Global Net Lease (GNL) 10-Q4 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 01, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-37390
Entity Registrant Name	Global Net Lease, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2771978
Entity Address, Address Line One	650 Fifth Ave., 30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares, Shares Outstanding		103,687,685
Entity Central Index Key	0001526113
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GNL
Security Exchange Name	NYSE
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR A
Security Exchange Name	NYSE
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR B
Security Exchange Name	NYSE
Preferred Stock Purchase Rights per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights per share
Security Exchange Name	NYSE
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real estate investments, at cost:
Land	$ 496,191	$ 511,579
Buildings, fixtures and improvements	3,329,017	3,424,431
Construction in progress	2,795	6,975
Acquired intangible lease assets	696,281	748,363
Total real estate investments, at cost	4,524,284	4,691,348
Less accumulated depreciation and amortization	(828,751)	(810,686)
Total real estate investments, net	3,695,533	3,880,662
Assets held for sale	2,244	0
Cash and cash equivalents	111,211	89,668
Restricted cash	5,926	3,643
Derivative assets, at fair value (Note 8)	25,517	4,260
Unbilled straight-line rent	67,981	74,221
Operating lease right-of-use asset (Note 10)	48,935	52,851
Prepaid expenses and other assets	49,876	49,178
Due from related parties	307
Deferred tax assets	1,416	1,488
Goodwill	21,075	22,060
Deferred financing costs, net	14,515	4,925
Total Assets	4,044,536	4,182,956
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 4)	1,345,936	1,430,915
Revolving credit facility (Note 5)	558,914	225,566
Term loan, net (Note 5)	0	278,554
Senior notes, net (Note 6)	492,423	491,735
Acquired intangible lease liabilities, net	27,063	29,345
Derivative liabilities, at fair value (Note 8)	155	4,259
Due to related parties	1,321	893
Accounts payable and accrued expenses	23,975	25,887
Operating lease liability (Note 10)	21,728	22,771
Prepaid rent	32,396	32,756
Deferred tax liability	7,196	8,254
Taxes payable	0	0
Dividends payable	5,511	5,386
Total Liabilities	2,516,618	2,556,321
Commitments and contingencies (Note 10)	0	0
Stockholders’ Equity (Note 9):
Common Stock, $0.01 par value, 250,000,000 shares authorized, 104,097,372 and 103,900,452 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	2,371	2,369
Additional paid-in capital	2,680,737	2,675,154
Accumulated other comprehensive (loss) income	(9,514)	15,546
Accumulated deficit	(1,156,198)	(1,072,462)
Total Stockholders’ Equity	1,517,511	1,620,720
Non-controlling interest	10,407	5,915
Total Equity	1,527,918	1,626,635
Total Liabilities and Equity	4,044,536	4,182,956
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of June 30, 2022 and December 31, 2021
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	68	68
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,685,712 and 4,503,893 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
Stockholders’ Equity (Note 9):
Cumulative redeemable preferred stock	$ 47	$ 45

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, authorized (in shares)	30,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	250,000,000	250,000,000
Common stock, issued (in shares)	104,097,372	103,900,452
Common stock, outstanding (in shares)	104,097,372	103,900,452
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of June 30, 2022 and December 31, 2021
Preferred stock, dividend rate	7.25%	7.25%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	9,959,650	9,959,650
Preferred stock, issued (in shares)	6,799,467	6,799,467
Preferred stock, outstanding (in shares)	6,799,467	6,799,467
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,685,712 and 4,503,893 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
Preferred stock, dividend rate	6.875%	6.875%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, authorized (in shares)	11,450,000	11,450,000
Preferred stock, issued (in shares)	4,685,712	4,503,893
Preferred stock, outstanding (in shares)	4,685,712	4,503,893

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue from tenants	$ 95,177	$ 99,564	$ 192,310	$ 188,954
Expenses:
Property operating	7,798	7,467	15,258	15,037
Operating fees to related parties	10,081	9,479	20,157	19,118
Impairment charges	16,031	6,707	16,261	6,707
Acquisition, transaction and other costs	133	28	141	45
General and administrative	3,675	4,201	7,569	8,329
Equity-based compensation	3,358	3,007	6,085	5,584
Depreciation and amortization	39,359	39,702	79,248	79,386
Total expenses	80,435	70,591	144,719	134,206
Operating income before gain (loss) on dispositions of real estate investments	14,742	28,973	47,591	54,748
Gain (loss) on dispositions of real estate investments	62	(7)	62	(7)
Operating income	14,804	28,966	47,653	54,741
Other income (expense):
Interest expense	(23,449)	(24,018)	(47,572)	(45,386)
Loss on extinguishment of debt	(342)	0	(342)	0
Gain on derivative instruments	7,798	(514)	12,413	1,328
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	2,439	0	2,439	0
Other income	549	84	844	99
Total other expense, net	(13,005)	(24,448)	(32,218)	(43,959)
Net income before income tax	1,799	4,518	15,435	10,782
Income tax expense	(2,515)	(1,930)	(5,610)	(4,010)
Net (loss) income	(716)	2,588	9,825	6,772
Preferred stock dividends	(5,131)	(5,016)	(10,189)	(10,032)
Net loss attributable to common stockholders	$ (5,847)	$ (2,428)	$ (364)	$ (3,260)
Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders — Basic (in dollars per share)	$ (0.06)	$ (0.14)	$ (0.01)	$ (0.15)
Net loss per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.06)	$ (0.14)	$ (0.01)	$ (0.15)
Weighted average common shares outstanding:
Weighted average common shares outstanding — Basic (in shares)	103,649,308	96,386,229	103,622,891	93,968,011
Weighted average common shares outstanding — Diluted (in shares)	103,649,308	96,386,229	103,622,891	93,968,011

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (716)	$ 2,588	$ 9,825	$ 6,772
Other comprehensive income (loss)
Cumulative translation adjustment	(27,747)	1,884	(38,032)	3,901
Designated derivatives, fair value adjustments	2,924	1,534	12,972	5,329
Other comprehensive (loss) income	(24,823)	3,418	(25,060)	9,230
Comprehensive (loss) income	(25,539)	6,006	(15,235)	16,002
Preferred Stock dividends	(5,131)	(5,016)	(10,189)	(10,032)
Comprehensive (loss) income attributable to common stockholders	$ (30,670)	$ 990	$ (25,424)	$ 5,970

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Common Stock	Total Stockholders’ Equity Series A Preferred Stock	Total Stockholders’ Equity Series B Preferred Stock	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Common Stock	Additional Paid-in Capital Series A Preferred Stock	Additional Paid-in Capital Series B Preferred Stock	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Common Stock	Accumulated Deficit Series A Preferred Stock	Accumulated Deficit Series B Preferred Stock	Non-controlling interest
Beginning Balance (in shares) at Dec. 31, 2020									6,799,467	3,861,953		89,614,601
Beginning Balance at Dec. 31, 2020	$ 1,554,279				$ 1,532,519				$ 68	$ 39		$ 2,227	$ 2,418,659				$ 8,073	$ (896,547)				$ 21,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)										641,940		8,493,496
Issuance of stock, net		$ 156,009	$ 15,908			$ 156,009	$ 15,908			$ 6		$ 85		$ 155,924	$ 15,902
Dividends declared, common stock		(74,352)				(74,352)													$ (74,352)
Dividends declared, preferred stock			(6,162)	$ (3,870)			(6,162)	$ (3,870)												$ (6,162)	$ (3,870)
Redemption of OP Units (in shares)											2,135,496
Redemption of OP Units	0				25,297						$ 21		25,276									(25,297)
Equity-based compensation, net of forfeitures (in shares)											225,990
Equity-based compensation, net of forfeitures	5,584				624						$ 2		622									4,960
Distributions to non-controlling interest holders	(10,799)				(10,799)													(10,799)
Net loss	6,772				6,772													6,772
Cumulative translation adjustment	3,901				3,901												3,901
Designated derivatives, fair value adjustments	5,329				5,329												5,329
Ending Balance (in shares) at Jun. 30, 2021									6,799,467	4,503,893		100,469,583
Ending Balance at Jun. 30, 2021	1,652,599				1,651,176				$ 68	$ 45		$ 2,335	2,616,383				17,303	(984,958)				1,423
Beginning Balance (in shares) at Mar. 31, 2021									6,799,467	4,503,893		95,512,062
Beginning Balance at Mar. 31, 2021	1,647,229				1,623,111				$ 68	$ 45		$ 2,286	2,540,522				13,885	(933,695)				24,118
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)												2,597,694
Issuance of stock, net		50,259	(51)			50,259	(51)					$ 26		50,233	$ (51)
Dividends declared, common stock		(38,139)				(38,139)													(38,139)
Dividends declared, preferred stock			(3,081)	(1,935)			(3,081)	(1,935)												(3,081)	(1,935)
Redemption of OP Units (in shares)											2,135,496
Redemption of OP Units	0				25,297						$ 21		25,276									(25,297)
Equity-based compensation, net of forfeitures (in shares)											224,331
Equity-based compensation, net of forfeitures	3,007				405						$ 2		403									2,602
Distributions to non-controlling interest holders	(10,696)				(10,696)													(10,696)
Net loss	2,588				2,588													2,588
Cumulative translation adjustment	1,884				1,884												1,884
Designated derivatives, fair value adjustments	1,534				1,534												1,534
Ending Balance (in shares) at Jun. 30, 2021									6,799,467	4,503,893		100,469,583
Ending Balance at Jun. 30, 2021	1,652,599				1,651,176				$ 68	$ 45		$ 2,335	2,616,383				17,303	(984,958)				1,423
Beginning Balance (in shares) at Dec. 31, 2021									6,799,467	4,503,893		103,900,452
Beginning Balance at Dec. 31, 2021	1,626,635				1,620,720				$ 68	$ 45		$ 2,369	2,675,154				15,546	(1,072,462)				5,915
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)										181,819
Issuance of stock, net		(46)		4,469		(46)		4,469		$ 2				(46)		$ 4,467
Dividends declared, common stock		(83,172)				(83,172)													(83,172)
Dividends declared, preferred stock			(6,162)	(4,027)			(6,162)	(4,027)												(6,162)	(4,027)
Equity-based compensation, net of forfeitures (in shares)											228,743
Equity-based compensation, net of forfeitures	6,085				1,593						$ 2		1,591									4,492
Common shares repurchased upon vesting of restricted stock (in shares)											(31,823)
Common shares repurchased upon vesting of restricted stock	(429)				(429)								(429)
Distributions to non-controlling interest holders	(200)				(200)													(200)
Net loss	9,825				9,825													9,825
Cumulative translation adjustment	(38,032)				(38,032)												(38,032)
Designated derivatives, fair value adjustments	12,972				12,972												12,972
Ending Balance (in shares) at Jun. 30, 2022									6,799,467	4,685,712		104,097,372
Ending Balance at Jun. 30, 2022	1,527,918				1,517,511				$ 68	$ 47		$ 2,371	2,680,737				(9,514)	(1,156,198)				10,407
Beginning Balance (in shares) at Mar. 31, 2022									6,799,467	4,601,277		103,909,713
Beginning Balance at Mar. 31, 2022	1,595,338				1,587,177				$ 68	$ 46		$ 2,369	2,678,030				15,309	(1,108,645)				8,161
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net (in shares)										84,435
Issuance of stock, net		(46)		2,073		(46)		2,073		$ 1				$ (46)		$ 2,072
Dividends declared, common stock		$ (41,606)				$ (41,606)													$ (41,606)
Dividends declared, preferred stock			$ (3,081)	$ (2,050)			$ (3,081)	$ (2,050)												$ (3,081)	$ (2,050)
Equity-based compensation, net of forfeitures (in shares)											219,482
Equity-based compensation, net of forfeitures	3,358				1,112						$ 2		1,110									2,246
Common shares repurchased upon vesting of restricted stock (in shares)											(31,823)
Common shares repurchased upon vesting of restricted stock	(429)				(429)								(429)
Distributions to non-controlling interest holders	(100)				(100)													(100)
Net loss	(716)				(716)													(716)
Cumulative translation adjustment	(27,747)				(27,747)												(27,747)
Designated derivatives, fair value adjustments	2,924				2,924												2,924
Ending Balance (in shares) at Jun. 30, 2022									6,799,467	4,685,712		104,097,372
Ending Balance at Jun. 30, 2022	$ 1,527,918				$ 1,517,511				$ 68	$ 47		$ 2,371	$ 2,680,737				$ (9,514)	$ (1,156,198)				$ 10,407

CONSOLDATED STATEMENTS OF CHANG

CONSOLDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Common stock, dividends (in dollars per share)	$ 0.40	$ 0.40	$ 0.80	$ 0.80
Series A Preferred Stock
Preferred stock, dividends (in dollars per share)	0.45	0.45	0.90	0.90
Series B Preferred Stock
Preferred stock, dividends (in dollars per share)	$ 0.43	$ 0.43	$ 0.86	$ 0.86

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 9,825	$ 6,772
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	48,956	45,956
Amortization of intangibles	30,292	33,430
Amortization of deferred financing costs	4,932	4,674
Amortization of mortgage discounts	489	187
Amortization of below-market lease liabilities	(1,923)	(2,086)
Amortization of above-market lease assets	2,088	1,823
Amortization related to right-of-use assets	438	480
Amortization of lease incentives and commissions	590	237
Unbilled straight-line rent	(5,195)	(2,427)
Termination fee receipt	9,003	0
Equity-based compensation	6,085	5,584
Unrealized gains on foreign currency transactions, derivatives, and other	(10,531)	(1,460)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(2,440)	0
Loss on extinguishment of debt	342	0
Loss (gain) on disposition of real estate investments	(62)	7
Lease incentive and commission payments	(3,130)	0
Impairment charges	16,261	6,707
Changes in operating assets and liabilities, net:
Prepaid expenses and other assets	1,369	(55,630)
Deferred tax assets	0	24
Accounts payable and accrued expenses	(1,136)	(845)
Prepaid rent	(360)	14,923
Deferred tax liability	0	(458)
Net cash provided by operating activities	105,893	57,898
Cash flows from investing activities:
Investment in real estate and real estate related assets	(33,894)	(264,942)
Deposits for real estate investments	0	(300)
Capital expenditures	(4,780)	(4,544)
Proceeds from disposition of real estate investment	3,230	0
Net cash used in investing activities	(35,444)	(269,786)
Cash flows from financing activities:
Borrowings under revolving credit facilities	78,766	87,696
Repayments on revolving credit facilities	0	(30,000)
Proceeds from mortgage notes payable	0	137,567
Principal payments on mortgage notes payable	(18,877)	(5,456)
Common shares repurchased upon vesting of restricted stock	(429)	0
Payments of financing costs	(10,116)	(2,103)
Dividends paid on Common Stock	(83,124)	(74,352)
Distributions to non-controlling interest holders	(200)	(10,799)
Net cash (used in) provided by financing activities	(39,667)	264,672
Net change in cash, cash equivalents and restricted cash	30,782	52,784
Effect of exchange rate changes on cash	(6,956)	(1,562)
Cash, cash equivalents and restricted cash, beginning of period	93,311	125,693
Cash, cash equivalents and restricted cash, end of period	117,137	176,915
Cash and cash equivalents, end of period	111,211	174,862
Restricted cash, end of period	5,926	2,053
Cash, cash equivalents and restricted cash, end of period	117,137	176,915
Non-Cash Financing Activity:
Term Loan converted to Revolving Credit Facility	268,511	0
Common Stock
Cash flows from financing activities:
Common Stock issuance proceeds, net	(46)	156,009
Series B Preferred Stock
Cash flows from financing activities:
Series B Preferred Stock issuance proceeds, net	4,469	15,908
Dividends paid on Preferred Stock	(3,948)	(3,636)
Series A Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	$ (6,162)	$ (6,162)

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Global Net Lease, Inc. (the “Company”) is an externally managed real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”) that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, which consist primarily of “Investment Grade” tenants (defined below). The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical, single tenant net-lease assets. As of June 30, 2022, the Company owned 311 properties consisting of 39.5 million rentable square feet, which were 98.9% leased, with a weighted-average remaining lease term of 8.3 years. Based on the percentage of annualized rental income on a straight-line basis as of June 30, 2022, 62% of the Company’s properties are located in the U.S. and Canada and 38% in Europe. In addition, the Company’s portfolio was comprised of 55% industrial/distribution properties, 42% office properties and 3% retail properties. These percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of June 30, 2022. The straight-line rent includes amounts for tenant concessions. Substantially all of the Company’s business is conducted through the Global Net Lease Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company has retained Global Net Lease Advisors, LLC (the “Advisor”) to manage the Company’s affairs on a day-to-day basis. The Company’s properties are managed and leased to third parties by Global Net Lease Properties, LLC (the “Property Manager”). The Advisor and the Property Manager are under common control with AR Global Investments, LLC (“AR Global”), and these related parties receive compensation and fees for various services provided to the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended June 30, 2022 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2022, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below). Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to the multi-year outperformance agreements entered into with the Advisor in 2018 (the “2018 OPP”) and in 2021 (the “2021 OPP”) and fair value measurements, as applicable. Impacts of the COVID-19 Pandemic The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy did impact the ability of some of the Company’s tenants to pay their monthly rent during 2020. The Company took a proactive approach, during that time, to seek mutually agreeable solutions with its tenants where necessary, and, in some cases, the Company executed rent deferral agreements in 2020 on leases with several tenants. The Company did not enter any rent deferral agreements in 2021 or the first six months of 2022. For accounting purposes, in accordance with ASC 842, normally a company would be required to assess the modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (i.e. operating, direct financing or sales-type). However, in light of the COVID-19 pandemic due to which many leases were modified, the Financial Accounting Standards Board (“FASB”) and SEC provided relief that allowed companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the preconcession arrangement, and therefore, not a lease modification, or to treat a lease amendment as a modification. In order to qualify for the relief, the modifications must be COVID-19 related and cash flows must be substantially the same or less than those prior to the concession. The Company elected to use this relief where applicable. In those circumstances, the Company has accounted for these arrangements as if no changes to the lease contract were made. For those leases that do not qualify for the relief, the Company performs a lease modification analysis and if required, uses lease modification accounting. Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the non-cancelable term of the lease. As of June 30, 2022, these leases had a weighted-average remaining lease term of 8.3 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation for all leases in place at the time of acquisition. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under ASC 842, the Company has reflected them on a net basis. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the credit worthiness and financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. On September 3, 2021, the Company entered into a lease termination agreement with one of its tenants which required the tenant to pay the Company a termination fee of approximately £6.7 million (approximately $9.0 million based on the exchange rate as of the end of the lease term on January 4, 2022). This payment was received in January 2022, however it was recorded in revenue from tenants evenly over the period from September 3, 2021 through the end of the lease term, and as a result, the Company recorded approximately £0.2 million (approximately $0.3 million) in revenue from tenants during the three months ended March 31, 2022. The termination fee was recorded in unbilled straight-line rent on the Company’s consolidated balance sheet as of December 31, 2021. Accounting for Leases Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred. Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies. Impairment of Long Lived Assets If circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed its annual goodwill impairment evaluation in the fourth quarter of 2021 and determined that goodwill was not impaired as of December 31, 2021. There were no material changes to this assessment as of June 30, 2022. Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the USD. The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Following the end of the performance period under the 2018 OPP on June 2, 2021, the Company entered into the 2021 OPP with the Advisor (see Note 13 — Equity-Based Compensation). Under the 2018 OPP, which became effective June 2, 2018, the Company recorded equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under the 2021 OPP, which became effective June 2, 2021, the Company is recording equity-based compensation evenly over the requisite service period of approximately 3.1 years from May 3, 2021, the date that the Company’s independent directors approved the award of long-term incentive plan units of limited partner interest in the OP (“LTIP Units”) under the 2021 OPP. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance is fixed and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for the awards under the 2018 OPP and 2021 OPP, see Note 13 — Equity-Based Compensation . Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner to remain qualified as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not. The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S. federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income. The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income. Recently Issued Accounting Pronouncements Adopted as of January 1, 2022: In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU became effective for the Company January 1, 2022, and did not have a material impact on the Company’s consolidated financial statements. Pending Adoption as of June 30, 2022: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Topic 848 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in Topic 848 is optional and may be elected over the period from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate Investments, Net

