Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | EPR Properties | ||
Entity Central Index Key | 1,045,450 | ||
Trading Symbol | EPR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 63,307,247 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,467,970,991 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Rental properties, net of accumulated depreciation of $534,303 and $465,660 at December 31, 2015 and 2014, respectively | $ 3,025,199 | $ 2,451,534 |
Land held for development | 23,610 | 206,001 |
Property under development | 378,920 | 181,798 |
Mortgage notes and related accrued interest receivable, net | 423,780 | 507,955 |
Investment in a direct financing lease, net | 190,880 | 199,332 |
Investment in joint ventures | 6,168 | 5,738 |
Cash and cash equivalents | 4,283 | 3,336 |
Restricted cash | 10,578 | 13,072 |
Deferred financing costs, net | 4,894 | 4,136 |
Accounts receivable, net | 59,101 | 47,282 |
Other assets | 89,857 | 66,091 |
Total assets | 4,217,270 | 3,686,275 |
Liabilities: | ||
Accounts payable and accrued liabilities | 92,178 | 82,180 |
Common dividends payable | 18,401 | 16,281 |
Preferred dividends payable | 5,951 | 5,952 |
Unearned rents and interest | 44,952 | 25,623 |
Debt | 1,981,920 | 1,629,750 |
Total liabilities | 2,143,402 | 1,759,786 |
Equity: | ||
Common Shares, $.01 par value; 75,000,000 shares authorized; and 63,195,182 and 58,952,404 shares issued at December 31, 2015 and 2014, respectively | 632 | 589 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 2,508,445 | 2,283,440 |
Treasury shares at cost: 2,371,198 and 1,826,463 common shares at December 31, 2015 and 2014, respectively | (97,328) | (67,846) |
Accumulated other comprehensive income | 5,622 | 12,566 |
Distributions in excess of net income | (343,642) | (302,776) |
EPR Properties shareholders’ equity | 2,073,868 | 1,926,112 |
Noncontrolling interests | 0 | 377 |
Equity | 2,073,868 | 1,926,489 |
Total liabilities and equity | 4,217,270 | 3,686,275 |
Series C Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | 54 | 54 |
Series E Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | 35 | 35 |
Series F Preferred Stock [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 50 | $ 50 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Investment Property, Accumulated Depreciation | $ 534,303,000 | $ 465,660,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 63,195,182 | 58,952,404 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Treasury Stock, Shares | 2,371,198 | 1,826,463 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 5,400,000 | 5,400,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 135,000,000 | $ 135,000,000 |
Series E Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 3,450,000 | 3,450,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 86,250,000 | $ 86,250,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Rental revenue | $ 330,886 | $ 286,673 | $ 248,709 | ||||||||
Tenant reimbursements | 16,320 | 17,663 | 18,401 | ||||||||
Other income | 3,629 | 1,009 | 1,682 | ||||||||
Mortgage and other financing income | 70,182 | 79,706 | 74,272 | ||||||||
Total revenue | $ 111,988 | $ 108,335 | $ 101,258 | $ 99,436 | $ 104,669 | $ 98,738 | $ 91,787 | $ 89,857 | 421,017 | 385,051 | 343,064 |
Property operating expense | 23,433 | 24,897 | 26,016 | ||||||||
Other expense | 648 | 771 | 658 | ||||||||
General and administrative expense | 31,021 | 27,566 | 25,613 | ||||||||
Retirement severance expense | 18,578 | 0 | 0 | ||||||||
Costs associated with loan refinancing or payoff | 270 | 301 | 6,166 | ||||||||
Gain on early extinguishment of debt | 0 | 0 | (4,539) | ||||||||
Interest expense, net | 79,915 | 81,270 | 81,056 | ||||||||
Transaction costs | 7,518 | 2,452 | 1,955 | ||||||||
Provision for loan losses | 0 | 3,777 | 0 | ||||||||
Depreciation and amortization | 89,617 | 66,739 | 53,946 | ||||||||
Income before equity in income from joint ventures and other items | 170,017 | 177,278 | 152,193 | ||||||||
Equity in income from joint ventures | 969 | 1,273 | 1,398 | ||||||||
Gain on sale or acquisition, net | 23,829 | 1,209 | 3,017 | ||||||||
Gain on sale of investment in a direct financing lease | 0 | 220 | 0 | ||||||||
Gain on previously held equity interest | 0 | 0 | 4,853 | ||||||||
Income before income taxes | 194,815 | 179,980 | 161,461 | ||||||||
Income tax benefit (expense) | (482) | (4,228) | 14,176 | ||||||||
Income from continuing operations | 194,333 | 175,752 | 175,637 | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 199 | 505 | 333 | ||||||||
Transaction costs | 0 | 3,376 | 0 | ||||||||
Gain on sale of real estate | 0 | 0 | 4,256 | ||||||||
Net income attributable to EPR Properties | $ 46,799 | $ 44,244 | $ 42,814 | $ 36,869 | $ 46,684 | $ 36,753 | $ 34,808 | $ 37,581 | 194,532 | 179,633 | 180,226 |
Preferred dividend requirements | (23,806) | (23,807) | (23,806) | ||||||||
Net income available to common shareholders of EPR Properties | $ 170,726 | $ 155,826 | $ 156,420 | ||||||||
Basic earnings per share data: | |||||||||||
Income from continuing operations | $ 2.93 | $ 2.80 | $ 3.16 | ||||||||
Income from discontinued operations | 0.01 | 0.07 | 0.10 | ||||||||
Net income available to common shareholders | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | $ 0.82 | $ 0.68 | $ 0.65 | $ 0.72 | 2.94 | 2.87 | 3.26 |
Diluted earnings per share data: | |||||||||||
Income from continuing operations | 2.92 | 2.79 | 3.15 | ||||||||
Income from discontinued operations | 0.01 | 0.07 | 0.09 | ||||||||
Net income available to common shareholders | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 0.81 | $ 0.68 | $ 0.65 | $ 0.71 | $ 2.93 | $ 2.86 | $ 3.24 |
Shares used for computation (in thousands): | |||||||||||
Basic | 58,138 | 54,244 | 48,028 | ||||||||
Diluted | 58,328 | 54,444 | 48,214 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 194,532 | $ 179,633 | $ 180,226 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (33,710) | (18,464) | (13,049) |
Change in unrealized gain on derivatives | 26,766 | 13,837 | 9,620 |
Comprehensive income attributable to EPR Properties | 187,588 | 175,006 | 176,797 |
Comprehensive income attributable to EPR Properties | $ 187,588 | $ 175,006 | $ 176,797 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional paid-in capital [Member] | Treasury shares [Member] | Accumulated other comprehensive income (loss) [Member] | Distributions in excess of net income [Member] | Noncontrolling Interests [Member] |
Balance (in shares) at Dec. 31, 2012 | 48,454,181 | 13,850,000 | ||||||
Balance at Dec. 31, 2012 | $ 1,459,898 | $ 484 | $ 139 | $ 1,769,227 | $ (55,308) | $ 20,622 | $ (275,643) | $ 377 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted share units issued to Trustees (in shares) | 17,530 | |||||||
Restricted share units issued to Trustees | 1,024 | 1,024 | ||||||
Issuance of nonvested shares, net | 196,928 | |||||||
Issuance of nonvested shares, net | (835) | $ 2 | 2,588 | (3,425) | ||||
Amortization of nonvested shares | (4,832) | (4,832) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 856 | 856 | ||||||
Foreign currency translation adjustment | (13,049) | (13,049) | ||||||
Change in unrealized gain/loss on derivatives | 9,620 | 9,620 | ||||||
Net income | 180,226 | 180,226 | 0 | |||||
Issuances of common shares (in shares) | 4,549,350 | |||||||
Issuances of common shares, net of costs | $ 220,993 | $ 46 | 220,947 | |||||
Stock option exercises, net (in shares) | 143,272 | 143,272 | ||||||
Stock option exercises, net | $ 947 | $ 2 | 4,389 | 3,444 | ||||
Dividends to common and preferred shareholders | (176,498) | (176,498) | ||||||
Balance (in shares) at Dec. 31, 2013 | 53,361,261 | 13,850,000 | ||||||
Balance at Dec. 31, 2013 | 1,688,014 | $ 534 | $ 139 | 2,003,863 | (62,177) | 17,193 | (271,915) | 377 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted share units issued to Trustees (in shares) | 19,685 | |||||||
Restricted share units issued to Trustees | 1,054 | 1,054 | ||||||
Issuance of nonvested shares, net | 280,193 | |||||||
Issuance of nonvested shares, net | 683 | $ 3 | 4,866 | (4,186) | ||||
Amortization of nonvested shares | (6,482) | (6,482) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 1,359 | 1,359 | ||||||
Foreign currency translation adjustment | (18,464) | (18,464) | ||||||
Change in unrealized gain/loss on derivatives | 13,837 | 13,837 | ||||||
Net income | 179,633 | 179,633 | ||||||
Issuances of common shares (in shares) | 5,255,302 | |||||||
Issuances of common shares, net of costs | $ 264,335 | $ 52 | 264,283 | |||||
Stock option exercises, net (in shares) | 35,963 | 35,963 | ||||||
Stock option exercises, net | $ 50 | $ 0 | 1,533 | 1,483 | ||||
Dividends to common and preferred shareholders | (210,494) | (210,494) | ||||||
Balance (in shares) at Dec. 31, 2014 | 58,952,404 | 13,850,000 | ||||||
Balance at Dec. 31, 2014 | 1,926,489 | $ 589 | $ 139 | 2,283,440 | (67,846) | 12,566 | (302,776) | 377 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Restricted share units issued to Trustees (in shares) | 18,036 | |||||||
Restricted share units issued to Trustees | 0 | 0 | ||||||
Issuance of nonvested shares, net | 218,285 | |||||||
Issuance of nonvested shares, net | 1,907 | $ 2 | 1,941 | (36) | ||||
Treasury Stock, Retired, Cost Method, Amount | (8,222) | (8,222) | ||||||
Amortization of nonvested shares | (7,038) | (7,038) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 1,119 | 1,119 | ||||||
share based compensation included in retirement severance expense | 6,377 | 6,377 | ||||||
Foreign currency translation adjustment | (33,710) | (33,710) | ||||||
Change in unrealized gain/loss on derivatives | 26,766 | 26,766 | ||||||
Net income | 194,532 | 194,532 | ||||||
Issuances of common shares (in shares) | 3,530,057 | |||||||
Issuances of common shares, net of costs | $ 190,365 | $ 36 | 190,329 | |||||
Stock option exercises, net (in shares) | 476,400 | 476,400 | ||||||
Stock option exercises, net | $ (3,395) | $ 5 | 17,824 | 21,224 | ||||
Dividends to common and preferred shareholders | (235,398) | (235,398) | ||||||
Balance (in shares) at Dec. 31, 2015 | 63,195,182 | 13,850,000 | ||||||
Balance at Dec. 31, 2015 | $ 2,073,868 | $ 632 | $ 139 | 2,508,445 | $ (97,328) | $ 5,622 | $ (343,642) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ (377) | $ (377) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 194,532 | $ 179,633 | $ 180,226 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on early extinguishment of debt | 0 | 0 | (4,539) |
Gain on previously held equity interest | 0 | 0 | (4,853) |
Gain on sale of real estate | (23,829) | (1,209) | (3,017) |
Deferred income tax benefit (expense) | (1,136) | 1,796 | (14,787) |
Provision for loan losses | 0 | 3,777 | 0 |
Income from discontinued operations | (199) | (3,881) | (4,589) |
Gain on sale of investment in a direct financing lease | 0 | (220) | 0 |
Costs associated with loan refinancing or payoff | 270 | 301 | 6,166 |
Equity in income from joint ventures | (969) | (1,273) | (1,398) |
Distributions from joint ventures | 540 | 810 | 985 |
Depreciation and amortization | 89,617 | 66,739 | 53,946 |
Amortization of deferred financing costs | 4,588 | 4,248 | 4,041 |
Amortization of above market lease | 192 | 192 | 48 |
Share-based compensation expense to management and trustees | 8,508 | 8,902 | 6,516 |
Share-based compensation expense included in retirement severance expense | 6,377 | 0 | 0 |
Decrease (increase) in restricted cash | 2,017 | (8) | 12,509 |
Increase in mortgage notes accrued interest receivable | (4,133) | (3,997) | (457) |
Increase in accounts receivable, net | (11,623) | (5,214) | (7,163) |
Increase in direct financing lease receivable | (3,559) | (2,993) | (4,860) |
Decrease (increase) in other assets | 343 | (3,360) | 2,338 |
Increase in accounts payable and accrued liabilities | 5,711 | 4,586 | 7,816 |
Increase in unearned rents and interest | 10,705 | 1,323 | 2,511 |
Net operating cash provided by continuing operations | 277,952 | 250,152 | 231,439 |
Net operating cash provided by discontinued operations | 508 | 143 | 2,681 |
Net cash provided (used) by operating activities | 278,460 | 250,295 | 234,120 |
Investing activities: | |||
Acquisition of rental properties and other assets | (179,820) | (85,205) | (123,497) |
Proceeds from Sale of Real Estate | 46,718 | 12,055 | 797 |
Investment in unconsolidated joint ventures | 0 | 0 | (1,607) |
Proceeds from settlement of derivative | 0 | 5,725 | 0 |
Investment in mortgage notes receivable | (72,698) | (93,877) | (60,568) |
Proceeds from mortgage note receivable paydown | 40,956 | 76,256 | 1,900 |
Investment in promissory notes receivable | 0 | 4,387 | 1,278 |
Proceeds from promissory note receivable paydown | 0 | 1,750 | 1,027 |
Investment in direct financing leases, net | 0 | 0 | (3,262) |
Proceeds from Sale of Lease Receivables | 4,741 | 46,092 | 0 |
Additions to properties under development | (408,436) | (334,635) | (197,271) |
Net cash used by investing activities of continuing operations | (568,539) | (376,226) | (383,759) |
Net proceeds from sale of real estate from discontinued operations | 0 | 0 | 47,301 |
Net cash used by investing activities | (568,539) | (376,226) | (336,458) |
Financing activities: | |||
Proceeds from long-term debt facilities | 856,914 | 379,000 | 646,000 |
Principal payments on long-term debt | (503,314) | (310,253) | (552,468) |
Deferred financing fees paid | (7,047) | (814) | (8,133) |
Costs associated with loan refinancing or payoff (cash portion) | 0 | (25) | (5,790) |
Net proceeds from issuance of common shares | 190,158 | 264,158 | 220,785 |
Impact of stock option exercises, net | (3,394) | 50 | 947 |
Purchase of common shares for treasury | (8,222) | (2,892) | (3,246) |
Dividends paid to shareholders | (233,073) | (207,637) | (197,924) |
Net cash provided by financing activities | 292,022 | 121,587 | 100,171 |
Effect of exchange rate changes on cash | (996) | (278) | (539) |
Net increase (decrease) in cash and cash equivalents | 947 | (4,622) | (2,706) |
Cash and cash equivalents at beginning of the year | 3,336 | 7,958 | 10,664 |
Cash and cash equivalents at end of the year | 4,283 | 3,336 | 7,958 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 392,786 | 236,428 | 139,026 |
Transfer of land held for development to property under development | 167,600 | 0 | 0 |
Acquisition of real estate in exchange for assumption of debt at fair value | 0 | 101,441 | 19,710 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 14,285 | 15,525 | 10,398 |
Conversion of mortgage note receivable to rental property | 120,051 | 0 | 0 |
Adjustment of noncontrolling interest to additional paid in capital | 377 | 0 | 0 |
Sale of real estate in exchange for note receivable | 0 | 0 | 2,500 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 49,391 |
Equity Method Investment, Amount Sold | 0 | 0 | 8,282 |
decrease in mortgage note receivable from business combination | 0 | 0 | 33,089 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 90,850 | 85,290 | 73,403 |
Cash paid during the year for income taxes | 1,956 | 710 | 102 |
Interest cost capitalized | 18,546 | 7,525 | 2,763 |
Increase in accrued capital expenditures | $ 417 | $ 7,053 | $ 1,168 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization [Abstract] | |
Organization | Organization Description of Business EPR Properties (the Company) is a specialty real estate investment trust (REIT) organized on August 29, 1997 in Maryland. The Company develops, owns, leases and finances properties in select market segments primarily related to Entertainment, Education and Recreation. The Company’s properties are located in the United States and Canada. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned except for those subsidiaries discussed below. The Company consolidates certain entities if it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. Prior to October 2015, the Company owned 96% of the membership interests of VinREIT, LLC (VinREIT). This entity was dissolved as the Company has completed the sales of its vineyard and winery properties. There was no net income attributable to noncontrolling interest related to VinREIT for the years ended December 31, 2015, 2014 and 2013. Total noncontrolling interest in VinREIT included in the accompanying consolidated balance sheet was $377 thousand for the year ended December 31, 2014. The Company’s consolidated statements of income include net income related to VinREIT of $0.2 million , $1.7 million and $6.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The Company received operating distributions from VinREIT of $0.1 million , $1.3 million and $3.5 million during 2015, 2014 and 2013, respectively. In addition, during 2014 and 2013, respectively, the Company received distributions of $7.1 million and $45.4 million related to property sales. During 2015, there were no distributions related to property sales. During 2015, 2014 and 2013, there were no contributions related to financing activities. Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 to 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements, which improve or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life. Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. Accounting for Acquisitions Upon acquisition of real estate properties, the Company determines if the acquisition meets the criteria to be accounted for as a business combination. Accordingly, the Company accounts for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases are signed at the time of acquisition, and (3) acquired single tenant properties that have an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties that include a process such as those with with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties are treated as business combinations. Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, tenant improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of above and below market leases, in-place leases, tenant relationships and assumed financing that is determined to be above or below market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying Consolidated Statements of Income as transaction costs. Transaction costs expensed totaled $7.5 million , $2.5 million and $2.0 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Most of the Company’s rental property acquisitions do not involve in-place leases. In such cases, the fair value of the tangible assets is determined based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. Because the Company typically executes these leases simultaneously with the purchase of the real estate, no value is ascribed to in-place leases in these transactions. For rental property acquisitions involving in-place leases, the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. The aggregate value of intangible assets or liabilities is measured based on the difference between the stated price plus capitalized costs and the property as if vacant. In determining the fair value of acquired in-place leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above market leases, management considers such differences over the remaining non-cancelable lease terms and for below market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below market is based upon a comparison of similar financing terms for similar rental properties at the time of the acquisition. The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the remaining initial lease term of the respective leases. The Company also determines the value, if any, associated with customer relationships considering factors such as the nature and extent of the Company’s existing business relationship with the tenants, growth prospects for developing new business with the tenants and expectation of lease renewals. The value of customer relationship intangibles is amortized over the remaining initial lease terms plus any renewal periods. Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis. Intangible assets (included in Other Assets in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2015 2014 In-place leases, net of accumulated amortization of $11.6 million and $12.1 million, respectively $ 7,273 $ 6,951 Above market lease, net of accumulated amortization of $0.4 million and $0.2 million, respectively 670 862 Goodwill 693 693 Total intangible assets, net $ 8,636 $ 8,506 In-place leases, net at December 31, 2015 and 2014 of approximately $7.3 million and $7.0 million , respectively, relate to four entertainment retail centers in Ontario, Canada that were purchased on March 1, 2004, three theatre properties that were purchased during 2013, 11 theatre properties that were purchased in 2014 and three theatre properties that were purchased during 2015. Above market lease, net at December 31, 2015 and 2014 relates to one theatre property that was purchased during 2013. Goodwill at December 31, 2015 and 2014 relates solely to the acquisition of New Roc that was acquired on October 27, 2003. Amortization expense related to in-place leases is computed using the straight-line method and was $1.4 million for the years ended December 31, 2015, 2014 and 2013 . The weighted average life for these in-place leases at December 31, 2015 is 9.0 years. Amortization expense related to the above market lease is computed using the straight-line method and was $192 thousand for the years ended December 31, 2015 and 2014 and $48 thousand for the year ended December 31, 2013. The weighted average life for the above market lease at December 31, 2015 is 3.5 years. Future amortization of in-place leases, net and above market lease, net at December 31, 2015 is as follows (in thousands): In place leases Above market lease Year: 2016 $ 1,137 $ 192 2017 1,026 192 2018 1,015 192 2019 776 94 2020 537 — Thereafter 2,782 — Total $ 7,273 $ 670 Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. The Company early adopted the FASB issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs, during 2015 and applied the guidance retrospectively. The costs unrelated to our unsecured revolving credit facility are shown as a reduction of debt of $18.3 million and $15.8 million as of December 31, 2015 and 2014, respectively. Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. Operating Segments For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 20 for financial information related to these operating segments. Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the minimum terms of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $3.0 million , $2.0 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Mortgage and other financing income included participating interest income of $1.5 million , $2.2 million $0.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. For the year ended December 31, 2014, mortgage and other financing income also included a $5.0 million prepayment fee related to mortgage notes that were paid either fully or partially in advance of their maturity dates. There were no prepayment fees included in mortgage and other financing income for the years ended December 31, 2015 and 2013. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $145 thousand , $123 thousand and $37 thousand were recognized during the years ended December 31, 2015, 2014 and 2013 , respectively. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. Discontinued Operations The Company evaluates each sale or disposal transaction to determine if it meets the criteria to qualify as discontinued operations. A discontinued operation is a component of an entity or group of components that have been disposed of or are classified as held for sale and represent a strategic shift that has or will have a major effect on the Company's operations and financial results, or an acquired business that is classified as held for sale on the acquisition date. If the sale or disposal transaction does not meet the criteria, the operations and related gain or loss on sale is included in income from continuing operations. The Company adopted the FASB issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, during 2014 and applied the guidance prospectively. Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. If the Company’s assumptions regarding the collectiblity of accounts receivable prove incorrect, the Company could experience write-offs of the accounts receivable or accrued straight-line rents receivable in excess of its allowance for doubtful accounts. The allowance for doubtful accounts was $3.2 million and $1.6 million at December 31, 2015 and 2014 , respectively. Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. During the year ended December 31, 2013, the Company received partial payment of $1.0 million on a note receivable that was previously impaired and accordingly the allowance for loan losses of $0.1 million was written off. The Company had one note receivable totaling $3.8 million (including $0.1 million in accrued interest) at December 31, 2014 that was impaired due to the inability of the borrower to meet its contractual obligations. Interest income of $84 thousand was recognized on this note for the year ended December 31, 2014 and related to the period before the note was impaired. Management of the Company evaluated the fair value of the underlying collateral of the note and concluded that a loan loss reserve for its full value of $3.8 million was necessary at December 31, 2014. During the year ended December 31, 2015, the Company wrote off $3.8 million of this previously impaired and fully reserved note receivable. Income Taxes The Company operates in a manner intended to qualify as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. The Company owns certain real estate assets which are subject to income tax in Canada. Prior to December 31, 2013, a full valuation allowance had been recorded on the net Canadian deferred tax assets as there was no assurance that the Canadian operations would generate taxable income in the future. Due to tax law changes occurring in the fourth quarter of 2013 related primarily to limitations on the deductibility of intercompany interest expense, the Company's Canadian operations generated taxable income during both the years ended December 31, 2015 and 2014 and the Company expects to continue to generate taxable income from its Canadian operations going forward. For the year ended December 31, 2013, the Company reassessed the need for a valuation allowance, and reversed its valuation allowance associated with the net Canadian deferred tax assets and recorded an income tax benefit of $14.8 million . At December 31, 2015, the net Canadian deferred tax assets totaled $10.9 million and the temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation and straight line rents. The Company has certain taxable REIT subsidiaries, as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. One of the taxable REIT subsidiaries holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore the income reported by the Company is net of income tax paid to the Chinese authorities. In addition, the company is liable for withholding taxes associated with the current and future repatriation of earnings of the China joint ventures. At December 31, 2015, the amount of this future liability was approximately $158 thousand and represented withholding taxes on 2015 earnings. Additionally, the Company paid $54 thousand in withholding taxes during the year ended December 31, 2015 that related to 2014 earnings repatriated during 2015. In addition to historical net operating loss carryovers, temporary differences between income for financial reporting purposes and taxable income for the taxable REIT subsidiaries relate primarily to timing differences from when the foreign income is recognized. As of December 31, 2015 and 2014 , respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $16.5 million and $18.7 million and deferred tax liabilities totaling approximately $3.8 million and $4.4 million . As there is no assurance that the taxable REIT subsidiaries will generate taxable income in the future beyond the reversal of temporary taxable differences, the deferred tax assets and liabilities have been offset by a valuation allowance at December 31, 2015 and 2014 . The Company’s consolidated deferred tax position is summarized as follows: 2015 2014 Fixed assets $ 13,791 $ 15,720 Net operating losses 2,249 2,880 Other 412 90 Less Valuation allowance (1,779 ) (2,391 ) Total deferred tax assets $ 14,673 $ 16,299 Straight line receivable $ (2,731 ) $ (3,594 ) Other (1,072 ) (850 ) Total deferred tax liabilities $ (3,803 ) $ (4,444 ) Net deferred tax asset $ 10,870 $ 11,855 Deferred tax assets for which no valuation allowance has been established could be recognized for financial reporting purposes in future periods if the taxable REIT subsidiaries generate sufficient taxable income. Additionally, during the years ended December 31, 2015 and 2014 , the Company recognized current income and withholding tax expense of $1.6 million and $2.1 million , respectively, primarily related to certain state income taxes and foreign withholding tax. The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Current state income tax expense $ (899 ) $ (579 ) $ (522 ) Current foreign income tax 431 (493 ) — Current foreign withholding tax (1,107 ) (1,040 ) — Deferred foreign withholding tax (43 ) (320 ) (89 ) Deferred income tax benefit (expense) 1,136 (1,796 ) 14,787 Income tax benefit (expense) $ (482 ) $ (4,228 ) $ 14,176 The Company's effective tax rate for the years ended December 31, 2015 and 2014 was 0.2% and 2.3% , respectively. The differences between the income tax benefit (expense) calculated at the statutory U.S. federal income tax rates of 35% and the actual income tax benefit (expense) recorded for continuing operations is mostly attributable to the dividends paid deduction available for REITs. Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current U.S. federal income taxes were due for the years ended December 31, 2015, 2014 and 2013 . Accordingly, no provision for current U.S. federal income taxes was recorded for any of those years. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain provisions, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. Tax years 2012 through 2015 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2011 through 2015 for Canadian income tax purposes. The Company’s policy is to recognize interest and penalties as general and administrative expense. In 2015, approximately $65 thousand in interest and penalties related to a state audit were recognized. In 2014, the Company did not recognize any expense related to interest and penalties. The Company did not have any accrued interest and penalties at December 31, 2015 or December 31, 2014. Concentrations of Risk American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion ( 25% ) of the megaplex theatre rental properties held by the Company at December 31, 2015 as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $86.1 million or 20% , $87.4 million or 23% and $85.1 million or 25% , for the years ended December 31, 2015, 2014 and 2013 , respectively) results from the revenue from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by AMC Entertainment Holdings, Inc. (AMCEH). AMCEH is a publicly held company (NYSE: AMC) and its consolidated financial information is publicly available as www.sec.gov. For the years ended December 31, 2015, 2014 and 2013 , approximately $33.7 million or 8% , and $40.2 million or 10% , and $42.3 million or 12% , respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $169.7 million or 8% and $200.4 million or 10% , respectively, of the Company's net assets as of December 31, 2015 and 2014 . Cash Equivalents Cash equivalents include bank demand deposits and shares of highly liquid institutional money market mutual funds for which cost approximates market value. Restricted Cash Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, and payment of real estate taxes and capital improvements. Share-Based Compensation Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares are issued under the 2007 Equity Incentive Plan. Share based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share based compensation is included in general and administrative expense in the accompanying consolidated statements of income, and totaled $8.5 million , $8.9 million and $6.5 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Share-based compensation included in retirement severance expense in the accompanying consolidated statements of income totaled $6.4 million for the year ended December 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. Share Options Share options are granted to employees pursuant to the Long-Term Incentive Plan. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statement of income was $1.1 million , $1.4 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Expense recognized related to share options and included in retirement severance expense in the accompanying consolidated statements of income was $1.4 million for the year ended December 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. Nonvested Shares Issued to Employees The Company grants nonvested shares to employees pursuant to both the |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2015 and 2014 (in thousands): 2015 2014 Buildings and improvements $ 2,837,611 $ 2,273,430 Furniture, fixtures & equipment 34,423 25,922 Land 687,468 617,842 3,559,502 2,917,194 Accumulated depreciation (534,303 ) (465,660 ) Total $ 3,025,199 $ 2,451,534 Depreciation expense on rental properties was $85.9 million , $63.0 million and $50.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. On August 1, 2015, per the terms of the mortgage note agreement, the borrower for Camelback Mountain Resort exercised its option to convert the mortgage note agreement to a lease agreement. As a result, the Company recorded the carrying value of its investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. The property is leased pursuant to a triple net lease with a 20 -year term. On April 21, 2014, the Company acquired 100% of an entity that owns 11 theatre properties in seven states for a total purchase price of approximately $117.7 million . As a part of this transaction, the Company assumed a mortgage loan of $90.3 million , which was booked at fair value on the date of the acquisition and a note payable of $1.9 million , for which the carrying value approximated market value on the date of acquisition. See Note 10 for further details regarding these loans. The theatre properties are leased on a triple net basis under a master lease agreement to a subsidiary of Regal Cinemas, Inc. with the tenant responsible for all taxes, costs and expenses arising from the use or operation of the properties. The remaining initial lease term is approximately 13 years. On the acquisition date, the Company recorded the following in the consolidated balance sheet: $123.7 million to rental properties, $3.3 million to other assets (for in-place leases) and $101.5 million to debt. Proforma financial information for this acquisition has been omitted as the effects of the acquisition are not material to the consolidated financial statements. Acquisition related costs in connection with this acquisition of $0.5 million were expensed as incurred during the year ended December 31, 2014. During the year ended December 31, 2013, the Company sold five winery and vineyard properties located in California. The total proceeds for these sales were $49.8 million and the Company recognized a net gain of $4.3 million . In consideration for one of these properties, the Company received $1.0 million in cash and a mortgage note receivable of $2.5 million , due in November 2016. As further detailed in Note 18, the results of operations of these properties have been classified within discontinued operations. During the year ended December 31, 2014, the Company sold one winery located in Washington and one vineyard located in California. The total net proceeds for these sales were $8.0 million and the Company recognized a gain of $0.9 million . Additionally, during the year ended December 31, 2014, the Company sold three land parcels for net proceeds of $4.1 million and the Company recognized a gain of $0.3 million . The results of operations of these properties have not been classified within discontinued operations. On January 27, 2015, the Company completed the sale of a theatre located in Los Angeles, California for net proceeds of $42.7 million and recognized a gain on sale of $23.7 million . In addition, during the year ended December 31, 2015, the Company sold a land parcel adjacent to one of its public charter school investments for net proceeds of $1.1 million and recognized a gain of $0.2 million and sold two land parcels adjacent to its megaplex theatre properties for net proceeds of $2.9 million and recognized a loss of $0.1 million . The results of operations of these properties have not been classified within discontinued operations. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2015 and 2014 (in thousands): 2015 2014 Receivable from tenants $ 9,999 $ 6,705 Receivable from non-tenants 353 602 Straight-line rent receivable 52,336 41,529 Allowance for doubtful accounts (3,587 ) (1,554 ) Total $ 59,101 $ 47,282 |
Investment in Mortgage Notes
Investment in Mortgage Notes | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivable, Net [Abstract] | |
Investment In Mortgage Notes | Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 (1) Mortgage note, 10.00%, borrower exercised conversion option on August 1, 2015 — 70,114 (2) Mortgage note, 9.00%, paid October 1, 2015 — 1,164 (3) Mortgage note and related accrued interest receivable, 10.00%, paid November 10, 2015 — 2,521 (4) Mortgage note and related accrued interest receivable, 9.00%, due March 31, 2016 1,257 1,149 (5) Mortgage note, 5.50%, due November 1, 2016 2,500 2,500 (6) Mortgage note receivable and related accrued interest receivable, 9.00%, due March 11, 2017 1,454 — (7) Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 164,543 191,116 (8) Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 36,032 36,032 (9) Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 19,944 19,795 (10) Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 22,188 22,188 (11) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,469 5,598 (12) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 30,680 28,788 (13) Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 3,488 3,471 (14) Mortgage note, 11.31%, due July 1, 2033 12,781 13,005 (15) Mortgage note and related accrued interest receivable, 8.50%, due June 30, 2034 4,900 4,870 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,392 12,082 (17) Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034 51,450 51,450 (18) Mortgage notes, 10.13%, due December 1, 2034 37,562 37,562 (19) Mortgage notes, 10.40%, due December 1, 2034 4,550 4,550 (20) Mortgage note and related accrued interest receivable, 10.25%, due July 1, 2036 9,147 — (21) Mortgage note and related accrued interest receivable, 9.75%, due October 1, 2036 3,443 — Total mortgage notes and related accrued interest receivable $ 423,780 $ 507,955 (1) The Company's first mortgage loan agreement with CBK Lodge, LP and CBH20, LP was secured by development land and improvements adjacent to the Company's Camelback Mountain Resort. On August 1, 2015, per the terms of the mortgage note agreement, the borrower exercised its option to convert the mortgage note agreement to a 20 -year tripe net lease agreement. As a result, the Company recorded the carrying value of the investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. (2) The Company's first mortgage loan agreement with American Charter Development that was secured by approximately 56 acres of land located in Arizona City, Arizona was paid on October 1, 2015. (3) The Company's mortgage loan agreement with Carneros Vintners, Inc. that was secured by approximately 20 acres of land and a custom crush facility was paid on November 10, 2015. (4) The Company's first mortgage loan agreement with HighMark Land, LLC is secured by approximately 20 acres of land located in Lincoln, California. The note requires accrued interest and principal to be paid at maturity. (5) The Company's mortgage loan agreement with Alko Ranch, LLC is secured by approximately 159 acres of land and a winery facility. The note requires monthly interest payments. (6) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by approximately 12 acres of land located in Queen Creek, Arizona. The note requires accrued interest and principal to be paid at maturity. (7) The Company’s mortgage loan agreements with SVVI, LLC (SVVI) are secured by one waterpark and adjacent land in Kansas City, Kansas as well as two other waterparks located in New Braunfels and South Padre Island, Texas. The mortgage notes have cross-default and cross-collateral provisions. Pursuant to the mortgage on the Texas properties, only a seasonal line of credit secured by the Texas parks totaling not more than $9.0 million at any time ranks superior to the Company’s collateral position. The note accrues monthly interest payments and SVVI is required to fund a debt service reserve for off-season interest payments (those due from September to May). The reserve is to be funded by equal monthly installments during the months of June, July and August. Monthly interest payments are transferred to the Company from this debt service reserve. The mortgage loan agreements also contain certain participating interest and note pay-down provisions. During the years ended December 31, 2015, 2014 and 2013 , the Company recognized $1.5 million , $1.4 million and $923 thousand of participating interest income, respectively. SVV I, LLC is a VIE, but it was determined that the Company was not the primary beneficiary of this VIE. The Company’s maximum exposure to loss associated with SVVI, LLC is limited to the Company’s outstanding mortgage note and related accrued interest receivable. On October 13, 2015, the Company received a partial pay-down of $45.0 million . Per the terms of the mortgage notes receivable, half of this amount pays back advances plus accrued interest and the other half, or approximately $22.5 million , further reduces the note balance but has no impact on the interest income the Company was previously receiving. (8) The Company's first mortgage loan agreement with Montparnasse 56 USA is secured by the observation deck of the John Hancock building in Chicago, Illinois. This note requires monthly interest payments. (9) The Company's first mortgage loan agreement with Basis Schools, Inc. is secured by a public charter school and the underlying land located in Washington D.C. Subsequent to December 31, 2015, the note was prepaid on January 5, 2016. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million . (10) The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC is secured by the North Carolina Music Factory located in Charlotte, North Carolina which is an existing entertainment retail center that includes live performance and other dining and entertainment tenants. Subsequent to December 31, 2015, this note was amended and restated. The amended note bears interest at 9.75% and requires monthly interest payments. In conjunction with the amendment, the Company funded an additional $21.8 million . (11) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. The note is fully amortizing and requires monthly principal and interest payments of $52 thousand . (12) The Company's first mortgage loan agreements with LBE Investments, Ltd. are secured by three charter school properties located in Gilbert and Queen Creek, Arizona. The notes bear interest beginning at 9.50% with increases of 0.50% every five years. The notes are fully amortizing and require monthly payments of principal and interest. The notes have an effective interest rate of approximately 9.50% , which is net of a 2% servicer fee to HighMark. (13) The Company's first mortgage loan agreement with UME Preparatory Academy is secured by approximately 28 acres of land and a public charter school property located in Dallas, Texas. The note bears interest beginning at 10.25% with increases of 0.50% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.90% , which is net of a 2% servicer fee to HighMark. (14) The Company's first mortgage loan agreement with Topgolf USA Austin is secured by a golf entertainment complex located in Austin, Texas. The note is fully amortizing and requires monthly principal and interest payments of $141 thousand . (15) The Company's first mortgage loan agreement with 169 Jenks is secured by a public charter school property located in St. Paul, Minnesota. The note bears interest beginning at 8.50% which increases annually based on a formula of the rate multiplied by 1.025% . The note requires monthly interest payments. (16) The Company's first mortgage loan agreement with Beloved Community Charter School, Inc. is secured by a charter school property located in Jersey City, New Jersey. The note bears interest beginning at 9.50% with increases of 0.50% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.50% , which is net of a 2% servicer fee to HighMark. (17) The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by one metro ski park located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. On December 2, 2014, this note was amended and restated to extend the maturity date to December 1, 2034. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. (18) The Company's first mortgage loan agreements with Peak are secured by four metro ski parks located in Ohio and Pennsylvania with a total of approximately 510 acres. On December 2, 2014, these notes were amended and restated to extend the maturity date to December 1, 2034. The notes require monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. (19) The Company's first mortgage loan agreement with Peak is secured by a metro ski park located in Chesterland, Ohio with approximately 135 acres. On December 2, 2014, this note was amended and restated to extend the maturity date to December 1, 2034. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. (20) The Company's first mortgage loan agreement with Topgolf USA Midvale, LLC is secured by a golf entertainment complex located in Midvale, Utah. The note requires monthly interest payments. (21) The Company's first mortgage loan agreement with Topgolf USA West Chester, LLC is secured by a golf entertainment complex located in West Chester, Ohio. The note requires monthly interest payments. Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 5,960 2017 2,268 2018 902 2019 165,546 2020 1,112 Thereafter 247,992 Total $ 423,780 |
Investments In Direct Financing
Investments In Direct Financing Leases | 12 Months Ended |
Dec. 31, 2015 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Investments In Direct Financing Leases | Investment in a Direct Financing Lease The Company’s investment in a direct financing lease relates to the Company’s master lease of 21 public charter school properties as of December 31, 2015 and 23 public charter school properties as of December 31, 2014 , with affiliates of Imagine Schools, Inc. (Imagine). Investment in a direct financing lease, net represents estimated unguaranteed residual values of leased assets and net unpaid rentals, less related deferred income. The following table summarizes the carrying amounts of investment in a direct financing lease, net as of December 31, 2015 and 2014 (in thousands): 2015 2014 Total minimum lease payments receivable $ 439,646 $ 487,275 Estimated unguaranteed residual value of leased assets 162,669 172,880 Less deferred income (1) (411,435 ) (460,823 ) Investment in a direct financing lease, net $ 190,880 $ 199,332 (1) Deferred income is net of $1.4 million and $1.5 million of initial direct costs at December 31, 2015 and 2014 , respectively. Additionally, the Company has determined that no allowance for losses was necessary at December 31, 2015 and 2014 . On May 17, 2013, per the terms of the master lease of public charter schools with Imagine, the Company exchanged three St. Louis, Missouri schools for one located in Columbus, Ohio, one located in Dayton, Ohio and another located in Toledo, Ohio. In conjunction with this exchange, the Company completed the acquisition of a public charter school in Columbia, South Carolina for $3.3 million that is leased under the master lease to Imagine. Additionally, on October 31, 2013, the Company exchanged one St. Louis, Missouri school for one located in Columbus, Ohio. There was no impact on the Company's investment in direct financing lease as a result of these exchanges. On April 2, 2014, the Company completed the sale of four public charter school properties located in Florida and previously leased to Imagine for net proceeds of $46.1 million . Accordingly, the Company reduced its investment in a direct financing lease, net, by $45.9 million which included $41.5 million in original acquisition cost. A gain of $0.2 million was recognized during the year ended December 31, 2014. On May 21, 2015, the Company completed the sale of one public charter school property located in Pennsylvania and previously leased to Imagine for net proceeds of $4.7 million . Accordingly, the Company reduced its net investment in a direct financing lease, net by $4.7 million which included $4.1 million in original acquisition costs. There was no gain or loss recognized on this sale. On June 30, 2015, the Company terminated a portion of its master lease with Imagine related to one public charter school property located in Ohio. The property was subsequently leased to another operator pursuant to a long-term triple net lease agreement that is classified as an operating lease. There was no gain or loss recognized on this lease termination. The Company’s direct financing lease has expiration dates ranging from approximately 16 to 19 years. Future minimum rentals receivable on this direct financing lease at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 19,787 2017 20,380 2018 20,992 2019 21,621 2020 22,270 Thereafter 334,596 Total $ 439,646 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Unconsolidated Real Estate Joint Ventures [Abstract] | |
