Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Reconciliation of revenue from segments to consolidated

The following tables present a summary of comparative results and assets for these business segments (in thousands):

	Years Ended December 31,
	2021		2020		2019
Net Lease
Revenues (a)	$	122,036	$	104,611	$	122,038
Operating expenses	(97,628)		(63,583)		(69,959)
Interest expense	(35,604)		(28,388)		(34,105)
Gain on sale of real estate, net	1,245		2,390		9,932
Other gains and (losses)	387		(3,231)		1,203
(Provision for) benefit from income taxes	(539)		52		1,019
Net loss (income) attributable to noncontrolling interests	10,773		(2,868)		(759)
Net income attributable to CPA:18 – Global	$	670	$	8,983	$	29,369
Self Storage
Revenues	$	71,613	$	61,426	$	60,767
Operating expenses	(37,129)		(36,407)		(35,604)
Interest expense	(11,833)		(13,447)		(13,802)
Other gains and (losses) (b)	(353)		12,329		(942)
Provision for income taxes	(160)		(110)		(115)
Net income attributable to CPA:18 – Global	$	22,138	$	23,791	$	10,304
Other Operating Properties
Revenues	$	10,568	$	9,604	$	10,550
Operating expenses	(9,609)		(7,749)		(7,713)
Interest expense	(3,402)		(1,424)		133
Gain on sale of real estate, net	42,770		—		14,841
Other gains and (losses)	(1,513)		19		(182)
(Provision for) benefit from income taxes	(104)		241		87
Net (income) loss attributable to noncontrolling interests	(3,192)		135		(2,541)
Net income attributable to CPA:18 – Global	$	35,518	$	826	$	15,175
All Other
Revenues (c)	$	—	$	1,426	$	4,076
Operating expenses	(14)		(45)		—
Other gains and (losses)	—		60		—
Net (loss) income attributable to CPA:18 – Global	$	(14)	$	1,441	$	4,076
Corporate
Unallocated Corporate Overhead (d)	$	(23,121)	$	(15,473)	$	(18,220)
Net income attributable to noncontrolling interests – Available Cash Distributions	$	(7,345)	$	(7,225)	$	(8,132)
Total Company
Revenues (a) (c)	$	204,217	$	177,067	$	197,439
Operating expenses	(165,085)		(127,261)		(132,509)
Interest expense	(50,959)		(43,343)		(48,019)
Gain on sale of real estate, net	44,015		2,390		24,773
Other gains and (losses) (b) (d)	(2,728)		14,217		2,530
Provision for income taxes	(1,850)		(769)		(210)
Net loss (income) attributable to noncontrolling interests	236		(9,958)		(11,432)
Net income attributable to CPA:18 – Global	$	27,846	$	12,343	$	32,572

(a)The years ended December 31, 2021, 2020, and 2019 include straight-line rent adjustments of $2.2 million, $2.2 million, and $3.0 million, respectively. Straight-line lease revenue is only recognized when deemed probable of collection, and is included within Lease revenues — net-leased within our consolidated financial statements.

(b)Includes Earnings (losses) from equity method investment in real estate. The year ended December 31, 2020 includes a gain on sale of $12.9 million (inclusive of tax of $1.8 million), relating to the disposition of our equity method investment in real estate (Note 4).

(c)On July 28, 2020, we were notified that the borrower has defaulted on the mortgage loan senior to our mezzanine tranche, and since that date we have not recognized interest income (Note 5).

(d)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 $12.5 million, $11.9 million, and $11.5 million for the years ended December 31, 2021, 2020, and 2019, respectively (Note 3).

Reconciliation of assets from segment to consolidated

	Total Assets at December 31,
	2021		2020
Net Lease	$	1,586,662	$	1,688,259
Self Storage	337,052		345,936
Other Operating Properties	160,746		258,017
Corporate	30,409		38,697
All Other	28,000		28,009
Total Company	$	2,142,869	$	2,358,918

Schedule of segment reporting information

Our portfolio is comprised of domestic and international investments. The following tables present the geographic information (in thousands):

	Years Ended December 31,
	2021		2020		2019
Revenues
Texas	$	27,349	$	22,685	$	20,941
Florida	26,276		22,469		22,876
All Other Domestic	74,723		70,410		72,513
Total Domestic	128,348		115,564		116,330
Total International (a) (b)	75,869		61,503		81,109
Total Company	$	204,217	$	177,067	$	197,439

___________

(a)All years include operations in Norway, the Netherlands, Poland, Spain, the United Kingdom, Croatia, Germany, Mauritius, and Slovakia. The years ended December 31, 2021 and 2020 include operations in Portugal. No international country or tenant individually comprised at least 10% of our total lease revenues for the years ended December 31, 2021, 2020, and 2019.

(b)The years ended December 31, 2021 and 2020 reflect the impact of the COVID-19 pandemic on certain net lease hotels located in Germany and Mauritius, as well as student housing operating properties located in the United Kingdom (which were sold in 2021 (Note 13)).

	Years Ended December 31,
	2021		2020
Long-lived assets (a)
Texas	$	262,427	$	259,719
All Other Domestic	582,601		609,926
Total Domestic	845,028		869,645
Spain	295,266		261,476
All Other International (b)	802,251		993,123
Total International	1,097,517		1,254,599
Total Company	$	1,942,545	$	2,124,244

___________

(a)Consists of Net investments in real estate.

(b)Comprised of investments in Norway, Germany, the Netherlands, the United Kingdom, Poland, Portugal, Mauritius, Croatia, and Slovakia.