Real Estate Investments, Net	6 Months Ended
Real Estate Investments, Net	Jun. 30, 2022
Real Estate [Abstract]
Real Estate Investments, Net	Real Estate Investments, Net Property Acquisitions The following table presents the allocation of the assets acquired and liabilities assumed during the six months ended June 30, 2022 and 2021, and, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions were considered asset acquisitions for accounting purposes. Six Months Ended June 30, (Dollar amounts in thousands) 2022 2021 Real estate investments, at cost: Land $ 4,144 $ 24,716 Buildings, fixtures and improvements 26,402 213,946 Total tangible assets 30,546 238,662 Intangibles acquired: In-place leases 4,010 26,490 Below-market lease liabilities (662) (210) Total Intangible assets and liabilities 3,348 26,280 Cash paid for acquired real estate investments 33,894 264,942 Number of properties purchased $ 3 $ 5 The following table summarizes the acquisition by property type during the six months ended June 30, 2022 and 2021: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2022: Office 1 66,626 Industrial 2 232,600 Distribution — — Retail — — 3 299,226 Properties Acquired in 2021: Office — — Industrial 5 977,192 Distribution — — Retail — — 5 977,192 Acquired Intangible Lease Assets The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. The Company recorded impairment charges of $0.5 million to its in-place intangible assets and $0.2 million to its below-market lease intangible liabilities, both associated with its real estate investments during the three and six months ended June 30 2022. The Company did not record any impairments of intangible lease assets during the three and six months ended June 30, 2021. Assets Held for Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. During the second quarter of 2022, the Company agreed to terms to sell a property in Houston Texas. As of June 30, 2022, the Company evaluated this asset for held for sale classification and determined that it qualified for held for sale treatment based on the Company's accounting policies. Because this asset is considered held for sale, the operating results of this property remain classified within continuing operations for all periods presented. As of December 31, 2021, the Company did not have any properties that were classified as held for sale. The following table details the major classes of the assets associated with the property that the Company determined to be classified as held for sale as of June 30, 2022: June 30, (In thousands) 2022 Real estate investments held for sale, at cost: Land $ 297 Buildings, fixtures and improvements 2,432 Total real estate assets held for sale, at cost 2,729 Less accumulated depreciation and amortization 485 Total real estate investments held for sale, net $ 2,244 Impairment Charges As of June 30, 2022, we began an operational review of one of our properties located in France and concluded that the estimated fair value was lower than its carrying value. We recorded an impairment charge of $16.0 million in the second quarter of 2022, based on the estimated selling price of the asset. As of June 30, 2021, we had determined that the estimated fair values of two of our properties were lower than their respective carrying values. The impairment charges in the quarter ended June 30, 2021 of $6.7 million was based on the estimated selling prices of both assets. Dispositions During the three and six months ended June 30, 2022, the Company sold one property in the U.K. for a gain of $0.1 million. During the three and six months ended June 30, 2021, the Company did not sell any properties. Significant Tenants There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of June 30, 2022 and December 31, 2021. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentration The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of June 30, 2022 and December 31, 2021. Country / U.S. State June 30, December 31, United States 61.2% 59.2% Michigan 14.9% 14.5% United Kingdom 20.3% 21.5%

Mortgage Notes Payable, Net

Mortgage Notes Payable, Net	6 Months Ended
Mortgage Notes Payable, Net	Jun. 30, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	Mortgage Notes Payable, Net Mortgage notes payable, net as of June 30, 2022 and December 31, 2021 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio June 30, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 77,332 $ 83,940 1.7% (2) Fixed/Variable Feb. 2024 France: French Properties 7 73,152 79,403 2.5% (3) Fixed/Variable May 2025 Germany: Germany Properties 5 53,819 58,417 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 125,404 136,120 1.4% Fixed Jun. 2024 Total EUR denominated 20 329,707 357,880 United Kingdom: McLaren 3 122,684 136,471 6.1% Fixed Apr. 2024 Trafalgar Court 1 34,011 37,834 2.0% Variable Sep. 2022 United Kingdom Properties - Bulk Loan 41 209,634 252,352 3.0% (5) Fixed/Variable Aug. 2023 Total GBP denominated 45 366,329 426,657 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 10 162,580 162,580 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 54 665,330 665,330 Gross mortgage notes payable 119 1,361,366 1,449,867 3.6% Mortgage discount (1,676) (2,374) Deferred financing costs, net of accumulated amortization (7) (13,754) (16,578) Mortgage notes payable, net 119 $ 1,345,936 $ 1,430,915 3.6% ______________ (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 June 30, 2022. (3) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of June 30, 2022. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3-month Euribor. Euribor rate in effect as of June 30, 2022. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus daily SONIA as of January 25, 2022 rate in effect as of June 30, 2022. This loan requires principal repayments that began in 2020 based on amounts specified under the loan. (6) The borrowers’ (wholly owned subsidiaries of the OP) 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. The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of June 30, 2022: (In thousands) Future Principal Payments (1) 2022 (remainder) $ 43,121 2023 254,342 2024 325,420 2025 73,152 Thereafter 665,331 Total $ 1,361,366 ______ (1) Assumes exchange rates of £1.00 to $1.21 for GBP and €1.00 to $1.05 for EUR as of June 30, 2022 for illustrative purposes, as applicable. The total gross carr ying value of unencumbered assets as of June 30, 2022 was $2.0 billion, of which approximately $1.2 billion was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) and therefore is not available to serve as collateral for future borrowings. Mortgage Covenants The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of June 30, 2022, the Company was in compliance with all of its financial covenants under its mortgage notes payable agreements. Multi-Tenant Mortgage Loan III During the three months ended December 31, 2020, a major tenant failed to renew its lease triggering a cash sweep event under one of the Company’s mortgage loans secured by seven of the Company’s properties with a balance of $98.5 million as of June 30, 2022. The event triggering the cash sweep was not, however, an event of default. During the first quarter of 2021, the Company cured the cash sweep event through one of the available options under the loan by putting a $3.2 million letter of credit in place (subject to future increase under the terms of the loan agreement, to a maximum amount of $7.4 million). During the third quarter of 2021, the amount of the letter of credit was increased by an additional $4.2 million, resulting in the lender holding the $7.4 million maximum amount in respect to this obligation as of September 30, 2021. This $7.4 million letter of credit is being held by the lender until such time the Company is able to find a suitable replacement tenant and it reduces the availability for future borrowings under the Revolving Credit Facility. The borrower entities under the same mortgage loan believe, based upon a review conducted during the three months ended June 30, 2022, that during the three months ended March 31, 2022, they failed to maintain the debt service coverage ratio required by the loan agreement for such period (a “DSCR Trigger Event”) and believe that such failure, if confirmed by lender, would trigger a separate cash sweep event under the loan. A DSCR Trigger Event, if triggered, is not an event of default and instead triggers a cash sweep event. To date the lender has not notified the borrower entities of the occurrence of a DSCR Trigger Event under the loan. Per the loan agreement the Company is able to cure a cash sweep event resulting from a DSCR Trigger Event by delivering a letter of credit in the face amount of the excess cash flow for the trailing three month immediately preceding the date of the DSCR Trigger Event. Such letter of credit is thereafter recalculated and increased (but never decreased) every three month period thereafter until such time as the borrowers demonstrate compliance with the debt service coverage ratio required by the loan for a period of two consecutive calendar quarters. In the event the lender confirms the occurrence of a DSCR Trigger Event for the loan, the Company intends to deliver the letter of credit described above to lender to cure the cash sweep event resulting from such DSCR Trigger Event. Such letter of credit will be held by the lender until such time as the Company restores debt service coverage ratio compliance under the loan for the requisite two calendar quarter time period. Upon issuance, such letter of credit will reduce availability for future borrowings under the Revolving Credit Facility. French Properties During the second and third quarters of 2021, the Company also triggered a cash sweep under one of its loans with a balance of €70.0 million ( $73.2 million ) as of June 30, 2022 because the aggregate weighted average unexpired lease term (“WAULT”) of the collateral portfolio was less than three years. This was not an event of default and instead triggered a cash sweep event. For so long as the cash sweep is in effect, the lender is sweeping 30% of excess cash flow and retaining such amount in an excess cash collateral account. As of June 30, 2022, the amount of cash swept was €4.7 million ($4.9 million) and is recorded in restricted cash on the Company’s consolidated balance sheet. If and when the aggregate WAULT of the loan collateral again exceeds three years the cash sweep will cease (so long as the aggregate WAULT of the loan collateral thereafter continues to exceed three years). The lender will be required to release all funds retained by the lender in the excess cash flow account in respect of this WAULT cash sweep upon the loan collateral achieving an aggregate WAULT of not less than four years. Per the terms of the applicable loan agreement, the funds held in the excess cash flow account are included for purposes of the calculation of the loan to value ratio. Multi-Tenant Mortgage Loan IV During the three months ended September 30, 2021, a tenant exercised its right to terminate its lease effective December 31, 2022. Notice of the termination triggered a lease sweep event, which began in the fourth quarter of 2021, under one of the Company’s mortgage loans. This was not, however, an event of default. The mortgage loan had a balance of $97.5 million as of June 30, 2022 and it encumbers 16 properties, one of which is leased by the tenant that exercised its right to terminate its lease. Pursuant to the terms of the loan agreement, the lender is sweeping all cash flow attributable to the lease that triggered the lease sweep event into a rollover reserve account in an amount up to, but not to exceed, an aggregate cap of $0.8 million. The reserve will be held by the lender who is required to make the reserve funds available to the Company to fund re-tenanting expenses for the property. The lease sweep event will be cured under the loan agreement if and when the Company leases the space to a new tenant approved by the lender and, at such time, any amounts remaining in the rollover reserve account in respect of the lease sweep event will be released to the Company. McLaren Loan In April 2021, the Company partially funded its acquisition of the McLaren properties with a loan secured by a mortgage in the amount of £101.0 million ($122.7 million as of June 30, 2022). The maturity date of the loan is April 23, 2024 and it bears interest at 6.0% per annum. The loan is interest-only with the principal due at maturity. The Company recorded a discount of approximately $3.1 million related to this mortgage.

Revolving Credit Facility and T

Revolving Credit Facility and Term Loan, Net	6 Months Ended
Revolving Credit Facility and Term Loan, Net	Jun. 30, 2022
Debt Disclosure [Abstract]
Revolving Credit Facility and Term Loan, Net	Revolving Credit Facility and Term Loan, Net The table below details the outstanding balances as of June 30, 2022 and December 31, 2021 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto which was originally entered into on July 24, 2017 and has been amended from time to time (the “Credit Facility”). On April 8, 2022, the Company, KeyBank and the other lender parties thereto amended and restated the Credit Facility. Following the closing of the amendment and restatement of the Credit Facility, the Credit Facility consists solely of the senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”). The amount previously outstanding under the senior unsecured term loan facility (the “Term Loan”) was converted to the Revolving Credit Facility upon the amendment and restatement. In addition, the aggregate total commitments under the Credit Facility were increased from $1.17 billion to $1.45 billion, with a $50.0 million sublimit for letters of credit, a $50.0 million sublimit for swing loans and $100.0 million of which can only be used for U.S. dollar loans. The Credit Facility includes an uncommitted “accordion feature” whereby, so long as no default or event of default has occurred and is continuing, the Company has the option to increase the commitments under the Credit Facility, allocated to either or both the Revolving Credit Facility or a new term loan facility, by up to an additional $500.0 million, subject to obtaining commitments from new lenders or additional commitments from participating lenders and certain customary conditions. The Company incurred approximately $10.1 million of deferred financing costs during the second quarter of 2022 related to the April 2022 amendment and restatement of the Credit Facility. Also, on July 26, 2022, the Company entered into another amendment to the Credit Facility (see Note 15 — Subsequent Events for additional information). June 30, 2022 December 31, 2021 (In thousands) TOTAL USD (1) USD GBP EUR CAD TOTAL USD (2) USD GBP EUR CAD Revolving Credit Facility $ 558,914 $ 232,000 £ 28,000 € 252,075 C$ 38,000 $ 225,566 $ 167,000 £ 17,000 € 5,000 C$ 38,000 Term Loan — — — — — 280,266 — — 247,075 — Deferred financing costs — — — — — (1,712) — — — — Term Loan, Net — — — — — 278,554 — — 247,075 — Total Credit Facility $ 558,914 $ 232,000 £ 28,000 € 252,075 C$ 38,000 $ 504,120 $ 167,000 £ 17,000 € 252,075 C$ 38,000 (1) Assumes exchange rates of £1.00 to $1.21 for GBP, €1.00 to $1.05 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.80 as of June 30, 2022 for illustrative purposes, as applicable. (2 ) Assumes exchange rates of £1.00 to $1.35 for GBP , €1.00 to $1.13 for EUR and $1.00 CAD to $0.79 as of December 31, 2021 for illustrative purposes, as applicable. Credit Facility - Terms The Credit Facility requires payments of interest only prior to maturity. Borrowings under the Credit Facility bear interest at a variable rate per annum based on an applicable margin that varies based on the ratio of consolidated total indebtedness to consolidated total asset value of the Company and its subsidiaries plus either (i) the Base Rate (as defined in the Credit Facility) or (ii) the applicable Benchmark Rate (as defined in the Credit Facility) for the currency being borrowed. Following the amendment and restatement of the Credit Facility, the applicable interest rate margin is based on a range from 0.30% to 0.90% per annum with respect to Base Rate borrowings under the Revolving Credit Facility and 1.30% to 1.90% per annum with respect to Benchmark Rate borrowings under the Revolving Credit Facility. These spreads reflect a reduction pursuant to the amendment and restatement of the Credit Facility from the previously applicable spreads (see below). For Benchmark Rate Loans denominated in Dollars that bear interest calculated by reference to Term SOFR, there is an additional spread adjustment depending on the length of the interest period. In addition, pursuant to the amendment and restatement of the Credit Facility, (i) if the Company achieves an investment grade credit rating from at least two rating agencies, the OP can elect for the spread to be based on the credit rating of the Company, and (ii) the “floor” on the applicable Benchmark is 0%. As of June 30, 2022, the Credit Facility had a weighted-average effective interest rate of 2.9% after gi ving effect to inte rest rate swaps in place. Following the amendment and restatement, the Credit Facility now matures on October 8, 2026, subject to the Company’s option, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. Previously, the Credit Facility had been scheduled to mature in August 2023, subject to the Company extension options. Borrowings under the Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty, subject to customary breakage costs associated with borrowings for the applicable Benchmark Rate. Prior to the amendment and restatement of the Credit Facility, the Credit Facility consisted of two components, a Revolving Credit Facility and a Term Loan, both of which required payment of interest-only. The Revolving Credit Facility was scheduled to mature on August 1, 2023, and the Term Loan was scheduled to mature on August 1, 2024. Prior to the amendment and restatement, borrowings under the Credit Facility bore interest at a variable rate per annum based on an applicable margin that varied based on the ratio of consolidated total indebtedness and the consolidated total asset value of the Company and its subsidiaries plus either (i) LIBOR, as applicable to the currency being borrowed, or (ii) a “base rate” equal to the greatest of (a) KeyBank’s “prime rate,” (b) 0.5% above the Federal Funds Effective Rate, or (c) 1.0% above one-month LIBOR. The applicable interest rate margin was based on a range from 0.45% to 1.05% per annum with respect to base rate borrowings under the Revolving Credit Facility, 1.45% to 2.05% per annum with respect to LIBOR borrowings under the Revolving Credit Facility, 0.40% to 1.00% per annum with respect to base rate borrowings under the Term Loan and 1.40% to 2.00% per annum with respect to LIBOR borrowings under the Term Loan. The Credit Facility requires the Company through the OP to pay an unused fee per annum of 0.25% of the unused balance of the Revolving Credit Facility if the unused balance exceeds or is equal to 50% of the total commitment or a fee per annum of 0.15% of the unused balance of the Revolving Credit Facility if the unused balance is less than 50% of the total commitment. From and after the time the Company obtains an investment grade credit rating, the unused fee will be replaced with a facility fee based on the total commitment under the Revolving Credit Facility multiplied by 0.30%, decreasing as the Company’s credit rating increases. The Credit Facility is supported by a pool of eligible unencumbered properties that are owned by the subsidiaries of the OP that serve as guarantors. The availability of borrowings under the Revolving Credit Facility continues to be based on the value of a pool of eligible unencumbered real estate assets owned by the Company and compliance with various ratios related to those assets, and the amendment and restatement of the Credit Facility also included amendments to provisions governing the calculation of the value of the borrowing base. As of June 30, 2022, approximately $85.8 million was available for future borrowings under the Revolving Credit Facility. Any future borrowings may, at the option of the Company, be denominated in USD, Euros (“EUR”), Canadian Dollars, British Pounds Sterling (“GBP”) or Swiss Francs. Amounts borrowed may not, however, be converted to, or repaid in, another currency once borrowed. The Credit Facility contains events of default relating to customary matters, including, among other things, payment defaults, covenant defaults, breaches of representations and warranties, events of default under other material indebtedness, material judgments, bankruptcy events and change of control events, such as certain changes to the composition of the Company’s board of directors and management. Upon the occurrence of an event of default, a majority of the lenders have the right to accelerate the payment on any outstanding borrowings and other obligations. The Company, through the OP, may reduce the amount committed under the Revolving Credit Facility and repay outstanding borrowings under the Credit Facility, in whole or in part, at any time without premium or penalty, other than customary “breakage” costs payable on index borrowings. In the event of a default, lenders have the right to terminate their obligations under the Credit Facility agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Facility contains various customary operating covenants, including covenants restricting, among other things, restricted payments (including dividends and share repurchases (see additional information below), the incurrence of liens, the types of investments the Company may make, fundamental changes, agreements with affiliates and changes in nature of business. The Credit Facility also contains financial maintenance covenants with respect to maximum consolidated leverage, maximum consolidated secured leverage, minimum fixed charge coverage, maximum secured recourse debt, maximum unencumbered leverage, unencumbered debt service coverage and minimum net worth. As of June 30, 2022, the Company was in compliance with all covenants under the Credit Facility. Under the terms of the Credit Facility, the Company may not pay distributions, including cash dividends payable with respect to the Company’s common stock, $0.01 par value per share (“Common Stock”), the Company’s 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock $0.01 par value per share (“Series B Preferred Stock”) or any other class or series of stock the Company may issue in the future, or redeem or otherwise repurchase shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, or any other class or series of stock the Company may issue in the future that exceed 100% of the Company’s Adjusted FFO, as defined in the Credit Facility (which is different from AFFO disclosed in this Quarterly Report on Form 10-Q) for any period of four consecutive fiscal quarters, except in limited circumstances, including that for one fiscal quarter in each calendar year, the Company may pay cash dividends and other distributions, and make redemptions and other repurchases in an aggregate amount equal to no more than 105% of its Adjusted FFO. From and after the time the Company obtains and continues to maintain an investment grade rating, the limitation on distributions discussed above will not be applicable. The Company last used the exception to pay dividends that were between 100% of Adjusted FFO and 105% of Adjusted FFO during the quarter ended on June 30, 2020, may use this exception in the future. The Company’s ability to comply with the restrictions on the payment of distributions in the Credit Facility depends on its ability to generate sufficient cash flows that in the applicable periods exceed the level of Adjusted FFO required by these restrictions. If the Company is not able to generate the necessary level of Adjusted FFO, the Company will have to reduce the amount of dividends paid on the common and the preferred stock or consider other actions. Alternatively, the Company could elect to pay a portion of its dividends on the Common Stock in additional shares of Common Stock if approved by the Company’s board of directors. The Company and certain subsidiaries of the OP acting as guarantors (the “Guarantors”) have guaranteed, and any wholly owned eligible direct or indirect subsidiary of the OP that directly or indirectly owns or leases a real estate asset added to the pool of eligible unencumbered properties required to be maintained under the Credit Facility is required to guarantee, the OP’s obligations under the Credit Facility. For any Guarantor subsidiary of the OP, this guarantee will be released if the Company achieves an investment grade credit rating from at least one rating agency, but will again be required (i) if the Company loses its investment grade credit rating, or (ii) with respect to any Guarantor subsidiary of the Company, for so long as the subsidiary is the primary obligor under or provides a guaranty to any holder of unsecured indebtedness. The Company and certain of its subsidiaries have guaranteed the OP’s obligations under the Credit Facility pursuant to one or more guarantees (collectively, the “Guaranty”) and a related contribution agreement (the “Contribution Agreement”) which governs contribution rights of the Guarantors in the event any amounts become payable under the Guaranty. In connection with the amendment and restatement of the Credit Facility, the Guaranty and the Contribution Agreement were also amended.

