3,401
|
|
|
1960
|
|
Dec. 2014
|
|
40 yrs.
|
|||||||||
Hotel in Albion, Mauritius
|
|
26,951
|
|
|
4,047
|
|
|
54,927
|
|
|
243
|
|
|
(4,595
|
)
|
|
3,736
|
|
|
50,886
|
|
|
54,622
|
|
|
7,826
|
|
|
2007
|
|
Dec. 2014
|
|
40 yrs.
|
|||||||||
Office facility in Eindhoven, Netherlands
|
|
53,222
|
|
|
8,736
|
|
|
14,493
|
|
|
73,764
|
|
|
1,095
|
|
|
9,335
|
|
|
88,753
|
|
|
98,088
|
|
|
5,828
|
|
|
2017
|
|
Mar. 2015
|
|
40 yrs.
|
|||||||||
Warehouse facility in Freetown, MA
|
|
3,196
|
|
|
1,149
|
|
|
2,219
|
|
|
—
|
|
|
—
|
|
|
1,149
|
|
|
2,219
|
|
|
3,368
|
|
|
909
|
|
|
2002
|
|
Apr. 2015
|
|
28 yrs.
|
|||||||||
Office facility in Plano, TX
|
|
21,853
|
|
|
3,180
|
|
|
26,926
|
|
|
—
|
|
|
—
|
|
|
3,180
|
|
|
26,926
|
|
|
30,106
|
|
|
3,303
|
|
|
2001
|
|
Apr. 2015
|
|
40 yrs.
|
|||||||||
Hotel in Munich, Germany
|
|
46,519
|
|
|
8,497
|
|
|
41,883
|
|
|
42,982
|
|
|
(6,672
|
)
|
|
10,081
|
|
|
76,609
|
|
|
86,690
|
|
|
4,387
|
|
|
2017
|
|
May 2015
|
|
40 yrs.
|
|||||||||
Warehouse facility in Plymouth, MN
|
|
10,445
|
|
|
2,537
|
|
|
9,731
|
|
|
1,019
|
|
|
—
|
|
|
2,537
|
|
|
10,750
|
|
|
13,287
|
|
|
1,900
|
|
|
1975
|
|
May 2015
|
|
32 yrs.
|
|||||||||
Retail facility in Oslo, Norway
|
|
56,699
|
|
|
61,607
|
|
|
34,183
|
|
|
270
|
|
|
(13,553
|
)
|
|
52,892
|
|
|
29,615
|
|
|
82,507
|
|
|
6,089
|
|
|
1971
|
|
May 2015
|
|
30 yrs.
|
|||||||||
Hotel in Hamburg, Germany
|
|
16,878
|
|
|
5,719
|
|
|
1,530
|
|
|
21,248
|
|
|
(474
|
)
|
|
5,831
|
|
|
22,192
|
|
|
28,023
|
|
|
1,389
|
|
|
2017
|
|
Jun. 2015
|
|
40 yrs.
|
|||||||||
Office facility in Jacksonville, FL
|
|
10,574
|
|
|
1,688
|
|
|
10,081
|
|
|
—
|
|
|
—
|
|
|
1,688
|
|
|
10,081
|
|
|
11,769
|
|
|
1,285
|
|
|
2001
|
|
Jul. 2015
|
|
40 yrs.
|
|||||||||
Office facility in Warrenville, IL
|
|
22,572
|
|
|
2,222
|
|
|
25,449
|
|
|
1,239
|
|
|
—
|
|
|
2,222
|
|
|
26,688
|
|
|
28,910
|
|
|
3,324
|
|
|
2001
|
|
Sep. 2015
|
|
40 yrs.
|
|||||||||
Office facility in Coralville, IA
|
|
34,579
|
|
|
1,937
|
|
|
31,093
|
|
|
5,048
|
|
|
—
|
|
|
1,937
|
|
|
36,141
|
|
|
38,078
|
|
|
3,954
|
|
|
2015
|
|
Oct. 2015
|
|
40 yrs.
|
|||||||||
Industrial facility in Michalovce, Slovakia
|
|
13,279
|
|
|
1,055
|
|
|
10,808
|
|
|
13,611
|
|
|
(64
|
)
|
|
1,375
|
|
|
24,035
|
|
|
25,410
|
|
|
2,396
|
|
|
2006
|
|
Oct. 2015
|
|
40 yrs.
|
|||||||||
Hotel in Stuttgart, Germany
|
|
17,466
|
|
|
—
|
|
|
25,717
|
|
|
1,175
|
|
|
826
|
|
|
—
|
|
|
27,718
|
|
|
27,718
|
|
|
3,180
|
|
|
1965
|
|
Dec. 2015
|
|
35 yrs.
|
|||||||||
Warehouse facility in Iowa City, IA
|
|
6,144
|
|
|
913
|
|
|
5,785
|
|
|
—
|
|
|
—
|
|
|
913
|
|
|
5,785
|
|
|
6,698
|
|
|
663
|
|
|
2001
|
|
Mar. 2017
|
|
28 yrs.
|
|||||||||
Residential facility in Barcelona, Spain
|
|
13,951
|
|
|
7,453
|
|
|
3,574
|
|
|
19,833
|
|
|
381
|
|
|
8,477
|
|
|
22,764
|
|
|
31,241
|
|
|
450
|
|
|
2019
|
|
Mar. 2018
|
|
40 yrs.
