Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Future Disposition of Equity Investment in Real Estate

In January 2018, a tenant (The New York Times Company) exercised its option to repurchase the property it is leasing from a jointly owned investment with our affiliate, CPA:17 – Global, in which we have a 45% equity interest and which is consolidated by CPA:17 – Global, for $250.0 million. The repurchase is expected to be completed in December 2019, but there can be no assurance that such repurchase will be completed.

Mortgage Loan Repayment

In February 2018, we repaid a non-recourse mortgage loan with a principal balance of $24.9 million and an interest rate of 6.7%.

Issuance of Stock-Based Compensation Awards

During the first quarter of 2018 and through the date of this Report, in connection with our 2017 Share Incentive Plan (Note 14), we issued 123,485 RSUs and 75,864 PSUs to key employees, which will have a dilutive impact on our future earnings per share calculations.

Repayments of Loans to Affiliate

In January and February 2018, CWI 1 made net repayments totaling $27.0 million of the loans outstanding to us at December 31, 2017, of which $20.0 million reduced the amount outstanding under the bridge loan and net repayments of $7.0 million reduced the amount outstanding under the revolving working capital facility (Note 3).