Senior Notes, Net

Senior Notes, Net	6 Months Ended
Senior Notes, Net	Jun. 30, 2022
Debt Disclosure [Abstract]
Senior Notes, Net	Senior Notes, NetOn December 16, 2020, the Company and the OP issued $500.0 million aggregate principal amount of 3.75% Senior Notes due 2027 (the “Senior Notes”). In connection with the closing of the offering of the Senior Notes, the Company, the OP and their subsidiaries that guarantee the Senior Notes entered into an indenture (the “Indenture”) with U.S. Bank National Association, as trustee. As of June 30, 2022 and December 31, 2021, the carrying amount of the Senior Notes on the Company’s consolidated balance sheet totaled $492.4 million and $491.7 million, respectively, which is net of $7.6 million and $8.3 million of deferred financing costs, respectively. The Senior Notes, which were issued at par, will mature on December 15, 2027 and accrue interest at a rate of 3.750% per year. Interest on the Senior Notes, which began to accrue on December 16, 2020, is payable semi-annually in arrears on June 15 and December 15 of each year. The first payment was made on June 15, 2021. As of June 30, 2022, the Company was in compliance with the covenants under the Indenture governing the Senior Notes. Additional information on the terms of the Senior Notes can be found in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on February 24, 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2022 and December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2022 Foreign currency forwards, net (GBP & EUR) $ — $ 8,199 $ — $ 8,199 Interest rate swaps, net (USD,GBP & EUR) $ — $ 17,163 $ — $ 17,163 December 31, 2021 Foreign currency forwards, net (GBP & EUR) $ — $ 1,702 $ — $ 1,702 Interest rate swaps, net (USD,GBP & EUR) $ — $ (1,701) $ — $ (1,701) A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2022 and year ended December 31, 2021. Financial Instruments not Measured at Fair Value The carrying value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to/from related pa rties, prepaid expenses and other assets, accounts payable, accrued expenses and dividends payable approximates their fair value due to their short-term nature. • The g ross carrying value of the Company’s mortgage notes payable as of June 30, 2022 and December 31, 2021 were $1.4 billion and $1.4 billion, respectively, which approximated their fair value. The fair value of gross mortgage notes payable is based on estimates of ma rket interest rates. This approach relies on unobservable inputs and therefore is classified as Level 3 in the fair value hierarchy. • A s of June 30, 2022 the advances to the Company under the Revolving Credit Facility had a carrying value of $558.9 million and a fair value of $562.2 million. As of December 31, 2021 the advances to the Company under the Revolving Credit Facility had a carrying value of $225.6 million and a fair value of $225.0 million. • As of December 31, 2021 the Company’s Term Loan had a gross carrying value of $280.3 million and a fair value of $279.3 million. • As of June 30, 2022, the Company’s Senior Notes had a gross carrying value of $500.0 million and a fair value of $418.4 million. As of December 31, 2021, the Company’s Senior Notes had a gross carrying value of $500.0 million and a fair value of $489.1 million .

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
Derivatives and Hedging Activities	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the USD. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate and currency risk management. The use of derivative financial instruments carries certain risks, including the risk that any counterparty to a contractual arrangement may not be able to perform under the agreement. To mitigate this risk, the Company only enters into a derivative financial instrument with a counterparty with a high credit rating with a major financial institution which the Company and its affiliates may also have other financial relationships with. The Company does not anticipate that any such counterparty will fail to meet its obligations, but there is no assurance that any counterparty will meet these obligations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2022 and December 31, 2021: (In thousands) Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (7) $ (636) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value 3,611 332 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value — (1,105) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value 7,166 598 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value — (536) Total $ 10,770 $ (1,347) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 4,807 $ 1,366 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (63) (1,239) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 3,533 1,678 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (78) (103) Interest rate swaps (EUR) Derivative assets, at fair value 6,400 286 Interest rate swaps (USD) Derivative liabilities, at fair value (7) (640) Total $ 14,592 $ 1,348 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. All of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. During the three months ended June 30, 2022, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. Amounts reported in AOCI related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. In the second quarter of 2022 the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of certain hedged forecasted transactions becoming probable not to occur. The accelerated amount was a gain of $2.4 million recorded in unrealized income on undesignated foreign currency advances and other hedge ineffectiveness in the Company’s consolidated income statement for the three and six months ended June 30, 2022. During the next 12 months ending June 30, 2023, the Company estimates that an additional $5.3 million will be reclassified from other comprehensive income as an increase to interest expense. As of June 30, 2022 and December 31, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: June 30, 2022 December 31, 2021 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 45 $ 230,696 49 $ 298,163 Interest rate “pay-fixed” swaps (EUR) 12 334,829 14 476,874 Interest rate “pay-fixed” swaps (USD) 1 75,000 1 75,000 Total 58 $ 640,525 64 $ 850,037 The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended June 30, 2022 and 2021. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Amount of gain recognized in AOCI from derivatives $ 5,197 $ (156) $ 13,956 $ 1,890 Amount of loss reclassified from AOCI into income as interest expense $ 1,652 $ (1,758) $ 429 $ (3,501) Total interest expense recorded in the consolidated statements of operations $ 23,449 $ 24,018 $ 47,572 $ 45,386 Net Investment Hedges The Company is exposed to fluctuations in foreign currency exchange rates on property investments in foreign countries which pay rental income, incur property related expenses and borrow in currencies other than its functional currency, the USD. For derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives, including the ineffective portion of the change in fair value of the derivatives, if any, are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of June 30, 2022 and December 31, 2021 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations and during the six months ended June 30, 2022 and the year ended December 31, 2021, the Company did not use foreign currency derivatives that were designated as net investment hedges. Foreign Denominated Debt Designated as Net Investment Hedges All foreign currency denominated borrowings under the Credit Facility are designated as net investment hedges. As such, the designated portion of changes in value due to currency fluctuations are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. The remeasurement gains and losses attributable to the undesignated portion of the foreign currency denominated debt are recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated, or if the Company should no longer possess a controlling interest. The Company records adjustments to earnings for currency impacts related to undesignated excess positions, if any. During the six months ended June 30, 2022 and 2021, the Company did not have any undesignated excess positions. Non-designated Derivatives The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the GBP and the EUR. The Company has used and may continue to use foreign currency derivatives, including options, currency forward and cross currency swap agreements, to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are economically hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in net income (loss). The Company recorded gains of $10.3 million and $14.9 million for the three and six months ended June 30, 2022, respectively, and losses of $0.5 million and gains of $1.3 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. June 30, 2022 December 31, 2021 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 33 $ 54,054 38 $ 64,182 Foreign currency forwards (EUR-USD) 44 51,729 48 46,507 Interest rate swaps (EUR) 10 211,672 8 116,327 Interest rate swaps (USD) 2 75,000 2 75,000 Total 89 $ 392,455 96 $ 302,016 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2022 and December 31, 2021. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount June 30, 2022 $ 25,517 $ (155) $ — $ 25,362 $ — $ — $ 25,362 December 31, 2021 $ 4,260 $ (4,259) $ — $ 1 $ — $ — $ 1 In addition to the above derivative arrangements, the Company also uses non-derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations as part of its risk management program, including foreign denominated debt issued and outstanding with third parties to protect the value of its net investments in foreign subsidiaries against exchange rate fluctuations. The Company has drawn, and expects to continue to draw, foreign currency advances under the Credit Facility to fund certain investments in the respective local currency which creates a natural hedge against the original equity invested in the real estate investments, removing the need for the final cross currency swaps. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of June 30, 2022, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $0.02 million. As of June 30, 2022, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of June 30, 2022 and December 31, 2021, the Company had 104,097,372 and 103,900,452, respectively, shares of Common Stock issued and outstanding, including Restricted Shares of Common Stock (“Restricted Shares”) and excluding unvested restricted stock units in respect of shares of Common Stock (“RSUs”) and LTIP Units. LTIP Units may be convertible into shares of Common Stock in the future. As of June 2 2021, the end of the performance period applicable to the 2,554,930 LTIP Units granted to the Advisor pursuant to the 2018 OPP, a total of 2,135,496 of these LTIP Units were earned and became vested and the remainder were forfeited. The earned LTIP Units were subsequently converted into an equal number of units of limited partnership interest in the OP designated as “OP Units” (“OP Units”). On June 17, 2021, the Advisor exercised its right to redeem these OP Units for, at the Company’s option, cash or shares of Common Stock on a one-for-one basis. On the same day, the Company’s board of directors elected to satisfy the OP’s redemption obligation by issuing shares of Common Stock to the Advisor. The shares were issued to the Advisor on June 18, 2021. As a result, the Company recorded a reclassification of $25.3 million from non-controlling interests to additional paid-in-capital during the second quarter of 2021. No similar charges were incurred during the second quarter of 2022. ATM Program — Common Stock The Company has an “at the market” equity offering program (the “Common Stock ATM Program”) pursuant to which the Company may sell shares of Common Stock, from time to time, through its sales agents, having an aggregate offering price of $500 million. • During the six months ended June 30, 2022, the Company did not sell any shares of Common Stock through the Common Stock ATM Program. • During the three months ended June 30, 2021, the Company sold 2,597,694 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $51.0 million, before commissions paid of $0.8 million and nominal additional issuance costs. During the six months ended June 30, 2021, the Company sold 8,502,164 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $158.6 million, before commissions paid of $2.4 million and additional issuance costs of $0.3 million. During the first quarter of 2021, the cancellation of 8,668 shares of Common Stock that had been forfeited in a prior period was effectuated, which reduced the Common Stock outstanding as of June 30, 2021. The cancellation of these shares is presented in the consolidated statement of stockholders' equity in the common stock issuances, net line item. Preferred Stock The Company is authorized to issue up to 30,000,000 shares of Preferred Stock. • The Company has classified and designated 9,959,650 shares of its authorized Preferred Stock as authorized shares of Series A Preferred Stock, as of June 30, 2022 and December 31, 2021. The Company had 6,799,467 shares of Series A Preferred Stock issued and outstanding as of June 30, 2022 and December 31, 2021. • The Company has classified and designated 11,450,000 shares of its authorized Preferred Stock as authorized shares of Series B Preferred Stock, as of June 30, 2022 and December 31, 2021. The Company had 4,685,712 and 4,503,893 shares of Series B Preferred Stock issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. • The Company has classified and designated 100,000 shares of its authorized Preferred Stock as authorized shares of its Series C preferred stock, $0.01 par value (“Series C Preferred Stock”), as of June 30, 2022 and December 31, 2021. No shares of Series C Preferred Stock were issued and outstanding as of June 30, 2022 and December 31, 2021. ATM Program — Series B Preferred Stock In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may raise aggregate sales proceeds of $200 million through sales of shares of Series B Preferred Stock from time to time through its sales agents. • During the three months ended June 30, 2022, the Company sold 84,435 shares of its Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $2.1 million before nominal commissions paid and issuance costs. During the six months ended June 30, 2022, the Company sold 181,819 shares of its Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $4.5 million before nominal commissions paid and issuance costs. • During the three months ended June 30, 2021, the Company did not sell any shares of its Series B Preferred Stock through the Series B Preferred Stock ATM Program. During the six months ended June 30, 2021, the Company sold 641,940 shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $16.2 million, before commissions paid of approximately $0.2 million and nominal additional issuance costs. Dividends Common Stock Dividends During the six months ended June 30, 2022 and the year ended December 31, 2021, the Company paid dividends on its common stock at an annual rate of $1.60 per share or $0.40 per share on a quarterly basis. Dividends authorized by the Company’s board of directors and declared by the Company are paid on a quarterly basis in arrears on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment. The Company’s board of directors may alter the amounts of dividends paid or suspend dividend payments at any time prior to declaration and therefore dividend payments are not assured. For purposes of the presentation of information herein, the Company may refer to distributions by the OP on OP Units and LTIP Units as dividends. In addition, see Note 5 — Revolving Credit Facility and Term Loan, Net f or additional information on the restrictions on the payment of dividends and other distributions imposed by the Credit Facility. Series A Preferred Stock Dividends Dividends on Series A Preferred Stock accrue in an amount equal to $0.453125 per share per quarter to Series A Preferred Stock holders, which is equivalent to 7.25% of the $25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors. Series B Preferred Stock Dividends Dividends on Series B Preferred Stock accrue in an amount equal to $0.429688 per share per quarter to Series B Preferred Stock holders, which is equivalent to 6.875% of the $25.00 liquidation preference per share of Series B Preferred Stock per annum. Dividends on the Series B Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Company’s board of directors. Stockholder Rights Plan In April 2020, the Company announced that its board of directors approved a stockholder rights plan (the “Plan”). The Plan is intended to allow the Company to realize the long-term value of the Company’s assets by protecting the Company from the actions of third parties that the Company’s board determines are not in the best interest of the Company. In connection with the adoption of the Plan, the Company’s board of directors authorized a dividend of one preferred share purchase right for each outstanding share of Common Stock to stockholders of record on April 20, 2020 to purchase from the Company one one-thousandth of a share of Series C Preferred Stock for an exercise price of $50.00, once the rights become exercisable, subject to adjustment as provided in the related rights agreement. By the terms of the Plan, the rights will initially trade with Common Stock and will generally only become exercisable on the 10th business day after the Company’s board of directors become aware that a person or entity has become the owner of 4.9% or more of the shares of Common Stock or the commencement of a tender or exchange offer which would result in the offeror becoming an owner of 4.9% or more of the Common Stock. The Plan expires April 8, 2024, unless earlier exercised, exchanged, amended redeemed or terminated. The adoption of the Plan did not have a material impact on the Company's financial statements and its earnings per share.