Unconsolidated Real Estate Joint Ventures | Unconsolidated Real Estate Joint Ventures On October 8, 2013, the Company purchased from its partner, Atlantic of Hamburg, Germany (Atlantic), its interests in two unconsolidated real estate joint ventures, Atlantic-EPR I and Atlantic-EPR II. The Company previously accounted for its investment in these joint ventures under the equity method of accounting. The Company paid cash consideration of $18.6 million in exchange for Atlantic's interests. The Company had previously made loans to the entities that held the underlying assets in the Atlantic-EPR joint ventures totaling $33.1 million . During the year ended December 31, 2013, the Company recognized a gain on its previously held equity interest of $4.9 million from the fair value adjustment associated with the Company's original ownership due to a change in control. Additionally, the Company recognized a gain on acquisition of $3.2 million . The Company recognized income of $505 thousand and received distributions of $646 thousand during 2013, from its equity investments in the Atlantic-EPR I and Atlantic-EPR II joint ventures. Condensed consolidated financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the period ended October 8, 2013 (in thousands): 2013 Rental properties, net $ 44,644 Cash 512 Atlantic-EPR II mortgage note payable to EPR (1) 11,796 Atlantic-EPR I mortgage note payable to EPR (1) 21,293 Partners’ equity 18,372 Rental revenue 4,373 Net income 1,430 (1) Atlantic-EPR I and Atlantic-EPR II mortgage notes payable to the Company were settled with the Company's acquisition of Atlantic's interests in each of these joint ventures on October 8, 2013. In addition, as of December 31, 2015 and 2014 the Company had invested $6.2 million and $5.7 million , respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized income of $969 thousand , $1.3 million and $893 thousand from its investment in these joint ventures for the years ended December 31, 2015, 2014 and 2013 , respectively. The Company also received distributions from these joint ventures of $540 thousand , $810 thousand and $339 thousand during the years ended December 31, 2015, 2014 and 2013 , respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 (1) Mortgage note payable, 5.56%, paid in full on March 6, 2015 $ — $ 30,508 (2) Mortgage note payable, 5.39%, paid in full on July 31, 2015 — 4,960 (3) Mortgage notes payable, 5.77%, paid in full on August 6, 2015 — 62,842 (4) Mortgage notes payable, 5.84%, paid in full on December 7, 2015 — 35,515 (5) Note payable, 2.50%, due April 21, 2016 1,850 1,850 (6) Mortgage notes payable, 6.37%, due June 1, 2016 24,754 25,607 (7) Mortgage notes payable, 6.10%, due October 1, 2016 22,235 23,000 (8) Mortgage notes payable, 6.02%, due October 6, 2016 16,738 17,319 (9) Mortgage note payable, 6.06%, due March 1, 2017 9,381 9,693 (10) Mortgage note payable, 6.07%, due April 6, 2017 9,667 9,985 (11) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 31,603 32,662 (12) Mortgage notes payable, 4.00%, due July 6, 2017 93,616 97,248 (13) Mortgage note payable, 5.29%, due July 8, 2017 3,455 3,604 (14) Mortgage notes payable, 5.86% due August 1, 2017 22,931 23,681 (15) Mortgage note payable, 6.19%, due February 1, 2018 13,171 13,849 (16) Mortgage note payable, 7.37%, due July 15, 2018 4,813 6,205 (17) Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019 196,000 62,000 (18) Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 2.71% through April 5, 2019, due April 24, 2020 350,000 285,000 (19) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (20) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (21) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (22) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 — (23) Bonds payable, variable rate, due October 1, 2037 24,995 24,995 Less: deferred financing costs, net (18,289 ) (15,773 ) Total $ 1,981,920 $ 1,629,750 (1) The Company’s mortgage note payable was prepaid in full on March 6, 2015 prior to its maturity date of June 5, 2015. The note was secured by one entertainment retail center. (2) The Company's mortgage note payable was paid in full on July 31, 2015 prior to its maturity date of November 1, 2015. The note was secured by one theatre property. (3) The Company’s mortgage notes payable were paid in full on August 6, 2015 prior to the maturity date of November 6, 2015. The notes were secured by six theatre properties. (4) The Company’s mortgage notes payable were paid in full on December 7, 2015 prior to the maturity date of March 6, 2016. The notes were secured by two theatre properties. (5) On April 21, 2014, the Company assumed a note payable in conjunction with the acquisition of 11 theatre properties. The carrying value of the note approximated fair value on the date of acquisition. The note requires quarterly interest payments of approximately $12 thousand with principal payment due at maturity. (6) The Company’s mortgage notes payable are secured by two theatre properties, which had a net book value of approximately $30.3 million at December 31, 2015 . The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million . (7) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $25.6 million at December 31, 2015 . The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million . (8) The Company’s mortgage notes payable are secured by three theatre properties, which had a net book value of approximately $18.3 million at December 31, 2015 . The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million . (9) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.9 million at December 31, 2015 . The note had an initial balance of $11.6 million and the monthly payments are based on a 25 -year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million . (10) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.3 million at December 31, 2015 . The note had an initial balance of $11.9 million and the monthly payments are based on a 30 -year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million . (11) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $28.9 million at December 31, 2015 . The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million . The weighted average interest rate on these notes is 5.85% . (12) On April 21, 2014, the Company assumed a mortgage note payable of $90.3 million in conjunction with the acquisition of 11 theatre properties. The mortgage note was recorded at fair value upon acquisition which was estimated to be $99.6 million . The fair value of this mortgage note was determined by discounting the future cash flows of the mortgage note using an estimated current market rate of 4.00% . The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $119.0 million at December 31, 2015 . The monthly payments are based on a 10 -year amortization schedule and the mortgage note requires monthly principal and interest payments of approximately $635 thousand with a final principal payment at maturity of approximately $85.1 million . (13) On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million . The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29% . The note is secured by one theatre property, which had a net book value of approximately $8.1 million at December 31, 2015 . The monthly payments are based on a 25 -year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million . (14) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $25.5 million at December 31, 2015 . The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million . (15) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $19.2 million at December 31, 2015 . The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20 -year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million . (16) The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.1 million at December 31, 2015 . The note had an initial balance of $18.9 million and the monthly payments are based on a 20 -year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand . On February 18, 2016, this loan was prepaid in full. (17) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25% , which was 1.57% on December 31, 2015 . Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured revolving portion of the new credit facility, among other things, (i) increase the initial amount from $535.0 million to $650.0 million , (ii) extend the maturity date from July 23, 2017, to April 24, 2019 (with the Company having the same right as before to extend the loan for one additional year, subject to certain terms and conditions) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.25% and 0.25% , respectively. In connection with the amendment, $243 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2015 . As of December 31, 2015 , the Company had $196.0 million outstanding under the facility and total availability under the revolving credit facility was $454.0 million . In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion . (18) The Company's unsecured term loan payable bears interest at LIBOR plus 1.40% , which was 1.82% on December 31, 2015 . Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured term loan portion of the new facility, among other things, (i) increase the initial amount from $285.0 million to $350.0 million , (ii) extend the maturity date from July 23, 2018 to April 24, 2020 and (iii) lower the interest rate at all senior unsecured credit rating tiers which was LIBOR plus 1.40% at closing. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion . (19) On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020 . The notes bear interest at 7.75% . Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020 . The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. (20) On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022 . The notes bear interest at 5.75% . Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022 . The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. (21) On June 18, 2013, the Company issued $275.0 million in senior unsecured notes due on July 15, 2023 . The notes bear interest at 5.25% . Interest is payable on January 15 and July 15 of each year beginning on January 15, 2014 until the stated maturity date of July 15, 2023. The notes were issued at 99.546% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (22) On March 16, 2015, the Company issued $300.0 million in aggregate principal amount of senior notes due on April 1, 2025 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50% . Interest is payable on April 1 and October 1 of each year beginning on October 1, 2015 until the stated maturity date of April 1, 2025. The notes were issued at 99.638% of their face value and are unsecured and guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (23) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $22.5 million at December 31, 2015 , and bear interest at a variable rate which resets on a weekly basis and was 0.01% at December 31, 2015 . The bonds requires monthly interest only payments with principal due at maturity. Certain of the Company’s debt agreements contain customary restrictive covenants related to financial and operating performance as well as certain cross-default provisions. The Company was in compliance with all financial covenants at December 31, 2015 . Principal payments due on long-term debt obligations subsequent to December 31, 2015 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2016 $ 75,514 2017 165,319 2018 13,381 2019 196,000 2020 600,000 Thereafter 949,995 Less: deferred financing costs, net (18,289 ) Total $ 1,981,920 The Company capitalizes a portion of interest costs as a component of property under development. The following is a summary of interest expense, net for the years ended December 31, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Interest on loans $ 92,140 $ 82,839 $ 78,292 Amortization of deferred financing costs 4,588 4,248 4,041 Credit facility and letter of credit fees 1,759 1,735 1,510 Interest cost capitalized (18,547 ) (7,525 ) (2,763 ) Interest income (25 ) (27 ) (53 ) Less: interest income of discontinued operations — — 29 Interest expense, net $ 79,915 $ 81,270 $ 81,056 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company’s variable interest in VIEs currently are in the form of equity ownership and loans provided by the Company to a VIE or other partner. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of other partner(s), voting rights, involvement in day-to-day capital and operating decisions, representation on a VIE’s executive committee, existence of unilateral kick-out rights or voting rights, and level of economic disproportionality between the Company and the other partner(s). Consolidated VIEs As of December 31, 2015 , the Company does not have any investments in consolidated VIEs. Unconsolidated VIE At December 31, 2015 , the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $164.5 million . The Company’s maximum exposure to loss associated with SVVI is limited to the Company’s outstanding mortgage note of $164.5 million . While this entity is a VIE, the Company has determined that the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance is not held by the Company. For further discussion of this mortgage note, see Note 5. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | Derivative Instruments All derivatives are recognized at fair value in the consolidated balance sheets within the line items "Other assets" and "Accounts payable and accrued liabilities" as applicable. The Company's derivatives are subject to a master netting arrangement and the Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative liabilities of $5.7 million and $5.1 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $42.2 million and $14.8 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2015 and 2014 , respectively. Had the Company elected to offset derivatives in the consolidated balance sheet, the Company would have had derivative assets of approximately $42.2 million and derivative assets of $14.8 million that would have been offset against the respective derivative liabilities of $5.7 million and liabilities of $5.1 million , resulting in a net derivative asset of $36.5 million and $9.7 million (with no derivative liability) at December 31, 2015 and 2014 , respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2015 and 2014 . See Note 11 for disclosures relating to the fair value of the derivative instruments as of December 31, 2015 and 2014 . Risk Management Objective of Using Derivatives The Company is exposed to the effect of changes in foreign currency exchange rates and interest rates on its LIBOR based borrowings. The Company limits this risk by following established risk management policies and procedures including the use of derivatives. The Company’s objective in using derivatives is to add stability to reported earnings and to manage its exposure to foreign exchange and interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate swaps, cross currency swaps and foreign currency forwards. 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 on its LIBOR based borrowings. To accomplish this objective, the Company currently uses interest rate swaps as its interest rate risk management strategy. 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. On January 5, 2012 the Company entered into three interest rate swap agreements to fix the interest rate on a $240.0 million term loan. These agreements have a combined outstanding notional amount of $240.0 million , a termination date of January 5, 2016 and provide a fixed rate on this debt of 2.51% . On September 6, 2013, the Company entered into three interest rate swap agreements to further fix the interest rate on $240.0 million of the unsecured term loan facility at 2.38% from January 5, 2016 to July 5, 2017. On August 12, 2015, the Company entered into two interest rate swap agreements to fix the interest rate at 2.94% on an additional $60.0 million of the unsecured term loan facility from September 8, 2015 to July 5, 2017 and on $300.0 million of the unsecured term loan facility from July 6, 2017 to April 5, 2019. The effective portion of changes in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ending December 31, 2015, 2014 and 2013 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on cash flow hedges was recognized during the years ending December 31, 2015, 2014 and 2013 . Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of December 31, 2015 , the Company estimates that during the twelve months ending December 31, 2016, $4.6 million will be reclassified from AOCI to interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, the U.S. dollar, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the CAD to U.S. dollar exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates utilized to translate revenues and expenses of these properties. At December 31, 2015 , the Company’s cross-currency swaps had a fixed original notional value of $100.0 million CAD and $98.1 million U.S. The net effect of these swaps is to lock in an exchange rate of $1.05 CAD per U.S. dollar on approximately $13.5 million of annual CAD denominated cash flows on the properties through June 2018. The effective portion of changes in the fair value of foreign currency derivatives designated and that qualify as cash flow hedges of foreign exchange risk is recorded in AOCI and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, as well as amounts excluded from the assessment of hedge effectiveness, is recognized directly in earnings. No hedge ineffectiveness on foreign currency derivatives has been recognized for the years ended December 31, 2015, 2014 and 2013 . As of December 31, 2015 , the Company estimates that during the twelve months ending December 31, 2016, $3.1 million will be reclassified from AOCI to other income. Net Investment Hedges As discussed above, the Company is exposed to fluctuations in foreign exchange rates on its four Canadian properties. As such, the Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates. Currency forward agreements involve fixing the CAD to U.S. dollar exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. In order to hedge the net investment in four of the Canadian properties, the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $94.3 million U.S. with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.06 CAD per U.S. dollar. Additionally, on February 28, 2014, the Company entered into a forward contract with a fixed notional value of $100.0 million CAD and $88.1 million U.S. with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.13 CAD per U.S. dollar. These forward contracts should hedge a significant portion of the Company’s CAD denominated net investment in these four centers through July 2018 as the impact on AOCI from marking the derivative to market should move in the opposite direction of the translation adjustment on the net assets of these four Canadian properties. During the year ended December 31, 2014, the Company received $5.7 million of cash in connection with the settlement of a CAD to U.S. dollar currency forward agreement which was designated as a net investment hedge. The cash receipt has been reported as part of investing activity in the accompanying consolidated statement of cash flows. The corresponding change in value of the forward contract for the period from inception to the settlement date of $5.7 million is reported in AOCI as part of the cumulative translation adjustment. The $5.7 million gain will remain in AOCI and will be reclassified into earnings upon a sale or complete or substantially complete liquidation of the Company’s investment in its four Canadian properties. For foreign currency derivatives designated as net investment hedges, the effective portion of changes in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. No hedge ineffectiveness on net investment hedges has been recognized for the years ended December 31, 2015, 2014 and 2013 . Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the years ended December 31, 2015, 2014 and 2013 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2015, 2014 and 2013 (Dollars in thousands) Year Ended December 31, Description 2015 2014 2013 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (2,581 ) $ (2,458 ) $ (2,372 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (2,004 ) (1,833 ) (1,749 ) Cross Currency Swaps Amount of Gain Recognized in AOCI on Derivative (Effective Portion) 5,380 3,560 2,278 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (2) 2,396 698 (160 ) Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative (Effective Portion) 24,359 11,600 8,092 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — 287 Total Amount of Gain Recognized in AOCI on Derivative (Effective Portion) $ 27,158 $ 12,702 $ 7,998 Amount of Gain (Expense) Reclassified from AOCI into Earnings (Effective Portion) 392 (1,135 ) (1,622 ) (1) Included in “Interest expense, net” in accompanying consolidated statements of income. (2) Included in “Other expense” or "Other income" in the accompanying consolidated statements of income. Credit-risk-related Contingent Features The Company has agreements with each of its interest rate derivative counterparties that contain a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $25.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative obligations. As of December 31, 2015 , the fair value of the Company’s derivatives in a liability position related to these agreements was $5.7 million . If the Company breached any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value of $5.8 million . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The Company’s has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance. The Company currently does not have any non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis. As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. 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’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Derivative Financial Instruments The Company uses interest rate swaps, foreign currency forwards and cross currency swaps to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including 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, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. 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 its derivatives also use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2015 , 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 its derivatives and therefore, has classified its derivatives as Level 2 within the fair value reporting hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2015 and 2014 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2015: Cross Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) 2014: Cross Currency Swaps* $ — $ 4,592 $ — $ 4,592 Currency Forward Agreements* $ — $ 10,227 $ — $ 10,227 Interest Rate Swap Agreements** $ — $ (5,096 ) $ — $ (5,096 ) *Included in "Other assets" in the accompanying consolidated balance sheet. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. Non-recurring fair value measurements There were no non-recurring measurements during the years ended December 31, 2015 and 2014 . Fair Value of Financial Instruments Management compares the carrying value and the estimated fair value of the Company’s financial instruments. The following methods and assumptions were used by the Company to estimate the fair value of each class of financial instruments at December 31, 2015 and 2014 : Mortgage notes receivable and related accrued interest receivable: The fair value of the Company’s mortgage notes and related accrued interest receivable is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2015 , the Company had a carrying value of $423.8 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.36% . The fixed rate mortgage notes bear interest at rates of 5.50% to 11.31% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 8.50% to 11.31% , management estimates the fair value of the fixed rate mortgage notes receivable to be $415.7 million with an estimated weighted average market rate of 10.05% at December 31, 2015 . At December 31, 2014 , the Company had a carrying value of $508.0 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.07% . The fixed rate mortgage notes bear interest at rates of 5.50% to 11.31% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 9.00% to 11.31% , management estimates the fair value of the fixed rate mortgage notes receivable to be approximately $488.8 million with an estimated weighted average market rate of 10.13% at December 31, 2014 . Investment in a direct financing lease, net: The fair value of the Company’s investment in a direct financing lease as of December 31, 2015 and 2014 is estimated by discounting the future cash flows of the instrument using current market rates. At December 31, 2015 and 2014 , the Company had an investment in a direct financing lease with a carrying value of $190.9 million and $199.3 million , respectively, and weighted average effective interest rate of 12.00% and 11.99% , respectively. The investment in direct financing lease bears interest at effective interest rates of 11.74% to 12.38% . The carrying value of the investment in a direct financing lease approximates the fair market value at December 31, 2015 and 2014 . Derivative instruments: Derivative instruments are carried at their fair market value. Debt instruments: The fair value of the Company's debt as of December 31, 2015 and 2014 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2015 , the Company had a carrying value of $571.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.65% . The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2015 . At December 31, 2014 , the Company had a carrying value of $372.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 1.57% . The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2014 . As described in Note 8, at December 31, 2015 and 2014 , $300.0 million and $240.0 million , respectively, of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through April 5, 2019 by interest rate swap agreements. At December 31, 2015 , the Company had a carrying value of $1.43 billion in fixed rate debt outstanding with an average weighted interest rate of approximately 5.66% . Discounting the future cash flows for fixed rate debt using rates of 3.33% to 4.94% , management estimates the fair value of the fixed rate debt to be approximately $1.55 billion with an estimated weighted average market rate of 4.28% at December 31, 2015 . At December 31, 2014 , the Company had a carrying value of $1.27 billion in fixed rate debt outstanding with an average weighted interest rate of approximately 5.94% . Discounting the future cash flows for fixed rate debt using rates of 2.13% to 4.56% , management estimates the fair value of the fixed rate debt to be approximately $1.38 billion with an estimated market rate of 3.76% at December 31, 2014 . |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2015 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares Common Shares The Board of Trustees declared cash dividends totaling $3.63 and $3.42 per common share for the years ended December 31, 2015 and 2014 , respectively. Of the total dividends calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash dividends paid per common share for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 Taxable ordinary income $ 3.0674 $ 3.0364 Return of capital 0.5451 0.3619 Long-term capital gain — — Unrecaptured Sec. 1250 Gain — — Totals $ 3.6125 $ 3.3983 On September 23, 2014, the Company issued 3,680,000 common shares in a registered public offering for total net proceeds, after the underwriting discount and offering expenses, of approximately $184.2 million . The net proceeds from the public offering were used to pay down the Company’s unsecured revolving credit facility. During the year ended December 31, 2014 , the Company issued an aggregate of 1,563,709 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for total net proceeds of $79.5 million . During the year ended December 31, 2015 , the Company issued an aggregate of 3,530,058 common shares under its DSPP for net proceeds of $190.3 million . On January 21, 2016, the Company issued 2,250,000 common shares in a registered public offering for a total net proceeds, after the underwriting discount and offering expenses of approximately $125.0 million . The net proceeds from the public offering were used to pay down the Company's unsecured revolving credit facility. Series C Convertible Preferred Shares The Company has outstanding 5.4 million 5.75% Series C cumulative convertible preferred shares (Series C preferred shares). The Company will pay cumulative dividends on the Series C preferred shares from the date of original issuance in the amount of $1.4375 per share each year, which is equivalent to 5.75% of the $25 liquidation preference per share. Dividends on the Series C preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series C preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series C preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2015 , the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3758 common shares per Series C preferred share, which is equivalent to a conversion price of $66.52 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividends per share exceeds a quarterly threshold of $0.6875 . Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series C preferred shares becoming convertible into shares of the public acquiring or surviving company. The Company may, at its option, cause the Series C preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 135% of the then prevailing conversion price of the Series C preferred shares. Owners of the Series C preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. The Board of Trustees declared cash dividends totaling $1.4375 per Series C preferred share for each of the years ended December 31, 2015 and 2014 , respectively. The total amount of cash dividends paid per Series C preferred share of $1.4375 for the years ended December 31, 2015 and 2014 were characterized as taxable ordinary income. Series E Convertible Preferred Shares T he Company has outstanding 3.5 million 9.00% Series E cumulative convertible preferred shares (Series E preferred shares). The Company will pay cumulative dividends on the Series E preferred shares from the date of original issuance in the amount of $2.25 per share each year, which is equivalent to 9.00% of the $25 liquidation preference per share. Dividends on the Series E preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series E preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series E preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2015 , the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4573 common shares per Series E preferred share, which is equivalent to a conversion price of $54.67 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividends per share exceeds a quarterly threshold of $0.84 . Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series E preferred shares becoming convertible into shares of the public acquiring or surviving company. The Company may, at its option, cause the Series E preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 150% of the then prevailing conversion price of the Series E preferred shares. Owners of the Series E preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. The Board of Trustees declared cash dividends totaling $2.25 per Series E preferred share for the years ended December 31, 2015 and 2014 . The total amount of cash dividends paid per Series E preferred share of $2.25 for each of the years ended December 31, 2015 and 2014 were characterized as taxable ordinary income. Series F Preferred Shares The Company has outstanding 5.0 million shares of 6.625% Series F cumulative redeemable preferred shares (Series F preferred shares). The Company will pay cumulative dividends on the Series F preferred shares from the date of original issuance in the amount of $1.65625 per share each year, which is equivalent to 6.625% of the $25.00 liquidation preference per share. Dividends on the Series F preferred shares are payable quarterly in arrears. The Company may not redeem the Series F preferred shares before October 12, 2017, except in limited circumstances to preserve the Company’s REIT status or in connection with a change of control. On or after October 12, 2017, the Company may, at its option, redeem the Series F preferred shares in whole at any time or in part from time to time by paying $25.00 per share, plus any accrued and unpaid dividends up to and including the date of redemption. The Series F preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series F preferred shares are not convertible into any of the Company's securities, except under certain circumstances in connection with a change of control. Owners of the Series F preferred shares generally have no voting rights except under certain dividend defaults. The Board of Trustees declared cash dividends totaling $1.65625 per Series F preferred share for the years ended December 31, 2015 and 2014 . The total amount of cash dividends paid per Series F preferred share of $1.65625 for the years ended December 31, 2015 and 2014 were characterized as taxable ordinary income. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands except per share information): Year Ended December 31, 2015 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 194,333 Less: preferred dividend requirements (23,806 ) Income from continuing operations available to common shareholders $ 170,527 58,138 $ 2.93 Income from discontinued operations available to common shareholders $ 199 58,138 $ 0.01 Net income available to common shareholders $ 170,726 58,138 $ 2.94 Diluted EPS: Income from continuing operations available to common shareholders $ 170,527 58,138 Effect of dilutive securities: Share options — 190 Income from continuing operations available to common shareholders $ 170,527 58,328 $ 2.92 Income from discontinued operations available to common shareholders $ 199 58,328 $ 0.01 Net income available to common shareholders $ 170,726 58,328 $ 2.93 Year Ended December 31, 2014 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 175,752 Less: preferred dividend requirements (23,807 ) Income from continuing operations available to common shareholders $ 151,945 54,244 $ 2.80 Income from discontinued operations available to common shareholders $ 3,881 54,244 $ 0.07 Net income available to common shareholders $ 155,826 54,244 $ 2.87 Diluted EPS: Income from continuing operations available to common shareholders $ 151,945 54,244 Effect of dilutive securities: Share options — 200 Income from continuing operations available to common shareholders $ 151,945 54,444 $ 2.79 Income from discontinued operations available to common shareholders $ 3,881 54,444 $ 0.07 Net income available to common shareholders $ 155,826 54,444 $ 2.86 Year Ended December 31, 2013 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 175,637 Less: preferred dividend requirements and redemption costs (23,806 ) Income from continuing operations available to common shareholders $ 151,831 48,028 $ 3.16 Loss from discontinued operations available to common shareholders $ 4,589 48,028 $ 0.10 Net income available to common shareholders $ 156,420 48,028 $ 3.26 Diluted EPS: Income from continuing operations available to common shareholders $ 151,831 48,028 Effect of dilutive securities: Share options — 186 Income from continuing operations available to common shareholders $ 151,831 48,214 $ 3.15 Loss from discontinued operations available to common shareholders $ 4,589 48,214 $ 0.09 Net income available to common shareholders $ 156,420 48,214 $ 3.24 The additional 1.9 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 because the effect is anti-dilutive. The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 . However, options to purchase 236 thousand , 338 thousand and 331 thousand shares of common shares at per share prices ranging from $51.64 to $65.50 , $46.86 to $65.50 and $45.20 to $65.50 , were outstanding at the end of 2015, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Chief Executive Officer Retirem
Chief Executive Officer Retirement (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | Chief Executive Officer Retirement On February 24, 2015, the Company announced that David Brain, its then President and Chief Executive Officer, was retiring from the Company. In connection with his retirement, Mr. Brain and the Company entered into a Retirement Agreement pursuant to which he agreed to retire on March 31, 2015 in consideration for certain retirement severance benefits substantially equal to those benefits that would be payable to him under his employment agreement if he were terminated without cause. As a result, the Company recorded retirement severance expense (including share-based compensation costs) during the year ended December 31, 2015 of $18.6 million . Retirement severance expense includes a cash payment of $11.8 million , $5.0 million for the accelerated vesting of 113,900 nonvested shares, $1.4 million for the accelerated vesting of 101,640 share options and $0.4 million of related taxes and other expenses. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Equity Incentive Plans | Equity Incentive Plan All grants of common shares and options to purchase common shares are issued under the Company's 2007 Equity Incentive Plan. Under the 2007 Equity Incentive Plan, an aggregate of 3,650,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At December 31, 2015 , there were 1,066,138 shares available for grant under the 2007 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan have exercise prices equal to the fair market value of a common share at the date of grant. The options may be granted for any reasonable term, not to exceed 10 years, and for employees typically become exercisable at a rate of 25% per year over a four -year period. The Company generally issues new common shares upon option exercise. A summary of the Company’s share option activity and related information is as follows: Number of shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2012 881,338 $ 18.18 — $ 65.50 $ 38.51 Exercised (143,272 ) 18.18 — 47.20 30.64 Granted 115,257 46.86 — 58.09 47.86 Forfeited (12,658 ) 36.56 — 60.42 56.90 Outstanding at December 31, 2013 840,665 $ 18.18 — $ 65.50 $ 40.85 Exercised (35,963 ) 32.50 — 52.72 42.63 Granted 172,178 51.64 — 51.64 51.64 Forfeited (26,666 ) 45.20 — 51.64 50.11 Outstanding at December 31, 2014 950,214 $ 18.18 — $ 65.50 $ 42.48 Exercised (476,400 ) 18.18 — 61.53 37.42 Granted 121,546 61.79 — 61.79 61.79 Forfeited (79,055 ) 45.20 — 65.50 63.88 Outstanding at December 31, 2015 516,305 $ 19.02 — $ 65.50 $ 48.42 The weighted average fair value of options granted was $16.35 , $13.87 and $12.35 during 2015, 2014 and 2013, respectively. The intrinsic value of stock options exercised was $7.3 million , $0.4 million , and $2.9 million during the years ended December 31, 2015, 2014 and 2013 , respectively. Additionally, the Company repurchased 402,067 shares into treasury shares in conjunction with the stock options exercised during the year ended December 31, 2015 with a total value of $21.2 million . The expense related to share options included in the determination of net income for the years ended December 31, 2015, 2014 and 2013 was $2.5 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statement of income), $1.4 million and $856 thousand , respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 1.9% , 2.2% and 1.0% in 2015, 2014 and 2013, respectively, dividend yield of 5.9% , 6.4% and 5.4% to 6.5% in 2015, 2014 and 2013, respectively, volatility factors in the expected market price of the Company’s common shares of 48.0% , 50.3% and 50.7% in 2015, 2014 and 2013, respectively, 0.78% , 0.28% and 0.23% expected forfeiture rates for 2015, 2014 and 2013, and an expected life of approximately six years for 2015, 2014, and 2013. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. At December 31, 2015 , stock-option expense to be recognized in future periods was $1.9 million as follows (in thousands): Amount Year: 2016 $ 904 2017 680 2018 293 2019 — Total $ 1,877 The following table summarizes outstanding options at December 31, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.4 20.00 - 29.99 — — 30.00 - 39.99 7,401 4.2 40.00 - 49.99 202,224 5.0 50.00 - 59.99 111,917 7.6 60.00 - 65.50 133,666 6.4 516,305 5.7 $ 48.42 $ 5,731 The following table summarizes exercisable options at December 31, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.4 20.00 - 29.99 — — 30.00 - 39.99 7,401 4.2 40.00 - 49.99 158,853 4.6 50.00 - 59.99 32,518 6.7 60.00 - 65.50 45,310 1.1 305,179 4.0 $ 43.87 $ 4,705 Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2014 468,451 $ 49.29 Granted 218,285 60.69 Vested (295,487 ) 50.37 Forfeited (808 ) 54.69 Outstanding at December 31, 2015 390,441 $ 54.84 0.98 The holders of nonvested shares have voting rights and receive dividends from the date of grant. These shares vest ratably over a period of three to four years. The fair value of the nonvested shares that vested was $17.1 million (including $6.7 million in retirement severance expense in the accompanying consolidated statements of income), $7.3 million and $6.7 million for the years ended December 31, 2015, 2014 and 2013 , respectively. At December 31, 2015 , unamortized share-based compensation expense related to nonvested shares was $11.4 million and will be recognized in future periods as follows (in thousands): Amount Year: 2016 $ 5,297 2017 3,904 2018 2,153 Total $ 11,354 Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2014 19,685 $ 53.55 Granted 18,036 57.57 Vested (19,685 ) 53.55 Outstanding at December 31, 2015 18,036 $ 57.57 0.37 The holders of restricted share units have voting rights and receive dividends from the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee trustee, and ranges from one year from the grant date to upon termination of service. At December 31, 2015 , unamortized share-based compensation expense related to restricted share units was $346 thousand which will be recognized in 2016. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Most of the Company’s rental properties are leased under operating leases with expiration dates ranging from 1 to 34 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 364,775 2017 358,745 2018 337,593 2019 313,286 2020 288,964 Thereafter 2,675,671 Total $ 4,339,034 The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $556 thousand , $521 thousand and $435 thousand for the years ended December 31, 2015, 2014 and 2013 , respectively, and is included as a component of general and administrative expense in the accompanying consolidated statements of income. Future minimum lease payments under this lease at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 594 2017 608 2018 608 2019 608 2020 608 Thereafter 3,890 Total $ 6,916 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2015 and 2014 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2015: Total revenue $ 99,436 $ 101,258 $ 108,335 $ 111,988 Net income attributable to EPR Properties 42,821 48,766 50,195 52,750 Net income available to common shareholders of EPR Properties 36,869 42,814 44,244 46,799 Basic net income per common share 0.65 0.75 0.76 0.78 Diluted net income per common share 0.64 0.75 0.76 0.78 March 31 June 30 September 30 December 31 2014: Total revenue $ 89,857 $ 91,787 $ 98,738 $ 104,669 Net income attributable to EPR Properties 43,533 40,760 42,705 52,635 Net income available to common shareholders of EPR Properties 37,581 34,808 36,753 46,684 Basic net income per common share 0.72 0.65 0.68 0.82 Diluted net income per common share 0.71 0.65 0.68 0.81 During the three months ended December 31, 2014, the Company received a $5.0 million prepayment fee from a borrower which is included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2014. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |
Discontinued Operations | Discontinued Operations Included in discontinued operations for the year ended December 31, 2015 were certain post closing items related to the Toronto Dundas Square property. Included in discontinued operations for the year ended December 31, 2014 is the reversal of liabilities totaling $3.9 million that related to the acquisition of Toronto Dundas Square. These liabilities were reversed as the related payments are not expected to occur. Included in discontinued operations for the year ended December 31, 2013 are five winery and vineyard properties that were sold during 2013. The operating results relating to discontinued operations are as follows (in thousands): Year ended December 31, 2015 2014 2013 Rental revenue $ — $ 3 $ 1,685 Tenant reimbursements 68 — 513 Other income 172 — 426 Total revenue 240 3 2,624 Property operating expense (income) 12 (484 ) 45 Other expense (income) — (18 ) 547 Interest expense, net — — (29 ) Transaction costs (benefit) — (3,376 ) — Depreciation and amortization — — 1,728 Income before income taxes 228 3,881 333 Income tax expense 29 — — Income before gain on sale of real estate 199 3,881 333 Gain on sale of real estate — — 4,256 Net income $ 199 $ 3,881 $ 4,589 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2015 , the Company had an aggregate of approximately $272.4 million of commitments to fund development projects including seven entertainment development projects for which it has commitments to fund approximately $24.5 million of additional improvements, 27 education development projects for which it has commitments to fund approximately $206.6 million of additional improvements and three recreation development projects for which it has commitments to fund approximately $41.3 million . Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreements, it can discontinue funding construction draws. The Company has agreed to lease the properties to the operators at pre-determined rates upon completion of construction. Additionally as of December 31, 2015, the Company had a commitment to fund approximately $120.0 million to complete an indoor waterpark hotel and adventure park at its casino and resort project in Sullivan County, New York. The Company is also responsible for the construction of this project's common infrastructure, which is expected to be financed primarily through the issuance of tax-exempt public infrastructure bonds and currently budgeted at approximately $90.0 million , subject to budget adjustments and related approvals. Through December 31, 2015, the Company has funded approximately $28.8 million for common infrastructure. The Company has certain commitments related to its mortgage note investments that it may be required to fund in the future. The Company is generally obligated to fund these commitments at the request of the borrower or upon the occurrence of events outside of its direct control. As of December 31, 2015 , the Company had five mortgage notes receivable with commitments totaling approximately $54.5 million . If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. The Company has provided guarantees of the payment of certain economic development revenue bonds totaling $22.9 million related to two theatres in Louisiana for which the Company earns a fee at an annual rate of 2.88% to 4.00% over the 30 year terms of the related bonds. The Company has recorded $9.7 million as a deferred asset included in other assets and $9.7 million included in other liabilities in the accompanying consolidated balance sheet as of December 31, 2015 related to these guarantees. No amounts have been accrued as a loss contingency related to these guarantees because payment by the Company is not probable. On June 7, 2011, affiliates of Louis Cappelli, Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC (the “Cappelli Group”), filed a complaint with the Supreme Court of the State of New York, County of Sullivan, against two subsidiaries of the Company seeking (i) a declaratory judgment concerning the Company's obligations under a previously disclosed settlement agreement involving these entities, (ii) an order that the Company execute the golf course lease and the “Racino Parcel” lease subject to the settlement agreement, and (iii) an extension of the restrictive covenant against ownership or operation of a casino on the Adelaar resort property under the settlement agreement (the “Restrictive Covenant”), which covenant was set to expire on December 31, 2011. The Company filed counterclaims seeking related relief. The Cappelli Group subsequently obtained leave to discontinue its claims, but the counterclaims remained pending. On June 30, 2014, the Court (i) denied the Cappelli Group’s motion to dismiss the counterclaims, (ii) granted the Company's motion for summary judgment finding that the Cappelli Group missed the December 31, 2011 deadline to fully execute a master credit agreement which was a condition to the Company’s obligation to continue its joint development activities with the Cappelli Group under the settlement agreement, (iii) granted the Company’s motion for summary judgment finding that the Restrictive Covenant had expired, and (iv) granted the Company’s motion for declaratory relief declaring the Company as master developer of the Adelaar resort property. The Cappelli Group perfected its appeal of the summary judgment decision in the Appellate Division, Third Department on December 30, 2014. On July 30, 2015, the Appellate Division, Third Department affirmed the lower court’s decision granting summary judgment in favor of the Company. On August 27, 2015, the Cappelli Group filed a motion in the Appellate Division for leave to appeal to the Court of Appeals. On November 23, 2015, the Cappelli Group’s motion for leave to appeal the summary judgment decision was denied. As a result, this case is now closed. On October 20, 2011, the Cappelli Group also filed suit against the Company and two affiliates in the Supreme Court of the State of New York, County of Westchester, asserting a claim for breach of contract and the implied covenant of good faith, and seeking damages of at least $800 million , based on the same allegations as in the action the Cappelli Group filed in Sullivan County Supreme Court. The Company has moved to dismiss the Amended Complaint in Westchester County based on the Sullivan County Supreme Court’s June 30, 2014 decision (which has now been affirmed). On January 26, 2016, the Supreme Court denied the Company's motion to dismiss but ordered the Cappelli Group to amend its pleading and remove all claims and allegations previously determined by the Third Department (discussed above). On February 18, 2016, the Cappelli Group revised their amended complaint, which the Company believes remains deficient. On September 18, 2013, the United States District Court for the Southern District of New York (the “District Court”) dismissed the complaint filed by Concord Associates L.P. and six other companies affiliated with Mr. Cappelli against the Company and certain of its subsidiaries, Empire Resorts, Inc. and Monticello Raceway Management, Inc. (collectively, “Empire”), and Kien Huat Realty III Limited and Genting New York LLC (collectively, “Genting”). The complaint alleged, among other things, that the Company had conspired with Empire to monopolize the racing and gaming market in the Catskills by entering into exclusivity and development agreements to develop a comprehensive resort destination in Sullivan County, New York. The plaintiffs are seeking $500 million in damages (trebled to $1.5 billion under antitrust law), punitive damages, and injunctive relief. The District Court dismissed plaintiffs’ federal antitrust claims against all defendants with prejudice, and dismissed the pendent state law claims against Empire and Genting without prejudice, meaning they could be further pursued in state court. On October 2, 2013, the plaintiffs filed a motion for reconsideration with the District Court, seeking permission to file a Second Amended Complaint, and soon after filed a Notice of Appeal. The District Court denied the motion for reconsideration in an Opinion and Order dated November 3, 2014, and the plaintiffs perfected their appeal in the Second Circuit on or about December 17, 2014. Oral arguments by the parties regarding the appeal were presented on April 29, 2015. The Company has not determined that losses related to these matters are probable. Because of the favorable rulings described above, and the pending or potential appeals, together with the inherent difficulty of predicting the outcome of litigation generally, the Company does not have sufficient information to determine the amount or range of reasonably possible loss with respect to these matters. The Company’s assessments are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause the Company to change those estimates and assumptions. The Company intends to vigorously defend the claims asserted against the Company and certain of its subsidiaries by the Cappelli Group and its affiliates, for which the Company believes it has meritorious defenses, but there can be no assurances as to the outcome of the claims and related litigation. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company has four reportable operating segments: Entertainment, Education, Recreation and Other. The financial information summarized below is presented by reportable operating segment: Balance Sheet Data: As of December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,006,926 $ 1,013,930 $ 935,266 $ 203,757 $ 57,391 $ 4,217,270 As of December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,017,046 $ 734,512 $ 696,931 $ 206,795 $ 30,991 $ 3,686,275 Operating Data: For the Year Ended December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 238,896 $ 51,439 $ 40,551 $ — $ — $ 330,886 Tenant reimbursements 16,343 — — (23 ) — 16,320 Other income 512 — — 119 2,998 3,629 Mortgage and other financing income 7,127 30,622 32,080 353 — 70,182 Total revenue 262,878 82,061 72,631 449 2,998 421,017 Property operating expense 23,120 — — 313 — 23,433 Other expense — — — 648 — 648 Total investment expenses 23,120 — — 961 — 24,081 Net operating income - before unallocated items 239,758 82,061 72,631 (512 ) 2,998 396,936 Reconciliation to Consolidated Statements of Income: General and administrative expense (31,021 ) Retirement severance expense (18,578 ) Costs associated with loan refinancing or payoff (270 ) Interest expense, net (79,915 ) Transaction costs (7,518 ) Depreciation and amortization (89,617 ) Equity in income from joint ventures 969 Gain on sale or acquisition, net 23,829 Income tax expense (482 ) Discontinued operations: Income from discontinued operations 199 Net income attributable to EPR Properties 194,532 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 For the Year Ended December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 237,429 $ 27,874 $ 20,368 $ 1,002 $ — $ 286,673 Tenant reimbursements 17,640 — — 23 — 17,663 Other income (loss) (6 ) — — 315 700 1,009 Mortgage and other financing income 7,056 31,488 40,775 387 — 79,706 Total revenue 262,119 59,362 61,143 1,727 700 385,051 Property operating expense 24,143 — — 754 — 24,897 Other expense — — — 771 — 771 Total investment expenses 24,143 — — 1,525 — 25,668 Net operating income - before unallocated items 237,976 59,362 61,143 202 700 359,383 Reconciliation to Consolidated Statements of Income: General and administrative expense (27,566 ) Costs associated with loan refinancing or payoff (301 ) Interest expense, net (81,270 ) Transaction costs (2,452 ) Provision for loan losses (3,777 ) Depreciation and amortization (66,739 ) Equity in income from joint ventures 1,273 Gain on sale or acquisition, net 1,209 Gain on sale of investment in a direct financing lease 220 Income tax expense (4,228 ) Discontinued operations: Income from discontinued operations 505 Transaction (costs) benefit 3,376 Net income attributable to EPR Properties 179,633 Preferred dividend requirements (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 For the Year Ended December 31, 2013 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 221,024 $ 15,931 $ 10,124 $ 1,630 $ — $ 248,709 Tenant reimbursements 18,401 — — — — 18,401 Other income 80 — — 1,471 131 1,682 Mortgage and other financing income 8,447 33,275 32,232 318 — 74,272 Total revenue 247,952 49,206 42,356 3,419 131 343,064 Property operating expense 25,521 — — 495 — 26,016 Other expense — — — 658 — 658 Total investment expenses 25,521 — — 1,153 — 26,674 Net operating income - before unallocated items 222,431 49,206 42,356 2,266 131 316,390 Reconciliation to Consolidated Statements of Income: General and administrative expense (25,613 ) Costs associated with loan refinancing or payoff (6,166 ) Gain on early extinguishment of debt 4,539 Interest expense, net (81,056 ) Transaction costs (1,955 ) Depreciation and amortization (53,946 ) Equity in income from joint ventures 1,398 Gain on sale or acquisition, net 3,017 Gain on previously held equity interest 4,853 Income tax benefit 14,176 Discontinued operations: Income from discontinued operations 333 Gain on sale, net from discontinued operations 4,256 Net income attributable to EPR Properties 180,226 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 156,420 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements A portion of our subsidiaries have guaranteed the Company’s indebtedness under the Company's unsecured senior notes and combined unsecured revolving credit facility and term loan facility. The guarantees are joint and several, full and unconditional and subject to customary release provisions. The following summarizes the Company’s condensed consolidating information as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 (in thousands): Condensed Consolidating Balance Sheet As of December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,485,411 $ 539,788 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 152,197 226,723 — 378,920 Mortgage notes and related accrued interest receivable, net — 400,935 22,845 — 423,780 Investment in a direct financing lease, net — 190,880 — — 190,880 Investment in joint ventures — — 6,168 — 6,168 Cash and cash equivalents 1,089 735 2,459 — 4,283 Restricted cash 475 8,220 1,883 — 10,578 Deferred financing costs, net 4,894 — — — 4,894 Accounts receivable, net 285 47,502 11,314 — 59,101 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 18,159 10,607 61,091 — 89,857 Total assets $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 38,759 $ 3,748 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 35,512 9,440 — 44,952 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,702,908 — 279,012 — 1,981,920 Total liabilities 1,776,931 74,271 467,957 (175,757 ) 2,143,402 Equity 2,073,868 3,399,231 426,666 (3,825,897 ) 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Condensed Consolidating Balance Sheet As of December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 1,872,053 $ 579,481 $ — $ 2,451,534 Land held for development — — 206,001 — 206,001 Property under development — 175,439 6,359 — 181,798 Mortgage notes and related accrued interest receivable, net — 412,625 95,330 — 507,955 Investment in a direct financing lease, net — 199,332 — — 199,332 Investment in joint ventures — — 5,738 — 5,738 Cash and cash equivalents (1,234 ) 840 3,730 — 3,336 Restricted cash 1,000 10,466 1,606 — 13,072 Deferred financing costs, net — 4,136 — — 4,136 Accounts receivable, net 90 34,414 12,778 — 47,282 Intercompany notes receivable — — 175,757 (175,757 ) — Investments in subsidiaries 3,115,572 — — (3,115,572 ) — Other assets 21,272 9,151 35,668 — 66,091 Total assets $ 3,136,700 $ 2,718,456 $ 1,122,448 $ (3,291,329 ) $ 3,686,275 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 42,829 $ 32,613 $ 6,738 $ — $ 82,180 Dividends payable 22,233 — — — 22,233 Unearned rents and interest 750 20,295 4,578 — 25,623 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,144,776 160,298 324,676 — 1,629,750 Total liabilities 1,210,588 213,206 511,749 (175,757 ) 1,759,786 EPR Properties shareholders’ equity 1,926,112 2,505,250 610,322 (3,115,572 ) 1,926,112 Noncontrolling interests — — 377 — 377 Equity $ 1,926,112 $ 2,505,250 $ 610,699 $ (3,115,572 ) $ 1,926,489 Total liabilities and equity $ 3,136,700 $ 2,718,456 $ 1,122,448 $ (3,291,329 ) $ 3,686,275 Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 257,493 $ 73,393 $ — $ 330,886 Tenant reimbursements — 5,243 11,077 — 16,320 Other income — 3 3,626 — 3,629 Mortgage and other financing income 848 61,900 7,434 — 70,182 Intercompany fee income 2,717 — — (2,717 ) — Interest income on intercompany notes receivable 111 9,690 — (9,801 ) — Total revenue 3,676 334,329 95,530 (12,518 ) 421,017 Equity in subsidiaries’ earnings 298,657 — — (298,657 ) — Property operating expense — 11,532 11,901 — 23,433 Intercompany fee expense — — 2,717 (2,717 ) — Other expense — — 648 — 648 General and administrative expense — 24,047 6,974 — 31,021 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 3 24 — 270 Interest expense, net 78,217 (5,524 ) 7,222 — 79,915 Interest expense on intercompany notes payable — — 9,801 (9,801 ) — Transaction costs 7,182 — 336 — 7,518 Depreciation and amortization 1,629 71,700 16,288 — 89,617 Income before equity in income from joint ventures and other items 196,484 232,571 39,619 (298,657 ) 170,017 Equity in income from joint ventures — — 969 — 969 Gain on sale or acquisition, net — 23,653 176 — 23,829 Income before income taxes 196,484 256,224 40,764 (298,657 ) 194,815 Income tax benefit (expense) (1,952 ) — 1,470 — (482 ) Income from continuing operations 194,532 256,224 42,234 (298,657 ) 194,333 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 194,532 256,423 42,234 (298,657 ) 194,532 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 $ 256,423 $ 42,234 $ (298,657 ) $ 170,726 Comprehensive income attributable to EPR Properties $ 187,588 $ 256,200 $ 36,088 $ (292,288 ) $ 187,588 Condensed Consolidating Statement of Income For the Year Ended December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 211,616 $ 75,057 $ — $ 286,673 Tenant reimbursements — 5,103 12,560 — 17,663 Other income — 1 1,008 — 1,009 Mortgage and other financing income 765 71,535 7,406 — 79,706 Intercompany fee income 3,124 — — (3,124 ) — Interest income on intercompany notes receivable — — 24,796 (24,796 ) — Total revenue 3,889 288,255 120,827 (27,920 ) 385,051 Equity in subsidiaries’ earnings 241,921 — — (241,921 ) — Property operating expense — 11,264 13,633 — 24,897 Intercompany fee expense — — 3,124 (3,124 ) — Other expense — — 771 — 771 General and administrative expense — 19,325 8,241 — 27,566 Costs associated with loan refinancing or payoff — 285 16 — 301 Interest expense, net 63,056 2,978 15,236 — 81,270 Interest expense on intercompany notes payable — — 24,796 (24,796 ) — Transaction costs 1,319 54 1,079 — 2,452 Provision for loan losses — — 3,777 — 3,777 Depreciation and amortization 1,224 48,541 16,974 — 66,739 Income before equity in income from joint ventures and other items 180,211 205,808 33,180 (241,921 ) 177,278 Equity in income from joint ventures — — 1,273 — 1,273 Gain on sale or acquisition, net — — 1,209 — 1,209 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes 180,211 206,028 35,662 (241,921 ) 179,980 Income tax benefit (expense) (578 ) — (3,650 ) — (4,228 ) Income from continuing operations 179,633 206,028 32,012 (241,921 ) 175,752 Discontinued operations: Income from discontinued operations — 487 18 — 505 Transaction (costs) benefit — 3,376 — — 3,376 Net income attributable to EPR Properties 179,633 209,891 32,030 (241,921 ) 179,633 Preferred dividend requirements (23,807 ) — — — (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 $ 209,891 $ 32,030 $ (241,921 ) $ 155,826 Comprehensive income attributable to EPR Properties $ 175,006 $ 210,031 $ 27,888 $ (237,919 ) $ 175,006 Condensed Consolidating Statement of Income For the Year Ended December 31, 2013 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 180,319 $ 68,390 $ — $ 248,709 Tenant reimbursements — 5,235 13,166 — 18,401 Other income 75 9 1,598 — 1,682 Mortgage and other financing income 994 66,886 6,392 — 74,272 Intercompany fee income 2,629 — — (2,629 ) — Interest income on intercompany notes receivable 17,848 — 386 (18,234 ) — Total revenue 21,546 252,449 89,932 (20,863 ) 343,064 Equity in subsidiaries’ earnings 212,634 — — (212,634 ) — Property operating expense (88 ) 11,865 14,239 — 26,016 Intercompany fee expense — — 2,629 (2,629 ) — Other expense — — 658 — 658 General and administrative expense — 18,708 6,905 — 25,613 Costs associated with loan refinancing or payoff — 1,987 4,179 — 6,166 Gain on early extinguishment of debt — (4,539 ) — — (4,539 ) Interest expense, net 55,856 9,085 16,115 — 81,056 Interest expense on intercompany notes payable — — 18,234 (18,234 ) — Transaction costs 1,813 — 142 — 1,955 Depreciation and amortization 1,093 37,756 15,097 — 53,946 Income before equity in income from joint ventures and other items 175,506 177,587 11,734 (212,634 ) 152,193 Equity in income from joint ventures 505 — 893 — 1,398 Gain (loss) on sale or acquisition, net (150 ) 3,167 — — 3,017 Gain on previously held equity interest 4,853 — — — 4,853 Income before income taxes $ 180,714 $ 180,754 $ 12,627 $ (212,634 ) $ 161,461 Income tax benefit (expense) (488 ) — 14,664 — 14,176 Income from continuing operations 180,226 180,754 27,291 (212,634 ) 175,637 Discontinued operations: Income (loss) from discontinued operations — 638 (305 ) — 333 Gain on sale, net from discontinued opeartions — — 4,256 — 4,256 Net income attributable to EPR Properties 180,226 181,392 31,242 (212,634 ) 180,226 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 156,420 $ 181,392 $ 31,242 $ (212,634 ) $ 156,420 Comprehensive income attributable to EPR Properties $ 176,797 $ 181,628 $ 28,200 $ (209,828 ) $ 176,797 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,717 $ — $ (2,717 ) $ — Interest income (expense) on intercompany receivable/payable 111 9,690 (9,801 ) — Net cash provided (used) by other operating activities (91,731 ) 300,144 69,539 277,952 Net cash provided (used) by operating activities by continuing operations (88,903 ) 309,834 57,021 277,952 Net cash provided by operating activities of discontinued operations — 508 — 508 Net cash provided (used) by operating activities (88,903 ) 310,342 57,021 278,460 Investing activities: Acquisition of rental properties and other assets (618 ) (178,964 ) (238 ) (179,820 ) Proceeds from sale of real estate — 45,637 1,081 46,718 Investment in mortgage notes receivable — (27,835 ) (44,863 ) (72,698 ) Proceeds from mortgage note receivable paydown — 38,456 2,500 40,956 Proceeds from sale of investment in a direct financing lease, net — 4,741 — 4,741 Additions to property under development (112 ) (366,170 ) (42,154 ) (408,436 ) Advances to subsidiaries, net (406,389 ) 334,011 72,378 — Net cash used by investing activities (407,119 ) (150,124 ) (11,296 ) (568,539 ) Financing activities: Proceeds from debt facilities 701,914 155,000 — 856,914 Principal payments on debt (142,000 ) (315,310 ) (46,004 ) (503,314 ) Deferred financing fees paid (7,038 ) (7 ) (2 ) (7,047 ) Net proceeds from issuance of common shares 190,158 — — 190,158 Impact of stock option exercises, net (3,394 ) — — (3,394 ) Purchase of common shares for treasury (8,222 ) — — (8,222 ) Dividends paid to shareholders (233,073 ) — — (233,073 ) Net cash provided (used) by financing activities 498,345 (160,317 ) (46,006 ) 292,022 Effect of exchange rate changes on cash — (6 ) (990 ) (996 ) Net increase (decrease) in cash and cash equivalents 2,323 (105 ) (1,271 ) 947 Cash and cash equivalents at beginning of the period (1,234 ) 840 3,730 3,336 Cash and cash equivalents at end of the period $ 1,089 $ 735 $ 2,459 $ 4,283 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 3,124 $ — $ (3,124 ) $ — Interest income (expense) on intercompany receivable/payable — — — — Net cash provided (used) by other operating activities (60,684 ) 250,337 60,499 250,152 Net cash provided (used) by operating activities of continuing operations (57,560 ) 250,337 57,375 250,152 Net cash provided by operating activities of discontinued operations — 47 96 143 Net cash provided (used) by operating activities (57,560 ) 250,384 57,471 250,295 Investing activities: Acquisition of rental properties and other assets (438 ) (58,930 ) (25,837 ) (85,205 ) Proceeds from sale of real estate — — 12,055 12,055 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage note receivable — (26,716 ) (67,161 ) (93,877 ) Proceeds from mortgage note receivable paydown — 52,834 23,422 76,256 Investment in promissory notes receivable — (721 ) (3,666 ) (4,387 ) Proceeds from promissory note paydown — — 1,750 1,750 Proceeds from sale of investment in a direct financing lease, net — 46,092 — 46,092 Additions to property under development (821 ) (320,964 ) (12,850 ) (334,635 ) Advances to subsidiaries, net (16,206 ) (1,510 ) 17,716 — Net cash used in investing activities (17,465 ) (309,915 ) (48,846 ) (376,226 ) Financing activities: Proceeds from debt facilities 20,000 359,000 — 379,000 Principal payments on debt — (300,270 ) (9,983 ) (310,253 ) Deferred financing fees paid (337 ) (275 ) (202 ) (814 ) Costs associated with loan refinancing or payoff (cash portion) — (25 ) — (25 ) Net proceeds from issuance of common shares 264,158 — — 264,158 Impact of stock option exercises, net 50 — — 50 Purchase of common shares for treasury (2,892 ) — — (2,892 ) Dividends paid to shareholders (207,637 ) — — (207,637 ) Net cash provided (used) by financing activities 73,342 58,430 (10,185 ) 121,587 Effect of exchange rate changes on cash — 39 (317 ) (278 ) Net decrease in cash and cash equivalents (1,683 ) (1,062 ) (1,877 ) (4,622 ) Cash and cash equivalents at beginning of the period 449 1,902 5,607 7,958 Cash and cash equivalents at end of the period $ (1,234 ) $ 840 $ 3,730 $ 3,336 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,629 $ — $ (2,629 ) $ — Interest income (expense) on intercompany receivable/payable 17,848 — (17,848 ) — Net cash provided (used) by other operating activities (44,752 ) 216,982 59,209 231,439 Net cash provided (used) by operating activities of continuing operations (24,275 ) 216,982 38,732 231,439 Net cash provided by operating activities of discontinued operations — 286 2,395 2,681 Net cash provided (used) by operating activities (24,275 ) 217,268 41,127 234,120 Investing activities: Acquisition of rental properties and other assets (1,358 ) (118,233 ) (3,906 ) (123,497 ) Proceeds from sale of real estate — — 797 797 Investment in unconsolidated joint ventures (1,607 ) — — (1,607 ) Investment in mortgage notes receivable (11,797 ) (46,375 ) (2,396 ) (60,568 ) Proceeds from mortgage note receivable paydown — 202 1,698 1,900 Investment in promissory notes receivable — (1,278 ) — (1,278 ) Proceeds from promissory note receivable paydown 117 — 910 1,027 Investment in a direct financing lease, net — (3,262 ) — (3,262 ) Additions to property under development (18 ) (190,205 ) (7,048 ) (197,271 ) Investment in intercompany notes payable 103,104 — (103,104 ) — Advances to subsidiaries, net (380,190 ) 255,824 124,366 — Net cash provided (used) by investing activities of continuing operations (291,749 ) (103,327 ) 11,317 (383,759 ) Net proceeds from sale of real estate from discontinued operations — — 47,301 47,301 Net cash provided (used) by investing activities (291,749 ) (103,327 ) 58,618 (336,458 ) Financing activities: Proceeds from debt facilities 300,000 346,000 — 646,000 Principal payments on debt — (454,683 ) (97,785 ) (552,468 ) Deferred financing fees paid (5,620 ) (2,494 ) (19 ) (8,133 ) Costs associated with loan refinancing or payoff (cash portion) — (1,753 ) (4,037 ) (5,790 ) Net proceeds from issuance of common shares 220,785 — — 220,785 Impact of stock option exercises, net 947 — — 947 Purchase of common shares for treasury (3,246 ) — — (3,246 ) Dividends paid to shareholders (197,924 ) — — (197,924 ) Net cash provided (used) by financing activities 314,942 (112,930 ) (101,841 ) 100,171 Effect of exchange rate changes on cash — (13 ) (526 ) (539 ) Net increase (decrease) in cash and cash equivalents (1,082 ) 998 (2,622 ) (2,706 ) Cash and cash equivalents at beginning of the period 1,531 904 8,229 10,664 Cash and cash equivalents at end of the period $ 449 $ 1,902 $ 5,607 $ 7,958 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2015 Description Balance at December 31, 2014 Additions During 2015 Deductions During 2015 Balance at December 31, 2015 Reserve for Doubtful Accounts $ 1,554,000 $ 1,829,000 $ (173,000 ) $ 3,210,000 Allowance for Loan Losses 3,777,000 — (3,777,000 ) — See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2014 Description Balance at December 31, 2013 Additions During 2014 Deductions During 2014 Balance at December 31, 2014 Reserve for Doubtful Accounts $ 2,989,000 $ 1,417,000 $ (2,852,000 ) $ 1,554,000 Allowance for Loan Losses — 3,777,000 — 3,777,000 See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2013 Description Balance at December 31, 2012 Additions During 2013 Deductions During 2013 Balance at December 31, 2013 Reserve for Doubtful Accounts $ 3,852,000 $ 1,949,000 $ (2,812,000 ) $ 2,989,000 Allowance for Loan Losses 123,000 — (123,000 ) — See accompanying report of independent registered public accounting firm. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Dallas Retail Dallas, TX $ — $ 3,060 $ 15,281 $ 18,862 $ 3,060 $ 34,143 $ 37,203 $ (13,006 ) 11/97 40 years Oakview 24 Omaha, NE — 5,215 16,700 59 5,215 16,759 21,974 (7,541 ) 11/97 40 years First Colony 24 Sugar Land, TX 15,052 — 19,100 67 — 19,167 19,167 (8,625 ) 11/97 40 years Huebner Oaks 14 San Antonio, TX — 3,006 13,662 5,540 3,006 19,200 22,206 (6,389 ) 11/97 40 years Lennox Town Center 24 Columbus, OH — — 12,685 — — 12,685 12,685 (5,550 ) 11/97 40 years Mission Valley 20 San Diego, CA — — 16,028 — — 16,028 16,028 (7,012 ) 11/97 40 years Ontario Mills 30 Ontario, CA — 5,521 19,449 — 5,521 19,449 24,970 (8,509 ) 11/97 40 years Studio 30 Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (8,766 ) 11/97 40 years West Olive 16 Creve Coeur, MO — 4,985 12,601 4,075 4,985 16,676 21,661 (5,921 ) 11/97 40 years Leawood Town Center 20 Leawood, KS 12,571 3,714 12,086 4,110 3,714 16,196 19,910 (5,576 ) 11/97 40 years Gulf Pointe 30 Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (9,662 ) 02/98 40 years South Barrington 30 South Barrington, IL — 6,577 27,723 98 6,577 27,821 34,398 (12,404 ) 03/98 40 years Mesquite 30 Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (9,279 ) 04/98 40 years Hampton Town Center 24 Hampton, VA — 3,822 24,678 88 3,822 24,766 28,588 (10,835 ) 06/98 40 years Broward 18 Pompano Beach, FL — 6,771 9,899 3,845 6,771 13,744 20,515 (6,284 ) 08/98 40 years Raleigh Grande 16 Raleigh, NC — 2,919 5,559 951 2,919 6,510 9,429 (2,534 ) 08/98 40 years Paradise 24 and XD Davie, FL — 2,000 13,000 8,512 2,000 21,512 23,512 (9,053 ) 11/98 40 years Aliso Viejo Stadium 20 Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (5,950 ) 12/98 40 years Boise Stadium 22 Boise, ID — — 16,003 — — 16,003 16,003 (6,801 ) 12/98 40 years Mesquite Retail Center Mesquite, TX — 3,119 990 — 3,119 990 4,109 (318 ) 01/99 40 years Westminster Promenade Westminster, CO — 6,205 12,600 9,509 6,205 22,109 28,314 (15,043 ) 12/01 40 years Westminster Promenade 24 Westminster, CO 4,813 5,850 17,314 — 5,850 17,314 23,164 (6,096 ) 06/99 40 years Woodridge 18 Woodridge, IL — 9,926 8,968 — 9,926 8,968 18,894 (3,699 ) 06/99 40 years Cary Crossroads Stadium 20 Cary, NC — 3,352 11,653 155 3,352 11,808 15,160 (4,723 ) 12/99 40 years Starlight 20 Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (5,966 ) 06/99 40 years Palm Promenade 24 San Diego, CA — 7,500 17,750 — 7,500 17,750 25,250 (7,063 ) 02/00 40 years Gulf Pointe Retail Center Houston, TX — 3,653 1,365 686 3,408 2,296 5,704 (2,296 ) 05/00 40 years Clearview Palace 12 Metairie, LA — — 11,740 — — 11,740 11,740 (4,060 ) 03/02 40 years Elmwood Palace 20 Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (5,125 ) 03/02 40 years Hammond Palace 10 Hammond, LA — 2,404 6,780 (565 ) 1,839 6,780 8,619 (2,345 ) 03/02 40 years Houma Palace 10 Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (2,345 ) 03/02 40 years Westbank Palace 16 Harvey, LA — 4,378 12,330 (112 ) 4,266 12,330 16,596 (4,264 ) 03/02 40 years Cherrydale Greenville, SC — 1,660 7,570 206 1,660 7,776 9,436 (2,605 ) 06/02 40 years Forum 30 Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (8,669 ) 06/02 40 years Olathe Studio 30 Olathe, KS — 4,000 15,935 3,014 4,000 18,949 22,949 (6,061 ) 06/02 40 years Livonia 20 Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (5,878 ) 08/02 40 years Hoffman Center 22 Alexandria, VA — — 22,035 — — 22,035 22,035 (7,299 ) 10/02 40 years Colonel Glenn 18 Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (2,613 ) 12/02 40 years AmStar 16-Macon Macon, GA 5,260 1,982 5,056 — 1,982 5,056 7,038 (1,612 ) 03/03 40 years Star Southfield Center Southfield, MI — 8,000 20,518 6,230 8,000 26,748 34,748 (13,925 ) 05/03 15 years Subtotals carried over to next page $ 37,696 $ 158,859 $ 560,759 $ 75,143 $ 157,937 $ 636,822 $ 794,759 $ (261,702 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 37,696 $ 158,859 $ 560,759 $ 75,143 $ 157,937 $ 636,822 $ 794,759 $ (261,702 ) n/a n/a South Wind 12 Lawrence, KS 3,908 1,500 3,526 — 1,500 3,526 5,026 (1,109 ) 06/03 40 years New Roc City New Rochelle, NY — 6,100 97,696 1,359 6,100 99,055 105,155 (32,660 ) 10/03 40 years Columbiana Grande Stadium 14 Columbia, SC 6,682 1,000 10,534 (2,447 ) 1,000 8,087 9,087 (2,514 ) 11/03 40 years Harbour View Marketplace Suffolk, VA — 3,382 9,971 6,858 4,471 15,740 20,211 (3,359 ) 11/03 40 years Cobb Grand 18 Hialeah, FL — 7,985 — — 7,985 — 7,985 — 12/03 n/a Deer Valley 30 Phoenix, AZ — 4,276 15,934 — 4,276 15,934 20,210 (4,681 ) 03/04 40 years Hamilton 24 Hamilton, NJ — 4,869 18,143 — 4,869 18,143 23,012 (5,329 ) 03/04 40 years Kanata Entertainment Centrum Kanata, ON — 9,104 33,203 26,054 9,104 59,257 68,361 (16,481 ) 03/04 40 years Mesa Grand 14 Mesa, AZ 12,776 4,446 16,565 — 4,446 16,565 21,011 (4,866 ) 03/04 40 years Mississauga Entertainment Centrum Mississagua, ON — 8,358 15,947 14,946 10,992 28,259 39,251 (7,429 ) 03/04 40 years Oakville Entertainment Centrum Oakville, ON — 9,104 21,434 3,944 9,104 25,378 34,482 (7,614 ) 03/04 40 years Whitby Entertainment Centrum Whitby, ON — 9,248 19,905 21,094 11,878 38,369 50,247 (11,111 ) 03/04 40 years Cantera Retail Shops Warrenville, IL — 3,919 900 (1,936 ) 1,983 900 2,883 (675 ) 07/04 15 years Grand Prairie 18 Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (3,190 ) 07/04 40 years The Grand 16-Layafette Lafayette, LA 7,402 — 10,318 — — 10,318 10,318 (2,961 ) 07/04 40 years North East Mall 18 Hurst, TX 11,978 5,000 11,729 1,015 5,000 12,744 17,744 (3,542 ) 11/04 40 years Avenue 16 Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (2,516 ) 12/04 40 years The Grand 18-D'lberville D'Iberville, MS 9,381 2,001 8,043 1,636 1,205 10,475 11,680 (2,781 ) 12/04 40 years Mayfaire Stadium 16 Wilmington, NC 6,306 1,650 7,047 — 1,650 7,047 8,697 (1,923 ) 02/05 40 years Burbank Village Burbank, CA — 16,584 35,016 7,097 16,584 42,113 58,697 (10,563 ) 03/05 40 years East Ridge 18 Chattanooga, TN 10,360 2,799 11,467 — 2,799 11,467 14,266 (3,106 ) 03/05 40 years The Grand 14-Conroe Conroe, TX — 1,836 8,230 — 1,836 8,230 10,066 (2,159 ) 06/05 40 years Washington Square 12 Indianapolis, IN 4,173 1,481 4,565 — 1,481 4,565 6,046 (1,198 ) 06/05 40 years The Grand 18-Hattiesburg Hattiesurg, MS 8,470 1,978 7,733 2,432 1,978 10,165 12,143 (2,529 ) 09/05 40 years Mad River Mountain Bellfontaine, OH — 5,108 5,994 162 5,251 6,013 11,264 (2,700 ) 11/05 40 years Arroyo Grand Staduim 10 Arroyo Grande, CA 4,076 2,641 3,810 — 2,641 3,810 6,451 (961 ) 12/05 40 years Auburn Stadium 10 Auburn, CA 5,288 2,178 6,185 — 2,178 6,185 8,363 (1,559 ) 12/05 40 years Manchester Stadium 16 Fresno, CA 9,667 7,600 11,613 — 7,600 11,613 19,213 (3,299 ) 12/05 40 years Modesto Stadium 10 Modesto, CA 3,959 2,542 3,910 — 2,542 3,910 6,452 (986 ) 12/05 40 years Columbia 14 Columbia, MD — — 12,204 — — 12,204 12,204 (2,975 ) 03/06 40 years Firewheel 18 Garland, TX 13,171 8,028 14,825 — 8,028 14,825 22,853 (3,614 ) 03/06 40 years White Oak Stadium 14 Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (1,667 ) 04/06 40 years The Grand 18 - Winston Salem Winston Salem, NC — — 12,153 1,925 — 14,078 14,078 (3,343 ) 07/06 40 years Valley Bend 18 Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (3,454 ) 08/06 40 years Cityplace 14 Kalamazoo, MI — 5,125 12,216 2,308 5,125 14,524 19,649 (5,609 ) 11/06 40 years Pensacola Bayou 15 Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (3,397 ) 12/06 40 years The Grand 16-Slidell Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (2,587 ) 12/06 40 years The Grand 16 - Pier Park Panama City Beach, FL — 6,486 11,156 — 6,486 11,156 17,642 (2,394 ) 05/07 40 years Austell Promenade Austell, GA — 1,596 — — 1,596 — 1,596 — 07/07 n/a Stadium 14 Cinema Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (1,526 ) 08/07 40 years Subtotals carried over to next page $ 165,928 $ 326,182 $ 1,098,360 $ 161,910 $ 329,024 $ 1,257,426 $ 1,586,450 $ (436,069 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 165,928 $ 326,182 $ 1,098,360 $ 161,910 $ 329,024 $ 1,257,426 $ 1,586,450 $ (436,069 ) n/a n/a Harvard Avenue Charter School Cleveland, OH — 640 5,613 — 640 5,613 6,253 (94 ) 10/04 30 years The Grand 18 - Four Seasons Stations Greensboro, NC — — 12,606 914 — 13,520 13,520 (2,671 ) 11/07 40 years Glendora 12 Glendora, CA — — 10,588 — — 10,588 10,588 (1,897 ) 10/08 40 years Harbour View Station Suffolk, VA — 3,256 9,206 5,152 3,298 14,316 17,614 (3,390 ) 06/09 40 years Ann Arbor 20 Ypsilanti, MI — 4,716 227 — 4,716 227 4,943 (34 ) 12/09 40 years Buckland Hills 18 Manchester, CT — 3,628 11,474 — 3,628 11,474 15,102 (1,721 ) 12/09 40 years Centreville 12 Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (265 ) 12/09 40 years Davenport 18 Davenport, IA — 3,599 6,068 (35 ) 3,564 6,068 9,632 (910 ) 12/09 40 years Fairfax Corner 14 Fairfax, VA — 2,630 11,791 — 2,630 11,791 14,421 (1,769 ) 12/09 40 years Flint West 14 Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (258 ) 12/09 40 years Hazlet 12 Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (707 ) 12/09 40 years Huber Heights 16 Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (584 ) 12/09 40 years North Haven 12 North Haven, CT — 5,442 1,061 2,000 5,442 3,061 8,503 (1,078 ) 12/09 40 years Preston Crossing 16 Okolona, KY — 5,379 3,311 — 5,379 3,311 8,690 (497 ) 12/09 40 years Ritz Center 16 Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (1,442 ) 12/09 40 years Stonybrook 20 Louisville, KY — 4,979 6,567 — 4,979 6,567 11,546 (985 ) 12/09 40 years The Greene 14 Beaver Creek, OH — 1,578 6,630 — 1,578 6,630 8,208 (995 ) 12/09 40 years West Springfield 15 West Springfield, MA — 2,540 3,755 — 2,540 3,755 6,295 (563 ) 12/09 40 years Western Hills 14 Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (261 ) 12/09 40 years Hollywood Movies 20 Pasadena, TX — 2,951 10,684 — 2,951 10,684 13,635 (1,469 ) 06/10 40 years Movies 10 Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (271 ) 06/10 40 years Movies 14 McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (456 ) 06/10 40 years Movies 14-Mishawaka Mishawaka, IN — 2,399 5,454 — 2,399 5,454 7,853 (750 ) 06/10 40 years Movies 16 Grand Prarie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (481 ) 06/10 40 years Redding 14 Redding, CA — 2,044 4,500 — 2,044 4,500 6,544 (619 ) 06/10 40 years Tinseltown Pueblo, CO — 2,238 5,162 — 2,238 5,162 7,400 (710 ) 06/10 40 years Tinseltown 15 Beaumont, TX — 1,065 11,669 — 1,065 11,669 12,734 (1,604 ) 06/10 40 years Tinseltown 20 Pflugerville, TX — 4,356 11,533 — 4,356 11,533 15,889 (1,586 ) 06/10 40 years Tinseltown 290 Houston, TX — 4,109 9,739 — 4,109 9,739 13,848 (1,339 ) 06/10 40 years Tinseltown USA 20 El Paso, TX — 4,598 13,207 — 4,598 13,207 17,805 (1,816 ) 06/10 40 years Tinseltown USA and XD Colorado Springs, CO — 4,134 11,220 (1,196 ) 2,938 11,220 14,158 (1,543 ) 06/10 40 years Beach Movie Bistro Virginia Beach, VA — — 1,736 — — 1,736 1,736 (796 ) 12/10 40 years Cinemagic & IMAX in Hooksett Hooksett, NH — 2,639 11,605 — 2,639 11,605 14,244 (1,402 ) 03/11 40 years Cinemagic & IMAX in Saco Saco, ME — 1,508 3,826 — 1,508 3,826 5,334 (462 ) 03/11 40 years Cinemagic in Merrimack Merrimack, NH 3,455 3,160 5,642 — 3,160 5,642 8,802 (682 ) 03/11 40 years Cinemagic in Westbrook Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (860 ) 03/11 40 years Mentorship Academy Baton Rouge, LA — 996 5,638 — 996 5,638 6,634 (644 ) 03/11 40 years Ben Franklin Academy Highlands Ranch, CO — — 10,157 (134 ) — 10,023 10,023 (1,020 ) 04/11 40 years Bradley Academy of Excellence Goodyear, AZ — 766 6,517 — 766 6,517 7,283 (708 ) 04/11 30 years Subtotals carried over to next page $ 169,383 $ 421,318 $ 1,354,651 $ 170,715 $ 422,245 $ 1,524,437 $ 1,946,682 $ (475,408 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 169,383 $ 421,318 $ 1,354,651 $ 170,715 $ 422,245 $ 1,524,437 $ 1,946,682 $ (475,408 ) n/a n/a American Leadership Academy Gilbert, AZ — 2,580 6,418 2,509 2,580 8,927 11,507 (784 ) 06/11 40 years Champions School Phoenix, AZ — 1,253 4,834 — 1,253 4,834 6,087 (514 ) 06/11 40 years Loveland Classical Loveland, CO — 1,494 3,857 — 1,494 3,857 5,351 (410 ) 06/11 40 years Pinstripes - Northbrook Northbrook, IL — — 7,025 — — 7,025 7,025 (776 ) 07/11 40 years Magic Valley Mall Theatre Twin Falls, ID — — 4,783 — — 4,783 4,783 (428 ) 04/11 40 years Prospect Ridge Academy Broomfield, CO — 1,084 9,659 (169 ) 1,084 9,490 10,574 (928 ) 08/11 40 years South Phoenix Academy Phoenix, AZ — 1,060 8,140 — 1,060 8,140 9,200 (1,057 ) 11/11 40 years Latitude 30 Jacksonville, FL — 4,510 5,061 983 4,510 6,044 10,554 (746 ) 02/12 30 years Latitude 39 Indianapolis, IN — 4,298 6,321 2,257 4,377 8,499 12,876 (551 ) 02/12 40 years Topgolf-Allen Allen, TX — — 10,007 1,151 — 11,158 11,158 (1,387 ) 02/12 29 years Topgolf-Dallas Dallas, TX — — 10,007 1,771 — 11,778 11,778 (1,378 ) 02/12 30 years Pinstripes - Oakbrook Oakbrook, IL — — 8,068 — — 8,068 8,068 (656 ) 03/12 40 years Pacific Hertiage Academy Salt Lake City, UT — 897 4,488 (55 ) 897 4,433 5,330 (395 ) 03/12 40 years Valley Academy Hurricane, UT — 475 4,939 — 475 4,939 5,414 (659 ) 03/12 40 years Look Cinemas-Prestonwood Dallas, TX — — 12,146 750 — 12,896 12,896 (815 ) 03/12 40 years The Odyssey Institute for International and Advanced Studies Buckeye, AZ — 914 9,715 6,939 914 16,654 17,568 (1,234 ) 04/12 40 years American Leadership Academy High School Queen Creek, AZ — 1,887 14,543 11,117 1,887 25,660 27,547 (1,962 ) 05/12 40 years Regal Winrock Albuquerque, NM — — 13,733 — — 13,733 13,733 (715 ) 06/12 40 years Sandhills 10 Southern Pines, NC — 1,709 4,747 — 1,709 4,747 6,456 (415 ) 06/12 40 years North East Carolina Prep Academy Tarboro, NC — 350 12,560 3,037 350 15,597 15,947 (1,192 ) 07/12 40 years Top Golf-Houston Houston, TX — — 12,403 394 — 12,797 12,797 (992 ) 09/12 40 years Alamo Draft House-Austin Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (385 ) 09/12 40 years Carmike Champaign Champaign, IL — — 9,381 125 — 9,506 9,506 (495 ) 09/12 40 years WISP Resort McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (3,323 ) 12/12 40 years Topgolf-The Colony Colony, TX — 4,004 13,665 (240 ) 4,004 13,425 17,429 (671 ) 12/12 40 years Regal Virginia Gateway Gainesville, VA — — 10,846 — — 10,846 10,846 (565 ) 02/13 40 years Chester Community Charter School Chester Upland, PA — 518 5,900 — 518 5,900 6,418 (411 ) 03/13 30 years Lowcountry Leadership Academy Hollywood, SC — 806 5,776 1,805 806 7,581 8,387 (373 ) 03/13 40 years Children's Learning Adventure Lake Pleasant, AZ — 986 3,524 — 986 3,524 4,510 (324 ) 03/13 30 years Camden Community Charter School Camden, NJ — 548 10,569 6,886 548 17,455 18,003 (947 ) 04/13 30 years Rittenhouse Excess Land Queen Creek, AZ — 2,612 — (1,845 ) 767 — 767 — 04/13 n/a McKinley Academy-Chicago Chicago, IL — 509 5,895 4,204 509 10,099 10,608 (426 ) 05/13 40 years Learning Foundation & Performing Arts Academy Gilbert, AZ — 1,336 6,593 — 1,336 6,593 7,929 (371 ) 05/13 40 years Subtotals carried over to next page $ 169,383 $ 466,150 $ 1,622,537 $ 215,541 $ 466,625 $ 1,837,601 $ 2,304,226 $ (501,693 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 169,383 $ 466,150 $ 1,622,537 $ 215,541 $ 466,625 $ 1,837,601 $ 2,304,226 $ (501,693 ) n/a n/a Bella Mente Academy Vista, CA — 1,283 3,354 1,168 1,283 4,522 5,805 (226 ) 05/13 40 years Global Village Academy-Colorado Springs Colorado Springs, CO — 1,205 6,350 (194 ) 1,205 6,156 7,361 (403 ) 06/13 40 years Skyline Chandler Chandler, AZ — 1,039 9,590 — 1,039 9,590 10,629 (762 ) 07/13 40 years The Ambassador Theatre Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (716 ) 08/13 40 years New Iberia Theatre New Iberia, LA — — 1,630 — — 1,630 1,630 (92 ) 08/13 40 years Camelback Mountain Resort Tannersville, PA — 34,940 34,629 913 34,940 35,542 70,482 (5,976 ) 09/13 40 years Hollywood 16 Theatre Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (533 ) 09/13 40 years Tampa Veterans 24 Tampa, FL — 1,700 23,483 8 1,700 23,491 25,191 (1,747 ) 10/13 40 years Cantera Stadium 17 Warrenville, IL — 14,000 17,318 — 14,000 17,318 31,318 (1,513 ) 10/13 40 years Topgolf-Alpharetta Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (623 ) 05/13 40 years Children's Learning Adventure Goodyear, AZ — 1,308 7,275 11 1,308 7,286 8,594 (433 ) 06/13 30 years Topgolf-Scottsdale Scottsdale, AZ — — 16,942 — — 16,942 16,942 (635 ) 06/13 40 years American Intl School of Utah Salt Lake City, UT — 8,173 10,982 1,890 8,173 12,872 21,045 (387 ) 07/13 40 years Topgolf-Spring Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (605 ) 07/13 40 years Children's Learning Adventure Oklahoma City, OK — 1,149 9,839 385 1,149 10,224 11,373 (416 ) 08/13 40 years Alamo Draft House-Mission San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 — 08/13 40 years Children's Learning Adventure Coppell, TX — 1,547 10,168 — 1,547 10,168 11,715 (154 ) 09/13 30 years Children's Learning Adventure Las Vegas, NV — 944 9,191 — 944 9,191 10,135 (376 ) 09/13 30 years Children's Learning Adventure Las Vegas, NV — 985 6,721 145 985 6,866 7,851 (306 ) 09/13 30 years Cantera FEC Warrenville, IL — — 6,469 2,216 — 8,685 8,685 (400 ) 10/13 40 years Franklin Academy Palm Beach Palm Beach, FL — 3,323 15,824 (108 ) 3,323 15,716 19,039 (525 ) 10/13 30 years Tiger 13 Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (336 ) 11/12 40 years iLEAD Charter School Mesa, AZ — 2,109 6,032 166 2,109 6,198 8,307 (210 ) 12/13 30 years North Carolina Leadership Academy Kernersville, NC — 1,362 8,182 (244 ) 1,362 7,938 9,300 (380 ) 12/13 40 years Basis Private San Jose San Jose, CA — 9,966 25,535 — 9,966 25,535 35,501 (1,068 ) 12/13 40 years Basis Private Brooklyn Brooklyn, NY — — 46,440 — — 46,440 46,440 (520 ) 12/13 40 years Topgolf-San Antonio San Antonio, TX — — 15,976 — — 15,976 15,976 (333 ) 12/13 40 years Children's Learning Adventure Mesa, AZ — 762 6,987 — 762 6,987 7,749 (564 ) 01/14 30 years Global Village Academy-Fort Collins Fort Collins, CO — 618 5,031 5,134 618 10,165 10,783 (288 ) 02/14 40 years Topgolf-Brandon Tampa, FL — — 15,726 (67 ) — 15,659 15,659 (395 ) 02/14 40 years Topgolf-Gilbert Gilbert, AZ — 4,735 16,130 (267 ) 4,735 15,863 20,598 (397 ) 02/14 40 years British School of Chicago Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (585 ) 02/14 40 years Wilson Prep Academy Wilson, NC — 424 5,342 (71 ) 449 5,246 5,695 (175 ) 03/14 30 years Children's Learning Adventure Gilbert, AZ — 1,295 9,192 — 1,295 9,192 10,487 (264 ) 03/14 30 years Bedford Theater 7 Bedford, IN 1,472 349 1,594 — 349 1,594 1,943 (76 ) 04/14 40 years Seymour Stadium 8 Seymour, IN 2,513 1,028 2,291 — 1,028 2,291 3,319 (103 ) 04/14 40 years Subtotals carried over to next page $ 187,728 $ 577,378 $ 2,100,562 $ 226,626 $ 579,693 $ 2,324,871 $ 2,904,564 $ (524,215 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 187,728 $ 577,378 $ 2,100,562 $ 226,626 $ 579,693 $ 2,324,871 $ 2,904,564 $ (524,215 ) n/a n/a Wilder Stadium 14 Wilder, KY 9,252 983 11,233 — 983 11,233 12,216 (489 ) 04/14 40 years Bowling Green Stadium 12 Bowling Green, KY 8,681 1,241 10,222 — 1,241 10,222 11,463 (453 ) 04/14 40 years New Albany Stadium 12 New Albany, IN 13,077 2,461 14,807 — 2,461 14,807 17,268 (644 ) 04/14 40 years Clarksville Stadium 16 Clarksville, TN 15,550 3,764 16,769 — 3,764 16,769 20,533 (732 ) 04/14 40 years Lycoming Mall 12 Williamsport, PA 6,761 2,243 6,684 — 2,243 6,684 8,927 (306 ) 04/14 40 years Noblesville Stadium 10 Noblesville, IN 6,315 886 7,453 — 886 7,453 8,339 (329 ) 04/14 40 years Moline Stadium 14 Moline, IL 9,199 1,963 10,183 — 1,963 10,183 12,146 (448 ) 04/14 40 years O'Fallon Stadium 14 O'Fallon, MO 6,351 1,046 7,342 — 1,046 7,342 8,388 (321 ) 04/14 40 years McDonough Stadium 16 McDonough, GA 14,445 2,235 16,842 — 2,235 16,842 19,077 (739 ) 04/14 40 years International Hotel Ventures, Inc. 1,850 — — — — — — — 04/14 n/a Impact Charter Elementary Baker, LA — 190 6,563 203 190 6,766 6,956 (180 ) 04/14 40 years Bradford Preparatory School Charlotte, NC — 1,559 1,477 — 1,559 1,477 3,036 (48 ) 05/14 30 years Horizon Science Academy South Chicago Chicago, IL — 1,544 6,074 2,121 1,544 8,195 9,739 (225 ) 05/14 40 years Topgolf-Overland Park Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (208 ) 05/14 40 years Topgolf-Centennial Centennial, CO — 3,013 19,106 — 3,013 19,106 22,119 (159 ) 06/14 40 years Topgolf-Mid Town Atlanta Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (180 ) 06/14 40 years Topgolf-Dulles Ashburn VA — — 16,873 — — 16,873 16,873 (141 ) 06/14 40 years Phoenix Academy High School High Point, NC — 1,298 7,322 — 1,298 7,322 8,620 (87 ) 07/14 40 years Children's Learning Adventure Cedar Park, TX — 1,520 10,500 — 1,520 10,500 12,020 (40 ) 07/14 30 years Children's Learning Adventure Centennial, CO — 1,249 10,771 — 1,249 10,771 12,020 (39 ) 08/14 30 years Topgolf-Naperville Naperville, IL — 8,824 20,279 — 8,824 20,279 29,103 (169 ) 08/14 40 years Champion Fit Kids Chandler, AZ — 1,530 6,877 — 1,530 6,877 8,407 (86 ) 08/14 40 years Topgolf-Oklahoma City Oklahoma City, OK — 3,086 16,421 — 3,086 16,421 19,507 (205 ) 09/14 40 years LowCountry Montessori Port Royal, SC — 387 4,383 — 387 4,383 4,770 (55 ) 09/14 40 years Topgolf-Webster Webster, TX — 5,631 17,732 — 5,631 17,732 23,363 (74 ) 11/14 40 years Topgolf-Virginia Beach Virginia Beach, VA — 6,948 18,715 — 6,948 18,715 25,663 — 12/14 40 years Marketplace Digital Cinema 20 Sterling Heights, MI — 10,849 — 70 10,919 — 10,919 — 12/14 n/a Global Village Academies - Douglas County Parker, CO — 2,190 6,815 — 2,190 6,815 9,005 (72 ) 01/15 40 years Global Village International - Parker Parker, CO — 279 1,017 — 279 1,017 1,296 (21 ) 01/15 30 years Global Village International - Littleton Littleton, CO — 467 1,248 — 467 1,248 1,715 (24 ) 01/15 30 years Global Village International - Lakewood Lakewood, CO — 291 823 — 291 823 1,114 (15 ) 01/15 30 years Global Village International - Castle Rock Castle Rock, CO — 250 1,646 — 250 1,646 1,896 (30 ) 01/15 30 years Subtotals carried over to next page $ 279,209 $ 658,967 $ 2,411,358 $ 229,020 $ 661,352 $ 2,637,991 $ 3,299,343 $ (530,734 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2015 Description Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Subtotal from previous page n/a $ 279,209 $ 658,967 $ 2,411,358 $ 229,020 $ 661,352 $ 2,637,991 $ 3,299,343 $ (530,734 ) n/a n/a Global Village International - Arvada Arvada, CO — 224 788 — 224 788 1,012 (16 ) 01/15 30 years Macon Charter Academy Macon, GA — 401 7,883 — 401 7,883 8,284 (92 ) 02/15 40 years Du Bois School of Arts and Technology Memphis, TN — 1,535 4,089 — 1,535 4,089 5,624 (95 ) 02/15 30 years Strawbridge-Virginia Beach Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (135 ) 02/15 40 years Carmike Yulee Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (144 ) 02/15 40 years Wintergreen Resort Wintergreen, VA — 5,739 16,126 — 5,739 16,126 21,865 (795 ) 02/15 40 years Pineapple Cove Palm Bay, FL — 782 6,212 — 782 6,212 6,994 (56 ) 03/15 40 years Global Village International - Lafayette Lafayette, CO — 293 663 — 293 663 956 (6 ) 04/15 30 years Punch Bowl Social-Schaumburg Schaumburg, IL — 598 5,372 — 598 5,372 5,970 — 04/15 30 years Regency 24 Jacksonville Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (504 ) 05/15 25 years Camelback Lodge Tannersville, PA — — 120,354 — — 120,354 120,354 (1,255 ) 05/15 40 years Phoenix Academy II High Point, NC — 1,180 9,393 — 1,180 9,393 10,573 (156 ) 06/15 30 years Regal Crystal Lake 16 Crystal Lake, IL — 2,980 13,521 — 2,980 13,521 16,501 (270 ) 07/15 25 years Bridgeton Charter Bridgeton, NJ — 153 2,392 — 153 2,392 2,545 (13 ) 09/15 40 years Carrington Academy Atlanta, GA — 956 1,850 — 956 1,850 2,806 (15 ) 10/15 30 years Carrington Academy Atlanta, GA — 1,262 2,038 — 1,262 2,038 3,300 (17 ) 10/15 30 years Alamo Draft House-Laredo Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 — 12/15 40 years Property under development — 378,920 — — 378,920 — 378,920 — n/a n/a Land held for development — 23,610 — — 23,610 — 23,610 — n/a n/a Unsecured revolving credit facility 196,000 — — — — — — — n/a n/a Senior unsecured notes payable and term loan 1,525,000 — — — — — — — n/a n/a Less: deferred financing costs, net (18,289 ) — — — — — — — Total $ 1,981,920 $ 1,087,613 $ 2,645,401 $ 229,020 $ 1,089,998 $ 2,872,034 $ 3,962,032 $ (534,303 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2015 Real Estate: Reconciliation: Balance at beginning of the year $ 3,304,993 Acquisition and development of rental properties during the year 691,379 Disposition of rental properties during the year (34,340 ) Balance at close of year $ 3,962,032 Accumulated Depreciation Reconciliation: Balance at beginning of the year $ 465,660 Depreciation during the year 78,135 Disposition of rental properties during the year (9,492 ) Balance at close of year $ 534,303 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk American Multi-Cinema, Inc. (AMC) was the lessee of a substantial portion ( 25% ) of the megaplex theatre rental properties held by the Company at December 31, 2015 as a result of a series of sale leaseback transactions pertaining to AMC megaplex theatres. A substantial portion of the Company’s total revenues (approximately $86.1 million or 20% , $87.4 million or 23% and $85.1 million or 25% , for the years ended December 31, 2015, 2014 and 2013 , respectively) results from the revenue from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by AMC Entertainment Holdings, Inc. (AMCEH). AMCEH is a publicly held company (NYSE: AMC) and its consolidated financial information is publicly available as www.sec.gov. For the years ended December 31, 2015, 2014 and 2013 , approximately $33.7 million or 8% , and $40.2 million or 10% , and $42.3 million or 12% , respectively, of total revenue was derived from the Company's four entertainment retail centers in Ontario, Canada. The Company's wholly owned subsidiaries that hold the four Canadian entertainment retail centers represent approximately $169.7 million or 8% and $200.4 million or 10% , respectively, of the Company's net assets as of December 31, 2015 and 2014 . |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned except for those subsidiaries discussed below. The Company consolidates certain entities if it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest. A controlling financial interest will have both of the following characteristics: the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This topic requires an ongoing reassessment. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Company reports its noncontrolling interests as required by the Consolidation Topic of the FASB ASC. Noncontrolling interest is the portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. The ownership interests in the subsidiary that are held by owners other than the parent are noncontrolling interests. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company's equity. On the consolidated statements of income, revenues, expenses and net income or loss from less-than-wholly owned subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Consolidated statements of changes in shareholders' equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for equity, noncontrolling interests and total equity. The Company does not have any redeemable noncontrolling interests. Prior to October 2015, the Company owned 96% of the membership interests of VinREIT, LLC (VinREIT). This entity was dissolved as the Company has completed the sales of its vineyard and winery properties. There was no net income attributable to noncontrolling interest related to VinREIT for the years ended December 31, 2015, 2014 and 2013. Total noncontrolling interest in VinREIT included in the accompanying consolidated balance sheet was $377 thousand for the year ended December 31, 2014. The Company’s consolidated statements of income include net income related to VinREIT of $0.2 million , $1.7 million and $6.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The Company received operating distributions from VinREIT of $0.1 million , $1.3 million and $3.5 million during 2015, 2014 and 2013, respectively. In addition, during 2014 and 2013, respectively, the Company received distributions of $7.1 million and $45.4 million related to property sales. During 2015, there were no distributions related to property sales. During 2015, 2014 and 2013, there were no contributions related to financing activities. |
Use of Estimates | Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. |
Rental Properties | Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 to 40 years for buildings and 3 to 25 years for furniture, fixtures and equipment. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements, which improve or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life. Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based on an estimate of undiscounted future cash flows expected to result from its use and eventual disposition. If impairment exists due to the inability to recover the carrying value of the property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. The Company evaluates the held-for-sale classification of its real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment that is expected to close within one year. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. |
Accounting for Acquisitions | Accounting for Acquisitions Upon acquisition of real estate properties, the Company determines if the acquisition meets the criteria to be accounted for as a business combination. Accordingly, the Company accounts for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases are signed at the time of acquisition, and (3) acquired single tenant properties that have an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties that include a process such as those with with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties are treated as business combinations. Costs incurred for asset acquisitions and development properties, including transaction costs, are capitalized. For asset acquisitions, the Company allocates the purchase price and other related costs incurred to the real estate assets acquired based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, tenant improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of above and below market leases, in-place leases, tenant relationships and assumed financing that is determined to be above or below market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions, are included in the accompanying Consolidated Statements of Income as transaction costs. Transaction costs expensed totaled $7.5 million , $2.5 million and $2.0 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Most of the Company’s rental property acquisitions do not involve in-place leases. In such cases, the fair value of the tangible assets is determined based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. Because the Company typically executes these leases simultaneously with the purchase of the real estate, no value is ascribed to in-place leases in these transactions. For rental property acquisitions involving in-place leases, the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. The aggregate value of intangible assets or liabilities is measured based on the difference between the stated price plus capitalized costs and the property as if vacant. In determining the fair value of acquired in-place leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above market leases, management considers such differences over the remaining non-cancelable lease terms and for below market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below market is based upon a comparison of similar financing terms for similar rental properties at the time of the acquisition. The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the remaining initial lease term of the respective leases. The Company also determines the value, if any, associated with customer relationships considering factors such as the nature and extent of the Company’s existing business relationship with the tenants, growth prospects for developing new business with the tenants and expectation of lease renewals. The value of customer relationship intangibles is amortized over the remaining initial lease terms plus any renewal periods. Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. The Company early adopted the FASB issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs, during 2015 and applied the guidance retrospectively. The costs unrelated to our unsecured revolving credit facility are shown as a reduction of debt of $18.3 million and $15.8 million as of December 31, 2015 and 2014, respectively. |
Capitalized Development Costs | Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. |
Operating Segment | Operating Segments For financial reporting purposes, the Company groups its investments into four reportable operating segments: Entertainment, Education, Recreation and Other. See Note 20 for financial information related to these operating segments. |
Revenue Recognition | Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the minimum terms of the leases. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $3.0 million , $2.0 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Mortgage and other financing income included participating interest income of $1.5 million , $2.2 million $0.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. For the year ended December 31, 2014, mortgage and other financing income also included a $5.0 million prepayment fee related to mortgage notes that were paid either fully or partially in advance of their maturity dates. There were no prepayment fees included in mortgage and other financing income for the years ended December 31, 2015 and 2013. Lease termination fees are recognized when the related leases are canceled and the Company has no obligation to provide services to such former tenants. Termination fees of $145 thousand , $123 thousand and $37 thousand were recognized during the years ended December 31, 2015, 2014 and 2013 , respectively. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts that may become uncollectible in the future. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. The evaluation primarily consists of reviewing past due account balances and considering such factors as the credit quality of the Company’s tenants, historical trends of the tenant and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. If the Company’s assumptions regarding the collectiblity of accounts receivable prove incorrect, the Company could experience write-offs of the accounts receivable or accrued straight-line rents receivable in excess of its allowance for doubtful accounts. The allowance for doubtful accounts was $3.2 million and $1.6 million at December 31, 2015 and 2014 , respectively. |
Mortgage Notes And Other Notes Receivable | Mortgage Notes and Other Notes Receivable Mortgage notes and other notes receivable, including related accrued interest receivable, consist of loans originated by the Company and the related accrued and unpaid interest income as of the balance sheet date. Mortgage notes and other notes receivable are initially recorded at the amount advanced to the borrower and the Company defers certain loan origination and commitment fees, net of certain origination costs, and amortizes them over the term of the related loan. Interest income on performing loans is accrued as earned. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. During the year ended December 31, 2013, the Company received partial payment of $1.0 million on a note receivable that was previously impaired and accordingly the allowance for loan losses of $0.1 million was written off. The Company had one note receivable totaling $3.8 million (including $0.1 million in accrued interest) at December 31, 2014 that was impaired due to the inability of the borrower to meet its contractual obligations. Interest income of $84 thousand was recognized on this note for the year ended December 31, 2014 and related to the period before the note was impaired. Management of the Company evaluated the fair value of the underlying collateral of the note and concluded that a loan loss reserve for its full value of $3.8 million was necessary at December 31, 2014. During the year ended December 31, 2015, the Company wrote off $3.8 million of this previously impaired and fully reserved note receivable. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations The Company evaluates each sale or disposal transaction to determine if it meets the criteria to qualify as discontinued operations. A discontinued operation is a component of an entity or group of components that have been disposed of or are classified as held for sale and represent a strategic shift that has or will have a major effect on the Company's operations and financial results, or an acquired business that is classified as held for sale on the acquisition date. If the sale or disposal transaction does not meet the criteria, the operations and related gain or loss on sale is included in income from continuing operations. The Company adopted the FASB issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, during 2014 and applied the guidance prospectively. |