|
|||||||||
|
|
$
|
795,595
|
|
|
$
|
210,253
|
|
|
$
|
878,295
|
|
|
$
|
218,739
|
|
|
$
|
(106,642
|
)
|
|
$
|
196,693
|
|
|
$
|
1,003,952
|
|
|
$
|
1,200,645
|
|
|
$
|
135,922
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized
Subsequent to
Acquisition (a)
|
|
Increase
(Decrease)
in Net
Investments (b)
|
|
Gross Amount at
which Carried at
Close of Period
Total
|
|
Date of Construction
|
|
Date Acquired
|
||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
|
|
|
|||||||||||||||||
Direct Financing Method
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial facility in Columbus, GA
|
|
$
|
2,601
|
|
|
$
|
488
|
|
|
$
|
2,947
|
|
|
$
|
—
|
|
|
$
|
875
|
|
|
$
|
4,310
|
|
|
1965
|
|
Apr. 2014
|
Industrial facility in Houston, TX
|
|
1,171
|
|
|
—
|
|
|
1,573
|
|
|
—
|
|
|
210
|
|
|
1,783
|
|
|
1973
|
|
May 2014
|
||||||
Warehouse facility in Chicago, IL
|
|
5,915
|
|
|
—
|
|
|
8,564
|
|
|
1,381
|
|
|
1,418
|
|
|
11,363
|
|
|
1942
|
|
May 2014
|
||||||
Industrial facility in Menomonee Falls, WI
|
|
13,339
|
|
|
1,680
|
|
|
22,104
|
|
|
—
|
|
|
814
|
|
|
24,598
|
|
|
1974
|
|
Dec. 2015
|
||||||
|
|
$
|
23,026
|
|
|
$
|
2,168
|
|
|
$
|
35,188
|
|
|
$
|
1,381
|
|
|
$
|
3,317
|
|
|
$
|
42,054
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs
Capitalized Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which Carried
at Close of Period (c) (d) |
|
|
|
|
|
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
||||||||||||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
Total
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
|||||||||||||||||||||||||
Operating Real Estate – Residential Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Cardiff, UK
|
|
$
|
29,397
|
|
|
$
|
222
|
|
|
$
|
14,136
|
|
|
$
|
—
|
|
|
$
|
31,417
|
|
|
$
|
381
|
|
|
$
|
222
|
|
|
$
|
44,350
|
|
|
$
|
1,584
|
|
|
$
|
46,156
|
|
|
$
|
1,671
|
|
|
2018
|
|
Jun. 2015
|
|
40 yrs.
|
Portsmouth, UK
|
|
47,065
|
|
|
8,096
|
|
|
3,416
|
|
|
—
|
|
|
59,294
|
|
|
669
|
|
|
8,160
|
|
|
61,012
|
|
|
2,303
|
|
|
71,475
|
|
|
2,406
|
|
|
2018
|
|
Dec. 2015
|
|
40 yrs.
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Operating Real Estate – Self-Storage Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Kissimmee, FL
|
|
6,666
|
|
|
3,306
|
|
|
7,190
|
|
|
—
|
|
|
129
|
|
|
(18
|
)
|
|
3,306
|
|
|
7,224
|
|
|
77
|
|
|
10,607
|
|
|
1,275
|
|
|
2005
|
|
Jan. 2014
|
|
38 yrs.
|
|||||||||||
St. Petersburg, FL
|
|
7,142
|
|
|
3,258
|
|
|
7,128
|
|
|
—
|
|
|
165
|
|
|
4
|
|
|
3,258
|
|
|
7,252
|
|
|
45
|
|
|
10,555
|
|
|
1,197
|
|
|
2007
|
|
Jan. 2014
|
|
40 yrs.
|
|||||||||||
Corpus Christi, TX
|
|
2,706
|
|
|
340
|
|
|
3,428
|
|
|
—
|
|
|
285
|
|
|
4
|
|
|
340
|
|
|
3,625
|
|
|
92
|
|
|
4,057
|
|
|
858
|
|
|
1998
|
|
Jul. 2014
|
|
28 yrs.
|
|||||||||||
Kailua-Kona, HI
|
|
3,744
|
|
|
1,356
|
|
|
3,699
|
|
|
—
|
|
|
303
|
|
|
13
|
|
|
1,356
|
|
|
3,967
|
|
|
48
|
|
|
5,371
|
|
|
796
|
|
|
1991
|
|
Jul. 2014
|
|
32 yrs.
|
|||||||||||
Miami, FL
|
|
3,013
|
|
|
1,915
|
|
|
1,894
|
|
|
—
|
|
|
124
|
|
|
7
|
|
|
1,915
|
|
|
1,996
|
|
|
29
|
|
|
3,940
|
|
|
396
|
|
|
1986
|
|
Aug. 2014
|
|
33 yrs.
|
|||||||||||
Palm Desert, CA
|
|
6,842
|
|
|
669
|
|
|
8,899
|
|
|
—
|
|
|
77
|
|
|
4
|
|
|
669
|
|
|
8,941
|
|
|
39
|
|
|
9,649
|
|
|
1,313
|
|
|
2006
|
|
Aug. 2014
|
|
40 yrs.
|
|||||||||||
Columbia, SC
|
|
3,035
|
|
|
1,065
|
|
|
2,742
|
|
|
—
|
|
|
229
|
|
|
15
|
|
|
1,065
|
|
|
2,874
|
|
|
112
|
|
|
4,051
|
|
|
685
|
|
|
1988
|
|
Sep. 2014
|
|
27 - 30 yrs.
|
|||||||||||
Kailua-Kona, HI
|
|
3,500
|
|
|
2,263
|
|
|
2,704
|
|
|
—
|
|
|
110
|
|
|
4
|
|
|
2,263
|
|
|
2,754
|
|
|
64
|
|
|
5,081
|
|
|
550
|
|
|
2004
|
|
Oct. 2014
|
|
32 yrs.
|
|||||||||||
Pompano Beach, FL
|
|
3,002
|
|
|
700
|
|
|
3,436
|
|
|
—
|
|
|
768
|
|
|
2
|
|
|
700
|
|
|
4,133
|
|
|
73
|
|
|
4,906
|
|
|
911
|
|
|
1992
|
|
Oct. 2014
|
|
28 yrs.
|
|||||||||||
Jensen Beach, FL
|
|
5,543
|
|
|
1,596
|
|
|
5,963
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
1,596
|
|
|
6,023
|
|
|
66
|
|
|
7,685
|
|
|
997
|
|
|
1989
|
|
Nov. 2014
|
|
37 yrs.
|
|||||||||||
Dickinson, TX
|
|
6,414
|
|
|
1,680
|
|
|
7,165
|
|
|
—
|
|
|
166
|
|
|
2
|
|
|
1,680
|
|
|
7,219
|
|
|
114
|
|
|
9,013
|
|
|
1,303
|
|
|
2001
|
|
Dec. 2014
|
|
35 yrs.
|
|||||||||||
Humble, TX
|
|
5,020
|
|
|
341
|
|
|
6,582
|
|
|
—
|
|
|
26
|
|
|
3
|
|
|
341
|
|
|
6,586
|
|
|
25
|
|
|
6,952
|
|
|
965
|
|
|
2009
|
|
Dec. 2014
|
|
39 yrs.
|
|||||||||||
Temecula, CA
|
|
6,478
|
|
|
449
|
|
|
8,574
|
|
|
—
|
|
|
22
|
|
|
(6
|
)
|
|
449
|
|
|
8,568
|
|
|
22
|
|
|
9,039
|
|
|
1,277
|
|
|
2006
|
|
Dec. 2014
|
|
37 yrs.
|
|||||||||||
Cumming, GA
|
|
2,842
|
|
|
300
|
|
|
3,531
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
300
|
|
|
3,577
|
|
|
55
|
|
|
3,932
|
|
|
813
|
|
|
1994
|
|
Dec. 2014
|
|
27 yrs.