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lessee Arrangements — Ground Leases The Company leases land under nine ground leases associated with certain properties, with lease durations ranging from 14 to 95 years as of June 30, 2022. The Company did not enter into any additional ground leases during the six months ended June 30, 2022. As of June 30, 2022 and December 31, 2021, the Company’s balance sheet includes ROU assets of $48.9 million and $52.9 million, respectively, and operating lease liabilities of $21.7 million and $22.8 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s operating leases in accordance with lease accounting rules, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. The Company’s ground operating leases have a weighted-average remaining lease term of approximately 29.8 years and a weighted-average discount rate of 4.39% as of June 30, 2022. For the three and six months ended June 30, 2022, the Company paid cash of approximately $0.3 million and $0.6 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.3 million and $0.6 million, respectively, on a straight-line basis in accordance with the standard. For the three and six months ended June 30, 2021, the Company paid cash of approximately $0.4 million and $0.7 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million and $0.7 million, respectively, on a straight-line basis in accordance with the standard. The following table reflects the base cash rental payments due from the Company as of June 30, 2022: (In thousands) Future Base Rent Payments (1) 2022 (remainder) $ 647 2023 1,294 2024 1,298 2025 1,303 2026 1,304 2027 — Thereafter 34,979 Total minimum lease payments (2) 40,825 Less: Effects of discounting (19,097) Total present value of lease payments $ 21,728 ________ (1) Assumes exchange rates of £1.00 to $1.21 for GBP and €1.00 to $1.05 for EUR as of June 30, 2022 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated by or against the Company. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of June 30, 2022, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of June 30, 2022 AR Global and certain affiliates owned, in the aggregate, 35,900 shares of outstanding Common Stock. The Advisor, which is an affiliate of AR Global, and its affiliates incur, directly or indirectly, costs and fees in performing services for the Company. As of June 30, 2022 the Company had $0.3 million of receivables from the Advisor or its affiliates. As of December 31, 2021 the Company did not have any receivables from the Advisor or its affiliates. As of June 30, 2022 and December 31, 2021, the Company had $1.3 million and $0.9 million of payables to the Advisor or its affiliates. As of June 30, 2022, AR Global indirectly owned all of the membership interests in the Advisor. The Company is the sole general partner of the OP. There were no OP Units held by anyone other than the Company outstanding as of June 30, 2022 and December 31, 2021. The Company paid $0.1 million and $0.2 million in distributions to the Advisor as the sole holder of LTIP Units during the three and six months ended June 30, 2022, respectively, and the Company paid $10.7 million and $10.8 million in distributions to the Advisor as the sole holder of LTIP Units during the three and six months ended June 30, 2021, respectively, which are included in accumulated deficit in the consolidated statements of equity. As of June 30, 2022 and December 31, 2021, the Company had no unpaid distributions on the LTIP Units. Fees Paid in Connection with the Operations of the Company Under the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”), by and among the Company, the OP and the Advisor, the Company pays the Advisor the following fees in cash: (a) a base fee of $18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); and (b) a variable fee amount equal to 1.25% per annum of the sum, since the effective date of the Advisory Agreement in June 2015, of: (i) the cumulative net proceeds of all common equity issued by the Company (ii) any equity of the Company issued in exchange for or conversion of preferred stock or exchangeable notes, based on the stock price at the date of issuance; and (iii) any other issuances of common, preferred, or other forms of equity of the Company, including units in an operating partnership (excluding equity based compensation but including issuances related to an acquisition, investment, joint-venture or partnership) (the “Variable Base Management Fee”). The Company will pay the Advisor any Incentive Compensation (as defined in the Advisory Agreement), generally payable in quarterly installments 50% in cash and 50% in shares of Common Stock (subject to certain lock up restrictions). The Advisor did not earn any Incentive Compensation during the three and six months ended June 30, 2022 or 2021. The Advisory Agreement was amended on May 6, 2021 as described below (the “2021 Amendment”), but prior thereto, the Incentive Compensation was generally calculated on an annual basis for the 12-month period from July 1 to June 30 of each year. Pursuant to the 2021 Amendment, the 12-month period is now measured from January 1 to December 31 of each year, commencing with the 12-month period ended December 31, 2021. After the end of each performance period, the Incentive Compensation is subject to a final adjustment in accordance with the terms of the Advisory Agreement based on the difference, if any, between the amount of Incentive Compensation paid to the Advisor during the year and the amount actually earned by the Advisor at the end of the year. In connection with any adjustments, shares of Common Stock that were issued as a portion of any quarterly installment payment are retained and, for purposes of any repayment required to be made by the Advisor, have the value they had at the time of issuance and are adjusted in respect of any dividend or other distribution received with respect to those shares to allow recoupment of the same. The Incentive Compensation can be earned by the Advisor based on the Company’s achievement relative to two threshold levels of Core AFFO Per Share (1) : the Incentive Fee Lower Hurdle (as defined in the Advisory Agreement) and the Incentive Fee Upper Hurdle (as defined in the Advisory Agreement). Under the Advisory Agreement, prior to the 2021 Amendment, the Incentive Fee Lower Hurdle was equal to (a) $1.6875 per share in the aggregate and $0.5625 per share per quarter for the period beginning July 1, 2019 through March 31, 2020, (b) $1.35 per share in the aggregate and $0.45 per share per quarter for the period beginning April 1, 2020 through December 31, 2020, (c) $1.125 per share in the aggregate and $0.5625 per share per quarter for the period which began January 1, 2021 and ending June 30, 2021, and (d) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning July 1, 2021. Following the 2021 Amendment, the Incentive Fee Lower Hurdle is equal to (i) $1.95 per share in the aggregate and $0.4875 per share per quarter for the annual period beginning January 1, 2021, and (ii) $2.25 per share in the aggregate and $0.5625 per share per quarter for the annual period beginning January 1, 2022 and each annual period thereafter, subject to potential annual increases by the Company’s independent directors as described below. In addition, prior to the 2021 Amendment, the Incentive Fee Upper Hurdle was equal to (a) $2.19 per share in the aggregate and $0.73 per share per quarter for the period beginning July 1, 2019 through March 31, 2020, (b) $1.75 per share in the aggregate and $0.583 per share per quarter for the period beginning April 1, 2020 through December 31, 2020, (c) $1.46 per share in the aggregate and $0.73 per share per quarter for the period beginning January 1, 2021 through June 30, 2021, and (d) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period beginning July 1, 2021. Following the 2021 Amendment, the Incentive Fee Upper Hurdle is equal to (i) $2.62 per share in the aggregate and $0.655 per share per quarter for the annual period which began January 1, 2021, and (ii) $2.92 per share in the aggregate and $0.73 per share per quarter for the annual period which began January 1, 2022 and each annual period thereafter, subject to potential annual increases by the Company’s independent directors as described below. Prior to the 2021 Amendment, July 1, 2021 was the first date that the annual thresholds were subject to annual increases by a majority of the Company’s independent directors (in their good faith reasonable judgment, after consultation with the Advisor). The 2021 Amendment extended this date to January 1, 2023. The percentage at which independent directors may so increase the thresholds remains a percentage equal to between 0% and 3%. In addition, the 2021 Amendment extended from August 2023 to May 2026, the first date on which the Advisor has a right to request that the Company’s independent directors reduce the then current Incentive Fee Lower Hurdle and Incentive Fee Upper Hurdle and make a determination whether any reduction in the annual thresholds is warranted. The Advisor will again have this right in May 2031 and then every five years thereafter. The annual aggregate amount of the Minimum Base Management Fee and Variable Base Management Fee (collectively, the “Base Management Fee”) that may be paid under the Advisory Agreement are subject to varying caps based on assets under management (“AUM”) (2) , as defined in the Advisory Agreement. The amount of the Base Management Fee to be paid under the Advisory Agreement is capped at the AUM for the preceding year multiplied by (a) 0.75% if equal to or less than $3.0 billion; (b) 0.75% less (i) a fraction, (x) the numerator of which is the AUM for such specified period less $3.0 billion and (y) the denominator of which is $11.7 billion multiplied by 0.35% if AUM is greater than $3.0 billion but less than $14.6 billion; or (c) 0.4% if equal to or greater than $14.7 billion. _________ (1) For purposes of the Advisory Agreement, Core AFFO Per Share means for the applicable period (i) net income adjusted for the following items (to the extent they are included in net income): (a) real estate related depreciation and amortization; (b) net income from unconsolidated partnerships and joint ventures; (c) one-time costs that the Advisor deems to be non-recurring; (d) non-cash equity compensation (other than any Restricted Share Payments (as defined in the Advisory Agreement)); (e) other non-cash income and expense items; (f) certain non-cash interest expenses related to securities that are convertible to Common Stock; (g) gain (or loss) from the sale of investments; (h) impairment loss on real estate; (i) acquisition and transaction related costs (known as acquisition, transaction and other costs on the face of the Company’s income statement); (j) straight-line rent; (k) amortization of above and below market leases assets and liabilities; (l) amortization of deferred financing costs; (m) accretion of discounts and amortization of premiums on debt investments; (n) marked-to-market adjustments included in net income; (o) unrealized gain (loss) resulting from consolidation from, or deconsolidation to, equity accounting, (p) consolidated and unconsolidated partnerships and joint ventures and (q) Incentive Compensation, (ii) divided by the weighted-average outstanding shares of Common Stock on a fully-diluted basis for such period. (2) For purposes of the Advisory Agreement, AUM means, for a specified period, an amount equal to (A) (i) the aggregate costs of the Company’s investments (including acquisition fees and expenses) at the beginning of such period (before reserves for depreciation of bad debts, or similar non-cash reserves) plus (ii) the aggregate cost of the Company’s investment at the end of such period (before reserves from depreciation or bad debts, or similar non-cash reserves) divided by (B) two (2). In addition, the per annum aggregate amount of the Base Management Fee and the Incentive Compensation to be paid under the Advisory Agreement is capped at (a) 1.25% of the AUM for the previous year if AUM is less than or equal to $5.0 billion; (b) 0.95% if the AUM is equal to or exceeds $15.0 billion; or (c) a percentage equal to: (A) 1.25% less (B) (i) a fraction, (x) the numerator of which is the AUM for such specified period less $5.0 billion and (y) the denominator of which is $10.0 billion multiplied by (ii) 0.30% if AUM is greater than $5.0 billion but less than $15.0 billion. The Variable Base Management Fee is also subject to reduction if there is a sale or sales of one or more Investments in a single or series of related transactions exceeding $200.0 million and a special dividend(s) related thereto is paid to stockholders. Under the Advisory Agreement, the Company has also agreed to reimburse, indemnify and hold harmless each of the Advisor and its affiliates, and the directors, officers, employees, partners, members, stockholders, other equity holders, agents and representatives of the Advisor and its affiliates (each, an “Advisor Indemnified Party”), of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising from any acts or omissions of the Advisor Indemnified Party performed in good faith under the Advisory Agreement and not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of duties on the part of the Advisor Indemnified Party. In addition, the Company has agreed to advance funds to an Advisor Indemnified Party for reasonable legal fees and other reasonable costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification is being sought, subject to repayment if the Advisor Indemnified Party is later found pursuant to a final and non-appealable order or judgment to not be entitled to indemnification. Property Management Fees The Property Manager provides property management and leasing services for properties owned by the Company, for which the Company pays fees to the Property Manager equal to: (i) with respect to stand-alone, single-tenant net leased properties which are not part of a shopping center, 2.0% of gross revenues from the properties managed and (ii) with respect to all other types of properties, 4.0% of gross revenues from the properties managed in each case plus market-based leasing commissions applicable to the geographic location of the applicable property. For services related to overseeing property management and leasing services provided by any person or entity that is not an affiliate of the Property Manager, the Company pays the Property Manager an oversight fee equal to 1.0% of gross revenues of the property managed. This oversight fee is no longer applicable to 39 of the Company’s properties which became subject to separate property management agreements with the Property Manager in connection with certain mortgage loans entered into by the Company in October 2017, April 2019 and September 2019 (the “ Loan Property PMLAs”) on otherwise nearly identical terms to the primary property and management leasing agreement (the “Primary PMLA”), which remains applicable to all other properties. In February 2019, the Company entered into an amendment to the Primary PMLA with the Property Manager, providing for automatic extensions for an unlimited number of successive one-year terms unless terminated by either party upon notice. Following this amendment, either the Company or the Property Manager may terminate the Primary PMLA at any time upon at least 12 months’ written notice prior to the applicable termination date. This termination notice period does not apply to the Loan Property PMLAs, which may be terminated by either the Company or the Property Manager upon 60 days’ written notice prior to end of the applicable term. If cash flow generated by any of the Company’s properties is not sufficient to fund the costs and expenses incurred by the Property Manager in fulfilling its duties under the property management and leasing agreements, the Company is required to fund additional amounts. Costs and expenses that are the responsibility of the Company under the property management and leasing agreements include, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Property Manager who are engaged in the operation, management, maintenance and leasing of the properties and other out-of-pocket expenses which are directly related to the operation, management, maintenance and leasing of specific properties, but may not include the Property Manager’s general overhead and administrative expenses. During the year ended December 31, 2021, the Company incurred leasing commissions to the Property Manager of $1.9 million, and, during the three and six months ended June 30, 2022, the Company incurred $1.2 million and $2.1 million of leasing commissions to the Property Manager, respectively. These amounts are being expensed over the terms of the related leases. During the three and six months ended June 30, 2022, $0.2 million and $0.7 million, respectively, was recorded as an expense in property management fees (see table below). During the three and six months ended June 30, 2021, $42,000 and $85,000, respectively was recorded as an expense in property management fees (see table below). Professional Fees and Other Reimbursements The Company reimburses the Advisor or its affiliates for expenses paid or incurred by the Advisor or its affiliates in providing services to the Company under the Advisory Agreement, except for those expenses that are specifically the responsibility of the Advisor under the Advisory Agreement, such as salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of personnel of the Advisor and its affiliates (including the Company’s executive officers) who provide services to the Company under the Advisory Agreement, the Advisor’s rent and general overhead expenses, the Advisor’s travel expenses (subject to certain exceptions), professional services fees incurred with respect to the Advisor for the operation of its business, insurance expenses (other than with respect to the Company’s directors and officers) and information technology expenses. In addition, these reimbursements are subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company’s operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income, unless the excess amount is otherwise approved by the Company’s board of directors. The amount of expenses reimbursable for the three months ended June 30, 2022 and 2021 did not exceed these limits. Fees Paid in Connection with the Liquidation of the Company’s Real Estate Assets Under the Advisory Agreement, the Company is required to pay to the Advisor a fee in connection with net gain recognized by the Company in connection with the sale or similar transaction of any investment equal to 15% of the amount by which the gains from the sale of investments in the applicable month exceed the losses from the sale of investments in that month unless the proceeds from such transaction or series of transactions are reinvested in one or more investments within 180 days thereafter (the “Gain Fee”). The Gain Fee is calculated at the end of each month and paid, to the extent due, with the next installment of the Base Management Fee. The Gain Fee is calculated by aggregating all of the gains and losses from the preceding month. There was no Gain Fee paid during the three and six months ended June 30, 2022 or 2021. The following table reflects related party fees incurred and contractually due as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Incurred Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 8,269 $ 7,885 $ 16,509 $ 15,563 Property management fees 1,812 1,594 3,648 3,555 Total related party operational fees and reimbursements $ 10,081 $ 9,479 $ 20,157 $ 19,118 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.2 million and $0.3 million for each of the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively, which are recorded within general and administrative expenses in the consolidated statements of operations and are not reflected in the table above.

