Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-37390 | ||
Entity Registrant Name | Global Net Lease, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 45-2771978 | ||
Entity Address, Address Line One | 650 Fifth Ave. | ||
Entity Address, Address Line Two | 30th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10019 | ||
City Area Code | 212 | ||
Local Phone Number | 415-6500 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,497,043,496 | ||
Entity Shares, Shares Outstanding | 90,574,467 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement to be delivered to stockholders in connection with the registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end. | ||
Entity Central Index Key | 0001526113 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | GNL | ||
Security Exchange Name | NYSE | ||
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | ||
Trading Symbol | GNL PR A | ||
Security Exchange Name | NYSE | ||
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | ||
Trading Symbol | GNL PR B | ||
Security Exchange Name | NYSE | ||
Preferred Stock Purchase Rights | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
Security Exchange Name | NYSE | ||
No Trading Symbol Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments, at cost (Note 3): | ||
Land | $ 476,599 | $ 414,446 |
Buildings, fixtures and improvements | 3,124,884 | 2,685,325 |
Construction in progress | 5,486 | 11,725 |
Acquired intangible lease assets | 711,985 | 651,768 |
Total real estate investments, at cost | 4,318,954 | 3,763,264 |
Less accumulated depreciation and amortization | (675,200) | (517,123) |
Total real estate investments, net | 3,643,754 | 3,246,141 |
Cash and cash equivalents | 124,245 | 270,302 |
Restricted cash | 1,448 | 3,985 |
Derivative assets, at fair value (Note 8) | 525 | 4,151 |
Unbilled straight-line rent | 61,007 | 51,795 |
Operating lease right-of-use asset (Note 10) | 58,395 | 50,211 |
Prepaid expenses and other assets | 43,929 | 37,370 |
Due from related parties | 377 | 351 |
Deferred tax assets | 2,367 | 4,441 |
Goodwill and other intangible assets, net | 23,089 | 21,920 |
Deferred financing costs, net | 7,878 | 10,938 |
Total Assets | 3,967,014 | 3,701,605 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net (Note 4) | 1,363,698 | 1,272,154 |
Revolving credit facility (Note 5) | 111,132 | 199,071 |
Term loan, net (Note 5) | 300,154 | 397,893 |
Senior notes, net (Note 6) | 490,345 | 0 |
Acquired intangible lease liabilities, net | 32,970 | 30,529 |
Derivative liabilities, at fair value (Note 8) | 19,984 | 7,507 |
Due to related parties | 2,002 | 342 |
Accounts payable and accrued expenses | 28,310 | 22,903 |
Operating lease liability (Note 10) | 25,350 | 23,985 |
Prepaid rent | 21,481 | 17,236 |
Deferred tax liability | 12,157 | 14,975 |
Taxes payable | 0 | 1,046 |
Dividends payable | 5,152 | 4,006 |
Total Liabilities | 2,412,735 | 1,991,647 |
Commitments and contingencies (Note 10) | 0 | 0 |
Stockholders’ Equity (Note 9): | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 89,614,601 and 89,458,752 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 2,227 | 2,225 |
Additional paid-in capital | 2,418,659 | 2,408,353 |
Accumulated other comprehensive income | 8,073 | 20,195 |
Accumulated deficit | (896,547) | (733,245) |
Total Stockholders’ Equity | 1,532,519 | 1,697,631 |
Non-controlling interest | 21,760 | 12,327 |
Total Equity | 1,554,279 | 1,709,958 |
Total Liabilities and Equity | 3,967,014 | 3,701,605 |
Series A Preferred Stock | ||
Stockholders’ Equity (Note 9): | ||
Cumulative redeemable preferred stock | 68 | 68 |
Series B Preferred Stock | ||
Stockholders’ Equity (Note 9): | ||
Cumulative redeemable preferred stock | $ 39 | $ 35 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred stock, authorized (in shares) | 30,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, issued (in shares) | 89,614,601 | 89,458,752 |
Common stock, outstanding (in shares) | 89,614,601 | 89,458,752 |
Series A Preferred Stock | ||
Preferred stock, dividend rate | 7.25% | 7.25% |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, authorized (in shares) | 9,959,650 | 9,959,650 |
Preferred stock, issued (in shares) | 6,799,467 | 6,799,467 |
Preferred stock, outstanding (in shares) | 6,799,467 | 6,799,467 |
Series B Preferred Stock | ||
Preferred stock, dividend rate | 6.875% | 6.875% |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, authorized (in shares) | 11,450,000 | 11,450,000 |
Preferred stock, issued (in shares) | 3,861,953 | 3,450,000 |
Preferred stock, outstanding (in shares) | 3,861,953 | 3,450,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue from tenants | $ 330,104,000 | $ 306,214,000 | $ 282,207,000 |
Expenses (income): | |||
Property operating | 32,372,000 | 28,314,000 | 28,732,000 |
Fire (recovery) loss | 0 | 0 | (50,000) |
Operating fees to related parties | 35,801,000 | 33,292,000 | 28,234,000 |
Impairment charges and related lease intangible write-offs | 0 | 6,375,000 | 5,000,000 |
Acquisition, transaction and other costs (Note 10) | 663,000 | 1,320,000 | 13,850,000 |
General and administrative | 13,264,000 | 10,108,000 | 10,439,000 |
Equity-based compensation | 10,065,000 | 9,530,000 | 2,649,000 |
Depreciation and amortization | 138,543,000 | 125,996,000 | 119,582,000 |
Total expenses | 230,708,000 | 214,935,000 | 208,436,000 |
Operating income before (loss) gain on dispositions of real estate investments | 99,396,000 | 91,279,000 | 73,771,000 |
(Loss) gain on dispositions of real estate investments | (153,000) | 23,616,000 | (5,751,000) |
Operating income | 99,243,000 | 114,895,000 | 68,020,000 |
Other income (expense): | |||
Interest expense | (71,804,000) | (64,199,000) | (57,973,000) |
Loss on extinguishment of debt | (3,601,000) | (949,000) | (3,897,000) |
(Loss) gain on derivative instruments | (2,341,000) | 769,000 | 7,638,000 |
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness | (6,039,000) | 76,000 | |
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness | (434,000) | ||
Other income (loss) | 289,000 | 216,000 | (23,000) |
Total other expense, net | (83,496,000) | (64,087,000) | (54,689,000) |
Net income before income tax | 15,747,000 | 50,808,000 | 13,331,000 |
Income tax expense | (4,969,000) | (4,332,000) | (2,434,000) |
Net income | 10,778,000 | 46,476,000 | 10,897,000 |
Preferred stock dividends | (18,553,000) | (11,941,000) | (9,815,000) |
Net (loss) income attributable to common stockholders | $ (7,775,000) | $ 34,535,000 | $ 1,082,000 |
Basic and Diluted (Loss) Earnings Per Common Share: | |||
Net (loss) income per share attributable to common stockholders — Basic (in dollars per share) | $ (0.09) | $ 0.40 | $ 0.01 |
Net (loss) income per share attributable to common stockholders — Diluted (in dollars per share) | $ (0.09) | $ 0.39 | $ 0.01 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 89,473,554 | 85,031,236 | 69,411,061 |
Diluted (in shares) | 89,473,554 | 86,349,645 | 69,663,208 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 10,778 | $ 46,476 | $ 10,897 |
Other comprehensive income (loss) | |||
Cumulative translation adjustment | (3,266) | 21,147 | (17,555) |
Designated derivatives, fair value adjustments | (8,856) | (7,430) | 4,918 |
Other comprehensive income (loss) | (12,122) | 13,717 | (12,637) |
Comprehensive income (loss) | (1,344) | 60,193 | (1,740) |
Preferred stock dividends | (18,553) | (11,941) | (9,815) |
Comprehensive income (loss) attributable to common stockholders | $ (19,897) | $ 48,252 | $ (11,555) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Series A Preferred Stock | Series B Preferred Stock | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-in Capital | Additional Paid-in CapitalCommon Stock | Additional Paid-in CapitalSeries A Preferred Stock | Additional Paid-in CapitalSeries B Preferred Stock | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeCumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated DeficitSeries A Preferred Stock | Accumulated DeficitSeries B Preferred Stock | Total Stockholders’ Equity | Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Total Stockholders’ EquityCommon Stock | Total Stockholders’ EquitySeries A Preferred Stock | Total Stockholders’ EquitySeries B Preferred Stock | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2017 | 5,409,650 | 0 | 67,287,231 | ||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 1,414,243 | $ 54 | $ 0 | $ 2,003 | $ 1,860,058 | $ 19,447 | $ (468,396) | $ 1,413,166 | $ 1,077 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Issuance of stock, net (in shares) | 7,240 | 8,793,394 | |||||||||||||||||||||||
Issuance of stock, net | $ 171,770 | $ (227) | $ 88 | $ 171,682 | $ (227) | $ 171,770 | $ (227) | ||||||||||||||||||
Dividends declared, Common stock | (147,549) | (147,549) | (147,549) | ||||||||||||||||||||||
Dividends declared, Preferred stock | (9,815) | $ (9,815) | (9,815) | ||||||||||||||||||||||
Equity-based compensation | 2,649 | 468 | 468 | 2,181 | |||||||||||||||||||||
Distributions to non-controlling interest holders | (585) | (585) | (585) | ||||||||||||||||||||||
Net income | 10,897 | 10,897 | 10,897 | ||||||||||||||||||||||
Cumulative translation adjustment | (17,555) | (17,555) | (17,555) | ||||||||||||||||||||||
Designated derivatives, fair value adjustments | 4,918 | 4,918 | 4,918 | ||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 5,416,890 | 0 | 76,080,625 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 1,428,746 | $ 54 | $ 0 | $ 2,091 | 2,031,981 | 6,810 | (615,448) | 1,425,488 | 3,258 | ||||||||||||||||
Ending balance (ASU 2017-12) at Dec. 31, 2018 | $ (332) | $ 332 | |||||||||||||||||||||||
Ending balance (ASU 2016-02) at Dec. 31, 2018 | $ (1,200) | $ (1,200) | $ (1,200) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Issuance of stock, net (in shares) | 1,382,577 | 3,450,000 | 13,355,773 | ||||||||||||||||||||||
Issuance of stock, net | 258,422 | 34,604 | $ 83,068 | $ 14 | $ 35 | $ 134 | 258,288 | 34,590 | $ 83,033 | 258,422 | 34,604 | $ 83,068 | |||||||||||||
Dividends declared, Common stock | (150,922) | (150,922) | (150,922) | ||||||||||||||||||||||
Dividends declared, Preferred stock | (11,353) | (588) | (11,353) | $ (588) | (11,353) | (588) | |||||||||||||||||||
Equity based compensation (in shares) | 22,354 | ||||||||||||||||||||||||
Equity-based compensation | 9,530 | 461 | 461 | 9,069 | |||||||||||||||||||||
Distributions to non-controlling interest holders | (542) | (542) | (542) | ||||||||||||||||||||||
Net income | 46,476 | 46,476 | 46,476 | ||||||||||||||||||||||
Cumulative translation adjustment | 21,147 | 21,147 | 21,147 | ||||||||||||||||||||||
Designated derivatives, fair value adjustments | (7,430) | (7,430) | (7,430) | ||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 6,799,467 | 3,450,000 | 89,458,752 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 1,709,958 | $ 68 | $ 35 | $ 2,225 | 2,408,353 | 20,195 | (733,245) | 1,697,631 | 12,327 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||
Issuance of stock, net (in shares) | 411,953 | ||||||||||||||||||||||||
Issuance of stock, net | (125) | 10,150 | $ 4 | $ (125) | $ 10,146 | (125) | 10,150 | ||||||||||||||||||
Common Stock issuance costs | $ (345) | $ (345) | $ (345) | ||||||||||||||||||||||
Dividends declared, Common stock | (155,086) | (155,086) | (155,086) | ||||||||||||||||||||||
Dividends declared, Preferred stock | $ (12,325) | $ (6,228) | $ (12,325) | $ (6,228) | $ (12,325) | $ (6,228) | |||||||||||||||||||
Equity based compensation (in shares) | 155,849 | ||||||||||||||||||||||||
Equity-based compensation | 10,065 | $ 2 | 630 | 632 | 9,433 | ||||||||||||||||||||
Distributions to non-controlling interest holders | (441) | (441) | (441) | ||||||||||||||||||||||
Net income | 10,778 | 10,778 | 10,778 | ||||||||||||||||||||||
Cumulative translation adjustment | (3,266) | (3,266) | (3,266) | ||||||||||||||||||||||
Designated derivatives, fair value adjustments | (8,856) | (8,856) | (8,856) | ||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 6,799,467 | 3,861,953 | 89,614,601 | ||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 1,554,279 | $ 68 | $ 39 | $ 2,227 | $ 2,418,659 | $ 8,073 | $ (896,547) | $ 1,532,519 | $ 21,760 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends declared, Common Stock (in dollars per share) | $ 1.73 | $ 2.13 | $ 2.13 |
Series A Preferred Stock | |||
Dividends declared, Preferred stock (in dollars per share) | 1.81 | 1,810 | $ 1.81 |
Series B Preferred Stock | |||
Dividends declared, Preferred stock (in dollars per share) | $ 1.72 | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 10,778,000 | $ 46,476,000 | $ 10,897,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 80,466,000 | 69,257,000 | 64,849,000 |
Amortization of intangibles | 58,077,000 | 56,739,000 | 54,733,000 |
Amortization of deferred financing costs | 7,809,000 | 6,614,000 | 5,193,000 |
Amortization of below-market lease liabilities | (3,444,000) | (3,518,000) | (3,463,000) |
Amortization of above-market lease assets | 3,372,000 | 4,328,000 | 4,614,000 |
Amortization related to right-of-use assets | 863,000 | 845,000 | 979,000 |
Amortization of lease incentive | 341,000 | 0 | 0 |
Bad debt expense | 0 | 0 | 835,000 |
Unbilled straight-line rent | (7,937,000) | (6,758,000) | (6,310,000) |
Equity-based compensation | 10,065,000 | 9,530,000 | 2,649,000 |
Unrealized losses (gains) on foreign currency transactions, derivatives, and other | 6,752,000 | 2,919,000 | (7,127,000) |
Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness | 6,039,000 | 76,000 | 434,000 |
Payments for settlement of derivatives | 0 | (1,879,000) | (1,926,000) |
Loss on extinguishment of debt | 3,601,000 | 949,000 | 3,897,000 |
Loss (gain) on dispositions of real estate investments | 153,000 | (23,616,000) | 5,751,000 |
Lease incentive payment | (4,676,000) | 0 | 0 |
Impairment charges and related lease intangible write-offs | 0 | 6,375,000 | 5,000,000 |
Changes in operating assets and liabilities, net: | |||
Prepaid expenses and other assets | (6,275,000) | (11,299,000) | (463,000) |
Deferred tax assets | 2,074,000 | (1,148,000) | (2,264,000) |
Accounts payable and accrued expenses | 8,399,000 | (9,730,000) | 8,263,000 |
Prepaid rent | 4,245,000 | 1,013,000 | (2,312,000) |
Deferred tax liability | (2,818,000) | (252,000) | (634,000) |
Taxes payable | (1,046,000) | (1,182,000) | (247,000) |
Net cash, cash equivalents and restricted cash provided by operating activities | 176,851,000 | 145,999,000 | 144,597,000 |
Cash flows from investing activities: | |||
Investment in real estate and real estate related assets | (464,144,000) | (562,733,000) | (479,648,000) |
Deposits for real estate investments | 0 | (2,795,000) | 0 |
Capital expenditures | (6,383,000) | (17,346,000) | (1,454,000) |
Proceeds from dispositions of real estate investments | 0 | 288,398,000 | 23,717,000 |
(Payments for) proceeds from settlement of net investment hedges | 0 | 0 | (561,000) |
Net cash, cash equivalents and restricted cash used in investing activities | (470,527,000) | (294,476,000) | (457,946,000) |
Cash flows from financing activities: | |||
Borrowings under revolving credit facilities | 338,112,000 | 209,995,000 | 247,000,000 |
Repayments on revolving credit facilities | (428,715,000) | (375,585,000) | (177,375,000) |
Proceeds from mortgage notes payable | 163,607,000 | 579,285,000 | 494,689,000 |
Payments on mortgage notes payable | (117,586,000) | (433,555,000) | (313,225,000) |
Proceeds from term loan | 0 | 125,019,000 | 60,400,000 |
Payments on term loan | (136,702,000) | 0 | 0 |
Proceeds from issuance of Senior Notes | 500,000,000 | 0 | 0 |
Payments on early extinguishment of debt charges | (548,000) | (137,000) | (2,398,000) |
Common Stock issuance (costs) proceeds, net | (345,000) | ||
Common Stock issuance (costs) proceeds, net | 258,422,000 | 171,770,000 | |
Payments of financing costs | (14,238,000) | (19,065,000) | (10,601,000) |
Dividends paid on Common Stock | (155,059,000) | (150,779,000) | (147,444,000) |
Distributions to non-controlling interest holders | (441,000) | (542,000) | (585,000) |
Net cash, cash equivalents and restricted cash provided by financing activities | 140,680,000 | 300,003,000 | 312,192,000 |
Net change in cash, cash equivalents and restricted cash | (152,996,000) | 151,526,000 | (1,157,000) |
Effect of exchange rate changes on cash | 4,402,000 | 19,068,000 | (2,877,000) |
Cash, cash equivalents and restricted cash at beginning of period | 274,287,000 | 103,693,000 | 107,727,000 |
Cash, cash equivalents and restricted cash at end of period | 125,693,000 | 274,287,000 | 103,693,000 |
Cash, cash equivalents and restricted cash, end of period | 125,693,000 | 274,287,000 | 107,727,000 |
Supplemental Disclosures: | |||
Cash paid for interest | 66,861,000 | 58,323,000 | 49,113,000 |
Cash paid for income taxes | 5,460,000 | 5,043,000 | 4,350,000 |
Non-Cash Investing and Financing Activities: | |||
Loss on extinguishment of debt | 3,053,000 | 812,000 | 1,499,000 |
Series A Preferred Stock | |||
Cash flows from financing activities: | |||
Series A Preferred Stock issuance (costs) proceeds, net | (125,000) | 34,604,000 | (227,000) |
Dividends paid on Preferred Stock | (12,325,000) | (10,727,000) | (9,812,000) |
Series B Preferred Stock | |||
Cash flows from financing activities: | |||
Series A Preferred Stock issuance (costs) proceeds, net | 10,150,000 | 83,068,000 | 0 |
Dividends paid on Preferred Stock | (5,105,000) | 0 | 0 |
Mortgage Notes Payable | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Amortization of mortgage discounts and premiums, net | $ 13,000 | $ 260,000 | $ 1,249,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Global Net Lease, Inc. (the “Company”) is an externally managed real estate investment trust for U.S. federal income tax purposes (“REIT”) that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, which are crucial to the success of the Company’s roster of primarily “Investment Grade” (defined herein) tenants. The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical, single tenant net-lease assets. As of December 31, 2020, the Company owned 306 properties (all references to number of properties, square footage and industry types are unaudited) consisting of 37.2 million rentable square feet, which were 99.7% leased, with a weighted-average remaining lease term of 8.5 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2020, approximately 64% of the Company’s properties were located in the U.S. and Canada and approximately 36% were located in Europe. In addition, the Company’s portfolio was comprised of 49% industrial/distribution properties, 46% office properties and 5% retail properties. These percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of December 31, 2020. The straight-line rent includes amounts for tenant concessions. Substantially all of the Company’s business is conducted through the Global Net Lease Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company has retained Global Net Lease Advisors, LLC (the “Advisor”) to manage the Company’s affairs on a day-to-day basis. The Company’s properties are managed and leased to third parties by Global Net Lease Properties, LLC (the “Property Manager”). The Advisor and the Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital LLC, “AR Global”), and these related parties receive compensation and fees for various services provided to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable. Out-of-Period Adjustments During the fourth quarter of 2020, the Company identified certain historical errors in its accumulated other comprehensive income (“AOCI”) as well as its consolidated statements operations, statements of comprehensive (loss) income and consolidated statements of changes in equity since the second quarter of 2020. These errors impacted the previously issued financial statements for the second and third quarters of 2020. Specifically, the impact of foreign currency changes on the Company’s over-hedged portion of its net investment hedges, which is the portion the Company considered to be ineffective, was incorrectly recorded as a currency translation adjustment in AOCI in the second and third quarters of 2020. The foreign currency impacts on the ineffective portion of its net investment hedges should have been recorded in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the Company’s derivatives and hedging activities, see the “ Derivative Instruments” section in this Note below and see No t e 8 — Derivatives and Hedging Activities. The impact of the errors are as follows: • AOCI was understated by $1.3 million as of June 30, 2020 and net (loss) income attributable to common stockholders was overstated by $1.3 million for the three and six months ended June 30, 2020. • AOCI was understated by $3.9 million as of September 30, 2020 and net (loss) income attributable to common stockholders was overstated by $2.6 million and $3.9 million for the three and nine months ended September 30, 2020, respectively. The Company concluded that the errors noted above were not material for any prior quarterly periods presented and has adjusted the amounts on a cumulative basis in the fourth quarter of 2020. Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy has impacted the ability of some of the Company’s tenants to pay their monthly rent. The Company executed rent deferral agreements on leases with several tenants. For accounting purposes, in accordance with ASC 842, normally a company would be required to assess the modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (i.e. operating, direct financing or sales-type). However, in light of the COVID-19 pandemic due to which many leases are being modified, the FASB and SEC have provided relief allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat a lease amendment as a modification. In order to qualify for the relief, the modifications must be COVID-19 related and cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842. Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease. For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2020, these leases had a weighted-average remaining lease term of 8.5 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2020 and 2019, the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $61.0 million and $51.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s revenue from tenants included impacts of unbilled rental revenue of $7.9 million, $6.8 million and $6.3 million, respectively, to adjust contractual rent to straight-line rent. For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation for all leases in place at the time of acquisition. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2020. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2021 $ 334,858 2022 324,706 2023 303,737 2024 267,943 2025 226,047 Thereafter 1,083,950 Total $ 2,541,241 (1) Assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.23 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.78 as of December 31, 2020 for illustrative purposes, as applicable. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the credit worthiness and financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. Under ASC 842, uncollectible amounts are reflected as reductions in revenue from tenants. Under ASC 840, the Company recorded such amounts as bad debt expense as part of property operating expenses. During the year ended December 31, 2018, such amount was $0.8 million. The Company did not record any uncollectible amounts as reductions of revenue during the years ended December 31, 2020 or 2019. Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2020 and 2019. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2020 and 2019, the Company did not have any properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in this Note under “ Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases” , all of the Company’s leases as lessor, prior to adoption of the new leasing standard on January 1, 2019, were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. During the three-year period ended December 31, 2020, the Company had no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as right of use assets and operating lease liabilities and the rent expense is reflected on a straight-line basis over the lease term. Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2020, 2019 and 2018 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s preacquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates, and the value of in-place leases, as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Gain on Dispositions of Real Estate Investments Gains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Above market intangibles and below market intangibles will also be treated in the same way as in-place intangibles upon a lease termination. If a tenant modifies its lease, the unamortized portion of the in-place lease value, customer relationship intangibles, above-market leases and below market leases are assessed to determine whether their useful lives need to be amended (generally accelerated). Generally the Company would not extend the useful lives of their intangible values upon a modification that is an extension. The amortization associated with the Company’s operating lease right-of-use asset (“ROU”) is recorded in property operating expenses on a straight-line basis over the terms of the leases. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the operating lease ROU presented on the Company’s consolidated balance sheet with no change to placement of the amortization expense of such balances. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits. The Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland, France and The Netherlands totaling $124.2 million at December 31, 2020, of which $41.7 million, $35.8 million and $35.4 million are currently in excess of amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. At December 31, 2019, the Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland and The Netherlands totaling $270.3 million, of which $213.7 million, $25.3 million and $18.0 million were in excess of the amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. Although the Company bears risk to amounts in excess of those insured, losses are not anticipated. Restricted Cash Restricted cash primarily consists of debt service and real estate tax reserves. The Company had restricted cash of $1.4 million and $4.0 million as of December 31, 2020 and 2019, respectively. Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed our annual goodwill impairment evaluation in the fourth quarter of 2020 and determined that goodwill was not impaired as of December 31, 2020. There were no material changes to this assessment as of December 31, 2020. Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 - Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the U.S. Dollar (“USD”). The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation in the consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock, $0.01 par value per share (“Common Stock”), on the New York Stock Exchange (“NYSE”) on June 2, 2015 and modifications to the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, the OP and the Advisor, the Company entered into a multi-year outperformance agreement with the Advisor in June 2015 (the “2015 OPP”). Following the end of the performance period under the 2015 OPP on June 2, 2018, the Company entered into the 2018 OPP with the Advisor (see Note 13 — Equity-Based Compensation) . Under the 2018 OPP, effective June 2, 2018, the Company records equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance is fixed as of that date and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for |
Real Estate Investments, Net
Real Estate Investments, Net | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2020, 2019 and 2018, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2020 2019 2018 Real estate investments, at cost: Land $ 53,701 $ 43,259 $ 34,291 Buildings, fixtures and improvements 364,511 449,745 384,603 Total tangible assets 418,212 493,004 418,894 Acquired intangible lease assets: In-place leases 45,723 70,628 70,414 Above-market lease assets 156 1,051 48 Below-market lease liabilities (4,969) (1,950) (9,708) Total intangible assets 40,910 69,729 60,754 ROU asset 5,022 — — Cash paid for acquired real estate investments $ 464,144 $ 562,733 $ 479,648 Number of properties purchased 28 39 23 The following table summarizes the acquisition by property type during the years ended December 31, 2020, 2019 and 2018: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 11 390 Industrial 13 3,569 Distribution 4 1,599 Retail — — 28 5,558 Properties Acquired in 2019: Office 12 682 Industrial 17 2,408 Distribution 10 3,014 Retail — — 39 6,104 Properties Acquired in 2018: Office 1 145 Industrial 16 3,714 Distribution 6 1,100 Retail — — 23 4,959 Acquired Intangible Lease Assets The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. During the year ended December 31, 2018, the Company wrote off certain lease intangibles related to terminated leases (see the “Impairment Charges and Related Lease Intangible Write-offs” section below). The Company did not record an impairment to its intangible assets associated with its real estate investments during the years ended December 31, 2020 and 2019. Dispositions During the year ended December 31, 2020, the Company did not sell any properties. During the year ended December 31, 2019, the Company sold 97 properties located in the United States (94 Family Dollar retail stores and three industrial properties), one property located in the United Kingdom, two properties in the Netherlands and three properties in Germany for a total contract sales price of $311.3 million, resulting in an aggregate gain of $23.6 million, which is reflected in gain (loss) on dispositions of real estate investments in the consolidated statements of operations for the year ended December 31, 2019. During the year ended December 31, 2018 the Company sold two properties for a total contract sales price of $25.3 million. At closing, the Company paid approximately $1.7 million, net, in excess of proceeds received from the sales for the repayment of mortgage debt and a recorded a loss of $5.8 million, net. Prior to the sale of one of the properties, the Company agreed to terminate the lease with the existing tenant and received a termination fee of $3.0 million in accordance with the terms of the lease. This amount is recorded in revenue from tenants in the consolidated statements of operations for the year ended December 31, 2018. The following table summarizes the aforementioned properties sold in 2019 and 2018. During the year ended December 31, 2020, the Company did not sell any properties. Portfolio State Disposition Date Number of Properties Square Feet (unaudited) Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330 Impairment Charges and Related Lease Intangible Write-offs There were no impairment charges recorded during the year ended December 31, 2020. In November 2019, the Company sold two properties in the Netherlands. As of September 30, 2019, the Company concluded that the estimated sales price for these two properties was lower than their respective carrying values, and as a result, the Company recorded an impairment charge of $6.4 million in the third quarter of 2019 to reflect the estimated sales price of the properties. During the year ended December 31, 2018, certain related entity tenants in six of the Company’s properties affiliated by a common guarantor were in financial difficulties. As part of negotiations, the Company terminated the leases for the tenants of four of the properties, while the tenants of the remaining two properties continue to operate under their existing lease terms. Of these four properties with lease terminations, two were re-leased to other tenants and two were sold. Based on expected future cash flows, the Company concluded that the carrying amount was in excess of the estimated fair value of one of the properties being sold, resulting in an impairment charge of $1.6 million. Due to the four lease terminations, the Company wrote-off related lease intangibles of $3.4 million associated with the original tenants. Assets Held for Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. As of December 31, 2020 and 2019 the Company did not have any assets held for sale. Intangible Lease Assets and Lease Liabilities Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2020 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 678,856 $ 302,383 $ 376,473 $ 620,123 $ 237,585 $ 382,538 Above-market leases 33,129 16,963 16,166 31,645 12,816 18,829 Total acquired intangible lease assets $ 711,985 $ 319,346 $ 392,639 $ 651,768 $ 250,401 $ 401,367 Intangible liabilities: Below-market leases $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Total acquired intangible lease liabilities $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Projected Amortization for Intangible Lease Assets and Liabilities The following table provides the weighted-average amortization periods as of December 31, 2020 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization 2021 2022 2023 2024 2025 In-place leases 7.5 $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Total to be included as an increase to depreciation and amortization $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Above-market lease assets 5.1 $ 3,604 $ 3,566 $ 3,378 $ 2,418 $ 1,027 Below-market lease liabilities 10.6 (4,016) (3,923) (3,896) (3,134) (2,758) Total to be included as an increase to revenue from tenants $ (412) $ (357) $ (518) $ (716) $ (1,731) Significant Tenants There were no tenants whose annualized rental income on a straight-line basis as of December 31, 2020 represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2020. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentrations The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31 2020 represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2020, 2019 and 2018. December 31, Country / U.S. State 2020 2019 2018 United States 63.2% 63.0% 55.7% Michigan 15.3% 14.6% 13.7 United Kingdom 16.8% 18.2% 19.0% |
Mortgage Notes Payable, Net
Mortgage Notes Payable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Net | Mortgage Notes Payable, Net Mortgage notes payable, net as of December 31, 2020 and 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2020 December 31, 2019 Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 90,760 $ 82,996 1.7% (2) Fixed/Variable Feb. 2024 France: Worldline — — 5,608 —% (3) —% — DCNS — — 10,655 —% (3) —% — ID Logistics II — — 11,776 —% (3) —% — French Properties 7 85,854 — 2.5% (4) Fixed/Variable May 2025 Germany Germany Properties 5 63,165 57,761 1.8% (5) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 147,178 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 20 386,957 303,383 United Kingdom: United Kingdom Properties 42 301,979 294,315 3.1% (6) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,979 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (7) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (7) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (7) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (7) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (7) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (7) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,378,686 1,287,448 3.3% Mortgage discount — (26) — Deferred financing costs, net of accumulated amortization (8) (14,988) (15,268) — Mortgage notes payable, net 118 $ 1,363,698 $ 1,272,154 3.3% __________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (3) These loans were refinanced in May 2020 as part of the French Refinancing (see below for further details). As a result, the Company terminated an interest rate swap agreement for two of these properties (see Note 8 — Derivatives and Hedging Activities ). (4) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020 (6) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect as of December 31, 2020. This loan requires principal repayments beginning in October 2020 based on amounts specified under the loan. In October 2020, approximately $2.6 million in principal was repaid in accordance with the terms of this mortgage note payable. (7) The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (8) Deferred financing costs consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2020: (In thousands) Future Principal Payments (1) 2021 $ 13,222 2022 20,475 2023 331,445 2024 237,939 2025 85,854 Thereafter 689,751 Total $ 1,378,686 _________ (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2020, the Company was in compliance with all financial covenants under its mortgage notes payable agreements. During the three months ended September 30, 2020, the borrower entities under the mortgage loan secured by all the Company’s properties located in the United Kingdom did not maintain the required loan-to-value ratios with respect to the mortgaged properties, and, as a result, a cash trap event under the loan occurred which was immediately cured when the Company executed, as required by the terms of the loan, a limited unsecured corporate guaranty of the borrower entities’ obligations under the loan of £20.0 million (approximately $27.4 million as of December 31, 2020). The guaranty remains in effect and contains a covenant that requires the Company to maintain unrestricted cash and cash equivalents (or amounts available for future borrowings under credit facility, such as the Credit Facility) in an amount sufficient to meet its actual and contingent liabilities under the guaranty. During the three months ended December 31, 2020, the borrower entities under the same mortgage loan did not maintain the same loan-to-value ratio and another cash trap event under the loan occurred. This does not constitute a breach of the covenant and is not an event of default under the loan. The Company is currently in negotiations to cure the cash trap event. If the value of the underlying portfolio continues to decline, the loan to value ratio may exceed the financial covenant required under the loan of 55%, which would result in a breach, which could, if not cured, give rise to the lenders’ right to accelerate the principal amount due under the loan and other remedies. In that event, the Company’s intent would be to cure the breach through various remedies available to them per the loan agreement within the specified time frame under the loan. While the Company does not anticipate that any arrangement required to cure the cash trap that occurred during the fourth quarter of 2020 will have a material impact on its liquidity, if the Company is unable to maintain this loan-to-value after the next annual lender valuation in the fourth quarter of 2021, it may experience future cash trap events that could adversely impact our liquidity. In addition, during the three months ended December 31, 2020, the Company also triggered a cash sweep event under one of its mortgage loans with a balance of $98.5 million as of December 31, 2020, because a major tenant failed to renew its lease. This is not an event of default and instead triggers a cash sweep event. Subsequent to December 31, 2020, the Company cured this event through one of the available options under the loan by putting a $3.2 million letter of credit in place. The Company may be required to put additional letters of credit in place up to an aggregate of $7.4 million if the Company is not able to find a suitable replacement tenant prior to the fourth quarter of 2021, and the letters of credit reduce the availability for future borrowings under the Revolving Credit Facility. As of December 31, 2020, the Company was in compliance with the covenants pursuant to the Indenture under the Company’s 3.75% Senior Notes due 2027 (the “Senior Notes”) (as described in Note 6 — Senior Notes, Net ) Credit Facility and mortgage notes payable agreements. The total gross carrying value of unencumbered assets as of December 31, 2020 was $1.8 billion, and approximately $1.8 billion of this amount was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and therefore is not available to serve as collateral for future borrowings. Whirlpool Loan On July 10, 2020, the Company, through certain wholly-owned subsidiaries, borrowed $88.0 million from a syndicate of regional banks led by BOK Financial Corporation. In December, 2020 this loan was repaid, without penalty, with net proceeds from the Company’s newly issued Senior Notes (as defined in Note 6 — Senior Notes, Net ). As a result of the repayment of this loan, the Company wrote off deferred financing costs and terminated interest rate swap agreements related to these borrowings, resulting in an aggregate total of $2.0 million of expenses recorded for these items in loss on extinguishment of debt in the Company’s consolidated financial statement of operations (see Note 8 — Derivatives and Hedging Activities for additional details on the swap terminations). The loans were secured by six industrial properties triple-net leased to Whirlpool Corporation and located in Tennessee and Ohio that were simultaneously removed from the borrowing base under the Revolving Credit Facility. At the time of the closing of the loans in July 2020, approximately $84.0 million was used to repay amounts outstanding under the Revolving Credit Facility, with the remaining proceeds of approximately $2.2 million, after costs and fees related to the loan, available for general corporate purposes. The loan bore interest at a floating interest rate of one-month LIBOR plus 2.9%, with the interest rate fixed at 3.45% by swap agreement. French Refinancing On May 14, 2020, the Company, through certain of its subsidiaries, entered into a loan agreement with HSBC France (“HSBC”) and borrowed €70.0 million ($75.6 million based on the exchange rate on that date) secured by the seven properties the Company owns in France. The maturity date of this loan is May 14, 2025 and it bears interest at a rate of 3-month EURIBOR (with a floor of 0.0%) plus an initial margin of 2.3% per year, with the interest rate for €63.0 million ($68.0 million based on the exchange rate on that date) fixed by an interest rate swap agreement. The amount fixed by swap agreement represents 90% of the principal amount of the loan and is fixed at 2.5% per year. The loan is interest-only with the principal due at maturity. At the closing of the loan, €25.0 million ($27.0 million based on the exchange rate on that date) was used to repay all outstanding indebtedness on four of the properties. Of the remaining proceeds, approximately €20.0 million ($21.6 million based on the exchange rate on that date) was used to repay amounts outstanding under the Revolving Credit Facility and the remaining balance is available for general corporate purposes. As a result of the refinancing of this loan, the Company terminated interest rate swap agreements related to these borrowings and incurred additional costs, resulting in an aggregate total of $0.3 million of expenses recorded for these items in loss on extinguishment of debt in the Company’s consolidated statement of operations (see Note 8 — Derivatives and Hedging Activities for additional details on the swap terminations). Multi-Tenant Mortgage Loan V On September 12, 2019, the Company, through certain wholly-owned subsidiaries, borrowed $204.0 million from KeyBank National Association (“KeyBank”) secured by a first mortgage on 12 of the Company’s single tenant net leased office and industrial properties located in ten states. Approximately $86.5 million of the net proceeds from the loan was used to repay outstanding mortgage indebtedness related to the mortgaged properties. Of the remaining net proceeds, approximately $0.3 million was used to fund deposits required to be made at closing into reserve accounts and approximately $126.5 million was available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 3.65% and matures on October 1, 2029. The loan is interest-only, with the principal balance due on the maturity date. From and after November 2, 2021, the loan may be prepaid at any time, in whole but not in part, subject to certain conditions and limitations, including payment of a prepayment premium for any prepayments made prior to July 1, 2029. Partial prepayments are also permitted under certain circumstances, subject to certain conditions and limitations. Benelux Refinancing On June 12, 2019, the Company, through certain wholly-owned subsidiaries, borrowed €120.0 million (approximately $135.8 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by three of the Company’s properties located in the Netherlands and Luxembourg. The loan bears interest at a fixed rate of 1.38% and matures on June 11, 2024. The loan is interest-only, with the principal due at maturity. At the closing of the loan, approximately €80.3 million (approximately $90.8 million based on the exchange rate on that date) of the net proceeds was used to repay all outstanding indebtedness encumbering two of the properties. German Refinancing On May 10, 2019, the Company, through certain wholly-owned subsidiaries, borrowed €51.5 million (approximately $57.9 million based on the exchange rate on that date) from Landesbank Hessen-Thüringen Girozentrale, secured by five of the Company’s properties located in Germany. The loan is interest-only with the principal due at maturity, which is June 30, 2023. The maturity date may be extended at the Company’s option to February 29, 2024, subject to conditions. The loan initially bore interest at a rate of 3-month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan will bear interest going forward at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. The amount fixed by swap agreement represents 80% of the principal amount and the interest rate is fixed at 1.8%, for that portion. The net proceeds from the loan were used to repay all €35.6 million (approximately $40.0 million based on the exchange rate on that date) outstanding in mortgage indebtedness that previously encumbered three of the properties that secure the loan. Multi-Tenant Mortgage Loan IV On April 12, 2019, the Company, through certain wholly-owned subsidiaries, borrowed $97.5 million from Column Financial, Inc. and Société Générale Financial Corporation, secured by 16 of the Company’s single tenant net leased office and industrial properties located in 12 states that were simultaneously removed from the borrowing base under the Revolving Credit Facility. At closing, approximately $90.0 million was used to repay outstanding indebtedness under the Revolving Credit Facility, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 4.489% and has a maturity date of May 6, 2029. The loan is interest-only, with the principal balance due on the maturity date. The Company may prepay the loan in whole or in part at any time, subject to certain fees and any unpaid interest depending on the timing and other circumstances of the prepayment. Finland Refinancing On February 6, 2019, the Company, through certain wholly-owned subsidiaries, borrowed an aggregate of €74.0 million ($84.3 million based on the prevailing exchange rate on that date) secured by mortgages on the Company’s five properties located in Finland. The maturity date of this loan is February 1, 2024, and it bears interest at a rate of 3-month Euribor plus 1.4% per year, with the interest rate for approximately €59.2 million ($67.4 million based on the prevailing exchange rate on that date) fixed by an interest rate swap agreement. The amount fixed by swap agreement represents 80% of the principal amount and the interest rate is fixed at 1.8% per year. The loan is interest-only with the principal due at maturity. At the closing of the loan, €57.4 million ($65.4 million based on the prevailing exchange rate on that date) was used to repay all outstanding indebtedness encumbering the five properties, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. Penske Logistics On November 14, 2018, the Company, through certain wholly-owned subsidiaries entered into a mortgage loan, yielding gross proceeds of approximately $70.0 million with a fixed rate of 4.6% and a 10-year maturity. Proceeds were used to fund a portion of the $126.6 million purchase price to acquire a cold storage facility located in Romulus, Michigan. The borrower’s (a wholly-owned subsidiary of ours) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. U.S. Multi-Tenant Mortgage Loan III On November 9, 2018, the Company, through certain wholly-owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of $98.5 million with a fixed interest rate of 4.9% and 10-year maturity in December 2028. This multi-tenant mortgage loan is interest-only with a principal balance due on maturity, and it is secured by seven properties in six states, totaling approximately 651,313 square feet. Proceeds were used to pay down $90.0 million of outstanding indebtedness under the Revolving Credit Facility. U.K. Multi-Property Loan On August 13, 2018, the Company, through certain wholly-owned subsidiaries, entered into a multi-tenant mortgage loan, yielding gross proceeds of £230.0 million and bearing interest at a rate of approximately 2.0% plus 3-month GBP LIBOR, maturing in August 2023. With respect to the interest, 80% of the principal amount is fixed by a swap agreement, while the remaining 20.0% of the principal remains variable. The loan is interest-only for the first two years, followed by scheduled principal amortization of £37.9 million in the final three years of the loan, with the remaining principal balance due on maturity. The loan is secured by all 43 of the Company’s properties located in the United Kingdom. At closing, £209.0 million of the net proceeds were used to repay all outstanding mortgage indebtedness encumbering 38 of the 43 properties. The other five properties were unencumbered prior to the loan. U.S. Multi-Tenant Mortgage Loan II |
