Senior unsecured notes, net

^[1]

18,102,035

15,480,630

Debt:

5,916,400

5,701,913

Unsecured term loans, net

552,539

310,583

Unsecured revolving credit facility

276,392

410,596

Non-recourse mortgages, net

1,132,417

368,524

Debt, net

7,877,748

6,791,616

Accounts payable, accrued expenses and other liabilities

623,843

572,846

Below-market rent and other intangible liabilities, net

184,584

183,286

Deferred income taxes

178,959

145,572

Dividends payable

228,257

203,859

Total liabilities

^[1]

9,093,391

7,897,179

Commitments and contingencies (Note 12)

Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued

Common stock, $0.001 par value, 450,000,000 shares authorized; 210,620,949 and 190,013,751 shares, respectively, issued and outstanding

211

190

Additional paid-in capital

11,706,836

9,977,686

Distributions in excess of accumulated earnings

(2,486,633)

(2,224,231)

Deferred compensation obligation

57,012

49,810

Accumulated other comprehensive loss

(283,780)

(221,670)

Total stockholders’ equity

8,993,646

7,581,785

Noncontrolling interests

14,998

1,666

Total equity

9,008,644

7,583,451

Total liabilities and equity

$ 18,102,035

$ 15,480,630

[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
W. P. Carey stockholders’ equity:
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	450,000,000	450,000,000
Common stock shares, issued (shares)	210,620,949	190,013,751
Common stock shares, outstanding (shares)	210,620,949	190,013,751

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Lease revenues	$ 1,301,617	$ 1,177,438	$ 1,080,623
Income from direct financing leases and loans receivable	74,266	67,555	74,893
Investment Management:
Total revenues	1,479,086	1,331,524	1,209,319
Operating Expenses
Depreciation and amortization	503,403	475,989	442,935
General and administrative	88,952	81,888	75,950
Reimbursable tenant costs	73,622	62,417	56,409
Property expenses, excluding reimbursable tenant costs	50,753	47,898	44,067
Impairment charges — real estate	39,119	24,246	35,830
Stock-based compensation expense	32,841	24,881	15,938
Impairment charges — Investment Management goodwill	29,334	0	0
Operating property expenses	27,054	9,848	9,901
Merger and other expenses	19,387	(4,546)	247
Reimbursable costs from affiliates	2,518	4,035	8,855
Subadvisor fees	0	0	1,469
Total operating expenses	866,983	726,656	691,601
Other Income and Expenses
Interest expense	(219,160)	(196,831)	(210,087)
Other gains and (losses)	96,038	(12,885)	37,165
Gain on sale of real estate, net	43,476	40,425	109,370
Gain on change in control of interests	33,931	0	0
Non-operating income	30,309	13,860	9,587
Earnings (losses) from equity method investments	29,509	(10,829)	(18,557)
Total other income and expenses	14,103	(166,260)	(72,522)
Income before income taxes	626,206	438,608	445,196
(Provision for) benefit from income taxes	(27,724)	(28,486)	20,759
Net Income	598,482	410,122	465,955
Net loss (income) attributable to noncontrolling interests	657	(134)	(10,596)
Net Income Attributable to W. P. Carey	$ 599,139	$ 409,988	$ 455,359
Basic Earnings Per Share (usd per share)	$ 3.00	$ 2.25	$ 2.61
Diluted Earnings Per Share (usd per share)	$ 2.99	$ 2.24	$ 2.60
Weighted-Average Shares Outstanding
Basic (in shares)	199,633,802	182,486,476	174,504,406
Diluted (in shares)	200,427,124	183,127,098	174,839,428
Real Estate
Real Estate:
Lease revenues	$ 1,301,617	$ 1,177,438	$ 1,080,623
Income from direct financing leases and loans receivable	74,266	67,555	74,893
Gross contract revenue	59,230	13,478	11,399
Other lease-related income	32,988	53,655	11,082
Investment Management:
Gross contract revenue	59,230	13,478	11,399
Total revenues	1,468,101	1,312,126	1,177,997
Operating Expenses
Depreciation and amortization	503,403	475,989	441,948
General and administrative	88,952	81,888	70,127
Reimbursable tenant costs	73,622	62,417	56,409
Property expenses, excluding reimbursable tenant costs	50,753	47,898	44,067
Impairment charges — real estate	39,119	24,246	35,830
Stock-based compensation expense	32,841	24,881	15,247
Impairment charges — Investment Management goodwill	0
Operating property expenses	27,054	9,848	9,901
Merger and other expenses	19,384	(4,597)	(937)
Total operating expenses	835,128	722,570	672,592
Other Income and Expenses
Interest expense	(219,160)	(196,831)	(210,087)
Other gains and (losses)	97,149	(13,676)	37,104
Gain on sale of real estate, net	43,476	40,425	109,370
Gain on change in control of interests	11,405	0	0
Non-operating income	30,289	13,778	8,970
Earnings (losses) from equity method investments	16,221	(19,649)	(9,017)
Total other income and expenses	(20,620)	(175,953)	(63,660)
Income before income taxes	612,353	413,603	441,745
(Provision for) benefit from income taxes	(21,407)	(28,703)	18,498
Net Income	590,946	384,900	460,243
Net loss (income) attributable to noncontrolling interests	657	(134)	(731)
Net Income Attributable to W. P. Carey	591,603	384,766	459,512
Investment Management
Real Estate:
Gross contract revenue	10,985	19,398	31,322
Investment Management:
Gross contract revenue	10,985	19,398	31,322
Total revenues	10,985	19,398	31,322
Operating Expenses
Depreciation and amortization	0	0	987
General and administrative	0	0	5,823
Impairment charges — real estate		0	0
Stock-based compensation expense	0	0	691
Impairment charges — Investment Management goodwill	29,334
Merger and other expenses	3	51	1,184
Reimbursable costs from affiliates	2,518	4,035	8,855
Subadvisor fees	0	0	1,469
Total operating expenses	31,855	4,086	19,009
Other Income and Expenses
Other gains and (losses)	(1,111)	791	61
Gain on change in control of interests	22,526	0	0
Non-operating income	20	82	617
Earnings (losses) from equity method investments	13,288	8,820	(9,540)
Total other income and expenses	34,723	9,693	(8,862)
Income before income taxes	13,853	25,005	3,451
(Provision for) benefit from income taxes	(6,317)	217	2,261
Net Income	7,536	25,222	5,712
Net loss (income) attributable to noncontrolling interests	0	0	(9,865)
Net Income Attributable to W. P. Carey	7,536	25,222	(4,153)
Investment Management \| Asset management and other revenue
Real Estate:
Gross contract revenue	8,467	15,363	22,467
Investment Management:
Gross contract revenue	8,467	15,363	22,467
Investment Management \| Reimbursable costs from affiliates
Real Estate:
Gross contract revenue	2,518	4,035	8,855
Investment Management:
Gross contract revenue	$ 2,518	$ 4,035	$ 8,855

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Comprehensive Income
Net income	$ 598,482	$ 410,122	$ 465,955
Other Comprehensive (Loss) Income
Foreign currency translation adjustments	(63,149)	(35,736)	47,746
Unrealized gain (loss) on derivative instruments	19,732	35,305	(31,978)
(Reclassification of unrealized gain on investments to net income) / Unrealized gain on investments	(18,688)	18,688	0
Net current period other comprehensive income (loss)	(62,105)	18,257	15,768
Comprehensive Income	536,377	428,379	481,723
Amounts Attributable to Noncontrolling Interests
Net loss (income)	657	(134)	(10,596)
Foreign currency translation adjustments	(5)	0	0
Unrealized gain on derivative instruments	0	(21)	(7)
Comprehensive loss (income) attributable to noncontrolling interests	652	(155)	(10,603)
Comprehensive Income Attributable to W. P. Carey	$ 537,029	$ 428,224	$ 471,120

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative-effect adjustment for the adoption of new accounting pronouncement	Total W. P. Carey Stockholders	Total W. P. Carey Stockholders Cumulative-effect adjustment for the adoption of new accounting pronouncement	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Cumulative-effect adjustment for the adoption of new accounting pronouncement	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interest
Balance - beginning of period at Dec. 31, 2019	$ 6,948,173	$ (14,812)	$ 6,941,929	$ (14,812)	$ 172	$ 8,717,535	$ (1,557,374)	$ (14,812)	$ 37,263	$ (255,667)	$ 6,244
Balance - beginning of period, shares at Dec. 31, 2019					172,278,242
W.P. Carey Stockholders
Shares issued under Equity Forwards, net	199,481		199,481		$ 3	199,478
Shares issued under Equity Forwards, net, shares					2,951,791
Shares issued under ATM Program, net	60		60			60
Shares issued under ATM Program, net, shares					2,500
Shares issued upon delivery of vested restricted share awards	(5,372)		(5,372)			(5,372)
Shares issued upon delivery of vested restricted share awards, shares					162,331
Shares issued upon purchases under employee share purchase plan	389		389			389
Shares issued upon purchases under employee share purchase plan, shares					6,893
Amortization of stock-based compensation expense	15,938		15,938			15,938
Deferral of vested shares, net	0					(3,854)			3,854
Distributions to noncontrolling interests	(5,326)										(5,326)
Dividends declared	(732,020)		(732,020)			1,191	(734,108)		897
Redemption of noncontrolling interest	(9,865)										(9,865)
Net income	465,955		455,359				455,359				10,596
Other comprehensive (loss) income
Foreign currency translation adjustments	47,746		47,746							47,746
Unrealized gain (loss) on derivative instruments	(31,978)		(31,985)							(31,985)	7
Reclassification of unrealized gain on investments to net income	0
Balance - end of period at Dec. 31, 2020	$ 6,878,369		6,876,713		$ 175	8,925,365	(1,850,935)		42,014	(239,906)	1,656
Balance - end of period, shares at Dec. 31, 2020					175,401,757
Other comprehensive (loss) income
Accounting Standards Update	Accounting Standards Update 2016-13 [Member]
Shares issued under Equity Forwards, net	$ 697,044		697,044		$ 10	697,034
Shares issued under Equity Forwards, net, shares					9,798,209
Shares issued under ATM Program, net	340,066		340,066		$ 5	340,061
Shares issued under ATM Program, net, shares					4,690,073
Shares issued upon delivery of vested restricted share awards	(3,822)		(3,822)			(3,822)
Shares issued upon delivery of vested restricted share awards, shares					119,268
Shares issued upon purchases under employee share purchase plan	305		305			305
Shares issued upon purchases under employee share purchase plan, shares					4,444
Amortization of stock-based compensation expense	24,881		24,881			24,881
Deferral of vested shares, net	0					(7,044)			7,044
Distributions to noncontrolling interests	(145)										(145)
Dividends declared	(781,626)		(781,626)			906	(783,284)		752
Net income	410,122		409,988				409,988				134
Foreign currency translation adjustments	(35,736)		(35,736)							(35,736)
Unrealized gain (loss) on derivative instruments	35,305		35,284							35,284	21
Reclassification of unrealized gain on investments to net income	18,688		18,688							18,688
Balance - end of period at Dec. 31, 2021	$ 7,583,451		7,581,785		$ 190	9,977,686	(2,224,231)		49,810	(221,670)	1,666
Balance - end of period, shares at Dec. 31, 2021	190,013,751				190,013,751
W.P. Carey Stockholders
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger	$ 1,205,750		1,205,750		$ 14	1,205,736
Shares issued to stockholders of CPA:18 – Global in connection with CPA:18 Merger, shares					13,786,302
Shares issued under Equity Forwards, net	284,202		284,202		$ 4	284,198
Shares issued under Equity Forwards, net, shares					3,925,000
Shares issued under ATM Program, net	218,101		218,101		$ 3	218,098
Shares issued under ATM Program, net, shares					2,740,295
Shares issued upon delivery of vested restricted share awards	(6,612)		(6,612)			(6,612)
Shares issued upon delivery of vested restricted share awards, shares					152,830
Shares issued upon purchases under employee share purchase plan	205		205			205
Shares issued upon purchases under employee share purchase plan, shares					2,771
Amortization of stock-based compensation expense	32,841		32,841			32,841
Deferral of vested shares, net	0					(6,696)			6,696
Acquisition of noncontrolling interests in connection with the CPA:18 Merger	14,367										14,367
Distributions to noncontrolling interests	(413)										(413)
Contributions from noncontrolling interests	30										30
Dividends declared	(859,655)		(859,655)			1,380	(861,541)		506
Net income	598,482		599,139				599,139				(657)
Other comprehensive (loss) income
Foreign currency translation adjustments	(63,149)		(63,154)							(63,154)	5
Unrealized gain (loss) on derivative instruments	19,732		19,732							19,732
Reclassification of unrealized gain on investments to net income	(18,688)		(18,688)							(18,688)
Balance - end of period at Dec. 31, 2022	$ 9,008,644		$ 8,993,646		$ 211	$ 11,706,836	$ (2,486,633)		$ 57,012	$ (283,780)	$ 14,998
Balance - end of period, shares at Dec. 31, 2022	210,620,949				210,620,949

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Distributions declared per share (usd per share)	$ 1.065	$ 4.242	$ 4.205	$ 4.172

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows — Operating Activities
Net income	$ 598,482	$ 410,122	$ 465,955
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	519,741	490,722	456,210
Net realized and unrealized (gains) losses on extinguishment of debt, equity securities, foreign currency exchange rate movements, and other	(76,202)	15,505	(55,810)
Straight-line rent adjustments	(57,988)	(50,565)	(50,299)
Gain on sale of real estate, net	(43,476)	(40,425)	(109,370)
Amortization of rent-related intangibles and deferred rental revenue	43,249	56,910	52,736
Impairment charges — real estate	39,119	24,246	35,830
Gain on change in control of interests	(33,931)	0	0
Stock-based compensation expense	32,841	24,881	15,938
Distributions of earnings from equity method investments	30,236	15,471	9,419
(Earnings) losses from equity method investments	(29,509)	10,829	18,557
Impairment charges — Investment Management goodwill	29,334	0	0
(Decrease) increase in allowance for credit losses	(24,976)	266	22,259
Deferred income tax benefit	(8,071)	(4,703)	(49,076)
Asset management revenue received in shares of Managed Programs	(1,024)	(12,528)	(16,642)
Net changes in other operating assets and liabilities	(14,269)	(14,252)	5,831
Net Cash Provided by Operating Activities	1,003,556	926,479	801,538
Cash Flows — Investing Activities
Purchases of real estate	(1,145,734)	(1,306,858)	(656,313)
Cash paid to stockholders of CPA:18 – Global in the CPA:18 Merger	(423,435)	0	0
Cash and restricted cash acquired in connection with the CPA:18 Merger	331,063	0	0
Proceeds from sales of real estate	234,652	163,638	366,532
Proceeds from redemption of WLT preferred stock and cash exchanged for WLT common stock (Note 9)	147,625	0	0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(104,441)	(113,616)	(207,256)
Capital contributions to equity method investments	(93,416)	(107,552)	(4,253)
Proceeds from repayment of loans receivable	34,000	0	11,000
Proceeds from repayment of short-term loans to affiliates	26,000	62,048	51,702
Funding of short-term loans to affiliates	(26,000)	(41,000)	(26,481)
Investments in loans receivable	(20,180)	(217,711)	0
Other investing activities, net	(19,767)	(19,631)	1,165
Return of capital from equity method investments	7,102	13,955	19,483
Purchases of securities	0	0	(95,511)
Net Cash Used in Investing Activities	(1,052,531)	(1,566,727)	(539,932)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(2,168,392)	(1,663,869)	(1,137,026)
Proceeds from Unsecured Revolving Credit Facility	2,079,420	2,000,639	1,019,158
Dividends paid	(835,257)	(764,281)	(726,955)
Proceeds from issuance of Senior Unsecured Notes	334,775	1,385,059	495,495
Proceeds from shares issued under Equity Forwards, net of selling costs	284,259	697,044	199,716
Proceeds from Unsecured Term Loans	283,139	0	298,974
Proceeds from shares issued under ATM Program, net of selling costs	218,081	339,968	158
Scheduled payments of mortgage principal	(127,230)	(64,290)	(275,746)
Prepayments of mortgage principal	(10,381)	(745,124)	(68,501)
Other financing activities, net	8,839	4,606	8,917
Payments for withholding taxes upon delivery of equity-based awards	(6,612)	(3,822)	(5,372)
Payment of financing costs	(2,371)	(11,295)	(14,205)
Distributions to noncontrolling interests	(413)	(145)	(5,326)
Contributions from noncontrolling interests	30	0	0
Redemption of Senior Unsecured Notes	0	(617,442)	0
Net Cash Provided by (Used in) Financing Activities	57,887	557,048	(210,713)
Change in Cash and Cash Equivalents and Restricted Cash During the Year
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(2,721)	(10,629)	9,368
Net increase (decrease) in cash and cash equivalents and restricted cash	6,191	(93,829)	60,261
Cash and cash equivalents and restricted cash, beginning of year	217,950	311,779	251,518
Cash and cash equivalents and restricted cash, end of year	$ 224,141	$ 217,950	$ 311,779

Consolidated Statements of Cash Flows - CPA 18 Merger (Parenthetical) $ in Thousands	Aug. 01, 2022 USD ($)
CPA 18 Merger
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$ 1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Estimate of consideration expected to be transferred	1,746,058
Assets Acquired at Fair Value
Land, buildings and improvements — net lease and other	881,613
Land, buildings and improvements — operating properties	1,000,447
Net investments in direct financing leases and loans receivable	38,517
In-place lease and other intangible assets	224,458
Above-market rent intangible assets	61,090
Assets held for sale	85,026
Goodwill	172,346
Other assets, net (excluding restricted cash)	25,229
Liabilities Assumed at Fair Value
Non-recourse mortgages, net	900,173
Accounts payable, accrued expenses and other liabilities	90,035
Below-market rent and other intangible liabilities	16,836
Deferred income taxes	52,320
Amounts attributable to noncontrolling interests	14,367
Net assets acquired excluding cash and restricted cash	1,414,995
Cash and cash equivalents and restricted cash acquired	331,063
CPA 18 Merger \| Jointly owned investments
Total Consideration
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	$ 28,574

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) is a real estate investment trust (“REIT”) that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Northern and Western Europe on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property. Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.” We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. Through our taxable REIT subsidiaries (“TRSs”), we also earn revenue as the advisor to certain non-traded investment programs. We hold all of our real estate assets attributable to our Real Estate segment under the REIT structure, while the activities conducted by our Investment Management segment subsidiaries have been organized under TRSs. On August 1, 2022, a non-traded REIT that we advised, Corporate Property Associates 18 – Global Incorporated (“CPA:18 – Global”) merged with and into one of our indirect subsidiaries (the “CPA:18 Merger”) (Note 3). At December 31, 2022, we were the advisor to Carey European Student Housing Fund I, L.P. (“CESH”), a limited partnership formed for the purpose of developing, owning, and operating student housing properties in Europe (Note 4). We refer to CPA:18 – Global (prior to the CPA:18 Merger) and CESH collectively as the “Managed Programs.” We no longer raise capital for new or existing funds, but currently expect to continue managing CESH through the end of its life cycle (Note 4). Reportable Segments Real Estate — Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Northern and Western Europe, which are leased to companies on a triple-net lease basis. At December 31, 2022, our owned portfolio was comprised of our full or partial ownership interests in 1,449 properties, totaling approximately 176 million square feet (unaudited), substantially all of which were net leased to 392 tenants, with a weighted-average lease term of 10.8 years and an occupancy rate of 98.8% (unaudited). In addition, at December 31, 2022, our portfolio was comprised of full or partial ownership interests in 87 operating properties, including 84 self-storage properties, two student housing properties, and one hotel, totaling approximately 6.6 million square feet (unaudited). Investment Management — Through our TRSs, we manage the real estate investment portfolio for CESH, for which we earn asset management revenue. We may also be entitled to receive certain distributions pursuant to our advisory arrangements with CESH. At December 31, 2022, CESH owned (i) all or a portion of three net-leased properties, totaling approximately 0.4 million square feet (unaudited), all of which were leased to one tenant, with an occupancy rate of 100.0% (unaudited), and (ii) one active build-to-suit project.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Critical Accounting Policies and Estimates

Accounting for Acquisitions

In accordance with the guidance for business combinations, we determine whether a transaction or other event is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, we account for the transaction or other event as an asset acquisition. Under both methods, we recognize the

identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired entity. In addition, for transactions that are business combinations, we evaluate the existence of goodwill or a gain from a bargain purchase. We capitalize acquisition-related costs and fees associated with asset acquisitions. We immediately expense acquisition-related costs and fees associated with business combinations. All transaction costs incurred during the reporting period were capitalized since our acquisitions were classified as asset acquisitions (excluding the CPA:18 Merger).

Purchase Price Allocation of Tangible Assets — When we acquire properties with leases classified as operating leases, we allocate the purchase price to the tangible and intangible assets and liabilities acquired based on their estimated fair values. The tangible assets consist of land, buildings, and site improvements. The intangible assets include the above- and below-market value of leases and the in-place leases, which includes the value of tenant relationships. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building with similar characteristics. Under the income approach, we use either the discounted cash flow method or the direct capitalization method. For the discounted cash flow method, the fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. For the direct capitalization method, the fair value of real estate is determined (i) by the stabilized estimated net operating income for each property in the portfolio and (ii) a selected capitalization rate.

Assumptions used in the model are property-specific where this information is available; however, when certain necessary information is not available, we use available regional and property-type information. Assumptions and estimates include the following:

•a discount rate or internal rate of return;

•market rents, growth factors of rents, and market lease term;

•capitalization rates to be applied to an estimate of market rent at the beginning and/or the end of the market lease term;

•the marketing period necessary to put a lease in place;

•carrying costs during the marketing period; and

•leasing commissions and tenant improvement allowances.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

•the creditworthiness of the lessees;

•industry surveys;

•property type;

•property location and age;

•current lease rates relative to market lease rates; and

•anticipated lease duration.

In the case where a tenant has a purchase option deemed to be favorable to the tenant, or the tenant has long-term renewal options at rental rates below estimated market rental rates, we generally include the value of the exercise of such purchase option or long-term renewal options in the determination of residual value.

The remaining economic life of leased assets is estimated by relying in part upon third-party appraisals of the leased assets and industry standards. Different estimates of remaining economic life will affect the depreciation expense that is recorded.

Purchase Price Allocation of Intangible Assets and Liabilities — For acquired properties that do not qualify as sale-leaseback transactions, we record above- and below-market lease intangible assets and liabilities for acquired properties based on the present value (using a discount rate reflecting the risks associated with the leases acquired including consideration of the credit of the lessee) of the difference between (i) the contractual rents to be paid pursuant to the leases negotiated or in place at the time of acquisition of the properties and (ii) our estimate of fair market lease rates for the property or equivalent property, both of which are measured over the estimated lease term, which includes renewal options that have rental rates below estimated market rental rates. We discount the difference between the estimated market rent and contractual rent to a present value using an interest rate reflecting our current assessment of the risk associated with the lease acquired, which includes a consideration of the credit of the lessee. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as loan receivables or prepaid rent liabilities, respectively. We measure the fair value of below-market

purchase option liabilities we acquire as the excess of the present value of the fair value of the real estate over the present value of the tenant’s exercise price at the option date. We determine these values using our estimates or by relying in part upon third-party valuations conducted by independent appraisal firms.

We amortize the above-market lease intangible as a reduction of lease revenue over the remaining contractual lease term. We amortize the below-market lease intangible as an increase to lease revenue over the initial term and any renewal periods in the respective leases. We include the value of below-market leases in Below-market rent and other intangible liabilities in the consolidated financial statements.

For acquired properties with tenants in place, we record in-place lease intangible assets based on the estimated value ascribed to the avoidance of costs of leasing the properties for the remaining primary in-place lease terms. The cost avoidance is derived first by determining the in-place lease term on the subject lease. Then, based on our review of the market, the cost to be borne by a property owner to replicate a market lease to the remaining in-place term is estimated. These costs consist of: (i) rent lost during downtime (i.e., assumed periods of vacancy), (ii) estimated expenses that would be incurred by the property owner during periods of vacancy, (iii) rent concessions (i.e., free rent), (iv) leasing commissions, and (v) tenant improvements allowances given to tenants. We determine these values using our estimates or by relying in part upon third-party valuations. We amortize the value of in-place lease intangibles to depreciation and amortization expense over the remaining initial term of each lease. The amortization period for intangibles does not exceed the remaining depreciable life of the building.

If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles.

Purchase Price Allocation of Debt — When we acquire leveraged properties, the fair value of the related debt instruments is determined using a discounted cash flow model with rates that take into account the credit of the tenants, where applicable, and interest rate risk. Such resulting premium or discount is amortized over the remaining term of the obligation. We also consider the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the tenant, the time until maturity and the current interest rate.

Purchase Price Allocation of Goodwill — In the case of a business combination, after identifying all tangible and intangible assets and liabilities, the excess consideration paid over the fair value of the assets and liabilities acquired and assumed, respectively, represents goodwill. We allocate goodwill to the respective reporting units in which such goodwill arises. Goodwill acquired in certain business combinations was attributed to the Real Estate segment which comprises one reporting unit. In the event we dispose of a property or an investment that constitutes a business under U.S. generally accepted accounting principles (“GAAP”) from a reporting unit with goodwill, we allocate a portion of the reporting unit’s goodwill to that business in determining the gain or loss on the disposal of the business. The amount of goodwill allocated to the business is based on the relative fair value of the business to the fair value of the reporting unit. As part of purchase accounting for a business, we record any deferred tax assets and/or liabilities resulting from the difference between the tax basis and GAAP basis of the investment in the taxing jurisdiction. Such deferred tax amount will be included in purchase accounting and may impact the amount of goodwill recorded depending on the fair value of all of the other assets and liabilities and the amounts paid.

Financing Arrangements — In accordance with Accounting Standards Codification (“ASC”) 310, Receivables and ASC 842, Leases, real estate assets acquired through a sale-leaseback transaction are accounted for as a financing arrangement if the investment does not meet the criteria for sale-leaseback accounting. We record such investments within Net investments in direct financing leases and loans receivable on the consolidated balance sheets. Rent payments from these investments are included within Income from direct financing leases and loans receivable on the consolidated statements of income.

Impairments

Real Estate — We periodically assess whether there are any indicators that the value of our long-lived real estate and related intangible assets may be impaired or that their carrying value may not be recoverable. These impairment indicators include, but are not limited to, vacancies, an upcoming lease expiration, a tenant with credit difficulty, the termination of a lease by a tenant, or a likely disposition of the property.

For real estate assets held for investment and related intangible assets in which an impairment indicator is identified, we follow a two-step process to determine whether an asset is impaired and to determine the amount of the charge. First, we compare the carrying value of the property’s asset group to the estimated future net undiscounted cash flow that we expect the property’s asset group will generate, including any estimated proceeds from the eventual sale of the property’s asset group. The undiscounted cash flow analysis requires us to make our best estimate of market rents, residual values, and holding periods. We estimate market rents and residual values using market information from outside sources such as third-party market research, external appraisals, broker quotes, or recent comparable sales.

As our investment objective is to hold properties on a long-term basis, holding periods used in the undiscounted cash flow analysis are generally ten years, but may be less if our intent is to hold a property for less than ten years. Depending on the assumptions made and estimates used, the future cash flow projected in the evaluation of long-lived assets and associated intangible assets can vary within a range of outcomes. We consider the likelihood of possible outcomes in determining our estimate of future cash flows and, if warranted, we apply a probability-weighted method to the different possible scenarios. If the future net undiscounted cash flow of the property’s asset group is less than the carrying value, the carrying value of the property’s asset group is considered not recoverable. We then measure the impairment loss as the excess of the carrying value of the property’s asset group over its estimated fair value.

Assets Held for Sale — We generally classify real estate assets that are subject to operating leases as held for sale when we have entered into a contract to sell the property, all material due diligence requirements have been satisfied, we received a non-refundable deposit, and we believe it is probable that the disposition will occur within one year. When we classify an asset as held for sale, we compare the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, we reduce the carrying value to the fair value less estimated cost to sell. We will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

Equity Method Investments — We evaluate our equity method investments on a periodic basis to determine if there are any indicators that the value of our equity investment may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, we measure the charge as the excess of the carrying value of our investment over its estimated fair value, which is determined by calculating our share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint-venture agreement. For our equity investments in real estate, we calculate the estimated fair value of the underlying investment’s real estate as described in Real Estate above. The fair value of the underlying investment’s debt, if any, is calculated based on market interest rates and other market information. The fair value of the underlying investment’s other financial assets and liabilities (excluding net investment in direct financing leases) have fair values that generally approximate their carrying values.

Goodwill — We evaluate goodwill for possible impairment at least annually or upon the occurrence of a triggering event. Such a triggering event within our Investment Management segment depended on the timing and form of liquidity events for the Managed Programs (Note 3, Note 4). To identify any impairment, we first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. This assessment is used as a basis to determine whether it is necessary to calculate reporting unit fair values. If necessary, we calculate the estimated fair value of the Investment Management reporting unit by utilizing a discounted cash flow analysis methodology and available net asset values. We calculate the estimated fair value of the Real Estate reporting unit by utilizing our market capitalization and the aforementioned fair value of the Investment Management segment. Impairments, if any, will be the difference between the reporting unit’s fair value and carrying amount, not to exceed the carrying amount of goodwill.

Credit Losses

We adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses on January 1, 2020, which replaces the “incurred loss” model with an “expected loss” model, resulting in the earlier recognition of credit losses even if the risk of loss is remote. This standard applies to financial assets measured at amortized cost and certain other instruments, including net investments in direct financing leases and loans receivable. This standard does not apply to receivables arising from operating leases, which are within the scope of Topic 842. We adopted ASU 2016-13 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $14.8 million on January 1, 2020, which is reflected within our consolidated statements of equity.

The allowance for credit losses, which is recorded as a reduction to Net investments in direct financing leases and loans receivable on our consolidated balance sheets, is measured on a pool basis by credit ratings (Note 6), using a probability of default method based on the lessees’ respective credit ratings, the expected value of the underlying collateral upon its repossession, and our historical loss experience related to other direct financing leases. Included in our model are factors that incorporate forward-looking information. Allowance for credit losses is included in our consolidated statements of income within Other gains and (losses).

Other Accounting Policies

Basis of Consolidation — Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. We apply accounting guidance for consolidation of VIEs to certain entities in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Fixed price purchase and renewal options within a lease, as well as certain decision-making rights within a loan or joint-venture agreement, can cause us to consider an entity a VIE. Limited partnerships and other similar entities that operate as a partnership will be considered a VIE unless the limited partners hold substantive kick-out rights or participation rights. Significant judgment is required to determine whether a VIE should be consolidated. We review the contractual arrangements provided for in the partnership agreement or other related contracts to determine whether the entity is considered a VIE, and to establish whether we have any variable interests in the VIE. We then compare our variable interests, if any, to those of the other variable interest holders to determine which party is the primary beneficiary of the VIE based on whether the entity (i) has the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The liabilities of these VIEs are non-recourse to us and can only be satisfied from each VIE’s respective assets.

Upon the closing of the CPA:18 Merger, we acquired five consolidated VIEs and declassified three entities as VIEs.

At December 31, 2022 and 2021, we considered 16 and 14 entities to be VIEs, respectively, of which we consolidated 11 and six, respectively, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):


	December 31,
	2022		2021
Land, buildings and improvements — net lease and other	$	590,390	$	426,831
Land, buildings and improvements — operating properties	143,390		—
Net investments in direct financing leases and loans receivable	144,103		144,103
In-place lease intangible assets and other	72,070		42,884
Above-market rent intangible assets	33,634		26,720
Accumulated depreciation and amortization	(176,379)		(154,413)
Total assets	843,500		500,884

Non-recourse mortgages, net	$	132,950	$	1,485
Below-market rent and other intangible liabilities, net	18,891		20,568
Total liabilities	199,633		46,302

At December 31, 2022 and 2021, our five and eight unconsolidated VIEs included our interests in (i) three and six unconsolidated real estate investments, respectively, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. As of December 31, 2022 and 2021, the net carrying amount of our investments in these entities was $693.4 million and $581.3 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Leases

As a Lessee: Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. We determine if an arrangement contains a lease at contract inception and determine the classification of the lease at commencement. Operating and financing lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We do not include renewal options in the lease term when calculating the lease liability unless we are reasonably certain we will exercise the option. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Our variable lease payments consist of increases as a result of the Consumer Price Index (“CPI”) or other comparable indices, taxes, and maintenance costs. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Below-market ground lease intangible assets and above-market ground lease intangible liabilities are included as a component of ROU assets. See Note 5 for additional disclosures on the presentation of these amounts in our consolidated balance sheets.

The implicit rate within our operating leases is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using estimated baseline mortgage rates. These baseline rates are determined based on a review of current mortgage debt market activity for benchmark securities across domestic and international markets, utilizing a yield curve. The rates are then adjusted for various factors, including level of collateralization and lease term.

As a Lessor: We combine non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues), since both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component, and the lease component would otherwise be classified as an operating lease. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred, if the reimbursements are deemed collectible.

Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.

We currently present Land, buildings and improvements — net lease and other and Land, buildings and improvements — operating properties on separate line items in the consolidated balance sheets. Previously, land, buildings and improvements attributable to net lease properties and operating properties were aggregated within Land, buildings and improvements in the consolidated balance sheets (Note 5).

Restricted Cash — Restricted cash primarily consists of security deposits and amounts required to be reserved pursuant to lender agreements for debt service, capital improvements, and real estate taxes. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):


	December 31,
	2022		2021		2020
Cash and cash equivalents	$	167,996	$	165,427	$	248,662
Restricted cash (a)	56,145		52,523		63,117
Total cash and cash equivalents and restricted cash	$	224,141	$	217,950	$	311,779

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets.

Real Estate and Operating Real Estate — We carry land, buildings, and improvements at cost less accumulated depreciation. We capitalize costs that extend the useful life of properties or increase their value, while we expense maintenance and repairs that do not improve or extend the lives of the respective assets as incurred.

Gain/Loss on Sale — We recognize gains and losses on the sale of properties when the transaction meets the definition of a contract, criteria are met for the sale of one or more distinct assets, and control of the properties is transferred.

Cash and Cash Equivalents — We consider all short-term, highly liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents. Items classified as cash equivalents include commercial paper and money market funds. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.

Internal-Use Software Development Costs and Cloud Computing Arrangements — We expense costs associated with the assessment stage of software development projects. Upon completion of the preliminary project assessment stage, we capitalize internal and external costs associated with the application development stage. We expense the personnel-related costs of training and data conversion. We also expense costs associated with the post-implementation and operation stage, including maintenance and specified upgrades; however, we capitalize internal and external costs associated with significant upgrades to existing systems that result in additional functionality. Cloud computing arrangement costs follow the internal-use software accounting guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized internal-use software development costs are amortized on a straight-line basis over the software’s estimated useful life, which is three to seven years. Capitalized implementation costs related to a service contract will be amortized over the term of the hosting arrangement beginning when the component of the hosting arrangement is ready for its intended use. Periodically, we reassess the useful life considering technology, obsolescence, and other factors.

Other Assets and Liabilities — We include prepaid expenses, deferred rental income, tenant receivables, deferred charges, escrow balances held by lenders, restricted cash balances, marketable securities, derivative assets, other intangible assets, corporate fixed assets, our investment in shares of Lineage Logistics (a cold storage REIT) (Note 9), our investment in shares of Guggenheim Credit Income Fund (“GCIF”) (Note 9), and office lease ROU assets in Other assets, net. We include derivative liabilities, amounts held on behalf of tenants, operating lease liabilities, and deferred revenue in Accounts payable, accrued expenses and other liabilities.

Revenue Recognition, Real Estate Leased to Others — We lease real estate to others primarily on a triple-net leased basis, whereby the tenant is generally responsible for operating expenses relating to the property, including property taxes, insurance, maintenance, repairs, and improvements.

Substantially all of our leases provide for either scheduled rent increases, periodic rent adjustments based on formulas indexed to changes in the CPI or similar indices, or percentage rents. CPI-based adjustments are contingent on future events and are therefore not included as minimum rent in straight-line rent calculations. We recognize rents from percentage rents as reported by the lessees, which is after the level of sales requiring a rental payment to us is reached. Percentage rents were insignificant for the periods presented.

For our operating leases, we recognize future minimum rental revenue on a straight-line basis over the non-cancelable lease term of the related leases and charge expenses to operations as incurred (Note 5). We record leases accounted for under the direct financing method as a net investment in direct financing leases (Note 6). The net investment is equal to the cost of the leased assets. The difference between the cost and the gross investment, which includes the residual value of the leased asset and the future minimum rents, is unearned income. We defer and amortize unearned income to income over the lease term so as to produce a constant periodic rate of return on our net investment in the lease.

Revenue from contracts under ASC 606, Revenue from Contracts with Customers is recognized when, or as, control of promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to revenues generated from our hotel operating properties and our Investment Management segment.

Revenue from contracts for our Real Estate segment primarily represented hotel operating property revenues of $12.0 million, $7.2 million, and $5.9 million for the years ended December 31, 2022, 2021, and 2020, respectively. Such operating property revenues are primarily comprised of revenues from room rentals and from food and beverage services at our hotel operating properties during those years. We identified a single performance obligation for each distinct service. Performance obligations are typically satisfied at a point in time, at the time of sale, or at the rendering of the service. Fees are generally determined to be fixed. Payment is typically due immediately following the delivery of the service. Revenue from contracts under ASC 606 from our Investment Management segment is discussed in Note 4.

Lease revenue (including straight-line lease revenue) is only recognized when deemed probable of collection. Collectibility is assessed for each tenant receivable using various criteria including credit ratings (Note 6), guarantees, past collection issues, and the current economic and business environment affecting the tenant. If collectibility of the contractual rent stream is not deemed probable, revenue will only be recognized upon receipt of cash from the tenant.

Revenue Recognition, Investment Management Operations — We earn asset management revenue in connection with providing services to the Managed Programs. We earn asset management revenue from property management, leasing, and advisory services performed. In addition, we earn subordinated incentive and disposition revenue related to the disposition of properties.

The Managed Programs reimburse us for certain personnel and overhead costs that we incur on their behalf. We record reimbursement income as the expenses are incurred, subject to limitations imposed by the advisory agreements.

Asset Retirement Obligations — Asset retirement obligations relate to the legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development, and/or normal operation of a long-lived asset. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred or at the point of acquisition of an asset with an assumed asset retirement obligation, and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depreciated over the estimated remaining life of the related long-lived asset. Revisions to estimated retirement obligations result in adjustments to the related capitalized asset and corresponding liability.

In order to determine the fair value of the asset retirement obligations, we make certain estimates and assumptions including, among other things, projected cash flows, the borrowing interest rate, and an assessment of market conditions that could significantly impact the estimated fair value. These estimates and assumptions are subjective.

Depreciation — We compute depreciation of building and related improvements using the straight-line method over the estimated remaining useful lives of the properties (not to exceed 40 years) and furniture, fixtures, and equipment. We compute depreciation of tenant improvements using the straight-line method over the lesser of the remaining term of the lease or the estimated useful life.

Stock-Based Compensation — We have granted restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) to certain employees, independent directors, and nonemployees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award. We include stock-based compensation within Additional paid-in capital in the consolidated statements of equity and Stock-based compensation expense in the consolidated statements of income.

Foreign Currency Translation and Transaction Gains and Losses — We have interests in international real estate investments primarily in Europe, Canada, and Japan, and the primary functional currencies for those investments are the euro, the British pound sterling, the Canadian dollar, and the Japanese yen. We perform the translation from these currencies to the U.S. dollar for assets and liabilities using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using the average exchange rate during the month in which the transaction occurs. We report the gains and losses resulting from such translation as a component of other comprehensive income in equity. These translation gains and losses are released to net income (within Gain on sale of real estate, net, in the consolidated statements of income) when we have substantially exited from all investments in the related currency.

A transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later), realized upon settlement of a foreign currency transaction generally will be included in net income for the period in which the transaction is settled. Also, foreign currency intercompany transactions that are scheduled for settlement, consisting primarily of accrued interest and the translation to the reporting currency of intercompany debt that is short-term or has scheduled principal payments, are included in the determination of net income (within Other gains and (losses) in the statements of income).

The translation impact of foreign currency transactions of a long-term nature (that is, settlement is not planned or anticipated in the foreseeable future), in which the entities involved in the transactions are consolidated or accounted for by the equity method in our consolidated financial statements, are not included in net income but are reported as a component of other comprehensive income in equity.

Derivative Instruments — We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged transaction affects earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged investment is either sold or substantially liquidated. In accordance with fair value measurement guidance, counterparty credit risk is measured on a net portfolio position basis.

Segment Allocation Changes — Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the Watermark Lodging Trust, Inc. (“WLT”) management internalization (Note 4), as well as the termination of the advisory agreements with CPA:18 – Global in connection with the CPA:18 Merger (Note 3), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CESH through the end of its life cycle. These changes between the segments had no impact on our consolidated financial statements.

In addition, our investments in WLT, and income recognized from our investments in WLT, were included within our Real Estate segment following the CWI 1 and CWI 2 Merger, since we were no longer the advisor to that company. Previously, our investments in CWI 1 and CWI 2, and income recognized from our investments in CWI 1 and CWI 2, were included within our Investment Management segment (Note 4).

Income Taxes — We conduct business in various states and municipalities primarily within North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. We derive most of our REIT income from our real estate operations under our Real Estate segment. Our domestic real estate operations are generally not subject to 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 and local taxes, as applicable. We conduct our Investment Management operations primarily through TRSs. In general, a TRS may perform additional services for our tenants and generally may engage in any real estate or non-real estate-related business. These operations are subject to federal, state, local, and foreign taxes, as applicable. Our financial statements are prepared on a consolidated basis including these TRSs and include a provision for current and deferred taxes on these operations.

Significant judgment is required in determining our tax provision and in evaluating our tax positions. We establish tax reserves based on a benefit recognition model, which could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, we recognize the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. We derecognize the tax position when it is no longer more likely than not of being sustained.

Our earnings and profits, which determine the taxability of distributions to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation, including hotel properties, and timing differences of rent recognition and certain expense deductions, for federal income tax purposes.

We recognize deferred income taxes in certain of our subsidiaries taxable in the United States or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes as described in Note 15). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. Deferred income taxes are computed under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between tax bases and financial bases of assets and liabilities. We provide a valuation allowance against our deferred income tax assets when we believe that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

Earnings Per Share — Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflects potentially dilutive securities (RSAs, RSUs, PSUs, and shares available for issuance under our Equity Forwards and ATM Forwards) using the treasury stock method, except when the effect would be anti-dilutive.

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Merger with CPA:18 – Global

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Merger with CPA:18 – Global

CPA:18 Merger

On February 27, 2022, we and certain of our subsidiaries entered into a merger agreement with CPA:18 – Global, pursuant to which CPA:18 – Global would merge with and into one of our indirect subsidiaries in exchange for shares of our common stock and cash, subject to approval by the stockholders of CPA:18 – Global. The CPA:18 Merger and related transactions were approved by the stockholders of CPA:18 – Global on July 26, 2022 and completed on August 1, 2022.

At the effective time of the CPA:18 Merger, each share of CPA:18 – Global common stock issued and outstanding immediately prior to the effective time of the CPA:18 Merger was canceled and, in exchange for cancellation of such share, the rights attaching to such share were converted automatically into the right to receive (i) 0.098 shares of our common stock and (ii) $3.00 in cash, which we refer to herein as the Merger Consideration. Each share of CPA:18 – Global common stock owned by us or any of our subsidiaries immediately prior to the effective time of the CPA:18 Merger was automatically canceled and retired, and ceased to exist, for no Merger Consideration. In exchange for the 141,099,002 shares of CPA:18 – Global common stock that we and our subsidiaries did not previously own, we paid total merger consideration of approximately $1.6 billion,

consisting of (i) the issuance of 13,786,302 shares of our common stock with a fair value of $1.2 billion, based on the closing price of our common stock on August 1, 2022 of $87.46 per share, (ii) cash consideration of $423.3 million, and (iii) cash of $0.1 million paid in lieu of issuing any fractional shares of our common stock. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have otherwise been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our pre-closing advisory agreement with CPA:18 – Global.

