Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 27, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 64,105,840 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,172,059,171 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Rental properties, net of accumulated depreciation of $635,535 and $534,303 at December 31, 2016 and 2015, respectively | $ 3,595,762 | $ 3,025,199 |
Land held for development | 22,530 | 23,610 |
Property under development | 297,110 | 378,920 |
Mortgage notes and related accrued interest receivable, net | 613,978 | 423,780 |
Investment in a direct financing lease, net | 102,698 | 190,880 |
Investment in joint ventures | 5,972 | 6,168 |
Cash and cash equivalents | 19,335 | 4,283 |
Restricted cash | 9,744 | 10,578 |
Accounts receivable, net | 98,939 | 59,101 |
Other assets | 98,954 | 94,751 |
Total assets | 4,865,022 | 4,217,270 |
Liabilities: | ||
Accounts payable and accrued liabilities | 119,758 | 92,178 |
Common dividends payable | 20,367 | 18,401 |
Preferred dividends payable | 5,951 | 5,951 |
Unearned rents and interest | 47,420 | 44,952 |
Debt | 2,485,625 | 1,981,920 |
Total liabilities | 2,679,121 | 2,143,402 |
Equity: | ||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 66,263,487 and 63,195,182 shares issued at December 31, 2016 and 2015, respectively | 663 | 632 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 2,677,046 | 2,508,445 |
Treasury shares at cost: 2,616,406 and 2,371,198 common shares at December 31, 2016 and 2015, respectively | (113,172) | (97,328) |
Accumulated other comprehensive income | 7,734 | 5,622 |
Distributions in excess of net income | (386,509) | (343,642) |
Equity | 2,185,901 | 2,073,868 |
Total liabilities and equity | 4,865,022 | 4,217,270 |
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, 2016 | Dec. 31, 2015 |
Real Estate Investment Property, Accumulated Depreciation | $ 635,535,000 | $ 534,303,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | |
Common Stock, Shares, Issued | 66,263,487 | 63,195,182 |
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 | 2,616,406 | 2,371,198 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 5,399,050 | 5,400,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,976,250 | $ 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 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 5,000,000 | 5,000,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 125,000,000 | $ 125,000,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands | Aug. 01, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement [Abstract] | ||||||||||||
Rental revenue | $ 399,589,000 | $ 330,886,000 | $ 286,673,000 | |||||||||
Tenant reimbursements | 15,595,000 | 16,320,000 | 17,663,000 | |||||||||
Other income | 9,039,000 | 3,629,000 | 1,009,000 | |||||||||
Mortgage and other financing income | 69,019,000 | 70,182,000 | 79,706,000 | |||||||||
Total revenue | $ 130,831,000 | $ 125,610,000 | $ 118,033,000 | $ 118,768,000 | $ 111,988,000 | $ 108,335,000 | $ 101,258,000 | $ 99,436,000 | 493,242,000 | 421,017,000 | 385,051,000 | |
Property operating expense | 22,602,000 | 23,433,000 | 24,897,000 | |||||||||
Other expense | 5,000 | 648,000 | 771,000 | |||||||||
General and administrative expense | 37,543,000 | 31,021,000 | 27,566,000 | |||||||||
Retirement severance expense | 0 | 18,578,000 | 0 | |||||||||
Costs associated with loan refinancing or payoff | 905,000 | 270,000 | 301,000 | |||||||||
Interest expense, net | 97,144,000 | 79,915,000 | 81,270,000 | |||||||||
Transaction costs | 7,869,000 | 7,518,000 | 2,452,000 | |||||||||
Provision for loan losses | 0 | 0 | 3,777,000 | |||||||||
Depreciation and amortization | 107,573,000 | 89,617,000 | 66,739,000 | |||||||||
Income before equity in income from joint ventures and other items | 219,601,000 | 170,017,000 | 177,278,000 | |||||||||
Equity in income from joint ventures | 619,000 | 969,000 | 1,273,000 | |||||||||
Gain on sale of real estate | $ 0 | 5,315,000 | 23,829,000 | 1,209,000 | ||||||||
Gain on sale of investment in a direct financing lease | 0 | 0 | 220,000 | |||||||||
Income before income taxes | 225,535,000 | 194,815,000 | 179,980,000 | |||||||||
Income tax expense | (553,000) | (482,000) | (4,228,000) | |||||||||
Income from continuing operations | 224,982,000 | 194,333,000 | 175,752,000 | |||||||||
Discontinued operations: | ||||||||||||
Income from discontinued operations | 0 | 199,000 | 505,000 | |||||||||
Transaction costs | 0 | 0 | 3,376,000 | |||||||||
Net income attributable to EPR Properties | $ 52,190,000 | $ 51,575,000 | $ 49,183,000 | $ 48,228,000 | $ 46,799,000 | $ 44,244,000 | $ 42,814,000 | $ 36,869,000 | 224,982,000 | 194,532,000 | 179,633,000 | |
Preferred dividend requirements | (23,806,000) | (23,806,000) | (23,807,000) | |||||||||
Net income available to common shareholders of EPR Properties | $ 201,176,000 | $ 170,726,000 | $ 155,826,000 | |||||||||
Basic earnings per share data: | ||||||||||||
Income from continuing operations | $ 3.17 | $ 2.93 | $ 2.80 | |||||||||
Income from discontinued operations | 0 | 0.01 | 0.07 | |||||||||
Net income available to common shareholders | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | 3.17 | 2.94 | 2.87 | |
Diluted earnings per share data: | ||||||||||||
Income from continuing operations | 3.17 | 2.92 | 2.79 | |||||||||
Income from discontinued operations | 0 | 0.01 | 0.07 | |||||||||
Net income available to common shareholders | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 3.17 | $ 2.93 | $ 2.86 | |
Shares used for computation (in thousands): | ||||||||||||
Basic | 63,381 | 58,138 | 54,244 | |||||||||
Diluted | 63,474 | 58,328 | 54,444 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to EPR Properties | $ 224,982 | $ 194,532 | $ 179,633 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 5,142 | (33,710) | (18,464) |
Change in unrealized gain (loss) on derivatives | (3,030) | 26,766 | 13,837 |
Comprehensive income attributable to EPR Properties | $ 227,094 | $ 187,588 | $ 175,006 |
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, 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 attributable to EPR Properties | 179,633 | 179,633 | 0 | |||||
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 attributable to EPR Properties | 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) | ||||||
Noncontrolling Interest, Decrease from Deconsolidation | (377) | 377 | ||||||
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] | ||||||||
Restricted share units issued to Trustees (in shares) | 15,805 | |||||||
Restricted share units issued to Trustees | 0 | 0 | ||||||
Issuance of nonvested shares, net | 300,752 | |||||||
Issuance of nonvested shares, net | 4,475 | $ 3 | 4,472 | 0 | ||||
Treasury Stock, Retired, Cost Method, Amount | (4,211) | (4,211) | ||||||
Amortization of nonvested shares | (10,255) | (10,255) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 909 | 909 | ||||||
Foreign currency translation adjustment | 5,142 | 5,142 | ||||||
Change in unrealized gain/loss on derivatives | (3,030) | (3,030) | ||||||
Net income attributable to EPR Properties | 224,982 | 224,982 | ||||||
Issuances of common shares (in shares) | 2,521,071 | |||||||
Issuances of common shares, net of costs | $ 142,848 | $ 26 | 142,822 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 358 | |||||||
Stock Redeemed or Called During Period, Shares | (950) | |||||||
Stock option exercises, net (in shares) | 230,319 | 230,319 | ||||||
Stock option exercises, net | $ (1,488) | $ 2 | 10,143 | 11,633 | ||||
Dividends to common and preferred shareholders | (267,849) | (267,849) | ||||||
Balance (in shares) at Dec. 31, 2016 | 66,263,487 | 13,849,050 | ||||||
Balance at Dec. 31, 2016 | $ 2,185,901 | $ 663 | $ 139 | $ 2,677,046 | $ (113,172) | $ 7,734 | $ (386,509) | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income attributable to EPR Properties | $ 224,982,000 | $ 194,532,000 | $ 179,633,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on sale of real estate | (5,315,000) | (23,829,000) | (1,209,000) |
Gain on insurance recovery | (4,684,000) | 0 | 0 |
Deferred income tax benefit (expense) | (1,065,000) | (1,136,000) | 1,796,000 |
Provision for loan losses | 0 | 0 | 3,777,000 |
Non-cash fee income | (1,588,000) | 0 | 0 |
Income from discontinued operations | 0 | (199,000) | (3,881,000) |
Gain on sale of investment in a direct financing lease | 0 | 0 | (220,000) |
Costs associated with loan refinancing or payoff | 905,000 | 270,000 | 301,000 |
Equity in income from joint ventures | (619,000) | (969,000) | (1,273,000) |
Distributions from joint ventures | 816,000 | 540,000 | 810,000 |
Depreciation and amortization | 107,573,000 | 89,617,000 | 66,739,000 |
Amortization of deferred financing costs | 4,787,000 | 4,588,000 | 4,248,000 |
Amortization of above/below market leases and tenant improvements | 183,000 | 192,000 | 192,000 |
Share-based compensation expense to management and trustees | 11,164,000 | 8,508,000 | 8,902,000 |
Share-based compensation expense included in retirement severance expense | 0 | 6,377,000 | 0 |
(Increase) decrease in restricted cash | (1,619,000) | 2,017,000 | (8,000) |
Decrease (increase) in mortgage notes accrued interest receivable | 572,000 | (4,133,000) | (3,997,000) |
Increase in accounts receivable, net | (37,627,000) | (11,623,000) | (5,214,000) |
Increase in direct financing lease receivable | (3,255,000) | (3,559,000) | (2,993,000) |
(Increase) decrease in other assets | (3,320,000) | 343,000 | (3,360,000) |
Increase in accounts payable and accrued liabilities | 17,025,000 | 5,711,000 | 4,586,000 |
(Decrease) increase in unearned rents and interest | (2,713,000) | 10,705,000 | 1,323,000 |
Net operating cash provided by continuing operations | 306,202,000 | 277,952,000 | 250,152,000 |
Net operating cash provided by discontinued operations | 0 | 508,000 | 143,000 |
Net cash provided (used) by operating activities | 306,202,000 | 278,460,000 | 250,295,000 |
Investing activities: | |||
Acquisition of rental properties and other assets | (219,169,000) | (179,820,000) | (85,205,000) |
Proceeds from Sale of Real Estate | 23,860,000 | 46,718,000 | 12,055,000 |
Proceeds from settlement of derivative | 0 | 0 | 5,725,000 |
Investment in mortgage notes receivable | (192,539,000) | (72,698,000) | (93,877,000) |
Proceeds from mortgage note receivable paydown | 72,072,000 | 40,956,000 | 76,256,000 |
Investment in promissory notes receivable | 1,546,000 | 0 | 4,387,000 |
Proceeds from promissory note receivable paydown | 0 | 0 | 1,750,000 |
Proceeds from sale of infrastructure related to issuance of revenue bonds | 43,462,000 | 0 | 0 |
Proceeds from insurance recovery | 4,610,000 | 0 | 0 |
Proceeds from Sale of Lease Receivables | 20,951,000 | 4,741,000 | 46,092,000 |
Additions to properties under development | (413,848,000) | (408,436,000) | (334,635,000) |
Net cash used by investing activities | (662,147,000) | (568,539,000) | (376,226,000) |
Financing activities: | |||
Proceeds from long-term debt facilities | 1,380,000,000 | 856,914,000 | 379,000,000 |
Principal payments on long-term debt | (865,266,000) | (503,314,000) | (310,253,000) |
Deferred financing fees paid | (14,385,000) | (7,047,000) | (814,000) |
Costs associated with loan refinancing or payoff (cash portion) | (482,000) | 0 | (25,000) |
Net proceeds from issuance of common shares | 142,628,000 | 190,158,000 | 264,158,000 |
Impact of stock option exercises, net | (1,488,000) | (3,394,000) | 50,000 |
Purchase of common shares for treasury | (4,211,000) | (8,222,000) | (2,892,000) |
Dividends paid to shareholders | (265,662,000) | (233,073,000) | (207,637,000) |
Net cash provided by financing activities | 371,134,000 | 292,022,000 | 121,587,000 |
Effect of exchange rate changes on cash | (137,000) | (996,000) | (278,000) |
Net increase (decrease) in cash and cash equivalents | 15,052,000 | 947,000 | (4,622,000) |
Cash and cash equivalents at beginning of the year | 4,283,000 | 3,336,000 | 7,958,000 |
Cash and cash equivalents at end of the year | 19,335,000 | 4,283,000 | 3,336,000 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 454,922,000 | 392,786,000 | 236,428,000 |
Transfer of land held for development to property under development | 0 | 167,600,000 | 0 |
Acquisition of real estate in exchange for assumption of debt at fair value | 0 | 0 | 101,441,000 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 19,626,000 | 14,285,000 | 15,525,000 |
Conversion of mortgage note receivable to rental property | 0 | 120,051,000 | 0 |
Adjustment of noncontrolling interest to additional paid in capital | 0 | 377,000 | 0 |
Sale of investment in a direct financing lease, net in exchange for mortgage note receivable | 70,304,000 | 0 | 0 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 96,410,000 | 90,850,000 | 85,290,000 |
Cash paid during the year for income taxes | 1,684,000 | 1,956,000 | 710,000 |
Interest cost capitalized | 10,697,000 | 18,546,000 | 7,525,000 |