Revolving Credit Facility and T
Revolving Credit Facility and Term Loan, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility and Term Loan, Net | Revolving Credit Facility and Term Loan, Net The table below details the outstanding balances as of December 31, 2020 and 2019 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for a $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €359.6 million ($303.0 million USD based on the prevailing exchange rate as of December 31, 2020) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the Credit Facility to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants, and the terms of the Credit Facility described below generally reflect this amendment and restatement. December 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 111,132 $ 105,000 £ — € 5,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan (3) 303,036 — — 247,075 403,258 — — 359,551 Deferred financing costs (2,882) — — — (5,365) — — — Term Loan, Net 300,154 — — 247,075 397,893 — — 359,551 Total Credit Facility $ 411,286 $ 105,000 £ — € 252,075 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. (3) In December 2020, the Company paid down €112.5 million ($136.7 million based on the exchange rate on that date of pay down) on the Term Loan. As a result, the Company wrote off $1.3 million of deferred financing costs, which is recorded in loss on extinguishment of debt in the Company’s consolidated statement of operations. Credit Facility - Terms As of December 31, 2020, the aggregate total commitments under the Credit Facility were approximately $1.1 billion, based on the USD equivalent on December 31, 2020. On February 24, 2021, following a request by the Company, lender commitments under the Credit Facility were increased by $50.0 million with all of the increase allocated to the Revolving Credit Facility, and the total commitments were approximately $1.2 billion based on prevailing exchange rates on that date. This increase was made pursuant to the Credit Facility’s uncommitted “accordion feature” whereby, upon the request of the Company, but at the sole discretion of the lenders participating in such increase, total commitments under the Credit Facility may be increased, with the aggregate of such commitments not to exceed $1.75 billion. Following the effectiveness of the commitment increase completed on February 24, 2021, the Company may request future additional increases to total commitments of approximately $565.0 million, allocable to either or both components of the Credit Facility. The Credit Facility consists of two components, a Revolving Credit Facility and a Term Loan, both of which are interest only. The Revolving Credit Facility matures on August 1, 2023, subject to two six-month extensions at the Company’s option, and the Term Loan matures on August 1, 2024. Borrowings under the Credit Facility bear interest at a variable rate per annum based on an applicable margin that varies based on the ratio of consolidated total indebtedness and the consolidated total asset value of the Company and its subsidiaries plus either (i) LIBOR, as applicable to the currency being borrowed, or (ii) a “base rate” equal to the greatest of (a) KeyBank’s “prime rate,” (b) 0.5% above the Federal Funds Effective Rate or (c) 1.0% above one-month LIBOR. The applicable interest rate margin is based on a range from 0.45% to 1.05% per annum with respect to base rate borrowings under the Revolving Credit Facility, 1.45% to 2.05% per annum with respect to LIBOR borrowings under the Revolving Credit Facility, 0.4% to 1.00% per annum with respect to base rate borrowings under the Term Loan and 1.40% to 2.00% per annum with respect to LIBOR borrowings under the Term Loan. As of December 31, 2020, the Credit Facility had a weighted-average effective interest rate of 2.5% after giving effect to interest rate swaps in place. In July 2017, the Financial Conduct Authority (which regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR in derivatives and other financial contracts. On November 30, 2020, the Financial Conduct Authority announced a partial extension of this deadline, indicating its intention to cease the publication of the one-week and two-month USD LIBOR settings immediately following December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. The Company is not able to predict when LIBOR may be limited or discontinued or when there will be sufficient liquidity in the SOFR market. The Company is monitoring and evaluating the risks related to potential changes in LIBOR availability, which include potential changes in interest paid on debt and amounts received and paid on interest rate swaps. In addition, the value of debt or derivative instruments tied to LIBOR could also be impacted when LIBOR is limited or discontinued and contracts must be transitioned to a new alternative rate. While we expect LIBOR to be available in substantially its current form until at least the end of 2021, it is possible that LIBOR will become unavailable prior to that time. The Credit Facility contains terms governing the establishment of a replacement index to serve as an alternative to LIBOR, if necessary. To transition from LIBOR under the Credit Facility, the Company anticipates that it will either utilize the Base Rate or negotiate a replacement reference rate for LIBOR with the lenders The Credit Facility requires the Company through the OP to pay an unused fee per annum of 0.25% of the unused balance of the Revolving Credit Facility if the unused balance exceeds or is equal to 50% of the total commitment or a fee per annum of 0.15% of the unused balance of the Revolving Credit Facility if the unused balance is less than 50% of the total commitment. From and after the time the Company obtains an investment grade credit rating, the unused fee will be replaced with a facility fee based on the total commitment under the Revolving Credit Facility multiplied by 0.30%, decreasing as the Company’s credit rating increases. The availability of borrowings under the Revolving Credit Facility is based on the value of a pool of eligible unencumbered real estate assets owned by the Company and compliance with various ratios related to those assets. As of December 31, 2020, approximately $94.5 million was available for future borrowings under the Revolving Credit Facility. Any future borrowings may, at the option of the Company, be denominated in USD, EUR, Canadian Dollars, British Pounds Sterling (“GBP”) or Swiss Francs. Amounts borrowed may not, however, be converted to, or repaid in, another currency once borrowed. The Term Loan is denominated in EUR. The Company, through the OP, may reduce the amount committed under the Revolving Credit Facility and repay outstanding borrowings under the Credit Facility, in whole or in part, at any time without premium or penalty, other than customary “breakage” costs payable on LIBOR borrowings. In the event of a default, lenders have the right to terminate their obligations under the Credit Facility agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility also imposes certain affirmative and negative covenants on the OP, the Company and certain of its subsidiaries including restrictive covenants with respect to, among other things, liens, indebtedness, investments, distributions (see additional information below), mergers and asset sales, as well as financial covenants requiring the OP to maintain, among other things, ratios related to leverage, secured leverage, fixed charge coverage and unencumbered debt services, as well as a minimum consolidated tangible net worth. As of December 31, 2020, the Company was in compliance with all covenants under the Credit Facility. Under the terms of the Credit Facility, the Company may not pay distributions, including cash dividends payable with respect to Common Stock, the Company’s 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock $0.01 par value per share (“Series B Preferred Stock”) or any other class or series of stock the Company may issue in the future, or redeem or otherwise repurchase shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, or any other class or series of stock the Company may issue in the future that exceed 100% of the Company’s Adjusted FFO, as defined in the Credit Facility (which is different from AFFO disclosed in this Annual Report on Form 10-K) for any period of four consecutive fiscal quarters, except in limited circumstances, including that for one fiscal quarter in each calendar year, the Company may pay cash dividends and other distributions, and make redemptions and other repurchases in an aggregate amount equal to no more than 105% of its Adjusted FFO. From and after the time the Company obtains and continues to maintain an investment grade rating, the limitation on distributions discussed above will not be applicable. The Company used the exception to pay dividends that were between 100% of Adjusted FFO to 105% of Adjusted FFO during the quarter ended on June 30, 2020. The Company’s ability to comply with the restrictions on the payment of distributions in the Credit Facility depends on its ability to generate sufficient cash flows that in the applicable periods exceed the level of Adjusted FFO required by these restrictions. If the Company is not able to generate the necessary level of Adjusted FFO, the Company will have to reduce the amount of dividends paid on the common and the preferred stock or consider other actions. Alternatively, the Company could elect to pay a portion of its dividends on the Common Stock in additional shares of Common Stock if approved by the Company’s board of directors. |
Senior Notes, Net
Senior Notes, Net | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Notes, Net | Senior Notes, Net On December 16, 2020, the Company and the OP (together the “Issuers”) issued $500.0 million aggregate principal amount of 3.75% Senior Notes due 2027. In connection with the closing of the offering of the Senior Notes, the Issuers and the subsidiaries of the Issuers that guarantee the Notes (the “Guarantors”) entered into an Indenture (the “Indenture”) with U.S. Bank National Association, as trustee (the “Trustee”). As of December 31, 2020 the amount of the Senior Notes on the Company’s consolidated balance sheet totaled $490.3 million, which is net of $9.7 million of deferred financing costs. The Senior Notes, which were issued at par, will mature on December 15, 2027 and accrue interest at a rate of 3.750% per year. Interest on the Senior Notes, which began to accrue on December 16, 2020, is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. The Senior Notes are fully and unconditionally guaranteed on a joint and several basis by the subsidiaries of each Issuer that are guarantors under the Credit Facility (the “Note Guarantees”). Subject to certain exceptions, each future subsidiary of each Issuer that subsequently guarantees indebtedness under the Credit Facility, any other syndicated loan facility or any capital markets indebtedness, in each case, will be required to execute a Note Guarantee. Under certain circumstances, the Guarantors may be automatically released from their Note Guarantees without the consent of the holders of the Senior Notes. The Senior Notes are redeemable at the option of the Issuers, in whole at any time or in part from time to time, in each case prior to September 15, 2027, for cash, at a redemption price equal to the greater of (i) 101% of the principal amount of the Senior Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to be redeemed that would be due if the Senior Notes matured on September 15, 2027 (exclusive of unpaid interest accrued to, but not including, the date of redemption) discounted to the date of redemption on a semi-annual basis at the treasury rate plus 50 basis points, plus, in each case, unpaid interest, if any, accrued to, but not including, the date of redemption. In addition, at any time on or after September 15, 2027, the Senior Notes will be redeemable, at the option of the Issuers, in whole at any time or in part from time to time, for cash, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the date of redemption. If a Change of Control Triggering Event (as defined in the Indenture) occurs, the Issuers will be required to make an offer to purchase the Senior Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the purchase date. If the Issuers or any of their restricted subsidiaries sell assets, under certain circumstances the Issuers will be required to make an offer to purchase the Senior Notes at a price equal to 100% of the principal amount, plus accrued interest and unpaid interest, if any, up to, but excluding, the purchase date. The Indenture contains covenants that, among other things, limit the ability of the Issuers and their restricted subsidiaries to (1) incur additional indebtedness, (2) pay dividends and make distributions on the capital stock of the Company and each Issuer’s restricted subsidiaries, (3) make investments or other restricted payments, (4) create liens on their assets, (5) enter into transactions with affiliates, (6) merge or consolidate or sell all or substantially all of their assets, (7) sell assets and (8) create restrictions on the ability of their restricted subsidiaries to pay dividends or other amounts to them. These covenants are subject to important exceptions and qualifications. In addition, if the Senior Notes are rated investment grade by any two of Moody’s Investors Service, Inc., Fitch Ratings Inc. and Standard & Poor’s Ratings Services, and at such time no default or event of default under the Indenture has occurred and is continuing, many of the covenants in the Indenture will be suspended or become more lenient and may not go back into effect. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2020 and 2019, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD, GBP & EUR) $ — $ (15,434) $ — $ (15,434) December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD, GBP & EUR) $ — $ (6,082) $ — $ (6,082) A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2020. Financial Instruments not Measured at Fair Value The carrying value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to/from related parties, prepaid expenses and other assets, accounts payable, accrued expenses and dividends payable approximates their fair value due to their short-term nature. The gross carrying value of the Company’s mortgage notes payable as of December 31, 2020 and 2019 were $1.4 billion and $1.3 billion, respectively, which approximated their fair value. The fair value of gross mortgage notes payable is based on estimates of market interest rates. This approach relies on unobservable inputs and therefore is classified as Level 3 in the fair value hierarchy. As of December 31, 2020 the advances to the Company under the Revolving Credit Facility had a carrying value of $111.1 million and a fair value of $111.2 million. As of December 31, 2019 the advances to the Company under the Revolving Credit Facility had a carrying value of $199.1 million and a fair value of $211.0 million. As of December 31, 2020 the Company’s Term Loan had a gross carrying value of $303.0 million and a fair value of $304.6 million. As of December 31, 2019 the Company’s Term Loan had a gross carrying value of $397.9 million and a fair value of $403.6 million. As of December 31, 2020, the Company’s Senior Notes had a gross carrying value of $500.0 million and a fair value of $512.4 million. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the USD. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate and currency risk management. The use of derivative financial instruments carries certain risks, including the risk that any counterparty to a contractual arrangement may not be able to perform under the agreement. To mitigate this risk, the Company only enters into a derivative financial instrument with a counterparty with a high credit rating with a major financial institution which the Company and its affiliates may also have other financial relationships with. The Company does not anticipate that any such counterparty will fail to meet its obligations, but there is no assurance that any counterparty will meet these obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019: December 31, (In thousands) Balance Sheet Location 2020 2019 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,829) $ (939) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (9,000) (4,524) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value — 228 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (2,605) (1,139) Total $ (15,434) $ (6,008) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 198 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,714) (831) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 327 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (1,836) — Interest rate swaps (EUR) Derivative liabilities, at fair value — (74) Total $ (4,025) $ 2,652 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. All of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. For the year ended December 31, 2020, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Effective January 1, 2019, all of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the years ended December 31, 2020 and 2019, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives was recognized directly in earnings and as a result, during the year ended December 31, 2018, the Company recorded a loss of $0.4 million. Additionally, during the years ended December 31, 2020, 2019 and 2018, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts were losses of $0.3 million $0.1 million and $0.1 million for the years ended December 31, 2019 and 2018, respectively. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months ending December 31, 2021, the Company estimates that an additional $7.1 million will be reclassified from other comprehensive income as an increase to interest expense. As of December 31, 2020 and 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2020 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 301,210 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 22 641,394 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,092,604 68 $ 962,436 In connection with the paydown the loans secured by six industrial properties triple-net leased to Whirlpool Corporation during the fourth quarter of 2020, the Company terminated six interest rate swaps with an aggregate notional amount of $88.0 million for a payment of approximately $0.3 million, which was recorded in loss on extinguishment of debt in the Company’s consolidated statement of operations. Also, following these terminations, the Company recorded a loss of $0.3 million in (loss) gain on derivative instruments in the Company’s consolidated statement of operations due to the acceleration of the reclassification of amounts in AOCI to earnings as a result of the hedged forecasted transactions becoming probable not to occur as noted above. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable secured by its properties located in France during the second quarter of 2020 (see Note 4 — Mortgage Notes Payable, Net ), the Company terminated two interest rate swaps with an aggregate notional amount of €14.5 million for a payment of approximately $0.1 million. Amounts recorded to AOCI and interest expense following these terminations were not significant. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable secured by the Company’s properties located in Finland during the first quarter of 2019 (see Note 4 — Mortgage Notes Payable, Net ), the Company terminated five interest rate swaps with an aggregate notional amount of €57.4 million for a payment of approximately $0.8 million. Following these terminations, $0.7 million was recorded in AOCI and was recorded as an adjustment to interest expense over the term of the original EUR hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, $0.3 million and $0.4 million was recorded as an increase to interest expense for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, there is no balance remaining in AOCI related to these terminations. In connection with a multi-property loan which refinanced all of the Company’s mortgage notes payable denominated in GBP during the third quarter of 2018, the Company terminated 15 interest rate swaps with an aggregate notional amount of £208.8 million and one floor with a notional amount of £28.1 million. Following these terminations, the amount relating to GBP borrowings still outstanding of approximately $1.2 million was recorded in AOCI and was recorded as an adjustment to interest expense over the term of the original GBP hedges and respective borrowings. Of the amount recorded in AOCI following these terminations, $0.3 million, $0.6 million and $0.4 million was recorded as an increase to interest expense for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there is no balance remaining in AOCI related to these terminations. The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Amount of (loss) gain recognized in AOCI from derivatives $ (14,151) $ (9,047) $ 2,739 Amount of loss reclassified from AOCI into income as interest expense $ (5,646) $ (2,439) $ (3,746) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (270) $ (128) $ (559) Total interest expense recorded in the consolidated statements of operations $ 71,804 $ 64,199 $ 57,973 Net Investment Hedges The Company is exposed to fluctuations in foreign currency exchange rates on property investments in foreign countries which pay rental income, incur property related expenses and borrow in currencies other than its functional currency, the USD. For derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives, including the ineffective portion of the change in fair value of the derivatives, if any, are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of December 31, 2020 and 2019 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations and during the years ended December 31, 2020 and 2019, the Company did not use foreign currency derivatives that were designated as net investment hedges. Effective January 1, 2019, for derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Prior to January 1, 2019, the ineffective portion of the change in fair value of the derivatives, if any, was recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Foreign Denominated Debt Designated as Net Investment Hedges All foreign currency denominated borrowings under the Credit Facility are designated as net investment hedges. As such, the designated portion of changes in value due to currency fluctuations are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. The remeasurement gains and losses attributable to the undesignated portion of the foreign-currency denominated debt are recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated, or if the Company should no longer possess a controlling interest. The Company records adjustments to earnings for currency impacts related to undesignated excess positions, if any. During the year ended December 31, 2020, the Company recorded losses of $6.0 million due to currency changes on the undesignated excess foreign currency advances over the related net investments.There were no undesignated excess positions at any time during the years ended December 31, 2019 and 2018. Non-Designated Derivatives The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the GBP and the EUR. The Company has used and may continue to use foreign currency derivatives, including options, currency forward and cross currency swap agreements, to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are economically hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in net income (loss). The Company recorded a loss of $2.1 million, and gains of $0.9 million and $7.8 million on the non-designated hedges for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2020 December 31, 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 41 $ 41,633 38 $ 38,898 Foreign currency forwards (EUR - USD) 40 38,634 32 27,478 Interest rate swaps (EUR) — — 1 10,655 Total 81 $ 80,267 71 $ 77,031 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2020 and 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459) December 31, 2019 $ 4,151 $ (7,507) $ — $ (3,356) $ — $ — $ (3,356) In addition to the above derivative arrangements, the Company also uses non-derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations as part of its risk management program, including foreign denominated debt issued and outstanding with third parties to protect the value of its net investments in foreign subsidiaries against exchange rate fluctuations. The Company has drawn, and expects to continue to draw, foreign currency advances under the Credit Facility to fund certain investments in the respective local currency which creates a natural hedge against the original equity invested in the real estate investments, removing the need for the final cross currency swaps. Credit-Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2020, the fair value of derivatives in net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $21.2 million. As of December 31, 2020, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock As of December 31, 2020 and 2019, the Company had 89,614,601 and 89,458,752, respectively, shares of Common Stock issued and outstanding including Restricted Shares and excluding RSU and long-term incentive plan units of limited partner interest in the OP (“LTIP Units”). LTIP Units may be convertible into shares of Common Stock in the future. ATM Program — Common Stock The Company has an “at the market” equity offering program (the “Common Stock ATM Program”) pursuant to which the Company may sell shares of Common Stock, from time to time through its sales agents. • The Company did not sell any shares of Common Stock through the Common Stock ATM Program during the year ended December 31, 2020. • During the three months ended March 31, 2019, the Company sold 7,759,322 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $152.7 million, before commissions paid of $1.5 million and additional issuance costs of $0.8 million. Following these sales, the Company had raised all $175.0 million contemplated by its existing equity distribution agreement related to the Common Stock ATM Program. In February 2019, the Company terminated its existing equity distribution agreement and entered into a new equity distribution agreement with substantially the same sales agents on substantially the same terms. Under the new equity distribution agreement, through December 31, 2019, the Company sold 5,596,452 shares of Common Stock for gross proceeds of $109.9 million, before commissions paid of $1.6 million and additional issuance costs of $0.4 million. In total, during the year ended December 31, 2019, the Company sold 13,355,773 shares of Common Stock for gross proceeds of $262.6 million, before commissions paid of $3.2 million and additional issuance costs of $1.2 million. • During the year ended December 31, 2018, the Company sold 164,927 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $3.5 million, before commissions paid of $35,140 and additional issuance costs of $0.3 million. Commissions paid and issuance cost are recorded in additional paid-in capital on the consolidated balance sheets. Underwritten Offerings — Common Stock On August 20, 2018, the Company completed the issuance and sale of 4,600,000 shares of Common Stock (including 600,000 shares issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares in full) in an underwritten public offering at a price per share of $20.65. The gross proceeds from this offering were $95.0 million before deducting the underwriting discount of $3.8 million and additional offering expenses of $0.3 million. On November 28, 2018, the Company completed the issuance and sale of 4,000,000 shares of Common Stock in an underwritten public offering at a price per share of $20.20. The gross proceeds from this offering were $80.8 million before deducting the underwriting discount of $3.2 million and additional offering expenses of $0.1 million. Preferred Stock The Company is authorized to issue up to 30,000,000 shares of Preferred Stock. • The Company has classified and designated 9,959,650 shares of its authorized Preferred Stock as authorized shares of its 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), as of December 31, 2020 and December 31, 2019. The Company had 6,799,467 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2020 and 2019. • The Company has classified and designated 11,450,000 shares of its authorized Preferred Stock as authorized shares of its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”), as of December 31, 2020 and December 31, 2019. The Company had 3,861,953 and 3,450,000 shares of Series B Preferred Stock issued and outstanding, as of December 31, 2020 and 2019, respectively. • The Company has classified and designated 100,000 shares of its authorized Preferred Stock as authorized shares of its Series C preferred stock, $0.01 par value (“Series C Preferred Stock”), as of December 31, 2020. No shares of Series C Preferred Stock were authorized as of December 31, 2019 and no shares of Series C Preferred Stock were issued and outstanding as of December 31, 2020. ATM Programs — Series A Preferred Stock and Series B Preferred Stock In March 2018, the Company established an “at the market” equity offering program for its Series A Preferred Stock (the “Series A Preferred Stock ATM Program”) pursuant to which the Company was permitted to raise aggregate sales proceeds of $200.0 million through sales of shares of Series A Preferred Stock from time to time through its sales agents. In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2019, the Company sold 1,382,577 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $35.3 million, before commissions paid of $0.5 million and additional issuance costs of $0.2 million. In November 2019, the Company terminated the Series A Preferred Stock ATM Program. • During the year ended December 31, 2018, the Company sold 7,240 shares of Series A Preferred Stock through the Series A Preferred Stock ATM Program for gross proceeds of $0.2 million, before commissions paid of $2,724 and additional issuance costs of $0.4 million. In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may raise aggregate sales proceeds of up to $200.0 million through sales of shares of Series B Preferred Stock from time to time through its sales agents. During the year ended December 31, 2020, the Company sold 411,953 shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $10.4 million, before commissions paid of approximately $0.2 million and additional issuance costs of $0.1 million. The Company did not sell any shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program during 2019. Series A Preferred Stock - Terms Holders of Series A Preferred Stock are entitled to cumulative dividends in an amount equal to $1.8125 per share each year, which is equivalent to the rate of 7.25% of the $25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after September 12, 2022, at any time and from time to time, the Series A Preferred Stock is redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series A Preferred Stock may receive a maximum of 2.301 shares of Common Stock (as adjusted for any stock splits) per share of Series A Preferred Stock. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2020. Therefore, Series A Preferred Stock will not impact Company’s earnings per share calculations. The Series A Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up. If dividends on any outstanding shares of Series A Preferred Stock have not been paid for six or more quarterly periods, holders of Series A Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series A Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series A Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding-up or amend the Company’s charter to materially and adversely change the terms of the Series A Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series A Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights. Underwritten Offering — Series B Preferred Stock On November 20, 2019, the Company completed the issuance and sale of 3,450,000 shares of Series B Preferred Stock (including 450,000 shares pursuant to the underwriters’ partial exercise of their option to purchase additional shares in accordance with terms of the underwriting agreement) in an underwritten public offering at a public offering price equal to the liquidation preference of $25.00 per share. The gross proceeds from this offering were approximately $86.2 million before deducting the underwriting discount of $2.7 million and additional offering expenses of $0.5 million. Series B Preferred Stock - Terms Holders of Series B Preferred Stock are entitled to cumulative dividends in an amount equal to $1.71875 per share each year, which is equivalent to the rate of 6.875% of the $25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after November 26, 2024, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series B Preferred Stock may receive a maximum of 2.5126 shares of Common Stock (as adjusted for any stock splits) per share of Series B Preferred Stock. The necessary conditions to convert the Series B Preferred Stock into Common Stock have not been met as of December 31, 2020. Therefore, Series B Preferred Stock will not impact Company’s earnings per share calculations. The Series B Preferred Stock ranks senior to the Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock. If dividends on any outstanding shares of Series B Preferred Stock have not been paid for six or more quarterly periods, holders of Series B Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock will be entitled to vote together as a single class, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series B Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series B Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up or amend our charter to materially and adversely change the terms of the Series B Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series B Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights. Dividends Common Stock Dividends Historically, and through March 31, 2020, the Company paid dividends at an annualized rate of $2.13 per share or $0.5325 per share on a quarterly basis. In March 2020, the Company’s board of directors approved a change in the dividend to an annual rate of $1.60 per share or $0.40 per share on a quarterly basis, which became effective in the second quarter of 2020 with the Company’s April 1, 2020 dividend declaration for dividends paid to the applicable record holders on January 11, 2021. Dividends authorized by the Company’s board of directors are paid on a quarterly basis in arrears on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment. The Company’s board of directors may alter the amounts of dividends paid or suspend dividend payments at any time prior to declaration and therefore dividend payments are not assured. For purposes of the presentation of information herein, the Company may refer to distributions by the OP on ordinary units of limited partner interest in the OP (“OP Units”) and LTIP Units as dividends. In addition, see Note 5 — Revolving Credit Facility and Term Loan, Net for additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. The following table details from a tax perspective, the portion of cash paid for Common Stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2020 2019 2018 Return of capital $ 1.34 77.5 % $ 1.23 69.1 % $ 1.57 73.7 % Ordinary dividend income 0.39 22.5 % 0.55 30.9 % 0.56 26.3 % Total $ 1.73 100.0 % $ 1.78 100.0 % $ 2.13 100.0 % Series A Preferred Stock Dividends Dividends on Series A Preferred Stock accrue in an amount equal to $0.453125 per share per quarter to holders of Series A Preferred Stock, which is equivalent to 7.25% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors, which must be not more than 30 nor fewer than 10 days prior to the applicable payment date. All dividends paid during 2020, 2019 and 2018 on the Series A Preferred Stock were considered 100% ordinary dividend income. Series B Preferred Stock Dividends Dividends on Series B Preferred Stock accrue in an amount equal to $0.429688 per share per quarter to holders of Series B Preferred Stock, which is equivalent to 6.875% of the $25.00 liquidation preference per share of Series B Preferred Stock per annum. Dividends on the Series B Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors. All dividends paid during 2020 on the Series B Preferred Stock were considered 100% ordinary dividend income. Stockholder Rights Plan In April 2020, the Company announced that its board of directors approved a short-term stockholder rights plan (the “Plan”). The Plan is intended to allow the Company to realize the long-term value of the Company’s assets by protecting the Company from the actions of third parties that the Company’s board determines are not in the best interest of the Company. In connection with the adoption of the Plan, the Company’s board of directors authorized a dividend of one preferred share purchase right for each outstanding share of Common Stock to stockholders of record on April 20, 2020 to purchase from the Company one one-thousandth of a share of Series C Preferred Stock for an exercise price of $50.00, once the rights become exercisable, subject to adjustment as provided in the related rights agreement. By the terms of the Plan, the rights will initially trade with Common Stock and will generally only become exercisable on the 10th business day after the Company’s board of directors become aware that a person or entity has become the owner of 4.9% or more of the shares of Common Stock or the commencement of a tender or exchange offer which would result in the offeror becoming an owner of 4.9% or more of the Common Stock. In February 2021, the expiration date of these rights was extended to April 8, 2024. See Note 15 — Subsequent Events |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lessee Arrangements — Ground Leases The Company leases land under nine ground leases associated with certain properties, which includes one additional ground lease acquired during the year ended December 31, 2020, with lease durations ranging from 15 to 97 years as of December 31, 2020. As of December 31, 2020 and 2019 , the Company’s balance sheet includes ROU assets of $58.4 million and $50.2 million, respectively, and operating lease liabilities of $25.4 million and $24.0 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s existing operating leases upon the adoption of the new lease guidance on January 1, 2019 (see N o te 2 — Summary of Significant Accounting Polices ) as well as for new operating leases entered into after the adoption of the new standard, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term of approximately 32.0 years and a weighted-average discount rate of 4.33% as of December 31, 2020. For the years ended December 31, 2020 and 2019, the Company paid cash of approximately $1.5 million and $1.4 million, respectively, for amounts included in the measurement of lease liabilities. For the years ended December 31, 2020 and 2019, the Company recorded expense of $1.4 million and $1.3 million, respectively, on a straight-line basis in accordance with the standard. The Company incurred rent expense on ground leases of $1.3 million during the year ended December 31, 2018. The lease expense is recorded in property operating expenses in the consolidated statements of operations. The following table reflects the base cash rental payments due from the Company as of December 31, 2020: (In thousands) Future Base Rent Payments (1) 2021 $ 1,510 2022 1,510 2023 1,510 2024 1,514 2025 1,519 Thereafter 42,217 Total minimum lease payments (2) 49,780 Less: Effects of discounting (24,430) Total present value of lease payments $ 25,350 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company. On January 25, 2018, Moor Park Capital Partners LLP filed a complaint against (i) the Company and the OP; (ii) the Property Manager, Global Net Lease Special Limited Partner, LLC, an affiliate of AR Global that directly owns the Advisor and the Property Manager, and the Advisor; and (iii) AR Capital Global Holdings, LLC, and AR Global, in the Supreme Court of the State of New York, County of New York. On March 4, 2019, the parties entered into a settlement agreement pursuant to which the lawsuit was dismissed. The Company recorded a reserve of $7.4 million related to the then anticipated settlement payment during the fourth quarter of 2018 and subsequently paid the settlement amount during the first quarter of 2019. During the years ended December 31, 2019 and 2018, the Company incurred approximately $1.0 million and $2.9 million, respectively, in additional legal expenses related to this litigation. These costs are included in acquisition, transaction and other costs in the consolidated statement of operations. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2020, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of December 31, 2020 and 2019, AR Global and certain affiliates owned, in the aggregate, 35,900 shares of outstanding Common Stock. The Advisor, which is an affiliate of AR Global, and its affiliates incur, directly or indirectly, costs and fees in performing services for the Company. As of December 31, 2020 and 2019, the Company had $0.4 million and $0.4 million, respectively, of receivables from former affiliates of the Advisor and $2.0 million and $0.3 million of payables to their affiliates, respectively. The $2.0 million payable relates to the $1.5 million in leasing commissions to the Property Manager and $0.5 million relates to a payable recorded for the overpayment of invoices in current and prior years for a shared service. As of December 31, 2020, AR Global indirectly owned 95% of the membership interests in the Advisor and Scott J. Bowman, the Company’s former chief executive officer and president, directly owned the other 5% of the membership interests in the Advisor. James L. Nelson, the Company’s chief executive officer and president, holds a non-controlling profit interest in the Advisor and Property Manager. The Company is the sole general partner of the OP. There were no OP Units held by anyone other than the Company outstanding as of December 31, 2020, 2019 and 2018. In addition, the Company paid $0.4 million, $0.5 million and $0.6 million in distributions to the Advisor as the sole holder of LTIP Units (as defined in Note 13 — Equity-Based Compensation ) during the years ended December 31, 2020, 2019 and 2018, which are included in accumulated deficit in the consolidated statements of equity. As of December 31, 2020 and 2019, the Company had no unpaid distributions on the LTIP Units. During the third quarter of 2020, the Company granted Restricted Shares to employees of the Advisor or its affiliates who are involved in providing services to the Company, including the Company’s Chief Executive Officer and Chief Financial Officer. For additional information, see Note 1 3 — Equity-Based Compensation . Fees Paid in Connection with the Operations of the Company The Company has engaged the Advisor to manage the Company’s day-to-day business and operations pursuant to the terms of the Advisory Agreement. The Advisory Agreement was most recently amended on May 6, 2020 (the “Amendment”) to temporarily lower the effective thresholds of Core AFFO Per Share (1) that the Company must satisfy for the Advisor to be paid Incentive Compensation (as defined in the Advisory Agreement). Under the Advisory Agreement, the Company pays the Advisor the following fees in cash: (a) a base fee of $18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); and (b) a variable fee amount equal to 1.25% per annum of the sum, since the effective date of our Advisory Agreement in June 2015, of: (i) the cumulative net proceeds of all common equity issued by the Company (ii) any equity of the Company issued in exchange for or conversion of preferred stock or exchangeable notes, based on the stock price at the date of issuance; and (iii) any other issuances of common, preferred, or other forms of equity of the Company, including units in an operating partnership (excluding equity based compensation but including issuances related to an acquisition, investment, joint-venture or partnership) (the “Variable Base Management Fee”). Additionally, the Company pays the Advisor the Incentive Compensation, an amount earned each quarter, 50% payable in cash and 50% payable in shares of Common Stock (subject to certain lock up restrictions) except for the period beginning April 1, 2020 and ending December 31, 2020, when it was payable in cash only. The Incentive Compensation is calculated on an annual basis for the 12-month period from July 1 to June 30 of each year, in quarterly installments. The Incentive Compensation is subject to a final adjustment after the performance period ends, such that the difference, if any, between the amount of the Incentive Compensation actually paid to the Advisor in the preceding year under the quarterly installments and the actual amount payable for the year is either repaid by or paid to the Advisor as applicable. Shares of Common Stock that are issued as a portion of any quarterly installment payment are retained and, for purposes of any repayment required to be made by the Advisor, have the value they had at the time of issuance and are adjusted in respect of any dividend or other distribution received with respect to those shares to allow recoupment of the same. Under the Advisory Agreement, prior to the Amendment, the Incentive Fee Lower Hurdle (as defined in the Advisory Agreement) was (a) $2.15 for the 12 months ended June 30, 2019, and (b) $2.25 for the 12 months ending June 30, 2020. Following the Amendment, the Incentive Fee Lower Hurdle is equal to (i) $1.6875 per share in the aggregate and $0.5625 per share per quarter for the period that began on July 1, 2019 and ended March 31, 2020; (ii) $1.35 per share in the aggregate and $0.45 per share per quarter for the period that began on April 1, 2020 and ended December 31, 2020; (iii) $1.125 per share in the aggregate and $0.5625 per share per quarter for the period beginning January 1, 2021 and ending June 30, 2021; and (iv) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning July 1, 2021. In addition, prior to the Amendment, the Incentive Fee Upper Hurdle (as defined in the Advisory Agreement) was (a) $2.79 for the 12 months ended June 30, 2019, and (b) $2.92 for the 12 months ended June 30, 2020. Following the Amendment, the Incentive Fee Upper Hurdle is equal to (i) $2.19 per share in the aggregate and $0.73 per share per quarter for the period that began on July 1, 2019 and ended March 31, 2020; (ii) $1.75 per share in the aggregate and $0.583 per share per quarter for the period that began on April 1, 2020 and ended December 31, 2020; (iii) $1.46 per share in the aggregate and $0.73 per share per quarter for the period that began on January 1, 2021 and ending June 30, 2021; and (iv) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period beginning July 1, 2021. During the years ended December 31, 2020, 2019 and 2018, no Incentive Compensation was earned by the Advisor. The Amendment also extended from July 1, 2020 to July 1, 2021, the first date that the annual thresholds are subject to annual increases by a majority of the Company’s independent directors (in their good faith reasonable judgment, after consultation with the Advisor). The percentage at which independent directors may so increase the thresholds remains a percentage equal to between 0% and 3%. In addition, commencing in August 2023 and every five years thereafter, the Advisor has a right to request that the Company’s independent directors reduce the then current Incentive Fee Lower Hurdle and Incentive Fee Upper Hurdle and make a determination whether any reduction in the annual thresholds is warranted. The annual aggregate amount of the Minimum Base Management Fee and Variable Base Management Fee (collectively, the “Base Management Fee”) that may be paid under the Advisory Agreement are subject to varying caps based on assets under management (“AUM”) (2) , as defined in the Advisory Agreement. The amount of the Base Management Fee to be paid under the Advisory Agreement is capped at the AUM for the preceding year multiplied by (a) 0.75% if equal to or less than $3.0 billion; (b) 0.75% less (i) a fraction, (x) the numerator of which is the AUM for such specified period less $3.0 billion and (y) the denominator of which is $11.7 billion multiplied by 0.35% if AUM is greater than $3.0 billion but less than $14.6 billion; or (c) 0.4% if equal to or greater than $14.7 billion. ______________ (1) For purposes of the Advisory Agreement, Core AFFO Per Share means for the applicable period (i) net income adjusted for the following items (to the extent they are included in net income): (a) real estate related depreciation and amortization; (b) net income from unconsolidated partnerships and joint ventures; (c) one-time costs that the Advisor deems to be non-recurring; (d) non-cash equity compensation (other than any Restricted Share Payments (as defined in the Advisory Agreement)); (e) other non-cash income and expense items; (f) certain non-cash interest expenses related to securities that are convertible to Common Stock; (g) gain (or loss) from the sale of investments; (h) impairment loss on real estate; (i) acquisition and transaction related costs (known as acquisition, transaction and other costs on the face of the Company’s income statement); (j) straight-line rent; (k) amortization of above and below market leases assets and liabilities; (l) amortization of deferred financing costs; (m) accretion of discounts and amortization of premiums on debt investments; (n) marked-to-market adjustments included in net income; (o) unrealized gain (loss) resulting from consolidation from, or deconsolidation to, equity accounting, (p) consolidated and unconsolidated partnerships and joint ventures and (q) Incentive Compensation, (ii) divided by the weighted-average outstanding shares of Common Stock on a fully-diluted basis for such period. (2) For purposes of the Advisory Agreement, AUM means, for a specified period, an amount equal to (A) (i) the aggregate costs of the Company’s investments (including acquisition fees and expenses) at the beginning of such period (before reserves for depreciation of bad debts, or similar non-cash reserves) plus (ii) the aggregate cost of the Company’s investment at the end of such period (before reserves from depreciation or bad debts, or similar non-cash reserves) divided by (B) two (2). In addition, the per annum aggregate amount of the Base Management Fee and the Incentive Compensation to be paid under the Advisory Agreement is capped at (a) 1.25% of the AUM for the previous year if AUM is less than or equal to $5.0 billion; (b) 0.95% if the AUM is equal to or exceeds $15.0 billion; or (c) a percentage equal to: (A) 1.25% less (B) (i) a fraction, (x) the numerator of which is the AUM for such specified period less $5.0 billion and (y) the denominator of which is $10.0 billion multiplied by (ii) 0.30% if AUM is greater than $5.0 billion but less than $15.0 billion. The Variable Base Management Fee is also subject to reduction if there is a sale or sales of one or more Investments in a single or series of related transactions exceeding $200.0 million and a special dividend(s) related thereto is paid to stockholders. Under the Advisory Agreement, the Company has also agreed under the Advisory Agreement to reimburse, indemnify and hold harmless each of the Advisor and its affiliates, and the directors, officers, employees, partners, members, stockholders, other equity holders, agents and representatives of the Advisor and its affiliates (each, a “Advisor Indemnified Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising from any acts or omissions of the Advisor Indemnified Party performed in good faith under the Advisory Agreement and not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of duties on the part of the Advisor Indemnified Party. In addition, the Company has agreed to advance funds to an Advisor Indemnified Party for reasonable legal fees and other reasonable costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification is being sought, subject to repayment if the Advisor Indemnified Party is later found pursuant to a final and non-appealable order or judgment to not be entitled to indemnification. Property Management Fees The Property Manager provides property management and leasing services for properties owned by the Company, for which the Company pays fees to the Property Manager equal to: (i) with respect to stand-alone, single-tenant net leased properties which are not part of a shopping center, 2.0% of gross revenues from the properties managed and (ii) with respect to all other types of properties, 4.0% of gross revenues from the properties managed in each case plus market-based leasing commissions applicable to the geographic location of the applicable property. For services related to overseeing property management and leasing services provided by any person or entity that is not an affiliate of the Property Manager, the Company pays the Property Manager an oversight fee equal to 1.0% of gross revenues of the property managed. This oversight fee is no longer applicable to 39 of the Company’s properties which became subject to separate property management agreements with the Property Manager in connection with certain mortgage loans entered into by the Company in October 2017, April 2019 and September 2019 (the “Loan Property PMLAs”) on otherwise nearly identical terms to the primary property and management leasing agreement (the “Primary PMLA”), which remains applicable to all other properties. In February 2019, the Company entered into an amendment to the Primary PMLA with the Property Manager, providing for automatic extensions for an unlimited number of successive one-year terms unless terminated by either party upon notice. Following this amendment, either the Company or the Property Manager may terminate the Primary PMLA at any time upon at least 12 months written notice prior to the applicable termination date. This termination notice period does not apply to the Loan Property PMLAs, which may be terminated by either the Company or the Property Manager upon 60 days’ written notice prior to end of the applicable term. If cash flow generated by any of the Company’s properties is not sufficient to fund the costs and expenses incurred by the Property Manager in fulfilling its duties under the property management and leasing agreements, the Company is required to fund additional amounts. Costs and expenses that are the responsibility of the Company under the property management and leasing agreements include, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Property Manager who are engaged in the operation, management, maintenance and leasing of the properties and other out-of-pocket expenses which are directly related to the operation, management, maintenance and leasing of specific properties, but may not include the Property Manager’s general overhead and administrative expenses. Solely with respect to the Company’s investments in properties located in Europe, prior to the effectiveness of the termination of the Company’s former service provider for its European properties in March 2018, the service provider received, from the Property Manager, a portion of the fees payable to the Property Manager equal to: (i) with respect to single-tenant net leased properties which are not part of a shopping center, 1.75% of the gross revenues from such properties and (ii) with respect to all other types of properties, 3.5% of the gross revenues from such properties. The Property Manager was paid 0.25% of the gross revenues from European single-tenant net leased properties which are not part of a shopping center and 0.5% of the gross revenues from all other types of properties, reflecting a split of the oversight fee with the service provider. Following the termination of the service provider, the service provider no longer receives any amounts from the Advisor. During the year ended December 31, 2020, the Company incurred leasing commissions to the Property Manager of $1.5 million, of which $0.1 million was recorded as an expense in property management fees (see table below). The remainder of the balance will be recorded over the terms of the related leases. Professional Fees and Other Reimbursements The Company reimburses the Advisor or its affiliates for expenses paid or incurred by the Advisor or its affiliates in providing services to the Company under the Advisory Agreement, except for those expenses that are specifically the responsibility of the Advisor under the Advisory Agreement, such as salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of personnel of the Advisor and its affiliates (including our executive officers) who provide services to the Company under our advisory agreement, the Advisor’s rent and general overhead expenses, the Advisor’s travel expenses (subject to certain exceptions), professional services fees incurred with respect to the Advisor for the operation of its business, insurance expenses (other than with respect to our directors and officers) and information technology expenses. In addition, these reimbursements are subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income, unless the excess amount is otherwise approved by the Company’s board of directors. The amount of expenses reimbursable for the years ending December 31, 2020, 2019 and 2018 did not exceed these limits. Fees Paid in Connection with the Liquidation of the Company’s Real Estate Assets Under the Advisory Agreement, the Company is required to pay to the Advisor a fee in connection with net gain recognized by the Company in connection with the sale or similar transaction of any investment equal to 15% of the amount by which the gains from the sale of investments in the applicable month exceed the losses from the sale of investments in that month unless the proceeds from such transaction or series of transactions are reinvested in one or more investments within 180 days thereafter. (the “Gain Fee”) unless the proceeds of the sale or transaction or series of sales or transactions are reinvested in one or more investments within180 days thereafter. The Gain Fee is calculated at the end of each month and paid, to the extent due, with the next installment of the Base Management Fee. The Gain Fee is calculated by aggregating all of the gains and losses from the preceding month. There was no Gain Fee paid during the years ended December 31, 2020, 2019 or 2018, respectively. The following table reflects related party fees, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2020 2019 2018 (In thousands) Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 29,623 $ 27,530 $ 23,212 Property management fees 6,178 5,762 5,022 Total related party operational fees and reimbursements $ 35,801 $ 33,292 $ 28,234 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million, $1.1 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $11.6 million |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2020 | |
Economic Dependency [Abstract] | |
Economic Dependency | Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor, to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, accounting services, investor relations, transfer agency services, as well as other administrative responsibilities for the Company. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Stock Option Plan The Company has a stock option plan (the “Plan”) which authorizes the grant of nonqualified Common Stock options to the Company’s directors, officers, advisors, consultants and other personnel of the Company, the Advisor and the Property Manager and their affiliates, subject to the absolute discretion of the Company’s board of directors and the applicable limitations of the Plan. The exercise price for any stock options granted under the Plan will be equal to the closing price of a share of Common Stock on the last trading day preceding the date of grant. A total of 0.5 million shares have been authorized and reserved for issuance under the Plan. As of December 31, 2020, 2019 and 2018, no stock options were issued under the Plan. Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provides the Company with the ability to grant awards of Restricted Shares and RSUs to directors, officers and full-time employees (if any), of the Company, the Advisor and its affiliates, and certain persons that provide services to the Company, the Advisor or its affiliates. The Company pays independent director compensation as follows: (i) the annual retainer payable to all independent directors is $100,000 per year, (ii) the annual retainer for the non-executive chair is $105,000, (iii) the annual retainer for independent directors serving on the audit committee, compensation committee or nominating and corporate governance committee is $30,000. All annual retainers are payable 50% in the form of cash and 50% in the form of RSUs which vest over a three-year period. In addition, the directors have the option to elect to receive the cash component in the form of RSUs which would vest over a three-year period. Under the RSP, the number of shares of Common Stock available for awards is equal to 10.0% of the Company’s outstanding shares of Common Stock on a fully diluted basis at any time. If any awards granted under the RSP are forfeited for any reason, the number of forfeited shares is again available for purposes of granting awards under the RSP. RSUs RSUs may be awarded under terms that provide for vesting on a straight-line basis over a specified period of time for each award. RSUs represent a contingent right to receive shares of Common Stock at a future settlement date, subject to satisfaction of applicable vesting conditions or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of Common Stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend or other distribution equivalents which are subject to the same vesting conditions or other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of Common Stock. RSU award agreements generally provide for accelerated vesting of all unvested RSUs in connection with a termination without cause from the Company’s board of directors or a change of control and accelerated vesting of the portion of the unvested RSUs scheduled to vest in the year of the recipient’s voluntary resignation from or failure to be re-elected to the Company’s board of directors. The following table reflects equity awards activity for the years ended December 31, 2020, 2019 and 2018. Number of Weighted-Average Issue Price Unvested, December 31, 2017 49,112 $ 24.29 Granted 17,039 18.34 Vested (19,799) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354) 22.58 Unvested, December 31, 2019 40,541 20.47 Granted 28,232 13.37 Vested (23,824) 21.71 Unvested, December 31, 2020 44,949 15.35 The fair value of the equity awards in the form of Restricted Shares granted prior to the listing of the Common Stock on the NYSE on June 2, 2015 was based on the per share price in the Company’s initial public offering of Common Stock completed prior to the listing, and the fair value of the RSUs granted on or after the listing is based on the market price of Common Stock as of the grant date. The fair value of equity awards is expensed over the vesting period. Restricted Shares Restricted Shares are shares of Common Stock awarded under terms that provide for vesting over a specified period of time. Holders of Restricted Shares receive cash dividends prior to the time that the restrictions on the Restricted Shares have lapsed. Any dividends to holders of Restricted Shares payable in shares of Common Stock are subject to the same restrictions as the underlying Restricted Shares. Restricted Shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. In September 2020, the Company granted 132,025 Restricted Shares to employees of the Advisor or its affiliates who are involved in providing services to the Company, and including its Chief Executive Officer and Chief Financial Officer. In accordance with accounting rules, the fair value of the Restricted Shares granted is being recorded on a straight-line basis over the vesting period of four years. The Restricted Shares were issued in October 2020 at the time the related award agreements were executed and were granted at a price of $17.41 per share. The awards to the Chief Executive Officer and Chief Financial Officer were recommended by the Advisor and approved by the compensation committee. The other awards were made pursuant to authority delegated by the compensation committee to Edward M. Weil, Jr., a member of the Company’s board of directors. Following the grant of these awards there remained an additional 217,975 Restricted Shares that may be awarded in the future pursuant to the delegation of authority to Mr. Weil. No awards may be made pursuant to this delegation of authority to anyone who is also a partner, member or equity owner of the parent of the Advisor. The Restricted Shares granted to employees of the Advisor or its affiliates vest in 25% increments on each of the first four anniversaries of the grant date. Except in connection with a change in control (as defined in the award agreement) of the Company, any unvested Restricted Shares (but not any cash dividends paid thereon) will be forfeited if the holder’s employment with the Advisor terminates for any reason. Upon a change in control of the Company, 50% of the unvested Restricted Shares will immediately vest and the remaining unvested Restricted Shares will be forfeited. Compensation Expense — RSP Compensation expense for awards granted pursuant to the RSP was $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of December 31, 2020, the Company had $0.5 million unrecognized compensation cost related to RSUs granted under the RSP, which is expected to be recognized over a weighted-average period of 1.8 years. As of December 31, 2020, the Company had $2.1 million unrecognized compensation cost related to Restricted Share awards granted under the RSP, which is expected to be recognized over a period of 3.8 years. Multi-Year Outperformance Agreement On July 16, 2018, the Company’s compensation committee approved the 2018 OPP, which was subsequently entered into by the Company and the OP with the Advisor on July 19, 2018. The 2018 OPP was entered into in connection with the conclusion of the performance period under the 2015 OPP on June 2, 2018. None of the LTIP Units granted under the 2015 OPP were earned and all of those LTIP Units were automatically forfeited without the payment of any consideration by the Company or the OP effective as of June 2, 2018. Under accounting rules adopted by the Company on January 1, 2019, the total fair value of the LTIP Units granted under the 2018 OPP of $18.8 million is fixed as of that date and will not be remeasured in subsequent periods unless the 2018 OPP is amended (see Note 2 — Summary of Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair value of the LTIP Units that have been granted is being recorded evenly over the requisite service period which is approximately 2.8 years from the grant date in 2018. In February 2019, the Company entered into an amendment to the 2018 OPP with the Advisor to reflect a change in the peer group resulting from the merger of two members of the peer group. Under the accounting rules, the Company was required to calculate any excess of the new value of LTIP Units awarded pursuant to the 2018 OPP at the time of the amendment ($29.9 million) over the fair value immediately prior to the amendment ($23.3 million). This excess of approximately $6.6 million is being expensed over the period from February 21, 2019, the date the Company’s compensation committee approved the amendment, through June 2, 2021, the end of the service period. During the years ended December 31, 2020 and 2019 and 2018, respectively, the Company recorded expense of $9.4 million, $9.1 million and $3.3 million related to the 2018 OPP. Also, during the year ended December 31, 2018, the Company recorded a reduction in expense of $1.1 million for the 2015 OPP, resulting in net expense recorded of $2.2 million for the year ended December 31, 2018 LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units contained in the agreement of limited partnership of the OP. The Advisor, as the holder of the LTIP Units is entitled to distributions on the LTIP Units equal to 10% of the distributions made per OP Unit (other than distributions of sale proceeds) until the LTIP Units are earned. The Company paid approximately $0.4 million, $0.5 million and $0.6 million in distributions related to LTIP Units during the years ended December 31, 2020, 2019 and 2018, respectively, which is included in accumulated deficit in the consolidated statements of changes in equity. These distributions are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. If any LTIP Units are earned, the Advisor will be entitled to a priority catch-up distribution on each earned LTIP Unit equal to the aggregate distributions paid on OP Units during the applicable performance period, less the aggregate distributions paid on the LTIP Unit during the performance period. As of the valuation date on the final day of the applicable performance period, any LTIP Units that are earned will become entitled to receive the same distributions paid on the OP Units. Further, at the time the Advisor’s capital account with respect to an LTIP Unit that is earned and vested is economically equivalent to the average capital account balance of an OP Unit, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, will in accordance with the limited partnership agreement of the OP, be entitled to convert the LTIP Unit into an OP Unit, which may, in turn, be redeemed on a one-for-one basis for, at the Company’s election, a share of Common Stock or the cash equivalent thereof. 2018 OPP Based on a maximum award value of $50.0 million and $19.57 (the “Initial Share Price”) the closing price of Common Stock on June 1, 2018, the trading day prior to the effective date of the 2018 OPP, the Advisor was issued a total of 2,554,930 LTIP Units pursuant to the 2018 OPP. These LTIP Units represent the maximum number of LTIP Units that may be earned by the Advisor based on the Company’s total shareholder return (“TSR”), including both share price appreciation and Common Stock dividends, against the Initial Share Price over a performance period, commencing on June 2, 2018 and ending on the earliest of (i) June 2, 2021, (ii) the effective date of any Change of Control (as defined in the 2018 OPP) and (iii) the effective date of any termination of the Advisor’s service as advisor of the Company (the “Performance Period”). Half of the LTIP Units (the “Absolute TSR LTIP Units”) are eligible to be earned as of the last day of the Performance Period (the “Valuation Date”) if the Company achieves an absolute TSR with respect to threshold, target and maximum performance goals for the Performance Period as follows: Performance Level (% of Absolute TSR LTIP Units Earned) Absolute TSR Number of Absolute TSR LTIP Units Earned Below Threshold 0 % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 If the Company’s absolute TSR is more than 24% but less than 30%, or more than 30% but less than 36%, the percentage of the Absolute TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. Half of the LTIP Units (the “Relative TSR LTIP Units”) are eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points, whether positive or negative, by which the Company’s absolute TSR for the Performance Period exceeds the average TSR of a peer group for the Performance Period consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as follows: Performance Level (% of Relative TSR LTIP Units Earned) Relative TSR Excess Number of Absolute TSR LTIP Units Earned Below Threshold 0 % Less than -600 basis points — Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % 600 basis points 1,277,465 If the relative TSR excess is more than -600 basis points but less than — basis points, or more than — basis points but less than +600 bps, the percentage of the Relative TSR LTIP Units earned is determined using linear interpolation as between those tiers, respectively. If the Valuation Date is the effective date of a Change of Control or a termination of the Advisor for any reason (i.e., with or without cause), the number of LTIP Units earned will be calculated based on actual performance through the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR pro-rated to reflect that the Performance Period lasted less than three years but without pro-rating the number of Absolute TSR LTIP Units or Relative TSR LTIP Units the Advisor would be eligible to earn to reflect the shortened period. The award of LTIP Units under the 2018 OPP is administered by the compensation committee of the Company’s board of directors, provided that any of the compensation committee’s powers can be exercised instead by the Company’s board of directors if the board of directors so elects. Following the Valuation Date, the compensation committee is responsible for determining the number of Absolute TSR LTIP Units and Relative TSR LTIP Units earned, as calculated by an independent consultant engaged by the compensation committee and as approved by the compensation committee in its reasonable and good faith discretion. The compensation committee also must approve the transfer of any Absolute TSR LTIP Units and Relative TSR LTIP Units (or OP Units into which they may be converted in accordance with the terms of the agreement of limited partnership of the OP). LTIP Units earned as of the Valuation Date will also become vested as of the Valuation Date. Any LTIP Units that are not earned and vested after the Compensation Committee makes the required determination will automatically and without notice be forfeited without the payment of any consideration by the Company or the OP, effective as of the Valuation Date. 2015 OPP In connection with the Listing, the Company entered into the 2015 OPP with the OP and the Advisor. Under the 2015 OPP, the Advisor was issued 3,013,933 LTIP Units in the OP with a maximum award value on the issuance date equal to 5.00% of the Company’s market capitalization (the “OPP Cap”). Because no performance goals under the 2015 OPP were achieved, no LTIP Units issued under the 2015 OPP were earned and all LTIP Units issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP, effective as of June 2, 2018. Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “Three-Year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. The potential outperformance award was calculated at the end of each One-Year Period, the Two-Year Period and the Three-Year Period. The award earned for the Three-Year Period was based on the formula in the table above less any awards earned for the Two-Year Period and One-Year Periods, but not less than zero; the award earned for the Two-Year Period was based on the formula in the table above less any award earned for the first and second One-Year Period, but not less than zero. Any LTIP Units that were unearned at the end of the Performance Period were to be forfeited. One third of any earned LTIP Units were to vest, subject to the Advisor’s continued service through each vesting date, on each of the third, fourth and fifth anniversaries of June 2, 2015. As of June 2, 2016 (end of the first One-Year Period), June 2, 2017 (end of the Two-Year Period) and June 2, 2018 (end of the Three-Year Period), no LTIP units were earned by the Advisor under the terms of the 2015 OPP. Accordingly, all LTIP Units that had been issued under the 2015 OPP were automatically forfeited without the payment of any consideration by the Company or the OP effective as of the end of the Three-Year Period. Other Equity-Based Compensation The Company may issue Common Stock in lieu of cash to pay fees earned by the Company’s directors at each director’s election. If the Company did so, there would be no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no such shares of Common Stock issued in lieu of cash during the years ended December 31, 2020, 2019 and 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a summary of the basic and diluted net income per share computation for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (7,775) $ 34,535 $ 1,082 Adjustments to net (loss) income attributable to common stockholders for common share equivalents (468) (660) (689) Adjusted net (loss) income attributable to common stockholders $ (8,243) $ 33,875 $ 393 Weighted average common shares outstanding — Basic 89,473,554 85,031,236 69,411,061 Weighted average common shares outstanding — Diluted 89,473,554 86,349,645 69,663,208 Net (loss) income per share attributable to common stockholders — Basic $ (0.09) $ 0.40 $ 0.01 Net (loss) income per share attributable to common stockholders — Diluted $ (0.09) $ 0.39 $ 0.01 Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares, unvested RSUs and unearned LTIP Units from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted-average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Unvested RSUs 44,949 40,541 46,352 Unvested Restricted Shares (1) 38,703 — — LTIP Units (2) 2,554,930 1,277,465 970,173 Total common share equivalents excluded from EPS calculation 2,638,582 1,318,006 1,016,525 1) There were 132,025 Restricted Shares issued and outstanding as of December 31, 2020. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during the year ended December 31, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2020, 2019 and 2018. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP. Conditionally issuable shares relating to the 2018 OPP award of LTIP Units (see Note 13 — Equity-Based Compensation ) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the year ended December 31, 2020. Conditionally issuable shares relating to the 2018 OPP award of LTIP Units (see Note 12 — Equity-Based Compensation ) are included in the computation of fully diluted EPS on a weighted-average basis for the years ended December 31, 2019 and 2018 based on shares that would have been issued if the balance sheet dates were the end of the measurement period. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2020 and 2019: (In thousands, except share and per share data) Quarters Ended 2020 March 31, June 30, (1) September 30, (1) December 31, (1) Revenue from tenants $ 79,242 $ 81,109 $ 82,711 $ 87,042 Net income (loss) attributable to common stockholders $ 5,038 $ 966 $ (502) $ (13,277) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (135) (129) (102) (102) Adjusted net income (loss) attributable to common stockholders $ 4,903 $ 837 $ (604) $ (13,379) Weighted average shares outstanding — Basic 89,458,753 89,470,114 89,482,577 89,482,577 Weighted average shares outstanding — Diluted 89,499,294 90,102,709 89,482,577 89,482,577 Net income (loss) per share attributable to common stockholders — Basic and Diluted $ 0.05 $ 0.01 $ (0.01) $ (0.15) (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (2) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160) (174) (176) (150) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Weighted average shares outstanding — Basic 81,474,615 83,847,120 85,254,638 89,458,381 Weighted average shares outstanding — Diluted 82,798,432 85,165,549 86,202,582 90,776,790 Net income per share attributable to common stockholders — Basic and Diluted $ 0.07 $ 0.15 $ 0.08 $ 0.10 _______ (1) During the fourth quarter of 2020, the Company recorded a loss of $3.9 million related to certain historical errors in the second and third quarters of 2020 related to the recording of the impact of foreign currency changes on its over-hedged portion of its net investment hedges, which is considered to be ineffective. The amounts, which totaled $1.3 million and $2.6 million for the second and third quarters of 2020, respectively, were incorrectly recorded as a currency translation adjustment in AOCI as opposed to being recorded as losses in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the above or on the Company’s derivative accounting policies and derivatives and hedging activities, see the Note 2 — Summary of Significant Accounting Policies and Note 8 — Derivatives and Hedging Activities. (2) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except for as previously disclosed or disclosed below. Stockholder Rights Plan Amendment In February 2021, the Company amended the stockholder rights plan to extend expiration date of the rights under the plan from April 2021 to April 2024, unless earlier exercised, exchanged, amended, redeemed or terminated. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation Schedule III | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Schedule III | Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) McDonalds Corporation Carlisle United Kingdom Oct. 2012 $ — (6) $ 438 $ 831 $ — $ — $ 1,269 $ 170 Wickes Blackpool United Kingdom May 2013 — (6) 1,843 1,841 — — 3,684 517 Everything Everywhere Merthyr Tydfil United Kingdom Jun. 2013 — (6) 3,754 2,174 — — 5,928 548 Thames Water Swindon United Kingdom Jul. 2013 — (6) 3,754 4,037 — 12 7,803 995 Wickes Tunstall United Kingdom Jul. 2013 — (6) 956 2,031 — — 2,987 552 PPD Global Labs Highland Heights KY Aug. 2013 — (9) 2,001 5,162 — 87 7,250 1,148 Northern Rock Sunderland United Kingdom Sep. 2013 — (6) 1,365 4,348 — — 5,713 1,060 Wickes Clifton United Kingdom Nov. 2013 — (6) 1,365 1,777 — — 3,142 467 XPO Logistics Aurora NE Nov. 2013 — (13) 295 1,470 — — 1,765 438 XPO Logistics Grand Rapids MI Nov. 2013 — (13) 945 1,247 — — 2,192 371 XPO Logistics Riverton IL Nov. 2013 — (13) 344 707 — — 1,051 211 XPO Logistics Salina KS Nov. 2013 — (13) 461 1,622 — — 2,083 483 XPO Logistics Uhrichsville OH Nov. 2013 — (13) 380 780 — — 1,160 232 XPO Logistics Vincennes IN Nov. 2013 — (13) 220 633 — — 853 194 XPO Logistics Waite Park MN Nov. 2013 — (13) 366 700 — — 1,066 197 Wolverine Howard City MI Dec. 2013 — (13) 719 12,027 — — 12,746 3,540 Encanto Restaurants Baymon PR Dec. 2013 — 1,150 1,552 — — 2,702 428 Encanto Restaurants Caguas PR Dec. 2013 — — 2,233 — — 2,233 615 Encanto Restaurants Carolina PR Dec. 2013 — 1,840 2,485 — — 4,325 684 Encanto Restaurants Carolina PR Dec. 2013 — 615 676 — — 1,291 186 Encanto Restaurants Guayama PR Dec. 2013 — 673 740 — — 1,413 204 Encanto Restaurants Mayaguez PR Dec. 2013 — 410 862 — — 1,272 237 Encanto Restaurants Ponce PR Dec. 2013 — 600 1,218 — — 1,818 307 Encanto Restaurants Ponce PR Dec. 2013 — 655 1,375 — — 2,030 379 Encanto Restaurants Puerto Neuvo PR Dec. 2013 — — 704 — — 704 194 Encanto Restaurants Quebrada Arena PR Dec. 2013 — 843 1,410 — — 2,253 388 Encanto Restaurants Rio Piedras PR Dec. 2013 — 963 1,609 — — 2,572 443 Encanto Restaurants Rio Piedras PR Dec. 2013 — 505 1,061 — — 1,566 292 Encanto Restaurants San German PR Dec. 2013 — 391 631 — — 1,022 159 Encanto Restaurants San Juan PR Dec. 2013 — 153 551 — — 704 152 Encanto Restaurants San Juan PR Dec. 2013 — 1,235 1,358 — — 2,593 374 Encanto Restaurants San Juan PR Dec. 2013 — 389 1,051 — — 1,440 290 Encanto Restaurants Toa Baja PR Dec. 2013 — 68 536 — — 604 135 Encanto Restaurants Vega Baja PR Dec. 2013 — 822 1,374 — — 2,196 379 Rheinmetall Neuss Germany Jan. 2014 — (11) 6,306 17,706 — 79 24,091 3,382 GE Aviation Grand Rapids MI Jan. 2014 — (7) 3,174 27,076 — 203 30,453 5,053 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Provident Financial Bradford United Kingdom Feb. 2014 — (6) 1,377 25,543 — — 26,920 4,503 Crown Crest Leicester United Kingdom Feb. 2014 — (6) 7,844 32,394 — — 40,238 6,507 Trane Davenport IA Feb. 2014 — 291 1,968 — — 2,259 440 Aviva Sheffield United Kingdom Mar. 2014 — (6) 2,966 33,606 — — 36,572 6,043 DFS Trading Brigg United Kingdom Mar. 2014 — (6) 1,385 3,929 — — 5,314 795 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 1,165 4,613 — — 5,778 864 DFS Trading Carcroft United Kingdom Mar. 2014 — (6) 316 2,270 — — 2,586 484 DFS Trading Darley Dale United Kingdom Mar. 2014 — (6) 1,363 3,499 — — 4,862 723 DFS Trading Somercotes United Kingdom Mar. 2014 — (6) 801 2,859 — — 3,660 696 Government Services Administration (GSA) Fanklin TN Mar. 2014 — 4,160 30,083 — — 34,243 5,399 National Oilwell Williston ND Mar. 2014 — 211 3,513 — — 3,724 851 Government Services Administration (GSA) Dover DE Apr. 2014 — 1,097 1,715 — — 2,812 343 Government Services Administration (GSA) Germantown PA Apr. 2014 — 1,097 3,573 — 22 4,692 641 OBI DIY Mayen Germany Apr. 2014 — (11) 1,374 8,203 — — 9,577 1,666 DFS Trading South Yorkshire United Kingdom Apr. 2014 — (6) — 1,427 — — 1,427 385 DFS Trading Yorkshire United Kingdom Apr. 2014 — (6) — 1,860 — — 1,860 337 Government Services Administration (GSA) Dallas TX Apr. 2014 — 484 2,934 — — 3,418 524 Government Services Administration (GSA) Mission TX Apr. 2014 — 618 3,145 — — 3,763 594 Government Services Administration (GSA) International Falls MN May 2014 — (7) 350 11,182 — 63 11,595 2,058 Indiana Department of Revenue Indianapolis IN May 2014 — 891 7,677 — — 8,568 1,445 National Oilwell Pleasanton TX May 2014 — 202 1,643 — — 1,845 374 Nissan Murfreesboro TN May 2014 — (7) 966 19,573 — — 20,539 3,379 Government Services Administration (GSA) Lakewood CO Jun. 2014 — 1,220 7,928 — — 9,148 1,372 Lippert Components South Bend IN Jun. 2014 — (7) 3,195 6,883 — — 10,078 1,217 Axon Energy Products Conroe TX Jun. 2014 — 826 6,132 — 2 6,960 1,026 Axon Energy Products Houston TX Jun. 2014 — 294 2,310 — — 2,604 431 Axon Energy Products Houston TX Jun. 2014 — 416 5,186 — — 5,602 938 Bell Supply Co Carrizo Springs TX Jun. 2014 — 260 1,445 — — 1,705 311 Bell Supply Co Cleburne TX Jun. 2014 — 301 323 — — 624 77 Bell Supply Co Frierson LA Jun. 2014 — 260 1,054 — — 1,314 313 Bell Supply Co Gainesville TX Jun. 2014 — 131 1,420 — — 1,551 258 Bell Supply Co Killdeer ND Jun. 2014 — 307 1,250 — — 1,557 262 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Bell Supply Co Williston ND Jun. 2014 — 162 2,323 — — 2,485 439 GE Oil & Gas Canton OH Jun. 2014 — 437 3,039 — 300 3,776 611 GE Oil & Gas Odessa TX Jun. 2014 — 1,611 3,322 — — 4,933 1,121 Lhoist Irving TX Jun. 2014 — 173 2,154 — 125 2,452 472 Select Energy Services DeBerry TX Jun. 2014 — 533 7,551 — — 8,084 2,171 Select Energy Services Gainesville TX Jun. 2014 — 519 7,482 — — 8,001 1,276 Select Energy Services Victoria TX Jun. 2014 — 354 1,698 — — 2,052 379 Bell Supply Co Jacksboro TX Jun. 2014 — 51 657 — — 708 195 Bell Supply Co Kenedy TX Jun. 2014 — 190 1,669 — — 1,859 391 Select Energy Services Alice TX Jun. 2014 — 518 1,331 — — 1,849 268 Select Energy Services Dilley TX Jun. 2014 — 429 1,777 — — 2,206 422 Select Energy Services Kenedy TX Jun. 2014 — 815 8,355 — — 9,170 1,700 Select Energy Services Laredo TX Jun. 2014 — 2,472 944 — — 3,416 285 Superior Energy Services Gainesville TX Jun. 2014 — 322 480 — — 802 88 Superior Energy Services Jacksboro TX Jun. 2014 — 408 312 — — 720 79 Amcor Packaging Workington United Kingdom Jun. 2014 — (6) 1,188 7,005 — — 8,193 1,471 Government Services Administration (GSA) Raton NM Jun. 2014 — 93 875 — — 968 168 Nimble Storage San Jose CA Jun. 2014 — (9) 30,227 10,795 — 180 41,202 1,938 FedEx Amarillo TX Jul. 2014 — 889 6,446 — — 7,335 1,361 FedEx Chicopee MA Jul. 2014 — 1,030 7,022 — — 8,052 1,551 FedEx San Antonio TX Jul. 2014 — (13) 3,283 17,756 — — 21,039 3,117 Sandoz Princeton NJ Jul. 2014 — (7) 7,766 31,994 — 11,962 51,722 11,324 Wyndham Branson MO Jul. 2014 — 881 3,307 — — 4,188 614 Valassis Livonia MI Jul. 2014 — 1,735 8,119 — — 9,854 1,382 Government Services Administration (GSA) Fort Fairfield ME Jul. 2014 — 26 9,315 — — 9,341 1,526 AT&T Services, Inc. San Antonio TX Jul. 2014 — (14) 5,312 41,201 — — 46,513 6,677 PNC Bank Erie PA Jul. 2014 — (9) 242 6,195 — — 6,437 1,025 PNC Bank Scranton PA Jul. 2014 — (7) 1,324 3,004 — — 4,328 510 Continental Tire Fort Mill SC Jul. 2014 — 780 14,259 — — 15,039 2,354 Fujitsu Office Properties Manchester United Kingdom Jul. 2014 — (6) 3,855 41,726 — — 45,581 6,995 BP Oil Wootton Bassett United Kingdom Aug. 2014 — (6) 625 2,703 — — 3,328 482 HBOS Derby United Kingdom Aug. 2014 — (6) 627 6,320 — — 6,947 1,163 HBOS St. Helens United Kingdom Aug. 2014 — (6) 238 3,581 — — 3,819 664 HBOS Warrington United Kingdom Aug. 2014 — (6) 454 2,139 — — 2,593 428 Malthurst Shiptonthorpe United Kingdom Aug. 2014 — (6) 288 2,045 — — 2,333 401 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Malthurst Yorkshire United Kingdom Aug. 2014 — (6) 510 1,339 — — 1,849 344 Stanley Black & Decker Westerville OH Aug. 2014 — 958 6,933 — — 7,891 1,185 Thermo Fisher Kalamazoo MI Aug. 2014 — 1,176 10,179 — — 11,355 1,654 Capgemini Birmingham United Kingdom Aug. 2014 — (6) 1,699 16,109 — — 17,808 2,845 Merck Madison NJ Aug. 2014 — (7) 10,290 32,530 — — 42,820 5,255 Government Services Administration (GSA) Rangeley ME Aug. 2014 — 1,377 4,746 — 1,013 7,136 860 Hewlett-Packard Newcastle United Kingdom Sep. 2014 — (6) 1,174 19,541 — — 20,715 3,239 Intier Automotive Redditch United Kingdom Sep. 2014 — (6) 1,212 9,596 — — 10,808 1,769 Waste Management Winston-Salem NC Sep. 2014 — 494 3,235 — — 3,729 549 FedEx Winona MN Sep. 2014 — 83 1,785 — — 1,868 347 Dollar General Allen OK Sep. 2014 — 99 793 — — 892 141 Dollar General Cherokee KS Sep. 2014 — 27 769 — — 796 139 Dollar General Clearwater KS Sep. 2014 — 90 785 — — 875 141 Dollar General Dexter NM Sep. 2014 — 329 585 — — 914 105 Dollar General Elmore City OK Sep. 2014 — 21 742 — — 763 135 Dollar General Eunice NM Sep. 2014 — 269 569 — — 838 104 Dollar General Gore OK Sep. 2014 — 143 813 — — 956 146 Dollar General Kingston OK Sep. 2014 — 81 778 — — 859 141 Dollar General Lordsburg NM Sep. 2014 — 212 719 — — 931 128 Dollar General Lyons KS Sep. 2014 — 120 970 — — 1,090 172 Dollar General Mansfield LA Sep. 2014 — 169 812 — — 981 145 Dollar General Neligh NE Sep. 2014 — 83 1,045 — — 1,128 181 Dollar General Norman OK Sep. 2014 — 40 913 — — 953 163 Dollar General Peggs OK Sep. 2014 — 72 879 — — 951 156 Dollar General Santa Rosa NM Sep. 2014 — 324 575 — — 899 104 Dollar General Sapulpa OK Sep. 2014 — 143 745 — — 888 137 Dollar General Schuyler NE Sep. 2014 — 144 905 — — 1,049 159 Dollar General Tahlequah OK Sep. 2014 — 132 925 — — 1,057 164 Dollar General Townville PA Sep. 2014 — 78 882 — — 960 166 Dollar General Valley Falls KS Sep. 2014 — 51 922 — — 973 160 Dollar General Wymore NE Sep. 2014 — 21 872 — — 893 154 FedEx Bohemia NY Sep. 2014 — (7) 4,838 19,596 — — 24,434 3,530 FedEx Watertown NY Sep. 2014 — 561 4,757 — — 5,318 903 Shaw Aero Naples FL Sep. 2014 — 998 22,332 — — 23,330 3,631 Mallinckrodt St. Louis MO Sep. 2014 — (9) 1,499 16,828 — — 18,327 2,764 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Kuka Warehouse Sterling Heights MI Sep. 2014 — 1,227 10,790 — — 12,017 1,772 Trinity Health Livonia MI Sep. 2014 — 4,273 16,574 — 2,075 22,922 3,318 Trinity Health Livonia MI Sep. 2014 — 4,680 11,568 — 2,423 18,671 2,794 FedEx Hebron KY Sep. 2014 — 1,106 7,750 — 109 8,965 1,371 FedEx Lexington KY Sep. 2014 — 1,118 7,961 — — 9,079 1,363 GE Aviation Cincinnati OH Sep. 2014 — 1,393 10,490 — — 11,883 1,727 Bradford & Bingley Bingley United Kingdom Oct. 2014 — (6) 4,552 11,430 — — 15,982 2,035 DNV GL Dublin OH Oct. 2014 — 2,509 3,140 — 126 5,775 567 Rexam Reckinghausen Germany Oct. 2014 — (11) 865 12,173 — — 13,038 1,996 C&J Energy Houston TX Oct. 2014 — (7) 3,865 9,457 — — 13,322 1,636 FedEx Lake Charles LA Oct. 2014 — (14) 255 7,485 — 297 8,037 1,450 Onguard Havre De Grace MD Oct. 2014 — 2,216 6,585 — — 8,801 1,525 Axon Energy Products Houston TX Oct. 2014 — 297 2,432 — — 2,729 391 Metro Tonic Halle Peissen Germany Oct. 2014 — (11) 7,453 52,217 — — 59,670 9,482 Tokmanni Matsala Finland Nov. 2014 — (10) 1,931 58,456 — — 60,387 10,001 Fife Council Dunfermline United Kingdom Nov. 2014 — (6) 360 4,637 — — 4,997 770 Government Services Administration (GSA) Rapid City SD Nov. 2014 — 504 7,837 — — 8,341 1,308 KPN BV Houten The Netherlands Nov. 2014 — (12) 1,729 21,154 — — 22,883 3,312 Follett School McHenry IL Dec. 2014 — 3,423 15,600 — — 19,023 3,031 Quest Diagnostics, Inc. Santa Clarita CA Dec. 2014 — (14) 10,714 69,018 — — 79,732 10,679 Diebold North Canton OH Dec. 2014 — (13) — 9,142 — — 9,142 1,699 Weatherford International Odessa TX Dec. 2014 — (9) 665 1,795 — — 2,460 479 AM Castle Wichita KS Dec. 2014 — 426 6,681 — 509 7,616 1,048 FedEx Billerica MA Dec. 2014 — 1,138 6,674 — 752 8,564 1,308 Constellium Auto Wayne MI Dec. 2014 — (7) 1,180 13,781 — 7,875 22,836 5,421 C&J Energy Houston TX Mar. 2015 — (7) 6,196 21,745 — — 27,941 3,305 FedEx Salina UT Mar. 2015 — 428 3,447 — — 3,875 744 FedEx Pierre SD Apr. 2015 — — 3,288 — — 3,288 681 Crowne Group Fraser MI Aug. 2015 — 350 3,865 — — 4,215 579 Crowne Group Jonesville MI Aug. 2015 — 101 3,136 — — 3,237 484 Crowne Group Logansport IN Aug. 2015 — 1,843 5,430 — — 7,273 947 Crowne Group Marion SC Aug. 2015 — 386 7,993 — — 8,379 1,273 JIT Steel Chattanooga TN Sep. 2015 — 582 3,122 — — 3,704 440 JIT Steel Chattanooga TN Sep. 2015 — 316 1,986 — — 2,302 274 Mapes & Sprowl Elk Grove Village IL Sep. 2015 — (13) 954 4,619 — — 5,573 672 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Beacon Health South Bend IN Sep. 2015 — 1,636 8,190 — — 9,826 1,213 National Oilwell Pleasanton TX Sep. 2015 — 80 3,372 — — 3,452 517 Office Depot Venlo The Netherlands Sep. 2015 — 3,825 16,915 — — 20,740 2,690 Finnair Helsinki Finland Sep. 2015 — (10) 2,760 78,649 — — 81,409 11,221 Hannibal Houston TX Sep. 2015 — 2,090 11,138 — — 13,228 1,540 FedEx Mankato MN Sep. 2015 — 472 6,780 — — 7,252 1,202 Auchan Beychac-et-Caillau France Dec. 2016 — (15) 4,441 14,442 — — 18,883 1,948 DCNS Guipavas France Dec. 2016 — (15) 2,072 15,722 — — 17,794 1,746 Deutsche Bank Kirchberg Luxembourg Dec. 2016 — (12) 15,842 53,884 — 733 70,459 5,584 FedEx Greensboro NC Dec. 2016 — 1,820 8,252 — — 10,072 1,151 Foster Wheeler Reading United Kingdom Dec. 2016 — (6) 28,875 78,992 — — 107,867 8,125 Harper Collins Glasgow United Kingdom Dec. 2016 — (6) 10,784 55,087 — — 65,871 6,132 ID Logistics Landersheim France Dec. 2016 — (15) 2,114 8,882 — — 10,996 975 ID Logistics Moreuil France Dec. 2016 — (15) 3,262 6,598 — — 9,860 761 ID Logistics Weilbach Germany Dec. 2016 — (11) 1,460 9,652 — — 11,112 1,011 ING Bank Amsterdam Zuidoos The Netherlands Dec. 2016 — (12) — 79,867 — 294 80,161 8,112 NCR Financial Solutions Group Dundee United Kingdom Dec. 2016 — (6) 2,744 8,777 — — 11,521 1,098 Pole Emploi Marseille France Dec. 2016 — (15) 874 9,218 — — 10,092 945 Sagemcom Rueil Malmaison France Dec. 2016 — (15) 3,296 79,167 — 4,165 86,628 8,328 Worldline SA Blois France Dec. 2016 — (15) 1,239 5,896 — — 7,135 833 Cott Beverages Sikeston MO Feb. 2017 — 456 8,291 — — 8,747 855 FedEx Great Falls MT Mar. 2017 — (9) 326 5,439 — — 5,765 740 FedEx Morgantown WV Mar. 2017 — (7) 4,661 8,401 — — 13,062 902 Bridgestone Tire Mt. Olive Township NJ Sep. 2017 — (8) 916 5,088 — — 6,004 465 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 210 1,753 — — 1,963 163 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 300 3,936 — — 4,236 412 NSA Industries St. Johnsbury VT Oct. 2017 — (8) 270 3,858 — — 4,128 363 GKN Aerospace Blue Ash OH Oct. 2017 — (8) 790 4,079 — — 4,869 373 Tremec Wixom MI Nov. 2017 — (8) 1,002 17,376 — — 18,378 1,596 NSA Industries Groveton NH Dec. 2017 — (8) 59 3,517 — — 3,576 271 Cummins Omaha NE Dec. 2017 — (8) 1,448 6,469 — — 7,917 608 Government Services Administration (GSA) Gainsville FL Dec. 2017 — 451 6,016 — — 6,467 473 Chemours Pass Christian MS Feb. 2018 — (13) 382 16,149 — — 16,531 1,389 Lee Steel Wyoming MI Mar. 2018 — 504 7,256 — — 7,760 523 LSI Steel Chicago IL Mar. 2018 — 3,341 1,181 — — 4,522 85 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) LSI Steel Chicago IL Mar. 2018 — 1,792 5,615 — — 7,407 388 LSI Steel Chicago IL Mar. 2018 — 2,856 948 — — 3,804 74 Fiat Chrysler Sterling Heights MI Mar. 2018 — 1,855 13,623 — — 15,478 1,128 Contractors Steel Belleville MI May 2018 — 2,862 25,878 — 6,296 35,036 2,052 Contractors Steel Hammond IN May 2018 — 1,970 8,859 — — 10,829 739 Contractors Steel Livonia MI May 2018 — 933 8,554 — 1,357 10,844 758 Contractors Steel Twinsburg OH May 2018 — 729 8,707 — 2,500 11,936 947 Contractors Steel Wyoming MI May 2018 — 970 12,426 — 1,232 14,628 1,047 FedEx Blackfoot ID Jun. 2018 — (13) 350 6,882 — — 7,232 811 DuPont Pioneer Spencer IA Jun. 2018 — 273 6,718 — — 6,991 517 Rubbermaid Akron OH Jul. 2018 — (13) 1,221 17,145 — — 18,366 1,065 NetScout Allen TX Aug. 2018 — (9) 2,115 41,486 — — 43,601 2,544 Bush Industries Jamestown NY Sep. 2018 — (13) 1,535 14,818 — — 16,353 901 FedEx Greenville NC Sep. 2018 — (13) 581 9,744 — — 10,325 1,109 Penske Romulus MI Nov. 2018 70,000 4,701 105,826 — — 110,527 6,164 NSA Industries Georgetown MA Nov. 2018 — 1,100 6,059 — 1,198 8,357 432 LKQ Corp. Cullman AL Dec. 2018 — 61 3,781 — — 3,842 217 Grupo Antolin North America, Inc. Shelby Township MI Dec. 2018 — 1,941 41,648 — — 43,589 2,307 Walgreens Pittsburgh PA Dec. 2018 — 1,701 13,718 — — 15,419 768 VersaFlex Kansas City KS Dec. 2018 — 519 7,581 — — 8,100 395 Cummins Gillette WY Mar. 2019 — (14) 1,197 5,470 — — 6,667 325 Stanley Security Fishers IN Mar. 2019 — (14) 1,246 11,879 — — 13,125 573 Sierra Nevada Colorado Springs CO Apr. 2019 — — 16,105 — — 16,105 765 EQT Waynesburg PA Apr. 2019 — (14) 875 11,126 — — 12,001 549 Hanes Calhoun GA Apr. 2019 — (14) 731 8,104 — — 8,835 428 Union Partners Aurora IL May 2019 — 929 11,621 — — 12,550 497 Union Partners Dearborn MI May 2019 — (14) 3,028 11,645 — — 14,673 520 ComDoc North Canton OH Jun. 2019 — (14) 602 15,128 — — 15,730 674 Metal Technologies Bloomfield IN Jun. 2019 — (14) 277 9,552 — — 9,829 443 Encompass Health Birmingham AL Jun. 2019 — (14) 1,746 55,568 — — 57,314 2,117 Heatcraft Tifton GA Jun. 2019 — (14) 346 9,064 — — 9,410 346 CF Sauer SLB Mauldin SC Aug. 2019 — 40 343 — — 383 14 CF Sauer SLB Mauldin SC Aug. 2019 — 232 15,488 — — 15,720 587 CF Sauer SLB Mauldin SC Aug. 2019 — 348 4,747 — — 5,095 220 CF Sauer SLB Mauldin SC Aug. 2019 — 190 9,488 — — 9,678 358 CF Sauer SLB Orange FL Aug. 2019 — 237 351 — — 588 18 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) CF Sauer SLB San Luis Obispo CA Aug. 2019 — 2,201 12,884 — — 15,085 507 SWECO Florence KY Sep. 2019 — 2,080 21,924 — — 24,004 848 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,061 5,929 — 711 9,701 222 Viavi Solutions Santa Rosa CA Sep. 2019 — 3,073 7,130 — 244 10,447 267 Faurecia Auburn Hills MI Dec. 2019 — 3,310 38,278 — 1,521 43,109 1,155 Plasma Garland TX Dec. 2019 — 595 2,421 — — 3,016 85 Plasma El Paso TX Dec. 2019 — 72 2,478 — — 2,550 68 Plasma Bradenton FL Dec. 2019 — 185 3,747 — — 3,932 108 Plasma Hickory NC Dec. 2019 — 494 3,702 — — 4,196 111 Plasma Irving TX Dec. 2019 — 673 3,916 — — 4,589 139 Plasma Lake Charles LA Dec. 2019 — 301 1,730 — — 2,031 55 Plasma Mission TX Dec. 2019 — 275 1,735 — — 2,010 53 Plasma Meridian MS Dec. 2019 — 203 2,965 — — 3,168 90 Plasma Peoria IL Dec. 2019 — 206 2,578 — — 2,784 74 Whirlpool Cleveland TN Dec. 2019 — 2,230 20,923 — — 23,153 666 Whirlpool Clyde OH Dec. 2019 — 1,641 20,072 — — 21,713 621 Whirlpool Clyde OH Dec. 2019 — 3,559 17,283 — — 20,842 627 Whirlpool Findlay OH Dec. 2019 — 1,344 22,624 — — 23,968 658 Whirlpool Marion OH Dec. 2019 — 1,876 27,850 — — 29,726 819 Whirlpool Ottawa OH Dec. 2019 — 3,155 19,919 — — 23,074 600 FedEx Bathurst Canada Dec. 2019 — 39 2,253 — — 2,292 90 FedEx Woodstock Canada Dec. 2019 — 436 3,942 — — 4,378 133 NSA Industries Franklin NH Dec. 2019 — 237 7,968 — — 8,205 247 Viavi Santa Rosa CA Jan. 2020 — 3,209 4,203 — 290 7,702 136 CSTK St. Louis MO Feb. 2020 — 3,405 8,155 — — 11,560 258 Metal Technologies Bloomfield IN Feb. 2020 — 167 1,034 — — 1,201 32 Whirlpool Fabriano ITA Feb. 2020 — 223 5,271 — — 5,494 112 Whirlpool Fabriano ITA Feb. 2020 — 2,603 15,067 — — 17,670 348 FedEx Moncton Canada Mar. 2020 — 310 3,090 — — 3,400 75 Klaussner Asheboro NC Mar. 2020 — 1,994 8,821 — — 10,815 182 Klaussner Asheboro NC Mar. 2020 — 3,470 19,521 — — 22,991 383 Klaussner Asheboro NC Mar. 2020 — 4,102 10,420 — — 14,522 226 Klaussner Candor NC Mar. 2020 — 1,705 9,528 — — 11,233 192 Plasma Danville VA May 2020 — 434 2,209 — — 2,643 38 Plasma Des Moines IA May 2020 — 254 2,827 — — 3,081 45 Plasma Erie PA May 2020 — 223 2,321 — — 2,544 40 Initial Costs Costs Capitalized Subsequent to Acquisition Portfolio City U.S. State/Territory or Country Acquisition Encumbrances at December 31, 2020 (1) Land Building and Land Building and Gross Amount at December 31, 2020 (2)(3) Accumulated Depreciation (4)(5) Plasma Youngstown OH May 2020 — 41 4,600 — — 4,641 69 Plasma Dayton OH May 2020 — 61 1,796 — — 1,857 28 Plasma North Las Vegas NV May 2020 — 707 3,094 — — 3,801 49 Klaussner Asheboro NC Jun. 2020 — 2,438 3,025 — — 5,463 40 NSA Industries Franklin NH Jun. 2020 — 161 2,857 — — 3,018 46 Johnson Controls Las Rozas de Madrid Spain Sep. 2020 — 2,744 1,811 — — 4,555 12 Johnson Controls Manchester United Kingdom Sep. 2020 — — 1,513 — — 1,513 12 Johnson Controls Manchester United Kingdom Sep. 2020 — — 10,805 — — 10,805 72 Broadridge Financial Solutions El Dorado Hills CA Nov. 2020 — 5,484 47,121 — — 52,605 215 Broadridge Financial Solutions Kansas City MO Nov. 2020 — 5,771 27,665 — — 33,436 124 Broadridge Financial Solutions South Windsor CT Nov. 2020 — 6,473 32,490 — — 38,963 159 Broadridge Financial Solutions Falconer NY Nov. 2020 — 355 16,492 — — 16,847 66 ZF Active Safety Findlay OH Dec. 2020 — 1,231 21,410 — — 22,641 — Johnson Controls Montigny-Le-Bretonneux France Dec. 2020 — 1,197 3,151 — — 4,348 — FCA USA Detroit MI Dec. 2020 — 5,125 95,485 — — 100,610 — Encumbrances allocated based on notes below 1,308,686 $ 1,378,686 $ 476,599 $ 3,081,615 — $ 48,755 $ 3,606,969 $ 355,855 _______ (1) These are stated principal amounts at spot rates for those in local currency and exclude $15.0 million of deferred financing costs. (2) Acquired intangible lease assets allocated to individual properties in the amount of $712.0 million are not reflected in the table above. (3) The tax basis of aggregate land, buildings and improvements as of December 31, 2019 is $3.8 billion. (4) The accumulated depreciation column excludes approximately $319.3 million of accumulated amortization associated with acquired intangible lease assets. (5) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for improvements and five years for fixtures. (6) These properties collateralize the UK Multi-Property Cross Collateralized Loan of $302.0 million as of December 31, 2020. (7) These properties collateralize the U.S. Multi-Property Loan I of $187.0 million as of December 31, 2020. (8) These properties collateralize the U.S. Multi-Property Loan II of $32.8 million as of December 31, 2020. (9) These properties collateralize the U.S. Multi-Property Loan III of $98.5 million as of December 31, 2020. (10) These properties collateralize the loan on the Finland properties of $90.8 million as of December 31, 2020. (11) These properties collateralize the loan on the Germany properties of $63.2 million as of December 31, 2020. (12) These properties collateralize the loan on the Luxembourg and Netherlands properties of $147.2 million as of December 31, 2020. (13) These properties collateralize the U.S. Multi-Property Loan IV of $97.5 million as of December 31, 2020. (14) These properties collateralize the U.S. Multi-Property Loan V of $204.0 million as of December 31, 2020. (15) These properties collateralize the loan on the French properties of $85.9 million as of December 31, 2020. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Real estate investments, at cost: Balance at beginning of year $ 3,111,496 $ 2,745,348 $ 2,543,052 Additions-Acquisitions 424,595 511,378 420,529 Asset remeasurement — — — Asset dispositions — (143,004) — Transfer to assets held for sale — — (123,021) Impairment charge — (6,299) (1,603) Currency translation adjustment 70,878 4,073 (61,499) Balance at end of the year $ 3,606,969 $ 3,111,496 $ 2,745,348 Accumulated depreciation: Balance at beginning of year $ 266,722 $ 220,225 $ 174,452 Depreciation expense 80,466 69,257 64,849 Asset dispositions — (22,821) (3,861) Transfer to assets held for sale — — (10,633) Currency translation adjustment 8,667 61 (4,582) Balance at end of the year $ 355,855 $ 266,722 $ 220,225 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to multi-year outperformance agreements entered into with the Advisor in 2015 (the “2015 OPP”) and 2018 (the “2018 OPP”) and fair value measurements, as applicable. |
Revenue Recognition | Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, which include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of December 31, 2020, these leases had a weighted-average remaining lease term of 8.5 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2020 and 2019, the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $61.0 million and $51.8 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company’s revenue from tenants included impacts of unbilled rental revenue of $7.9 million, $6.8 million and $6.3 million, respectively, to adjust contractual rent to straight-line rent. |
Investments in Real Estate | Investments in Real Estate Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate. Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2020 and 2019. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2020 and 2019, the Company did not have any properties classified as held for sale (see Note 3 — Real Estate Investments, Net for additional information). As more fully discussed in this Note under “ Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases” , all of the Company’s leases as lessor, prior to adoption of the new leasing standard on January 1, 2019, were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. During the three-year period ended December 31, 2020, the Company had no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules. The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet as right of use assets and operating lease liabilities and the rent expense is reflected on a straight-line basis over the lease term. |
Purchase Price Allocation | Purchase Price Allocation In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the years ended December 31, 2020, 2019 and 2018 were asset acquisitions. For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s preacquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates, and the value of in-place leases, as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses. |
Impairment of Long Lived Assets | Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. |
Gain on Dispositions of Real Estate Investments | Gain on Dispositions of Real Estate InvestmentsGains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). |
Depreciation and Amortization and Above and Below-Market Lease Amortization | Depreciation and Amortization Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term of the lease and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages. Above and Below-Market Lease Amortization Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time. Above market intangibles and below market intangibles will also be treated in the same way as in-place intangibles upon a lease termination. If a tenant modifies its lease, the unamortized portion of the in-place lease value, customer relationship intangibles, above-market leases and below market leases are assessed to determine whether their useful lives need to be amended (generally accelerated). Generally the Company would not extend the useful lives of their intangible values upon a modification that is an extension. The amortization associated with the Company’s operating lease right-of-use asset (“ROU”) is recorded in property operating expenses on a straight-line basis over the terms of the leases. Upon adoption of ASC 842 effective January 1, 2019, intangible balances related to ground leases were reclassified to be included as part of the operating lease ROU presented on the Company’s consolidated balance sheet with no change to placement of the amortization expense of such balances. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits. |
Goodwill | Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed our annual goodwill impairment evaluation in the fourth quarter of 2020 and determined that goodwill was not impaired as of December 31, 2020. There were no material changes to this assessment as of December 31, 2020. |
Derivatives Instruments | Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 - Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the U.S. Dollar (“USD”). The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other |
Deferred Financing Costs, Net | Deferred Financing Costs, Net Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Equity-Based Compensation | Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation in the consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Concurrent with the listing of the Company’s common stock, $0.01 par value per share (“Common Stock”), on the New York Stock Exchange (“NYSE”) on June 2, 2015 and modifications to the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, the OP and the Advisor, the Company entered into a multi-year outperformance agreement with the Advisor in June 2015 (the “2015 OPP”). Following the end of the performance period under the 2015 OPP on June 2, 2018, the Company entered into the 2018 OPP with the Advisor (see Note 13 — Equity-Based Compensation) . Under the 2018 OPP, effective June 2, 2018, the Company records equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance is fixed as of that date and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for these awards, see Note 13 — Equity-based compensation |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner to remain qualified as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not. The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S. federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income. The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income. |
Foreign Currency Translation | Foreign Currency TranslationThe Company’s reporting currency is the USD. The functional currency of the Company’s foreign operations is the applicable local currency for each foreign subsidiary. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. The amounts reported in the consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of AOCI in the consolidated statements of equity. |
Per Share Data | Per Share DataThe Company calculates basic earnings per share of Common Stock by dividing net income (loss) for the period by weighted-average shares of its Common Stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments such as unvested restricted stock units in respect of shares of Common Stock (“RSU”) restricted shares of Common Stock (“Restricted Shares”), and long-term incentive plan units of limited partner interest in the OP (“LTIP Units”), based on the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstandingUnder current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares, unvested RSUs and unearned LTIP Units from the numerator.Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. |
Reportable Segments | Reportable Segments The Company determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate generate rental revenue and other income through the leasing of properties, which comprise 100% of total consolidated revenues. Management evaluates the operating performance of the Company’s investments in real estate on an individual property level. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted as of January 1, 2019 ASU No. 2016-02 — Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) which provides new guidance related to the accounting for leases, as well as the related disclosures. For lessors of real estate, leases are accounted for using an approach substantially the same as previous accounting guidance for operating leases and direct financing leases. For lessees, the new standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a ROU and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. Upon adoption, lessors were allowed a practical expedient, which the Company has elected, by class of underlying assets to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. Also, upon adoption, companies were allowed a practical expedient package, which the Company has elected, that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019 (including assessing sale-leaseback transactions); and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. As a result, all of the Company’s existing leases as of January 1, 2019 continued to be, as all future leases have been classified as operating leases under the new standard. Further, any existing leases for which the property is leased to a tenant in a transaction that at inception was a sale-leaseback transaction will continue to be treated (absent a modification) as operating leases. The Company did not have any leases that would be considered financing leases as of January 1, 2019. The Company assessed the impact of adoption from both a lessor and lessee perspective, which is discussed in more detail below, and adopted the new guidance prospectively on January 1, 2019, using a prospective transition approach under which the Company elected to apply the guidance effective January 1, 2019 and not adjust prior comparative reporting periods (except for the Company’s presentation of lease revenue discussed below). Lessor Accounting As discussed above, the Company was not required to re-assess the classification of its leases, which are considered operating leases under ASU 2016-02. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessor: • Because the Company elected the practical expedient noted above to not separate non-lease component revenue from the associated lease component, the Company has aggregated revenue from its lease components and non-lease components (tenant operating expense reimbursements) into one line. Prior periods have been conformed to this new presentation. • Changes in the Company’s assessment of receivables that result in bad debt expense is now required to be recorded as an adjustment to revenue from tenants, rather than a charge to bad debt expense. This new classification applies for the first quarter of 2019 and reclassification of prior period amounts is not permitted. At transition on January 1, 2019, after assessing its reserve balances at December 31, 2018 under the new guidance, the Company wrote off accounts receivable of $3.4 million, net of $2.2 million in bad debt reserves as an adjustment to the opening balance of accumulated deficit, and accordingly rent for these tenants is currently recorded on a cash basis. • Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed. Under prior accounting guidance, the recognition would have been deferred. Lessee Accounting The Company was a lessee under ground leases for seven properties as of January 1, 2019. The following is a summary of the most significant impacts to the Company of the new accounting guidance, as lessee: • Upon adoption of the new standard, the Company recorded ROU assets and lease liabilities equal to $24.0 million for the present value of the lease payments related to its ground leases. These amounts are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. • The Company also reclassified $27.0 million, net related to amounts previously reported as above and below market ground lease intangibles to the ROU assets. For additional information and disclosures related to these operating leases, see Note 10 — Commitments and Contingencies. Other Accounting Pronouncements Adopted As of January 1, 2019 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): S implifying the Test for Goodwill Impairment. This standard simplifies subsequent measurements of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, entities will perform their interim or annual goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge based on the amount that the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total goodwill allocated to the reporting unit. In 2019, the Company early adopted this guidance , in connection with the reassessments and impairment of goodwill during the year ended December 31, 2019. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception guidance that changes the method to determine the classification of certain financial instruments with a down round feature as liabilities or equity instruments and clarify existing disclosure requirements for equity-classified instruments. A down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. As a result, a freestanding equity-linked financial instrument no longer would be accounted for as a derivative liability, rather, an entity that presents earnings per share is required to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018. The Company adopted ASU 2017-12 on January 1, 2019 using a modified retrospective transition method, as required, and recognized the cumulative effect of the change on the opening balance of each affected component of equity as of the date of adoption. The opening balance sheet adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness and resulted in a credit, or decrease, to accumulated deficit of $0.3 million, with a corresponding debit, or decrease, to accumulated other comprehensive income. In February 2018, the FASB issued ASU 2018-02, Income Statement- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new guidance addresses the impact of Tax Cuts and Jobs Act signed into law on December 22, 2017, (“Tax Cuts and Jobs Act”) on items within AOCI which do not reflect the appropriate tax rate. ASU 2018-02 allows the Company to retrospectively reclassify the income tax effects on items in AOCI to retained earnings for all periods in which the effect of the change in the U.S. federal corporate income tax rate was recognized. In addition, all companies are required to disclose whether the company has elected to reclassify the income tax effects of the Tax Cuts and Jobs Act to retained earnings and disclose information about any other income tax effects that are reclassified from AOCI by the Company. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Companies are required to apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The revised guidance became effective for the Company effective January 1, 2019 and it did not have an impact on the Company’s consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation- Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”) as an amendment and update expanding the scope of Topic 718. The amendment specifies that Topic 718 now applies to all share-based payment transactions, even non-employee awards, in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. Under the new guidance, a wards to nonemployees are measured on the grant date, rather than on the earlier of the performance commitment date or the date at which the nonemployee’s performance is complete. Also, the awards would be measured by estimating the fair value of the equity instruments to be issued, rather than the fair value of the goods or services received or the fair value of the equity instruments issued, whichever can be measured more reliably. In addition, entities may use the expected term to measure nonemployee awards or elect to use the contractual term as the expected term, on an award-by-award basis. The new guidance is effective for the Company in annual periods beginning after December 15, 2018, and interim periods within those annual periods, with early adoption permitted. The Company adopted the new guidance on January 1, 2019 and began applying the new rules to its non-employee award made to the Advisor pursuant to the 2018 OPP. As a result, total equity-based compensation expense calculated as of adoption of the new guidance will be fixed as of that date and will not be remeasured in subsequent periods (unless modified). In addition, the expense is being recorded over the requisite service period from the grant date. See Note 13 — Equity-Based Compensation for additional information on the awards to the Advisor pursuant to the 2018 OPP and the 2015 OPP. Adopted as of January 1, 2020: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the update requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. The amendments become effective for reporting periods beginning after December 15, 2019. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The revised guidance became effective for the Company effective January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020 and it did not have a material impact on the Company’s financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Pending Adoption as of December 31, 2020 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The standard allows for either modified or full retrospective transition methods. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected over the period March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to (i) the assertion that the Company’s hedged forecasted transactions remain probable and (ii) the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of the Company’s derivatives, which will be consistent with the Company’s past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur. |
Fair Value of Financial Instruments | The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2020 and 2019, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Future Minimum Base Rent Payments | The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2020. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on increases in annual rent based on exceeding certain economic indexes among other items: (In thousands) Future Minimum Base Rent Payments (1) 2021 $ 334,858 2022 324,706 2023 303,737 2024 267,943 2025 226,047 Thereafter 1,083,950 Total $ 2,541,241 (1) Assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.23 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.78 as of December 31, 2020 for illustrative purposes, as applicable. |
Schedule of Real Estate Investments by Location | The following tables present the geographic information for Revenue from tenants and Investments in real estate: Year Ended December 31, (In thousands) 2020 2019 2018 Revenue from tenants: United States and Puerto Rico $ 216,260 $ 180,100 $ 148,588 United Kingdom 51,178 51,215 54,025 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 61,944 74,881 79,594 Canada 722 18 — Total $ 330,104 $ 306,214 $ 282,207 As of December 31, (In thousands) 2020 2019 Investments in real estate: United States $ 2,936,977 $ 2,496,960 United Kingdom 630,014 593,845 Europe (Finland, France, Germany, Luxembourg, and the Netherlands) 740,818 665,236 Canada 11,145 7,223 Total $ 4,318,954 $ 3,763,264 |
Real Estate Investments, Net (T
Real Estate Investments, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Allocation of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2020, 2019 and 2018, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions in these periods were considered asset acquisitions for accounting purposes. Year Ended December 31, (Dollar amounts in thousands) 2020 2019 2018 Real estate investments, at cost: Land $ 53,701 $ 43,259 $ 34,291 Buildings, fixtures and improvements 364,511 449,745 384,603 Total tangible assets 418,212 493,004 418,894 Acquired intangible lease assets: In-place leases 45,723 70,628 70,414 Above-market lease assets 156 1,051 48 Below-market lease liabilities (4,969) (1,950) (9,708) Total intangible assets 40,910 69,729 60,754 ROU asset 5,022 — — Cash paid for acquired real estate investments $ 464,144 $ 562,733 $ 479,648 Number of properties purchased 28 39 23 |
Schedule Acquisition by Property Type | The following table summarizes the acquisition by property type during the years ended December 31, 2020, 2019 and 2018: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2020: Office 11 390 Industrial 13 3,569 Distribution 4 1,599 Retail — — 28 5,558 Properties Acquired in 2019: Office 12 682 Industrial 17 2,408 Distribution 10 3,014 Retail — — 39 6,104 Properties Acquired in 2018: Office 1 145 Industrial 16 3,714 Distribution 6 1,100 Retail — — 23 4,959 |
Summary of Properties Sold | The following table summarizes the aforementioned properties sold in 2019 and 2018. During the year ended December 31, 2020, the Company did not sell any properties. Portfolio State Disposition Date Number of Properties Square Feet (unaudited) Properties Sold in 2019: Crowne Group Indiana March 7, 2019 1 21,562 Crowne Group Michigan May 17, 2019 1 92,244 Talk Talk Manchester UK May 23, 2019 1 48,415 Family Dollar Various U.S. States June 28, 2019 62 518,634 Family Dollar Various U.S. States September 20, 2019 32 265,596 Panasonic New Jersey September 30, 2019 1 48,497 Achmea Netherlands November 1, 2019 2 190,252 RWE Germany December 27, 2019 3 198,138 103 1,383,338 Properties Sold in 2018: Western Digital California June 8, 2018 1 286,330 Veolia Water Ohio July 31, 2018 1 70,000 2 356,330 |
Acquired Intangible Lease Assets and Lease Liabilities | Acquired intangible lease assets and lease liabilities consist of the following: December 31, 2020 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying amount Gross Carrying Amount Accumulated Amortization Net Carrying amount Intangible assets: In-place leases $ 678,856 $ 302,383 $ 376,473 $ 620,123 $ 237,585 $ 382,538 Above-market leases 33,129 16,963 16,166 31,645 12,816 18,829 Total acquired intangible lease assets $ 711,985 $ 319,346 $ 392,639 $ 651,768 $ 250,401 $ 401,367 Intangible liabilities: Below-market leases $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 Total acquired intangible lease liabilities $ 49,154 $ 16,184 $ 32,970 $ 42,413 $ 11,884 $ 30,529 |