Immediately prior to the closing of the CPA:18 Merger, CPA:18 – Global’s portfolio was comprised of full or partial ownership interests in 42 leased properties (including seven properties in which we already owned a partial ownership interest), substantially all of which were net leased with a weighted-average lease term of 7.0 years, an occupancy rate of 99.3% (unaudited), and an estimated contractual minimum annualized base rent (“ABR”) totaling $81.0 million, as well as 65 self-storage operating properties and two student housing operating properties totaling 5.1 million square feet (unaudited). The related property-level debt was comprised of non-recourse mortgage loans with an aggregate consolidated fair value of approximately $900.2 million with a weighted-average annual interest rate of 5.1% as of August 1, 2022. From the closing of the CPA:18 Merger through December 31, 2022, lease revenues, operating property revenues, and net income from properties acquired were $42.7 million, $39.2 million, and $12.3 million, respectively.

Two of the net lease properties that we acquired in the CPA:18 Merger were classified as Assets held for sale, with an aggregate fair value of $85.0 million at acquisition (Note 5). From the closing of the CPA:18 Merger through December 31, 2022, lease revenues from these properties totaled $4.9 million. We sold one of these properties in August 2022 for total proceeds, net of selling costs, of $44.5 million, and recognized a loss on sale of $0.2 million (Note 16).

Purchase Price Allocation

We accounted for the CPA:18 Merger as a business combination under the acquisition method of accounting. After consideration of all applicable factors pursuant to the business combination accounting rules, we were considered the “accounting acquirer” due to various factors, including the fact that our stockholders held the largest portion of the voting rights in the combined company upon completion of the CPA:18 Merger. Costs related to the CPA:18 Merger have been expensed as incurred and classified within Merger and other expenses in the consolidated statements of income, totaling $17.2 million for the year ended December 31, 2022.

The purchase price was allocated to the assets acquired and liabilities assumed, based upon their preliminary fair values at August 1, 2022. The following tables summarize the preliminary consideration and estimated fair values of the assets acquired and liabilities assumed in the acquisition, based on the current best estimate of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Investments in land, buildings and improvements, net investments in direct financing leases, non-recourse mortgages, and noncontrolling interests were based on preliminary valuation data and estimates.


	Preliminary Purchase Price Allocation (in thousands)
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$	1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Merger Consideration	1,629,185
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	28,574
	$	1,746,058


	Preliminary Purchase Price Allocation (in thousands)
Assets
Land, buildings and improvements — net lease and other	$	881,613
Land, buildings and improvements — operating properties	1,000,447
Net investments in direct financing leases and loans receivable	38,517
In-place lease and other intangible assets	224,458
Above-market rent intangible assets	61,090
Assets held for sale	85,026
Cash and cash equivalents and restricted cash	331,063
Other assets, net (excluding restricted cash)	25,229
Total assets	2,647,443
Liabilities
Non-recourse mortgages, net	900,173
Accounts payable, accrued expenses and other liabilities	90,035
Below-market rent and other intangible liabilities	16,836
Deferred income taxes	52,320
Total liabilities	1,059,364
Total identifiable net assets	1,588,079
Noncontrolling interests	(14,367)
Goodwill	172,346
	$	1,746,058

Goodwill

The $172.3 million of goodwill recorded in the CPA:18 Merger was primarily due to the premium we paid over CPA:18 – Global’s estimated fair value. Management believes the premium is supported by several factors, including that the CPA:18 Merger (i) concludes our exit from the non-traded REIT business, (ii) adds a high-quality diversified portfolio of net lease assets that is well-aligned with our existing portfolio, (iii) enhances certain portfolio metrics, and (iv) adds an attractive portfolio of self-storage operating properties.

The fair value of the 13,786,302 shares of our common stock issued in the CPA:18 Merger as part of the consideration paid for CPA:18 – Global of $1.6 billion was derived from the closing market price of our common stock on the acquisition date. As required by GAAP, the fair value related to the assets acquired and liabilities assumed, as well as the shares exchanged, has been computed as of the date we gained control, which was the closing date of the CPA:18 Merger, in a manner consistent with the methodology described above.

Goodwill is not deductible for income tax purposes.

Equity Investments

During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $22.5 million, which was the difference between the carrying value of approximately $65.8 million and the fair value of approximately $88.3 million of our previously held equity interest in 8,556,732 shares of CPA:18 – Global’s common stock.

The CPA:18 Merger also resulted in our acquisition of the remaining interests in four investments in which we already had a joint interest and accounted for under the equity method. Upon acquiring the remaining interests in these investments, we owned 100% of these investments and thus accounted for the acquisitions of these interests utilizing the purchase method of accounting. Due to the change in control of the four jointly owned investments that occurred, we recorded a gain on change in control of interests of approximately $11.4 million during the third quarter of 2022, which was the difference between our carrying values and the fair values of our previously held equity interests on August 1, 2022 of approximately $17.2 million and approximately $28.6 million, respectively. Subsequent to the CPA:18 Merger, we consolidate these wholly owned investments.

The fair values of our previously held equity interests are based on the estimated fair market values of the underlying real estate and related mortgage debt, both of which were determined by management relying in part on a third party. Real estate valuation requires significant judgment. We determined the significant assumptions to be Level 3 with ranges for our previously held equity interests as follows:

•Market rents ranged from $8.65 per square foot to $21.00 per square foot;

•Discount rates applied to the estimated net operating income of each property ranged from approximately 5.75% to 9.75%;

•Discount rates applied to the estimated residual value of each property ranged from approximately 6.50% to 8.50%;

•Residual capitalization rates applied to the properties ranged from approximately 5.75% to 8.00%;

•The fair market value of the property level debt was determined based upon available market data for comparable liabilities and by applying selected discount rates to the stream of future debt payments; and

•Discount rates applied to the property level debt cash flows ranged from approximately 2.28% to 5.50%.

Pro Forma Financial Information (Unaudited)

The following consolidated pro forma financial information has been presented as if the CPA:18 Merger had occurred on January 1, 2021 for the years ended December 31, 2022 and 2021. The pro forma financial information is not necessarily indicative of what the actual results would have been had the CPA:18 Merger on that date, nor does it purport to represent the results of operations for future periods.

(in thousands)


	Years Ended December 31,
	2022		2021
Pro forma total revenues	$	1,590,233	$	1,509,828

Agreements and Transactions with Related Parties

12 Months Ended

Dec. 31, 2022

Agreements and Transactions with Related Parties

Advisory Agreements and Partnership Agreements with the Managed Programs

We currently have advisory arrangements with CESH, pursuant to which we earn fees and are entitled to receive reimbursement for certain fund management expenses. Upon completion of the CPA:18 Merger on August 1, 2022 (Note 3), our advisory agreements with CPA:18 – Global were terminated, and we ceased earning revenue from CPA:18 – Global. We no longer raise capital for new or existing funds, but we currently expect to continue to manage CESH and earn various fees (as described below) through the end of its life cycle.

The following tables present a summary of revenue earned, reimbursable costs, and distributions of Available Cash received/accrued from the Managed Programs and WLT for the periods indicated, included in the consolidated financial statements (in thousands):


	Years Ended December 31,
	2022		2021		2020
Distributions of Available Cash (a)	$	8,746	$	7,345	$	7,225
Asset management revenue (b)	8,467		15,363		21,973
Reimbursable costs from affiliates (b)	2,518		4,035		8,855
Interest income on deferred acquisition fees and loans to affiliates (c)	112		120		369
Structuring and other advisory revenue (b)	—		—		494
	$	19,843	$	26,863	$	38,916


	Years Ended December 31,
	2022		2021		2020
CPA:18 – Global	$	17,854	$	22,867	$	22,200
CWI 1	—		—		5,662
CWI 2	—		—		4,668
CESH	1,989		3,713		4,723
WLT (reimbursed transition services)	—		283		1,663
	$	19,843	$	26,863	$	38,916

__________

(a)Included within Earnings (losses) from equity method investments in the consolidated statements of income.

(b)Amounts represent revenues from contracts under ASC 606.

(c)Included within Non-operating income in the consolidated statements of income.

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):


	December 31,
	2022		2021
Asset management fees receivable	$	386	$	494
Accounts receivable	329		336
Reimbursable costs	204		974
Current acquisition fees receivable	—		19
Deferred acquisition fees receivable, including accrued interest	—		3
	$	919	$	1,826

Performance Obligations and Significant Judgments

The fees earned pursuant to our advisory agreements are considered variable consideration. For the agreements that include multiple performance obligations, including asset management services, revenue is allocated to each performance obligation based on estimates of the price that we would charge for each promised service if it were sold on a standalone basis.

Judgment is applied in assessing whether there should be a constraint on the amount of fees recognized, such as amounts in excess of certain threshold limits with respect to the contract price or any potential clawback provisions included in certain of our arrangements. We exclude fees subject to such constraints to the extent it is probable that a significant reversal of those amounts will occur.

Asset Management Revenue

Under the advisory agreements with the Managed Programs, we earn asset management revenue for managing their investment portfolios. The following table presents a summary of our asset management fee arrangements with the Managed Programs:

Managed Program

Rate

Payable

Description

CPA:18 – Global

0.5% – 1.5%

In shares of its Class A common stock and/or cash, at the option of CPA:18 – Global; payable 50% in cash and 50% in shares of its Class A common stock for 2021 through February 28, 2022; payable in cash from March 1, 2022 to August 1, 2022 (the date of the completion of the CPA:18 Merger)

Rate depended on the type of investment and was based on the average market or average equity value, as applicable

CESH

1.0%

In cash

Based on gross assets at fair value

The performance obligation for asset management services is satisfied over time as services are rendered. The time-based output method is used to measure progress over time, as this is representative of the transfer of the services. We are compensated for our services on a monthly or quarterly basis. However, these services represent a series of distinct daily services under ASC 606, Revenue from Contracts with Customers. Accordingly, we satisfy the performance obligation and resolve the variability associated with our fees on a daily basis. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period.

In providing asset management services, we are reimbursed for certain costs. Direct reimbursement of these costs does not represent a separate performance obligation. Payment for asset management services is typically due on the first business day following the month of the delivery of the service.

Reimbursable Costs from Affiliates

CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred.

Distributions of Available Cash

We were entitled to receive distributions of up to 10% of the Available Cash (as defined in CPA:18 – Global’s partnership agreement) from the operating partnership of CPA:18 – Global, payable quarterly in arrears. After completion of the CPA:18 Merger on August 1, 2022 (Note 3), we no longer receive distributions of Available Cash from CPA:18 – Global.

Back-End Fees and Interests in the Managed Programs

Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include or may include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized. Pursuant to the terms of the definitive merger agreement, in connection with the closing of the CPA:18 Merger, we waived certain back-end fees that we would have been entitled to receive from CPA:18 – Global upon its liquidation pursuant to the terms of our advisory agreement and partnership agreement with CPA:18 – Global (Note 3).

Other Transactions with Former Affiliates

CWI 1 and CWI 2 Merger

On October 22, 2019, Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2”), two non-traded REITs that we advised, announced that they had entered into a definitive merger agreement under which the two companies intended to merge in an all-stock transaction, with CWI 2 as the surviving entity (the “CWI 1 and CWI 2 Merger”). The CWI 1 and CWI 2 Merger was approved by the stockholders of CWI 1 and CWI 2 on April 8, 2020 and closed on April 13, 2020. Subsequently, CWI 2 was renamed WLT. In connection with the CWI 1 and CWI 2 Merger, we entered into an internalization agreement and a transition services agreement. Immediately following the closing of the CWI 1 and CWI 2 Merger, (i) the advisory agreements with each of CWI 1 and CWI 2 and each of their respective operating partnerships terminated, (ii) the subadvisory agreements with the subadvisors for CWI 1 and CWI 2 were terminated, (iii) pursuant to the internalization agreement, two of our representatives were appointed to the board of directors of WLT (however both representatives resigned from the board of directors of WLT on April 29, 2020), and (iv) we provided certain transition services at cost to WLT, pursuant to a transition services agreement. On October 13, 2021, all services provided under the transition services agreement were terminated.

In accordance with the merger agreement, at the effective time of the CWI 1 and CWI 2 Merger, each issued and outstanding share of CWI 1’s common stock (or fraction thereof), was converted into the right to receive 0.9106 shares (the “exchange ratio”) of CWI 2 Class A common stock. As a result, we exchanged 6,074,046 shares of CWI 1 common stock for 5,531,025 shares of CWI 2 Class A common stock.

Pursuant to the internalization agreement, the operating partnerships of each of CWI 1 and CWI 2 redeemed the special general partner interests that we previously held, for which we received 1,300,000 shares of CWI 2 preferred stock with a liquidation preference of $50.00 per share and 2,840,549 shares in CWI 2 Class A common stock (which was a non-cash investing activity). In connection with this redemption, we recognized a non-cash net gain on sale of $33.0 million, which was included within Earnings (losses) from equity method investments in the consolidated statements of income for the year ended December 31, 2020. This net gain on sale was recorded based on:

•a fair value of $46.3 million for the 1,300,000 shares of CWI 2 preferred stock that we received (Note 9);

•a fair value of $11.6 million for the 2,840,549 shares in CWI 2 common stock that we received (Note 8);

•a gain recognized on the redemption of the noncontrolling interest in the special general partner interests previously held by the respective subadvisors for CWI 1 and CWI 2 of $9.9 million (which is included within Net income attributable to noncontrolling interests in our consolidated statements of income and Redemption of noncontrolling interest in our consolidated statements of equity);

•an allocation of $34.3 million of goodwill within our Investment Management segment in accordance with ASC 350, Intangibles—goodwill and other, since the WLT management internalization resulted in a sale of a portion of our Investment Management business (the allocation of goodwill was based on the relative fair value of the portion of the Investment Management business sold) (Note 7); and

•the carrying value of our previously held equity investments in the operating partnerships of CWI 1 and CWI 2 (Note 8), which totaled $0.5 million on the date of the merger.

In January 2022, WLT redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share, as described above) (Note 9).

Prior to the closing of the CWI 1 and CWI 2 Merger, we owned 3,836,669 shares of CWI 2 Class A common stock. Following the closing of the CWI 1 and CWI 2 Merger, execution of the internalization agreement, and CWI 2 being renamed WLT, we owned 12,208,243 shares of WLT common stock, which we accounted for as an equity method investment. We recorded our investment in shares of common stock of WLT on a one quarter lag. In January 2022, we reclassified our investment in shares of common stock of WLT from equity method investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of WLT, as described above (Note 8). As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair value. WLT completed its previously announced sale to private real estate funds in October 2022 and we received $82.6 million in cash proceeds. We recognized non-cash unrealized gains of $49.2 million on our investment in common shares of WLT during the year ended December 31, 2022, which was recorded within Other gains and (losses) in the consolidated financial statements. Upon completion of this transaction, we have no remaining interest in WLT.

Loans to Affiliates

From time to time, our board of directors (our “Board”) has approved the making of secured and unsecured loans or lines of credit from us to certain of the Managed Programs, at our sole discretion, generally for the purpose of facilitating acquisitions or for working capital purposes. No amounts were outstanding on our line of credit to CPA:18 – Global as of December 31, 2021. In July 2022, CPA:18 – Global repaid the $16.0 million principal outstanding balance in full. The loan agreement with CPA:18 – Global was terminated upon completion of the CPA:18 Merger on August 1, 2022. No such line of credit with CESH existed during the reporting period.

Other

At December 31, 2022, we owned interests in ten jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate six such investments and account for the remaining four investments under the equity method of accounting (Note 8). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 8).

Land, Buildings and Improvements and Assets Held for Sale

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Land, Buildings and Improvements and Assets Held for Sale

Land, Buildings and Improvements, and Assets Held for Sale

Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):


	December 31,
	2022		2021
Land	$	2,400,002	$	2,151,327
Buildings and improvements	10,916,630		9,525,858
Real estate under construction	22,225		114,549
Less: Accumulated depreciation	(1,672,091)		(1,448,020)
	$	11,666,766	$	10,343,714

As discussed in Note 3, we acquired 39 consolidated properties subject to existing operating leases in the CPA:18 Merger, which increased the carrying value of our Land, buildings and improvements — net lease and other by $881.6 million during the year ended December 31, 2022.

During 2022, the U.S. dollar strengthened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro decreased by 5.8% to $1.0666 from $1.1326. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other decreased by $250.5 million from December 31, 2021 to December 31, 2022.

In connection with changes in lease classifications due to terminations or extensions of the underlying leases, we reclassified seven properties with an aggregate carrying value of $67.0 million from Net investments in direct financing leases and loans receivable to Land, buildings and improvements — net lease and other during 2022 (Note 6).

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $299.4 million, $286.4 million, and $258.9 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Acquisitions of Real Estate During 2022

During 2022, we entered into the following investments, which were deemed to be real estate asset acquisitions, and which excludes properties acquired in the CPA:18 Merger (dollars in thousands):


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs (a)
Pleasant Prairie, Wisconsin	1	1/10/2022	Industrial	$	20,024
Various, Spain (a)	26	2/3/2022	Funeral Home	146,364
Various, Denmark (a) (b)	8	2/11/2022	Retail	33,976
Laval, Canada (a)	1	2/18/2022	Industrial	21,459
Chattanooga, Tennessee (c)	1	3/4/2022	Warehouse	43,198
Various, United States (4 properties), Canada (1 property), and Mexico (1 property)	6	4/27/2022; 5/9/2022	Industrial	80,595
Various, United States	6	5/16/2022	Industrial; Warehouse	110,381
Various, Denmark (a) (b)	10	6/1/2022; 6/30/2022	Retail	42,635
Medina, Ohio	1	6/17/2022	Industrial	28,913
Bree, Belgium (a)	1	6/30/2022	Warehouse	96,697
Various, Spain (a)	5	7/21/2022	Retail	19,894
Various, United States	18	7/26/2022	Industrial; Warehouse	262,061
Various, Denmark (a) (b)	8	8/1/2022; 9/28/2022	Retail	29,644
Westlake, Ohio	1	8/3/2022	Warehouse	29,517
Hebron and Strongsville, Ohio; and Scarborough, Canada	3	8/10/2022	Industrial; Warehouse	20,111
Clifton Park, New York and West Des Moines, Iowa	2	8/12/2022	Specialty	23,317
Orzinuovi, Italy (a)	1	8/26/2022	Industrial	14,033
West Chester, Pennsylvania	1	10/1/2022	Outdoor Advertising	1,863
Various, Denmark (a) (b)	4	11/30/2022	Retail	15,553
Various, United States	19	12/21/2022	Industrial	63,006
Romulus, Michigan	1	12/30/2022	Warehouse	36,569
Salisbury, North Carolina (d)	1	12/30/2022	Industrial	16,412
	125			$	1,156,222

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

(b)We also entered into a purchase agreement to acquire one additional retail facility leased to this tenant for $3.4 million (based on the exchange rate of the Danish krone at December 31, 2022), which is expected to be completed in 2023.

(c)We also committed to fund an additional $26.6 million for an expansion at the facility, which is expected to be completed in the third quarter of 2023.

(d)We also committed to fund an additional $13.8 million for an expansion at this facility, which is expected to be completed in the fourth quarter of 2023.

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):


	Total Capitalized Costs
Land	$	145,078
Buildings and improvements	852,991
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 20.6 years)	152,889
Below-market rent (weighted-average expected life of 10.9 years)	(7,023)
ROU assets:
Prepaid rent (a)	12,287
	$	1,156,222

__________

(a)Represents prepaid rent for a land lease. Therefore, there is no future obligation on the land lease asset and no corresponding operating lease liability. This asset is included in In-place lease intangible assets and other in the consolidated balance sheets.

Acquisitions of Real Estate During 2021 — We entered into 28 investments, which were deemed to be real estate asset acquisitions, at a total cost of $1.3 billion, including land of $191.0 million, buildings of $946.9 million, net lease intangibles of $188.9 million, land lease ROU assets of $6.0 million, above-market ground lease intangibles, net, of $4.2 million (included within ROU assets), prepaid rent liabilities of $15.4 million, and operating lease liabilities of $6.0 million.

Acquisitions of Real Estate During 2020 — We entered into 14 investments, which were deemed to be real estate asset acquisitions, at a total cost of $661.4 million, including land of $105.4 million, buildings of $449.4 million, and net lease intangibles of $106.6 million.

Real Estate Under Construction

During 2022, we capitalized real estate under construction totaling $141.2 million (including $78.3 million related to a student housing development project acquired in the CPA:18 Merger, as discussed below under Land, Buildings and Improvements — Operating Properties). The number of construction projects in progress with balances included in real estate under construction was eight and six as of December 31, 2022 and 2021, respectively. Aggregate unfunded commitments totaled approximately $61.1 million and $55.3 million as of December 31, 2022 and 2021, respectively.

During 2022, we completed the following construction projects (dollars in thousands):

Property Location(s)

Primary Transaction Type

Number of Properties

Date of Completion

Property Type

Total Capitalized Costs (a)

Hurricane, Utah

Expansion

3/8/2022

Warehouse

20,517

Breda, Netherlands (a)

Expansion

3/18/2022

Warehouse

4,721

Bowling Green, Kentucky

Renovation

4/26/2022

Warehouse

72,971

Wageningen, Netherlands (a)

Build-to-Suit

7/7/2022

Research and Development

26,054

Radomsko, Poland (a)

Expansion

8/1/2022

Industrial

23,042

Flemington, New Jersey

Build-to-Suit

10/1/2022

Outdoor Advertising

832

148,137

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

During 2021, we completed four construction projects, at a total cost of $88.2 million.

During 2020, we completed five construction projects, at a total cost of $171.2 million.

In addition to the expansion commitments discussed under Acquisitions of Real Estate During 2022 above, during 2022, we committed to fund six build-to-suit or redevelopment projects, for an aggregate amount of $20.3 million. We currently expect to complete the projects in 2023.

Capitalized interest incurred during construction was $1.3 million, $2.5 million, and $2.9 million for the years ended December 31, 2022, 2021, and 2020 respectively, which reduces Interest expense in the consolidated statements of income.

Dispositions of Properties

During 2022, we sold 20 properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $118.1 million from December 31, 2021 to December 31, 2022 (Note 16).

Other Lease-Related Income

2022 — For the year ended December 31, 2022, Other lease-related income on our consolidated statements of income included: (i) lease termination income totaling $12.4 million received from two tenants; (ii) other lease-related settlements totaling $17.6 million; and (iii) income from a parking garage attached to one of our net-leased properties totaling $1.6 million.

2021 — For the year ended December 31, 2021, Other lease-related income on our consolidated statements of income included: (i) lease termination income of $41.0 million received from a tenant; (ii) other lease-related settlements totaling $9.8 million; and (iii) income from a parking garage attached to one of our net-leased properties totaling $1.9 million.

2020 — For the year ended December 31, 2020, Other lease-related income on our consolidated statements of income included: (i) lease-related settlements totaling $7.9 million and (ii) income from a parking garage attached to one of our net-leased properties totaling $2.3 million.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Lease income — fixed	$	1,160,942	$	1,066,250	$	981,430
Lease income — variable (a)	140,675		111,188		99,193
Total operating lease income	$	1,301,617	$	1,177,438	$	1,080,623

__________

(a)Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Scheduled Future Lease Payments to be Received

Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2022 are as follows (in thousands):


Years Ending December 31,	Total
2023	$	1,285,481
2024	1,233,058
2025	1,179,250
2026	1,127,974
2027	1,064,061
Thereafter	9,481,009
Total	$	15,370,833

See Note 6 for scheduled future lease payments to be received under non-cancelable direct financing leases.

Lease Cost

Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Fixed lease cost	$	15,087	$	16,426	$	17,616
Variable lease cost	1,086		1,149		1,089
Total lease cost	$	16,173	$	17,575	$	18,705

During the years ended December 31, 2022, 2021, and 2020, we received sublease income totaling approximately $4.6 million, $5.1 million, and $5.5 million, respectively, which is included in Lease revenues in the consolidated statements of income.

Other Information

Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):


		December 31,
	Location on Consolidated Balance Sheets	2022			2021
Operating ROU assets — land leases	In-place lease intangible assets and other	$	123,834		$	106,095
Finance ROU assets — land leases	In-place lease intangible assets and other	12,598			—
Operating ROU assets — office leases	Other assets, net	56,674			59,902
Total operating ROU assets		$	193,106		$	165,997

Operating lease liabilities	Accounts payable, accrued expenses and other liabilities	$	146,302		$	146,437

Weighted-average remaining lease term — operating leases		25.8 years			26.1 years
Weighted-average discount rate — operating leases		6.8		%	6.8		%
Number of land lease arrangements — operating leases		72			66
Number of land lease arrangements — finance leases		1			—
Number of office space arrangements		4			4
Lease term range (excluding extension options not reasonably certain of being exercised)		<1 – 99 years			<1 – 100 years

Cash paid for operating lease liabilities included in Net cash provided by operating activities totaled $15.8 million, $13.9 million, and $15.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.

We assumed seven land lease arrangements in the CPA:18 Merger, for which we are the lessee. As a result, we capitalized (i) ROU assets totaling $24.5 million (comprised of below-market ground lease intangibles totaling $17.9 million and land lease ROU assets totaling $6.6 million), which are included within In-place lease intangible assets and other on our consolidated balance sheets, and (ii) operating lease liabilities totaling $6.6 million, which are included within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets.

During the year ended December 31, 2022, we entered into a land lease agreement for 99 years, which we account for as a finance lease. Upon entering into the lease, we prepaid the full ground rent of $12.3 million, which is included in Net cash used in investing activities on the consolidated statements of cash flows. During the year ended December 31, 2022, we recognized $0.1 million of rent expense for this finance lease, which is included in Depreciation and amortization on our consolidated statements of income.

Undiscounted Cash Flows

A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2022 is as follows (in thousands):


Years Ending December 31,	Total
2023	$	14,486
2024	13,856
2025	13,851
2026	13,721
2027	13,911
Thereafter	269,848
Total lease payments	339,673
Less: amount of lease payments representing interest	(193,371)
Present value of future lease payments/lease obligations	$	146,302

Land, Buildings and Improvements — Operating Properties

At December 31, 2022, Land, buildings and improvements — operating properties consisted of our investments in 75 consolidated self-storage properties, two consolidated student housing properties, and one consolidated hotel. We acquired 65 self-storage properties, one student housing property, and one student housing development project with an aggregate fair value of $1.0 billion in the CPA:18 Merger (including $78.3 million within real estate under construction) (Note 3). In September 2022, we partially placed into service the student housing development project for total capitalized costs of $66.8 million. At December 31, 2021, Land, buildings and improvements — operating properties consisted of our investments in ten consolidated self-storage properties and one consolidated hotel. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):


	December 31,
	2022		2021
Land	$	122,317	$	10,452
Buildings and improvements	955,009		73,221
Real estate under construction	18,566		—
Less: Accumulated depreciation	(28,295)		(16,750)
	$	1,067,597	$	66,923

Depreciation expense on our buildings and improvements attributable to operating properties was $11.6 million, $2.7 million, and $2.8 million for the years ended December 31, 2022, 2021, and 2020, respectively.

For the year ended December 31, 2022, Land, buildings and improvements — operating properties revenues totaling $59.2 million were comprised of $54.4 million in lease revenues and $4.8 million in other income (such as food and beverage

revenue) from 75 consolidated self-storage properties, two student housing properties, and one consolidated hotel. For the year ended December 31, 2021, Land, buildings and improvements — operating properties revenues totaling $13.5 million were comprised of $11.2 million in lease revenues and $2.3 million in other income from ten consolidated self-storage properties and one consolidated hotel. For the year ended December 31, 2020, Land, buildings and improvements — operating properties revenues totaling $11.4 million were comprised of $9.5 million in lease revenues and $1.9 million in other income from ten consolidated self-storage properties and one consolidated hotel. We derive self-storage revenue primarily from rents received from customers who rent storage space under month-to-month leases for personal or business use. We earn student housing operating revenue primarily from leases of one year or less with individual students. We derive hotel revenue primarily from room rentals, as well as food, beverage, and other services.

Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):


	December 31,
	2022		2021
Land, buildings and improvements — net lease and other	$	47,134	$	10,628
In-place lease intangible assets and other	10,854		—
Above-market rent intangible assets	3,210		—
Accumulated depreciation and amortization	(3,254)		(2,359)
Assets held for sale, net	$	57,944	$	8,269

At December 31, 2022, we had three properties classified as Assets held for sale, net, with an aggregate carrying value of $57.9 million. We sold one of these properties in January 2023 for gross proceeds of $11.2 million (Note 18). We acquired two properties classified as Assets held for sale, net, with a fair value of $85.0 million in the CPA:18 Merger (Note 3), one of which was sold in August 2022 (Note 16). At December 31, 2021, we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $8.3 million. These properties were sold in the first quarter of 2022.

Finance Receivables

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Finance Receivables

Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in direct financing leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables. See Note 2 and Note 5 for information on ROU operating lease assets recognized in our consolidated balance sheets.

Finance Receivables

Net investments in direct financing leases and loans receivable are summarized as follows (in thousands):


	Maturity Date	December 31,
		2022		2021
Net investments in direct financing leases (a)	2023 – 2036	$	498,313	$	572,205
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	234,198		217,229
Secured loans receivable (a)	2023 – 2024	39,250		24,143
		$	771,761	$	813,577

__________

(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(b)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates.

(c)Amounts are net of allowance for credit losses of $2.1 million and $12.6 million as of December 31, 2022 and 2021, respectively.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):


	December 31,
	2022		2021
Lease payments receivable	$	332,618	$	414,002
Unguaranteed residual value	470,839		545,896
	803,457		959,898
Less: unearned income	(296,411)		(370,353)
Less: allowance for credit losses (a)	(8,733)		(17,340)
	$	498,313	$	572,205

__________

(a)During the years ended December 31, 2022 and 2021, we recorded a net release of allowance for credit losses of $3.9 million and a net allowance for credit losses of $0.3 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions and improved credit quality for certain tenants, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the year ended December 31, 2022, we reduced the allowance for credit losses balance by $4.7 million, in connection with the reclassifications of properties from Net investments in direct financing leases and loans receivable to Real estate, as described below.

2022 — Income from direct financing leases, which is included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $53.0 million for the year ended December 31, 2022.

As discussed in Note 3, we acquired one consolidated property subject to a direct financing lease in the CPA:18 Merger, which increased the carrying value of our Net investments in direct financing leases and loans receivable by $10.5 million during the year ended December 31, 2022. During the year ended December 31, 2022, we reclassified seven properties with a carrying value of $67.0 million from Net investments in direct financing leases and loans receivable to Real estate in connection with changes in lease classifications due to terminations or extensions of the underlying leases (Note 5). During the year ended December 31, 2022, the U.S. dollar strengthened against the euro, resulting in a $23.5 million decrease in the carrying value of Net investments in direct financing leases and loans receivable from December 31, 2021 to December 31, 2022.

2021 — Income from direct financing leases, which is included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $63.2 million for the year ended December 31, 2021.

2020 — Income from direct financing leases, which was included in Income from direct financing leases and loans receivable in the consolidated financial statements, was $73.9 million for the year ended December 31, 2020.

Scheduled Future Lease Payments to be Received

Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable direct financing leases at December 31, 2022 are as follows (in thousands):


Years Ending December 31,	Total
2023	50,273
2024	48,146
2025	43,897
2026	42,578
2027	41,370
Thereafter	106,354
Total	$	332,618

See Note 5 for scheduled future lease payments to be received under non-cancelable operating leases.

Loans Receivable

During the year ended December 31, 2022, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Investment
Various, Belgium (a)	5	6/22/2022	Retail	$	19,795
	5			$	19,795

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

During the year ended December 31, 2021, we entered into three sale-leasebacks, which were deemed to be loans receivable, at a total cost of $217.0 million.

As discussed in Note 3, we acquired one secured loan receivable in the CPA:18 Merger for $28.0 million, which pays interest at 10% per annum with a maturity date of July 2024.

In September 2022, one of our secured loans receivable was repaid to us for $34.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $10.5 million since the loan principal was fully repaid. In addition, in the first quarter of 2021, we entered into an agreement with the borrowers for certain of our secured loans receivable, who agreed to pay us at maturity a total of $3.7 million of unpaid interest due over the previous year. In connection with the repayment of the secured loan receivable in September 2022, we collected $2.3 million of this interest, which was included in Income from direct financing leases and loans receivable on the consolidated statements of income for the year ended December 31, 2022. The remaining $1.4 million of unpaid interest is related to a secured loan receivable that we still own, and has not been recognized in the consolidated financial statements due to uncertainty of collectibility.

Earnings from our loans receivable are included in Income from direct financing leases and loans receivable in the consolidated financial statements, and totaled $21.2 million, $4.3 million, and $1.0 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Credit Quality of Finance Receivables

We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both December 31, 2022 and 2021, other than uncollected income from our secured loans receivable (as noted above), no material balances of our finance receivables were past due. Other than the lease terminations and extensions noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the year ended December 31, 2022.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):


	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2022	2021	2022		2021
1 – 3	19	17	$	664,761	$	703,280
4	8	9	117,833		140,230
5	—	—	—		—
			$	782,594	$	843,510

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Goodwill and Other Intangibles

We have recorded lease, internal-use software development, and trade name intangibles that are being amortized over periods ranging from one year to 48 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development and trade name intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent and below-market purchase option intangibles are included in Below-market rent and other intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the year ended December 31, 2022 are described in Note 5. In connection with the CPA:18 Merger (Note 3), we recorded net lease intangibles comprised as follows (life in years, dollars in thousands):


	Weighted-Average Life	Amount
Finite-Lived Intangible Assets
In-place lease	7.4	$	199,913
Above-market rent	11.9	61,090
		$	261,003

Finite-Lived Intangible Liabilities
Below-market rent	8.5	$	(16,836)

In connection with certain business combinations, including the CPA:18 Merger (Note 3), we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed (Note 2). The goodwill was attributed to our Real Estate reporting unit as it relates to the real estate assets we acquired in such business combinations. The following table presents a reconciliation of our goodwill (in thousands):


	Real Estate		Investment Management		Total
Balance at January 1, 2020	$	871,081	$	63,607	$	934,688
Foreign currency translation adjustments	10,403		—		10,403
Allocation of goodwill based on portion of Investment Management business sold (Note 4)	—		(34,273)		(34,273)
Balance at December 31, 2020	881,484		29,334		910,818
Foreign currency translation adjustments	(9,289)		—		(9,289)
Balance at December 31, 2021	872,195		29,334		901,529
Acquisition of CPA:18 – Global (Note 3)	172,346		—		172,346
Foreign currency translation adjustments	(7,129)		—		(7,129)
Impairment charges (Note 9)	—		(29,334)		(29,334)
Balance at December 31, 2022	$	1,037,412	$	—	$	1,037,412

Current accounting guidance requires that we test for the recoverability of goodwill at the reporting unit level. The test for recoverability must be conducted at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. In connection with the completion of the CPA:18 Merger in August 2022 (Note 3), we performed a test for impairment during the third quarter of 2022 for goodwill recorded in both segments and recognized an impairment charge of $29.3 million on goodwill within our Investment Management segment (Note 9). We also performed our annual test for impairment in October 2022 for goodwill recorded in our Real Estate segment and found no impairment indicated.

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):


	December 31,
	2022						2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	19,812	$	(19,144)	$	668	$	19,553	$	(18,682)	$	871
Trade name	—		—		—		3,975		(3,581)		394
	19,812		(19,144)		668		23,528		(22,263)		1,265
Lease Intangibles:
In-place lease	2,523,318		(1,061,235)		1,462,083		2,279,905		(934,663)		1,345,242
Above-market rent	833,751		(507,436)		326,315		843,410		(489,861)		353,549
	3,357,069		(1,568,671)		1,788,398		3,123,315		(1,424,524)		1,698,791
Goodwill
Goodwill	1,037,412		—		1,037,412		901,529		—		901,529
Total intangible assets	$	4,414,293	$	(1,587,815)	$	2,826,478	$	4,048,372	$	(1,446,787)	$	2,601,585

Finite-Lived Intangible Liabilities
Below-market rent	$	(293,160)	$	125,287	$	(167,873)	$	(272,483)	$	105,908	$	(166,575)
Indefinite-Lived Intangible Liabilities
Below-market purchase option	(16,711)		—		(16,711)		(16,711)		—		(16,711)
Total intangible liabilities	$	(309,871)	$	125,287	$	(184,584)	$	(289,194)	$	105,908	$	(183,286)

During 2022, the U.S. dollar strengthened against the euro, resulting in an decrease of $42.3 million in the carrying value of our net intangible assets from December 31, 2021 to December 31, 2022. Net amortization of intangibles, including the effect of foreign currency translation, was $229.2 million, $236.6 million, and $226.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development, trade name, and in-place lease intangibles is included in Depreciation and amortization.

Based on the intangible assets and liabilities recorded at December 31, 2022, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):


Years Ending December 31,	Net Decrease in Lease Revenues		Increase to Amortization		Total
2023	$	34,878	$	213,525	$	248,403
2024	30,783		158,641		189,424
2025	27,047		144,395		171,442
2026	21,196		128,578		149,774
2027	17,100		115,105		132,205
Thereafter	27,438		702,507		729,945
Total	$	158,442	$	1,462,751	$	1,621,193

Equity Method Investments

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

We own interests in the Managed Programs and certain unconsolidated real estate investments with third parties. We account for our interests in these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences) or at fair value by electing the equity method fair value option available under GAAP.

We classify distributions received from equity method investments using the cumulative earnings approach. In general, distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities.

Managed Programs

We own interests in the Managed Programs and account for these interests under the equity method because, as their advisor, we do not exert control over, but we do have the ability to exercise significant influence over, the Managed Programs. Operating results of the Managed Programs are included in the Investment Management segment.

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):


	% of Outstanding Shares Owned at				Carrying Amount of Investment at
	December 31,				December 31,
Fund	2022		2021		2022		2021
CPA:18 – Global (a)	100.000	%	5.578	%	$	—	$	60,836
CPA:18 – Global operating partnership	100.000	%	0.034	%	—		209
CESH (b)	2.430	%	2.430	%	2,225		3,689
					$	2,225	$	64,734

__________

(a)On August 1, 2022, we acquired all of the remaining interests in CPA:18 – Global and the CPA:18 – Global operating partnership in the CPA:18 Merger (Note 3).

(b)Investment is accounted for at fair value.

CPA:18 – Global — We received distributions from this investment during the years ended December 31, 2022, 2021, and 2020 of $1.6 million, $3.5 million, and $2.6 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the years ended December 31, 2022, 2021, and 2020 of $8.7 million, $7.3 million, and $7.2 million, respectively (Note 4).

CESH — We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP. We record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of December 31, 2022 is based on the estimated fair value of our investment as of September 30, 2022. We received distributions from this investment during the years ended December 31, 2022 and 2021 of $1.2 million and $1.3 million, respectively. We did not receive distributions from this investment during the year ended December 31, 2020.

At December 31, 2021, the aggregate unamortized basis differences on our equity method investments in the Managed Programs were $23.3 million. During the third quarter of 2022, we recognized a gain on change in control of interests of approximately $22.5 million, which was the difference between the carrying value and the fair value of our previously held equity interest in shares of CPA:18 – Global’s common stock (Note 3). Following the close of the CPA:18 Merger, there are no such unamortized basis differences on our equity method investments in the Managed Programs.

Interests in Other Unconsolidated Real Estate Investments and WLT

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with affiliates or third parties. We account for these investments under the equity method of accounting. In addition, we owned shares of WLT common stock, which we accounted for under the equity method of accounting as of December 31, 2021, but was reclassified to equity securities at fair value within Other assets, net on our consolidated balance sheets in January 2022, as described in Note 9. Operating results of our unconsolidated real estate investments are included in the Real Estate segment.

The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):


		Ownership Interest at	Carrying Value at December 31,
Lessee/Fund/Description	Co-owner	December 31, 2022	2022		2021
Existing Equity Method Investments
Las Vegas Retail Complex (a)	Third Party	N/A	$	196,352	$	104,114
Johnson Self Storage	Third Party	90%	65,707		67,573
Kesko Senukai (b)	Third Party	70%	38,569		41,955
Harmon Retail Corner (c)	Third Party	15%	24,649		24,435
WLT (d)	WLT	N/A	—		33,392

Equity Method Investments Consolidated After the CPA:18 Merger (e)
State Farm Mutual Automobile Insurance Co.	CPA:18 – Global	100%	—		7,129
Apply Sørco AS (f)	CPA:18 – Global	N/A	—		5,909
Bank Pekao (b) (g)	CPA:18 – Global	100%	—		4,460
Fortenova Grupa d.d. (b)	CPA:18 – Global	100%	—		2,936
			$	325,277	$	291,903

__________

(a)See “Las Vegas Retail Complex” below for discussion of this equity method investment in real estate.

(b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(c)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.

(d)At December 31, 2021, we owned 12,208,243 shares of common stock of WLT, which we accounted for as an equity method investment in real estate, but was reclassified to equity securities at fair value within Other assets, net on our consolidated balance sheets in January 2022 (Note 9). WLT completed its previously announced sale to private real estate funds in October 2022 (Note 9).

(e)We acquired the remaining interests in these investments from CPA:18 – Global in the CPA:18 Merger, subsequent to which we consolidated these wholly owned investments (Note 3).

(f)The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone. We sold this investment in December 2022, which was consolidated and wholly owned at the time of disposition.

(g)We recognized our $4.6 million proportionate share of an impairment charge recorded on this investment during the year ended December 31, 2022, which was reflected within Earnings (losses) from equity method investments in our consolidated statements of income. The estimated fair value of the investment is based on the estimated selling price of the international office facility owned by the investment, and the fair value of the non-recourse mortgage encumbering the property also approximates the fair value of the property.

We received aggregate distributions of $27.8 million, $18.6 million, and $17.8 million from our other unconsolidated real estate investments for the years ended December 31, 2022, 2021, and 2020, respectively. At December 31, 2022 and 2021, the aggregate unamortized basis differences on our unconsolidated real estate investments were $19.1 million and $7.9 million, respectively. During the third quarter of 2022, we recorded a gain on change in control of interests of approximately $11.4 million, which was the difference between our carrying values and the fair values of our previously held equity method investments in real estate consolidated after the CPA:18 Merger (Note 3).

Las Vegas Retail Complex

On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million for a retail complex in Las Vegas, Nevada, at an interest rate of 6.0% and term of 36 months. Through December 31, 2022, we funded $193.2 million, with the remaining amount expected to be funded in 2023. We hold a purchase option for two net-leased units at the complex upon its completion, as well as an equity purchase option to acquire a 47.5% equity interest in the partnership that owns the borrower. As of the agreement date, we did not deem the exercise of the purchase options to be reasonably certain.

In accordance with ASC 810, Consolidation, we determined that this loan will not be consolidated, but due to the characteristics of the arrangement (including our participation in expected residual profits), the risks and rewards of the agreement are similar to those associated with an investment in real estate rather than a loan. Therefore, the loan will be treated as an implied investment in real estate (i.e., an equity method investment in real estate) for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables. Equity income from this investment was $10.1 million and $3.0 million for the years ended December 31, 2022 and 2021, respectively, which was recognized within Earnings (losses) from equity method investments in our consolidated statements of income.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants (Note 10).

The valuation of our derivative instruments (excluding stock warrants) is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.

The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets are not traded in an active market.

Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP (Note 8). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.

Investment in Shares of Lineage Logistics — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in shares of Lineage Logistics (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 3 because it is not traded in an active market. During the years ended December 31, 2022, 2021, and 2020, we recognized non-cash unrealized gains on our investment in shares of Lineage Logistics totaling $38.6 million, $76.3 million, and $48.3 million, respectively, due to secondary market transactions at a higher price per share, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the years ended December 31, 2022 and 2021, we received cash dividends of $4.3 million and $6.4 million, respectively, from our investment in shares of Lineage Logistics, which was recorded within Non-operating income in the consolidated financial statements. See Note 15 for further discussion of the impact of Lineage Logistics’s conversion to a REIT during the first quarter of 2020. In addition, in October 2020, we purchased additional shares of Lineage Logistics for $95.5 million. The fair value of this investment was $404.9 million and $366.3 million at December 31, 2022 and 2021, respectively.

Investment in Shares of GCIF — We account for our investment in shares of GCIF, which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the year ended December 31, 2022, we received liquidating distributions from our investment in shares of GCIF totaling $2.6 million, which reduced the cost basis of our investment (in March 2021, GCIF announced its intention to liquidate and to distribute substantially all of its assets). The fair value of our investment in shares of GCIF was $1.7 million and $4.3 million at December 31, 2022 and 2021, respectively.