Income Taxes | Income Taxes The Company operates in a manner intended to qualify as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. The Company owns certain real estate assets which are subject to income tax in Canada. Prior to December 31, 2013, a full valuation allowance had been recorded on the net Canadian deferred tax assets as there was no assurance that the Canadian operations would generate taxable income in the future. Due to tax law changes occurring in the fourth quarter of 2013 related primarily to limitations on the deductibility of intercompany interest expense, the Company's Canadian operations generated taxable income during both the years ended December 31, 2015 and 2014 and the Company expects to continue to generate taxable income from its Canadian operations going forward. For the year ended December 31, 2013, the Company reassessed the need for a valuation allowance, and reversed its valuation allowance associated with the net Canadian deferred tax assets and recorded an income tax benefit of $14.8 million . At December 31, 2015, the net Canadian deferred tax assets totaled $10.9 million and the temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation and straight line rents. The Company has certain taxable REIT subsidiaries, as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. One of the taxable REIT subsidiaries holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore the income reported by the Company is net of income tax paid to the Chinese authorities. In addition, the company is liable for withholding taxes associated with the current and future repatriation of earnings of the China joint ventures. At December 31, 2015, the amount of this future liability was approximately $158 thousand and represented withholding taxes on 2015 earnings. Additionally, the Company paid $54 thousand in withholding taxes during the year ended December 31, 2015 that related to 2014 earnings repatriated during 2015. In addition to historical net operating loss carryovers, temporary differences between income for financial reporting purposes and taxable income for the taxable REIT subsidiaries relate primarily to timing differences from when the foreign income is recognized. As of December 31, 2015 and 2014 , respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $16.5 million and $18.7 million and deferred tax liabilities totaling approximately $3.8 million and $4.4 million . As there is no assurance that the taxable REIT subsidiaries will generate taxable income in the future beyond the reversal of temporary taxable differences, the deferred tax assets and liabilities have been offset by a valuation allowance at December 31, 2015 and 2014 |
Cash Equivalents and Restricted Cash | Cash Equivalents Cash equivalents include bank demand deposits and shares of highly liquid institutional money market mutual funds for which cost approximates market value. Restricted Cash Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, and payment of real estate taxes and capital improvements |
Share-Based Compensation | Share-Based Compensation Share-based compensation to employees of the Company is granted pursuant to the Company's Annual Incentive Program and Long-Term Incentive Plan. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program and shares are issued under the 2007 Equity Incentive Plan. Share based compensation expense consists of share option expense, amortization of nonvested share grants, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share based compensation is included in general and administrative expense in the accompanying consolidated statements of income, and totaled $8.5 million , $8.9 million and $6.5 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Share-based compensation included in retirement severance expense in the accompanying consolidated statements of income totaled $6.4 million for the year ended December 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. |
Share Options | Share Options Share options are granted to employees pursuant to the Long-Term Incentive Plan. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Expense recognized related to share options and included in general and administrative expense in the accompanying consolidated statement of income was $1.1 million , $1.4 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Expense recognized related to share options and included in retirement severance expense in the accompanying consolidated statements of income was $1.4 million for the year ended December 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. |
Nonvested Shares Issued To Employees | Nonvested Shares Issued to Employees The Company grants nonvested shares to employees pursuant to both the Annual Incentive Program and the Long-Term Incentive Plan. The Company amortizes the expense related to the nonvested shares awarded to employees under the Long-Term Incentive Plan and the premium awarded under the nonvested share alternative of the Annual Incentive Program on a straight-line basis over the future vesting period ( three to four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $6.3 million , $6.5 million and $4.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Expense related to nonvested shares and included in retirement severance expense in the accompanying consolidated statements of income was $5.0 million for the year ended December 31, 2015 and related to the retirement of the Company's former President and Chief Executive Officer. |
Restricted Share Units Issued To Non-Employee Trustees | Restricted Share Units Issued to Non-Employee Trustees The Company issues restricted share units to non-employee Trustees for payment of their annual retainers. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense was amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees was $1.0 million , $1.1 million and $828 thousand for the years ended December 31, 2015, 2014 and 2013 , respectively. |
Foreign Currency Translation | Foreign Currency Translation The Company accounts for the operations of its Canadian properties and mortgage note (prior to pay-off) in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars at current exchange rates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. |
Derivative Instruments | Derivative Instruments The Company has acquired certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross currency swaps and interest rate swaps. The Company records all derivatives on the balance sheet 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 a foreign operation. 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 of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Current state income tax expense $ (899 ) $ (579 ) $ (522 ) Current foreign income tax 431 (493 ) — Current foreign withholding tax (1,107 ) (1,040 ) — Deferred foreign withholding tax (43 ) (320 ) (89 ) Deferred income tax benefit (expense) 1,136 (1,796 ) 14,787 Income tax benefit (expense) $ (482 ) $ (4,228 ) $ 14,176 |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows: 2015 2014 Fixed assets $ 13,791 $ 15,720 Net operating losses 2,249 2,880 Other 412 90 Less Valuation allowance (1,779 ) (2,391 ) Total deferred tax assets $ 14,673 $ 16,299 Straight line receivable $ (2,731 ) $ (3,594 ) Other (1,072 ) (850 ) Total deferred tax liabilities $ (3,803 ) $ (4,444 ) Net deferred tax asset $ 10,870 $ 11,855 |
Schedule of Intangible Assets and Goodwill | Intangible assets (included in Other Assets in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2015 2014 In-place leases, net of accumulated amortization of $11.6 million and $12.1 million, respectively $ 7,273 $ 6,951 Above market lease, net of accumulated amortization of $0.4 million and $0.2 million, respectively 670 862 Goodwill 693 693 Total intangible assets, net $ 8,636 $ 8,506 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization of in-place leases, net and above market lease, net at December 31, 2015 is as follows (in thousands): In place leases Above market lease Year: 2016 $ 1,137 $ 192 2017 1,026 192 2018 1,015 192 2019 776 94 2020 537 — Thereafter 2,782 — Total $ 7,273 $ 670 |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of December 31, 2015 and 2014 (in thousands): 2015 2014 Buildings and improvements $ 2,837,611 $ 2,273,430 Furniture, fixtures & equipment 34,423 25,922 Land 687,468 617,842 3,559,502 2,917,194 Accumulated depreciation (534,303 ) (465,660 ) Total $ 3,025,199 $ 2,451,534 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2015 and 2014 (in thousands): 2015 2014 Receivable from tenants $ 9,999 $ 6,705 Receivable from non-tenants 353 602 Straight-line rent receivable 52,336 41,529 Allowance for doubtful accounts (3,587 ) (1,554 ) Total $ 59,101 $ 47,282 |
Investment in Mortgage Notes (T
Investment in Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2015 and 2014 (in thousands): 2015 2014 Receivable from tenants $ 9,999 $ 6,705 Receivable from non-tenants 353 602 Straight-line rent receivable 52,336 41,529 Allowance for doubtful accounts (3,587 ) (1,554 ) Total $ 59,101 $ 47,282 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Investment in mortgage notes, including related accrued interest receivable, at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 (1) Mortgage note, 10.00%, borrower exercised conversion option on August 1, 2015 — 70,114 (2) Mortgage note, 9.00%, paid October 1, 2015 — 1,164 (3) Mortgage note and related accrued interest receivable, 10.00%, paid November 10, 2015 — 2,521 (4) Mortgage note and related accrued interest receivable, 9.00%, due March 31, 2016 1,257 1,149 (5) Mortgage note, 5.50%, due November 1, 2016 2,500 2,500 (6) Mortgage note receivable and related accrued interest receivable, 9.00%, due March 11, 2017 1,454 — (7) Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 164,543 191,116 (8) Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 36,032 36,032 (9) Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 19,944 19,795 (10) Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 22,188 22,188 (11) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,469 5,598 (12) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 30,680 28,788 (13) Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 3,488 3,471 (14) Mortgage note, 11.31%, due July 1, 2033 12,781 13,005 (15) Mortgage note and related accrued interest receivable, 8.50%, due June 30, 2034 4,900 4,870 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,392 12,082 (17) Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034 51,450 51,450 (18) Mortgage notes, 10.13%, due December 1, 2034 37,562 37,562 (19) Mortgage notes, 10.40%, due December 1, 2034 4,550 4,550 (20) Mortgage note and related accrued interest receivable, 10.25%, due July 1, 2036 9,147 — (21) Mortgage note and related accrued interest receivable, 9.75%, due October 1, 2036 3,443 — Total mortgage notes and related accrued interest receivable $ 423,780 $ 507,955 |
Schedule of Principal Payments and Related Accrued Interest Due By Year [Table Text Block] | Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 5,960 2017 2,268 2018 902 2019 165,546 2020 1,112 Thereafter 247,992 Total $ 423,780 |
Investments In Direct Financi36
Investments In Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | 2015 2014 Total minimum lease payments receivable $ 439,646 $ 487,275 Estimated unguaranteed residual value of leased assets 162,669 172,880 Less deferred income (1) (411,435 ) (460,823 ) Investment in a direct financing lease, net $ 190,880 $ 199,332 (1) Deferred income is net of $1.4 million and $1.5 million of initial direct costs at December 31, 2015 and 2014 , respectively. |
Future Minimum Rentals Receivable | The Company’s direct financing lease has expiration dates ranging from approximately 16 to 19 years. Future minimum rentals receivable on this direct financing lease at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 19,787 2017 20,380 2018 20,992 2019 21,621 2020 22,270 Thereafter 334,596 Total $ 439,646 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 364,775 2017 358,745 2018 337,593 2019 313,286 2020 288,964 Thereafter 2,675,671 Total $ 4,339,034 |
Unconsolidated Real Estate Jo37
Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Atlantic-EPR I and II [Member] | |
Unconsolidated Real Estate Joint Ventures [Line Items] | |
Unaudited Condensed Financial Information | Condensed consolidated financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the period ended October 8, 2013 (in thousands): 2013 Rental properties, net $ 44,644 Cash 512 Atlantic-EPR II mortgage note payable to EPR (1) 11,796 Atlantic-EPR I mortgage note payable to EPR (1) 21,293 Partners’ equity 18,372 Rental revenue 4,373 Net income 1,430 |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 (1) Mortgage note payable, 5.56%, paid in full on March 6, 2015 $ — $ 30,508 (2) Mortgage note payable, 5.39%, paid in full on July 31, 2015 — 4,960 (3) Mortgage notes payable, 5.77%, paid in full on August 6, 2015 — 62,842 (4) Mortgage notes payable, 5.84%, paid in full on December 7, 2015 — 35,515 (5) Note payable, 2.50%, due April 21, 2016 1,850 1,850 (6) Mortgage notes payable, 6.37%, due June 1, 2016 24,754 25,607 (7) Mortgage notes payable, 6.10%, due October 1, 2016 22,235 23,000 (8) Mortgage notes payable, 6.02%, due October 6, 2016 16,738 17,319 (9) Mortgage note payable, 6.06%, due March 1, 2017 9,381 9,693 (10) Mortgage note payable, 6.07%, due April 6, 2017 9,667 9,985 (11) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 31,603 32,662 (12) Mortgage notes payable, 4.00%, due July 6, 2017 93,616 97,248 (13) Mortgage note payable, 5.29%, due July 8, 2017 3,455 3,604 (14) Mortgage notes payable, 5.86% due August 1, 2017 22,931 23,681 (15) Mortgage note payable, 6.19%, due February 1, 2018 13,171 13,849 (16) Mortgage note payable, 7.37%, due July 15, 2018 4,813 6,205 (17) Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019 196,000 62,000 (18) Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 2.71% through April 5, 2019, due April 24, 2020 350,000 285,000 (19) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (20) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (21) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (22) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 — (23) Bonds payable, variable rate, due October 1, 2037 24,995 24,995 Less: deferred financing costs, net (18,289 ) (15,773 ) Total $ 1,981,920 $ 1,629,750 (1) The Company’s mortgage note payable was prepaid in full on March 6, 2015 prior to its maturity date of June 5, 2015. The note was secured by one entertainment retail center. (2) The Company's mortgage note payable was paid in full on July 31, 2015 prior to its maturity date of November 1, 2015. The note was secured by one theatre property. (3) The Company’s mortgage notes payable were paid in full on August 6, 2015 prior to the maturity date of November 6, 2015. The notes were secured by six theatre properties. (4) The Company’s mortgage notes payable were paid in full on December 7, 2015 prior to the maturity date of March 6, 2016. The notes were secured by two theatre properties. (5) On April 21, 2014, the Company assumed a note payable in conjunction with the acquisition of 11 theatre properties. The carrying value of the note approximated fair value on the date of acquisition. The note requires quarterly interest payments of approximately $12 thousand with principal payment due at maturity. (6) The Company’s mortgage notes payable are secured by two theatre properties, which had a net book value of approximately $30.3 million at December 31, 2015 . The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million . (7) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $25.6 million at December 31, 2015 . The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million . (8) The Company’s mortgage notes payable are secured by three theatre properties, which had a net book value of approximately $18.3 million at December 31, 2015 . The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million . (9) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.9 million at December 31, 2015 . The note had an initial balance of $11.6 million and the monthly payments are based on a 25 -year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million . (10) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.3 million at December 31, 2015 . The note had an initial balance of $11.9 million and the monthly payments are based on a 30 -year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million . (11) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $28.9 million at December 31, 2015 . The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million . The weighted average interest rate on these notes is 5.85% . (12) On April 21, 2014, the Company assumed a mortgage note payable of $90.3 million in conjunction with the acquisition of 11 theatre properties. The mortgage note was recorded at fair value upon acquisition which was estimated to be $99.6 million . The fair value of this mortgage note was determined by discounting the future cash flows of the mortgage note using an estimated current market rate of 4.00% . The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $119.0 million at December 31, 2015 . The monthly payments are based on a 10 -year amortization schedule and the mortgage note requires monthly principal and interest payments of approximately $635 thousand with a final principal payment at maturity of approximately $85.1 million . (13) On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million . The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29% . The note is secured by one theatre property, which had a net book value of approximately $8.1 million at December 31, 2015 . The monthly payments are based on a 25 -year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million . (14) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $25.5 million at December 31, 2015 . The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25 -year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million . (15) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $19.2 million at December 31, 2015 . The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20 -year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million . (16) The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.1 million at December 31, 2015 . The note had an initial balance of $18.9 million and the monthly payments are based on a 20 -year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand . On February 18, 2016, this loan was prepaid in full. (17) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25% , which was 1.57% on December 31, 2015 . Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured revolving portion of the new credit facility, among other things, (i) increase the initial amount from $535.0 million to $650.0 million , (ii) extend the maturity date from July 23, 2017, to April 24, 2019 (with the Company having the same right as before to extend the loan for one additional year, subject to certain terms and conditions) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.25% and 0.25% , respectively. In connection with the amendment, $243 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2015 . As of December 31, 2015 , the Company had $196.0 million outstanding under the facility and total availability under the revolving credit facility was $454.0 million . In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion . (18) The Company's unsecured term loan payable bears interest at LIBOR plus 1.40% , which was 1.82% on December 31, 2015 . Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured term loan portion of the new facility, among other things, (i) increase the initial amount from $285.0 million to $350.0 million , (ii) extend the maturity date from July 23, 2018 to April 24, 2020 and (iii) lower the interest rate at all senior unsecured credit rating tiers which was LIBOR plus 1.40% at closing. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion . (19) On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020 . The notes bear interest at 7.75% . Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020 . The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. (20) On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022 . The notes bear interest at 5.75% . Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022 . The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. (21) On June 18, 2013, the Company issued $275.0 million in senior unsecured notes due on July 15, 2023 . The notes bear interest at 5.25% . Interest is payable on January 15 and July 15 of each year beginning on January 15, 2014 until the stated maturity date of July 15, 2023. The notes were issued at 99.546% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (22) On March 16, 2015, the Company issued $300.0 million in aggregate principal amount of senior notes due on April 1, 2025 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50% . Interest is payable on April 1 and October 1 of each year beginning on October 1, 2015 until the stated maturity date of April 1, 2025. The notes were issued at 99.638% of their face value and are unsecured and guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (23) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $22.5 million at December 31, 2015 , and bear interest at a variable rate which resets on a weekly basis and was 0.01% at December 31, 2015 . The bonds requires monthly interest only payments with principal due at maturity. |
Schedule of Maturities of Long-term Debt | Principal payments due on long-term debt obligations subsequent to December 31, 2015 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2016 $ 75,514 2017 165,319 2018 13,381 2019 196,000 2020 600,000 Thereafter 949,995 Less: deferred financing costs, net (18,289 ) Total $ 1,981,920 |
Interest Expense, Net | The following is a summary of interest expense, net for the years ended December 31, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Interest on loans $ 92,140 $ 82,839 $ 78,292 Amortization of deferred financing costs 4,588 4,248 4,041 Credit facility and letter of credit fees 1,759 1,735 1,510 Interest cost capitalized (18,547 ) (7,525 ) (2,763 ) Interest income (25 ) (27 ) (53 ) Less: interest income of discontinued operations — — 29 Interest expense, net $ 79,915 $ 81,270 $ 81,056 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Derivative Instruments [Abstract] | |
Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income | Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the years ended December 31, 2015, 2014 and 2013 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2015, 2014 and 2013 (Dollars in thousands) Year Ended December 31, Description 2015 2014 2013 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (2,581 ) $ (2,458 ) $ (2,372 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (2,004 ) (1,833 ) (1,749 ) Cross Currency Swaps Amount of Gain Recognized in AOCI on Derivative (Effective Portion) 5,380 3,560 2,278 Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) (2) 2,396 698 (160 ) Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative (Effective Portion) 24,359 11,600 8,092 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — 287 Total Amount of Gain Recognized in AOCI on Derivative (Effective Portion) $ 27,158 $ 12,702 $ 7,998 Amount of Gain (Expense) Reclassified from AOCI into Earnings (Effective Portion) 392 (1,135 ) (1,622 ) (1) Included in “Interest expense, net” in accompanying consolidated statements of income. (2) Included in “Other expense” or "Other income" in the accompanying consolidated statements of income. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 , aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2015 and 2014 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2015: Cross Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) 2014: Cross Currency Swaps* $ — $ 4,592 $ — $ 4,592 Currency Forward Agreements* $ — $ 10,227 $ — $ 10,227 Interest Rate Swap Agreements** $ — $ (5,096 ) $ — $ (5,096 ) *Included in "Other assets" in the accompanying consolidated balance sheet. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. |
Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis | There were no non-recurring measurements during the years ended December 31, 2015 and 2014 . |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Common and Preferred Shares [Abstract] | |
Schedule of Dividends Per Common Share [Table Text Block] | Of the total dividends calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash dividends paid per common share for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 Taxable ordinary income $ 3.0674 $ 3.0364 Return of capital 0.5451 0.3619 Long-term capital gain — — Unrecaptured Sec. 1250 Gain — — Totals $ 3.6125 $ 3.3983 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table summarizes the Company’s computation of basic and diluted earnings per share (EPS) for the years ended December 31, 2015, 2014 and 2013 (amounts in thousands except per share information): Year Ended December 31, 2015 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 194,333 Less: preferred dividend requirements (23,806 ) Income from continuing operations available to common shareholders $ 170,527 58,138 $ 2.93 Income from discontinued operations available to common shareholders $ 199 58,138 $ 0.01 Net income available to common shareholders $ 170,726 58,138 $ 2.94 Diluted EPS: Income from continuing operations available to common shareholders $ 170,527 58,138 Effect of dilutive securities: Share options — 190 Income from continuing operations available to common shareholders $ 170,527 58,328 $ 2.92 Income from discontinued operations available to common shareholders $ 199 58,328 $ 0.01 Net income available to common shareholders $ 170,726 58,328 $ 2.93 Year Ended December 31, 2014 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 175,752 Less: preferred dividend requirements (23,807 ) Income from continuing operations available to common shareholders $ 151,945 54,244 $ 2.80 Income from discontinued operations available to common shareholders $ 3,881 54,244 $ 0.07 Net income available to common shareholders $ 155,826 54,244 $ 2.87 Diluted EPS: Income from continuing operations available to common shareholders $ 151,945 54,244 Effect of dilutive securities: Share options — 200 Income from continuing operations available to common shareholders $ 151,945 54,444 $ 2.79 Income from discontinued operations available to common shareholders $ 3,881 54,444 $ 0.07 Net income available to common shareholders $ 155,826 54,444 $ 2.86 Year Ended December 31, 2013 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 175,637 Less: preferred dividend requirements and redemption costs (23,806 ) Income from continuing operations available to common shareholders $ 151,831 48,028 $ 3.16 Loss from discontinued operations available to common shareholders $ 4,589 48,028 $ 0.10 Net income available to common shareholders $ 156,420 48,028 $ 3.26 Diluted EPS: Income from continuing operations available to common shareholders $ 151,831 48,028 Effect of dilutive securities: Share options — 186 Income from continuing operations available to common shareholders $ 151,831 48,214 $ 3.15 Loss from discontinued operations available to common shareholders $ 4,589 48,214 $ 0.09 Net income available to common shareholders $ 156,420 48,214 $ 3.24 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary Of Share Option Activity | A summary of the Company’s share option activity and related information is as follows: Number of shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2012 881,338 $ 18.18 — $ 65.50 $ 38.51 Exercised (143,272 ) 18.18 — 47.20 30.64 Granted 115,257 46.86 — 58.09 47.86 Forfeited (12,658 ) 36.56 — 60.42 56.90 Outstanding at December 31, 2013 840,665 $ 18.18 — $ 65.50 $ 40.85 Exercised (35,963 ) 32.50 — 52.72 42.63 Granted 172,178 51.64 — 51.64 51.64 Forfeited (26,666 ) 45.20 — 51.64 50.11 Outstanding at December 31, 2014 950,214 $ 18.18 — $ 65.50 $ 42.48 Exercised (476,400 ) 18.18 — 61.53 37.42 Granted 121,546 61.79 — 61.79 61.79 Forfeited (79,055 ) 45.20 — 65.50 63.88 Outstanding at December 31, 2015 516,305 $ 19.02 — $ 65.50 $ 48.42 |
Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2015 , stock-option expense to be recognized in future periods was $1.9 million as follows (in thousands): Amount Year: 2016 $ 904 2017 680 2018 293 2019 — Total $ 1,877 |
Summary Of Outstanding Options | The following table summarizes outstanding options at December 31, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.4 20.00 - 29.99 — — 30.00 - 39.99 7,401 4.2 40.00 - 49.99 202,224 5.0 50.00 - 59.99 111,917 7.6 60.00 - 65.50 133,666 6.4 516,305 5.7 $ 48.42 $ 5,731 |
Summary Of Exercisable Options | he following table summarizes exercisable options at December 31, 2015 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 61,097 3.4 20.00 - 29.99 — — 30.00 - 39.99 7,401 4.2 40.00 - 49.99 158,853 4.6 50.00 - 59.99 32,518 6.7 60.00 - 65.50 45,310 1.1 305,179 4.0 $ 43.87 $ 4,705 |
Summary Of Nonvested Share Activity | A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2014 468,451 $ 49.29 Granted 218,285 60.69 Vested (295,487 ) 50.37 Forfeited (808 ) 54.69 Outstanding at December 31, 2015 390,441 $ 54.84 0.98 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2015 , unamortized share-based compensation expense related to nonvested shares was $11.4 million and will be recognized in future periods as follows (in thousands): Amount Year: 2016 $ 5,297 2017 3,904 2018 2,153 Total $ 11,354 |
Summary Of Restricted Share Unit Activity | A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2014 19,685 $ 53.55 Granted 18,036 57.57 Vested (19,685 ) 53.55 Outstanding at December 31, 2015 18,036 $ 57.57 0.37 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The Company’s direct financing lease has expiration dates ranging from approximately 16 to 19 years. Future minimum rentals receivable on this direct financing lease at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 19,787 2017 20,380 2018 20,992 2019 21,621 2020 22,270 Thereafter 334,596 Total $ 439,646 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 364,775 2017 358,745 2018 337,593 2019 313,286 2020 288,964 Thereafter 2,675,671 Total $ 4,339,034 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under this lease at December 31, 2015 are as follows (in thousands): Amount Year: 2016 $ 594 2017 608 2018 608 2019 608 2020 608 Thereafter 3,890 Total $ 6,916 |
Quarterly Financial Informati45
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2015 and 2014 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2015: Total revenue $ 99,436 $ 101,258 $ 108,335 $ 111,988 Net income attributable to EPR Properties 42,821 48,766 50,195 52,750 Net income available to common shareholders of EPR Properties 36,869 42,814 44,244 46,799 Basic net income per common share 0.65 0.75 0.76 0.78 Diluted net income per common share 0.64 0.75 0.76 0.78 March 31 June 30 September 30 December 31 2014: Total revenue $ 89,857 $ 91,787 $ 98,738 $ 104,669 Net income attributable to EPR Properties 43,533 40,760 42,705 52,635 Net income available to common shareholders of EPR Properties 37,581 34,808 36,753 46,684 Basic net income per common share 0.72 0.65 0.68 0.82 Diluted net income per common share 0.71 0.65 0.68 0.81 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |
Operating Results Relating To Assets Disposed | The operating results relating to discontinued operations are as follows (in thousands): Year ended December 31, 2015 2014 2013 Rental revenue $ — $ 3 $ 1,685 Tenant reimbursements 68 — 513 Other income 172 — 426 Total revenue 240 3 2,624 Property operating expense (income) 12 (484 ) 45 Other expense (income) — (18 ) 547 Interest expense, net — — (29 ) Transaction costs (benefit) — (3,376 ) — Depreciation and amortization — — 1,728 Income before income taxes 228 3,881 333 Income tax expense 29 — — Income before gain on sale of real estate 199 3,881 333 Gain on sale of real estate — — 4,256 Net income $ 199 $ 3,881 $ 4,589 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,006,926 $ 1,013,930 $ 935,266 $ 203,757 $ 57,391 $ 4,217,270 As of December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,017,046 $ 734,512 $ 696,931 $ 206,795 $ 30,991 $ 3,686,275 Operating Data: For the Year Ended December 31, 2015 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 238,896 $ 51,439 $ 40,551 $ — $ — $ 330,886 Tenant reimbursements 16,343 — — (23 ) — 16,320 Other income 512 — — 119 2,998 3,629 Mortgage and other financing income 7,127 30,622 32,080 353 — 70,182 Total revenue 262,878 82,061 72,631 449 2,998 421,017 Property operating expense 23,120 — — 313 — 23,433 Other expense — — — 648 — 648 Total investment expenses 23,120 — — 961 — 24,081 Net operating income - before unallocated items 239,758 82,061 72,631 (512 ) 2,998 396,936 Reconciliation to Consolidated Statements of Income: General and administrative expense (31,021 ) Retirement severance expense (18,578 ) Costs associated with loan refinancing or payoff (270 ) Interest expense, net (79,915 ) Transaction costs (7,518 ) Depreciation and amortization (89,617 ) Equity in income from joint ventures 969 Gain on sale or acquisition, net 23,829 Income tax expense (482 ) Discontinued operations: Income from discontinued operations 199 Net income attributable to EPR Properties 194,532 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 For the Year Ended December 31, 2014 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 237,429 $ 27,874 $ 20,368 $ 1,002 $ — $ 286,673 Tenant reimbursements 17,640 — — 23 — 17,663 Other income (loss) (6 ) — — 315 700 1,009 Mortgage and other financing income 7,056 31,488 40,775 387 — 79,706 Total revenue 262,119 59,362 61,143 1,727 700 385,051 Property operating expense 24,143 — — 754 — 24,897 Other expense — — — 771 — 771 Total investment expenses 24,143 — — 1,525 — 25,668 Net operating income - before unallocated items 237,976 59,362 61,143 202 700 359,383 Reconciliation to Consolidated Statements of Income: General and administrative expense (27,566 ) Costs associated with loan refinancing or payoff (301 ) Interest expense, net (81,270 ) Transaction costs (2,452 ) Provision for loan losses (3,777 ) Depreciation and amortization (66,739 ) Equity in income from joint ventures 1,273 Gain on sale or acquisition, net 1,209 Gain on sale of investment in a direct financing lease 220 Income tax expense (4,228 ) Discontinued operations: Income from discontinued operations 505 Transaction (costs) benefit 3,376 Net income attributable to EPR Properties 179,633 Preferred dividend requirements (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 For the Year Ended December 31, 2013 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 221,024 $ 15,931 $ 10,124 $ 1,630 $ — $ 248,709 Tenant reimbursements 18,401 — — — — 18,401 Other income 80 — — 1,471 131 1,682 Mortgage and other financing income 8,447 33,275 32,232 318 — 74,272 Total revenue 247,952 49,206 42,356 3,419 131 343,064 Property operating expense 25,521 — — 495 — 26,016 Other expense — — — 658 — 658 Total investment expenses 25,521 — — 1,153 — 26,674 Net operating income - before unallocated items 222,431 49,206 42,356 2,266 131 316,390 Reconciliation to Consolidated Statements of Income: General and administrative expense (25,613 ) Costs associated with loan refinancing or payoff (6,166 ) Gain on early extinguishment of debt 4,539 Interest expense, net (81,056 ) Transaction costs (1,955 ) Depreciation and amortization (53,946 ) Equity in income from joint ventures 1,398 Gain on sale or acquisition, net 3,017 Gain on previously held equity interest 4,853 Income tax benefit 14,176 Discontinued operations: Income from discontinued operations 333 Gain on sale, net from discontinued operations 4,256 Net income attributable to EPR Properties 180,226 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 156,420 |
Condensed Consolidating Finan48
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 2,485,411 $ 539,788 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 152,197 226,723 — 378,920 Mortgage notes and related accrued interest receivable, net — 400,935 22,845 — 423,780 Investment in a direct financing lease, net — 190,880 — — 190,880 Investment in joint ventures — — 6,168 — 6,168 Cash and cash equivalents 1,089 735 2,459 — 4,283 Restricted cash 475 8,220 1,883 — 10,578 Deferred financing costs, net 4,894 — — — 4,894 Accounts receivable, net 285 47,502 11,314 — 59,101 Intercompany notes receivable — 175,757 — (175,757 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 18,159 10,607 61,091 — 89,857 Total assets $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 38,759 $ 3,748 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 35,512 9,440 — 44,952 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,702,908 — 279,012 — 1,981,920 Total liabilities 1,776,931 74,271 467,957 (175,757 ) 2,143,402 Equity 2,073,868 3,399,231 426,666 (3,825,897 ) 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,473,502 $ 894,623 $ (4,001,654 ) $ 4,217,270 Condensed Consolidating Balance Sheet As of December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 1,872,053 $ 579,481 $ — $ 2,451,534 Land held for development — — 206,001 — 206,001 Property under development — 175,439 6,359 — 181,798 Mortgage notes and related accrued interest receivable, net — 412,625 95,330 — 507,955 Investment in a direct financing lease, net — 199,332 — — 199,332 Investment in joint ventures — — 5,738 — 5,738 Cash and cash equivalents (1,234 ) 840 3,730 — 3,336 Restricted cash 1,000 10,466 1,606 — 13,072 Deferred financing costs, net — 4,136 — — 4,136 Accounts receivable, net 90 34,414 12,778 — 47,282 Intercompany notes receivable — — 175,757 (175,757 ) — Investments in subsidiaries 3,115,572 — — (3,115,572 ) — Other assets 21,272 9,151 35,668 — 66,091 Total assets $ 3,136,700 $ 2,718,456 $ 1,122,448 $ (3,291,329 ) $ 3,686,275 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 42,829 $ 32,613 $ 6,738 $ — $ 82,180 Dividends payable 22,233 — — — 22,233 Unearned rents and interest 750 20,295 4,578 — 25,623 Intercompany notes payable — — 175,757 (175,757 ) — Debt 1,144,776 160,298 324,676 — 1,629,750 Total liabilities 1,210,588 213,206 511,749 (175,757 ) 1,759,786 EPR Properties shareholders’ equity 1,926,112 2,505,250 610,322 (3,115,572 ) 1,926,112 Noncontrolling interests — — 377 — 377 Equity $ 1,926,112 $ 2,505,250 $ 610,699 $ (3,115,572 ) $ 1,926,489 Total liabilities and equity $ 3,136,700 $ 2,718,456 $ 1,122,448 $ (3,291,329 ) $ 3,686,275 |
Condensed Consolidating Statement Of Income | Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 257,493 $ 73,393 $ — $ 330,886 Tenant reimbursements — 5,243 11,077 — 16,320 Other income — 3 3,626 — 3,629 Mortgage and other financing income 848 61,900 7,434 — 70,182 Intercompany fee income 2,717 — — (2,717 ) — Interest income on intercompany notes receivable 111 9,690 — (9,801 ) — Total revenue 3,676 334,329 95,530 (12,518 ) 421,017 Equity in subsidiaries’ earnings 298,657 — — (298,657 ) — Property operating expense — 11,532 11,901 — 23,433 Intercompany fee expense — — 2,717 (2,717 ) — Other expense — — 648 — 648 General and administrative expense — 24,047 6,974 — 31,021 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 3 24 — 270 Interest expense, net 78,217 (5,524 ) 7,222 — 79,915 Interest expense on intercompany notes payable — — 9,801 (9,801 ) — Transaction costs 7,182 — 336 — 7,518 Depreciation and amortization 1,629 71,700 16,288 — 89,617 Income before equity in income from joint ventures and other items 196,484 232,571 39,619 (298,657 ) 170,017 Equity in income from joint ventures — — 969 — 969 Gain on sale or acquisition, net — 23,653 176 — 23,829 Income before income taxes 196,484 256,224 40,764 (298,657 ) 194,815 Income tax benefit (expense) (1,952 ) — 1,470 — (482 ) Income from continuing operations 194,532 256,224 42,234 (298,657 ) 194,333 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 194,532 256,423 42,234 (298,657 ) 194,532 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 $ 256,423 $ 42,234 $ (298,657 ) $ 170,726 Comprehensive income attributable to EPR Properties $ 187,588 $ 256,200 $ 36,088 $ (292,288 ) $ 187,588 Condensed Consolidating Statement of Income For the Year Ended December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 211,616 $ 75,057 $ — $ 286,673 Tenant reimbursements — 5,103 12,560 — 17,663 Other income — 1 1,008 — 1,009 Mortgage and other financing income 765 71,535 7,406 — 79,706 Intercompany fee income 3,124 — — (3,124 ) — Interest income on intercompany notes receivable — — 24,796 (24,796 ) — Total revenue 3,889 288,255 120,827 (27,920 ) 385,051 Equity in subsidiaries’ earnings 241,921 — — (241,921 ) — Property operating expense — 11,264 13,633 — 24,897 Intercompany fee expense — — 3,124 (3,124 ) — Other expense — — 771 — 771 General and administrative expense — 19,325 8,241 — 27,566 Costs associated with loan refinancing or payoff — 285 16 — 301 Interest expense, net 63,056 2,978 15,236 — 81,270 Interest expense on intercompany notes payable — — 24,796 (24,796 ) — Transaction costs 1,319 54 1,079 — 2,452 Provision for loan losses — — 3,777 — 3,777 Depreciation and amortization 1,224 48,541 16,974 — 66,739 Income before equity in income from joint ventures and other items 180,211 205,808 33,180 (241,921 ) 177,278 Equity in income from joint ventures — — 1,273 — 1,273 Gain on sale or acquisition, net — — 1,209 — 1,209 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes 180,211 206,028 35,662 (241,921 ) 179,980 Income tax benefit (expense) (578 ) — (3,650 ) — (4,228 ) Income from continuing operations 179,633 206,028 32,012 (241,921 ) 175,752 Discontinued operations: Income from discontinued operations — 487 18 — 505 Transaction (costs) benefit — 3,376 — — 3,376 Net income attributable to EPR Properties 179,633 209,891 32,030 (241,921 ) 179,633 Preferred dividend requirements (23,807 ) — — — (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 $ 209,891 $ 32,030 $ (241,921 ) $ 155,826 Comprehensive income attributable to EPR Properties $ 175,006 $ 210,031 $ 27,888 $ (237,919 ) $ 175,006 Condensed Consolidating Statement of Income For the Year Ended December 31, 2013 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 180,319 $ 68,390 $ — $ 248,709 Tenant reimbursements — 5,235 13,166 — 18,401 Other income 75 9 1,598 — 1,682 Mortgage and other financing income 994 66,886 6,392 — 74,272 Intercompany fee income 2,629 — — (2,629 ) — Interest income on intercompany notes receivable 17,848 — 386 (18,234 ) — Total revenue 21,546 252,449 89,932 (20,863 ) 343,064 Equity in subsidiaries’ earnings 212,634 — — (212,634 ) — Property operating expense (88 ) 11,865 14,239 — 26,016 Intercompany fee expense — — 2,629 (2,629 ) — Other expense — — 658 — 658 General and administrative expense — 18,708 6,905 — 25,613 Costs associated with loan refinancing or payoff — 1,987 4,179 — 6,166 Gain on early extinguishment of debt — (4,539 ) — — (4,539 ) Interest expense, net 55,856 9,085 16,115 — 81,056 Interest expense on intercompany notes payable — — 18,234 (18,234 ) — Transaction costs 1,813 — 142 — 1,955 Depreciation and amortization 1,093 37,756 15,097 — 53,946 Income before equity in income from joint ventures and other items 175,506 177,587 11,734 (212,634 ) 152,193 Equity in income from joint ventures 505 — 893 — 1,398 Gain (loss) on sale or acquisition, net (150 ) 3,167 — — 3,017 Gain on previously held equity interest 4,853 — — — 4,853 Income before income taxes $ 180,714 $ 180,754 $ 12,627 $ (212,634 ) $ 161,461 Income tax benefit (expense) (488 ) — 14,664 — 14,176 Income from continuing operations 180,226 180,754 27,291 (212,634 ) 175,637 Discontinued operations: Income (loss) from discontinued operations — 638 (305 ) — 333 Gain on sale, net from discontinued opeartions — — 4,256 — 4,256 Net income attributable to EPR Properties 180,226 181,392 31,242 (212,634 ) 180,226 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 156,420 $ 181,392 $ 31,242 $ (212,634 ) $ 156,420 Comprehensive income attributable to EPR Properties $ 176,797 $ 181,628 $ 28,200 $ (209,828 ) $ 176,797 |
Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,717 $ — $ (2,717 ) $ — Interest income (expense) on intercompany receivable/payable 111 9,690 (9,801 ) — Net cash provided (used) by other operating activities (91,731 ) 300,144 69,539 277,952 Net cash provided (used) by operating activities by continuing operations (88,903 ) 309,834 57,021 277,952 Net cash provided by operating activities of discontinued operations — 508 — 508 Net cash provided (used) by operating activities (88,903 ) 310,342 57,021 278,460 Investing activities: Acquisition of rental properties and other assets (618 ) (178,964 ) (238 ) (179,820 ) Proceeds from sale of real estate — 45,637 1,081 46,718 Investment in mortgage notes receivable — (27,835 ) (44,863 ) (72,698 ) Proceeds from mortgage note receivable paydown — 38,456 2,500 40,956 Proceeds from sale of investment in a direct financing lease, net — 4,741 — 4,741 Additions to property under development (112 ) (366,170 ) (42,154 ) (408,436 ) Advances to subsidiaries, net (406,389 ) 334,011 72,378 — Net cash used by investing activities (407,119 ) (150,124 ) (11,296 ) (568,539 ) Financing activities: Proceeds from debt facilities 701,914 155,000 — 856,914 Principal payments on debt (142,000 ) (315,310 ) (46,004 ) (503,314 ) Deferred financing fees paid (7,038 ) (7 ) (2 ) (7,047 ) Net proceeds from issuance of common shares 190,158 — — 190,158 Impact of stock option exercises, net (3,394 ) — — (3,394 ) Purchase of common shares for treasury (8,222 ) — — (8,222 ) Dividends paid to shareholders (233,073 ) — — (233,073 ) Net cash provided (used) by financing activities 498,345 (160,317 ) (46,006 ) 292,022 Effect of exchange rate changes on cash — (6 ) (990 ) (996 ) Net increase (decrease) in cash and cash equivalents 2,323 (105 ) (1,271 ) 947 Cash and cash equivalents at beginning of the period (1,234 ) 840 3,730 3,336 Cash and cash equivalents at end of the period $ 1,089 $ 735 $ 2,459 $ 4,283 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 3,124 $ — $ (3,124 ) $ — Interest income (expense) on intercompany receivable/payable — — — — Net cash provided (used) by other operating activities (60,684 ) 250,337 60,499 250,152 Net cash provided (used) by operating activities of continuing operations (57,560 ) 250,337 57,375 250,152 Net cash provided by operating activities of discontinued operations — 47 96 143 Net cash provided (used) by operating activities (57,560 ) 250,384 57,471 250,295 Investing activities: Acquisition of rental properties and other assets (438 ) (58,930 ) (25,837 ) (85,205 ) Proceeds from sale of real estate — — 12,055 12,055 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage note receivable — (26,716 ) (67,161 ) (93,877 ) Proceeds from mortgage note receivable paydown — 52,834 23,422 76,256 Investment in promissory notes receivable — (721 ) (3,666 ) (4,387 ) Proceeds from promissory note paydown — — 1,750 1,750 Proceeds from sale of investment in a direct financing lease, net — 46,092 — 46,092 Additions to property under development (821 ) (320,964 ) (12,850 ) (334,635 ) Advances to subsidiaries, net (16,206 ) (1,510 ) 17,716 — Net cash used in investing activities (17,465 ) (309,915 ) (48,846 ) (376,226 ) Financing activities: Proceeds from debt facilities 20,000 359,000 — 379,000 Principal payments on debt — (300,270 ) (9,983 ) (310,253 ) Deferred financing fees paid (337 ) (275 ) (202 ) (814 ) Costs associated with loan refinancing or payoff (cash portion) — (25 ) — (25 ) Net proceeds from issuance of common shares 264,158 — — 264,158 Impact of stock option exercises, net 50 — — 50 Purchase of common shares for treasury (2,892 ) — — (2,892 ) Dividends paid to shareholders (207,637 ) — — (207,637 ) Net cash provided (used) by financing activities 73,342 58,430 (10,185 ) 121,587 Effect of exchange rate changes on cash — 39 (317 ) (278 ) Net decrease in cash and cash equivalents (1,683 ) (1,062 ) (1,877 ) (4,622 ) Cash and cash equivalents at beginning of the period 449 1,902 5,607 7,958 Cash and cash equivalents at end of the period $ (1,234 ) $ 840 $ 3,730 $ 3,336 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,629 $ — $ (2,629 ) $ — Interest income (expense) on intercompany receivable/payable 17,848 — (17,848 ) — Net cash provided (used) by other operating activities (44,752 ) 216,982 59,209 231,439 Net cash provided (used) by operating activities of continuing operations (24,275 ) 216,982 38,732 231,439 Net cash provided by operating activities of discontinued operations — 286 2,395 2,681 Net cash provided (used) by operating activities (24,275 ) 217,268 41,127 234,120 Investing activities: Acquisition of rental properties and other assets (1,358 ) (118,233 ) (3,906 ) (123,497 ) Proceeds from sale of real estate — — 797 797 Investment in unconsolidated joint ventures (1,607 ) — — (1,607 ) Investment in mortgage notes receivable (11,797 ) (46,375 ) (2,396 ) (60,568 ) Proceeds from mortgage note receivable paydown — 202 1,698 1,900 Investment in promissory notes receivable — (1,278 ) — (1,278 ) Proceeds from promissory note receivable paydown 117 — 910 1,027 Investment in a direct financing lease, net — (3,262 ) — (3,262 ) Additions to property under development (18 ) (190,205 ) (7,048 ) (197,271 ) Investment in intercompany notes payable 103,104 — (103,104 ) — Advances to subsidiaries, net (380,190 ) 255,824 124,366 — Net cash provided (used) by investing activities of continuing operations (291,749 ) (103,327 ) 11,317 (383,759 ) Net proceeds from sale of real estate from discontinued operations — — 47,301 47,301 Net cash provided (used) by investing activities (291,749 ) (103,327 ) 58,618 (336,458 ) Financing activities: Proceeds from debt facilities 300,000 346,000 — 646,000 Principal payments on debt — (454,683 ) (97,785 ) (552,468 ) Deferred financing fees paid (5,620 ) (2,494 ) (19 ) (8,133 ) Costs associated with loan refinancing or payoff (cash portion) — (1,753 ) (4,037 ) (5,790 ) Net proceeds from issuance of common shares 220,785 — — 220,785 Impact of stock option exercises, net 947 — — 947 Purchase of common shares for treasury (3,246 ) — — (3,246 ) Dividends paid to shareholders (197,924 ) — — (197,924 ) Net cash provided (used) by financing activities 314,942 (112,930 ) (101,841 ) 100,171 Effect of exchange rate changes on cash — (13 ) (526 ) (539 ) Net increase (decrease) in cash and cash equivalents (1,082 ) 998 (2,622 ) (2,706 ) Cash and cash equivalents at beginning of the period 1,531 904 8,229 10,664 Cash and cash equivalents at end of the period $ 449 $ 1,902 $ 5,607 $ 7,958 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)properties | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segmentproperties | Dec. 31, 2014USD ($)properties | Dec. 31, 2013USD ($)properties | |
Deferred financing costs, net | $ 18,289,000 | $ 15,773,000 | $ 18,289,000 | $ 15,773,000 | |||||||
Number of Reportable Operating Segments | segment | 4 | ||||||||||
Effective Income Tax Rate Reconciliation, Percent | 0.20% | 2.30% | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||||||||
Proceeds from promissory note receivable paydown | $ 0 | $ 1,750,000 | $ 1,027,000 | ||||||||
Principles of Consolidation [Abstract] | |||||||||||
Noncontrolling interests | 0 | 377,000 | 0 | 377,000 | |||||||
Accounting for Acquisitions [Abstract] | |||||||||||
Transaction costs | 7,518,000 | 2,452,000 | 1,955,000 | ||||||||
Goodwill | 693,000 | 693,000 | 693,000 | 693,000 | |||||||
Intangible Assets, Net (Including Goodwill) | 8,636,000 | 8,506,000 | 8,636,000 | 8,506,000 | |||||||
Revenue Recognition [Abstract] | |||||||||||
Percentage rents | 3,000,000 | 2,000,000 | 2,600,000 | ||||||||
Participating interest income | 1,500,000 | 2,200,000 | 900,000 | ||||||||
prepayment fee | 0 | 5,000,000 | 0 | ||||||||
Lease termination fees | 145,000 | 123,000 | 37,000 | ||||||||
Allowance for Doubtful Accounts [Abstract] | |||||||||||
Allowance for doubtful accounts | 3,210,000 | 1,554,000 | $ 3,210,000 | 1,554,000 | |||||||
Income Tax Disclosure [Abstract] | |||||||||||
Percent of taxable income distributed to shareholders annually | 90.00% | ||||||||||
Deferred Tax Assets, Net | 10,870,000 | 11,855,000 | $ 10,870,000 | 11,855,000 | 14,800,000 | ||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 158,000 | 158,000 | |||||||||
Payments Related to Tax Withholding for Repatriation of Foreign Earnings | 54,000 | ||||||||||
Deferred Tax Assets, Gross | 16,500,000 | 18,700,000 | 16,500,000 | 18,700,000 | |||||||
Deferred Tax Liabilities | 3,800,000 | 4,400,000 | 3,800,000 | 4,400,000 | |||||||
Current Income and Withholding Tax Expense | 1,600,000 | 2,100,000 | |||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Rental revenue | 330,886,000 | 286,673,000 | 248,709,000 | ||||||||
Total assets | 4,217,270,000 | 3,686,275,000 | 4,217,270,000 | 3,686,275,000 | |||||||
Total liabilities | 2,143,402,000 | 1,759,786,000 | 2,143,402,000 | 1,759,786,000 | |||||||
Total stockholders' equity | 2,073,868,000 | 1,926,112,000 | 2,073,868,000 | 1,926,112,000 | |||||||
Net income attributable to EPR Properties | 46,799,000 | $ 44,244,000 | $ 42,814,000 | $ 36,869,000 | 46,684,000 | $ 36,753,000 | $ 34,808,000 | $ 37,581,000 | 194,532,000 | 179,633,000 | 180,226,000 |
Total revenue | 111,988,000 | $ 108,335,000 | $ 101,258,000 | $ 99,436,000 | 104,669,000 | $ 98,738,000 | $ 91,787,000 | $ 89,857,000 | 421,017,000 | 385,051,000 | 343,064,000 |
Share-based Compensation [Abstract] | |||||||||||
Share based compensation | $ 8,508,000 | 8,902,000 | 6,516,000 | ||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||||
Financing Receivable, Gross | 3,800,000 | 3,800,000 | |||||||||
Interest Receivable | 100,000 | 100,000 | |||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 84,000 | ||||||||||
Loans and Leases Receivable, Allowance | 3,800,000 | $ 3,800,000 | |||||||||
Proceeds from Sale of Real Estate | 46,718,000 | 12,055,000 | 797,000 | ||||||||
Share-based compensation expense included in retirement severance expense | 6,377,000 | 0 | 0 | ||||||||
Retirement severance expense | 18,578,000 | 0 | 0 | ||||||||
Income Tax Examination, Penalties and Interest Expense | $ 65,000 | ||||||||||
American Multi-Cinema, Inc. [Member] | |||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Percent of megaplex theatre rental leased by AMC | 25.00% | ||||||||||
Rental revenue | $ 86,100,000 | $ 87,400,000 | $ 85,100,000 | ||||||||
Percentage of lease revenue in total revenue | 20.00% | 23.00% | 25.00% | ||||||||
Four Entertainment Retail Centers Member | |||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Percentage of lease revenue in total revenue | 8.00% | 10.00% | 12.00% | ||||||||
Total revenue | $ 33,700,000 | $ 40,200,000 | $ 42,300,000 | ||||||||
Net assets of wholly owned subsidiary | 169,700,000 | 200,400,000 | $ 169,700,000 | $ 200,400,000 | |||||||
Wholly owned subsidiary percentage in net assets | 8.00% | 10.00% | |||||||||
VinREIT [Member] | |||||||||||
Principles of Consolidation [Abstract] | |||||||||||
Net income (loss) attributable to noncontrolling interest | $ 0 | $ 0 | |||||||||
VinREIT LLC [Member] | |||||||||||
Principles of Consolidation [Abstract] | |||||||||||
Net income (loss) attributable to noncontrolling interest | 200,000 | 1,700,000 | 6,200,000 | ||||||||
Noncontrolling interests | 377,000 | 377,000 | |||||||||
Payments for (Proceeds from) Other Real Estate Partnerships | $ 0 | 0 | 0 | ||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Wholly owned subsidiary percentage in net assets | 96.00% | ||||||||||
Share-based Compensation [Abstract] | |||||||||||
Proceeds from Distributions Received from Real Estate Partnerships | $ 100,000 | 1,300,000 | 3,500,000 | ||||||||
Proceeds from Sale of Real Estate | 0 | 7,100,000 | 45,400,000 | ||||||||
Leases, Acquired-in-Place [Member] | |||||||||||
Accounting for Acquisitions [Abstract] | |||||||||||
Intangible assets, accumulated amortization | 11,600,000 | 12,100,000 | $ 11,600,000 | 12,100,000 | |||||||
Weighted average useful life for in-place leases | 9 years | ||||||||||
Amortization expense | $ 1,400,000 | 0 | $ 0 | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||||
2,015 | 1,137,000 | 1,137,000 | |||||||||
2,016 | 1,026,000 | 1,026,000 | |||||||||
2,017 | 1,015,000 | 1,015,000 | |||||||||
2,018 | 776,000 | 776,000 | |||||||||
2,019 | 537,000 | 537,000 | |||||||||
Thereafter | 2,782,000 | 2,782,000 | |||||||||
Total | 7,273,000 | 6,951,000 | 7,273,000 | 6,951,000 | |||||||
Above Market Leases [Member] | |||||||||||
Accounting for Acquisitions [Abstract] | |||||||||||
Intangible assets, accumulated amortization | 400,000 | 200,000 | $ 400,000 | 200,000 | |||||||
Weighted average useful life for in-place leases | 3 years 6 months | ||||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||||
2,015 | 192,000 | $ 192,000 | |||||||||
2,016 | 192,000 | 192,000 | |||||||||
2,017 | 192,000 | 192,000 | |||||||||
2,018 | 94,000 | 94,000 | |||||||||
2,019 | 0 | 0 | |||||||||
Thereafter | 0 | 0 | |||||||||
Total | $ 670,000 | $ 862,000 | $ 670,000 | 862,000 | |||||||
ONTARIO | Entertainment Retail Center Properties [Member] | |||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Number of Real Estate Properties | properties | 4 | ||||||||||
ONTARIO | Leases, Acquired-in-Place [Member] | Four Entertainment Retail Centers Member | |||||||||||
Accounting for Acquisitions [Abstract] | |||||||||||
In-place leases relating to properties, number of properties | properties | 4 | ||||||||||
Minimum [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation, future vesting period minimum (in years) | 3 years | ||||||||||
Minimum [Member] | Building [Member] | |||||||||||
Rental Properties [Abstract] | |||||||||||
Estimated useful live of buildings (in years) | 30 years | ||||||||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||||||||
Rental Properties [Abstract] | |||||||||||
Estimated useful live of buildings (in years) | 3 years | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||||
Maximum [Member] | Building [Member] | |||||||||||
Rental Properties [Abstract] | |||||||||||
Estimated useful live of buildings (in years) | 40 years | ||||||||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||||||||
Rental Properties [Abstract] | |||||||||||
Estimated useful live of buildings (in years) | 25 years | ||||||||||
Stock Options [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||||
Stock or Unit Option Plan Expense | $ 1,119,000 | 1,400,000 | $ 856,000 | ||||||||
Restricted Stock [Member] | Employee [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation expense related to employees and trustees | $ 6,300,000 | 6,500,000 | 4,800,000 | ||||||||
Restricted Stock [Member] | Minimum [Member] | Employee [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation, future vesting period minimum (in years) | 3 years | ||||||||||
Restricted Stock [Member] | Maximum [Member] | Employee [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | Non-Employee Trustees [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Share based compensation expense related to employees and trustees | $ 1,000,000 | 1,100,000 | 828,000 | ||||||||
Allowance for Loan and Lease Losses [Member] | |||||||||||
Valuation Allowances and Reserves, Deductions | $ 3,777,000 | $ 0 | $ 123,000 | ||||||||
Theatre Properties Member | Leases, Acquired-in-Place [Member] | |||||||||||
Accounting for Acquisitions [Abstract] | |||||||||||
Number of properties acquired | properties | 11 | 3 | 3 | ||||||||
Theatre Properties Member | Above Market Leases [Member] | |||||||||||
Accounting for Acquisitions [Abstract] | |||||||||||
Number of properties acquired | properties | 1 | ||||||||||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | Stock Options [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Retirement severance expense | $ 1,400,000 | ||||||||||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | Nonvested Shares [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Retirement severance expense | $ 5,000,000 | ||||||||||
Theatre Project China Member | CHINA | |||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||||
Number of Real Estate Properties | properties | 4 | 4 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Fixed assets | $ 13,791 | $ 15,720 | |
Net operating losses | 2,249 | 2,880 | |
Other | 412 | 90 | |
Less Valuation allowance | (1,779) | (2,391) | |
Total deferred tax assets | 14,673 | 16,299 | |
Straight line receivable | (2,731) | (3,594) | |
Other | (1,072) | (850) | |
Total deferred tax liabilities | (3,803) | (4,444) | |
Net deferred tax asset | 10,870 | 11,855 | $ 14,800 |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current state income tax expense | (899) | (579) | (522) |
Current foreign income tax | 431 | (493) | 0 |
Current foreign withholding tax | (1,107) | (1,040) | 0 |
Deferred foreign withholding tax | (43) | (320) | (89) |
Deferred income tax benefit (expense) | 1,136 | (1,796) | 14,787 |
Income tax benefit (expense) | $ (482) | $ (4,228) | $ 14,176 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) | Apr. 21, 2014USD ($)stateproperties | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Real Estate Properties [Line Items] | ||||
Real Estate Investment Property Gross | $ 3,559,502,000 | $ 2,917,194,000 | ||
Accumulated depreciation | (534,303,000) | (465,660,000) | ||
Total | 3,025,199,000 | 2,451,534,000 | ||
Depreciation expense on rental properties | 85,900,000 | 63,000,000 | $ 50,700,000 | |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 101,441,000 | $ 19,710,000 | |
Building and Building Improvements [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Investment Property Gross | 2,837,611,000 | 2,273,430,000 | ||
Furniture and Fixtures [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Investment Property Gross | 34,423,000 | 25,922,000 | ||
Land [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Investment Property Gross | $ 687,468,000 | $ 617,842,000 | ||
immaterial business acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Number of properties acquired | properties | 11 | |||
Number of States in which Entity Operates | state | 7 | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 13 years | 20 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 123,700,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,300,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 101,500,000 | |||
Business Combination, Acquisition Related Costs | 500,000 | |||
Mortgage notes payable [Member] | Mortgage notes payable, 4.00%, due July 6, 2017 | immaterial business acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Business Combination, Consideration Transferred | 117,700,000 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | 90,300,000 | |||
Notes Payable, Other Payables [Member] | Note payable, 2.50%, due April 21, 2016 | immaterial business acquisition [Member] | ||||
Real Estate Properties [Line Items] | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 1,900,000 |
Rental Properties Disposition (
Rental Properties Disposition (Details) | May. 22, 2015USD ($)properties | Jan. 27, 2015USD ($) | Apr. 02, 2014USD ($)properties | Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($)properties | Dec. 31, 2013USD ($)properties |
Significant Acquisitions and Disposals [Line Items] | ||||||
Gain on sale or acquisition, net | $ 23,829,000 | $ 1,209,000 | $ 3,017,000 | |||
number of properties sold | properties | 1 | 4 | 5 | |||
Gain on sale of real estate | 0 | 0 | $ 4,256,000 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,700,000 | $ 46,100,000 | $ 4,100,000 | |||
Vineyard And Winery Facility [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
number of winery properties sold | properties | 1 | 5 | ||||
number of vineyard properties sold | 1 | |||||
Gain on sale or acquisition, net | $ 900,000 | |||||
Gain on sale of real estate | $ 4,300,000 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 8,000,000 | $ 49,800,000 | ||||
Noncash or Part Noncash Divestiture, Type of Consideration Received | 2.5 | |||||
Cosentino Wineries [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,000,000 | |||||
land parcels [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Gain on sale or acquisition, net | $ 300,000 | |||||
number of properties sold | properties | 3 | |||||
Education Property [Member] | Education Reportable Operating Segment [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Gain on sale or acquisition, net | 200,000 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 1,100,000 | |||||
Theatre Properties Member | Entertainment Reportable Operating Segment [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Gain on sale or acquisition, net | $ 23,700,000 | $ 100,000 | ||||
number of properties sold | properties | 0 | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 42,700,000 | $ 2,900,000 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Straight-line rent receivable | $ 52,336,000 | $ 41,529,000 |
Allowance for doubtful accounts | (3,210,000) | (1,554,000) |
Total | 59,101,000 | 47,282,000 |
Tenants [Member] | ||
Accounts receivable, gross | 9,999,000 | 6,705,000 |
Non-Tenants [Member] | ||
Accounts receivable, gross | 353,000 | 602,000 |
Accounts Receivable [Member] | ||
Allowance for doubtful accounts | $ (3,587,000) | $ (1,554,000) |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | Jan. 05, 2016USD ($) | Jan. 01, 2016USD ($) | Apr. 21, 2014 | Dec. 31, 2015USD ($)apropertiesyears | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Apr. 04, 2007a | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
prepayment fee | $ 0 | $ 5,000 | $ 0 | |||||
Costs associated with loan refinancing or payoff | 270 | 301 | 6,166 | |||||
Mortgage notes and related accrued interest receivable, net | 423,780 | 507,955 | ||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
Proceeds from mortgage note receivable paydown | $ 40,956 | 76,256 | 1,900 | |||||
Corporation [Member] | Hotel [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | [1] | 20 years | ||||||
Mortgage Receivable [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage notes and related accrued interest receivable, net | $ 423,780 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
2,015 | 5,960 | |||||||
2,016 | 2,268 | |||||||
2,017 | 902 | |||||||
2,018 | 165,546 | |||||||
2,019 | 1,112 | |||||||
Thereafter | 247,992 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage notes and related accrued interest receivable, net | $ 423,780 | 507,955 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.00%, borrower exercised conversion option on August 1, 2015 | Hotel [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [1] | 10.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 0 | 70,114 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 9.00%, paid October 1, 2015 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 56 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [2] | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [2] | $ 0 | 1,164 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 10.00%, paid November 10, 2015 | Vineyard And Winery Facility [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 20 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [3] | 10.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [3] | $ 0 | 2,521 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due November 30, 2015 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 20 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.00%, due March 31, 2016 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [4] | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [4] | $ 1,257 | 1,149 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 5.50%, due November 1, 2016 | Vineyard And Winery Facility [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 159 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [5] | 5.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [5] | $ 2,500 | 2,500 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due March 11, 2017 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 12 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [6] | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [6] | $ 1,454 | 0 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage notes and related accrued interest receivable, net | [7] | 164,543 | 191,116 | |||||
Mortgage Loan on Real Estate, Line of Credit of Borrower Subject to Same Cross Collateral With Higher Collateral Position, Maximum | 9,000 | |||||||
Participating interest income | 1,500 | 1,400 | $ 923 | |||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
Proceeds from mortgage note receivable paydown | 45,000 | |||||||
Increase (Decrease) in Notes Receivables | $ 22,500 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | KANSAS | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of properties securing debt | properties | 1 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | TEXAS | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of properties securing debt | properties | 2 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 | Montparnasse56 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [8] | 10.65% | ||||||
Mortgage notes and related accrued interest receivable, net | [8] | $ 36,032 | 36,032 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 | Basis School, Inc. [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [9] | 9.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [9] | $ 19,944 | 19,795 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 | NC Music Factory [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [10] | 10.25% | ||||||
Mortgage notes and related accrued interest receivable, net | [10] | $ 22,188 | 22,188 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [11] | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [11] | $ 5,469 | 5,598 | |||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Level Payments | 52 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [12] | 9.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [12] | $ 30,680 | 28,788 | |||||
Number of properties securing debt | properties | 3 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||
Frequency of Interest Rate Increases | 5 years | |||||||
mortgage loans on real estate, effective interest rate | 9.50% | |||||||
mortgage loans on real estate, servicer fee | 2.00% | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due June 30, 2033 [Member] | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [13] | 10.25% | ||||||
Mortgage notes and related accrued interest receivable, net | [13] | $ 3,488 | 3,471 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 11.31%, due July 1, 2033 | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [14] | 11.31% | ||||||
Mortgage notes and related accrued interest receivable, net | [14] | $ 12,781 | 13,005 | |||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Level Payments | 141 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 8.50%, due June 30, 2034 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [15] | 8.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [15] | $ 4,900 | 4,870 | |||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
mortgage loan on real estate, interest rate, increase | 1.025% | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due August 31, 2034 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [16] | 9.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [16] | $ 12,392 | 12,082 | |||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||
mortgage loans on real estate, effective interest rate | 9.50% | |||||||
mortgage loans on real estate, servicer fee | 2.00% | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, due December 1, 2034 [Member] | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 588 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [17] | 1.10% | ||||||
Mortgage notes and related accrued interest receivable, net | [17] | $ 51,450 | 51,450 | |||||
Number of properties securing debt | properties | 1 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 10.13%, due December 1, 2034 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 510 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [18] | 10.13% | ||||||
Mortgage notes and related accrued interest receivable, net | [18] | $ 37,562 | 37,562 | |||||
Number of properties securing debt | properties | 4 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 10.40%, due December 1, 2034 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 135 | |||||||
Mortgage Loans on Real Estate, Interest Rate | [19] | 10.40% | ||||||
Mortgage notes and related accrued interest receivable, net | [19] | $ 4,550 | 4,550 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, due July 1, 2036 [Member] | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [20] | 10.25% | ||||||
Mortgage notes and related accrued interest receivable, net | [20] | $ 9,147 | 0 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, due October 1, 2036 [Member] | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [21] | 9.75% | ||||||
Mortgage notes and related accrued interest receivable, net | [21] | $ 3,443 | $ 0 | |||||
First Mortgage [Member] | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Area of Real Estate Property | a | 28 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||
Frequency of Interest Rate Increases | 5 years | |||||||
mortgage loans on real estate, effective interest rate | 9.90% | |||||||
mortgage loans on real estate, servicer fee | 2.00% | |||||||
Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Length of lease (in years) | years | 16 | |||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [7] | 7.00% | ||||||
Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Length of lease (in years) | years | 19 | |||||||
Maximum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [7] | 10.00% | ||||||
immaterial business acquisition [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 13 years | 20 years | ||||||
Subsequent Event [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Renewed and Extended, Amount | $ 21,800 | |||||||
Subsequent Event [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.50%, due September 1, 2032 | Basis School, Inc. [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
prepayment fee | [9] | $ 3,600 | ||||||
Subsequent Event [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032 | NC Music Factory [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | [10] | 9.75% | ||||||
[1] | The Company's first mortgage loan agreement with CBK Lodge, LP and CBH20, LP was secured by development land and improvements adjacent to the Company's Camelback Mountain Resort. On August 1, 2015, per the terms of the mortgage note agreement, the borrower exercised its option to convert the mortgage note agreement to a 20-year tripe net lease agreement. As a result, the Company recorded the carrying value of the investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. | |||||||
[2] | The Company's first mortgage loan agreement with American Charter Development that was secured by approximately 56 acres of land located in Arizona City, Arizona was paid on October 1, 2015. | |||||||
[3] | The Company's mortgage loan agreement with Carneros Vintners, Inc. that was secured by approximately 20 acres of land and a custom crush facility was paid on November 10, 2015. | |||||||
[4] | The Company's first mortgage loan agreement with HighMark Land, LLC is secured by approximately 20 acres of land located in Lincoln, California. The note requires accrued interest and principal to be paid at maturity. | |||||||
[5] | The Company's mortgage loan agreement with Alko Ranch, LLC is secured by approximately 159 acres of land and a winery facility. The note requires monthly interest payments. | |||||||
[6] | The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by approximately 12 acres of land located in Queen Creek, Arizona. The note requires accrued interest and principal to be paid at maturity. | |||||||
[7] | The Company’s mortgage loan agreements with SVVI, LLC (SVVI) are secured by one waterpark and adjacent land in Kansas City, Kansas as well as two other waterparks located in New Braunfels and South Padre Island, Texas. The mortgage notes have cross-default and cross-collateral provisions. Pursuant to the mortgage on the Texas properties, only a seasonal line of credit secured by the Texas parks totaling not more than $9.0 million at any time ranks superior to the Company’s collateral position. The note accrues monthly interest payments and SVVI is required to fund a debt service reserve for off-season interest payments (those due from September to May). The reserve is to be funded by equal monthly installments during the months of June, July and August. Monthly interest payments are transferred to the Company from this debt service reserve. The mortgage loan agreements also contain certain participating interest and note pay-down provisions. During the years ended December 31, 2015, 2014 and 2013, the Company recognized $1.5 million, $1.4 million and $923 thousand of participating interest income, respectively. SVV I, LLC is a VIE, but it was determined that the Company was not the primary beneficiary of this VIE. The Company’s maximum exposure to loss associated with SVVI, LLC is limited to the Company’s outstanding mortgage note and related accrued interest receivable. On October 13, 2015, the Company received a partial pay-down of $45.0 million. Per the terms of the mortgage notes receivable, half of this amount pays back advances plus accrued interest and the other half, or approximately $22.5 million, further reduces the note balance but has no impact on the interest income the Company was previously receiving. | |||||||
[8] | The Company's first mortgage loan agreement with Montparnasse 56 USA is secured by the observation deck of the John Hancock building in Chicago, Illinois. This note requires monthly interest payments. | |||||||
[9] | The Company's first mortgage loan agreement with Basis Schools, Inc. is secured by a public charter school and the underlying land located in Washington D.C. Subsequent to December 31, 2015, the note was prepaid on January 5, 2016. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million. | |||||||
[10] | The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC is secured by the North Carolina Music Factory located in Charlotte, North Carolina which is an existing entertainment retail center that includes live performance and other dining and entertainment tenants. Subsequent to December 31, 2015, this note was amended and restated. The amended note bears interest at 9.75% and requires monthly interest payments. In conjunction with the amendment, the Company funded an additional $21.8 million. | |||||||
[11] | The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. The note is fully amortizing and requires monthly principal and interest payments of $52 thousand. | |||||||
[12] | The Company's first mortgage loan agreements with LBE Investments, Ltd. are secured by three charter school properties located in Gilbert and Queen Creek, Arizona. The notes bear interest beginning at 9.50% with increases of 0.50% every five years. The notes are fully amortizing and require monthly payments of principal and interest. The notes have an effective interest rate of approximately 9.50%, which is net of a 2% servicer fee to HighMark. | |||||||
[13] | The Company's first mortgage loan agreement with UME Preparatory Academy is secured by approximately 28 acres of land and a public charter school property located in Dallas, Texas. The note bears interest beginning at 10.25% with increases of 0.50% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.90%, which is net of a 2% servicer fee to HighMark. | |||||||
[14] | The Company's first mortgage loan agreement with Topgolf USA Austin is secured by a golf entertainment complex located in Austin, Texas. The note is fully amortizing and requires monthly principal and interest payments of $141 thousand. | |||||||
[15] | The Company's first mortgage loan agreement with 169 Jenks is secured by a public charter school property located in St. Paul, Minnesota. The note bears interest beginning at 8.50% which increases annually based on a formula of the rate multiplied by 1.025%. The note requires monthly interest payments. | |||||||
[16] | The Company's first mortgage loan agreement with Beloved Community Charter School, Inc. is secured by a charter school property located in Jersey City, New Jersey. The note bears interest beginning at 9.50% with increases of 0.50% every five years and requires monthly interest payments. The note has an effective interest rate of approximately 9.50%, which is net of a 2% servicer fee to HighMark. | |||||||
[17] | The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by one metro ski park located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. On December 2, 2014, this note was amended and restated to extend the maturity date to December 1, 2034. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||
[18] | The Company's first mortgage loan agreements with Peak are secured by four metro ski parks located in Ohio and Pennsylvania with a total of approximately 510 acres. On December 2, 2014, these notes were amended and restated to extend the maturity date to December 1, 2034. The notes require monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||
[19] | The Company's first mortgage loan agreement with Peak is secured by a metro ski park located in Chesterland, Ohio with approximately 135 acres. On December 2, 2014, this note was amended and restated to extend the maturity date to December 1, 2034. The note requires monthly interest payments and Peak is required to fund a debt service reserve for off-season interest payments (those due from April to December). The reserve is to be funded by equal monthly installments during the months of January, February and March. Monthly interest payments are transferred to the Company from this debt service reserve. Annually, this interest rate increases based on a formula dependent in part on increases in the CPI. | |||||||
[20] | The Company's first mortgage loan agreement with Topgolf USA Midvale, LLC is secured by a golf entertainment complex located in Midvale, Utah. The note requires monthly interest payments. | |||||||
[21] | The Company's first mortgage loan agreement with Topgolf USA West Chester, LLC is secured by a golf entertainment complex located in West Chester, Ohio. The note requires monthly interest payments. |
Investments In Direct Financi55
Investments In Direct Financing Leases (Narrative) (Details) | May. 22, 2015USD ($)properties | Apr. 02, 2014USD ($)properties | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($)propertiesyears | Dec. 31, 2014USD ($)properties | Dec. 31, 2013USD ($)properties | May. 21, 2015USD ($) | Apr. 03, 2014USD ($) |
Initial direct costs | $ 1,400,000 | $ 1,500,000 | ||||||
Allowance for lease losses | 0 | 0 | ||||||
Investment in a direct financing lease, net | 190,880,000 | 199,332,000 | $ 4,700,000 | $ 45,900,000 | ||||
Proceeds from Sale of Lease Receivables | 4,741,000 | 46,092,000 | $ 0 | |||||
Payments to Acquire Lease Receivables | 0 | 0 | $ 3,262,000 | |||||
number of properties sold | properties | 1 | 4 | 5 | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,700,000 | $ 46,100,000 | $ 4,100,000 | |||||
originalacquisitioncost | $ 4,100,000 | $ 41,500,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 200,000 | $ 0 | ||||||
Maximum [Member] | ||||||||
Length of lease (in years) | years | 19 | |||||||
Minimum [Member] | ||||||||
Length of lease (in years) | years | 16 | |||||||
Imagine Schools [Member] | ||||||||
Number of public charter school properties | properties | 21 | 23 |
Investments In Direct Financi56
Investments In Direct Financing Leases (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 21, 2015 | Apr. 03, 2014 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||||
Proceeds from Sale of Lease Receivables | $ 4,741 | $ 46,092 | $ 0 | |||
Total minimum lease payments receivable | 439,646 | 487,275 | ||||
Estimated unguaranteed residual value of leased assets | 162,669 | 172,880 | ||||
Less deferred income | [1] | (411,435) | (460,823) | |||
Investment in a direct financing lease, net | 190,880 | 199,332 | $ 4,700 | $ 45,900 | ||
Initial direct costs | $ 1,400 | $ 1,500 | ||||
[1] | Deferred income is net of $1.4 million and $1.5 million of initial direct costs at December 31, 2015 and 2014, respectively. |
Investments In Direct Financi57
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2,015 | $ 19,787 | |
2,016 | 20,380 | |
2,017 | 20,992 | |
2,018 | 21,621 | |
2,019 | 22,270 | |
Thereafter | 334,596 | |
Total | $ 439,646 | $ 487,275 |
Unconsolidated Real Estate Jo58
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | Oct. 08, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Payments to Acquire Productive Assets | $ 179,820 | $ 85,205 | $ 123,497 | |
Gain on previously held equity interest | 0 | 0 | 4,853 | |
Gain on sale or acquisition, net | 23,829 | 1,209 | 3,017 | |
Income from investments in unconsolidated real estate joint venture | 969 | 1,273 | 1,398 | |
Distributions from joint ventures | $ 540 | 810 | 985 | |
Atlantic-EPR I and II [Member] | ||||
Number of unconsolidated joint ventures | 2 | |||
Payments to Acquire Productive Assets | $ 18,600 | |||
Gain on sale or acquisition, net | 3,200 | |||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 33,100 | |||
Income from investments in unconsolidated real estate joint venture | $ 505 | |||
Distributions from joint ventures | 646 | |||
Theatre Project China Member | ||||
Number of unconsolidated joint ventures | 3 | 3 | ||
Income from investments in unconsolidated real estate joint venture | $ 969 | $ 1,300 | 893 | |
Investment in joint ventures | 6,200 | 5,700 | ||
Distributions from joint ventures | $ 540 | $ 810 | $ 339 |
Unconsolidated Real Estate Jo59
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt | $ 1,981,920 | $ 1,629,750 | $ 1,981,920 | $ 1,629,750 | ||||||||
Note payable to EPR | 0 | 0 | 0 | 0 | ||||||||
Net income | $ 52,750 | $ 50,195 | $ 48,766 | $ 42,821 | $ 52,635 | $ 42,705 | $ 40,760 | $ 43,533 | $ 194,532 | $ 179,633 | $ 180,226 | |
Atlantic-EPR I and II [Member] | ||||||||||||
Rental properties, net | 44,644 | |||||||||||
Cash | 512 | |||||||||||
Partners' equity | 18,372 | |||||||||||
Rental revenue | 4,373 | |||||||||||
Net income | 1,430 | |||||||||||
Atlantic EPR II Member | ||||||||||||
Note payable to EPR | [1] | 11,796 | ||||||||||
Atlantic Epr I Member | ||||||||||||
Note payable to EPR | [1] | $ 21,293 | ||||||||||
[1] | Atlantic-EPR I and Atlantic-EPR II mortgage notes payable to the Company were settled with the Company's acquisition of Atlantic's interests in each of these joint ventures on October 8, 2013. |
Debt Schedule of Long-term De60
Debt Schedule of Long-term Debt Instruments (Details) $ in Thousands, CAD in Millions | Apr. 24, 2015USD ($) | Apr. 21, 2014USD ($)properties | Mar. 03, 2011USD ($) | Dec. 31, 2015USD ($)propertiesyearsCAD / $ | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CADpropertiesCAD / $ | Mar. 16, 2015USD ($) | Feb. 28, 2014CADCAD / $ | Jun. 18, 2013USD ($) | Aug. 08, 2012USD ($) | Jun. 30, 2010USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Notes assumed | $ 3,800 | ||||||||||||
Estimated market rate used for determining discounted cash flow for fixed rate notes | 5.29% | ||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
2,015 | $ 75,514 | ||||||||||||
2,016 | 165,319 | ||||||||||||
2,017 | 13,381 | ||||||||||||
2,018 | 196,000 | ||||||||||||
2,019 | 600,000 | ||||||||||||
Thereafter | 949,995 | ||||||||||||
Total | 1,981,920 | $ 1,629,750 | |||||||||||
Deferred financing costs, net | (18,289) | (15,773) | |||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||
Amortization of deferred financing costs | 4,588 | 4,248 | $ 4,041 | ||||||||||
Credit facility and letter of credit fees | 1,759 | 1,735 | 1,510 | ||||||||||
Interest costs capitalized | (18,547) | (7,525) | (2,763) | ||||||||||
Interest expense, net | 79,915 | 81,270 | 81,056 | ||||||||||
Costs associated with loan refinancing or payoff | 270 | 301 | 6,166 | ||||||||||
Segment, Continuing Operations [Member] | |||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||
Interest on loans and capital lease obligation | 92,140 | 82,839 | 78,292 | ||||||||||
Amortization of deferred financing costs | 4,588 | 4,248 | 4,041 | ||||||||||
Interest income | (25) | (27) | (53) | ||||||||||
Segment, Discontinued Operations [Member] | |||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||
Interest income | $ 0 | 0 | $ (29) | ||||||||||
Mortgage notes payable [Member] | Mortgage Note Payable, 5.56 Percent Paid in full on March 6, 2015 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | [1] | 5.56% | 5.56% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [1] | $ 0 | 30,508 | ||||||||||
Mortgage notes payable [Member] | Mortgage Note Payable, 5.56 Percent Paid in full on March 6, 2015 [Member] | Entertainment Retail Center Properties [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.39%, paid in full on July 31, 2015 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | [2] | 5.39% | 5.39% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [2] | $ 0 | 4,960 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.39%, paid in full on July 31, 2015 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.77%, paid in full on August 6, 2015 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | [3] | 5.77% | 5.77% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [3] | $ 0 | 62,842 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.77%, paid in full on August 6, 2015 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 6 | 6 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.84%, paid in full on December 7, 2015 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | [4] | 5.84% | 5.84% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [4] | $ 0 | 35,515 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.84%, paid in full on December 7, 2015 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 2 | 2 | |||||||||||
Mortgage notes payable [Member] | Note payable, 2.50%, due April 21, 2016 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Monthly principal and interest payments | $ 12 | ||||||||||||
Interest rate | [5] | 2.50% | 2.50% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [5] | $ 1,850 | 1,850 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.37%, due June 1, 2016 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | 30,300 | ||||||||||||
Debt initial balance | $ 31,000 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 207 | ||||||||||||
Final principal payment at maturity | $ 24,400 | ||||||||||||
Interest rate | [6] | 6.37% | 6.37% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [6] | $ 24,754 | 25,607 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.37%, due June 1, 2016 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 2 | 2 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.10%, due October 1, 2016 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 25,600 | ||||||||||||
Debt initial balance | $ 27,800 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 180 | ||||||||||||
Final principal payment at maturity | $ 21,600 | ||||||||||||
Interest rate | [7] | 6.10% | 6.10% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [7] | $ 22,235 | 23,000 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.10%, due October 1, 2016 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 4 | 4 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.02%, due October 6, 2016 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 18,300 | ||||||||||||
Debt initial balance | $ 20,900 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 135 | ||||||||||||
Final principal payment at maturity | $ 16,200 | ||||||||||||
Interest rate | [8] | 6.02% | 6.02% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [8] | $ 16,738 | 17,319 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.02%, due October 6, 2016 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 3 | 3 | |||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.06%, due March 1, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 8,900 | ||||||||||||
Debt initial balance | $ 11,600 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 75 | ||||||||||||
Final principal payment at maturity | $ 9,000 | ||||||||||||
Interest rate | [9] | 6.06% | 6.06% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [9] | $ 9,381 | 9,693 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.06%, due March 1, 2017 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.07%, due April 6, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 8,300 | ||||||||||||
Debt initial balance | $ 11,900 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 30 | ||||||||||||
Monthly principal and interest payments | $ 77 | ||||||||||||
Final principal payment at maturity | $ 9,200 | ||||||||||||
Interest rate | [10] | 6.07% | 6.07% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [10] | $ 9,667 | 9,985 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.07%, due April 6, 2017 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 28,900 | ||||||||||||
Debt initial balance | $ 38,900 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 247 | ||||||||||||
Final principal payment at maturity | $ 30,000 | ||||||||||||
Weighted average interest rate | 5.85% | 5.85% | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [11] | $ 31,603 | 32,662 | ||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | [11] | 5.73% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | [11] | 5.95% | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 4 | 4 | |||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 4.00%, due July 6, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 119,000 | ||||||||||||
Debt initial balance | $ 90,300 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 10 | ||||||||||||
Monthly principal and interest payments | $ 635 | ||||||||||||
Final principal payment at maturity | $ 85,100 | ||||||||||||
Fair value of notes payable | $ 99,600 | ||||||||||||
Estimated market rate used for determining discounted cash flow for fixed rate notes | 0.00% | ||||||||||||
Interest rate | [12] | 4.00% | 4.00% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [12] | $ 93,616 | 97,248 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.29%, due July 8, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | 8,100 | ||||||||||||
Monthly principal and interest payments | 28 | ||||||||||||
Final principal payment at maturity | $ 3,200 | ||||||||||||
Fair value of notes payable | $ 4,100 | ||||||||||||
Interest rate | [13] | 5.29% | 5.29% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [13] | $ 3,455 | 3,604 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.29%, due July 8, 2017 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.86% due August 1, 2017 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 25,500 | ||||||||||||
Debt initial balance | $ 28,000 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||
Monthly principal and interest payments | $ 178 | ||||||||||||
Final principal payment at maturity | 21,700 | ||||||||||||
Interest rate | [14] | 5.86% | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [14] | $ 22,931 | 23,681 | ||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.86% due August 1, 2017 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 2 | 2 | |||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.19%, due February 1, 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 19,200 | ||||||||||||
Debt initial balance | $ 17,500 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 20 | ||||||||||||
Monthly principal and interest payments | $ 127 | ||||||||||||
Final principal payment at maturity | 11,600 | ||||||||||||
Interest rate | [15] | 6.19% | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [15] | $ 13,171 | 13,849 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.19%, due February 1, 2018 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 7.37%, due July 15, 2018 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 17,100 | ||||||||||||
Debt initial balance | $ 18,900 | ||||||||||||
Monthly payment amortization schedule (in years) | years | 20 | ||||||||||||
Monthly principal and interest payments | $ 151 | ||||||||||||
Final principal payment at maturity | $ 843 | ||||||||||||
Interest rate | [16] | 7.37% | 7.37% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [16] | $ 4,813 | 6,205 | ||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 7.37%, due July 15, 2018 | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 1 | 1 | |||||||||||
Mortgage notes payable [Member] | Unsecured term loan payable, LIBOR 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 2.71% through April 5, 2019, due April 24, 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, current borrowing capacity | $ 285,000 | $ 350,000 | |||||||||||
Line of credit facility, basis spread on variable rate | 1.40% | 1.40% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.82% | 1.82% | |||||||||||
Interest rate | [17] | 2.71% | 2.71% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [17] | $ 350,000 | 285,000 | ||||||||||
Line of Credit [Member] | Combined unsecured revolving credit and term loan facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, current borrowing capacity | $ 1,000,000 | ||||||||||||
Line of credit facility, maximum borrowing capacity | 2,000,000 | ||||||||||||
Line of Credit [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.25%, due April 24, 2019 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, current borrowing capacity | $ 535,000 | 650,000 | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||||||||||
Line of credit facility, basis spread on variable rate | 1.25% | 1.25% | |||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.57% | 1.57% | |||||||||||
Line of credit facility, amount outstanding | $ 196,000 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 454,000 | ||||||||||||
Interest rate | [18] | 1.25% | 1.25% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [18] | $ 196,000 | 62,000 | ||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||||||
Costs associated with loan refinancing or payoff | $ 243 | ||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 7.75%, due July 15, 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt initial balance | $ 250,000 | ||||||||||||
Interest rate | [19] | 7.75% | 7.75% | ||||||||||
Senior unsecured notes, interest rate | 7.75% | 7.75% | |||||||||||
Senior unsecured notes, percent of principal amount issued | 0.9829 | 0.9829 | |||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.6 | ||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.4 | ||||||||||||
Debt covenant, debt service coverage ratio, minimum | 1.5 | ||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [19] | $ 250,000 | 250,000 | ||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 7.75%, due July 15, 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt initial balance | $ 350,000 | ||||||||||||
Interest rate | [20] | 5.75% | 5.75% | ||||||||||
Senior unsecured notes, interest rate | 5.75% | 5.75% | |||||||||||
Senior unsecured notes, percent of principal amount issued | 0.99998 | 0.99998 | |||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.6 | ||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.4 | ||||||||||||
Debt covenant, debt service coverage ratio, minimum | 1.5 | ||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [20] | $ 350,000 | 350,000 | ||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt initial balance | $ 275,000 | ||||||||||||
Interest rate | [21] | 5.25% | 5.25% | ||||||||||
Senior unsecured notes, interest rate | 5.25% | 5.25% | |||||||||||
Senior unsecured notes, percent of principal amount issued | 0.99546 | 0.99546 | |||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.6 | ||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.4 | ||||||||||||
Debt covenant, debt service coverage ratio, minimum | 1.5 | ||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [21] | $ 275,000 | 275,000 | ||||||||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.50 Percent, Due April 1, 2025 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt initial balance | $ 300,000 | ||||||||||||
Senior unsecured notes, interest rate | 4.50% | 4.50% | |||||||||||
Senior unsecured notes, percent of principal amount issued | 0.99638 | 0.99638 | |||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.6 | ||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.4 | ||||||||||||
Debt covenant, debt service coverage ratio, minimum | 0 | ||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [22] | $ 300,000 | 0 | ||||||||||
Bond payable, variable rate [Member] | Senior Unsecured Notes Payable, 4.50 Percent, Due April 1, 2025 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | [22] | 4.50% | 4.50% | ||||||||||
Bond payable, variable rate [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Net book value of property | $ 22,500 | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.01% | 0.01% | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||
Total | [23] | $ 24,995 | $ 24,995 | ||||||||||
Bond payable, variable rate [Member] | Bond Payable, Variable Rate, Due October 1,2037 [Member] | Theatre Properties Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties securing debt | properties | 3 | 3 | |||||||||||
immaterial business acquisition [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of properties acquired | properties | 11 | ||||||||||||
Canada, Dollars | Currency Forward Agreements Member | Net Investment Hedging [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative, Notional Amount | CAD | CAD 100 | CAD 100 | |||||||||||
Derivative, Forward Exchange Rate | CAD / $ | 1.06 | 1.06 | 1.13 | ||||||||||
United States of America, Dollars | Currency Forward Agreements Member | Net Investment Hedging [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative, Notional Amount | $ 94,300 | CAD 88.1 | |||||||||||
[1] | The Company’s mortgage note payable was prepaid in full on March 6, 2015 prior to its maturity date of June 5, 2015. The note was secured by one entertainment retail center. | ||||||||||||
[2] | The Company's mortgage note payable was paid in full on July 31, 2015 prior to its maturity date of November 1, 2015. The note was secured by one theatre property. | ||||||||||||
[3] | The Company’s mortgage notes payable were paid in full on August 6, 2015 prior to the maturity date of November 6, 2015. The notes were secured by six theatre properties. | ||||||||||||
[4] | The Company’s mortgage notes payable were paid in full on December 7, 2015 prior to the maturity date of March 6, 2016. The notes were secured by two theatre properties. | ||||||||||||
[5] | On April 21, 2014, the Company assumed a note payable in conjunction with the acquisition of 11 theatre properties. The carrying value of the note approximated fair value on the date of acquisition. The note requires quarterly interest payments of approximately $12 thousand with principal payment due at maturity. | ||||||||||||
[6] | The Company’s mortgage notes payable are secured by two theatre properties, which had a net book value of approximately $30.3 million at December 31, 2015. The notes had initial balances totaling $31.0 million and the monthly payments are based on a 25-year amortization schedule. The notes require monthly principal and interest payments totaling approximately $207 thousand with a final principal payment at maturity totaling approximately $24.4 million. | ||||||||||||
[7] | The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $25.6 million at December 31, 2015. The notes had initial balances totaling $27.8 million and the monthly payments are based on a 25-year amortization schedule. The notes require monthly principal and interest payments totaling approximately $180 thousand with a final principal payment at maturity totaling approximately $21.6 million. | ||||||||||||
[8] | The Company’s mortgage notes payable are secured by three theatre properties, which had a net book value of approximately $18.3 million at December 31, 2015. The notes had initial balances totaling $20.9 million and the monthly payments are based on a 25-year amortization schedule. The notes require monthly principal and interest payments totaling approximately $135 thousand with a final principal payment at maturity totaling approximately $16.2 million. | ||||||||||||
[9] | The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.9 million at December 31, 2015. The note had an initial balance of $11.6 million and the monthly payments are based on a 25-year amortization schedule. The note requires monthly principal and interest payments of approximately $75 thousand with a final principal payment at maturity of approximately $9.0 million. | ||||||||||||
[10] | The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.3 million at December 31, 2015. The note had an initial balance of $11.9 million and the monthly payments are based on a 30-year amortization schedule. The note requires monthly principal and interest payments of approximately $77 thousand with a final principal payment at maturity of approximately $9.2 million. | ||||||||||||
[11] | The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $28.9 million at December 31, 2015. The notes had initial balances totaling $38.9 million and the monthly payments are based on a 25-year amortization schedule. The notes require monthly principal and interest payments totaling approximately $247 thousand with a final principal payment at maturity totaling approximately $30.0 million. The weighted average interest rate on these notes is 5.85%. | ||||||||||||
[12] | On April 21, 2014, the Company assumed a mortgage note payable of $90.3 million in conjunction with the acquisition of 11 theatre properties. The mortgage note was recorded at fair value upon acquisition which was estimated to be $99.6 million. The fair value of this mortgage note was determined by discounting the future cash flows of the mortgage note using an estimated current market rate of 4.00%. The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $119.0 million at December 31, 2015. The monthly payments are based on a 10-year amortization schedule and the mortgage note requires monthly principal and interest payments of approximately $635 thousand with a final principal payment at maturity of approximately $85.1 million. | ||||||||||||
[13] | On March 3, 2011, the Company assumed a mortgage note payable of $3.8 million in conjunction with the acquisition of a theatre property. The note was recorded at fair value upon acquisition which was estimated to be $4.1 million. The fair value of the note was determined by discounting the future cash flows of the note using an estimated current market rate of 5.29%. The note is secured by one theatre property, which had a net book value of approximately $8.1 million at December 31, 2015. The monthly payments are based on a 25-year amortization schedule and the note requires monthly principal and interest payments of approximately $28 thousand with a final principal payment at maturity of approximately $3.2 million. | ||||||||||||
[14] | The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $25.5 million at December 31, 2015. The notes had initial balances totaling $28.0 million and the monthly payments are based on a 25-year amortization schedule. The notes require monthly principal and interest payments totaling approximately $178 thousand with a final principal payment at maturity totaling approximately $21.7 million. | ||||||||||||
[15] | The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $19.2 million at December 31, 2015. The mortgage loan had an initial balance of $17.5 million and the monthly payments are based on a 20-year amortization schedule. The note requires monthly principal and interest payments of approximately $127 thousand with a final principal payment at maturity of approximately $11.6 million. | ||||||||||||
[16] | The Company’s mortgage note payable due July 15, 2018 is secured by one theatre property, which had a net book value of approximately $17.1 million at December 31, 2015. The note had an initial balance of $18.9 million and the monthly payments are based on a 20-year amortization schedule. The notes require monthly principal and interest payments of approximately $151 thousand with a final principal payment at maturity of approximately $843 thousand | ||||||||||||
[17] | The Company's unsecured term loan payable bears interest at LIBOR plus 1.40%, which was 1.82% on December 31, 2015. Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured term loan portion of the new facility, among other things, (i) increase the initial amount from $285.0 million to $350.0 million, (ii) extend the maturity date from July 23, 2018 to April 24, 2020 and (iii) lower the interest rate at all senior unsecured credit rating tiers which was LIBOR plus 1.40% at closing. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion. | ||||||||||||
[18] | The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25%, which was 1.57% on December 31, 2015. Interest is payable monthly. On April 24, 2015, the Company amended, restated and combined its unsecured revolving credit and term loan facilities. The amendments to the unsecured revolving portion of the new credit facility, among other things, (i) increase the initial amount from $535.0 million to $650.0 million, (ii) extend the maturity date from July 23, 2017, to April 24, 2019 (with the Company having the same right as before to extend the loan for one additional year, subject to certain terms and conditions) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.25% and 0.25%, respectively. In connection with the amendment, $243 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2015. As of December 31, 2015, the Company had $196.0 million outstanding under the facility and total availability under the revolving credit facility was $454.0 million. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.0 billion to $2.0 billion. | ||||||||||||
[19] | On June 30, 2010, the Company issued $250.0 million in senior unsecured notes due on July 15, 2020. The notes bear interest at 7.75%. Interest is payable on July 15 and January 15 of each year beginning on January 15, 2011 until the stated maturity date of July 15, 2020. The notes were issued at 98.29% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
[20] | On August 8, 2012, the Company issued $350.0 million in senior unsecured notes due on August 15, 2022. The notes bear interest at 5.75%. Interest is payable on February 15 and August 15 of each year beginning on February 15, 2013 until the stated maturity date of August 15, 2022. The notes were issued at 99.998% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
[21] | On June 18, 2013, the Company issued $275.0 million in senior unsecured notes due on July 15, 2023. The notes bear interest at 5.25%. Interest is payable on January 15 and July 15 of each year beginning on January 15, 2014 until the stated maturity date of July 15, 2023. The notes were issued at 99.546% of their principal amount and are guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
[22] | On March 16, 2015, the Company issued $300.0 million in aggregate principal amount of senior notes due on April 1, 2025 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50%. Interest is payable on April 1 and October 1 of each year beginning on October 1, 2015 until the stated maturity date of April 1, 2025. The notes were issued at 99.638% of their face value and are unsecured and guaranteed by certain of the Company’s subsidiaries. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. | ||||||||||||
[23] | The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $22.5 million at December 31, 2015, and bear interest at a variable rate which resets on a weekly basis and was 0.01% at December 31, 2015. The bonds requires monthly interest only payments with principal due at maturity. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
SVVI [Member] | |
Investment in unconsolidated VIE | $ 164.5 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands, CAD in Millions | Aug. 12, 2015USD ($)swap_agreements | Sep. 06, 2013USD ($)swap_agreements | Jan. 05, 2012USD ($)swap_agreements | Dec. 31, 2015USD ($)propertiesCAD / $ | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CADCAD / $ | Feb. 28, 2014CADCAD / $ |
credit risk related contingent features default on debt amount | $ 25,000 | |||||||
Derivative Liability, Fair Value, Gross Liability | 5,700 | $ 5,100 | ||||||
Derivative Asset | 36,500 | 9,700 | ||||||
Derivative Asset, Fair Value, Gross Asset | 42,200 | 14,800 | ||||||
Number of entered into interest rate swap agreements | swap_agreements | 3 | |||||||
Proceeds from settlement of derivative | 0 | $ (5,725) | $ 0 | |||||
Cash Flow Hedging [Member] | ||||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 3,100 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.94% | 2.38% | 2.51% | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 4,600 | |||||||
Number of entered into interest rate swap agreements | swap_agreements | 2 | 3 | ||||||
Amount of hedged term loan | $ 240,000 | |||||||
Derivative, Notional Amount | $ 240,000 | $ 240,000 | ||||||
Fair value of derivatives in a liability position | 5,700 | |||||||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 5,800 | |||||||
ERROR in label resolution. | ||||||||
Derivative, Forward Exchange Rate | CAD / $ | 1.05 | 1.05 | ||||||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 13,500 | |||||||
Number of Canadian properties exposed to foreign currency exchange risk | properties | 4 | |||||||
Derivative, Notional Amount | $ 98,100 | CAD 100 | ||||||
Minimum [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 60,000 | |||||||
Maximum [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Notional Amount | $ 300,000 | |||||||
Canada, Dollars | Currency Forward Agreements Member | Net Investment Hedging [Member] | ||||||||
Derivative, Forward Exchange Rate | CAD / $ | 1.06 | 1.06 | 1.13 | |||||
Derivative, Notional Amount | CAD | CAD 100 | CAD 100 | ||||||
United States of America, Dollars | Currency Forward Agreements Member | Net Investment Hedging [Member] | ||||||||
Derivative, Notional Amount | $ 94,300 | CAD 88.1 |
Derivative Instruments (Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ 27,158 | $ 12,702 | $ 7,998 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 392 | (1,135) | (1,622) | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | (2,004) | (1,833) | (1,749) |
Fair value of derivatives in a liability position | 5,700 | |||
Assets Needed for Immediate Settlement, Aggregate Fair Value | 5,800 | |||
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 5,380 | 3,560 | 2,278 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 2,396 | 698 | (160) |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 24,359 | 11,600 | 8,092 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 0 | 0 | 287 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ (2,581) | $ (2,458) | $ (2,372) | |
[1] | Included in “Interest expense, net” in accompanying consolidated statements of income. | |||
[2] | Included in “Other expense” or "Other income" in the accompanying consolidated statements of income. |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Mar. 03, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | May. 21, 2015 | Apr. 03, 2014 |
Estimated market rate used for determining discounted cash flow for fixed rate notes | 5.29% | ||||
Mortgage notes and related accrued interest receivable, net | $ 423,780 | $ 507,955 | |||
Investment in a direct financing lease, net | $ 190,880 | $ 199,332 | $ 4,700 | $ 45,900 | |
Finance lease investment weighted average interest rate | 12.00% | 11.99% | |||
Minimum interest on investments in direct finance lease | 11.74% | ||||
Maximum interest on investments in direct finance lease | 12.38% | ||||
Debt | $ 1,981,920 | $ 1,629,750 | |||
Fixed Rate Mortgage Notes Receivable [Member] | |||||
Mortgage notes and related accrued interest receivable, net | $ 423,800 | $ 508,000 | |||
Weighted average interest rate of mortgage notes receivable | 9.36% | 9.07% | |||
Receivable interest rate minimum | 5.50% | 5.50% | |||
Receivable interest rate maximum | 11.31% | 11.31% | |||
Weighted market rate used for determining future cash flow for notes receivable | 10.05% | 10.13% | |||
Fair value of notes receivable | $ 415,700 | $ 488,800 | |||
Variable Rate Debt [Member] | |||||
Debt | $ 571,000 | $ 372,000 | |||
Long-term debt, weighted average interest rate | 1.65% | 1.57% | |||
Variable Rate Converted to Fixed Rate [Member] | |||||
Debt | $ 300,000 | $ 240,000 | |||
Fixed Rate Debt [Member] | |||||
Long-term Debt, Fair Value | 1,550,000 | 1,380,000 | |||
Debt | $ 1,430,000 | $ 1,270,000 | |||
Long-term debt, weighted average interest rate | 5.66% | 5.94% | |||
Weighted market rate for determining fair value of debt | 4.28% | 3.76% | |||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 8.50% | 9.00% | |||
Minimum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 3.33% | 2.13% | |||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 11.31% | 11.31% | |||
Maximum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 4.94% | 4.56% |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Liability, Fair Value, Gross Liability | $ (5,700) | $ (5,100) | |
Derivative Asset, Fair Value, Gross Asset | 42,200 | 14,800 | |
Cross Currency Swaps | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Cross Currency Swaps | Significant Unobservable Inputs (Level 3) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Currency Forward Agreements Member | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Currency Forward Agreements Member | Significant Unobservable Inputs (Level 3) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 7,575 | 4,592 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 7,575 | 4,592 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 34,587 | 10,227 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 34,587 | 10,227 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [2] | (5,674) | (5,096) |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [2] | $ (5,674) | (5,096) |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Derivative Liability, Fair Value, Gross Liability | $ 0 | ||
[1] | Included in "Other assets" in the accompanying consolidated balance sheet. | ||
[2] | Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. |
Fair Value Disclosures (Asset66
Fair Value Disclosures (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 03, 2011 | Dec. 31, 2015 | May. 21, 2015 | Dec. 31, 2014 | Apr. 03, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notes assumed | $ 3,800 | ||||
Investment in a direct financing lease, net | $ 190,880 | $ 4,700 | $ 199,332 | $ 45,900 | |
Estimated Current Market Rate Used As Discount Factor To Determine Fair Value of Notes | 5.29% |
Common and Preferred Shares Com
Common and Preferred Shares Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 21, 2016 | Sep. 23, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 3,680,000 | 63,195,182 | 58,952,404 | ||
Net proceeds from issuance of common shares | $ 184,200 | $ 190,158 | $ 264,158 | $ 220,785 | |
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common stock declared dividends per share | $ 3.63 | $ 3.42 | |||
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 3.6125 | 3.3983 | |||
Taxable Ordinary Income [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 3.0674 | 3.0364 | |||
Return of Capital [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.5451 | $ 0.3619 | |||
direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 3,530,058 | 1,563,709 | |||
Net proceeds from issuance of common shares | $ 190,300 | $ 79,500 | |||
Subsequent Event [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 2,250,000 | ||||
Net proceeds from issuance of common shares | $ 125,000 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - $ / shares | Oct. 12, 2012 | Apr. 02, 2008 | Dec. 22, 2006 | Dec. 31, 2015 | Dec. 31, 2014 |
Series C Preferred Shares [Member] | |||||
Schedule of Preferred Stock [Line Items] | |||||
Preferred Stock, Shares Issued | 5,400,000 | 5,400,000 | 5,400,000 | ||
Preferred share dividend percentage | 5.75% | 5.75% | |||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||||
Per share liquidation preference | 25 | ||||
Preferred shares conversion rate | 0.3758 | ||||
Preferred shares conversion price | 66.52 | ||||
Common shares quarterly dividend per share threshold, minimum | $ 0.6875 | ||||
Common share closing price percent of preferred share prevailing conversion price, minimum | 135.00% | ||||
Preferred Shares declared dividends per share | $ 1.4375 | $ 1.4375 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.4375 | ||||
Series E Preferred Shares [Member] | |||||
Schedule of Preferred Stock [Line Items] | |||||
Preferred Stock, Shares Issued | 3,500,000 | 3,450,000 | 3,450,000 | ||
Preferred share dividend percentage | 9.00% | 9.00% | |||
Preferred share dividend rate (in dollars per share) | $ 2.25 | ||||
Per share liquidation preference | 25 | ||||
Preferred shares conversion rate | 0.4573 | ||||
Preferred shares conversion price | 54.67 | ||||
Common shares quarterly dividend per share threshold, minimum | $ 0.84 | ||||
Common share closing price percent of preferred share prevailing conversion price, minimum | 150.00% | ||||
Preferred Shares declared dividends per share | $ 2.25 | $ 2.25 | |||
Series F Preferred Stock [Member] | |||||
Schedule of Preferred Stock [Line Items] | |||||
Preferred Stock, Shares Issued | 5,000,000 | ||||
Preferred share dividend percentage | 6.625% | 6.625% | |||
Preferred share dividend rate (in dollars per share) | $ 1.65625 | ||||
Per share liquidation preference | 25 | ||||
Preferred Shares declared dividends per share | 1.65625 | $ 1.65625 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.65625 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 51.64 | $ 46.86 | $ 45.20 |
Exercise price range, upper limit | $ 65.50 | $ 65.50 | $ 65.50 |
Series C Cumulative Convertible Preferred Share [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,900 | 1,900 | 1,900 |
Preferred share dividend percentage | 5.75% | ||
Series E Cumulative Convertible Preferred Share [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,600 | 1,600 | 1,600 |
Preferred share dividend percentage | 9.00% | ||
Stock Options [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 236 | 338 | 331 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 194,333 | $ 175,752 | $ 175,637 | ||||||||
Less: preferred dividend requirements and redemption costs | (23,806) | (23,807) | (23,806) | ||||||||
Income from continuing operations available to common shareholders | $ 170,527 | $ 151,945 | $ 151,831 | ||||||||
Weighted average number of shares outstanding, basic | 58,138 | 54,244 | 48,028 | ||||||||
Income from continuing operations, per basic share (in dollars per share) | $ 2.93 | $ 2.80 | $ 3.16 | ||||||||
Income (loss) from discontinued operations | $ 199 | $ 3,881 | $ 4,589 | ||||||||
Income (loss) from discontinued operations available to common shareholders | $ 199 | $ 3,881 | $ 4,589 | ||||||||
Income (loss) from discontinued operations, per basic share (in dollars per share) | $ 0.01 | $ 0.07 | $ 0.10 | ||||||||
Net income available to common shareholders of EPR Properties | $ 170,726 | $ 155,826 | $ 156,420 | ||||||||
Earnings per share, basic (in dollars per share) | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | $ 0.82 | $ 0.68 | $ 0.65 | $ 0.72 | $ 2.94 | $ 2.87 | $ 3.26 |
Share options, shares | 190 | 200 | 186 | ||||||||
Income from continuing operations available to common shareholders, diluted | $ 170,527 | $ 151,945 | $ 151,831 | ||||||||
Weighted average number of shares outstanding, diluted | 58,328 | 54,444 | 48,214 | ||||||||
Income from continuing operations, per diluted share (in dollars per share) | $ 2.92 | $ 2.79 | $ 3.15 | ||||||||
Income (loss) from discontinuing operation available to common stockholders, diluted | $ 199 | $ 3,881 | $ 4,589 | ||||||||
Income (loss) from discontinued operations, per diluted share (in dollars per share) | $ 0.01 | $ 0.07 | $ 0.09 | ||||||||
Net income available to common shareholders, diluted | $ 170,726 | $ 155,826 | $ 156,420 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 0.81 | $ 0.68 | $ 0.65 | $ 0.71 | $ 2.93 | $ 2.86 | $ 3.24 |
Chief Executive Officer Retir71
Chief Executive Officer Retirement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Retirement severance expense | $ 18,578 | $ 0 | $ 0 |
Employee Severance [Member] | Expected Cash Payment [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Retirement severance expense | 11,800 | ||
Employee Severance [Member] | Taxes and Other Expenses [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Retirement severance expense | 400 | ||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Retirement severance expense | $ 5,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 113,900 | ||
Stock Options [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Retirement severance expense | $ 1,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 101,640 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 09, 2007 | |
Maximum term of options granted, years | 10 years | |||
Exercisable rate for employees options, per year | 25.00% | |||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 950,214 | 840,665 | 881,338 | |
Number of Shares, Exercised | (476,400) | (35,963) | (143,272) | |
Number of Shares, Granted | 121,546 | 172,178 | 115,257 | |
Number of Shares, Forfeited | (79,055) | (26,666) | (12,658) | |
Number of Shares, Outstanding at End of Period | 516,305 | 950,214 | 840,665 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Average Exercise Price, Outstanding at Beginning of Period | $ 42.48 | $ 40.85 | $ 38.51 | |
Average Exercise Price, Exercised | 37.42 | 42.63 | 30.64 | |
Average Exercise Price, Granted | 61.79 | 51.64 | 47.86 | |
Average Exercise Price, Forfeited | 63.88 | 50.11 | 56.90 | |
Average Exercise Price, Outstanding at End of Period | 48.42 | 42.48 | 40.85 | |
Weighted average fair value of options granted | $ 16.35 | $ 13.87 | $ 12.35 | |
Intrinsic value of stock options exercised | $ 7,300 | $ 400 | $ 2,900 | |
Retirement severance expense | $ 18,578 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 402,067 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 21,200 | |||
Minimum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Option Price Per Share [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 18.18 | $ 18.18 | $ 18.18 | |
Option Price Per Share, Exercised | 18.18 | 32.50 | 18.18 | |
Option Price Per Share, Granted | 61.79 | 51.64 | 46.86 | |
Option Price Per Share, Forfeited | 45.20 | 45.20 | 36.56 | |
Option Price Per Share, Outstanding at End of Period | $ 19.02 | 18.18 | 18.18 | |
Maximum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Option Price Per Share [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 65.50 | 65.50 | 65.50 | |
Option Price Per Share, Exercised | 61.53 | 52.72 | 47.20 | |
Option Price Per Share, Granted | 61.79 | 51.64 | 58.09 | |
Option Price Per Share, Forfeited | 65.50 | 51.64 | 60.42 | |
Option Price Per Share, Outstanding at End of Period | $ 65.50 | $ 65.50 | $ 65.50 | |
2007 Equity Incentive Plan [Member] | ||||
Common shares, options to purchase common shares and restricted share units, expected to granted | 3,650,000 | |||
Number of shares available for grant | 1,066,138 | |||
Stock Options [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock or Unit Option Plan Expense | $ 1,119 | $ 1,400 | $ 856 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.90% | 2.20% | 1.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | 6.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 50.70% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.00% | 50.30% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.78% | 0.28% | 0.23% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | 6 years | |
stock option expense including severance costs | $ 2,500 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.40% | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.50% | |||
Chief Executive Officer [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Retirement severance expense | $ 1,400 |
Equity Incentive Plans (Schedul
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Share-based Compensation [Abstract] | |
Stock option expense to be recognized in 2015 | $ 904 |
Stock option expense to be recognized in 2016 | 680 |
Stock option expense to be recognized in 2017 | 293 |
Stock option expense to be recognized in 2018 | 0 |
Total Compensation Cost To Be Recognized, Stock Options | $ 1,877 |
Equity Incentive Plans (Summa74
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Exercise price range, lower limit | $ 51.64 | $ 46.86 | $ 45.20 | |
Exercise price range, upper limit | $ 65.50 | $ 65.50 | $ 65.50 | |
Options outstanding | 516,305 | 950,214 | 840,665 | 881,338 |
Weighted avg. life remaining | 5 years 8 months | |||
Weighted avg. exercise price | $ 48.42 | $ 42.48 | $ 40.85 | $ 38.51 |
Aggregate intrinsic value | $ 5,731 | |||
$ 19.02 - 19.99 | ||||
Exercise price range, lower limit | $ 19.02 | |||
Exercise price range, upper limit | $ 19.99 | |||
Options outstanding | 61,097 | |||
Weighted avg. life remaining | 3 years 5 months | |||
20.00 - 29.99 [Member] | ||||
Exercise price range, lower limit | $ 20 | |||
Exercise price range, upper limit | $ 29.99 | |||
Options outstanding | 0 | |||
30.00 - 39.99 [Member] | ||||
Exercise price range, lower limit | $ 30 | |||
Exercise price range, upper limit | $ 39.99 | |||
Options outstanding | 7,401 | |||
Weighted avg. life remaining | 4 years 2 months | |||
40.00 - 49.99 [Member] | ||||
Exercise price range, lower limit | $ 40 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 202,224 | |||
Weighted avg. life remaining | 5 years | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 111,917 | |||
Weighted avg. life remaining | 7 years 7 months | |||
60.00 - 65.50 [Member] | ||||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 65.50 | |||
Options outstanding | 133,666 | |||
Weighted avg. life remaining | 6 years 5 months |
Equity Incentive Plans (Summa75
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Exercise price range, lower limit | $ 51.64 | $ 46.86 | $ 45.20 |
Exercise price range, upper limit | $ 65.50 | $ 65.50 | $ 65.50 |
Options outstanding | 305,179 | ||
Weighted avg. life remaining | 4 years | ||
Weighted avg. exercise price | $ 43.87 | ||
Aggregate intrinsic value | $ 4,705 | ||
$ 19.02 - 19.99 | |||
Exercise price range, lower limit | $ 19.02 | ||
Exercise price range, upper limit | $ 19.99 | ||
Options outstanding | 61,097 | ||
Weighted avg. life remaining | 3 years 5 months | ||
20.00 - 29.99 [Member] | |||
Exercise price range, lower limit | $ 20 | ||
Exercise price range, upper limit | $ 29.99 | ||
Options outstanding | 0 | ||
30.00 - 39.99 [Member] | |||
Exercise price range, lower limit | $ 30 | ||
Exercise price range, upper limit | $ 39.99 | ||
Options outstanding | 7,401 | ||
Weighted avg. life remaining | 4 years 2 months | ||
40.00 - 49.99 [Member] | |||
Exercise price range, lower limit | $ 40 | ||
Exercise price range, upper limit | $ 49.99 | ||
Options outstanding | 158,853 | ||
Weighted avg. life remaining | 4 years 7 months | ||
50.00 - 59.99 [Member] | |||
Exercise price range, lower limit | $ 50 | ||
Exercise price range, upper limit | $ 59.99 | ||
Options outstanding | 32,518 | ||
Weighted avg. life remaining | 6 years 8 months | ||
60.00 - 65.50 [Member] | |||
Exercise price range, lower limit | $ 60 | ||
Exercise price range, upper limit | $ 65.50 | ||
Options outstanding | 45,310 | ||
Weighted avg. life remaining | 1 year 1 month |
Equity Incentive Plans (Summa76
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2013 | 468,451 | ||
Number of Shares, Granted | 218,285 | ||
Number of Shares, Vested | (295,487) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (808) | ||
Number of Shares, Outstanding at December 31, 2014 | 390,441 | 468,451 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2013 | $ 49.29 | ||
Weighted Average Grant Date Fair Value, Granted | 60.69 | ||
Weighted Average Grant Date Fair Value, Vested | 50.37 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2014 | $ 54.84 | $ 49.29 | |
Weighted Average Life Remaining, Outstanding at December 31, 2014 | 11 months 24 days | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Fair value of non-vested shares | $ 17,100 | $ 7,300 | $ 6,700 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 11,354 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 54.69 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Fair value of non-vested shares | $ 6,700 |
Equity Incentive Plans Equity I
Equity Incentive Plans Equity Incentive Plans (Schedule of Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2015 | $ 5,297 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2016 | 3,904 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2017 | 2,153 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 11,354 |
Equity Incentive Plans (Summa78
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Number of Shares, Outstanding at December 31, 2013 | shares | 468,451 |
Number of Shares, Granted | shares | 218,285 |
Number of Shares, Vested | shares | (295,487) |
Number of Shares, Outstanding at December 31, 2014 | shares | 390,441 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2013 | $ / shares | $ 49.29 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 60.69 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 50.37 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2014 | $ / shares | $ 54.84 |
Weighted Average Life Remaining, Outstanding at December 31, 2014 | 11 months 24 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Number of Shares, Outstanding at December 31, 2013 | shares | 19,685 |
Number of Shares, Granted | shares | 18,036 |
Number of Shares, Vested | shares | (19,685) |
Number of Shares, Outstanding at December 31, 2014 | shares | 18,036 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2013 | $ / shares | $ 53.55 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 57.57 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 53.55 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2014 | $ / shares | $ 57.57 |
Weighted Average Life Remaining, Outstanding at December 31, 2014 | 4 months 12 days |
Unamortized share-based compensation expense | $ | $ 346 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)years | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Leases [Abstract] | |||
Rental properties, length of lease, minimum (in years) | years | 1 | ||
Rental properties, length of lease, maximum (in years) | years | 34 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,015 | $ 364,775 | ||
2,016 | 358,745 | ||
2,017 | 337,593 | ||
2,018 | 313,286 | ||
2,019 | 288,964 | ||
Thereafter | 2,675,671 | ||
Total | 4,339,034 | ||
Rental expense | 556 | $ 521 | $ 435 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,015 | 594 | ||
2,016 | 608 | ||
2,017 | 608 | ||
2,018 | 608 | ||
2,019 | 608 | ||
Thereafter | 3,890 | ||
Total | $ 6,916 |
Quarterly Financial Informati80
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
prepayment fee | $ 0 | $ 5,000 | $ 0 | ||||||||
Total revenue | $ 111,988 | $ 108,335 | $ 101,258 | $ 99,436 | $ 104,669 | $ 98,738 | $ 91,787 | $ 89,857 | 421,017 | 385,051 | 343,064 |
Net income | 52,750 | 50,195 | 48,766 | 42,821 | 52,635 | 42,705 | 40,760 | 43,533 | 194,532 | 179,633 | 180,226 |
Net income available to common shareholders of EPR Properties | $ 46,799 | $ 44,244 | $ 42,814 | $ 36,869 | $ 46,684 | $ 36,753 | $ 34,808 | $ 37,581 | $ 194,532 | $ 179,633 | $ 180,226 |
Basic net income per common share | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | $ 0.82 | $ 0.68 | $ 0.65 | $ 0.72 | $ 2.94 | $ 2.87 | $ 3.26 |
Diluted net income per common share | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 0.81 | $ 0.68 | $ 0.65 | $ 0.71 | $ 2.93 | $ 2.86 | $ 3.24 |
Discontinued Operations (Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) $ in Thousands | May. 22, 2015properties | Apr. 02, 2014properties | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)properties |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
reversal of liability | $ 3,900 | ||||
number of properties sold | properties | 1 | 4 | 5 | ||
Rental revenue | $ 0 | 3 | $ 1,685 | ||
Tenant reimbursements | 68 | 0 | 513 | ||
Other income | 172 | 0 | 426 | ||
Total revenue | 240 | 3 | 2,624 | ||
Property operating expense (income) | 12 | (484) | 45 | ||
Other expense (income) | 0 | (18) | 547 | ||
Interest expense, net | 0 | 0 | (29) | ||
Transaction costs (benefit) | 0 | (3,376) | 0 | ||
Depreciation and amortization | 0 | 0 | 1,728 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 228 | 3,881 | 333 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 29 | 0 | 0 | ||
Income before gain on sale of real estate | 199 | 3,881 | 333 | ||
Gain on sale of real estate | 0 | 0 | 4,256 | ||
Net income | $ 199 | $ 3,881 | $ 4,589 |
Other Commitments And Conting82
Other Commitments And Contingencies (Details) | Oct. 20, 2011USD ($) | Dec. 31, 2015USD ($)mortgagenotesdevelopmentproject | Dec. 31, 2014USD ($) |
Commitment to fund project development | $ 272,400,000 | ||
Property under development | $ 378,920,000 | $ 181,798,000 | |
Number Of Mortgage Notes Receivable | mortgagenotes | 5 | ||
Mortgage notes receivable with commitments | $ 54,500,000 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 22,900,000 | ||
Loss Contingency, Damages Sought, Value | $ 800,000,000 | ||
Theatre Properties Member | |||
Development Project In Process | developmentproject | 7 | ||
Commitment to fund project development | $ 24,500,000 | ||
Education Property [Member] | |||
Development Project In Process | developmentproject | 27 | ||
Commitment to fund project development | $ 206,600,000 | ||
RecreationProperties [Member] | |||
Development Project In Process | developmentproject | 3 | ||
Commitment to fund project development | $ 41,300,000 | ||
Louisiana Theatre Properties [Member] | |||
Development Project In Process | developmentproject | 2 | ||
Economic development revenue bond term (in years) | 30 years | ||
Deferred assets related to guarantee | $ 9,700,000 | ||
Deferred liabilities related to guarantee | 9,700,000 | ||
Loss contingency | 0 | ||
Sullivan County Planned Casino and Resort [Member] | |||
Loss Contingency, Damages Sought, Value | 1,500,000,000 | ||
Concord Resort [Member] | |||
Commitment to fund project development | 120,000,000 | ||
Loss Contingency, Damages Sought, Value | 500,000,000 | ||
Adelaar infrastructure [Member] | |||
Commitment to fund project development | 90,000,000 | ||
Property under development | $ 28,800,000 | ||
Minimum [Member] | Louisiana Theatre Properties [Member] | |||
Economic development revenue bond annual fees percentage | 2.88% | ||
Maximum [Member] | Louisiana Theatre Properties [Member] | |||
Economic development revenue bond annual fees percentage | 4.00% |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Operating Segments | segment | 4 | ||||||||||
Total assets | $ 4,217,270 | $ 3,686,275 | $ 4,217,270 | $ 3,686,275 | |||||||
Rental revenue | 330,886 | 286,673 | $ 248,709 | ||||||||
Tenant reimbursements | 16,320 | 17,663 | 18,401 | ||||||||
Other income (loss) | 3,629 | 1,009 | 1,682 | ||||||||
Mortgage and other financing income | 70,182 | 79,706 | 74,272 | ||||||||
Total revenue | 111,988 | $ 108,335 | $ 101,258 | $ 99,436 | 104,669 | $ 98,738 | $ 91,787 | $ 89,857 | 421,017 | 385,051 | 343,064 |
Property operating expense | 23,433 | 24,897 | 26,016 | ||||||||
Other expense | 648 | 771 | 658 | ||||||||
Investment Income, Investment Expense | 24,081 | 25,668 | 26,674 | ||||||||
Net Operating Income Before Unallocated Items | 396,936 | 359,383 | 316,390 | ||||||||
General and Administrative Expense | (31,021) | (27,566) | (25,613) | ||||||||
Severance Costs | (18,578) | 0 | 0 | ||||||||
Costs associated with loan refinancing or payoff | (270) | (301) | (6,166) | ||||||||
Gain on early extinguishment of debt | 0 | 0 | 4,539 | ||||||||
Interest Expense | (79,915) | (81,270) | (81,056) | ||||||||
Transaction costs | (7,518) | (2,452) | (1,955) | ||||||||
Provision for loan losses | 0 | (3,777) | 0 | ||||||||
Depreciation and amortization | (89,617) | (66,739) | (53,946) | ||||||||
Equity in income from joint ventures | 969 | 1,273 | 1,398 | ||||||||
Gain on sale or acquisition, net | 23,829 | 1,209 | 3,017 | ||||||||
Gain on sale of investment in a direct financing lease | 0 | 220 | 0 | ||||||||
Income tax benefit (expense) | (482) | (4,228) | 14,176 | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 199 | 505 | 333 | ||||||||
Transaction Costs Discontinued Operations | 0 | 3,376 | 0 | ||||||||
Gain on sale of real estate | 0 | 0 | 4,256 | ||||||||
Net income | 52,750 | $ 50,195 | $ 48,766 | $ 42,821 | 52,635 | $ 42,705 | $ 40,760 | $ 43,533 | 194,532 | 179,633 | 180,226 |
Dividends, Preferred Stock | (23,806) | (23,807) | (23,806) | ||||||||
Net income available to common shareholders of EPR Properties | 170,726 | 155,826 | 156,420 | ||||||||
Entertainment Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,006,926 | 2,017,046 | 2,006,926 | 2,017,046 | |||||||
Rental revenue | 238,896 | 237,429 | 221,024 | ||||||||
Tenant reimbursements | 16,343 | 17,640 | 18,401 | ||||||||
Other income (loss) | 512 | (6) | 80 | ||||||||
Mortgage and other financing income | 7,127 | 7,056 | 8,447 | ||||||||
Total revenue | 262,878 | 262,119 | 247,952 | ||||||||
Property operating expense | 23,120 | 24,143 | 25,521 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 23,120 | 24,143 | 25,521 | ||||||||
Net Operating Income Before Unallocated Items | 239,758 | 237,976 | 222,431 | ||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 1,013,930 | 734,512 | 1,013,930 | 734,512 | |||||||
Rental revenue | 51,439 | 27,874 | 15,931 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income (loss) | 0 | 0 | 0 | ||||||||
Mortgage and other financing income | 30,622 | 31,488 | 33,275 | ||||||||
Total revenue | 82,061 | 59,362 | 49,206 | ||||||||
Property operating expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 0 | 0 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 82,061 | 59,362 | 49,206 | ||||||||
Recreation Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 935,266 | 696,931 | 935,266 | 696,931 | |||||||
Rental revenue | 40,551 | 20,368 | 10,124 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income (loss) | 0 | 0 | 0 | ||||||||
Mortgage and other financing income | 32,080 | 40,775 | 32,232 | ||||||||
Total revenue | 72,631 | 61,143 | 42,356 | ||||||||
Property operating expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 0 | 0 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 72,631 | 61,143 | 42,356 | ||||||||
Other Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 203,757 | 206,795 | 203,757 | 206,795 | |||||||
Rental revenue | 0 | 1,002 | 1,630 | ||||||||
Tenant reimbursements | (23) | 23 | 0 | ||||||||
Other income (loss) | 119 | 315 | 1,471 | ||||||||
Mortgage and other financing income | 353 | 387 | 318 | ||||||||
Total revenue | 449 | 1,727 | 3,419 | ||||||||
Property operating expense | 313 | 754 | 495 | ||||||||
Other expense | 648 | 771 | 658 | ||||||||
Investment Income, Investment Expense | 961 | 1,525 | 1,153 | ||||||||
Net Operating Income Before Unallocated Items | (512) | 202 | 2,266 | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 57,391 | $ 30,991 | 57,391 | 30,991 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income (loss) | 2,998 | 700 | 131 | ||||||||
Mortgage and other financing income | 0 | 0 | 0 | ||||||||
Total revenue | 2,998 | 700 | 131 | ||||||||
Property operating expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 0 | 0 | 0 | ||||||||
Net Operating Income Before Unallocated Items | $ 2,998 | $ 700 | $ 131 |
Condensed Consolidating Finan84
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | May. 21, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rental properties, net | $ 3,025,199 | $ 2,451,534 | ||||
Land held for development | 23,610 | 206,001 | ||||
Property under development | 378,920 | 181,798 | ||||
Mortgage notes and related accrued interest receivable, net | 423,780 | 507,955 | ||||
Investment in a direct financing lease, net | 190,880 | $ 4,700 | 199,332 | $ 45,900 | ||
Investment in joint ventures | 6,168 | 5,738 | ||||
Cash and cash equivalents | 4,283 | 3,336 | $ 7,958 | $ 10,664 | ||
Restricted cash | 10,578 | 13,072 | ||||
Deferred financing costs, net | 4,894 | 4,136 | ||||
Accounts receivable, net | 59,101 | 47,282 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 89,857 | 66,091 | ||||
Total assets | 4,217,270 | 3,686,275 | ||||
Accounts payable and accrued liabilities | 92,178 | 82,180 | ||||
Dividends payable | 24,352 | 22,233 | ||||
Unearned rents and interest | 44,952 | 25,623 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 1,981,920 | 1,629,750 | ||||
Total liabilities | 2,143,402 | 1,759,786 | ||||
EPR Properties shareholders’ equity | 2,073,868 | 1,926,112 | ||||
Noncontrolling interests | 0 | 377 | ||||
Equity | 2,073,868 | 1,926,489 | 1,688,014 | 1,459,898 | ||
Total liabilities and equity | 4,217,270 | 3,686,275 | ||||
EPR Properties (Issuer) [Member] | ||||||
Rental properties, net | 0 | 0 | ||||
Land held for development | 0 | 0 | ||||
Property under development | 0 | 0 | ||||
Mortgage notes and related accrued interest receivable, net | 0 | 0 | ||||
Investment in a direct financing lease, net | 0 | 0 | ||||
Investment in joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 1,089 | (1,234) | 449 | 1,531 | ||
Restricted cash | 475 | 1,000 | ||||
Deferred financing costs, net | 4,894 | 0 | ||||
Accounts receivable, net | 285 | 90 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Investments in subsidiaries | 3,825,897 | 3,115,572 | ||||
Other assets | 18,159 | 21,272 | ||||
Total assets | 3,850,799 | 3,136,700 | ||||
Accounts payable and accrued liabilities | 49,671 | 42,829 | ||||
Dividends payable | 24,352 | 22,233 | ||||
Unearned rents and interest | 0 | 750 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 1,702,908 | 1,144,776 | ||||
Total liabilities | 1,776,931 | 1,210,588 | ||||
EPR Properties shareholders’ equity | 1,926,112 | |||||
Noncontrolling interests | 0 | |||||
Equity | 2,073,868 | 1,926,112 | ||||
Total liabilities and equity | 3,850,799 | 3,136,700 | ||||
Wholly-Owned Subsidiary Guarantors [Member] | ||||||
Rental properties, net | 2,485,411 | 1,872,053 | ||||
Land held for development | 1,258 | 0 | ||||
Property under development | 152,197 | 175,439 | ||||
Mortgage notes and related accrued interest receivable, net | 400,935 | 412,625 | ||||
Investment in a direct financing lease, net | 190,880 | 199,332 | ||||
Investment in joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 735 | 840 | 1,902 | 904 | ||
Restricted cash | 8,220 | 10,466 | ||||
Deferred financing costs, net | 0 | 4,136 | ||||
Accounts receivable, net | 47,502 | 34,414 | ||||
Intercompany notes receivable | 175,757 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 10,607 | 9,151 | ||||
Total assets | 3,473,502 | 2,718,456 | ||||
Accounts payable and accrued liabilities | 38,759 | 32,613 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 35,512 | 20,295 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 0 | 160,298 | ||||
Total liabilities | 74,271 | 213,206 | ||||
EPR Properties shareholders’ equity | 2,505,250 | |||||
Noncontrolling interests | 0 | |||||
Equity | 3,399,231 | 2,505,250 | ||||
Total liabilities and equity | 3,473,502 | 2,718,456 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Rental properties, net | 539,788 | 579,481 | ||||
Land held for development | 22,352 | 206,001 | ||||
Property under development | 226,723 | 6,359 | ||||
Mortgage notes and related accrued interest receivable, net | 22,845 | 95,330 | ||||
Investment in a direct financing lease, net | 0 | 0 | ||||
Investment in joint ventures | 6,168 | 5,738 | ||||
Cash and cash equivalents | 2,459 | 3,730 | $ 5,607 | $ 8,229 | ||
Restricted cash | 1,883 | 1,606 | ||||
Deferred financing costs, net | 0 | 0 | ||||
Accounts receivable, net | 11,314 | 12,778 | ||||
Intercompany notes receivable | 0 | 175,757 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 61,091 | 35,668 | ||||
Total assets | 894,623 | 1,122,448 | ||||
Accounts payable and accrued liabilities | 3,748 | 6,738 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 9,440 | 4,578 | ||||
Intercompany notes payable | 175,757 | 175,757 | ||||
Debt | 279,012 | 324,676 | ||||
Total liabilities | 467,957 | 511,749 | ||||
EPR Properties shareholders’ equity | 610,322 | |||||
Noncontrolling interests | 377 | |||||
Equity | 426,666 | 610,699 | ||||
Total liabilities and equity | 894,623 | 1,122,448 | ||||
Consolidated Elimination [Member] | ||||||
Rental properties, net | 0 | 0 | ||||
Land held for development | 0 | 0 | ||||
Property under development | 0 | 0 | ||||
Mortgage notes and related accrued interest receivable, net | 0 | 0 | ||||
Investment in a direct financing lease, net | 0 | 0 | ||||
Investment in joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted cash | 0 | 0 | ||||
Deferred financing costs, net | 0 | 0 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany notes receivable | (175,757) | (175,757) | ||||
Investments in subsidiaries | (3,825,897) | (3,115,572) | ||||
Other assets | 0 | 0 | ||||
Total assets | (4,001,654) | (3,291,329) | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 0 | 0 | ||||
Intercompany notes payable | (175,757) | (175,757) | ||||
Debt | 0 | 0 | ||||
Total liabilities | (175,757) | (175,757) | ||||
EPR Properties shareholders’ equity | (3,115,572) | |||||
Noncontrolling interests | 0 | |||||
Equity | (3,825,897) | (3,115,572) | ||||
Total liabilities and equity | $ (4,001,654) | $ (3,291,329) |
Condensed Consolidating Finan85
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rental revenue | $ 330,886 | $ 286,673 | $ 248,709 | ||||||||
Tenant reimbursements | 16,320 | 17,663 | 18,401 | ||||||||
Other income | 3,629 | 1,009 | 1,682 | ||||||||
Mortgage and other financing income | 70,182 | 79,706 | 74,272 | ||||||||
Intercompany fee income | 0 | 0 | 0 | ||||||||
Interest income on intercompany notes receivable | 0 | 0 | 0 | ||||||||
Total revenue | $ 111,988 | $ 108,335 | $ 101,258 | $ 99,436 | $ 104,669 | $ 98,738 | $ 91,787 | $ 89,857 | 421,017 | 385,051 | 343,064 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Property operating expense | 23,433 | 24,897 | 26,016 | ||||||||
Intercompany fee expense | 0 | 0 | 0 | ||||||||
Other expense | 648 | 771 | 658 | ||||||||
General and administrative expense | 31,021 | 27,566 | 25,613 | ||||||||
Retirement severance expense | 18,578 | 0 | 0 | ||||||||
Costs associated with loan refinancing or payoff | 270 | 301 | 6,166 | ||||||||
Gain on early extinguishment of debt | 0 | 0 | (4,539) | ||||||||
Interest expense, net | 79,915 | 81,270 | 81,056 | ||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | ||||||||
Transaction costs | 7,518 | 2,452 | 1,955 | ||||||||
Provision for loan losses | 0 | 3,777 | 0 | ||||||||
Depreciation and amortization | 89,617 | 66,739 | 53,946 | ||||||||
Income before equity in income from joint ventures and other items | 170,017 | 177,278 | 152,193 | ||||||||
Equity in income from joint ventures | 969 | 1,273 | 1,398 | ||||||||
Gain on sale or acquisition, net | 23,829 | 1,209 | 3,017 | ||||||||
Gain on previously held equity interest | 0 | 0 | 4,853 | ||||||||
Gain on sale of investment in a direct financing lease | 0 | 220 | 0 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 194,815 | 179,980 | 161,461 | ||||||||
Income Tax Expense (Benefit) | (482) | (4,228) | 14,176 | ||||||||
Income from continuing operations | 194,333 | 175,752 | 175,637 | ||||||||
Income from discontinued operations | 199 | 505 | 333 | ||||||||
Transaction costs | 0 | 3,376 | 0 | ||||||||
Gain on sale of real estate | 0 | 0 | 4,256 | ||||||||
Net income | 52,750 | 50,195 | 48,766 | 42,821 | 52,635 | 42,705 | 40,760 | 43,533 | 194,532 | 179,633 | 180,226 |
Net income attributable to EPR Properties | $ 46,799 | $ 44,244 | $ 42,814 | $ 36,869 | $ 46,684 | $ 36,753 | $ 34,808 | $ 37,581 | 194,532 | 179,633 | 180,226 |
Preferred dividend requirements | (23,806) | (23,807) | (23,806) | ||||||||
Net income available to common shareholders of EPR Properties | 170,726 | 155,826 | 156,420 | ||||||||
Comprehensive income attributable to EPR Properties | 187,588 | 175,006 | 176,797 | ||||||||
EPR Properties (Issuer) [Member] | |||||||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income | 0 | 0 | 75 | ||||||||
Mortgage and other financing income | 848 | 765 | 994 | ||||||||
Intercompany fee income | 2,717 | 3,124 | 2,629 | ||||||||
Interest income on intercompany notes receivable | 111 | 0 | 17,848 | ||||||||
Total revenue | 3,676 | 3,889 | 21,546 | ||||||||
Equity in subsidiaries' earnings | 298,657 | 241,921 | 212,634 | ||||||||
Property operating expense | 0 | 0 | (88) | ||||||||
Intercompany fee expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Retirement severance expense | 18,578 | ||||||||||
Costs associated with loan refinancing or payoff | 243 | 0 | 0 | ||||||||
Gain on early extinguishment of debt | 0 | ||||||||||
Interest expense, net | 78,217 | 63,056 | 55,856 | ||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | ||||||||
Transaction costs | 7,182 | 1,319 | 1,813 | ||||||||
Provision for loan losses | 0 | ||||||||||
Depreciation and amortization | 1,629 | 1,224 | 1,093 | ||||||||
Income before equity in income from joint ventures and other items | 196,484 | 180,211 | 175,506 | ||||||||
Equity in income from joint ventures | 0 | 0 | 505 | ||||||||
Gain on sale or acquisition, net | 0 | 0 | (150) | ||||||||
Gain on previously held equity interest | 4,853 | ||||||||||
Gain on sale of investment in a direct financing lease | 0 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 196,484 | 180,211 | 180,714 | ||||||||
Income Tax Expense (Benefit) | (1,952) | (578) | (488) | ||||||||
Income from continuing operations | 194,532 | 179,633 | 180,226 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Transaction costs | 0 | ||||||||||
Gain on sale of real estate | 0 | ||||||||||
Net income attributable to EPR Properties | 194,532 | 179,633 | 180,226 | ||||||||
Preferred dividend requirements | (23,806) | (23,807) | (23,806) | ||||||||
Net income available to common shareholders of EPR Properties | 170,726 | 155,826 | 156,420 | ||||||||
Comprehensive income attributable to EPR Properties | 187,588 | 175,006 | 176,797 | ||||||||
Wholly-Owned Subsidiary Guarantors [Member] | |||||||||||
Rental revenue | 257,493 | 211,616 | 180,319 | ||||||||
Tenant reimbursements | 5,243 | 5,103 | 5,235 | ||||||||
Other income | 3 | 1 | 9 | ||||||||
Mortgage and other financing income | 61,900 | 71,535 | 66,886 | ||||||||
Intercompany fee income | 0 | 0 | 0 | ||||||||
Interest income on intercompany notes receivable | 9,690 | 0 | 0 | ||||||||
Total revenue | 334,329 | 288,255 | 252,449 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Property operating expense | 11,532 | 11,264 | 11,865 | ||||||||
Intercompany fee expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 24,047 | 19,325 | 18,708 | ||||||||
Retirement severance expense | 0 | ||||||||||
Costs associated with loan refinancing or payoff | 3 | 285 | 1,987 | ||||||||
Gain on early extinguishment of debt | 4,539 | ||||||||||
Interest expense, net | (5,524) | 2,978 | 9,085 | ||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | ||||||||
Transaction costs | 0 | 54 | 0 | ||||||||
Provision for loan losses | 0 | ||||||||||
Depreciation and amortization | 71,700 | 48,541 | 37,756 | ||||||||
Income before equity in income from joint ventures and other items | 232,571 | 205,808 | 177,587 | ||||||||
Equity in income from joint ventures | 0 | 0 | 0 | ||||||||
Gain on sale or acquisition, net | 23,653 | 0 | 3,167 | ||||||||
Gain on previously held equity interest | 0 | ||||||||||
Gain on sale of investment in a direct financing lease | 220 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 256,224 | 206,028 | 180,754 | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Income from continuing operations | 256,224 | 206,028 | 180,754 | ||||||||
Income from discontinued operations | 199 | 487 | 638 | ||||||||
Transaction costs | 3,376 | ||||||||||
Gain on sale of real estate | 0 | ||||||||||
Net income attributable to EPR Properties | 256,423 | 209,891 | 181,392 | ||||||||
Preferred dividend requirements | 0 | 0 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | 256,423 | 209,891 | 181,392 | ||||||||
Comprehensive income attributable to EPR Properties | 256,200 | 210,031 | 181,628 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Rental revenue | 73,393 | 75,057 | 68,390 | ||||||||
Tenant reimbursements | 11,077 | 12,560 | 13,166 | ||||||||
Other income | 3,626 | 1,008 | 1,598 | ||||||||
Mortgage and other financing income | 7,434 | 7,406 | 6,392 | ||||||||
Intercompany fee income | 0 | 0 | 0 | ||||||||
Interest income on intercompany notes receivable | 0 | 24,796 | 386 | ||||||||
Total revenue | 95,530 | 120,827 | 89,932 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Property operating expense | 11,901 | 13,633 | 14,239 | ||||||||
Intercompany fee expense | 2,717 | 3,124 | 2,629 | ||||||||
Other expense | 648 | 771 | 658 | ||||||||
General and administrative expense | 6,974 | 8,241 | 6,905 | ||||||||
Retirement severance expense | 0 | ||||||||||
Costs associated with loan refinancing or payoff | 24 | 16 | 4,179 | ||||||||
Gain on early extinguishment of debt | 0 | ||||||||||
Interest expense, net | 7,222 | 15,236 | 16,115 | ||||||||
Interest expense on intercompany notes payable | 9,801 | 24,796 | 18,234 | ||||||||
Transaction costs | 336 | 1,079 | 142 | ||||||||
Provision for loan losses | 3,777 | ||||||||||
Depreciation and amortization | 16,288 | 16,974 | 15,097 | ||||||||
Income before equity in income from joint ventures and other items | 39,619 | 33,180 | 11,734 | ||||||||
Equity in income from joint ventures | 969 | 1,273 | 893 | ||||||||
