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	September 30, 2017	September 30, 2017		December 31, 2016
Net Lease:
Hellweg Die Profi-Baumärkte GmbH & Co. KG (referred to as Hellweg 2) ^{(a) (b) (c)}	WPC	37%	$	107,956	$	10,125
Kesko Senukai ^{(a) (d)}	Third Party	70%	56,960		—
Jumbo Logistiek Vastgoed B.V. ^{(a) (e)}	WPC	85%	56,273		54,621
U-Haul Moving Partners, Inc. and Mercury Partners, LP ^(b)	WPC	12%	36,324		37,601
Bank Pekao S.A. ^{(a) (b)}	CPA^®:18 – Global	50%	25,752		23,025
BPS Nevada, LLC ^{(b) (f)}	Third Party	15%	23,867		23,036
State Farm ^(b)	CPA^®:18 – Global	50%	16,787		17,603
Berry Global Inc. ^(b)	WPC	50%	14,625		14,974
Tesco Global Aruhazak Zrt. ^{(a) (b)}	WPC	49%	11,078		10,807
Eroski Sociedad Cooperativa — Mallorca ^(a)	WPC	30%	7,448		6,576
Apply Sørco AS (referred to as Apply) ^{(a) (g)}	CPA^®:18 – Global	49%	6,809		12,528
Konzum d.d. (referred to as Agrokor) ^{(a) (b) (h)}	CPA^®:18 – Global	20%	5,122		7,079
Dick’s Sporting Goods, Inc. ^(b)	WPC	45%	3,883		4,367
			372,884		222,342
All Other:
Shelborne Operating Associates, LLC (referred to as Shelborne) ^{(b) (f) (i) (j)}	Third Party	33%	121,193		127,424
BG LLH, LLC ^{(b) (f)}	Third Party	6%	38,055		36,756
IDL Wheel Tenant, LLC ^(k)	Third Party	N/A	—		37,124
BPS Nevada, LLC — Preferred Equity ^{(b) (l)}	Third Party	N/A	—		27,459
			159,248		228,763
			$	532,132	$	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 $90.3 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)

On May 23, 2017, we entered into a joint venture investment to acquire a 70% interest in a real estate portfolio for a total cost of $141.5 million (dollar amount is based on the exchange rate of the euro on the date of acquisition), which excludes our portion of mortgage financing totaling $88.0 million. This was structured as a sale-leaseback transaction in which the tenant retained the remaining 30% interest in the real estate portfolio. The portfolio includes 18 retail stores and one warehouse collectively located in Lithuania, Latvia, and Estonia, which we will account for as an equity method investment as the minority shareholders have significant influence. All major decisions that significantly impact the economic performance of the entity require a unanimous decision vote from each of the shareholders.

(e)

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 $75.4 million at September 30, 2017. Of this amount, $64.1 million represents the amount we are liable for and is included within the carrying value of this investment at September 30, 2017.


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


(g)	During the three and nine months ended September 30, 2017, we recognized an impairment charge of $6.3 million related to our Apply equity method investment (Note 8).


(h)	During the nine months ended September 30, 2017, we recognized an impairment charge of $2.5 million related to our Agrokor equity method investment (Note 8).


(i)	Represents a domestic ADC Arrangement. There was no unfunded balance on the loan related to this investment at September 30, 2017. On October 3, 2017, we restructured our Shelborne hotel investment by converting our loan to equity (Note 15).


(j)	During the three and nine months ended September 30, 2017, as a result of Hurricane Irma, we incurred damage at the hotel, which is expected to be covered by insurance after the estimated deductible of $1.7 million is paid. We recognized this charge within Equity in (losses) earnings of equity method investments in real estate on our consolidated financial statements.

(k)

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 reclassified the equity investment to a loan receivable, included in Other assets, net and will no longer consider this to be a VIE.


(l)	This investment represents a preferred equity interest, with a preferred rate of return of 12%. On May 19, 2017, we received the full repayment of our preferred equity interest totaling $27.0 million; therefore, the preferred equity interest is now retired.

The following table presents Equity in (losses) earnings of 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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Equity (Losses) Earnings from Equity Investments:
Net Lease ^(a)	$	(414	)	$	4,056		$	7,016		$	12,369
All Other	(2,757		)	(174		)	(4,405		)	(2,035		)
Self Storage	—			—			—			(394		)
	(3,171		)	3,882			2,611			9,940
Amortization of Basis Differences on Equity Investments:
Net Lease	(650		)	(667		)	(1,775		)	(2,307		)
All Other	(85		)	(435		)	(487		)	(1,062		)
Self Storage	—			—			—			(39		)
	(735		)	(1,102		)	(2,262		)	(3,408		)
Equity in (losses) earnings of equity method investments in real estate	$	(3,906	)	$	2,780		$	349		$	6,532

__________


(a)	For the three and nine months ended September 30, 2017, amounts include impairment charges of $6.3 million and $8.8 million, respectively, related to our equity investments (Note 8).