Investment in Preferred Shares of WLT — In January 2022, WLT redeemed in full our 1,300,000 shares of its preferred stock for gross proceeds of $65.0 million (based on the liquidation preference of $50.00 per share). Since this redemption was based on market conditions that existed as of December 31, 2021, during the year ended December 31, 2021, we recognized an unrealized gain on our investment in preferred shares of WLT of $18.7 million, which was recognized within Other comprehensive (loss) income in the consolidated financial statements. In January 2022, in connection with this redemption, we reclassified this $18.7 million unrealized gain from Accumulated other comprehensive loss to Other gains and (losses) in the consolidated financial statements (Note 13). During the years ended December 31, 2022 and 2021, we received cash dividends of $0.9 million and $4.9 million, respectively, from our investment in preferred shares of WLT, which was recorded within Non-operating income in the consolidated financial statements. The fair value of our investment in preferred shares of WLT approximated its carrying value, which was $65.0 million as of December 31, 2021.

Investment in Common Shares of WLT — In January 2022, we reclassified our investment in 12,208,243 shares of common stock of WLT from equity method investments to equity securities, since we no longer had significant influence over WLT, following the redemption of our investment in preferred shares of WLT, as described above. As a result, we accounted for this investment, which was included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 3 because it is not traded in an active market. The carrying value of this investment was $33.4 million as of December 31, 2021, which was included within Equity method investments in the consolidated financial statements. WLT completed its previously announced sale to private real estate funds in October 2022 and we received $82.6 million in cash proceeds. As a result, we recognized non-cash unrealized gains of $49.2 million on our investment in common shares of WLT during the year ended December 31, 2022, which was recorded within Other gains and (losses) in the consolidated financial statements. Upon completion of this transaction, we have no remaining interest in WLT.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the years ended December 31, 2022 or 2021. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):


		December 31, 2022				December 31, 2021
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2 and 3	$	5,916,400	$	5,238,588	$	5,701,913	$	5,984,228
Non-recourse mortgages, net (a) (b) (d)	3	1,132,417		1,109,449		368,524		369,841

__________

(a)The carrying value of Senior Unsecured Notes, net (Note 11) includes unamortized deferred financing costs of $25.9 million and $28.7 million at December 31, 2022 and 2021, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of less than $0.1 million at both December 31, 2022 and 2021.

(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $24.1 million and $29.2 million at December 31, 2022 and 2021, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $10.3 million and $0.8 million at December 31, 2022 and 2021, respectively.

(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 11)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.

(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility (Note 11), but excluding finance receivables (Note 6), had fair values that approximated their carrying values at both December 31, 2022 and 2021.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. Our impairment policies are described in Note 2.

The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):


	Years Ended December 31,
	2022				2021				2020
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate and intangibles	$	32,497	$	39,119	$	29,494	$	24,246	$	31,350	$	35,830
Investment Management goodwill	—		29,334		—		—		—		—
Equity method investments	—		—		8,175		6,830		55,245		55,387
			$	68,453			$	31,076			$	91,217

Impairment charges, and their related triggering events and fair value measurements, recognized during 2022, 2021, and 2020 were as follows:

Real Estate and Intangibles

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2022 — During the year ended December 31, 2022, we recognized impairment charges totaling $39.1 million on 11 properties in order to reduce their carrying values to their estimated fair values, as follows:

•$12.4 million on three properties based on their estimated selling prices; we sold one of these properties in August 2022;

•$10.9 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2023. The fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (14.0%) and terminal capitalization rate (11.0%);

•$9.3 million on six Pendragon PLC properties in order to reduce the carrying values of the properties to their estimated fair values. The fair value measurements for the properties were determined using a direct capitalization rate analysis; the capitalization rate for the various scenarios ranged from 4.75% to 10.00%. In March 2022, we entered into a transaction to restructure certain leases with Pendragon PLC (a tenant at certain automotive dealerships in the United Kingdom). Under this restructuring, we extended the leases on 30 properties by 11 years (no change to rent) and entered into an agreement to dispose of 12 properties, with the tenant continuing to pay rent until the earlier of sale date or certain specified dates over the following 12 months; and

•$6.5 million on a property due to a potential property vacancy.

2021 — During the year ended December 31, 2021, we recognized impairment charges totaling $24.2 million on two properties in order to reduce the carrying values of the properties to their estimated fair values, as follows:

•$16.3 million on a property due to the former tenant’s non-renewal of its lease expiring in 2022; the fair value measurement was determined by estimating discounted cash flows using four significant unobservable inputs, which were the cash flow discount rate (range of 7.00% to 9.00%), terminal capitalization rate (range of 6.00% to 7.00%), estimated market rents (range of $10 to $11 per square foot), and estimated capital expenditures ($100 per square foot); we sold this property in September 2022; and

•$7.9 million on a property due to a lease termination and resulting vacancy; the fair value measurement for the property was based on the sales prices for comparable properties.

2020 — During the year ended December 31, 2020, we recognized impairment charges totaling $35.8 million on six properties in order to reduce the carrying values of the properties to their estimated fair values, as follows:

•$16.0 million on two properties leased to the same tenant, due to potential property vacancies; the fair value measurements for the properties were determined using a direct capitalization rate analysis based on the probability of vacancy versus the tenant continuing in the lease; the capitalization rate for the various scenarios ranged from 6% to 11%;

•$12.6 million on an international property due to a tenant bankruptcy; the fair value measurement for the property was determined by using a probability-weighted approach of lease restructure and vacancy scenarios;

•$3.4 million on an international property based on its estimated selling price; we sold this property in September 2020;

•$2.8 million on an international property due to a lease expiration and resulting vacancy; the fair value measurement for the property approximated its estimated selling price; we sold this property in May 2022; and

•$1.0 million on a property based on its estimated selling price; we sold this property in September 2021.

Investment Management Goodwill

The impairment charges described below are reflected within Impairment charges — Investment Management goodwill in our consolidated statements of income.

2022 — During the year ended December 31, 2022, we recognized an impairment charge of $29.3 million on goodwill within our Investment Management segment in order to reduce its carrying value to its estimated fair value of $0, since future Investment Management cash flows are expected to be minimal following the CPA:18 Merger (Note 3).

Equity Method Investments

The other-than-temporary impairment charges described below are reflected within Earnings (losses) from equity method investments in our consolidated statements of income.

2021 — During the year ended December 31, 2021, we recognized an other-than-temporary impairment charge of $6.8 million on a jointly owned real estate investment to reduce the carrying value of our investment to its estimated fair value, which declined due to changes in expected cash flows related to the existing tenant’s lease expiration in 2028. The fair value measurement was determined by estimating discounted cash flows using three significant unobservable inputs, which were the cash flow discount rate (5.75%), residual discount rate (7.50%), and residual capitalization rate (6.75%).

2020 — During the year ended December 31, 2020, we recognized other-than-temporary impairment charges of $27.8 million and $19.3 million on our equity method investments in CWI 1 and CWI 2, respectively, to reduce the carrying values of our investments to their estimated fair values, due to the COVID-19 pandemic, which had an adverse effect on the operations of CWI 1 and CWI 2. The fair value measurements were estimated based on implied asset value changes and changes in market capitalizations for publicly traded lodging REITs, all of which was obtained from third-party market data.

During the year ended December 31, 2020, we recognized an other-than-temporary impairment charge of $8.3 million on a jointly owned real estate investment to reduce the carrying value of our investment to its estimated fair value, which declined due to an uncertain probability of lease renewal with the tenant at the international office facility owned by the investment (lease expiration is in May 2023). The fair value measurement was determined by relying on an estimate of the fair market value of the property and the related mortgage loan, both provided by a third party.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Use of Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Risk Management and Use of Derivative Financial Instruments

Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility (Note 11) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, other securities, and the limited partnership units we hold in CESH, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. In addition to entering into derivative instruments on our own behalf, we may also be a party to derivative instruments that are embedded in other contracts, and we may be granted common stock warrants by lessees when structuring lease transactions, which are considered to be derivative instruments. The primary risks related to our use of derivative instruments include a counterparty to a hedging arrangement defaulting on its obligation and a downgrade in the credit quality of a counterparty to such an extent that our ability to sell or assign our side of the hedging transaction is impaired. While we seek to mitigate these risks by entering into hedging arrangements with large financial institutions that we deem to be creditworthy, it is possible that our hedging transactions, which are intended to limit losses, could adversely affect our earnings. Furthermore, if we terminate a hedging arrangement, we may be obligated to pay certain costs, such as transaction or breakage fees. We have established policies and procedures for risk assessment and the approval, reporting, and monitoring of derivative financial instrument activities.

We measure derivative instruments at fair value and record them as assets or liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For derivatives designated and that qualify as cash flow hedges, the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. Gains and losses on the cash flow hedges representing hedge components excluded from the assessment of effectiveness are recognized in earnings over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. Such gains and losses are recorded within Other gains and (losses) or Interest expense in our consolidated statements of income. The earnings recognition of excluded components is presented in the same line item as the hedged transactions. For derivatives designated and that qualify as a net investment hedge, the change in the fair value and/or the net settlement of the derivative is reported in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Amounts are reclassified out of Other comprehensive (loss) income into earnings (within Gain on sale of real estate, net, in our consolidated statements of income) when the hedged net investment is either sold or substantially liquidated.

All derivative transactions with an individual counterparty are governed by a master International Swap and Derivatives Association agreement, which can be considered as a master netting arrangement; however, we report all our derivative instruments on a gross basis on our consolidated financial statements. At both December 31, 2022 and 2021, no cash collateral had been posted nor received for any of our derivative positions.

The following table sets forth certain information regarding our derivative instruments (in thousands):


Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Foreign currency collars	Other assets, net	$	32,631	$	19,484	$	—	$	—
Interest rate swaps (a)	Other assets, net	2,679		—		—		—
Interest rate caps	Other assets, net	14		1		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(1,445)		(1,311)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		—		(908)
		35,324		19,485		(1,445)		(2,219)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,950		4,600		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(248)		—
		3,950		4,600		(248)		—
Total derivatives		$	39,274	$	24,085	$	(1,693)	$	(2,219)

__________

(a)In connection with the CPA:18 Merger on August 1, 2022, we acquired five interest rate swaps, which had an aggregate fair value of $0.4 million on the date of acquisition.

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):


	Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2022		2021		2020
Foreign currency collars	$	13,013	$	29,805	$	(24,818)
Interest rate swaps	3,068		4,198		(1,553)
Interest rate caps	16		6		6
Foreign currency forward contracts	—		—		(5,272)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency collars	—		—		9
Total	$	16,097	$	34,009	$	(31,628)


		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2022		2021		2020
Foreign currency collars	Non-operating income	$	17,483	$	854	$	4,956
Interest rate swaps and caps (c)	Interest expense	(167)		(932)		(1,818)
Foreign currency forward contracts	Non-operating income	—		—		5,716
Total		$	17,316	$	(78)	$	8,854

__________

(a)Excludes net gains of $3.6 million, net gains of $1.3 million, and net losses of $0.3 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2022, 2021, and 2020, respectively.

(b)The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income.

(c)Amount for the year ended December 31, 2021 excludes other comprehensive income totaling $3.1 million that was released from the consolidated financial statements (along with the related liability balances) upon the termination of interest rate swaps in connection with certain prepayments of non-recourse mortgage loans during the period (Note 11).

Amounts reported in Other comprehensive (loss) income related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive (loss) income related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of December 31, 2022, we estimate that an additional $1.6 million and $14.6 million will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):


		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2022		2021		2020
Foreign currency collars	Non-operating income	$	6,574	$	1,503	$	(2,477)
Interest rate swaps	Interest expense	171		1,592		2,132
Foreign currency forward contracts	Non-operating income	—		—		(43)
Derivatives Not in Cash Flow Hedging Relationships
Stock warrants	Other gains and (losses)	(650)		(1,200)		800
Foreign currency collars	Other gains and (losses)	(248)		—		—
Interest rate swaps	Other gains and (losses)	—		—		106
Total		$	5,847	$	1,895	$	518

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we or our investment partners have obtained, and may in the future obtain, variable-rate, non-recourse mortgage loans and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2022 are summarized as follows (currency in thousands):


Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2022 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	5	34,918	USD	$	1,399
Interest rate swaps	2	45,970	EUR	1,280
Interest rate cap	1	10,452	EUR	14
				$	2,693

__________

(a)Fair value amounts are based on the exchange rate of the euro at December 31, 2022, as applicable.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 62 months or less.

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2022 (currency in thousands):


Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2022
Designated as Cash Flow Hedging Instruments
Foreign currency collars	75	295,400	EUR	$	25,578
Foreign currency collars	69	44,520	GBP	5,608
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	4	29,500	EUR	(248)
				$	30,938

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of December 31, 2022. At December 31, 2022, our total credit exposure and the maximum exposure to any single counterparty was $33.8 million and $6.0 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At December 31, 2022, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $1.7 million and $2.2 million at December 31, 2022 and 2021, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at December 31, 2022 or 2021, we could have been required to settle our obligations under these agreements at their aggregate termination value of $1.7 million and $2.3 million, respectively.

Net Investment Hedges

Borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 11) denominated in euro, British pounds sterling, or Japanese yen are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive (loss) income as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $214.3 million, $255.9 million, and $(280.4) million for the years ended December 31, 2022, 2021, and 2020, respectively.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Senior Unsecured Credit Facility

On February 20, 2020, we entered into the Fourth Amended and Restated Credit Facility, which has capacity of approximately $2.1 billion, comprised of (i) a $1.8 billion unsecured revolving credit facility for our working capital needs, acquisitions, and other general corporate purposes (our “Unsecured Revolving Credit Facility”), (ii) a £150.0 million term loan (our “Term Loan”), and (iii) a €96.5 million delayed draw term loan (our “Delayed Draw Term Loan”). We refer to our Term Loan and Delayed Draw Term Loan collectively as the “Unsecured Term Loans” and the entire facility collectively as our “Senior Unsecured Credit Facility.” In December 2021, the Senior Unsecured Credit Facility was amended to transition certain London Inter-bank Offered Rate (“LIBOR”)-based rates that were discontinued after December 31, 2021 to successor alternative reference rates. The updated reference rates are included in the Senior Unsecured Credit Facility table below. As of December 31, 2022 and 2021, this reference rate transition impacted only our Senior Unsecured Credit Facility.

In April 2022, we entered into a Second Amendment to the Credit Agreement to increase the Term Loan to £270.0 million and the Delayed Draw Term Loan to €215.0 million, thereby increasing the total capacity of our Senior Unsecured Credit Facility to approximately $2.4 billion. There were no other changes to the terms of our Credit Agreement. We used the approximately $300 million of proceeds from this increase in the capacity of our Unsecured Term Loans to partially repay amounts outstanding under our Unsecured Revolving Credit Facility.

The Senior Unsecured Credit Facility includes the ability to borrow in certain currencies other than U.S. dollars and has a maturity date of February 20, 2025. As of December 31, 2022, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $2.75 billion, subject to the conditions to increase set forth in the Credit Agreement. In January 2023, we entered into a Third Amendment to the Credit Agreement to (i) transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”) and (ii) increase the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility to an amount not to exceed the U.S. dollar equivalent of $3.05 billion, subject to the conditions to increase set forth in the Credit Agreement. See Note 18, Subsequent Events for more information about this amendment.

At December 31, 2022, our Unsecured Revolving Credit Facility had available capacity of approximately $1.5 billion (net of amounts reserved for standby letters of credit totaling $0.6 million). We incur an annual facility fee of 0.20% of the total commitment on our Unsecured Revolving Credit Facility, which is included within Interest expense in our consolidated statements of income.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):


	Interest Rate at December 31, 2022 (a)	Maturity Date at December 31, 2022	Principal Outstanding Balance at December 31,
Senior Unsecured Credit Facility			2022		2021
Unsecured Term Loans:
Term Loan — borrowing in British pounds sterling (b) (c) (d)	SONIA + 0.85%	2/20/2025	$	324,695	$	202,183
Delayed Draw Term Loan — borrowing in euros (e)	EURIBOR + 0.85%	2/20/2025	229,319		109,296
			554,014		311,479
Unsecured Revolving Credit Facility:
Borrowing in euros (e)	EURIBOR + 0.775%	2/20/2025	258,117		205,001
Borrowing in Japanese yen (f)	TIBOR + 0.775%	2/20/2025	18,275		20,935
Borrowing in British pounds sterling	N/A	2/20/2025	—		184,660
			276,392		410,596
			$	830,406	$	722,075

__________

(a)The applicable interest rate at December 31, 2022 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa1.

(b)Balance excludes unamortized discount of $1.5 million and $0.9 million at December 31, 2022 and 2021, respectively.

(c)SONIA means Sterling Overnight Index Average.

(d)Interest rate includes both a spread adjustment to the base rate and a credit spread.

(e)EURIBOR means Euro Interbank Offered Rate.

(f)TIBOR means Tokyo Interbank Offered Rate.

Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $6.0 billion at December 31, 2022 (the “Senior Unsecured Notes”).

On September 28, 2022, we completed a private placement of (i) €150 million of 3.41% Senior Notes due 2029, which have a 7-year term and are scheduled to mature on September 28, 2029, and (ii) €200 million of 3.70% Senior Notes due 2032, which have a 10-year term and are scheduled to mature on September 28, 2032.

We redeemed the €500.0 million of 2.0% Senior Notes due 2023 in March 2021. In connection with this redemption, we paid a “make-whole” amount of $26.2 million (based on the exchange rate of the euro as of the date of redemption) and recognized a loss on extinguishment of $28.2 million, which is included within Other gains and (losses) on our consolidated statements of income for the year ended December 31, 2021.

Interest on the Senior Unsecured Notes is payable annually in arrears for our euro-denominated senior notes and semi-annually for U.S. dollar-denominated senior notes. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 to 35 basis points. The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2022 (currency in thousands):


		Principal Amount		Coupon Rate		Maturity Date	Principal Outstanding Balance at December 31,
Senior Unsecured Notes, net (a)	Issue Date						2022		2021
4.6% Senior Notes due 2024	3/14/2014	$	500,000	4.6	%	4/1/2024	$	500,000	$	500,000
2.25% Senior Notes due 2024	1/19/2017	€	500,000	2.25	%	7/19/2024	533,300		566,300
4.0% Senior Notes due 2025	1/26/2015	$	450,000	4.0	%	2/1/2025	450,000		450,000
2.250% Senior Notes due 2026	10/9/2018	€	500,000	2.250	%	4/9/2026	533,300		566,300
4.25% Senior Notes due 2026	9/12/2016	$	350,000	4.25	%	10/1/2026	350,000		350,000
2.125% Senior Notes due 2027	3/6/2018	€	500,000	2.125	%	4/15/2027	533,300		566,300
1.350% Senior Notes due 2028	9/19/2019	€	500,000	1.350	%	4/15/2028	533,300		566,300
3.850% Senior Notes due 2029	6/14/2019	$	325,000	3.850	%	7/15/2029	325,000		325,000
3.41% Senior Notes due 2029	9/28/2022	€	150,000	3.41	%	9/28/2029	159,990		—
0.950% Senior Notes due 2030	3/8/2021	€	525,000	0.950	%	6/1/2030	559,965		594,615
2.400% Senior Notes due 2031	10/14/2020	$	500,000	2.400	%	2/1/2031	500,000		500,000
2.450% Senior Notes due 2032	10/15/2021	$	350,000	2.450	%	2/1/2032	350,000		350,000
3.70% Senior Notes due 2032	9/28/2022	€	200,000	3.70	%	9/28/2032	213,320		—
2.250% Senior Notes due 2033	2/25/2021	$	425,000	2.250	%	4/1/2033	425,000		425,000
							$	5,966,475	$	5,759,815

__________

(a)Aggregate balance excludes unamortized deferred financing costs totaling $25.9 million and $28.7 million, and unamortized discount totaling $24.1 million and $29.2 million at December 31, 2022 and 2021, respectively.

In connection with the private placement of the €150 million of 3.41% Senior Notes due 2029 and the €200 million of 3.70% Senior Notes due 2032 in September 2022, we incurred financing costs totaling $2.6 million during the year ended December 31, 2022, which are included in the Senior Unsecured Notes, net in the consolidated financial statements and are being amortized to Interest expense over the term of their respective Senior Notes.

Covenants

The Credit Agreement, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The Credit Agreement also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the Credit Agreement. We were in compliance with all of these covenants at December 31, 2022.

We may make unlimited Restricted Payments (as defined in the Credit Agreement), as long as no non-payment default or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred.

Obligations under the Unsecured Revolving Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the Credit Agreement, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the Credit Agreement, with grace periods in some cases.

Non-Recourse Mortgages

Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation. At December 31, 2022, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.3% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.4% and 4.1%, respectively), with maturity dates ranging from January 2023 to April 2039.

CPA:18 Merger

In connection with the CPA:18 Merger on August 1, 2022 (Note 3), we assumed property-level debt comprised of non-recourse mortgage loans with fair values totaling $900.2 million and recorded an aggregate fair market value net discount of $13.1 million. The fair market value net discount will be amortized to interest expense over the remaining lives of the related loans. These non-recourse mortgage loans had a weighted-average annual interest rate of 5.1% on the merger date.

Repayments During 2022

During the year ended December 31, 2022, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $104.7 million, and (ii) prepaid non-recourse mortgage loans totaling $10.4 million. We recognized an aggregate net loss on extinguishment of debt of $1.3 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.4%.

Repayments During 2021

During the year ended December 31, 2021, we (i) prepaid non-recourse mortgage loans totaling $745.1 million, and (ii) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $32.7 million. We recognized an aggregate net loss on extinguishment of debt of $47.2 million on these repayments, primarily comprised of prepayment penalties totaling $45.2 million, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.8%.

Interest Paid

For the years ended December 31, 2022, 2021, and 2020, interest paid was $191.0 million, $190.8 million, and $190.6 million, respectively.

Foreign Currency Exchange Rate Impact

During the year ended December 31, 2022, the U.S. dollar strengthened against the euro, resulting in an aggregate decrease of $224.4 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2021 to December 31, 2022.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of December 31, 2022 are as follows (in thousands):


Years Ending December 31,	Total
2023	$	456,708
2024	1,231,468
2025	1,664,276
2026	983,425
2027	533,760
Thereafter through 2039	3,070,039
Total principal payments	7,939,676
Unamortized discount, net	(35,936)
Unamortized deferred financing costs	(25,992)
Total	$	7,877,748

Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2022, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations.

Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Common Stock

Dividends paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. Our dividends per share are summarized as follows:


	Dividends Paid
	During the Years Ended December 31,
	2022		2021		2020
Ordinary income	$	4.0329	$	3.3300	$	3.3112
Return of capital	0.1718		0.5407		—
Capital gains	0.0273		0.3253		0.8528
Total dividends paid	$	4.2320	$	4.1960	$	4.1640

During the fourth quarter of 2022, our Board declared a quarterly dividend of $1.065 per share, which was paid on January 13, 2023 to stockholders of record as of December 30, 2022.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020


Net income – basic and diluted	$	599,139	$	409,988	$	455,359

Weighted-average shares outstanding – basic	199,633,802		182,486,476		174,504,406
Effect of dilutive securities	793,322		640,622		335,022
Weighted-average shares outstanding – diluted	200,427,124		183,127,098		174,839,428

For the years ended December 31, 2022, 2021, and 2020, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.

ATM Program

On May 2, 2022, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on August 9, 2019, under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $750.0 million, with a syndicate of banks.

The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands):


	Years Ended December 31,
	2022		2021		2020
Shares of common stock issued	2,740,295		4,690,073		2,500
Weighted-average price per share	$	80.79	$	73.42	$	72.05
Net proceeds	$	218,081	$	339,968	$	159

Forward Equity

We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

We determined that our ATM Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

From time to time, we have entered into underwriting agreements and forward sale agreements with syndicates of banks acting as underwriters, forward sellers, and/or forward purchasers in connection with public offerings of our common stock. At the closing of these transactions, the offered shares were borrowed from third parties by the banks acting as forward purchasers and sold to the underwriters for distribution at the respective gross offering prices. As a result of this forward construct, we did not receive any proceeds from the sale of shares at the closing of each offering, but rather at later settlement dates. We have determined that the forward sale agreements meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

We refer to our three forward equity offerings presented below as the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards (collectively, the “Equity Forwards”). Our ATM Forwards are also presented below (gross offering proceeds at closing in thousands):


	Agreement Date (a)	Shares Offered (b)	Gross Offering Price		Gross Offering Proceeds at Closing		Outstanding Shares as of December 31, 2022
June 2020 Equity Forwards (c)	6/17/2020	5,462,500	$	70.00	$	382,375	—
June 2021 Equity Forwards (c)	6/7/2021	6,037,500	75.30		454,624		—
August 2021 Equity Forwards (d)	8/9/2021	5,175,000	78.00		403,650		—
ATM Forwards (e)	5/2/2022	6,524,437	84.09		548,626		6,524,437
							6,524,437

__________

(a)We expect to settle the Equity Forwards in full within 18 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the Equity Forwards, subject to certain conditions.

(b)Includes 712,500, 787,500, and 675,000 shares of common stock purchased by certain underwriters in connection with the June 2020 Equity Forwards, June 2021 Equity Forwards, and August 2021 Equity Forwards, respectively, upon the exercise of 30-day options to purchase additional shares.

(c)All remaining outstanding shares were settled during the year ended December 31, 2021.

(d)All remaining outstanding shares were settled during the year ended December 31, 2022.

(e)We sold shares under our ATM Forwards during the year ended December 31, 2022. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales. See Note 1 8, Subsequent Events for sales through our ATM Forwards subsequent to December 31, 2022 and through the date of this Report.

The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Shares of common stock delivered	3,925,000		9,798,209		2,951,791
Net proceeds	$	284,259	$	697,044	$	199,716

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):


	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Balance at January 1, 2020	$	13,048	$	(268,715)	$	—	$	(255,667)
Other comprehensive income before reclassifications	(23,124)		47,746		—		24,622
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(10,672)		—		—		(10,672)
Interest expense	1,818		—		—		1,818
Total	(8,854)		—		—		(8,854)
Net current period other comprehensive income	(31,978)		47,746		—		15,768
Net current period other comprehensive income attributable to noncontrolling interests	(7)		—		—		(7)
Balance at December 31, 2020	(18,937)		(220,969)		—		(239,906)
Other comprehensive income before reclassifications	35,227		(35,736)		18,688		18,179
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	932		—		—		932
Non-operating income	(854)		—		—		(854)
Total	78		—		—		78
Net current period other comprehensive income	35,305		(35,736)		18,688		18,257
Net current period other comprehensive income attributable to noncontrolling interests	(21)		—		—		(21)
Balance at December 31, 2021	16,347		(256,705)		18,688		(221,670)
Other comprehensive loss before reclassifications	37,048		(63,149)		—		(26,101)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(17,483)		—		—		(17,483)
Interest expense	167		—		—		167
Other gains and (losses) (Note 9)	—		—		(18,688)		(18,688)
Total	(17,316)		—		(18,688)		(36,004)
Net current period other comprehensive loss	19,732		(63,149)		(18,688)		(62,105)
Net current period other comprehensive income attributable to noncontrolling interests	—		(5)		—		(5)
Balance at December 31, 2022	$	36,079	$	(319,859)	$	—	$	(283,780)

See Note 10 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Other Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based and Other Compensation

Stock-Based Compensation

At December 31, 2022, we maintained several stock-based compensation plans as described below. The total compensation expense (net of forfeitures) for awards issued under these plans was $32.8 million, $24.9 million, and $15.9 million for the years ended December 31, 2022, 2021, and 2020, respectively, which was included in Stock-based compensation expense in the consolidated financial statements. The tax (expense) benefit recognized by us related to these awards totaled $(4.3) million, $0.8 million, and $4.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. The tax benefits for the years ended December 31, 2022, 2021, and 2020 were reflected as a deferred tax benefit within (Provision for) benefit from income taxes in the consolidated financial statements.

2017 Share Incentive Plan

We maintain the 2017 Share Incentive Plan, which authorizes the issuance of up to 4,000,000 shares of our common stock. The 2017 Share Incentive Plan provides for the grant of various stock- and cash-based awards, including (i) share options, (ii) RSUs, (iii) PSUs, (iv) RSAs, and (v) dividend equivalent rights. At December 31, 2022, 2,186,067 shares remained available for issuance under the 2017 Share Incentive Plan, which is more fully described in the 2019 Annual Report.

Employee Share Purchase Plan

We sponsor an employee share purchase plan (“ESPP”) pursuant to which eligible employees may contribute up to 10% of compensation, subject to certain limits, to purchase our common stock semi-annually at a price equal to 90% of the fair market value at certain plan defined dates. Compensation expense under this plan for each of the years ended December 31, 2022, 2021, and 2020 was less than $0.1 million. Cash received from purchases under the ESPP during the years ended December 31, 2022, 2021, and 2020 was $0.2 million, $0.3 million, and $0.4 million, respectively.

Restricted and Conditional Awards

Nonvested RSAs, RSUs, and PSUs at December 31, 2022 and changes during the years ended December 31, 2022, 2021, and 2020 were as follows:


	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2020	283,977	$	68.51	331,242	$	80.90
Granted	146,162	81.02		90,518	104.65
Vested (a)	(163,607)	69.62		(156,838)	80.42
Forfeited	(5,555)	71.69		(6,715)	88.94
Adjustment (b)	—	—		3,806	62.07
Nonvested at December 31, 2020	260,977	74.75		262,013	88.99
Granted	194,940	66.40		134,290	86.19
Vested (a)	(137,267)	71.99		(151,678)	76.04
Forfeited	(11,656)	60.98		(16,463)	93.91
Adjustment (b)	—	—		170,093	71.17
Nonvested at December 31, 2021	306,994	71.21		398,255	86.86
Granted (c)	235,348	80.28		144,311	104.97
Vested (a)	(154,028)	72.80		(165,615)	92.16
Forfeited	(12,016)	75.93		(4,262)	98.26
Adjustment (b)	—	—		159,092	80.90
Nonvested at December 31, 2022 (d)	376,298	$	74.78	531,781	$	89.14

__________

(a)The grant date fair value of shares vested during the years ended December 31, 2022, 2021, and 2020 was $26.5 million, $21.4 million, and $24.0 million, respectively. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2022 and 2021, we had an obligation to issue 1,181,947 and 1,104,020 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $57.0 million and $49.8 million, respectively.

(b)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

(c)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the year ended December 31, 2022, we used a risk-free interest rate of 1.2%, an expected volatility rate of 36.7%, and assumed a dividend yield of zero.

(d)At December 31, 2022, total unrecognized compensation expense related to these awards was approximately $34.4 million, with an aggregate weighted-average remaining term of 1.8 years.

At the end of each reporting period, we evaluate the ultimate number of PSUs we expect to vest (based upon the extent to which we have met and expect to meet the performance goals) and where appropriate, revise our estimate and associated expense. We do not revise the associated expense on PSUs expected to vest based on market performance. Upon vesting, the RSUs and PSUs may be converted into shares of our common stock. Both the RSUs and PSUs carry dividend equivalent rights. Dividend equivalent rights on RSUs issued under the predecessor employee plan are paid in cash on a quarterly basis, whereas dividend equivalent rights on RSUs issued under the 2017 Share Incentive Plan are accrued and paid in cash only when the underlying shares vest, which is generally on an annual basis. Dividend equivalents on PSUs accrue during the performance period and are converted into additional shares of common stock at the conclusion of the performance period to the extent the PSUs vest. Dividend equivalent rights are accounted for as a reduction to retained earnings to the extent that the awards are expected to vest.

Profit-Sharing Plan

We sponsor a qualified profit-sharing plan and trust that generally permits all employees, as defined by the plan, to make pre-tax contributions into the plan. We are under no obligation to contribute to the plan and the amount of any contribution is determined by and at the discretion of our Board. In December 2022, 2021, and 2020, our Board determined that the contribution to the plan for each of those respective years would be 10% of an eligible participant’s cash compensation, up to the legal maximum allowable in each of those years of $30,500 for 2022, $29,000 for 2021, and $28,500 for 2020. For the years ended December 31, 2022, 2021, and 2020, amounts expensed for contributions to the trust were $2.3 million, $2.2 million, and $1.9 million, respectively, which were included in General and administrative expenses in the consolidated financial statements. The profit-sharing plan is a deferred compensation plan and is therefore considered to be outside the scope of current accounting guidance for stock-based compensation.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Tax Provision

The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Federal
Current	$	5,329	$	(405)	$	(1,118)
Deferred (a)	13		17		(33,040)
	5,342		(388)		(34,158)
State and Local
Current	3,388		3,008		3,284
Deferred (a)	—		(30)		(7,756)
	3,388		2,978		(4,472)
Foreign
Current	27,077		30,599		26,137
Deferred	(8,083)		(4,703)		(8,266)
	18,994		25,896		17,871
Total Provision for (Benefit from) Income Taxes	$	27,724	$	28,486	$	(20,759)

A reconciliation of effective income tax for the periods presented is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020


Pre-tax income (loss) attributable to taxable subsidiaries (a) (b)	$	55,604	$	37,861	$	(56,789)

Federal provision at statutory tax rate (21%)	$	11,677	$	7,951	$	(11,926)
Change in valuation allowance	8,082		13,178		13,946
Non-deductible expense	6,972		3,148		6,303
State and local taxes, net of federal benefit	2,920		2,713		2,336
Windfall tax benefit	(1,896)		(1,375)		(2,132)
Rate differential	(387)		(232)		(632)
Revocation of TRS Status (c)	—		—		(37,249)
Tax expense related to allocation of goodwill based on portion of Investment Management business sold (Note 4)	—		—		7,203
Non-taxable income	—		—		(2)
Other	356		3,103		1,394
Total provision for (benefit from) income taxes	$	27,724	$	28,486	$	(20,759)

__________

(a)Pre-tax loss attributable to taxable subsidiaries for 2020 was primarily driven by: (i) a portion of the other-than-temporary impairment charges totaling $47.1 million recognized on our equity method investments in CWI 1 and CWI 2 (Note 9), (ii) the allocation of $34.3 million of goodwill within our Investment Management segment as a result of the WLT management internalization (Note 4), and (iii) an impairment charge of $12.6 million recognized on an international property (Note 9).

(b)Pre-tax income attributable to taxable subsidiaries for 2022 includes taxable income, recognized in connection with the CPA:18 Merger, associated with the accelerated vesting of shares previously issued by CPA:18 – Global to us for asset management services performed.

(c)Amount for the year ended December 31, 2020 includes an aggregate deferred tax benefit of $37.2 million as a result of the release of a deferred tax liability relating to our investment in shares of Lineage Logistics (Note 9), which converted to a REIT during the year and is therefore no longer subject to federal and state income taxes

Benefit from income taxes for the year ended December 31, 2020 includes a deferred tax benefit of $6.3 million as a result of the other-than-temporary impairment charges that we recognized on our equity method investments in CWI 1 and CWI 2 during the year (Note 9).

In light of the COVID-19 outbreak during the first quarter of 2020, we continue to monitor domestic and international tax considerations and the potential impact on our consolidated financial statements. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (U.S. federal legislation enacted on March 27, 2020 in response to the COVID-19 pandemic) provides that net operating losses incurred in 2018, 2019, or 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the net operating loss was incurred. As a result, we recognized a $4.7 million current tax benefit during the year ended December 31, 2020 by carrying back certain net operating losses, which is included in Benefit from income taxes disclosed in the tables above.

Deferred Income Taxes

Deferred income taxes at December 31, 2022 and 2021 consist of the following (in thousands):


	December 31,
	2022		2021
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$	63,454	$	55,147
Basis differences — foreign investments	62,099		52,705
Unearned and deferred compensation	643		15,895
Lease liabilities (a)	—		14,752
Other	1,242		374
Total deferred tax assets	127,438		138,873
Valuation allowance	(106,185)		(108,812)
Net deferred tax assets	21,253		30,061
Deferred Tax Liabilities
Basis differences — foreign investments	(179,761)		(145,524)
ROU assets (a)	—		(12,637)
Basis differences — equity investees	—		(1,195)
Total deferred tax liabilities	(179,761)		(159,356)
Net Deferred Tax Liability	$	(158,508)	$	(129,295)

__________

(a)Balances represent our basis differences for our office leases on domestic taxable subsidiaries. Basis differences on our foreign ground leases are included within the line item Basis differences — foreign investments.

Our 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, we assume 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, straight-line rent, prepaid rents, and intangible assets, as well as unearned and deferred compensation;

•Basis differences in equity investments represents fees earned in shares recognized under GAAP into income and deferred for U.S. taxes based upon a share vesting schedule; 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. Certain net operating losses and interest carryforwards were subject to limitations as a result of the CPA:18 Merger, and thus could not be applied to reduce future income tax liabilities.

As of December 31, 2022, U.S. federal and state net operating loss carryforwards were $17.5 million and $11.4 million, respectively, which will begin to expire in 2033. As of December 31, 2022, net operating loss carryforwards in foreign jurisdictions were $90.6 million, which will begin to expire in 2023.

The net deferred tax liability in the table above is comprised of deferred tax asset balances, net of certain deferred tax liabilities and valuation allowances, of $20.5 million and $16.3 million at December 31, 2022 and 2021, respectively, which are included in Other assets, net in the consolidated balance sheets, and other deferred tax liability balances of $179.0 million and $145.6 million at December 31, 2022 and 2021, respectively, which are included in Deferred income taxes in the consolidated balance sheets.

Our taxable subsidiaries recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements.

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2022		2021
Beginning balance	$	5,994	$	6,312
Decrease due to lapse in statute of limitations	(2,847)		(508)
Increase due to CPA:18 Merger	2,694		—
Addition based on tax positions related to the prior year	543		315
Foreign currency translation adjustments	(407)		(451)
Addition based on tax positions related to the current year	241		326
Ending balance	$	6,218	$	5,994

At December 31, 2022 and 2021, we had unrecognized tax benefits as presented in the table above that, if recognized, would have a favorable impact on our effective income tax rate in future periods. These unrecognized tax benefits are recorded as liabilities within Accounts payable, accrued expenses and other liabilities on our consolidated balance sheets. We recognize interest and penalties related to uncertain tax positions in income tax expense. At December 31, 2022 and 2021, we had approximately $1.6 million and $2.1 million, respectively, of accrued interest related to uncertain tax positions.

Income Taxes Paid

Income taxes paid were $42.6 million, $44.3 million, and $43.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Real Estate Operations

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. In order to maintain our qualification as a REIT, we are required, among other things, to distribute at least 90% of our REIT net taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income taxes on our income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We believe that we have operated, and we intend to continue to operate, in a manner that allows us to continue to qualify as a REIT. We conduct business primarily in North America and Europe, and as a result, we or one or more of our subsidiaries file income tax returns in the United States federal jurisdiction and various state, local, and foreign jurisdictions.

Investment Management Operations

We conduct our investment management services in our Investment Management segment through TRSs. Our use of TRSs enables us to engage in certain businesses while complying with the REIT qualification requirements and also allows us to retain income generated by these businesses for reinvestment without the requirement to distribute those earnings. Certain of our inter-company transactions that have been eliminated in consolidation for financial accounting purposes are also subject to taxation.

Tax authorities in the relevant jurisdictions may select our tax returns for audit and propose adjustments before the expiration of the statute of limitations. Our tax returns filed for tax years 2017 through 2021 or any ongoing audits remain open to adjustment in the major tax jurisdictions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Property Dispositions	12 Months Ended
Property Dispositions	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We have an active capital recycling program, with a goal of extending the average lease term through reinvestment, improving portfolio credit quality through dispositions and acquisitions of assets, increasing the asset criticality factor in our portfolio, and/or executing strategic dispositions of assets. We may decide to dispose of a property when it is vacant as a result of tenants vacating space, tenants electing not to renew their leases, tenant insolvency, or lease rejection in the bankruptcy process. In such cases, we assess whether we can obtain the highest value from the property by selling it, as opposed to re-leasing it. We may also sell a property when we receive an unsolicited offer or negotiate a price for an investment that is consistent with our strategy for that investment. When it is appropriate to do so, we classify the property as an asset held for sale on our consolidated balance sheet. All property dispositions are recorded within our Real Estate segment and are also discussed in Note 5 and Note 6. 2022 — During the year ended December 31, 2022, we sold 23 properties for total proceeds, net of selling costs, of $234.7 million, and recognized a net gain on these sales totaling $43.5 million (inclusive of income taxes totaling $5.3 million recognized upon sale). This disposition activity included two properties acquired in the CPA:18 Merger, one of which was classified as assets held for sale and sold in August 2022 (Note 3, Note 5). 2021 — During the year ended December 31, 2021, we sold 24 properties for total proceeds, net of selling costs, of $163.6 million, and recognized a net gain on these sales totaling $40.4 million (inclusive of income taxes totaling $4.7 million recognized upon sale). 2020 — During the year ended December 31, 2020, we sold 22 properties for total proceeds, net of selling costs, of $366.5 million (inclusive of $4.7 million attributable to a noncontrolling interest), and recognized a net gain on these sales totaling $109.4 million (inclusive of income taxes totaling $3.0 million recognized upon sale and $0.6 million attributable to a noncontrolling interest). Disposition activity included the sale of one of our two hotel operating properties in January 2020 for total proceeds, net of selling costs, of $103.5 million (inclusive of $4.7 million attributable to a noncontrolling interest).

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

We evaluate our results from operations by our two major business segments: Real Estate and Investment Management (Note 1). The following tables present a summary of comparative results and assets for these business segments (in thousands):

Real Estate


	Years Ended December 31,
	2022		2021		2020
Revenues
Lease revenues	$	1,301,617	$	1,177,438	$	1,080,623
Income from direct financing leases and loans receivable	74,266		67,555		74,893
Operating property revenues (a)	59,230		13,478		11,399
Other lease-related income	32,988		53,655		11,082
	1,468,101		1,312,126		1,177,997
Operating Expenses
Depreciation and amortization (b)	503,403		475,989		441,948
General and administrative (b)	88,952		81,888		70,127
Reimbursable tenant costs	73,622		62,417		56,409
Property expenses, excluding reimbursable tenant costs	50,753		47,898		44,067
Impairment charges	39,119		24,246		35,830
Stock-based compensation expense (b)	32,841		24,881		15,247
Operating property expenses	27,054		9,848		9,901
Merger and other expenses	19,384		(4,597)		(937)
	835,128		722,570		672,592
Other Income and Expenses
Interest expense	(219,160)		(196,831)		(210,087)
Other gains and (losses)	97,149		(13,676)		37,104
Gain on sale of real estate, net	43,476		40,425		109,370
Non-operating income	30,289		13,778		8,970
Earnings (losses) from equity method investments in real estate	16,221		(19,649)		(9,017)
Gain on change in control of interests	11,405		—		—
	(20,620)		(175,953)		(63,660)
Income before income taxes	612,353		413,603		441,745
(Provision for) benefit from income taxes	(21,407)		(28,703)		18,498
Net Income from Real Estate	590,946		384,900		460,243
Net loss (income) attributable to noncontrolling interests	657		(134)		(731)
Net Income from Real Estate Attributable to W. P. Carey	$	591,603	$	384,766	$	459,512

Investment Management


	Years Ended December 31,
	2022		2021		2020
Revenues
Asset management revenue	$	8,467	$	15,363	$	22,467
Reimbursable costs from affiliates	2,518		4,035		8,855
	10,985		19,398		31,322
Operating Expenses
Impairment charges — Investment Management goodwill	29,334		—		—
Reimbursable costs from affiliates	2,518		4,035		8,855
Merger and other expenses	3		51		1,184
General and administrative (b)	—		—		5,823
Subadvisor fees	—		—		1,469
Depreciation and amortization (b)	—		—		987
Stock-based compensation expense (b)	—		—		691
	31,855		4,086		19,009
Other Income and Expenses
Gain on change in control of interests	22,526		—		—
Earnings (losses) from equity method investments in the Managed Programs	13,288		8,820		(9,540)
Other gains and (losses)	(1,111)		791		61
Non-operating income	20		82		617
	34,723		9,693		(8,862)
Income before income taxes	13,853		25,005		3,451
(Provision for) benefit from income taxes	(6,317)		217		2,261
Net Income from Investment Management	7,536		25,222		5,712
Net income attributable to noncontrolling interests	—		—		(9,865)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$	7,536	$	25,222	$	(4,153)

Total Company


	Years Ended December 31,
	2022		2021		2020
Revenues	$	1,479,086	$	1,331,524	$	1,209,319
Operating expenses	866,983		726,656		691,601
Other income and expenses	14,103		(166,260)		(72,522)
(Provision for) benefit from income taxes	(27,724)		(28,486)		20,759
Net loss (income) attributable to noncontrolling interests	657		(134)		(10,596)
Net income attributable to W. P. Carey	$	599,139	$	409,988	$	455,359


	Total Assets at December 31,
	2022		2021
Real Estate	$	18,077,155	$	15,344,703
Investment Management (c)	24,880		135,927
Total Company	$	18,102,035	$	15,480,630

__________

(a)Operating property revenues from our hotels include (i) $12.0 million, $7.2 million, and $4.0 million for the years ended December 31, 2022, 2021, and 2020, respectively, generated from a hotel in Bloomington, Minnesota (revenues reflect higher occupancy as the hotel’s business recovered from the COVID-19 pandemic), and (ii) $1.9 million for the year ended December 31, 2020 generated from a hotel in Miami, Florida, which was sold in January 2020 (Note 16).

