XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.19.1

Mortgage Notes Payable, Net (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Mortgage notes payable, net as of March 31, 2019 and December 31, 2018 consisted of the following:
|  |  |  | Encumbered Properties |  | Outstanding Loan Amount (1) |  | Effective Interest Rate |  | Interest Rate |  |
Country |  | Portfolio |  |  | March 31, 2019 |  | December 31, 2018 |  |  |  | Maturity
|  |  |  |  |  | (In thousands) |  | (In thousands) |  |  |  |  |  |
Finland: |  | Finnair (9) |  | — |  | $ | — |  |  | $ | 32,501 |  |  | —% |  | — |  |  | — |
|  | Tokmanni (9) |  | — |  | — |  |  | 33,159 |  |  | —% |  | — |  |  | — |
|  | Finland |  | 5 |  | 83,018 |  |  | — |  |  | 1.7% | (2) | Fixed/Variable |  | Feb. 2024
France: |  | Auchan |  | 1 |  | 9,311 |  |  | 9,498 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Pole Emploi |  | 1 |  | 6,507 |  |  | 6,637 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Sagemcom |  | 1 |  | 40,275 |  |  | 41,083 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Worldline |  | 1 |  | 5,609 |  |  | 5,722 |  |  | 1.9% | (3) | Fixed |  | Jul. 2020
|  | DCNS |  | 1 |  | 10,658 |  |  | 10,872 |  |  | 1.5% | (3) | Fixed |  | Dec. 2020
|  | ID Logistics II |  | 2 |  | 11,779 |  |  | 12,016 |  |  | 1.3% |  | Fixed |  | Jun. 2021
Germany |  | Rheinmetall (10) |  | — |  | — |  |  | 12,130 |  |  | —% |  | — |  |  | — |
|  | OBI DIY (10) |  | — |  | — |  |  | 5,150 |  |  | —% |  | — |  |  | — |
|  | RWE AG |  | 3 |  | 70,116 |  |  | 71,524 |  |  | 1.6% | (3) | Fixed |  | Oct. 2019
|  | Rexam |  | 1 |  | 5,761 |  |  | 5,876 |  |  | 1.8% | (3) | Fixed |  | Aug. 2019
|  | Metro Tonic |  | 1 |  | 29,729 |  |  | 30,326 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | ID Logistics I |  | 1 |  | 4,487 |  |  | 4,578 |  |  | 1.0% |  | Fixed |  | Oct. 2021
Luxembourg: |  | DB Luxembourg |  | 1 |  | 40,387 |  |  | 41,198 |  |  | 1.4% | (3) | Fixed |  | May 2020
The Netherlands: |  | ING Amsterdam |  | 1 |  | 49,362 |  |  | 50,353 |  |  | 1.7% | (3) | Fixed |  | Jun. 2020
|  | Total EUR denominated |  | 20 |  | 366,999 |  |  | 372,623 |  |  |  |  |  |  |
United Kingdom: |  | UK Multi-Property Cross Collateralized Loan |  | 43 |  | 299,739 |  |  | 292,890 |  |  | 3.2% | (4) | Fixed/Variable |  | Aug. 2023
|  | Total GBP denominated |  | 43 |  | 299,739 |  |  | 292,890 |  |  |  |  |  |  |
United States: |  | Quest Diagnostics |  | 1 |  | 52,800 |  |  | 52,800 |  |  | 4.5% | (5) | Variable |  | Sep. 2019
|  | AT&T Services |  | 1 |  | 33,550 |  |  | 33,550 |  |  | 2.0% | (6) | Variable |  | Dec. 2020
|  | Penske Logistics (7) |  | 1 |  | 70,000 |  |  | 70,000 |  |  | 4.7% |  | Fixed |  | Nov. 2028
|  | Multi-Tenant Mortgage Loan I (7) |  | 12 |  | 187,000 |  |  | 187,000 |  |  | 4.4% |  | Fixed |  | Nov. 2027
|  | Multi-Tenant Mortgage Loan II |  | 8 |  | 32,750 |  |  | 32,750 |  |  | 4.4% |  | Fixed |  | Feb. 2028
|  | Multi-Tenant Mortgage Loan III |  | 7 |  | 98,500 |  |  | 98,500 |  |  | 4.9% |  | Fixed |  | Dec. 2028
|  | Total USD denominated |  | 30 |  | 474,600 |  |  | 474,600 |  |  |  |  |  |  |
|  | Gross mortgage notes payable |  | 93 |  | 1,141,338 |  |  | 1,140,113 |  |  | 3.2% |  |  |  |
|  | Mortgage discount |  |  |  | (458 | ) |  | (569 | ) |  |  |  |  |  |
|  | Deferred financing costs, net of accumulated amortization (8) |  |  |  | (9,808 | ) |  | (9,737 | ) |  |  |  |  |  |
|  | Mortgage notes payable, net |  | 93 |  | $ | 1,131,072 |  |  | $ | 1,129,807 |  |  | 3.2% |  |  |  |
_______________________________
(1) | Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date.
(2) | 80% fixed as a result of a "pay-fixed" interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor. Euribor rate in effect as of March 31, 2019.
(3) | Fixed as a result of a "pay-fixed" interest rate swap agreement.
(4) | 80% fixed as a result of a "pay-fixed" interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus 3-month GBP LIBOR. LIBOR rate in effect as of March 31, 2019.
(5) | The interest rate is 2.0% plus 1-month LIBOR. LIBOR rate in effect is as of March 31, 2019.
(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 March 31, 2019.
(7) | The borrower's (wholly owned subsidiaries of the Company) financial statements are included within the Company's consolidated financial statements, however, the borrowers' assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers.
(8) | Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
(9) | These loans were refinanced in February 2019 as part of the Finland Properties Refinancing (see below for further details).
(10) | These loans were repaid in full upon maturity in January 2019.
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 March 31, 2019:
(In thousands) |  | Future Principal Payments (1)
2019 (remainder) |  | $ | 214,499 |
2020 |  | 142,144 |
2021 |  | 28,890 |
2022 |  | 19,548 |
2023 |  | 258,140 |
2024 |  | 83,017 |
Thereafter |  | 395,100 |
Total |  | $ | 1,141,338 |
_________________________
(1) | Assumes exchange rates of £1.00 to $1.30 for GBP and €1.00 to $1.12 for EUR as of March 31, 2019 for illustrative purposes, as applicable.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration