Agreements and Transactions with Related Parties

Advisory Agreements with the Managed REITs

We have advisory agreements with each of the Managed REITs, pursuant to which we earn fees and are entitled to receive cash distributions. The following tables present a summary of revenue earned and/or cash received from the Managed REITs, as well as from CPA^®:15 and CPA^®:14 for the periods indicated, included in the consolidated statements of income (in thousands):



	Years Ended December 31,
	2013		2012		2011
Reimbursed costs from affiliates ^(a)	$	73,592	$	97,638	$	63,940
Structuring revenue	46,589		48,355		46,831
Asset management revenue ^(a)	42,579		56,576		66,712
Dealer manager fees	10,856		19,914		11,664
Incentive, termination and subordinated disposition revenue	199		—		52,515
Distributions of Available Cash	34,121		30,009		15,535
Deferred revenue earned	8,492		8,492		5,662
Interest income on deferred acquisition fees and loans to affiliates	949		1,064		1,522
	$	217,377	$	262,048	$	264,381



	Years Ended December 31,
	2013		2012		2011
CPA^®:14 ^(b)	$	—	$	—	$	59,655
CPA^®:15 ^(c)	—		21,593		31,616
CPA^®:16 – Global ^(d)	53,166		50,929		40,695
CPA^®:17 – Global ^(e)	69,275		174,192		125,659
CPA^®:18 – Global ^(f)	29,293		—		—
CWI ^(g)	65,643		15,334		6,756
	$	217,377	$	262,048	$	264,381

___________


(a)	Excludes amounts received from third parties.


(b)	CPA^®:14 merged with and into CPA^®:16 – Global on May 2, 2011.


(c)	CPA^®:15 merged with and into us on September 28, 2012.


(d)	Upon completion of the CPA^®:16 Merger, we terminated the advisory agreement with CPA^®:16 – Global. Pursuant to the terms of the merger agreement that we entered into with CPA^®:16 – Global, we waived the incentive or termination fee that we would have been entitled to receive from CPA^®:16 – Global pursuant to the terms of the advisory agreement.


(e)	The current form of the advisory agreement with CPA^®:17 – Global is scheduled to expire on June 30, 2014, unless renewed pursuant to its terms.


(f)	The current form of the advisory agreement with CPA^®:18 – Global is scheduled to expire on September 30, 2014, unless renewed pursuant to its terms.


(g)	The current form of the advisory agreement with CWI is scheduled to expire on September 30, 2014, unless renewed pursuant to its terms.

The following table presents a summary of Due from affiliates (in thousands):



	December 31,
	2013		2012
Deferred acquisition fees receivable	$	19,684	$	28,654
Current acquisition fees receivable	4,149		—
Reimbursable costs	334		1,457
Organization and offering costs	2,700		4,920
Accounts receivable	3,716		182
Asset management fee receivable	1,451		789
	$	32,034	$	36,002

Asset Management Revenue

We earn asset management revenue from each Managed REIT, which is based on average invested assets and is calculated according to the respective advisory agreement. For CPA^®:16 – Global prior to the CPA^®:14/16 Merger and for CPA^®:15 prior to the CPA^®:15 Merger, this revenue generally totaled 1% per annum, with a portion of this revenue, or 0.5%, contingent upon the achievement of specific performance criteria. For CPA^®:16 – Global subsequent to the CPA^®:14/16 Merger, we earned asset management revenue of 0.5% of average invested assets. For CPA^®:17 – Global, we earn asset management revenue ranging from 0.5% of average market value for long-term net leases and certain other types of real estate investments up to 1.75% of average equity value for certain types of securities. For CPA^®:18 – Global, we earn asset management revenue ranging from 0.5% to 1.5%, depending on the type of investment and based on the average market value or average equity value, as applicable. For CWI, we earn asset management revenue of 0.5% of the average market value of lodging-related investments. We do not earn performance revenue from CPA^®:17 – Global, CPA^®:18 – Global, CWI and, subsequent to the CPA^®:14/16 Merger, from CPA^®:16 – Global, but we receive up to 10% of distributions of Available Cash from their operating partnerships.

