Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III- Real Estate and Accumulated Depreciation

W. P. CAREY INC.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Land, Buildings and Improvements Subject to Operating Leases
Industrial facilities in Erlanger, KY	$	—	$	1,526	$	21,427	$	2,966	$	141		$	1,526	$	24,534	$	26,060	$	13,881	1979; 1987	Jan. 1998	40 yrs.
Industrial facilities in Thurmont, MD and Farmington, NY	—		729		5,903		—		—			729		5,903		6,632		2,238		1964; 1983	Jan. 1998	15 yrs.
Warehouse facilities in Anchorage, AK and Commerce, CA	—		4,905		11,898		—		12			4,905		11,910		16,815		5,803		1948; 1975	Jan. 1998	40 yrs.
Industrial facility in Toledo, OH	—		224		2,408		—		—			224		2,408		2,632		1,705		1966	Jan. 1998	40 yrs.
Industrial facility in Goshen, IN	—		239		940		—		—			239		940		1,179		462		1973	Jan. 1998	40 yrs.
Office facility in Raleigh, NC	—		1,638		2,844		187		(2,554		)	828		1,287		2,115		911		1983	Jan. 1998	20 yrs.
Office facility in King of Prussia, PA	—		1,219		6,283		1,295		—			1,219		7,578		8,797		4,036		1968	Jan. 1998	40 yrs.
Industrial facility in Pinconning, MI	—		32		1,692		—		—			32		1,692		1,724		930		1948	Jan. 1998	40 yrs.
Industrial facilities in San Fernando, CA	6,103		2,052		5,322		—		(1,889		)	1,494		3,991		5,485		2,208		1962; 1979	Jan. 1998	40 yrs.
Retail facilities in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, Tennessee, and Texas	—		9,382		—		238		14,696			9,025		15,291		24,316		5,790		Various	Jan. 1998	15 yrs.
Industrial facility in Glendora, CA	—		1,135		—		—		1,942			1,152		1,925		3,077		192		1950	Jan. 1998	10 yrs.
Warehouse facility in Doraville, GA	—		3,288		9,864		16,729		(11,410		)	3,288		15,183		18,471		1,268		2016	Jan. 1998	40 yrs.
Office facility in Collierville, TN and warehouse facility in Corpus Christi, TX	42,576		3,490		72,497		—		(15,609		)	288		60,090		60,378		17,933		1989; 1999	Jan. 1998	40 yrs.
Land in Irving and Houston, TX	—		9,795		—		—		—			9,795		—		9,795		—		N/A	Jan. 1998	N/A
Industrial facility in Chandler, AZ	—		5,035		18,957		7,460		516			5,035		26,933		31,968		14,406		1989	Jan. 1998	40 yrs.
Office facility in Bridgeton, MO	—		842		4,762		2,523		71			842		7,356		8,198		3,768		1972	Jan. 1998	40 yrs.
Retail facility in Drayton Plains, MI	—		1,039		4,788		236		(2,297		)	494		3,272		3,766		1,266		1972	Jan. 1998	35 yrs.
Warehouse facility in Memphis, TN	—		1,882		3,973		294		(3,892		)	328		1,929		2,257		1,266		1969	Jan. 1998	15 yrs.
Industrial facility in Romulus, MI	—		454		6,411		525		—			454		6,936		7,390		682		1970	Jan. 1998	10 yrs.
Retail facility in Bellevue, WA	—		4,125		11,812		393		(123		)	4,371		11,836		16,207		6,322		1994	Apr. 1998	40 yrs.
Office facility in Rio Rancho, NM	—		1,190		9,353		5,866		—			2,287		14,122		16,409		6,369		1999	Jul. 1998	40 yrs.
Office facility in Moorestown, NJ	—		351		5,981		1,652		1			351		7,634		7,985		4,265		1964	Feb. 1999	40 yrs.
Industrial facilities in Lenexa, KS and Winston-Salem, NC	—		1,860		12,539		3,075		(1,135		)	1,725		14,614		16,339		6,531		1968; 1980	Sep. 2002	40 yrs.
Office facilities in Playa Vista and Venice, CA	21,048		2,032		10,152		52,817		1			5,889		59,113		65,002		15,303		1991; 1999	Sep. 2004; Sep. 2012	40 yrs.
Warehouse facility in Greenfield, IN	—		2,807		10,335		223		(8,383		)	967		4,015		4,982		1,857		1995	Sep. 2004	40 yrs.
Retail facility in Hot Springs, AR	—		850		2,939		2		(2,614		)	—		1,177		1,177		451		1985	Sep. 2004	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facilities in Apopka, FL	—	362	10,855	1,195	(155	)	337	11,920	12,257	4,100	1969	Sep. 2004	40 yrs.
Land in San Leandro, CA	—	1,532	—	—	—		1,532	—	1,532	—	N/A	Dec. 2006	N/A
Fitness facility in Austin, TX	—	1,725	5,168	—	—		1,725	5,168	6,893	2,372	1995	Dec. 2006	29 yrs.
Retail facility in Wroclaw, Poland	—	3,600	10,306	—	(3,747	)	2,809	7,350	10,159	2,195	2007	Dec. 2007	40 yrs.
Office facility in Fort Worth, TX	—	4,600	37,580	186	—		4,600	37,766	42,366	9,335	2003	Feb. 2010	40 yrs.
Warehouse facility in Mallorca, Spain	—	11,109	12,636	—	(1,414	)	10,428	11,903	22,331	2,848	2008	Jun. 2010	40 yrs.
Retail facilities in Florence, AL; Snellville, GA; Rockport, TX; and Virginia Beach, VA	—	5,646	12,367	—	(3,786	)	4,323	9,904	14,227	1,900	2005; 2007	Sep. 2012	40 yrs.
Net-lease hotels in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA	128,609	32,680	198,999	—	—		32,680	198,999	231,679	39,753	1989; 1990	Sep. 2012	34 - 37 yrs.
Industrial facilities in Auburn, IN; Clinton Township, MI; and Bluffton, OH	—	4,403	20,298	—	(3,870	)	2,589	18,242	20,831	3,998	1968; 1975; 1995	Sep. 2012; Jan. 2014	30 yrs.
Land in Irvine, CA	1,631	4,173	—	—	—		4,173	—	4,173	—	N/A	Sep. 2012	N/A
Industrial facility in Alpharetta, GA	—	2,198	6,349	1,247	—		2,198	7,596	9,794	1,798	1997	Sep. 2012	30 yrs.
Office facility in Clinton, NJ	18,718	2,866	34,834	—	—		2,866	34,834	37,700	8,435	1987	Sep. 2012	30 yrs.
Office facilities in St. Petersburg, FL	—	3,280	24,627	2,078	—		3,280	26,705	29,985	6,001	1996; 1999	Sep. 2012	30 yrs.
Movie theater in Baton Rouge, LA	—	4,168	5,724	3,200	—		4,168	8,924	13,092	1,890	2003	Sep. 2012	30 yrs.
Industrial and office facility in San Diego, CA	—	7,804	16,729	4,654	(705	)	7,804	20,678	28,482	5,228	2002	Sep. 2012	30 yrs.
Industrial facility in Richmond, CA	—	895	1,953	—	—		895	1,953	2,848	473	1999	Sep. 2012	30 yrs.
Warehouse facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX	51,263	16,386	84,668	—	—		16,386	84,668	101,054	20,333	Various	Sep. 2012	30 yrs.
Industrial facilities in Rocky Mount, NC and Lewisville, TX	—	2,163	17,715	609	(8,389	)	1,132	10,966	12,098	2,573	1948; 1989	Sep. 2012	30 yrs.
Industrial facilities in Chattanooga, TN	—	558	5,923	—	—		558	5,923	6,481	1,418	1974; 1989	Sep. 2012	30 yrs.
Industrial facility in Mooresville, NC	2,690	756	9,775	—	—		756	9,775	10,531	2,334	1997	Sep. 2012	30 yrs.
Industrial facility in McCalla, AL	—	960	14,472	42,662	—		2,076	56,018	58,094	7,431	2004	Sep. 2012	31 yrs.
Office facility in Lower Makefield Township, PA	—	1,726	12,781	4,378	—		1,726	17,159	18,885	3,430	2002	Sep. 2012	30 yrs.
Industrial facility in Fort Smith, AZ	—	1,063	6,159	—	—		1,063	6,159	7,222	1,455	1982	Sep. 2012	30 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY	6,547	—	19,990	—	—		—	19,990	19,990	4,672	2000; 2003	Sep. 2012	30 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN	—	1,492	8,182	—	—		1,492	8,182	9,674	1,928	1989; 1995	Sep. 2012	31 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Education facilities in Avondale, AZ; Rancho Cucamonga, CA; and Exton, PA	6,947	14,006	33,683	157	(3,878	)	11,179	32,789	43,968	7,404	2004	Sep. 2012	31 - 32 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA	5,695	6,559	19,078	—	—		6,559	19,078	25,637	4,459	Various	Sep. 2012	31 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY	7,732	6,080	23,424	—	—		6,080	23,424	29,504	5,430	1990; 1994; 2000	Sep. 2012	31 yrs.
Fitness facilities in Englewood, CO; Memphis TN; and Bedford, TX	1,371	4,877	4,258	5,215	4,756		4,877	14,229	19,106	3,629	1990; 1995; 2001	Sep. 2012	31 yrs.
Office facility in Mons, Belgium	5,501	1,505	6,026	653	(1,065	)	1,315	5,804	7,119	1,289	1982	Sep. 2012	32 yrs.
Warehouse facilities in Oceanside, CA and Concordville, PA	2,298	3,333	8,270	—	—		3,333	8,270	11,603	1,922	1989; 1996	Sep. 2012	31 yrs.
Net-lease self-storage facilities located throughout the United States	—	74,551	319,186	—	(50	)	74,501	319,186	393,687	73,409	Various	Sep. 2012	31 yrs.
Warehouse facility in La Vista, NE	19,073	4,196	23,148	—	—		4,196	23,148	27,344	5,017	2005	Sep. 2012	33 yrs.
Office facility in Pleasanton, CA	—	3,675	7,468	—	—		3,675	7,468	11,143	1,713	2000	Sep. 2012	31 yrs.
Office facility in San Marcos, TX	—	440	688	—	—		440	688	1,128	157	2000	Sep. 2012	31 yrs.
Office facility in Chicago, IL	—	2,169	19,010	72	(72	)	2,169	19,010	21,179	4,326	1910	Sep. 2012	31 yrs.
Industrial facilities in Hollywood and Orlando, FL	—	3,639	1,269	—	—		3,639	1,269	4,908	289	1996	Sep. 2012	31 yrs.
Warehouse facility in Golden, CO	—	808	4,304	77	—		808	4,381	5,189	1,096	1998	Sep. 2012	30 yrs.
Industrial facility in Texarkana, TX	—	1,755	4,493	—	(2,783	)	216	3,249	3,465	739	1997	Sep. 2012	31 yrs.
Industrial facility in Eugene, OR	4,014	2,286	3,783	—	—		2,286	3,783	6,069	861	1980	Sep. 2012	31 yrs.
Industrial facility in South Jordan, UT	—	2,183	11,340	1,642	—		2,183	12,982	15,165	2,782	1995	Sep. 2012	31 yrs.
Warehouse facility in Ennis, TX	—	478	4,087	145	—		478	4,232	4,710	1,075	1989	Sep. 2012	31 yrs.
Retail facility in Braintree, MA	—	2,409	—	6,184	(1,403	)	1,006	6,184	7,190	1,209	1994	Sep. 2012	30 yrs.
Office facility in Paris, France	46,269	23,387	43,450	—	(8,451	)	20,430	37,956	58,386	8,418	1975	Sep. 2012	32 yrs.
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Rybnik, Walbrzych, and Warsaw, Poland	—	26,564	72,866	—	(12,613	)	23,164	63,653	86,817	19,395	Various	Sep. 2012	23 - 34 yrs.
Industrial facility in Laupheim, Germany	—	2,072	8,339	—	(1,317	)	1,810	7,284	9,094	2,649	1960	Sep. 2012	20 yrs.
Industrial facilities in Danbury, CT and Bedford, MA	5,443	3,519	16,329	—	—		3,519	16,329	19,848	3,965	1965; 1980	Sep. 2012	29 yrs.
Industrial facility in Brownwood, TX	—	722	6,268	—	—		722	6,268	6,990	418	1964	Sep. 2012	15 yrs.
Warehouse facilities in Venlo, Netherlands	—	10,154	18,590	—	(3,911	)	8,772	16,061	24,833	3,160	1998; 1999	Apr. 2013	35 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

				Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
		Initial Cost to Company
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial and office facility in Tampere, Finland	—	2,309	37,153	—	(5,456	)	1,965	32,041	34,006	6,736	2012	Jun. 2013	40 yrs.
Office facility in Quincy, MA	—	2,316	21,537	127	—		2,316	21,664	23,980	3,842	1989	Jun. 2013	40 yrs.
Office facility in Salford, United Kingdom	—	—	30,012	—	(4,679	)	—	25,333	25,333	4,119	1997	Sep. 2013	40 yrs.
Office facility in Lone Tree, CO	—	4,761	28,864	2,927	—		4,761	31,791	36,552	5,725	2001	Nov. 2013	40 yrs.
Office facility in Mönchengladbach, Germany	32,182	2,154	6,917	50,626	(1,728	)	2,158	55,811	57,969	5,766	2015	Dec. 2013	40 yrs.
Fitness facility in Houston, TX	—	2,430	2,270	—	—		2,430	2,270	4,700	599	1995	Jan. 2014	23 yrs.
Fitness facility in St. Charles, MO	—	1,966	1,368	1,352	—		1,966	2,720	4,686	624	1987	Jan. 2014	27 yrs.
Fitness facility in Salt Lake City, UT	—	856	2,804	—	—		856	2,804	3,660	642	1999	Jan. 2014	26 yrs.
Land in Scottsdale, AZ	9,358	22,300	—	—	—		22,300	—	22,300	—	N/A	Jan. 2014	N/A
Industrial facility in Aurora, CO	2,611	737	2,609	—	—		737	2,609	3,346	488	1985	Jan. 2014	32 yrs.
Warehouse facility in Burlington, NJ	—	3,989	6,213	377	—		3,989	6,590	10,579	1,527	1999	Jan. 2014	26 yrs.
Industrial facility in Albuquerque, NM	—	2,467	3,476	606	—		2,467	4,082	6,549	905	1993	Jan. 2014	27 yrs.
Industrial facility in North Salt Lake, UT	—	10,601	17,626	—	(16,936	)	4,388	6,903	11,291	1,560	1981	Jan. 2014	26 yrs.
Industrial facilities in Lexington, NC and Murrysville, PA	—	2,185	12,058	—	2,713		1,608	15,348	16,956	3,271	1940; 1995	Jan. 2014	28 yrs.
Land in Welcome, NC	—	980	11,230	—	(11,724	)	486	—	486	—	N/A	Jan. 2014	N/A
Industrial facilities in Evansville, IN; Lawrence, KS; and Baltimore, MD	—	4,005	44,192	—	—		4,005	44,192	48,197	10,965	1911; 1967; 1982	Jan. 2014	24 yrs.
Industrial facilities in Colton, CA; Bonner Springs, KS; and Dallas, TX and land in Eagan, MN	—	8,451	25,457	—	298		8,451	25,755	34,206	5,304	1978; 1979; 1986	Jan. 2014	17 - 34 yrs.
Retail facility in Torrance, CA	—	8,412	12,241	1,377	(76	)	8,335	13,619	21,954	3,345	1973	Jan. 2014	25 yrs.
Office facility in Houston, TX	—	6,578	424	560	—		6,578	984	7,562	360	1978	Jan. 2014	27 yrs.
Land in Doncaster, United Kingdom	—	4,257	4,248	—	(8,111	)	394	—	394	—	N/A	Jan. 2014	N/A
Warehouse facility in Norwich, CT	8,111	3,885	21,342	—	2		3,885	21,344	25,229	4,469	1960	Jan. 2014	28 yrs.
Warehouse facility in Norwich, CT	—	1,437	9,669	—	—		1,437	9,669	11,106	2,024	2005	Jan. 2014	28 yrs.
Warehouse facility in Whitehall, PA	—	7,435	9,093	—	(4,164	)	6,983	5,381	12,364	1,379	1986	Jan. 2014	23 yrs.
Retail facilities in York, PA	2,972	3,776	10,092	—	(2,016	)	2,668	9,184	11,852	1,853	1992; 2005	Jan. 2014	26 - 34 yrs.
Industrial facility in Pittsburgh, PA	—	1,151	10,938	—	—		1,151	10,938	12,089	2,613	1991	Jan. 2014	25 yrs.
Warehouse facilities in Atlanta, GA and Elkwood, VA	—	5,356	4,121	—	(2,104	)	4,284	3,089	7,373	656	1975	Jan. 2014	28 yrs.
Warehouse facility in Harrisburg, NC	—	1,753	5,840	—	(111	)	1,642	5,840	7,482	1,324	2000	Jan. 2014	26 yrs.
Industrial facility in Chandler, AZ; industrial, office, and warehouse facility in Englewood, CO; and land in Englewood, CO	3,416	4,306	7,235	—	3		4,306	7,238	11,544	1,415	1978; 1987	Jan. 2014	30 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facility in Cynthiana, KY	1,672	1,274	3,505	525	(107	)	1,274	3,923	5,197	807	1967	Jan. 2014	31 yrs.
Industrial facility in Columbia, SC	—	2,843	11,886	—	—		2,843	11,886	14,729	3,112	1962	Jan. 2014	23 yrs.
Movie theater in Midlothian, VA	—	2,824	16,618	—	—		2,824	16,618	19,442	514	2000	Jan. 2014	40 yrs.
Net-lease student housing facility in Laramie, WY	—	1,966	18,896	—	—		1,966	18,896	20,862	4,308	2007	Jan. 2014	33 yrs.
Office facility in Greenville, SC	7,311	562	7,916	—	43		562	7,959	8,521	1,877	1972	Jan. 2014	25 yrs.
Warehouse facilities in Mendota, IL; Toppenish, WA; and Plover, WI	—	1,444	21,208	—	(623	)	1,382	20,647	22,029	5,447	1996	Jan. 2014	23 yrs.
Industrial facility in Allen, TX and office facility in Sunnyvale, CA	—	9,297	24,086	—	(42	)	9,255	24,086	33,341	4,607	1981; 1997	Jan. 2014	31 yrs.
Industrial facilities in Hampton, NH	6,067	8,990	7,362	—	—		8,990	7,362	16,352	1,435	1976	Jan. 2014	30 yrs.
Industrial facilities located throughout France	—	36,306	5,212	—	(8,126	)	29,091	4,301	33,392	1,111	Various	Jan. 2014	23 yrs.
Retail facility in Fairfax, VA	—	3,402	16,353	—	—		3,402	16,353	19,755	3,672	1998	Jan. 2014	26 yrs.
Retail facility in Lombard, IL	—	5,087	8,578	—	—		5,087	8,578	13,665	1,926	1999	Jan. 2014	26 yrs.
Warehouse facility in Plainfield, IN	18,054	1,578	29,415	—	—		1,578	29,415	30,993	5,735	1997	Jan. 2014	30 yrs.
Retail facility in Kennesaw, GA	2,395	2,849	6,180	5,530	(76	)	2,773	11,710	14,483	2,174	1999	Jan. 2014	26 yrs.
Retail facility in Leawood, KS	7,750	1,487	13,417	—	—		1,487	13,417	14,904	3,013	1997	Jan. 2014	26 yrs.
Office facility in Tolland, CT	7,328	1,817	5,709	—	11		1,817	5,720	7,537	1,234	1968	Jan. 2014	28 yrs.
Warehouse facilities in Lincolnton, NC and Mauldin, SC	9,006	1,962	9,247	—	—		1,962	9,247	11,209	1,948	1988; 1996	Jan. 2014	28 yrs.
Retail facilities located throughout Germany	—	81,109	153,927	10,510	(127,152	)	29,403	88,991	118,394	16,834	Various	Jan. 2014	Various
Industrial and office facility in Marktheidenfeld, Germany	—	1,303	16,116	—	551		1,344	16,626	17,970	105	2002	Jan. 2014	40 yrs.
Office facility in Southfield, MI	—	1,726	4,856	89	—		1,726	4,945	6,671	943	1985	Jan. 2014	31 yrs.
Office facility in The Woodlands, TX	17,072	3,204	24,997	—	—		3,204	24,997	28,201	4,693	1997	Jan. 2014	32 yrs.
Warehouse facilities in Valdosta, GA and Johnson City, TN	—	1,080	14,998	1,688	—		1,080	16,686	17,766	3,392	1978; 1998	Jan. 2014	27 yrs.
Industrial facility in Amherst, NY	7,021	674	7,971	—	—		674	7,971	8,645	2,103	1984	Jan. 2014	23 yrs.
Industrial and warehouse facilities in Westfield, MA	—	1,922	9,755	7,435	9		1,922	17,199	19,121	3,451	1954; 1997	Jan. 2014	28 yrs.
Warehouse facilities in Kottka, Finland	—	—	8,546	—	(1,493	)	—	7,053	7,053	1,910	1999; 2001	Jan. 2014	21 - 23 yrs.
Office facility in Bloomington, MN	—	2,942	7,155	—	—		2,942	7,155	10,097	1,494	1988	Jan. 2014	28 yrs.
Warehouse facility in Gorinchem, Netherlands	3,131	1,143	5,648	—	(1,186	)	944	4,661	5,605	973	1995	Jan. 2014	28 yrs.
Retail facility in Cresskill, NJ	—	2,366	5,482	—	19		2,366	5,501	7,867	1,044	1975	Jan. 2014	31 yrs.
