Net Investments in Properties (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Schedule of Real Estate Properties

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands):

	December 31,
	2014			2013
Land	$	104,604		$	36,636
Buildings	639,131			113,788
Less: Accumulated depreciation	(10,875		)	(824		)
	$	732,860		$	149,600

Operating real estate, which consists of our 14 self-storage properties and two multi-family properties, at cost, is summarized as follows (in thousands):

	December 31,
	2014			2013
Land	$	28,040		$	—
Buildings	105,556			—
Less: Accumulated depreciation	(939		)	—
	$	132,657		$	—

Scheduled Future Minimum Rents

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2014 are as follows (in thousands):

Years Ending December 31,	Total
2015	$	67,598
2016	67,022
2017	68,474
2018	69,199
2019	69,437
Thereafter	542,259
Total	$	883,989

Schedule of Assets Acquired in Business Combination

The following tables present a summary of assets acquired and liabilities assumed in these business combinations, each at the date of acquisition, and revenues and earnings thereon, since their respective dates of acquisition through December 31, 2014 (in thousands):

	2014 Business Combinations (a)
	Vopak			Bank Pekao			Siemens AS			Solo Cup			Other Business Combinations (b)			Total
Cash consideration	$	76,134		$	73,952		$	82,019		$	80,650		$	337,724		$	650,479
Assets acquired at fair value:
Land	$	4,493		$	—		$	14,362		$	13,748		$	52,439		$	85,042
Buildings	54,286			112,676			59,219			52,135			275,609			553,925
In-place lease intangible assets	16,376			23,471			10,528			15,394			42,145			107,914
Above-market rent intangible assets	1,156			3,014			—			773			3,467			8,410
Below-market ground lease intangible assets	—			9,456			—			—			—			9,456
Other assets acquired (c)	—			—			3,538			—			105			3,643
	76,311			148,617			87,647			82,050			373,765			768,390
Liabilities assumed at fair value:
Mortgages assumed	—			—			—			—			(33,758		)	(33,758		)
Below-market rent intangible liabilities	(177		)	(713		)	—			(1,400		)	(1,499		)	(3,789		)
Above-market ground lease intangible liabilities	—			—			—			—			(133		)	(133		)
Deferred tax liability	—			—			(6,982		)	—			(4,058		)	(11,040		)
Other liabilities assumed (c)	—			—			(5,628		)	—			(651		)	(6,279		)
	(177		)	(713		)	(12,610		)	(1,400		)	(40,099		)	(54,999		)
Total identifiable net assets	76,134			147,904			75,037			80,650			333,666			713,391
Amounts attributable to noncontrolling interest	—			(73,952		)	—			—			—			(73,952		)
Goodwill	—			—			6,982			—			4,058			11,040
	$	76,134		$	73,952		$	82,019		$	80,650		$	337,724		$	650,479

(a) The purchase price for each transaction was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the best estimates of management as of the date of this Report. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change.

(b) Other business combinations include: Albion Resorts, Craigentinny, UK Auto, ATK, MISO, Cooper Tire, Gentry, Dupont, Infineon, Oakbank Portfolio, Truffle Portfolio, Belk Inc., AT&T, North American Lighting Inc., and our 2014 Self Storage Acquisitions.

(c) During the year endedDecember 31, 2014, we recorded a measurement period adjustment related to our Siemens AS purchase price allocation, which we acquired in February 2014. This adjustment, which was made as a result of new information that became available to us later in the year, included an increase of $0.7 million to both other liabilities assumed and other assets acquired. No other adjustment was needed to retrospectively record this measurement period adjustment as if the accounting was completed at the acquisition date.

Schedule Of Revenues and Net Income From Business Combination

	Vopak			Bank Pekao			Siemens AS			Solo Cup			Other Business Combinations (b)
	December 17, 2014 through December 31, 2014			March 31, 2014 through December 31, 2014			February 27, 2014 through December 31, 2014			February 3, 2014 through December 31, 2014			Respective Acquisition Dates through December 31, 2014			Total
Revenues	$	217		$	9,586		$	5,437		$	5,489		$	9,872		$	30,601
Net loss	$	(7,864	)	$	(12,920	)	$	(6,487	)	$	(4,004	)	$	(30,101	)	$	(61,376	)
Net loss attributable to noncontrolling interests	—			3,349			—			—			32			3,381
Net loss attributable to CPA®:18 – Global	$	(7,864	)	$	(9,571	)	$	(6,487	)	$	(4,004	)	$	(30,069	)	$	(57,995	)

Pro Forma Information

(Dollars in thousands, except share and per share amounts)

	Years Ended December 31,
	2014			2013
Pro forma total revenues (a)	$	92,486		$	72,168
Pro forma net income (loss) (b) (c)	1,261			(53,893		)
Pro forma net (income) loss attributable to noncontrolling interests	(3,207		)	3,769
Pro forma net loss attributable to CPA®:18 – Global	$	(1,946	)	$	(50,124	)
Pro forma loss per Class A share:
Net loss attributable to CPA®:18 – Global (d)	$	(1,046	)	$	(49,544	)
Weighted-average shares outstanding (e)	107,420,043			46,215,482
Loss per share	$	(0.01	)	$	(1.07	)
Pro forma loss per Class C share:
Net loss attributable to CPA®:18 – Global	$	(900	)	$	(580	)
Weighted-average shares outstanding (e)	8,847,966			497,725
Loss per share	$	(0.10	)	$	(1.16	)

___________

(a) Pro forma total revenues includes revenues from lease contracts based on the terms in place at December 31, 2014 and does not include adjustments to contingent rental amounts.

(b) During the year endedDecember 31, 2014, we incurred $56.6 million of acquisition expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such acquisition expenses as if they were incurred on January 1, 2013.

(c) During the year endedDecember 31, 2014, we incurred $1.6 million of one-time tax expenses related to our 2014 Acquisitions that were deemed to be business combinations. The pro forma table above presents such tax expenses as if they were incurred on January 1, 2013.

(d) For the years endedDecember 31, 2014 and 2013, the allocation for the Class A common stock excludes the shareholder servicing fee of $0.8 million and less than $0.1 million, respectively, which is only applicable to holders of Class C common stock (Note 3).

(e) The pro forma weighted-average shares outstanding were determined as if the number of shares issued in our initial public offering in order to raise the funds used for our business combinations were issued on January 1, 2013. We assumed that we would have issued 43,399,504 Class A shares to raise such funds.

Real Estate Under Construction

The following table provides the activity of our Real estate under construction (in thousands):

	Years Ended December 31,
	2014			2013
Beginning balance	$	—		$	—
Capitalized funds	20,617			—
Placed into service	(18,502		)	—
Capitalized interest	143			—
Ending balance	$	2,258		$	—