Under the terms of the advisory agreements, we may elect to receive cash or shares of stock for asset management revenue due from each of the Managed REIT. In 2013, we elected to receive all asset management revenue from CPA^®:17 – Global, CPA^®:18 – Global and CWI in their respective shares. For 2013, we had initially elected to receive asset management revenue from CPA^®:16 – Global in its shares. However, in light of the announcement of the CPA^®:16 Merger in July 2013 (Note 20), a Special Committee of the Board of Directors of CPA^®:16 – Global, or the CPA^®:16 – Global Special Committee, requested that we elect to receive the asset management revenue in cash, which became effective as of August 1, 2013. In 2012, we elected to receive all asset management revenue from CPA^®:15 prior to the CPA^®:15 Merger in cash, while for CPA^®:16 – Global, we elected to receive 50% of asset management revenue in its shares with the remaining 50% payable in cash. For CPA^®:17 – Global and CWI, we elected to receive asset management revenue in 2012 in their shares.

Structuring Revenue

Under the terms of the advisory agreements, we earn revenue in connection with structuring and negotiating investments and related financing for the Managed REITs, which we call acquisition revenue. We may receive acquisition revenue of 4.5% of the total aggregate cost of long-term net lease investments made by each CPA^® REIT. A portion of this revenue (generally 2.5%) is paid when the transaction is completed, while the remainder (generally 2%) is payable in annual installments ranging from three to eight years, provided the relevant CPA^® REIT meets its performance criterion. For certain types of non-long term net lease investments acquired on behalf of CPA^®:17 – Global, initial acquisition revenue may range from 0% to 1.75% of the equity invested plus the related acquisition revenue, with no deferred acquisition revenue being earned. For CWI, we earn initial acquisition revenue of 2.5% of the total investment cost of the properties acquired and loans originated by us not to exceed 6% of the aggregate contract purchase price of all investments and loans with no deferred acquisition revenue being earned. We may also be entitled to fees for structuring loan refinancing transactions of up to 1% of the principal amount. This loan refinancing revenue, together with the acquisition revenue, is referred to as structuring revenue.

Unpaid transaction fees, including accrued interest, are included in Due from affiliates in the consolidated financial statements. Unpaid transaction fees bear interest at annual rates ranging from 2% to 7%.

Incentive, Termination and Subordinated Disposition Revenue

We earn revenue related to the disposition of properties by the Managed REITs, subject to subordination provisions, which will only be recognized as the relevant conditions are met. Such revenue may include subordinated disposition revenue of no more than 3% of the value of any assets sold, payable only after stockholders have received back their initial investment plus a specified preferred return, and subordinated incentive revenue of 15% of the net cash proceeds distributable to stockholders from the disposition of properties, after recoupment by stockholders of their initial investment plus a specified preferred return. We may also, in connection with the termination of the advisory agreements for the Managed REITs, be entitled to a termination payment based on the amount by which the fair value of a Managed REITs’ properties, less indebtedness, exceeds investors’ capital plus a specified preferred return.

We waived any acquisition fees payable by CPA^®:16 – Global under its advisory agreement with us in respect of the properties it acquired in the CPA^®:14/16 Merger and also waived any disposition fees that may subsequently be payable by CPA^®:16 – Global upon a sale of such assets. As the advisor to CPA^®:14, we earned acquisition fees related to those properties when they were acquired by CPA^®:14 and disposition fees on those properties to CPA^®:16 – Global by CPA^®:14 in the CPA^®:14/16 Merger and, as a result, we and CPA^®:16 – Global agreed that we should not receive fees upon the acquisition or disposition of the same properties by CPA^®:16 – Global.