|
|||||||||||
Naples, FL
|
|
10,646
|
|
|
3,073
|
|
|
10,677
|
|
|
—
|
|
|
1,455
|
|
|
19
|
|
|
3,073
|
|
|
12,005
|
|
|
146
|
|
|
15,224
|
|
|
2,460
|
|
|
1974
|
|
Jan. 2015
|
|
31 yrs.
|
|||||||||||
Valrico, FL
|
|
5,969
|
|
|
695
|
|
|
7,558
|
|
|
—
|
|
|
308
|
|
|
(200
|
)
|
|
695
|
|
|
7,637
|
|
|
29
|
|
|
8,361
|
|
|
941
|
|
|
2009
|
|
Jan. 2015
|
|
40 yrs.
|
|||||||||||
Tallahassee, FL
|
|
4,887
|
|
|
1,796
|
|
|
4,782
|
|
|
—
|
|
|
132
|
|
|
2
|
|
|
1,796
|
|
|
4,851
|
|
|
65
|
|
|
6,712
|
|
|
825
|
|
|
1999
|
|
Feb. 2015
|
|
24 yrs.
|
|
|
|
|
Initial Cost to Company
|
|
Costs
Capitalized Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which Carried
at Close of Period (c) (d) |
|
|
|
|
|
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
|||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
Total
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
||||||||||||||
Sebastian, FL
|
|
1,917
|
|
|
474
|
|
|
2,031
|
|
|
—
|
|
|
286
|
|
|
—
|
|
|
474
|
|
|
2,251
|
|
|
66
|
|
|
2,791
|
|
|
647
|
|
|
1986
|
|
Feb. 2015
|
|
20 yrs.
|
Lady Lake, FL
|
|
3,919
|
|
|
522
|
|
|
4,809
|
|
|
—
|
|
|
234
|
|
|
—
|
|
|
522
|
|
|
5,035
|
|
|
8
|
|
|
5,565
|
|
|
698
|
|
|
2010
|
|
Feb. 2015
|
|
40 yrs.
|
Panama City Beach, FL
|
|
2,603
|
|
|
706
|
|
|
2,864
|
|
|
—
|
|
|
39
|
|
|
5
|
|
|
706
|
|
|
2,877
|
|
|
31
|
|
|
3,614
|
|
|
504
|
|
|
1997
|
|
Mar. 2015
|
|
36 yrs.
|
Hesperia, CA
|
|
5,943
|
|
|
779
|
|
|
5,504
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
779
|
|
|
5,566
|
|
|
57
|
|
|
6,402
|
|
|
1,277
|
|
|
2004
|
|
Apr. 2015
|
|
27 yrs.
|
Hesperia, CA
|
|
2,444
|
|
|
335
|
|
|
1,999
|
|
|
—
|
|
|
98
|
|
|
—
|
|
|
335
|
|
|
2,088
|
|
|
9
|
|
|
2,432
|
|
|
496
|
|
|
2007
|
|
Apr. 2015
|
|
28 yrs.
|
Hesperia, CA
|
|
3,579
|
|
|
384
|
|
|
3,042
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
384
|
|
|
3,107
|
|
|
43
|
|
|
3,534
|
|
|
923
|
|
|
1985
|
|
Apr. 2015
|
|
20 yrs.
|
Highland, CA
|
|
4,512
|
|
|
1,056
|
|
|
3,366
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
1,056
|
|
|
3,400
|
|
|
10
|
|
|
4,466
|
|
|
573
|
|
|
2003
|
|
Apr. 2015
|
|
36 yrs.
|
Lancaster, CA
|
|
4,482
|
|
|
217
|
|
|
4,355
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
217
|
|
|
4,390
|
|
|
42
|
|
|
4,649
|
|
|
795
|
|
|
1989
|
|
Apr. 2015
|
|
31 yrs.
|
Rialto, CA
|
|
6,578
|
|
|
1,905
|
|
|
3,642
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
1,905
|
|
|
3,676
|
|
|
31
|
|
|
5,612
|
|
|
718
|
|
|
2007
|
|
Apr. 2015
|
|
30 yrs.
|
Thousand Palms, CA
|
|
6,286
|
|
|
1,115
|
|
|
5,802
|
|
|
—
|
|
|
103
|
|
|
2
|
|
|
1,115
|
|
|
5,876
|
|
|
31
|
|
|
7,022
|
|
|
1,124
|
|
|
2007
|
|
Apr. 2015
|
|
31 yrs.
|
Louisville, KY
|
|
6,585
|
|
|
2,973
|
|
|
6,056
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
2,973
|
|
|
6,129
|
|
|
66
|
|
|
9,168
|
|
|
1,221
|
|
|
1998
|
|
Apr. 2015
|
|
32 yrs.
|
Lilburn, GA
|
|
2,328
|
|
|
1,499
|
|
|
1,658
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|
1,499
|
|
|
1,714
|
|
|
50
|
|
|
3,263
|
|
|
651
|
|
|
1998
|
|
Apr. 2015
|
|
18 yrs.
|
Stockbridge GA
|
|
1,616
|
|
|
170
|
|
|
1,996
|
|
|
—
|
|
|
204
|
|
|
—
|
|
|
170
|
|
|
2,153
|
|
|
47
|
|
|
2,370
|
|
|
520
|
|
|
2003
|
|
Apr. 2015
|
|
34 yrs.
|
Crystal Lake, IL
|
|
2,623
|
|
|
811
|
|
|
2,723
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
811
|
|
|
2,781
|
|
|
15
|
|
|
3,607
|
|
|
630
|
|
|
1977
|
|
May 2015
|
|
24 yrs.
|
Las Vegas, NV
|
|
6,349
|
|
|
450
|
|
|
8,381
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
450
|
|
|
8,431
|
|
|
49
|
|
|
8,930
|
|
|
1,152
|
|
|
1996
|
|
May 2015
|
|
38 yrs.
|
Panama City Beach, FL
|
|
6,127
|
|
|
347
|
|
|
8,233
|
|
|
5
|
|
|
60
|
|
|
1
|
|
|
347
|
|
|
8,254
|
|
|
45
|
|
|
8,646
|
|
|
1,012
|
|
|
2008
|
|
May 2015
|
|
40 yrs.
|
Sarasota, FL
|
|
5,153
|
|
|
835
|
|
|
6,193
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
835
|
|
|
6,310
|
|
|
24
|
|
|
7,169
|
|
|
842
|
|
|
2003
|
|
Jun. 2015
|
|
40 yrs.