Retail facility in Livingston, NJ	—	2,932	2,001	—	14		2,932	2,015	4,947	439	1966	Jan. 2014	27 yrs.
Retail facility in Maplewood, NJ	—	845	647	—	4		845	651	1,496	142	1954	Jan. 2014	27 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Retail facility in Montclair, NJ	—	1,905	1,403	—	6		1,905	1,409	3,314	307	1950	Jan. 2014	27 yrs.
Retail facility in Morristown, NJ	—	3,258	8,352	—	26		3,258	8,378	11,636	1,824	1973	Jan. 2014	27 yrs.
Retail facility in Summit, NJ	—	1,228	1,465	—	8		1,228	1,473	2,701	321	1950	Jan. 2014	27 yrs.
Industrial and office facilities in Dransfeld and Wolfach, Germany	—	2,789	8,750	—	(3,345	)	2,168	6,026	8,194	1,465	1898; 1978	Jan. 2014	24 yrs.
Industrial facilities in Georgetown, TX and Woodland, WA	—	965	4,113	—	—		965	4,113	5,078	721	1998; 2001	Jan. 2014	33 - 35 yrs.
Education facilities in Union, NJ; Allentown and Philadelphia, PA; and Grand Prairie, TX	—	5,365	7,845	—	5		5,365	7,850	13,215	1,668	Various	Jan. 2014	28 yrs.
Industrial facility in Salisbury, NC	—	1,499	8,185	—	—		1,499	8,185	9,684	1,744	2000	Jan. 2014	28 yrs.
Industrial facilities in Solon and Twinsburg, OH and office facility in Plymouth, MI	—	2,831	10,565	—	—		2,831	10,565	13,396	2,298	1970; 1991; 1995	Jan. 2014	26 - 27 yrs.
Industrial facility in Cambridge, Canada	—	1,849	7,371	—	(1,288	)	1,591	6,341	7,932	1,200	2001	Jan. 2014	31 yrs.
Industrial facilities in Peru, IL; Huber Heights, Lima, and Sheffield, OH; and Lebanon, TN	8,073	2,962	17,832	—	—		2,962	17,832	20,794	3,375	Various	Jan. 2014	31 yrs.
Industrial facility in Ramos Arizpe, Mexico	—	1,059	2,886	—	—		1,059	2,886	3,945	545	2000	Jan. 2014	31 yrs.
Industrial facilities in Salt Lake City, UT	—	2,783	3,773	—	—		2,783	3,773	6,556	714	1983; 2002	Jan. 2014	31 - 33 yrs.
Net-lease student housing facility in Blairsville, PA	8,821	1,631	23,163	—	—		1,631	23,163	24,794	5,051	2005	Jan. 2014	33 yrs.
Warehouse facilities in Atlanta, Doraville, and Rockmart, GA	—	6,488	77,192	—	—		6,488	77,192	83,680	16,002	1959; 1962; 1991	Jan. 2014	23 - 33 yrs.
Warehouse facilities in Flora, MS and Muskogee, OK	3,106	554	4,353	—	—		554	4,353	4,907	786	1992; 2002	Jan. 2014	33 yrs.
Industrial facility in Richmond, MO	—	2,211	8,505	747	—		2,211	9,252	11,463	1,874	1996	Jan. 2014	28 yrs.
Industrial facility in Tuusula, Finland	—	6,173	10,321	—	(2,881	)	5,095	8,518	13,613	1,975	1975	Jan. 2014	26 yrs.
Office facility in Turku, Finland	—	5,343	34,106	—	(6,893	)	4,409	28,147	32,556	5,981	1981	Jan. 2014	28 yrs.
Industrial facility in Turku, Finland	—	1,105	10,243	—	(1,967	)	912	8,469	9,381	1,806	1981	Jan. 2014	28 yrs.
Industrial facility in Baraboo, WI	—	917	10,663	—	—		917	10,663	11,580	4,821	1988	Jan. 2014	13 yrs.
Warehouse facility in Phoenix, AZ	16,836	6,747	21,352	—	—		6,747	21,352	28,099	4,550	1996	Jan. 2014	28 yrs.
Land in Calgary, Canada	—	3,721	—	—	(520	)	3,201	—	3,201	—	N/A	Jan. 2014	N/A
Industrial facilities in Sandersville, GA; Erwin, TN; and Gainesville, TX	1,541	955	4,779	—	—		955	4,779	5,734	912	1950; 1986; 1996	Jan. 2014	31 yrs.
Industrial facility in Buffalo Grove, IL	4,926	1,492	12,233	—	—		1,492	12,233	13,725	2,340	1996	Jan. 2014	31 yrs.
Warehouse facility in Spanish Fork, UT	—	991	7,901	—	—		991	7,901	8,892	1,430	2001	Jan. 2014	33 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facilities in West Jordan, UT and Tacoma, WA; office facility in Eugene, OR; and warehouse facility in Perris, CA	—	8,989	5,435	—	8		8,989	5,443	14,432	1,146	Various	Jan. 2014	28 yrs.
Office facility in Carlsbad, CA	—	3,230	5,492	—	—		3,230	5,492	8,722	1,377	1999	Jan. 2014	24 yrs.
Land in Pensacola, FL	—	1,746	—	—	—		1,746	—	1,746	—	N/A	Jan. 2014	N/A
Movie theater in Port St. Lucie, FL	—	4,654	2,576	—	—		4,654	2,576	7,230	557	2000	Jan. 2014	27 yrs.
Movie theater in Hickory Creek, TX	—	1,693	3,342	—	—		1,693	3,342	5,035	739	2000	Jan. 2014	27 yrs.
Industrial facility in Nurieux-Volognat, France	—	121	5,328	—	(852	)	99	4,498	4,597	823	2000	Jan. 2014	32 yrs.
Warehouse facility in Suwanee, GA	—	2,330	8,406	—	—		2,330	8,406	10,736	1,470	1995	Jan. 2014	34 yrs.
Retail facilities in Wichita, KS and Oklahoma City, OK and warehouse facility in Wichita, KS	—	1,878	8,579	—	—		1,878	8,579	10,457	2,167	1954; 1975; 1984	Jan. 2014	24 yrs.
Industrial facilities in Fort Dodge, IA and Menomonie and Oconomowoc, WI	7,337	1,403	11,098	—	—		1,403	11,098	12,501	4,039	1996	Jan. 2014	16 yrs.
Industrial facility in Mesa, AZ	3,864	2,888	4,282	—	—		2,888	4,282	7,170	929	1991	Jan. 2014	27 yrs.
Industrial facility in North Amityville, NY	—	3,486	11,413	—	—		3,486	11,413	14,899	2,596	1981	Jan. 2014	26 yrs.
Warehouse facilities in Greenville, SC	—	567	10,217	—	(1,330	)	454	9,000	9,454	2,938	1960	Jan. 2014	21 yrs.
Industrial facility in Fort Collins, CO	—	821	7,236	—	—		821	7,236	8,057	1,303	1993	Jan. 2014	33 yrs.
Warehouse facility in Elk Grove Village, IL	—	4,037	7,865	—	—		4,037	7,865	11,902	32	1980	Jan. 2014	22 yrs.
Office facility in Washington, MI	—	4,085	7,496	—	—		4,085	7,496	11,581	1,354	1990	Jan. 2014	33 yrs.
Office facility in Houston, TX	—	522	7,448	227	—		522	7,675	8,197	1,724	1999	Jan. 2014	27 yrs.
Industrial facilities in Conroe, Odessa, and Weimar, TX and industrial and office facility in Houston, TX	4,613	4,049	13,021	—	133		4,049	13,154	17,203	4,167	Various	Jan. 2014	12 - 22 yrs.
Education facility in Sacramento, CA	25,542	—	13,715	—	—		—	13,715	13,715	2,428	2005	Jan. 2014	34 yrs.
Industrial facilities in City of Industry, CA; Chelmsford, MA; and Lancaster, TX	—	5,138	8,387	—	43		5,138	8,430	13,568	1,799	1969; 1974; 1984	Jan. 2014	27 yrs.
Office facility in Tinton Falls, NJ	—	1,958	7,993	725	—		1,958	8,718	10,676	1,562	2001	Jan. 2014	31 yrs.
Industrial facility in Woodland, WA	—	707	1,562	—	—		707	1,562	2,269	262	2009	Jan. 2014	35 yrs.
Warehouse facilities in Gyál and Herceghalom, Hungary	—	14,601	21,915	—	(6,379	)	12,050	18,087	30,137	5,239	2002; 2004	Jan. 2014	21 yrs.
Industrial facility in Windsor, CT	—	453	637	3,422	(83	)	453	3,976	4,429	363	1999	Jan. 2014	33 yrs.
Industrial facility in Aurora, CO	2,482	574	3,999	—	—		574	3,999	4,573	603	2012	Jan. 2014	40 yrs.
Office facility in Chandler, AZ	—	5,318	27,551	19	—		5,318	27,570	32,888	4,608	2000	Mar. 2014	40 yrs.
Warehouse facility in University Park, IL	—	7,962	32,756	221	—		7,962	32,977	40,939	5,305	2008	May 2014	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Office facility in Stavanger, Norway	—	10,296	91,744	—	(29,855	)	7,354	64,831	72,185	8,876	1975	Aug. 2014	40 yrs.