In connection with providing a liquidity event for CPA^®:14 stockholders during the second quarter of 2011 with the completion of the CPA^®:14/16 Merger, we earned termination revenue of $31.2 million and subordinated disposition revenue of $21.3 million, which we elected to receive in shares of CPA^®:14 and cash, respectively. In connection with the CPA^®:15 Merger with CPA^®:15 and the CPA^®:16 Merger with CPA^®:16 – Global, we waived the subordinated disposition and termination fees we would have been entitled to receive from CPA^®:15 and CPA^®:16 – Global upon their liquidations pursuant to the terms of our advisory agreement with each of CPA^®:15 and CPA^®:16 – Global. There was no gain or loss recognized in connection with waiving these subordinated disposition and termination fees.

Reimbursed Costs from Affiliates and Dealer Manager Fees

The Managed REITs reimburse us for certain costs we incur on their behalf, primarily broker-dealer commissions, marketing costs, and certain personnel and overhead costs. Since October 1, 2012, personnel costs have been charged to CPA^®:16 – Global and CPA^®:17 – Global based on the trailing 12-month reported revenues of the CPA^®REITs, CWI and us rather than the method utilized before that date, which involved an allocation of personnel costs based on the time incurred by our personnel for CPA^®:16 – Global and CPA^®:17 – Global. Through December 31, 2013, we have not allocated any personnel costs to CPA^®:18 – Global or CWI.

During CPA^®:17 – Global’s follow-on offering, which was terminated in January 2013, we earned a selling commission of $0.65 per share sold and a dealer manager fee of $0.35 per share sold. In addition, during CWI’s initial public offering, which was terminated in September 2013, we earned a selling commission of $0.70 per share sold and a dealer manager fee of $0.30 per share sold.

For CPA^®:18 – Global’s initial public offering, we receive selling commissions, depending on the class of common stock sold, of $0.70 or $0.14 per share sold, and a dealer manager fee of $0.30 or $0.21 per share sold, for its class A common stock and class C common stock, respectively. We also receive an annual distribution and shareholder servicing fee, or Shareholder Servicing Fee, paid in connection with investor purchases of shares of class C common stock. The amount of the Shareholder Servicing Fee is 1.0% of the purchase price per share (or, once reported, the amount of the estimated NAV per share) for the shares of class C common stock sold in the offering. The Shareholder Servicing Fee is accrued daily and is payable quarterly in arrears. CPA^®:18 – Global will cease paying the Shareholder Servicing Fee on the date at which, in the aggregate, underwriting compensation from all sources, including the Shareholder Servicing Fee, any organizational and offering fee paid for underwriting, and underwriting compensation paid by us, equals 10% of the gross proceeds from the initial public offering. We re-allow all or a portion of the dealer manager fees to selected dealers in the offering. Dealer manager fees that are not re-allowed and the Shareholder Servicing Fee are classified as Dealer manager fees.

We also received a commission of 5% of the distribution amount from CPA^®:16 – Global pursuant to its distribution reinvestment and stock purchase plan, or the DRIP plan. In March 2012, CPA^®:16 – Global amended the DRIP plan to remove the commission and pay DRIP at 95% of its most recently published NAV. We no longer receive DRIP commissions from CPA^®:16 – Global after the amendment.

Pursuant to its advisory agreement, CWI is obligated to reimburse us for all organization costs and a portion of offering costs incurred in connection with its initial and follow-on public offerings up to a maximum amount (excluding selling commissions and the dealer manager fee) of 2% and 4%, respectively, of the gross proceeds of its offering and distribution reinvestment plan. Through December 31, 2013, we incurred organization and offering costs on behalf of CWI of approximately $10.4 million, of which CWI is obligated to reimburse us $9.5 million, and $9.4 million had been reimbursed as of December 31, 2013.

