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Mortgage Notes Payable, Net (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Mortgage notes payable, net as of September 30, 2019 and December 31, 2018 consisted of the following:
|  |  |  | Encumbered Properties |  | Outstanding Loan Amount (1) |  | Effective Interest Rate |  | Interest Rate |  |
Country |  | Portfolio |  |  | September 30, 2019 |  | December 31, 2018 |  |  |  | Maturity
|  |  |  |  |  | (In thousands) |  | (In thousands) |  |  |  |  |  |
Finland: |  | Finnair (8) |  | — |  | $ | — |  |  | $ | 32,501 |  |  | —% |  | — |  |  | — |
|  | Tokmanni (8) |  | — |  | — |  |  | 33,159 |  |  | —% |  | — |  |  | — |
|  | Finland |  | 5 |  | 80,785 |  |  | — |  |  | 1.7% | (2) | Fixed/Variable |  | Feb. 2024
France: |  | Auchan |  | 1 |  | 9,061 |  |  | 9,498 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Pole Emploi |  | 1 |  | 6,332 |  |  | 6,637 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Sagemcom |  | 1 |  | 39,192 |  |  | 41,083 |  |  | 1.7% | (3) | Fixed |  | Dec. 2019
|  | Worldline |  | 1 |  | 5,458 |  |  | 5,722 |  |  | 1.9% | (3) | Fixed |  | Jul. 2020
|  | DCNS |  | 1 |  | 10,371 |  |  | 10,872 |  |  | 1.5% | (3) | Fixed |  | Dec. 2020
|  | ID Logistics II |  | 2 |  | 11,463 |  |  | 12,016 |  |  | 1.3% |  | Fixed |  | Jun. 2021
Germany |  | Rheinmetall (9)(10) |  | — |  | — |  |  | 12,130 |  |  | —% |  | — |  |  | — |
|  | OBI DIY (9)(10) |  | — |  | — |  |  | 5,150 |  |  | —% |  | — |  |  | — |
|  | RWE AG |  | 3 |  | 68,231 |  |  | 71,524 |  |  | 1.6% | (3) | Fixed |  | Oct. 2019 (14)
|  | Rexam (11) |  | — |  | — |  |  | 5,876 |  |  | —% |  | — |  |  | — |
|  | Metro Tonic (11) |  | — |  | — |  |  | 30,326 |  |  | —% |  | — |  |  | — |
|  | ID Logistics I (11) |  | — |  | — |  |  | 4,578 |  |  | —% |  | — |  |  | — |
|  | Germany |  | 5 |  | 56,222 |  |  | — |  |  | 2.0% | (13) | Fixed/Variable |  | Jun. 2023
Luxembourg: |  | DB Luxembourg (12) |  | — |  | — |  |  | 41,198 |  |  | —% |  | — |  |  | — |
The Netherlands: |  | ING Amsterdam (12) |  | — |  | — |  |  | 50,353 |  |  | —% |  | — |  |  | — |
Luxembourg/ The Netherlands |  | Benelux |  | 3 |  | 131,004 |  |  | — |  |  | 1.4% |  | Fixed |  | Jun. 2024
|  | Total EUR denominated |  | 23 |  | 418,119 |  |  | 372,623 |  |  |  |  |  |  |
United Kingdom: |  | UK Multi-Property Cross Collateralized Loan |  | 42 |  | 274,512 |  |  | 292,890 |  |  | 3.2% | (4) | Fixed/Variable |  | Aug. 2023
|  | Total GBP denominated |  | 42 |  | 274,512 |  |  | 292,890 |  |  |  |  |  |  |
United States: |  | Quest Diagnostics (5) |  | — |  | — |  |  | 52,800 |  |  | —% |  | — |  |  | — |
|  | AT&T Services (5) |  | — |  | — |  |  | 33,550 |  |  | —% |  | — |  |  | — |
|  | Penske Logistics (6) |  | 1 |  | 70,000 |  |  | 70,000 |  |  | 4.7% |  | Fixed |  | Nov. 2028
|  | Multi-Tenant Mortgage Loan I (6) |  | 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
|  | Multi-Tenant Mortgage Loan IV |  | 16 |  | 97,500 |  |  | — |  |  | 4.6% |  | Fixed |  | May 2029
|  | Multi-Tenant Mortgage Loan V |  | 12 |  | 204,000 |  |  | — |  |  | 3.7% |  | Fixed |  | Oct. 2029
|  | Total USD denominated |  | 56 |  | 689,750 |  |  | 474,600 |  |  |  |  |  |  |
|  | Gross mortgage notes payable |  | 121 |  | 1,382,381 |  |  | 1,140,113 |  |  | 3.3% |  |  |  |
|  | Mortgage discount |  |  |  | (53 | ) |  | (569 | ) |  |  |  |  |  |
|  | Deferred financing costs, net of accumulated amortization (7) |  |  |  | (15,510 | ) |  | (9,737 | ) |  |  |  |  |  |
|  | Mortgage notes payable, net |  | 121 |  | $ | 1,366,818 |  |  | $ | 1,129,807 |  |  | 3.3% |  |  |  |
_______________________________
(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 September 30, 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 September 30, 2019.
(5) | This loan was refinanced in September 2019 as part of the Multi-Tenant Mortgage Loan V.
(6) | 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.
(7) | 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.
(8) | These loans were refinanced in February 2019 as part of the Finland Refinancing (see below for further details).
(9) | These loans were repaid in full upon maturity in January 2019.
(10) | These loans were refinanced in May 2019 as part of the German Refinancing (see below for further details).
(11) | These loans were refinanced in May 2019 as part of the German Refinancing (see below for further details).
(12) | These loans were refinanced in June 2019 as part of the Benelux Refinancing (see below for further details).
(13) | The loan initially bore interest at a rate of 3-month Euribor plus 1.80% per annum, but, following the replacement of an easement on one property, the loan will bear interest going forward at a rate of Euribor plus 1.55% per annum beginning on October 1, 2019. 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable.
(14) The Company was under contract to sell these three properties in Germany as of September 30, 2019. This mortgage loan was originally scheduled to mature in October 2019. However, during October 2019 the Company negotiated an extension of the maturity date to December 2019, to coincide with the expected closing date of the three mortgaged properties.
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, 2019:
(In thousands) |  | Future Principal Payments (1)
2019 (remainder) |  | $ | 122,816 |
2020 |  | 18,342 |
2021 |  | 23,762 |
2022 |  | 19,046 |
2023 |  | 296,877 |
2024 |  | 211,789 |
Thereafter |  | 689,749 |
Total |  | $ | 1,382,381 |
_________________________ (1) Assumes exchange rates of £1.00 to $1.23 for GBP and €1.00 to $1.09 for EUR as of September 30, 2019 for illustrative purposes, as applicable.

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