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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.