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Segment Reporting
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting

We operate in three reportable business segments: Net Lease, Self Storage, and Other Operating Properties. Our Net Lease segment includes our investments in net-leased properties, whether they are accounted for as operating leases or direct financing leases. Our Self Storage segment is comprised of our investments in self-storage properties. Our Other Operating Properties segment is primarily comprised of our investments in student housing operating properties and multi-family residential properties (our last multi-family residential property was sold in January 2019). In addition, we have an All Other category that includes our notes receivable investments, one of which was repaid during the second quarter of 2019. The following tables present a summary of comparative results and assets for these business segments (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net Lease
 
 
 
 
 
 
 
Revenues (a)
$
26,538

 
$
30,731

 
$
50,605

 
$
61,723

Operating expenses (b)
(15,421
)
 
(18,638
)
 
(36,023
)
 
(35,949
)
Interest expense
(6,743
)
 
(8,694
)
 
(13,601
)
 
(17,430
)
Other gains and (losses)
224

 
503

 
(3,216
)
 
546

Gain on sale of real estate, net
—

 
650

 
—

 
1,547

(Provision for) benefit from income taxes
(1,341
)
 
1,366

 
(702
)
 
1,006

Net income attributable to noncontrolling interests
(1,526
)
 
(45
)
 
(2,226
)
 
(254
)
Net income (loss) attributable to CPA:18 – Global
$
1,731

 
$
5,873

 
$
(5,163
)
 
$
11,189

Self Storage
 
 
 
 
 
 
 
Revenues
$
14,670

 
$
15,167

 
$
30,026

 
$
30,006

Operating expenses
(9,080
)
 
(8,872
)
 
(18,175
)
 
(17,617
)
Interest expense
(3,374
)
 
(3,450
)
 
(6,730
)
 
(6,876
)
Other gains and (losses) (c)
(155
)
 
(607
)
 
(209
)
 
(1,275
)
Provision for income taxes
(17
)
 
(11
)
 
(48
)
 
(44
)
Net income attributable to CPA:18 – Global
$
2,044

 
$
2,227

 
$
4,864

 
$
4,194

Other Operating Properties
 
 
 
 
 
 
 
Revenues
$
2,010

 
$
2,307

 
$
4,757

 
$
4,929

Operating expenses
(1,324
)
 
(1,544
)
 
(2,809
)
 
(3,178
)
Interest expense
(192
)
 
166

 
(444
)
 
46

Other gains and (losses)
4

 
(5
)
 
19

 
(44
)
Gain on sale of real estate, net
—

 
—

 
—

 
14,514

Benefit from (provision for) income taxes
38

 
(356
)
 
52

 
(379
)
Net loss (income) attributable to noncontrolling interests
25

 
50

 
30

 
(2,739
)
Net income attributable to CPA:18 – Global
$
561

 
$
618

 
$
1,605

 
$
13,149

All Other (d)
 
 
 
 
 
 
 
Revenues
$
710

 
$
822

 
$
1,420

 
$
2,655

Operating expenses
—

 
—

 
—

 
(1
)
Net income attributable to CPA:18 – Global
$
710

 
$
822

 
$
1,420

 
$
2,654

Corporate
 
 
 
 
 
 
 
Unallocated Corporate Overhead (e)
$
(4,208
)
 
$
(4,357
)
 
$
(8,152
)
 
$
(9,328
)
Net income attributable to noncontrolling interests — Available Cash Distributions
$
(2,029
)
 
$
(2,105
)
 
$
(3,945
)
 
$
(3,953
)
Total Company
 
 
 
 
 
 
 
Revenues (a)
$
43,928

 
$
49,027

 
$
86,808

 
$
99,321

Operating expenses (b)
(30,582
)
 
(34,021
)
 
(66,810
)
 
(66,293
)
Interest expense
(10,354
)
 
(12,044
)
 
(20,843
)
 
(24,401
)
Other gains and (losses) (c)
905

 
699

 
(1,221
)
 
223

Gain on sale of real estate, net
—

 
650


—

 
16,058

(Provision for) benefit from income taxes
(1,558
)
 
867


(1,164
)
 
(57
)
Net income attributable to noncontrolling interests
(3,530
)
 
(2,100
)

(6,141
)
 
(6,946
)
Net (loss) income attributable to CPA:18 – Global
$
(1,191
)
 
$
3,078

 
$
(9,371
)
 
$
17,905


 
Total Assets
 
June 30, 2020
 
December 31, 2019
Net Lease
$
1,513,872

 
$
1,517,659

Self Storage
365,196

 
369,883

Other Operating Properties
223,107

 
213,692

Corporate
43,426

 
105,407

All Other (d)
28,168

 
28,162

Total Company
$
2,173,769

 
$
2,234,803


__________
(a)
The three months ended June 30, 2020 and 2019 includes straight-line rent amortization of $0.3 million and $0.8 million, respectively, and $1.0 million and $1.7 million for the six months ended June 30, 2020 and 2019, respectively. The six months ended June 30, 2020 includes a $7.0 million write-off of straight-line rent receivables (Note 2). Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our condensed consolidated financial statements. For both the three and six months ended June 30, 2020, approximately $3.0 million of rent was not collected relating to the second quarter of 2020, which reduced lease revenues (Note 2).
(b)
The six months ended June 30, 2020 includes an allowance for credit losses of $4.9 million, in accordance with ASU 2016-13 (Note 5).
(c)
Includes Equity in losses of equity method investment in real estate.
(d)
Included in the all other category are our notes receivable investments, one of which was repaid during the second quarter of 2019.
(e)
Included in unallocated corporate overhead are expenses and other gains and (losses) that are calculated and reported at the portfolio level and not evaluated as part of any segment’s operating performance. Such items include asset management fees, general and administrative expenses, and gains and losses on foreign currency transactions and derivative instruments. Asset management fees totaled $2.9 million for both the three months ended June 30, 2020 and 2019, and $5.9 million and $5.7 million for the six months ended June 30, 2020 and 2019, respectively (Note 3).