|
Sarasota, FL
|
|
3,767
|
|
|
465
|
|
|
4,576
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
465
|
|
|
4,633
|
|
|
32
|
|
|
5,130
|
|
|
605
|
|
|
2001
|
|
Jun. 2015
|
|
39 yrs.
|
St. Peters, MO
|
|
2,293
|
|
|
199
|
|
|
2,888
|
|
|
—
|
|
|
172
|
|
|
—
|
|
|
199
|
|
|
2,986
|
|
|
74
|
|
|
3,259
|
|
|
440
|
|
|
1991
|
|
Jun. 2015
|
|
35 yrs.
|
Leesburg, FL
|
|
2,383
|
|
|
731
|
|
|
2,480
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
731
|
|
|
2,530
|
|
|
22
|
|
|
3,283
|
|
|
607
|
|
|
1988
|
|
Jul. 2015
|
|
23 yrs.
|
Palm Bay, FL
|
|
7,082
|
|
|
2,179
|
|
|
7,367
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
2,179
|
|
|
7,481
|
|
|
45
|
|
|
9,705
|
|
|
1,242
|
|
|
2000
|
|
Jul. 2015
|
|
34 yrs.
|
Houston, TX
|
|
4,582
|
|
|
1,067
|
|
|
4,965
|
|
|
—
|
|
|
558
|
|
|
—
|
|
|
1,067
|
|
|
5,513
|
|
|
10
|
|
|
6,590
|
|
|
1,092
|
|
|
1971
|
|
Aug. 2015
|
|
27 yrs.
|
Ithaca, NY
|
|
2,266
|
|
|
454
|
|
|
2,211
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
454
|
|
|
2,240
|
|
|
1
|
|
|
2,695
|
|
|
449
|
|
|
1988
|
|
Sep. 2015
|
|
26 yrs.
|
Las Vegas, NV
|
|
2,330
|
|
|
783
|
|
|
2,417
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
783
|
|
|
2,705
|
|
|
14
|
|
|
3,502
|
|
|
759
|
|
|
1984
|
|
Sep. 2015
|
|
14 yrs.
|
Las Vegas, NV
|
|
2,201
|
|
|
664
|
|
|
2,762
|
|
|
1
|
|
|
585
|
|
|
—
|
|
|
664
|
|
|
3,314
|
|
|
34
|
|
|
4,012
|
|
|
840
|
|
|
1987
|
|
Sep. 2015
|
|
17 yrs.
|
Hudson, FL
|
|
3,222
|
|
|
364
|
|
|
4,188
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
364
|
|
|
4,192
|
|
|
16
|
|
|
4,572
|
|
|
518
|
|
|
2008
|
|
Sep. 2015
|
|
40 yrs.
|
|
|
|
|
Initial Cost to Company
|
|
Costs
Capitalized Subsequent to Acquisition (a) |
|
Increase
(Decrease) in Net Investments (b) |
|
Gross Amount at which Carried
at Close of Period (c) (d) |
|
|
|
|
|
|
|
Life on which
Depreciation in Latest Statement of Income is Computed |
||||||||||||||||||||||||||||||||
Description
|
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
|
|
Land
|
|
Buildings
|
|
Personal Property
|
|
Total
|
|
Accumulated Depreciation (d)
|
|
Date of Construction
|
|
Date Acquired
|
|
|||||||||||||||||||||||||
Kissimmee, FL
|
|
—
|
|
|
407
|
|
|
8,027
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
407
|
|
|
8,087
|
|
|
21
|
|
|
8,515
|
|
|
895
|
|
|
2015
|
|
Oct. 2015
|
|
40 yrs.
|
|||||||||||
El Paso, TX
|
|
3,689
|
|
|
1,275
|
|
|
3,339
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
1,275
|
|
|
3,450
|
|
|
13
|
|
|
4,738
|
|
|
482
|
|
|
1983
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
El Paso, TX
|
|
2,532
|
|
|
921
|
|
|
2,764
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
921
|
|
|
2,764
|
|
|
1
|
|
|
3,686
|
|
|
417
|
|
|
1980
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
El Paso, TX
|
|
3,597
|
|
|
594
|
|
|
4,154
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
594
|
|
|
4,154
|
|
|
16
|
|
|
4,764
|
|
|
555
|
|
|
1980
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
El Paso, TX
|
|
3,614
|
|
|
594
|
|
|
3,867
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
594
|
|
|
3,966
|
|
|
22
|
|
|
4,582
|
|
|
554
|
|
|
1986
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
El Paso, TX
|
|
1,423
|
|
|
337
|
|
|
2,024
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
337
|
|
|
2,058
|
|
|
10
|
|
|
2,405
|
|
|
281
|
|
|
1985
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
El Paso, TX
|
|
3,703
|
|
|
782
|
|
|
3,825
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
782
|
|
|
3,836
|
|
|
21
|
|
|
4,639
|
|
|
674
|
|
|
1980
|
|
Oct. 2015
|
|
35 yrs.
|
|||||||||||
Fernandina Beach, FL
|
|
7,228
|
|
|
1,785
|
|
|
7,133
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
1,785
|
|
|
7,220
|
|
|
37
|
|
|
9,042
|
|
|
959
|
|
|
1986
|
|
Oct. 2015
|
|
25 yrs.
|
|||||||||||
Kissimmee, FL
|
|
3,427
|
|
|
1,371
|
|
|
3,020
|
|
|
3
|
|
|
110
|
|
|
—
|
|
|
1,371
|
|
|
3,102
|
|
|
31
|
|
|
4,504
|
|
|
632
|
|
|
1981
|
|
Oct. 2015
|
|
24 yrs.
|
|||||||||||
Houston, TX
|
|
2,744
|
|
|
817
|
|
|
3,438
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
817
|
|
|
3,473
|
|
|
45
|
|
|
4,335
|
|
|
565
|
|
|
1998
|
|
Oct. 2015
|
|
30 yrs.
|
|||||||||||
Houston, TX
|
|
2,943
|
|
|
708
|
|
|
3,778
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
708
|
|
|
3,829
|
|
|
68
|
|
|
4,605
|
|
|
639
|
|
|
2001
|
|
Nov. 2015
|
|
30 yrs.
|
|||||||||||
Greensboro, NC
|
|
4,029
|
|
|
716
|
|
|
4,108
|
|
|
—
|
|
|
1,262
|
|
|
—
|
|
|
716
|
|
|
5,339
|
|
|
31
|
|
|
6,086
|
|
|
1,050
|
|
|
1953
|
|
Dec. 2015
|
|
20 yrs.