Pursuant to its advisory agreement, CPA^®:18 – Global is obligated to reimburse us for all organization costs and a portion of offering costs incurred in connection with its initial public offering. CPA^®:18 – Global is obligated to reimburse us up to 4% of the gross proceeds of its offering if the gross proceeds are less than $500.0 million, 2% of the gross proceeds if the gross proceeds are $500.0 million or more but less than $750.0 million, and 1.5% of the gross proceeds if the gross proceeds are $750.0 million or more within 60 days after the end of the quarter in which the offering terminates. Through December 31, 2013, we incurred organization and offering costs on behalf of CPA^®:18 – Global of approximately $5.1 million, and based on current fundraising projections, the entire amount is expected to be reimbursed by CPA^®:18 – Global. As of December 31, 2013, $3.4 million had been reimbursed.

Distributions of Available Cash and Deferred Revenue Earned

We are entitled to receive distributions of our proportionate share of earnings up to 10% of available cash from CPA^®:17 – Global, CPA^®:18 – Global, CWI, and after the UPREIT reorganization, CPA^®:16 – Global through the date of the CPA^®:16 Merger, as defined in the respective advisory agreements, from their operating partnerships. As discussed under “CPA^®:16 – Global UPREIT Reorganization” below, we acquired the Special Member Interest in CPA^®:16 – Global’s operating partnership for $0.3 million during the second quarter of 2011. We initially recorded the Special Member Interest at its fair value of $28.3 million, which is net of approximately $6.0 million related to our ownership interest in CPA^®:16 – Global that was eliminated in our consolidated financial statement, to be amortized into earnings over the expected period of performance. Cash distributions of our proportionate share of earnings from the CPA^®:16 – Global and CPA^®:17 – Global operating partnerships as well as deferred revenue earned from our Special Member Interest in CPA^®:16 – Global’s operating partnership are recorded as Income from equity investments in real estate and the Managed REITs within the Investment Management segment. We have not yet earned or received any distributions of our proportionate share of earnings from CPA^®:18 – Global and CWI’s operating partnerships.

Other Transactions with Affiliates

Transactions with Estate of Wm. Polk Carey

Voting Agreement

In July 2012, we entered into a Voting Agreement with the Estate of Wm. Polk Carey, our Chairman and founder who passed away on January 2, 2012, pursuant to which the Estate and W. P. Carey & Co., Inc., a wholly-owned corporation of the Estate, had agreed, among other things, to vote their share of our predecessor’s common stock, or the Listed Shares, at the special meeting of W. P. Carey & Co. LLC’s shareholders regarding the REIT Conversion and CPA^®:15 Merger in favor of those transactions. The REIT Conversion and CPA^®:15 Merger were approved by those shareholders on September 13, 2012 and the transactions closed on September 28, 2012.

Share Purchase Agreement

Concurrently with the execution of the Voting Agreement, we entered into a Share Purchase Agreement with the Estate pursuant to which we agreed to purchase, at the option of the Estate, up to an aggregate amount of $85.0 million of our common stock — or, prior to the Merger, the Listed Shares of our predecessor — beneficially owned by the Estate. The Estate had three sale options.

On August 2, 2012, we repurchased 561,418 Listed shares for $25.0 million from the Estate at a price of $44.53 per share pursuant to the first sale option. On October 9, 2012, we repurchased an additional 410,964 shares of our common stock for $20.0 million from the Estate at a price of $48.67 per share pursuant to the second sale option. On April 4, 2013, we repurchased 616,971 shares of our common stock for $40.0 million from the Estate at a price of $64.83 per share pursuant to the final sale option.