(b)Beginning with the second quarter of 2020, general and administrative expenses attributed to our Investment Management segment are comprised of the incremental costs of providing services to the Managed Programs, which are fully reimbursed by those funds (resulting in no net expense for us). All other general and administrative expenses are attributed to our Real Estate segment. Previously, general and administrative expenses were allocated based on time incurred by our personnel for the Real Estate and Investment Management segments. In addition, beginning with the second quarter of 2020, stock-based compensation expense and corporate depreciation and amortization expense are fully recognized within our Real Estate segment. In light of the termination of the advisory agreements with CWI 1 and CWI 2 in connection with the WLT management internalization (Note 4), as well as the termination of the advisory agreements with CPA:18 – Global in connection with the CPA:18 Merger (Note 3), we now view essentially all assets, liabilities, and operational expenses as part of our Real Estate segment, other than incremental activities that are expected to wind down as we manage CESH through the end of its life cycle (Note 2). These changes between the segments had no impact on our consolidated financial statements.

(c)Following the CPA:18 Merger on August 1, 2022, we no longer own an equity investment in CPA:18 – Global, which was previously included within our Investment Management segment (Note 3, Note 8). In addition, during the year ended December 31, 2022, we recorded an impairment charge of $29.3 million on goodwill within our Investment Management segment (Note 7, Note 9).

Our portfolio is comprised of domestic and international investments. At December 31, 2022, our international investments within our Real Estate segment were comprised of investments in Poland, Germany, the Netherlands, Spain, the United Kingdom, France, Italy, Denmark, Croatia, Canada, Norway, Mexico, Finland, Lithuania, Hungary, Portugal, Slovakia, the Czech Republic, Belgium, Austria, Sweden, Japan, Mauritius, Latvia, and Estonia. No tenant or international country individually comprised at least 10% of our total lease revenues for the years ended December 31, 2022, 2021, or 2020, or at least 10% of our total long-lived assets at December 31, 2022 or 2021. Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands):


	Years Ended December 31,
	2022		2021		2020
Revenues
Domestic	$	985,763	$	860,961	$	756,763
International	482,338		451,165		421,234
Total	$	1,468,101	$	1,312,126	$	1,177,997


	December 31,
	2022		2021
Long-lived Assets
Domestic	$	10,053,422	$	8,170,448
International	5,435,476		4,866,921
Total	$	15,488,898	$	13,037,369

Equity Investments in Real Estate
Domestic	$	286,708	$	236,643
International	38,569		55,260
Total	$	325,277	$	291,903

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisition In January 2023, we completed one acquisition for approximately $64.8 million. Disposition In January 2023, we sold one property for gross proceeds of $11.2 million, which was classified as held for sale as of December 31, 2022 (Note 5). Issuances Under our ATM Program In January 2023, we sold 353,264 shares of our common stock through our ATM Forwards at a weighted-average price of $81.94 per share for anticipated net proceeds of approximately $29 million (Note 13). Amended Credit Facility In January 2023, we entered into a Third Amendment to the Credit Agreement (Note 11) to (i) replace the benchmark rate at which U.S.-dollar-denominated borrowings bear interest from LIBOR to the forward-looking SOFR and (ii) increase the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility from an amount not to exceed the U.S. dollar equivalent of $2.75 billion to $3.05 billion, subject to the conditions to increase set forth in the Credit Agreement.

Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2022

Schedule II - Valuation and Qualifying Accounts

W. P. CAREY INC.

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2022, 2021, and 2020

(in thousands)


Description	Balance at Beginning of Year		Other Additions		Deductions		Balance at End of Year
Year Ended December 31, 2022
Valuation reserve for deferred tax assets	$	108,812	$	34,894	$	(37,521)	$	106,185

Year Ended December 31, 2021
Valuation reserve for deferred tax assets	$	86,069	$	40,895	$	(18,152)	$	108,812

Year Ended December 31, 2020
Valuation reserve for deferred tax assets	$	73,643	$	31,470	$	(19,044)	$	86,069

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III- Real Estate and Accumulated Depreciation

W. P. CAREY INC.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2022

(in thousands)


			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances		Land		Buildings						Land		Buildings		Total
Real Estate Subject to Operating Leases
Industrial facilities in Erlanger, KY	$	—	$	1,526	$	21,427	$	2,966	$	(84)	$	1,526	$	24,309	$	25,835	$	15,406	1979; 1987	Jan. 1998	40 yrs.
Industrial facilities in Thurmont, MD and Farmington, NY	—		729		5,903		—		—		729		5,903		6,632		3,420		1964; 1983	Jan. 1998	15 yrs.
Warehouse facility in Commerce, CA	—		4,905		11,898		—		(3,043)		4,573		9,187		13,760		5,820		1948	Jan. 1998	40 yrs.
Industrial facility in Toledo, OH	—		224		2,408		—		—		224		2,408		2,632		2,007		1966	Jan. 1998	40 yrs.
Industrial facility in Goshen, IN	—		239		940		—		—		239		940		1,179		604		1973	Jan. 1998	40 yrs.
Office facility in Raleigh, NC	—		1,638		2,844		187		(2,554)		828		1,287		2,115		1,085		1983	Jan. 1998	20 yrs.
Office facility in King of Prussia, PA	—		1,219		6,283		1,295		—		1,219		7,578		8,797		4,627		1968	Jan. 1998	40 yrs.
Industrial facility in Pinconning, MI	—		32		1,692		—		—		32		1,692		1,724		1,057		1948	Jan. 1998	40 yrs.
Industrial facilities in Sylmar, CA	—		2,052		5,322		—		(1,889)		1,494		3,991		5,485		2,504		1962; 1979	Jan. 1998	40 yrs.
Retail facilities in the United States	—		9,382		—		238		14,696		9,025		15,291		24,316		10,071		Various	Jan. 1998	15 yrs.
Land in Glendora, CA	—		1,135		—		—		17		1,152		—		1,152		—		N/A	Jan. 1998	N/A
Warehouse facility in Doraville, GA	—		3,288		9,864		17,079		(11,410)		3,288		15,533		18,821		2,797		2016	Jan. 1998	40 yrs.
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX	—		3,490		72,497		3,513		(15,608)		288		63,604		63,892		24,648		1989; 1999	Jan. 1998	40 yrs.
Land in Irving and Houston, TX	—		9,795		—		—		—		9,795		—		9,795		—		N/A	Jan. 1998	N/A
Industrial facility in Chandler, AZ	—		5,035		18,957		8,373		516		5,035		27,846		32,881		16,742		1989	Jan. 1998	40 yrs.
Office facility in Bridgeton, MO	—		842		4,762		2,523		(196)		842		7,089		7,931		4,307		1972	Jan. 1998	40 yrs.
Warehouse facility in Memphis, TN	—		1,882		3,973		294		(3,892)		328		1,929		2,257		1,591		1969	Jan. 1998	15 yrs.
Industrial facility in Romulus, MI	—		454		6,411		525		—		454		6,936		7,390		2,766		1970	Jan. 1998	10 yrs.
Retail facility in Bellevue, WA	—		4,125		11,812		393		(123)		4,371		11,836		16,207		7,149		1994	Apr. 1998	40 yrs.
Office facility in Rio Rancho, NM	—		1,190		9,353		5,866		(238)		2,287		13,884		16,171		7,639		1999	Jul. 1998	40 yrs.
Office facility in Moorestown, NJ	—		351		5,981		1,690		1		351		7,672		8,023		4,887		1964	Feb. 1999	40 yrs.
Industrial facility in Winston-Salem, NC	—		1,860		12,539		3,075		(7,325)		925		9,224		10,149		5,591		1980	Sep. 2002	40 yrs.
Office facilities in Playa Vista and Venice, CA	19,523		2,032		10,152		52,817		1		5,889		59,113		65,002		20,644		1991; 1999	Sep. 2004; Sep. 2012	40 yrs.
Warehouse facility in Greenfield, IN	—		2,807		10,335		223		(8,383)		967		4,015		4,982		2,288		1995	Sep. 2004	40 yrs.
Warehouse facilities in Apopka, FL	—		362		10,855		1,195		(155)		337		11,920		12,257		4,891		1969	Sep. 2004	40 yrs.
Land in San Leandro, CA	—		1,532		—		—		—		1,532		—		1,532		—		N/A	Dec. 2006	N/A
Fitness facility in Austin, TX	—		1,725		5,168		—		—		1,725		5,168		6,893		2,917		1995	Dec. 2006	29 yrs.
Retail facility in Wroclaw, Poland	—		3,600		10,306		—		(4,260)		2,667		6,979		9,646		2,596		2007	Dec. 2007	40 yrs.
Office facility in Fort Worth, TX	—		4,600		37,580		367		—		4,600		37,947		42,547		12,191		2003	Feb. 2010	40 yrs.
Warehouse facility in Mallorca, Spain	—		11,109		12,636		—		(2,543)		9,901		11,301		21,202		3,553		2008	Jun. 2010	40 yrs.
Net-lease hotels in the United States	—		32,680		198,999		—		(10,651)		30,099		190,929		221,028		56,001		1989; 1990	Sep. 2012	34 - 37 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH	—	4,403	20,298	—	(3,870)	2,589	18,242	20,831	5,915	1968; 1975; 1995	Sep. 2012; Jan. 2014	30 yrs.
Office facility in Irvine, CA	—	4,173	—	—	13,766	4,173	13,766	17,939	665	1981	Sep. 2012	31 yrs.
Industrial facility in Alpharetta, GA	—	2,198	6,349	1,247	—	2,198	7,596	9,794	2,675	1997	Sep. 2012	30 yrs.
Office facilities in St. Petersburg, FL	—	3,280	24,627	4,627	—	3,280	29,254	32,534	9,207	1996; 1999	Sep. 2012	30 yrs.
Movie theater in Baton Rouge, LA	—	4,168	5,724	3,200	—	4,168	8,924	13,092	3,105	2003	Sep. 2012	30 yrs.
Industrial and office facility in San Diego, CA	—	7,804	16,729	5,939	(832)	7,804	21,836	29,640	7,626	2002	Sep. 2012	30 yrs.
Industrial facility in Richmond, CA	—	895	1,953	—	—	895	1,953	2,848	669	1999	Sep. 2012	30 yrs.
Warehouse facilities in the United States	—	16,386	84,668	10,959	—	16,386	95,627	112,013	29,926	Various	Sep. 2012	30 yrs.
Industrial facilities in Rocky Mount, NC and Lewisville, TX	—	2,163	17,715	609	(8,389)	1,132	10,966	12,098	3,725	1948; 1989	Sep. 2012	30 yrs.
Industrial facilities in Chattanooga, TN	—	558	5,923	—	—	558	5,923	6,481	2,006	1974; 1989	Sep. 2012	30 yrs.
Industrial facility in Mooresville, NC	—	756	9,775	—	—	756	9,775	10,531	3,302	1997	Sep. 2012	30 yrs.
Industrial facility in McCalla, AL	—	960	14,472	42,662	(254)	2,076	55,764	57,840	12,717	2004	Sep. 2012	31 yrs.
Office facility in Yardley, PA	—	1,726	12,781	4,378	—	1,726	17,159	18,885	5,555	2002	Sep. 2012	30 yrs.
Industrial facility in Fort Smith, AZ	—	1,063	6,159	—	—	1,063	6,159	7,222	2,058	1982	Sep. 2012	30 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY	2,519	—	19,990	—	—	—	19,990	19,990	6,608	2000; 2003	Sep. 2012	30 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN	—	1,492	8,182	600	—	1,492	8,782	10,274	2,771	1989; 1995	Sep. 2012	31 yrs.
Education facilities in Rancho Cucamonga, CA and Exton, PA	—	14,006	33,683	9,428	(20,142)	6,638	30,337	36,975	8,207	2004	Sep. 2012	31 - 32 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA	—	6,559	19,078	3,285	—	6,559	22,363	28,922	6,657	Various	Sep. 2012	31 yrs.
Industrial and warehouse facility in Mesquite, TX	—	2,702	13,029	—	—	2,702	13,029	15,731	507	1972	Sep. 2012	31 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY	—	6,080	23,424	546	—	6,080	23,970	30,050	7,690	1990; 1994; 2000	Sep. 2012	31 yrs.
Fitness facility in Memphis, TN	—	4,877	4,258	5,215	(2,353)	2,027	9,970	11,997	4,415	1990	Sep. 2012	31 yrs.
Warehouse facilities in Oceanside, CA and Concordville, PA	1,045	3,333	8,270	—	—	3,333	8,270	11,603	2,719	1989; 1996	Sep. 2012	31 yrs.
Net-lease self-storage facilities in the United States	—	74,551	319,186	—	(50)	74,501	319,186	393,687	103,823	Various	Sep. 2012	31 yrs.
Warehouse facility in La Vista, NE	17,095	4,196	23,148	—	—	4,196	23,148	27,344	7,095	2005	Sep. 2012	33 yrs.
Office facility in Pleasanton, CA	—	3,675	7,468	—	—	3,675	7,468	11,143	2,423	2000	Sep. 2012	31 yrs.
Office facility in San Marcos, TX	—	440	688	—	—	440	688	1,128	223	2000	Sep. 2012	31 yrs.
Office facility in Chicago, IL	—	2,169	19,010	83	(72)	2,169	19,021	21,190	6,125	1910	Sep. 2012	31 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


				Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed

		Initial Cost to Company
Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facilities in Hollywood and Orlando, FL	—	3,639	1,269	—	—	3,639	1,269	4,908	409	1996	Sep. 2012	31 yrs.
Warehouse facility in Golden, CO	—	808	4,304	77	—	808	4,381	5,189	1,551	1998	Sep. 2012	30 yrs.
Industrial facility in Texarkana, TX	—	1,755	4,493	—	(2,783)	216	3,249	3,465	1,046	1997	Sep. 2012	31 yrs.
Industrial facility in South Jordan, UT	—	2,183	11,340	1,642	—	2,183	12,982	15,165	4,093	1995	Sep. 2012	31 yrs.
Warehouse facility in Ennis, TX	—	478	4,087	145	(145)	478	4,087	4,565	1,316	1989	Sep. 2012	31 yrs.
Office facility in Paris, France	—	23,387	43,450	703	(11,450)	19,397	36,693	56,090	11,375	1975	Sep. 2012	32 yrs.
Retail facilities in Poland	—	26,564	72,866	—	(17,002)	21,993	60,435	82,428	26,047	Various	Sep. 2012	23 - 34 yrs.
Industrial facilities in Danbury, CT and Bedford, MA	—	3,519	16,329	—	—	3,519	16,329	19,848	5,608	1965; 1980	Sep. 2012	29 yrs.
Industrial facility in Brownwood, TX	—	722	6,268	—	—	722	6,268	6,990	1,671	1964	Sep. 2012	15 yrs.
Industrial facility in Rochester, MN	—	809	14,236	1,200	—	809	15,436	16,245	673	1997	Sep. 2012	31 yrs.
Industrial and office facility in Tampere, Finland	—	2,309	37,153	—	(7,176)	1,865	30,421	32,286	9,311	2012	Jun. 2013	40 yrs.
Office facility in Quincy, MA	—	2,316	21,537	127	—	2,316	21,664	23,980	5,594	1989	Jun. 2013	40 yrs.
Office facility in Salford, United Kingdom	—	—	30,012	—	(6,940)	—	23,072	23,072	5,484	1997	Sep. 2013	40 yrs.
Office facility in Lone Tree, CO	—	4,761	28,864	3,381	—	4,761	32,245	37,006	8,768	2001	Nov. 2013	40 yrs.
Office facility in Mönchengladbach, Germany	27,642	2,154	6,917	50,626	(4,660)	2,048	52,989	55,037	9,449	2015	Dec. 2013	40 yrs.
Fitness facility in Houston, TX	—	2,430	2,270	—	—	2,430	2,270	4,700	903	1995	Jan. 2014	23 yrs.
Fitness facility in St. Charles, MO	—	1,966	1,368	1,658	—	1,966	3,026	4,992	1,140	1987	Jan. 2014	27 yrs.
Office facility in Scottsdale, AZ	—	22,300	42,329	89	—	22,300	42,418	64,718	3,052	1977	Jan. 2014	34 yrs.
Industrial facility in Aurora, CO	—	737	2,609	—	—	737	2,609	3,346	736	1985	Jan. 2014	32 yrs.
Warehouse facility in Burlington, NJ	—	3,989	6,213	377	—	3,989	6,590	10,579	2,323	1999	Jan. 2014	26 yrs.
Industrial facility in Albuquerque, NM	—	2,467	3,476	606	—	2,467	4,082	6,549	1,382	1993	Jan. 2014	27 yrs.
Industrial facility in North Salt Lake, UT	—	10,601	17,626	—	(16,936)	4,388	6,903	11,291	2,352	1981	Jan. 2014	26 yrs.
Industrial facility in Lexington, NC	—	2,185	12,058	—	(2,519)	494	11,230	11,724	3,608	2003	Jan. 2014	28 yrs.
Industrial facility in Dallas, TX	—	3,190	10,010	—	—	3,190	10,010	13,200	133	1968	Jan. 2014	32 yrs.
Land in Welcome, NC	—	980	11,230	—	(11,724)	486	—	486	—	N/A	Jan. 2014	N/A
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD	—	4,005	44,192	—	—	4,005	44,192	48,197	16,530	1911; 1967; 1982	Jan. 2014	24 yrs.
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN	—	8,451	25,457	—	298	8,451	25,755	34,206	7,996	1978; 1979; 1986	Jan. 2014	17 - 34 yrs.
Retail facility in Torrance, CA	—	8,412	12,241	2,227	(77)	8,335	14,468	22,803	5,219	1973	Jan. 2014	25 yrs.
Office facility in Houston, TX	—	6,578	424	560	—	6,578	984	7,562	640	1978	Jan. 2014	27 yrs.
Land in Doncaster, United Kingdom	—	4,257	4,248	—	(8,146)	359	—	359	—	N/A	Jan. 2014	N/A
Warehouse facility in Norwich, CT	—	3,885	21,342	—	2	3,885	21,344	25,229	6,736	1960	Jan. 2014	28 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


				Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed

		Initial Cost to Company
Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Warehouse facility in Norwich, CT	—	1,437	9,669	—	—	1,437	9,669	11,106	3,052	2005	Jan. 2014	28 yrs.
Warehouse facility in Whitehall, PA	—	7,435	9,093	27,148	(9,545)	6,983	27,148	34,131	971	2021	Jan. 2014	40 yrs.
Retail facility in York, PA	—	3,776	10,092	—	(6,413)	527	6,928	7,455	1,830	2005	Jan. 2014	34 yrs.
Warehouse facilities in Atlanta, GA and Elkwood, VA	—	5,356	4,121	—	(2,104)	4,284	3,089	7,373	989	1975	Jan. 2014	28 yrs.
Warehouse facility in Harrisburg, NC	—	1,753	5,840	781	(111)	1,642	6,621	8,263	2,071	2000	Jan. 2014	26 yrs.
Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO	1,552	4,306	7,235	—	3	4,306	7,238	11,544	2,133	1978; 1987	Jan. 2014	30 yrs.
Industrial facility in Cynthiana, KY	831	1,274	3,505	525	(107)	1,274	3,923	5,197	1,257	1967	Jan. 2014	31 yrs.
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH	—	5,507	18,653	—	—	5,507	18,653	24,160	722	1955; 1966; 1970	Jan. 2014	32 yrs.
Industrial facility in Columbia, SC	—	2,843	11,886	—	—	2,843	11,886	14,729	4,692	1962	Jan. 2014	23 yrs.
Movie theater in Midlothian, VA	—	2,824	16,618	—	—	2,824	16,618	19,442	2,355	2000	Jan. 2014	40 yrs.
Net-lease student housing facility in Laramie, WY	—	1,966	18,896	—	—	1,966	18,896	20,862	5,920	2007	Jan. 2014	33 yrs.
Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI	—	1,444	21,208	—	(623)	1,382	20,647	22,029	8,212	1996	Jan. 2014	23 yrs.
Land in Sunnyvale, CA	—	9,297	24,086	—	(26,077)	7,306	—	7,306	—	N/A	Jan. 2014	N/A
Industrial facilities in Hampton, NH	—	8,990	7,362	—	—	8,990	7,362	16,352	2,164	1976	Jan. 2014	30 yrs.
Industrial facilities in France	—	36,306	5,212	337	3,123	24,411	20,567	44,978	2,904	Various	Jan. 2014	23 yrs.
Retail facility in Fairfax, VA	—	3,402	16,353	—	(6,219)	1,914	11,622	13,536	5,536	1998	Jan. 2014	26 yrs.
Retail facility in Lombard, IL	—	5,087	8,578	—	—	5,087	8,578	13,665	2,904	1999	Jan. 2014	26 yrs.
Warehouse facility in Plainfield, IN	—	1,578	29,415	1,674	—	1,578	31,089	32,667	8,786	1997	Jan. 2014	30 yrs.
Retail facility in Kennesaw, GA	—	2,849	6,180	5,530	(76)	2,773	11,710	14,483	3,966	1999	Jan. 2014	26 yrs.
Retail facility in Leawood, KS	—	1,487	13,417	—	—	1,487	13,417	14,904	4,542	1997	Jan. 2014	26 yrs.
Office facility in Tolland, CT	—	1,817	5,709	—	11	1,817	5,720	7,537	1,860	1968	Jan. 2014	28 yrs.
Warehouse facilities in Lincolnton, NC and Mauldin, SC	—	1,962	9,247	—	—	1,962	9,247	11,209	2,936	1988; 1996	Jan. 2014	28 yrs.
Retail facilities in Germany	—	81,109	153,927	10,510	(142,195)	26,287	77,064	103,351	22,737	Various	Jan. 2014	Various
Office facility in Southfield, MI	—	1,726	4,856	89	—	1,726	4,945	6,671	1,425	1985	Jan. 2014	31 yrs.
Office facility in The Woodlands, TX	—	3,204	24,997	—	—	3,204	24,997	28,201	7,075	1997	Jan. 2014	32 yrs.
Warehouse facilities in Valdosta, GA and Johnson City, TN	—	1,080	14,998	1,841	—	1,080	16,839	17,919	5,395	1978; 1998	Jan. 2014	27 yrs.
Industrial facility in Amherst, NY	5,893	674	7,971	—	—	674	7,971	8,645	3,170	1984	Jan. 2014	23 yrs.
Industrial and warehouse facilities in Westfield, MA	—	1,922	9,755	7,435	9	1,922	17,199	19,121	5,850	1954; 1997	Jan. 2014	28 yrs.
Office facility in Bloomington, MN	—	2,942	7,155	—	(3,257)	1,740	5,100	6,840	2,200	1988	Jan. 2014	28 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Warehouse facility in Gorinchem, Netherlands	—	1,143	5,648	—	(1,470)	896	4,425	5,321	1,393	1995	Jan. 2014	28 yrs.
Retail facility in Cresskill, NJ	—	2,366	5,482	—	19	2,366	5,501	7,867	1,574	1975	Jan. 2014	31 yrs.
Retail facility in Livingston, NJ	—	2,932	2,001	—	14	2,932	2,015	4,947	661	1966	Jan. 2014	27 yrs.
Retail facility in Montclair, NJ	—	1,905	1,403	—	6	1,905	1,409	3,314	462	1950	Jan. 2014	27 yrs.
Retail facility in Morristown, NJ	—	3,258	8,352	—	26	3,258	8,378	11,636	2,750	1973	Jan. 2014	27 yrs.
Retail facility in Summit, NJ	—	1,228	1,465	—	8	1,228	1,473	2,701	483	1950	Jan. 2014	27 yrs.
Industrial facilities in Georgetown, TX and Woodland, WA	—	965	4,113	—	—	965	4,113	5,078	1,087	1998; 2001	Jan. 2014	33 - 35 yrs.
Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX	—	5,365	7,845	—	5	5,365	7,850	13,215	2,514	Various	Jan. 2014	28 yrs.
Industrial facility in Salisbury, NC	—	1,499	8,185	—	—	1,499	8,185	9,684	2,629	2000	Jan. 2014	28 yrs.
Industrial facility in Twinsburg, OH and office facility in Plymouth, MI	—	2,831	10,565	386	(2,244)	2,501	9,037	11,538	2,898	1991; 1995	Jan. 2014	27 yrs.
Industrial facility in Cambridge, Canada	—	1,849	7,371	—	(1,607)	1,526	6,087	7,613	1,737	2001	Jan. 2014	31 yrs.
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN	—	2,962	17,832	—	—	2,962	17,832	20,794	5,087	Various	Jan. 2014	31 yrs.
Industrial facility in Ramos Arizpe, Mexico	—	1,059	2,886	—	—	1,059	2,886	3,945	821	2000	Jan. 2014	31 yrs.
Industrial facilities in Salt Lake City, UT	—	2,783	3,773	—	—	2,783	3,773	6,556	1,076	1983; 2002	Jan. 2014	31 - 33 yrs.
Net-lease student housing facility in Blairsville, PA	—	1,631	23,163	—	—	1,631	23,163	24,794	7,052	2005	Jan. 2014	33 yrs.
Education facility in Mooresville, NC	397	1,795	15,955	—	—	1,795	15,955	17,750	983	2002	Jan. 2014	33 yrs.
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA	—	6,488	77,192	—	—	6,488	77,192	83,680	24,122	1959; 1962; 1991	Jan. 2014	23 - 33 yrs.
Warehouse facility in Muskogee, OK	—	554	4,353	—	(3,437)	158	1,312	1,470	357	1992	Jan. 2014	33 yrs.
Industrial facility in Richmond, MO	—	2,211	8,505	747	—	2,211	9,252	11,463	2,938	1996	Jan. 2014	28 yrs.
Industrial facility in Tuusula, Finland	—	6,173	10,321	—	(3,570)	4,837	8,087	12,924	2,828	1975	Jan. 2014	26 yrs.
Office facility in Turku, Finland	—	5,343	34,106	3,792	325	5,052	38,514	43,566	11,238	1981	Jan. 2014	28 yrs.
Warehouse facility in Phoenix, AZ	—	6,747	21,352	380	—	6,747	21,732	28,479	7,056	1996	Jan. 2014	28 yrs.
Land in Calgary, Canada	—	3,721	—	—	(649)	3,072	—	3,072	—	N/A	Jan. 2014	N/A
Industrial facilities in Kearney, MO; York, NE; Walbridge, OH; Rocky Mount, VA; and Martinsburg, WV	—	4,816	31,712	—	—	4,816	31,712	36,528	114	Various	Jan. 2014	31 yrs.
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX	739	955	4,779	—	—	955	4,779	5,734	1,374	1950; 1986; 1996	Jan. 2014	31 yrs.
Industrial facility in Buffalo Grove, IL	2,763	1,492	12,233	—	—	1,492	12,233	13,725	3,527	1996	Jan. 2014	31 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA	—	8,989	5,435	—	8	8,989	5,443	14,432	1,728	Various	Jan. 2014	28 yrs.
Office facility in Carlsbad, CA	—	3,230	5,492	—	—	3,230	5,492	8,722	2,076	1999	Jan. 2014	24 yrs.
Movie theater in Pensacola, FL	—	1,746	—	—	5,181	1,746	5,181	6,927	361	2001	Jan. 2014	33 yrs.
Movie theater in Port St. Lucie, FL	—	4,654	2,576	—	—	4,654	2,576	7,230	840	2000	Jan. 2014	27 yrs.
Industrial facility in Nurieux-Volognat, France	—	121	5,328	—	(1,085)	94	4,270	4,364	1,177	2000	Jan. 2014	32 yrs.
Industrial facility in Monheim, Germany	—	2,500	5,727	—	(664)	2,303	5,260	7,563	209	1992	Jan. 2014	32 yrs.
Warehouse facility in Suwanee, GA	—	2,330	8,406	—	—	2,330	8,406	10,736	2,215	1995	Jan. 2014	34 yrs.
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS	—	1,878	8,579	3,128	(89)	1,878	11,618	13,496	3,434	1954; 1975; 1984	Jan. 2014	24 yrs.
Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI	—	1,403	11,098	—	—	1,403	11,098	12,501	6,089	1996	Jan. 2014	16 yrs.
Industrial facility in Mesa, AZ	—	2,888	4,282	—	—	2,888	4,282	7,170	1,401	1991	Jan. 2014	27 yrs.
Industrial facility in North Amityville, NY	—	3,486	11,413	—	—	3,486	11,413	14,899	3,913	1981	Jan. 2014	26 yrs.
Industrial facility in Fort Collins, CO	—	821	7,236	—	—	821	7,236	8,057	1,965	1993	Jan. 2014	33 yrs.
Warehouse facility in Elk Grove Village, IL	—	4,037	7,865	—	—	4,037	7,865	11,902	1,160	1980	Jan. 2014	22 yrs.
Office facility in Washington, MI	—	4,085	7,496	—	—	4,085	7,496	11,581	2,040	1990	Jan. 2014	33 yrs.
Office facility in Houston, TX	—	522	7,448	227	—	522	7,675	8,197	2,610	1999	Jan. 2014	27 yrs.
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX	—	4,049	13,021	—	133	4,049	13,154	17,203	6,282	Various	Jan. 2014	12 - 22 yrs.
Education facility in Sacramento, CA	23,843	—	13,715	—	—	—	13,715	13,715	3,659	2005	Jan. 2014	34 yrs.
Industrial facility in Sankt Ingbert, Germany	—	2,226	17,460	—	(380)	2,183	17,123	19,306	1,358	1960	Jan. 2014	34 yrs.
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX	—	5,138	8,387	—	43	5,138	8,430	13,568	2,712	1969; 1974; 1984	Jan. 2014	27 yrs.
Office facility in Tinton Falls, NJ	—	1,958	7,993	725	—	1,958	8,718	10,676	2,476	2001	Jan. 2014	31 yrs.
Industrial facility in Woodland, WA	—	707	1,562	—	—	707	1,562	2,269	395	2009	Jan. 2014	35 yrs.
Warehouse facilities in Gyál and Herceghalom, Hungary	—	14,601	21,915	—	(7,903)	11,441	17,172	28,613	7,499	2002; 2004	Jan. 2014	21 yrs.
Industrial facility in Windsor, CT	—	453	637	3,422	(83)	453	3,976	4,429	671	1999	Jan. 2014	33 yrs.
Industrial facility in Aurora, CO	—	574	3,999	—	—	574	3,999	4,573	908	2012	Jan. 2014	40 yrs.
Office facility in Chandler, AZ	—	5,318	27,551	105	—	5,318	27,656	32,974	7,032	2000	Mar. 2014	40 yrs.
Warehouse facility in University Park, IL	—	7,962	32,756	221	—	7,962	32,977	40,939	8,126	2008	May 2014	40 yrs.
Office facility in Stavanger, Norway	—	10,296	91,744	—	(37,742)	6,550	57,748	64,298	12,287	1975	Aug. 2014	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Laboratory facility in Westborough, MA	—	3,409	37,914	53,065	—	3,409	90,979	94,388	12,853	1992	Aug. 2014	40 yrs.
Office facility in Andover, MA	—	3,980	45,120	323	—	3,980	45,443	49,423	9,939	2013	Oct. 2014	40 yrs.
Office facility in Newport, United Kingdom	—	—	22,587	—	(5,695)	—	16,892	16,892	3,512	2014	Oct. 2014	40 yrs.
Industrial facility in Lewisburg, OH	—	1,627	13,721	—	—	1,627	13,721	15,348	3,141	2014	Nov. 2014	40 yrs.
Industrial facility in Opole, Poland	—	2,151	21,438	—	(3,354)	1,845	18,390	20,235	4,338	2014	Dec. 2014	38 yrs.
Office facilities in Spain	—	51,778	257,624	10	(39,234)	47,944	222,234	270,178	46,368	Various	Dec. 2014	Various
Retail facilities in the United Kingdom	—	66,319	230,113	277	(92,573)	43,593	160,543	204,136	42,766	Various	Jan. 2015	20 - 40 yrs.
Warehouse facility in Rotterdam, Netherlands	—	—	33,935	20,767	(3,270)	—	51,432	51,432	8,516	2014	Feb. 2015	40 yrs.
Retail facility in Bad Fischau, Austria	—	2,855	18,829	—	(221)	2,826	18,637	21,463	4,112	1998	Apr. 2015	40 yrs.
Industrial facility in Oskarshamn, Sweden	—	3,090	18,262	—	(4,435)	2,447	14,470	16,917	2,999	2015	Jun. 2015	40 yrs.
Office facility in Sunderland, United Kingdom	—	2,912	30,140	—	(7,546)	2,247	23,259	25,506	4,949	2007	Aug. 2015	40 yrs.
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria	—	9,449	15,838	—	(1,059)	9,053	15,175	24,228	3,354	2008; 2010	Aug. 2015	40 yrs.
Net-lease hotels in the United States	—	—	49,190	17,396	—	17,396	49,190	66,586	10,402	1988; 1989; 1990	Oct. 2015	38 - 40 yrs.
Retail facilities in the Netherlands	—	5,698	38,130	79	(306)	5,658	37,943	43,601	8,397	Various	Nov. 2015	30 - 40 yrs.
Office facility in Irvine, CA	—	7,626	16,137	—	—	7,626	16,137	23,763	2,974	1977	Dec. 2015	40 yrs.
Education facility in Windermere, FL	—	5,090	34,721	15,333	—	5,090	50,054	55,144	11,366	1998	Apr. 2016	38 yrs.
Industrial facilities in the United States	—	66,845	87,575	65,400	(56,517)	49,680	113,623	163,303	28,399	Various	Apr. 2016	Various
Industrial facilities in North Dumfries and Ottawa, Canada	—	17,155	10,665	—	(18,593)	5,723	3,504	9,227	1,626	1967; 1974	Apr. 2016	28 yrs.
Education facilities in Coconut Creek, FL and Houston, TX	—	15,550	83,862	63,830	—	15,550	147,692	163,242	26,642	1979; 1984	May 2016	37 - 40 yrs.
Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN	—	3,585	17,254	—	—	3,585	17,254	20,839	3,006	1969; 1987; 2000	Nov. 2016	35 - 36 yrs.
Industrial facilities in Brampton, Toronto, and Vaughan, Canada	—	28,759	13,998	—	—	28,759	13,998	42,757	2,906	Various	Nov. 2016	28 - 35 yrs.
Industrial facilities in Queretaro and San Juan del Rio, Mexico	—	5,152	12,614	—	—	5,152	12,614	17,766	2,136	Various	Dec. 2016	28 - 40 yrs.
Industrial facility in Chicago, IL	—	2,222	2,655	3,511	—	2,222	6,166	8,388	1,722	1985	Jun. 2017	30 yrs.
Industrial facility in Zawiercie, Poland	—	395	102	10,378	(931)	361	9,583	9,944	1,124	2018	Aug. 2017	40 yrs.
Office facility in Roseville, MN	—	2,560	16,025	809	—	2,560	16,834	19,394	2,340	2001	Nov. 2017	40 yrs.
Industrial facility in Radomsko, Poland	—	1,718	59	37,496	(442)	1,573	37,258	38,831	1,686	2018	Nov. 2017	40 yrs.
Warehouse facility in Sellersburg, IN	—	1,016	3,838	—	—	1,016	3,838	4,854	648	2000	Feb. 2018	36 yrs.
Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI	—	5,512	61,230	—	—	5,465	61,277	66,742	9,046	1995; 2004	Mar. 2018	36 - 40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Office and warehouse facilities in Denmark	—	20,304	185,481	—	(15,928)	18,733	171,124	189,857	24,289	Various	Jun. 2018	25 - 41 yrs.
Retail facilities in the Netherlands	—	38,475	117,127	—	(13,057)	35,246	107,299	142,545	16,996	Various	Jul. 2018	26 - 30 yrs.
Industrial facility in Oostburg, WI	—	786	6,589	—	—	786	6,589	7,375	1,318	2002	Jul. 2018	35 yrs.
Warehouse facility in Kampen, Netherlands	—	3,251	12,858	126	(1,288)	2,992	11,955	14,947	2,145	1976	Jul. 2018	26 yrs.
Warehouse facility in Azambuja, Portugal	—	13,527	35,631	28,051	(6,533)	12,463	58,213	70,676	6,890	1994	Sep. 2018	28 yrs.
Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands	—	2,582	18,731	11,338	(2,036)	2,420	28,195	30,615	3,550	Various	Oct. 2018	27 - 37 yrs.
Office and warehouse facilities in Bad Wünnenberg and Soest, Germany	—	2,916	39,687	—	(2,718)	2,730	37,155	39,885	4,152	1982; 1986	Oct. 2018	40 yrs.
Industrial facility in Norfolk, NE	—	802	3,686	—	—	802	3,686	4,488	521	1975	Oct. 2018	40 yrs.
Education facility in Chicago, IL	—	7,720	17,266	—	(7,945)	5,113	11,928	17,041	1,764	1912	Oct. 2018	40 yrs.
Fitness facilities in Phoenix, AZ and Columbia, MD	—	18,286	33,030	—	—	18,286	33,030	51,316	3,655	2006	Oct. 2018	40 yrs.
Retail facility in Gorzow, Poland	—	1,736	8,298	—	(640)	1,625	7,769	9,394	932	2008	Oct. 2018	40 yrs.
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX	8,986	6,460	49,462	—	—	6,460	49,462	55,922	5,927	Various	Oct. 2018	40 yrs.
Industrial facility in Glendale Heights, IL	—	4,237	45,484	—	—	4,237	45,484	49,721	3,008	1991	Oct. 2018	38 yrs.
Industrial facilities in Mayodan, Sanford, and Stoneville, NC	—	3,505	20,913	—	—	3,505	20,913	24,418	2,157	1992; 1997; 1998	Oct. 2018	29 yrs.
Warehouse facility in Dillon, SC	—	3,424	43,114	—	—	3,424	43,114	46,538	5,166	2001	Oct. 2018	40 yrs.
Office facility in Birmingham, United Kingdom	—	7,383	7,687	—	(1,044)	6,872	7,154	14,026	783	2009	Oct. 2018	40 yrs.
Retail facilities in Spain	—	17,626	44,501	—	(3,964)	16,502	41,661	58,163	4,702	Various	Oct. 2018	40 yrs.
Warehouse facility in Gadki, Poland	—	1,376	6,137	—	(480)	1,288	5,745	7,033	655	2011	Oct. 2018	40 yrs.
Office facility in The Woodlands, TX	—	1,697	52,289	—	—	1,697	52,289	53,986	5,583	2009	Oct. 2018	40 yrs.
Office facility in Hoffman Estates, IL	—	5,550	14,214	—	—	5,550	14,214	19,764	1,574	2009	Oct. 2018	40 yrs.
Warehouse facility in Zagreb, Croatia	—	15,789	33,287	—	(3,132)	14,781	31,163	45,944	5,163	2001	Oct. 2018	26 yrs.
Industrial facilities in Middleburg Heights and Union Township, OH	3,899	1,295	13,384	—	—	1,295	13,384	14,679	1,468	1990; 1997	Oct. 2018	40 yrs.
Retail facility in Las Vegas, NV	—	—	79,720	—	—	—	79,720	79,720	8,322	2012	Oct. 2018	40 yrs.
Industrial facilities in the United States	—	20,517	14,135	—	30,060	22,585	42,127	64,712	3,476	Various	Oct. 2018	40 yrs.
Warehouse facility in Bowling Green, KY	—	2,652	51,915	72,976	—	2,652	124,891	127,543	7,605	2011	Oct. 2018	40 yrs.
Warehouse facilities in the United Kingdom	—	6,791	2,315	—	(631)	6,321	2,154	8,475	264	Various	Oct. 2018	40 yrs.
Industrial facility in Evansville, IN	—	180	22,095	—	—	180	22,095	22,275	2,362	2009	Oct. 2018	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Office facilities in Tampa, FL	—	3,889	49,843	1,498	—	3,889	51,341	55,230	5,585	1985; 2000	Oct. 2018	40 yrs.
Warehouse facility in Elorrio, Spain	—	7,858	12,728	—	(1,313)	7,357	11,916	19,273	1,503	1996	Oct. 2018	40 yrs.
Industrial and office facilities in Elberton, GA	—	879	2,014	—	—	879	2,014	2,893	303	1997; 2002	Oct. 2018	40 yrs.
Office facility in Tres Cantos, Spain	47,277	24,344	39,646	—	(4,084)	22,790	37,116	59,906	4,209	2002	Oct. 2018	40 yrs.
Office facility in Hartland, WI	2,228	1,454	6,406	—	—	1,454	6,406	7,860	752	2001	Oct. 2018	40 yrs.
Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia	—	5,549	12,408	1,625	5,048	6,373	18,257	24,630	2,841	2000; 2002; 2003	Oct. 2018	26 yrs.
Office and warehouse facilities in the United States	—	42,793	193,666	—	—	42,793	193,666	236,459	22,416	Various	Oct. 2018	40 yrs.
Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands	—	37,755	91,666	4,787	(8,402)	35,346	90,460	125,806	9,515	Various	Oct. 2018	40 yrs.
Warehouse facilities in Oxnard and Watsonville, CA	—	22,453	78,814	—	—	22,453	78,814	101,267	8,695	1975; 1994; 2002	Oct. 2018	40 yrs.
Retail facilities in Italy	—	75,492	138,280	7,242	(14,891)	70,675	135,448	206,123	15,617	Various	Oct. 2018	40 yrs.
Land in Hudson, NY	—	2,405	—	—	—	2,405	—	2,405	—	N/A	Oct. 2018	N/A
Office facility in Houston, TX	—	2,136	2,344	—	—	2,136	2,344	4,480	301	1982	Oct. 2018	40 yrs.
Office facility in Martinsville, VA	—	1,082	8,108	—	—	1,082	8,108	9,190	950	2011	Oct. 2018	40 yrs.
Land in Chicago, IL	—	9,887	—	—	—	9,887	—	9,887	—	N/A	Oct. 2018	N/A
Industrial facility in Fraser, MI	—	1,346	9,551	—	—	1,346	9,551	10,897	1,084	2012	Oct. 2018	40 yrs.
Net-lease self-storage facilities in the United States	—	19,583	108,971	—	—	19,583	108,971	128,554	12,879	Various	Oct. 2018	40 yrs.
Warehouse facility in Middleburg Heights, OH	—	542	2,507	—	—	542	2,507	3,049	275	2002	Oct. 2018	40 yrs.
Net-lease self-storage facility in Fort Worth, TX	—	691	6,295	—	—	691	6,295	6,986	761	2004	Oct. 2018	40 yrs.
Retail facilities in Delnice, Pozega, and Sesvete, Croatia	—	5,519	9,930	1,291	(1,212)	5,167	10,361	15,528	1,707	2011	Oct. 2018	27 yrs.
Office facilities in Eagan and Virginia, MN	—	16,302	91,239	—	(722)	15,954	90,865	106,819	10,510	Various	Oct. 2018	40 yrs.
Retail facility in Orlando, FL	—	6,262	25,134	430	—	6,371	25,455	31,826	2,692	2011	Oct. 2018	40 yrs.
Industrial facility in Avon, OH	—	1,447	5,564	—	—	1,447	5,564	7,011	662	2001	Oct. 2018	40 yrs.
Industrial facility in Chimelow, Poland	—	6,158	28,032	—	(2,182)	5,765	26,243	32,008	2,999	2012	Oct. 2018	40 yrs.
Net-lease self-storage facility in Fayetteville, NC	—	1,839	4,654	—	—	1,839	4,654	6,493	718	2001	Oct. 2018	40 yrs.
Retail facilities in the United States	—	19,529	42,318	—	—	19,529	42,318	61,847	4,892	Various	Oct. 2018	40 yrs.
Education facilities in Montgomery, AL and Savannah, GA	—	5,508	12,032	—	—	5,508	12,032	17,540	1,375	1969; 2002	Oct. 2018	40 yrs.
Office facilities in St. Louis, MO	—	1,297	5,362	7,951	—	1,836	12,774	14,610	1,545	1995; 1999	Oct. 2018; Aug. 2021	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Office and warehouse facility in Zary, PL	—	2,062	10,034	—	(772)	1,931	9,393	11,324	1,101	2013	Oct. 2018	40 yrs.
Industrial facilities in San Antonio, TX and Sterling, VA	—	3,198	23,981	78,728	(462)	6,767	98,678	105,445	7,277	1980; 2020	Oct. 2018; Dec. 2018	40 yrs.
Industrial facility in Elk Grove Village, IL	—	5,511	10,766	2	—	5,511	10,768	16,279	1,203	1961	Oct. 2018	40 yrs.
Industrial facility in Portage, WI	3,861	3,450	7,797	—	—	3,450	7,797	11,247	982	1970	Oct. 2018	40 yrs.
Office facility in Warrenville, IL	—	3,662	23,711	—	—	3,662	23,711	27,373	2,614	2002	Oct. 2018	40 yrs.
Warehouse facility in Saitama Prefecture, Japan	—	13,507	25,301	6,586	(11,253)	11,035	23,106	34,141	2,368	2007	Oct. 2018	40 yrs.
Retail facility in Dallas, TX	—	2,977	16,168	—	—	2,977	16,168	19,145	1,732	1913	Oct. 2018	40 yrs.
Office facility in Houston, TX	—	23,161	104,266	1,118	—	23,161	105,384	128,545	11,173	1973	Oct. 2018	40 yrs.
Retail facilities in Croatia	—	9,000	13,002	1,415	(5,811)	7,305	10,301	17,606	1,504	Various	Oct. 2018	29 - 37 yrs.
Office facility in Northbrook, IL	—	—	493	447	—	—	940	940	212	2007	Oct. 2018	40 yrs.
Education facilities in Chicago, IL	—	18,510	163	—	(16,831)	1,793	49	1,842	39	2014; 2015	Oct. 2018	40 yrs.
Warehouse facility in Dillon, SC	—	3,516	44,933	—	—	3,516	44,933	48,449	5,343	2013	Oct. 2018	40 yrs.
Net-lease self-storage facilities in New York City, NY	—	29,223	77,202	714	—	29,223	77,916	107,139	8,175	Various	Oct. 2018	40 yrs.
Net-lease self-storage facility in Hilo, HI	—	769	12,869	—	—	769	12,869	13,638	1,361	2007	Oct. 2018	40 yrs.
Net-lease self-storage facility in Clearwater, FL	—	1,247	5,733	—	—	1,247	5,733	6,980	690	2001	Oct. 2018	40 yrs.
Warehouse facilities in Gadki, Poland	—	10,422	47,727	57	(3,714)	9,756	44,736	54,492	5,185	2007; 2010	Oct. 2018	40 yrs.
Net-lease self-storage facility in Orlando, FL	—	1,070	8,686	—	—	1,070	8,686	9,756	986	2000	Oct. 2018	40 yrs.
Retail facility in Lewisville, TX	—	3,485	11,263	—	—	3,485	11,263	14,748	1,256	2004	Oct. 2018	40 yrs.
Industrial facility in Wageningen, Netherlands	—	5,227	18,793	—	(1,266)	4,894	17,860	22,754	2,039	2013	Oct. 2018	40 yrs.
Net-lease self-storage facility in Palm Coast, FL	—	1,994	4,982	—	—	1,994	4,982	6,976	704	2001	Oct. 2018	40 yrs.
Office facility in Auburn Hills, MI	—	1,910	6,773	—	—	1,910	6,773	8,683	771	2012	Oct. 2018	40 yrs.
Net-lease self-storage facility in Holiday, FL	—	1,730	4,213	—	—	1,730	4,213	5,943	580	1975	Oct. 2018	40 yrs.
Office facility in Tempe, AZ	13,417	—	19,533	—	—	—	19,533	19,533	2,152	2000	Oct. 2018	40 yrs.
Office facility in Tucson, AZ	—	2,448	17,353	869	—	2,448	18,222	20,670	1,940	2002	Oct. 2018	40 yrs.
Industrial facility in Drunen, Netherlands	—	2,316	9,370	—	(745)	2,169	8,772	10,941	976	2014	Oct. 2018	40 yrs.
Industrial facility New Concord, OH	1,248	958	2,309	—	—	958	2,309	3,267	313	1999	Oct. 2018	40 yrs.
Office facility in Krakow, Poland	—	2,381	6,212	—	(548)	2,229	5,816	8,045	652	2003	Oct. 2018	40 yrs.
Retail facility in Gelsenkirchen, Germany	11,156	2,178	17,097	—	(1,230)	2,039	16,006	18,045	1,774	2000	Oct. 2018	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland	—	8,782	53,575	—	(3,979)	8,222	50,156	58,378	6,025	1995; 2000	Oct. 2018	40 yrs.
Office facility in Plymouth, MN	—	2,871	26,353	686	—	2,871	27,039	29,910	2,982	1999	Oct. 2018	40 yrs.
Office facility in San Antonio, TX	—	3,094	16,624	—	—	3,094	16,624	19,718	1,867	2002	Oct. 2018	40 yrs.
Warehouse facility in Sered, Slovakia	—	3,428	28,005	—	(2,006)	3,209	26,218	29,427	2,935	2004	Oct. 2018	40 yrs.
Industrial facility in Tuchomerice, Czech Republic	—	7,864	27,006	—	(2,226)	7,362	25,282	32,644	2,794	1998	Oct. 2018	40 yrs.
Office facility in Warsaw, Poland	31,475	—	44,990	—	(2,871)	—	42,119	42,119	4,540	2015	Oct. 2018	40 yrs.
Warehouse facility in Kaunas, Lithuania	34,541	10,199	47,391	—	(3,675)	9,548	44,367	53,915	5,022	2008	Oct. 2018	40 yrs.
Net-lease student housing facility in Jacksonville, FL	11,562	906	17,020	—	—	906	17,020	17,926	1,834	2015	Oct. 2018	40 yrs.
Warehouse facilities in Houston, TX	—	791	1,990	—	—	791	1,990	2,781	234	1972	Oct. 2018	40 yrs.
Office facility in Oak Creek, WI	—	2,858	11,055	—	—	2,858	11,055	13,913	1,310	2000	Oct. 2018	40 yrs.
Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV	—	2,868	37,571	—	—	2,868	37,571	40,439	4,527	Various	Oct. 2018	40 yrs.
Warehouse facility in Perrysburg, OH	—	806	11,922	—	—	806	11,922	12,728	1,483	1974	Oct. 2018	40 yrs.
Warehouse facility in Dillon, SC	—	620	46,319	434	—	620	46,753	47,373	4,422	2019	Oct. 2018	40 yrs.
Warehouse facility in Zabia Wola, Poland	14,507	4,742	23,270	5,636	(2,118)	4,439	27,091	31,530	2,974	1999	Oct. 2018	40 yrs.
Office facility in Buffalo Grove, IL	—	2,224	6,583	—	—	2,224	6,583	8,807	749	1992	Oct. 2018	40 yrs.
Warehouse facilities in McHenry, IL	—	5,794	21,141	—	—	5,794	21,141	26,935	3,539	1990; 1999	Dec. 2018	27 - 28 yrs.
Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI	—	23,267	9,166	—	—	23,267	9,166	32,433	1,459	Various	Dec. 2018; Dec. 2019	35 - 40 yrs.
Warehouse facility in Kilgore, TX	—	3,002	36,334	14,096	(6)	3,002	50,424	53,426	5,454	2007	Dec. 2018	37 yrs.
Industrial facility in San Luis Potosi, Mexico	—	2,787	12,945	—	—	2,787	12,945	15,732	1,527	2009	Dec. 2018	39 yrs.
Industrial facility in Legnica, Poland	—	995	9,787	6,007	(1,088)	930	14,771	15,701	1,915	2002	Dec. 2018	29 yrs.
Industrial facility in Meru, France	—	4,231	14,731	8	(1,186)	3,966	13,818	17,784	2,094	1997	Dec. 2018	29 yrs.
Education facility in Portland, OR	—	2,396	23,258	4,177	—	2,396	27,435	29,831	3,355	2006	Feb. 2019	40 yrs.
Office facility in Morrisville, NC	—	2,374	30,140	2,172	—	2,374	32,312	34,686	3,375	1998	Mar. 2019	40 yrs.
Warehouse facility in Inwood, WV	—	3,265	36,692	—	—	3,265	36,692	39,957	3,817	2000	Mar. 2019	40 yrs.
Industrial facility in Hurricane, UT	—	1,914	37,279	—	—	1,914	37,279	39,193	3,668	2011	Mar. 2019	40 yrs.
Industrial facility in Bensenville, IL	—	8,640	4,948	—	300	8,940	4,948	13,888	782	1981	Mar. 2019	40 yrs.
Industrial facility in Katowice, Poland	—	—	764	15,163	(484)	—	15,443	15,443	1,195	2019	Apr. 2019	40 yrs.
Industrial facilities in Westerville, OH and North Wales, PA	—	1,545	6,508	—	—	1,545	6,508	8,053	781	1960; 1997	May 2019	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX	—	1,616	5,589	—	—	1,616	5,589	7,205	818	Various	May 2019	40 yrs.
Industrial facilities in Chihuahua and Juarez, Mexico	—	3,426	7,286	—	—	3,426	7,286	10,712	965	1983; 1986; 1991	May 2019	40 yrs.
Warehouse facility in Statesville, NC	—	1,683	13,827	—	—	1,683	13,827	15,510	1,489	1979	Jun. 2019	40 yrs.
Industrial facilities in Searcy, AR and Conestoga, PA	—	4,290	51,410	21,027	—	4,678	72,049	76,727	6,511	1950; 1951	Jun. 2019; Apr. 2021	40 yrs.
Industrial facilities in Hartford and Milwaukee, WI	—	1,471	21,293	—	—	1,471	21,293	22,764	2,203	1964; 1992; 1993	Jul. 2019	40 yrs.
Industrial facilities in Brockville and Prescott, Canada	—	2,025	9,519	—	—	2,025	9,519	11,544	990	1955; 1995	Jul. 2019	40 yrs.
Industrial facility in Dordrecht, Netherlands	—	3,233	10,954	—	(424)	3,140	10,623	13,763	890	1986	Sep. 2019	40 yrs.
Industrial facilities in York, PA and Lexington, SC	—	4,155	22,930	—	—	4,155	22,930	27,085	2,600	1968; 1971	Oct. 2019	40 yrs.
Industrial facility in Queretaro, Mexico	—	2,851	12,748	—	(3)	2,851	12,745	15,596	1,305	1999	Oct. 2019	40 yrs.
Office facility in Dearborn, MI	—	1,431	5,402	—	—	1,431	5,402	6,833	567	2002	Oct. 2019	40 yrs.
Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH	—	6,130	24,981	2,145	—	6,130	27,126	33,256	2,444	Various	Nov. 2019	40 yrs.
Industrial facility in Pardubice, Czech Republic	—	1,694	8,793	436	(377)	1,639	8,907	10,546	742	1970	Nov. 2019	40 yrs.
Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden	—	6,499	27,899	146	(1,659)	6,140	26,745	32,885	2,294	2012; 2017	Nov. 2019	40 yrs.
Retail facility in Hamburg, PA	—	4,520	34,167	—	—	4,520	34,167	38,687	2,994	2003	Dec. 2019	40 yrs.
Warehouse facility in Charlotte, NC	—	6,481	82,936	—	—	6,481	82,936	89,417	7,128	1995	Dec. 2019	40 yrs.
Warehouse facility in Buffalo Grove, IL	—	3,287	10,167	—	—	3,287	10,167	13,454	1,049	1987	Dec. 2019	40 yrs.
Industrial facility in Hvidovre, Denmark	—	1,931	4,243	—	(265)	1,856	4,053	5,909	436	2007	Dec. 2019	40 yrs.
Warehouse facility in Huddersfield, United Kingdom	—	8,659	29,752	—	(3,428)	7,886	27,097	34,983	2,156	2005	Dec. 2019	40 yrs.
Warehouse facility in Newark, United Kingdom	—	21,869	74,777	—	(8,170)	20,020	68,456	88,476	5,111	2006	Jan. 2020	40 yrs.
Industrial facility in Langen, Germany	—	14,160	7,694	32,169	(5,999)	12,461	35,563	48,024	1,695	2021	Jan. 2020	40 yrs.
Industrial facility in Aurora, OR	—	2,914	21,459	—	(5,000)	2,914	16,459	19,373	1,209	1976	Jan. 2020	40 yrs.
Warehouse facility in Vojens, Denmark	—	1,031	8,784	—	(296)	1,000	8,519	9,519	622	2020	Jan. 2020	40 yrs.
Office facility in Kitzingen, Germany	—	4,812	41,125	—	(3,171)	4,481	38,285	42,766	2,694	1967	Mar. 2020	40 yrs.
Warehouse facility in Knoxville, TN	—	2,455	47,446	—	—	2,455	47,446	49,901	2,988	2020	Jun. 2020	40 yrs.
Industrial facilities in Bluffton and Plymouth, IN; and Lawrence, KS	—	674	33,519	20,542	—	1,064	53,671	54,735	2,440	1981; 2014; 2021	Sep 2020; Dec. 2021	40 yrs.
Industrial facility in Huntley, IL	—	5,260	26,617	—	—	5,260	26,617	31,877	1,500	1996	Sep. 2020	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facilities in Winter Haven, FL; Belvedere, IL; and Fayetteville, NC	—	8,232	31,745	—	—	8,232	31,745	39,977	1,763	1954; 1984; 1997	Oct. 2020	40 yrs.
Retail facilities in Spain	—	34,216	57,151	239	(8,069)	31,198	52,339	83,537	2,842	Various	Oct. 2020	40 yrs.
Warehouse facility in Little Canada, MN	—	3,384	23,422	—	—	3,384	23,422	26,806	1,272	1987	Oct. 2020	40 yrs.
Warehouse facility in Hurricane, UT	—	5,154	22,893	20,517	—	5,154	43,410	48,564	1,602	2005	Dec. 2020	40 yrs.
Industrial facilities in Bethlehem, PA and Waco, TX	—	4,673	19,111	—	—	4,673	19,111	23,784	984	Various	Dec. 2020	40 yrs.
Industrial facilities in Pleasanton, KS; Savage, MN; Grove City, OH; and Mahanoy City, PA	—	7,717	21,569	—	—	7,717	21,569	29,286	1,078	Various	Dec. 2020	40 yrs.
Outdoor advertising in Fort Washington, Huntington Valley, and West Chester, PA	—	—	492	—	—	—	492	492	24	2011; 2014; 2016	Jan. 2021	40 yrs.
Warehouse facilities in Grove City, OH and Anderson, SC	—	1,415	15,151	—	—	1,415	15,151	16,566	724	1995; 2001	Feb. 2021	40 yrs.
Office and retail facilities in NJ and PA	—	17,537	25,987	—	—	17,537	25,987	43,524	1,226	Various	Feb. 2021	40 yrs.
Land and warehouse facilities in CA	—	8,513	45,669	6	—	8,516	45,672	54,188	2,158	Various	Feb. 2021	40 yrs.
Research and development facility in Wageningen, Netherlands	—	1,429	5,777	18,848	1,244	1,494	25,804	27,298	315	2022	Mar. 2021	40 yrs.
Retail facilities in France	—	15,954	104,578	—	(11,082)	14,487	94,963	109,450	4,163	1968; 1981; 1983	Apr. 2021	40 yrs.
Warehouse facility in Detroit, MI	—	3,625	47,743	—	—	3,625	47,743	51,368	2,008	1991	Apr. 2021	40 yrs.
Warehouse facility in Solihull, United Kingdom	—	42,137	123,315	—	(21,832)	36,577	107,043	143,620	4,450	2021	May 2021	40 yrs.
Net-lease student housing facility in New Rochelle, NY	—	3,617	21,590	—	—	3,617	21,590	25,207	896	2018	May 2021	40 yrs.
Industrial facility in Groveport, OH	—	—	26,639	2,904	—	—	29,543	29,543	1,165	1982	May 2021	40 yrs.
Industrial facility in Dakota, IL	—	1,970	50,369	—	—	1,970	50,369	52,339	2,066	1978	May 2021	40 yrs.
Industrial facility in San Jose, CA	—	12,808	31,714	—	—	12,808	31,714	44,522	1,299	1984	May 2021	40 yrs.
Warehouse facility in Opelika, AL	—	2,115	39,980	—	—	2,115	39,980	42,095	1,569	2005	Jun. 2021	40 yrs.
Warehouse facilities in Elk Grove Village and Niles, IL; and Guelph, Canada	—	12,932	25,096	—	—	12,932	25,096	38,028	981	1962; 1976; 1983	Jun. 2021	40 yrs.
Warehouse facility in Rome, NY	—	1,480	47,781	—	—	1,480	47,781	49,261	1,865	2021	Jun. 2021	40 yrs.
Warehouse facility in Frankfort, IN	—	5,423	95,915	—	—	5,423	95,915	101,338	3,239	2015	Aug. 2021	40 yrs.
Warehouse facility in Rogers, MN	—	1,871	20,959	—	—	1,871	20,959	22,830	688	2005	Sep. 2021	40 yrs.
Industrial facilities in Chattanooga, TN	—	4,859	29,302	—	—	4,859	29,302	34,161	881	2006; 2017	Oct. 2021	40 yrs.
Warehouse facility in Mankato, MN	—	2,979	11,619	—	—	2,979	11,619	14,598	330	1976	Nov. 2021	40 yrs.
Retail facilities in Denmark	—	2,695	38,428	—	(2,157)	2,553	36,413	38,966	973	Various	Dec. 2021	40 yrs.
Retail facilities in Poland	—	15,110	47,511	—	(3,313)	14,311	44,997	59,308	1,177	Various	Dec. 2021	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances	Land	Buildings			Land	Buildings	Total
Industrial facility in Cary, IL	—	4,568	31,977	—	—	4,568	31,977	36,545	808	1975	Dec. 2021	40 yrs.
Retail facilities in the Netherlands	—	9,342	32,770	—	(2,373)	8,816	30,923	39,739	779	Various	Dec. 2021	40 yrs.
Outdoor advertising in Flemington and Pennsauken, NJ	—	1,025	397	832	—	1,025	1,229	2,254	18	Various	Dec. 2021	40 yrs.
Industrial facility in Pleasant Prairie, WI	—	1,443	16,532	—	—	1,443	16,532	17,975	403	2001	Jan. 2022	40 yrs.
Funeral homes in Spain	—	26,735	99,822	—	(6,953)	25,266	94,338	119,604	2,145	Various	Feb. 2022	40 yrs.
Retail facilities in Denmark	—	3,295	35,898	—	(1,477)	3,154	34,562	37,716	625	Various	Various	40 yrs.
Industrial facility in Laval, Canada	—	4,014	16,037	—	(1,237)	3,766	15,048	18,814	327	1966	Feb. 2022	40 yrs.
Warehouse facility in Chattanooga, TN	—	5,063	36,645	—	—	5,063	36,645	41,708	761	2003	Mar. 2022	40 yrs.
Industrial facility in Coatzacoalcos, Mexico	—	9,805	17,622	—	—	9,805	17,622	27,427	301	1960	Apr. 2022	40 yrs.
Industrial facility in Lowbanks, CA	—	3,574	1,605	—	—	3,574	1,605	5,179	27	1967	Apr. 2022	40 yrs.
Industrial facilities in Chicago, IL; Geismar, LA; and Nashville, TN	—	9,300	26,945	—	—	9,300	26,945	36,245	437	Various	May 2022	40 yrs.
Industrial and warehouse facilities in the United States	—	9,847	88,227	—	—	9,847	88,227	98,074	1,390	Various	May 2022	40 yrs.
Retail facilities in Denmark	—	2,228	31,774	—	251	2,246	32,007	34,253	443	Various	Various	40 yrs.
Industrial facility in Medina, OH	—	2,029	22,938	—	—	2,029	22,938	24,967	311	1963	Jun. 2022	40 yrs.
Warehouse facility in Bree, Belgium	—	—	73,302	42	1,972	—	75,316	75,316	954	1964	Jun. 2022	40 yrs.
Retail facilities in Spain	—	4,906	12,825	—	813	5,131	13,413	18,544	151	Various	Jul. 2022	40 yrs.
Industrial and warehouse facilities in the United States	—	27,543	192,197	—	—	27,543	192,197	219,740	2,093	Various	Jul. 2022	40 yrs.
Retail facilities in Denmark	—	2,690	33,703	—	1,312	2,789	34,916	37,705	297	Various	Various	40 yrs.
Office facility in Austin, TX	72,295	31,095	45,393	—	—	31,095	45,393	76,488	476	1993	Aug. 2022	40 yrs.
Land in Chicago, IL	1,885	3,873	—	—	—	3,873	—	3,873	—	N/A	Aug. 2022	N/A
Retail facilities in Croatia	14,788	1,367	23,337	—	1,046	1,425	24,325	25,750	255	2001; 2006	Aug. 2022	40 yrs.
Warehouse in Streetsboro, OH	2,576	2,435	9,333	—	—	2,435	9,333	11,768	98	1993	Aug. 2022	40 yrs.
Office facility in Norcross, GA	2,936	1,795	2,676	—	—	1,795	2,676	4,471	28	1999	Aug. 2022	40 yrs.
Warehouse in University Park, IL	46,812	15,377	63,299	—	—	15,377	63,299	78,676	663	2003	Aug. 2022	40 yrs.
Office facility in Oslo, Norway	43,560	15,763	33,250	—	(1,085)	15,414	32,514	47,928	341	2013	Aug. 2022	40 yrs.
Industrial facilities in Surprise, AZ; Temple, GA; and Houston, TX	9,640	2,994	26,100	—	—	2,994	26,100	29,094	274	1998; 2007; 2011	Aug. 2022	40 yrs.
Office facility in Farmington Hills, MI	6,188	2,195	5,213	—	—	2,195	5,213	7,408	55	2001	Aug. 2022	40 yrs.
Warehouse facility in Jonesville, SC	25,198	2,895	32,152	—	—	2,895	32,152	35,047	337	1997	Aug. 2022	40 yrs.
Warehouse facility in Albany, GA	5,232	3,108	12,220	—	—	3,108	12,220	15,328	128	1977	Aug. 2022	40 yrs.
Office facility in Eagan, MN	8,573	1,298	7,445	—	—	1,298	7,445	8,743	78	2013	Aug. 2022	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of Income is Computed