|
|||||||||||
Portland, OR
|
|
6,338
|
|
|
897
|
|
|
8,831
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
897
|
|
|
8,914
|
|
|
36
|
|
|
9,847
|
|
|
934
|
|
|
2000
|
|
Dec. 2015
|
|
40 yrs.
|
|||||||||||
Kissimmee, FL
|
|
3,840
|
|
|
1,094
|
|
|
4,298
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
1,094
|
|
|
4,318
|
|
|
21
|
|
|
5,433
|
|
|
682
|
|
|
2000
|
|
Jan. 2016
|
|
32 yrs.
|
|||||||||||
Avondale, LA
|
|
3,412
|
|
|
808
|
|
|
4,245
|
|
|
—
|
|
|
4
|
|
|
(11
|
)
|
|
808
|
|
|
4,234
|
|
|
4
|
|
|
5,046
|
|
|
508
|
|
|
2008
|
|
Jan. 2016
|
|
40 yrs.
|
|||||||||||
Gilroy, California
|
|
5,779
|
|
|
2,704
|
|
|
7,451
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
2,704
|
|
|
7,485
|
|
|
42
|
|
|
10,231
|
|
|
1,107
|
|
|
1999
|
|
Feb. 2016
|
|
35 yrs.
|
|||||||||||
Washington, D.C.
|
|
6,913
|
|
|
3,185
|
|
|
8,177
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
3,185
|
|
|
8,203
|
|
|
—
|
|
|
11,388
|
|
|
914
|
|
|
1962
|
|
Apr. 2016
|
|
34 yrs.
|
|||||||||||
Milford, MA
|
|
5,530
|
|
|
751
|
|
|
6,290
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
751
|
|
|
6,290
|
|
|
1
|
|
|
7,042
|
|
|
746
|
|
|
2003
|
|
Apr. 2016
|
|
37 yrs.
|
|||||||||||
Millsboro, DE
|
|
5,695
|
|
|
807
|
|
|
5,152
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
807
|
|
|
5,160
|
|
|
3
|
|
|
5,970
|
|
|
637
|
|
|
2001
|
|
Apr. 2016
|
|
35 yrs.
|
|||||||||||
New Castle, DE
|
|
4,658
|
|
|
994
|
|
|
5,673
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
994
|
|
|
5,681
|
|
|
22
|
|
|
6,697
|
|
|
593
|
|
|
2005
|
|
Apr. 2016
|
|
38 yrs.
|
|||||||||||
Rehoboth, DE
|
|
8,584
|
|
|
1,229
|
|
|
9,945
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
1,229
|
|
|
9,953
|
|
|
3
|
|
|
11,185
|
|
|
1,147
|
|
|
1999
|
|
Apr. 2016
|
|
38 yrs.
|
|||||||||||
Chicago, IL
|
|
1,905
|
|
|
796
|
|
|
2,112
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
796
|
|
|
2,158
|
|
|
37
|
|
|
2,991
|
|
|
292
|
|
|
1990
|
|
Nov. 2016
|
|
25 yrs.
|
|||||||||||
|
|
$
|
358,664
|
|
|
$
|
78,176
|
|
|
$
|
331,663
|
|
|
$
|
9
|
|
|
$
|
101,735
|
|
|
$
|
902
|
|
|
$
|
78,240
|
|
|
$
|
427,900
|
|
|
$
|
6,345
|
|
|
$
|
512,485
|
|
|
$
|
57,237
|
|
|
|
|
|
|
|
(a)
|
Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.
|
(b)
|
The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates and (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received.
|
(c)
|
Excludes (i) gross lease intangible assets of $249.0 million and the related accumulated amortization of $135.2 million, (ii) gross lease intangible liabilities of $15.0 million and the related accumulated amortization of $6.6 million, and (iii) real estate under construction of $235.8 million.
|
(d)
|
A reconciliation of real estate and accumulated depreciation follows:
|
|
Reconciliation of Real Estate Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
1,210,776
|
|
|
$
|
1,263,172
|
|
|
$
|
990,810
|
|
Reclassification from operating real estate
|
30,786
|
|
|
—
|
|
|
—
|
|
|||
Dispositions
|
(29,974
|
)
|
|
(36,595
|
)
|
|
—
|
|
|||
Foreign currency translation adjustment
|
(11,893
|
)
|
|
(42,168
|
)
|
|
67,356
|
|
|||
Capital improvements
|
892
|
|
|
175
|
|
|
7,774
|
|
|||
Reclassification from real estate under construction
|
58
|
|
|
26,192
|
|
|
197,232
|
|
|||
Ending balance
|
$
|
1,200,645
|
|
|
$
|
1,210,776
|
|
|
$
|
1,263,172
|
|
|
Reconciliation of Accumulated Depreciation
for Real Estate Subject to Operating Leases
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
112,061
|
|
|
$
|
87,886
|
|
|
$
|
55,980
|
|
Depreciation expense
|
29,339
|
|
|
29,787
|
|
|
28,243
|
|
|||
Dispositions
|
(4,554
|
)
|
|
(2,523
|
)
|
|
—
|
|
|||
Foreign currency translation adjustment
|
(924
|
)
|
|
(3,089
|
)
|
|
3,663
|
|
|||
Ending balance
|
$
|
135,922
|
|
|
$
|
112,061
|
|
|
$
|
87,886
|
|
|
Reconciliation of Operating Real Estate
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
503,149
|
|
|
$
|
566,489
|
|
|
$
|
606,558
|
|
Reclassification from real estate under construction
|
34,886
|
|
|
113,061
|
|
|
2,926
|
|
|||
Reclassification to real estate
|
(30,786
|
)
|
|
—
|
|
|
—
|
|
|||
Foreign currency translation adjustment
|
3,014
|
|
|
(2,518
|
)
|
|
3,210
|
|
|||
Capital improvements
|
2,270
|
|
|
5,343
|
|
|
4,189
|
|
|||
Dispositions
|
(48
|
)
|
|
(152,948
|
)
|
|
(50,394
|
)
|
|||
Reclassification to held for sale
|
—
|
|
|
(26,278
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
512,485
|
|
|
$
|
503,149
|
|
|
$
|
566,489
|
|
|
Reconciliation of Accumulated
Depreciation for Operating Real Estate
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
41,969
|
|
|
$
|
43,786
|
|
|
$
|
26,937
|
|
Depreciation expense
|
15,163
|
|
|
16,864
|
|
|
17,419
|
|
|||
Foreign currency translation adjustment
|
127
|
|
|
(2
|
)
|
|
32
|
|
|||
Dispositions
|
(22
|
)
|
|
(16,009
|
)
|
|
(602
|
)
|
|||
Reclassification to held for sale
|
—
|
|
|
(2,670
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
57,237
|
|
|
$
|
41,969
|
|
|
$
|
43,786
|
|
|
|
Interest Rate
|
|
Final Maturity Date
|
|
Fair Value
|
|
Carrying Amount (a)
|
|||||
Description
|
|
|
|
|
|||||||||
Financing agreement — Cipriani
|
|
10.0
|
%
|
|
Jul. 2024
|
|
$
|
30,300
|
|
|
$
|
28,000
|
|
|
Reconciliation of Mortgage Loans on Real Estate
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance
|
$
|
63,954
|
|
|
$
|
66,500
|
|
|
$
|
66,500
|
|
Collection of principal (a)
|
(35,954
|
)
|
|
(2,546
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
28,000
|
|
|
$
|
63,954
|
|
|
$
|
66,500
|
|
(a)
|
On April 9, 2019, we received full repayment totaling $36.0 million on the Mills Fleet mezzanine loan (Note 5).