Economic Dependency

Economic Dependency	6 Months Ended
Economic Dependency	Jun. 30, 2022
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor, to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, accounting services, investor relations, transfer agency services, as well as other administrative responsibilities for the Company. As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
Equity-Based Compensation	Jun. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2021 Equity Plan At the Company’s 2021 annual meeting of stockholders held on April 12, 2021, the Company’s stockholders approved the 2021 Omnibus Incentive Compensation Plan of Global Net Lease, Inc. (the “Individual Plan”) and the 2021 Omnibus Advisor Incentive Compensation Plan of Global Net Lease, Inc. (the “Advisor Plan” and together with the Individual Plan, the “2021 Equity Plan”). Both the Individual Plan and the Advisor Plan became effective upon stockholder approval. The terms of the Advisor Plan are substantially similar to the terms of the Individual Plan, except with respect to the eligible participants. Generally, directors of the Company, employees of the Company and employees of the Advisor or its affiliates who are involved in providing services to the Company (including the Company’s executive officers) are eligible to participate in the Individual Plan. Only the Advisor and any of its affiliates that are involved in providing services to the Company or any of its subsidiaries are eligible to receive awards under the Advisor Plan. The total number of shares of Common Stock that can be issued or subject to awards under the Advisor Plan and the Individual Plan, in the aggregate, is 6,300,000 shares. Shares issued or subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. The Individual Plan and the Advisor Plan will expire on April 12, 2031. The 2021 Equity Plan permit awards of Restricted Shares, RSUs, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards. Option Plan Because the Individual Plan and Advisor Plan were approved by the Company’s stockholders on April 12, 2021, no awards will be granted under the Global Net Lease, Inc. 2012 Stock Option Plan (the “Option Plan”) after that date. While effective, the Option Plan authorized the grant of nonqualified Common Stock options to the Company’s directors, officers, advisors, consultants and other personnel of the Company, the Advisor and the Property Manager and their affiliates, subject to the absolute discretion of the Company’s board of directors and the applicable limitations of the Plan. The exercise price for any stock options granted under the Option Plan was to be equal to the closing price of a share of Common Stock on the last trading day preceding the date of grant. A total of 0.5 million shares had been authorized and reserved for issuance under the Plan. No stock options have been issued under the Option Plan. Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provides the Company with the ability to grant awards of Restricted Shares and RSUs to directors, officers and full-time employees (if any), of the Company, the Advisor and its affiliates, and certain persons that provide services to the Company, the Advisor or its affiliates. Under the RSP, prior to stockholder approval of the 2021 Equity Plan, the number of shares of Common Stock available for awards was equal to 10.0% of the Company’s outstanding shares of Common Stock on a fully diluted basis at any time, and, if any awards granted under the RSP are forfeited for any reason, the number of forfeited shares was again available for purposes of granting awards under the RSP. Because the 2021 Equity Plan was approved by the Company’s stockholders, only 2,772,905 shares of Common Stock remained available for the grant of new awards under the RSP through the expiration of the RSP on April 20, 2022, and shares of Common Stock underlying awards that expire, terminate, are cancelled or are forfeited under the RSP will not again be available for issuance under the RSP. Awards previously granted under the RSP will remain outstanding (and eligible to vest and settle) in accordance with their terms under the RSP. RSUs RSUs may be awarded under terms that provide for vesting on a straight-line basis over a specified period of time for each award. RSUs represent a contingent right to receive shares of Common Stock at a future settlement date, subject to satisfaction of applicable vesting conditions or other restrictions, as set forth in the RSP and an award agreement evidencing the grant of RSUs. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the rights to the shares of Common Stock have vested. Holders of RSUs do not have or receive any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend or other distribution equivalents which are subject to the same vesting conditions or other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of Common Stock. RSU award agreements generally provide for accelerated vesting of all unvested RSUs in connection with a termination without cause from the Company’s board of directors or a change of control and accelerated vesting of the portion of the unvested RSUs scheduled to vest in the year of the recipient’s voluntary resignation from or failure to be re-elected to the Company’s board of directors. The following table reflects the activity of RSUs outstanding for the periods presented: Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2021 44,510 $ 16.47 Vested (21,651) 16.43 Granted 24,864 15.18 Unvested, June 30, 2022 47,723 15.82 Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2020 44,949 $ 15.35 Vested (20,615) 16.22 Granted 20,176 18.71 Unvested, June 30, 2021 44,510 16.47 The fair value of the RSUs granted on or after the listing is based on the market price of Common Stock as of the grant date. The fair value of the equity awards is expensed over the vesting period. Restricted Shares Restricted Shares are shares of Common Stock awarded under terms that provide for vesting over a specified period of time. Holders of Restricted Shares receive nonforfeitable cash dividends prior to the time that the restrictions on the Restricted Shares have lapsed. Any dividends to holders of Restricted Shares payable in shares of Common Stock are subject to the same restrictions as the underlying Restricted Shares. Restricted Shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. In September 2020, May 2021 and May 2022, the Company granted 132,025, 213,125 and 207,242 Restricted Shares, respectively, to employees of the Advisor or its affiliates who are involved in providing services to the Company, including its Chief Executive Officer and Chief Financial Officer. In accordance with accounting rules, the fair value of the Restricted Shares granted is being recorded on a straight-line basis over the vesting period of four years. The awards to the Chief Executive Officer and Chief Financial Officer were recommended by the Advisor and approved by the compensation committee. The other awards were made pursuant to authority delegated by the compensation committee to Edward M. Weil, Jr., a member of the Company’s board of directors. No awards may be made pursuant to this delegation of authority to anyone who is also a partner, member or equity owner of the parent of the Advisor. The Restricted Shares granted to employees of the Advisor or its affiliates vest in 25% increments on each of the first four anniversaries of the grant date. Except in connection with a change in control (as defined in the award agreement) of the Company, any unvested Restricted Shares will be forfeited if the holder’s employment with the Advisor terminates for any reason. During the six months ended June 30, 2022, 150 Restricted Shares were forfeited. Upon a change in control of the Company, 50% of the unvested Restricted Shares will immediately vest and the remaining unvested Restricted Shares will be forfeited. The following table reflects the activity of Restricted Shares outstanding for the periods presented: Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2021 305,107 $ 18.81 Vested (86,756) 17.61 Granted 207,242 14.97 Forfeitures (150) 19.41 Unvested, June 30, 2022 425,443 17.18 Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2020 132,025 $ 17.41 Granted 213,125 19.41 Forfeitures (7,750) 17.41 Unvested, June 30, 2021 337,400 18.67 Compensation Expense — RSP Compensation expense for awards granted pursuant to the RSP was $1.1 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively. Compensation expense for awards granted pursuant to the RSP was $1.6 million and $0.6 million for the six months ended June 30, 2022 and 2021, respectively. Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. As of June 30, 2022, the Company had $0.7 million unrecognized compensation cost related to RSUs granted under the RSP, which is expected to be recognized over a weighted-average period of 2.2 years. As of June 30, 2022, the Company had $4.1 million unrecognized compensation cost related to Restricted Shares granted under the RSP, which is expected to be recognized over a period of 3.8 years. Director Compensation The Company pays independent director compensation as follows: (i) the annual retainer payable to all independent directors is $100,000 per year, (ii) the annual retainer for the non-executive chair is $105,000, (iii) the annual retainer for independent directors serving on the audit committee, compensation committee or nominating and corporate governance committee is $30,000. All annual retainers are payable 50% in the form of cash and 50% in the form of RSUs which vest over a three-year period. In addition, the directors have the option to elect to receive the cash component in the form of RSUs which would vest over a three-year period. Multi-Year Outperformance Agreements 2021 OPP On May 3, 2021, the Company’s independent directors, acting as a group, authorized an award of LTIP Units under the 2021 OPP after the performance period under the 2018 OPP expired on June 2, 2021, and, on June 3, 2021, the Company, the OP and the Advisor entered into the 2021 OPP (see below for additional information on the 2018 OPP, including information on the LTIP Units granted and earned thereunder). Based on a maximum award value of $50.0 million and $20.00 (the “2021 Initial Share Price”), the closing price of Common Stock on June 2, 2021, the Advisor was granted a total of 2,500,000 LTIP Units pursuant to the 2021 OPP. These LTIP Units may be earned and become vested based on the Company’s total shareholder return (“TSR”), including both share price appreciation and reinvestment of Common Stock dividends, compared to the 2021 Initial Share Price over a performance period commencing on June 3, 2021 and ending on the earliest of (i) June 3, 2024, (ii) the effective date of any Change of Control (as defined in the Advisor Plan) and (iii) the effective date of any termination of the Advisor’s service as the Company’s advisor. Under current accounting rules, the total fair value of the LTIP Units granted under the 2021 OPP of $27.7 million was fixed as of June 3, 2021 and will not be remeasured in subsequent periods unless the 2021 OPP is amended (see Note 2 — Summary of Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair value of the LTIP Units that were granted is being recorded evenly over the requisite service period which is approximately 3.1 years from May 3, 2021, the date that the Company’s independent directors approved the award of LTIP Units under the 2021 OPP. 2018 OPP On July 16, 2018, the Company’s compensation committee approved the 2018 OPP, which was subsequently entered into by the Company and the OP with the Advisor on July 19, 2018. Based on a maximum award value of $50.0 million and $19.57 (the “2018 Initial Share Price”), the closing price of Common Stock on June 1, 2018, the trading day prior to the effective date of the 2018 OPP, the Advisor was granted a total of 2,554,930 LTIP Units pursuant to the 2018 OPP. These LTIP Units could be earned and become vested based on the Company’s TSR compared to the 2018 Initial Share Price, over a performance period that commenced on June 2, 2018 and ended on June 2, 2021. Under accounting rules adopted by the Company on January 1, 2019, the total fair value of the LTIP Units granted under the 2018 OPP of $18.8 million was fixed as of that date and was not required to be remeasured in subsequent periods unless the 2018 OPP was amended (see Note 2 — Summary of Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair value of the LTIP Units that were granted was being recorded evenly over the requisite service period which was approximately 2.8 years from the grant date in 2018. In February 2019, the Company entered into an amendment to the 2018 OPP with the Advisor to reflect a change in the peer group resulting from the merger of two members of the peer group. Under the accounting rules, the Company was required to calculate any excess of the new value of LTIP Units awarded pursuant to the 2018 OPP at the time of the amendment ($29.9 million) over the fair value immediately prior to the amendment ($23.3 million). This excess of approximately $6.6 million was expensed over the period from February 21, 2019, the date the Company’s compensation committee approved the amendment, through June 2, 2021, the end of the service period. On June 14, 2021, the Company’s compensation committee determined that 2,135,496 LTIP Units had been earned by the Advisor and became vested pursuant to the 2018 OPP as of June 2, 2021, the last day of the performance period thereunder. The remaining 419,434 LTIP Units were automatically forfeited without the payment of any consideration by the Company or the OP. As disclosed in Note 9 — Stockholders’ Equity , the earned LTIP Units were ultimately converted into a like number of OP Units and then subsequently redeemed for Common Stock in June 2021. Compensation Expense - 2021 OPP and 2018 OPP During the three and six months ended June 30, 2022, the Company recorded total compensation expense related to the LTIP Units of $2.2 million and $4.5 million, respectively. During the three and six months ended June 30, 2021, the Company recorded total compensation expense related to the 2018 OPP and 2021 OPP of $2.6 million and $5.0 million, respectively. LTIP Units/Distributions/Redemption The rights of the Advisor as the holder of the LTIP Units are governed by the terms of the LTIP Units set forth in the agreement of limited partnership of the OP. Holders of LTIP Units are entitled to distributions on the LTIP Units equal to 10% of the distributions made per OP Unit (other than distributions of sale proceeds) until the LTIP Units are earned. Distributions paid on an OP Unit are equal to dividends paid on a share of Common Stock. Distributions paid on LTIP Units are not subject to forfeiture, even if the LTIP Units are ultimately forfeited. The Advisor is entitled to a priority catch-up distribution on each earned LTIP Unit equal to 90% of the aggregate distributions paid on OP Units during the applicable performance period. Any LTIP Units that are earned become entitled to receive the same distributions paid on the OP Units. If and when the Advisor’s capital account with respect to an earned LTIP Unit is equal to the capital account balance of an OP Unit, the Advisor, as the holder of the earned LTIP Unit, in its sole discretion, is entitled to convert the LTIP Unit into an OP Unit, which may in turn be redeemed on a one-for-one basis for, at the Company’s election, a share of Common Stock or the cash equivalent thereof. In June 2021, the Company paid a $10.6 million priority catch-up distribution to the Advisor in respect of the 2,135,496 LTIP Units that were earned under the 2018 OPP. In total, the Company paid $0.1 million and $10.7 million of distributions related to LTIP Units during the three months ended June 30, 2022 and 2021, respectively, and $0.2 million and $10.8 million of distributions related to LTIP Units during the six months ended June 30, 2022 and 2021, respectively, which is included in accumulated deficit in the consolidated statements of changes in equity. Performance Measures With respect to one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute TSR levels as shown in the table below. Number of LTIP Units Earned Performance Level (% of LTIP Units Earned) Absolute TSR 2021 OPP Below Threshold 0 % Less than 24 % 0 Threshold 25 % 24 % 312,500 Target 50 % 30 % 625,000 Maximum 100 % 36 % or higher 1,250,000 If the Company’s absolute TSR is more than 24% but less than 30%, or more than 30% but less than 36%, the number of LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. With respect to the remaining one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Lexington Realty Trust, Office Properties Income Trust and W.P. Carey, Inc. as of the last day of the performance period. Number of LTIP Units Earned Performance Level (% of LTIP Units Earned) Relative TSR Excess 2021 OPP Below Threshold 0 % Less than -600 basis points 0 Threshold 25 % -600 basis points 312,500 Target 50 % 0 basis points 625,000 Maximum 100 % 600 basis points 1,250,000 If the relative TSR excess is more than -600 basis points but less than zero basis points, or more than zero basis points but less than +600 basis points, the number of LTIP Units that become earned is determined using linear interpolation as between those tiers, respectively. Other Terms Under the 2021 OPP, in the case of a Change of Control or a termination of the Advisor for any reason, the number of LTIP Units that become earned at the end of the performance period is calculated based on actual performance through the last trading day prior to the effective date of the Change of Control or termination (as applicable), with the hurdles for calculating absolute TSR prorated to reflect a performance period of less than three years but without prorating the number of LTIP Units that may become earned to reflect the shortened performance period. Pursuant to the terms of the Advisor Plan, the LTIP Units awarded under the 2021 OPP will be administered by the Company’s board or a committee thereof, defined as the “Committee” in the Advisor Plan. Promptly following the performance period, the Committee will determine the number of LTIP Units earned (if any), as calculated by an independent consultant engaged by the Committee and as approved by the Committee in its reasonable and good faith discretion. The Committee also must approve the transfer of any LTIP Units or any OP Units into which LTIP Units may be converted in accordance with the terms of the agreement of limited partnership of the OP. Any LTIP Units that are not earned will automatically be forfeited effective as of the end of the performance period and neither the Company nor the OP will be required to pay any future consideration in respect thereof. Other Equity-Based Compensation The Company may issue Common Stock in lieu of cash to pay fees earned by the Company’s directors at each director’s election. If the Company did so, there would be no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. There were no such shares of Common Stock issued in lieu of cash during the six months ended June 30, 2022 and 2021.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a summary of the basic and diluted net (loss) income per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2022 2021 2022 2021 Net loss attributable to common stockholders $ (5,847) $ (2,428) $ (364) $ (3,260) Adjustments to net loss attributable to common stockholders for common share equivalents (215) (10,744) (437) (10,897) Adjusted net loss attributable to common stockholders $ (6,062) $ (13,172) $ (801) $ (14,157) Weighted average common shares outstanding — Basic and Diluted 103,649,308 96,386,229 103,622,891 93,968,011 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.06) $ (0.14) $ (0.01) $ (0.15) Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares, unvested RSUs and unearned LTIP Units from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Unvested RSUs (1) 43,508 44,908 43,694 44,616 Unvested Restricted Shares (2) 402,669 260,113 354,157 195,095 LTIP Units (3) 2,500,000 769,231 2,500,000 386,740 Total common share equivalents excluded from EPS calculation 2,946,177 1,074,252 2,897,851 626,451 (1) There were 47,723 and 44,510 unvested RSUs issued and outstanding as of June 30, 2022 and 2021, respectively. See Note 13 — Equity-Based Compensation for additional information on the RSUs. (2) There were 425,443 and 337,400 unvested Restricted Shares issued and outstanding as of June 30, 2022 and 2021 respectively. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares. (3) There were 2,500,000 LTIP Units issued and outstanding under the 2021 OPP as of June 30, 2022 and 2021. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP and 2021 OPP. Conditionally issuable shares relating to the 2021 OPP award (see Note 13 — Equity-Based Compensation ) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the three and six months ended June 30, 2022 and 2021.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except as disclosed in the applicable footnotes and below. Acquisitions and Dispositions The Company did not acquire any properties subsequent to June 30, 2022. Subsequent to June 30, 2022, the Company disposed of one property for a contract price of $2.6 million. This property was classified as held for sale on the Company’s consolidated balance sheet as of June 30, 2022 and was not encumbered under any mortgage debt nor part of the borrowing base under our Revolving Credit Facility as of June 30, 2022. Credit Facility Amendment

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended June 30, 2022 are not necessarily indicative of the results for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the six months ended June 30, 2022, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below).
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
Revenue Recognition	Revenue Recognition The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the non-cancelable term of the lease. As of June 30, 2022, these leases had a weighted-average remaining lease term of 8.3 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation for all leases in place at the time of acquisition. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under ASC 842, the Company has reflected them on a net basis. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the credit worthiness and financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. On September 3, 2021, the Company entered into a lease termination agreement with one of its tenants which required the tenant to pay the Company a termination fee of approximately £6.7 million (approximately $9.0 million based on the exchange rate as of the end of the lease term on January 4, 2022). This payment was received in January 2022, however it was recorded in
Lessor Accounting	Lessor Accounting As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred.
Lessee Accounting	Lessee Accounting For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies.
Impairment of Long Lived Assets	Impairment of Long Lived Assets If circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Goodwill	Goodwill The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed its annual goodwill impairment evaluation in the fourth quarter of 2021 and determined that goodwill was not impaired as of December 31, 2021. There were no material changes to this assessment as of June 30, 2022.
Derivative Instruments	Derivative Instruments The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net ) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the USD. The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective.
Equity-Based Compensation	Equity-Based Compensation The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 13 — Equity-Based Compensation for additional information). Multi-Year Outperformance Agreements Following the end of the performance period under the 2018 OPP on June 2, 2021, the Company entered into the 2021 OPP with the Advisor (see Note 13 — Equity-Based Compensation). Under the 2018 OPP, which became effective June 2, 2018, the Company recorded equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under the 2021 OPP, which became effective June 2, 2021, the Company is recording equity-based compensation evenly over the requisite service period of approximately 3.1 years from May 3, 2021, the date that the Company’s independent directors approved the award of long-term incentive plan units of limited partner interest in the OP (“LTIP Units”) under the 2021 OPP. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance is fixed and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for the awards under the 2018 OPP and 2021 OPP, see Note 13 — Equity-Based Compensation
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner to remain qualified as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not. The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit). The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S. federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable. The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following: • Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets; • Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and • Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income. The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted as of January 1, 2022: In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815) . The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU became effective for the Company January 1, 2022, and did not have a material impact on the Company’s consolidated financial statements. Pending Adoption as of June 30, 2022: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Topic 848 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in Topic 848 is optional and may be elected over the period from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value: Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant. Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2022 and December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.
Earnings Per Share	Earnings Per Share The following is a summary of the basic and diluted net (loss) income per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2022 2021 2022 2021 Net loss attributable to common stockholders $ (5,847) $ (2,428) $ (364) $ (3,260) Adjustments to net loss attributable to common stockholders for common share equivalents (215) (10,744) (437) (10,897) Adjusted net loss attributable to common stockholders $ (6,062) $ (13,172) $ (801) $ (14,157) Weighted average common shares outstanding — Basic and Diluted 103,649,308 96,386,229 103,622,891 93,968,011 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.06) $ (0.14) $ (0.01) $ (0.15) Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares, unvested RSUs and unearned LTIP Units from the numerator. Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Unvested RSUs (1) 43,508 44,908 43,694 44,616 Unvested Restricted Shares (2) 402,669 260,113 354,157 195,095 LTIP Units (3) 2,500,000 769,231 2,500,000 386,740 Total common share equivalents excluded from EPS calculation 2,946,177 1,074,252 2,897,851 626,451 (1) There were 47,723 and 44,510 unvested RSUs issued and outstanding as of June 30, 2022 and 2021, respectively. See Note 13 — Equity-Based Compensation for additional information on the RSUs. (2) There were 425,443 and 337,400 unvested Restricted Shares issued and outstanding as of June 30, 2022 and 2021 respectively. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares. (3) There were 2,500,000 LTIP Units issued and outstanding under the 2021 OPP as of June 30, 2022 and 2021. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP and 2021 OPP. Conditionally issuable shares relating to the 2021 OPP award (see Note 13 — Equity-Based Compensation ) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the three and six months ended June 30, 2022 and 2021.

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	6 Months Ended
Real Estate Investments, Net (Tables)	Jun. 30, 2022
Real Estate [Abstract]
Allocation of Assets Acquired and Liabilities Assumed	The following table presents the allocation of the assets acquired and liabilities assumed during the six months ended June 30, 2022 and 2021, and, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions were considered asset acquisitions for accounting purposes. Six Months Ended June 30, (Dollar amounts in thousands) 2022 2021 Real estate investments, at cost: Land $ 4,144 $ 24,716 Buildings, fixtures and improvements 26,402 213,946 Total tangible assets 30,546 238,662 Intangibles acquired: In-place leases 4,010 26,490 Below-market lease liabilities (662) (210) Total Intangible assets and liabilities 3,348 26,280 Cash paid for acquired real estate investments 33,894 264,942 Number of properties purchased $ 3 $ 5
Schedule Acquisition by Property Type	The following table summarizes the acquisition by property type during the six months ended June 30, 2022 and 2021: Property Type Number of Properties Square Feet (unaudited) Properties Acquired in 2022: Office 1 66,626 Industrial 2 232,600 Distribution — — Retail — — 3 299,226 Properties Acquired in 2021: Office — — Industrial 5 977,192 Distribution — — Retail — — 5 977,192
Schedule of Real Estate Properties Held for Sale	The following table details the major classes of the assets associated with the property that the Company determined to be classified as held for sale as of June 30, 2022: June 30, (In thousands) 2022 Real estate investments held for sale, at cost: Land $ 297 Buildings, fixtures and improvements 2,432 Total real estate assets held for sale, at cost 2,729 Less accumulated depreciation and amortization 485 Total real estate investments held for sale, net $ 2,244
Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas	The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of June 30, 2022 and December 31, 2021. Country / U.S. State June 30, December 31, United States 61.2% 59.2% Michigan 14.9% 14.5% United Kingdom 20.3% 21.5%

Mortgage Notes Payable, Net (Ta

Mortgage Notes Payable, Net (Tables)	6 Months Ended
Mortgage Notes Payable, Net (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable, net as of June 30, 2022 and December 31, 2021 consisted of the following: Encumbered Properties Outstanding Loan Amount (1) Effective Interest Rate Interest Rate Country Portfolio June 30, December 31, Maturity (In thousands) (In thousands) Finland: Finland Properties 5 $ 77,332 $ 83,940 1.7% (2) Fixed/Variable Feb. 2024 France: French Properties 7 73,152 79,403 2.5% (3) Fixed/Variable May 2025 Germany: Germany Properties 5 53,819 58,417 1.8% (4) Fixed/Variable Jun. 2023 Luxembourg/ The Netherlands: Benelux Properties 3 125,404 136,120 1.4% Fixed Jun. 2024 Total EUR denominated 20 329,707 357,880 United Kingdom: McLaren 3 122,684 136,471 6.1% Fixed Apr. 2024 Trafalgar Court 1 34,011 37,834 2.0% Variable Sep. 2022 United Kingdom Properties - Bulk Loan 41 209,634 252,352 3.0% (5) Fixed/Variable Aug. 2023 Total GBP denominated 45 366,329 426,657 United States: Penske Logistics 1 70,000 70,000 4.7% (6) Fixed Nov. 2028 Multi-Tenant Mortgage Loan I 10 162,580 162,580 4.4% (6) Fixed Nov. 2027 Multi-Tenant Mortgage Loan II 8 32,750 32,750 4.4% (6) Fixed Feb. 2028 Multi-Tenant Mortgage Loan III 7 98,500 98,500 4.9% (6) Fixed Dec. 2028 Multi-Tenant Mortgage Loan IV 16 97,500 97,500 4.6% (6) Fixed May 2029 Multi-Tenant Mortgage Loan V 12 204,000 204,000 3.7% (6) Fixed Oct. 2029 Total USD denominated 54 665,330 665,330 Gross mortgage notes payable 119 1,361,366 1,449,867 3.6% Mortgage discount (1,676) (2,374) Deferred financing costs, net of accumulated amortization (7) (13,754) (16,578) Mortgage notes payable, net 119 $ 1,345,936 $ 1,430,915 3.6% ______________ (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 June 30, 2022. (3) 90% fixed as a result of a “pay-fixed” interest rate swap agreement and 10% variable. Variable portion is approximately 2.3% plus 3-month Euribor. Euribor rate in effect as of June 30, 2022. (4) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.55% plus 3-month Euribor. Euribor rate in effect as of June 30, 2022. (5) 80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.0% plus daily SONIA as of January 25, 2022 rate in effect as of June 30, 2022. This loan requires principal repayments that began in 2020 based on amounts specified under the loan. (6) The borrowers’ (wholly owned subsidiaries of the OP) 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.
Future Principal Payments on Mortgage Notes Payable	The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of June 30, 2022: (In thousands) Future Principal Payments (1) 2022 (remainder) $ 43,121 2023 254,342 2024 325,420 2025 73,152 Thereafter 665,331 Total $ 1,361,366 ______ (1) Assumes exchange rates of £1.00 to $1.21 for GBP and €1.00 to $1.05 for EUR as of June 30, 2022 for illustrative purposes, as applicable.

