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Mortgage Notes Payable, Net (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Mortgage notes payable, net as of September 30, 2018 and December 31, 2017 consisted of the following:
 
 
 
 
Encumbered Properties
 
Outstanding Loan Amount (1)
 
Effective Interest Rate
 
Interest Rate
 
 
Country
 
Portfolio
 
 
September 30,
2018
 
December 31,
2017
 
 
 
Maturity
 
 
 
 
 
 
(In thousands)
 
(In thousands)
 
 
 
 
 
 
Finland:
 
Finnair
 
4
 
$
32,957

 
$
34,022

 
2.2%
(2) 
Fixed
 
Sep. 2020
 
 
Tokmanni
 
1
 
33,625

 
34,711

 
2.4%
(2) 
Fixed
 
Oct. 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
France:
 
Auchan
 
1
 
9,632

 
9,943

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Pole Emploi
 
1
 
6,731

 
6,948

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Sagemcom
 
1
 
41,661

 
43,006

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
Worldline
 
1
 
5,802

 
5,990

 
1.9%
(2) 
Fixed
 
Jul. 2020
 
 
DCNS
 
1
 
11,024

 
11,381

 
1.5%
(2) 
Fixed
 
Dec. 2020
 
 
ID Logistics II
 
2
 
12,185

 
12,578

 
1.3%
 
Fixed
 
Jun. 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Germany
 
Rheinmetall
 
1
 
12,301

 
12,698

 
2.6%
(2) 
Fixed
 
Jan. 2019
 
 
OBI DIY
 
1
 
5,222

 
5,391

 
2.4%
 
Fixed
 
Jan. 2019
 
 
RWE AG
 
3
 
72,529

 
74,872

 
1.6%
(2) 
Fixed
 
Oct. 2019
 
 
Rexam
 
1
 
5,959

 
6,301

 
1.8%
(2) 
Fixed
 
Aug. 2019
 
 
Metro Tonic
 
1
 
30,752

 
31,746

 
1.7%
(2) 
Fixed
 
Dec. 2019
 
 
ID Logistics I 
 
1
 
4,642

 
4,792

 
1.0%
 
Fixed
 
Oct. 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Luxembourg:
 
DB Luxembourg
 
1
 
41,777

 
43,126

 
1.4%
(2) 
Fixed
 
May 2020
The Netherlands:
 
ING Amsterdam
 
1
 
51,061

 
52,710

 
1.7%
(2) 
Fixed
 
Jun. 2020
 
 
Total EUR denominated
 
22
 
377,860

 
390,215

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Kingdom:
 
McDonald's
 
—
 
—

 
1,025

 
—%
 
—
 
—
 
 
Wickes Building Supplies I
 
—
 
—

 
2,226

 
—%
 
—
 
—
 
 
Everything Everywhere
 
—
 
—

 
5,397

 
—%
 
—
 
—
 
 
Thames Water
 
—
 
—

 
8,096

 
—%
 
—
 
—
 
 
Wickes Building Supplies II
 
—
 
—

 
2,626

 
—%
 
—
 
—
 
 
Northern Rock
 
—
 
—

 
7,084

 
—%
 
—
 
—
 
 
Wickes Building Supplies III
 
—
 
—

 
2,564

 
—%
 
—
 
—
 
 
Provident Financial
 
—
 
—

 
17,203

 
—%
 
—
 
—
 
 
Crown Crest
 
—
 
—

 
25,973

 
—%
 
—
 
—
 
 
Aviva
 
—
 
—

 
21,183

 
—%
 
—
 
—
 
 
Bradford & Bingley
 
—
 
—

 
10,200

 
—%
 
—
 
—
 
 
Intier Automotive Interiors
 
—
 
—

 
6,375

 
—%
 
—
 
—
 
 
 
 
Encumbered Properties
 
Outstanding Loan Amount (1)
 
Effective Interest Rate
 
Interest Rate
 
 
Country
 
Portfolio
 
 
September 30,
2018
 
December 31,
2017
 
 
 