Office facility in Westborough, MA	—	3,409	37,914	—	—		3,409	37,914	41,323	5,706	1992	Aug. 2014	40 yrs.
Office facility in Andover, MA	—	3,980	45,120	289	—		3,980	45,409	49,389	6,289	2013	Oct. 2014	40 yrs.
Office facility in Newport, United Kingdom	—	—	22,587	—	(4,040	)	—	18,547	18,547	2,454	2014	Oct. 2014	40 yrs.
Industrial facility in Lewisburg, OH	—	1,627	13,721	—	—		1,627	13,721	15,348	1,987	2014	Nov. 2014	40 yrs.
Industrial facility in Opole, Poland	—	2,151	21,438	—	(2,276	)	1,944	19,369	21,313	2,866	2014	Dec. 2014	38 yrs.
Office facilities located throughout Spain	—	51,778	257,624	10	(24,847	)	50,497	234,068	284,565	30,609	Various	Dec. 2014	Various
Retail facilities located throughout the United Kingdom	—	66,319	230,113	277	(48,957	)	55,222	192,530	247,752	31,546	Various	Jan. 2015	20 - 40 yrs.
Warehouse facility in Rotterdam, Netherlands	—	—	33,935	20,442	(211	)	—	54,166	54,166	4,717	2014	Feb. 2015	40 yrs.
Retail facility in Bad Fischau, Austria	—	2,855	18,829	—	923		2,977	19,630	22,607	2,908	1998	Apr. 2015	40 yrs.
Industrial facility in Oskarshamn, Sweden	—	3,090	18,262	—	(2,382	)	2,745	16,225	18,970	2,025	2015	Jun. 2015	40 yrs.
Office facility in Sunderland, United Kingdom	—	2,912	30,140	—	(5,047	)	2,467	25,538	28,005	3,263	2007	Aug. 2015	40 yrs.
Industrial facilities in Gersthofen and Senden, Germany and Leopoldsdorf, Austria	—	9,449	15,838	—	231		9,535	15,983	25,518	2,387	2008; 2010	Aug. 2015	40 yrs.
Net-lease hotels in Clive, IA; Baton Rouge, LA; St. Louis, MO; Greensboro, NC; Mount Laurel, NJ; and Fort Worth, TX	—	—	49,190	—	—		—	49,190	49,190	6,111	1988; 1989; 1990	Oct. 2015	38 - 40 yrs.
Retail facilities in Almere, Amsterdam, Eindhoven, Houten, Nieuwegein, Utrecht, Veghel, and Zwaag, Netherlands	—	5,698	38,130	79	2,015		5,959	39,963	45,922	5,128	Various	Nov. 2015	30 - 40 yrs.
Office facility in Irvine, CA	—	7,626	16,137	—	—		7,626	16,137	23,763	1,705	1977	Dec. 2015	40 yrs.
Education facility in Windermere, FL	—	5,090	34,721	15,333	—		5,090	50,054	55,144	6,695	1998	Apr. 2016	38 yrs.
Industrial facilities located throughout the United States	—	66,845	87,575	65,400	(56,517	)	49,680	113,623	163,303	16,284	Various	Apr. 2016	Various
Industrial facilities in North Dumfries and Ottawa, Canada	—	17,155	10,665	—	(18,207	)	5,963	3,650	9,613	1,240	1967; 1974	Apr. 2016	28 yrs.
Education facilities in Coconut Creek, FL and Houston, TX	—	15,550	83,862	63,830	—		15,550	147,692	163,242	13,234	1979; 1984	May 2016	37 - 40 yrs.
Office facility in Southfield, MI and warehouse facilities in London, KY and Gallatin, TN	—	3,585	17,254	—	—		3,585	17,254	20,839	1,539	1969; 1987; 2000	Nov. 2016	35 - 36 yrs.
Industrial facilities in Brampton, Toronto, and Vaughan, Canada	—	28,759	13,998	—	—		28,759	13,998	42,757	1,488	Various	Nov. 2016	28 - 35 yrs.
Industrial facilities in Queretaro and San Juan del Rio, Mexico	—	5,152	12,614	—	—		5,152	12,614	17,766	1,083	Various	Dec. 2016	28 - 40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facility in Chicago, IL	—	2,222	2,655	3,511	—		2,222	6,166	8,388	680	1985	Jun. 2017	30 yrs.
Industrial facility in Zawiercie, Poland	—	395	102	10,378	(401	)	380	10,094	10,474	427	2018	Aug. 2017	40 yrs.
Office facility in Roseville, MN	—	2,560	16,025	—	—		2,560	16,025	18,585	955	2001	Nov. 2017	40 yrs.
Industrial facility in Radomsko, Poland	—	1,718	59	14,453	(629	)	1,657	13,944	15,601	465	2018	Nov. 2017	40 yrs.
Warehouse facility in Sellersburg, IN	—	1,016	3,838	—	—		1,016	3,838	4,854	246	2000	Feb. 2018	36 yrs.
Retail and warehouse facilities in Appleton, Madison, and Waukesha, WI	—	5,512	61,230	—	—		5,465	61,277	66,742	3,392	1995; 2004	Mar. 2018	36 - 40 yrs.
Office and warehouse facilities located throughout Denmark	—	20,304	185,481	—	(6,754	)	19,638	179,393	199,031	8,534	Various	Jun. 2018	25 - 41 yrs.
Retail facilities located throughout the Netherlands	—	38,475	117,127	—	(5,465	)	37,124	113,013	150,137	5,890	Various	Jul. 2018	26 - 30 yrs.
Industrial facility in Oostburg, WI	—	786	6,589	—	—		786	6,589	7,375	432	2002	Jul. 2018	35 yrs.
Warehouse facility in Kampen, Netherlands	—	3,251	12,858	126	(492	)	3,152	12,591	15,743	734	1976	Jul. 2018	26 yrs.
Warehouse facility in Azambuja, Portugal	—	13,527	35,631	—	(1,452	)	13,127	34,579	47,706	1,688	1994	Sep. 2018	28 yrs.
Retail facilities in Amsterdam, Moordrecht, and Rotterdam, Netherlands	—	2,582	18,731	3,219	(317	)	2,549	21,666	24,215	912	Various	Oct. 2018	27 - 37 yrs.
Office and warehouse facilities in Bad Wünnenberg and Soest, Germany	—	2,916	39,687	—	(595	)	2,875	39,133	42,008	1,225	1982; 1986	Oct. 2018	40 yrs.
Industrial facility in Norfolk, NE	1,172	802	3,686	—	—		802	3,686	4,488	146	1975	Oct. 2018	40 yrs.
Education facility in Chicago, IL	11,180	7,720	17,266	—	—		7,720	17,266	24,986	538	1912	Oct. 2018	40 yrs.
Fitness facilities in Phoenix, AZ and Columbia, MD	—	18,286	33,030	—	—		18,286	33,030	51,316	1,024	2006	Oct. 2018	40 yrs.
Retail facility in Gorzow, Poland	—	1,736	8,298	—	(140	)	1,712	8,182	9,894	275	2008	Oct. 2018	40 yrs.
Industrial facilities in Sergeant Bluff, IA; Bossier City, LA; and Alvarado, TX	9,996	6,460	49,462	—	—		6,460	49,462	55,922	1,660	Various	Oct. 2018	40 yrs.
Industrial facilities in Mayodan, Sanford, and Stoneville, NC	—	3,505	20,913	—	—		3,505	20,913	24,418	—	1992; 1997; 1998	Oct. 2018	29 yrs.
Warehouse facility in Dillon, SC	15,522	3,424	43,114	—	—		3,424	43,114	46,538	1,447	2001	Oct. 2018	40 yrs.
Office facility in Birmingham, United Kingdom	16,915	7,383	7,687	—	330		7,545	7,855	15,400	241	2009	Oct. 2018	40 yrs.
Retail facilities located throughout Spain	—	17,626	44,501	—	(867	)	17,380	43,880	61,260	1,387	Various	Oct. 2018	40 yrs.
Warehouse facility in Gadki, Poland	—	1,376	6,137	—	(105	)	1,357	6,051	7,408	193	2011	Oct. 2018	40 yrs.
Office facility in The Woodlands, TX	22,895	1,697	52,289	—	—		1,697	52,289	53,986	1,564	2009	Oct. 2018	40 yrs.
Office facility in Hoffman Estates, IL	—	5,550	14,214	—	—		5,550	14,214	19,764	441	2009	Oct. 2018	40 yrs.
Warehouse facility in Zagreb, Croatia	—	15,789	33,287	—	(685	)	15,568	32,823	48,391	1,523	2001	Oct. 2018	26 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Industrial facilities in Middleburg Heights and Union Township, OH	5,126	1,295	13,384	—	—		1,295	13,384	14,679	411	1990; 1997	Oct. 2018	40 yrs.
Retail facility in Las Vegas, NV	39,504	—	79,720	—	—		—	79,720	79,720	2,331	2012	Oct. 2018	40 yrs.
Industrial facilities located in Phoenix, AZ; Colton, Fresno, Los Angeles, Orange, Pomona, and San Diego, CA; Safety Harbor, FL; Durham, NC; and Columbia, SC	10,306	20,517	14,135	—	—		20,517	14,135	34,652	458	Various	Oct. 2018	40 yrs.