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
3.1
|
|
Articles of Incorporation
|
|
Incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-11 (File No. 333-185111) filed March 15, 2013
|
|
|
|
|
|
3.2
|
|
Articles of Amendment and Restatement of Corporate Property Associates 18 – Global Incorporated
|
|
Incorporated by reference to Exhibit 3.1 to Form 8-A filed June 11, 2013
|
|
|
|
|
|
3.3
|
|
Amended and Restated Bylaws of Corporate Property Associates 18 – Global Incorporated
|
|
Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed August 23, 2016
|
|
|
|
|
|
4.1
|
|
Amended and Restated Distribution Reinvestment and Stock Purchase Plan
|
|
Incorporated by reference to Exhibit 4.1 to Form S-3D filed May 4, 2015
|
|
|
|
|
|
4.2
|
|
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
|
|
Filed herewith
|
|
|
|
|
|
10.1
|
|
Amended and Restated Advisory Agreement, as of January 1, 2015, by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.
|
|
Incorporated by reference to Exhibit 10.15 to W. P. Carey Inc.’s Annual Report on Form 10-K filed March 2, 2015 (File No. 001-13779)
|
|
|
|
|
|
10.2
|
|
Amended and Restated Agreement of Limited Partnership, dated as of January 1, 2015, by and between Corporate Property Associates 18 – Global Incorporated and WPC–CPA:18 Holdings, LLC
|
|
Incorporated by reference to Exhibit 10.5 to Annual Report on Form 10-K filed March 27, 2015
|
|
|
|
|
|
10.3
|
|
Amended and Restated Asset Management Agreement, dated as of May 13, 2015, by and among, Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.
|
|
Incorporated by reference to Exhibit 10.3 to Quarterly Report on Form 10-Q filed May 15, 2015
|
|
|
|
|
|
10.4
|
|
Form of Indemnification Agreement with independent directors
|
|
Incorporated by reference to Exhibit 10.6 to Quarterly Report on Form 10-Q filed June 20, 2013
|
|
|
|
|
|
10.5
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 18 – Global Incorporated, CPA: 18 Limited Partnership and Carey Asset Management Corp.
|
|
Incorporated by reference to Exhibit 10.21 to W. P. Carey Inc.’s Annual Report on Form 10-K filed February 23, 2018 (File No. 001-13779)
|
|
|
|
|
|
21.1
|
|
List of Registrant Subsidiaries
|
|
Filed herewith
|
|
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP
|
|
Filed herewith
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
31.1
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.2
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
|
|
Corporate Property Associates 18 – Global Incorporated
|
Date:
|
February 28, 2020
|
|
|
|
|
By:
|
/s/ ToniAnn Sanzone
|
|
|
|
ToniAnn Sanzone
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
Date:
|
February 28, 2020
|
|
|
|
|
By:
|
/s/ Arjun Mahalingam
|
|
|
|
Arjun Mahalingam
|
|
|
|
Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Jason E. Fox
|
|
Chief Executive Officer
|
|
February 28, 2020
|
Jason E. Fox
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ ToniAnn Sanzone
|
|
Chief Financial Officer
|
|
February 28, 2020
|
ToniAnn Sanzone
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Arjun Mahalingam
|
|
Chief Accounting Officer
|
|
February 28, 2020
|
Arjun Mahalingam
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Elizabeth P. Munson
|
|
Chairman of the Board and Director
|
|
February 28, 2020
|
Elizabeth P. Munson
|
|
|
|
|
|
|
|
|
|
/s/ Richard J. Pinola
|
|
Director
|
|
February 28, 2020
|
Richard J. Pinola
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
3.1
|
|
Articles of Incorporation
|
|
|
|
|
|
|
|
3.2
|
|
Articles of Amendment and Restatement of Corporate Property Associates 18 – Global Incorporated
|
|
|
|
|
|
|
|
3.3
|
|
Amended and Restated Bylaws of Corporate Property Associates 18 – Global Incorporated
|
|
|
|
|
|
|
|
4.1
|
|
Amended and Restated Distribution Reinvestment and Stock Purchase Plan
|
|
|
|
|
|
|
|
4.2
|
|
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
|
|
|
|
|
|
|
|
10.1
|
|
Amended and Restated Advisory Agreement, as of January 1, 2015, by and among Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and Carey Asset Management Corp.
|
|
|
|
|
|
|
|
10.2
|
|
Amended and Restated Agreement of Limited Partnership, dated as of January 1, 2015, by and between Corporate Property Associates 18 – Global Incorporated and WPC–CPA:18 Holdings, LLC
|
|
|
|
|
|
|
|
10.3
|
|
Amended and Restated Asset Management Agreement, dated as of May 13, 2015, by and among, Corporate Property Associates 18 – Global Incorporated, CPA:18 Limited Partnership and W. P. Carey & Co. B.V.
|
|
|
|
|
|
|
|
10.4
|
|
Form of Indemnification Agreement with independent directors
|
|
|
|
|
|
|
|
10.5
|
|
First Amendment to Amended and Restated Advisory Agreement, dated as of January 30, 2018, among Corporate Property Associates 18 – Global Incorporated, CPA: 18 Limited Partnership and Carey Asset Management Corp.
|
|
|
|
|
|
|
|
21.1
|
|
List of Registrant Subsidiaries
|
|
|
|
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
|
|
|
|
31.1
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
31.2
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
32
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
•
|
one-tenth or more but less than one-third,
|
•
|
one-third or more but less than a majority, or
|
•
|
a majority or more of all voting power.
|
•
|
any person who beneficially owns 10% or more of the voting power of the corporation's outstanding voting stock; or
|
•
|
an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding stock of the corporation.
|
•
|
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
|
•
|
two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than voting shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
|
•
|
a classified board,
|
•
|
a two-thirds vote requirement for removing a director,
|
•
|
a requirement that the number of directors be fixed only by vote of the directors,
|
•
|
a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred, and
|
•
|
a majority requirement for the calling of a special meeting of stockholders.
