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Equity Investments in the Managed Programs and Real Estate (Tables)
 6 Months Ended
Jun. 30, 2019
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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Distributions of Available Cash (Note 3)
$
3,765

 
$
8,776

 
$
9,450

 
$
19,278

Proportionate share of equity in earnings of equity investments in the Managed Programs
312

 
1,167

 
525

 
3,030

Amortization of basis differences on equity method investments in the Managed Programs
(356
)
 
(914
)
 
(685
)
 
(1,312
)
Total equity in earnings of equity method investments in the Managed Programs
3,721

 
9,029

 
9,290

 
20,996

Equity in earnings of equity method investments in real estate
774

 
4,084

 
1,336

 
7,987

Amortization of basis differences on equity method investments in real estate
(544
)
 
(555
)
 
(1,184
)
 
(1,100
)
Total equity in earnings of equity method investments in real estate
230

 
3,529

 
152

 
6,887

Equity in earnings of equity method investments in the Managed Programs and real estate
$
3,951

 
$
12,558

 
$
9,442

 
$
27,883


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
 
June 30, 2019
 
December 31, 2018
Johnson Self Storage
 
Third Party
 
90%
 
$
71,217

 
$
73,475

Kesko Senukai (a)
 
Third Party
 
70%
 
45,506

 
52,432

Bank Pekao (a)
 
CPA:18 – Global
 
50%
 
27,890

 
29,086

BPS Nevada, LLC (b)
 
Third Party
 
15%
 
22,453

 
22,292

State Farm Mutual Automobile Insurance Co.
 
CPA:18 – Global
 
50%
 
18,077

 
18,927

Apply Sørco AS (c) (d)
 
CPA:18 – Global
 
49%
 
9,869

 
7,483

Fortenova Grupa d.d. (formerly Konzum d.d.) (a)
 
CPA:18 – Global
 
20%
 
2,920

 
2,858

Beach House JV, LLC (e)
 
Third Party
 
N/A
 
—

 
15,105

 
 
 
 
 
 
$
197,932

 
$
221,658

__________
(a)
The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(b)
This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.
(c)
The carrying value of this investment is affected by fluctuations in the exchange rate of the Norwegian krone.
(d)
During the first quarter of 2019, we identified measurement period adjustments that impacted the provisional accounting for this investment, which was acquired in the CPA:17 Merger on October 31, 2018 (Note 3). As such, the CPA:17 Merger purchase price allocated to this jointly owned investment increased by approximately $5.2 million, of which our proportionate share was $2.6 million.
(e)
On February 27, 2019, we received a full repayment of our preferred equity interest in this investment totaling $15.0 million. As a result, this preferred equity interest is now retired.

The following table sets forth certain information about our investments in the existing Managed Programs (dollars in thousands):
 
 
% of Outstanding Interests Owned at
 
Carrying Amount of Investment at
Fund
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
CPA:18 – Global (a)
 
3.664
%
 
3.446
%
 
$
41,242

 
$
39,600

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

 
209

CWI 1 (a)
 
3.516
%
 
3.062
%
 
43,802

 
38,600

CWI 1 operating partnership
 
0.015
%
 
0.015
%
 
186

 
186

CWI 2 (a)
 
3.295
%
 
2.807
%
 
29,733

 
25,200

CWI 2 operating partnership
 
0.015
%
 
0.015
%
 
300

 
300

CESH (b)
 
2.430
%
 
2.430
%
 
3,755

 
3,495

 
 
 
 
 
 
$
119,227

 
$
107,590


__________
(a)
During the six months ended June 30, 2019, we received asset management revenue from the existing Managed REITs primarily in shares of their common stock, which increased our ownership percentage in each of the existing Managed REITs (Note 3).
(b)
Investment is accounted for at fair value.