Because the Share Purchase Agreement contained put options that, if exercised, would obligate us to settle the transactions in cash, we accounted for the shares of our common stock owned by the Estate as redeemable securities in accordance with Accounting Standards Codification 480, or ASC 480 “Distinguishing Liabilities from Equity” and Accounting Series Release No. 268, or ASR 268, “Presentation in Financial Statements of Redeemable Preferred Stocks.” ASR 268 requires us to reclassify a portion of our permanent equity to redeemable equity in order to reflect the future cash obligations that could arise if the Estate were to exercise the put options requiring us to purchase its shares. When the Estate exercised its sale options, we reclassified the amount from temporary equity to permanent equity, and reclassify the amount from Additional paid-in capital stock to Treasury stock. Accordingly, on the date of the execution of the Share Repurchase Agreement, we reclassified $85.0 million from Additional paid-in capital to Redeemable securities – related party, which represented the maximum amount that we would be required to pay should the Estate exercise all its sale options. Additionally, during 2013 and 2012, when we purchased our common stock in connection with the Estate’s exercise of the three sale options, we reclassified $40.0 million and $45.0 million, respectively, from Redeemable securities – related party to Additional paid-in capital and reclassified the shares from Additional paid-in capital to Treasury stock.

The following table presents a reconciliation of our Redeemable securities – related party (in thousands):



	Years Ended December 31.
	2013			2012
Beginning balance	$	40,000		$	—
Reclassification from permanent equity to temporary equity	—			85,000
Redemptions of securities	(40,000		)	(45,000		)
Ending balance	$	—		$	40,000

Registration Rights Agreement

Concurrently with the execution of the Voting Agreement and the Share Purchase Agreement, we and the Estate Shareholders entered into a Registration Rights Agreement.

The Registration Rights Agreement provides the Estate with, on or before September 28, 2015, subject to certain exceptions and limitations, three demand rights, or the Demand Registration Rights, for the registration via an underwritten public offering of, in each instance, between a minimum of (i)(a) $50.0 million with respect to one Demand Registration Right, and (b) $75.0 million with respect to two Demand Registration Rights, and a maximum of (ii) $250.0 million, worth of shares of our common stock received in the REIT Conversion in exchange for the Listed Shares of our predecessor that were owned by the Estate as of the date of the Registration Rights Agreement.

Additionally, the Registration Rights Agreement provides the Estate Shareholders with, subject to certain exceptions and limitations, unlimited “piggyback” registration rights, or the Piggyback Registration Rights, and together with the Demand Registration Rights, the Estate Shareholders’ Registration Rights pertaining to the shares of our common stock received in the REIT conversion in exchange for the Listed Shares of our predecessor that were owned by the Estate as of the date of the Registration Rights Agreement.

The Estate Shareholders’ Registration Rights are subject to customary lock-up and cutback provisions, and the Registration Rights Agreement contains customary indemnification provisions. We have agreed to bear the expenses incurred in connection with the filing of any registration statements attributable to the exercise of the Estate’s Registration Rights, other than any (i) underwriting fees, discounts and sales commissions, (ii) fees, expense and disbursements of legal counsel of the Estate, and (iii) transfer taxes, in each case relating to the sale or disposition by the Estate of shares of our common stock pursuant to the Registration Rights Agreement. We accounted for our obligations under the Registration Rights Agreement in accordance with ASC 450 “Contingencies,” which requires us to record a liability if the contingent loss is probable and the amount can be estimated. At December 31, 2013 and 2012, we had not recorded a liability pertaining to our obligations under the Registration Rights Agreement because the amount cannot be reasonably estimated at this time and is not deemed probable.

CPA^®:14/16 Merger

On May 2, 2011, CPA^®:14 merged with and into a subsidiary of CPA^®:16 – Global. In connection with the CPA^®:14/16 Merger, on May 2, 2011, we purchased the remaining interests in three jointly-owned investments from CPA^®:14, in which we already had a partial ownership interest, for an aggregate purchase price of $31.8 million, plus the assumption of $87.6 million of indebtedness.

