Revisions of Previously - Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Schedule of Quantifying Prior Year Misstatements Corrected in Current Year Financial Statements

. We concluded that none of the following revision adjustments were material to our financial position or results of operations for any of the periods presented (in thousands):

	Increase (Decrease) in:
	Total Assets at December 31, 2013			Total Liabilities at December 31, 2013			Total Equity at December 31, 2013
Foreign currency matters (a)	$	—		$	—		$	—
Derivative instrument reclassification (b)	—			—			—
Deferred income taxes (c)	(3,240		)	(3,666		)	426
Other (d)	—			—			—

	Increase (Decrease) in:
	Net Income						Other Comprehensive (Loss) Income
	Years Ended December 31,						Years Ended December 31,
	2013			2012			2013			2012
Foreign currency matters (a)	$	1,919		$	678		$	(1,919	)	$	(678	)
Derivative instrument reclassification (b)	—			—			—			—
Deferred income taxes (c)	(3,052		)	918			48			27
Other (d)	(387		)	(411		)	(34		)	(34		)

___________

(a) Foreign currency matters are discussed above.

(b) In 2014, we identified a classification error on one of our derivative instruments. Accordingly, we reclassified its associated mark-to-market adjustments during 2013 and 2012, respectively, from Change in net unrealized gain (loss) on derivative instruments to Foreign currency translation adjustments within the consolidated statements of equity and comprehensive income.

(c) These combined adjustments relate to the following matters involving deferred income taxes: In the first quarter of 2014, we changed the accounting related to deferred foreign income taxes for one of our equity investments in real estate and we identified an additional tax-paying entity related to another of our equity investments in real estate. In the fourth quarter of 2013, we identified an error in the consolidated financial statements related to accounting for deferred foreign income taxes in connection with the acquisition of 15 properties acquired during 2008 through 2012. Certain related deferred tax assets with corresponding full valuation allowances were part of this revision adjustment. These revisions also resulted in a (decrease)/increase of net cash provided by operating activities and a corresponding (increase) decrease of net cash used in investing activities of $(1.6) million and $0.7 million for the years ended December 31, 2013 and 2012, respectively.

(d) These combined adjustments relate to various other matters: In 2012, we identified errors in the consolidated financial statements primarily attributable to the misapplication of guidance in accounting for and clerical errors related to one of our equity investments in real estate and we identified an error in the consolidated financial statements related to accounting for Net investments in real estate for one of our investments. In 2011, we identified several errors in the consolidated financial statements related to 2008 through 2010, primarily attributable to the misapplication of guidance in accounting for and clerical errors related to amendments and adjustments to direct financing leases and the capitalization of maintenance costs.

We corrected this error, and other errors previously recorded as out-of-period adjustments, and revised our consolidated financial statements for all prior periods impacted. Accordingly, our financial results for all prior periods presented herein have been revised for the correction of such errors as follows (in thousands, except share and per share amounts):

Consolidated Balance Sheet

	December 31, 2013
	As Reported			Revisions			As Revised
Assets
Investments in real estate:
Real estate, at cost	$	2,402,315		$	—		$	2,402,315
Operating real estate, at cost	283,370			—			283,370
Accumulated depreciation	(144,405		)	—			(144,405		)
Net investments in properties	2,541,280			—			2,541,280
Real estate under construction	127,935			—			127,935
Net investments in direct financing leases	479,916			—			479,916
Net investments in real estate	3,149,131			—			3,149,131
Equity investments in real estate (a)	415,374			477			415,851
Cash and cash equivalents	418,108			—			418,108
In-place lease and tenant relationship intangible assets, net	466,497			—			466,497
Other intangible assets, net	95,803			(3,717		)	92,086
Other assets, net	170,866			—			170,866
Total assets	$	4,715,779		$	(3,240	)	$	4,712,539
Liabilities and Equity
Liabilities:
Non-recourse debt	$	1,915,601		$	—		$	1,915,601
Accounts payable, accrued expenses and other liabilities	132,254			—			132,254
Deferred income taxes (a)	8,248			(3,666		)	4,582
Below-market rent and other intangible liabilities, net	102,597			—			102,597
Due to affiliates	20,211			—			20,211
Distributions payable	51,570			—			51,570
Total liabilities	2,230,481			(3,666		)	2,226,815
Commitments and contingencies
Equity:
CPA®:17 – Global stockholders’ equity:
Preferred stock	—			—			—
Common stock	323			—			323
Additional paid-in capital	2,904,927			—			2,904,927
Distributions in excess of accumulated earnings (a)	(439,688		)	8,593			(431,095		)
Accumulated other comprehensive loss	(5,275		)	(8,167		)	(13,442		)
Less: treasury stock at cost	(52,477		)	—			(52,477		)
Total CPA®:17 – Global stockholders’ equity	2,407,810			426			2,408,236
Noncontrolling interests	77,488			—			77,488
Total equity	2,485,298			426			2,485,724
Total liabilities and equity	$	4,715,779		$	(3,240	)	$	4,712,539