Intangible Asset Weighted-Average Amortization Periods and Expense | The following table provides the weighted-average amortization periods as of December 31, 2020 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years: (In thousands) Weighted-Average Amortization 2021 2022 2023 2024 2025 In-place leases 7.5 $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Total to be included as an increase to depreciation and amortization $ 62,266 $ 58,759 $ 51,468 $ 41,482 $ 31,292 Above-market lease assets 5.1 $ 3,604 $ 3,566 $ 3,378 $ 2,418 $ 1,027 Below-market lease liabilities 10.6 (4,016) (3,923) (3,896) (3,134) (2,758) Total to be included as an increase to revenue from tenants $ (412) $ (357) $ (518) $ (716) $ (1,731) |
Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas | The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31 2020 represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2020, 2019 and 2018. December 31, Country / U.S. State 2020 2019 2018 United States 63.2% 63.0% 55.7% Michigan 15.3% 14.6% 13.7 United Kingdom 16.8% 18.2% 19.0% |
Mortgage Notes Payable, Net (Ta
Mortgage Notes Payable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage Notes Payable | Mortgage notes payable, net as of December 31, 2020 and 2019 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio December 31, 2020 December 31, 2019 Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 90,760 $ 82,996 1.7% (2) Fixed/Variable Feb. 2024 France: Worldline — — 5,608 —% (3) —% — DCNS — — 10,655 —% (3) —% — ID Logistics II — — 11,776 —% (3) —% — French Properties 7 85,854 — 2.5% (4) Fixed/Variable May 2025 Germany Germany Properties 5 63,165 57,761 1.8% (5) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 147,178 134,587 1.4% Fixed Jun. 2024 Total EUR denominated 20 386,957 303,383 United Kingdom: United Kingdom Properties 42 301,979 294,315 3.1% (6) Fixed/Variable Aug. 2023 Total GBP denominated 42 301,979 294,315 United States: Penske Logistics 1 70,000 70,000 4.7% (7) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 12 187,000 187,000 4.4% (7) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (7) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (7) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (7) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (7) Fixed Oct. 2029 Total USD denominated 56 689,750 689,750 Gross mortgage notes payable 118 1,378,686 1,287,448 3.3% Mortgage discount — (26) — Deferred financing costs, net of accumulated amortization (8) (14,988) (15,268) — Mortgage notes payable, net 118 $ 1,363,698 $ 1,272,154 3.3% __________ (1) Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (3) These loans were refinanced in May 2020 as part of the French Refinancing (see below for further details). As a result, the Company terminated an interest rate swap agreement for two of these properties (see Note 8 — Derivatives and Hedging Activities ). (4) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3-month Euribor. Euribor rate in effect as of December 31, 2020 (6) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect as of December 31, 2020. This loan requires principal repayments beginning in October 2020 based on amounts specified under the loan. In October 2020, approximately $2.6 million in principal was repaid in accordance with the terms of this mortgage note payable. (7) The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (8) Deferred financing costs consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Future Principal Payments on Mortgage Notes Payable | The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2020: (In thousands) Future Principal Payments (1) 2021 $ 13,222 2022 20,475 2023 331,445 2024 237,939 2025 85,854 Thereafter 689,751 Total $ 1,378,686 _________ (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. |
Revolving Credit Facility and_2
Revolving Credit Facility and Term Loan, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The table below details the outstanding balances as of December 31, 2020 and 2019 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto, which provides for a $835.0 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”) and a €359.6 million ($303.0 million USD based on the prevailing exchange rate as of December 31, 2020) senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”). On August 1, 2019, the Company, through the OP, entered into an amendment and restatement of the Credit Facility to, among other things, increase the aggregate total commitments, lower the interest rate and revise certain covenants, and the terms of the Credit Facility described below generally reflect this amendment and restatement. December 31, 2020 December 31, 2019 (In thousands) TOTAL USD (1) USD GBP EUR TOTAL USD (2) USD GBP EUR Revolving Credit Facility $ 111,132 $ 105,000 £ — € 5,000 $ 199,071 $ 62,211 £ 40,000 € 75,000 Term Loan (3) 303,036 — — 247,075 403,258 — — 359,551 Deferred financing costs (2,882) — — — (5,365) — — — Term Loan, Net 300,154 — — 247,075 397,893 — — 359,551 Total Credit Facility $ 411,286 $ 105,000 £ — € 252,075 $ 596,964 $ 62,211 £ 40,000 € 434,551 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.12 for EUR as of December 31, 2019 for illustrative purposes, as applicable. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total December 31, 2020 Foreign currency forwards, net (GBP & EUR) $ — $ (4,025) $ — $ (4,025) Interest rate swaps, net (USD, GBP & EUR) $ — $ (15,434) $ — $ (15,434) December 31, 2019 Foreign currency forwards, net (GBP & EUR) $ — $ 2,726 $ — $ 2,726 Interest rate swaps, net (USD, GBP & EUR) $ — $ (6,082) $ — $ (6,082) |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019: December 31, (In thousands) Balance Sheet Location 2020 2019 Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (3,829) $ (939) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value — 366 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value (9,000) (4,524) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value — 228 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value (2,605) (1,139) Total $ (15,434) $ (6,008) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 198 $ 1,205 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (2,714) (831) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 327 2,352 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (1,836) — Interest rate swaps (EUR) Derivative liabilities, at fair value — (74) Total $ (4,025) $ 2,652 |
Schedule of Interest Rate Derivatives | As of December 31, 2020 and 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: December 31, 2020 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 49 $ 301,210 49 $ 290,965 Interest rate “pay-fixed” swaps (EUR) 22 641,394 16 521,471 Interest rate “pay-fixed” swaps (USD) 3 150,000 3 150,000 Total 74 $ 1,092,604 68 $ 962,436 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands) 2020 2019 2018 Amount of (loss) gain recognized in AOCI from derivatives $ (14,151) $ (9,047) $ 2,739 Amount of loss reclassified from AOCI into income as interest expense $ (5,646) $ (2,439) $ (3,746) Amount of loss recognized on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ (270) $ (128) $ (559) Total interest expense recorded in the consolidated statements of operations $ 71,804 $ 64,199 $ 57,973 |
Disclosure of Credit Derivatives | As of December 31, 2020 and 2019, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships: December 31, 2020 December 31, 2019 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP - USD) 41 $ 41,633 38 $ 38,898 Foreign currency forwards (EUR - USD) 40 38,634 32 27,478 Interest rate swaps (EUR) — — 1 10,655 Total 81 $ 80,267 71 $ 77,031 |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2020 and 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of Assets (Liabilities) presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount December 31, 2020 $ 525 $ (19,984) $ — $ (19,459) $ — $ — $ (19,459) December 31, 2019 $ 4,151 $ (7,507) $ — $ (3,356) $ — $ — $ (3,356) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Distributions From Tax Perspective | The following table details from a tax perspective, the portion of cash paid for Common Stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum: Year Ended December 31, (In thousands) 2020 2019 2018 Return of capital $ 1.34 77.5 % $ 1.23 69.1 % $ 1.57 73.7 % Ordinary dividend income 0.39 22.5 % 0.55 30.9 % 0.56 26.3 % Total $ 1.73 100.0 % $ 1.78 100.0 % $ 2.13 100.0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments | The following table reflects the base cash rental payments due from the Company as of December 31, 2020: (In thousands) Future Base Rent Payments (1) 2021 $ 1,510 2022 1,510 2023 1,510 2024 1,514 2025 1,519 Thereafter 42,217 Total minimum lease payments (2) 49,780 Less: Effects of discounting (24,430) Total present value of lease payments $ 25,350 (1) Assumes exchange rates of £1.00 to $1.37 for GBP and €1.00 to $1.23 for EUR as of December 31, 2020 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services | The following table reflects related party fees, as described above, incurred, forgiven and contractually due as of and for the periods presented: Year Ended December 31, 2020 2019 2018 (In thousands) Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 29,623 $ 27,530 $ 23,212 Property management fees 6,178 5,762 5,022 Total related party operational fees and reimbursements $ 35,801 $ 33,292 $ 28,234 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $1.1 million, $1.1 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above. (2) The Advisor, in accordance with the Advisory Agreement, received asset management fees in ca sh equal to the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $11.6 million |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Restricted Share Award Activity | The following table reflects equity awards activity for the years ended December 31, 2020, 2019 and 2018. Number of Weighted-Average Issue Price Unvested, December 31, 2017 49,112 $ 24.29 Granted 17,039 18.34 Vested (19,799) 24.40 Unvested, December 31, 2018 46,352 22.04 Granted 16,543 18.89 Vested (22,354) 22.58 Unvested, December 31, 2019 40,541 20.47 Granted 28,232 13.37 Vested (23,824) 21.71 Unvested, December 31, 2020 44,949 15.35 |
Schedule of Share Based Compensation Total Return | Half of the LTIP Units (the “Absolute TSR LTIP Units”) are eligible to be earned as of the last day of the Performance Period (the “Valuation Date”) if the Company achieves an absolute TSR with respect to threshold, target and maximum performance goals for the Performance Period as follows: Performance Level (% of Absolute TSR LTIP Units Earned) Absolute TSR Number of Absolute TSR LTIP Units Earned Below Threshold 0 % Less than 24% — Threshold 25 % 24% 319,366 Target 50 % 30% 638,733 Maximum 100 % 36% or higher 1,277,465 Half of the LTIP Units (the “Relative TSR LTIP Units”) are eligible to be earned as of the Valuation Date if the amount, expressed in terms of basis points, whether positive or negative, by which the Company’s absolute TSR for the Performance Period exceeds the average TSR of a peer group for the Performance Period consisting of Lexington Realty Trust, W.P. Carey Inc. and Office Properties Income Trust as follows: Performance Level (% of Relative TSR LTIP Units Earned) Relative TSR Excess Number of Absolute TSR LTIP Units Earned Below Threshold 0 % Less than -600 basis points — Threshold 25 % -600 basis points 319,366 Target 50 % — basis points 638,733 Maximum 100 % 600 basis points 1,277,465 Under the 2015 OPP, the Advisor was eligible to earn a number of LTIP Units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of June 2, 2015, based on the Company’s achievement of certain levels of absolute TSR and the amount by which the Company’s absolute TSR exceeded the average TSR of a peer group for the three-year performance period commencing on June 2, 2015 (the “Three-Year Period”); each 12-month period during the Three-Year Period (the “One-Year Periods”); and the initial 24-month period of the Three-Year Period (the “Two-Year Period”), as follows: Performance Period Annual Period Interim Period Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: 21% 7% 14% Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: • 100% will be earned if cumulative Total Return achieved is at least: 18% 6% 12% • 50% will be earned if cumulative Total Return achieved is: —% —% —% • 0% will be earned if cumulative Total Return achieved is less than: —% —% —% • a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: 0% - 18% 0% - 6% 0% - 12% __________________________________ * The “Peer Group” was comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a summary of the basic and diluted net income per share computation for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, (In thousands, except share and per share data) 2020 2019 2018 Net (loss) income attributable to common stockholders $ (7,775) $ 34,535 $ 1,082 Adjustments to net (loss) income attributable to common stockholders for common share equivalents (468) (660) (689) Adjusted net (loss) income attributable to common stockholders $ (8,243) $ 33,875 $ 393 Weighted average common shares outstanding — Basic 89,473,554 85,031,236 69,411,061 Weighted average common shares outstanding — Diluted 89,473,554 86,349,645 69,663,208 Net (loss) income per share attributable to common stockholders — Basic $ (0.09) $ 0.40 $ 0.01 Net (loss) income per share attributable to common stockholders — Diluted $ (0.09) $ 0.39 $ 0.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table shows common share equivalents on a weighted-average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: December 31, 2020 2019 2018 Unvested RSUs 44,949 40,541 46,352 Unvested Restricted Shares (1) 38,703 — — LTIP Units (2) 2,554,930 1,277,465 970,173 Total common share equivalents excluded from EPS calculation 2,638,582 1,318,006 1,016,525 1) There were 132,025 Restricted Shares issued and outstanding as of December 31, 2020. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during the year ended December 31, 2020. (2) There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of December 31, 2020, 2019 and 2018. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP. |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for years ended December 31, 2020 and 2019: (In thousands, except share and per share data) Quarters Ended 2020 March 31, June 30, (1) September 30, (1) December 31, (1) Revenue from tenants $ 79,242 $ 81,109 $ 82,711 $ 87,042 Net income (loss) attributable to common stockholders $ 5,038 $ 966 $ (502) $ (13,277) Adjustments to net income (loss) attributable to common stockholders for common share equivalents (135) (129) (102) (102) Adjusted net income (loss) attributable to common stockholders $ 4,903 $ 837 $ (604) $ (13,379) Weighted average shares outstanding — Basic 89,458,753 89,470,114 89,482,577 89,482,577 Weighted average shares outstanding — Diluted 89,499,294 90,102,709 89,482,577 89,482,577 Net income (loss) per share attributable to common stockholders — Basic and Diluted $ 0.05 $ 0.01 $ (0.01) $ (0.15) (In thousands, except share and per share data) Quarters Ended 2019 March 31, June 30, September 30, (2) December 31, Revenue from tenants $ 75,468 $ 76,119 $ 77,942 $ 76,685 Net income attributable to common stockholders $ 5,791 $ 12,621 $ 6,860 $ 9,263 Adjustments to net income attributable to common stockholders for common share equivalents (160) (174) (176) (150) Adjusted net income attributable to common stockholders $ 5,631 $ 12,447 $ 6,684 $ 9,113 Weighted average shares outstanding — Basic 81,474,615 83,847,120 85,254,638 89,458,381 Weighted average shares outstanding — Diluted 82,798,432 85,165,549 86,202,582 90,776,790 Net income per share attributable to common stockholders — Basic and Diluted $ 0.07 $ 0.15 $ 0.08 $ 0.10 _______ (1) During the fourth quarter of 2020, the Company recorded a loss of $3.9 million related to certain historical errors in the second and third quarters of 2020 related to the recording of the impact of foreign currency changes on its over-hedged portion of its net investment hedges, which is considered to be ineffective. The amounts, which totaled $1.3 million and $2.6 million for the second and third quarters of 2020, respectively, were incorrectly recorded as a currency translation adjustment in AOCI as opposed to being recorded as losses in unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness in the consolidated statement of operations. For additional information on the above or on the Company’s derivative accounting policies and derivatives and hedging activities, see the Note 2 — Summary of Significant Accounting Policies and Note 8 — Derivatives and Hedging Activities. (2) During the three months ended September 30, 2019, the Company recorded an impairment charge of $6.4 million for two properties which it sold in the fourth quarter of 2019. For additional details see Note 3 — Real Estate Investments, Net . |
Organization (Details)
Organization (Details) ft² in Millions | 12 Months Ended |
Dec. 31, 2020ft²property | |
Operations [Line Items] | |
Number of Properties | property | 306 |
Rentable square feet (sqft) | ft² | 37.2 |
Occupancy rate | 99.70% |
Weighted average remaining lease term | 8 years 6 months |
Industrial and Distribution Properties | |
Operations [Line Items] | |
Portfolio investment percentage | 49.00% |
Office | |
Operations [Line Items] | |
Portfolio investment percentage | 46.00% |
Retail | |
Operations [Line Items] | |
Portfolio investment percentage | 5.00% |
United States and Canada | |
Operations [Line Items] | |
Entity wide revenue percentage | 64.00% |
Europe | |
Operations [Line Items] | |
Portfolio investment percentage | 36.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, ft² in Millions | Jan. 01, 2019USD ($)property | Dec. 31, 2020USD ($)ft²tenantproperty$ / shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)ft²segmentpropertytenant$ / shares | Dec. 31, 2019USD ($)property$ / shares | Dec. 31, 2018USD ($) | Jun. 02, 2015$ / shares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accumulated other comprehensive income | $ 8,073,000 | $ 20,195,000 | $ 8,073,000 | $ 20,195,000 | |||||||||||
Net (loss) income attributable to common stockholders | 13,277,000 | $ 502,000 | $ (966,000) | $ (5,038,000) | (9,263,000) | $ (6,860,000) | $ (12,621,000) | $ (5,791,000) | $ 7,775,000 | (34,535,000) | $ (1,082,000) | ||||
Weighted average remaining lease term | 8 years 6 months | ||||||||||||||
Straight-line rents receivable | 61,007,000 | 51,795,000 | $ 61,007,000 | 51,795,000 | |||||||||||
Unbilled rental revenue | 7,937,000 | 6,758,000 | 6,310,000 | ||||||||||||
Bad debt expense | $ 0 | $ 0 | 835,000 | ||||||||||||
Properties presented as discontinued operations | property | 0 | 0 | |||||||||||||
Number of real estate properties held for sale | property | 0 | 0 | |||||||||||||
Useful life, buildings | 40 years | ||||||||||||||
Useful life, land improvements | 15 years | ||||||||||||||
Useful life, fixtures and improvements | 5 years | ||||||||||||||
Cash and cash equivalents | 124,200,000 | 270,300,000 | $ 124,200,000 | $ 270,300,000 | |||||||||||
Cash in excess of FDIC limit | 41,700,000 | 213,700,000 | 41,700,000 | 213,700,000 | |||||||||||
Cash in excess of FSCS limit | 35,800,000 | 25,300,000 | 35,800,000 | 25,300,000 | |||||||||||
Cash in excess of European limits | 35,400,000 | 18,000,000 | 35,400,000 | 18,000,000 | |||||||||||
Restricted cash | $ 1,448,000 | $ 3,985,000 | 1,448,000 | $ 3,985,000 | 3,369,000 | ||||||||||
Goodwill impairment | $ 0 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Current income tax provision | $ 6,900,000 | $ 4,700,000 | 2,400,000 | ||||||||||||
Deferred income tax provision (benefit) | (2,000,000) | (400,000) | 3,300,000 | ||||||||||||
Income tax expense | 4,969,000 | 4,332,000 | 2,434,000 | ||||||||||||
Valuation allowance | $ 46,600,000 | $ 4,300,000 | $ 46,600,000 | 4,300,000 | |||||||||||
Number of reportable segments (segment) | segment | 1 | ||||||||||||||
Number of Properties | property | 306 | 306 | |||||||||||||
Rentable square feet (sqft) | ft² | 37.2 | 37.2 | |||||||||||||
Number of tenants (tenant) | tenant | 130 | 130 | |||||||||||||
Occupancy rate | 99.70% | 99.70% | |||||||||||||
Number of lease contracts | property | 7 | ||||||||||||||
Operating lease right-of-use asset | $ 58,395,000 | 50,211,000 | $ 58,395,000 | 50,211,000 | |||||||||||
Operating lease liability | 25,350,000 | 23,985,000 | 25,350,000 | 23,985,000 | |||||||||||
Accumulated deficit | $ 896,547,000 | $ 733,245,000 | $ 896,547,000 | $ 733,245,000 | |||||||||||
Out of period adjustments | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accumulated other comprehensive income | 3,900,000 | 1,300,000 | $ 1,300,000 | $ 3,900,000 | |||||||||||
Net (loss) income attributable to common stockholders | $ 2,600,000 | $ 1,300,000 | $ 1,300,000 | $ 3,900,000 | |||||||||||
ASU 2016-02 | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accounts receivable written off | 3,400,000 | ||||||||||||||
Bad debt reserve | $ 2,200,000 | ||||||||||||||
Operating lease right-of-use asset | $ 24,000,000 | ||||||||||||||
Operating lease liability | 24,000,000 | ||||||||||||||
Reclassified intangible assets, net | 27,000,000 | ||||||||||||||
ASU 2017-12 | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Accumulated deficit | $ 300,000 | ||||||||||||||
Minimum | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Lease-up period | 12 months | ||||||||||||||
Maximum | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Lease-up period | 18 months | ||||||||||||||
2018 Multi Year Outperformance Plan | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Equity based compensation, requisite service period | 2 years 9 months 18 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Future Minimum Base Rent Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / £ | Dec. 31, 2020$ / € | Dec. 31, 2019£ / $ | Dec. 31, 2019€ / $ |
Accounting Policies [Abstract] | ||||||
2021 | $ 334,858 | |||||
2022 | 324,706 | |||||
2023 | 303,737 | |||||
2024 | 267,943 | |||||
2025 | 226,047 | |||||
Thereafter | 1,083,950 | |||||
Total | $ 2,541,241 | |||||
Foreign currency exchange rate | 0.78 | 1.37 | 1.23 | 1.32 | 1.12 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Geographic Distribution of Real Estate Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 87,042 | $ 82,711 | $ 81,109 | $ 79,242 | $ 76,685 | $ 77,942 | $ 76,119 | $ 75,468 | $ 330,104 | $ 306,214 | $ 282,207 |
Investments in Real Estate | 4,318,954 | 3,763,264 | 4,318,954 | 3,763,264 | |||||||
Real Estate Investing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 330,104 | 306,214 | 282,207 | ||||||||
Investments in Real Estate | 4,318,954 | 3,763,264 | 4,318,954 | 3,763,264 | |||||||
Real Estate Investing | United States and Puerto Rico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 216,260 | 180,100 | 148,588 | ||||||||
Investments in Real Estate | 2,936,977 | 2,496,960 | 2,936,977 | 2,496,960 | |||||||
Real Estate Investing | United Kingdom | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 51,178 | 51,215 | 54,025 | ||||||||
Investments in Real Estate | 630,014 | 593,845 | 630,014 | 593,845 | |||||||
Real Estate Investing | Europe (Finland, France, Germany, Luxembourg, and the Netherlands) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 61,944 | 74,881 | 79,594 | ||||||||
Investments in Real Estate | 740,818 | 665,236 | 740,818 | 665,236 | |||||||
Real Estate Investing | Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 722 | 18 | $ 0 | ||||||||
Investments in Real Estate | $ 11,145 | $ 7,223 | $ 11,145 | $ 7,223 |
Real Estate Investments, Net -
Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Real estate investments, at cost: | |||
Land | $ 53,701 | $ 43,259 | $ 34,291 |
Buildings, fixtures and improvements | 364,511 | 449,745 | 384,603 |
Total tangible assets | 418,212 | 493,004 | 418,894 |
Acquired intangible lease assets: | |||
Total intangible assets | 40,910 | 69,729 | 60,754 |
ROU asset | 5,022 | 0 | 0 |
Cash paid for acquired real estate investments | $ 464,144 | $ 562,733 | $ 479,648 |
Number of properties purchased | property | 28 | 39 | 23 |
In-place leases | |||
Acquired intangible lease assets: | |||
Assets acquired | $ 45,723 | $ 70,628 | $ 70,414 |
Above-market lease assets | |||
Acquired intangible lease assets: | |||
Assets acquired | 156 | 1,051 | 48 |
Below-market lease liabilities | |||
Acquired intangible lease assets: | |||
Below-market lease liabilities | $ (4,969) | $ (1,950) | $ (9,708) |
Real Estate Investments, Net _2
Real Estate Investments, Net - Acquisition by Property Type (Details) | Dec. 31, 2020ft²property | Dec. 31, 2019ft²property | Dec. 31, 2018ft²property |
Real Estate Properties [Line Items] | |||
Number of Properties | property | 306 | ||
Square Feet (unaudited) | ft² | 37,200,000 | ||
Properties Acquired In 2020 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 28 | ||
Square Feet (unaudited) | ft² | 5,558 | ||
Properties Acquired In 2019 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 39 | ||
Square Feet (unaudited) | ft² | 6,104 | ||
Properties Acquired In 2018 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 23 | ||
Square Feet (unaudited) | ft² | 4,959 | ||
Office | Properties Acquired In 2020 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 11 | ||
Square Feet (unaudited) | ft² | 390 | ||
Office | Properties Acquired In 2019 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 12 | ||
Square Feet (unaudited) | ft² | 682 | ||
Office | Properties Acquired In 2018 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 1 | ||
Square Feet (unaudited) | ft² | 145 | ||
Industrial | Properties Acquired In 2020 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 13 | ||
Square Feet (unaudited) | ft² | 3,569 | ||
Industrial | Properties Acquired In 2019 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 17 | ||
Square Feet (unaudited) | ft² | 2,408 | ||
Industrial | Properties Acquired In 2018 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 16 | ||
Square Feet (unaudited) | ft² | 3,714 | ||
Distribution | Properties Acquired In 2020 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 4 | ||
Square Feet (unaudited) | ft² | 1,599 | ||
Distribution | Properties Acquired In 2019 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 10 | ||
Square Feet (unaudited) | ft² | 3,014 | ||
Distribution | Properties Acquired In 2018 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 6 | ||
Square Feet (unaudited) | ft² | 1,100 | ||
Retail | Properties Acquired In 2020 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 0 | ||
Square Feet (unaudited) | ft² | 0 | ||
Retail | Properties Acquired In 2019 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 0 | ||
Square Feet (unaudited) | ft² | 0 | ||
Retail | Properties Acquired In 2018 | |||
Real Estate Properties [Line Items] | |||
Number of Properties | property | 0 | ||
Square Feet (unaudited) | ft² | 0 |
Real Estate Investments, Net _3
Real Estate Investments, Net - Narrative (Details) € in Millions | Sep. 20, 2019property | Jun. 28, 2019property | Jun. 12, 2019USD ($) | Jun. 12, 2019EUR (€) | May 10, 2019USD ($) | May 10, 2019EUR (€) | Aug. 13, 2018USD ($) | Nov. 30, 2019property | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 2 | |||||||||||
(Loss) gain on dispositions of real estate investments | $ | $ (153,000) | $ 23,616,000 | $ (5,751,000) | |||||||||
Impairment charges and related lease intangible write-offs | $ | $ 6,400,000 | $ 0 | $ 6,375,000 | $ 5,000,000 | ||||||||
Number of real estate properties held for sale | 0 | 0 | ||||||||||
Properties with tenant financial difficulties (property) | 6 | |||||||||||
Number of properties with terminated lease | 4 | |||||||||||
Number of properties continuing to operate | 2 | |||||||||||
Number of properties, re-leased to other tenants | 2 | |||||||||||
Number of properties sold | 2 | |||||||||||
Number of properties impaired | 1 | |||||||||||
Impairment charges | $ | $ 1,600,000 | |||||||||||
Lease intangible write-off | $ | $ 3,400,000 | |||||||||||
Family Dollar | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 32 | 62 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 0 | 2 | ||||||||||
Total contract price | $ | $ 311,300,000 | $ 25,300,000 | ||||||||||
(Loss) gain on dispositions of real estate investments | $ | $ 23,600,000 | (5,800,000) | ||||||||||
Gain on termination of lease | $ | 3,000,000 | |||||||||||
United States | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 97 | |||||||||||
United States | Family Dollar | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 94 | |||||||||||
United States | Industrial | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 3 | |||||||||||
United Kingdom | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 1 | |||||||||||
Netherlands | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 2 | |||||||||||
Germany | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of properties sold (property) | 3 | |||||||||||
Mortgage notes payable | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Repayments of debt | $ 90,800,000 | € 80.3 | $ 40,000,000 | € 35.6 | $ 209,000,000 | $ 1,700,000 |
Real Estate Investments, Net _4
Real Estate Investments, Net - Schedule of Real Estate Dispositions (Details) | Dec. 27, 2019ft²property | Nov. 01, 2019ft²property | Sep. 30, 2019ft²property | Sep. 20, 2019ft²property | Jun. 28, 2019ft²property | May 23, 2019ft²property | May 17, 2019ft²property | Mar. 07, 2019ft²property | Jul. 31, 2018ft²property | Jun. 08, 2018ft²property | Nov. 30, 2019property | Dec. 31, 2019property | Dec. 31, 2018ft²property | Dec. 31, 2020ft² |
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (unaudited) | ft² | 37,200,000 | |||||||||||||
Properties Sold in 2019 | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 103 | |||||||||||||
Square Feet (unaudited) | ft² | 1,383,338 | |||||||||||||
Crowne Group, Indiana | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 21,562 | |||||||||||||
Crowne Group, Michigan | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 92,244 | |||||||||||||
Talk Talk | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 48,415 | |||||||||||||
Family Dollar | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 32 | 62 | ||||||||||||
Square Feet (unaudited) | ft² | 265,596 | 518,634 | ||||||||||||
Panasonic | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 48,497 | |||||||||||||
Achmea | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (unaudited) | ft² | 190,252 | |||||||||||||
RWE | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 3 | |||||||||||||
Square Feet (unaudited) | ft² | 198,138 | |||||||||||||
Properties Sold in 2018 | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 2 | |||||||||||||
Square Feet (unaudited) | ft² | 356,330 | |||||||||||||
Western Digital | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 286,330 | |||||||||||||
Veolia Water | ||||||||||||||
Real Estate [Line Items] | ||||||||||||||
Number of properties sold (property) | property | 1 | |||||||||||||
Square Feet (unaudited) | ft² | 70,000 |
Real Estate Investments, Net _5
Real Estate Investments, Net - Intangible Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible assets: | ||
Gross Carrying Amount | $ 711,985 | $ 651,768 |
Accumulated Amortization | 319,346 | 250,401 |
Net Carrying amount | 392,639 | 401,367 |
Intangible liabilities: | ||
Gross Carrying Amount. Below-market leases | 49,154 | 42,413 |
Accumulated Amortization, Below-market leases | 16,184 | 11,884 |
Net Carrying amount, Below-market leases | 32,970 | 30,529 |
Gross Carrying Amount | 49,154 | 42,413 |
Accumulated Amortization | 16,184 | 11,884 |
Net Carrying amount | 32,970 | 30,529 |
In-place leases | ||
Intangible assets: | ||
Gross Carrying Amount | 678,856 | 620,123 |
Accumulated Amortization | 302,383 | 237,585 |
Net Carrying amount | 376,473 | 382,538 |
Above-market lease assets | ||
Intangible assets: | ||
Gross Carrying Amount | 33,129 | 31,645 |
Accumulated Amortization | 16,963 | 12,816 |
Net Carrying amount | $ 16,166 | $ 18,829 |
Real Estate Investments, Net _6
Real Estate Investments, Net - Amortization Periods and Projected Amortization Expense for Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||
Amortization of intangibles | $ 58,077 | $ 56,739 | $ 54,733 |
2021 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 62,266 | ||
2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (412) | ||
2022 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 58,759 | ||
2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (357) | ||
2023 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 51,468 | ||
2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (518) | ||
2024 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 41,482 | ||
2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (716) | ||
2025 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 31,292 | ||
2025 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (1,731) | ||
In-place leases | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 7 years 6 months | ||
In-place leases | 2021 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 62,266 | ||
In-place leases | 2022 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 58,759 | ||
In-place leases | 2023 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 51,468 | ||
In-place leases | 2024 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 41,482 | ||
In-place leases | 2025 | Depreciation and Amortization | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 31,292 | ||
Above-market lease assets | Rental Income | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 5 years 1 month 6 days | ||
Above-market lease assets | 2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 3,604 | ||
Above-market lease assets | 2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 3,566 | ||
Above-market lease assets | 2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 3,378 | ||
Above-market lease assets | 2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | 2,418 | ||
Above-market lease assets | 2025 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ 1,027 | ||
Below-market lease liabilities | Rental Income | |||
Real Estate [Line Items] | |||
Weighted-Average Amortization Years | 10 years 7 months 6 days | ||
Below-market lease liabilities | 2021 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (4,016) | ||
Below-market lease liabilities | 2022 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,923) | ||
Below-market lease liabilities | 2023 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,896) | ||
Below-market lease liabilities | 2024 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | (3,134) | ||
Below-market lease liabilities | 2025 | Rental Income | |||
Real Estate [Line Items] | |||
Amortization of intangibles | $ (2,758) |
Real Estate Investments, Net _7
Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 63.20% | 63.00% | 55.70% |
Michigan | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 15.30% | 14.60% | 13.70% |
United Kingdom | |||
Real Estate Investments [Line Items] | |||
Entity wide revenue percentage | 16.80% | 18.20% | 19.00% |
Mortgage Notes Payable, Net - S
Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)property | Oct. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 12, 2019property | Feb. 06, 2019 | |
Debt Instrument [Line Items] | |||||
Mortgage notes payable, net | $ 1,363,698 | $ 1,272,154 | |||
Mortgage notes payable | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 118 | ||||
Outstanding loan amount | $ 1,378,686 | 1,287,448 | |||
Effective Interest Rate | 3.30% | ||||
Mortgage discount | $ 0 | (26) | |||
Deferred financing costs, net of accumulated amortization | (14,988) | (15,268) | |||
Mortgage notes payable, net | $ 1,363,698 | 1,272,154 | |||
Mortgage notes payable | Finland Properties | |||||
Debt Instrument [Line Items] | |||||
Portion at fixed rate | 80.00% | 80.00% | |||
Portion at variable rate | 20.00% | ||||
Mortgage notes payable | Benelux Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 2 | ||||
Mortgage notes payable | United Kingdom Properties | |||||
Debt Instrument [Line Items] | |||||
Principal repayment | $ 2,600 | ||||
Mortgage notes payable | EUR | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 20 | ||||
Outstanding loan amount | $ 386,957 | 303,383 | |||
Mortgage notes payable | EUR | Finland Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 5 | ||||
Outstanding loan amount | $ 90,760 | 82,996 | |||
Effective Interest Rate | 1.70% | ||||
Mortgage notes payable | EUR | Worldline | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 0 | ||||
Outstanding loan amount | $ 0 | 5,608 | |||
Effective Interest Rate | 0.00% | ||||
Mortgage notes payable | EUR | DCNS | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 0 | ||||
Outstanding loan amount | $ 0 | 10,655 | |||
Effective Interest Rate | 0.00% | ||||
Mortgage notes payable | EUR | ID Logistics II | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 0 | ||||
Outstanding loan amount | $ 0 | 11,776 | |||
Effective Interest Rate | 0.00% | ||||
Mortgage notes payable | EUR | French Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 7 | ||||
Outstanding loan amount | $ 85,854 | 0 | |||
Effective Interest Rate | 2.50% | ||||
Percentage fixed interest rate | 90.00% | ||||
Percentage variable interest rate | 10.00% | ||||
Mortgage notes payable | EUR | Germany Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 5 | ||||
Outstanding loan amount | $ 63,165 | 57,761 | |||
Effective Interest Rate | 1.80% | ||||
Percentage fixed interest rate | 80.00% | ||||
Percentage variable interest rate | 20.00% | ||||
Mortgage notes payable | EUR | Benelux Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 3 | ||||
Outstanding loan amount | $ 147,178 | 134,587 | |||
Effective Interest Rate | 1.40% | ||||
Mortgage notes payable | GBP | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 42 | ||||
Outstanding loan amount | $ 301,979 | 294,315 | |||
Mortgage notes payable | GBP | United Kingdom Properties | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 42 | ||||
Outstanding loan amount | $ 301,979 | 294,315 | |||
Effective Interest Rate | 3.10% | ||||
Percentage fixed interest rate | 80.00% | ||||
Percentage variable interest rate | 20.00% | ||||
Mortgage notes payable | USD | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 56 | ||||
Outstanding loan amount | $ 689,750 | 689,750 | |||
Mortgage notes payable | USD | Finland Properties | |||||
Debt Instrument [Line Items] | |||||
Outstanding loan amount | 90,800 | ||||
Mortgage notes payable | USD | French Properties | |||||
Debt Instrument [Line Items] | |||||
Outstanding loan amount | 85,900 | ||||
Mortgage notes payable | USD | Benelux Properties | |||||
Debt Instrument [Line Items] | |||||
Outstanding loan amount | $ 147,200 | ||||
Mortgage notes payable | USD | Penske Logistics | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 1 | ||||
Outstanding loan amount | $ 70,000 | 70,000 | |||
Effective Interest Rate | 4.70% | ||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan I | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 12 | ||||
Outstanding loan amount | $ 187,000 | 187,000 | |||
Effective Interest Rate | 4.40% | ||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan II | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 8 | ||||
Outstanding loan amount | $ 32,750 | 32,750 | |||
Effective Interest Rate | 4.40% | ||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan III | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 7 | ||||
Outstanding loan amount | $ 98,500 | 98,500 | |||
Effective Interest Rate | 4.90% | ||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan IV | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 16 | ||||
Outstanding loan amount | $ 97,500 | 97,500 | |||
Effective Interest Rate | 4.60% | ||||
Mortgage notes payable | USD | Multi-Tenant Mortgage Loan V | |||||
Debt Instrument [Line Items] | |||||
Encumbered Properties | property | 12 | ||||
Outstanding loan amount | $ 204,000 | $ 204,000 | |||
Effective Interest Rate | 3.70% | ||||
Euribor | Mortgage notes payable | Finland Properties | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.40% | ||||
Euribor | Mortgage notes payable | EUR | French Properties | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.30% | ||||
Euribor | Mortgage notes payable | EUR | Germany Properties | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.55% | ||||
LIBOR | Mortgage notes payable | GBP | United Kingdom Properties | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% |
Mortgage Notes Payable, Net -_2
Mortgage Notes Payable, Net - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2020$ / $ | Dec. 31, 2020USD ($) | Dec. 31, 2020$ / £ | Dec. 31, 2020$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019£ / $ | Dec. 31, 2019€ / $ |
Debt Instrument [Line Items] | |||||||
Foreign currency exchange rate | 0.78 | 1.37 | 1.23 | 1.32 | 1.12 | ||
Mortgage notes payable | |||||||
Debt Instrument [Line Items] | |||||||
2021 | $ 13,222 | ||||||
2022 | 20,475 | ||||||
2023 | 331,445 | ||||||
2024 | 237,939 | ||||||
2025 | 85,854 | ||||||
Thereafter | 689,751 | ||||||
Total | $ 1,378,686 | $ 1,287,448 |
Mortgage Notes Payable, Net - N
Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands, € in Millions, £ in Millions | Jul. 10, 2020USD ($)property | May 14, 2020USD ($)property | May 14, 2020EUR (€)property | Oct. 01, 2019 | Sep. 12, 2019USD ($)propertysate | Jun. 12, 2019USD ($)property | Jun. 12, 2019EUR (€)property | May 10, 2019USD ($)property | May 10, 2019EUR (€)property | Apr. 12, 2019USD ($)propertystate | Feb. 06, 2019USD ($)property | Feb. 06, 2019EUR (€)property | Nov. 14, 2018USD ($) | Nov. 09, 2018USD ($)ft²property | Aug. 13, 2018USD ($)property | Jan. 26, 2018USD ($)ft²property | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Feb. 26, 2021USD ($) | Dec. 31, 2020GBP (£)ft²property | Dec. 16, 2020 | May 14, 2020EUR (€) | Feb. 06, 2019EUR (€) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Loan to value ratio | 55.00% | 55.00% | |||||||||||||||||||||||
Carrying value of encumbered assets | $ 1,800,000 | ||||||||||||||||||||||||
Loss on extinguishment of debt | $ 3,601 | $ 949 | $ 3,897 | ||||||||||||||||||||||
Square Feet (unaudited) | ft² | 37,200,000 | 37,200,000 | |||||||||||||||||||||||
Line of Credit | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Carrying value of encumbered assets | $ 1,800,000 | ||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Repayment of debt | $ 90,000 | $ 90,000 | |||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Balance outstanding with cash sweep event trigger | $ 98,500 | ||||||||||||||||||||||||
Repayments of debt | $ 90,800 | € 80.3 | $ 40,000 | € 35.6 | $ 209,000 | $ 1,700 | |||||||||||||||||||
Encumbered properties | property | 118 | 118 | |||||||||||||||||||||||
Repayment of debt | $ 65,400 | € 57.4 | |||||||||||||||||||||||
Mortgages | Line of Credit | Forecast | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Letters of credit outstanding | $ 7,400 | ||||||||||||||||||||||||
Senior Notes | Senior Notes Due 2027 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | ||||||||||||||||||||||
Multi-Tenant Mortgage Loan III | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 4.90% | ||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 7 | ||||||||||||||||||||||||