In the CPA^®:14/16 Merger, CPA^®:14 shareholders were entitled to receive $11.50 per share, which was equal to the estimated NAV of CPA^®:14 as of September 30, 2010. For each share of CPA^®:14 stock owned, each CPA^®:14 shareholder received a $1.00 per share special cash dividend and a choice of either (i) $10.50 in cash or (ii) 1.1932 shares of CPA^®:16 – Global. The merger consideration of $954.5 million was paid by CPA^®:16 – Global, including payment of $444.0 million to liquidating shareholders and issuing 57,365,145 shares of common stock with a fair value of $510.5 million on the date of closing to shareholders of CPA^®:14 in exchange for 48,076,723 shares of CPA^®:14 common stock. The $1.00 per share special cash distribution, totaling $90.4 million in the aggregate, was funded from the proceeds of the CPA^®:14 Asset Sales. In connection with the CPA^®:14/16 Merger, we agreed to purchase a sufficient number of shares of CPA^®:16 – Global common stock from CPA^®:16 – Global to enable it to pay the merger consideration if the cash on hand and available to CPA^®:14 and CPA^®:16 – Global, including the proceeds of the CPA^®:14 Asset Sales and a new $320.0 million senior credit facility of CPA^®:16 – Global, were not sufficient. Accordingly, we purchased 13,750,000 shares of CPA^®:16 – Global on May 2, 2011 for $121.0 million, which we funded, along with other obligations, with cash on hand and $121.4 million drawn on our then-existing unsecured line of credit.

Upon consummation of the CPA^®:14/16 Merger, we earned revenues of $31.2 million in connection with the termination of the advisory agreement with CPA^®:14 and $21.3 million of subordinated disposition revenues. We elected to receive our termination revenue in 2,717,138 shares of CPA^®:14, which were exchanged into 3,242,089 shares of CPA^®:16 – Global in the CPA^®:14/16 Merger. Upon closing of the CPA^®:14/16 Merger, we received 13,260,091 shares of common stock of CPA^®:16 – Global in respect of our shares of CPA^®:14.

Carey Asset Management Corp., or CAM, waived any acquisition fees payable by CPA^®:16 – Global under its advisory agreement with CAM in respect of the properties acquired in the CPA^®:14/16 Merger and also waived any disposition fees that may subsequently be payable by CPA^®:16 – Global upon a sale of such assets. As the advisor to CPA^®:14, CAM earned acquisition fees related to those properties acquired by CPA^®:14 and disposition fees on those properties upon the liquidation of CPA^®:14 and, as a result, CAM and CPA^®:16 – Global agreed that CAM should not receive fees upon the acquisition or disposition of the same properties by CPA^®:16 – Global.

CPA^®:16 – Global UPREIT Reorganization

Immediately following the CPA^®:14/16 Merger on May 2, 2011, CPA^®:16 – Global completed an internal reorganization whereby CPA^®:16 – Global formed an UPREIT, which was approved by CPA^®:16 – Global stockholders in connection with the CPA^®:14/16 Merger, which is referred to as the CPA^®:16 – Global UPREIT Reorganization. In connection with the formation of the UPREIT, CPA^®:16 – Global contributed substantially all of its assets and liabilities to an operating partnership in exchange for a managing member interest and units of membership interest in the operating partnership, which together represent a 99.985% capital interest of the Managing Member. Through a subsidiary, we acquired a Special Member Interest of 0.015% in the operating partnership for $0.3 million, entitling us to receive certain profit allocations and distributions of cash.

As consideration for the Special Member Interest, we amended our advisory agreement with CPA^®:16 – Global to give effect to this UPREIT reorganization and to reflect a revised fee structure whereby (i) our asset management fees are prospectively reduced to 0.5% from 1.0% of the asset value of a property under management, (ii) the former 15% subordinated incentive fee and termination fees have been eliminated and replaced by (iii) a 10% Special General Partner Available Cash Distribution and (iv) the 15% Final Distribution, each defined below. The sum of the new 0.5% asset management fee and the Available Cash Distribution is expected to be lower than the original 1.0% asset management fee; accordingly, the Available Cash Distribution is contractually limited to 0.5% of the value of CPA^®:16 – Global’s assets under management.

As Special General Partner, we were entitled to 10% of the operating partnership’s available cash, or the Available Cash Distribution, which was defined as the operating partnership’s cash generated from operations, excluding capital proceeds, as reduced by operating expenses and debt service, excluding prepayments and balloon payments.