Increase in accrued capital expenditures | $ 6,035,000 | $ 417,000 | $ 7,053,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 | |
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. The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). 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 typically 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 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 $7.9 million , $7.5 million and $2.5 million for the years ended December 31, 2016, 2015 and 2014 , respectively. For rental property acquisitions (asset acquisitions or business combinations) 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. Most of the Company’s rental property acquisitions do not involve in-place leases. 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. 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): 2016 2015 In-place leases, net of accumulated amortization of $13.4 million and $11.6 million, respectively $ 13,716 $ 7,273 Above market lease, net of accumulated amortization of $0.6 million and $0.4 million, respectively 479 670 Below market lease, net of accumulated amortization of $12 thousand (109 ) — Goodwill 693 693 Total intangible assets, net $ 14,779 $ 8,636 In-place leases, net at December 31, 2016 and 2015 of approximately $13.7 million and $7.3 million , respectively, relate to 24 theatre properties and two early education centers. 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, 2016, 2015 and 2014 . The weighted average life for these in-place leases at December 31, 2016 is 11.2 years. Above market lease, net at December 31, 2016 and 2015 relates to one theatre property. 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, 2016, 2015 and 2014 . The life for the above market lease at December 31, 2016 is 2.5 years. Below market lease, net at December 31, 2016 relates to one theatre property. Amortization expense related to below market lease is computed using the straight-line method and was $12 thousand for the year ended December 31, 2016 . The life for the below market lease at December 31, 2016 is 4.7 years. Goodwill at December 31, 2016 and 2015 relates solely to the acquisition of New Roc that was acquired on October 27, 2003. Future amortization of in-place leases, net, above market lease, net, and below market lease, net at December 31, 2016 is as follows (in thousands): In place leases Above market lease Below market lease Year: 2017 $ 1,667 $ 192 $ (23 ) 2018 1,655 192 (23 ) 2019 1,416 95 (23 ) 2020 1,177 — (23 ) 2021 1,100 — (17 ) Thereafter 6,701 — — Total $ 13,716 $ 479 $ (109 ) 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. Deferred financing costs of $29.3 million and $18.3 million as of December 31, 2016 and 2015 , respectively are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility are included in other assets. 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 19 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 $4.7 million , $3.0 million and $2.0 million for the years ended December 31, 2016, 2015 and 2014 , respectively. Mortgage and other financing income included participating interest income of $0.8 million , $1.5 million and $2.2 million for the years ended December 31, 2016, 2015 and 2014 , respectively. For the years ended December 31, 2016 and 2014, mortgage and other financing income also included $3.6 million and $5.0 million in prepayment fees, respectively, related to mortgage notes that were paid either fully or partially in advance of their maturity dates. There was no prepayment fee included in mortgage and other financing income for the year ended December 31, 2015. 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 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 where collection is not probable. 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. The allowance for doubtful accounts was $0.9 million and $3.2 million at December 31, 2016 and 2015 , 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. 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. There were no impaired loans at December 31, 2016 and 2015. 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 qualifies 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. At December 31, 2016, the net Canadian deferred tax assets totaled $12.0 million and the temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation, capital improvements 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 taxing 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, 2016, the amount of this future liability was approximately $161 thousand and represented withholding taxes on 2016 and 2015 earnings. Additionally, the Company paid $82 thousand in withholding taxes during the year ended December 31, 2016 that related to 2014 and 2015 earnings repatriated during 2016. 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, 2016 and 2015 , respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $17.0 million and $14.7 million and deferred tax liabilities totaling approximately $4.7 million and $3.8 million . Prior to January 1, 2016, a full valuation allowance had been recorded on the net taxable REIT subsidiaries deferred tax assets as it was not more-likely-than not that the TRS operations would generate sufficient taxable income to utilize deferred tax assets in the future. For the year ended December 31, 2016, the Company reassessed the need for a valuation allowance and reversed its valuation allowance associated with the net TRS deferred tax assets. The Company’s consolidated deferred tax position is summarized as follows: 2016 2015 Fixed assets $ 16,022 $ 13,791 Net operating losses 578 2,249 Other 381 412 Less Valuation allowance — (1,779 ) Total deferred tax assets $ 16,981 $ 14,673 Capital improvements (1,716 ) (224 ) Straight line receivable $ (2,177 ) $ (2,731 ) Other (830 ) (848 ) Total deferred tax liabilities $ (4,723 ) $ (3,803 ) Net deferred tax asset $ 12,258 $ 10,870 Additionally, during the years ended December 31, 2016 and 2015 , the Company recognized current income and withholding tax expense of $1.7 million and $1.6 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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Current TRS income tax $ (36 ) $ — $ — Current state income tax expense (414 ) (899 ) (579 ) Current foreign income tax (77 ) 431 (493 ) Current foreign withholding tax (1,130 ) (1,107 ) (1,040 ) Deferred TRS income tax 273 — — Deferred foreign withholding tax 39 (43 ) (320 ) Deferred income tax benefit (expense) 792 1,136 (1,796 ) Income tax expense $ (553 ) $ (482 ) $ (4,228 ) The Company's effective tax rate for both the years ended December 31, 2016 and 2015 was 0.2% . The differences between the income tax expense calculated at the statutory U.S. federal income tax rates of 35% and the actual income tax 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, 2016, 2015 and 2014 . 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 2013 through 2016 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2012 through 2016 for Canadian income tax purposes. The Company’s policy is to recognize interest and penalties as general and administrative expense. The Company did not recognize any interest and penalties in 2016. 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, 2016 or December 31, 2015. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2016 and December 31, 2015 . Concentrations of Risk On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). Including the effects of this acquisition, AMC was the lessee of a substantial portion ( 36% ) of the megaplex theatre rental properties held by the Company at December 31, 2016 . For the year ended December 31, 2016, approximately $90.0 million or 18.2% of the Company's total revenues were derived from rental payments by AMC and approximately $21.7 million or 4.4% of the Company's total revenues were derived from rental payments by Carmike. For the years ended December 31, 2015 and 2014, approximately $86.1 million or 20% and $87.4 million or 23% , respectively, of the Company's total revenues were derived from rental payments by AMC. These rental payments are 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. 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. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaces the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share based compensation expense consists of share option expense and amortization of nonvested share grants issued to employees, 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 $11.2 million , $8.5 million and $8.9 million for the years ended December 31, 2016, 2015 and 2014 , 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 statements of income was $0.9 million , $1.1 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014 , 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 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 $9.2 million , $6.3 million and $6.5 million for the years ended December 31, 2016, 2015 and 2014 , 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 The Company issues restricted share units to non-employee Trustees for payment of their annual retainers under the Company's Trustee compensation program. 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 is 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 $1.1 million , $1.0 million and $1.1 million for the years ended December 31, 2016, 2015 and 2014 , respectively. Foreign Currency Translation The Company accounts for the operations of its Canadian properties in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars using the spot rates at the respective balance sheet dates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. 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 |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2016 and 2015 (in thousands): 2016 2015 Buildings and improvements $ 3,272,865 $ 2,837,611 Furniture, fixtures & equipment 40,684 34,423 Land 917,748 687,468 4,231,297 3,559,502 Accumulated depreciation (635,535 ) (534,303 ) Total $ 3,595,762 $ 3,025,199 Depreciation expense on rental properties was $103.9 million , $85.9 million and $63.0 million for the years ended December 31, 2016, 2015 and 2014 , 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. During the year ended December 31, 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 three land parcels for net proceeds of $4.0 million and recognized a net gain of $0.1 million . The results of operations of these properties have not been classified within discontinued operations. On June 27, 2016, the Company completed the acquisition of six theatre properties from Carmike for a net purchase price of $94.1 million . The theatres are located in five states. Five of the theatre properties are leased on a triple net basis under a master lease agreement to Carmike 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 15 years. The theatre located in Pennslyvania is leased under a separate triple net lease with the remaining initial lease term of approximately five years. During the year ended December 31, 2016 , pursuant to tenant purchase options, the Company completed the sale of two public charter schools located in Colorado for net proceeds totaling $16.6 million and recognized gains on sale totaling $2.8 million . In addition, during the year ended December 31, 2016 , the Company completed the sale of three retail parcels located in Texas for total net proceeds of $5.3 million and recognized gains on sale totaling $2.5 million . The Company also completed the sale of a land parcel at Adelaar for net proceeds of $1.5 million and no gain or loss was recognized. The results of operations of these properties have not been classified within discontinued operations. During the year ended December 31, 2016, the Company recognized a gain on insurance recovery of $4.5 million . This gain is included in other income in the accompanying consolidated statements of income. The gain on insurance recovery related to insurance proceeds received for damage from a fire at one of the Company's ski areas located in Ohio. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2016 and 2015 (in thousands): 2016 2015 Receivable from tenants $ 7,564 $ 9,999 Receivable from non-tenants 497 353 Receivable from insurance proceeds 1,967 — Receivable from Sullivan County Infrastructure Revenue Bonds 22,164 — Straight-line rent receivable 67,618 52,336 Allowance for doubtful accounts (871 ) (3,587 ) Total $ 98,939 $ 59,101 Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 (1) Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016 — 19,944 (2) Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016 — 22,188 (3) Mortgage note, 5.50%, paid in full October 11, 2016 — 2,500 (4) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2017 1,454 1,454 (5) Mortgage note and related accrued interest receivable, 9.00%, due July 31, 2017 1,375 1,257 (6) Mortgage note and related accrued interest receivable, 7.00%, due October 19, 2018 1,637 — (7) Mortgage notes, 7.00% and 10.00%, due May 1, 2019 164,743 164,543 (8) Mortgage note, 7.00%, due December 20, 2021 70,304 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,635 — (10) Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 36,032 36,032 (11) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,327 5,469 (12) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 30,849 30,680 (13) Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 3,508 3,488 (14) Mortgage note, 11.31%, due July 1, 2033 12,530 12,781 (15) Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034 7,230 4,900 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,473 12,392 (17) Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034 51,250 51,450 (18) Mortgage notes, 10.28%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.72%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.00%, due January 5, 2036 21,000 — (21) Mortgage note, 10.25%, due May 31, 2036 17,505 9,147 (22) Mortgage note and related accrued interest receivable, 9.75%, due July 28, 2036 18,219 3,443 (23) Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036 6,083 — (24) Mortgage note, 9.75%, due December 31, 2036 4,712 — (25) Mortgage notes, 7.25%, due November 30, 2041 100,000 — Total mortgage notes and related accrued interest receivable $ 613,978 $ 423,780 (1) The Company's first mortgage loan agreement with Basis Schools, Inc. that was secured by a public charter school and the underlying land located in Washington D.C. was paid on January 5, 2016. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million , included in mortgage and other financing income. (2) The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC that was secured by the North Carolina Music Factory located in Charlotte, North Carolina was amended and restated during the year ended December 31, 2016. In conjunction with the amendment, the Company funded an additional $21.8 million . On April 22, 2016, the note was paid in full. In conjunction with this payoff, the Company wrote off $335 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. (3) The Company's mortgage loan agreement with Alko Ranch, LLC that was secured by approximately 159 acres of land and a winery facility was paid in full on October 11, 2016. (4) 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. (5) 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. (6) The Company's first mortgage loan agreement with Miramesa Star LLC, is secured by a theatre development project on approximately seven acres of land located in Cypress, Texas. The note requires monthly interest payments and matures the earlier of the date of substantial completion or October 19, 2018. (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, 2016, 2015 and 2014 , the Company recognized $0.8 million , $1.5 million and $1.4 million of participating interest income, respectively. SVVI 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 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 . (8) The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 11 charter school properties located in Georgia, Indiana, Ohio, South Carolina, and Pennsylvania. This note requires monthly principal and interest payments of $608 thousand and additional principal pay downs if certain events occur including property sales. See Note 6 for further discussion. (9) The Company's first mortgage loan agreement with Genesis Health Clubs of Omaha, Sports West LLC, is secured by a health club facility located in Omaha, Nebraska. This note requires monthly interest payments. (10) 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. On December 22, 2016, the Company entered into an amendment to the loan agreement with the borrower which eliminated the full prepayment option with penalty in 2017 per the original agreement and replaced it with partial prepayment options in 2017 and 2027 with penalty. The amended note bears interest at 9.25% beginning July 1, 2017. (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% . At December 31, 2016, the rate was 8.71% . 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 ski area located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. 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 ski areas located in Ohio and Pennsylvania with a total of approximately 510 acres. 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 ski area located in Chesterland, Ohio with approximately 135 acres. 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 Peak is secured by a ski area located in Hunter, New York with approximately 240 acres. 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. (21) The Company's first mortgage loan agreement with Topgolf USA Midvale, LLC is secured by a golf entertainment complex located in Midvale, Utah. On November 1, 2016, this note was amended and restated to change the maturity date to May 31, 2036. The note requires monthly interest payments. (22) 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. (23) The Company's first mortgage loan agreement with Friends of Millville Public Charter School is secured by a public charter school property located in Millville, New Jersey. The note requires monthly interest payments. (24) The Company's first mortgage loan agreement with Friends of Vineland Public Charter School is secured by a public charter school property located in Vineland, New Jersey. The note requires monthly interest payments upon completion of construction. (25) The Company's first mortgage loan agreements with Endeavor Schools are secured by 20 education facilities including both early education and private school properties located California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. The notes bear interest beginning at 7.25% with increases every three years by a multiple of 1.0625 and require monthly interest payments. The notes contain prepayment provisions which allow the borrower to prepay with a premium based on a multiple of the remaining loan balance. In addition, the notes contain a loan to lease conversion option in which the borrower has the right to put the underlying real estate assets to the Company and become the tenant under a lease structure. Interest income on the notes is being recognized using the effective interest method without the fixed interest rate increases due to these prepayment and conversion options. Subsequent to December 31, 2016, the Company funded an additional $42.9 million for first mortgage loan agreements secured by eight early education and private school properties located in Minnesota and Ohio. These loan agreements have the same terms as the notes funded in 2016. Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 5,084 2018 2,546 2019 163,874 2020 1,143 2021 71,569 Thereafter 369,762 Total $ 613,978 |
Investment in Mortgage Notes
Investment in Mortgage Notes | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Net [Abstract] | |
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2016 and 2015 (in thousands): 2016 2015 Receivable from tenants $ 7,564 $ 9,999 Receivable from non-tenants 497 353 Receivable from insurance proceeds 1,967 — Receivable from Sullivan County Infrastructure Revenue Bonds 22,164 — Straight-line rent receivable 67,618 52,336 Allowance for doubtful accounts (871 ) (3,587 ) Total $ 98,939 $ 59,101 Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 (1) Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016 — 19,944 (2) Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016 — 22,188 (3) Mortgage note, 5.50%, paid in full October 11, 2016 — 2,500 (4) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2017 1,454 1,454 (5) Mortgage note and related accrued interest receivable, 9.00%, due July 31, 2017 1,375 1,257 (6) Mortgage note and related accrued interest receivable, 7.00%, due October 19, 2018 1,637 — (7) Mortgage notes, 7.00% and 10.00%, due May 1, 2019 164,743 164,543 (8) Mortgage note, 7.00%, due December 20, 2021 70,304 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,635 — (10) Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 36,032 36,032 (11) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,327 5,469 (12) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 30,849 30,680 (13) Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 3,508 3,488 (14) Mortgage note, 11.31%, due July 1, 2033 12,530 12,781 (15) Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034 7,230 4,900 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,473 12,392 (17) Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034 51,250 51,450 (18) Mortgage notes, 10.28%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.72%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.00%, due January 5, 2036 21,000 — (21) Mortgage note, 10.25%, due May 31, 2036 17,505 9,147 (22) Mortgage note and related accrued interest receivable, 9.75%, due July 28, 2036 18,219 3,443 (23) Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036 6,083 — (24) Mortgage note, 9.75%, due December 31, 2036 4,712 — (25) Mortgage notes, 7.25%, due November 30, 2041 100,000 — Total mortgage notes and related accrued interest receivable $ 613,978 $ 423,780 (1) The Company's first mortgage loan agreement with Basis Schools, Inc. that was secured by a public charter school and the underlying land located in Washington D.C. was paid on January 5, 2016. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million , included in mortgage and other financing income. (2) The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC that was secured by the North Carolina Music Factory located in Charlotte, North Carolina was amended and restated during the year ended December 31, 2016. In conjunction with the amendment, the Company funded an additional $21.8 million . On April 22, 2016, the note was paid in full. In conjunction with this payoff, the Company wrote off $335 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. (3) The Company's mortgage loan agreement with Alko Ranch, LLC that was secured by approximately 159 acres of land and a winery facility was paid in full on October 11, 2016. (4) 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. (5) 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. (6) The Company's first mortgage loan agreement with Miramesa Star LLC, is secured by a theatre development project on approximately seven acres of land located in Cypress, Texas. The note requires monthly interest payments and matures the earlier of the date of substantial completion or October 19, 2018. (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, 2016, 2015 and 2014 , the Company recognized $0.8 million , $1.5 million and $1.4 million of participating interest income, respectively. SVVI 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 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 . (8) The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 11 charter school properties located in Georgia, Indiana, Ohio, South Carolina, and Pennsylvania. This note requires monthly principal and interest payments of $608 thousand and additional principal pay downs if certain events occur including property sales. See Note 6 for further discussion. (9) The Company's first mortgage loan agreement with Genesis Health Clubs of Omaha, Sports West LLC, is secured by a health club facility located in Omaha, Nebraska. This note requires monthly interest payments. (10) 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. On December 22, 2016, the Company entered into an amendment to the loan agreement with the borrower which eliminated the full prepayment option with penalty in 2017 per the original agreement and replaced it with partial prepayment options in 2017 and 2027 with penalty. The amended note bears interest at 9.25% beginning July 1, 2017. (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% . At December 31, 2016, the rate was 8.71% . 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 ski area located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. 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 ski areas located in Ohio and Pennsylvania with a total of approximately 510 acres. 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 ski area located in Chesterland, Ohio with approximately 135 acres. 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 Peak is secured by a ski area located in Hunter, New York with approximately 240 acres. 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. (21) The Company's first mortgage loan agreement with Topgolf USA Midvale, LLC is secured by a golf entertainment complex located in Midvale, Utah. On November 1, 2016, this note was amended and restated to change the maturity date to May 31, 2036. The note requires monthly interest payments. (22) 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. (23) The Company's first mortgage loan agreement with Friends of Millville Public Charter School is secured by a public charter school property located in Millville, New Jersey. The note requires monthly interest payments. (24) The Company's first mortgage loan agreement with Friends of Vineland Public Charter School is secured by a public charter school property located in Vineland, New Jersey. The note requires monthly interest payments upon completion of construction. (25) The Company's first mortgage loan agreements with Endeavor Schools are secured by 20 education facilities including both early education and private school properties located California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. The notes bear interest beginning at 7.25% with increases every three years by a multiple of 1.0625 and require monthly interest payments. The notes contain prepayment provisions which allow the borrower to prepay with a premium based on a multiple of the remaining loan balance. In addition, the notes contain a loan to lease conversion option in which the borrower has the right to put the underlying real estate assets to the Company and become the tenant under a lease structure. Interest income on the notes is being recognized using the effective interest method without the fixed interest rate increases due to these prepayment and conversion options. Subsequent to December 31, 2016, the Company funded an additional $42.9 million for first mortgage loan agreements secured by eight early education and private school properties located in Minnesota and Ohio. These loan agreements have the same terms as the notes funded in 2016. Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 5,084 2018 2,546 2019 163,874 2020 1,143 2021 71,569 Thereafter 369,762 Total $ 613,978 |