Description	Encumbrances		Land		Buildings						Land		Buildings		Total
Office facility in Plymouth, MN	25,187		4,624		29,243		—		—		4,624		29,243		33,867		306		1982	Aug. 2022	40 yrs.
Industrial facilities in Dallas/Forth Worth, TX	4,336		3,918		9,817		—		—		3,918		9,817		13,735		103		1990; 2008	Aug. 2022	40 yrs.
Warehouse facility in Byron Center, MI	6,407		1,925		10,098		—		—		1,925		10,098		12,023		106		2015	Aug. 2022	40 yrs.
Net-lease hotel in Albion, Mauritius	10,972		7,633		29,274		—		1,562		7,956		30,513		38,469		320		2007	Aug. 2022	40 yrs.
Office facility in Warstein, Germany	—		3,917		4,049		20		337		4,083		4,240		8,323		44		2011	Aug. 2022	40 yrs.
Net-lease hotel in Munich, Germany	45,331		17,892		61,405		—		3,356		18,649		64,004		82,653		671		2016	Aug. 2022	40 yrs.
Office facility in Plano, TX	21,221		3,667		28,073		—		—		3,667		28,073		31,740		294		2001	Aug. 2022	40 yrs.
Industrial facility in Plymouth, MN	9,969		3,693		13,242		9		—		3,693		13,251		16,944		139		1975	Aug. 2022	40 yrs.
Net-lease hotel in Hamburg, Germany	15,419		7,328		17,467		—		1,050		7,639		18,206		25,845		191		2017	Aug. 2022	40 yrs.
Retail facility in Oslo, Norway	54,079		27,948		64,033		725		(2,032)		27,330		63,344		90,674		672		1971	Aug. 2022	40 yrs.
Office facility in Jacksonville, FL	9,310		2,084		6,673		—		—		2,084		6,673		8,757		70		2001	Aug. 2022	40 yrs.
Industrial facility in Michalovce, Slovakia	—		4,538		19,009		—		996		4,730		19,813		24,543		208		2006	Aug. 2022	40 yrs.
Office facility in Warrenville, IL	21,433		3,285		11,666		387		—		3,285		12,053		15,338		129		2001	Aug. 2022	40 yrs.
Office facility in Coralville, IA	—		2,222		35,695		—		—		2,222		35,695		37,917		374		2015	Aug. 2022	40 yrs.
Net-lease hotel in Stuttgart, Germany	13,338		—		31,276		—		1,324		—		32,600		32,600		342		1965	Aug. 2022	40 yrs.
Industrial facility in Menomonee Falls, WI	11,841		2,726		17,453		—		—		2,726		17,453		20,179		183		1974	Aug. 2022	40 yrs.
Warehouse facility in Iowa Falls, IA	6,138		997		8,819		—		—		997		8,819		9,816		92		2001	Aug. 2022	40 yrs.
Warehouse facility in Westlake, OH	—		1,928		24,353		—		—		1,928		24,353		26,281		252		1972	Aug. 2022	40 yrs.
Industrial facility in Hebron, Ohio and warehouse facility in Strongsville, OH	—		4,671		5,494		—		—		4,671		5,494		10,165		54		1969; 1999	Aug. 2022	40 yrs.
Warehouse facility in Scarsborough, Canada	—		5,092		1,868		—		—		5,092		1,868		6,960		18		1980	Aug. 2022	40 yrs.
Specialty facilities in West Des Moines, IA and Clifton Park, NY	—		3,229		17,080		—		—		3,229		17,080		20,309		166		1971; 2021	Aug. 2022	40 yrs.
Industrial facility in Orzinuovi, Italy	—		2,473		9,892		—		815		2,636		10,544		13,180		91		1978	Aug. 2022	40 yrs.
Outdoor advertising in West Chester, PA	—		—		559		—		—		—		559		559		10		2022	Oct. 2022	40 yrs.
Industrial facilities in the United States	—		11,117		41,107		—		—		11,117		41,107		52,224		31		Various	Dec. 2022	40 yrs.
Warehouse facility in Romulus, MI	—		2,788		33,353		—		—		2,788		33,353		36,141		5		2017	Dec. 2022	40 yrs.
Industrial facility in Salisbury, NC	—		1,308		13,082		—		—		1,308		13,082		14,390		2		2015	Dec. 2022	40 yrs.
	$	782,663	$	2,628,187	$	10,520,207	$	1,013,116	$	(844,878)	$	2,400,002	$	10,916,630	$	13,316,632	$	1,672,091

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Direct Financing Method
Industrial facilities in Irving and Houston, TX	$	—	$	—	$	27,599	$	—	$	(4,227)	$	23,372	1978	Jan. 1998
Retail facility in Freehold, NJ	2,925		—		17,067		—		(435)		16,632		2004	Sep. 2012
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX	713		2,089		14,211		—		(1,572)		14,728		1969; 1996; 2000	Sep. 2012
Retail facilities in Germany	—		28,734		145,854		5,582		(64,558)		115,612		Various	Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom	—		2,147		12,357		—		(2,554)		11,950		1996	Sep. 2012
Retail facilities in El Paso and Fabens, TX	—		4,777		17,823		—		(102)		22,498		Various	Jan. 2014
Industrial facility in Eagan, MN	—		—		11,548		—		(628)		10,920		1975	Jan. 2014
Retail facility in Gronau, Germany	—		281		4,401		—		(1,013)		3,669		1989	Jan. 2014
Industrial facility in Mount Carmel, IL	—		135		3,265		—		(303)		3,097		1896	Jan. 2014
Retail facility in Vantaa, Finland	—		5,291		15,522		—		(4,505)		16,308		2004	Jan. 2014
Retail facility in Linköping, Sweden	—		1,484		9,402		—		(4,105)		6,781		2004	Jan. 2014
Industrial facility in Calgary, Canada	—		—		7,076		—		(1,232)		5,844		1965	Jan. 2014
Industrial facilities in Fair Bluff, NC and Valencia, PA	—		5,780		40,860		—		(37,179)		9,461		1968; 1976	Jan. 2014
Industrial facility in Göppingen, Germany	—		10,717		60,120		—		(20,026)		50,811		1930	Jan. 2014
Industrial and office facility in Nagold, Germany	—		4,553		17,675		—		(1,419)		20,809		1994	Oct. 2018
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom	—		1,062		23,087		—		(1,784)		22,365		Various	Oct. 2018
Warehouse facility in Gieten, Netherlands	—		—		15,258		—		(1,027)		14,231		1985	Oct. 2018
Warehouse facility in Oxnard, CA	—		—		10,960		—		(1,427)		9,533		1975	Oct. 2018
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK	—		4,454		87,030		—		2,921		94,405		Various	Oct. 2018
Industrial facility in Countryside, IL	—		563		1,457		—		37		2,057		1981	Oct. 2018
Industrial facility in Clarksville, TN	2,973		1,680		10,180		—		(155)		11,705		1998	Oct. 2018
Industrial facility in Bluffton, IN	1,634		503		3,407		—		(44)		3,866		1975	Oct. 2018
Warehouse facility in Houston, TX	—		—		5,977		—		(128)		5,849		1972	Oct. 2018
Warehouse in Chicago, IL	5,131		—		10,517		—		26		10,543		1942	Aug. 2022
Less: allowance for credit losses									(8,733)		(8,733)
	$	13,376	$	74,250	$	572,653	$	5,582	$	(154,172)	$	498,313

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


			Initial Cost to Company						Cost Capitalized Subsequent to Acquisition (a)		Increase (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period (c) (d)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property						Land		Buildings		Personal Property		Total		Accumulated Depreciation (d)		Date of Construction	Date Acquired
Operating Real Estate – Hotels
Bloomington, MN	$	—	$	3,810	$	29,126	$	3,622	$	6,329	$	(314)	$	3,874	$	31,265	$	7,434	$	42,573	$	14,303	2008	Jan. 2014	34 yrs.
Operating Real Estate – Student Housing Facilities
Austin, TX	28,533		12,994		60,006		—		44		—		12,994		60,033		17		73,044		629		2020	Aug. 2022	40 yrs.
Swansea, United Kingdom	43,134		—		32,884		—		33,936		3,526		—		70,346		—		70,346		364		2022	Aug. 2022	40 yrs.
Operating Real Estate – Self-Storage Facilities
Loves Park, IL	—		1,412		4,853		—		35		—		1,412		4,862		26		6,300		777		1997	Oct. 2018	40 yrs.
Cherry Valley, IL	—		1,339		4,160		—		9		—		1,339		4,160		9		5,508		640		1988	Oct. 2018	40 yrs.
Rockford, IL	—		695		3,873		—		44		—		695		3,903		14		4,612		545		1979	Oct. 2018	40 yrs.
Rockford, IL	—		87		785		—		—		—		87		785		—		872		98		1979	Oct. 2018	40 yrs.
Rockford, IL	—		454		4,724		—		12		—		454		4,733		3		5,190		546		1957	Oct. 2018	40 yrs.
Peoria, IL	—		444		4,944		—		238		—		444		5,164		18		5,626		849		1990	Oct. 2018	40 yrs.
East Peoria, IL	—		268		3,290		—		108		—		268		3,375		23		3,666		528		1986	Oct. 2018	40 yrs.
Loves Park, IL	—		721		2,973		—		27		—		721		3,000		—		3,721		429		1978	Oct. 2018	40 yrs.
Winder, GA	—		338		1,310		—		69		—		338		1,354		25		1,717		218		2006	Oct. 2018	40 yrs.
Winder, GA	—		821		3,180		—		34		—		821		3,198		16		4,035		486		2001	Oct. 2018	40 yrs.
Kissimmee, FL	6,386		2,147		17,164		—		4		—		2,147		17,168		—		19,315		180		2005	Aug. 2022	40 yrs.
St. Petersburg, FL	6,842		1,505		16,229		—		4		—		1,505		16,229		4		17,738		170		2007	Aug. 2022	40 yrs.
Corpus Christi, TX	2,563		904		10,779		—		40		—		904		10,819		—		11,723		114		1998	Aug. 2022	40 yrs.
Palm Desert, CA	6,481		1,036		22,714		—		—		—		1,036		22,714		—		23,750		238		2006	Aug. 2022	40 yrs.
Kailua-Kona, HI	3,546		1,425		12,267		—		30		—		1,425		12,297		—		13,722		129		1991	Aug. 2022	40 yrs.
Miami, FL	2,854		3,680		7,215		—		6		—		3,680		7,215		6		10,901		76		1986	Aug. 2022	40 yrs.
Columbia, SC	2,875		2,481		5,217		—		—		—		2,481		5,217		—		7,698		55		1988	Aug. 2022	40 yrs.
Kailua-Kona, HI	3,316		2,889		16,397		—		—		—		2,889		16,397		—		19,286		172		2004	Aug. 2022	40 yrs.
Pompano Beach, FL	2,869		1,227		10,897		—		—		—		1,227		10,897		—		12,124		114		1992	Aug. 2022	40 yrs.
Jensen Beach, FL	5,294		1,544		15,841		—		42		—		1,544		15,878		5		17,427		166		1989	Aug. 2022	40 yrs.
Dickinson, TX	6,094		1,952		8,826		—		—		—		1,952		8,826		—		10,778		92		2001	Aug. 2022	40 yrs.
Humble, TX	4,771		813		6,459		—		—		—		813		6,459		—		7,272		68		2009	Aug. 2022	40 yrs.
Temecula, CA	6,156		2,368		20,802		—		—		—		2,368		20,802		—		23,170		218		2006	Aug. 2022	40 yrs.
Cumming, GA	2,709		655		10,455		—		5		—		655		10,455		5		11,115		110		1994	Aug. 2022	40 yrs.
Naples, FL	10,157		6,826		20,254		—		18		—		6,826		20,264		8		27,098		213		1974	Aug. 2022	40 yrs.
Valrico, FL	5,694		1,423		11,316		—		8		—		1,423		11,316		8		12,747		119		2009	Aug. 2022	40 yrs.
Tallahassee, FL	4,891		1,534		14,416		—		6		—		1,534		14,416		6		15,956		151		1999	Aug. 2022	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


		Initial Cost to Company			Cost Capitalized Subsequent to Acquisition (a)	Increase (Decrease) in Net Investments (b)	Gross Amount at which Carried at Close of Period (c) (d)							Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances	Land	Buildings	Personal Property			Land	Buildings	Personal Property	Total	Accumulated Depreciation (d)	Date of Construction	Date Acquired
Sebastian, FL	1,847	529	7,917	—	10	—	529	7,927	—	8,456	83	1986	Aug. 2022	40 yrs.
Lady Lake, FL	3,923	928	11,881	—	7	—	928	11,881	7	12,816	124	2010	Aug. 2022	40 yrs.
Panama City Beach, FL	2,605	736	7,581	—	—	—	736	7,581	—	8,317	79	1997	Aug. 2022	40 yrs.
Hesperia, CA	—	1,416	18,691	—	—	—	1,416	18,691	—	20,107	196	2004	Aug. 2022	40 yrs.
Hesperia, CA	—	639	9,412	—	—	—	639	9,412	—	10,051	99	2007	Aug. 2022	40 yrs.
Hesperia, CA	—	699	12,896	—	4	—	699	12,900	—	13,599	135	1985	Aug. 2022	40 yrs.
Highland, CA	—	1,465	11,966	—	—	—	1,465	11,966	—	13,431	125	2003	Aug. 2022	40 yrs.
Lancaster, CA	—	598	12,100	—	—	—	598	12,100	—	12,698	127	1989	Aug. 2022	40 yrs.
Rialto, CA	—	3,502	16,924	—	6	—	3,502	16,924	6	20,432	178	2007	Aug. 2022	40 yrs.
Thousand Palms, CA	—	2,465	17,632	—	—	—	2,465	17,632	—	20,097	185	2007	Aug. 2022	40 yrs.
Lilburn, GA	2,325	1,555	6,225	—	16	—	1,555	6,225	16	7,796	66	1998	Aug. 2022	40 yrs.
Stockbridge GA	1,614	308	7,238	—	43	—	308	7,268	13	7,589	77	2003	Aug. 2022	40 yrs.
Louisville, KY	6,564	3,115	13,908	—	115	—	3,115	14,020	3	17,138	151	1998	Aug. 2022	40 yrs.
St. Peters, MO	2,309	386	5,521	—	40	—	386	5,552	9	5,947	59	1991	Aug. 2022	40 yrs.
Crystal Lake, IL	2,615	1,325	6,056	—	2	—	1,325	6,056	2	7,383	64	1977	Aug. 2022	40 yrs.
Las Vegas, NV	6,328	717	20,963	—	24	—	717	20,985	2	21,704	220	1996	Aug. 2022	40 yrs.
Panama City Beach, FL	6,134	666	17,086	—	8	—	666	17,094	—	17,760	179	2008	Aug. 2022	40 yrs.
Sarasota, FL	5,204	1,076	13,597	—	7	—	1,076	13,597	7	14,680	142	2003	Aug. 2022	40 yrs.
Sarasota, FL	3,806	638	10,175	—	8	—	638	10,175	8	10,821	107	2001	Aug. 2022	40 yrs.
Leesburg, FL	2,407	1,272	5,888	—	—	—	1,272	5,888	—	7,160	62	1988	Aug. 2022	40 yrs.
Palm Bay, FL	7,156	2,814	21,425	—	21	—	2,814	21,425	21	24,260	225	2000	Aug. 2022	40 yrs.
Houston, TX	4,619	1,878	8,719	—	57	—	1,878	8,776	—	10,654	91	1971	Aug. 2022	40 yrs.
Hudson, FL	3,253	669	6,092	—	6	—	669	6,092	6	6,767	64	2008	Aug. 2022	40 yrs.
Las Vegas, NV	2,342	918	12,355	—	—	—	918	12,355	—	13,273	129	1984	Aug. 2022	40 yrs.
Las Vegas, NV	2,212	829	11,275	—	12	—	829	11,275	12	12,116	118	1987	Aug. 2022	40 yrs.
Ithaca, NY	2,297	890	4,484	—	8	—	890	4,484	8	5,382	47	1988	Aug. 2022	40 yrs.
Kissimmee, FL	—	626	13,147	—	—	—	626	13,147	—	13,773	138	2015	Aug. 2022	40 yrs.
El Paso, TX	3,704	2,126	5,628	—	—	—	2,126	5,628	—	7,754	59	1983	Aug. 2022	40 yrs.
El Paso, TX	2,542	1,053	4,583	—	3	—	1,053	4,583	3	5,639	48	1980	Aug. 2022	40 yrs.
El Paso, TX	3,612	994	7,451	—	105	—	994	7,556	—	8,550	79	1980	Aug. 2022	40 yrs.
El Paso, TX	3,628	1,295	6,318	—	36	—	1,295	6,354	—	7,649	67	1986	Aug. 2022	40 yrs.
El Paso, TX	1,428	587	3,121	—	14	—	587	3,121	14	3,722	34	1985	Aug. 2022	40 yrs.
El Paso, TX	3,718	1,143	5,894	—	92	—	1,143	5,986	—	7,129	63	1980	Aug. 2022	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(in thousands)


			Initial Cost to Company						Cost Capitalized Subsequent to Acquisition (a)		Increase (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period (c) (d)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property						Land		Buildings		Personal Property		Total		Accumulated Depreciation (d)		Date of Construction	Date Acquired
Fernandina Beach, FL	7,269		2,664		25,000		—		7		—		2,664		25,007		—		27,671		262		1986	Aug. 2022	40 yrs.
Kissimmee, FL	3,448		2,149		6,223		—		20		—		2,149		6,234		9		8,392		65		1981	Aug. 2022	40 yrs.
Houston, TX	2,758		1,350		6,257		—		12		—		1,350		6,257		12		7,619		66		1998	Aug. 2022	40 yrs.
Houston, TX	2,957		1,112		8,044		—		16		—		1,112		8,055		5		9,172		85		2001	Aug. 2022	40 yrs.
Portland, OR	6,348		994		10,176		—		—		—		994		10,176		—		11,170		107		2000	Aug. 2022	40 yrs.
Greensboro, NC	4,036		1,389		15,175		—		—		—		1,389		15,175		—		16,564		159		1953	Aug. 2022	40 yrs.
Avondale, LA	3,422		1,154		9,090		—		—		—		1,154		9,090		—		10,244		95		2008	Aug. 2022	40 yrs.
Washington, D.C.	6,470		3,371		13,655		—		—		—		3,371		13,655		—		17,026		143		1962	Aug. 2022	40 yrs.
Kissimmee, FL	—		1,770		7,034		—		10		—		1,770		7,034		10		8,814		74		2000	Aug. 2022	40 yrs.
Milford, MA	—		951		11,935		—		1		—		951		11,935		1		12,887		125		2003	Aug. 2022	40 yrs.
Millsboro, DE	—		1,180		14,286		—		—		—		1,180		14,286		—		15,466		150		2001	Aug. 2022	40 yrs.
New Castle, DE	4,367		1,110		15,787		—		—		—		1,110		15,787		—		16,897		165		2005	Aug. 2022	40 yrs.
Rehoboth, DE	8,215		1,565		18,284		—		10		—		1,565		18,284		10		19,859		192		1999	Aug. 2022	40 yrs.
Chicago, IL	—		787		4,931		—		67		—		787		4,971		27		5,785		53		1990	Aug. 2022	40 yrs.
Gilroy, CA	—		3,058		13,014		—		8		—		3,058		13,022		—		16,080		137		1999	Aug. 2022	40 yrs.
	$	292,647	$	122,253	$	906,396	$	3,622	$	41,843	$	3,212	$	122,317	$	947,171	$	7,838	$	1,077,326	$	28,295

__________

(a)Consists of the cost of improvements subsequent to acquisition and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b)The increase (decrease) in net investment was primarily due to (i) sales of properties, (ii) impairment charges, (iii) changes in foreign currency exchange rates, (iv) allowances for credit loss (Note 6), (v) reclassifications from net investments in direct financing leases to real estate subject to operating leases, and (vi) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received.

(c)Excludes (i) gross lease intangible assets of $3.4 billion and the related accumulated amortization of $1.6 billion, (ii) gross lease intangible liabilities of $309.9 million and the related accumulated amortization of $125.3 million, (iii) sale-leasebacks classified as loans receivable of $234.2 million, (iv) secured loans receivable of $39.3 million (as disclosed in Schedule IV – Mortgage Loans on Real Estate), (v) assets held for sale, net of $57.9 million, and (vi) real estate under construction of $40.8 million.

(d)A reconciliation of real estate and accumulated depreciation follows:

W. P. CAREY INC.

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)


	Reconciliation of Real Estate Subject to Operating Leases
	Years Ended December 31,
	2022		2021		2020
Beginning balance	$	11,677,185	$	10,736,752	$	9,703,504
Acquisitions	997,937		1,144,757		555,032
Acquisitions through CPA:18 Merger	881,613		—		—
Foreign currency translation adjustment	(269,272)		(267,018)		290,559
Dispositions	(165,516)		(80,129)		(167,671)
Reclassification from real estate under construction	147,982		86,179		176,211
Reclassification from direct financing leases	67,001		76,929		183,789
Impairment charges	(36,624)		(24,246)		(26,343)
Capital improvements	29,419		14,589		35,722
Reclassification to assets held for sale	(13,093)		(10,628)		(14,051)
Ending balance	$	13,316,632	$	11,677,185	$	10,736,752


	Reconciliation of Accumulated Depreciation for Real Estate Subject to Operating Leases
	Years Ended December 31,
	2022		2021		2020
Beginning balance	$	1,448,020	$	1,206,912	$	950,452
Depreciation expense	298,972		286,347		259,337
Dispositions	(47,463)		(17,582)		(24,786)
Foreign currency translation adjustment	(26,400)		(25,298)		24,764
Reclassification to assets held for sale	(1,038)		(2,359)		(2,855)
Ending balance	$	1,672,091	$	1,448,020	$	1,206,912


	Reconciliation of Operating Real Estate
	Years Ended December 31,
	2022		2021		2020
Beginning balance	$	83,673	$	83,476	$	83,083
Acquisitions through CPA:18 Merger	922,161		—		—
Reclassification from real estate under construction	66,820		—		—
Foreign currency translation adjustment	3,526		—		—
Capital improvements	1,146		197		393
Ending balance	$	1,077,326	$	83,673	$	83,476


	Reconciliation of Accumulated Depreciation for Operating Real Estate
	Years Ended December 31,
	2022		2021		2020
Beginning balance	$	16,750	$	14,004	$	11,241
Depreciation expense	11,541		2,746		2,763
Foreign currency translation adjustment	4		—		—
Ending balance	$	28,295	$	16,750	$	14,004

At December 31, 2022, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $16.5 billion.