Revolving Credit Facility and_2

Revolving Credit Facility and Term Loan, Net (Tables)	6 Months Ended
Revolving Credit Facility and Term Loan, Net (Tables)	Jun. 30, 2022
Debt Disclosure [Abstract]
Outstanding Balance Under Credit Agreement	The table below details the outstanding balances as of June 30, 2022 and December 31, 2021 under the credit agreement with KeyBank National Association (“KeyBank”), as agent, and the other lender parties thereto which was originally entered into on July 24, 2017 and has been amended from time to time (the “Credit Facility”). On April 8, 2022, the Company, KeyBank and the other lender parties thereto amended and restated the Credit Facility. Following the closing of the amendment and restatement of the Credit Facility, the Credit Facility consists solely of the senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”). The amount previously outstanding under the senior unsecured term loan facility (the “Term Loan”) was converted to the Revolving Credit Facility upon the amendment and restatement. In addition, the aggregate total commitments under the Credit Facility were increased from $1.17 billion to $1.45 billion, with a $50.0 million sublimit for letters of credit, a $50.0 million sublimit for swing loans and $100.0 million of which can only be used for U.S. dollar loans. The Credit Facility includes an uncommitted “accordion feature” whereby, so long as no default or event of default has occurred and is continuing, the Company has the option to increase the commitments under the Credit Facility, allocated to either or both the Revolving Credit Facility or a new term loan facility, by up to an additional $500.0 million, subject to obtaining commitments from new lenders or additional commitments from participating lenders and certain customary conditions. The Company incurred approximately $10.1 million of deferred financing costs during the second quarter of 2022 related to the April 2022 amendment and restatement of the Credit Facility. Also, on July 26, 2022, the Company entered into another amendment to the Credit Facility (see Note 15 — Subsequent Events for additional information). June 30, 2022 December 31, 2021 (In thousands) TOTAL USD (1) USD GBP EUR CAD TOTAL USD (2) USD GBP EUR CAD Revolving Credit Facility $ 558,914 $ 232,000 £ 28,000 € 252,075 C$ 38,000 $ 225,566 $ 167,000 £ 17,000 € 5,000 C$ 38,000 Term Loan — — — — — 280,266 — — 247,075 — Deferred financing costs — — — — — (1,712) — — — — Term Loan, Net — — — — — 278,554 — — 247,075 — Total Credit Facility $ 558,914 $ 232,000 £ 28,000 € 252,075 C$ 38,000 $ 504,120 $ 167,000 £ 17,000 € 252,075 C$ 38,000 (1) Assumes exchange rates of £1.00 to $1.21 for GBP, €1.00 to $1.05 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.80 as of June 30, 2022 for illustrative purposes, as applicable. (2 ) Assumes exchange rates of £1.00 to $1.35 for GBP , €1.00 to $1.13 for EUR and $1.00 CAD to $0.79 as of December 31, 2021 for illustrative purposes, as applicable.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those instruments fall. (In thousands) Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2022 Foreign currency forwards, net (GBP & EUR) $ — $ 8,199 $ — $ 8,199 Interest rate swaps, net (USD,GBP & EUR) $ — $ 17,163 $ — $ 17,163 December 31, 2021 Foreign currency forwards, net (GBP & EUR) $ — $ 1,702 $ — $ 1,702 Interest rate swaps, net (USD,GBP & EUR) $ — $ (1,701) $ — $ (1,701)

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
Derivatives and Hedging Activities (Tables)	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2022 and December 31, 2021: (In thousands) Balance Sheet Location June 30, December 31, Derivatives designated as hedging instruments: Interest rate “pay-fixed” swaps (USD) Derivative liabilities, at fair value $ (7) $ (636) Interest rate “pay-fixed” swaps (GBP) Derivative assets, at fair value 3,611 332 Interest rate “pay-fixed” swaps (GBP) Derivative liabilities, at fair value — (1,105) Interest rate “pay-fixed” swaps (EUR) Derivative assets, at fair value 7,166 598 Interest rate “pay-fixed” swaps (EUR) Derivative liabilities, at fair value — (536) Total $ 10,770 $ (1,347) Derivatives not designated as hedging instruments: Foreign currency forwards (GBP-USD) Derivative assets, at fair value $ 4,807 $ 1,366 Foreign currency forwards (GBP-USD) Derivative liabilities, at fair value (63) (1,239) Foreign currency forwards (EUR-USD) Derivative assets, at fair value 3,533 1,678 Foreign currency forwards (EUR-USD) Derivative liabilities, at fair value (78) (103) Interest rate swaps (EUR) Derivative assets, at fair value 6,400 286 Interest rate swaps (USD) Derivative liabilities, at fair value (7) (640) Total $ 14,592 $ 1,348
Schedule of Interest Rate Derivatives	As of June 30, 2022 and December 31, 2021, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: June 30, 2022 December 31, 2021 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Interest rate “pay-fixed” swaps (GBP) 45 $ 230,696 49 $ 298,163 Interest rate “pay-fixed” swaps (EUR) 12 334,829 14 476,874 Interest rate “pay-fixed” swaps (USD) 1 75,000 1 75,000 Total 58 $ 640,525 64 $ 850,037
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended June 30, 2022 and 2021. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2022 2021 2022 2021 Amount of gain recognized in AOCI from derivatives $ 5,197 $ (156) $ 13,956 $ 1,890 Amount of loss reclassified from AOCI into income as interest expense $ 1,652 $ (1,758) $ 429 $ (3,501) Total interest expense recorded in the consolidated statements of operations $ 23,449 $ 24,018 $ 47,572 $ 45,386
Disclosure of Credit Derivatives	As of June 30, 2022 and December 31, 2021, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships. June 30, 2022 December 31, 2021 Derivatives Number of Notional Amount Number of Notional Amount (In thousands) (In thousands) Foreign currency forwards (GBP-USD) 33 $ 54,054 38 $ 64,182 Foreign currency forwards (EUR-USD) 44 51,729 48 46,507 Interest rate swaps (EUR) 10 211,672 8 116,327 Interest rate swaps (USD) 2 75,000 2 75,000 Total 89 $ 392,455 96 $ 302,016
Offsetting Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2022 and December 31, 2021. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets. Gross Amounts Not Offset on the Balance Sheet (In thousands) Gross Amounts of Recognized Assets Gross Amounts of Recognized (Liabilities) Gross Amounts Offset on the Balance Sheet Net Amounts of (Liabilities) Assets presented on the Balance Sheet Financial Instruments Cash Collateral Received (Posted) Net Amount June 30, 2022 $ 25,517 $ (155) $ — $ 25,362 $ — $ — $ 25,362 December 31, 2021 $ 4,260 $ (4,259) $ — $ 1 $ — $ — $ 1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Future Base Cash Rental Payments	The following table reflects the base cash rental payments due from the Company as of June 30, 2022: (In thousands) Future Base Rent Payments (1) 2022 (remainder) $ 647 2023 1,294 2024 1,298 2025 1,303 2026 1,304 2027 — Thereafter 34,979 Total minimum lease payments (2) 40,825 Less: Effects of discounting (19,097) Total present value of lease payments $ 21,728 ________ (1) Assumes exchange rates of £1.00 to $1.21 for GBP and €1.00 to $1.05 for EUR as of June 30, 2022 for illustrative purposes, as applicable. (2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Amount Contractually Due and Forgiven in Connection with Operation Related Services	The following table reflects related party fees incurred and contractually due as of and for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Incurred Incurred Incurred Incurred Ongoing fees (1) : Asset management fees (2) $ 8,269 $ 7,885 $ 16,509 $ 15,563 Property management fees 1,812 1,594 3,648 3,555 Total related party operational fees and reimbursements $ 10,081 $ 9,479 $ 20,157 $ 19,118 ______________ (1) The Company incurred general and administrative costs and other expense reimbursements of approximately $0.2 million and $0.3 million for each of the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively, which are recorded within general and administrative expenses in the consolidated statements of operations and are not reflected in the table above.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
Equity-Based Compensation (Tables)	Jun. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	The following table reflects the activity of RSUs outstanding for the periods presented: Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2021 44,510 $ 16.47 Vested (21,651) 16.43 Granted 24,864 15.18 Unvested, June 30, 2022 47,723 15.82 Number of RSUs Weighted-Average Issue Price Unvested, December 31, 2020 44,949 $ 15.35 Vested (20,615) 16.22 Granted 20,176 18.71 Unvested, June 30, 2021 44,510 16.47
Schedule of Share-based Payment Arrangement by Restricted Stock Activity	The following table reflects the activity of Restricted Shares outstanding for the periods presented: Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2021 305,107 $ 18.81 Vested (86,756) 17.61 Granted 207,242 14.97 Forfeitures (150) 19.41 Unvested, June 30, 2022 425,443 17.18 Number of Restricted Shares Weighted-Average Issue Price Unvested, December 31, 2020 132,025 $ 17.41 Granted 213,125 19.41 Forfeitures (7,750) 17.41 Unvested, June 30, 2021 337,400 18.67
Schedule of Share Based Compensation Total Return	With respect to one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the Company’s achievement of absolute TSR levels as shown in the table below. Number of LTIP Units Earned Performance Level (% of LTIP Units Earned) Absolute TSR 2021 OPP Below Threshold 0 % Less than 24 % 0 Threshold 25 % 24 % 312,500 Target 50 % 30 % 625,000 Maximum 100 % 36 % or higher 1,250,000 With respect to the remaining one-half of the LTIP Units granted under the 2021 OPP, the number of LTIP Units that become earned (if any) will be determined as of the last day of the performance period based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period relative to the average TSR of a peer group consisting of Lexington Realty Trust, Office Properties Income Trust and W.P. Carey, Inc. as of the last day of the performance period. Number of LTIP Units Earned Performance Level (% of LTIP Units Earned) Relative TSR Excess 2021 OPP Below Threshold 0 % Less than -600 basis points 0 Threshold 25 % -600 basis points 312,500 Target 50 % 0 basis points 625,000 Maximum 100 % 600 basis points 1,250,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a summary of the basic and diluted net (loss) income per share computation for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2022 2021 2022 2021 Net loss attributable to common stockholders $ (5,847) $ (2,428) $ (364) $ (3,260) Adjustments to net loss attributable to common stockholders for common share equivalents (215) (10,744) (437) (10,897) Adjusted net loss attributable to common stockholders $ (6,062) $ (13,172) $ (801) $ (14,157) Weighted average common shares outstanding — Basic and Diluted 103,649,308 96,386,229 103,622,891 93,968,011 Net loss per share attributable to common stockholders — Basic and Diluted $ (0.06) $ (0.14) $ (0.01) $ (0.15)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Unvested RSUs (1) 43,508 44,908 43,694 44,616 Unvested Restricted Shares (2) 402,669 260,113 354,157 195,095 LTIP Units (3) 2,500,000 769,231 2,500,000 386,740 Total common share equivalents excluded from EPS calculation 2,946,177 1,074,252 2,897,851 626,451 (1) There were 47,723 and 44,510 unvested RSUs issued and outstanding as of June 30, 2022 and 2021, respectively. See Note 13 — Equity-Based Compensation for additional information on the RSUs. (2) There were 425,443 and 337,400 unvested Restricted Shares issued and outstanding as of June 30, 2022 and 2021 respectively. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares. (3) There were 2,500,000 LTIP Units issued and outstanding under the 2021 OPP as of June 30, 2022 and 2021. See Note 13 — Equity-Based Compensation for additional information on the 2018 OPP and 2021 OPP.

Organization (Details)

Organization (Details) ft² in Millions	6 Months Ended
Organization (Details) ft² in Millions	Jun. 30, 2022 ft² property
Operations [Line Items]
Number of Properties \| property	311
Rentable square feet (sqft) \| ft²	39.5
Occupancy rate	98.90%
Weighted average remaining lease term	8 years 3 months 18 days
Industrial and Distribution Properties
Operations [Line Items]
Portfolio investment percentage	55%
Office
Operations [Line Items]
Portfolio investment percentage	42%
Retail
Operations [Line Items]
Portfolio investment percentage	3%
United States and Canada
Operations [Line Items]
Entity-wide revenue percentage	62%
Europe
Operations [Line Items]
Percentage of portfolio investments	38%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) £ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 03, 2021	Mar. 31, 2022 USD ($)	Mar. 31, 2022 GBP (£)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 03, 2021 USD ($)	Sep. 03, 2021 GBP (£)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining lease term				8 years 3 months 18 days
Revenue from lease termination				$ (9,003,000)	$ 0
Goodwill impairment						$ 0
2018 OPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				2 years 9 months 18 days
2018 OPP \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period				2 years 9 months 18 days
2021 OPP \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	3 years 1 month 6 days
One Tenant Lease Termination
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lease termination fee							$ 9,000,000	£ 6.7
Revenue from lease termination		$ 300,000	£ 0.2

Real Estate Investments, Net -

Real Estate Investments, Net - Schedule of Property Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($) property
Real estate investments, at cost:
Land	$ 4,144	$ 24,716
Buildings, fixtures and improvements	26,402	213,946
Total tangible assets	30,546	238,662
Intangibles acquired:
Total Intangible assets and liabilities	3,348	26,280
Cash paid for acquired real estate investments	$ 33,894	$ 264,942
Number of properties purchased \| property	3	5
In-place leases
Intangibles acquired:
Assets acquired	$ 4,010	$ 26,490
Below-market lease liabilities
Intangibles acquired:
Below-market lease liabilities	$ (662)	$ (210)

Real Estate Investments, Net _2

Real Estate Investments, Net - Acquisition by Property Type (Details)	Jun. 30, 2022 ft² property	Jun. 30, 2021 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	311
Square Feet (unaudited) \| ft²	39,500,000
Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	3
Square Feet (unaudited) \| ft²	299,226
Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		5
Square Feet (unaudited) \| ft²		977,192
Office \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	1
Square Feet (unaudited) \| ft²	66,626
Office \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0
Industrial \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	2
Square Feet (unaudited) \| ft²	232,600
Industrial \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		5
Square Feet (unaudited) \| ft²		977,192
Distribution \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	0
Square Feet (unaudited) \| ft²	0
Distribution \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0
Retail \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	0
Square Feet (unaudited) \| ft²	0
Retail \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0

Real Estate Investments, Net _3

Real Estate Investments, Net - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($) property
Real Estate [Line Items]
Impairment charges on intangible assets		$ 0		$ 0
Impairment charges	$ 16,031	6,707	$ 16,261	6,707
Gain on disposal of real estate investment	$ 62	$ (7)	$ 62	$ (7)
Properties Sold
Real Estate [Line Items]
Number of real estate properties sold \| property		0		0
FRANCE
Real Estate [Line Items]
Number of real estate properties sold \| property			1
UNITED KINGDOM
Real Estate [Line Items]
Number of real estate properties sold \| property	1		1
Gain on disposal of real estate investment	$ 100		$ 100
In-place leases
Real Estate [Line Items]
Impairment charges on intangible assets	500		500
Below-market lease liabilities
Real Estate [Line Items]
Impairment charges on intangible assets	$ 200		$ 200

Real Estate Investments, Net _4

Real Estate Investments, Net - Properties Classified as Held-for-Sale (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Total real estate assets held for sale, at cost	$ 2,729
Less accumulated depreciation and amortization	485
Total real estate investments held for sale, net	2,244
Land
Property, Plant and Equipment [Line Items]
Total real estate assets held for sale, at cost	297
Buildings, fixtures and improvements
Property, Plant and Equipment [Line Items]
Total real estate assets held for sale, at cost	$ 2,432

Real Estate Investments, Net _5

Real Estate Investments, Net - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	61.20%	59.20%
Michigan
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	14.90%	14.50%
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Entity-wide revenue percentage	20.30%	21.50%

Mortgage Notes Payable, Net - S

Mortgage Notes Payable, Net - Schedule of Long-term Debt Instruments (Details) $ in Thousands, £ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 GBP (£)
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 1,345,936	$ 1,430,915
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties (property) \| property	119
Outstanding Loan Amount	$ 1,361,366	1,449,867
Effective Interest Rate	3.60%
Mortgage discount	$ (1,676)	(2,374)
Deferred financing costs, net of accumulated amortization	(13,754)	(16,578)
Mortgage notes payable, net	$ 1,345,936	1,430,915
Mortgage notes payable \| McLaren
Debt Instrument [Line Items]
Mortgage discount			$ (3,100)
Mortgage notes payable \| EUR
Debt Instrument [Line Items]
Encumbered properties (property) \| property	20
Outstanding Loan Amount	$ 329,707	357,880
Mortgage notes payable \| EUR \| Finland Properties
Debt Instrument [Line Items]
Encumbered properties (property) \| property	5
Outstanding Loan Amount	$ 77,332	83,940
Effective Interest Rate	1.70%
Percentage fixed interest rate	80%
Percentage variable interest rate	20%
Mortgage notes payable \| EUR \| Finland Properties \| Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	1.40%
Mortgage notes payable \| EUR \| French Properties
Debt Instrument [Line Items]
Encumbered properties (property) \| property	7
Outstanding Loan Amount	$ 73,152	79,403
Effective Interest Rate	2.50%
Percentage fixed interest rate	90%
Percentage variable interest rate	10%
Mortgage notes payable \| EUR \| French Properties \| Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	2.30%
Mortgage notes payable \| EUR \| Germany Properties
Debt Instrument [Line Items]
Encumbered properties (property) \| property	5
Outstanding Loan Amount	$ 53,819	58,417
Effective Interest Rate	1.80%
Percentage fixed interest rate	80%
Percentage variable interest rate	20%
Mortgage notes payable \| EUR \| Germany Properties \| Euribor Rate
Debt Instrument [Line Items]
Interest rate spread	1.55%
Mortgage notes payable \| EUR \| Benelux Properties
Debt Instrument [Line Items]
Encumbered properties (property) \| property	3
Outstanding Loan Amount	$ 125,404	136,120
Effective Interest Rate	1.40%
Mortgage notes payable \| GBP
Debt Instrument [Line Items]
Encumbered properties (property) \| property	45
Outstanding Loan Amount	$ 366,329	426,657
Mortgage notes payable \| GBP \| McLaren
Debt Instrument [Line Items]
Encumbered properties (property) \| property	3
Outstanding Loan Amount	$ 122,684	136,471		£ 101
Effective Interest Rate	6.10%
Mortgage notes payable \| GBP \| Trafalgar Court
Debt Instrument [Line Items]
Encumbered properties (property) \| property	1
Outstanding Loan Amount	$ 34,011	37,834
Effective Interest Rate	2%
Mortgage notes payable \| GBP \| United Kingdom Properties - Bulk Loan
Debt Instrument [Line Items]
Encumbered properties (property) \| property	41
Outstanding Loan Amount	$ 209,634	252,352
Effective Interest Rate	3%
Percentage fixed interest rate	80%
Percentage variable interest rate	20%
Mortgage notes payable \| GBP \| United Kingdom Properties - Bulk Loan \| LIBOR
Debt Instrument [Line Items]
Interest rate spread	2%
Mortgage notes payable \| USD
Debt Instrument [Line Items]
Encumbered properties (property) \| property	54
Outstanding Loan Amount	$ 665,330	665,330
Mortgage notes payable \| USD \| Penske Logistics
Debt Instrument [Line Items]
Encumbered properties (property) \| property	1
Outstanding Loan Amount	$ 70,000	70,000
Effective Interest Rate	4.70%
Mortgage notes payable \| USD \| Multi-Tenant Mortgage Loan I
Debt Instrument [Line Items]
Encumbered properties (property) \| property	10
Outstanding Loan Amount	$ 162,580	162,580
Effective Interest Rate	4.40%
Mortgage notes payable \| USD \| Multi-Tenant Mortgage Loan II
Debt Instrument [Line Items]
Encumbered properties (property) \| property	8
Outstanding Loan Amount	$ 32,750	32,750
Effective Interest Rate	4.40%
Mortgage notes payable \| USD \| Multi-Tenant Mortgage Loan III
Debt Instrument [Line Items]
Encumbered properties (property) \| property	7
Outstanding Loan Amount	$ 98,500	98,500
Effective Interest Rate	4.90%
Mortgage notes payable \| USD \| Multi-Tenant Mortgage Loan IV
Debt Instrument [Line Items]
Encumbered properties (property) \| property	16
Outstanding Loan Amount	$ 97,500	97,500
Effective Interest Rate	4.60%
Mortgage notes payable \| USD \| Multi-Tenant Mortgage Loan V
Debt Instrument [Line Items]
Encumbered properties (property) \| property	12
Outstanding Loan Amount	$ 204,000	$ 204,000
Effective Interest Rate	3.70%

