We own interests in certain unconsolidated real estate investments with CPA:18 – Global and third parties, and also own interests in the Managed Programs. 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. 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.

The following table presents Equity in (losses) earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to other-than-temporary impairment charges and amortization of basis differences related to purchase accounting adjustments (in thousands):



	Three Months Ended March 31,
	2020			2019
Other-than-temporary impairment charges on our equity method investments in CWI 1 and CWI 2 (Note 8)	$	(47,112	)	$	—
Distributions of Available Cash (Note 3)	1,916			5,685
Proportionate share of equity in (losses) earnings of equity investments in the Managed Programs	(1,715		)	213
Amortization of basis differences on equity method investments in the Managed Programs	(444		)	(329		)
Total equity in (losses) earnings of equity method investments in the Managed Programs	(47,355		)	5,569
Equity in earnings of equity method investments in real estate	1,804			562
Amortization of basis differences on equity method investments in real estate	(239		)	(640		)
Total equity in earnings (losses) of equity method investments in real estate	1,565			(78		)
Equity in (losses) earnings of equity method investments in the Managed Programs and real estate	$	(45,790	)	$	5,491

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.



	% of Outstanding Interests Owned at				Carrying Amount of Investment at
Fund	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
CPA:18 – Global ^(a)	3.951	%	3.851	%	$	42,378	$	42,644
CPA:18 – Global operating partnership	0.034	%	0.034	%	209		209
CWI 1 ^{(a) (b) (c)}	4.186	%	3.943	%	21,899		49,032
CWI 1 operating partnership ^(b)	0.015	%	0.015	%	186		186
CWI 2 ^{(a) (b) (c)}	4.035	%	3.755	%	15,497		33,669
CWI 2 operating partnership ^(b)	0.015	%	0.015	%	300		300
CESH ^(d)	2.430	%	2.430	%	4,912		3,527
					$	85,381	$	129,567

CPA:18 – Global — The carrying value of our investment in CPA:18 – Global at March 31, 2020 includes asset management fees receivable, for which 55,975 shares of CPA:18 – Global Class A common stock were issued during the second quarter of 2020. We received distributions from this investment during the three months ended March 31, 2020 and 2019 of $0.9 million and $0.8 million, respectively. We received distributions from our investment in the CPA:18 – Global operating partnership during the three months ended March 31, 2020 and 2019 of $1.9 million and $1.8 million, respectively (Note 3).

CWI 1 — We received distributions from this investment during the three months ended March 31, 2020 and 2019 of $0.8 million and $0.6 million, respectively. We received a distribution from our investment in the CWI 1 operating partnership during the three months ended March 31, 2019 of $1.9 million (Note 3). We did not receive such a distribution during the three months ended March 31, 2020, as a result of the adverse effect of COVID-19 on the lodging industry and, therefore, the operations of CWI 1.

CWI 2 — We received distributions from this investment during the three months ended March 31, 2020 and 2019 of $0.5 million and $0.4 million, respectively. We received a distribution from our investment in the CWI 2 operating partnership during the three months ended March 31, 2019 of $1.9 million (Note 3). We did not receive such a distribution during the three months ended March 31, 2020, as a result of the adverse effect of COVID-19 on the lodging industry and, therefore, the operations of CWI 2.

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 March 31, 2020 is based on the estimated fair value of our investment as of December 31, 2019. We did not receive distributions from this investment during the three months ended March 31, 2020 or 2019.

At March 31, 2020 and December 31, 2019, the aggregate unamortized basis differences on our equity investments in the Managed Programs were $13.4 million and $47.0 million, respectively. This decrease was primarily due to the other-than-temporary impairment charges that we recognized on our equity investments in CWI 1 and CWI 2 during the three months ended March 31, 2020, as described in Note 8.

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. 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 investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):



			Carrying Value at
Lessee	Co-owner	Ownership Interest	March 31, 2020		December 31, 2019
Johnson Self Storage	Third Party	90%	$	70,309	$	70,690
Kesko Senukai ^(a)	Third Party	70%	45,803		46,475
Bank Pekao ^(a)	CPA:18 – Global	50%	26,107		26,388
BPS Nevada, LLC ^(b)	Third Party	15%	22,904		22,900
State Farm Mutual Automobile Insurance Co.	CPA:18 – Global	50%	16,781		17,232
Apply Sørco AS ^(c)	CPA:18 – Global	49%	5,906		8,040
Fortenova Grupa d.d. (formerly Konzum d.d.) ^(a)	CPA:18 – Global	20%	2,918		2,712
			$	190,728	$	194,437

We received aggregate distributions of $2.0 million and $3.4 million from our other unconsolidated real estate investments for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020 and December 31, 2019, the aggregate unamortized basis differences on our unconsolidated real estate investments were $25.0 million and $25.2 million, respectively.