Gross proceeds from credit facility | $ 98,500 | ||||||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | property | 6 | ||||||||||||||||||||||||
Term of debt | 10 years | ||||||||||||||||||||||||
Square Feet (unaudited) | ft² | 651,313 | ||||||||||||||||||||||||
Multi-Tenant Mortgage Loan III | Mortgages | Subsequent Event | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Letters of credit outstanding | $ 3,200 | ||||||||||||||||||||||||
Benelux Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 3 | 3 | |||||||||||||||||||||||
Encumbered properties | property | 2 | 2 | |||||||||||||||||||||||
Germany Property | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | |||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 5 | 5 | |||||||||||||||||||||||
Portion at fixed rate | 80.00% | 80.00% | |||||||||||||||||||||||
Encumbered properties | property | 3 | 3 | |||||||||||||||||||||||
Number of properties to replace easement | property | 1 | 1 | |||||||||||||||||||||||
Multi-Tenant Mortgage Loan IV | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 4.489% | ||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 16 | ||||||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | state | 12 | ||||||||||||||||||||||||
Finland Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 1.80% | 1.80% | |||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 5 | 5 | |||||||||||||||||||||||
Portion at fixed rate | 80.00% | 80.00% | 80.00% | 80.00% | |||||||||||||||||||||
Debt bearing fixed interest | $ 67,400 | € 59.2 | |||||||||||||||||||||||
Face (par) amount of debt instrument at time of issuance | $ 84,300 | € 74 | |||||||||||||||||||||||
Portion at variable rate | 20.00% | 20.00% | |||||||||||||||||||||||
Penske Logistics | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 4.60% | ||||||||||||||||||||||||
Repayments of debt | $ 126,600 | ||||||||||||||||||||||||
Gross proceeds from credit facility | $ 70,000 | ||||||||||||||||||||||||
Term of debt | 10 years | ||||||||||||||||||||||||
United Kingdom Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Limited unsecured corporate guaranty | $ 27,400 | £ 20 | |||||||||||||||||||||||
Portion at fixed rate | 80.00% | ||||||||||||||||||||||||
Gross proceeds from credit facility | $ 230,000 | ||||||||||||||||||||||||
Encumbered properties | property | 38 | ||||||||||||||||||||||||
Portion at variable rate | 20.00% | ||||||||||||||||||||||||
Expected principal amortization | $ 37,900 | ||||||||||||||||||||||||
Number of mortgaged properties (property) | property | 43 | ||||||||||||||||||||||||
Multi-Tenant Mortgage Loan II | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 4.30% | ||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 8 | ||||||||||||||||||||||||
Gross proceeds from credit facility | $ 32,800 | ||||||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | property | 6 | ||||||||||||||||||||||||
Repayment of debt | $ 30,000 | ||||||||||||||||||||||||
Term of debt | 10 years | ||||||||||||||||||||||||
Square Feet (unaudited) | ft² | 627,500 | ||||||||||||||||||||||||
BOK Financial | Whirlpool Corporation | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 88,000 | ||||||||||||||||||||||||
Loss on extinguishment of debt | $ 2,000 | ||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 6 | ||||||||||||||||||||||||
Remaining proceeds after costs and fees related to the loan | $ 2,200 | ||||||||||||||||||||||||
Portion at fixed rate | 3.45% | ||||||||||||||||||||||||
BOK Financial | Whirlpool Corporation | Mortgages | Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Repayments of debt | $ 84,000 | ||||||||||||||||||||||||
HSBC France | French Properties | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 7 | 7 | |||||||||||||||||||||||
Collateral, number of leased offices and industrial properties, previously encumbered | property | 4 | 4 | |||||||||||||||||||||||
HSBC France | French Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 75,600 | € 70 | |||||||||||||||||||||||
Loss on extinguishment of debt | 300 | ||||||||||||||||||||||||
Repayments of debt | $ 27,000 | € 25 | |||||||||||||||||||||||
Basis spread on variable rate | 2.50% | 2.50% | |||||||||||||||||||||||
Portion at fixed rate | 90.00% | 90.00% | |||||||||||||||||||||||
Debt bearing fixed interest | $ 68,000 | € 63 | |||||||||||||||||||||||
HSBC France | French Properties | Mortgages | Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Repayments of debt | $ 21,600 | € 20 | |||||||||||||||||||||||
KeyBank National Association | Multi-Tenant Mortgage Loan V | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 3.65% | ||||||||||||||||||||||||
Number of leased offices and industrial properties (property) | property | 12 | ||||||||||||||||||||||||
Repayments of debt | $ 86,500 | ||||||||||||||||||||||||
Gross proceeds from credit facility | $ 204,000 | ||||||||||||||||||||||||
Number of states in which mortgaged properties are located (state) | sate | 10 | ||||||||||||||||||||||||
Deposits into reserve accounts | $ 300 | ||||||||||||||||||||||||
Funds available for working capital and general corporate purposes | $ 126,500 | ||||||||||||||||||||||||
Landesbank Hessen-Thuringen Girozentrale | Benelux Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 1.38% | 1.38% | |||||||||||||||||||||||
Gross proceeds from credit facility | $ 135,800 | € 120 | |||||||||||||||||||||||
Landesbank Hessen-Thuringen Girozentrale | Germany Property | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 57,900 | € 51.5 | |||||||||||||||||||||||
Column Financial, Inc. and Societe Generale Financial Corporation | Multi-Tenant Mortgage Loan IV | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of debt | $ 97,500 | ||||||||||||||||||||||||
LIBOR | United Kingdom Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||||
LIBOR | BOK Financial | Whirlpool Corporation | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 2.90% | ||||||||||||||||||||||||
Base Rate | HSBC France | French Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 0.00% | 0.00% | |||||||||||||||||||||||
Euribor | Germany Property | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 1.55% | 1.80% | 1.80% | ||||||||||||||||||||||
Euribor | Finland Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stated interest rate | 1.40% | 1.40% | |||||||||||||||||||||||
Basis spread on variable rate | 1.40% | ||||||||||||||||||||||||
Euribor | HSBC France | French Properties | Mortgages | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 2.30% | 2.30% |
Revolving Credit Facility and_3
Revolving Credit Facility and Term Loan, Net - Terms (Details) $ / shares in Units, € in Millions | Feb. 24, 2021USD ($) | Nov. 20, 2019 | Aug. 01, 2019USD ($)extension | Jun. 30, 2020 | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2020EUR (€) |
Line of Credit Facility [Line Items] | |||||||
Maximum distribution under exemption, percentage of FFO | 100.00% | 105.00% | |||||
Maximum distribution under exemption, percentage of AFFO | 105.00% | ||||||
Maximum distribution, percentage of FFO | 100.00% | ||||||
Series A Preferred Stock | |||||||
Line of Credit Facility [Line Items] | |||||||
Preferred stock, dividend rate | 7.25% | 7.25% | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Series B Preferred Stock | |||||||
Line of Credit Facility [Line Items] | |||||||
Preferred stock, dividend rate | 6.875% | 6.875% | 6.875% | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.45% | ||||||
Credit Facility Amendment | Revolving Credit Facility | Base Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.05% | ||||||
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.45% | ||||||
Credit Facility Amendment | Revolving Credit Facility | LIBOR | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.05% | ||||||
Credit Facility Amendment | Term Loan Facility | Base Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.40% | ||||||
Credit Facility Amendment | Term Loan Facility | Base Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
Credit Facility Amendment | Term Loan Facility | LIBOR | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.40% | ||||||
Credit Facility Amendment | Term Loan Facility | LIBOR | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 2.00% | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 1,100,000,000 | ||||||
Total line of credit commitment | $ 1,750,000,000 | ||||||
Weighted average effective interest rate | 2.50% | 2.50% | |||||
Remaining borrowing capacity | $ 94,500,000 | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Increase in aggregate commitments | $ 565,000,000 | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | Federal Funds Effective Swap Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 0.50% | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | KeyBank National Association | LIBOR | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 1.00% | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 835,000,000 | ||||||
Facility fee multiplier | 0.0030 | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 1,200,000,000 | ||||||
Increase in lender commitments | $ 50,000,000 | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Above Threshold | |||||||
Line of Credit Facility [Line Items] | |||||||
Unused capacity commitment fee | 0.25% | ||||||
Commitment fee | 50.00% | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Revolving Credit Facility | KeyBank National Association | Below Threshold | |||||||
Line of Credit Facility [Line Items] | |||||||
Unused capacity commitment fee | 0.15% | ||||||
Commitment fee | 50.00% | ||||||
Unsecured Debt | Senior Unsecured Multi-Currency Revolving Credit Facility | Term Loan Facility | KeyBank National Association | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding loan amount | $ 303,036,000 | $ 403,258,000 | € 359.6 | ||||
Credit Facility, number of extensions | extension | 2 | ||||||
Credit Facility extension term | 6 months |
Revolving Credit Facility and_4
Revolving Credit Facility and Term Loan, Net - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / £ | Dec. 31, 2020$ / € | Dec. 31, 2020EUR (€) | Dec. 31, 2020GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2019£ / $ | Dec. 31, 2019€ / $ | |
Line of Credit Facility [Line Items] | ||||||||||||||
Revolving Credit Facility | $ 111,132 | $ 111,132 | $ 199,071 | |||||||||||
Term Loan, Net | 300,154 | 300,154 | 397,893 | |||||||||||
Foreign currency exchange rate | 0.78 | 1.37 | 1.23 | 1.32 | 1.12 | |||||||||
Deferred financing costs written off | 3,601 | 949 | $ 3,897 | |||||||||||
Term Loan Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Repayments of debt | 136,700 | € 112,500 | ||||||||||||
Deferred financing costs written off | 1,300 | |||||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Total Credit Facility | 411,286 | 411,286 | 596,964 | |||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Revolving Credit Facility | 111,132 | 111,132 | 199,071 | |||||||||||
Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Term Loan | 303,036 | 303,036 | 403,258 | € 359,600 | ||||||||||
Deferred financing costs | (2,882) | (2,882) | (5,365) | |||||||||||
Term Loan, Net | 300,154 | 300,154 | 397,893 | |||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Total Credit Facility | 105,000 | 105,000 | 62,211 | |||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Revolving Credit Facility | 105,000 | 105,000 | 62,211 | |||||||||||
USD | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Term Loan | 0 | 0 | 0 | |||||||||||
Deferred financing costs | 0 | 0 | 0 | |||||||||||
Term Loan, Net | $ 0 | $ 0 | $ 0 | |||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Total Credit Facility | £ | £ 0 | £ 40,000 | ||||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Revolving Credit Facility | £ | 0 | 40,000 | ||||||||||||
GBP | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Term Loan | £ | 0 | 0 | ||||||||||||
Deferred financing costs | £ | 0 | 0 | ||||||||||||
Term Loan, Net | £ | £ 0 | £ 0 | ||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Total Credit Facility | € | 252,075 | € 434,551 | ||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Revolving Credit Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Revolving Credit Facility | € | 5,000 | 75,000 | ||||||||||||
EUR | Senior Unsecured Multi-Currency Revolving Credit Facility | Unsecured Debt | KeyBank National Association | Term Loan Facility | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Term Loan | € | 247,075 | 359,551 | ||||||||||||
Deferred financing costs | € | 0 | 0 | ||||||||||||
Term Loan, Net | € | € 247,075 | € 359,551 |
Revolving Credit Facility and_5
Revolving Credit Facility and Term Loan, Net - Prior Credit Facility (Details) - Unsecured Debt - Senior Unsecured Multi-Currency Revolving Credit Facility - KeyBank National Association - USD ($) | Aug. 01, 2019 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 1,100,000,000 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 835,000,000 | |
LIBOR | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 1.00% | |
Below Threshold | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Unused capacity commitment fee | 0.15% | |
Commitment fee | 50.00% |
Senior Notes, Net (Details)
Senior Notes, Net (Details) - USD ($) | Dec. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Senior notes amount | $ 490,345,000 | $ 0 | |
Senior Notes Due 2027 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500,000,000 | ||
Stated interest rate | 3.75% | 3.75% | |
Senior notes amount | $ 490,300,000 | ||
Deferred financing costs | $ 9,700,000 | ||
Senior Notes Due 2027 | Senior Notes | Treasury Stock | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.50% | ||
Senior Notes Due 2027 | Senior Notes | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Redemption price percentage | 101.00% | ||
Senior Notes Due 2027 | Senior Notes | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Redemption price percentage | 100.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value, Financial Instruments Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign currency forwards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | $ (4,025) | $ 2,726 |
Foreign currency forwards | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Foreign currency forwards | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | (4,025) | 2,726 |
Foreign currency forwards | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | (15,434) | (6,082) |
Interest rate swaps | Quoted Prices in Active Markets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Interest rate swaps | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | (15,434) | (6,082) |
Interest rate swaps | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset fair value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Instruments not Measured at Fair Value (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount | Mortgage notes payable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | $ 1,400 | $ 1,300 |
Carrying Amount | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | 111.1 | 199.1 |
Carrying Amount | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | 303 | 397.9 |
Carrying Amount | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | 500 | |
Fair Value | Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | 111.2 | 211 |
Fair Value | Revolving Credit Facility | Senior Unsecured Multi-Currency Revolving Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | 304.6 | $ 403.6 |
Fair Value | Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt instruments | $ 512.4 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Positions, Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | $ (19,459) | $ (3,356) |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | (15,434) | (6,008) |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | USD | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (3,829) | (939) |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | GBP | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (9,000) | (4,524) |
Derivative assets, at fair value | 0 | 366 |
Interest Rate, Pay-fixed, Swaps | Designated as Hedging Instrument | EUR | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (2,605) | (1,139) |
Derivative assets, at fair value | 0 | 228 |
Swap | Derivatives not designated as hedging instruments | Significant Other Observable Inputs Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | (4,025) | 2,652 |
Swap | Derivatives not designated as hedging instruments | GBP | Foreign currency forwards | Significant Other Observable Inputs Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (2,714) | (831) |
Derivative assets, at fair value | 198 | 1,205 |
Swap | Derivatives not designated as hedging instruments | EUR | Interest rate swaps | Significant Other Observable Inputs Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | 0 | (74) |
Swap | Derivatives not designated as hedging instruments | EUR | Foreign currency forwards | Significant Other Observable Inputs Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, at fair value | (1,836) | 0 |
Derivative assets, at fair value | $ 327 | $ 2,352 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Narrative (Details) $ in Thousands, € in Millions, £ in Millions | Jul. 10, 2020property | Feb. 06, 2019property | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($)derivative | Mar. 31, 2019USD ($)derivative | Sep. 30, 2018USD ($)derivative | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2020EUR (€) | Mar. 31, 2019EUR (€) | Sep. 30, 2018GBP (£) |
Derivative [Line Items] | ||||||||||||
Losses on ineffectiveness | $ 400 | |||||||||||
Loss from termination of derivative | $ 300 | $ 100 | 100 | |||||||||
Accumulated other comprehensive income | $ (8,073) | (8,073) | (20,195) | |||||||||
Losses due to currency changes on undesignated excess foreign currency advances | 6,000 | 0 | 0 | |||||||||
(Loss) gain on derivative instruments | (2,341) | 769 | 7,638 | |||||||||
Fair value of derivatives in net liability position | 21,200 | 21,200 | ||||||||||
Not Designated as Hedging Instrument | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative notional amount | 80,267 | 80,267 | 77,031 | |||||||||
(Loss) gain on derivative instruments | 2,100 | 900 | 7,800 | |||||||||
Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of interest rate swaps terminated | derivative | 15 | |||||||||||
AOCI adjustment, interest expense | 270 | 128 | 559 | |||||||||
Interest rate swaps | Interest Expense | ||||||||||||
Derivative [Line Items] | ||||||||||||
AOCI adjustment, interest expense | $ 5,646 | 2,439 | 3,746 | |||||||||
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Interest Expense | ||||||||||||
Derivative [Line Items] | ||||||||||||
Estimate of time to transfer | 12 months | |||||||||||
Estimated net amount to be transferred as interest expense | $ 7,100 | |||||||||||
Interest rate floor | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of interest rate swaps terminated | derivative | 1 | |||||||||||
Multi-Property Loan | ||||||||||||
Derivative [Line Items] | ||||||||||||
Accumulated other comprehensive income | 0 | $ 1,200 | 0 | |||||||||
Multi-Property Loan | Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 208.8 | |||||||||||
Multi-Property Loan | Interest rate swaps | Interest Expense | ||||||||||||
Derivative [Line Items] | ||||||||||||
AOCI adjustment, interest expense | 300 | 600 | $ 400 | |||||||||
Multi-Property Loan | Interest rate floor | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative notional amount | £ | £ 28.1 | |||||||||||
Mortgage Notes Payable, Finland | ||||||||||||
Derivative [Line Items] | ||||||||||||
Amount of loss recognized in accumulated other comprehensive income (loss) from derivatives (effective portion) | $ (700) | |||||||||||
AOCI adjustment, interest expense | 300 | $ 400 | ||||||||||
Mortgage Notes Payable, Finland | Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative asset, notional amount | € | € 57.4 | |||||||||||
Number of interest rate swaps terminated | derivative | 5 | |||||||||||
Payment to settle derivatives | $ 800 | |||||||||||
Whirlpool Corporation | BOK Financial | Mortgage notes payable | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of leased offices and industrial properties (property) | property | 6 | |||||||||||
Whirlpool Corporation | Interest rate swaps | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative asset, notional amount | 88,000 | $ 88,000 | ||||||||||
Loss on extinguishment of debt | $ 300 | |||||||||||
Finland Properties | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of interest rate swaps terminated | derivative | 2 | |||||||||||
Finland Properties | Mortgage notes payable | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of leased offices and industrial properties (property) | property | 5 | |||||||||||
Finland Properties | Multi-Property Loan | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative notional amount | € | € 14.5 | |||||||||||
Payment to settle derivatives | $ 100 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Interest rate “pay-fixed” swaps - Swap - Designated as Hedging Instrument $ in Thousands | Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($)derivative |
Derivative [Line Items] | ||
Number of Instruments | derivative | 74 | 68 |
Notional Amount | $ | $ 1,092,604 | $ 962,436 |
GBP | ||
Derivative [Line Items] | ||
Number of Instruments | derivative | 49 | 49 |
Notional Amount | $ | $ 301,210 | $ 290,965 |
EUR | ||
Derivative [Line Items] | ||
Number of Instruments | derivative | 22 | 16 |
Notional Amount | $ | $ 641,394 | $ 521,471 |
USD | ||
Derivative [Line Items] | ||
Number of Instruments | derivative | 3 | 3 |
Notional Amount | $ | $ 150,000 | $ 150,000 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total interest expense recorded in the consolidated statements of operations | $ 71,804 | $ 64,199 | $ 57,973 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (loss) gain recognized in AOCI from derivatives | (14,151) | (9,047) | 2,739 |
Amount of loss reclassified/recognized | (270) | (128) | (559) |
Interest rate swaps | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss reclassified/recognized | $ (5,646) | $ (2,439) | $ (3,746) |
Derivative and Hedging Activi_7
Derivative and Hedging Activities - Schedule of Derivatives Not Designated as Hedges (Details) - Not Designated as Hedging Instrument $ in Thousands | Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($)derivative |
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 81 | 71 |
Derivative notional amount | $ | $ 80,267 | $ 77,031 |
Foreign currency forwards | GBP-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 41 | 38 |
Derivative notional amount | $ | $ 41,633 | $ 38,898 |
Foreign currency forwards | EUR-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 40 | 32 |
Derivative notional amount | $ | $ 38,634 | $ 27,478 |
Swap | EUR-USD | ||
Schedule of Foreign Currency Swaps [Line Items] | ||
Number of instruments (derivative) | derivative | 0 | 1 |
Derivative notional amount | $ | $ 0 | $ 10,655 |
Derivative and Hedging Activi_8
Derivative and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts of Recognized Assets | $ 525 | $ 4,151 |
Gross Amounts of Recognized (Liabilities) | (19,984) | (7,507) |
Gross Amounts Offset on the Balance Sheet | 0 | 0 |
Net Amounts of Assets (Liabilities) presented on the Balance Sheet | (19,459) | (3,356) |
Financial Instruments | 0 | 0 |
Cash Collateral Received (Posted) | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ (19,459) | $ (3,356) |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Nov. 20, 2019USD ($)$ / sharesshares | Nov. 28, 2018USD ($)$ / sharesshares | Aug. 20, 2018USD ($)$ / sharesshares | Apr. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)quarterly_dividend$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 13, 2019shares | Mar. 31, 2018USD ($) |
Class of Stock [Line Items] | |||||||||||||
Common stock, outstanding (in shares) | shares | 89,458,752 | 89,614,601 | 89,458,752 | ||||||||||
Common Stock issuance (costs) proceeds, net | $ | $ 345,000 | ||||||||||||
Preferred stock, authorized (in shares) | shares | 30,000,000 | ||||||||||||
Dividends paid on the 15th of each month (in dollars per share) | $ / shares | $ 1.60 | $ 2.13 | |||||||||||
Common stock, monthly dividend rate (in dollars per share) | $ / shares | $ 0.40 | $ 0.5325 | |||||||||||
Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 4,000,000 | 4,600,000 | |||||||||||
Offering proceeds | $ | $ 80,800,000 | $ 95,000,000 | |||||||||||
Offering price per share (in dollars per share) | $ / shares | $ 20.20 | $ 20.65 | |||||||||||
Underwriting discount | $ | $ 3,200,000 | $ 3,800,000 | |||||||||||
Over-Allotment Option | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 600,000 | ||||||||||||
Additional offering expenses | $ | $ 100,000 | $ 300,000 | |||||||||||
Series A Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | shares | 9,959,650 | 9,959,650 | 9,959,650 | ||||||||||
Preferred stock, dividend rate | 7.25% | 7.25% | |||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, issued (in shares) | shares | 6,799,467 | 6,799,467 | 6,799,467 | ||||||||||
Preferred stock, outstanding (in shares) | shares | 6,799,467 | 6,799,467 | 6,799,467 | ||||||||||
Preferred stock cumulative dividends (in dollars per share) | $ / shares | $ 1.8125 | ||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | 25 | $ 25 | ||||||||||
Preferred stock redemption price per share (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Redemption period one | 90 days | ||||||||||||
Redemption period two | 120 days | ||||||||||||
Number of share issued per share of convertible preferred stock (in shares) | shares | 2.301 | ||||||||||||
Number of quarterly dividends payable (quarterly dividend) | quarterly_dividend | 6 | ||||||||||||
Preferred stock, quarterly dividend (in dollars per share) | $ / shares | $ 0.453125 | ||||||||||||
Series A Preferred Stock | Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of stock, net (in shares) | shares | 1,382,577 | 7,240 | |||||||||||
Series A Preferred Stock | Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Periods for dividend payment | 30 days | ||||||||||||
Series A Preferred Stock | Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Periods for dividend payment | 10 days | ||||||||||||
Percentage of ordinary dividend income | 100.00% | 100.00% | 100.00% | ||||||||||
Series B Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | shares | 11,450,000 | 11,450,000 | 11,450,000 | 11,450,000 | |||||||||
Preferred stock, dividend rate | 6.875% | 6.875% | 6.875% | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, issued (in shares) | shares | 3,450,000 | 3,861,953 | 3,450,000 | ||||||||||
Preferred stock, outstanding (in shares) | shares | 3,450,000 | 3,861,953 | 3,450,000 | ||||||||||
Preferred stock cumulative dividends (in dollars per share) | $ / shares | $ 1.71875 | ||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||||||||||
Number of share issued per share of convertible preferred stock (in shares) | shares | 2.5126 | ||||||||||||
Preferred stock, quarterly dividend (in dollars per share) | $ / shares | $ 0.429688 | ||||||||||||
Series B Preferred Stock | Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of stock, net (in shares) | shares | 411,953 | 3,450,000 | |||||||||||
Series B Preferred Stock | Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Percentage of ordinary dividend income | 100.00% | ||||||||||||
Series B Preferred Stock | Public Offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 3,450,000 | ||||||||||||
Underwriting discount | $ | $ 2,700,000 | ||||||||||||
Additional offering expenses | $ | $ 500,000 | ||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Consideration received on sale of stock, gross | $ | $ 86,200,000 | ||||||||||||
Series B Preferred Stock | Over-Allotment Option | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 450,000 | ||||||||||||
Series C Preferred Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred stock, authorized (in shares) | shares | 0 | 100,000 | 0 | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||
Preferred stock, issued (in shares) | shares | 0 | ||||||||||||
Preferred stock, outstanding (in shares) | shares | 0 | ||||||||||||
Preferred stock redemption price per share (in dollars per share) | $ / shares | $ 50 | ||||||||||||
Percent of outstanding shares acquired | 4.90% | ||||||||||||
Agent | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 7,759,322 | ||||||||||||
Offering proceeds | $ | $ 152,700,000 | $ 200,000 | |||||||||||
Commissions paid | $ | 1,500,000 | ||||||||||||
Common Stock issuance (costs) proceeds, net | $ | 800,000 | ||||||||||||
Common stock, value authorized | $ | $ 175,000,000 | ||||||||||||
Agent | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 5,596,452 | 13,355,773 | 164,927 | ||||||||||
Offering proceeds | $ | $ 109,900,000 | $ 262,600,000 | $ 3,500,000 | ||||||||||
Commissions paid | $ | 1,600,000 | 3,200,000 | 35,140 | ||||||||||
Common Stock issuance (costs) proceeds, net | $ | 400,000 | 1,200,000 | 300,000 | ||||||||||
Agent | Series A Preferred Stock | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Offering proceeds | $ | 35,300,000 | ||||||||||||
Commissions paid | $ | 500,000 | 2,724 | |||||||||||
Common Stock issuance (costs) proceeds, net | $ | 200,000 | $ 400,000 | |||||||||||
Equity offering proceeds authorized | $ | $ 200,000,000 | ||||||||||||
Agent | Series B Preferred Stock | At-the-Market Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares issued (in shares) | shares | 411,953 | ||||||||||||
Offering proceeds | $ | $ 10,400,000 | ||||||||||||
Commissions paid | $ | 200,000 | ||||||||||||
Common Stock issuance (costs) proceeds, net | $ | $ 100,000 | ||||||||||||
Equity offering proceeds authorized | $ | $ 200,000,000 | $ 200,000,000 |
Stockholders' Equity - Details
Stockholders' Equity - Details of Distributions Classified as Return of Capital and Ordinary Dividend Income (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Return of capital (in dollars per share) | $ 1.34 | $ 1.23 | $ 1.57 |
Ordinary dividend income (in dollars per share) | 0.39 | 0.55 | 0.56 |
Total distribution (in dollars per share) | $ 1.73 | $ 1.78 | $ 2.13 |
Return of capital | 77.50% | 69.10% | 73.70% |
Ordinary dividend income | 22.50% | 30.90% | 26.30% |
Total distribution | 100.00% | 100.00% | 100.00% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of properties subject to ground leases | property | 9 | ||
Number ground leases acquired | property | 1 | ||
Operating lease right-of-use asset | $ 58,395 | $ 50,211 | |
Operating lease liability | $ 25,350 | 23,985 | |
Weighted-average remaining lease term | 32 years | ||
Lease payments | 4.33% | ||
Lease payments | $ 1,500 | 1,400 | |
Expense | $ 1,400 | 1,300 | |
Rent expense | $ 1,300 | ||
Legal settlement reserve | 7,400 | ||
Asset management fees | Defendants Vs. Service Providers | Service Provider | |||
Operating Leased Assets [Line Items] | |||
Legal expenses | $ 1,000 | $ 2,900 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Term of lease contract | 15 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Term of lease contract | 97 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Ground Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2020$ / $ | Dec. 31, 2020$ / £ | Dec. 31, 2020$ / € | Dec. 31, 2019USD ($) | Dec. 31, 2019£ / $ | Dec. 31, 2019€ / $ |
Commitments and Contingencies Disclosure [Abstract] | |||||||
2021 | $ 1,510 | ||||||
2022 | 1,510 | ||||||
2023 | 1,510 | ||||||
2024 | 1,514 | ||||||
2025 | 1,519 | ||||||
Thereafter | 42,217 | ||||||
Total minimum lease payments | 49,780 | ||||||
Less: Effects of discounting | (24,430) | ||||||
Operating lease liability | $ 25,350 | $ 23,985 | |||||
Foreign currency exchange rate | 0.78 | 1.37 | 1.23 | 1.32 | 1.12 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | May 06, 2020$ / shares | Nov. 06, 2018USD ($) | Aug. 14, 2018$ / shares | Jun. 02, 2015USD ($) | Feb. 28, 2019 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Oct. 31, 2017property |
Related Party Transaction [Line Items] | |||||||||
Due from related parties | $ 377,000 | $ 351,000 | |||||||
Due to related parties | 2,002,000 | 342,000 | |||||||
Distributions to non-controlling interest holders | (441,000) | (542,000) | $ (585,000) | ||||||
Dividends payable | $ 5,152,000 | 4,006,000 | |||||||
Number of real estate properties, no longer subject to oversight fee (property) | property | 39 | ||||||||
Property and management leasing agreement, successive terms | 1 year | ||||||||
Property and management leasing agreement, termination notification term | 12 months | ||||||||
Property manager termination notice | 60 days | ||||||||
Advisor fee percentage | 15.00% | ||||||||
Period to reinvest proceeds | 180 days | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||
Related Party Transaction [Line Items] | |||||||||
Gain fee | $ 0 | 0 | 0 | ||||||
Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | $ 35,801,000 | 33,292,000 | 28,234,000 | ||||||
Stand Alone, Single Tenant, Net Leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 0.25% | ||||||||
All other properties, other than stand alone, single tenant, net leased | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 0.50% | ||||||||
Singe Tenant Net Lease, Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 1.75% | ||||||||
All Other Property Types, Other Than Stand Alone, Single Tenant, Net Leased and Not Part of Shopping Center | Unaffiliated Third Party Property Management Services | Europe | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Property management fee, percent fee | 3.50% | ||||||||
Multi-Year Outperformance Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Dividends payable | $ 0 | 0 | |||||||
LTIP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Distributions to non-controlling interest holders | (400,000) | (500,000) | (600,000) | ||||||
Advisor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Leasing commissions incurred | $ 1,500,000 | ||||||||
Global Net Lease Advisors, LLC | Advisor And Scott J. Bowman | Chief Executive Officer | |||||||||
Related Party Transaction [Line Items] | |||||||||
Direct membership interest | 5.00% | ||||||||
Third party professional fees and offering costs | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 2,000,000 | 300,000 | |||||||
Incentive Compensation | Recurring Fees | Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 0 | 0 | |||||||
Property management and leasing fees | Recurring Fees | Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 6,178,000 | 5,762,000 | 5,022,000 | ||||||
Asset management fees | Recurring Fees | Incurred | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses (reversals) | 29,623,000 | $ 27,530,000 | $ 23,212,000 | ||||||
Asset management fees | Advisor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Leasing commissions incurred | $ 100,000 | ||||||||
AR Global, LLC | Global Net Lease Advisors, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Indirect membership interest | 95.00% | ||||||||
Limited Partner | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating partnership units (in shares) | shares | 35,900 | 35,900 | |||||||
Advisor | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range one | 0.75% | ||||||||
Minimum base management fee and variable base management fee, maximum amount under management, range one | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range two | 0.75% | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two denominator | $ 11,700,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three | 0.35% | ||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 3,000,000,000 | ||||||||
Minimum base management fee and variable base management fee, maximum percent of assets under management, range three | 0.40% | ||||||||
Minimum base management fee and variable base management fee, maximum amount under management, range three | $ 14,700,000,000 | ||||||||
Advisor | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum base management fee and variable base management fee, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 14,600,000,000 | ||||||||
Advisor | Amended Advisory Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Base fee | $ 18,000,000 | ||||||||
Variable fee, percent of cumulative net proceeds | 1.25% | ||||||||
Incentive Compensation, percent payable in cash | 50.00% | ||||||||
Incentive Compensation, percent payable in shares | 50.00% | ||||||||
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period one (in dollars per share) | $ / shares | $ 2.15 | ||||||||
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle one, period two (in dollars per share) | $ / shares | 2.25 | ||||||||
Incentive fee lower hurdle, aggregate, period one (in dollars per share) | $ / shares | $ 1.6875 | ||||||||
Incentive fee lower hurdle, quarterly, period one (in dollars per share) | $ / shares | 0.5625 | ||||||||
Incentive fee lower hurdle, aggregate, period two (in dollars per share) | $ / shares | 1.35 | ||||||||
Incentive fee lower hurdle, quarterly, period two (in dollars per share) | $ / shares | 0.45 | ||||||||
Incentive fee lower hurdle, aggregate, period three (in dollars per share) | $ / shares | 1.125 | ||||||||
Incentive fee lower hurdle, quarterly, period three (in dollars per share) | $ / shares | 0.5625 | ||||||||
Incentive fee lower hurdle, aggregate, period four (in dollars per share) | $ / shares | 2.25 | ||||||||
Incentive fee lower hurdle, quarterly, period four (in dollars per share) | $ / shares | 0.5625 | ||||||||
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period one (in dollars per share) | $ / shares | 2.79 | ||||||||
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle two, period two (in dollars per share) | $ / shares | $ 2.92 | ||||||||
Incentive fee upper hurdle, aggregate, period one (in dollars per share) | $ / shares | 2.19 | ||||||||
Incentive fee upper hurdle, quarterly, period one (in dollars per share) | $ / shares | 0.73 | ||||||||
Incentive fee upper hurdle, aggregate, period two (in dollars per share) | $ / shares | 1.75 | ||||||||
Incentive fee upper hurdle, quarterly, period two (in dollars per share) | $ / shares | 0.583 | ||||||||
Incentive fee upper hurdle, aggregate, period three (in dollars per share) | $ / shares | 1.46 | ||||||||
Incentive fee upper hurdle, quarterly, period three (in dollars per share) | $ / shares | 0.73 | ||||||||
Incentive fee upper hurdle, aggregate, period four (in dollars per share) | $ / shares | 2.92 | ||||||||
Incentive fee upper hurdle, quarterly, period four (in dollars per share) | $ / shares | $ 0.73 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range three | 0.30% | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range one | 1.25% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $ 5,000,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two | 0.95% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range two | $ 15,000,000,000 | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation base | 1.25% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three denominator | $ 10,000,000,000 | ||||||||
Variable fee payable, maximum sale of investments to trigger possible reduction | 200,000,000 | ||||||||
Advisor | Amended Advisory Agreement | Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment | 0.00% | ||||||||
Advisor | Amended Advisory Agreement | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percent of Core AFFO per weighted average share outstanding, incentive hurdle annual adjustment | 3.00% | ||||||||
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three | $ 15,000,000,000 | ||||||||
Advisor | Leasing Commission | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 1,500,000 | ||||||||
Advisor | Overpayment of Invoices | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to related parties | 500,000 | ||||||||
Advisor | American Realty Capital Global Advisors, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from related parties | $ 400,000 | $ 400,000 | |||||||
Advisor | American Realty Capital Global Advisors, LLC | Maximum | Average Invested Assets | Greater Of | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating expenses as a percentage of benchmark | 2.00% | ||||||||
Advisor | American Realty Capital Global Advisors, LLC | Maximum | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Greater Of | |||||||||
Related Party Transaction [Line Items] | |||||||||
Operating expenses as a percentage of benchmark | 25.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 1.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | Stand Alone, Single Tenant, Net Leased | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 2.00% | ||||||||
Property Manager | American Realty Capital Global Properties, LLC | Maximum | Gross Revenue, Managed Properties | All other properties, other than stand alone, single tenant, net leased | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oversight fees as a percentage of benchmark | 4.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expense | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $ 1,100 | $ 1,100 | $ 1,100 |
Advisor | Minimum Base Management Fee | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 18,000 | ||
Advisor | Variable Base Management Fee | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 11,600 | 9,500 | 5,200 |
Incurred | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 35,801 | 33,292 | 28,234 |
Recurring Fees | Incurred | Asset management fees | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 29,623 | 27,530 | 23,212 |
Recurring Fees | Incurred | Property management and leasing fees | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $ 6,178 | $ 5,762 | $ 5,022 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) | Jul. 19, 2018 | Jun. 02, 2018shares | Jun. 01, 2018USD ($)$ / shares | Jun. 02, 2015shares | Sep. 30, 2020shares | Sep. 30, 2020$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jun. 02, 2018shares | Feb. 28, 2019USD ($) | Jan. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Distributions to non-controlling interest holders | $ 441,000 | $ 542,000 | $ 585,000 | ||||||||||
Equity-based compensation | 10,065,000 | 9,530,000 | 2,649,000 | ||||||||||
Non-controlling interest | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity-based compensation | $ 9,433,000 | $ 9,069,000 | $ 2,181,000 | ||||||||||
Director | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock issued for services during the period (in shares) | shares | 0 | 0 | 0 | ||||||||||
RSUs/Restricted stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued in the period (in shares) | shares | 132,025 | ||||||||||||
Award vesting period | 4 years | ||||||||||||
Restricted shares granted (in shares) | shares | 132,025 | ||||||||||||
Restricted shares granted in (dollars per share) | $ / shares | $ 17.41 | ||||||||||||
Additional restricted shares to be awarded in the future (in shares) | shares | 217,975 | 217,975 | |||||||||||
RSUs/Restricted stock | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 50.00% | ||||||||||||
LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Distributions to non-controlling interest holders | $ 400,000 | $ 500,000 | $ 600,000 | ||||||||||
LTIP Units | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 33.30% | ||||||||||||
LTIP Units | Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 33.30% | ||||||||||||
LTIP Units | Tranche Three | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 33.30% | ||||||||||||
Stock Option Plan | Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized (in shares) | shares | 500,000 | 500,000 | 500,000 | ||||||||||
Shares issued in the period (in shares) | shares | 0 | 0 | 0 | ||||||||||
Incentive Restricted Share Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Annual retainer payable, cash percentage | 50.00% | ||||||||||||
