The following table presents Equity in earnings from equity method investments in real estate, which represents our proportionate share of the income or losses of these investments, as well as amortization of basis differences related to purchase accounting adjustments (in thousands):



	Three Months Ended March 31,
	2017			2016
Equity Earnings from Equity Investments:
Net Lease	$	4,955		$	3,552
All Other	(2,108		)	262
Self Storage	—			(394		)
	2,847			3,420
Amortization of Basis Differences on Equity Investments:
Net Lease	(563		)	(820		)
All Other	(299		)	(389		)
Self Storage	—			(39		)
	(862		)	(1,248		)
Equity in earnings of equity method investments in real estate	$	1,985		$	2,172

The following table sets forth our ownership interests in our equity method investments in real estate and their respective carrying values, along with those ADC Arrangements that are recorded as equity investments (dollars in thousands):



		Ownership Interest at	Carrying Value at
Lessee/Equity Investee	Co-owner	March 31, 2017	March 31, 2017		December 31, 2016
Net Lease:
Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) ^{(a) (b) (c)}	WPC	37%	$	88,748	$	10,125
C1000 Logistiek Vastgoed B.V. ^{(a) (d)}	WPC	85%	52,812		54,621
U-Haul Moving Partners, Inc. and Mercury Partners, LP ^(b)	WPC	12%	37,178		37,601
BPS Nevada, LLC ^{(b) (e)}	Third Party	15%	23,343		23,036
Bank Pekao S.A. ^{(a) (b)}	CPA^®:18 – Global	50%	22,792		23,025
State Farm ^(b)	CPA^®:18 – Global	50%	17,064		17,603
Berry Plastics Corporation ^(b)	WPC	50%	14,995		14,974
Apply Sørco AS ^(a)	CPA^®:18 – Global	49%	12,471		12,528
Tesco plc ^{(a) (b)}	WPC	49%	10,442		10,807
Agrokor d.d. (referred to as Agrokor 5) ^{(a) (b)}	CPA^®:18 – Global	20%	7,186		7,079
Eroski Sociedad Cooperativa – Mallorca ^(a)	WPC	30%	6,631		6,576
Dick’s Sporting Goods, Inc. ^(b)	WPC	45%	4,158		4,367
			297,820		222,342
All Other:
Shelborne Property Associates, LLC (referred to as Shelborne) ^{(b) (e) (f)}	Third Party	33%	125,662		127,424
BG LLH, LLC ^{(b) (e)}	Third Party	7%	36,493		36,756
BPS Nevada, LLC - Preferred Equity ^{(b) (g)}	Third Party	N/A	27,445		27,459
IDL Wheel Tenant, LLC ^(h)	Third Party	N/A	—		37,124
			189,600		228,763
			$	487,420	$	451,105

__________


(a)	The carrying value of this investment is affected by the impact of fluctuations in the exchange rate of the applicable foreign currency.


(b)	This investment is a VIE.


(c)	In January 2017, our Hellweg 2 jointly owned equity investment repaid non-recourse mortgage loans at maturity with an aggregate principal balance of approximately $243.8 million, of which we contributed $80.5 million (amounts are based on the exchange rate of the euro as of the date of repayment). This contribution was accounted for as a capital contribution to equity investments in real estate.

(d)

This investment represents a tenancy-in-common interest, whereby the property is encumbered by debt for which we are jointly and severally liable. The co-obligor is WPC and the amount due under the arrangement was approximately $69.0 million at March 31, 2017. Of this amount, $58.7 million represents the amount we agreed to pay and is included within the carrying value of this investment at March 31, 2017.


(e)	This investment is reported using the hypothetical liquidation at book value model.


(f)	Represents a domestic ADC Arrangement. There was no unfunded balance on the loan related to this investment at March 31, 2017.


(g)	This investment represents a preferred equity interest, with a preferred rate of return of 12% during 2016 and thereafter until November 19, 2019, the date on which the preferred equity interest is redeemable.


(h)	As of December 31, 2016, the carrying value included our investment in the Wheel Loan (Note 5) that was considered to be a VIE and was reported using the hypothetical liquidation at book value model. The Wheel Loan was restructured on March 17, 2017 and, as a result, we have derecognized the equity investment and recorded this investment as a loan receivable, included in Other assets, net