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
11 Camp (MA) LLC
|
|
100
|
%
|
|
Delaware
|
25th Street Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
3265 University Parkway Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
5150 University Parkway Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Airport Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Arium Emerald Isle Venture, LLC
|
|
97
|
%
|
|
Delaware
|
Arium Emerald Isle Owner, LLC
|
|
97
|
%
|
|
Delaware
|
ATCHI (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Atlanta Self Storage 18 (GA) LLC
|
|
100
|
%
|
|
Delaware
|
AUTOPRO (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Avondale Storage GP 18 (LA) LLC
|
|
100
|
%
|
|
Delaware
|
Avondale Storage Owner 18 (LA) LP
|
|
100
|
%
|
|
Delaware
|
Barn Cement (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Beechnut Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Beechnut Storage Owner 18 (TX) LP
|
|
100
|
%
|
|
Delaware
|
BEL BTS (SC) LLC
|
|
100
|
%
|
|
Delaware
|
Blair Road Storage 18 (DC) LLC
|
|
100
|
%
|
|
Delaware
|
Boom (MN) LLC
|
|
100
|
%
|
|
Delaware
|
Bronson Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
CII Landlord (IL) LLC
|
|
100
|
%
|
|
Delaware
|
C5 Eiendom AS
|
|
51
|
%
|
|
Norway
|
C5 Eiendom IS
|
|
50
|
%
|
|
Norway
|
Can Stor Investor 1 ULC
|
|
90
|
%
|
|
Canada
|
Can Stor Investors TRS Corp.
|
|
90
|
%
|
|
Canada
|
Can Stor Nominee Corp.
|
|
90
|
%
|
|
Canada
|
Can Storage 18 (TOR) LLC
|
|
100
|
%
|
|
Delaware
|
CAT LOG (WI) LLC
|
|
100
|
%
|
|
Delaware
|
CIP 18 (NY) MEZZ LLC
|
|
100
|
%
|
|
Delaware
|
Cityview Nominee Corp.
|
|
90
|
%
|
|
Canada
|
Cityview Storage LP
|
|
90
|
%
|
|
Canada
|
CMAR 18 Investor (DE) LLC
|
|
100
|
%
|
|
Delaware
|
CMAR Hotel Landlord 18 (Mauritius) Ltd
|
|
100
|
%
|
|
Mauritius
|
CM Nathan (MN) LLC
|
|
100
|
%
|
|
Delaware
|
COOP (GA) LLC
|
|
100
|
%
|
|
Delaware
|
CPA 18 Con s.r.o.
|
|
100
|
%
|
|
Slovakia
|
CPA 18 Family TRS (DE) LLC
|
|
97
|
%
|
|
Delaware
|
CPA 18 GH Member LLC
|
|
100
|
%
|
|
Delaware
|
CPA 18 Integras GH Investor Limited
|
|
100
|
%
|
|
Ghana
|
CPA 18 Integras JV (DE) LLC
|
|
100
|
%
|
|
Delaware
|
CPA 18 International Holding and Financing LLC
|
|
100
|
%
|
|
Delaware
|
CPA 18 Pan-European Holding Coöperatief U.A.
|
|
100
|
%
|
|
Netherlands
|
CPA 18 SH (TX) LIMITED PARTNER LLC
|
|
100
|
%
|
|
Delaware
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
CPA 18 SH (TX) Special General Partner LLC
|
|
100
|
%
|
|
Delaware
|
CPA:18 Limited Partnership
|
|
100
|
%
|
|
Delaware
|
CPA-CS Holdings LP
|
|
90
|
%
|
|
Delaware
|
Crystal Lake Storage 18 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
CSH Malaga Propco SL
|
|
100
|
%
|
|
Spain
|
CSH Malaga Student Housing Holding, S.L.
|
|
100
|
%
|
|
Spain
|
CS-GP 18 (TOR) LLC
|
|
100
|
%
|
|
Delaware
|
Cups Number One (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Desert Storage 18 (CA) LP
|
|
100
|
%
|
|
Delaware
|
Desert Storage GP 18 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
DKSN Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
El Paso Six Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Eleventh Storage 18 (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Emerald Isle TRS (DE) LLC
|
|
97
|
%
|
|
Delaware
|
Esander Storage Corp.
|
|
100
|
%
|
|
Canada
|
Esander Storage LP
|
|
100
|
%
|
|
Canada
|
Fernandina Beach Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
FM Naples Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Fortune Road Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Galleria Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Gilroy Storage GP 18 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
Gilroy Storage Owner 18 (CA) LP
|
|
100
|
%
|
|
Delaware
|
Global Chelovek S.L.
|
|
75
|
%
|
|
Spain
|
Global Elephas S.L.
|
|
90
|
%
|
|
Spain
|
Global Enki S.L.
|
|
100
|
%
|
|
Spain
|
Global Isiolo S.L.
|
|
100
|
%
|
|
Spain
|
Global Negan S.L.
|
|
75
|
%
|
|
Spain
|
Global Numa S.L.
|
|
100
|
%
|
|
Spain
|
Global Ossian S.L.
|
|
90
|
%
|
|
Spain
|
Global Windu, S.L.
|
|
90
|
%
|
|
Spain
|
Greensboro Storage GP 18 (NC) LLC
|
|
100
|
%
|
|
Delaware
|
Greensboro Storage Owner 18 (NC) LP
|
|
100
|
%
|
|
Delaware
|
Hawk (IA) LLC
|
|
100
|
%
|
|
Delaware
|
Hawk JV Landlord (IA) LLC
|
|
100
|
%
|
|
Delaware
|
Hawk JV Landlord Two (IA) LLC
|
|
90
|
%
|
|
Delaware
|
Hawk Landlord (IA) LLC
|
|
100
|
%
|
|
Delaware
|
Hawk Landlord Two (IA) LLC
|
|
90
|
%
|
|
Delaware
|
HILLTOP SH VENTURE (TX) LP
|
|
90
|
%
|
|
Delaware
|
Hotel Airport Stuttgart Grundstücks GmbH
|
|
95
|
%
|
|
Germany
|
Hulikoa Kona Storage 18 (HI) LLC
|
|
100
|
%
|
|
Delaware
|
Humble Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
IH37 Storage 18 (TX) LLX
|
|
100
|
%
|
|
Delaware
|
Ithaca Storage 18 (NY) LLC
|
|
100
|
%
|
|
Delaware
|
Jandoor (MULTI) LLC
|
|
100
|
%
|
|
Delaware
|
Jane Street Storage Corp.