Annual retainer payable, restricted stock units percentage | 50.00% | ||||||||||||
Incentive Restricted Share Plan | Independent Directors | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Annual retainer payable | $ 100,000 | ||||||||||||
Incentive Restricted Share Plan | Non-Executive Chair | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Annual retainer payable | 105,000 | ||||||||||||
Incentive Restricted Share Plan | Directors, Serving on Committees | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Annual retainer payable | $ 30,000 | ||||||||||||
Incentive Restricted Share Plan | Unvested RSUs | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Outstanding stock maximum | 10.00% | ||||||||||||
Incentive Restricted Share Plan | Unvested RSUs | Directors, Serving on Committees | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Incentive Restricted Share Plan | Unvested RSUs | Director | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Restricted Share Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity based compensation | $ 600,000 | $ 500,000 | $ 500,000 | ||||||||||
Unrecognized compensation cost | $ 500,000 | ||||||||||||
Period for recognition | 1 year 9 months 18 days | ||||||||||||
Restricted Share Plan | RSUs/Restricted stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Restricted shares granted (in shares) | shares | 28,232 | 16,543 | 17,039 | ||||||||||
Restricted shares granted in (dollars per share) | $ / shares | $ 13.37 | $ 18.89 | $ 18.34 | ||||||||||
Unrecognized compensation cost | $ 2,100,000 | ||||||||||||
Period for recognition | 3 years 9 months 18 days | ||||||||||||
2015 Multi-Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued in the period (in shares) | shares | 3,013,933 | ||||||||||||
Award vesting period | 3 years | ||||||||||||
Percent of distributions | 10.00% | ||||||||||||
Percent of market capitalization | 5.00% | ||||||||||||
2015 Multi-Year Outperformance Plan | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Period during which additional units may be earned | 1 year | ||||||||||||
2015 Multi-Year Outperformance Plan | Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Period during which additional units may be earned | 24 months | ||||||||||||
2015 Multi-Year Outperformance Plan | LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of units earned (in shares) | shares | 0 | ||||||||||||
2018 Multi Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity based compensation, requisite service period | 2 years 9 months 18 days | ||||||||||||
Shares authorized | $ 50,000,000 | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 19.57 | ||||||||||||
2018 Multi Year Outperformance Plan | LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued in the period (in shares) | shares | 2,554,930 | 2,554,930 | 2,554,930 | ||||||||||
2018 Multi Year Outperformance Plan | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 24.00% | ||||||||||||
Relative TSR Excess | (0.0600) | ||||||||||||
2018 Multi Year Outperformance Plan | Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 24.00% | ||||||||||||
Relative TSR Excess | (0.0600) | ||||||||||||
2018 Multi Year Outperformance Plan | Tranche Three | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 30.00% | ||||||||||||
Relative TSR Excess | 0 | ||||||||||||
Advisor | RSUs/Restricted stock | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 25.00% | ||||||||||||
Advisor | RSUs/Restricted stock | Tranche Two | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 25.00% | ||||||||||||
Advisor | RSUs/Restricted stock | Tranche Three | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 25.00% | ||||||||||||
Advisor | RSUs/Restricted stock | Tranche Four | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting percent | 25.00% | ||||||||||||
Advisor | 2018 Multi Year Outperformance Plan | LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued in the period (in shares) | shares | 2,554,930 | ||||||||||||
Minimum | Tier One | 2018 Multi Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 24.00% | ||||||||||||
Relative TSR Excess | (0.0600) | ||||||||||||
Minimum | Tier Two | 2018 Multi Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 36.00% | ||||||||||||
Relative TSR Excess | 0 | ||||||||||||
Maximum | Tier One | 2018 Multi Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 30.00% | ||||||||||||
Relative TSR Excess | 0 | ||||||||||||
Maximum | Tier Two | 2018 Multi Year Outperformance Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Absolute TSR | 30.00% | ||||||||||||
Relative TSR Excess | 0.0600 | ||||||||||||
Share-based Payment Arrangement, Nonemployee | 2015 Multi-Year Outperformance Plan | LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity based compensation | $ (1,100,000) | ||||||||||||
Equity fair value | $ 18,800,000 | ||||||||||||
Share-based Payment Arrangement, Nonemployee | 2018 Multi Year Outperformance Plan | Non-controlling interest | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity-based compensation | $ 9,400,000 | $ 9,100,000 | 3,300,000 | ||||||||||
Share-based Payment Arrangement, Nonemployee | 2018 Multi Year Outperformance Plan | LTIP Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Equity based compensation | $ 2,200,000 | ||||||||||||
Equity fair value | $ 6,600,000 | $ 29,900,000 | $ 23,300,000 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - RSUs/Restricted stock - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of RSUs/Restricted Shares | |||||
Granted (in shares) | 132,025 | ||||
Weighted-Average Issue Price | |||||
Granted (in dollars per share) | $ 17.41 | ||||
Restricted Share Plan | |||||
Number of RSUs/Restricted Shares | |||||
Beginning Balance (in shares) | 40,541 | 46,352 | 49,112 | ||
Granted (in shares) | 28,232 | 16,543 | 17,039 | ||
Vested (in shares) | (23,824) | (22,354) | (19,799) | ||
Ending Balance (in shares) | 44,949 | 40,541 | 46,352 | ||
Weighted-Average Issue Price | |||||
Beginning Balance (in dollars per share) | $ 20.47 | $ 22.04 | $ 24.29 | ||
Granted (in dollars per share) | 13.37 | 18.89 | 18.34 | ||
Vested (in dollars per share) | 21.71 | 22.58 | 24.40 | ||
Ending Balance (in dollars per share) | $ 15.35 | $ 20.47 | $ 22.04 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - 2018 Multi Year Outperformance Plan | Jun. 02, 2018shares |
Below Threshold | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTIP Units Earned) | 0.00% |
Absolute TSR | 24.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 0 |
Performance Level (% of Relative TSR LTIP Units Earned) | 0.00% |
Relative TSR Excess | (0.0600) |
Number of Absolute TSR LTIP Units Earned (in shares) | 0 |
Threshold | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTIP Units Earned) | 25.00% |
Absolute TSR | 24.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 319,366 |
Performance Level (% of Relative TSR LTIP Units Earned) | 25.00% |
Relative TSR Excess | (0.0600) |
Number of Absolute TSR LTIP Units Earned (in shares) | 319,366 |
Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTIP Units Earned) | 50.00% |
Absolute TSR | 30.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 638,733 |
Performance Level (% of Relative TSR LTIP Units Earned) | 50.00% |
Relative TSR Excess | 0 |
Number of Absolute TSR LTIP Units Earned (in shares) | 638,733 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Level (% of Absolute TSR LTIP Units Earned) | 100.00% |
Absolute TSR | 36.00% |
Number of Absolute TSR LTIP Units Earned (in shares) | 1,277,465 |
Performance Level (% of Relative TSR LTIP Units Earned) | 100.00% |
Relative TSR Excess | 0.0600 |
Number of Absolute TSR LTIP Units Earned (in shares) | 1,277,465 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Schedule of Total Return (Details) - Multi-Year Outperformance Plan | Jun. 02, 2015 |
Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 21.00% |
Relative component, 100% cumulative total return | 18.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Tranche Three | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Tranche Three | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 18.00% |
Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 7.00% |
Relative component, 100% cumulative total return | 6.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Tranche One | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Tranche One | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 6.00% |
Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Absolute component | 4.00% |
Relative component | 4.00% |
Absolute component, percent of total return | 14.00% |
Relative component, 100% cumulative total return | 12.00% |
Relative component, 50% cumulative total return | 0.00% |
Relative component, 0% cumulative total return | 0.00% |
Tranche Two | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 0.00% |
Tranche Two | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Relative component, 50% to 100% cumulative total return | 12.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net (loss) income attributable to common stockholders | $ (13,277) | $ (502) | $ 966 | $ 5,038 | $ 9,263 | $ 6,860 | $ 12,621 | $ 5,791 | $ (7,775) | $ 34,535 | $ 1,082 |
Adjustments to net (loss) income attributable to common stockholders for common share equivalents | (102) | (102) | (129) | (135) | (150) | (176) | (174) | (160) | (468) | (660) | (689) |
Adjusted net (loss) income attributable to common stockholders | $ (13,379) | $ (604) | $ 837 | $ 4,903 | $ 9,113 | $ 6,684 | $ 12,447 | $ 5,631 | $ (8,243) | $ 33,875 | $ 393 |
Weighted average common shares outstanding — Basic (in shares) | 89,482,577 | 89,482,577 | 89,470,114 | 89,458,753 | 89,458,381 | 85,254,638 | 83,847,120 | 81,474,615 | 89,473,554 | 85,031,236 | 69,411,061 |
Weighted average common shares outstanding — Diluted (in shares) | 89,482,577 | 89,482,577 | 90,102,709 | 89,499,294 | 90,776,790 | 86,202,582 | 85,165,549 | 82,798,432 | 89,473,554 | 86,349,645 | 69,663,208 |
Net (loss) income per share attributable to common stockholders — Basic (in dollars per share) | $ (0.09) | $ 0.40 | $ 0.01 | ||||||||
Net (loss) income per share attributable to common stockholders — Diluted (in dollars per share) | $ (0.09) | $ 0.39 | $ 0.01 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities (in shares) | 2,638,582 | 1,318,006 | 1,016,525 |
Unvested RSUs | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities (in shares) | 44,949 | 40,541 | 46,352 |
Unvested Restricted Shares | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities (in shares) | 38,703 | 0 | 0 |
LTIP Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities (in shares) | 2,554,930 | 1,277,465 | 970,173 |
2018 Multi Year Outperformance Plan | LTIP Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares issued in the period (in shares) | 2,554,930 | 2,554,930 | 2,554,930 |
Unvested Restricted Shares | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares issued in the period (in shares) | 132,025 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
LTIP Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dilutive effect of share based compensation arrangements (in shares) | 0 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Revenue from tenants | $ 87,042,000 | $ 82,711,000 | $ 81,109,000 | $ 79,242,000 | $ 76,685,000 | $ 77,942,000 | $ 76,119,000 | $ 75,468,000 | $ 330,104,000 | $ 306,214,000 | $ 282,207,000 | ||
Net income (loss) attributable to common stockholders | (13,277,000) | (502,000) | 966,000 | 5,038,000 | 9,263,000 | 6,860,000 | 12,621,000 | 5,791,000 | (7,775,000) | 34,535,000 | 1,082,000 | ||
Adjustments to net (loss) income attributable to common stockholders for common share equivalents | (102,000) | (102,000) | (129,000) | (135,000) | (150,000) | (176,000) | (174,000) | (160,000) | (468,000) | (660,000) | (689,000) | ||
Adjusted net income attributable to common stockholders | $ (13,379,000) | $ (604,000) | $ 837,000 | $ 4,903,000 | $ 9,113,000 | $ 6,684,000 | $ 12,447,000 | $ 5,631,000 | $ (8,243,000) | $ 33,875,000 | $ 393,000 | ||
Weighted average common shares outstanding — Basic (in shares) | 89,482,577 | 89,482,577 | 89,470,114 | 89,458,753 | 89,458,381 | 85,254,638 | 83,847,120 | 81,474,615 | 89,473,554 | 85,031,236 | 69,411,061 | ||
Weighted average common shares outstanding — Diluted (in shares) | 89,482,577 | 89,482,577 | 90,102,709 | 89,499,294 | 90,776,790 | 86,202,582 | 85,165,549 | 82,798,432 | 89,473,554 | 86,349,645 | 69,663,208 | ||
Net income (loss) per share attributable to common stockholders — Basic and Diluted (in dollars per share) | $ (0.15) | $ (0.01) | $ 0.01 | $ 0.05 | $ 0.10 | $ 0.08 | $ 0.15 | $ 0.07 | |||||
Impairment charges and related lease intangible write-offs | $ 6,400,000 | $ 0 | $ 6,375,000 | $ 5,000,000 | |||||||||
Out of period adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) attributable to common stockholders | $ (2,600,000) | $ (1,300,000) | $ (1,300,000) | $ (3,900,000) |
Subsequent Events (Details)
Subsequent Events (Details) - Senior Unsecured Multi-Currency Revolving Credit Facility - KeyBank National Association - Unsecured Debt - USD ($) | Feb. 24, 2021 | Dec. 31, 2020 | Aug. 01, 2019 |
Subsequent Event [Line Items] | |||
Maximum borrowing capacity | $ 1,100,000,000 | ||
Total line of credit commitment | $ 1,750,000,000 | ||
Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity | $ 835,000,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Increase in aggregate commitments | $ 565,000,000 | ||
Subsequent Event | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Increase in lender commitments | 50,000,000 | ||
Maximum borrowing capacity | $ 1,200,000,000 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation Schedule III - Part 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,378,686 | |||
Initial cost, land | 476,599 | |||
Initial cost, buildings and improvements | 3,081,615 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 48,755 | |||
Real estate, gross | 3,606,969 | $ 3,111,496 | $ 2,745,348 | $ 2,543,052 |
Accumulated depreciation | 355,855 | $ 266,722 | $ 220,225 | $ 174,452 |
McDonalds Corporation, Carlisle, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 438 | |||
Initial cost, buildings and improvements | 831 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,269 | |||
Accumulated depreciation | 170 | |||
Wickes, Blackpool, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,843 | |||
Initial cost, buildings and improvements | 1,841 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,684 | |||
Accumulated depreciation | 517 | |||
Everything Everywhere, Merthr Tydfil, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,754 | |||
Initial cost, buildings and improvements | 2,174 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,928 | |||
Accumulated depreciation | 548 | |||
Thames Water, Swindon, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,754 | |||
Initial cost, buildings and improvements | 4,037 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 12 | |||
Real estate, gross | 7,803 | |||
Accumulated depreciation | 995 | |||
Wickes, Tunstall, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 956 | |||
Initial cost, buildings and improvements | 2,031 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,987 | |||
Accumulated depreciation | 552 | |||
PPD Global Labs, Highland Heights, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,001 | |||
Initial cost, buildings and improvements | 5,162 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 87 | |||
Real estate, gross | 7,250 | |||
Accumulated depreciation | 1,148 | |||
Northern Rock, Sunderland, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,365 | |||
Initial cost, buildings and improvements | 4,348 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,713 | |||
Accumulated depreciation | 1,060 | |||
Wickes, Clifton, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,365 | |||
Initial cost, buildings and improvements | 1,777 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,142 | |||
Accumulated depreciation | 467 | |||
XPO Logistics, Aurora, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 295 | |||
Initial cost, buildings and improvements | 1,470 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,765 | |||
Accumulated depreciation | 438 | |||
XPO Logistics, Grand Rapids, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 945 | |||
Initial cost, buildings and improvements | 1,247 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,192 | |||
Accumulated depreciation | 371 | |||
XPO Logistics, Riverton, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 344 | |||
Initial cost, buildings and improvements | 707 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,051 | |||
Accumulated depreciation | 211 | |||
XPO Logistics, Salina, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 461 | |||
Initial cost, buildings and improvements | 1,622 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,083 | |||
Accumulated depreciation | 483 | |||
XPO Logistics, Uhrichsville, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 380 | |||
Initial cost, buildings and improvements | 780 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,160 | |||
Accumulated depreciation | 232 | |||
XPO Logistics, Vincennes, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 220 | |||
Initial cost, buildings and improvements | 633 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 853 | |||
Accumulated depreciation | 194 | |||
XPO Logistics, Waite Park, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 366 | |||
Initial cost, buildings and improvements | 700 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,066 | |||
Accumulated depreciation | 197 | |||
Wolverine, Howard City, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 719 | |||
Initial cost, buildings and improvements | 12,027 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 12,746 | |||
Accumulated depreciation | 3,540 | |||
Encanto, Baymon, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,150 | |||
Initial cost, buildings and improvements | 1,552 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,702 | |||
Accumulated depreciation | 428 | |||
Encanto, Caguas, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 2,233 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,233 | |||
Accumulated depreciation | 615 | |||
Encanto, Carolina I, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,840 | |||
Initial cost, buildings and improvements | 2,485 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,325 | |||
Accumulated depreciation | 684 | |||
Encanto, Carolina II, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 615 | |||
Initial cost, buildings and improvements | 676 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,291 | |||
Accumulated depreciation | 186 | |||
Encanto, Guayama, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 673 | |||
Initial cost, buildings and improvements | 740 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,413 | |||
Accumulated depreciation | 204 | |||
Encanto, Mayaguez, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 410 | |||
Initial cost, buildings and improvements | 862 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,272 | |||
Accumulated depreciation | 237 | |||
Encanto, Ponce I, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 600 | |||
Initial cost, buildings and improvements | 1,218 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,818 | |||
Accumulated depreciation | 307 | |||
Encanto, Ponce II, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 655 | |||
Initial cost, buildings and improvements | 1,375 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,030 | |||
Accumulated depreciation | 379 | |||
Encanto, Puerto Neuvo, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 704 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 704 | |||
Accumulated depreciation | 194 | |||
Encanto, Quebrada Arena, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 843 | |||
Initial cost, buildings and improvements | 1,410 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,253 | |||
Accumulated depreciation | 388 | |||
Encanto, Rio Piedras I, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 963 | |||
Initial cost, buildings and improvements | 1,609 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,572 | |||
Accumulated depreciation | 443 | |||
Encanto, Rio Piedras II, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 505 | |||
Initial cost, buildings and improvements | 1,061 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,566 | |||
Accumulated depreciation | 292 | |||
Encanto, San German, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 391 | |||
Initial cost, buildings and improvements | 631 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,022 | |||
Accumulated depreciation | 159 | |||
Encanto, San Juan I, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 153 | |||
Initial cost, buildings and improvements | 551 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 704 | |||
Accumulated depreciation | 152 | |||
Encanto, San Juan II, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,235 | |||
Initial cost, buildings and improvements | 1,358 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,593 | |||
Accumulated depreciation | 374 | |||
Encanto, San Juan III, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 389 | |||
Initial cost, buildings and improvements | 1,051 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,440 | |||
Accumulated depreciation | 290 | |||
Encanto, Toa Baja, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 68 | |||
Initial cost, buildings and improvements | 536 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 604 | |||
Accumulated depreciation | 135 | |||
Encanto, Vega Baja, PR | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 822 | |||
Initial cost, buildings and improvements | 1,374 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,196 | |||
Accumulated depreciation | 379 | |||
Rheinmetall, Neuss, Germany | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,306 | |||
Initial cost, buildings and improvements | 17,706 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 79 | |||
Real estate, gross | 24,091 | |||
Accumulated depreciation | 3,382 | |||
GE Aviation, Grand Rapids, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,174 | |||
Initial cost, buildings and improvements | 27,076 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 203 | |||
Real estate, gross | 30,453 | |||
Accumulated depreciation | 5,053 | |||
Provident Financial, Bradford, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,377 | |||
Initial cost, buildings and improvements | 25,543 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 26,920 | |||
Accumulated depreciation | 4,503 | |||
Crown Crest, Leicester, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,844 | |||
Initial cost, buildings and improvements | 32,394 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 40,238 | |||
Accumulated depreciation | 6,507 | |||
Trane, Davenport, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 291 | |||
Initial cost, buildings and improvements | 1,968 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,259 | |||
Accumulated depreciation | 440 | |||
Aviva, Sheffield, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,966 | |||
Initial cost, buildings and improvements | 33,606 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 36,572 | |||
Accumulated depreciation | 6,043 | |||
DFS Trading, Brigg, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,385 | |||
Initial cost, buildings and improvements | 3,929 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,314 | |||
Accumulated depreciation | 795 | |||
DFS Trading, Carcroft I, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,165 | |||
Initial cost, buildings and improvements | 4,613 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,778 | |||
Accumulated depreciation | 864 | |||
DFS Trading, Carcroft II, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 316 | |||
Initial cost, buildings and improvements | 2,270 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,586 | |||
Accumulated depreciation | 484 | |||
DFS Trading, Darley Dale, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,363 | |||
Initial cost, buildings and improvements | 3,499 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,862 | |||
Accumulated depreciation | 723 | |||
DFS Trading, Somercotes, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 801 | |||
Initial cost, buildings and improvements | 2,859 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,660 | |||
Accumulated depreciation | 696 | |||
Government Services Administration, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,160 | |||
Initial cost, buildings and improvements | 30,083 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 34,243 | |||
Accumulated depreciation | 5,399 | |||
National Oilwell, Williston, ND | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 211 | |||
Initial cost, buildings and improvements | 3,513 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,724 | |||
Accumulated depreciation | 851 | |||
Government Services Administration, Dover, DE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,097 | |||
Initial cost, buildings and improvements | 1,715 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,812 | |||
Accumulated depreciation | 343 | |||
Government Services Administration, Germantown, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,097 | |||
Initial cost, buildings and improvements | 3,573 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 22 | |||
Real estate, gross | 4,692 | |||
Accumulated depreciation | 641 | |||
OBI DIY, Mayen, Germany | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,374 | |||
Initial cost, buildings and improvements | 8,203 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,577 | |||
Accumulated depreciation | 1,666 | |||
DFS Trading, South Yorkshire, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 1,427 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,427 | |||
Accumulated depreciation | 385 | |||
DFS Trading, Yorkshire, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 1,860 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,860 | |||
Accumulated depreciation | 337 | |||
Government Services Administration, Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 484 | |||
Initial cost, buildings and improvements | 2,934 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,418 | |||
Accumulated depreciation | 524 | |||
Government Services Administration, Mission, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 618 | |||
Initial cost, buildings and improvements | 3,145 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,763 | |||
Accumulated depreciation | 594 | |||
Government Services Administration, International Falls, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 350 | |||
Initial cost, buildings and improvements | 11,182 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 63 | |||
Real estate, gross | 11,595 | |||
Accumulated depreciation | 2,058 | |||
Indiana Department of Revenue, Indianapols, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 891 | |||
Initial cost, buildings and improvements | 7,677 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,568 | |||
Accumulated depreciation | 1,445 | |||
National Oilwell, Pleasanton I, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 202 | |||
Initial cost, buildings and improvements | 1,643 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,845 | |||
Accumulated depreciation | 374 | |||
Nissan, Murfreesboro, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 966 | |||
Initial cost, buildings and improvements | 19,573 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 20,539 | |||
Accumulated depreciation | 3,379 | |||
Government Services Administration, Lakewood, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,220 | |||
Initial cost, buildings and improvements | 7,928 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,148 | |||
Accumulated depreciation | 1,372 | |||
Lippert Components, South Bend, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,195 | |||
Initial cost, buildings and improvements | 6,883 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,078 | |||
Accumulated depreciation | 1,217 | |||
Axon Energy Products, Conroe, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 826 | |||
Initial cost, buildings and improvements | 6,132 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2 | |||
Real estate, gross | 6,960 | |||
Accumulated depreciation | 1,026 | |||
Axon Energy Products, Houston I, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 294 | |||
Initial cost, buildings and improvements | 2,310 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,604 | |||
Accumulated depreciation | 431 | |||
Axon Energy Products, Houston II, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 416 | |||
Initial cost, buildings and improvements | 5,186 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,602 | |||
Accumulated depreciation | 938 | |||
Bell Supply Co, Carrizo Springs, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 260 | |||
Initial cost, buildings and improvements | 1,445 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,705 | |||
Accumulated depreciation | 311 | |||
Bell Supply Co, Cleburne, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 301 | |||
Initial cost, buildings and improvements | 323 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 624 | |||
Accumulated depreciation | 77 | |||
Bell Supply Co, Frierson, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 260 | |||
Initial cost, buildings and improvements | 1,054 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,314 | |||
Accumulated depreciation | 313 | |||
Bell Supply Co, Gainesville, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 131 | |||
Initial cost, buildings and improvements | 1,420 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,551 | |||
Accumulated depreciation | 258 | |||
Bell Supply Co, Killdeer, ND | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 307 | |||
Initial cost, buildings and improvements | 1,250 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,557 | |||
Accumulated depreciation | 262 | |||
Bell Supply Co, Williston, ND | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 162 | |||
Initial cost, buildings and improvements | 2,323 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,485 | |||
Accumulated depreciation | 439 | |||
GE Oil & Gas, Canton, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 437 | |||
Initial cost, buildings and improvements | 3,039 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 300 | |||
Real estate, gross | 3,776 | |||
Accumulated depreciation | 611 | |||
GE Oil & Gas, Odessa, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,611 | |||
Initial cost, buildings and improvements | 3,322 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,933 | |||
Accumulated depreciation | 1,121 | |||
Lhoist, Irving, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 173 | |||
Initial cost, buildings and improvements | 2,154 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 125 | |||
Real estate, gross | 2,452 | |||
Accumulated depreciation | 472 | |||
Select Energy Services, DeBerry, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 533 | |||
Initial cost, buildings and improvements | 7,551 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,084 | |||
Accumulated depreciation | 2,171 | |||
Select Energy Services, Gainesville, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 519 | |||
Initial cost, buildings and improvements | 7,482 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,001 | |||
Accumulated depreciation | 1,276 | |||
Select Energy Services, Victoria, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 354 | |||
Initial cost, buildings and improvements | 1,698 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,052 | |||
Accumulated depreciation | 379 | |||
Bell Supply Co, Jacksboro, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 51 | |||
Initial cost, buildings and improvements | 657 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 708 | |||
Accumulated depreciation | 195 | |||
Bell Supply Co, Kenedy, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 190 | |||
Initial cost, buildings and improvements | 1,669 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,859 | |||
Accumulated depreciation | 391 | |||
Select Energy Services, Alice, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 518 | |||
Initial cost, buildings and improvements | 1,331 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,849 | |||
Accumulated depreciation | 268 | |||
Select Energy Services, Dilley, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 429 | |||
Initial cost, buildings and improvements | 1,777 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,206 | |||
Accumulated depreciation | 422 | |||
Select Energy Services, Kenedy, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 815 | |||
Initial cost, buildings and improvements | 8,355 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,170 | |||
Accumulated depreciation | 1,700 | |||
Select Energy Services, Laredo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,472 | |||
Initial cost, buildings and improvements | 944 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,416 | |||
Accumulated depreciation | 285 | |||
Superior Energy Services, Gainesville, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 322 | |||
Initial cost, buildings and improvements | 480 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 802 | |||
Accumulated depreciation | 88 | |||
Superior Energy Services, Jacksboro, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 408 | |||
Initial cost, buildings and improvements | 312 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 720 | |||
Accumulated depreciation | 79 | |||
Amcor Packaging, Workington, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,188 | |||
Initial cost, buildings and improvements | 7,005 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,193 | |||
Accumulated depreciation | 1,471 | |||
Government Services Administration, Raton, NM | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 93 | |||
Initial cost, buildings and improvements | 875 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 968 | |||
Accumulated depreciation | 168 | |||
Nimble Storage, San Jose, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 30,227 | |||
Initial cost, buildings and improvements | 10,795 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 180 | |||
Real estate, gross | 41,202 | |||
Accumulated depreciation | 1,938 | |||
FedEx, Amarillo, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 889 | |||
Initial cost, buildings and improvements | 6,446 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,335 | |||
Accumulated depreciation | 1,361 | |||
FedEx, Chicopee, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,030 | |||
Initial cost, buildings and improvements | 7,022 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,052 | |||
Accumulated depreciation | 1,551 | |||
FedEx, San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,283 | |||
Initial cost, buildings and improvements | 17,756 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 21,039 | |||
Accumulated depreciation | 3,117 | |||
Sandoz, Princeton, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,766 | |||
Initial cost, buildings and improvements | 31,994 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 11,962 | |||
Real estate, gross | 51,722 | |||
Accumulated depreciation | 11,324 | |||
Wyndham, Branson, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 881 | |||
Initial cost, buildings and improvements | 3,307 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,188 | |||
Accumulated depreciation | 614 | |||
Valassis, Livonia, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,735 | |||
Initial cost, buildings and improvements | 8,119 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,854 | |||
Accumulated depreciation | 1,382 | |||
Government Services Administration, Fort Fairfield, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 26 | |||
Initial cost, buildings and improvements | 9,315 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,341 | |||
Accumulated depreciation | 1,526 | |||
AT&T Services, Inc., San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,312 | |||
Initial cost, buildings and improvements | 41,201 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 46,513 | |||
Accumulated depreciation | 6,677 | |||
PNC Bank, Erie, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 242 | |||
Initial cost, buildings and improvements | 6,195 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,437 | |||
Accumulated depreciation | 1,025 | |||
PNC Bank, Scranton, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,324 | |||
Initial cost, buildings and improvements | 3,004 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,328 | |||
Accumulated depreciation | 510 | |||
Continental Tire, For Mill, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 780 | |||
Initial cost, buildings and improvements | 14,259 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,039 | |||
Accumulated depreciation | 2,354 | |||
Fujitsu Office Properties, Manchester, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,855 | |||
Initial cost, buildings and improvements | 41,726 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 45,581 | |||
Accumulated depreciation | 6,995 | |||
BP Oil, Wootton Bassett, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 625 | |||
Initial cost, buildings and improvements | 2,703 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,328 | |||
Accumulated depreciation | 482 | |||
HBOS, Derby, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 627 | |||
Initial cost, buildings and improvements | 6,320 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,947 | |||
Accumulated depreciation | 1,163 | |||
HBOS, St. Helens, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 238 | |||
Initial cost, buildings and improvements | 3,581 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,819 | |||
Accumulated depreciation | 664 | |||
HBOS, Warrington, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 454 | |||
Initial cost, buildings and improvements | 2,139 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,593 | |||
Accumulated depreciation | 428 | |||
Malthurst, Shiptonthorpe, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 288 | |||
Initial cost, buildings and improvements | 2,045 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,333 | |||
Accumulated depreciation | 401 | |||
Malthurst, Yorkshire, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 510 | |||
Initial cost, buildings and improvements | 1,339 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,849 | |||
Accumulated depreciation | 344 | |||
Stanley Black & Decker, Westerville, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 958 | |||
Initial cost, buildings and improvements | 6,933 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,891 | |||
Accumulated depreciation | 1,185 | |||
Thermo Fisher, Kalamazoo, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,176 | |||
Initial cost, buildings and improvements | 10,179 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,355 | |||
Accumulated depreciation | 1,654 | |||
Capgemini, Birmingham, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,699 | |||
Initial cost, buildings and improvements | 16,109 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 17,808 | |||
Accumulated depreciation | 2,845 | |||
Merck, Madison, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,290 | |||
Initial cost, buildings and improvements | 32,530 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 42,820 | |||
Accumulated depreciation | 5,255 | |||
Government Services Administration, Rangeley, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,377 | |||
Initial cost, buildings and improvements | 4,746 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,013 | |||
Real estate, gross | 7,136 | |||
Accumulated depreciation | 860 | |||
Hewlett-Packard, Newcastle, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,174 | |||
Initial cost, buildings and improvements | 19,541 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 20,715 | |||
Accumulated depreciation | 3,239 | |||
Inteir Automotive, Redditch, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,212 | |||
Initial cost, buildings and improvements | 9,596 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,808 | |||
Accumulated depreciation | 1,769 | |||
Waste Management, Winston-Salem, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 494 | |||
Initial cost, buildings and improvements | 3,235 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,729 | |||
Accumulated depreciation | 549 | |||
FedEx, Winona, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 83 | |||
Initial cost, buildings and improvements | 1,785 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,868 | |||
Accumulated depreciation | 347 | |||
Dollar General, Allen, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 99 | |||
Initial cost, buildings and improvements | 793 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 892 | |||
Accumulated depreciation | 141 | |||
Dollar General, Cherokee, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 27 | |||
Initial cost, buildings and improvements | 769 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 796 | |||
Accumulated depreciation | 139 | |||
Dollar General, Clearwater, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 90 | |||
Initial cost, buildings and improvements | 785 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 875 | |||
Accumulated depreciation | 141 | |||
Dollar General, Dexter, NM | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 329 | |||
Initial cost, buildings and improvements | 585 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 914 | |||
Accumulated depreciation | 105 | |||
Dollar General, Elmore City, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 21 | |||
Initial cost, buildings and improvements | 742 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 763 | |||
Accumulated depreciation | 135 | |||
Dollar General, Eunice, NM | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 269 | |||
Initial cost, buildings and improvements | 569 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 838 | |||
Accumulated depreciation | 104 | |||
Dollar General, Gore, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 143 | |||
Initial cost, buildings and improvements | 813 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 956 | |||
Accumulated depreciation | 146 | |||
Dollar General, Kingston, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 81 | |||
Initial cost, buildings and improvements | 778 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 859 | |||
Accumulated depreciation | 141 | |||
Dollar General, Lordsburg, NM | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 212 | |||
Initial cost, buildings and improvements | 719 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 931 | |||
Accumulated depreciation | 128 | |||
Dollar General, Lyons, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 120 | |||
Initial cost, buildings and improvements | 970 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,090 | |||
Accumulated depreciation | 172 | |||
Dollar General, Mansfield, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 169 | |||
Initial cost, buildings and improvements | 812 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 981 | |||
Accumulated depreciation | 145 | |||