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE

December 31, 2022

(dollars in thousands)


	Interest Rate		Final Maturity Date	Carrying Amount
Description
Financing agreement — Cipriani	10.0	%	Jul. 2024	$	28,000
Financing agreement — observation wheel	7.5	%	Jun. 2023	11,250
				$	39,250


	Reconciliation of Mortgage Loans on Real Estate
	Years Ended December 31,
	2022		2021		2020
Beginning balance	$	24,143	$	24,143	$	47,737
Repayments	(34,000)		—		(11,000)
Acquisition through CPA:18 Merger (Note 6)	28,000		—		—
Gain on repayment of secured loan receivable	10,613		—		—
Change in allowance for credit losses (Note 6)	10,494		—		(12,594)
Ending balance	$	39,250	$	24,143	$	24,143

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting for Acquisitions

•a discount rate or internal rate of return;

•market rents, growth factors of rents, and market lease term;

•capitalization rates to be applied to an estimate of market rent at the beginning and/or the end of the market lease term;

•the marketing period necessary to put a lease in place;

•carrying costs during the marketing period; and

•leasing commissions and tenant improvement allowances.

The discount rates and residual capitalization rates used to value the properties are selected based on several factors, including:

•the creditworthiness of the lessees;

•industry surveys;

•property type;

•property location and age;

•current lease rates relative to market lease rates; and

•anticipated lease duration.

Impairment

Impairments

Goodwill

Credit Losses

Basis of Consolidation

Variable Interest Entity

Upon the closing of the CPA:18 Merger, we acquired five consolidated VIEs and declassified three entities as VIEs.


	December 31,
	2022		2021
Land, buildings and improvements — net lease and other	$	590,390	$	426,831
Land, buildings and improvements — operating properties	143,390		—
Net investments in direct financing leases and loans receivable	144,103		144,103
In-place lease intangible assets and other	72,070		42,884
Above-market rent intangible assets	33,634		26,720
Accumulated depreciation and amortization	(176,379)		(154,413)
Total assets	843,500		500,884

Non-recourse mortgages, net	$	132,950	$	1,485
Below-market rent and other intangible liabilities, net	18,891		20,568
Total liabilities	199,633		46,302

Lessee

Leases

Lessor

Reclassifications

Reclassifications — Certain prior period amounts have been reclassified to conform to the current period presentation.

Restricted Cash

Real Estate and Operating Real Estate

Gain/Loss on Sale

Cash and Cash Equivalents

Internal-Use Software Development Costs and Cloud Computing Arrangements

Other Assets and Liabilities

Revenue Recognition

Asset Retirement Obligations

Depreciation

Stock-based Compensation

Foreign Currency Translation and Transaction Gains and Losses

Derivative Instruments

General and Administrative Expenses

Income Taxes

Earnings Per Share

Use of Estimates

Goodwill and Intangible Assets, Intangible Assets

Fair Value Measurement

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):


	December 31,
	2022		2021
Land, buildings and improvements — net lease and other	$	590,390	$	426,831
Land, buildings and improvements — operating properties	143,390		—
Net investments in direct financing leases and loans receivable	144,103		144,103
In-place lease intangible assets and other	72,070		42,884
Above-market rent intangible assets	33,634		26,720
Accumulated depreciation and amortization	(176,379)		(154,413)
Total assets	843,500		500,884

Non-recourse mortgages, net	$	132,950	$	1,485
Below-market rent and other intangible liabilities, net	18,891		20,568
Total liabilities	199,633		46,302

Schedule of Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):


	December 31,
	2022		2021		2020
Cash and cash equivalents	$	167,996	$	165,427	$	248,662
Restricted cash (a)	56,145		52,523		63,117
Total cash and cash equivalents and restricted cash	$	224,141	$	217,950	$	311,779

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets.

Schedule of Cash and Cash Equivalents


	December 31,
	2022		2021		2020
Cash and cash equivalents	$	167,996	$	165,427	$	248,662
Restricted cash (a)	56,145		52,523		63,117
Total cash and cash equivalents and restricted cash	$	224,141	$	217,950	$	311,779

__________

(a)Restricted cash is included within Other assets, net on our consolidated balance sheets.

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Schedule of Preliminary Consideration and Estimated Fair Values of the Assets Acquired and Liabilities Assumed in the Acquisition

Merger with CPA:18 – Global (Tables)

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]


	Preliminary Purchase Price Allocation (in thousands)
Total Consideration
Fair value of W. P. Carey shares of common stock issued	$	1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Merger Consideration	1,629,185
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	28,574
	$	1,746,058

Preliminary Purchase Price Allocation


	Preliminary Purchase Price Allocation (in thousands)
Assets
Land, buildings and improvements — net lease and other	$	881,613
Land, buildings and improvements — operating properties	1,000,447
Net investments in direct financing leases and loans receivable	38,517
In-place lease and other intangible assets	224,458
Above-market rent intangible assets	61,090
Assets held for sale	85,026
Cash and cash equivalents and restricted cash	331,063
Other assets, net (excluding restricted cash)	25,229
Total assets	2,647,443
Liabilities
Non-recourse mortgages, net	900,173
Accounts payable, accrued expenses and other liabilities	90,035
Below-market rent and other intangible liabilities	16,836
Deferred income taxes	52,320
Total liabilities	1,059,364
Total identifiable net assets	1,588,079
Noncontrolling interests	(14,367)
Goodwill	172,346
	$	1,746,058

Pro forma financial information

(in thousands)


	Years Ended December 31,
	2022		2021
Pro forma total revenues	$	1,590,233	$	1,509,828

Agreements and Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of related party transactions


	Years Ended December 31,
	2022		2021		2020
Distributions of Available Cash (a)	$	8,746	$	7,345	$	7,225
Asset management revenue (b)	8,467		15,363		21,973
Reimbursable costs from affiliates (b)	2,518		4,035		8,855
Interest income on deferred acquisition fees and loans to affiliates (c)	112		120		369
Structuring and other advisory revenue (b)	—		—		494
	$	19,843	$	26,863	$	38,916


	Years Ended December 31,
	2022		2021		2020
CPA:18 – Global	$	17,854	$	22,867	$	22,200
CWI 1	—		—		5,662
CWI 2	—		—		4,668
CESH	1,989		3,713		4,723
WLT (reimbursed transition services)	—		283		1,663
	$	19,843	$	26,863	$	38,916

__________

(a)Included within Earnings (losses) from equity method investments in the consolidated statements of income.

(b)Amounts represent revenues from contracts under ASC 606.

(c)Included within Non-operating income in the consolidated statements of income.

Schedule of balances due to and from related party

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):


	December 31,
	2022		2021
Asset management fees receivable	$	386	$	494
Accounts receivable	329		336
Reimbursable costs	204		974
Current acquisition fees receivable	—		19
Deferred acquisition fees receivable, including accrued interest	—		3
	$	919	$	1,826

Schedule of related party fees

Asset Management Revenue

Managed Program

Rate

Payable

Description

CPA:18 – Global

0.5% – 1.5%

Rate depended on the type of investment and was based on the average market or average equity value, as applicable

CESH

1.0%

In cash

Based on gross assets at fair value

Land, Buildings and Improvements and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of land, building and improvements

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):


	December 31,
	2022		2021
Land	$	2,400,002	$	2,151,327
Buildings and improvements	10,916,630		9,525,858
Real estate under construction	22,225		114,549
Less: Accumulated depreciation	(1,672,091)		(1,448,020)
	$	11,666,766	$	10,343,714

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):


	Total Capitalized Costs
Land	$	145,078
Buildings and improvements	852,991
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 20.6 years)	152,889
Below-market rent (weighted-average expected life of 10.9 years)	(7,023)
ROU assets:
Prepaid rent (a)	12,287
	$	1,156,222

__________

(in thousands):


	December 31,
	2022		2021
Land	$	122,317	$	10,452
Buildings and improvements	955,009		73,221
Real estate under construction	18,566		—
Less: Accumulated depreciation	(28,295)		(16,750)
	$	1,067,597	$	66,923

Schedule of real estate acquired

During 2022, we entered into the following investments, which were deemed to be real estate asset acquisitions, and which excludes properties acquired in the CPA:18 Merger (dollars in thousands):


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs (a)
Pleasant Prairie, Wisconsin	1	1/10/2022	Industrial	$	20,024
Various, Spain (a)	26	2/3/2022	Funeral Home	146,364
Various, Denmark (a) (b)	8	2/11/2022	Retail	33,976
Laval, Canada (a)	1	2/18/2022	Industrial	21,459
Chattanooga, Tennessee (c)	1	3/4/2022	Warehouse	43,198
Various, United States (4 properties), Canada (1 property), and Mexico (1 property)	6	4/27/2022; 5/9/2022	Industrial	80,595
Various, United States	6	5/16/2022	Industrial; Warehouse	110,381
Various, Denmark (a) (b)	10	6/1/2022; 6/30/2022	Retail	42,635
Medina, Ohio	1	6/17/2022	Industrial	28,913
Bree, Belgium (a)	1	6/30/2022	Warehouse	96,697
Various, Spain (a)	5	7/21/2022	Retail	19,894
Various, United States	18	7/26/2022	Industrial; Warehouse	262,061
Various, Denmark (a) (b)	8	8/1/2022; 9/28/2022	Retail	29,644
Westlake, Ohio	1	8/3/2022	Warehouse	29,517
Hebron and Strongsville, Ohio; and Scarborough, Canada	3	8/10/2022	Industrial; Warehouse	20,111
Clifton Park, New York and West Des Moines, Iowa	2	8/12/2022	Specialty	23,317
Orzinuovi, Italy (a)	1	8/26/2022	Industrial	14,033
West Chester, Pennsylvania	1	10/1/2022	Outdoor Advertising	1,863
Various, Denmark (a) (b)	4	11/30/2022	Retail	15,553
Various, United States	19	12/21/2022	Industrial	63,006
Romulus, Michigan	1	12/30/2022	Warehouse	36,569
Salisbury, North Carolina (d)	1	12/30/2022	Industrial	16,412
	125			$	1,156,222

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

(c)We also committed to fund an additional $26.6 million for an expansion at the facility, which is expected to be completed in the third quarter of 2023.

(d)We also committed to fund an additional $13.8 million for an expansion at this facility, which is expected to be completed in the fourth quarter of 2023.

Schedule of real estate under construction

During 2022, we completed the following construction projects (dollars in thousands):

Property Location(s)

Primary Transaction Type

Number of Properties

Date of Completion

Property Type

Total Capitalized Costs (a)

Hurricane, Utah

Expansion

3/8/2022

Warehouse

20,517

Breda, Netherlands (a)

Expansion

3/18/2022

Warehouse

4,721

Bowling Green, Kentucky

Renovation

4/26/2022

Warehouse

72,971

Wageningen, Netherlands (a)

Build-to-Suit

7/7/2022

Research and Development

26,054

Radomsko, Poland (a)

Expansion

8/1/2022

Industrial

23,042

Flemington, New Jersey

Build-to-Suit

10/1/2022

Outdoor Advertising

832

148,137

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

Schedule of operating lease income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Lease income — fixed	$	1,160,942	$	1,066,250	$	981,430
Lease income — variable (a)	140,675		111,188		99,193
Total operating lease income	$	1,301,617	$	1,177,438	$	1,080,623

__________

(a)Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.

Scheduled future minimum lease payments to be received


Years Ending December 31,	Total
2023	$	1,285,481
2024	1,233,058
2025	1,179,250
2026	1,127,974
2027	1,064,061
Thereafter	9,481,009
Total	$	15,370,833

Schedule of lease cost

Lease Cost


	Years Ended December 31,
	2022		2021		2020
Fixed lease cost	$	15,087	$	16,426	$	17,616
Variable lease cost	1,086		1,149		1,089
Total lease cost	$	16,173	$	17,575	$	18,705

Supplemental balance sheet information

Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):


		December 31,
	Location on Consolidated Balance Sheets	2022			2021
Operating ROU assets — land leases	In-place lease intangible assets and other	$	123,834		$	106,095
Finance ROU assets — land leases	In-place lease intangible assets and other	12,598			—
Operating ROU assets — office leases	Other assets, net	56,674			59,902
Total operating ROU assets		$	193,106		$	165,997

Operating lease liabilities	Accounts payable, accrued expenses and other liabilities	$	146,302		$	146,437

Weighted-average remaining lease term — operating leases		25.8 years			26.1 years
Weighted-average discount rate — operating leases		6.8		%	6.8		%
Number of land lease arrangements — operating leases		72			66
Number of land lease arrangements — finance leases		1			—
Number of office space arrangements		4			4
Lease term range (excluding extension options not reasonably certain of being exercised)		<1 – 99 years			<1 – 100 years

Undiscounted cash flows - operating lease


Years Ending December 31,	Total
2023	$	14,486
2024	13,856
2025	13,851
2026	13,721
2027	13,911
Thereafter	269,848
Total lease payments	339,673
Less: amount of lease payments representing interest	(193,371)
Present value of future lease payments/lease obligations	$	146,302

Disclosure of assets held-for-sale, net

Below is a summary of our properties held for sale (in thousands):


	December 31,
	2022		2021
Land, buildings and improvements — net lease and other	$	47,134	$	10,628
In-place lease intangible assets and other	10,854		—
Above-market rent intangible assets	3,210		—
Accumulated depreciation and amortization	(3,254)		(2,359)
Assets held for sale, net	$	57,944	$	8,269

Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of capital leases net investment In direct financing leases

Finance Receivables

Net investments in direct financing leases and loans receivable are summarized as follows (in thousands):


	Maturity Date	December 31,
		2022		2021
Net investments in direct financing leases (a)	2023 – 2036	$	498,313	$	572,205
Sale-leaseback transactions accounted for as loans receivable (b)	2038 – 2052	234,198		217,229
Secured loans receivable (a)	2023 – 2024	39,250		24,143
		$	771,761	$	813,577

__________

(a)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.

(b)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates.

(c)Amounts are net of allowance for credit losses of $2.1 million and $12.6 million as of December 31, 2022 and 2021, respectively.

Net Investments in Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):


	December 31,
	2022		2021
Lease payments receivable	$	332,618	$	414,002
Unguaranteed residual value	470,839		545,896
	803,457		959,898
Less: unearned income	(296,411)		(370,353)
Less: allowance for credit losses (a)	(8,733)		(17,340)
	$	498,313	$	572,205

__________

Scheduled future lease payments to be received


Years Ending December 31,	Total
2023	50,273
2024	48,146
2025	43,897
2026	42,578
2027	41,370
Thereafter	106,354
Total	$	332,618

See Note 5 for scheduled future lease payments to be received under non-cancelable operating leases.

Schedule of sales-leaseback transactions


Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Investment
Various, Belgium (a)	5	6/22/2022	Retail	$	19,795
	5			$	19,795

__________

(a)Amount reflects the applicable exchange rate on the date of transaction.

Schedule of Financing Receivable Credit Quality Indicators superscript information

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):


	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2022	2021	2022		2021
1 – 3	19	17	$	664,761	$	703,280
4	8	9	117,833		140,230
5	—	—	—		—
			$	782,594	$	843,510

Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Liabilities Disclosure [Abstract]

Schedule of net lease intangibles


	Weighted-Average Life	Amount
Finite-Lived Intangible Assets
In-place lease	7.4	$	199,913
Above-market rent	11.9	61,090
		$	261,003

Finite-Lived Intangible Liabilities
Below-market rent	8.5	$	(16,836)

Schedule of goodwill

The following table presents a reconciliation of our goodwill (in thousands):


	Real Estate		Investment Management		Total
Balance at January 1, 2020	$	871,081	$	63,607	$	934,688
Foreign currency translation adjustments	10,403		—		10,403
Allocation of goodwill based on portion of Investment Management business sold (Note 4)	—		(34,273)		(34,273)
Balance at December 31, 2020	881,484		29,334		910,818
Foreign currency translation adjustments	(9,289)		—		(9,289)
Balance at December 31, 2021	872,195		29,334		901,529
Acquisition of CPA:18 – Global (Note 3)	172,346		—		172,346
Foreign currency translation adjustments	(7,129)		—		(7,129)
Impairment charges (Note 9)	—		(29,334)		(29,334)
Balance at December 31, 2022	$	1,037,412	$	—	$	1,037,412

Schedule of intangible assets and goodwill

Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):


	December 31,
	2022						2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	19,812	$	(19,144)	$	668	$	19,553	$	(18,682)	$	871
Trade name	—		—		—		3,975		(3,581)		394
	19,812		(19,144)		668		23,528		(22,263)		1,265
Lease Intangibles:
In-place lease	2,523,318		(1,061,235)		1,462,083		2,279,905		(934,663)		1,345,242
Above-market rent	833,751		(507,436)		326,315		843,410		(489,861)		353,549
	3,357,069		(1,568,671)		1,788,398		3,123,315		(1,424,524)		1,698,791
Goodwill
Goodwill	1,037,412		—		1,037,412		901,529		—		901,529
Total intangible assets	$	4,414,293	$	(1,587,815)	$	2,826,478	$	4,048,372	$	(1,446,787)	$	2,601,585

Finite-Lived Intangible Liabilities
Below-market rent	$	(293,160)	$	125,287	$	(167,873)	$	(272,483)	$	105,908	$	(166,575)
Indefinite-Lived Intangible Liabilities
Below-market purchase option	(16,711)		—		(16,711)		(16,711)		—		(16,711)
Total intangible liabilities	$	(309,871)	$	125,287	$	(184,584)	$	(289,194)	$	105,908	$	(183,286)

Schedule Of finite lived intangible assets future amortization expense


Years Ending December 31,	Net Decrease in Lease Revenues		Increase to Amortization		Total
2023	$	34,878	$	213,525	$	248,403
2024	30,783		158,641		189,424
2025	27,047		144,395		171,442
2026	21,196		128,578		149,774
2027	17,100		115,105		132,205
Thereafter	27,438		702,507		729,945
Total	$	158,442	$	1,462,751	$	1,621,193

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of equity method investments

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):


	% of Outstanding Shares Owned at				Carrying Amount of Investment at
	December 31,				December 31,
Fund	2022		2021		2022		2021
CPA:18 – Global (a)	100.000	%	5.578	%	$	—	$	60,836
CPA:18 – Global operating partnership	100.000	%	0.034	%	—		209
CESH (b)	2.430	%	2.430	%	2,225		3,689
					$	2,225	$	64,734

__________

(a)On August 1, 2022, we acquired all of the remaining interests in CPA:18 – Global and the CPA:18 – Global operating partnership in the CPA:18 Merger (Note 3).

(b)Investment is accounted for at fair value.

The following table sets forth our ownership interests in our equity method investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):


		Ownership Interest at	Carrying Value at December 31,
Lessee/Fund/Description	Co-owner	December 31, 2022	2022		2021
Existing Equity Method Investments
Las Vegas Retail Complex (a)	Third Party	N/A	$	196,352	$	104,114
Johnson Self Storage	Third Party	90%	65,707		67,573
Kesko Senukai (b)	Third Party	70%	38,569		41,955
Harmon Retail Corner (c)	Third Party	15%	24,649		24,435
WLT (d)	WLT	N/A	—		33,392

Equity Method Investments Consolidated After the CPA:18 Merger (e)
State Farm Mutual Automobile Insurance Co.	CPA:18 – Global	100%	—		7,129
Apply Sørco AS (f)	CPA:18 – Global	N/A	—		5,909
Bank Pekao (b) (g)	CPA:18 – Global	100%	—		4,460
Fortenova Grupa d.d. (b)	CPA:18 – Global	100%	—		2,936
			$	325,277	$	291,903

__________

(a)See “Las Vegas Retail Complex” below for discussion of this equity method investment in real estate.

(b)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.

(e)We acquired the remaining interests in these investments from CPA:18 – Global in the CPA:18 Merger, subsequent to which we consolidated these wholly owned investments (Note 3).

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of other financial instruments in carrying values and fair values

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):


		December 31, 2022				December 31, 2021
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Unsecured Notes, net (a) (b) (c)	2 and 3	$	5,916,400	$	5,238,588	$	5,701,913	$	5,984,228
Non-recourse mortgages, net (a) (b) (d)	3	1,132,417		1,109,449		368,524		369,841

__________

Schedule of fair value impairment charges using unobservable inputs nonrecurring basis

The following table presents information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (in thousands):


	Years Ended December 31,
	2022				2021				2020
	Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges		Fair Value Measurements		Impairment Charges
Impairment Charges
Real estate and intangibles	$	32,497	$	39,119	$	29,494	$	24,246	$	31,350	$	35,830
Investment Management goodwill	—		29,334		—		—		—		—
Equity method investments	—		—		8,175		6,830		55,245		55,387
			$	68,453			$	31,076			$	91,217

Risk Management and Use of Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table sets forth certain information regarding our derivative instruments (in thousands):


Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Foreign currency collars	Other assets, net	$	32,631	$	19,484	$	—	$	—
Interest rate swaps (a)	Other assets, net	2,679		—		—		—
Interest rate caps	Other assets, net	14		1		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(1,445)		(1,311)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		—		(908)
		35,324		19,485		(1,445)		(2,219)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,950		4,600		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(248)		—
		3,950		4,600		(248)		—
Total derivatives		$	39,274	$	24,085	$	(1,693)	$	(2,219)

__________

(a)In connection with the CPA:18 Merger on August 1, 2022, we acquired five interest rate swaps, which had an aggregate fair value of $0.4 million on the date of acquisition.

Schedule of derivative instruments, effect on other comprehensive income (loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):


	Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2022		2021		2020
Foreign currency collars	$	13,013	$	29,805	$	(24,818)
Interest rate swaps	3,068		4,198		(1,553)
Interest rate caps	16		6		6
Foreign currency forward contracts	—		—		(5,272)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency collars	—		—		9
Total	$	16,097	$	34,009	$	(31,628)


		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2022		2021		2020
Foreign currency collars	Non-operating income	$	17,483	$	854	$	4,956
Interest rate swaps and caps (c)	Interest expense	(167)		(932)		(1,818)
Foreign currency forward contracts	Non-operating income	—		—		5,716
Total		$	17,316	$	(78)	$	8,854

__________

(b)The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income.

Schedule of derivative instruments, gain (loss) in statement of financial performance

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):


		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2022		2021		2020
Foreign currency collars	Non-operating income	$	6,574	$	1,503	$	(2,477)
Interest rate swaps	Interest expense	171		1,592		2,132
Foreign currency forward contracts	Non-operating income	—		—		(43)
Derivatives Not in Cash Flow Hedging Relationships
Stock warrants	Other gains and (losses)	(650)		(1,200)		800
Foreign currency collars	Other gains and (losses)	(248)		—		—
Interest rate swaps	Other gains and (losses)	—		—		106
Total		$	5,847	$	1,895	$	518

Schedule of derivative instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2022 are summarized as follows (currency in thousands):


Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2022 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	5	34,918	USD	$	1,399
Interest rate swaps	2	45,970	EUR	1,280
Interest rate cap	1	10,452	EUR	14
				$	2,693

__________

(a)Fair value amounts are based on the exchange rate of the euro at December 31, 2022, as applicable.

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2022 (currency in thousands):


Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2022
Designated as Cash Flow Hedging Instruments
Foreign currency collars	75	295,400	EUR	$	25,578
Foreign currency collars	69	44,520	GBP	5,608
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	4	29,500	EUR	(248)
				$	30,938

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Schedule of senior unsecured credit facilities

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):


	Interest Rate at December 31, 2022 (a)	Maturity Date at December 31, 2022	Principal Outstanding Balance at December 31,
Senior Unsecured Credit Facility			2022		2021
Unsecured Term Loans:
Term Loan — borrowing in British pounds sterling (b) (c) (d)	SONIA + 0.85%	2/20/2025	$	324,695	$	202,183
Delayed Draw Term Loan — borrowing in euros (e)	EURIBOR + 0.85%	2/20/2025	229,319		109,296
			554,014		311,479
Unsecured Revolving Credit Facility:
Borrowing in euros (e)	EURIBOR + 0.775%	2/20/2025	258,117		205,001
Borrowing in Japanese yen (f)	TIBOR + 0.775%	2/20/2025	18,275		20,935
Borrowing in British pounds sterling	N/A	2/20/2025	—		184,660
			276,392		410,596
			$	830,406	$	722,075

__________

(a)The applicable interest rate at December 31, 2022 was based on the credit rating for our Senior Unsecured Notes of BBB/Baa1.

(b)Balance excludes unamortized discount of $1.5 million and $0.9 million at December 31, 2022 and 2021, respectively.

(c)SONIA means Sterling Overnight Index Average.

(d)Interest rate includes both a spread adjustment to the base rate and a credit spread.

(e)EURIBOR means Euro Interbank Offered Rate.

(f)TIBOR means Tokyo Interbank Offered Rate.

Schedule of senior unsecured notes

The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2022 (currency in thousands):


		Principal Amount		Coupon Rate		Maturity Date	Principal Outstanding Balance at December 31,
Senior Unsecured Notes, net (a)	Issue Date						2022		2021
4.6% Senior Notes due 2024	3/14/2014	$	500,000	4.6	%	4/1/2024	$	500,000	$	500,000
2.25% Senior Notes due 2024	1/19/2017	€	500,000	2.25	%	7/19/2024	533,300		566,300
4.0% Senior Notes due 2025	1/26/2015	$	450,000	4.0	%	2/1/2025	450,000		450,000
2.250% Senior Notes due 2026	10/9/2018	€	500,000	2.250	%	4/9/2026	533,300		566,300
4.25% Senior Notes due 2026	9/12/2016	$	350,000	4.25	%	10/1/2026	350,000		350,000
2.125% Senior Notes due 2027	3/6/2018	€	500,000	2.125	%	4/15/2027	533,300		566,300
1.350% Senior Notes due 2028	9/19/2019	€	500,000	1.350	%	4/15/2028	533,300		566,300
3.850% Senior Notes due 2029	6/14/2019	$	325,000	3.850	%	7/15/2029	325,000		325,000
3.41% Senior Notes due 2029	9/28/2022	€	150,000	3.41	%	9/28/2029	159,990		—
0.950% Senior Notes due 2030	3/8/2021	€	525,000	0.950	%	6/1/2030	559,965		594,615
2.400% Senior Notes due 2031	10/14/2020	$	500,000	2.400	%	2/1/2031	500,000		500,000
2.450% Senior Notes due 2032	10/15/2021	$	350,000	2.450	%	2/1/2032	350,000		350,000
3.70% Senior Notes due 2032	9/28/2022	€	200,000	3.70	%	9/28/2032	213,320		—
2.250% Senior Notes due 2033	2/25/2021	$	425,000	2.250	%	4/1/2033	425,000		425,000
							$	5,966,475	$	5,759,815

__________

Scheduled debt principal payments

Scheduled debt principal payments as of December 31, 2022 are as follows (in thousands):


Years Ending December 31,	Total
2023	$	456,708
2024	1,231,468
2025	1,664,276
2026	983,425
2027	533,760
Thereafter through 2039	3,070,039
Total principal payments	7,939,676
Unamortized discount, net	(35,936)
Unamortized deferred financing costs	(25,992)
Total	$	7,877,748

Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of distributions paid per share for tax

Our dividends per share are summarized as follows:


	Dividends Paid
	During the Years Ended December 31,
	2022		2021		2020
Ordinary income	$	4.0329	$	3.3300	$	3.3112
Return of capital	0.1718		0.5407		—
Capital gains	0.0273		0.3253		0.8528
Total dividends paid	$	4.2320	$	4.1960	$	4.1640

Earnings per share reconciliation

The following table summarizes basic and diluted earnings (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020


Net income – basic and diluted	$	599,139	$	409,988	$	455,359

Weighted-average shares outstanding – basic	199,633,802		182,486,476		174,504,406
Effect of dilutive securities	793,322		640,622		335,022
Weighted-average shares outstanding – diluted	200,427,124		183,127,098		174,839,428

Schedule of stockholders equity

The following table sets forth certain information regarding the issuance of shares of our common stock under our prior ATM Program during the periods presented (net proceeds in thousands):


	Years Ended December 31,
	2022		2021		2020
Shares of common stock issued	2,740,295		4,690,073		2,500
Weighted-average price per share	$	80.79	$	73.42	$	72.05
Net proceeds	$	218,081	$	339,968	$	159


	Agreement Date (a)	Shares Offered (b)	Gross Offering Price		Gross Offering Proceeds at Closing		Outstanding Shares as of December 31, 2022
June 2020 Equity Forwards (c)	6/17/2020	5,462,500	$	70.00	$	382,375	—
June 2021 Equity Forwards (c)	6/7/2021	6,037,500	75.30		454,624		—
August 2021 Equity Forwards (d)	8/9/2021	5,175,000	78.00		403,650		—
ATM Forwards (e)	5/2/2022	6,524,437	84.09		548,626		6,524,437
							6,524,437

__________

(c)All remaining outstanding shares were settled during the year ended December 31, 2021.

(d)All remaining outstanding shares were settled during the year ended December 31, 2022.

The following table sets forth certain information regarding the settlement of our Equity Forwards during the periods presented (dollars in thousands):


	Years Ended December 31,
	2022		2021		2020
Shares of common stock delivered	3,925,000		9,798,209		2,951,791
Net proceeds	$	284,259	$	697,044	$	199,716

Reclassification out of accumulated other comprehensive income

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):


	Gains and (Losses) on Derivative Instruments		Foreign Currency Translation Adjustments		Gains and (Losses) on Investments		Total
Balance at January 1, 2020	$	13,048	$	(268,715)	$	—	$	(255,667)
Other comprehensive income before reclassifications	(23,124)		47,746		—		24,622
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(10,672)		—		—		(10,672)
Interest expense	1,818		—		—		1,818
Total	(8,854)		—		—		(8,854)
Net current period other comprehensive income	(31,978)		47,746		—		15,768
Net current period other comprehensive income attributable to noncontrolling interests	(7)		—		—		(7)
Balance at December 31, 2020	(18,937)		(220,969)		—		(239,906)
Other comprehensive income before reclassifications	35,227		(35,736)		18,688		18,179
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense	932		—		—		932
Non-operating income	(854)		—		—		(854)
Total	78		—		—		78
Net current period other comprehensive income	35,305		(35,736)		18,688		18,257
Net current period other comprehensive income attributable to noncontrolling interests	(21)		—		—		(21)
Balance at December 31, 2021	16,347		(256,705)		18,688		(221,670)
Other comprehensive loss before reclassifications	37,048		(63,149)		—		(26,101)
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(17,483)		—		—		(17,483)
Interest expense	167		—		—		167
Other gains and (losses) (Note 9)	—		—		(18,688)		(18,688)
Total	(17,316)		—		(18,688)		(36,004)
Net current period other comprehensive loss	19,732		(63,149)		(18,688)		(62,105)
Net current period other comprehensive income attributable to noncontrolling interests	—		(5)		—		(5)
Balance at December 31, 2022	$	36,079	$	(319,859)	$	—	$	(283,780)

Stock-Based and Other Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of restricted and conditional award activity

Nonvested RSAs, RSUs, and PSUs at December 31, 2022 and changes during the years ended December 31, 2022, 2021, and 2020 were as follows:


	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2020	283,977	$	68.51	331,242	$	80.90
Granted	146,162	81.02		90,518	104.65
Vested (a)	(163,607)	69.62		(156,838)	80.42
Forfeited	(5,555)	71.69		(6,715)	88.94
Adjustment (b)	—	—		3,806	62.07
Nonvested at December 31, 2020	260,977	74.75		262,013	88.99
Granted	194,940	66.40		134,290	86.19
Vested (a)	(137,267)	71.99		(151,678)	76.04
Forfeited	(11,656)	60.98		(16,463)	93.91
Adjustment (b)	—	—		170,093	71.17
Nonvested at December 31, 2021	306,994	71.21		398,255	86.86
Granted (c)	235,348	80.28		144,311	104.97
Vested (a)	(154,028)	72.80		(165,615)	92.16
Forfeited	(12,016)	75.93		(4,262)	98.26
Adjustment (b)	—	—		159,092	80.90
Nonvested at December 31, 2022 (d)	376,298	$	74.78	531,781	$	89.14

__________

(d)At December 31, 2022, total unrecognized compensation expense related to these awards was approximately $34.4 million, with an aggregate weighted-average remaining term of 1.8 years.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The components of our provision for (benefit from) income taxes for the periods presented are as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
Federal
Current	$	5,329	$	(405)	$	(1,118)
Deferred (a)	13		17		(33,040)
	5,342		(388)		(34,158)
State and Local
Current	3,388		3,008		3,284
Deferred (a)	—		(30)		(7,756)
	3,388		2,978		(4,472)
Foreign
Current	27,077		30,599		26,137
Deferred	(8,083)		(4,703)		(8,266)
	18,994		25,896		17,871
Total Provision for (Benefit from) Income Taxes	$	27,724	$	28,486	$	(20,759)

Schedule of effective income tax rate reconciliation

A reconciliation of effective income tax for the periods presented is as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020


Pre-tax income (loss) attributable to taxable subsidiaries (a) (b)	$	55,604	$	37,861	$	(56,789)

Federal provision at statutory tax rate (21%)	$	11,677	$	7,951	$	(11,926)
Change in valuation allowance	8,082		13,178		13,946
Non-deductible expense	6,972		3,148		6,303
State and local taxes, net of federal benefit	2,920		2,713		2,336
Windfall tax benefit	(1,896)		(1,375)		(2,132)
Rate differential	(387)		(232)		(632)
Revocation of TRS Status (c)	—		—		(37,249)
Tax expense related to allocation of goodwill based on portion of Investment Management business sold (Note 4)	—		—		7,203
Non-taxable income	—		—		(2)
Other	356		3,103		1,394
Total provision for (benefit from) income taxes	$	27,724	$	28,486	$	(20,759)

__________

Schedule of deferred tax assets and liabilities

Deferred income taxes at December 31, 2022 and 2021 consist of the following (in thousands):


	December 31,
	2022		2021
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$	63,454	$	55,147
Basis differences — foreign investments	62,099		52,705
Unearned and deferred compensation	643		15,895
Lease liabilities (a)	—		14,752
Other	1,242		374
Total deferred tax assets	127,438		138,873
Valuation allowance	(106,185)		(108,812)
Net deferred tax assets	21,253		30,061
Deferred Tax Liabilities
Basis differences — foreign investments	(179,761)		(145,524)
ROU assets (a)	—		(12,637)
Basis differences — equity investees	—		(1,195)
Total deferred tax liabilities	(179,761)		(159,356)
Net Deferred Tax Liability	$	(158,508)	$	(129,295)

__________

Unrecognized tax benefits

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2022		2021
Beginning balance	$	5,994	$	6,312
Decrease due to lapse in statute of limitations	(2,847)		(508)
Increase due to CPA:18 Merger	2,694		—
Addition based on tax positions related to the prior year	543		315
Foreign currency translation adjustments	(407)		(451)
Addition based on tax positions related to the current year	241		326
Ending balance	$	6,218	$	5,994

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reconciliation of operating profit (loss) from segments to consolidated

The following tables present a summary of comparative results and assets for these business segments (in thousands):

Real Estate


	Years Ended December 31,
	2022		2021		2020
Revenues
Lease revenues	$	1,301,617	$	1,177,438	$	1,080,623
Income from direct financing leases and loans receivable	74,266		67,555		74,893
Operating property revenues (a)	59,230		13,478		11,399
Other lease-related income	32,988		53,655		11,082
	1,468,101		1,312,126		1,177,997
Operating Expenses
Depreciation and amortization (b)	503,403		475,989		441,948
General and administrative (b)	88,952		81,888		70,127
Reimbursable tenant costs	73,622		62,417		56,409
Property expenses, excluding reimbursable tenant costs	50,753		47,898		44,067
Impairment charges	39,119		24,246		35,830
Stock-based compensation expense (b)	32,841		24,881		15,247
Operating property expenses	27,054		9,848		9,901
Merger and other expenses	19,384		(4,597)		(937)
	835,128		722,570		672,592
Other Income and Expenses
Interest expense	(219,160)		(196,831)		(210,087)
Other gains and (losses)	97,149		(13,676)		37,104
Gain on sale of real estate, net	43,476		40,425		109,370
Non-operating income	30,289		13,778		8,970
Earnings (losses) from equity method investments in real estate	16,221		(19,649)		(9,017)
Gain on change in control of interests	11,405		—		—
	(20,620)		(175,953)		(63,660)
Income before income taxes	612,353		413,603		441,745
(Provision for) benefit from income taxes	(21,407)		(28,703)		18,498
Net Income from Real Estate	590,946		384,900		460,243
Net loss (income) attributable to noncontrolling interests	657		(134)		(731)
Net Income from Real Estate Attributable to W. P. Carey	$	591,603	$	384,766	$	459,512

Investment Management


	Years Ended December 31,
	2022		2021		2020
Revenues
Asset management revenue	$	8,467	$	15,363	$	22,467
Reimbursable costs from affiliates	2,518		4,035		8,855
	10,985		19,398		31,322
Operating Expenses
Impairment charges — Investment Management goodwill	29,334		—		—
Reimbursable costs from affiliates	2,518		4,035		8,855
Merger and other expenses	3		51		1,184
General and administrative (b)	—		—		5,823
Subadvisor fees	—		—		1,469
Depreciation and amortization (b)	—		—		987
Stock-based compensation expense (b)	—		—		691
	31,855		4,086		19,009
Other Income and Expenses
Gain on change in control of interests	22,526		—		—
Earnings (losses) from equity method investments in the Managed Programs	13,288		8,820		(9,540)
Other gains and (losses)	(1,111)		791		61
Non-operating income	20		82		617
	34,723		9,693		(8,862)
Income before income taxes	13,853		25,005		3,451
(Provision for) benefit from income taxes	(6,317)		217		2,261
Net Income from Investment Management	7,536		25,222		5,712
Net income attributable to noncontrolling interests	—		—		(9,865)
Net Income (Loss) from Investment Management Attributable to W. P. Carey	$	7,536	$	25,222	$	(4,153)

Total Company


	Years Ended December 31,
	2022		2021		2020
Revenues	$	1,479,086	$	1,331,524	$	1,209,319
Operating expenses	866,983		726,656		691,601
Other income and expenses	14,103		(166,260)		(72,522)
(Provision for) benefit from income taxes	(27,724)		(28,486)		20,759
Net loss (income) attributable to noncontrolling interests	657		(134)		(10,596)
Net income attributable to W. P. Carey	$	599,139	$	409,988	$	455,359

Revenues and assets within our Investment Management segment are entirely domestic. The following tables present the geographic information for our Real Estate segment (in thousands):


	Years Ended December 31,
	2022		2021		2020
Revenues
Domestic	$	985,763	$	860,961	$	756,763
International	482,338		451,165		421,234
Total	$	1,468,101	$	1,312,126	$	1,177,997

Reconciliation of assets from segment to consolidated


	Total Assets at December 31,
	2022		2021
Real Estate	$	18,077,155	$	15,344,703
Investment Management (c)	24,880		135,927
Total Company	$	18,102,035	$	15,480,630


	December 31,
	2022		2021
Long-lived Assets
Domestic	$	10,053,422	$	8,170,448
International	5,435,476		4,866,921
Total	$	15,488,898	$	13,037,369

Equity Investments in Real Estate
Domestic	$	286,708	$	236,643
International	38,569		55,260
Total	$	325,277	$	291,903

Business and Organization - Narratives (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2022 ft² property tenant	Dec. 31, 2020 property
Real Estate
Real Estate Properties
Number of real estate properties (property)	1,449
Square footage of real estate properties \| ft²	176.0
Number of tenants (tenant) \| tenant	392
Operating lease term (in years)	10 years 9 months 18 days
Occupancy rate	98.80%
Real Estate \| Operating Properties
Real Estate Properties
Number of real estate properties (property)	87
Square footage of real estate properties \| ft²	6.6
Real Estate \| Self Storage
Real Estate Properties
Number of real estate properties (property)	84
Real Estate \| Hotel
Real Estate Properties
Number of real estate properties (property)	1	2
Real Estate \| Student Housing Properties
Real Estate Properties
Number of real estate properties (property)	2
Investment Management \| Operating Properties \| Affiliated Entity \| Managed Programs \| Built to suit
Real Estate Properties
Number of real estate properties (property)	1
Investment Management \| Net-lease properties \| Affiliated Entity \| Managed Programs
Real Estate Properties
Number of real estate properties (property)	3
Square footage of real estate properties \| ft²	0.4
Number of tenants (tenant) \| tenant	1
Occupancy rate	100.00%

Summary of Significant Accounting Policies - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) reporting_unit investment vie	Dec. 31, 2021 USD ($) vie	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)
Basis of Consolidation
Distributions in excess of accumulated earnings	$ 2,486,633	$ 2,224,231
Variable interest entities consolidated, count \| vie	11	6
Variable interest entities, count \| vie	16	14
Variable interest entities unconsolidated, count \| vie	5	8
Equity method investments	$ 327,502	$ 356,637
Jointly owned investment, accounted for under the equity method investments \| investment	4
CPA 18 Merger
Basis of Consolidation
Variable interest entities consolidated, count \| vie	5
Variable interest entities deconsolidated, count \| vie	3
Real Estate
Basis of Consolidation
Number of reporting units (reporting units) \| reporting_unit	1
Equity method investments	$ 325,277	291,903
Gross contract revenue	59,230	13,478	$ 11,399
Real Estate \| Hotel
Basis of Consolidation
Gross contract revenue	$ 12,000	7,200	$ 5,900
Internal Use Software Development Costs \| Minimum
Basis of Consolidation
Property, plant and equipment, useful life	3 years
Internal Use Software Development Costs \| Maximum
Basis of Consolidation
Property, plant and equipment, useful life	7 years
Buildings and improvements \| Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Furniture and Fixtures \| Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Equipment \| Maximum
Basis of Consolidation
Property, plant and equipment, useful life	40 years
Variable Interest Entity
Basis of Consolidation
Equity method investments	$ 693,400	$ 581,300
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count \| vie	2	2
Other Entity
Basis of Consolidation
Jointly owned investment, accounted for under the equity method investments \| investment	6
Real Estate
Basis of Consolidation
Variable interest entities unconsolidated, count \| vie	3	6
Equity method investments	$ 325,277	$ 291,903
Cumulative-effect adjustment for the adoption of new accounting pronouncement
Basis of Consolidation
Distributions in excess of accumulated earnings				$ (14,800)

Summary of Significant Accounting Policies - Variable Interest Entity Disclosure (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Assets

Land, buildings and improvements — net lease and other

$ 13,338,857

$ 11,791,734

Land, buildings and improvements — operating properties

1,095,892

83,673

Net investments in direct financing leases and loans receivable

771,761

813,577

In-place lease intangible assets and other

2,659,750

2,386,000

Above-market rent intangible assets

833,751

843,410

Accumulated depreciation and amortization

(3,269,057)

(2,889,294)

Non-recourse mortgages, net

^[1]

18,102,035

15,480,630

Liabilities

1,132,417

368,524

Below-market rent and other intangible liabilities, net

184,584

183,286

Total liabilities

^[1]

9,093,391

7,897,179

Variable Interest Entity

Assets

Land, buildings and improvements — net lease and other

590,390

426,831

Land, buildings and improvements — operating properties

143,390

Net investments in direct financing leases and loans receivable

144,103

In-place lease intangible assets and other

72,070

42,884

Above-market rent intangible assets

33,634

26,720

Accumulated depreciation and amortization

(176,379)