Gain on sale or acquisition, net | 176 | 1,209 | 0 | ||||||||
Gain on previously held equity interest | 0 | ||||||||||
Gain on sale of investment in a direct financing lease | 0 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 40,764 | 35,662 | 12,627 | ||||||||
Income Tax Expense (Benefit) | 1,470 | (3,650) | 14,664 | ||||||||
Income from continuing operations | 42,234 | 32,012 | 27,291 | ||||||||
Income from discontinued operations | 0 | 18 | (305) | ||||||||
Transaction costs | 0 | ||||||||||
Gain on sale of real estate | 4,256 | ||||||||||
Net income attributable to EPR Properties | 42,234 | 32,030 | 31,242 | ||||||||
Preferred dividend requirements | 0 | 0 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | 42,234 | 32,030 | 31,242 | ||||||||
Comprehensive income attributable to EPR Properties | 36,088 | 27,888 | 28,200 | ||||||||
Consolidated Elimination [Member] | |||||||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income | 0 | 0 | 0 | ||||||||
Mortgage and other financing income | 0 | 0 | 0 | ||||||||
Intercompany fee income | (2,717) | (3,124) | (2,629) | ||||||||
Interest income on intercompany notes receivable | (9,801) | (24,796) | (18,234) | ||||||||
Total revenue | (12,518) | (27,920) | (20,863) | ||||||||
Equity in subsidiaries' earnings | (298,657) | (241,921) | (212,634) | ||||||||
Property operating expense | 0 | 0 | 0 | ||||||||
Intercompany fee expense | (2,717) | (3,124) | (2,629) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||
Retirement severance expense | 0 | ||||||||||
Costs associated with loan refinancing or payoff | 0 | 0 | 0 | ||||||||
Gain on early extinguishment of debt | 0 | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Interest expense on intercompany notes payable | (9,801) | (24,796) | (18,234) | ||||||||
Transaction costs | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Income before equity in income from joint ventures and other items | (298,657) | (241,921) | (212,634) | ||||||||
Equity in income from joint ventures | 0 | 0 | 0 | ||||||||
Gain on sale or acquisition, net | 0 | 0 | 0 | ||||||||
Gain on previously held equity interest | 0 | ||||||||||
Gain on sale of investment in a direct financing lease | 0 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (298,657) | (241,921) | (212,634) | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Income from continuing operations | (298,657) | (241,921) | (212,634) | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Transaction costs | 0 | ||||||||||
Gain on sale of real estate | 0 | ||||||||||
Net income attributable to EPR Properties | (298,657) | (241,921) | (212,634) | ||||||||
Preferred dividend requirements | 0 | 0 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | (298,657) | (241,921) | (212,634) | ||||||||
Comprehensive income attributable to EPR Properties | $ (292,288) | $ (237,919) | $ (209,828) |
Condensed Consolidating Finan86
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | Sep. 23, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Intercompany fee income (expense) | $ 0 | $ 0 | $ 0 | |
Interest income (expense) on intercompany receivable/payable | 0 | 0 | 0 | |
Net cash provided (used) by other operating activities | 277,952 | 250,152 | 231,439 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (277,952) | (250,152) | (231,439) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 508 | 143 | 2,681 | |
Net Cash Provided by (Used in) Operating Activities | 278,460 | 250,295 | 234,120 | |
Acquisition of rental properties and other assets | (179,820) | (85,205) | (123,497) | |
Proceeds from Sale of Real Estate | 46,718 | 12,055 | 797 | |
Proceeds from settlement of derivative | 0 | 5,725 | 0 | |
Investment in unconsolidated joint ventures | 0 | 0 | (1,607) | |
Investment in mortgage notes receivable | (72,698) | (93,877) | (60,568) | |
Proceeds from mortgage note receivable paydown | 40,956 | 76,256 | 1,900 | |
Investment in promissory notes receivable | 0 | (4,387) | (1,278) | |
Proceeds from Sale and Collection of Notes Receivable | 0 | 1,750 | 1,027 | |
Payments to Acquire Lease Receivables | 0 | 0 | 3,262 | |
Proceeds from Sale of Lease Receivables | 4,741 | 46,092 | 0 | |
Additions to properties under development | (408,436) | (334,635) | (197,271) | |
Investment in intercompany notes payable | 0 | |||
Advances to subsidiaries, net | 0 | 0 | 0 | |
Net cash used by investing activities of continuing operations | (568,539) | (376,226) | (383,759) | |
Net proceeds from sale of real estate from discontinued operations | 0 | 0 | 47,301 | |
Net cash used by investing activities | (568,539) | (376,226) | (336,458) | |
Proceeds from long-term debt facilities | 856,914 | 379,000 | 646,000 | |
Principal payments on long-term debt | (503,314) | (310,253) | (552,468) | |
Deferred financing fees paid | (7,047) | (814) | (8,133) | |
Costs associated with loan refinancing or payoff (cash portion) | 0 | (25) | (5,790) | |
Net proceeds from issuance of common shares | $ 184,200 | 190,158 | 264,158 | 220,785 |
Impact of stock option exercises, net | (3,394) | 50 | 947 | |
Purchase of common shares for treasury | (8,222) | (2,892) | (3,246) | |
Dividends paid to shareholders | (233,073) | (207,637) | (197,924) | |
Net cash provided by financing activities | 292,022 | 121,587 | 100,171 | |
Effect of exchange rate changes on cash | (996) | (278) | (539) | |
Net increase (decrease) in cash and cash equivalents | 947 | (4,622) | (2,706) | |
Cash and cash equivalents at beginning of the year | 3,336 | 7,958 | 10,664 | |
Cash and cash equivalents at end of the year | 4,283 | 3,336 | 7,958 | |
EPR Properties (Issuer) [Member] | ||||
Intercompany fee income (expense) | 2,717 | 3,124 | 2,629 | |
Interest income (expense) on intercompany receivable/payable | 111 | 0 | 17,848 | |
Net cash provided (used) by other operating activities | (91,731) | (60,684) | (44,752) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 88,903 | 57,560 | 24,275 | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |
Net Cash Provided by (Used in) Operating Activities | (88,903) | (57,560) | (24,275) | |
Acquisition of rental properties and other assets | (618) | (438) | (1,358) | |
Proceeds from Sale of Real Estate | 0 | 0 | 0 | |
Proceeds from settlement of derivative | 0 | |||
Investment in unconsolidated joint ventures | (1,607) | |||
Investment in mortgage notes receivable | 0 | 0 | (11,797) | |
Proceeds from mortgage note receivable paydown | 0 | 0 | 0 | |
Investment in promissory notes receivable | 0 | 0 | ||
Proceeds from Sale and Collection of Notes Receivable | 0 | 117 | ||
Payments to Acquire Lease Receivables | 0 | |||
Proceeds from Sale of Lease Receivables | 0 | 0 | ||
Additions to properties under development | (112) | (821) | (18) | |
Investment in intercompany notes payable | 103,104 | |||
Advances to subsidiaries, net | (406,389) | (16,206) | (380,190) | |
Net cash used by investing activities of continuing operations | (291,749) | |||
Net proceeds from sale of real estate from discontinued operations | 0 | |||
Net cash used by investing activities | (407,119) | (17,465) | (291,749) | |
Proceeds from long-term debt facilities | 701,914 | 20,000 | 300,000 | |
Principal payments on long-term debt | (142,000) | 0 | 0 | |
Deferred financing fees paid | (7,038) | (337) | (5,620) | |
Costs associated with loan refinancing or payoff (cash portion) | 0 | 0 | ||
Net proceeds from issuance of common shares | 190,158 | 264,158 | 220,785 | |
Impact of stock option exercises, net | (3,394) | 50 | 947 | |
Purchase of common shares for treasury | (8,222) | (2,892) | (3,246) | |
Dividends paid to shareholders | (233,073) | (207,637) | (197,924) | |
Net cash provided by financing activities | 498,345 | 73,342 | 314,942 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 2,323 | (1,683) | (1,082) | |
Cash and cash equivalents at beginning of the year | (1,234) | 449 | 1,531 | |
Cash and cash equivalents at end of the year | 1,089 | (1,234) | 449 | |
Wholly-Owned Subsidiary Guarantors [Member] | ||||
Intercompany fee income (expense) | 0 | 0 | 0 | |
Interest income (expense) on intercompany receivable/payable | 9,690 | 0 | 0 | |
Net cash provided (used) by other operating activities | 300,144 | 250,337 | 216,982 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (309,834) | (250,337) | (216,982) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 508 | 47 | 286 | |
Net Cash Provided by (Used in) Operating Activities | 310,342 | 250,384 | 217,268 | |
Acquisition of rental properties and other assets | (178,964) | (58,930) | (118,233) | |
Proceeds from Sale of Real Estate | 45,637 | 0 | 0 | |
Proceeds from settlement of derivative | 0 | |||
Investment in unconsolidated joint ventures | 0 | |||
Investment in mortgage notes receivable | (27,835) | (26,716) | (46,375) | |
Proceeds from mortgage note receivable paydown | 38,456 | 52,834 | 202 | |
Investment in promissory notes receivable | (721) | (1,278) | ||
Proceeds from Sale and Collection of Notes Receivable | 0 | 0 | ||
Payments to Acquire Lease Receivables | 3,262 | |||
Proceeds from Sale of Lease Receivables | 4,741 | 46,092 | ||
Additions to properties under development | (366,170) | (320,964) | (190,205) | |
Investment in intercompany notes payable | 0 | |||
Advances to subsidiaries, net | 334,011 | (1,510) | 255,824 | |
Net cash used by investing activities of continuing operations | (103,327) | |||
Net proceeds from sale of real estate from discontinued operations | 0 | |||
Net cash used by investing activities | (150,124) | (309,915) | (103,327) | |
Proceeds from long-term debt facilities | 155,000 | 359,000 | 346,000 | |
Principal payments on long-term debt | (315,310) | (300,270) | (454,683) | |
Deferred financing fees paid | (7) | (275) | (2,494) | |
Costs associated with loan refinancing or payoff (cash portion) | (25) | (1,753) | ||
Net proceeds from issuance of common shares | 0 | 0 | 0 | |
Impact of stock option exercises, net | 0 | 0 | 0 | |
Purchase of common shares for treasury | 0 | 0 | 0 | |
Dividends paid to shareholders | 0 | 0 | 0 | |
Net cash provided by financing activities | (160,317) | 58,430 | (112,930) | |
Effect of exchange rate changes on cash | (6) | 39 | (13) | |
Net increase (decrease) in cash and cash equivalents | (105) | (1,062) | 998 | |
Cash and cash equivalents at beginning of the year | 840 | 1,902 | 904 | |
Cash and cash equivalents at end of the year | 735 | 840 | 1,902 | |
Non-Guarantor Subsidiaries [Member] | ||||
Intercompany fee income (expense) | (2,717) | (3,124) | (2,629) | |
Interest income (expense) on intercompany receivable/payable | (9,801) | 0 | (17,848) | |
Net cash provided (used) by other operating activities | 69,539 | 60,499 | 59,209 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (57,021) | (57,375) | (38,732) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 96 | 2,395 | |
Net Cash Provided by (Used in) Operating Activities | 57,021 | 57,471 | 41,127 | |
Acquisition of rental properties and other assets | (238) | (25,837) | (3,906) | |
Proceeds from Sale of Real Estate | 1,081 | 12,055 | 797 | |
Proceeds from settlement of derivative | 5,725 | |||
Investment in unconsolidated joint ventures | 0 | |||
Investment in mortgage notes receivable | (44,863) | (67,161) | (2,396) | |
Proceeds from mortgage note receivable paydown | 2,500 | 23,422 | 1,698 | |
Investment in promissory notes receivable | (3,666) | 0 | ||
Proceeds from Sale and Collection of Notes Receivable | 1,750 | 910 | ||
Payments to Acquire Lease Receivables | 0 | |||
Proceeds from Sale of Lease Receivables | 0 | 0 | ||
Additions to properties under development | (42,154) | (12,850) | (7,048) | |
Investment in intercompany notes payable | (103,104) | |||
Advances to subsidiaries, net | 72,378 | 17,716 | 124,366 | |
Net cash used by investing activities of continuing operations | 11,317 | |||
Net proceeds from sale of real estate from discontinued operations | 47,301 | |||
Net cash used by investing activities | (11,296) | (48,846) | 58,618 | |
Proceeds from long-term debt facilities | 0 | 0 | 0 | |
Principal payments on long-term debt | (46,004) | (9,983) | (97,785) | |
Deferred financing fees paid | (2) | (202) | (19) | |
Costs associated with loan refinancing or payoff (cash portion) | 0 | (4,037) | ||
Net proceeds from issuance of common shares | 0 | 0 | 0 | |
Impact of stock option exercises, net | 0 | 0 | 0 | |
Purchase of common shares for treasury | 0 | 0 | 0 | |
Dividends paid to shareholders | 0 | 0 | 0 | |
Net cash provided by financing activities | (46,006) | (10,185) | (101,841) | |
Effect of exchange rate changes on cash | (990) | (317) | (526) | |
Net increase (decrease) in cash and cash equivalents | (1,271) | (1,877) | (2,622) | |
Cash and cash equivalents at beginning of the year | 3,730 | 5,607 | 8,229 | |
Cash and cash equivalents at end of the year | $ 2,459 | $ 3,730 | $ 5,607 |
Schedule II - Valuation and Q87
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 1,554,000 | $ 2,989,000 | $ 3,852,000 |
Additions | 1,829,000 | 1,417,000 | 1,949,000 |
Deductions | (173,000) | (2,852,000) | (2,812,000) |
Ending balance | 1,554,000 | 2,989,000 | |
Allowance for Loan and Lease Losses [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 3,777,000 | 0 | 123,000 |
Additions | 0 | 3,777,000 | 0 |
Deductions | (3,777,000) | 0 | (123,000) |
Ending balance | $ 0 | $ 3,777,000 | $ 0 |
Schedule III - Real Estate an88
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 1,981,920 | |
Land, initial cost | 1,087,613 | |
Buildings, equipment & improvement, initial cost | 2,645,401 | |
Additions (dispositions) (impairments) subsequent to acquisition | 229,020 | |
Land, gross amount | 1,089,998 | |
Buildings, equipment & improvement, gross amount | 2,872,034 | |
Fair value of Concord resort land received | 3,962,032 | $ 3,304,993 |
Accumulated depreciation | (534,303) | (465,660) |
Deferred financing costs, net | (18,289) | $ (15,773) |
Dallas Retail | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 3,060 | |
Buildings, equipment & improvement, initial cost | 15,281 | |
Additions (dispositions) (impairments) subsequent to acquisition | 18,862 | |
Land, gross amount | 3,060 | |
Buildings, equipment & improvement, gross amount | 34,143 | |
Fair value of Concord resort land received | 37,203 | |
Accumulated depreciation | $ (13,006) | |
Depreciation life | 40 years | |
Oakview 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,215 | |
Buildings, equipment & improvement, initial cost | 16,700 | |
Additions (dispositions) (impairments) subsequent to acquisition | 59 | |
Land, gross amount | 5,215 | |
Buildings, equipment & improvement, gross amount | 16,759 | |
Fair value of Concord resort land received | 21,974 | |
Accumulated depreciation | $ (7,541) | |
Depreciation life | 40 years | |
First Colony 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 15,052 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 19,100 | |
Additions (dispositions) (impairments) subsequent to acquisition | 67 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 19,167 | |
Fair value of Concord resort land received | 19,167 | |
Accumulated depreciation | $ (8,625) | |
Depreciation life | 40 years | |
Huebner Oaks 14 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,006 | |
Buildings, equipment & improvement, initial cost | 13,662 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,540 | |
Land, gross amount | 3,006 | |
Buildings, equipment & improvement, gross amount | 19,200 | |
Fair value of Concord resort land received | 22,206 | |
Accumulated depreciation | $ (6,389) | |
Depreciation life | 40 years | |
Lennox Town Center 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,685 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,685 | |
Fair value of Concord resort land received | 12,685 | |
Accumulated depreciation | $ (5,550) | |
Depreciation life | 40 years | |
Mission Valley 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,028 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,028 | |
Fair value of Concord resort land received | 16,028 | |
Accumulated depreciation | $ (7,012) | |
Depreciation life | 40 years | |
Ontario Mills 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,521 | |
Buildings, equipment & improvement, initial cost | 19,449 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,521 | |
Buildings, equipment & improvement, gross amount | 19,449 | |
Fair value of Concord resort land received | 24,970 | |
Accumulated depreciation | $ (8,509) | |
Depreciation life | 40 years | |
Studio 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,023 | |
Buildings, equipment & improvement, initial cost | 20,037 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,023 | |
Buildings, equipment & improvement, gross amount | 20,037 | |
Fair value of Concord resort land received | 26,060 | |
Accumulated depreciation | $ (8,766) | |
Depreciation life | 40 years | |
West Olive 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,985 | |
Buildings, equipment & improvement, initial cost | 12,601 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,075 | |
Land, gross amount | 4,985 | |
Buildings, equipment & improvement, gross amount | 16,676 | |
Fair value of Concord resort land received | 21,661 | |
Accumulated depreciation | $ (5,921) | |
Depreciation life | 40 years | |
Leawood Town Center 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 12,571 | |
Land, initial cost | 3,714 | |
Buildings, equipment & improvement, initial cost | 12,086 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,110 | |
Land, gross amount | 3,714 | |
Buildings, equipment & improvement, gross amount | 16,196 | |
Fair value of Concord resort land received | 19,910 | |
Accumulated depreciation | $ (5,576) | |
Depreciation life | 40 years | |
Gulf Pointe 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,304 | |
Buildings, equipment & improvement, initial cost | 21,496 | |
Additions (dispositions) (impairments) subsequent to acquisition | 76 | |
Land, gross amount | 4,304 | |
Buildings, equipment & improvement, gross amount | 21,572 | |
Fair value of Concord resort land received | 25,876 | |
Accumulated depreciation | $ (9,662) | |
Depreciation life | 40 years | |
South Barrington 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,577 | |
Buildings, equipment & improvement, initial cost | 27,723 | |
Additions (dispositions) (impairments) subsequent to acquisition | 98 | |
Land, gross amount | 6,577 | |
Buildings, equipment & improvement, gross amount | 27,821 | |
Fair value of Concord resort land received | 34,398 | |
Accumulated depreciation | $ (12,404) | |
Depreciation life | 40 years | |
Mesquite 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,912 | |
Buildings, equipment & improvement, initial cost | 20,288 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,885 | |
Land, gross amount | 2,912 | |
Buildings, equipment & improvement, gross amount | 25,173 | |
Fair value of Concord resort land received | 28,085 | |
Accumulated depreciation | $ (9,279) | |
Depreciation life | 40 years | |
Hampton Town Center 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,822 | |
Buildings, equipment & improvement, initial cost | 24,678 | |
Additions (dispositions) (impairments) subsequent to acquisition | 88 | |
Land, gross amount | 3,822 | |
Buildings, equipment & improvement, gross amount | 24,766 | |
Fair value of Concord resort land received | 28,588 | |
Accumulated depreciation | $ (10,835) | |
Depreciation life | 40 years | |
Broward 18 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,771 | |
Buildings, equipment & improvement, initial cost | 9,899 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,845 | |
Land, gross amount | 6,771 | |
Buildings, equipment & improvement, gross amount | 13,744 | |
Fair value of Concord resort land received | 20,515 | |
Accumulated depreciation | $ (6,284) | |
Depreciation life | 40 years | |
Raleigh Grande 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,919 | |
Buildings, equipment & improvement, initial cost | 5,559 | |
Additions (dispositions) (impairments) subsequent to acquisition | 951 | |
Land, gross amount | 2,919 | |
Buildings, equipment & improvement, gross amount | 6,510 | |
Fair value of Concord resort land received | 9,429 | |
Accumulated depreciation | $ (2,534) | |
Depreciation life | 40 years | |
Paradise 24 and XD [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,000 | |
Buildings, equipment & improvement, initial cost | 13,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 8,512 | |
Land, gross amount | 2,000 | |
Buildings, equipment & improvement, gross amount | 21,512 | |
Fair value of Concord resort land received | 23,512 | |
Accumulated depreciation | $ (9,053) | |
Depreciation life | 40 years | |
Aliso Viejo Stadium 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,000 | |
Buildings, equipment & improvement, initial cost | 14,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,000 | |
Buildings, equipment & improvement, gross amount | 14,000 | |
Fair value of Concord resort land received | 22,000 | |
Accumulated depreciation | $ (5,950) | |
Depreciation life | 40 years | |
Boise Stadium 22 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,003 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,003 | |
Fair value of Concord resort land received | 16,003 | |
Accumulated depreciation | $ (6,801) | |
Depreciation life | 40 years | |
Mesquite Retail Center [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,119 | |
Buildings, equipment & improvement, initial cost | 990 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,119 | |
Buildings, equipment & improvement, gross amount | 990 | |
Fair value of Concord resort land received | 4,109 | |
Accumulated depreciation | $ (318) | |
Depreciation life | 40 years | |
Westminster Promenade [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,205 | |
Buildings, equipment & improvement, initial cost | 12,600 | |
Additions (dispositions) (impairments) subsequent to acquisition | 9,509 | |
Land, gross amount | 6,205 | |
Buildings, equipment & improvement, gross amount | 22,109 | |
Fair value of Concord resort land received | 28,314 | |
Accumulated depreciation | $ (15,043) | |
Depreciation life | 40 years | |
Westminster Promenade 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 4,813 | |
Land, initial cost | 5,850 | |
Buildings, equipment & improvement, initial cost | 17,314 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,850 | |
Buildings, equipment & improvement, gross amount | 17,314 | |
Fair value of Concord resort land received | 23,164 | |
Accumulated depreciation | $ (6,096) | |
Depreciation life | 40 years | |
Woodridge 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,926 | |
Buildings, equipment & improvement, initial cost | 8,968 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,926 | |
Buildings, equipment & improvement, gross amount | 8,968 | |
Fair value of Concord resort land received | 18,894 | |
Accumulated depreciation | $ (3,699) | |
Depreciation life | 40 years | |
Cary Crossroads Stadium 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,352 | |
Buildings, equipment & improvement, initial cost | 11,653 | |
Additions (dispositions) (impairments) subsequent to acquisition | 155 | |
Land, gross amount | 3,352 | |
Buildings, equipment & improvement, gross amount | 11,808 | |
Fair value of Concord resort land received | 15,160 | |
Accumulated depreciation | $ (4,723) | |
Depreciation life | 40 years | |
Starlight 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,000 | |
Buildings, equipment & improvement, initial cost | 12,809 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,452 | |
Land, gross amount | 6,000 | |
Buildings, equipment & improvement, gross amount | 14,261 | |
Fair value of Concord resort land received | 20,261 | |
Accumulated depreciation | $ (5,966) | |
Depreciation life | 40 years | |
Palm Promenade 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,500 | |
Buildings, equipment & improvement, initial cost | 17,750 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,500 | |
Buildings, equipment & improvement, gross amount | 17,750 | |
Fair value of Concord resort land received | 25,250 | |
Accumulated depreciation | $ (7,063) | |
Depreciation life | 40 years | |
Gulf Pointe Retail Center [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,653 | |
Buildings, equipment & improvement, initial cost | 1,365 | |
Additions (dispositions) (impairments) subsequent to acquisition | 686 | |
Land, gross amount | 3,408 | |
Buildings, equipment & improvement, gross amount | 2,296 | |
Fair value of Concord resort land received | 5,704 | |
Accumulated depreciation | $ (2,296) | |
Depreciation life | 40 years | |
Clearview Palace 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,740 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,740 | |
Fair value of Concord resort land received | 11,740 | |
Accumulated depreciation | $ (4,060) | |
Depreciation life | 40 years | |
Elmwood Palace 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,264 | |
Buildings, equipment & improvement, initial cost | 14,820 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,264 | |
Buildings, equipment & improvement, gross amount | 14,820 | |
Fair value of Concord resort land received | 20,084 | |
Accumulated depreciation | $ (5,125) | |
Depreciation life | 40 years | |
Hammond Palace 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,404 | |
Buildings, equipment & improvement, initial cost | 6,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | (565) | |
Land, gross amount | 1,839 | |
Buildings, equipment & improvement, gross amount | 6,780 | |
Fair value of Concord resort land received | 8,619 | |
Accumulated depreciation | $ (2,345) | |
Depreciation life | 40 years | |
Houma Palace 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,404 | |
Buildings, equipment & improvement, initial cost | 6,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,404 | |
Buildings, equipment & improvement, gross amount | 6,780 | |
Fair value of Concord resort land received | 9,184 | |
Accumulated depreciation | $ (2,345) | |
Depreciation life | 40 years | |
Westbank Palace 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,378 | |
Buildings, equipment & improvement, initial cost | 12,330 | |
Additions (dispositions) (impairments) subsequent to acquisition | (112) | |
Land, gross amount | 4,266 | |
Buildings, equipment & improvement, gross amount | 12,330 | |
Fair value of Concord resort land received | 16,596 | |
Accumulated depreciation | $ (4,264) | |
Depreciation life | 40 years | |
Cherrydale [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,660 | |
Buildings, equipment & improvement, initial cost | 7,570 | |
Additions (dispositions) (impairments) subsequent to acquisition | 206 | |
Land, gross amount | 1,660 | |
Buildings, equipment & improvement, gross amount | 7,776 | |
Fair value of Concord resort land received | 9,436 | |
Accumulated depreciation | $ (2,605) | |
Depreciation life | 40 years | |
Forum 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,975 | |
Buildings, equipment & improvement, initial cost | 17,956 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,400 | |
Land, gross amount | 5,975 | |
Buildings, equipment & improvement, gross amount | 21,356 | |
Fair value of Concord resort land received | 27,331 | |
Accumulated depreciation | $ (8,669) | |
Depreciation life | 40 years | |
Olathe Studio 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,000 | |
Buildings, equipment & improvement, initial cost | 15,935 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,014 | |
Land, gross amount | 4,000 | |
Buildings, equipment & improvement, gross amount | 18,949 | |
Fair value of Concord resort land received | 22,949 | |
Accumulated depreciation | $ (6,061) | |
Depreciation life | 40 years | |
Livonia 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,500 | |
Buildings, equipment & improvement, initial cost | 17,525 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,500 | |
Buildings, equipment & improvement, gross amount | 17,525 | |
Fair value of Concord resort land received | 22,025 | |
Accumulated depreciation | $ (5,878) | |
Depreciation life | 40 years | |
Hoffman Center 22 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 22,035 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 22,035 | |
Fair value of Concord resort land received | 22,035 | |
Accumulated depreciation | $ (7,299) | |
Depreciation life | 40 years | |
Colonel Glenn 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,858 | |
Buildings, equipment & improvement, initial cost | 7,990 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,858 | |
Buildings, equipment & improvement, gross amount | 7,990 | |
Fair value of Concord resort land received | 11,848 | |
Accumulated depreciation | $ (2,613) | |
Depreciation life | 40 years | |
AmStar 16-Macon [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 5,260 | |
Land, initial cost | 1,982 | |
Buildings, equipment & improvement, initial cost | 5,056 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 5,056 | |
Fair value of Concord resort land received | 7,038 | |
Accumulated depreciation | $ (1,612) | |
Depreciation life | 40 years | |
Star Southfield Center [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,000 | |
Buildings, equipment & improvement, initial cost | 20,518 | |
Additions (dispositions) (impairments) subsequent to acquisition | 6,230 | |
Land, gross amount | 8,000 | |
Buildings, equipment & improvement, gross amount | 26,748 | |
Fair value of Concord resort land received | 34,748 | |
Accumulated depreciation | $ (13,925) | |
Depreciation life | 15 years | |
South Wind 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,908 | |
Land, initial cost | 1,500 | |
Buildings, equipment & improvement, initial cost | 3,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,500 | |
Buildings, equipment & improvement, gross amount | 3,526 | |
Fair value of Concord resort land received | 5,026 | |
Accumulated depreciation | $ (1,109) | |
Depreciation life | 40 years | |
New Roc City [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,100 | |
Buildings, equipment & improvement, initial cost | 97,696 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,359 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 99,055 | |
Fair value of Concord resort land received | 105,155 | |
Accumulated depreciation | $ (32,660) | |
Depreciation life | 40 years | |
Columbiana Grande Stadium 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,682 | |
Land, initial cost | 1,000 | |
Buildings, equipment & improvement, initial cost | 10,534 | |
Additions (dispositions) (impairments) subsequent to acquisition | (2,447) | |
Land, gross amount | 1,000 | |
Buildings, equipment & improvement, gross amount | 8,087 | |
Fair value of Concord resort land received | 9,087 | |
Accumulated depreciation | $ (2,514) | |
Depreciation life | 40 years | |
Harbour View Marketplace [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,382 | |
Buildings, equipment & improvement, initial cost | 9,971 | |
Additions (dispositions) (impairments) subsequent to acquisition | 6,858 | |
Land, gross amount | 4,471 | |
Buildings, equipment & improvement, gross amount | 15,740 | |
Fair value of Concord resort land received | 20,211 | |
Accumulated depreciation | $ (3,359) | |
Depreciation life | 40 years | |
Cobb Grand 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,985 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,985 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 7,985 | |
Accumulated depreciation | 0 | |
Deer Valley 30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 4,276 | |
Buildings, equipment & improvement, initial cost | 15,934 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,276 | |
Buildings, equipment & improvement, gross amount | 15,934 | |
Fair value of Concord resort land received | 20,210 | |
Accumulated depreciation | $ (4,681) | |
Depreciation life | 40 years | |
Hamilton 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,869 | |
Buildings, equipment & improvement, initial cost | 18,143 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,869 | |
Buildings, equipment & improvement, gross amount | 18,143 | |
Fair value of Concord resort land received | 23,012 | |
Accumulated depreciation | $ (5,329) | |
Depreciation life | 40 years | |
Kanata Entertainment Centrum [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,104 | |
Buildings, equipment & improvement, initial cost | 33,203 | |
Additions (dispositions) (impairments) subsequent to acquisition | 26,054 | |
Land, gross amount | 9,104 | |
Buildings, equipment & improvement, gross amount | 59,257 | |
Fair value of Concord resort land received | 68,361 | |
Accumulated depreciation | $ (16,481) | |
Depreciation life | 40 years | |
Mesa Grand 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 12,776 | |
Land, initial cost | 4,446 | |
Buildings, equipment & improvement, initial cost | 16,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,446 | |
Buildings, equipment & improvement, gross amount | 16,565 | |
Fair value of Concord resort land received | 21,011 | |
Accumulated depreciation | $ (4,866) | |
Depreciation life | 40 years | |
Mississauga Entertainment Centrum [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,358 | |
Buildings, equipment & improvement, initial cost | 15,947 | |
Additions (dispositions) (impairments) subsequent to acquisition | 14,946 | |
Land, gross amount | 10,992 | |
Buildings, equipment & improvement, gross amount | 28,259 | |
Fair value of Concord resort land received | 39,251 | |
Accumulated depreciation | $ (7,429) | |
Depreciation life | 40 years | |
Oakville Entertainment Centrum [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,104 | |
Buildings, equipment & improvement, initial cost | 21,434 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,944 | |
Land, gross amount | 9,104 | |
Buildings, equipment & improvement, gross amount | 25,378 | |
Fair value of Concord resort land received | 34,482 | |
Accumulated depreciation | $ (7,614) | |
Depreciation life | 40 years | |
Whitby Entertainment Centrum [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,248 | |
Buildings, equipment & improvement, initial cost | 19,905 | |
Additions (dispositions) (impairments) subsequent to acquisition | 21,094 | |
Land, gross amount | 11,878 | |
Buildings, equipment & improvement, gross amount | 38,369 | |
Fair value of Concord resort land received | 50,247 | |
Accumulated depreciation | $ (11,111) | |
Depreciation life | 40 years | |
Cantera Retail Shops [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,919 | |
Buildings, equipment & improvement, initial cost | 900 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,936) | |
Land, gross amount | 1,983 | |
Buildings, equipment & improvement, gross amount | 900 | |
Fair value of Concord resort land received | 2,883 | |
Accumulated depreciation | $ (675) | |
Depreciation life | 15 years | |
Grand Prairie 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,948 | |
Buildings, equipment & improvement, initial cost | 11,177 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,948 | |
Buildings, equipment & improvement, gross amount | 11,177 | |
Fair value of Concord resort land received | 14,125 | |
Accumulated depreciation | $ (3,190) | |
Depreciation life | 40 years | |
The Grand 16-Layafette [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 7,402 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,318 | |
Fair value of Concord resort land received | 10,318 | |
Accumulated depreciation | $ (2,961) | |
Depreciation life | 40 years | |
North East Mall 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 11,978 | |
Land, initial cost | 5,000 | |
Buildings, equipment & improvement, initial cost | 11,729 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,015 | |
Land, gross amount | 5,000 | |
Buildings, equipment & improvement, gross amount | 12,744 | |
Fair value of Concord resort land received | 17,744 | |
Accumulated depreciation | $ (3,542) | |
Depreciation life | 40 years | |
Avenue 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,817 | |
Buildings, equipment & improvement, initial cost | 8,830 | |
Additions (dispositions) (impairments) subsequent to acquisition | 320 | |
Land, gross amount | 3,817 | |
Buildings, equipment & improvement, gross amount | 9,150 | |
Fair value of Concord resort land received | 12,967 | |
Accumulated depreciation | $ (2,516) | |
Depreciation life | 40 years | |
The Grand 18-D'lberville [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 9,381 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 8,043 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,636 | |
Land, gross amount | 1,205 | |
Buildings, equipment & improvement, gross amount | 10,475 | |
Fair value of Concord resort land received | 11,680 | |
Accumulated depreciation | $ (2,781) | |
Depreciation life | 40 years | |
Mayfaire Stadium 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,306 | |
Land, initial cost | 1,650 | |
Buildings, equipment & improvement, initial cost | 7,047 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,650 | |
Buildings, equipment & improvement, gross amount | 7,047 | |
Fair value of Concord resort land received | 8,697 | |
Accumulated depreciation | $ (1,923) | |
Depreciation life | 40 years | |
Burbank Village [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 16,584 | |
Buildings, equipment & improvement, initial cost | 35,016 | |
Additions (dispositions) (impairments) subsequent to acquisition | 7,097 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 42,113 | |
Fair value of Concord resort land received | 58,697 | |
Accumulated depreciation | $ (10,563) | |
Depreciation life | 40 years | |
East Ridge 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 10,360 | |
Land, initial cost | 2,799 | |
Buildings, equipment & improvement, initial cost | 11,467 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,799 | |
Buildings, equipment & improvement, gross amount | 11,467 | |
Fair value of Concord resort land received | 14,266 | |
Accumulated depreciation | $ (3,106) | |
Depreciation life | 40 years | |
The Grand 14-Conroe [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,836 | |
Buildings, equipment & improvement, initial cost | 8,230 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,836 | |
Buildings, equipment & improvement, gross amount | 8,230 | |
Fair value of Concord resort land received | 10,066 | |
Accumulated depreciation | $ (2,159) | |
Depreciation life | 40 years | |
Washington Square 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 4,173 | |
Land, initial cost | 1,481 | |
Buildings, equipment & improvement, initial cost | 4,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,481 | |
Buildings, equipment & improvement, gross amount | 4,565 | |
Fair value of Concord resort land received | 6,046 | |
Accumulated depreciation | $ (1,198) | |
Depreciation life | 40 years | |
The Grand 18-Hattiesburg [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,470 | |
Land, initial cost | 1,978 | |
Buildings, equipment & improvement, initial cost | 7,733 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,432 | |
Land, gross amount | 1,978 | |
Buildings, equipment & improvement, gross amount | 10,165 | |
Fair value of Concord resort land received | 12,143 | |
Accumulated depreciation | $ (2,529) | |
Depreciation life | 40 years | |
Mad River Mountain [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,108 | |
Buildings, equipment & improvement, initial cost | 5,994 | |
Additions (dispositions) (impairments) subsequent to acquisition | 162 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 6,013 | |
Fair value of Concord resort land received | 11,264 | |
Accumulated depreciation | $ (2,700) | |
Depreciation life | 40 years | |
Arroyo Grand Staduim 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 4,076 | |
Land, initial cost | 2,641 | |
Buildings, equipment & improvement, initial cost | 3,810 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,641 | |
Buildings, equipment & improvement, gross amount | 3,810 | |
Fair value of Concord resort land received | 6,451 | |
Accumulated depreciation | $ (961) | |
Depreciation life | 40 years | |
Auburn Stadium 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 5,288 | |
Land, initial cost | 2,178 | |
Buildings, equipment & improvement, initial cost | 6,185 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,178 | |
Buildings, equipment & improvement, gross amount | 6,185 | |
Fair value of Concord resort land received | 8,363 | |
Accumulated depreciation | $ (1,559) | |
Depreciation life | 40 years | |
Manchester Stadium 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 9,667 | |
Land, initial cost | 7,600 | |
Buildings, equipment & improvement, initial cost | 11,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,600 | |
Buildings, equipment & improvement, gross amount | 11,613 | |
Fair value of Concord resort land received | 19,213 | |
Accumulated depreciation | $ (3,299) | |
Depreciation life | 40 years | |
Modesto Stadium 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,959 | |
Land, initial cost | 2,542 | |
Buildings, equipment & improvement, initial cost | 3,910 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,542 | |
Buildings, equipment & improvement, gross amount | 3,910 | |
Fair value of Concord resort land received | 6,452 | |
Accumulated depreciation | $ (986) | |
Depreciation life | 40 years | |
Columbia 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,204 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,204 | |
Fair value of Concord resort land received | 12,204 | |
Accumulated depreciation | $ (2,975) | |
Depreciation life | 40 years | |
Firewheel 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 13,171 | |
Land, initial cost | 8,028 | |
Buildings, equipment & improvement, initial cost | 14,825 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,028 | |
Buildings, equipment & improvement, gross amount | 14,825 | |
Fair value of Concord resort land received | 22,853 | |
Accumulated depreciation | $ (3,614) | |
Depreciation life | 40 years | |
White Oak Stadium 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,305 | |
Buildings, equipment & improvement, initial cost | 6,899 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,305 | |
Buildings, equipment & improvement, gross amount | 6,899 | |
Fair value of Concord resort land received | 8,204 | |
Accumulated depreciation | $ (1,667) | |
Depreciation life | 40 years | |
The Grand 18 - Winston Salem [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,153 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,925 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 14,078 | |
Fair value of Concord resort land received | 14,078 | |
Accumulated depreciation | $ (3,343) | |
Depreciation life | 40 years | |
Valley Bend 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,508 | |
Buildings, equipment & improvement, initial cost | 14,802 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,508 | |
Buildings, equipment & improvement, gross amount | 14,802 | |
Fair value of Concord resort land received | 18,310 | |
Accumulated depreciation | $ (3,454) | |
Depreciation life | 40 years | |
Cityplace 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,125 | |
Buildings, equipment & improvement, initial cost | 12,216 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,308 | |
Land, gross amount | 5,125 | |
Buildings, equipment & improvement, gross amount | 14,524 | |
Fair value of Concord resort land received | 19,649 | |
Accumulated depreciation | $ (5,609) | |
Depreciation life | 40 years | |
Pensacola Bayou 15 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,316 | |
Buildings, equipment & improvement, initial cost | 15,099 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,316 | |
Buildings, equipment & improvement, gross amount | 15,099 | |
Fair value of Concord resort land received | 20,415 | |
Accumulated depreciation | $ (3,397) | |
Depreciation life | 40 years | |
The Grand 16-Slidell [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 10,635 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,499 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,499 | |
Fair value of Concord resort land received | 11,499 | |
Accumulated depreciation | $ (2,587) | |
Depreciation life | 40 years | |
The Grand 16 - Pier Park [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,486 | |
Buildings, equipment & improvement, initial cost | 11,156 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,486 | |
Buildings, equipment & improvement, gross amount | 11,156 | |
Fair value of Concord resort land received | 17,642 | |
Accumulated depreciation | $ (2,394) | |
Depreciation life | 40 years | |
Austell Promenade [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,596 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,596 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 1,596 | |
Accumulated depreciation | 0 | |
Stadium 14 Cinema [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 2,505 | |
Buildings, equipment & improvement, initial cost | 7,323 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,505 | |
Buildings, equipment & improvement, gross amount | 7,323 | |
Fair value of Concord resort land received | 9,828 | |
Accumulated depreciation | $ (1,526) | |
Depreciation life | 40 years | |
Harvard Avenue Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 640 | |
Buildings, equipment & improvement, initial cost | 5,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 640 | |
Buildings, equipment & improvement, gross amount | 5,613 | |
Fair value of Concord resort land received | 6,253 | |
Accumulated depreciation | $ (94) | |
Depreciation life | 30 years | |
The Grand 18 - Four Seasons Stations [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,606 | |
Additions (dispositions) (impairments) subsequent to acquisition | 914 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,520 | |
Fair value of Concord resort land received | 13,520 | |
Accumulated depreciation | $ (2,671) | |
Depreciation life | 40 years | |
Glendora 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,588 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,588 | |
Fair value of Concord resort land received | 10,588 | |
Accumulated depreciation | $ (1,897) | |
Depreciation life | 40 years | |
Harbour View Station [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,256 | |
Buildings, equipment & improvement, initial cost | 9,206 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,152 | |
Land, gross amount | 3,298 | |
Buildings, equipment & improvement, gross amount | 14,316 | |
Fair value of Concord resort land received | 17,614 | |
Accumulated depreciation | $ (3,390) | |
Depreciation life | 40 years | |
Ann Arbor 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,716 | |
Buildings, equipment & improvement, initial cost | 227 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,716 | |
Buildings, equipment & improvement, gross amount | 227 | |
Fair value of Concord resort land received | 4,943 | |
Accumulated depreciation | $ (34) | |
Depreciation life | 40 years | |
Buckland Hills 18, Manchester, CT [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,628 | |
Buildings, equipment & improvement, initial cost | 11,474 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 11,474 | |
Fair value of Concord resort land received | 15,102 | |
Accumulated depreciation | $ (1,721) | |
Depreciation life | 40 years | |
Centreville 12 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,628 | |
Buildings, equipment & improvement, initial cost | 1,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 1,769 | |
Fair value of Concord resort land received | 5,397 | |
Accumulated depreciation | $ (265) | |
Depreciation life | 40 years | |
Davenport 18 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,599 | |
Buildings, equipment & improvement, initial cost | 6,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | (35) | |
Land, gross amount | 3,564 | |
Buildings, equipment & improvement, gross amount | 6,068 | |
Fair value of Concord resort land received | 9,632 | |
Accumulated depreciation | $ (910) | |
Depreciation life | 40 years | |
Fairfax Corner 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,630 | |
Buildings, equipment & improvement, initial cost | 11,791 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,630 | |
Buildings, equipment & improvement, gross amount | 11,791 | |
Fair value of Concord resort land received | 14,421 | |
Accumulated depreciation | $ (1,769) | |
Depreciation life | 40 years | |
Flint West 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,270 | |
Buildings, equipment & improvement, initial cost | 1,723 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,270 | |
Buildings, equipment & improvement, gross amount | 1,723 | |
Fair value of Concord resort land received | 2,993 | |
Accumulated depreciation | $ (258) | |
Depreciation life | 40 years | |
Hazlet 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,719 | |
Buildings, equipment & improvement, initial cost | 4,716 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,719 | |
Buildings, equipment & improvement, gross amount | 4,716 | |
Fair value of Concord resort land received | 8,435 | |
Accumulated depreciation | $ (707) | |
Depreciation life | 40 years | |
Huber Heights 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 970 | |
Buildings, equipment & improvement, initial cost | 3,891 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 970 | |
Buildings, equipment & improvement, gross amount | 3,891 | |
Fair value of Concord resort land received | 4,861 | |
Accumulated depreciation | $ (584) | |
Depreciation life | 40 years | |
North Haven 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,442 | |
Buildings, equipment & improvement, initial cost | 1,061 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,000 | |
Land, gross amount | 5,442 | |
Buildings, equipment & improvement, gross amount | 3,061 | |
Fair value of Concord resort land received | 8,503 | |
Accumulated depreciation | $ (1,078) | |
Depreciation life | 40 years | |
Preston Crossing 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,379 | |
Buildings, equipment & improvement, initial cost | 3,311 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,379 | |
Buildings, equipment & improvement, gross amount | 3,311 | |
Fair value of Concord resort land received | 8,690 | |
Accumulated depreciation | $ (497) | |
Depreciation life | 40 years | |
Ritz Center 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,723 | |
Buildings, equipment & improvement, initial cost | 9,614 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,723 | |
Buildings, equipment & improvement, gross amount | 9,614 | |
Fair value of Concord resort land received | 11,337 | |
Accumulated depreciation | $ (1,442) | |
Depreciation life | 40 years | |
Stonybrook 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,979 | |
Buildings, equipment & improvement, initial cost | 6,567 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,979 | |
Buildings, equipment & improvement, gross amount | 6,567 | |
Fair value of Concord resort land received | 11,546 | |
Accumulated depreciation | $ (985) | |
Depreciation life | 40 years | |
The Greene 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,578 | |
Buildings, equipment & improvement, initial cost | 6,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,578 | |
Buildings, equipment & improvement, gross amount | 6,630 | |
Fair value of Concord resort land received | 8,208 | |
Accumulated depreciation | $ (995) | |
Depreciation life | 40 years | |
West Springfield 15 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,540 | |
Buildings, equipment & improvement, initial cost | 3,755 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,540 | |
Buildings, equipment & improvement, gross amount | 3,755 | |
Fair value of Concord resort land received | 6,295 | |
Accumulated depreciation | $ (563) | |
Depreciation life | 40 years | |
Western Hills 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,361 | |
Buildings, equipment & improvement, initial cost | 1,741 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 635 | |
Buildings, equipment & improvement, gross amount | 2,467 | |
Fair value of Concord resort land received | 3,102 | |
Accumulated depreciation | $ (261) | |
Depreciation life | 40 years | |
Hollywood Movies 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,951 | |
Buildings, equipment & improvement, initial cost | 10,684 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,951 | |
Buildings, equipment & improvement, gross amount | 10,684 | |
Fair value of Concord resort land received | 13,635 | |
Accumulated depreciation | $ (1,469) | |
Depreciation life | 40 years | |
Movies 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,052 | |
Buildings, equipment & improvement, initial cost | 1,968 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,052 | |
Buildings, equipment & improvement, gross amount | 1,968 | |
Fair value of Concord resort land received | 3,020 | |
Accumulated depreciation | $ (271) | |
Depreciation life | 40 years | |
Movies 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,917 | |