Investments In Direct Financing
Investments In Direct Financing Leases | 12 Months Ended |
Dec. 31, 2016 | |
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 12 public charter school properties as of December 31, 2016 and 21 public charter school properties as of December 31, 2015 , with 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, 2016 and 2015 (in thousands): 2016 2015 Total minimum lease payments receivable $ 215,753 $ 439,646 Estimated unguaranteed residual value of leased assets 85,247 162,669 Less deferred income (1) (198,302 ) (411,435 ) Investment in a direct financing lease, net $ 102,698 $ 190,880 (1) Deferred income is net of $1.3 million and $1.4 million of initial direct costs at December 31, 2016 and 2015 , respectively. Additionally, the Company has determined that no allowance for losses on the investment in a direct financing lease was necessary at December 31, 2016 and 2015 . During 2014, the Company completed the sale of four public charter school properties located in Florida and previously leased to Imagine with a carrying value of $45.9 million . A gain of $0.2 million was recognized on this sale. During 2015, the Company completed the sale of one public charter school property located in Pennsylvania and previously leased to Imagine with a carrying value of $4.7 million . There was no gain or loss recognized on this sale. Additionally, during 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. During 2016, the Company completed the sale of nine public charter school properties previously leased to Imagine as part of a master lease. Seven of these schools were sold to Imagine and two were sold to third parties. These properties are located in Georgia, Indiana, Ohio, Missouri and South Carolina and had a total net carrying value of $91.3 million when sold. The Company received net cash proceeds totaling $21.0 million (a portion of which was funded through the liquidation of the letter of credit and escrow reserve previously provided by Imagine pursuant to the master lease) and a mortgage note receivable from Imagine for $70.3 million . The note is secured by 11 public charter schools as of December 31, 2016. See Note 5 for more detail on this mortgage note receivable. There were no gains or losses recognized on these sales. As of December 31, 2016, 12 schools operated by Imagine remain subject to the master lease. The Company’s direct financing lease has expiration dates ranging from approximately 15 to 18 years. Future minimum rentals receivable on this direct financing lease at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 10,856 2018 11,182 2019 11,518 2020 11,863 2021 12,219 Thereafter 158,115 Total $ 215,753 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 (1) Mortgage note payable, 7.37%, paid in full on February 18, 2016 $ — $ 4,813 (2) Note payable, 2.50%, paid in full on April 21, 2016 — 1,850 (3) Mortgage notes payable, 6.37%, paid in full on May 2, 2016 — 24,754 (4) Mortgage notes payable, 6.02%, paid in full on August 8, 2016 — 16,738 (5) Mortgage notes payable, 6.10%, paid in full on September 1, 2016 — 22,235 (6) Mortgage note payable, 6.06%, due March 1, 2017 8,615 9,381 (7) Mortgage note payable, 6.07%, due April 6, 2017 9,331 9,667 (8) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 30,486 31,603 (9) Mortgage notes payable, 4.00%, due July 6, 2017 88,629 93,616 (10) Mortgage note payable, 5.29%, due July 8, 2017 3,298 3,455 (11) Mortgage notes payable, 5.86% due August 1, 2017 22,139 22,931 (12) Mortgage note payable, 6.19%, due February 1, 2018 12,452 13,171 (13) Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019 — 196,000 (14) Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% through April 5, 2019, due April 24, 2020 350,000 350,000 (15) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (16) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (17) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (18) Senior unsecured notes payable, 4.35%, due August 22, 2024 148,000 — (19) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 300,000 (20) Senior unsecured notes payable, 4.56%, due August 22, 2026 192,000 — (21) Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000 — (22) Bonds payable, variable rate, due October 1, 2037 24,995 24,995 Less: deferred financing costs, net (29,320 ) (18,289 ) Total $ 2,485,625 $ 1,981,920 (1) The Company’s mortgage note payable was prepaid in full on February 18, 2016 prior to its maturity date of July 15, 2018. The note was secured by one theatre property. In connection with this note payoff, the Company paid $472 thousand in additional costs included in costs associated with loan refinancing or payoff. (2) The Company’s note payable was paid in full on April 21, 2016. (3) The Company’s mortgage notes payable were paid in full on May 2, 2016 prior to their maturity date of June 1, 2016. This notes were secured by two theatre properties. (4) The Company’s mortgage notes payable were paid in full on August 8, 2016 prior to their maturity date of October 6, 2016. The notes were secured by three theatre properties. (5) The Company’s mortgage notes payable were paid in full on September 1, 2016 prior to their maturity date of October 1, 2016. The notes were secured by four theatre properties. (6) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.2 million at December 31, 2016 . 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 $8.6 million . On February 1, 2017, this loan was prepaid in full. (7) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016 . 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 . On January 6, 2017, this loan was prepaid in full. (8) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $32.4 million at December 31, 2016 . 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% . (9) 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 acquisition date market rate of 4.00% . The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $118.2 million at December 31, 2016 . 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 . (10) 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 acquisition date market rate of 5.29% . The note is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016 . 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 . (11) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $24.8 million at December 31, 2016 . 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 . (12) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.9 million at December 31, 2016 . 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 . (13) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25% , which was 2.02% on December 31, 2016 . 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) increased the initial amount from $535.0 million to $650.0 million , (ii) extended 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) lowered 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, 2016 , the Company had no outstanding balance under the facility and total availability under the revolving credit facility was $650.0 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 . The facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (14) The Company's unsecured term loan payable bears interest at LIBOR plus 1.40% , which was 2.17% on December 31, 2016 . 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) increased the initial amount from $285.0 million to $350.0 million , (ii) extended the maturity date from July 23, 2018 to April 24, 2020 and (iii) lowered 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 . (15) 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. (16) 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. (17) 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. (18) On August 22, 2016, the Company issued $148.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.35% and are due August 22, 2024. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. (19) 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. (20) On August 22, 2016, the Company issued $192.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.56% and are due August 22, 2026. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. (21) On December 14, 2016, the Company issued $450.0 million in aggregate principal amount of senior notes due on December 14, 2026 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.75% . Interest is payable on June 15 and December 15 of each year beginning on June 15, 2017, until the stated maturity date of December 15, 2026. The notes were issued at 98.429% 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. (22) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $21.8 million at December 31, 2016 , and bear interest at a variable rate which resets on a weekly basis and was 0.76% at December 31, 2016 . 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, 2016 . Principal payments due on long-term debt obligations subsequent to December 31, 2016 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2017 $ 163,266 2018 11,684 2019 — 2020 600,000 2021 — Thereafter 1,739,995 Less: deferred financing costs, net (29,320 ) Total $ 2,485,625 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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Interest on loans $ 101,181 $ 92,140 $ 82,839 Amortization of deferred financing costs 4,787 4,588 4,248 Credit facility and letter of credit fees 1,873 1,759 1,735 Interest cost capitalized (10,697 ) (18,547 ) (7,525 ) Interest income — (25 ) (27 ) Interest expense, net $ 97,144 $ 79,915 $ 81,270 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , the Company had invested approximately $8.0 million in one real estate project which is a VIE. This entity does not have any other significant assets or liabilities at December 31, 2016 and was established to facilitate the development of a theatre project. Unconsolidated VIE At December 31, 2016 , the Company’s recorded investment in SVVI, a VIE that is unconsolidated, was $164.7 million . The Company’s maximum exposure to loss associated with SVVI is limited to the Company’s outstanding mortgage note of $164.7 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, 2016 | |
