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Equity Investments in the Managed Programs and Real Estate (Tables)
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
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

__________
(a)
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(b)
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.
(c)
The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone.

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


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


__________
(a)
During the three months ended March 31, 2020, we received asset management revenue from the Managed REITs primarily in shares of their common stock, which increased our ownership percentage in each of the Managed REITs (Note 3).
(b)
The CWI 1 and CWI 2 Merger closed on April 13, 2020, as described in Note 16.
(c)
We recognized other-than-temporary impairment charges on these investments during the three months ended March 31, 2020, as described in Note 8.
(d)
Investment is accounted for at fair value.