Buildings, equipment & improvement, initial cost | 3,319 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,917 | |
Buildings, equipment & improvement, gross amount | 3,319 | |
Fair value of Concord resort land received | 5,236 | |
Accumulated depreciation | $ (456) | |
Depreciation life | 40 years | |
Movies 14-Mishawaka [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,399 | |
Buildings, equipment & improvement, initial cost | 5,454 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,399 | |
Buildings, equipment & improvement, gross amount | 5,454 | |
Fair value of Concord resort land received | 7,853 | |
Accumulated depreciation | $ (750) | |
Depreciation life | 40 years | |
Movies 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,873 | |
Buildings, equipment & improvement, initial cost | 3,245 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,104 | |
Land, gross amount | 1,873 | |
Buildings, equipment & improvement, gross amount | 5,349 | |
Fair value of Concord resort land received | 7,222 | |
Accumulated depreciation | $ (481) | |
Depreciation life | 40 years | |
Redding 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,044 | |
Buildings, equipment & improvement, initial cost | 4,500 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,044 | |
Buildings, equipment & improvement, gross amount | 4,500 | |
Fair value of Concord resort land received | 6,544 | |
Accumulated depreciation | $ (619) | |
Depreciation life | 40 years | |
Tinseltown [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,238 | |
Buildings, equipment & improvement, initial cost | 5,162 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,238 | |
Buildings, equipment & improvement, gross amount | 5,162 | |
Fair value of Concord resort land received | 7,400 | |
Accumulated depreciation | $ (710) | |
Depreciation life | 40 years | |
Tinseltown 15 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,065 | |
Buildings, equipment & improvement, initial cost | 11,669 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,065 | |
Buildings, equipment & improvement, gross amount | 11,669 | |
Fair value of Concord resort land received | 12,734 | |
Accumulated depreciation | $ (1,604) | |
Depreciation life | 40 years | |
Tinseltown 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,356 | |
Buildings, equipment & improvement, initial cost | 11,533 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,356 | |
Buildings, equipment & improvement, gross amount | 11,533 | |
Fair value of Concord resort land received | 15,889 | |
Accumulated depreciation | $ (1,586) | |
Depreciation life | 40 years | |
Tinseltown 290 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,109 | |
Buildings, equipment & improvement, initial cost | 9,739 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 9,739 | |
Fair value of Concord resort land received | 13,848 | |
Accumulated depreciation | $ (1,339) | |
Depreciation life | 40 years | |
Tinseltown USA 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,598 | |
Buildings, equipment & improvement, initial cost | 13,207 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,598 | |
Buildings, equipment & improvement, gross amount | 13,207 | |
Fair value of Concord resort land received | 17,805 | |
Accumulated depreciation | $ (1,816) | |
Depreciation life | 40 years | |
Tinseltown USA and XD [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,134 | |
Buildings, equipment & improvement, initial cost | 11,220 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,196) | |
Land, gross amount | 2,938 | |
Buildings, equipment & improvement, gross amount | 11,220 | |
Fair value of Concord resort land received | 14,158 | |
Accumulated depreciation | $ (1,543) | |
Depreciation life | 40 years | |
Beach Movie Bistro [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 1,736 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,736 | |
Fair value of Concord resort land received | 1,736 | |
Accumulated depreciation | $ (796) | |
Depreciation life | 40 years | |
Cinemagic & IMAX in Hooksett [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,639 | |
Buildings, equipment & improvement, initial cost | 11,605 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,639 | |
Buildings, equipment & improvement, gross amount | 11,605 | |
Fair value of Concord resort land received | 14,244 | |
Accumulated depreciation | $ (1,402) | |
Depreciation life | 40 years | |
Cinemagic & IMAX in Saco [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,508 | |
Buildings, equipment & improvement, initial cost | 3,826 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,508 | |
Buildings, equipment & improvement, gross amount | 3,826 | |
Fair value of Concord resort land received | 5,334 | |
Accumulated depreciation | $ (462) | |
Depreciation life | 40 years | |
Cinemagic in Merrimack [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,455 | |
Land, initial cost | 3,160 | |
Buildings, equipment & improvement, initial cost | 5,642 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,160 | |
Buildings, equipment & improvement, gross amount | 5,642 | |
Fair value of Concord resort land received | 8,802 | |
Accumulated depreciation | $ (682) | |
Depreciation life | 40 years | |
Cinemagic in Westbrook [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,273 | |
Buildings, equipment & improvement, initial cost | 7,119 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,273 | |
Buildings, equipment & improvement, gross amount | 7,119 | |
Fair value of Concord resort land received | 9,392 | |
Accumulated depreciation | $ (860) | |
Depreciation life | 40 years | |
Mentorship Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 996 | |
Buildings, equipment & improvement, initial cost | 5,638 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 996 | |
Buildings, equipment & improvement, gross amount | 5,638 | |
Fair value of Concord resort land received | 6,634 | |
Accumulated depreciation | $ (644) | |
Depreciation life | 40 years | |
Ben Franklin Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,157 | |
Additions (dispositions) (impairments) subsequent to acquisition | (134) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,023 | |
Fair value of Concord resort land received | 10,023 | |
Accumulated depreciation | $ (1,020) | |
Depreciation life | 40 years | |
Bradley Academy of Excellence [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 766 | |
Buildings, equipment & improvement, initial cost | 6,517 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 766 | |
Buildings, equipment & improvement, gross amount | 6,517 | |
Fair value of Concord resort land received | 7,283 | |
Accumulated depreciation | $ (708) | |
Depreciation life | 30 years | |
American Leadership Academy Member | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,580 | |
Buildings, equipment & improvement, initial cost | 6,418 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,509 | |
Land, gross amount | 2,580 | |
Buildings, equipment & improvement, gross amount | 8,927 | |
Fair value of Concord resort land received | 11,507 | |
Accumulated depreciation | $ (784) | |
Depreciation life | 40 years | |
Champions School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,253 | |
Buildings, equipment & improvement, initial cost | 4,834 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,253 | |
Buildings, equipment & improvement, gross amount | 4,834 | |
Fair value of Concord resort land received | 6,087 | |
Accumulated depreciation | $ (514) | |
Depreciation life | 40 years | |
Loveland Classical [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,494 | |
Buildings, equipment & improvement, initial cost | 3,857 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,494 | |
Buildings, equipment & improvement, gross amount | 3,857 | |
Fair value of Concord resort land received | 5,351 | |
Accumulated depreciation | $ (410) | |
Depreciation life | 40 years | |
PinstripesNorthbrook [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 7,025 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,025 | |
Fair value of Concord resort land received | 7,025 | |
Accumulated depreciation | $ (776) | |
Depreciation life | 40 years | |
MagicValleyMallTheatre [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 4,783 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 4,783 | |
Fair value of Concord resort land received | 4,783 | |
Accumulated depreciation | $ (428) | |
Depreciation life | 40 years | |
ProspectRidgeAcademy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,084 | |
Buildings, equipment & improvement, initial cost | 9,659 | |
Additions (dispositions) (impairments) subsequent to acquisition | (169) | |
Land, gross amount | 1,084 | |
Buildings, equipment & improvement, gross amount | 9,490 | |
Fair value of Concord resort land received | 10,574 | |
Accumulated depreciation | $ (928) | |
Depreciation life | 40 years | |
SkylinePhoenix [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,060 | |
Buildings, equipment & improvement, initial cost | 8,140 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,060 | |
Buildings, equipment & improvement, gross amount | 8,140 | |
Fair value of Concord resort land received | 9,200 | |
Accumulated depreciation | $ (1,057) | |
Depreciation life | 40 years | |
Latitude30 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,510 | |
Buildings, equipment & improvement, initial cost | 5,061 | |
Additions (dispositions) (impairments) subsequent to acquisition | 983 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 6,044 | |
Fair value of Concord resort land received | 10,554 | |
Accumulated depreciation | $ (746) | |
Depreciation life | 30 years | |
Latitude39 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,298 | |
Buildings, equipment & improvement, initial cost | 6,321 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,257 | |
Land, gross amount | 4,377 | |
Buildings, equipment & improvement, gross amount | 8,499 | |
Fair value of Concord resort land received | 12,876 | |
Accumulated depreciation | $ (551) | |
Depreciation life | 40 years | |
TopGolfAllen [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,007 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,151 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,158 | |
Fair value of Concord resort land received | 11,158 | |
Accumulated depreciation | $ (1,387) | |
Depreciation life | 29 years | |
TopGolfDallas [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,007 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,771 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,778 | |
Fair value of Concord resort land received | 11,778 | |
Accumulated depreciation | $ (1,378) | |
Depreciation life | 30 years | |
PinstripesOakbrook [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,068 | |
Fair value of Concord resort land received | 8,068 | |
Accumulated depreciation | $ (656) | |
Depreciation life | 40 years | |
PacificHeritageAcademy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 897 | |
Buildings, equipment & improvement, initial cost | 4,488 | |
Additions (dispositions) (impairments) subsequent to acquisition | (55) | |
Land, gross amount | 897 | |
Buildings, equipment & improvement, gross amount | 4,433 | |
Fair value of Concord resort land received | 5,330 | |
Accumulated depreciation | $ (395) | |
Depreciation life | 40 years | |
Valley Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 475 | |
Buildings, equipment & improvement, initial cost | 4,939 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 475 | |
Buildings, equipment & improvement, gross amount | 4,939 | |
Fair value of Concord resort land received | 5,414 | |
Accumulated depreciation | $ (659) | |
Depreciation life | 40 years | |
Look Cinemas Prestonwood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,146 | |
Additions (dispositions) (impairments) subsequent to acquisition | 750 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,896 | |
Fair value of Concord resort land received | 12,896 | |
Accumulated depreciation | $ (815) | |
Depreciation life | 40 years | |
Odyssey Institute [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 914 | |
Buildings, equipment & improvement, initial cost | 9,715 | |
Additions (dispositions) (impairments) subsequent to acquisition | 6,939 | |
Land, gross amount | 914 | |
Buildings, equipment & improvement, gross amount | 16,654 | |
Fair value of Concord resort land received | 17,568 | |
Accumulated depreciation | $ (1,234) | |
Depreciation life | 40 years | |
American Leadership Academy High School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,887 | |
Buildings, equipment & improvement, initial cost | 14,543 | |
Additions (dispositions) (impairments) subsequent to acquisition | 11,117 | |
Land, gross amount | 1,887 | |
Buildings, equipment & improvement, gross amount | 25,660 | |
Fair value of Concord resort land received | 27,547 | |
Accumulated depreciation | $ (1,962) | |
Depreciation life | 40 years | |
Regal Winrock [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,733 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,733 | |
Fair value of Concord resort land received | 13,733 | |
Accumulated depreciation | $ (715) | |
Depreciation life | 40 years | |
Sandhills 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,709 | |
Buildings, equipment & improvement, initial cost | 4,747 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,709 | |
Buildings, equipment & improvement, gross amount | 4,747 | |
Fair value of Concord resort land received | 6,456 | |
Accumulated depreciation | $ (415) | |
Depreciation life | 40 years | |
North East Carolina Prep [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 350 | |
Buildings, equipment & improvement, initial cost | 12,560 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,037 | |
Land, gross amount | 350 | |
Buildings, equipment & improvement, gross amount | 15,597 | |
Fair value of Concord resort land received | 15,947 | |
Accumulated depreciation | $ (1,192) | |
Depreciation life | 40 years | |
TopGolf Houston [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,403 | |
Additions (dispositions) (impairments) subsequent to acquisition | 394 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,797 | |
Fair value of Concord resort land received | 12,797 | |
Accumulated depreciation | $ (992) | |
Depreciation life | 40 years | |
Alamo Draft House Austin [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,608 | |
Buildings, equipment & improvement, initial cost | 6,373 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,608 | |
Buildings, equipment & improvement, gross amount | 6,373 | |
Fair value of Concord resort land received | 8,981 | |
Accumulated depreciation | $ (385) | |
Depreciation life | 40 years | |
Carmike Champaign [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 9,381 | |
Additions (dispositions) (impairments) subsequent to acquisition | 125 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,506 | |
Fair value of Concord resort land received | 9,506 | |
Accumulated depreciation | $ (495) | |
Depreciation life | 40 years | |
Wisp Resort [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,394 | |
Buildings, equipment & improvement, initial cost | 15,910 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,207 | |
Land, gross amount | 9,708 | |
Buildings, equipment & improvement, gross amount | 17,803 | |
Fair value of Concord resort land received | 27,511 | |
Accumulated depreciation | $ (3,323) | |
Depreciation life | 40 years | |
Topgolf The Colony [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,004 | |
Buildings, equipment & improvement, initial cost | 13,665 | |
Additions (dispositions) (impairments) subsequent to acquisition | (240) | |
Land, gross amount | 4,004 | |
Buildings, equipment & improvement, gross amount | 13,425 | |
Fair value of Concord resort land received | 17,429 | |
Accumulated depreciation | $ (671) | |
Depreciation life | 40 years | |
Regal Virginia Gateway [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,846 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,846 | |
Fair value of Concord resort land received | 10,846 | |
Accumulated depreciation | $ (565) | |
Depreciation life | 40 years | |
Chester Community Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 518 | |
Buildings, equipment & improvement, initial cost | 5,900 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 518 | |
Buildings, equipment & improvement, gross amount | 5,900 | |
Fair value of Concord resort land received | 6,418 | |
Accumulated depreciation | $ (411) | |
Depreciation life | 30 years | |
Low Country Leadership Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 806 | |
Buildings, equipment & improvement, initial cost | 5,776 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,805 | |
Land, gross amount | 806 | |
Buildings, equipment & improvement, gross amount | 7,581 | |
Fair value of Concord resort land received | 8,387 | |
Accumulated depreciation | $ (373) | |
Depreciation life | 40 years | |
Children's Learning Adventure Lake Pleasant [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 986 | |
Buildings, equipment & improvement, initial cost | 3,524 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 986 | |
Buildings, equipment & improvement, gross amount | 3,524 | |
Fair value of Concord resort land received | 4,510 | |
Accumulated depreciation | $ (324) | |
Depreciation life | 30 years | |
Camden Community Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 548 | |
Buildings, equipment & improvement, initial cost | 10,569 | |
Additions (dispositions) (impairments) subsequent to acquisition | 6,886 | |
Land, gross amount | 548 | |
Buildings, equipment & improvement, gross amount | 17,455 | |
Fair value of Concord resort land received | 18,003 | |
Accumulated depreciation | $ (947) | |
Depreciation life | 30 years | |
Rittenhouse Excess Land [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,612 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,845) | |
Land, gross amount | 767 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 767 | |
Accumulated depreciation | 0 | |
McKinley Academy Chicago [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 509 | |
Buildings, equipment & improvement, initial cost | 5,895 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,204 | |
Land, gross amount | 509 | |
Buildings, equipment & improvement, gross amount | 10,099 | |
Fair value of Concord resort land received | 10,608 | |
Accumulated depreciation | $ (426) | |
Depreciation life | 40 years | |
Learning Foundation & Performing Arts Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,336 | |
Buildings, equipment & improvement, initial cost | 6,593 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,336 | |
Buildings, equipment & improvement, gross amount | 6,593 | |
Fair value of Concord resort land received | 7,929 | |
Accumulated depreciation | $ (371) | |
Depreciation life | 40 years | |
Bella Mente Academy | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,283 | |
Buildings, equipment & improvement, initial cost | 3,354 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,168 | |
Land, gross amount | 1,283 | |
Buildings, equipment & improvement, gross amount | 4,522 | |
Fair value of Concord resort land received | 5,805 | |
Accumulated depreciation | $ (226) | |
Depreciation life | 40 years | |
Global Village Academy Colorado Springs [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,205 | |
Buildings, equipment & improvement, initial cost | 6,350 | |
Additions (dispositions) (impairments) subsequent to acquisition | (194) | |
Land, gross amount | 1,205 | |
Buildings, equipment & improvement, gross amount | 6,156 | |
Fair value of Concord resort land received | 7,361 | |
Accumulated depreciation | $ (403) | |
Depreciation life | 40 years | |
Skyline Chandler [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,039 | |
Buildings, equipment & improvement, initial cost | 9,590 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,039 | |
Buildings, equipment & improvement, gross amount | 9,590 | |
Fair value of Concord resort land received | 10,629 | |
Accumulated depreciation | $ (762) | |
Depreciation life | 40 years | |
The Ambassador Theatre [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 14,360 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,728 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,728 | |
Fair value of Concord resort land received | 12,728 | |
Accumulated depreciation | $ (716) | |
Depreciation life | 40 years | |
Learning Foundation & Performing Arts Academy [Member] [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 1,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,630 | |
Fair value of Concord resort land received | 1,630 | |
Accumulated depreciation | $ (92) | |
Depreciation life | 40 years | |
Camelback Mountain Resort [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 34,940 | |
Buildings, equipment & improvement, initial cost | 34,629 | |
Additions (dispositions) (impairments) subsequent to acquisition | 913 | |
Land, gross amount | 34,940 | |
Buildings, equipment & improvement, gross amount | 35,542 | |
Fair value of Concord resort land received | 70,482 | |
Accumulated depreciation | $ (5,976) | |
Depreciation life | 40 years | |
Hollywood 16 Theatre [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,287 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,815 | |
Buildings, equipment & improvement, gross amount | 9,472 | |
Fair value of Concord resort land received | 11,287 | |
Accumulated depreciation | $ (533) | |
Depreciation life | 40 years | |
Tampa Veterans 24 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,700 | |
Buildings, equipment & improvement, initial cost | 23,483 | |
Additions (dispositions) (impairments) subsequent to acquisition | 8 | |
Land, gross amount | 1,700 | |
Buildings, equipment & improvement, gross amount | 23,491 | |
Fair value of Concord resort land received | 25,191 | |
Accumulated depreciation | $ (1,747) | |
Depreciation life | 40 years | |
Cantera Stadium 17 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 14,000 | |
Buildings, equipment & improvement, initial cost | 17,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 14,000 | |
Buildings, equipment & improvement, gross amount | 17,318 | |
Fair value of Concord resort land received | 31,318 | |
Accumulated depreciation | $ (1,513) | |
Depreciation life | 40 years | |
Topgolf Alpharetta [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,608 | |
Buildings, equipment & improvement, initial cost | 16,616 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,608 | |
Buildings, equipment & improvement, gross amount | 16,616 | |
Fair value of Concord resort land received | 22,224 | |
Accumulated depreciation | $ (623) | |
Depreciation life | 40 years | |
Children's Learning Adventure Goodyear [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,308 | |
Buildings, equipment & improvement, initial cost | 7,275 | |
Additions (dispositions) (impairments) subsequent to acquisition | 11 | |
Land, gross amount | 1,308 | |
Buildings, equipment & improvement, gross amount | 7,286 | |
Fair value of Concord resort land received | 8,594 | |
Accumulated depreciation | $ (433) | |
Depreciation life | 30 years | |
Topgolf Scottsdale [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,942 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,942 | |
Fair value of Concord resort land received | 16,942 | |
Accumulated depreciation | $ (635) | |
Depreciation life | 40 years | |
American Intl School of Utah [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,173 | |
Buildings, equipment & improvement, initial cost | 10,982 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,890 | |
Land, gross amount | 8,173 | |
Buildings, equipment & improvement, gross amount | 12,872 | |
Fair value of Concord resort land received | 21,045 | |
Accumulated depreciation | $ (387) | |
Depreciation life | 40 years | |
Topgolf Spring [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,928 | |
Buildings, equipment & improvement, initial cost | 14,522 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,928 | |
Buildings, equipment & improvement, gross amount | 14,522 | |
Fair value of Concord resort land received | 19,450 | |
Accumulated depreciation | $ (605) | |
Depreciation life | 40 years | |
Children's Learning Adventure Oklahoma City [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,149 | |
Buildings, equipment & improvement, initial cost | 9,839 | |
Additions (dispositions) (impairments) subsequent to acquisition | 385 | |
Land, gross amount | 1,149 | |
Buildings, equipment & improvement, gross amount | 10,224 | |
Fair value of Concord resort land received | 11,373 | |
Accumulated depreciation | $ (416) | |
Depreciation life | 40 years | |
Alamo Draft House-Mission [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,077 | |
Buildings, equipment & improvement, initial cost | 12,914 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,077 | |
Buildings, equipment & improvement, gross amount | 12,914 | |
Fair value of Concord resort land received | 14,991 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 years | |
Children's Learning Adventure Coppell [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,547 | |
Buildings, equipment & improvement, initial cost | 10,168 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,547 | |
Buildings, equipment & improvement, gross amount | 10,168 | |
Fair value of Concord resort land received | 11,715 | |
Accumulated depreciation | $ (154) | |
Depreciation life | 30 years | |
Children's Learning Adventure Durango [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 944 | |
Buildings, equipment & improvement, initial cost | 9,191 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 944 | |
Buildings, equipment & improvement, gross amount | 9,191 | |
Fair value of Concord resort land received | 10,135 | |
Accumulated depreciation | $ (376) | |
Depreciation life | 30 years | |
Children's Learnings Adventure Las Vegas [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 985 | |
Buildings, equipment & improvement, initial cost | 6,721 | |
Additions (dispositions) (impairments) subsequent to acquisition | 145 | |
Land, gross amount | 985 | |
Buildings, equipment & improvement, gross amount | 6,866 | |
Fair value of Concord resort land received | 7,851 | |
Accumulated depreciation | $ (306) | |
Depreciation life | 30 years | |
Cantera FEC [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 6,469 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,216 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,685 | |
Fair value of Concord resort land received | 8,685 | |
Accumulated depreciation | $ (400) | |
Depreciation life | 40 years | |
Franklin Academy Palm Beach [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,323 | |
Buildings, equipment & improvement, initial cost | 15,824 | |
Additions (dispositions) (impairments) subsequent to acquisition | (108) | |
Land, gross amount | 3,323 | |
Buildings, equipment & improvement, gross amount | 15,716 | |
Fair value of Concord resort land received | 19,039 | |
Accumulated depreciation | $ (525) | |
Depreciation life | 30 years | |
Tiger 13 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,314 | |
Buildings, equipment & improvement, initial cost | 8,951 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,314 | |
Buildings, equipment & improvement, gross amount | 8,951 | |
Fair value of Concord resort land received | 10,265 | |
Accumulated depreciation | $ (336) | |
Depreciation life | 40 years | |
iLEAD Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,109 | |
Buildings, equipment & improvement, initial cost | 6,032 | |
Additions (dispositions) (impairments) subsequent to acquisition | 166 | |
Land, gross amount | 2,109 | |
Buildings, equipment & improvement, gross amount | 6,198 | |
Fair value of Concord resort land received | 8,307 | |
Accumulated depreciation | $ (210) | |
Depreciation life | 30 years | |
North Carolina Leadership Acad [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,362 | |
Buildings, equipment & improvement, initial cost | 8,182 | |
Additions (dispositions) (impairments) subsequent to acquisition | (244) | |
Land, gross amount | 1,362 | |
Buildings, equipment & improvement, gross amount | 7,938 | |
Fair value of Concord resort land received | 9,300 | |
Accumulated depreciation | $ (380) | |
Depreciation life | 40 years | |
Basis Private San Jose [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,966 | |
Buildings, equipment & improvement, initial cost | 25,535 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,966 | |
Buildings, equipment & improvement, gross amount | 25,535 | |
Fair value of Concord resort land received | 35,501 | |
Accumulated depreciation | $ (1,068) | |
Depreciation life | 40 years | |
Basis Private Brooklyn [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 46,440 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 46,440 | |
Fair value of Concord resort land received | 46,440 | |
Accumulated depreciation | $ (520) | |
Depreciation life | 40 years | |
Topgolf San Antonio [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 15,976 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,976 | |
Fair value of Concord resort land received | 15,976 | |
Accumulated depreciation | $ (333) | |
Depreciation life | 40 years | |
Children's Learning Adventure Mesa [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 762 | |
Buildings, equipment & improvement, initial cost | 6,987 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 762 | |
Buildings, equipment & improvement, gross amount | 6,987 | |
Fair value of Concord resort land received | 7,749 | |
Accumulated depreciation | $ (564) | |
Depreciation life | 30 years | |
Global Village Academy Fort Collins [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 618 | |
Buildings, equipment & improvement, initial cost | 5,031 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,134 | |
Land, gross amount | 618 | |
Buildings, equipment & improvement, gross amount | 10,165 | |
Fair value of Concord resort land received | 10,783 | |
Accumulated depreciation | $ (288) | |
Depreciation life | 40 years | |
Topgolf Brandon [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 15,726 | |
Additions (dispositions) (impairments) subsequent to acquisition | (67) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,659 | |
Fair value of Concord resort land received | 15,659 | |
Accumulated depreciation | $ (395) | |
Depreciation life | 40 years | |
Topgolf Gilbert [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,735 | |
Buildings, equipment & improvement, initial cost | 16,130 | |
Additions (dispositions) (impairments) subsequent to acquisition | (267) | |
Land, gross amount | 4,735 | |
Buildings, equipment & improvement, gross amount | 15,863 | |
Fair value of Concord resort land received | 20,598 | |
Accumulated depreciation | $ (397) | |
Depreciation life | 40 years | |
British School of Chicago [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,057 | |
Buildings, equipment & improvement, initial cost | 46,784 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,057 | |
Buildings, equipment & improvement, gross amount | 46,784 | |
Fair value of Concord resort land received | 49,841 | |
Accumulated depreciation | $ (585) | |
Depreciation life | 40 years | |
Wilson Prep Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 424 | |
Buildings, equipment & improvement, initial cost | 5,342 | |
Additions (dispositions) (impairments) subsequent to acquisition | (71) | |
Land, gross amount | 449 | |
Buildings, equipment & improvement, gross amount | 5,246 | |
Fair value of Concord resort land received | 5,695 | |
Accumulated depreciation | $ (175) | |
Depreciation life | 30 years | |
Children's Learning Adventure Gilbert [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,295 | |
Buildings, equipment & improvement, initial cost | 9,192 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,295 | |
Buildings, equipment & improvement, gross amount | 9,192 | |
Fair value of Concord resort land received | 10,487 | |
Accumulated depreciation | $ (264) | |
Depreciation life | 30 years | |
Bedford Theater 7 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 1,472 | |
Land, initial cost | 349 | |
Buildings, equipment & improvement, initial cost | 1,594 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 349 | |
Buildings, equipment & improvement, gross amount | 1,594 | |
Fair value of Concord resort land received | 1,943 | |
Accumulated depreciation | $ (76) | |
Depreciation life | 40 years | |
Seymour Stadium 8 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 2,513 | |
Land, initial cost | 1,028 | |
Buildings, equipment & improvement, initial cost | 2,291 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,028 | |
Buildings, equipment & improvement, gross amount | 2,291 | |
Fair value of Concord resort land received | 3,319 | |
Accumulated depreciation | $ (103) | |
Depreciation life | 40 years | |
Wilder Stadium 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 9,252 | |
Land, initial cost | 983 | |
Buildings, equipment & improvement, initial cost | 11,233 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 983 | |
Buildings, equipment & improvement, gross amount | 11,233 | |
Fair value of Concord resort land received | 12,216 | |
Accumulated depreciation | $ (489) | |
Depreciation life | 40 years | |
Bowling Green Stadium 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,681 | |
Land, initial cost | 1,241 | |
Buildings, equipment & improvement, initial cost | 10,222 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,241 | |
Buildings, equipment & improvement, gross amount | 10,222 | |
Fair value of Concord resort land received | 11,463 | |
Accumulated depreciation | $ (453) | |
Depreciation life | 40 years | |
New Albany Stadium 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 13,077 | |
Land, initial cost | 2,461 | |
Buildings, equipment & improvement, initial cost | 14,807 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,461 | |
Buildings, equipment & improvement, gross amount | 14,807 | |
Fair value of Concord resort land received | 17,268 | |
Accumulated depreciation | $ (644) | |
Depreciation life | 40 years | |
Clarksville Stadium 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 15,550 | |
Land, initial cost | 3,764 | |
Buildings, equipment & improvement, initial cost | 16,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,764 | |
Buildings, equipment & improvement, gross amount | 16,769 | |
Fair value of Concord resort land received | 20,533 | |
Accumulated depreciation | $ (732) | |
Depreciation life | 40 years | |
Lycoming Mall 12 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,761 | |
Land, initial cost | 2,243 | |
Buildings, equipment & improvement, initial cost | 6,684 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,243 | |
Buildings, equipment & improvement, gross amount | 6,684 | |
Fair value of Concord resort land received | 8,927 | |
Accumulated depreciation | $ (306) | |
Depreciation life | 40 years | |
Noblesville Stadium 10 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,315 | |
Land, initial cost | 886 | |
Buildings, equipment & improvement, initial cost | 7,453 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 886 | |
Buildings, equipment & improvement, gross amount | 7,453 | |
Fair value of Concord resort land received | 8,339 | |
Accumulated depreciation | $ (329) | |
Depreciation life | 40 years | |
Moline Stadium 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 9,199 | |
Land, initial cost | 1,963 | |
Buildings, equipment & improvement, initial cost | 10,183 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,963 | |
Buildings, equipment & improvement, gross amount | 10,183 | |
Fair value of Concord resort land received | 12,146 | |
Accumulated depreciation | $ (448) | |
Depreciation life | 40 years | |
O'Fallon Stadium 14 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,351 | |
Land, initial cost | 1,046 | |
Buildings, equipment & improvement, initial cost | 7,342 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,046 | |
Buildings, equipment & improvement, gross amount | 7,342 | |
Fair value of Concord resort land received | 8,388 | |
Accumulated depreciation | $ (321) | |
Depreciation life | 40 years | |
McDonough Stadium 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 14,445 | |
Land, initial cost | 2,235 | |
Buildings, equipment & improvement, initial cost | 16,842 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,235 | |
Buildings, equipment & improvement, gross amount | 16,842 | |
Fair value of Concord resort land received | 19,077 | |
Accumulated depreciation | $ (739) | |
Depreciation life | 40 years | |
International Hotel Ventures, Inc. [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 1,850 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 0 | |
Accumulated depreciation | 0 | |
Impact Charter Elementary [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 190 | |
Buildings, equipment & improvement, initial cost | 6,563 | |
Additions (dispositions) (impairments) subsequent to acquisition | 203 | |
Land, gross amount | 190 | |
Buildings, equipment & improvement, gross amount | 6,766 | |
Fair value of Concord resort land received | 6,956 | |
Accumulated depreciation | $ (180) | |
Depreciation life | 40 years | |
Bradford Preparatory School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,559 | |
Buildings, equipment & improvement, initial cost | 1,477 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,559 | |
Buildings, equipment & improvement, gross amount | 1,477 | |
Fair value of Concord resort land received | 3,036 | |
Accumulated depreciation | $ (48) | |
Depreciation life | 30 years | |
Horizon Science Academy South Chicago [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,544 | |
Buildings, equipment & improvement, initial cost | 6,074 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,121 | |
Land, gross amount | 1,544 | |
Buildings, equipment & improvement, gross amount | 8,195 | |
Fair value of Concord resort land received | 9,739 | |
Accumulated depreciation | $ (225) | |
Depreciation life | 40 years | |
Topgolf Overland Park [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,519 | |
Buildings, equipment & improvement, initial cost | 17,330 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,519 | |
Buildings, equipment & improvement, gross amount | 17,330 | |
Fair value of Concord resort land received | 22,849 | |
Accumulated depreciation | $ (208) | |
Depreciation life | 40 years | |
Topgolf Centennial [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,013 | |
Buildings, equipment & improvement, initial cost | 19,106 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,013 | |
Buildings, equipment & improvement, gross amount | 19,106 | |
Fair value of Concord resort land received | 22,119 | |
Accumulated depreciation | $ (159) | |
Depreciation life | 40 years | |
Topgolf Mid Town Atlanta [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,143 | |
Buildings, equipment & improvement, initial cost | 17,289 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,143 | |
Buildings, equipment & improvement, gross amount | 17,289 | |
Fair value of Concord resort land received | 25,432 | |
Accumulated depreciation | $ (180) | |
Depreciation life | 40 years | |
Topgolf Dulles [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,873 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,873 | |
Fair value of Concord resort land received | 16,873 | |
Accumulated depreciation | $ (141) | |
Depreciation life | 40 years | |
Phoenix Academy High School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,298 | |
Buildings, equipment & improvement, initial cost | 7,322 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,298 | |
Buildings, equipment & improvement, gross amount | 7,322 | |
Fair value of Concord resort land received | 8,620 | |
Accumulated depreciation | $ (87) | |
Depreciation life | 40 years | |
Children's Learning Adventure Cedar Park [Domain] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,520 | |
Buildings, equipment & improvement, initial cost | 10,500 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,520 | |
Buildings, equipment & improvement, gross amount | 10,500 | |
Fair value of Concord resort land received | 12,020 | |
Accumulated depreciation | $ (40) | |
Depreciation life | 30 years | |
Children's Learning Adventure Centennial [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,249 | |
Buildings, equipment & improvement, initial cost | 10,771 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 10,771 | |
Fair value of Concord resort land received | 12,020 | |
Accumulated depreciation | $ (39) | |
Depreciation life | 30 years | |
Topgolf Naperville [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,824 | |
Buildings, equipment & improvement, initial cost | 20,279 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,824 | |
Buildings, equipment & improvement, gross amount | 20,279 | |
Fair value of Concord resort land received | 29,103 | |
Accumulated depreciation | $ (169) | |
Depreciation life | 40 years | |
Champion Fit Kids [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,530 | |
Buildings, equipment & improvement, initial cost | 6,877 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,530 | |
Buildings, equipment & improvement, gross amount | 6,877 | |
Fair value of Concord resort land received | 8,407 | |
Accumulated depreciation | $ (86) | |
Depreciation life | 40 years | |
Topgolf Oklahoma City [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,086 | |
Buildings, equipment & improvement, initial cost | 16,421 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,086 | |
Buildings, equipment & improvement, gross amount | 16,421 | |
Fair value of Concord resort land received | 19,507 | |
Accumulated depreciation | $ (205) | |
Depreciation life | 40 years | |
LowCountry Montessori [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 387 | |
Buildings, equipment & improvement, initial cost | 4,383 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 387 | |
Buildings, equipment & improvement, gross amount | 4,383 | |
Fair value of Concord resort land received | 4,770 | |
Accumulated depreciation | $ (55) | |
Depreciation life | 40 years | |
Topgolf Webster [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,631 | |
Buildings, equipment & improvement, initial cost | 17,732 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,631 | |
Buildings, equipment & improvement, gross amount | 17,732 | |
Fair value of Concord resort land received | 23,363 | |
Accumulated depreciation | $ (74) | |
Depreciation life | 40 years | |
Topgolf Virginia Beach [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,948 | |
Buildings, equipment & improvement, initial cost | 18,715 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,948 | |
Buildings, equipment & improvement, gross amount | 18,715 | |
Fair value of Concord resort land received | 25,663 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 years | |
Marketplace Digital Cinema 20 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,849 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 70 | |
Land, gross amount | 10,919 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 10,919 | |
Accumulated depreciation | 0 | |
Global Village Academies Douglas County [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 2,190 | |
Buildings, equipment & improvement, initial cost | 6,815 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,190 | |
Buildings, equipment & improvement, gross amount | 6,815 | |
Fair value of Concord resort land received | 9,005 | |
Accumulated depreciation | $ (72) | |
Depreciation life | 40 years | |
Global Village International Parker [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 279 | |
Buildings, equipment & improvement, initial cost | 1,017 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 279 | |
Buildings, equipment & improvement, gross amount | 1,017 | |
Fair value of Concord resort land received | 1,296 | |
Accumulated depreciation | $ (21) | |
Depreciation life | 30 years | |
Global Village International Littleton [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 467 | |
Buildings, equipment & improvement, initial cost | 1,248 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 467 | |
Buildings, equipment & improvement, gross amount | 1,248 | |
Fair value of Concord resort land received | 1,715 | |
Accumulated depreciation | $ (24) | |
Depreciation life | 30 years | |
Global Village International Lakewood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 291 | |
Buildings, equipment & improvement, initial cost | 823 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 291 | |
Buildings, equipment & improvement, gross amount | 823 | |
Fair value of Concord resort land received | 1,114 | |
Accumulated depreciation | $ (15) | |
Depreciation life | 30 years | |
Global Village International Castle Rock [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 250 | |
Buildings, equipment & improvement, initial cost | 1,646 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 250 | |
Buildings, equipment & improvement, gross amount | 1,646 | |
Fair value of Concord resort land received | 1,896 | |
Accumulated depreciation | $ (30) | |
Depreciation life | 30 years | |
Global Village International Arvada [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 224 | |
Buildings, equipment & improvement, initial cost | 788 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 224 | |
Buildings, equipment & improvement, gross amount | 788 | |
Fair value of Concord resort land received | 1,012 | |
Accumulated depreciation | $ (16) | |
Depreciation life | 30 years | |
Macon Charter Academy [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 401 | |
Buildings, equipment & improvement, initial cost | 7,883 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 401 | |
Buildings, equipment & improvement, gross amount | 7,883 | |
Fair value of Concord resort land received | 8,284 | |
Accumulated depreciation | $ (92) | |
Depreciation life | 40 years | |
Du Bois School of Arts and Technology [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,535 | |
Buildings, equipment & improvement, initial cost | 4,089 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,535 | |
Buildings, equipment & improvement, gross amount | 4,089 | |
Fair value of Concord resort land received | 5,624 | |
Accumulated depreciation | $ (95) | |
Depreciation life | 30 years | |
Strawbridge Virginia Beach [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,544 | |
Buildings, equipment & improvement, initial cost | 6,478 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,544 | |
Buildings, equipment & improvement, gross amount | 6,478 | |
Fair value of Concord resort land received | 9,022 | |
Accumulated depreciation | $ (135) | |
Depreciation life | 40 years | |
Carmike Yulee [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,036 | |
Buildings, equipment & improvement, initial cost | 6,934 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,036 | |
Buildings, equipment & improvement, gross amount | 6,934 | |
Fair value of Concord resort land received | 7,970 | |
Accumulated depreciation | $ (144) | |
Depreciation life | 40 years | |
Wintergreen Resort [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,739 | |
Buildings, equipment & improvement, initial cost | 16,126 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,739 | |
Buildings, equipment & improvement, gross amount | 16,126 | |
Fair value of Concord resort land received | 21,865 | |
Accumulated depreciation | $ (795) | |
Depreciation life | 40 years | |
Pineapple Cove [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 782 | |
Buildings, equipment & improvement, initial cost | 6,212 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 782 | |
Buildings, equipment & improvement, gross amount | 6,212 | |
Fair value of Concord resort land received | 6,994 | |
Accumulated depreciation | $ (56) | |
Depreciation life | 40 years | |
Global Village International Lafayette [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 293 | |
Buildings, equipment & improvement, initial cost | 663 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 293 | |
Buildings, equipment & improvement, gross amount | 663 | |
Fair value of Concord resort land received | 956 | |
Accumulated depreciation | $ (6) | |
Depreciation life | 30 years | |
Punch Bowl Social Schaumburg [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 598 | |
Buildings, equipment & improvement, initial cost | 5,372 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 598 | |
Buildings, equipment & improvement, gross amount | 5,372 | |
Fair value of Concord resort land received | 5,970 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 30 years | |
Regency 24 Jacksonville [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,080 | |
Buildings, equipment & improvement, initial cost | 22,064 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,080 | |
Buildings, equipment & improvement, gross amount | 22,064 | |
Fair value of Concord resort land received | 27,144 | |
Accumulated depreciation | $ (504) | |
Depreciation life | 25 years | |
Camelback Lodge [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 120,354 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 120,354 | |
Fair value of Concord resort land received | 120,354 | |
Accumulated depreciation | $ (1,255) | |
Depreciation life | 40 years | |
Phoenix Academy II [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,180 | |
Buildings, equipment & improvement, initial cost | 9,393 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,180 | |
Buildings, equipment & improvement, gross amount | 9,393 | |
Fair value of Concord resort land received | 10,573 | |
Accumulated depreciation | $ (156) | |
Depreciation life | 30 years | |
Regal Crystal Lake 16 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,980 | |
Buildings, equipment & improvement, initial cost | 13,521 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,980 | |
Buildings, equipment & improvement, gross amount | 13,521 | |
Fair value of Concord resort land received | 16,501 | |
Accumulated depreciation | $ (270) | |
Depreciation life | 25 years | |
Bridgeton Charter [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 153 | |
Buildings, equipment & improvement, initial cost | 2,392 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 153 | |
Buildings, equipment & improvement, gross amount | 2,392 | |
Fair value of Concord resort land received | 2,545 | |
Accumulated depreciation | $ (13) | |
Depreciation life | 40 years | |
Carrington Academy Kelly Mill [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 956 | |
Buildings, equipment & improvement, initial cost | 1,850 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 956 | |
Buildings, equipment & improvement, gross amount | 1,850 | |
Fair value of Concord resort land received | 2,806 | |
Accumulated depreciation | $ (15) | |
Depreciation life | 30 years | |
Carrington Academy Majors Rd [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,262 | |
Buildings, equipment & improvement, initial cost | 2,038 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,262 | |
Buildings, equipment & improvement, gross amount | 2,038 | |
Fair value of Concord resort land received | 3,300 | |
Accumulated depreciation | $ (17) | |
Depreciation life | 30 years | |
Alamo Draft House Laredo [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,353 | |
Buildings, equipment & improvement, initial cost | 7,886 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,353 | |
Buildings, equipment & improvement, gross amount | 7,886 | |
Fair value of Concord resort land received | 9,239 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 years | |
Development property [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 378,920 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 378,920 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 378,920 | |
Accumulated depreciation | 0 | |
Land held for development [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 23,610 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 23,610 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 23,610 | |
Accumulated depreciation | 0 | |
Unsecured revolving credit facility [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 196,000 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 0 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 1,525,000 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 0 | |
Accumulated depreciation | $ 0 |
Schedule III - Real Estate an89
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 3,304,993 |
Acquistion and development of rental properties during the year | 691,379 |
Disposition of rental properties during the year | (34,340) |
Balance at close of year | 3,962,032 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 465,660 |
Depreciation during the year | 78,135 |
Disposition of rental properties during the year | (9,492) |
Balance at close of year | $ 534,303 |