We initially recorded the Special Member Interest as an equity investment at its fair value of $28.3 million and an equal amount of deferred revenues (Note 7), which was net of approximately $6.0 million related to our ownership interest of approximately 17.5% in CPA^®:16 – Global that was eliminated in our consolidated financial statements. We recognize the deferred revenue earned from our Special Member Interest in CPA^®:16 – Global’s operating partnership into earnings on a straight-line basis over the expected period of performance, which is currently estimated at three years based on the stated intended life of CPA^®:16 – Global as described in its offering documents. The amount of deferred revenue recognized during each of the years ended December 31, 2013 and 2012 was $8.5 million. The amount of deferred revenue recognized in both 2013 and 2012 was net of $0.9 million in amortization associated with the basis differential generated by the Special Member Interest in CPA^®:16 – Global’s operating partnership and our underlying claim on the net assets of CPA^®:16 – Global. We determined the fair value of the Special Member Interest based upon a discounted cash flow model, which included assumptions related to estimated future cash flows of CPA^®:16 – Global and the estimated duration of the fee stream of three years. The equity investment is evaluated for impairment consistent with the policy described in Note 2. At December 31, 2013 and 2012, the unamortized balance of the deferred revenue was $3.1 million and $12.6 million, respectively. The remaining unamortized balance was amortized through the consummation of the CPA^®:16 Merger in January 2014.

CPA^®:16 Merger

On July 25, 2013, we and CPA^®:16 – Global entered into a definitive agreement pursuant to which CPA^®:16 – Global would merge with and into one of our wholly-owned subsidiaries, subject to the approval of our stockholders and the stockholders of CPA^®:16 – Global. On January 24, 2014, our stockholders and the stockholders of CPA^®:16 – Global approved the CPA^®:16 Merger and the CPA^®:16 Merger closed on January 31, 2014 as described in Note 20.

Loans to Managed REITs

During 2013, our board of directors approved unsecured loans from us to CWI and CPA^®:18 – Global of up to $50.0 million and up to $100.0 million, respectively, each at a rate of LIBOR plus 1.75%, which is equal to the rate at which we were able to borrow funds under our Prior Senior Credit Facility (Note 12), for the purpose of facilitating acquisitions approved by their respective investment committees, that they would not otherwise have sufficient available funds to complete, with any loans to be made solely at our Management’s discretion. On August 20, 2013, in order to facilitate an acquisition by CPA^®:18 – Global, we made a $15.0 million loan to CPA^®:18 – Global, which was repaid in full prior to maturity on October 4, 2013.

During February 2011, we loaned $90.0 million at an annual interest rate of 1.15% to CPA^®:17 – Global, which was repaid on April 8, 2011, its maturity date. During May 2011, we loaned $4.0 million at the 30-day LIBOR plus 2.5% to CWI, which was repaid on June 6, 2011. In addition, during September 2011, we loaned $2.0 million at LIBOR plus 0.9% to CWI, of which $1.0 million was repaid on September 13, 2011 and the remaining $1.0 million was repaid on October 6, 2011.

Other

As discussed in Note 17, in November 2013, an entity in which we, two of our employees and a third-party owned 38.3%, 1.7% and 60.0%, respectively, and which we consolidated, sold 19 of its 20 self-storage properties. In connection with the sale, we made distributions aggregating $3.8 million to the two employees, representing their share of the net proceeds from the sale.

We own interests in entities ranging from 3% to 95%, as well as jointly-controlled tenancy-in-common interests in properties, with the remaining interests generally held by affiliates, and own common stock in each of the Managed REITs. We consolidate certain of these investments and account for the remainder under the equity method of accounting.

Family members of one of our directors have an ownership interest in certain companies that own noncontrolling interests in one of our French majority-owned subsidiaries. These ownership interests are subject to substantially the same terms as all other ownership interests in the subsidiary companies.