Warehouse facility in Bowling Green, KY	—	2,652	51,915	—	—		2,652	51,915	54,567	1,787	2011	Oct. 2018	40 yrs.
Warehouse facilities in Cannock, Liverpool, Luton, Plymouth, Southampton, and Taunton United Kingdom	—	6,791	2,315	—	199		6,940	2,365	9,305	81	Various	Oct. 2018	40 yrs.
Industrial facility in Evansville, IN	14,085	180	22,095	—	—		180	22,095	22,275	662	2009	Oct. 2018	40 yrs.
Office facilities in Tampa, FL	31,792	3,889	49,843	257	—		3,889	50,100	53,989	1,525	1985; 2000	Oct. 2018	40 yrs.
Warehouse facility in Elorrio, Spain	—	7,858	12,728	—	(286	)	7,749	12,551	20,300	443	1996	Oct. 2018	40 yrs.
Industrial and office facilities in Elberton, GA	—	879	2,014	—	—		879	2,014	2,893	85	1997; 2002	Oct. 2018	40 yrs.
Office facility in Tres Cantos, Spain	55,156	24,344	39,646	—	(893	)	24,004	39,093	63,097	1,242	2002	Oct. 2018	40 yrs.
Office facility in Hartland, WI	2,850	1,454	6,406	—	—		1,454	6,406	7,860	211	2001	Oct. 2018	40 yrs.
Retail facilities in Dugo Selo, Kutina, Samobor, Spansko, and Zagreb, Croatia	—	5,549	12,408	1,308	6,367		6,712	18,920	25,632	683	2000; 2002; 2003	Oct. 2018	26 yrs.
Office and warehouse facilities located throughout the United States	99,793	42,793	193,666	—	—		42,793	193,666	236,459	6,278	Various	Oct. 2018	40 yrs.
Warehouse facilities in Rincon and Unadilla, GA	—	1,954	48,421	—	—		1,954	48,421	50,375	1,536	2000; 2006	Oct. 2018	40 yrs.
Warehouse facilities in Breda, Elst, Gieten, Raalte, and Woerden, Netherlands	—	37,755	91,666	—	(1,807	)	37,228	90,386	127,614	2,780	Various	Oct. 2018	40 yrs.
Warehouse facilities in Oxnard and Watsonville, CA	—	22,453	78,814	—	—		22,453	78,814	101,267	2,435	1975; 1994; 2002	Oct. 2018	40 yrs.
Retail facilities located throughout Italy	—	75,492	138,280	—	(2,984	)	74,438	136,350	210,788	4,536	Various	Oct. 2018	40 yrs.
Land in Hudson, NY	—	2,405	—	—	—		2,405	—	2,405	—	N/A	Oct. 2018	N/A
Office facility in Houston, TX	—	2,136	2,344	—	—		2,136	2,344	4,480	84	1982	Oct. 2018	40 yrs.
Office facility in Martinsville, VA	—	1,082	8,108	—	—		1,082	8,108	9,190	266	2011	Oct. 2018	40 yrs.
Land in Chicago, IL	—	9,887	—	—	—		9,887	—	9,887	—	N/A	Oct. 2018	N/A
Industrial facility in Fraser, MI	—	1,346	9,551	—	—		1,346	9,551	10,897	304	2012	Oct. 2018	40 yrs.
Net-lease self-storage facilities located throughout the United States	—	19,583	108,971	—	—		19,583	108,971	128,554	3,597	Various	Oct. 2018	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facility in Middleburg Heights, OH	—	542	2,507	—	—		542	2,507	3,049	77	2002	Oct. 2018	40 yrs.
Net-lease self-storage facility in Fort Worth, TX	—	691	6,295	—	—		691	6,295	6,986	213	2004	Oct. 2018	40 yrs.
Retail facilities in Delnice, Pozega, and Sesvete, Croatia	—	5,519	9,930	1,068	(200	)	5,442	10,875	16,317	472	2011	Oct. 2018	27 yrs.
Office facilities in Aurora, Eagan, and Virginia, MN	—	16,302	91,239	—	—		16,302	91,239	107,541	2,964	Various	Oct. 2018	40 yrs.
Retail facility in Orlando, FL	—	6,262	25,134	430	—		6,371	25,455	31,826	754	2011	Oct. 2018	40 yrs.
Industrial facility in Avon, OH	3,057	1,447	5,564	—	—		1,447	5,564	7,011	185	2001	Oct. 2018	40 yrs.
Industrial facility in Chimelow, Poland	—	6,158	28,032	—	(477	)	6,072	27,641	33,713	885	2012	Oct. 2018	40 yrs.
Net-lease self-storage facility in Fayetteville, NC	—	1,839	4,654	—	—		1,839	4,654	6,493	201	2001	Oct. 2018	40 yrs.
Retail facilities in Huntsville, AL; Bentonville, AR; Bossier City, LA; Lee's Summit, MO; Fayetteville, TN, and Fort Worth, TX	—	19,529	42,318	—	—		19,529	42,318	61,847	1,370	Various	Oct. 2018	40 yrs.
Education facilities in Montgomery, AL and Savannah, GA	13,520	5,508	12,032	—	—		5,508	12,032	17,540	385	1969; 2002	Oct. 2018	40 yrs.
Office facilities in St. Louis, MO	—	1,297	5,362	3,316	—		1,297	8,678	9,975	178	1995	Oct. 2018	40 yrs.
Office and warehouse facility in Zary, PL	—	2,062	10,034	—	(169	)	2,034	9,893	11,927	325	2013	Oct. 2018	40 yrs.
Industrial facility in Sterling, VA	—	3,198	23,981	—	—		3,198	23,981	27,179	720	1980	Oct. 2018	40 yrs.
Industrial facility in Elk Grove Village, IL	8,230	5,511	10,766	2	—		5,511	10,768	16,279	337	1961	Oct. 2018	40 yrs.
Industrial facility in Portage, WI	4,408	3,450	7,797	—	—		3,450	7,797	11,247	275	1970	Oct. 2018	40 yrs.
Office facility in Warrenville, IL	17,155	3,662	23,711	—	—		3,662	23,711	27,373	732	2002	Oct. 2018	40 yrs.
Warehouse facility in Saitama Prefecture, Japan	—	13,507	25,301	15	(4,141	)	12,005	22,677	34,682	767	2007	Oct. 2018	40 yrs.
Retail facility in Dallas, TX	—	2,977	16,168	—	—		2,977	16,168	19,145	485	1913	Oct. 2018	40 yrs.
Office facility in Houston, TX	124,592	23,161	104,266	256	—		23,161	104,522	127,683	3,091	1973	Oct. 2018	40 yrs.
Retail facilities located throughout Croatia	—	9,000	13,002	1,202	(286	)	8,874	14,044	22,918	515	Various	Oct. 2018	29 - 38 yrs.
Office facility in Northbrook, IL	5,226	—	493	—	—		—	493	493	58	2007	Oct. 2018	40 yrs.
Education facilities in Chicago, IL	—	18,510	163	—	—		18,510	163	18,673	19	2014; 2015	Oct. 2018	40 yrs.
Warehouse facility in Dillon, SC	25,745	3,516	44,933	—	—		3,516	44,933	48,449	1,496	2013	Oct. 2018	40 yrs.
Net-lease self-storage facilities in New York City, NY	—	29,223	77,202	114	—		29,223	77,316	106,539	2,274	Various	Oct. 2018	40 yrs.
Net-lease self-storage facility in Hilo, HI	—	769	12,869	—	—		769	12,869	13,638	381	2007	Oct. 2018	40 yrs.
Net-lease self-storage facility in Clearwater, FL	—	1,247	5,733	—	—		1,247	5,733	6,980	193	2001	Oct. 2018	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facilities in Gadki, Poland	—	10,422	47,727	57	(812	)	10,276	47,118	57,394	1,527	2007; 2010	Oct. 2018	40 yrs.
Net-lease self-storage facility in Orlando, FL	—	1,070	8,686	—	—		1,070	8,686	9,756	276	2000	Oct. 2018	40 yrs.
Retail facility in Lewisville, TX	8,711	3,485	11,263	—	—		3,485	11,263	14,748	352	2004	Oct. 2018	40 yrs.
Industrial facility in Wageningen, Netherlands	17,293	5,227	18,793	—	(55	)	5,154	18,811	23,965	599	2013	Oct. 2018	40 yrs.
Office facility in Haibach, Germany	8,690	1,767	12,229	—	(195	)	1,743	12,058	13,801	390	1993	Oct. 2018	40 yrs.
Net-lease self-storage facility in Palm Coast, FL	—	1,994	4,982	—	—		1,994	4,982	6,976	197	2001	Oct. 2018	40 yrs.
Office facility in Auburn Hills, MI	5,473	1,910	6,773	—	—		1,910	6,773	8,683	216	2012	Oct. 2018	40 yrs.
Net-lease self-storage facility in Holiday, FL	—	1,730	4,213	—	—		1,730	4,213	5,943	162	1975	Oct. 2018	40 yrs.