|
|
90
|
%
|
|
Canada
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Jane Street Storage LP
|
|
90
|
%
|
|
Canada
|
Jax Costa (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Jensen Beach Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Joan Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Kaloko Storage 18 (HI) LLC
|
|
100
|
%
|
|
Delaware
|
Lady L Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Lakeshore Storage LP
|
|
90
|
%
|
|
Canada
|
Lakeshore Storage Nominee Corp.
|
|
90
|
%
|
|
Canada
|
Landsberger Straβe 68-76 Grundstϋcks GmbH
|
|
95
|
%
|
|
Germany
|
Leesburg Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Louisville Storage 18 (KY) LLC
|
|
100
|
%
|
|
Delaware
|
LV Storage Portfolio 18 (NV) LLC
|
|
100
|
%
|
|
Delaware
|
MFF Mezz (Multi) LLC
|
|
100
|
%
|
|
Delaware
|
Miami Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Milford Storage 18 (MA) LLC
|
|
100
|
%
|
|
Delaware
|
Millsboro Storage 18 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
MIS EGN (MN) LLC
|
|
100
|
%
|
|
Delaware
|
New Castle Storage 18 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Orlando Storage 17 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Østre Aker vei 88 AS (ØAV 88 AS)
|
|
100
|
%
|
|
Norway
|
Palm Bay Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Panama Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
PILDRAX INVEST, S.L.
|
|
90
|
%
|
|
Spain
|
Pleasant Hill GL 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Pleasant Hill Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Pompano Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Portland Storage 18 (OR) LLC
|
|
100
|
%
|
|
Delaware
|
Rankin Storage 18 (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Rankin Storage Owner 18 (TX) LP
|
|
100
|
%
|
|
Delaware
|
Redrock Storage 18 (NV) LLC
|
|
100
|
%
|
|
Delaware
|
Rehoboth Storage 18 (DE) LLC
|
|
100
|
%
|
|
Delaware
|
Resifuture SL
|
|
100
|
%
|
|
Spain
|
Ring Spin (GA) LLC
|
|
100
|
%
|
|
Delaware
|
Sebastian Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
SFT INS (TX) LLC
|
|
50
|
%
|
|
Delaware
|
Smalvollveien 65 Eiendom AS
|
|
90
|
%
|
|
Norway
|
Smalvollvn 65 ANS
|
|
90
|
%
|
|
Norway
|
Sparky's Storage 18 (CA) LP
|
|
100
|
%
|
|
Delaware
|
Sparky's Storage GP 18 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
Spencer Storage 18 (MO) LLC
|
|
100
|
%
|
|
Delaware
|
State Road Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
Storage 18 ES Account (DE) LLC
|
|
100
|
%
|
|
Delaware
|
SW Chicago Storage 18 (IL) LLC
|
|
100
|
%
|
|
Delaware
|
Tallahassee Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
TEGDAR INVEST, S.L.
|
|
90
|
%
|
|
Spain
|
Name of Subsidiary
|
|
Ownership
|
|
State or Country of Incorporation
|
|
Temecula Storage 18 (CA) LP
|
|
100
|
%
|
|
Delaware
|
Temecula Storage GP 18 (CA) LLC
|
|
100
|
%
|
|
Delaware
|
Turbo Headquarters (TX) LLC
|
|
100
|
%
|
|
Delaware
|
Two Notch Storage 18 (SC) LLC
|
|
100
|
%
|
|
Delaware
|
USHOLL (MI) LLC
|
|
100
|
%
|
|
Delaware
|
Valrico Storage 18 (FL) LLC
|
|
100
|
%
|
|
Delaware
|
WPC 18 Coimbra, Unipessoal, Lda
|
|
90
|
%
|
|
Portugal
|
WPC Agro V 18-2 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Agro 5 d.o.o.
|
|
80
|
%
|
|
Croatia
|
WPC App 2 AS (f/k/a Inceptum 805 AS)
|
|
100
|
%
|
|
Norway
|
WPC APP 18-10 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Barca 18-22 B.V.
|
|
90
|
%
|
|
Netherlands
|
WPC Boavista 18-27 B.V.
|
|
90
|
%
|
|
Netherlands
|
WPC Boavista, Unipessoal, LDA
|
|
90
|
%
|
|
Portugal
|
WPC Cardiff 18-8 B.V.
|
|
95
|
%
|
|
Netherlands
|
WPC Cardiff Student Housing 18-25 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Coimbra 18-21 B.V.
|
|
90
|
%
|
|
Netherlands
|
WPC Granada II 18-20 B.V.
|
|
90
|
%
|
|
Netherlands
|
WPC Hamburg 18-12 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Infin 18 GmbH & Co. KG
|
|
100
|
%
|
|
Germany
|
WPC Infin 18 Verwaltungs GmbH
|
|
100
|
%
|
|
Germany
|
WPC Infin 18-4 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Lipowy Sp. z o.o.
|
|
50
|
%
|
|
Poland
|
WPC Malaga 18-23 B.V
|
|
100
|
%
|
|
Netherlands
|
WPC Portsmouth 18-17 B.V.
|
|
97
|
%
|
|
Netherlands
|
WPC Portsmouth Student Housing 18-26 B. V.
|
|
100
|
%
|
|
Netherlands
|
WPC Rab 18-11 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Seville 18-28 B.V.
|
|
75
|
%
|
|
Netherlands
|
WPC SIEM 1 AS
|
|
100
|
%
|
|
Norway
|
WPC Siem 18-3 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC SIEM 2 AS
|
|
100
|
%
|
|
Norway
|
WPC SIEM 3 AS
|
|
100
|
%
|
|
Norway
|
WPC Smalvollveien 18-15 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Smalvollveien Holding AS
|
|
100
|
%
|
|
Norway
|
WPC Smalvollveien Purchaser AS
|
|
90
|
%
|
|
Norway
|
WPC Storage TRS 18-1 (DE) Inc.
|
|
100
|
%
|
|
Delaware
|
WPC Swansea 18-24 B.V.
|
|
97
|
%
|
|
Netherlands
|
WPC Truff 18-7 B.V.
|
|
100
|
%
|
|
Netherlands
|
WPC Voam 18-6 B.V.
|
|
100
|
%
|
|
Netherlands
|
1.
|
I have reviewed this Annual Report on Form 10-K of Corporate Property Associates 18 – Global Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this Annual Report on Form 10-K of Corporate Property Associates 18 – Global Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Corporate Property Associates 18 – Global Incorporated.
|