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 $2.5 million and $5.7 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $35.9 million and $42.2 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2016 and 2015 , respectively. Had the Company elected to offset derivatives in the consolidated balance sheets, the Company would have had derivative assets of approximately $35.9 million and derivative assets of $42.2 million that would have been offset against the respective derivative liabilities of $2.5 million and liabilities of $5.7 million , resulting in a net derivative asset of $33.4 million and $36.5 million (with no derivative liability) at December 31, 2016 and 2015 , respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2016 and 2015 . See Note 10 for disclosures relating to the fair value of the derivative instruments as of December 31, 2016 and 2015 . 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. As of December 31, 2016 , the Company had three interest rate swap agreements to fix the interest rate on $240.0 million of the unsecured term loan facility at 3.78% from January 5, 2016 to July 5, 2017. Additionally as of December 31, 2016 , the Company had 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 ended December 31, 2016, 2015 and 2014 , 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 ended December 31, 2016, 2015 and 2014 . 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, 2016 , the Company estimates that during the twelve months ending December 31, 2017, $2.8 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 Canadian Dollar (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, 2016 , 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, 2016, 2015 and 2014 . As of December 31, 2016 , the Company estimates that during the twelve months ending December 31, 2017, $2.8 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 properties 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. 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, 2016, 2015 and 2014 . 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, 2016, 2015 and 2014 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2016, 2015 and 2014 (Dollars in thousands) Year Ended December 31, Description 2016 2015 2014 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (2,044 ) $ (2,581 ) $ (2,458 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (5,235 ) (2,004 ) (1,833 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) (754 ) 5,380 3,560 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 2,663 2,396 698 Currency Forward Agreements Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) (2,804 ) 24,359 11,600 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — — Total Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) $ (5,602 ) $ 27,158 $ 12,702 Amount of (Expense) Gain Reclassified from AOCI into Earnings (Effective Portion) (2,572 ) 392 (1,135 ) (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, 2016 , the fair value of the Company’s derivatives in a liability position related to these agreements was $2.5 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, after considering the right of offset, of $448 thousand . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The Company has certain financial instruments that are required to be measured under the FASB’s Fair Value Measurement 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 Measurement 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, 2016 , 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, 2016 and 2015 , 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, 2016 and 2015 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2016: Cross Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) 2015: Cross Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) *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, 2016 and 2015 . Fair Value of 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, 2016 and 2015 : 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, 2016 , the Company had a carrying value of $614.0 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.77% . The fixed rate mortgage notes bear interest at rates of 7.00% to 11.31% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.00% to 12.00% , management estimates the fair value of the fixed rate mortgage notes receivable to be $648.5 million with an estimated weighted average market rate of 8.48% at December 31, 2016 . 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 approximately $415.7 million with an estimated weighted average market rate of 10.05% at December 31, 2015 . Investment in a direct financing lease, net: The fair value of the Company’s investment in a direct financing lease as of December 31, 2016 and 2015 is estimated by discounting the future cash flows of the instrument using current market rates. At December 31, 2016 and 2015 , the Company had an investment in a direct financing lease with a carrying value of $102.7 million and $190.9 million , respectively, and weighted average effective interest rate of 12.00% . At December 31, 2016 and 2015, the investment in direct financing lease bears interest at effective interest rates of 11.79% to 12.38% and 11.74% to 12.38% , respectively. The carrying value of the investment in a direct financing lease approximates the fair market value at December 31, 2016 and 2015 . 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, 2016 and 2015 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2016 , the Company had a carrying value of $375.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 3.23% . The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2016 . 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 . As described in Note 9, at December 31, 2016 and 2015 , $300.0 million 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, 2016 , the Company had a carrying value of $2.14 billion in fixed rate debt outstanding with an average weighted interest rate of approximately 5.27% . Discounting the future cash flows for fixed rate debt using December 31, 2016 market rates of 2.97% to 4.75% , management estimates the fair value of the fixed rate debt to be approximately $2.21 billion with an estimated weighted average market rate of 4.26% at December 31, 2016 . 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 December 31, 2015 market 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 . |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2016 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares Common Shares The Board of Trustees declared cash dividends totaling $3.84 and $3.63 per common share for the years ended December 31, 2016 and 2015 , respectively. Of the total distributions calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per common share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions Per Share 2016 2015 Taxable ordinary income $ 3.1659 $ 3.0674 Return of capital 0.2489 0.5451 Long-term capital gain (1) 0.4077 — Totals $ 3.8225 $ 3.6125 (1) Of the long-term capital gain at December 31, 2016, $0.1060 is unrecaptured section 1250 gain. During the year ended December 31, 2015 , the Company issued an aggregate of 3,530,058 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for total net proceeds of $190.3 million . During the year ended December 31, 2016 , the Company issued an aggregate of 258,263 common shares under its DSPP for net proceeds of $16.9 million . Subsequent to December 31, 2016, the Company issued an aggregate of 548,288 common shares under its DSPP for net proceeds of $40.8 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, 2016 , the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3785 common shares per Series C preferred share, which is equivalent to a conversion price of $66.05 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, 2016 and 2015 , respectively. For the year ended December 31, 2016, there were non-cash distributions associated with conversion adjustments of $0.4394 per Series C preferred share. The conversion adjustment provision entitles the shareholders of the Series C preferred shares, upon certain quarterly common share dividend thresholds being met, to receive additional common shares of the Company upon a conversion of the preferred shares into common shares. The increase in common shares to be received upon a conversion is a deemed distribution for federal income tax purposes. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series C preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.2735 $ 1.4375 Return of capital — — Long-term capital gain (1) 0.1640 — Totals $ 1.4375 $ 1.4375 (1) Of the long-term capital gain at December 31, 2016, $0.0426 is unrecaptured section 1250 gain. Non-cash Distributions per Share 2016 2015 Taxable ordinary income $ 0.2850 $ — Return of capital 0.1177 — Long-term capital gain (2) 0.0367 — Totals $ 0.4394 $ — (2) Of the long-term capital gain at December 31, 2016, $0.0095 is unrecaptured section 1250 gain. Series E Convertible Preferred Shares The 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, 2016 , the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4569 common shares per Series E preferred share, which is equivalent to a conversion price of $54.72 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, 2016 and 2015 . For the year ended December 31, 2016, there were non-cash distributions associated with conversion adjustments of $0.2139 per Series E preferred share. The conversion adjustment provision entitles the shareholders of the Series E preferred shares, upon certain quarterly common share dividend thresholds being met, to receive additional common shares of the Company upon a conversion of the preferred shares into common shares. The increase in common shares to be received upon a conversion is a deemed distribution for federal income tax purposes. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series E preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.9933 $ 2.2500 Return of capital — — Long-term capital gain (1) 0.2567 — Totals $ 2.2500 $ 2.2500 (1) Of the long-term capital gain at December 31, 2016, $0.0668 is unrecaptured section 1250 gain. Non-cash Distributions per Share 2016 2015 Taxable ordinary income $ 0.0883 $ — Return of capital 0.1142 — Long-term capital gain (2) 0.0114 — Totals $ 0.2139 $ — (2) Of the long-term capital gain at December 31, 2016, $0.0030 is unrecaptured section 1250 gain. 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, 2016 and 2015 . For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series F preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.4673 $ 1.6563 Return of capital — — Long-term capital gain (1) 0.1889 — Totals $ 1.6562 $ 1.6563 (1) Of the long-term capital gain at December 31, 2016, $0.04914 is unrecaptured section 1250 gain. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 (amounts in thousands except per share information): Year Ended December 31, 2016 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 224,982 Less: preferred dividend requirements (23,806 ) Net income available to common shareholders $ 201,176 63,381 $ 3.17 Diluted EPS: Net income available to common shareholders $ 201,176 63,381 Effect of dilutive securities: Share options — 93 Net income available to common shareholders $ 201,176 63,474 $ 3.17 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 and redemption costs (23,807 ) Income from continuing operations available to common shareholders $ 151,945 54,244 $ 2.80 Loss 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 Loss 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 The additional 2.0 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, 2016, 2015 and 2014 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, 2016, 2015 and 2014 . However, options to purchase 72 thousand , 236 thousand and 338 thousand shares of common shares at per share prices of $61.79 , ranging from $51.64 to $65.50 and ranging from $46.86 to $65.50 , were outstanding at the end of 2016, 2015 and 2014, 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, 2016 | |
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, 2016 | |
Share-based Compensation [Abstract] | |
