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Equity Investments in the Managed Programs and Real Estate (Tables)
 9 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following table presents Equity in earnings of equity method investments in the Managed Programs and real estate, which represents our proportionate share of the income or losses of these investments, as well as certain adjustments related to 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
Distributions of Available Cash (Note 3)
$
12,047

 
$
10,876

 
$
34,568

 
$
32,018

Proportionate share of equity in earnings of equity investments in the Managed Programs
886

 
2,962

 
4,688

 
7,396

Amortization of basis differences on equity method investments in the Managed Programs
(355
)
 
(265
)
 
(969
)
 
(756
)
Total equity in earnings of equity method investments in the Managed Programs
12,578

 
13,573

 
38,287

 
38,658

Equity in earnings of equity method investments in real estate
4,244

 
4,197

 
11,404

 
12,456

Amortization of basis differences on equity method investments in real estate
(504
)
 
(967
)
 
(1,871
)
 
(2,871
)
Total equity in earnings of equity method investments in real estate
3,740

 
3,230

 
9,533

 
9,585

Equity in earnings of equity method investments in the Managed Programs and real estate
$
16,318

 
$
16,803

 
$
47,820

 
$
48,243

The following table sets forth certain information about our investments in the Managed Programs (dollars in thousands):
 
 
% of Outstanding Interests Owned at
 
Carrying Amount of Investment at
Fund
 
September 30, 2017
 
December 31, 2016
 
September 30, 2017
 
December 31, 2016
CPA®:17 – Global
 
3.996
%
 
3.456
%
 
$
120,464

 
$
99,584

CPA®:17 – Global operating partnership
 
0.009
%
 
0.009
%
 
—

 
—

CPA®:18 – Global
 
2.298
%
 
1.616
%
 
25,812

 
17,955

CPA®:18 – Global operating partnership
 
0.034
%
 
0.034
%
 
209

 
209

CWI 1
 
1.882
%
 
1.109
%
 
23,351

 
11,449

CWI 1 operating partnership
 
0.015
%
 
0.015
%
 
186

 
—

CWI 2
 
1.541
%
 
0.773
%
 
14,171

 
5,091

CWI 2 operating partnership
 
0.015
%
 
0.015
%
 
300

 
300

CCIF (a)
 
—
%
 
13.322
%
 
—

 
23,528

CESH I (b)
 
2.430
%
 
2.431
%
 
3,110

 
2,701

 
 
 
 
 
 
$
187,603

 
$
160,817


__________
(a)
In August 2017, we resigned as the advisor to CCIF, effective as of September 11, 2017 (Note 1). As such, we reclassified our investment in CCIF from Equity investments in the Managed Programs and real estate to Other assets, net in our consolidated balance sheets and account for it under the cost method, since we no longer share decision-making responsibilities with the third-party investment partner. Our cost method investment in CCIF had a carrying value of $23.3 million at September 30, 2017 and is included in our Investment Management segment.
(b)
Investment is accounted for at fair value.
The following table sets forth our ownership interests in our equity investments in real estate, excluding the Managed Programs, and their respective carrying values (dollars in thousands):
 
 
 
 
 
 
Carrying Value at
Lessee
 
Co-owner
 
Ownership Interest
 
September 30, 2017
 
December 31, 2016
The New York Times Company
 
CPA®:17 – Global
 
45%
 
$
69,510

 
$
69,668

Frontier Spinning Mills, Inc.
 
CPA®:17 – Global
 
40%
 
24,147

 
24,138

Beach House JV, LLC (a)
 
Third Party
 
N/A
 
15,105

 
15,105

ALSO Actebis GmbH (b)
 
CPA®:17 – Global
 
30%
 
12,072

 
11,205

Jumbo Logistiek Vastgoed B.V. (b) (c)
 
CPA®:17 – Global
 
15%
 
10,505

 
8,739

Wagon Automotive GmbH (b)
 
CPA®:17 – Global
 
33%
 
8,323

 
8,887

Wanbishi Archives Co. Ltd. (d)
 
CPA®:17 – Global
 
3%
 
333

 
334

 
 
 
 
 
 
$
139,995

 
$
138,076

__________
(a)
This investment is in the form of a preferred equity interest.
(b)
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(c)
This investment represents a tenancy-in-common interest, whereby the property is encumbered by the debt for which we are jointly and severally liable. The co-obligor is CPA®:17 – Global and the amount due under the arrangement was approximately $75.4 million at September 30, 2017. Of this amount, $11.3 million represents the amount we are liable for and is included within the carrying value of the investment at September 30, 2017.
(d)
The carrying value of this investment is affected by fluctuations in the exchange rate of the yen.