Dollar General, Neligh, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 83 | |||
Initial cost, buildings and improvements | 1,045 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,128 | |||
Accumulated depreciation | 181 | |||
Dollar General, Norman, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 40 | |||
Initial cost, buildings and improvements | 913 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 953 | |||
Accumulated depreciation | 163 | |||
Dollar General, Peggs, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 72 | |||
Initial cost, buildings and improvements | 879 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 951 | |||
Accumulated depreciation | 156 | |||
Dollar General, Santa Rosa, NM | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 324 | |||
Initial cost, buildings and improvements | 575 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 899 | |||
Accumulated depreciation | 104 | |||
Dollar General, Sapulpa, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 143 | |||
Initial cost, buildings and improvements | 745 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 888 | |||
Accumulated depreciation | 137 | |||
Dollar General, Schuyler, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 144 | |||
Initial cost, buildings and improvements | 905 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,049 | |||
Accumulated depreciation | 159 | |||
Dollar General, Tahlequah, OK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 132 | |||
Initial cost, buildings and improvements | 925 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,057 | |||
Accumulated depreciation | 164 | |||
Dollar General, Townville, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 78 | |||
Initial cost, buildings and improvements | 882 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 960 | |||
Accumulated depreciation | 166 | |||
Dollar General, Valley Falls, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 51 | |||
Initial cost, buildings and improvements | 922 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 973 | |||
Accumulated depreciation | 160 | |||
Dollar General, Wymore, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 21 | |||
Initial cost, buildings and improvements | 872 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 893 | |||
Accumulated depreciation | 154 | |||
FedEx, Bohemia, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,838 | |||
Initial cost, buildings and improvements | 19,596 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 24,434 | |||
Accumulated depreciation | 3,530 | |||
FedEx, Watertown, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 561 | |||
Initial cost, buildings and improvements | 4,757 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,318 | |||
Accumulated depreciation | 903 | |||
Shaw Aero, Naples, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 998 | |||
Initial cost, buildings and improvements | 22,332 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 23,330 | |||
Accumulated depreciation | 3,631 | |||
Mallinckrodt, St. Louis, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,499 | |||
Initial cost, buildings and improvements | 16,828 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 18,327 | |||
Accumulated depreciation | 2,764 | |||
Kuka Warehouse, Sterling Heights, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,227 | |||
Initial cost, buildings and improvements | 10,790 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 12,017 | |||
Accumulated depreciation | 1,772 | |||
Trinity Health, Livonia, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,273 | |||
Initial cost, buildings and improvements | 16,574 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,075 | |||
Real estate, gross | 22,922 | |||
Accumulated depreciation | 3,318 | |||
Trinity Health, Livonia, MI II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,680 | |||
Initial cost, buildings and improvements | 11,568 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,423 | |||
Real estate, gross | 18,671 | |||
Accumulated depreciation | 2,794 | |||
FedEx, Hebron, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,106 | |||
Initial cost, buildings and improvements | 7,750 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 109 | |||
Real estate, gross | 8,965 | |||
Accumulated depreciation | 1,371 | |||
FedEx, Lexington, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,118 | |||
Initial cost, buildings and improvements | 7,961 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,079 | |||
Accumulated depreciation | 1,363 | |||
GE Aviation, Cincinnati, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,393 | |||
Initial cost, buildings and improvements | 10,490 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,883 | |||
Accumulated depreciation | 1,727 | |||
Bradford & Bingley, Bingley, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,552 | |||
Initial cost, buildings and improvements | 11,430 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,982 | |||
Accumulated depreciation | 2,035 | |||
DNV GL, Dublin, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,509 | |||
Initial cost, buildings and improvements | 3,140 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 126 | |||
Real estate, gross | 5,775 | |||
Accumulated depreciation | 567 | |||
Rexam, Reckinghausen, Germany | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 865 | |||
Initial cost, buildings and improvements | 12,173 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 13,038 | |||
Accumulated depreciation | 1,996 | |||
C&J Energy I, Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,865 | |||
Initial cost, buildings and improvements | 9,457 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 13,322 | |||
Accumulated depreciation | 1,636 | |||
FedEx, Lake Charles, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 255 | |||
Initial cost, buildings and improvements | 7,485 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 297 | |||
Real estate, gross | 8,037 | |||
Accumulated depreciation | 1,450 | |||
Onguard, Havre De Grace, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,216 | |||
Initial cost, buildings and improvements | 6,585 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,801 | |||
Accumulated depreciation | 1,525 | |||
Axon Energy Products, Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 297 | |||
Initial cost, buildings and improvements | 2,432 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,729 | |||
Accumulated depreciation | 391 | |||
Metro Tonic, Halle Peissen, Germany | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 7,453 | |||
Initial cost, buildings and improvements | 52,217 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 59,670 | |||
Accumulated depreciation | 9,482 | |||
Tokmanni, Matsala, Finland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,931 | |||
Initial cost, buildings and improvements | 58,456 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 60,387 | |||
Accumulated depreciation | 10,001 | |||
Fife Council, Dunfermline, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 360 | |||
Initial cost, buildings and improvements | 4,637 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,997 | |||
Accumulated depreciation | 770 | |||
Government Services Administration, Rapid City, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 504 | |||
Initial cost, buildings and improvements | 7,837 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,341 | |||
Accumulated depreciation | 1,308 | |||
KPN BV, Houten, Netherlands | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,729 | |||
Initial cost, buildings and improvements | 21,154 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 22,883 | |||
Accumulated depreciation | 3,312 | |||
Follett School, McHenry, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,423 | |||
Initial cost, buildings and improvements | 15,600 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 19,023 | |||
Accumulated depreciation | 3,031 | |||
Quest Diagnostics, Inc., Santa Clarita, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,714 | |||
Initial cost, buildings and improvements | 69,018 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 79,732 | |||
Accumulated depreciation | 10,679 | |||
Diebold, North Canton, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 9,142 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,142 | |||
Accumulated depreciation | 1,699 | |||
Weatherford International, Odessa, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 665 | |||
Initial cost, buildings and improvements | 1,795 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,460 | |||
Accumulated depreciation | 479 | |||
AM Castle, Wichita, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 426 | |||
Initial cost, buildings and improvements | 6,681 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 509 | |||
Real estate, gross | 7,616 | |||
Accumulated depreciation | 1,048 | |||
FedEx, Billerica, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,138 | |||
Initial cost, buildings and improvements | 6,674 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 752 | |||
Real estate, gross | 8,564 | |||
Accumulated depreciation | 1,308 | |||
Constellium Auto, Wayne, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,180 | |||
Initial cost, buildings and improvements | 13,781 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 7,875 | |||
Real estate, gross | 22,836 | |||
Accumulated depreciation | 5,421 | |||
C&J Energy II, Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,196 | |||
Initial cost, buildings and improvements | 21,745 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 27,941 | |||
Accumulated depreciation | 3,305 | |||
Fedex VII, Salina, UT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 428 | |||
Initial cost, buildings and improvements | 3,447 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,875 | |||
Accumulated depreciation | 744 | |||
Fedex VIII, Pierre, SD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 3,288 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,288 | |||
Accumulated depreciation | 681 | |||
Crown Group, Fraser, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 350 | |||
Initial cost, buildings and improvements | 3,865 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,215 | |||
Accumulated depreciation | 579 | |||
Crown Group, Jonesville, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 101 | |||
Initial cost, buildings and improvements | 3,136 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,237 | |||
Accumulated depreciation | 484 | |||
Crown Group, Logansport, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,843 | |||
Initial cost, buildings and improvements | 5,430 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,273 | |||
Accumulated depreciation | 947 | |||
Crown Group, Marion, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 386 | |||
Initial cost, buildings and improvements | 7,993 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,379 | |||
Accumulated depreciation | 1,273 | |||
JIT Steel Services, Chattanooga, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 582 | |||
Initial cost, buildings and improvements | 3,122 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,704 | |||
Accumulated depreciation | 440 | |||
JIT Steel Services, Chattanooga, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 316 | |||
Initial cost, buildings and improvements | 1,986 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,302 | |||
Accumulated depreciation | 274 | |||
Mapes & Sprowl Steel, Ltd., Elk Grove, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 954 | |||
Initial cost, buildings and improvements | 4,619 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,573 | |||
Accumulated depreciation | 672 | |||
Beacon Health System, Inc., South Bend, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,636 | |||
Initial cost, buildings and improvements | 8,190 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,826 | |||
Accumulated depreciation | 1,213 | |||
National Oilwell, Pleasanton, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 80 | |||
Initial cost, buildings and improvements | 3,372 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,452 | |||
Accumulated depreciation | 517 | |||
Office Depot, Venlo, NETH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,825 | |||
Initial cost, buildings and improvements | 16,915 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 20,740 | |||
Accumulated depreciation | 2,690 | |||
Finnair, Helsinki, FIN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,760 | |||
Initial cost, buildings and improvements | 78,649 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 81,409 | |||
Accumulated depreciation | 11,221 | |||
Hannibal, Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,090 | |||
Initial cost, buildings and improvements | 11,138 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 13,228 | |||
Accumulated depreciation | 1,540 | |||
FedEx Ground, Mankato, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 472 | |||
Initial cost, buildings and improvements | 6,780 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,252 | |||
Accumulated depreciation | 1,202 | |||
Auchan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,441 | |||
Initial cost, buildings and improvements | 14,442 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 18,883 | |||
Accumulated depreciation | 1,948 | |||
DCNS, Guipavas, France | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,072 | |||
Initial cost, buildings and improvements | 15,722 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 17,794 | |||
Accumulated depreciation | 1,746 | |||
Deutsche Bank, Kirchberg, Luxembourg | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 15,842 | |||
Initial cost, buildings and improvements | 53,884 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 733 | |||
Real estate, gross | 70,459 | |||
Accumulated depreciation | 5,584 | |||
FedEx, Greensboro, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,820 | |||
Initial cost, buildings and improvements | 8,252 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,072 | |||
Accumulated depreciation | 1,151 | |||
Foster Wheeler | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 28,875 | |||
Initial cost, buildings and improvements | 78,992 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 107,867 | |||
Accumulated depreciation | 8,125 | |||
Harper Collins | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 10,784 | |||
Initial cost, buildings and improvements | 55,087 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 65,871 | |||
Accumulated depreciation | 6,132 | |||
ID Logistics, Landersheim, France | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,114 | |||
Initial cost, buildings and improvements | 8,882 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,996 | |||
Accumulated depreciation | 975 | |||
ID Logistics II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,262 | |||
Initial cost, buildings and improvements | 6,598 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,860 | |||
Accumulated depreciation | 761 | |||
ID Logistics I, Germany | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,460 | |||
Initial cost, buildings and improvements | 9,652 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,112 | |||
Accumulated depreciation | 1,011 | |||
ING Amsterdam | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 79,867 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 294 | |||
Real estate, gross | 80,161 | |||
Accumulated depreciation | 8,112 | |||
NCR Dundee | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,744 | |||
Initial cost, buildings and improvements | 8,777 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,521 | |||
Accumulated depreciation | 1,098 | |||
Pole Emploi | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 874 | |||
Initial cost, buildings and improvements | 9,218 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,092 | |||
Accumulated depreciation | 945 | |||
Sagemcom | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,296 | |||
Initial cost, buildings and improvements | 79,167 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 4,165 | |||
Real estate, gross | 86,628 | |||
Accumulated depreciation | 8,328 | |||
Worldline | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,239 | |||
Initial cost, buildings and improvements | 5,896 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,135 | |||
Accumulated depreciation | 833 | |||
Cott Beverages Inc, Sikeston, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 456 | |||
Initial cost, buildings and improvements | 8,291 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,747 | |||
Accumulated depreciation | 855 | |||
FedEx, Great Falls, MT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 326 | |||
Initial cost, buildings and improvements | 5,439 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,765 | |||
Accumulated depreciation | 740 | |||
FedEX, Morgantown, WV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,661 | |||
Initial cost, buildings and improvements | 8,401 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 13,062 | |||
Accumulated depreciation | 902 | |||
Bridgestone Tire, Mt. Olive Township, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 916 | |||
Initial cost, buildings and improvements | 5,088 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,004 | |||
Accumulated depreciation | 465 | |||
NSA-St. Johnsbury I, St. Johnsbury, VT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 210 | |||
Initial cost, buildings and improvements | 1,753 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,963 | |||
Accumulated depreciation | 163 | |||
NSA-St. Johnsbury II, St. Johnsbury, VT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 300 | |||
Initial cost, buildings and improvements | 3,936 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,236 | |||
Accumulated depreciation | 412 | |||
NSA-St. Johnsbury III, St. Johnsbury, VT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 270 | |||
Initial cost, buildings and improvements | 3,858 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,128 | |||
Accumulated depreciation | 363 | |||
GKN Aerospace, Blue Ash, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 790 | |||
Initial cost, buildings and improvements | 4,079 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,869 | |||
Accumulated depreciation | 373 | |||
Tremec, Wixon, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,002 | |||
Initial cost, buildings and improvements | 17,376 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 18,378 | |||
Accumulated depreciation | 1,596 | |||
NSA Industries, Groveton, NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 59 | |||
Initial cost, buildings and improvements | 3,517 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,576 | |||
Accumulated depreciation | 271 | |||
Cummins, Omaha, NE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,448 | |||
Initial cost, buildings and improvements | 6,469 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,917 | |||
Accumulated depreciation | 608 | |||
Government Services Administration, Gainsville, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 451 | |||
Initial cost, buildings and improvements | 6,016 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,467 | |||
Accumulated depreciation | 473 | |||
Chemours, Pass Christian, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 382 | |||
Initial cost, buildings and improvements | 16,149 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 16,531 | |||
Accumulated depreciation | 1,389 | |||
Lee Steel, Wyoming, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 504 | |||
Initial cost, buildings and improvements | 7,256 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,760 | |||
Accumulated depreciation | 523 | |||
LSI Steel I, Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,341 | |||
Initial cost, buildings and improvements | 1,181 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,522 | |||
Accumulated depreciation | 85 | |||
LSI Steel II, Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,792 | |||
Initial cost, buildings and improvements | 5,615 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,407 | |||
Accumulated depreciation | 388 | |||
LSI Steel IV, Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,856 | |||
Initial cost, buildings and improvements | 948 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,804 | |||
Accumulated depreciation | 74 | |||
Fiat Chrylser, Sterling Heights, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,855 | |||
Initial cost, buildings and improvements | 13,623 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,478 | |||
Accumulated depreciation | 1,128 | |||
Contractors Steel, Belleville, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,862 | |||
Initial cost, buildings and improvements | 25,878 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 6,296 | |||
Real estate, gross | 35,036 | |||
Accumulated depreciation | 2,052 | |||
Contractors Steel, Hammond, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,970 | |||
Initial cost, buildings and improvements | 8,859 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,829 | |||
Accumulated depreciation | 739 | |||
Contractors Steel, Livonia, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 933 | |||
Initial cost, buildings and improvements | 8,554 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,357 | |||
Real estate, gross | 10,844 | |||
Accumulated depreciation | 758 | |||
Contractors Steel, Twinsburg, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 729 | |||
Initial cost, buildings and improvements | 8,707 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 2,500 | |||
Real estate, gross | 11,936 | |||
Accumulated depreciation | 947 | |||
Contractors Steel, Wyoming, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 970 | |||
Initial cost, buildings and improvements | 12,426 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,232 | |||
Real estate, gross | 14,628 | |||
Accumulated depreciation | 1,047 | |||
FedEx, Blackfoot, ID | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 350 | |||
Initial cost, buildings and improvements | 6,882 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 7,232 | |||
Accumulated depreciation | 811 | |||
DuPont Pioneer, Spencer, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 273 | |||
Initial cost, buildings and improvements | 6,718 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,991 | |||
Accumulated depreciation | 517 | |||
Rubbermain, Akron, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,221 | |||
Initial cost, buildings and improvements | 17,145 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 18,366 | |||
Accumulated depreciation | 1,065 | |||
NetScout, Allen, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,115 | |||
Initial cost, buildings and improvements | 41,486 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 43,601 | |||
Accumulated depreciation | 2,544 | |||
Bush Industries, Jamestown, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,535 | |||
Initial cost, buildings and improvements | 14,818 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 16,353 | |||
Accumulated depreciation | 901 | |||
FedEx, Greenville, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 581 | |||
Initial cost, buildings and improvements | 9,744 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,325 | |||
Accumulated depreciation | 1,109 | |||
Penske, Romulus, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 70,000 | |||
Initial cost, land | 4,701 | |||
Initial cost, buildings and improvements | 105,826 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 110,527 | |||
Accumulated depreciation | 6,164 | |||
NSA Industries, Georgetown, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,100 | |||
Initial cost, buildings and improvements | 6,059 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,198 | |||
Real estate, gross | 8,357 | |||
Accumulated depreciation | 432 | |||
LKQ Corp., Cullman, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 61 | |||
Initial cost, buildings and improvements | 3,781 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,842 | |||
Accumulated depreciation | 217 | |||
Grupo Antolin North America, Inc. | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,941 | |||
Initial cost, buildings and improvements | 41,648 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 43,589 | |||
Accumulated depreciation | 2,307 | |||
Walgreens, Pittsburgh, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,701 | |||
Initial cost, buildings and improvements | 13,718 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,419 | |||
Accumulated depreciation | 768 | |||
VersaFlex, Kansas City, KS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 519 | |||
Initial cost, buildings and improvements | 7,581 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,100 | |||
Accumulated depreciation | 395 | |||
Cummins, Gillette, WY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,197 | |||
Initial cost, buildings and improvements | 5,470 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 6,667 | |||
Accumulated depreciation | 325 | |||
Stanley Security, Fishers, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,246 | |||
Initial cost, buildings and improvements | 11,879 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 13,125 | |||
Accumulated depreciation | 573 | |||
Sierra Nevada, Colorado Springs, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 16,105 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 16,105 | |||
Accumulated depreciation | 765 | |||
EQT, Waynesburg, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 875 | |||
Initial cost, buildings and improvements | 11,126 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 12,001 | |||
Accumulated depreciation | 549 | |||
Hanes, Calhoun, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 731 | |||
Initial cost, buildings and improvements | 8,104 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,835 | |||
Accumulated depreciation | 428 | |||
Union Partners, Aurora, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 929 | |||
Initial cost, buildings and improvements | 11,621 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 12,550 | |||
Accumulated depreciation | 497 | |||
Union Partners, Dearborn, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,028 | |||
Initial cost, buildings and improvements | 11,645 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 14,673 | |||
Accumulated depreciation | 520 | |||
ComDoc, North Canton, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 602 | |||
Initial cost, buildings and improvements | 15,128 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,730 | |||
Accumulated depreciation | 674 | |||
Metal Technologies, Bloomfield, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 277 | |||
Initial cost, buildings and improvements | 9,552 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,829 | |||
Accumulated depreciation | 443 | |||
Encompass Health, Birmingham, AL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,746 | |||
Initial cost, buildings and improvements | 55,568 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 57,314 | |||
Accumulated depreciation | 2,117 | |||
Heatcraft, Tifton, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 346 | |||
Initial cost, buildings and improvements | 9,064 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,410 | |||
Accumulated depreciation | 346 | |||
CF Sauer SLB I, Mauldin, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 40 | |||
Initial cost, buildings and improvements | 343 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 383 | |||
Accumulated depreciation | 14 | |||
CF Sauer SLB II, Mauldin, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 232 | |||
Initial cost, buildings and improvements | 15,488 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,720 | |||
Accumulated depreciation | 587 | |||
CF Sauer SLB III, Mauldin, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 348 | |||
Initial cost, buildings and improvements | 4,747 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,095 | |||
Accumulated depreciation | 220 | |||
CF Sauer SLB IV, Mauldin, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 190 | |||
Initial cost, buildings and improvements | 9,488 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 9,678 | |||
Accumulated depreciation | 358 | |||
CF Sauer SLB, Orange, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 237 | |||
Initial cost, buildings and improvements | 351 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 588 | |||
Accumulated depreciation | 18 | |||
CF Sauer SLB, San Luis Obispo, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,201 | |||
Initial cost, buildings and improvements | 12,884 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 15,085 | |||
Accumulated depreciation | 507 | |||
SWECO, Florence, KY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,080 | |||
Initial cost, buildings and improvements | 21,924 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 24,004 | |||
Accumulated depreciation | 848 | |||
Viavi Solutions I, Santa Rosa, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,061 | |||
Initial cost, buildings and improvements | 5,929 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 711 | |||
Real estate, gross | 9,701 | |||
Accumulated depreciation | 222 | |||
Viavi Solutions II, Santa Rosa, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,073 | |||
Initial cost, buildings and improvements | 7,130 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 244 | |||
Real estate, gross | 10,447 | |||
Accumulated depreciation | 267 | |||
Faurecia, Auburn Hills, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,310 | |||
Initial cost, buildings and improvements | 38,278 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 1,521 | |||
Real estate, gross | 43,109 | |||
Accumulated depreciation | 1,155 | |||
Plasma, Garland, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 595 | |||
Initial cost, buildings and improvements | 2,421 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,016 | |||
Accumulated depreciation | 85 | |||
Plasma, El Paso, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 72 | |||
Initial cost, buildings and improvements | 2,478 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,550 | |||
Accumulated depreciation | 68 | |||
Plasma, Bradenton, Fl | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 185 | |||
Initial cost, buildings and improvements | 3,747 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,932 | |||
Accumulated depreciation | 108 | |||
Plasma, Hickory, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 494 | |||
Initial cost, buildings and improvements | 3,702 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,196 | |||
Accumulated depreciation | 111 | |||
Plasma, Irving, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 673 | |||
Initial cost, buildings and improvements | 3,916 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,589 | |||
Accumulated depreciation | 139 | |||
Plasma, Lake Charles, LA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 301 | |||
Initial cost, buildings and improvements | 1,730 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,031 | |||
Accumulated depreciation | 55 | |||
Plasma, Mission, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 275 | |||
Initial cost, buildings and improvements | 1,735 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,010 | |||
Accumulated depreciation | 53 | |||
Plasma, Meridian, MS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 203 | |||
Initial cost, buildings and improvements | 2,965 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,168 | |||
Accumulated depreciation | 90 | |||
Plasma, Peoria, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 206 | |||
Initial cost, buildings and improvements | 2,578 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,784 | |||
Accumulated depreciation | 74 | |||
Whirlpool, Cleveland, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,230 | |||
Initial cost, buildings and improvements | 20,923 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 23,153 | |||
Accumulated depreciation | 666 | |||
Whirlpool, Clyde, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,641 | |||
Initial cost, buildings and improvements | 20,072 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 21,713 | |||
Accumulated depreciation | 621 | |||
Whirlpool II, Clyde, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,559 | |||
Initial cost, buildings and improvements | 17,283 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 20,842 | |||
Accumulated depreciation | 627 | |||
Whirlpool, Findlay, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,344 | |||
Initial cost, buildings and improvements | 22,624 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 23,968 | |||
Accumulated depreciation | 658 | |||
Whirlpool, Marion, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,876 | |||
Initial cost, buildings and improvements | 27,850 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 29,726 | |||
Accumulated depreciation | 819 | |||
Whirlpool, Ottawa, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,155 | |||
Initial cost, buildings and improvements | 19,919 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 23,074 | |||
Accumulated depreciation | 600 | |||
FedEx, Bathurst, Canada | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 39 | |||
Initial cost, buildings and improvements | 2,253 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,292 | |||
Accumulated depreciation | 90 | |||
FedEx, Woodstock, Canada | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 436 | |||
Initial cost, buildings and improvements | 3,942 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,378 | |||
Accumulated depreciation | 133 | |||
NSA Industries, Franklin, NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 237 | |||
Initial cost, buildings and improvements | 7,968 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 8,205 | |||
Accumulated depreciation | 247 | |||
Viavi Solutions III, Santa Rosa, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,209 | |||
Initial cost, buildings and improvements | 4,203 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 290 | |||
Real estate, gross | 7,702 | |||
Accumulated depreciation | 136 | |||
CSTK, St. Louis, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,405 | |||
Initial cost, buildings and improvements | 8,155 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,560 | |||
Accumulated depreciation | 258 | |||
Metal Technologies, Bloomfield I, IN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 167 | |||
Initial cost, buildings and improvements | 1,034 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,201 | |||
Accumulated depreciation | 32 | |||
Whirlpool, Fabriano I, ITA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 223 | |||
Initial cost, buildings and improvements | 5,271 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,494 | |||
Accumulated depreciation | 112 | |||
Whirlpool, Fabriano II, ITA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,603 | |||
Initial cost, buildings and improvements | 15,067 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 17,670 | |||
Accumulated depreciation | 348 | |||
FedEx, Moncton, Canada | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 310 | |||
Initial cost, buildings and improvements | 3,090 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,400 | |||
Accumulated depreciation | 75 | |||
Klaussner, Asheboro I, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,994 | |||
Initial cost, buildings and improvements | 8,821 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,815 | |||
Accumulated depreciation | 182 | |||
Klaussner, Asheboro II, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 3,470 | |||
Initial cost, buildings and improvements | 19,521 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 22,991 | |||
Accumulated depreciation | 383 | |||
Klaussner, Asheboro III, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 4,102 | |||
Initial cost, buildings and improvements | 10,420 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 14,522 | |||
Accumulated depreciation | 226 | |||
Klaussner, Candor, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,705 | |||
Initial cost, buildings and improvements | 9,528 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 11,233 | |||
Accumulated depreciation | 192 | |||
Plasma, Danville, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 434 | |||
Initial cost, buildings and improvements | 2,209 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,643 | |||
Accumulated depreciation | 38 | |||
Plasma, Des Moines, IA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 254 | |||
Initial cost, buildings and improvements | 2,827 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,081 | |||
Accumulated depreciation | 45 | |||
Plasma, Erie, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 223 | |||
Initial cost, buildings and improvements | 2,321 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 2,544 | |||
Accumulated depreciation | 40 | |||
Plasma, Youngstown, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 41 | |||
Initial cost, buildings and improvements | 4,600 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,641 | |||
Accumulated depreciation | 69 | |||
Plasma, Dayton, OH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 61 | |||
Initial cost, buildings and improvements | 1,796 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,857 | |||
Accumulated depreciation | 28 | |||
Plasma, North Las Vegas, NV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 707 | |||
Initial cost, buildings and improvements | 3,094 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,801 | |||
Accumulated depreciation | 49 | |||
Klaussner, Asheboro IV, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,438 | |||
Initial cost, buildings and improvements | 3,025 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 5,463 | |||
Accumulated depreciation | 40 | |||
NSA Industries, Franklin I, NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 161 | |||
Initial cost, buildings and improvements | 2,857 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 3,018 | |||
Accumulated depreciation | 46 | |||
Johnson Controls, Las Rozas de Madrid, Spain | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 2,744 | |||
Initial cost, buildings and improvements | 1,811 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,555 | |||
Accumulated depreciation | 12 | |||
Johnson Controls, Manchester I, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 1,513 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 1,513 | |||
Accumulated depreciation | 12 | |||
Johnson Controls, Manchester II, UK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 0 | |||
Initial cost, buildings and improvements | 10,805 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 10,805 | |||
Accumulated depreciation | 72 | |||
Broadridge Financial Solutions, El Dorado Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,484 | |||
Initial cost, buildings and improvements | 47,121 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 52,605 | |||
Accumulated depreciation | 215 | |||
Broadridge Financial Solutions, Kansas City, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,771 | |||
Initial cost, buildings and improvements | 27,665 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 33,436 | |||
Accumulated depreciation | 124 | |||
Broadridge Financial Solutions, South Windsor, CT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 6,473 | |||
Initial cost, buildings and improvements | 32,490 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 38,963 | |||
Accumulated depreciation | 159 | |||
Broadridge Financial Solutions, Falconer, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 355 | |||
Initial cost, buildings and improvements | 16,492 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 16,847 | |||
Accumulated depreciation | 66 | |||
ZF Active Safety | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,231 | |||
Initial cost, buildings and improvements | 21,410 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 22,641 | |||
Accumulated depreciation | 0 | |||
Johnson Controls, Montigny-Le-Bretonneux, France | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 1,197 | |||
Initial cost, buildings and improvements | 3,151 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 4,348 | |||
Accumulated depreciation | 0 | |||
FCA USA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost, land | 5,125 | |||
Initial cost, buildings and improvements | 95,485 | |||
Costs capitalized subsequent to acquisition, land | 0 | |||
Costs capitalized subsequent to acquisition, buildings and improvements | 0 | |||
Real estate, gross | 100,610 | |||
Accumulated depreciation | 0 | |||
Various Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,308,686 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation Schedule III - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Acquired intangible assets | $ 712,000 | |
Cost for income tax purposes | 3,800,000 | |
Accumulated Amortization | $ 319,346 | $ 250,401 |
Useful life, buildings | 40 years | |
Useful life, land improvements | 15 years | |
Useful life, fixtures | 5 years | |
Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Deferred financing costs | $ (14,988) | (15,268) |
Term Loan | 1,378,686 | 1,287,448 |
USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 689,750 | 689,750 |
United Kingdom Properties | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 302,000 | |
Multi-Tenant Mortgage Loan I | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 187,000 | 187,000 |
Multi-Tenant Mortgage Loan II | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 32,750 | 32,750 |
Multi-Tenant Mortgage Loan III | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 98,500 | 98,500 |
Finland Properties | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 90,800 | |
Germany Property | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 63,200 | |
Luxembourg and Netherlands | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 147,200 | |
Multi-Tenant Mortgage Loan IV | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 97,500 | 97,500 |
Multi-Tenant Mortgage Loan V | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | 204,000 | $ 204,000 |
French Properties | USD | Mortgage notes payable | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Term Loan | $ 85,900 |
Real Estate and Accumulated D_4
Real Estate and Accumulated Depreciation Schedule III - Part 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate investments, at cost: | |||
Balance at beginning of year | $ 3,111,496 | $ 2,745,348 | $ 2,543,052 |
Additions-Acquisitions | 424,595 | 511,378 | 420,529 |
Asset remeasurement | 0 | 0 | 0 |
Asset dispositions | 0 | (143,004) | 0 |
Transfer to assets held for sale | 0 | 0 | (123,021) |
Impairment charge | 0 | (6,299) | (1,603) |
Currency translation adjustment | 70,878 | 4,073 | (61,499) |
Balance at end of the year | 3,606,969 | 3,111,496 | 2,745,348 |
Accumulated depreciation: | |||
Balance at beginning of year | 266,722 | 220,225 | 174,452 |
Depreciation expense | 80,466 | 69,257 | 64,849 |
Asset dispositions | 0 | (22,821) | (3,861) |
Transfer to assets held for sale | 0 | 0 | (10,633) |
Currency translation adjustment | 8,667 | 61 | (4,582) |
Balance at end of the year | $ 355,855 | $ 266,722 | $ 220,225 |