(154,413)

Non-recourse mortgages, net

843,500

500,884

Liabilities

132,950

1,485

Below-market rent and other intangible liabilities, net

18,891

20,568

Total liabilities

$ 199,633

$ 46,302

[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 167,996	$ 165,427	$ 248,662
Restricted cash (a)	56,145	52,523	63,117
Total cash and cash equivalents and restricted cash	$ 224,141	$ 217,950	$ 311,779	$ 251,518

Merger with CPA:18 – Global - Narratives (Details) $ / shares in Units, $ in Thousands, ft² in Millions		1 Months Ended		3 Months Ended	5 Months Ended	12 Months Ended
	Aug. 01, 2022 USD ($) ft² property investment $ / shares $ / ft² shares	Aug. 30, 2022 USD ($)	Jan. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² property shares	Dec. 31, 2022 USD ($) ft² property shares	Dec. 31, 2021 USD ($) property shares	Dec. 31, 2020 USD ($)	Aug. 31, 2022 property	Jul. 31, 2022 shares	Dec. 31, 2019 USD ($)
Business Acquisition
Common stock shares, outstanding (shares) \| shares					210,620,949	210,620,949	190,013,751
Non-recourse mortgages, net					$ 1,132,417	$ 1,132,417	$ 368,524
Debt instrument weighted average interest rate (percent)					4.30%	4.30%
Proceeds from sales of real estate						$ 234,652	163,638	$ 366,532
Goodwill					$ 1,037,412	1,037,412	901,529	910,818			$ 934,688
Gain on change in control of interests						33,931	0	0
Discontinued Operations, Disposed of by Sale
Business Acquisition
Proceeds from sales of real estate			$ 103,500			234,700	163,600	366,500
Gain on sale of real estate, net						$ 43,500	$ 40,400	109,400
Discontinued Operations, Held-for-sale
Business Acquisition
Number of real estate properties (property) \| property					3	3	2
Minimum \| Other Jointly Owned Investments
Business Acquisition
Market rents (sqft/usd) \| $ / ft²	8.65
Minimum \| Other Jointly Owned Investments \| Level 3 \| Discount rate
Business Acquisition
Real estate measurement input (percent)	5.75%
Estimated residual value (percent)	6.50%
Debt instrument, measurement input (percent)	0.0228
Minimum \| Other Jointly Owned Investments \| Level 3 \| Measurement Input, Residual Capitalization Rate
Business Acquisition
Real estate measurement input (percent)	5.75%
Maximum \| Other Jointly Owned Investments
Business Acquisition
Market rents (sqft/usd) \| $ / ft²	21.00
Maximum \| Other Jointly Owned Investments \| Level 3 \| Discount rate
Business Acquisition
Real estate measurement input (percent)	9.75%
Estimated residual value (percent)	8.50%
Debt instrument, measurement input (percent)	0.0550
Maximum \| Other Jointly Owned Investments \| Level 3 \| Measurement Input, Residual Capitalization Rate
Business Acquisition
Real estate measurement input (percent)	8.00%
Real Estate
Business Acquisition
Number of real estate properties (property) \| property					1,449	1,449
Operating lease term (in years)					10 years 9 months 18 days	10 years 9 months 18 days
Occupancy rate						98.80%
Square footage of real estate properties \| ft²					176.0	176.0
Goodwill					$ 1,037,412	$ 1,037,412	$ 872,195	881,484			$ 871,081
Gain on change in control of interests						$ 11,405	$ 0	$ 0
CPA:18 \| Affiliated Entity
Business Acquisition
Jointly owned investments, count \| investment	4
Real Estate \| CPA:18 \| Affiliated Entity
Business Acquisition
Number of real estate properties (property) \| property	7
Operating Properties \| Real Estate
Business Acquisition
Number of real estate properties (property) \| property					87	87
Square footage of real estate properties \| ft²					6.6	6.6
Self Storage \| Real Estate
Business Acquisition
Number of real estate properties (property) \| property					84	84
CPA:18
Business Acquisition
Common stock shares, outstanding (shares) \| shares										141,099,002
Number of real estate properties (property) \| property	42
Operating lease term (in years)	7 years
Occupancy rate	99.30%
Contractual minimum annualized base rent	$ 81,000
Non-recourse mortgages, net	$ 900,200
Debt instrument weighted average interest rate (percent)	5.10%
CPA:18 \| Self Storage
Business Acquisition
Number of real estate properties (property) \| property	65
CPA:18 \| Student Housing
Business Acquisition
Number of real estate properties (property) \| property	2
CPA:18
Business Acquisition
Share price (usd per share) \| $ / shares	$ 87.46
Fair value of W. P. Carey shares of common stock issued	$ 1,600,000
Shares issued as compensation in acquisition (shares) \| shares	13,786,302
Fair value of shares issued	$ 1,200,000
Cash paid for fractional shares	423,300
Actual revenue from acquiree					$ 42,700
Actual net loss from acquiree					12,300
Merger related costs						$ 17,200
Goodwill					172,300	$ 172,300
Gain on change in control of interests				$ 22,500
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	88,300
CPA:18 \| Jointly owned investments
Business Acquisition
Gain on change in control of interests				$ 11,400
CPA:18 \| Carrying Value
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	65,800
CPA:18 \| Carrying Value \| Jointly owned investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	17,200
CPA:18 \| Fair Value \| Jointly owned investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	$ 28,600
CPA:18 \| Operating Properties
Business Acquisition
Square footage of real estate properties \| ft²	5.1
CPA:18 \| Operating Properties \| Real Estate
Business Acquisition
Actual revenue from acquiree					39,200
CPA:18 \| $0.001 Par Value Common Stock
Business Acquisition
Share conversion rate (usd per share) \| $ / shares	$ 0.098
Share price (usd per share) \| $ / shares	$ 3.00
Shares of acquiree held prior to merger (shares) \| shares	8,556,732
CPA 18 Merger
Business Acquisition
Fair value of W. P. Carey shares of common stock issued	$ 1,205,750
Cash paid for fractional shares	138
Assets held for sale	85,026
Goodwill	172,346
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	$ 88,299
CPA 18 Merger \| Discontinued Operations, Disposed of by Sale
Business Acquisition
Number of real estate properties (property) \| property									1
Proceeds from sales of real estate		$ 44,500
Gain on sale of real estate, net		$ (200)
CPA 18 Merger \| Discontinued Operations, Held-for-sale
Business Acquisition
Number of real estate properties (property) \| property	2
Assets held for sale	$ 85,000
CPA 18 Merger \| Jointly owned investments
Business Acquisition
Fair value of our equity interest in jointly owned investments with CPA:18 – Global prior to the CPA:18 Merger	$ 28,574
CPA 18 Merger \| Real Estate
Business Acquisition
Lease revenues					$ 4,900

Merger with CPA:18 – Global - Purchase Price Allocation (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition
Cash consideration paid		$ 423,435	$ 0	$ 0
Liabilities Assumed at Fair Value
Goodwill		1,037,412	$ 901,529	$ 910,818	$ 934,688
CPA 18 Merger
Business Acquisition
Fair value of W. P. Carey shares of common stock issued	$ 1,205,750
Cash consideration paid	423,297
Cash paid for fractional shares	138
Merger Consideration	1,629,185
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	88,299
Estimate of consideration expected to be transferred	1,746,058
Assets Acquired at Fair Value
Land, buildings and improvements — net lease and other	881,613	$ 881,600
Land, buildings and improvements — operating properties	1,000,447
Net investments in direct financing leases and loans receivable	38,517
In-place lease and other intangible assets	224,458
Above-market rent intangible assets	61,090
Assets held for sale	85,026
Cash and cash equivalents and restricted cash	331,063
Other assets, net (excluding restricted cash)	25,229
Total assets	2,647,443
Liabilities Assumed at Fair Value
Non-recourse mortgages, net	900,173
Accounts payable, accrued expenses and other liabilities	90,035
Below-market rent and other intangible liabilities	16,836
Deferred income taxes	52,320
Total liabilities	1,059,364
Total identifiable net assets	1,588,079
Noncontrolling interests	(14,367)
Goodwill	172,346
Estimate of consideration expected to be transferred	1,746,058
CPA 18 Merger \| Jointly owned investments
Business Acquisition
Fair value of our equity interest in CPA:18 – Global prior to the CPA:18 Merger	$ 28,574

Merger with CPA:18 – Global - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition, Pro Forma Information
Pro forma total revenues	$ 1,590,233	$ 1,509,828

Agreements and Transactions with Related Parties - Narratives (Details)		1 Months Ended			12 Months Ended
	Apr. 13, 2020 USD ($) $ / shares shares	Oct. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jan. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) investment shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Apr. 12, 2020 shares
Distributions Of Available Cash and Deferred Revenue Earned
Percentage of available cash distribution to advisor					10.00%
Other Transactions with Affiliates
Preferred stock, shares issued (shares) \| shares					0	0
Common stock shares, issued (shares) \| shares					210,620,949	190,013,751
Disposition of goodwill							$ 34,273,000
Equity method investments					$ 327,502,000	$ 356,637,000
Due from affiliates					919,000	1,826,000
Proceeds from repayment of short-term loans to affiliates					$ 26,000,000	62,048,000	51,702,000
Jointly owned investment, accounted for under the equity method investments \| investment					4
Number of jointly owned investments \| investment					10
CWI 2 Class A Common Stock
Other Transactions with Affiliates
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares								0.9106
Investment Management
Other Transactions with Affiliates
Disposition of goodwill							34,273,000
WLT
Other Transactions with Affiliates
Shares owned (shares) \| shares	5,531,025
CWI 1
Other Transactions with Affiliates
Shares owned (shares) \| shares								6,074,046
WLT \| Investment Management
Other Transactions with Affiliates
Disposition of goodwill	$ 34,300,000
CESH
Other Transactions with Affiliates
Equity method investments					$ 2,225,000	3,689,000
WLT
Other Transactions with Affiliates
Preferred stock, shares issued (shares) \| shares				1,300,000
Unrealized gain on investment					$ 49,200,000
Preferred stock \| WLT \| Level 3
Other Transactions with Affiliates
Equity method investment fair value						$ 65,000,000	46,300,000
Common stock \| WLT \| Level 3
Other Transactions with Affiliates
Equity method investment fair value							11,600,000
Common stock \| Affiliated Entity \| WLT
Other Transactions with Affiliates
Shares owned (shares) \| shares						12,208,243
Affiliated Entity \| CWI 1 And CWI 2
Other Transactions with Affiliates
Gain on sale of equity method investment	9,900,000
Equity method investments	$ 500,000
Affiliated Entity \| CPA:18 – Global
Other Transactions with Affiliates
Due from affiliates						$ 0
Proceeds from repayment of short-term loans to affiliates			$ 16,000,000
Affiliated Entity \| WLT
Other Transactions with Affiliates
Preferred stock liquidation preference (usd per share) \| $ / shares				$ 50.00
Proceeds from the sales of investment in preferred shares				$ 65,000,000
Affiliated Entity \| Common stock \| WLT
Other Transactions with Affiliates
Shares owned (shares) \| shares				12,208,243
Affiliated Entity \| Class A \| CWI 2
Other Transactions with Affiliates
Shares owned (shares) \| shares								3,836,669
Other Entity
Other Transactions with Affiliates
Jointly owned investment, accounted for under the equity method investments \| investment					6
CWI 2 \| Affiliated Entity
Other Transactions with Affiliates
Preferred stock, shares issued (shares) \| shares	1,300,000
Preferred stock liquidation preference (usd per share) \| $ / shares	$ 50.00
Common stock shares, issued (shares) \| shares	2,840,549
Gain on sale of equity method investment							$ 33,000,000
WLT
Other Transactions with Affiliates
Proceeds from the sales of investment in preferred shares		$ 82,600,000			$ 82,600,000

Agreements and Transactions with Related Parties - Related Party Income (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Distributions of Available Cash	$ 8,746	$ 7,345	$ 7,225
Interest income on deferred acquisition fees and loans to affiliates	112	120	369
Total deferred revenue earned	19,843	26,863	38,916
Asset management revenue
Related Party Transaction
Gross contract revenue	8,467	15,363	21,973
Reimbursable costs from affiliates
Related Party Transaction
Gross contract revenue	2,518	4,035	8,855
Structuring and other advisory revenue
Related Party Transaction
Gross contract revenue	$ 0	$ 0	$ 494

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Revenue from related parties	$ 19,843	$ 26,863	$ 38,916
CPA:18 – Global
Related Party Transaction
Revenue from related parties	17,854	22,867	22,200
CWI 1
Related Party Transaction
Revenue from related parties	0	0	5,662
CWI 2
Related Party Transaction
Revenue from related parties	0	0	4,668
CESH
Related Party Transaction
Revenue from related parties	1,989	3,713	4,723
WLT
Related Party Transaction
Revenue from related parties	$ 0	$ 283	$ 1,663

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Due from affiliates
Asset management fees receivable	$ 386	$ 494
Accounts receivable	329	336
Reimbursable costs	204	974
Current acquisition fees receivable	0	19
Deferred acquisition fees receivable, including accrued interest	0	3
Due from affiliates	$ 919	$ 1,826

Agreements and Transactions with Related Parties - Asset Management, Structuring and Other Revenue (Details) - Affiliated Entity	5 Months Ended	12 Months Ended	14 Months Ended
	Aug. 01, 2022	Dec. 31, 2022	Feb. 28, 2022
Average Equity Value \| Corporate Property Associates Eighteen [Member]
Related Party Transaction
Asset management fees receivable in cash, percentage			50.00%
Gross asset fair value \| CESH
Related Party Transaction
Percentage of asset management fees earned, percentage		1.00%
Class A \| Average Equity Value \| Corporate Property Associates Eighteen [Member]
Related Party Transaction
Asset management fees receivable in shares, percentage	50.00%
Class A \| Average Equity Value \| Minimum \| Corporate Property Associates Eighteen [Member]
Related Party Transaction
Percentage of asset management fees earned, percentage		0.50%
Class A \| Average Equity Value \| Maximum \| Corporate Property Associates Eighteen [Member]
Related Party Transaction
Percentage of asset management fees earned, percentage		1.50%

Land, Buildings and Improvements and Assets Held for Sale - Assets Subject To Operating Leases (Details) - Operating real estate - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Investment Property At Cost
Less: Accumulated depreciation	$ (1,672,091)	$ (1,448,020)
Net property subject to operating lease	11,666,766	10,343,714
Land
Real Estate Investment Property At Cost
Gross property subject to operating lease	2,400,002	2,151,327
Buildings and improvements
Real Estate Investment Property At Cost
Gross property subject to operating lease	10,916,630	9,525,858
Real estate under construction
Real Estate Investment Property At Cost
Gross property subject to operating lease	$ 22,225	$ 114,549

Land, Buildings and Improvements and Assets Held for Sale - Narratives (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Jan. 31, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Aug. 30, 2022 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) property $ / €	Dec. 31, 2021 USD ($) property $ / €	Dec. 31, 2020 USD ($) property	Aug. 31, 2022 property	Aug. 01, 2022 USD ($) property	Oct. 31, 2018 lease
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation					$ (63,149)	$ (35,736)	$ 47,746
Net investments in direct financing leases					498,313	572,205
Land, buildings and improvements — net lease and other					13,338,857	11,791,734
Investments in real estate
Total Capitalized Costs					1,145,734	1,306,858	656,313
Operating lease liability					146,302	$ 146,437
Capitalized construction cost					$ 141,200
Construction projects completed (property) \| property					8	6
Unfunded commitment					$ 61,100	$ 55,300
Capitalized interest					1,300	2,500	2,900
Lease termination income					12,400	41,000	7,900
End lease related settlement					17,600	9,800
Sublease Income					4,600	5,100	5,500
Cash paid for operating lease liabilities					15,800	13,900	15,500
Finance lease expense					100
Assets held for sale, net					57,944	8,269
Proceeds from sales of real estate					234,652	$ 163,638	366,532
Subsequent Event
Real Estate Properties
Number of properties (property) \| property	1
Investments in real estate
Total Capitalized Costs	$ 64,800
CPA 18 Merger
Real Estate Properties
Land, buildings and improvements — net lease and other					881,600				$ 881,613
Investments in real estate
Number of lease arrangements acquired (lease) \| lease										7
Right-of-use assets					24,500
Lease liability					6,600
Assets held for sale									$ 85,026
CPA 18 Merger \| Below-market rent
Investments in real estate
Right-of-use assets					$ 17,900
EUR
Real Estate Properties
Decrease in exchange rate					5.80%
Foreign currency exchange rate \| $ / €					1.0666	1.1326
Real Estate
Real Estate Properties
Number of properties (property) \| property					1,449
Investments in real estate
Other income					$ 1,600	$ 1,900	2,300
Gross contract revenue					59,230	13,478	11,399
Real Estate \| Occupancy
Investments in real estate
Gross contract revenue					54,400	11,200	9,500
Real Estate \| Food and beverage
Investments in real estate
Gross contract revenue					$ 4,800	$ 2,300	$ 1,900
Discontinued Operations, Disposed of by Sale
Investments in real estate
Number of properties sold (property) \| property					23	24	22
Proceeds from sales of real estate				$ 103,500	$ 234,700	$ 163,600	$ 366,500
Discontinued Operations, Disposed of by Sale \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property								1
Investments in real estate
Proceeds from sales of real estate			$ 44,500
Discontinued Operations, Held-for-sale
Real Estate Properties
Number of properties (property) \| property					3	2
Investments in real estate
Assets held for sale, net					$ 57,900	$ 8,300
Discontinued Operations, Held-for-sale \| Subsequent Event
Investments in real estate
Number of properties sold (property) \| property	1
Proceeds from sales of real estate	$ 11,200
Discontinued Operations, Held-for-sale \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property									2
Investments in real estate
Assets held for sale									$ 85,000
Land, buildings and improvements \| Discontinued Operations, Disposed of by Sale
Investments in real estate
Number of properties sold (property) \| property					20
Decrease in carrying value of real estate					$ 118,100
Construction in progress
Real Estate Properties
Number of properties (property) \| property					6
Investments in real estate
Construction projects completed (property) \| property						4	5
Total capitalized costs					$ 148,137	$ 88,200	$ 171,200
Land \| CPA 18 Merger
Investments in real estate
Right-of-use assets					$ 6,600
Operating lease
Real Estate Properties
Number of properties (property) \| property					125	28	14
Increase in value of balance sheet item due to foreign currency translation					$ (250,500)
Depreciation					299,400	$ 286,400	$ 258,900
Investments in real estate
Total Capitalized Costs					1,156,222	1,300,000	661,400
Operating lease \| Prepaid Rent Liability
Investments in real estate
Total Capitalized Costs					$ 12,287
Lease term (in years)					99 years
Operating lease \| Above Market Ground Lease
Investments in real estate
Total Capitalized Costs						4,200
Operating lease \| Land
Investments in real estate
Total Capitalized Costs					$ 145,078	191,000	105,400
Operating lease \| Building
Investments in real estate
Total Capitalized Costs						946,900	449,400
Operating lease \| Net lease intangible
Investments in real estate
Total Capitalized Costs						188,900	106,600
Operating lease \| Land Lease Right Use Of Assets
Investments in real estate
Total Capitalized Costs						6,000
Operating lease \| Prepaid rent
Investments in real estate
Total Capitalized Costs						15,400
Operating lease \| Operating Lease Liability
Investments in real estate
Total Capitalized Costs						6,000
Operating real estate
Real Estate Properties
Depreciation					$ 11,600	$ 2,700	$ 2,800
Operating real estate \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property					39
Self Storage \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property					65
Self Storage \| Operating real estate
Real Estate Properties
Number of properties (property) \| property					75	10
Self Storage \| Consolidated properties
Real Estate Properties
Number of properties (property) \| property					75	10	10
Student Housing \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property					1
Student Housing \| Operating real estate
Real Estate Properties
Number of properties (property) \| property					2
Student Housing \| Consolidated properties
Real Estate Properties
Number of properties (property) \| property					2
Student Housing Development Project
Investments in real estate
Assets placed into service		$ 66,800
Student Housing Development Project \| CPA 18 Merger
Real Estate Properties
Number of properties (property) \| property					1
Land, buildings and improvements — net lease and other					$ 1,000,000
Investments in real estate
Capitalized construction cost					$ 78,300
Hotel \| Operating real estate
Real Estate Properties
Number of properties (property) \| property					1	1
Hotel \| Consolidated properties
Real Estate Properties
Number of properties (property) \| property					1	1	1
Build To Suit \| Construction in progress
Real Estate Properties
Number of properties (property) \| property					6
Investments in real estate
Commitments					$ 20,300
Adjustment
Real Estate Properties
Net investments in direct financing leases					$ (67,000)
Direct Financing Method \| Adjustment
Real Estate Properties
Number of properties (property) \| property					7

Land, Buildings and Improvements and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands																				1 Months Ended	2 Months Ended	12 Months Ended
	Dec. 30, 2022 USD ($) property	Dec. 21, 2022 USD ($) property	Nov. 30, 2022 USD ($) property	Oct. 01, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Aug. 12, 2022 USD ($) property	Aug. 10, 2022 USD ($) property	Aug. 03, 2022 USD ($) property	Jul. 26, 2022 USD ($) property	Jul. 21, 2022 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 17, 2022 USD ($) property	May 16, 2022 USD ($) property	May 09, 2022 USD ($) property	Mar. 04, 2022 USD ($) property	Feb. 18, 2022 USD ($) property	Feb. 11, 2022 USD ($) property	Feb. 03, 2022 USD ($) property	Jan. 10, 2022 USD ($) property	Jun. 30, 2022 USD ($)	Sep. 28, 2022 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Sep. 30, 2022 property
Property, Plant and Equipment
Total Capitalized Costs																						$ 1,145,734	$ 1,306,858	$ 656,313
Operating lease
Property, Plant and Equipment
Number of real estate properties (property) \| property																						125	28	14
Total Capitalized Costs																						$ 1,156,222	$ 1,300,000	$ 661,400
Operating lease \| Below-market rent
Property, Plant and Equipment
Total Capitalized Costs																						$ 7,023
Finite lived intangible assets useful life (in years)																						10 years 10 months 24 days
Operating lease \| Prepaid Rent Liability
Property, Plant and Equipment
Total Capitalized Costs																						$ 12,287
Operating lease \| In-place lease
Property, Plant and Equipment
Total Capitalized Costs																						$ 152,889
Finite lived intangible assets useful life (in years)																						20 years 7 months 6 days
Operating lease \| Land
Property, Plant and Equipment
Total Capitalized Costs																						$ 145,078	$ 191,000	$ 105,400
Operating lease \| Buildings and improvements
Property, Plant and Equipment
Total Capitalized Costs																						$ 852,991
Operating lease \| Pleasant Prairie, Wisconsin
Property, Plant and Equipment
Number of real estate properties (property) \| property																			1
Total Capitalized Costs																			$ 20,024
Operating lease \| Various, Spain
Property, Plant and Equipment
Number of real estate properties (property) \| property																		26
Total Capitalized Costs																		$ 146,364
Operating lease \| Various, Denmark
Property, Plant and Equipment
Number of real estate properties (property) \| property			4														8				8				10
Total Capitalized Costs			$ 15,553														$ 33,976			$ 42,635	$ 29,644
Operating lease \| Additional properties acquired, Denmark
Property, Plant and Equipment
Number of real estate properties (property) \| property																						1
Total Capitalized Costs																						$ 3,400
Operating lease \| Laval, Canada
Property, Plant and Equipment
Number of real estate properties (property) \| property																1
Total Capitalized Costs																$ 21,459
Operating lease \| Chattanooga, Tennessee
Property, Plant and Equipment
Number of real estate properties (property) \| property															1
Commitments																						26,600
Total Capitalized Costs															$ 43,198
Operating lease \| Various, United States (4 properties), Canada (1 property), and Mexico (1 property)
Property, Plant and Equipment
Number of real estate properties (property) \| property														6
Total Capitalized Costs														$ 80,595
Operating lease \| Various Industrial Properties In The United States
Property, Plant and Equipment
Number of real estate properties (property) \| property														4
Operating lease \| Industrial Property In Canada
Property, Plant and Equipment
Number of real estate properties (property) \| property														1
Operating lease \| Industrial Property In Mexico
Property, Plant and Equipment
Number of real estate properties (property) \| property														1
Operating lease \| Various, United States
Property, Plant and Equipment
Number of real estate properties (property) \| property		19							18				6
Total Capitalized Costs		$ 63,006							$ 262,061				$ 110,381
Operating lease \| Medina, Ohio
Property, Plant and Equipment
Number of real estate properties (property) \| property												1
Total Capitalized Costs												$ 28,913
Operating lease \| Bree, Belgium
Property, Plant and Equipment
Number of real estate properties (property) \| property																									1
Total Capitalized Costs											$ 96,697
Operating lease \| Various, Spain
Property, Plant and Equipment
Number of real estate properties (property) \| property										5
Total Capitalized Costs										$ 19,894
Operating lease \| Westlake, Ohio
Property, Plant and Equipment
Number of real estate properties (property) \| property								1
Total Capitalized Costs								$ 29,517
Operating lease \| Hebron and Strongsville, Ohio; and Scarborough, Canada
Property, Plant and Equipment
Number of real estate properties (property) \| property							3
Total Capitalized Costs							$ 20,111
Operating lease \| Clifton Park, New York and West Des Moines, Iowa
Property, Plant and Equipment
Number of real estate properties (property) \| property						2
Total Capitalized Costs						$ 23,317
Operating lease \| Orzinuovi, Italy
Property, Plant and Equipment
Number of real estate properties (property) \| property					1
Total Capitalized Costs					$ 14,033
Operating lease \| West Chester, Pennsylvania
Property, Plant and Equipment
Number of real estate properties (property) \| property				1
Total Capitalized Costs				$ 1,863
Operating lease \| Romulus, Michigan
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs	$ 36,569
Operating lease \| Salisbury, North Carolina
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Commitments																						$ 13,800
Total Capitalized Costs	$ 16,412

Land, Buildings and Improvements and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in progress $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment
Number of real estate properties (property) \| property	6
Total Capitalized Costs \| $	$ 148,137	$ 88,200	$ 171,200
Hurricane, Utah
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 20,517
Breda, Netherlands
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 4,721
Bowling Green, Kentucky
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 72,971
Wageningen, Netherlands
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 26,054
Radomsko, Poland
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 23,042
Flemington, New Jersey
Property, Plant and Equipment
Number of real estate properties (property) \| property	1
Total Capitalized Costs \| $	$ 832

Land, Buildings and Improvements and Assets Held for Sale - Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Lease, Lease Income [Abstract]
Lease income — fixed	$ 1,160,942	$ 1,066,250	$ 981,430
Lease income — variable	140,675	111,188	99,193
Total operating lease income	$ 1,301,617	$ 1,177,438	$ 1,080,623

Land, Buildings and Improvements and Assets Held for Sale - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Scheduled Future Lease Payments to be Received
2023	$ 1,285,481
2024	1,233,058
2025	1,179,250
2026	1,127,974
2027	1,064,061
Thereafter	9,481,009
Total	$ 15,370,833

Land, Buildings and Improvements and Assets Held for Sale - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Fixed lease cost	$ 15,087	$ 16,426	$ 17,616
Variable lease cost	1,086	1,149	1,089
Total lease cost	$ 16,173	$ 17,575	$ 18,705

Land, Buildings and Improvements and Assets Held for Sale - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($) lease
Lessee, Lease, Description
Finance lease, right of use asset	$ 12,598	$ 0
Total operating ROU assets	193,106	165,997
Operating lease liabilities	$ 146,302	$ 146,437
Weighted-average remaining lease term — operating leases	25 years 9 months 18 days	26 years 1 month 6 days
Weighted-average discount rate — operating leases (percent)	6.80%	6.80%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	In-place lease intangible assets and other
Operating Lease, Liability, Statement of Financial Position	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Minimum
Lessee, Lease, Description
Operating lease contract term	1 year	1 year
Maximum
Lessee, Lease, Description
Operating lease contract term	99 years	100 years
Land
Lessee, Lease, Description
Operating lease, right of use asset	$ 123,834	$ 106,095
Operating lease right of use asset, (lease) \| lease	72	66
Finance lease right of use asset, (lease) \| lease	1	0
Operating Lease, Right-of-Use Asset, Statement of Financial Position	In-place lease intangible assets and other	In-place lease intangible assets and other
Building
Lessee, Lease, Description
Operating lease, right of use asset	$ 56,674	$ 59,902
Operating lease right of use asset, (lease) \| lease	4	4
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets, net	Other assets, net

Land, Buildings and Improvements and Assets Held for Sale - Undiscounted Cash Flows - Operating Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due
2023	$ 14,486
2024	13,856
2025	13,851
2026	13,721
2027	13,911
Thereafter	269,848
Total lease payments	339,673
Less: amount of lease payments representing interest	(193,371)
Present value of future lease payments/lease obligations	$ 146,302	$ 146,437

Land, Buildings and Improvements and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,095,892	$ 83,673
Less: Accumulated depreciation	(3,269,057)	(2,889,294)
Real estate under construction
Real Estate Properties
Land, buildings and improvements — operating properties	18,566	0
Land, Buildings and Improvements — Operating Leases
Real Estate Properties
Less: Accumulated depreciation	(28,295)	(16,750)
Investments in real estate	1,067,597	66,923
Land, Buildings and Improvements — Operating Leases \| Land
Real Estate Properties
Land, buildings and improvements — operating properties	122,317	10,452
Land, Buildings and Improvements — Operating Leases \| Buildings and improvements
Real Estate Properties
Land, buildings and improvements — operating properties	$ 955,009	$ 73,221

Land, Buildings and Improvements and Assets Held for Sale - Summary of Assets Held for Sale, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ (3,254)	$ (2,359)
Assets held for sale, net	57,944	8,269
In-place lease
Long Lived Assets Held-for-sale
Assets Held-for-sale, gross	10,854	0
Above-market rent intangible assets
Long Lived Assets Held-for-sale
Assets Held-for-sale, gross	3,210	0
Land, buildings and improvements — net lease and other
Long Lived Assets Held-for-sale
Assets Held-for-sale, gross	$ 47,134	$ 10,628

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Net investments in direct financing leases	$ 498,313	$ 572,205
Sale-leaseback transactions accounted for as loans receivable	234,198	217,229
Secured loans receivable	39,250	24,143
Net investment In lease and loans receivable	$ 771,761	$ 813,577

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Lease payments receivable	$ 332,618	$ 414,002
Unguaranteed residual value	470,839	545,896
Gross minimum lease payments receivable	803,457	959,898
Less: unearned income	(296,411)	(370,353)
Less: allowance for credit losses	(8,733)	(17,340)
Net investments in direct financing leases	$ 498,313	$ 572,205

Finance Receivables - Narratives (Details) $ in Thousands	1 Months Ended	12 Months Ended
Finance Receivables - Narratives (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)
Finance Receivables
Loans receivable, allowance For credit losses		$ 2,100	$ 12,600
Allowance for credit loss		(24,976)	266	$ 22,259
Credit to allowance for direct finance lease related to reclassification		4,700
Interest income from direct financing leases		53,000	63,200	73,900
Net investments in direct financing leases		498,313	572,205
Decrease in value of balance sheet item due to foreign currency translation		63,149	35,736	(47,746)
Proceeds from repayment of loans receivable	$ 34,000	34,000	0	11,000
Release of allowance for credit losses	10,500
Interest receivable.					$ 3,700
Proceeds from the collection of interest related to secured loans	$ 2,300
Potentially uncollectible interest receivable		1,400
Interest income from loans receivable		$ 21,200	$ 4,300	$ 1,000
Real Associated With Sales Lease Back
Finance Receivables
Number of real estate properties (property) \| property		5	3
CPA 18 Merger
Finance Receivables
Net investments in direct financing leases and loans receivable		$ 10,500
Secured loans receivables acquired		$ 28,000
Interest rate on loan (percent)		10.00%
Financing Receivable
Finance Receivables
Allowance for credit loss		$ (3,900)	$ 300
Adjustment
Finance Receivables
Net investments in direct financing leases		(67,000)
Land, buildings and improvements — net lease and other		$ 67,000
Net investments in direct financing leases \| Adjustment
Finance Receivables
Number of real estate properties (property) \| property		7
Net investments in direct financing leases
Finance Receivables
Decrease in value of balance sheet item due to foreign currency translation		$ 23,500

Finance Receivables - Scheduled Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity
2023	$ 50,273
2024	48,146
2025	43,897
2026	42,578
2027	41,370
Thereafter	106,354
Total	$ 332,618

Finance Receivables - Sale-leasebacks (Details) - Real Associated With Sales Lease Back $ in Thousands	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) \| property	5	3
Total Investment \| $	$ 19,795	$ 217,000
Various, Belgium
Accounts, Notes, Loans and Financing Receivable
Number of properties (property) \| property	5
Total Investment \| $	$ 19,795

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Dec. 31, 2022 USD ($) tenant	Dec. 31, 2021 USD ($) tenant
Credit Quality Of Finance Receivables
Net investments in direct financing leases	$ 782,594	$ 843,510
Internally Assigned Grade1 thru 3
Credit Quality Of Finance Receivables
Number of tenants (tenant) \| tenant	19	17
Net investments in direct financing leases	$ 664,761	$ 703,280
Internally Assigned Grade 4
Credit Quality Of Finance Receivables
Number of tenants (tenant) \| tenant	8	9
Net investments in direct financing leases	$ 117,833	$ 140,230
Internally Assigned Grade 5
Credit Quality Of Finance Receivables
Number of tenants (tenant) \| tenant	0	0
Net investments in direct financing leases	$ 0	$ 0

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net
Impairment charge		$ 29,334	$ 0	$ 0
Decrease in value of balance sheet item due to foreign currency translation		63,149	35,736	(47,746)
Amortization of intangible assets		229,200	$ 236,600	$ 226,200
Investment Management
Finite-Lived Intangible Assets, Net
Impairment charge	$ 29,300	29,334
Net intangible assets
Finite-Lived Intangible Assets, Net
Decrease in value of balance sheet item due to foreign currency translation		$ 42,300
Minimum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)		1 year
Maximum
Finite-Lived Intangible Assets, Net
Finite lived intangible assets useful life (in years)		48 years

Goodwill and Other Intangibles - Net Lease Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CPA 18 Merger
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Assets	$ 261,003
In-place lease
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Assets	$ 1,462,083	$ 1,345,242
In-place lease \| CPA 18 Merger
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Assets, Weighted-Average Life (in years)	7 years 4 months 24 days
Finite-Lived Intangible Assets	$ 199,913
Above-market rent
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Assets	$ 326,315	$ 353,549
Above-market rent \| CPA 18 Merger
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Assets, Weighted-Average Life (in years)	11 years 10 months 24 days
Finite-Lived Intangible Assets	$ 61,090
Below-market rent \| CPA 18 Merger
Schedule Of Finite And Indefinite Lived Intangible Assets Liabilities [Line Items]
Finite-Lived Intangible Liabilities, Weighted-Average Life (in years)	8 years 6 months
Finite-Lived Intangible Liabilities	$ (16,836)

Goodwill and Other Intangibles - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill
Balance - beginning of period		$ 901,529	$ 910,818	$ 934,688
Foreign currency translation adjustments		(7,129)	(9,289)	10,403
Allocation of goodwill based on portion of Investment Management business sold (Note 4)				(34,273)
Acquisition of CPA:18 – Global (Note 3)		172,346
Impairment charges (Note 9)		(29,334)	0	0
Balance - end of period		1,037,412	901,529	910,818
Real Estate
Goodwill
Balance - beginning of period		872,195	881,484	871,081
Foreign currency translation adjustments		(7,129)	(9,289)	10,403
Allocation of goodwill based on portion of Investment Management business sold (Note 4)				0
Acquisition of CPA:18 – Global (Note 3)		172,346
Impairment charges (Note 9)		0
Balance - end of period		1,037,412	872,195	881,484
Investment Management
Goodwill
Balance - beginning of period		29,334	29,334	63,607
Foreign currency translation adjustments		0	0	0
Allocation of goodwill based on portion of Investment Management business sold (Note 4)				(34,273)
Acquisition of CPA:18 – Global (Note 3)		0
Impairment charges (Note 9)	$ (29,300)	(29,334)
Balance - end of period		$ 0	$ 29,334	$ 29,334

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Goodwill and Other Intangibles - Intangible Assets and Liabilities Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Accumulated Amortization	$ (1,587,815)	$ (1,446,787)
Goodwill
Total intangible assets, gross	4,414,293	4,048,372
Total intangible assets, net	2,826,478	2,601,585
Finite-Lived Intangible Liabilities
Less: accumulated amortization	125,287	105,908
Indefinite-Lived Intangible Liabilities
Total intangible liabilities, gross	(309,871)	(289,194)
Total intangible liabilities, net	(184,584)	(183,286)
Below-market purchase option
Indefinite-Lived Intangible Liabilities
Indefinite-lived intangible liabilities	(16,711)	(16,711)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(293,160)	(272,483)
Less: accumulated amortization	125,287	105,908
Net amortizable intangible liabilities	(167,873)	(166,575)
Goodwill
Goodwill
Indefinite-lived intangible assets	1,037,412	901,529
Contracts including internal software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	19,812	23,528
Accumulated Amortization	(19,144)	(22,263)
Net Carrying Amount	668	1,265
Internal-use software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	19,812	19,553
Accumulated Amortization	(19,144)	(18,682)
Net Carrying Amount	668	871
Trade name
Finite-Lived Intangible Assets
Gross Carrying Amount		3,975
Accumulated Amortization		(3,581)
Net Carrying Amount		394
Lease intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	3,357,069	3,123,315
Accumulated Amortization	(1,568,671)	(1,424,524)
Net Carrying Amount	1,788,398	1,698,791
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	2,523,318	2,279,905
Accumulated Amortization	(1,061,235)	(934,663)
Net Carrying Amount	1,462,083	1,345,242
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	833,751	843,410
Accumulated Amortization	(507,436)	(489,861)
Net Carrying Amount	$ 326,315	$ 353,549

Goodwill and Other Intangibles - Scheduled Annual Net Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Net
2023	$ 248,403
2024	189,424
2025	171,442
2026	149,774
2027	132,205
Thereafter	729,945
Total	1,621,193
Net Decrease in Lease Revenues
Net
2023	34,878
2024	30,783
2025	27,047
2026	21,196
2027	17,100
Thereafter	27,438
Total	158,442
Increase to Amortization
Net
2023	213,525
2024	158,641
2025	144,395
2026	128,578
2027	115,105
Thereafter	702,507
Total	$ 1,462,751

Equity Method Investments - Summary of Investments in Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments in Programs
Equity Investments in Real Estate	$ 327,502	$ 356,637
CPA:18 – Global
Investments in Programs
Equity method investment, ownership percentage	100.00%	5.578%
Equity Investments in Real Estate	$ 0	$ 60,836
CPA:18 – Global operating partnership
Investments in Programs
Equity method investment, ownership percentage	100.00%	0.034%
Equity Investments in Real Estate	$ 0	$ 209
CESH
Investments in Programs
Equity method investment, ownership percentage	2.43%	2.43%
Equity Investments in Real Estate	$ 2,225	$ 3,689
Affiliated Entity \| Managed Programs
Investments in Programs
Equity Investments in Real Estate	$ 2,225	$ 64,734

Equity Method Investments - Narratives (Details)		12 Months Ended
Equity Method Investments - Narratives (Details)	Jun. 10, 2021 USD ($) unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Jan. 31, 2022 shares	Apr. 13, 2020 shares
Investments in REITs
Distributions of earnings from equity method investments		$ 30,236,000	$ 15,471,000	$ 9,419,000
Gain on change in control of interests		33,931,000	0	0
Equity Investments in Real Estate		327,502,000	356,637,000
Equity method investments
Investments in REITs
Interest income		10,100,000	3,000,000
WLT
Investments in REITs
Shares owned (shares) \| shares						5,531,025
Real Estate
Investments in REITs
Equity Investments in Real Estate		325,277,000	291,903,000
Real Estate \| Unconsolidated Properties
Investments in REITs
Distributions of earnings from equity method investments		27,800,000	18,600,000	17,800,000
Aggregate unamortized basis difference on equity investments		19,100,000	7,900,000
Common stock \| WLT \| Affiliated Entity
Investments in REITs
Shares owned (shares) \| shares					12,208,243
CPA:18 – Global
Investments in REITs
Equity Investments in Real Estate		0	60,836,000
CPA:18 – Global operating partnership
Investments in REITs
Equity Investments in Real Estate		0	209,000
CESH
Investments in REITs
Equity Investments in Real Estate		2,225,000	3,689,000
Bank Pekao \| Real Estate \| CPA:18 – Global \| Affiliated Entity
Investments in REITs
Impairment Charges		4,600,000
Equity Investments in Real Estate			4,460,000
Las Vegas Retail Complex \| Real Estate \| Third Party \| Affiliated Entity
Investments in REITs
Equity Investments in Real Estate		196,352,000	$ 104,114,000
Las Vegas Retail Complex \| Real Estate \| Third Party \| Construction Commitment \| Affiliated Entity
Investments in REITs
Commitments	$ 261,900,000
Debt instrument stated interest rate (percentage)	6.00%
Debt instrument term	36 months
Equity Investments in Real Estate	$ 193,200,000
Number of Units in Real Estate Property \| unit	2
Equity Purchase Option Percentage	47.50%
Affiliated Entity \| Common stock \| WLT
Investments in REITs
Shares owned (shares) \| shares			12,208,243
Affiliated Entity \| CPA:18 – Global
Investments in REITs
Distributions of earnings from equity method investments		1,600,000	$ 3,500,000	2,600,000
Affiliated Entity \| CPA:18 – Global operating partnership
Investments in REITs
Distributions of earnings from equity method investments		8,700,000	7,300,000	7,200,000
Affiliated Entity \| CESH
Investments in REITs
Distributions of earnings from equity method investments		1,200,000	1,300,000	$ 0
Affiliated Entity \| Managed Programs
Investments in REITs
Aggregate unamortized basis difference on equity investments			23,300,000
Equity Investments in Real Estate		$ 2,225,000	$ 64,734,000

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments in Programs
Equity Investments in Real Estate	$ 327,502	$ 356,637
Real Estate
Investments in Programs
Equity Investments in Real Estate	325,277	291,903
Real Estate \| Third Party \| Las Vegas Retail Complex \| Affiliated Entity
Investments in Programs
Equity Investments in Real Estate	$ 196,352	104,114
Real Estate \| Third Party \| Johnson Self Storage \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	90.00%
Equity Investments in Real Estate	$ 65,707	67,573
Real Estate \| Third Party \| Kesko Senukai \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	70.00%
Equity Investments in Real Estate	$ 38,569	41,955
Real Estate \| Third Party \| Harmon Retail Corner \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	15.00%
Equity Investments in Real Estate	$ 24,649	24,435
Real Estate \| WLT \| WLT \| Affiliated Entity
Investments in Programs
Equity Investments in Real Estate		33,392
Real Estate \| CPA:18 – Global \| State Farm Mutual Automobile Insurance Co. \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity Investments in Real Estate		7,129
Real Estate \| CPA:18 – Global \| Apply Sørco AS \| Affiliated Entity
Investments in Programs
Equity Investments in Real Estate		5,909
Real Estate \| CPA:18 – Global \| Bank Pekao \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity Investments in Real Estate		4,460
Real Estate \| CPA:18 – Global \| Fortenova Grupa d.d. (formerly Konzum d.d.) \| Affiliated Entity
Investments in Programs
Equity method investment, ownership percentage	100.00%
Equity Investments in Real Estate		$ 2,936

