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Mortgage Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Mortgage notes payable as of June 30, 2017 and December 31, 2016 consisted of the following:
 
 
 
 
Encumbered Properties
 
Outstanding Loan Amount (1)
 
Effective Interest Rate
 
Interest Rate
 
 
Country
 
Portfolio
 
 
June 30, 2017
 
December 31, 2016
 
 
 
Maturity
 
 
 
 
 
 
(In thousands)
 
(In thousands)
 
 
 
 
 
 
Finland:
 
Finnair
 
4
 
$
32,442

 
$
29,878

 
2.2%
(2) 
Fixed
 
Sep. 2020
 
 
Tokmanni
 
1
 
33,099

 
30,483

 
2.4%
(2) 
Fixed
 
Oct. 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
France:
 
Auchan (5)
 
1
 
9,481

 
8,732

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Pole Emploi (5)
 
1
 
6,626

 
6,102

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Sagemcom (5)
 
1
 
41,010

 
37,768

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Worldline (5)
 
1
 
5,712

 
5,260

 
1.9%
(2) 
Fixed
 
Jul. 2020
 
 
DCNS (5)
 
1
 
10,852

 
9,994

 
1.5%
(2) 
Fixed
 
Dec. 2020
 
 
ID Logistics II (5)
 
2
 
11,994

 
11,046

 
1.3%
 
Fixed
 
Jun. 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Germany
 
Rheinmetall
 
1
 
12,109

 
11,152

 
2.6%
(2) 
Fixed
 
Jan. 2019
 
 
OBI DIY
 
1
 
5,140

 
4,734

 
2.4%
 
Fixed
 
Jan. 2019
 
 
RWE AG
 
3
 
71,396

 
65,753

 
1.6%
(2) 
Fixed
 
Oct. 2019
 
 
Rexam
 
1
 
6,009

 
5,534

 
1.8%
(2) 
Fixed
 
Oct. 2019
 
 
Metro Tonic
 
1
 
30,272

 
27,879

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
ID Logistics I (5)
 
1
 
4,569

 
4,208

 
1.0%
 
Fixed
 
Oct. 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Luxembourg:
 
DB Luxembourg (5)
 
1
 
41,124

 
37,873

 
1.4%
(2) 
Fixed
 
May 2020
The Netherlands:
 
ING Amsterdam (5)
 
1
 
50,263

 
46,290

 
1.7%
(2) 
Fixed
 
Jun. 2020
 
 
Total EUR denominated
 
22
 
372,098

 
342,686

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Kingdom:
 