Maturity
 
 
Capgemini
 
—
 
—

 
6,381

 
—%
 
—
 
—
 
 
Fujitsu
 
—
 
—

 
33,435

 
—%
 
—
 
—
 
 
Amcor Packaging
 
—
 
—

 
4,218

 
—%
 
—
 
—
 
 
Fife Council
 
—
 
—

 
2,474

 
—%
 
—
 
—
 
 
Malthrust
 
—
 
—

 
4,318

 
—%
 
—
 
—
 
 
Talk Talk
 
—
 
—

 
5,161

 
—%
 
—
 
—
 
 
HBOS
 
—
 
—

 
7,272

 
—%
 
—
 
—
 
 
DFS Trading
 
—
 
—

 
13,680

 
—%
 
—
 
—
 
 
DFS Trading
 
—
 
—

 
3,203

 
—%
 
—
 
—
 
 
HP Enterprise Services
 
—
 
—

 
12,531

 
—%

—
 
—
 
 
Foster Wheeler
 
—
 
—

 
53,026

 
—%
 
—
 
—
 
 
Harper Collins
 
—
 
—

 
37,880

 
—%
 
—
 
—
 
 
NCR Dundee
 
—
 
—

 
7,610

 
—%
 
—
 
—
 
 
UK Multi-Property Cross Collateralized Loan
 
43
 
299,674

 
—

 
3.2%
(3) 
Fixed
 
Aug. 2023
 
 
Total GBP denominated
 
43
 
299,674

 
301,141

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States:
 
Quest Diagnostics
 
1
 
52,800

 
52,800

 
4.2%
(4) 
Variable
 
Sep. 2019
 
 
Western Digital
 
—
 
—

 
17,363

 
—%
(5) 
—
 
—
 
 
AT&T Services
 
1
 
33,550

 
33,550

 
2.0%
(6) 
Variable
 
Dec. 2020
 
 
FedEx Freight
 
—
 
—

 
6,165

 
—%
 
—
 
—
 
 
Veolia Water
 
—
 
—

 
4,110

 
—%
 
—
 
—
 
 
Multi-Tenant Mortgage Loan I
 
12
 
187,000

 
187,000

 
4.4%
 
Fixed
 
Nov. 2027
 
 
Multi-Tenant Mortgage Loan II
 
8
 
32,750

 
—

 
4.4%
 
Fixed
 
Feb. 2028
 
 
Total USD denominated
 
22
 
306,100

 
300,988

 
 
 
 
 
 
 
 
Gross mortgage notes payable
 
87
 
983,634

 
992,344

 
2.9%
 
 
 
 
 
 
Mortgage discount
 
 
 
(696
)
 
(1,927
)
 
—
 
 
 
 
 
 
Deferred financing costs, net of accumulated amortization
 
 
 
(8,423
)
 
(5,541
)
 
—
 
 
 
 
 
 
Mortgage notes payable, net
 
87
 
$
974,515

 
$
984,876

 
2.9%
 
 
 
 
_______________________________
(1) 
Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date.
(2) 
Fixed as a result of an interest rate swap agreement.
(3) 
80% fixed as a result of an interest rate swap agreement and 20% variable. Variable portion is at LIBOR rate in effect at September 30, 2018.
(4) 
The interest rate is 2.0% plus 1-month LIBOR. LIBOR rate in effect is as of September 30, 2018.
(5) 
The debt prepayment costs associated with the sale of Western Digital were $1.3 million.
(6) 
The interest rate is 2.0% plus 1-month Adjusted LIBOR as defined in the mortgage agreement. LIBOR rate in effect is as of September 30, 2018.
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 September 30, 2018:
(In thousands)
 
Future Principal Payments (1)
2018 (remainder)
 
$
—

2019
 
237,587

2020
 
209,796

2021
 
16,827

2022
 
—

2023
 
299,674

Thereafter
 
219,750

Total
 
$
983,634

_________________________
(1) 
Assumes exchange rates of £1.00 to $1.30 for GBP and €1.00 to $1.16 for EUR as of September 30, 2018 for illustrative purposes, as applicable.