Office facility in Tempe, AZ	14,108	—	19,533	—	—		—	19,533	19,533	603	2000	Oct. 2018	40 yrs.
Office facility in Tucson, AZ	—	2,448	17,353	—	—		2,448	17,353	19,801	543	2002	Oct. 2018	40 yrs.
Industrial facility in Drunen, Netherlands	—	2,316	9,370	—	(163	)	2,284	9,239	11,523	288	2014	Oct. 2018	40 yrs.
Industrial facility New Concord, OH	1,416	958	2,309	—	—		958	2,309	3,267	88	1999	Oct. 2018	40 yrs.
Office facility in Krakow, Poland	5,192	2,381	6,212	—	(120	)	2,348	6,125	8,473	192	2003	Oct. 2018	40 yrs.
Retail facility in Gelsenkirchen, Germany	12,848	2,178	17,097	—	(269	)	2,147	16,859	19,006	523	2000	Oct. 2018	40 yrs.
Warehouse facilities in Mszczonow and Tomaszow Mazowiecki, Poland	—	8,782	53,575	—	(870	)	8,660	52,827	61,487	1,777	1995; 2000	Oct. 2018	40 yrs.
Office facility in Plymouth, MN	21,310	2,871	26,353	—	—		2,871	26,353	29,224	815	1999	Oct. 2018	40 yrs.
Office facility in San Antonio, TX	12,390	3,094	16,624	—	—		3,094	16,624	19,718	523	2002	Oct. 2018	40 yrs.
Warehouse facility in Sered, Slovakia	—	3,428	28,005	—	(439	)	3,380	27,614	30,994	866	2004	Oct. 2018	40 yrs.
Industrial facility in Tuchomerice, Czech Republic	—	7,864	27,006	—	(487	)	7,754	26,629	34,383	824	1998	Oct. 2018	40 yrs.
Office facility in Warsaw, Poland	37,151	—	44,990	—	(628	)	—	44,362	44,362	1,339	2015	Oct. 2018	40 yrs.
Warehouse facility in Kaunas, Lithuania	38,847	10,199	47,391	—	(804	)	10,057	46,729	56,786	1,481	2008	Oct. 2018	40 yrs.
Net-lease student housing facility in Jacksonville, FL	11,717	906	17,020	—	—		906	17,020	17,926	514	2015	Oct. 2018	40 yrs.
Warehouse facilities in Houston, TX	—	791	1,990	—	—		791	1,990	2,781	66	1972	Oct. 2018	40 yrs.
Office facility in Oak Creek, WI	—	2,858	11,055	—	—		2,858	11,055	13,913	367	2000	Oct. 2018	40 yrs.
Warehouse facilities in Shelbyville, IN; Kalamazoo, MI; Tiffin, OH; Andersonville, TN; and Millwood, WV	—	2,868	37,571	—	—		2,868	37,571	40,439	1,268	Various	Oct. 2018	40 yrs.
Warehouse facility in Perrysburg, OH	—	806	11,922	—	—		806	11,922	12,728	415	1974	Oct. 2018	40 yrs.
Warehouse facility in Dillon, SC	—	620	46,319	434	—		620	46,753	47,373	916	2019	Oct. 2018	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)			Accumulated Depreciation (d)	Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances	Land	Buildings				Land	Buildings	Total
Warehouse facility in Zabia Wola, Poland	16,970	4,742	23,270	5,636	(438	)	4,676	28,534	33,210	843	1999	Oct. 2018	40 yrs.
Office facility in Buffalo Grove, IL	—	2,224	6,583	—	—		2,224	6,583	8,807	210	1992	Oct. 2018	40 yrs.
Warehouse facilities in McHenry, IL	—	5,794	21,141	—	—		5,794	21,141	26,935	917	1990; 1999	Dec. 2018	27 - 28 yrs.
Industrial facilities in Chicago, Cortland, Forest View, Morton Grove, and Northbrook, IL and Madison and Monona, WI	—	23,267	9,166	—	—		23,267	9,166	32,433	354	Various	Dec. 2018; Dec. 2019	35 - 40 yrs.
Warehouse facility in Kilgore, TX	—	3,002	36,334	14,096	(6	)	3,002	50,424	53,426	1,161	2007	Dec. 2018	37 yrs.
Industrial facility in San Luis Potosi, Mexico	—	2,787	12,945	—	—		2,787	12,945	15,732	391	2009	Dec. 2018	39 yrs.
Industrial facility in Legnica, Poland	—	995	9,787	6,007	(252	)	979	15,558	16,537	459	2002	Dec. 2018	29 yrs.
Industrial facility in Meru, France	—	4,231	14,731	8	(238	)	4,178	14,554	18,732	557	1997	Dec. 2018	29 yrs.
Education facility in Portland, OR	—	2,396	23,258	10	—		2,396	23,268	25,664	513	2006	Feb. 2019	40 yrs.
Office facility in Morrisville, NC	—	2,374	30,140	—	—		2,374	30,140	32,514	693	1998	Mar. 2019	40 yrs.
Warehouse facility in Inwood, WV	20,579	3,265	36,692	—	—		3,265	36,692	39,957	777	2000	Mar. 2019	40 yrs.
Industrial facility in Hurricane, UT	—	1,914	37,279	—	—		1,914	37,279	39,193	745	2011	Mar. 2019	40 yrs.
Industrial facility in Bensenville, IL	—	8,640	4,948	—	300		8,940	4,948	13,888	158	1981	Mar. 2019	40 yrs.
Industrial facility in Katowice, Poland	—	—	764	14,586	313		—	15,663	15,663	38	2019	Apr. 2019	40 yrs.
Industrial facilities in Westerville, OH and North Wales, PA	—	1,545	6,508	—	—		1,545	6,508	8,053	128	1960; 1997	May 2019	40 yrs.
Industrial facilities in Fargo, ND; Norristown, PA; and Atlanta, TX	—	1,616	5,589	—	—		1,616	5,589	7,205	134	Various	May 2019	40 yrs.
Industrial facilities in Chihuahua and Juarez, Mexico	—	3,426	7,286	—	—		3,426	7,286	10,712	158	1983; 1986; 1991	May 2019	40 yrs.
Warehouse facility in Statesville, NC	—	1,683	13,827	—	—		1,683	13,827	15,510	238	1979	Jun. 2019	40 yrs.
Industrial facility in Conestoga, PA	—	4,290	51,410	—	—		4,290	51,410	55,700	822	1950	Jun. 2019	40 yrs.
Industrial facilities in Hartford and Milwaukee, WI	—	1,471	21,293	—	—		1,471	21,293	22,764	290	1964; 1992; 1993	Jul. 2019	40 yrs.
Industrial facilities in Brockville and Prescott, Canada	—	2,025	9,519	—	—		2,025	9,519	11,544	127	1955; 1995	Jul. 2019	40 yrs.
Industrial facility in Dordrecht, Netherlands	—	3,233	10,954	—	328		3,307	11,208	14,515	76	1986	Sep. 2019	40 yrs.
Industrial facilities in York, PA and Lexington, SC	—	4,155	22,930	—	—		4,155	22,930	27,085	197	1968; 1971	Oct. 2019	40 yrs.
Industrial facility in Queretaro, Mexico	—	2,851	12,748	—	—		2,851	12,748	15,599	99	1999	Oct. 2019	40 yrs.
Office facility in Dearborn, MI	—	1,431	5,402	—	—		1,431	5,402	6,833	43	2002	Oct. 2019	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which  Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings							Land		Buildings		Total
Industrial facilities in Houston, TX and Metairie, LA and office facilities in Houston, TX and Mason, OH	—		6,130		24,981		—		—			6,130		24,981		31,111		116		Various	Nov. 2019	40 yrs.
Industrial facility in Pardubice, Czech Republic	—		1,694		8,793		—		203			1,727		8,963		10,690		—		1970	Nov. 2019	40 yrs.
Warehouse facilities in Brabrand, Denmark and Arlandastad, Sweden	—		6,499		27,899		—		858			6,665		28,591		35,256		70		2012; 2017	Nov. 2019	40 yrs.
Retail facility in Hamburg, PA	—		4,520		34,167		—		—			4,520		34,167		38,687		—		2003	Dec. 2019	40 yrs.
Warehouse facility in Charlotte, NC	—		6,481		82,936		—		—			6,481		82,936		89,417		—		1995	Dec. 2019	40 yrs.
Warehouse facility in Buffalo Grove, IL	—		3,287		10,167		—		—			3,287		10,167		13,454		17		1987	Dec. 2019	40 yrs.
Industrial facility in Hvidovre, Denmark	—		1,931		4,243		—		77			1,955		4,296		6,251		—		2007	Dec. 2019	40 yrs.
Warehouse facility in Huddersfield, United Kingdom	—		8,659		29,752		—		—			8,659		29,752		38,411		—		2005	Dec. 2019	40 yrs.
	$	1,387,046	$	2,028,107	$	7,687,370	$	506,074	$	(518,047	)	$	1,875,065	$	7,828,439	$	9,703,504	$	950,452