McDonald's
 
1
 
988

 
938

 
4.1%
(2) 
Fixed
 
Oct. 2017
 
 
Wickes Building Supplies I
 
1
 
2,531

 
2,402

 
3.7%
(2) 
Fixed
 
May 2018
 
 
Everything Everywhere
 
1
 
5,201

 
4,936

 
4.0%
(2) 
Fixed
 
Jun. 2018
 
 
Thames Water
 
1
 
7,802

 
7,405

 
4.1%
(2) 
Fixed
 
Jul. 2018
 
 
Wickes Building Supplies II
 
1
 
2,145

 
2,036

 
4.2%
(2) 
Fixed
 
Jul. 2018
 
 
Northern Rock
 
2
 
6,826

 
6,479

 
4.4%
(2) 
Fixed
 
Sep. 2018
 
 
Wickes Building Supplies III
 
1
 
2,471

 
2,345

 
4.3%
(2) 
Fixed
 
Nov. 2018
 
 
Provident Financial
 
1
 
16,578

 
15,735

 
4.1%
(2) 
Fixed
 
Feb. 2019
 
 
Crown Crest
 
1
 
25,030

 
23,757

 
4.2%
(2) 
Fixed
 
Feb. 2019
 
 
Aviva
 
1
 
20,414

 
19,376

 
3.8%
(2) 
Fixed
 
Mar. 2019
 
 
Bradford & Bingley
 
1
 
9,830

 
9,330

 
3.5%
(2) 
Fixed
 
May 2020
 
 
Intier Automotive Interiors
 
1
 
6,144

 
5,831

 
3.5%
(2) 
Fixed
 
May 2020
 
 
Capgemini
 
1
 
7,151

 
6,788

 
3.2%
(2) 
Fixed
 
Jun. 2020
 
 
Fujitsu
 
3
 
32,221

 
30,581

 
3.2%
(2) 
Fixed
 
Jun. 2020
 
 
Amcor Packaging
 
7
 
4,065

 
3,858

 
3.5%
(2) 
Fixed
 
Jul. 2020
 
 
Fife Council
 
1
 
2,384

 
2,263

 
3.5%
(2) 
Fixed
 
Jul. 2020
 
 
Malthrust
 
3
 
4,161

 
3,949

 
3.5%
(2) 
Fixed
 
Jul. 2020
 
 
Talk Talk
 
1
 
4,973

 
4,721

 
3.5%
(2) 
Fixed
 
Jul. 2020
 
 
HBOS
 
3
 
7,008

 
6,652

 
3.5%
(2) 
Fixed
 
Jul. 2020
 
 
DFS Trading
 
5
 
13,184

 
12,513

 
3.4%
(2) 
Fixed
 
Aug. 2020
 
 
DFS Trading
 
2
 
3,086

 
2,930

 
3.4%
(2) 
Fixed
 
Aug. 2020
 
 
HP Enterprise Services
 
1
 
12,076

 
11,461

 
3.4%
(2) 
Fixed
 
Aug. 2020
 
 
Foster Wheeler (5)
 
1
 
51,101

 
48,501

 
2.6%
(2) 
Fixed
 
Oct. 2018
 
 
Harper Collins (5)
 
1
 
36,505

 
34,648

 
3.4%
(2) 
Fixed
 
Oct. 2019
 
 
 
 
Encumbered Properties
 
Outstanding Loan Amount (1)
 
Effective Interest Rate
 
Interest Rate
 
 
Country
 
Portfolio
 
 
June 30, 2017
 
December 31, 2016
 
 
 
Maturity
 
 
NCR Dundee (5)
 
1
 
7,334

 
6,960

 
2.9%
(2) 
Fixed
 
Apr. 2020
 
 
Total GBP denominated
 
43
 
291,209

 
276,395

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States:
 
Quest Diagnostics
 
1
 
52,800

 
52,800

 
3.0%
(3) 
Variable
 
Sep. 2018
 
 
Western Digital
 
1
 
17,523

 
17,682

 
5.3%
 
Fixed
 
Jul. 2021
 
 
AT&T Services
 
1
 
33,550

 
33,550

 
2.9%
(4) 
Variable
 
Dec. 2020
 
 
FedEx Freight (5)
 
1
 
6,165

 
6,165

 
4.5%
 
Fixed
 
Jun. 2021
 
 
Veolia Water (5)
 
1
 
4,110

 
4,110

 
4.5%
 
Fixed
 
Jun. 2021
Puerto Rico:
 
Encanto Restaurants (6)
 
18

—

 
21,599

 
6.3%
 
Fixed
 
Jun. 2017
 
 
Total USD denominated
 
5
 
114,148

 
135,906

 
 
 
 
 
 
 
 
Gross mortgage notes payable
 
70
 
777,455

 
754,987

 
2.6%
 
 
 
 
 
 
Deferred financing costs, net of accumulated amortization
 
—
 
(4,409
)
 
(5,103
)
 
—%
 
 
 
 
 
 
Mortgage notes payable, net of deferred financing costs
 
70
 
$
773,046

 
$
749,884

 
2.6%
 
 
 
 
_______________________________
(1) 
Amounts borrowed in local currency and translated at the spot rate as of the periods presented.
(2) 
Fixed as a result of an interest rate swap agreement.
(3) 
The interest rate is 2.0% plus 1-month LIBOR.
(4) 
The interest rate is 2.0% plus 1-month Adjusted LIBOR as defined in the mortgage agreement.
(5) 
New mortgages acquired as part of the Merger on the Merger Date.
(6) 
The effective interest rate of 6.3% and 18 properties is not included in the calculation of weighted average effective interest rate and encumbered properties total as of June 30, 2017, respectively, as the loan was paid off as of June 30, 2017.
Schedule of Maturities of Long-term Debt
The following table presents future scheduled aggregate principal payments on the Company's gross mortgage notes payable over the next five calendar years and thereafter as of June 30, 2017:
(In thousands)
 
Future Principal Payments (1)
2017 (remainder)
 
$
1,149

2018
 
131,213

2019
 
280,924

2020
 
321,030

2021
 
43,139

2022
 
—

Thereafter
 
—

Total
 
$
777,455

_________________________
(1) 
Assumes exchange rates of £1.00 to $1.30 for GBP and €1.00 to $1.14 for Euro as of June 30, 2017 for illustrative purposes, as applicable.