Equity Incentive Plans | Equity Incentive Plan All grants of common shares and options to purchase common shares were issued under the Company's 2007 Equity Incentive Plan prior to May 12, 2016 and under the 2016 Equity Incentive Plan on and after May 12, 2016. Under the 2016 Equity Incentive Plan, an aggregate of 1,950,000 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, 2016 , there were 1,950,000 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan and the 2016 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, 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 Exercised (230,319 ) 19.41 — 65.50 44.05 Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 The weighted average fair value of options granted was $16.35 and $13.87 during 2015 and 2014, respectively. There were no options granted during 2016. The intrinsic value of stock options exercised was $5.2 million , $7.3 million , and $0.4 million during the years ended December 31, 2016, 2015 and 2014 , respectively. Additionally, the Company repurchased 173,191 shares into treasury shares in conjunction with the stock options exercised during the year ended December 31, 2016 with a total value of $11.6 million . The expense related to share options included in the determination of net income for the years ended December 31, 2016, 2015 and 2014 was $0.9 million , $2.5 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statement of income), and $1.4 million , 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% and 2.2% in 2015 and 2014, respectively, dividend yield of 5.9% and 6.4% in 2015 and 2014, respectively, volatility factors in the expected market price of the Company’s common shares of 48.0% and 50.3% in 2015 and 2014, respectively, 0.78% and 0.28% expected forfeiture rates for 2015 and 2014, and an expected life of approximately six years for 2015 and 2014. 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, 2016 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2017 $ 692 2018 287 2019 — 2020 — Total $ 979 The following table summarizes outstanding options at December 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 3.0 40.00 - 49.99 96,122 4.7 50.00 - 59.99 84,934 6.6 60.00 - 61.79 92,405 7.6 285,986 6.1 $ 51.93 $ 5,673 The following table summarizes exercisable options at December 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 3.0 40.00 - 49.99 81,842 4.5 50.00 - 59.99 32,793 6.1 60.00 - 61.79 26,420 6.3 153,580 5.0 $ 48.17 $ 3,625 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, 2015 390,441 $ 54.84 Granted 300,752 61.53 Vested (156,876 ) 52.74 Outstanding at December 31, 2016 534,317 $ 59.22 1.01 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 $9.2 million , $17.1 million (including $6.7 million in retirement severance expense in the accompanying consolidated statement of income), and $7.3 million for the years ended December 31, 2016, 2015 and 2014 , respectively. At December 31, 2016 , unamortized share-based compensation expense related to nonvested shares was $16.2 million and will be recognized in future periods as follows (in thousands): Amount Year: 2017 $ 7,602 2018 5,806 2019 2,814 Total $ 16,222 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, 2015 18,036 $ 57.57 Granted 15,805 70.93 Vested (18,036 ) 57.57 Outstanding at December 31, 2016 15,805 $ 70.93 0.36 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, 2016 , unamortized share-based compensation expense related to restricted share units was $374 thousand which will be recognized in 2017. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
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 33 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 398,938 2018 382,923 2019 360,745 2020 340,521 2021 326,276 Thereafter 2,989,155 Total $ 4,798,558 The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $681 thousand , $556 thousand and $521 thousand for the years ended December 31, 2016, 2015 and 2014 , 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, 2016 are as follows (in thousands): Amount Year: 2017 $ 856 2018 856 2019 856 2020 856 2021 884 Thereafter 4,592 Total $ 8,900 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2016: Total revenue $ 118,768 $ 118,033 $ 125,610 $ 130,831 Net income attributable to EPR Properties 54,180 55,135 57,526 58,141 Net income available to common shareholders of EPR Properties 48,228 49,183 51,575 52,190 Basic net income per common share 0.77 0.77 0.81 0.82 Diluted net income per common share 0.77 0.77 0.81 0.82 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 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
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. There were no discontinued operations for the year ended December 31, 2016. The operating results relating to discontinued operations are as follows (in thousands): Year ended December 31, 2015 2014 Rental revenue $ — $ 3 Tenant reimbursements 68 — Other income 172 — Total revenue 240 3 Property operating expense (income) 12 (484 ) Other expense (income) — (18 ) Transaction costs (benefit) — (3,376 ) Income before income taxes 228 3,881 Income tax expense 29 — Net income $ 199 $ 3,881 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2016 , the Company had an aggregate of approximately $313.7 million of commitments to fund development projects including 20 entertainment development projects for which it has commitments to fund approximately $82.3 million , 20 education development projects for which it has commitments to fund approximately $126.1 million , and seven recreation development projects for which it has commitments to fund approximately $105.3 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, 2016, the Company had a commitment to fund approximately $155.0 million over the next three years, of which $1.7 million has been funded, 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. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds, which is expected to fund a substantial portion of such construction costs. The Company received an initial reimbursement of $43.4 million of construction costs and expects to receive an additional $44.9 million of reimbursements over the balance of the construction period. As future costs are incurred, they will be classified in accounts receivable until reimbursement is received. Construction of infrastructure improvements is expected to be completed in 2018. 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, 2016 , the Company had four mortgage notes receivable with commitments totaling approximately $14.2 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 $24.9 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 $10.6 million as a deferred asset included in other assets and $10.6 million included in other liabilities in the accompanying consolidated balance sheet as of December 31, 2016 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. In connection with construction of its development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations are satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of December 31, 2016 . the Company had six surety bonds outstanding totaling $24.3 million . During the year ended December 31, 2016, the Company posted two letters of credit totaling $5.0 million in connection with a performance guarantee to complete certain site improvements at two theatres. The letters of credit expire on June 1, 2018. Prior proposed casino and resort developers Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC, which are affiliates of Louis Cappelli and from whom the Company acquired the Adelaar resort property (the Cappelli Group), commenced litigation against the Company beginning in 2011 regarding matters relating to the acquisition of that property and the Company's relationship with the Empire Resorts, Inc. and certain of its subsidiaries. This litigation involves three separate cases filed in state and federal court. Two of the cases, a state and the federal case, are closed and resulted in no liability by the Company. The remaining case was filed on October 20, 2011 by the Cappelli Group against the Company and two of its affiliates in the Supreme Court of the State of New York, County of Westchester (the Westchester Action), asserting a claim for breach of contract and the implied covenant of good faith, and seeking damages of at least $800 million , based on allegations that the Company had breached an agreement (the Casino Development Agreement), dated June 18, 2010. The Company moved to dismiss the complaint in the Westchester Action based on a decision issued by the Sullivan County Supreme Court ( one of the two closed cases discussed above) on June 30, 2014, as affirmed by the Appellate Division, Third Department (the Sullivan Action). On January 26, 2016, the Westchester County 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 Sullivan Action. On February 18, 2016, the Cappelli Group filed an amended complaint asserting a single cause of action for breach of the covenant of good faith and fair dealing based upon allegations the Company had interfered with plaintiffs’ ability to obtain financing which complied with the Casino Development Agreement. On March 23, 2016, the Company filed a motion to dismiss the Cappelli Group’s revised amended complaint. On January 5, 2017, the Westchester County Supreme Court denied the Company’s second motion to dismiss. Discovery is ongoing. The Company has not determined that losses related to the remaining Westchester Action are probable. In light of 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. On November 2, 2016, the Company and Ski Resort Holdings LLC (SRH), an entity owned by funds affiliated with Och-Ziff Real Estate, entered into a Purchase and Sale Agreement with CNL Lifestyle Properties, Inc. (CNL), CLP Partners, LP, CNL's operating partnership, and certain CNL subsidiaries. The agreement provides for the Company's acquisition of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at approximately $456.0 million . Additionally, the Company has agreed to provide approximately $244.0 million of five -year secured debt financing to SRH for the purchase of 14 CNL ski properties valued at approximately $374.0 million . This debt financing will be secured by mortgages on all of the assets being acquired by SRH. The Company's aggregate investment in this transaction is projected to be valued at approximately $700.0 million and is expected to be funded with approximately $647.0 million of the Company's common shares and $53.0 million of cash before pro-rations, transaction costs and closing adjustments, a portion of which is expected to be included in the secured debt financing to SRH. The Company expects to borrow an estimated $62.0 million (the estimated $53.0 million cash purchase price plus an estimated $9.0 million in transaction costs) under its unsecured revolving credit facility at closing. Additionally, the Company has also agreed to fund 65% of pre-approved, future property improvements with such advances capped at $52.0 million . All SRH financing will bear interest at 8.5% . The Company's common share consideration is subject to a two-way collar between $68.25 and $82.63 per share. If the Company's volume weighted average share price over the ten trading days ending on the second trading day prior to close (the Average EPR Share Price) increases between the signing of the agreement and the closing, CNL will receive fewer shares until the Average EPR Share Price reaches $82.63 , at which point the number of shares will be fixed at approximately 7.8 million . Conversely, if the Company's share price decreases between signing and closing, CNL will receive more shares until the Average EPR Share Price reaches $68.25 , at which point the number of shares will be fixed at approximately 9.5 million . Post-transaction, CNL will own between approximately 11% and 13% of the Company's pro forma common shares outstanding before distributing the shares to the CNL stockholders (based upon the Company's issued and outstanding common shares as of December 31, 2016). The CNL transaction is subject to customary closing conditions, including the approval of the transaction by stockholders holding a majority of the outstanding shares of common stock of CNL and various third party consents and governmental permits. It is anticipated that this transaction will close in the second quarter of 2017; however, there can be no assurances as to the actual closing or the timing of the closing. In addition, the Company and SRH, on a joint and several basis, will be required to pay a reverse termination fee of $60.0 million plus reimbursement of expenses incurred after June 10, 2016 (up to $10.0 million ) to CNL if the Purchase and Sale Agreement is terminated because the Company and SRH fail to close the transaction as required under the agreement after the conditions to the obligations to close have been satisfied or waived. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,168,669 $ 1,308,288 $ 1,120,498 $ 202,394 $ 65,173 $ 4,865,022 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 Operating Data: For the Year Ended December 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 250,659 $ 77,768 $ 62,527 $ 8,635 $ — $ 399,589 Tenant reimbursements 15,588 7 — — — 15,595 Other income 249 1,648 4,482 — 2,660 9,039 Mortgage and other financing income 6,187 32,539 30,190 103 — 69,019 Total revenue 272,683 111,962 97,199 8,738 2,660 493,242 Property operating expense 21,303 — 8 662 629 22,602 Other expense — — — 5 — 5 Total investment expenses 21,303 — 8 667 629 22,607 Net operating income - before unallocated items 251,380 111,962 97,191 8,071 2,031 470,635 Reconciliation to Consolidated Statements of Income: General and administrative expense (37,543 ) Costs associated with loan refinancing or payoff (905 ) Interest expense, net (97,144 ) Transaction costs (7,869 ) Depreciation and amortization (107,573 ) Equity in income from joint ventures 619 Gain on sale of real estate 5,315 Income tax expense (553 ) Net income attributable to EPR Properties 224,982 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 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 of real estate 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 of real estate 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 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