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Direct Financing Method
Industrial facilities in Irving and Houston, TX	$	—	$	—	$	27,599	$	—	$	(4,074	)	$	23,525	1978	Jan. 1998
Retail facility in Freehold, NJ	7,637		—		17,067		—		(278		)	16,789		2004	Sep. 2012
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX	2,434		2,089		14,211		—		(937		)	15,363		1969; 1996; 2000	Sep. 2012
Retail facilities in Arnstadt, Borken, Bünde, Dorsten, Duisburg, Freiberg, Gütersloh, Leimbach-Kaiserro, Monheim, Oberhausen, Osnabrück, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, and Wuppertal Germany	—		28,734		145,854		5,582		(23,090		)	157,080		Various	Sep. 2012
Warehouse facility in Brierley Hill, United Kingdom	—		2,147		12,357		—		(1,553		)	12,951		1996	Sep. 2012
Industrial and warehouse facility in Mesquite, TX	5,580		2,851		15,899		—		(2,377		)	16,373		1972	Sep. 2012
Industrial facility in Rochester, MN	2,184		881		17,039		—		(2,336		)	15,584		1997	Sep. 2012
Office facility in Irvine, CA	5,785		—		17,027		—		(2,230		)	14,797		1981	Sep. 2012
Office facility in Scottsdale, AZ	17,819		—		43,570		—		(1,108		)	42,462		1977	Jan. 2014
Retail facilities in El Paso and Fabens, TX	—		4,777		17,823		—		(54		)	22,546		Various	Jan. 2014
Industrial facility in Dallas, TX	—		3,190		10,010		—		161			13,361		1968	Jan. 2014
Industrial facility in Eagan, MN	—		—		11,548		—		(359		)	11,189		1975	Jan. 2014
Industrial facilities in Albemarle and Old Fort, NC and Holmesville, OH	—		6,542		20,668		5,317		(7,297		)	25,230		1955; 1966; 1970	Jan. 2014
Industrial facilities located throughout France	—		—		27,270		—		(7,877		)	19,393		Various	Jan. 2014
Retail facility in Gronau, Germany	—		281		4,401		—		(818		)	3,864		1989	Jan. 2014
Industrial and warehouse facility in Newbridge, United Kingdom	9,818		6,851		22,868		—		(7,378		)	22,341		1998	Jan. 2014
Education facility in Mooresville, NC	2,009		1,795		15,955		—		—			17,750		2002	Jan. 2014
Industrial facility in Mount Carmel, IL	—		135		3,265		—		(150		)	3,250		1896	Jan. 2014
Retail facility in Vantaa, Finland	—		5,291		15,522		—		(3,636		)	17,177		2004	Jan. 2014
Retail facility in Linköping, Sweden	—		1,484		9,402		—		(3,282		)	7,604		2004	Jan. 2014
Industrial facility in Calgary, Canada	—		—		7,076		—		(985		)	6,091		1965	Jan. 2014
Industrial facilities in Kearney, MO; Fair Bluff, NC; York, NE; Walbridge, OH; Middlesex Township, PA; Rocky Mount, VA; and Martinsburg, WV	6,783		5,780		40,860		—		(380		)	46,260		Various	Jan. 2014
Movie theater in Pensacola, FL	—		—		13,034		—		(6,083		)	6,951		2001	Jan. 2014
Industrial facility in Monheim, Germany	—		2,939		7,379		—		(2,174		)	8,144		1992	Jan. 2014
Industrial facility in Göppingen, Germany	—		10,717		60,120		—		(15,177		)	55,660		1930	Jan. 2014
Industrial facility in Sankt Ingbert, Germany	—		2,786		26,902		—		(6,168		)	23,520		1960	Jan. 2014
Industrial and office facility in Nagold, Germany	—		4,553		17,675		—		(310		)	21,918		1994	Oct. 2018
Industrial facility in Glendale Heights, IL	—		4,237		45,173		—		269			49,679		1991	Oct. 2018
Industrial facilities in Colton, Fresno, Orange, Pomona, and San Diego, CA; Holly Hill, FL; Rockmart, GA; Ooltewah, TN; and Dallas, TX	9,967		2,068		31,256		—		(254		)	33,070		Various	Oct. 2018
Warehouse facilities in Bristol, Leeds, Liverpool, Luton, Newport, Plymouth, and Southampton, United Kingdom	—		1,062		23,087		—		497			24,646		Various	Oct. 2018
Warehouse facility in Gieten, Netherlands	—		—		15,258		—		(248		)	15,010		1985	Oct. 2018
Warehouse facility in Oxnard, CA	—		—		10,960		—		(305		)	10,655		1975	Oct. 2018