Consolidated Statements of Income

	Year Ended December 31, 2013									Year Ended December 31, 2012
	As Reported			Revisions			As Revised			As Reported			Revisions			As Revised
Revenues
Lease revenues:
Rental income	$	231,577		$	75		$	231,652		$	177,161		$	1,129		$	178,290
Interest income from direct financing leases	53,757			(21		)	53,736			53,549			(941		)	52,608
Total lease revenues	285,334			54			285,388			230,710			188			230,898
Other real estate income	49,076			—			49,076			44,613			—			44,613
Other operating income	21,872			—			21,872			5,188			—			5,188
Other interest income	6,672			(236		)	6,436			9,042			236			9,278
	362,954			(182		)	362,772			289,553			424			289,977
Operating Expenses
Depreciation and amortization	93,947			(205		)	93,742			69,104			941			70,045
Property expenses	52,244			(2		)	52,242			31,342			1			31,343
Other real estate expenses	33,548			—			33,548			31,426			—			31,426
General and administrative	20,416			—			20,416			14,879			—			14,879
Acquisition expenses	16,884			—			16,884			14,834			—			14,834
Impairment charges	—			—			—			2,019			—			2,019
	217,039			(207		)	216,832			163,604			942			164,546
Other Income and Expenses
Equity in (losses) earnings of equity method investments in real estate (a)	(7,917		)	(1,583		)	(9,500		)	9,196			561			9,757
Other income and (expenses)	11,418			1,768			13,186			4,546			829			5,375
Interest expense	(88,656		)	—			(88,656		)	(72,271		)	—			(72,271		)
	(85,155		)	185			(84,970		)	(58,529		)	1,390			(57,139		)
Income from continuing operations before income taxes and gain on sale of real estate	60,760			210			60,970			67,420			872			68,292
Benefit from (provision for) income taxes (a)	263			(1,730		)	(1,467		)	(1,526		)	313			(1,213		)
Income from continuing operations before gain on sale of real estate, net of tax	61,023			(1,520		)	59,503			65,894			1,185			67,079
Discontinued Operations
Income from operations of discontinued properties, net of tax	483			—			483			1,183			—			1,183
Gain on sale of real estate, net of tax	7,987			—			7,987			740			—			740
Loss on extinguishment of debt, net of tax	(983		)	—			(983		)	—			—			—
Income from discontinued operations, net of tax	7,487			—			7,487			1,923			—			1,923
Gain on sale of real estate, net of tax	659			—			659			1,092			—			1,092
Net Income	69,169			(1,520		)	67,649			68,909			1,185			70,094
Net income attributable to noncontrolling interests	(29,305		)	370			(28,935		)	(26,542		)	44			(26,498		)
Net Income Attributable to CPA®:17 – Global	$	39,864		$	(1,150	)	$	38,714		$	42,367		$	1,229		$	43,596
Earnings Per Share
Income from continuing operations attributable to CPA®:17 – Global	$	0.11		$	(0.01	)	$	0.10		$	0.16		$	—		$	0.16
Income from discontinued operations attributable to CPA®:17 – Global	0.02			—			0.02			0.01			—			0.01
Net income attributable to CPA®:17 – Global	$	0.13		$	(0.01	)	$	0.12		$	0.17		$	—		$	0.17
Weighted-Average Shares Outstanding	313,010,828						313,010,828			249,283,354						249,283,354
Amounts Attributable to CPA®:17 – Global
Income from continuing operations, net of tax	$	32,377		$	(1,150	)	$	31,227		$	40,444		$	1,229		$	41,673
Income from discontinued operations, net of tax	7,487			—			7,487			1,923			—			1,923
Net income attributable to CPA®:17 – Global	$	39,864		$	(1,150	)	$	38,714		$	42,367		$	1,229		$	43,596

Consolidated Statements of Comprehensive Income

	Year Ended December 31, 2013									Year Ended December 31, 2012
	As Reported			Revisions			As Revised			As Reported			Revisions			As Revised
Net Income (a)	$	69,169		$	(1,520	)	$	67,649		$	68,909		$	1,185		$	70,094
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	29,884			(4,142		)	25,742			13,515			(1,699		)	11,816
Change in net unrealized gain (loss) on derivative instruments	831			2,237			3,068			(16,758		)	1,014			(15,744		)
Change in unrealized gain on marketable securities	94			—			94			1,035			—			1,035
	30,809			(1,905		)	28,904			(2,208		)	(685		)	(2,893		)
Comprehensive Income	99,978			(3,425		)	96,553			66,701			500			67,201
Amounts Attributable to Noncontrolling Interests
Net income	(29,305		)	370			(28,935		)	(26,542		)	44			(26,498		)
Foreign currency translation adjustments	(183		)	(29		)	(212		)	(192		)	1			(191		)
Change in net unrealized gain on derivative instruments	(535		)	—			(535		)	(365		)	—			(365		)
Comprehensive income attributable to noncontrolling interests	(30,023		)	341			(29,682		)	(27,099		)	45			(27,054		)
Comprehensive Income Attributable to CPA®:17 – Global	$	69,955		$	(3,084	)	$	66,871		$	39,602		$	545		$	40,147

Consolidated Statement of Equity

	CPA®:17 – Global
Balance at January 1, 2012	Total Outstanding Shares	Common Stock		Additional Paid-In Capital		Distributions in Excess of Accumulated Earnings (a)			Accumulated Other Comprehensive Loss			Treasury Stock			Total CPA®:17 – Global Stockholders		Noncontrolling Interests		Total
As Reported	206,148,818	$	208	$	1,863,227	$	(156,549	)	$	(32,601	)	$	(17,104	)	$	1,657,181	$	70,791	$	1,727,972
Revisions	—	—		—		8,515			(5,549		)	—			2,966		386		3,352
As Revised	206,148,818	$	208	$	1,863,227	$	(148,034	)	$	(38,150	)	$	(17,104	)	$	1,660,147	$	71,177	$	1,731,324

__________

(a) Certain amounts previously reported also reflect changes to prior period amounts related to the change in accounting for our investment in BG LLH, LLC, as more fully described in Note 3.