Fair Value Measurements - Narratives (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($)	Aug. 30, 2022 USD ($)	Mar. 31, 2022 property	Jan. 31, 2022 USD ($) $ / shares shares	Oct. 30, 2020 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property shares	Dec. 31, 2021 USD ($) property $ / ft² shares	Dec. 31, 2020 USD ($) property	Aug. 31, 2022 property	Apr. 13, 2020 $ / shares shares
Fair Value Measurement Inputs and Valuation Techniques
Purchases of securities							$ 0	$ 0	$ 95,511
Equity method investments							$ 327,502	$ 356,637
Preferred stock, shares issued (shares) \| shares							0	0
Unrealized gain on investment							$ (18,688)	$ 18,688	0
Unamortized deferred financing costs							25,992
Unamortized discount							35,936
Impairment charge							29,334	0	0
Impairment charges							$ 39,119	$ 24,246	35,830
Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Number of real estate properties (property) \| property							3	2
Investment Management
Fair Value Measurement Inputs and Valuation Techniques
Impairment charge						$ 29,300	$ 29,334
Goodwill, fair value							0
Impairment charges								$ 0	0
WLT (reimbursed transition services)
Fair Value Measurement Inputs and Valuation Techniques
Proceeds from the sales of investment in preferred shares	$ 82,600						82,600
WLT (reimbursed transition services)
Fair Value Measurement Inputs and Valuation Techniques
Shares owned (shares) \| shares											5,531,025
Real Estate
Fair Value Measurement Inputs and Valuation Techniques
Equity method investments							325,277	$ 291,903
Common stock \| Affiliated Entity \| WLT (reimbursed transition services)
Fair Value Measurement Inputs and Valuation Techniques
Shares owned (shares) \| shares								12,208,243
Bankrupt tenants property
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges									12,600
Vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Impairment charges							6,500	$ 7,900	2,800
Real estate and intangibles \| Pendragon PLC
Fair Value Measurement Inputs and Valuation Techniques
Number of real estate properties (property) \| property			30
Lease extension term			11 years
Real estate and intangibles \| Pendragon PLC \| Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Number of real estate properties (property) \| property			12
Affiliated Entity \| CWI 2
Fair Value Measurement Inputs and Valuation Techniques
Preferred stock, shares issued (shares) \| shares											1,300,000
Preferred stock liquidation preference (usd per share) \| $ / shares											$ 50.00
Affiliated Entity \| Common stock \| WLT (reimbursed transition services)
Fair Value Measurement Inputs and Valuation Techniques
Shares owned (shares) \| shares				12,208,243
Level 3 \| Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							68,453	31,076	91,217
Level 3 \| Fair Value, Measurements, Nonrecurring \| Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges									1,000
Level 3 \| Carrying Value \| Secured Debt
Fair Value Measurement Inputs and Valuation Techniques
Unamortized deferred financing costs							100	100
Unamortized discount							10,300	800
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							39,119	$ 24,246	$ 35,830
Number of real estate properties (property) \| property								2	6
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Pendragon PLC \| Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							$ 9,300
Number of real estate properties (property) \| property							6
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Measurement Input, Terminal Capitalization Rate \| Minimum \| Pendragon PLC \| Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)							0.0475
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Measurement Input, Terminal Capitalization Rate \| Maximum \| Pendragon PLC \| Discontinued Operations, Held-for-sale
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)							0.1000
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							$ 10,900	$ 16,300	$ 16,000
Number of real estate properties (property) \| property									2
Capital expenditure (usd per sqft) \| $ / ft²								100
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) \| $ / ft²								10
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Market rent (usd per sqft) \| $ / ft²								11
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Capitalization rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)									0.06
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Capitalization rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)									0.11
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Cashflow Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)							0.140
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Cashflow Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)								0.0700
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Cashflow Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)								0.0900
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Terminal Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)							0.110
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Terminal Capitalization Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)								0.0600
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Potentially vacant properties \| Measurement Input, Terminal Capitalization Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Real estate measurement input (percent)								0.0700
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Impaired properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges		$ 12,400							$ 3,400
Number of real estate properties (property) \| property										3
Level 3 \| Real estate and intangibles \| Fair Value, Measurements, Nonrecurring \| Eleven Properties
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							$ 39,100
Number of real estate properties (property) \| property							11
Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges							$ 0	$ 6,830	55,387
Other-than-temporary impairment charges								$ 6,800
Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring \| Measurement Input, Cashflow Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)								0.0575
Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring \| Measurement Input, Residual Discount Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)								0.0750
Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring \| Measurement Input, Residual Capitalization Rate
Fair Value Measurement Inputs and Valuation Techniques
Equity measurement input (percent)								0.0675
Level 2 \| Carrying Value \| Senior Unsecured Notes
Fair Value Measurement Inputs and Valuation Techniques
Unamortized deferred financing costs							25,900	$ 28,700
Unamortized discount							24,100	29,200
Investment in Lineage Logisitics
Fair Value Measurement Inputs and Valuation Techniques
Net Investment Income							4,300	6,400
Investment in Lineage Logisitics \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment							38,600	76,300	48,300
Purchases of securities					$ 95,500
Fair value of investments							404,900	366,300
GCIF
Fair Value Measurement Inputs and Valuation Techniques
Proceeds from liquidation distribution							(2,600)
Equity method investments							1,700	4,300
WLT (reimbursed transition services)
Fair Value Measurement Inputs and Valuation Techniques
Unrealized gain (loss) on investment							49,200
Preferred stock, shares issued (shares) \| shares				1,300,000
WLT (reimbursed transition services) \| Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Proceeds from the sales of investment in preferred shares				$ 65,000
Preferred stock liquidation preference (usd per share) \| $ / shares				$ 50.00
Unrealized gain on investment							18,700
WLT (reimbursed transition services) \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Net Investment Income							900	4,900
Equity securities								33,400
WLT (reimbursed transition services) \| Level 3 \| Preferred stock
Fair Value Measurement Inputs and Valuation Techniques
Equity method investment fair value								65,000	46,300
WLT (reimbursed transition services) \| Level 3 \| Common stock
Fair Value Measurement Inputs and Valuation Techniques
Equity method investment fair value									11,600
CWI 1 \| Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring \| Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges									27,800
CWI 2 \| Level 3 \| Equity method investments \| Fair Value, Measurements, Nonrecurring \| Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques
Total impairment charges									19,300
Bank Pekao \| Real Estate \| CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Other-than-temporary impairment charges									$ 8,300
Bank Pekao \| Affiliated Entity \| Real Estate \| CPA:18 – Global
Fair Value Measurement Inputs and Valuation Techniques
Equity method investments								$ 4,460
Total impairment charges							$ 4,600

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Value \| Level 2 \| Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	$ 5,916,400	$ 5,701,913
Carrying Value \| Level 3 \| Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	1,132,417	368,524
Fair Value \| Level 2 \| Senior Unsecured Notes, net
Liabilities:
Debt instrument, fair value	5,238,588	5,984,228
Fair Value \| Level 3 \| Non-recourse mortgage, net
Liabilities:
Debt instrument, fair value	$ 1,109,449	$ 369,841

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairment Disclosure
Impairment Charges	$ 68,453	$ 31,076	$ 91,217
Real estate and intangibles
Impairment Disclosure
Fair Value Measurements	32,497	29,494	31,350
Impairment Charges	39,119	24,246	35,830
Investment Management goodwill
Impairment Disclosure
Fair Value Measurements	0	0	0
Impairment Charges	29,334	0	0
Equity method investments
Impairment Disclosure
Fair Value Measurements	0	8,175	55,245
Impairment Charges	$ 0	$ 6,830	$ 55,387

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Derivative Instruments
Cash collateral	$ 0	$ 0
Net gains (losses) recognized in other comprehensive income	16,097,000	34,009,000	$ (31,628,000)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ 17,316,000	(78,000)	8,854,000
Derivative, remaining maturity	62 months
Maximum exposure on derivatives		33,800,000
Derivatives, net liability position	$ 1,700,000	2,200,000
Aggregate termination value for immediate settlement	1,700,000	2,300,000
Other comprehensive income foreign currency gain (loss)	214,300,000	255,900,000	(280,400,000)
Individual Counterparty
Summary of Derivative Instruments
Maximum exposure on derivatives		6,000,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives		(1,600,000)
Other Income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to income, derivatives		(14,600,000)
Designated as Cash Flow Hedging Instruments \| Interest rate swaps
Summary of Derivative Instruments
Net gains (losses) recognized in other comprehensive income	3,068,000	4,198,000	(1,553,000)
Designated as Cash Flow Hedging Instruments \| Interest expense \| Interest rate swaps
Summary of Derivative Instruments
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income		3,100,000
Equity method investments \| Designated as Cash Flow Hedging Instruments
Summary of Derivative Instruments
Net gains (losses) recognized in other comprehensive income	$ 3,600,000	$ 1,300,000	$ (300,000)

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Aug. 01, 2022 USD ($) derivative	Dec. 31, 2021 USD ($)
Derivatives, Fair Value
Derivative assets, fair value	$ 39,274		$ 24,085
Liability derivatives, fair value	(1,693)		(2,219)
Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	35,324		19,485
Liability derivatives, fair value	(1,445)		(2,219)
Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	32,631		19,484
Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(1,445)		(1,311)
Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| CPA 18 Merger
Derivatives, Fair Value
Derivative assets, fair value		$ 400
Number of Instruments \| derivative		5
Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	2,679
Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	0		(908)
Designated as Cash Flow Hedging Instruments \| Interest rate caps \| Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	14		1
Not Designated as Cash Flow Hedging Instruments
Derivatives, Fair Value
Derivative assets, fair value	3,950		4,600
Liability derivatives, fair value	(248)
Not Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value
Liability derivatives, fair value	(248)
Not Designated as Cash Flow Hedging Instruments \| Stock warrants \| Other assets, net
Derivatives, Fair Value
Derivative assets, fair value	$ 3,950		$ 4,600

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ 16,097	$ 34,009	$ (31,628)
Derivatives in Cash Flow Hedging Relationships \| Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	13,013	29,805	(24,818)
Derivatives in Cash Flow Hedging Relationships \| Interest rate swaps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	3,068	4,198	(1,553)
Derivatives in Cash Flow Hedging Relationships \| Interest rate caps
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	16	6	6
Derivatives in Cash Flow Hedging Relationships \| Foreign currency forward contracts
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	0	0	(5,272)
Derivatives in Net Investment Hedging Relationships \| Foreign currency collars
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive (loss) income	$ 0	$ 0	$ 9

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Reclassified From OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ 17,316	$ (78)	$ 8,854
Derivatives in Cash Flow Hedging Relationships \| Foreign currency collars \| Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	17,483	854	4,956
Derivatives in Cash Flow Hedging Relationships \| Interest rate swaps and caps \| Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	(167)	(932)	(1,818)
Derivatives in Cash Flow Hedging Relationships \| Foreign currency forward contracts \| Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income (Effective Portion)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive (Loss) Income	$ 0	$ 0	$ 5,716

Risk Management and Use of Derivative Financial Instruments - Derivative Gain Loss Recognized in Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ 5,847	$ 1,895	$ 518
Derivatives Not in Cash Flow Hedging Relationships \| Foreign currency collars \| Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	6,574	1,503	(2,477)
Derivatives Not in Cash Flow Hedging Relationships \| Interest rate swaps \| Interest expense
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	171	1,592	2,132
Derivatives Not in Cash Flow Hedging Relationships \| Foreign currency forward contracts \| Non-operating income
Amount of Gain (Loss) on Derivatives Recognized in Income
Gain (loss) on hedging activity	0	0	(43)
Not Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	(248)	0	0
Not Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	0	0	106
Not Designated as Cash Flow Hedging Instruments \| Stock warrants \| Other gains and (losses)
Amount of Gain (Loss) on Derivatives Recognized in Income
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (650)	$ (1,200)	$ 800

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) € in Thousands, $ in Thousands	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2022 EUR (€) derivative
Derivative Disclosure
Fair value	$ 2,693
Designated as Cash Flow Hedging Instruments \| Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| EUR
Derivative Disclosure
Number of Instruments \| derivative	2	2
Notional Amount \| €		€ 45,970
Fair value	$ 1,280
Designated as Cash Flow Hedging Instruments \| Designated as Cash Flow Hedging Instruments \| Interest rate swaps \| USD
Derivative Disclosure
Number of Instruments \| derivative	5	5
Notional Amount	$ 34,918
Fair value	$ 1,399
Designated as Cash Flow Hedging Instruments \| Designated as Cash Flow Hedging Instruments \| Interest rate cap \| EUR
Derivative Disclosure
Number of Instruments \| derivative	1	1
Notional Amount \| €		€ 10,452
Fair value	$ 14

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2022 EUR (€) derivative	Dec. 31, 2022 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives	$ 30,938
Designated as Cash Flow Hedging Instruments \| Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| EUR
Derivative Disclosure
Number of Instruments \| derivative	75	75	75
Notional Amount \| €		€ 295,400
Fair value, foreign currency derivatives	$ 25,578
Designated as Cash Flow Hedging Instruments \| Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| GBP
Derivative Disclosure
Number of Instruments \| derivative	69	69	69
Notional Amount \| £			£ 44,520
Fair value, foreign currency derivatives	$ 5,608
Not Designated as Cash Flow Hedging Instruments \| Foreign currency collars \| EUR
Derivative Disclosure
Number of Instruments \| derivative	4	4	4
Notional Amount \| €		€ 29,500
Fair value, foreign currency derivatives	$ (248)

Debt - Narratives (Details)		1 Months Ended	12 Months Ended
Debt - Narratives (Details)	Sep. 28, 2022 EUR (€)	Apr. 29, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Aug. 01, 2022 USD ($)	Apr. 29, 2022 GBP (£)	Apr. 29, 2022 EUR (€)	Feb. 20, 2020 USD ($)	Feb. 20, 2020 GBP (£)	Feb. 20, 2020 EUR (€)
Senior Unsecured Notes
Maximum borrowing capacity			$ 2,750,000,000								$ 2,100,000,000
Repayments of lines of credit			2,168,392,000	$ 1,663,869,000	$ 1,137,026,000
Financing cost			25,992,000
Unamortized discount			$ (35,936,000)
Non Recourse Debt
Debt instrument weighted average interest rate (percent)			4.30%				4.30%
Secured Debt			$ 1,132,417,000	368,524,000
Prepayments of mortgage principal			10,381,000	745,124,000	68,501,000
Scheduled payments of mortgage principal			127,230,000	64,290,000	275,746,000
Interest paid			191,000,000	190,800,000	190,600,000
Decrease in value of balance sheet item due to foreign currency translation			$ 63,149,000	35,736,000	$ (47,746,000)
Subsequent Event
Senior Unsecured Notes
Maximum borrowing capacity						$ 3,050,000,000.00
CPA:18
Non Recourse Debt
Debt instrument weighted average interest rate (percent)								5.10%
Secured Debt								$ 900,200,000
Unamortized discount								$ 13,100,000
Fixed interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)			4.40%				4.40%
Variable interest rate
Non Recourse Debt
Debt instrument weighted average interest rate (percent)			4.10%				4.10%
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount			$ 6,000,000,000
Financing cost			25,900,000	28,700,000
Unamortized discount			$ (24,100,000)	(29,200,000)
Senior Unsecured Notes \| Minimum \| Government Bond Yield
Senior Unsecured Notes
Variable interest rate (percentage)			0.20%
Senior Unsecured Notes \| Maximum \| Government Bond Yield
Senior Unsecured Notes
Variable interest rate (percentage)			0.35%
Senior Unsecured Notes \| Euro Senior Notes 3.41% Due 2029
Senior Unsecured Notes
Principal Amount \| €	€ 150,000,000
Debt instrument stated interest rate (percentage)	3.41%
Debt instrument term	7 years
Senior Unsecured Notes \| Euro Senior Notes 3.70% Due 2032
Senior Unsecured Notes
Principal Amount \| €	€ 200,000,000
Debt instrument stated interest rate (percentage)	3.70%
Debt instrument term	10 years
Financing cost			$ 2,600,000
Senior Unsecured Notes \| Euro Senior Note 2.0% Due 2023
Senior Unsecured Notes
Principal Amount \| €							€ 500,000,000
Debt instrument stated interest rate (percentage)			2.00%				2.00%
Senior Unsecured Notes \| 0.950% Senior Notes due 2030
Senior Unsecured Notes
Principal Amount \| €							€ 525,000,000
Debt instrument stated interest rate (percentage)			0.95%				0.95%
Redemption premium				26,200,000
Loss on extinguishment of debt				28,200,000
Non-Recourse Debt
Senior Unsecured Notes
Loss on extinguishment of debt			$ (1,300,000)	$ (47,200,000)
Non Recourse Debt
Debt instrument weighted average interest rate (percent)			4.40%	4.80%			4.40%
Prepayments of mortgage principal			$ 10,400,000	$ 745,100,000
Scheduled payments of mortgage principal			104,700,000	32,700,000
Debt prepayment cost				45,200,000
Decrease in value of balance sheet item due to foreign currency translation				224,400,000
Unsecured Revolving Credit Facility:
Senior Unsecured Notes
Maximum borrowing capacity		$ 2,400,000,000
Repayments of lines of credit		$ 300,000,000
Line of credit facility, available			$ 1,500,000,000
Debt instrument borrowing capacity fee (percentage)			0.20%
Unsecured Revolving Credit Facility: \| USD
Senior Unsecured Notes
Maximum borrowing capacity											$ 1,800,000,000
Unsecured Term Loans: \| GBP
Senior Unsecured Notes
Maximum borrowing capacity \| £									£ 270,000,000			£ 150,000,000
Unamortized discount			$ (1,500,000)	$ (900,000)
Unsecured Term Loans: \| EUR
Senior Unsecured Notes
Maximum borrowing capacity \| €										€ 215,000,000			€ 96,500,000
Standby Letters of Credit
Senior Unsecured Notes
Line of credit facility, available			$ 600,000

Debt - Summary of Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Senior Unsecured Credit Facility
Debt outstanding	$ 830,406	$ 722,075
Unamortized discount (premium)	35,936
Unsecured Term Loans:
Senior Unsecured Credit Facility
Debt outstanding	554,014	311,479
Unsecured Term Loans: \| GBP
Senior Unsecured Credit Facility
Debt outstanding	324,695	202,183
Unamortized discount (premium)	$ 1,500	900
Unsecured Term Loans: \| GBP \| SONIA
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Term Loans: \| EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 229,319	109,296
Unsecured Term Loans: \| EUR \| EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.85%
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	$ 276,392	410,596
Unsecured Revolving Credit Facility: \| GBP
Senior Unsecured Credit Facility
Debt outstanding	0	184,660
Unsecured Revolving Credit Facility: \| EUR
Senior Unsecured Credit Facility
Debt outstanding	$ 258,117	205,001
Unsecured Revolving Credit Facility: \| EUR \| EURIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%
Unsecured Revolving Credit Facility: \| JPY
Senior Unsecured Credit Facility
Debt outstanding	$ 18,275	$ 20,935
Unsecured Revolving Credit Facility: \| JPY \| TIBOR
Senior Unsecured Credit Facility
Variable interest rate (percentage)	0.775%

Debt - Summary of Senior Unsecured Notes (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs	$ 25,992,000
Unamortized discount (premium)	35,936,000
Senior Unsecured Notes
Senior Unsecured Notes
Principal Amount	6,000,000,000
Principal outstanding	5,966,475,000		$ 5,759,815,000
Unamortized deferred financing costs	25,900,000		28,700,000
Unamortized discount (premium)	$ 24,100,000		29,200,000
Senior Unsecured Notes \| 4.6% Senior Notes due 2024
Senior Unsecured Notes
Coupon Rate	4.60%	4.60%
Principal Amount	$ 500,000,000
Principal outstanding	$ 500,000,000		500,000,000
Senior Unsecured Notes \| 2.25% Senior Notes due 2024
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%
Principal Amount \| €		€ 500,000,000
Principal outstanding	$ 533,300,000		566,300,000
Senior Unsecured Notes \| 4.0% Senior Notes due 2025
Senior Unsecured Notes
Coupon Rate	4.00%	4.00%
Principal Amount	$ 450,000,000
Principal outstanding	$ 450,000,000		450,000,000
Senior Unsecured Notes \| 2.250% Senior Notes due 2026
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%
Principal Amount \| €		€ 500,000,000
Principal outstanding	$ 533,300,000		566,300,000
Senior Unsecured Notes \| 4.25% Senior Notes due 2026
Senior Unsecured Notes
Coupon Rate	4.25%	4.25%
Principal Amount	$ 350,000,000
Principal outstanding	$ 350,000,000		350,000,000
Senior Unsecured Notes \| 2.125% Senior Notes due 2027
Senior Unsecured Notes
Coupon Rate	2.125%	2.125%
Principal Amount \| €		€ 500,000,000
Principal outstanding	$ 533,300,000		566,300,000
Senior Unsecured Notes \| 1.350% Senior Notes due 2028
Senior Unsecured Notes
Coupon Rate	1.35%	1.35%
Principal Amount \| €		€ 500,000,000
Principal outstanding	$ 533,300,000		566,300,000
Senior Unsecured Notes \| 3.850% Senior Notes due 2029
Senior Unsecured Notes
Coupon Rate	3.85%	3.85%
Principal Amount	$ 325,000,000
Principal outstanding	$ 325,000,000		325,000,000
Senior Unsecured Notes \| 3.41% Senior Notes due 2029
Senior Unsecured Notes
Coupon Rate	3.41%	3.41%
Principal Amount \| €		€ 150,000,000
Principal outstanding	$ 159,990,000		0
Senior Unsecured Notes \| 0.950% Senior Notes due 2030
Senior Unsecured Notes
Coupon Rate	0.95%	0.95%
Principal Amount \| €		€ 525,000,000
Principal outstanding	$ 559,965,000		594,615,000
Senior Unsecured Notes \| 2.400% Senior Notes due 2031
Senior Unsecured Notes
Coupon Rate	2.40%	2.40%
Principal Amount	$ 500,000,000
Principal outstanding	$ 500,000,000		500,000,000
Senior Unsecured Notes \| 2.450% Senior Notes due 2032
Senior Unsecured Notes
Coupon Rate	2.45%	2.45%
Principal Amount	$ 350,000,000
Principal outstanding	$ 350,000,000		350,000,000
Senior Unsecured Notes \| 3.70% Senior Notes due 2032
Senior Unsecured Notes
Coupon Rate	3.70%	3.70%
Principal Amount	$ 200,000,000
Principal outstanding	$ 213,320,000		0
Senior Unsecured Notes \| 2.250% Senior Notes due 2033
Senior Unsecured Notes
Coupon Rate	2.25%	2.25%
Principal Amount	$ 425,000,000
Principal outstanding	$ 425,000,000		$ 425,000,000

Debt - Scheduled Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-term Debt, by Maturity
2023	$ 456,708
2024	1,231,468
2025	1,664,276
2026	983,425
2027	533,760
Thereafter through 2039	3,070,039
Total principal payments	7,939,676
Unamortized discount, net	(35,936)
Unamortized deferred financing costs	(25,992)
Total	$ 7,877,748

Equity - Distributions (Details) - $ / shares	3 Months Ended	12 Months Ended
Equity - Distributions (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Payable
Total dividends paid (usd per share)		$ 4.2320	$ 4.1960	$ 4.1640
Distributions declared per share (usd per share)	$ 1.065	4.242	4.205	4.172
Ordinary income
Dividends Payable
Total dividends paid (usd per share)		4.0329	3.3300	3.3112
Return of capital
Dividends Payable
Total dividends paid (usd per share)		0.1718	0.5407	0
Capital gains
Dividends Payable
Total dividends paid (usd per share)		$ 0.0273	$ 0.3253	$ 0.8528

Equity - ATM Program (Details) - USD ($)	12 Months Ended
Equity - ATM Program (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 02, 2022	Aug. 09, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from the issuance of common stock	$ 218,101,000	$ 340,066,000	$ 60,000
$0.001 Par Value Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares issued under ATM Program, net (shares)	2,740,295	4,690,073	2,500
Proceeds from the issuance of common stock	$ 3,000	$ 5,000
ATM
Share-based Compensation Arrangement by Share-based Payment Award
Common stock maximum offering, value					$ 750,000,000
ATM \| $0.001 Par Value Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate gross sale price				$ 1,000,000,000
Shares issued under ATM Program, net (shares)	2,740,295	4,690,073	2,500
Proceeds from the issuance of common stock	$ 218,081,000	$ 339,968,000	$ 159,000
Weighted average share price (usd per share)	$ 80.79	$ 73.42	$ 72.05

Equity - Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Net income – basic and diluted	$ 599,139	$ 409,988	$ 455,359
Net income – basic and diluted	$ 599,139	$ 409,988	$ 455,359
Weighted-average shares outstanding – basic (shares)	199,633,802	182,486,476	174,504,406
Effect of dilutive securities (shares)	793,322	640,622	335,022
Weighted-average shares outstanding – diluted (shares)	200,427,124	183,127,098	174,839,428

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

Equity - Forward Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	May 02, 2022	Aug. 09, 2021	Jun. 07, 2021	Jun. 17, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)					450,000,000	450,000,000
Proceeds from shares issued under Equity Forwards, net of selling costs					$ 284,259	$ 697,044	$ 199,716
Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award
Remaining shares authorized for distribution (shares)					6,524,437
Underwriting Agreement \| June 2020 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)				5,462,500
Gross offering price (usd per share)				$ 70.00
Proceeds from shares issued under Equity Forwards, net of selling costs				$ 382,375
Remaining shares authorized for distribution (shares)					0
Share purchase option (shares)				712,500
Underwriting Agreement \| June 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)			6,037,500
Gross offering price (usd per share)			$ 75.30
Proceeds from shares issued under Equity Forwards, net of selling costs			$ 454,624
Remaining shares authorized for distribution (shares)					0
Share purchase option (shares)			787,500
Underwriting Agreement \| August 2021 Equity Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)		5,175,000
Gross offering price (usd per share)		$ 78.00
Proceeds from shares issued under Equity Forwards, net of selling costs		$ 403,650
Remaining shares authorized for distribution (shares)					0
Share purchase option (shares)		675,000
Underwriting Agreement \| ATM Forwards
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (shares)	6,524,437
Gross offering price (usd per share)	$ 84.09
Proceeds from shares issued under Equity Forwards, net of selling costs	$ 548,626
Remaining shares authorized for distribution (shares)	6,524,437

Equity - Settlement of Equity Forwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net proceeds	$ 218,101	$ 340,066	$ 60
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net (shares)	2,740,295	4,690,073	2,500
Net proceeds	$ 3	$ 5
Common stock \| Underwriting Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under ATM Program, net (shares)	3,925,000	9,798,209	2,951,791
Net proceeds	$ 284,259	$ 697,044	$ 199,716

Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	$ 7,583,451	$ 6,878,369	$ 6,948,173
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(30,309)	(13,860)	(9,587)
Interest expense	219,160	196,831	210,087
Other gains and (losses) (Note 9)	(96,038)	12,885	(37,165)
Net current period other comprehensive income (loss)	(62,105)	18,257	15,768
Balance - end of period	9,008,644	7,583,451	6,878,369
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(26,101)	18,179	24,622
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(36,004)	78	(8,854)
Net current period other comprehensive income (loss)	(62,105)	18,257	15,768
AOCI Including Portion Attributable to Noncontrolling Interest \| Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(17,483)	(854)	(10,672)
Interest expense	167	932	1,818
Other gains and (losses) (Note 9)	(18,688)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	(63,149)	(35,736)	47,746
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net current period other comprehensive income (loss)	(63,149)	(35,736)	47,746
Foreign Currency Translation Adjustments \| Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Other gains and (losses) (Note 9)	0
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	0	18,688	0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(18,688)	0	0
Net current period other comprehensive income (loss)	(18,688)	18,688	0
Gains and (Losses) on Investments \| Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	0	0	0
Interest expense	0	0	0
Other gains and (losses) (Note 9)	(18,688)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(221,670)	(239,906)	(255,667)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(283,780)	(221,670)	(239,906)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	16,347	(18,937)	13,048
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	36,079	16,347	(18,937)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	(256,705)	(220,969)	(268,715)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	(319,859)	(256,705)	(220,969)
Gains and (Losses) on Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance - beginning of period	18,688	0	0
Amounts reclassified from accumulated other comprehensive income (loss) to:
Balance - end of period	0	18,688	0
Noncontrolling Interest
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests	(5)	(21)	(7)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income (loss) before reclassifications	37,048	35,227	(23,124)
Amounts reclassified from accumulated other comprehensive income (loss) to:
Amount reclassified from accumulated other comprehensive income (loss)	(17,316)	78	(8,854)
Net current period other comprehensive income (loss)	19,732	35,305	(31,978)
Net current period other comprehensive income attributable to noncontrolling interests	0	(21)
Gains and (Losses) on Derivative Instruments \| Amounts reclassified from accumulated other comprehensive loss to
Amounts reclassified from accumulated other comprehensive income (loss) to:
Non-operating income	(17,483)	(854)	(10,672)
Interest expense	167	932	1,818
Other gains and (losses) (Note 9)	0
Foreign Currency Translation Adjustments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests	(5)	0	0
Gains and (Losses) on Investments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests	$ 0	$ 0	0
Gains and (Losses) on Derivative Instruments
Amounts reclassified from accumulated other comprehensive income (loss) to:
Net current period other comprehensive income attributable to noncontrolling interests			$ (7)

Stock-Based and Other Compensation - Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 32,841,000	$ 24,881,000	$ 15,938,000
Employee service share-based compensation, tax (expense) benefit from compensation expense	(4,300,000)	800,000	4,700,000
Options vested during the period, aggregate intrinsic value	26,500,000	21,400,000	24,000,000
Deferred compensation obligation	$ 57,012,000	49,810,000
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award
Maximum percentage of annual contribution allowed by employees	10.00%
Maximum annual contribution per employee, amount	$ 30,500	29,000	28,500
Profit sharing expense	$ 2,300,000	2,200,000	1,900,000
2017 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for grant (shares)	4,000,000
Shares available for grant (shares)	2,186,067
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 100,000	100,000	100,000
Share-based compensation arrangement by share-based payment award, maximum employee contribution rate	10.00%
Share based compensation, effective share purchase price for participant	90.00%
Proceeds from stock plans	$ 200,000	$ 300,000	$ 400,000
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Stock options required to be issued (shares)	1,181,947	1,104,020
Deferred compensation obligation	$ 57,000,000	$ 49,800,000
Fair value assumptions expected dividend rate	0.00%
Unrecognized stock based compensation expense	$ 34,400,000
Weighted-average remaining term	1 year 9 months 18 days
Long Term Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate	1.20%
Fair value assumptions expected volatility rate	36.70%
PSUs Awarded
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period	3 years
PSUs Awarded \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	0
PSUs Awarded \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Potential performance return rate for stock awards	3
PSUs Awarded \| 2017 Share Incentive Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded \| 2017 Share Incentive Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
PSUs Awarded \| 2017 Share Incentive Plan \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	33.33%
RSA and RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share grant conversion rate	1

Stock-Based and Other Compensation - Rollforward of Nonvested RSAs, RSUs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RSA and RSU Awards
Shares
Nonvested, beginning balance - shares	306,994	260,977	283,977
Granted - shares	235,348	194,940	146,162
Vested - shares	(154,028)	(137,267)	(163,607)
Forfeited - shares	(12,016)	(11,656)	(5,555)
Adjustments - shares	0	0	0
Nonvested, ending balance - shares	376,298	306,994	260,977
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 71.21	$ 74.75	$ 68.51
Granted, weighted average grant date fair value (in dollars per share)	80.28	66.40	81.02
Vested, weighted average grant date fair value (in dollars per share)	72.80	71.99	69.62
Forfeited, weighted average grant date fair value (in dollars per share)	75.93	60.98	71.69
Adjustments, weighted average grant date fair value (in dollars per share)	0	0	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 74.78	$ 71.21	$ 74.75
PSU Awards
Shares
Nonvested, beginning balance - shares	398,255	262,013	331,242
Granted - shares	144,311	134,290	90,518
Vested - shares	(165,615)	(151,678)	(156,838)
Forfeited - shares	(4,262)	(16,463)	(6,715)
Adjustments - shares	159,092	170,093	3,806
Nonvested, ending balance - shares	531,781	398,255	262,013
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 86.86	$ 88.99	$ 80.90
Granted, weighted average grant date fair value (in dollars per share)	104.97	86.19	104.65
Vested, weighted average grant date fair value (in dollars per share)	92.16	76.04	80.42
Forfeited, weighted average grant date fair value (in dollars per share)	98.26	93.91	88.94
Adjustments, weighted average grant date fair value (in dollars per share)	80.90	71.17	62.07
Nonvested, weighted average grant date fair value (in dollars per share)	$ 89.14	$ 86.86	$ 88.99

Income Taxes - Components of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal
Current	$ 5,329	$ (405)	$ (1,118)
Deferred	13	17	(33,040)
Federal income taxes	5,342	(388)	(34,158)
State and Local
Current	3,388	3,008	3,284
Deferred	0	(30)	(7,756)
State and local taxes	3,388	2,978	(4,472)
Foreign
Current	27,077	30,599	26,137
Deferred	(8,083)	(4,703)	(8,266)
Foreign income taxes	18,994	25,896	17,871
Total provision for (benefit from) income taxes	$ 27,724	$ 28,486	$ (20,759)

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount
Pre-tax income (loss) attributable to taxable subsidiaries	$ 55,604	$ 37,861	$ (56,789)
Federal provision at statutory tax rate (21%)	11,677	7,951	(11,926)
Change in valuation allowance	8,082	13,178	13,946
Non-deductible expense	6,972	3,148	6,303
State and local taxes, net of federal benefit	2,920	2,713	2,336
Windfall tax benefit	(1,896)	(1,375)	(2,132)
Rate differential	(387)	(232)	(632)
Revocation of TRS Status	0	0	(37,249)
Tax expense related to allocation of goodwill based on portion of Investment Management business sold (Note 4)	0	0	7,203
Non-taxable income	0	0	(2)
Other	356	3,103	1,394
Total provision for (benefit from) income taxes	$ 27,724	$ 28,486	$ (20,759)

Income Taxes - Narratives (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 13, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency
Deferred income tax benefit		$ 8,071	$ 4,703	$ 49,076
Disposition of goodwill				34,273
Impairment charges — real estate		39,119	24,246	35,830
Net operating loss carry forward, foreign		90,600
Deferred income taxes		178,959	145,572
Accrued interest related to uncertain tax positions		1,600	2,100
Income taxes paid		42,600	44,300	43,500
Other assets, net
Income Tax Contingency
Deferred income taxes		20,500	16,300
Federal
Income Tax Contingency
Net operating loss carry forward		17,500
State and local
Income Tax Contingency
Net operating loss carry forward		11,400
Adjustment
Income Tax Contingency
Current income tax expense (benefit)				(4,700)
Bankrupt tenants property
Income Tax Contingency
Impairment charges — real estate				12,600
Investment Management
Income Tax Contingency
Disposition of goodwill				34,273
Impairment charges — real estate			0	0
Investment in Lineage Logisitics
Income Tax Contingency
Net Investment Income		$ 4,300	$ 6,400
CWI 1 And CWI 2
Income Tax Contingency
Other-than-temporary impairment charges				47,100
CWI REITs \| Investment in Lineage Logisitics
Income Tax Contingency
Deferred income tax benefit				37,200
CWI 1 And CWI 2 \| Affiliated Entity
Income Tax Contingency
Deferred income tax benefit				$ 6,300
WLT \| Investment Management
Income Tax Contingency
Disposition of goodwill	$ 34,300

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Net operating loss and other tax credit carryforwards	$ 63,454	$ 55,147
Basis differences — foreign investments	62,099	52,705
Unearned and deferred compensation	643	15,895
Lease liabilities	0	14,752
Other	1,242	374
Total deferred tax assets	127,438	138,873
Valuation allowance	(106,185)	(108,812)
Net deferred tax assets	21,253	30,061
Deferred Tax Liabilities
Basis differences — foreign investments	(179,761)	(145,524)
ROU assets	0	(12,637)
Basis differences — equity investees	0	(1,195)
Total deferred tax liabilities	(179,761)	(159,356)
Net Deferred Tax Liability	$ (158,508)	$ (129,295)

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits
Beginning balance	$ 5,994	$ 6,312
Decrease due to lapse in statute of limitations	(2,847)	(508)
Increase due to CPA:18 Merger	2,694	0
Addition based on tax positions related to the prior year	543	315
Foreign currency translation adjustments	(407)	(451)
Addition based on tax positions related to the current year	241	326
Ending balance	$ 6,218	$ 5,994

Property Dispositions - Narratives (Details) $ in Thousands	1 Months Ended	12 Months Ended
Property Dispositions - Narratives (Details) $ in Thousands	Jan. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate		$ 234,652	$ 163,638	$ 366,532
Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) \| property		1,449
Hotel \| Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) \| property		1		2
Discontinued Operations, Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) \| property		23	24	22
Proceeds from sales of real estate	$ 103,500	$ 234,700	$ 163,600	$ 366,500
Gain (loss) on sale of real estate, net of tax		43,500	40,400	109,400
Gain on sales of real estate, applicable tax		$ 5,300	$ 4,700	$ 3,000
Discontinued Operations, Disposed of by Sale \| Hotel \| Real Estate
Discontinued Operation Additional Disclosures
Number of real estate properties (property) \| property				1
Discontinued Operations, Disposed of by Sale \| Noncontrolling interest
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate	$ 4,700
Gain (loss) on sale of real estate, net of tax				$ 600

Segment Reporting - Narratives (Details) $ in Thousands	12 Months Ended
Segment Reporting - Narratives (Details) $ in Thousands	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information
Number of business segments \| segment	2
Real Estate
Segment Reporting Information
Gross contract revenue	$ 59,230	$ 13,478	$ 11,399
Real Estate \| Hotel in Bloomington, MN
Segment Reporting Information
Gross contract revenue	$ 12,000	$ 7,200	4,000
Real Estate \| Miami, FL
Segment Reporting Information
Gross contract revenue			$ 1,900

Segment Reporting - Income From Owned Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Lease revenues	$ 1,301,617	$ 1,177,438	$ 1,080,623
Income from direct financing leases and loans receivable	74,266	67,555	74,893
Total revenues	1,479,086	1,331,524	1,209,319
Operating Expenses
Depreciation and amortization	503,403	475,989	442,935
General and administrative	88,952	81,888	75,950
Reimbursable tenant costs	73,622	62,417	56,409
Property expenses, excluding reimbursable tenant costs	50,753	47,898	44,067
Impairment charges	39,119	24,246	35,830
Stock-based compensation expense	32,841	24,881	15,938
Operating property expenses	27,054	9,848	9,901
Merger and other expenses	19,387	(4,546)	247
Total operating expenses	866,983	726,656	691,601
Other Income and Expenses
Interest expense	(219,160)	(196,831)	(210,087)
Other gains and (losses)	96,038	(12,885)	37,165
Gain on sale of real estate, net	43,476	40,425	109,370
Non-operating income	30,309	13,860	9,587
Earnings (losses) from equity method investments in real estate	29,509	(10,829)	(18,557)
Gain on change in control of interests	33,931	0	0
Total other income and expenses	14,103	(166,260)	(72,522)
Income before income taxes	626,206	438,608	445,196
(Provision for) benefit from income taxes	(27,724)	(28,486)	20,759
Net Income	598,482	410,122	465,955
Net loss (income) attributable to noncontrolling interests	657	(134)	(10,596)
Net Income Attributable to W. P. Carey	599,139	409,988	455,359
Real Estate
Revenues
Lease revenues	1,301,617	1,177,438	1,080,623
Income from direct financing leases and loans receivable	74,266	67,555	74,893
Operating property revenues	59,230	13,478	11,399
Other lease-related income	32,988	53,655	11,082
Total revenues	1,468,101	1,312,126	1,177,997
Operating Expenses
Depreciation and amortization	503,403	475,989	441,948
General and administrative	88,952	81,888	70,127
Reimbursable tenant costs	73,622	62,417	56,409
Property expenses, excluding reimbursable tenant costs	50,753	47,898	44,067
Impairment charges	39,119	24,246	35,830
Stock-based compensation expense	32,841	24,881	15,247
Operating property expenses	27,054	9,848	9,901
Merger and other expenses	19,384	(4,597)	(937)
Total operating expenses	835,128	722,570	672,592
Other Income and Expenses
Interest expense	(219,160)	(196,831)	(210,087)
Other gains and (losses)	97,149	(13,676)	37,104
Gain on sale of real estate, net	43,476	40,425	109,370
Non-operating income	30,289	13,778	8,970
Earnings (losses) from equity method investments in real estate	16,221	(19,649)	(9,017)
Gain on change in control of interests	11,405	0	0
Total other income and expenses	(20,620)	(175,953)	(63,660)
Income before income taxes	612,353	413,603	441,745
(Provision for) benefit from income taxes	(21,407)	(28,703)	18,498
Net Income	590,946	384,900	460,243
Net loss (income) attributable to noncontrolling interests	657	(134)	(731)
Net Income Attributable to W. P. Carey	$ 591,603	$ 384,766	$ 459,512

Segment Reporting - Income From Investment Management (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment Management:
Revenues		$ 1,479,086	$ 1,331,524	$ 1,209,319
Operating Expenses
Impairment charges — Investment Management goodwill		29,334	0	0
Reimbursable costs from affiliates		2,518	4,035	8,855
Merger and other expenses		19,387	(4,546)	247
General and administrative		88,952	81,888	75,950
Subadvisor fees		0	0	1,469
Depreciation and amortization		503,403	475,989	442,935
Stock-based compensation expense		32,841	24,881	15,938
Total operating expenses		866,983	726,656	691,601
Other Income and Expenses
Gain on change in control of interests		33,931	0	0
Earnings (losses) from equity method investments in the Managed Programs		29,509	(10,829)	(18,557)
Other gains and (losses)		96,038	(12,885)	37,165
Non-operating income		30,309	13,860	9,587
Total other income and expenses		14,103	(166,260)	(72,522)
Income before income taxes		626,206	438,608	445,196
(Provision for) benefit from income taxes		(27,724)	(28,486)	20,759
Net Income		598,482	410,122	465,955
Net loss (income) attributable to noncontrolling interests		657	(134)	(10,596)
Net Income Attributable to W. P. Carey		599,139	409,988	455,359
Investment Management
Investment Management:
Gross contract revenue		10,985	19,398	31,322
Revenues		10,985	19,398	31,322
Operating Expenses
Impairment charges — Investment Management goodwill	$ 29,300	29,334
Reimbursable costs from affiliates		2,518	4,035	8,855
Merger and other expenses		3	51	1,184
General and administrative		0	0	5,823
Subadvisor fees		0	0	1,469
Depreciation and amortization		0	0	987
Stock-based compensation expense		0	0	691
Total operating expenses		31,855	4,086	19,009
Other Income and Expenses
Gain on change in control of interests		22,526	0	0
Earnings (losses) from equity method investments in the Managed Programs		13,288	8,820	(9,540)
Other gains and (losses)		(1,111)	791	61
Non-operating income		20	82	617
Total other income and expenses		34,723	9,693	(8,862)
Income before income taxes		13,853	25,005	3,451
(Provision for) benefit from income taxes		(6,317)	217	2,261
Net Income		7,536	25,222	5,712
Net loss (income) attributable to noncontrolling interests		0	0	(9,865)
Net Income Attributable to W. P. Carey		7,536	25,222	(4,153)
Investment Management \| Asset management and other revenue
Investment Management:
Gross contract revenue		8,467	15,363	22,467
Investment Management \| Reimbursable costs from affiliates
Investment Management:
Gross contract revenue		$ 2,518	$ 4,035	$ 8,855

Segment Reporting - Total Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Revenues	$ 1,479,086	$ 1,331,524	$ 1,209,319
Operating expenses	866,983	726,656	691,601
Other income and expenses	14,103	(166,260)	(72,522)
(Provision for) benefit from income taxes	(27,724)	(28,486)	20,759
Net loss (income) attributable to noncontrolling interests	657	(134)	(10,596)
Net income attributable to W. P. Carey	$ 599,139	$ 409,988	$ 455,359

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Segment Reporting - Segment Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Assets

^[1]

$ 18,102,035

$ 15,480,630

327,502

356,637

Real Estate

Assets

18,077,155

15,344,703

Long-lived assets

15,488,898

13,037,369

325,277

291,903

Real Estate | Domestic

Assets

Long-lived assets

10,053,422

8,170,448

Real Estate | International

286,708

236,643

Assets

Long-lived assets

5,435,476

4,866,921

38,569

55,260

Investment Management

Assets

$ 24,880

$ 135,927

[1]	See Note 2 for details related to variable interest entities (“VIEs”).

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Segment Reporting - Income by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information Profit Loss
Revenues	$ 1,479,086	$ 1,331,524	$ 1,209,319
Real Estate
Segment Reporting Information Profit Loss
Revenues	1,468,101	1,312,126	1,177,997
Real Estate \| Domestic
Segment Reporting Information Profit Loss
Revenues	985,763	860,961	756,763
Real Estate \| International
Segment Reporting Information Profit Loss
Revenues	$ 482,338	$ 451,165	$ 421,234