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2019

(in thousands)

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Industrial facilities in Bartow, FL; Momence, IL; Smithfield, NC; Hudson, NY; and Ardmore, OK	—		4,454		87,030		—		1,099			92,583		Various	Oct. 2018
Industrial facility in Countryside, IL	—		563		1,457		—		16			2,036		1981	Oct. 2018
Industrial facility in Clarksville, TN	3,688		1,680		10,180		—		(7		)	11,853		1998	Oct. 2018
Industrial facility in Bluffton, IN	1,737		503		3,407		—		(11		)	3,899		1975	Oct. 2018
Warehouse facility in Houston, TX	—		—		5,977		—		(32		)	5,945		1972	Oct. 2018
	$	75,441	$	108,390	$	876,186	$	10,899	$	(98,926	)	$	896,549

			Initial Cost to Company						Cost  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)			Gross Amount at which Carried   at Close of Period (c) (d)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property							Land		Buildings		Personal Property		Total		Accumulated Depreciation (d)		Date of Construction	Date Acquired
Land, Buildings and Improvements Attributable to Operating Properties – Hotels
Bloomington, MN	$	—	$	3,810	$	29,126	$	3,622	$	5,974	$	(247	)	$	3,874	$	31,208	$	7,203	$	42,285	$	9,855	2008	Jan. 2014	34 yrs.
Land, Buildings and Improvements Attributable to Operating Properties – Self-Storage Facilities
Loves Park, IL	—		1,412		4,853		—		4		—			1,412		4,853		4		6,269		214		1997	Oct. 2018	40 yrs.
Cherry Valley, IL	—		1,339		4,160		—		—		—			1,339		4,160		—		5,499		179		1988	Oct. 2018	40 yrs.
Rockford, IL	—		695		3,873		—		14		—			695		3,883		4		4,582		151		1979	Oct. 2018	40 yrs.
Rockford, IL	—		87		785		—		—		—			87		785		—		872		28		1979	Oct. 2018	40 yrs.
Rockford, IL	—		454		4,724		—		—		—			454		4,724		—		5,178		152		1957	Oct. 2018	40 yrs.
Peoria, IL	—		444		4,944		—		37		—			443		4,964		18		5,425		215		1990	Oct. 2018	40 yrs.
East Peoria, IL	—		268		3,290		—		53		—			268		3,336		7		3,611		138		1986	Oct. 2018	40 yrs.
Loves Park, IL	—		721		2,973		—		17		—			721		2,990		—		3,711		120		1978	Oct. 2018	40 yrs.
Winder, GA	—		338		1,310		—		2		—			338		1,310		2		1,650		55		2006	Oct. 2018	40 yrs.
Winder, GA	—		821		3,180		—		—		—			821		3,180		—		4,001		134		2001	Oct. 2018	40 yrs.
	$	—	$	10,389	$	63,218	$	3,622	$	6,101	$	(247	)	$	10,452	$	65,393	$	7,238	$	83,083	$	11,241

__________

(a) Consists of the cost of improvements subsequent to acquisition and acquisition costs, including construction costs on build-to-suit transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b) The increase (decrease) in net investment was primarily due to (i) sales of properties, (ii) impairment charges, (iii) changes in foreign currency exchange rates, (iv) allowances for credit loss, and (v) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received.

(c) Excludes (i) gross lease intangible assets of $3.0 billion and the related accumulated amortization of $1.1 billion, (ii) gross lease intangible liabilities of $285.2 million and the related accumulated amortization of $74.5 million, (iii) assets held for sale, net of $104.0 million, and (iv) real estate under construction of $69.6 million.

(d)

A reconciliation of real estate and accumulated depreciation follows:

W. P. CAREY INC.

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

	Reconciliation of Land, Buildings and Improvements Subject to Operating Leases
	Years Ended December 31,
	2019			2018			2017
Beginning balance	$	8,717,612		$	5,334,446		$	5,182,267
Acquisitions	610,381			734,963			23,462
Reclassification from operating properties	291,750			—			—
Reclassification from real estate under construction	122,519			86,784			51,198
Dispositions	(90,488		)	(296,543		)	(131,549		)
Reclassification from direct financing lease	76,934			15,998			1,611
Foreign currency translation adjustment	(37,032		)	(88,715		)	192,580
Capital improvements	18,860			25,727			17,778
CPA:17 Merger measurement period adjustments	(5,687		)	—			—
Impairment charges	(1,345		)	(3,030		)	(2,901		)
Acquisitions through CPA:17 Merger	—			2,907,982			—
Ending balance	$	9,703,504		$	8,717,612		$	5,334,446

	Reconciliation of Accumulated Depreciation for Land, Buildings and Improvements Subject to Operating Leases
	Years Ended December 31,
	2019			2018			2017
Beginning balance	$	724,550		$	613,543		$	472,294
Depreciation expense	232,927			162,119			144,183
Dispositions	(6,109		)	(41,338		)	(17,770		)
Foreign currency translation adjustment	(916		)	(9,774		)	14,836
Ending balance	$	950,452		$	724,550		$	613,543

	Reconciliation of Land, Buildings and Improvements Attributable to Operating Properties
	Years Ended December 31,
	2019			2018			2017
Beginning balance	$	466,050		$	83,047		$	81,711
Reclassification to operating leases	(291,750		)	—			—
Reclassification to assets held for sale	(94,078		)	—			—
Capital improvements	1,853			3,080			1,336
Reclassification from real estate under construction	1,008			—			—
Acquisitions through CPA:17 Merger	—			423,530			—
Dispositions	—			(43,607		)	—
Ending balance	$	83,083		$	466,050		$	83,047

	Reconciliation of Accumulated Depreciation for Land, Buildings and Improvements Attributable to Operating Properties
	Years Ended December 31,
	2019			2018			2017
Beginning balance	$	10,234		$	16,419		$	12,143
Depreciation expense	2,553			4,240			4,276
Reclassification to assets held for sale	(1,546		)	—			—
Dispositions	—			(10,425		)	—
Ending balance	$	11,241		$	10,234		$	16,419

At December 31, 2019, the aggregate cost of real estate that we and our consolidated subsidiaries own for federal income tax purposes was approximately $12.4 billion.