Mortgage Notes Payable, Net -_2

Mortgage Notes Payable, Net - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2022 $ / £	Jun. 30, 2022 $ / €	Jun. 30, 2022 $ / $	Dec. 31, 2021 USD ($)	Dec. 31, 2021 $ / £	Dec. 31, 2021 $ / €	Dec. 31, 2021 $ / $
Debt Instrument [Line Items]
Foreign currency exchange rate (gbp, eur per usd)		1.21	1.05	0.80		1.35	1.13	0.79
Mortgage notes payable
Debt Instrument [Line Items]
2022 (remainder)	$ 43,121
2023	254,342
2024	325,420
2025	73,152
Thereafter	665,331
Term Loan	$ 1,361,366				$ 1,449,867

Mortgage Notes Payable, Net - N

Mortgage Notes Payable, Net - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2022 EUR (€) property	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 GBP (£)
Debt Instrument [Line Items]
Carrying value of encumbered assets	$ 2,000,000
Mortgage notes payable
Debt Instrument [Line Items]
Encumbered properties (property) \| property	119	119
Balance outstanding with cash sweep event trigger	$ 73,200	€ 70
Weighted average unexpired lease term	3 years
Percent of excess cash flow retained	30%
Cash sweep balance	$ 4,900	€ 4.7
Minimum weighted average unexpired lease term	4 years
Term Loan	$ 1,361,366		$ 1,449,867
Mortgage discount	$ 1,676		2,374
Mortgage notes payable \| USD
Debt Instrument [Line Items]
Encumbered properties (property) \| property	54	54
Term Loan	$ 665,330		665,330
Mortgage notes payable \| GBP
Debt Instrument [Line Items]
Encumbered properties (property) \| property	45	45
Term Loan	$ 366,329		426,657
Multi-Tenant Mortgage Loan III \| Mortgage notes payable
Debt Instrument [Line Items]
Balance outstanding with cash sweep event trigger	$ 98,500
Letters of credit outstanding					$ 3,200
Multi-Tenant Mortgage Loan III \| Mortgage notes payable \| USD
Debt Instrument [Line Items]
Encumbered properties (property) \| property	7	7
Term Loan	$ 98,500		98,500
Multi-Tenant Mortgage Loan IV \| Mortgage notes payable
Debt Instrument [Line Items]
Balance outstanding with cash sweep event trigger	97,500
Rollover reserve aggregate cap	$ 800
Multi-Tenant Mortgage Loan IV \| Mortgage notes payable \| USD
Debt Instrument [Line Items]
Encumbered properties (property) \| property	16	16
Term Loan	$ 97,500		97,500
McLaren \| Mortgage notes payable
Debt Instrument [Line Items]
Mortgage discount						$ 3,100
McLaren \| Mortgage notes payable \| GBP
Debt Instrument [Line Items]
Encumbered properties (property) \| property	3	3
Term Loan	$ 122,684		$ 136,471				£ 101
Stated interest rate						6%	6%
Line of Credit
Debt Instrument [Line Items]
Carrying value of encumbered assets	$ 1,200,000
Line of Credit \| Multi-Tenant Mortgage Loan III \| Mortgage notes payable
Debt Instrument [Line Items]
Letters of credit outstanding				$ 7,400	$ 7,400
Additional letters of credit outstanding				$ 4,200

Revolving Credit Facility and_3

Revolving Credit Facility and Term Loan, Net - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 08, 2022 USD ($)	Feb. 24, 2021	Jul. 31, 2017	Mar. 31, 2021	Jun. 30, 2022 USD ($) extension $ / shares	Dec. 31, 2021 $ / shares	Apr. 07, 2022 USD ($)
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01
Maximum distribution as percentage of FFO				100%	100%
Maximum distribution as percentage of AFFO					105%
Maximum distribution as percentage of FFO, under exception				105%
Series A Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate					7.25%	7.25%
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01
Series B Preferred Stock
Line of Credit Facility [Line Items]
Preferred stock, dividend rate					6.875%	6.875%
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.01	$ 0.01
Credit Facility
Line of Credit Facility [Line Items]
Weighted-average effective interest rate					2.90%
Credit Facility \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on base rate determination		1%
Credit Facility \| Federal Funds
Line of Credit Facility [Line Items]
Basis spread on base rate determination		0.50%
Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Available for future borrowings					$ 85.8
Credit Facility \| KeyBank National Association \| Unsecured debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 1,170
Facility fee multiplier			0.0030
Credit Facility \| KeyBank National Association \| Unsecured debt \| Revolving Credit Facility \| Above Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.25%
Commitment fee percentage			50%
Credit Facility \| KeyBank National Association \| Unsecured debt \| Revolving Credit Facility \| Below Threshold
Line of Credit Facility [Line Items]
Unused capacity commitment fee			0.15%
Commitment fee percentage			50%
Credit Facility Amendment \| Revolving Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Interest rate spread	0.30%	0.45%
Credit Facility Amendment \| Revolving Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Interest rate spread	0.90%	1.05%
Credit Facility Amendment \| Revolving Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Interest rate spread	1.30%	1.45%
Credit Facility Amendment \| Revolving Credit Facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Interest rate spread	1.90%	2.05%
Credit Facility Amendment \| Term Loan \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Interest rate spread		0.40%
Credit Facility Amendment \| Term Loan \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Interest rate spread		1%
Credit Facility Amendment \| Term Loan \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Interest rate spread		1.40%
Credit Facility Amendment \| Term Loan \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Interest rate spread		2%
Credit Facility Amendment \| KeyBank National Association \| Base Rate
Line of Credit Facility [Line Items]
Interest rate spread	0%
Credit Facility Amendment \| KeyBank National Association \| Unsecured debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,450
Increase in lender commitments	500
Deferred financing costs					$ 10.1
Credit Facility Amendment \| KeyBank National Association \| Unsecured debt \| Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	50
Credit Facility Amendment \| KeyBank National Association \| Unsecured debt \| Bridge Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	50
Credit Facility Amendment \| KeyBank National Association \| Unsecured debt \| U.S. Dollar Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100
Credit Facility Amendment \| KeyBank National Association \| Unsecured debt \| Term Loan
Line of Credit Facility [Line Items]
Number of extensions \| extension					2
Extension term	6 months

Revolving Credit Facility and_4

Revolving Credit Facility and Term Loan, Net - Outstanding Balance Under Credit Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2022 $ / £	Jun. 30, 2022 $ / €	Jun. 30, 2022 GBP (£)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 $ / $	Dec. 31, 2021 USD ($)	Dec. 31, 2021 $ / £	Dec. 31, 2021 $ / €	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 $ / $
Line of Credit Facility [Line Items]
Revolving Credit Facility	$ 558,914							$ 225,566
Term Loan, Net	0							278,554
Foreign currency exchange rate (GBP, EUR, CAD per USD)		1.21	1.05				0.80		1.35	1.13				0.79
KeyBank National Association \| Credit Facility \| Unsecured debt
Line of Credit Facility [Line Items]
Total Credit Facility	558,914							504,120
KeyBank National Association \| Credit Facility \| Unsecured debt \| USD
Line of Credit Facility [Line Items]
Total Credit Facility	232,000							167,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| GBP
Line of Credit Facility [Line Items]
Total Credit Facility \| £				£ 28,000							£ 17,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| EUR
Line of Credit Facility [Line Items]
Total Credit Facility \| €					€ 252,075							€ 252,075
KeyBank National Association \| Credit Facility \| Unsecured debt \| CAD
Line of Credit Facility [Line Items]
Total Credit Facility						$ 38,000							$ 38,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility	558,914							225,566
KeyBank National Association \| Credit Facility \| Unsecured debt \| Revolving Credit Facility \| USD
Line of Credit Facility [Line Items]
Revolving Credit Facility	232,000							167,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| Revolving Credit Facility \| GBP
Line of Credit Facility [Line Items]
Revolving Credit Facility \| £				28,000							17,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| Revolving Credit Facility \| EUR
Line of Credit Facility [Line Items]
Revolving Credit Facility \| €					252,075							5,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| Revolving Credit Facility \| CAD
Line of Credit Facility [Line Items]
Revolving Credit Facility						38,000							38,000
KeyBank National Association \| Credit Facility \| Unsecured debt \| Term Facility
Line of Credit Facility [Line Items]
Term Loan	0							280,266
Deferred financing costs	0							(1,712)
Term Loan, Net	0							278,554
KeyBank National Association \| Credit Facility \| Unsecured debt \| Term Facility \| USD
Line of Credit Facility [Line Items]
Term Loan	0							0
Deferred financing costs	0							0
Term Loan, Net	$ 0							$ 0
KeyBank National Association \| Credit Facility \| Unsecured debt \| Term Facility \| GBP
Line of Credit Facility [Line Items]
Term Loan \| £				0							0
Deferred financing costs \| £				0							0
Term Loan, Net \| £				£ 0							£ 0
KeyBank National Association \| Credit Facility \| Unsecured debt \| Term Facility \| EUR
Line of Credit Facility [Line Items]
Term Loan \| €					0							247,075
Deferred financing costs \| €					0							0
Term Loan, Net \| €					€ 0							€ 247,075
KeyBank National Association \| Credit Facility \| Unsecured debt \| Term Facility \| CAD
Line of Credit Facility [Line Items]
Term Loan						0							0
Deferred financing costs						0							0
Term Loan, Net						$ 0							$ 0

Senior Notes, Net (Details)

Senior Notes, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 16, 2020
Debt Instrument [Line Items]
Senior notes amount	$ 492,423	$ 491,735
Senior Notes Due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000
Stated interest rate			3.75%
Senior notes amount	492,400	491,700
Deferred financing costs	$ 7,600	$ 8,300

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value, Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	$ 25,362	$ 1
Fair Value, Measurements, Recurring \| Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	8,199	1,702
Fair Value, Measurements, Recurring \| Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	17,163	(1,701)
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets Level 1 \| Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets Level 1 \| Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs Level 2 \| Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	8,199	1,702
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs Level 2 \| Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	17,163	(1,701)
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs Level 3 \| Foreign currency forwards, net (GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs Level 3 \| Interest rate swaps, net (USD,GBP & EUR)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets (liabilities), net	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value, by Balance Sheet Grouping (Details) - Significant Unobservable Inputs Level 3 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Mortgage notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 1,400	$ 1,400
Revolving Credit Facility \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	558.9	225.6
Revolving Credit Facility \| Carrying Value \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value		280.3
Revolving Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	562.2	225
Revolving Credit Facility \| Fair Value \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value		279.3
Senior Notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	500	500
Senior Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value	$ 418.4	$ 489.1

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Derivatives in Statement of Financial Position, Fair Value (Details) - Swap - Significant Other Observable Inputs Level 2 - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ 10,770	$ (1,347)
Designated as Hedging Instrument \| Interest rate swaps, net \| USD \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(7)	(636)
Designated as Hedging Instrument \| Interest rate swaps, net \| GBP \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	0	(1,105)
Designated as Hedging Instrument \| Interest rate swaps, net \| GBP \| Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	3,611	332
Designated as Hedging Instrument \| Interest rate swaps, net \| EUR \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	0	(536)
Designated as Hedging Instrument \| Interest rate swaps, net \| EUR \| Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	7,166	598
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	14,592	1,348
Not Designated as Hedging Instrument \| Interest rate swaps, net \| USD \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(7)	(640)
Not Designated as Hedging Instrument \| Interest rate swaps, net \| EUR \| Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	6,400	286
Not Designated as Hedging Instrument \| Foreign currency forwards \| GBP \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(63)	(1,239)
Not Designated as Hedging Instrument \| Foreign currency forwards \| GBP \| Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	4,807	1,366
Not Designated as Hedging Instrument \| Foreign currency forwards \| EUR \| Derivatives liabilities, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	(78)	(103)
Not Designated as Hedging Instrument \| Foreign currency forwards \| EUR \| Derivatives assets, at fair value
Derivatives, Fair Value [Line Items]
Derivatives, at fair value	$ 3,533	$ 1,678

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains for accelerated amount recorded in interest expense	$ 2,400		$ 2,400
Loss to be reclassified from other comprehensive income			5,300
Gain (loss) on derivative instruments	7,798	$ (514)	12,413	$ 1,328
Fair value of derivatives in net liability position	20		20
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	$ 10,300	$ (500)	$ 14,900	$ 1,300

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Swap $ in Thousands	Jun. 30, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	58	64
Notional Amount \| $	$ 640,525	$ 850,037
GBP
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	45	49
Notional Amount \| $	$ 230,696	$ 298,163
EUR
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	12	14
Notional Amount \| $	$ 334,829	$ 476,874
USD
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	1	1
Notional Amount \| $	$ 75,000	$ 75,000

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense recorded in the consolidated statements of operations	$ 23,449	$ 24,018	$ 47,572	$ 45,386
Interest rate swaps, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in AOCI from derivatives	5,197	(156)	13,956	1,890
Interest rate swaps, net \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from AOCI into income as interest expense	$ 1,652	$ (1,758)	$ 429	$ (3,501)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Foreign Cross Currency Derivatives (Details) - Not Designated as Hedging Instrument - Swap $ in Thousands	Jun. 30, 2022 USD ($) derivative	Dec. 31, 2021 USD ($) derivative
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	89	96
Notional Amount \| $	$ 392,455	$ 302,016
Forward Contracts \| GBP
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	33	38
Notional Amount \| $	$ 54,054	$ 64,182
Forward Contracts \| EUR
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	44	48
Notional Amount \| $	$ 51,729	$ 46,507
Interest rate swaps, net \| EUR
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	10	8
Notional Amount \| $	$ 211,672	$ 116,327
Interest rate swaps, net \| USD
Derivative [Line Items]
Number of Instruments (derivative) \| derivative	2	2
Notional Amount \| $	$ 75,000	$ 75,000

Derivatives and Hedging Activ_8

Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 25,517	$ 4,260
Gross Amounts of Recognized (Liabilities)	(155)	(4,259)
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of (Liabilities) Assets presented on the Balance Sheet	25,362	1
Gross Amounts Not Offset on the Balance Sheet, Financial Instruments	0	0
Gross Amounts Not Offset on the Balance Sheet, Cash Collateral Received (Posted)	0	0
Net Amount	$ 25,362	$ 1

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Jun. 18, 2021	Jun. 02, 2021	Jul. 19, 2018	Apr. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Apr. 20, 2020	Dec. 31, 2019
Conversion of Stock [Line Items]
Common stock, outstanding (in shares)					104,097,372			104,097,372		103,900,452
Common stock, issued (in shares)					104,097,372			104,097,372		103,900,452
Additional paid-in capital					$ 2,680,737,000			$ 2,680,737,000		$ 2,675,154,000
Preferred stock, authorized (in shares)					30,000,000			30,000,000
Common stock dividend rate (in dollars per share)								$ 1.60		$ 1.60
Common stock, monthly dividend rate (in dollars per share)								$ 0.40		$ 0.40
LTIP Units \| OP Units
Conversion of Stock [Line Items]
Number of units earned (in shares)	2,135,496
Advisor
Conversion of Stock [Line Items]
Additional paid-in capital						$ 25,300,000			$ 25,300,000
Advisor \| 2018 Multi Year Outperformance Plan \| LTIP Units
Conversion of Stock [Line Items]
Shares issued during the period (in shares)		2,554,930
Advisor \| LTIP Units \| 2018 Multi Year Outperformance Plan
Conversion of Stock [Line Items]
Shares issued during the period (in shares)			2,554,930
Agent \| At-the-Market Program
Conversion of Stock [Line Items]
Aggregate common stock offering price					$ 500,000,000			$ 500,000,000
Number of shares issued (in shares)						2,597,694		0	8,502,164
Gross proceeds from sale of stock						$ 51,000,000			$ 158,600,000
Commissions paid						$ 800,000			2,400,000
Payments of stock offering costs									$ 300,000
Number of shares canceled (in shares)							8,668
Series A Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)					9,959,650			9,959,650		9,959,650
Preferred stock, issued (in shares)					6,799,467			6,799,467		6,799,467
Preferred stock, outstanding (in shares)					6,799,467			6,799,467		6,799,467
Preferred stock, par value (in dollars per share)					$ 0.01			$ 0.01		$ 0.01
Dividend payout (in dollars per share)								$ 0.453125
Preferred stock, dividend rate								7.25%		7.25%
Preferred stock, liquidation preference (in dollars per share)					$ 25			$ 25		$ 25
Series B Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)					11,450,000			11,450,000		11,450,000
Preferred stock, issued (in shares)					4,685,712			4,685,712		4,503,893
Preferred stock, outstanding (in shares)					4,685,712			4,685,712		4,503,893
Preferred stock, par value (in dollars per share)					$ 0.01			$ 0.01		$ 0.01
Preferred stock, dividend rate								6.875%		6.875%
Preferred stock, liquidation preference (in dollars per share)					$ 25			$ 25		$ 25
Preferred stock, quarterly dividend (in dollars per share)								$ 0.429688
Series B Preferred Stock \| Agent \| At-the-Market Program
Conversion of Stock [Line Items]
Number of shares issued (in shares)					84,435	0		181,819	641,940
Gross proceeds from sale of stock					$ 2,100,000			$ 4,500,000	$ 16,200,000
Commissions paid									$ 200,000
Aggregate preferred stock offering price												$ 200,000,000
Series C Preferred Stock
Conversion of Stock [Line Items]
Preferred stock, authorized (in shares)					100,000			100,000		100,000
Preferred stock, issued (in shares)					0			0		0
Preferred stock, outstanding (in shares)					0			0		0
Preferred stock, par value (in dollars per share)					$ 0.01			$ 0.01		$ 0.01
Preferred share purchase right basis per share (in shares)											0.001
Exercise price (in dollars per share)				$ 50
Percent of outstanding shares acquired				4.90%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Number of properties subject to ground leases \| property	9		9
Right-of-use asset, operating lease	$ 48,935		$ 48,935		$ 52,851
Operating lease liability	$ 21,728		$ 21,728		$ 22,771
Weighted average remaining lease term	29 years 9 months 18 days		29 years 9 months 18 days
Weighted average discount rate	4.39%		4.39%
Payments	$ 300	$ 400	$ 600	$ 700
Expense	$ 300	$ 400	$ 600	$ 700
Minimum
Loss Contingencies [Line Items]
Term of contract	14 years		14 years
Maximum
Loss Contingencies [Line Items]
Term of contract	95 years		95 years

Commitments and Contingencies_2

Commitments and Contingencies - Operating Leases Future Minimum Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2022 $ / £	Jun. 30, 2022 $ / €	Jun. 30, 2022 $ / $	Dec. 31, 2021 USD ($)	Dec. 31, 2021 $ / £	Dec. 31, 2021 $ / €	Dec. 31, 2021 $ / $
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (remainder)	$ 647
2023	1,294
2024	1,298
2025	1,303
2026	1,304
2027	0
Thereafter	34,979
Total minimum lease payments	40,825
Less: Effects of discounting	(19,097)
Total present value of lease payments	$ 21,728				$ 22,771
Foreign currency exchange rate (GBP, EUR, CAD per USD)		1.21	1.05	0.80		1.35	1.13	0.79

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)					1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Related Party Transactions - Narrative (Details)	May 06, 2021 $ / shares	May 06, 2020 $ / shares	Aug. 14, 2018 USD ($)	Jun. 02, 2015 USD ($)	Feb. 28, 2019	Jun. 30, 2022 USD ($) property shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Due from related parties \| $						$ 307,000		$ 307,000
Due to related parties \| $						1,321,000		1,321,000		$ 893,000
Dividends payable \| $						$ 5,511,000		$ 5,511,000		5,386,000
Number of real estate properties, no longer subject to oversight fee (property) \| property						39		39
PMLA term					1 year
Property and management leasing agreement, termination notification term					12 months
Property manager termination notice					60 days
Advisor fee percentage						15%		15%
Period to reinvest proceeds to not be included in the Sale								180 days
Incurred
Related Party Transaction [Line Items]
Related party expenses \| $						$ 10,081,000	$ 9,479,000	$ 20,157,000	$ 19,118,000
Advisor
Related Party Transaction [Line Items]
Cap on annum aggregate amount, range two \| $			$ 14,600,000,000
Maximum percent of assets under management, range three			0.40%
Maximum amount under management, range three \| $			$ 14,700,000,000
Leasing commissions incurred \| $						1,200,000		2,100,000		1,900,000
LTIP Units
Related Party Transaction [Line Items]
Distributions paid to partners \| $						100,000	10,700,000	200,000	10,800,000
Dividends payable \| $						0		0		0
Third party professional fees and offering costs
Related Party Transaction [Line Items]
Due to related parties \| $						1,300,000		1,300,000		900,000
Incentive compensation \| Incurred \| Recurring Fees
Related Party Transaction [Line Items]
Related party expenses \| $						0	0	0	0
Asset management fees \| Incurred \| Recurring Fees
Related Party Transaction [Line Items]
Related party expenses \| $						8,269,000	7,885,000	16,509,000	15,563,000
Asset management fees \| Advisor
Related Party Transaction [Line Items]
Leasing commissions incurred \| $						$ 200,000	42,000	$ 700,000	85,000
Special Limited Partner
Related Party Transaction [Line Items]
Operating partnership units (in shares) \| shares						35,900		35,900
Advisor
Related Party Transaction [Line Items]
Maximum percent of assets under management, range one			0.75%
Maximum amount under management, range one \| $			$ 3,000,000,000
Cap on annum aggregate amount, range two denominator \| $			$ 11,700,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two			0.35%
Advisor \| Properties Sold
Related Party Transaction [Line Items]
Gain (loss) on sale of property \| $						$ 0	$ 0	$ 0	$ 0
Advisor \| Amended Advisory Agreement
Related Party Transaction [Line Items]
Minimum monthly base management fee \| $				$ 18,000,000
Amended Advisory Agreement, variable fee payable				1.25%
Amended Advisory Agreement, incentive compensation payable in cash				50%
Amended Advisory Agreement, incentive compensation payable in shares				50%
Incentive fee lower hurdle, aggregate, period one (in dollars per share) \| $ / shares		$ 1.6875
Incentive fee lower hurdle, quarterly, period one (in dollars per share) \| $ / shares		0.5625
Incentive fee lower hurdle, aggregate, period two (in dollars per share) \| $ / shares		1.35
Incentive fee lower hurdle, quarterly, period two (in dollars per share) \| $ / shares		0.45
Incentive fee lower hurdle, aggregate, period three (in dollars per share) \| $ / shares		1.125
Incentive fee lower hurdle, quarterly, period three (in dollars per share) \| $ / shares		0.5625
Incentive fee lower hurdle, aggregate, period four (in dollars per share) \| $ / shares		2.25
Incentive fee lower hurdle, quarterly, period four (in dollars per share) \| $ / shares		0.5625
Incentive fee lower hurdle, aggregate, period five (in dollars per share) \| $ / shares	$ 1.95
Incentive fee lower hurdle, quarterly, period five (in dollars per share) \| $ / shares	0.4875
Incentive fee lower hurdle, aggregate, period six (in dollars per share) \| $ / shares	2.25
Incentive fee lower hurdle, quarterly, period six (in dollars per share) \| $ / shares	0.5625
Incentive fee upper hurdle, aggregate, period one (in dollars per share) \| $ / shares		2.19
Incentive fee upper hurdle, quarterly, period one (in dollars per share) \| $ / shares		0.73
Incentive fee upper hurdle, aggregate, period two (in dollars per share) \| $ / shares		1.75
Incentive fee upper hurdle, quarterly, period two (in dollars per share) \| $ / shares		0.583
Incentive fee upper hurdle, aggregate, period three (in dollars per share) \| $ / shares		1.46
Incentive fee upper hurdle, quarterly, period three (in dollars per share) \| $ / shares		0.73
Incentive fee upper hurdle, aggregate, period four (in dollars per share) \| $ / shares		2.92
Incentive fee upper hurdle, quarterly, period four (in dollars per share) \| $ / shares		$ 0.73
Incentive fee upper hurdle, aggregate, period five (in dollars per share) \| $ / shares	2.62
Incentive fee upper hurdle, quarterly, period five (in dollars per share) \| $ / shares	0.655
Incentive fee upper hurdle, aggregate, period six (in dollars per share) \| $ / shares	2.92
Incentive fee upper hurdle, quarterly, period six (in dollars per share) \| $ / shares	$ 0.73
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two				0.30%
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range one				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three \| $				$ 5,000,000,000
Minimum base management fee and incentive compensation payable, maximum percent of assets under management, range two				0.95%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range two \| $				$ 15,000,000,000
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation base				1.25%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three calculation denominator \| $				$ 10,000,000,000
Amended Advisory Agreement, variable fee payable, maximum sale of investments to trigger possible reduction \| $				200,000,000
Advisor \| Amended Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase			0%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three \| $				5,000,000,000
Advisor \| Amended Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Amended Advisory Agreement, incentive compensation core AFFO per share, incentive hurdle possible annual increase			3%
Minimum base management fee and incentive compensation payable, cap on annum aggregate amount, maximum amount of assets under management, range three \| $				$ 15,000,000,000
Advisor \| American Realty Capital Global Advisors, LLC
Related Party Transaction [Line Items]
Due from related parties \| $						$ 300,000		$ 300,000		$ 0
Advisor \| American Realty Capital Global Advisors, LLC \| Maximum \| Average Invested Assets \| Greater Of
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark						2%		2%
Advisor \| American Realty Capital Global Advisors, LLC \| Maximum \| Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets \| Greater Of
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark						25%		25%
Property Manager \| American Realty Capital Global Properties, LLC \| Maximum \| Gross Revenue, Managed Properties
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark						1%		1%
Property Manager \| American Realty Capital Global Properties, LLC \| Maximum \| Gross Revenue, Managed Properties \| Stand Alone, Single Tenant, Net Leased
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark						2%		2%
Property Manager \| American Realty Capital Global Properties, LLC \| Maximum \| Gross Revenue, Managed Properties \| All Other Properties, Other than Stand Alone, Single Tenant, Net Leased
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark						4%		4%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 02, 2015	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amended Advisory Agreement \| Advisor
Related Party Transaction [Line Items]
Minimum monthly base management fee	$ 18,000,000
Variable Base Management Fee \| Advisor
Related Party Transaction [Line Items]
Related party expenses		$ 3,800,000	$ 3,400,000	$ 7,500,000	$ 6,600,000
Incurred
Related Party Transaction [Line Items]
Related party expenses		10,081,000	9,479,000	20,157,000	19,118,000
Incurred \| General and Administrative Expense
Related Party Transaction [Line Items]
Related party expenses		200,000	300,000	700,000	500,000
Incurred \| Recurring Fees \| Asset management fees
Related Party Transaction [Line Items]
Related party expenses		8,269,000	7,885,000	16,509,000	15,563,000
Incurred \| Recurring Fees \| Property management fees
Related Party Transaction [Line Items]
Related party expenses		$ 1,812,000	$ 1,594,000	$ 3,648,000	$ 3,555,000

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 18, 2021

Jun. 03, 2021

Jun. 02, 2021

Jul. 19, 2018

May 31, 2022

Jun. 30, 2021

May 31, 2021

Sep. 30, 2020

Jun. 30, 2022

Jun. 30, 2021

Apr. 12, 2021

Jun. 30, 2022

Jun. 30, 2021

Feb. 28, 2019

Jan. 31, 2019

Jan. 01, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Distributions paid

$ 200

$ 10,799

Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued in lieu of cash (in shares)

2021 Equity Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

6,300,000

Incentive Restricted Share Plan | Independent Directors

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable

$ 100

Incentive Restricted Share Plan | Non-Executive Chair

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual retainer payable

105

$ 105

Incentive Restricted Share Plan | Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Annual retainer payable

$ 30

Annual retainer payable, cash

50%

Annual retainer payable, restricted stock units

50%

Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 1,100

$ 400

$ 1,600

$ 600

Compensation expense

$ 700

Weighted average period of recognition

2 years 2 months 12 days

2018 and 2021 OPP | Tranche one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24%

Relative TSR excess

(0.0600)

2018 and 2021 OPP | Tranche two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24%

Relative TSR excess

(0.0600)

2018 and 2021 OPP | Tranche three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30%

Relative TSR excess

2018 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum award value

$ 50,000

Share price (in dollars per share)

$ 19.57

Requisite service period

2 years 9 months 18 days

Distribution percent entitled to by LTIP holders

10%

2018 OPP | Minimum | Tier One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

24%

Relative TSR excess

(0.0600)

2018 OPP | Minimum | Tier Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30%

Relative TSR excess

2018 OPP | Maximum | Tier One

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

30%

Relative TSR excess

2018 OPP | Maximum | Tier Two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Absolute TSR

36%

Relative TSR excess

0.0600

2021 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum award value

$ 50,000

Share price (in dollars per share)

$ 20

Stock Options | Stock Option Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

500,000

Shares issued during the period (in shares)

Unvested RSUs | 2021 Equity Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for grant (in shares)

2,772,905

Unvested RSUs | Incentive Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Percentage of maximum common stock available for issuance

10%

Unvested RSUs | Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted (in shares)

24,864

20,176

Restricted shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted (in shares)

207,242

213,125

132,025

Award vesting period

4 years

Restricted shares forfeited (in shares)

150

Restricted shares | Tranche one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting of granted restricted shares

50%

Restricted shares | Advisor | Tranche one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting of granted restricted shares

25%

Restricted shares | Advisor | Tranche two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting of granted restricted shares

25%

Restricted shares | Advisor | Tranche three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting of granted restricted shares

25%

Restricted shares | Advisor | Tranche four

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting of granted restricted shares

25%

Restricted shares | Restricted Share Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted (in shares)

207,242

213,125

Restricted shares forfeited (in shares)

150

7,750

Compensation expense

$ 4,100

Weighted average period of recognition

3 years 9 months 18 days

LTIP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Distributions paid

$ 10,600

100

10,700

$ 10,800

LTIP Units | 2018 OPP | Advisor

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued during the period (in shares)

2,554,930

LTIP Units | 2021 OPP | Advisor

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted (in shares)

2,500,000

LTIP Units | OP Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares forfeited (in shares)

419,434

Number of units earned (in shares)

2,135,496

Share-Based Payment Arrangement, Nonemployee | 2018 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Requisite service period

2 years 9 months 18 days

Share-Based Payment Arrangement, Nonemployee | 2021 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Requisite service period

3 years 1 month 6 days

Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2018 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity fair value

$ 18,800

Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2018 Multi Year Outperformance Plan Amendment

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity fair value

$ 29,900

$ 23,300

Fair value in excess

6,600

$ 6,600

Share-Based Payment Arrangement, Nonemployee | LTIP Units | 2021 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity fair value

$ 27,700

Non-controlling interest | Share-Based Payment Arrangement, Nonemployee | 2018 and 2021 OPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based compensation expense

$ 2,200

$ 2,600

$ 4,500

$ 5,000

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Share Award Activity (Details) - $ / shares	1 Months Ended			6 Months Ended
	May 31, 2022	May 31, 2021	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021
Restricted shares
Number of RSUs
Granted (in shares)	207,242	213,125	132,025
Forfeitures (in shares)				(150)
Restricted Share Plan \| Unvested RSUs
Number of RSUs
Unvested, beginning balance (in shares)				44,510	44,949
Vested (in shares)				(21,651)	(20,615)
Granted (in shares)				24,864	20,176
Unvested, ending balance (in shares)				47,723	44,510
Weighted-Average Issue Price
Unvested (in dollars per share)				$ 16.47	$ 15.35
Vested (in dollars per share)				16.43	16.22
Granted (in dollars per share)				15.18	18.71
Unvested (in dollars per share)				$ 15.82	$ 16.47
Restricted Share Plan \| Restricted shares
Number of RSUs
Unvested, beginning balance (in shares)				305,107	132,025
Vested (in shares)				(86,756)
Granted (in shares)				207,242	213,125
Forfeitures (in shares)				(150)	(7,750)
Unvested, ending balance (in shares)				425,443	337,400
Weighted-Average Issue Price
Unvested (in dollars per share)				$ 18.81	$ 17.41
Vested (in dollars per share)				17.61
Granted (in dollars per share)				14.97	19.41
Forfeitures (in dollars per share)				19.41	17.41
Unvested (in dollars per share)				$ 17.18	$ 18.67

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Target and Maximum Performance Goals (Details) - shares	Jun. 03, 2021	Jul. 19, 2018
2018 and 2021 OPP \| Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of LTIP Units Earned)		0%
Absolute TSR		24%
Performance Level (% of LTIP Units Earned)		0%
Relative TSR Excess		(0.0600)
2018 and 2021 OPP \| Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of LTIP Units Earned)		25%
Absolute TSR		24%
Performance Level (% of LTIP Units Earned)		25%
Relative TSR Excess		(0.0600)
2018 and 2021 OPP \| Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of LTIP Units Earned)		50%
Absolute TSR		30%
Performance Level (% of LTIP Units Earned)		50%
Relative TSR Excess		0
2018 and 2021 OPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Level (% of LTIP Units Earned)		100%
Absolute TSR		36%
Performance Level (% of LTIP Units Earned)		100%
Relative TSR Excess		0.0600
2021 OPP \| Below Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Absolute TSR LTIP Units Earned (in shares)	0
Number of Absolute TSR LTIP Units Earned (in shares)		0
2021 OPP \| Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Absolute TSR LTIP Units Earned (in shares)	312,500
Number of Absolute TSR LTIP Units Earned (in shares)		312,500
2021 OPP \| Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Absolute TSR LTIP Units Earned (in shares)	625,000
Number of Absolute TSR LTIP Units Earned (in shares)		625,000
2021 OPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Absolute TSR LTIP Units Earned (in shares)	1,250,000
Number of Absolute TSR LTIP Units Earned (in shares)		1,250,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (5,847)	$ (2,428)	$ (364)	$ (3,260)
Adjustments to net loss attributable to common stockholders for common share equivalents	(215)	(10,744)	(437)	(10,897)
Adjusted net loss attributable to common stockholders	$ (6,062)	$ (13,172)	$ (801)	$ (14,157)
Weighted average common shares outstanding — Basic (in shares)	103,649,308	96,386,229	103,622,891	93,968,011
Weighted average common shares outstanding — Diluted (in shares)	103,649,308	96,386,229	103,622,891	93,968,011
Net loss per share attributable to common stockholders — Basic (in dollars per share)	$ (0.06)	$ (0.14)	$ (0.01)	$ (0.15)
Net loss per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.06)	$ (0.14)	$ (0.01)	$ (0.15)

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,946,177	1,074,252	2,897,851	626,451
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	43,508	44,908	43,694	44,616
Additional restricted shares to be awarded in the future (in shares)	47,723	44,510	47,723	44,510
Unvested Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	402,669	260,113	354,157	195,095
Additional restricted shares to be awarded in the future (in shares)	425,443	337,400	425,443	337,400
LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common share equivalents excluded from EPS calculation (in shares)	2,500,000	769,231	2,500,000	386,740
LTIP Units \| 2021 OPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional restricted shares to be awarded in the future (in shares)	2,500,000	2,500,000	2,500,000	2,500,000

Subsequent Events - (Details)

Subsequent Events - (Details) - Subsequent Event $ in Millions	1 Months Ended
	Aug. 04, 2022 USD ($) property
Subsequent Event [Line Items]
Number of real estate properties sold \| property	1
Property contract price \| $	$ 2.6

Real Estate Investments, Net - Acquisition by Property Type (Details)	Jun. 30, 2022 ft² property	Jun. 30, 2021 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	311
Square Feet (unaudited) \| ft²	39,500,000
Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	3
Square Feet (unaudited) \| ft²	299,226
Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		5
Square Feet (unaudited) \| ft²		977,192
Office \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	1
Square Feet (unaudited) \| ft²	66,626
Office \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0
Industrial \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	2
Square Feet (unaudited) \| ft²	232,600
Industrial \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		5
Square Feet (unaudited) \| ft²		977,192
Distribution \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	0
Square Feet (unaudited) \| ft²	0
Distribution \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0
Retail \| Properties Acquired in 2022
Real Estate Properties [Line Items]
Number of Properties \| property	0
Square Feet (unaudited) \| ft²	0
Retail \| Properties Acquired in 2021
Real Estate Properties [Line Items]
Number of Properties \| property		0
Square Feet (unaudited) \| ft²		0