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 credit facilities and existing senior unsecured notes. 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, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014 (in thousands): Condensed Consolidating Balance Sheet As of December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,164,622 $ 431,140 $ — $ 3,595,762 Land held for development — 1,258 21,272 — 22,530 Property under development 1,010 247,239 48,861 — 297,110 Mortgage notes and related accrued interest receivable, net — 612,141 1,837 — 613,978 Investment in a direct financing lease, net — 102,698 — — 102,698 Investment in joint ventures — — 5,972 — 5,972 Cash and cash equivalents 16,586 1,157 1,592 — 19,335 Restricted cash 365 8,352 1,027 — 9,744 Accounts receivable, net 556 89,145 9,238 — 98,939 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,521,095 — — (4,521,095 ) — Other assets 21,768 23,068 54,118 — 98,954 Total assets $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 63,431 $ 52,061 $ 4,266 $ — $ 119,758 Dividends payable 26,318 — — — 26,318 Unearned rents and interest — 46,647 773 — 47,420 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,285,730 — 199,895 — 2,485,625 Total liabilities 2,375,479 98,708 384,523 (179,589 ) 2,679,121 Equity 2,185,901 4,330,561 190,534 (4,521,095 ) 2,185,901 Total liabilities and equity $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 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 $ — $ 2,590,158 $ 435,041 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 324,360 54,560 — 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 1,289 1,905 — 4,283 Restricted cash 475 9,059 1,044 — 10,578 Accounts receivable, net 285 49,237 9,579 — 59,101 Intercompany notes receivable — 177,526 — (177,526 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 23,053 10,589 61,109 — 94,751 Total assets $ 3,850,799 $ 3,755,291 $ 614,603 $ (4,003,423 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 39,228 $ 3,279 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 44,012 940 — 44,952 Intercompany notes payable — — 177,526 (177,526 ) — Debt 1,702,908 63,682 215,330 — 1,981,920 Total liabilities 1,776,931 146,922 397,075 (177,526 ) 2,143,402 Equity $ 2,073,868 $ 3,608,369 $ 217,528 $ (3,825,897 ) $ 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,755,291 $ 614,603 $ (4,003,423 ) $ 4,217,270 Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 345,945 $ 53,644 $ — $ 399,589 Tenant reimbursements — 5,455 10,140 — 15,595 Other income — 6,168 2,871 — 9,039 Mortgage and other financing income 942 64,231 3,846 — 69,019 Intercompany fee income 2,684 — — (2,684 ) — Interest income on intercompany notes receivable — 9,700 — (9,700 ) — Total revenue 3,626 431,499 70,501 (12,384 ) 493,242 Equity in subsidiaries’ earnings 328,328 — — (328,328 ) — Property operating expense — 10,905 11,697 — 22,602 Intercompany fee expense — — 2,684 (2,684 ) — Other expense — — 5 — 5 General and administrative expense — 32,250 5,293 — 37,543 Costs associated with loan refinancing or payoff — 353 552 — 905 Interest expense, net 96,239 (8,189 ) 9,094 — 97,144 Interest expense on intercompany notes payable — — 9,700 (9,700 ) — Transaction costs 7,766 — 103 — 7,869 Depreciation and amortization 1,504 92,310 13,759 — 107,573 Income before equity in income from joint ventures and other items 226,445 303,870 17,614 (328,328 ) 219,601 Equity in income from joint ventures — — 619 — 619 Gain on sale of real estate — 5,315 — — 5,315 Income before income taxes 226,445 309,185 18,233 (328,328 ) 225,535 Income tax benefit (expense) (1,463 ) — 910 — (553 ) Net income attributable to EPR Properties 224,982 309,185 19,143 (328,328 ) 224,982 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 $ 309,185 $ 19,143 $ (328,328 ) $ 201,176 Comprehensive income attributable to EPR Properties $ 227,094 $ 309,185 $ 18,063 $ (327,248 ) $ 227,094 Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 275,105 $ 55,781 $ — $ 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 9,787 — (9,898 ) — Total revenue 3,676 352,038 77,918 (12,615 ) 421,017 Equity in subsidiaries’ earnings 298,657 — — (298,657 ) — Property operating expense — 11,280 12,153 — 23,433 Intercompany fee expense — — 2,717 (2,717 ) — Other expense — — 648 — 648 General and administrative expense — 25,315 5,706 — 31,021 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 27 — — 270 Interest expense, net 78,217 (8,115 ) 9,813 — 79,915 Interest expense on intercompany notes payable — — 9,898 (9,898 ) — Transaction costs 7,182 — 336 — 7,518 Depreciation and amortization 1,629 74,430 13,558 — 89,617 Income before equity in income from joint ventures and other items 196,484 249,101 23,089 (298,657 ) 170,017 Equity in income from joint ventures — — 969 — 969 Gain on sale of real estate — 23,653 176 — 23,829 Income before income taxes 196,484 272,754 24,234 (298,657 ) 194,815 Income tax benefit (expense) (1,952 ) — 1,470 — (482 ) Income from continuing operations 194,532 272,754 25,704 (298,657 ) 194,333 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 194,532 272,953 25,704 (298,657 ) 194,532 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 $ 272,953 $ 25,704 $ (298,657 ) $ 170,726 Comprehensive income attributable to EPR Properties $ 187,588 $ 272,730 $ 19,559 $ (292,289 ) $ 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 $ — $ 228,847 $ 57,826 $ — $ 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 — — 23,509 (23,509 ) — Total revenue 3,889 305,486 102,309 (26,633 ) 385,051 Equity in subsidiaries’ earnings 241,921 — — (241,921 ) — Property operating expense — 11,422 13,475 — 24,897 Intercompany fee expense — — 3,124 (3,124 ) — Other expense — — 771 — 771 General and administrative expense — 20,545 7,021 — 27,566 Costs associated with loan refinancing or payoff — 285 16 — 301 Interest expense, net 63,056 9,132 9,082 — 81,270 Interest expense on intercompany notes payable — — 23,509 (23,509 ) — Transaction costs 1,319 54 1,079 — 2,452 Provision for loan losses — — 3,777 — 3,777 Depreciation and amortization 1,224 51,271 14,244 — 66,739 Income before equity in income from joint ventures and other items 180,211 212,777 26,211 (241,921 ) 177,278 Equity in income from joint ventures — — 1,273 — 1,273 Gain on sale of real estate — — 1,209 — 1,209 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes $ 180,211 $ 212,997 $ 28,693 $ (241,921 ) $ 179,980 Income tax expense (578 ) — (3,650 ) — (4,228 ) Income from continuing operations 179,633 212,997 25,043 (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 179,633 216,860 25,061 (241,921 ) 179,633 Preferred dividend requirements (23,807 ) — — — (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 $ 216,860 $ 25,061 $ (241,921 ) $ 155,826 Comprehensive income attributable to EPR Properties $ 175,006 $ 217,000 $ 20,919 $ (237,919 ) $ 175,006 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,684 $ — $ (2,684 ) $ — Interest income (expense) on intercompany receivable/payable — 9,700 (9,700 ) — Net cash (used) provided by other operating activities (79,945 ) 338,267 47,880 306,202 Net cash (used) provided by operating activities (77,261 ) 347,967 35,496 306,202 Investing activities: Acquisition of and investments in rental properties and other assets (357 ) (216,245 ) (2,567 ) (219,169 ) Proceeds from sale of real estate — 22,383 1,477 23,860 Investment in mortgage notes receivable — (190,922 ) (1,617 ) (192,539 ) Proceeds from mortgage note receivable paydown — 50,252 21,820 72,072 Investment in promissory notes receivable — (1,546 ) — (1,546 ) Proceeds from sale of infrastructure related to issuance of revenue bonds — 43,462 — 43,462 Proceeds from insurance recovery — 4,209 401 4,610 Proceeds from sale of investment in a direct financing lease, net — 20,951 — 20,951 Additions to property under development (1,010 ) (399,452 ) (13,386 ) (413,848 ) Investment in intercompany notes payable — (2,063 ) 2,063 — Advances to subsidiaries, net (356,784 ) 384,599 (27,815 ) — Net cash used by investing activities (358,151 ) (284,372 ) (19,624 ) (662,147 ) Financing activities: Proceeds from long-term debt facilities and senior unsecured notes 1,380,000 — — 1,380,000 Principal payments on debt (786,000 ) (63,727 ) (15,539 ) (865,266 ) Deferred financing fees paid (14,358 ) — (27 ) (14,385 ) Costs associated with loan refinancing or payoff (cash portion) — — (482 ) (482 ) Net proceeds from issuance of common shares 142,628 — — 142,628 Impact of stock option exercises, net (1,488 ) — — (1,488 ) Purchase of common shares for treasury for vesting (4,211 ) — — (4,211 ) Dividends paid to shareholders (265,662 ) — — (265,662 ) Net cash provided (used) by financing activities 450,909 (63,727 ) (16,048 ) 371,134 Effect of exchange rate changes on cash — — (137 ) (137 ) Net increase (decrease) in cash and cash equivalents 15,497 (132 ) (313 ) 15,052 Cash and cash equivalents at beginning of the period 1,089 1,289 1,905 4,283 Cash and cash equivalents at end of the period $ 16,586 $ 1,157 $ 1,592 $ 19,335 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 9,787 (9,898 ) — Net cash (used) provided by other operating activities (91,731 ) 324,760 44,923 277,952 Net cash (used) provided by operating activities of continuing operations (88,903 ) 334,547 32,308 277,952 Net cash provided by operating activities of discontinued operations — 508 — 508 Net cash (used) provided by operating activities (88,903 ) 335,055 32,308 278,460 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 note 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 ) (404,289 ) (4,035 ) (408,436 ) Investment in intercompany notes payable — (1,769 ) 1,769 — Advances to subsidiaries, net (406,389 ) 386,222 20,167 — Net cash used in investing activities (407,119 ) (137,801 ) (23,619 ) (568,539 ) Financing activities: Proceeds from debt facilities 701,914 155,000 — 856,914 Principal payments on debt (142,000 ) (353,024 ) (8,290 ) (503,314 ) Deferred financing fees paid (7,038 ) (9 ) — (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 (198,033 ) (8,290 ) 292,022 Effect of exchange rate changes on cash — (6 ) (990 ) (996 ) Net increase (decrease) in cash and cash equivalents 2,323 (785 ) (591 ) 947 Cash and cash equivalents at beginning of the period (1,234 ) 2,074 2,496 3,336 Cash and cash equivalents at end of the period $ 1,089 $ 1,289 $ 1,905 $ 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 (used) provided by other operating activities (60,684 ) 262,860 47,976 250,152 Net cash (used) provided by operating activities of continuing operations (57,560 ) 262,860 44,852 250,152 Net cash provided by operating activities of discontinued operations — 47 96 143 Net cash (used) provided by operating activities (57,560 ) 262,907 44,948 250,295 Investing activities: Acquisition of rental properties and other assets (438 ) (58,918 ) (25,849 ) (85,205 ) Proceeds from sale of real estate — — 12,055 12,055 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage notes 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 receivable 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 ) (325,624 ) (8,190 ) (334,635 ) Advances to subsidiaries, net (16,206 ) (7,078 ) 23,284 — Net cash used by investing activities (17,465 ) (320,131 ) (38,630 ) (376,226 ) Financing activities: Proceeds from debt facilities 20,000 359,000 — 379,000 Principal payments on debt — (303,544 ) (6,709 ) (310,253 ) Deferred financing fees paid (337 ) (279 ) (198 ) (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 55,152 (6,907 ) 121,587 Effect of exchange rate changes on cash — 39 (317 ) (278 ) Net decrease in cash and cash equivalents (1,683 ) (2,033 ) (906 ) (4,622 ) Cash and cash equivalents at beginning of the period 449 4,107 3,402 7,958 Cash and cash equivalents at end of the period $ (1,234 ) $ 2,074 $ 2,496 $ 3,336 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2016 Description Balance at December 31, 2015 Additions During 2016 Deductions During 2016 Balance at December 31, 2016 Reserve for Doubtful Accounts $ 3,210,000 $ — $ (2,339,000 ) $ 871,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. 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. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Megaplex Theatres Omaha, NE — 5,215 16,700 59 5,215 16,759 21,974 (7,960 ) 11/97 40 years Sugar Land, TX 14,513 — 19,100 67 — 19,167 19,167 (9,104 ) 11/97 40 years San Antonio, TX — 3,006 13,662 5,832 3,006 19,494 22,500 (6,976 ) 11/97 40 years Columbus, OH — — 12,685 — — 12,685 12,685 (5,867 ) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (7,413 ) 11/97 40 years Ontario, CA — 5,521 19,449 — 5,521 19,449 24,970 (8,995 ) 11/97 40 years Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (9,267 ) 11/97 40 years Creve Coeur, MO — 4,985 12,601 4,075 4,985 16,676 21,661 (6,399 ) 11/97 40 years Leawood, KS 12,137 3,714 12,086 4,110 3,714 16,196 19,910 (5,981 ) 11/97 40 years Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (10,202 ) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (13,212 ) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (9,991 ) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (11,586 ) 06/98 40 years Pompano Beach, FL — 6,771 9,899 3,845 6,771 13,744 20,515 (6,773 ) 08/98 40 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (2,803 ) 08/98 40 years Davie, FL — 2,000 13,000 8,512 2,000 21,512 23,512 (9,591 ) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (6,300 ) 12/98 40 years Boise, ID — — 16,003 — — 16,003 16,003 (7,201 ) 12/98 40 years Woodridge, IL — 9,926 8,968 — 9,926 8,968 18,894 (8,096 ) 06/99 40 years Cary, NC — 3,352 11,653 155 3,352 11,808 15,160 (5,019 ) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (6,445 ) 06/99 40 years San Diego, CA — 7,500 17,750 — 7,500 17,750 25,250 (7,507 ) 02/00 40 years Metairie, LA — — 11,740 — — 11,740 11,740 (4,354 ) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (5,496 ) 03/02 40 years Hammond, LA — 2,404 6,780 (565 ) 1,839 6,780 8,619 (2,514 ) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (2,514 ) 03/02 40 years Harvey, LA — 4,378 12,330 (112 ) 4,266 12,330 16,596 (4,572 ) 03/02 40 years Greenville, SC — 1,660 7,570 206 1,660 7,776 9,436 (2,801 ) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (9,320 ) 06/02 40 years Olathe, KS — 4,000 15,935 3,014 4,000 18,949 22,949 (6,661 ) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (6,316 ) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (7,850 ) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (2,813 ) 12/02 40 years Macon, GA — 1,982 5,056 — 1,982 5,056 7,038 (1,738 ) 03/03 40 years Lawrence, KS 3,772 1,500 3,526 2,017 1,500 5,543 7,043 (1,216 ) 06/03 40 years Columbia, SC — 1,000 10,534 (2,447 ) 1,000 8,087 9,087 (2,715 ) 11/03 40 years Hialeah, FL — 7,985 — — 7,985 — 7,985 — 12/03 n/a Phoenix, AZ — 4,276 15,934 — 4,276 15,934 20,210 (5,079 ) 03/04 40 years Hamilton, NJ — 4,869 18,143 — 4,869 18,143 23,012 (5,783 ) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (5,310 ) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (3,470 ) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (3,219 ) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (3,861 ) 11/04 40 years Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (2,745 ) 12/04 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life D'Iberville, MS 8,615 2,001 8,043 1,239 808 10,475 11,283 (3,043 ) 12/04 40 years Wilmington, NC — 1,650 7,047 — 1,650 7,047 8,697 (2,100 ) 02/05 40 years Chattanooga, TN 10,002 2,799 11,467 — 2,799 11,467 14,266 (3,392 ) 03/05 40 years Conroe, TX — 1,836 8,230 — 1,836 8,230 10,066 (2,365 ) 06/05 40 years Indianapolis, IN 4,027 1,481 4,565 2,375 1,481 6,940 8,421 (1,319 ) 06/05 40 years Hattiesurg, MS 8,174 1,978 7,733 2,432 1,978 10,165 12,143 (2,783 ) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,056 ) 12/05 40 years Auburn, CA — 2,178 6,185 — 2,178 6,185 8,363 (1,714 ) 12/05 40 years Fresno, CA 9,331 7,600 11,613 — 7,600 11,613 19,213 (3,626 ) 12/05 40 years Modesto, CA — 2,542 3,910 — 2,542 3,910 6,452 (1,083 ) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (3,280 ) 03/06 40 years Garland, TX 12,452 8,028 14,825 — 8,028 14,825 22,853 (3,984 ) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (1,840 ) 04/06 40 years Winston Salem, NC — — 12,153 1,925 — 14,078 14,078 (3,695 ) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (3,824 ) 08/06 40 years Kalamazoo, MI — 5,125 12,216 2,308 5,125 14,524 19,649 (6,788 ) 11/06 40 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (3,775 ) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (2,875 ) 12/06 40 years Panama City Beach, FL — 6,486 11,156 — 6,486 11,156 17,642 (2,673 ) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (1,709 ) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (3,031 ) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (2,162 ) 10/08 40 years Ypsilanti, MI — 4,716 227 — 4,716 227 4,943 (40 ) 12/09 40 years Manchester, CT — 3,628 11,474 — 3,628 11,474 15,102 (2,008 ) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (310 ) 12/09 40 years Davenport, IA — 3,599 6,068 (35 ) 3,564 6,068 9,632 (1,062 ) 12/09 40 years Fairfax, VA — 2,630 11,791 — 2,630 11,791 14,421 (2,063 ) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (302 ) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (825 ) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (681 ) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,162 ) 12/09 40 years Okolona, KY — 5,379 3,311 — 5,379 3,311 8,690 (579 ) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (1,682 ) 12/09 40 years Louisville, KY — 4,979 6,567 — 4,979 6,567 11,546 (1,149 ) 12/09 40 years Beaver Creek, OH — 1,578 6,630 — 1,578 6,630 8,208 (1,160 ) 12/09 40 years West Springfield, MA — 2,540 3,755 — 2,540 3,755 6,295 (657 ) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (326 ) 12/09 40 years Pasadena, TX — 2,951 10,684 — 2,951 10,684 13,635 (1,736 ) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (320 ) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (539 ) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (913 ) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (622 ) 06/10 40 years Redding, CA — 2,044 4,500 — 2,044 4,500 6,544 (731 ) 06/10 40 years Pueblo, CO — 2,238 5,162 — 2,238 5,162 7,400 (839 ) 06/10 40 years Beaumont, TX — 1,065 11,669 — 1,065 11,669 12,734 (1,896 ) 06/10 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Pflugerville, TX — 4,356 11,533 — 4,356 11,533 15,889 (1,874 ) 06/10 40 years Houston, TX — 4,109 9,739 — 4,109 9,739 13,848 (1,583 ) 06/10 40 years El Paso, TX — 4,598 13,207 — 4,598 13,207 17,805 (2,146 ) 06/10 40 years Colorado Springs, CO — 4,134 11,220 (1,196 ) 2,938 11,220 14,158 (1,823 ) 06/10 40 years Virginia Beach, VA — — 1,736 — — 1,736 1,736 (969 ) 12/10 40 years Hooksett, NH — 2,639 11,605 — 2,639 11,605 14,244 (1,692 ) 03/11 40 years Saco, ME — 1,508 3,826 — 1,508 3,826 5,334 (558 ) 03/11 40 years Merrimack, NH 3,298 3,160 5,642 — 3,160 5,642 8,802 (823 ) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (1,038 ) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (548 ) 04/11 40 years Dallas, TX — — 12,146 750 — 12,896 12,896 (1,242 ) 03/12 40 years Albuquerque, NM — — 13,733 — — 13,733 13,733 (1,059 ) 06/12 40 years Southern Pines, NC — 1,709 4,747 — 1,709 4,747 6,456 (534 ) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (544 ) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (733 ) 09/12 40 years Gainesville, VA — — 10,846 — — 10,846 10,846 (836 ) 02/13 40 years Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (1,034 ) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (133 ) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (770 ) 09/13 40 years Tampa, FL — 1,700 23,483 3,769 1,700 27,252 28,952 (2,568 ) 10/13 40 years Warrenville, IL — 14,000 17,318 — 14,000 17,318 31,318 (2,211 ) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (323 ) 08/13 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (559 ) 11/12 40 years Bedford, IN 1,371 349 1,594 — 349 1,594 1,943 (122 ) 04/14 40 years Seymour, IN 2,341 1,028 2,291 — 1,028 2,291 3,319 (164 ) 04/14 40 years Wilder, KY 10,032 983 11,233 2,004 983 13,237 14,220 (796 ) 04/14 40 years Bowling Green, KY 8,087 1,241 10,222 — 1,241 10,222 11,463 (725 ) 04/14 40 years New Albany, IN 12,183 2,461 14,807 — 2,461 14,807 17,268 (1,030 ) 04/14 40 years Clarksville, TN 14,487 3,764 16,769 — 3,764 16,769 20,533 (1,170 ) 04/14 40 years Williamsport, PA 6,299 2,243 6,684 — 2,243 6,684 8,927 (490 ) 04/14 40 years Noblesville, IN 5,883 886 7,453 — 886 7,453 8,339 (527 ) 04/14 40 years Moline, IL 8,570 1,963 10,183 — 1,963 10,183 12,146 (717 ) 04/14 40 years O'Fallon, MO 5,917 1,046 7,342 — 1,046 7,342 8,388 (514 ) 04/14 40 years McDonough, GA 13,459 2,235 16,842 — 2,235 16,842 19,077 (1,182 ) 04/14 40 years Sterling Heights, MI — 10,849 — 70 10,919 — 10,919 — 12/14 n/a Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (297 ) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (318 ) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (1,386 ) 05/15 25 years Denham Springs, LA — — 5,093 — — 5,093 5,093 (95 ) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (814 ) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (197 ) 12/15 40 years Delmont, PA — 673 621 — 673 621 1,294 (15 ) 06/16 25 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (110 ) 06/16 25 years Franklin, TN — 10,158 17,549 — 10,158 17,549 27,707 (392 ) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (354 ) 06/16 25 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life El Paso, TX — 2,957 10,961 — 2,957 10,961 13,918 (240 ) 06/16 25 years Edinburg, TX — 1,982 16,964 — 1,982 16,964 18,946 (356 ) 06/16 25 years Hendersonville, TN — 2,784 8,034 — 2,784 8,034 10,818 (112 ) 07/16 30 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (77 ) 11/16 30 years ERC's/Retail Dallas, TX — 3,060 15,281 18,862 3,060 34,143 37,203 (14,425 ) 11/97 40 years Mesquite, TX — 3,119 990 (2,440 ) 319 1,350 1,669 (348 ) 01/99 40 years Westminster, CO — 6,205 12,600 9,509 6,205 22,109 28,314 (17,330 ) 12/01 40 years Westminster, CO — 5,850 17,314 — 5,850 17,314 23,164 (6,529 ) 06/99 40 years Houston, TX — 3,653 1,365 (1,531 ) 3,408 79 3,487 (3 ) 05/00 40 years Southfield, MI — 8,000 20,518 6,230 8,000 26,748 34,748 (20,945 ) 05/03 15 years New Rochelle, NY — 6,100 97,696 6,924 6,100 104,620 110,720 (35,390 ) 10/03 40 years Suffolk, VA — 3,382 9,971 6,858 4,471 15,740 20,211 (4,046 ) 11/03 40 years Kanata, ON — 9,384 34,224 27,312 9,384 61,536 70,920 (18,627 ) 03/04 40 years Mississagua, ON — 8,615 16,438 15,405 11,330 29,128 40,458 (8,395 ) 03/04 40 years Oakville, ON — 9,384 22,093 4,067 9,384 26,160 35,544 (9,465 ) 03/04 40 years Whitby, ON — 9,532 20,518 21,865 12,243 39,672 51,915 (12,433 ) 03/04 40 years Warrenville, IL — 3,919 900 (1,936 ) 1,983 900 2,883 (735 ) 07/04 15 years Burbank, CA — 16,584 35,016 7,097 16,584 42,113 58,697 (11,668 ) 03/05 40 years Austell, GA — 1,596 — — 1,596 — 1,596 — 07/07 n/a Suffolk, VA — 3,256 9,206 5,193 3,298 14,357 17,655 (3,792 ) 06/09 40 years Other Entertainment Northbrook, IL — — 7,025 586 — 7,611 7,611 (961 ) 07/11 40 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (866 ) 03/12 40 years Jacksonville, FL — 4,510 5,061 1,979 4,510 7,040 11,550 (1,115 ) 02/12 30 years Indianapolis, IN — 4,298 6,321 2,921 4,377 9,163 13,540 (874 ) 02/12 40 years Warrenville, IL — — 6,469 2,216 — 8,685 8,685 (743 ) 10/13 40 years Schaumburg, IL — 598 5,372 — 598 5,372 5,970 (179 ) 04/15 30 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (423 ) 02/16 35 years Public Charter Schools Cleveland, OH — 640 5,613 — 640 5,613 6,253 (281 ) 10/04 30 years Gilbert, AZ — 2,580 6,418 2,509 2,580 8,927 11,507 (1,011 ) 06/11 40 years Baton Rouge, LA — 996 5,638 — 996 5,638 6,634 (785 ) 03/11 40 years Goodyear, AZ — 766 6,517 — 766 6,517 7,283 (935 ) 04/11 30 years Phoenix, AZ — 1,253 4,834 — 1,253 4,834 6,087 (634 ) 06/11 40 years Broomfield, CO — 1,084 9,659 (169 ) 1,084 9,490 10,574 (1,164 ) 08/11 40 years Phoenix, AZ — 1,060 8,140 — 1,060 8,140 9,200 (1,250 ) 11/11 40 years Salt Lake City, UT — 897 4,488 (55 ) 897 4,433 5,330 (505 ) 03/12 40 years Hurricane, UT — 475 4,939 — 475 4,939 5,414 (775 ) 03/12 40 years Buckeye, AZ — 914 9,715 14,484 914 24,199 25,113 (1,793 ) 04/12 40 years Queen Creek, AZ — 1,887 14,543 11,117 1,887 25,660 27,547 (2,669 ) 05/12 40 years Tarboro, NC — 350 12,560 3,037 350 15,597 15,947 (1,633 ) 07/12 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Chester Upland, PA — 518 5,900 — 518 5,900 6,418 (632 ) 03/13 30 years Hollywood, SC — 806 5,776 1,805 806 7,581 8,387 (598 ) 03/13 40 years Camden, NJ — 548 10,569 7,271 548 17,840 18,388 (1,729 ) 04/13 30 years Queen Creek, AZ — 2,612 — (1,845 ) 767 — 767 — 04/13 n/a Chicago, IL — 509 5,895 4,614 509 10,509 11,018 (682 ) 05/13 40 years Gilbert, AZ — 1,336 6,593 — 1,336 6,593 7,929 (536 ) 05/13 40 years Vista, CA — 1,283 3,354 6,056 1,283 9,410 10,693 (446 ) 05/13 40 years Colorado Springs, CO — 1,205 6,350 (194 ) 1,205 6,156 7,361 (563 ) 06/13 40 years Chandler, AZ — 1,039 9,590 — 1,039 9,590 10,629 (1,074 ) 07/13 40 years Salt Lake City, UT — 8,173 10,982 1,928 8,173 12,910 21,083 (742 ) 07/13 40 years Palm Beach, FL — 3,323 15,824 (81 ) 3,323 15,743 19,066 (1,056 ) 10/13 30 years Mesa, AZ — 2,109 6,032 166 2,109 6,198 8,307 (425 ) 12/13 30 years Kernersville, NC — 1,362 8,182 (244 ) 1,362 7,938 9,300 (665 ) 12/13 40 years Fort Collins, CO — 618 5,031 5,134 618 10,165 10,783 (620 ) 02/14 40 years Wilson, NC — 424 5,342 (71 ) 449 5,246 5,695 (352 ) 03/14 30 years Baker, LA — 190 6,563 203 190 6,766 6,956 (349 ) 04/14 40 years Charlotte, NC — 1,559 1,477 8,651 1,559 10,128 11,687 (350 ) 05/14 30 years Chicago, IL — 1,544 6,074 4,239 1,544 10,313 11,857 (477 ) 05/14 40 years High Point, NC — 1,298 7,322 (38 ) 1,298 7,284 8,582 (345 ) 07/14 40 years Chandler, AZ — 1,530 6,877 144 1,530 7,021 8,551 (261 ) 08/14 40 years Port Royal, SC — 387 4,383 1,259 387 5,642 6,029 (178 ) 09/14 40 years Macon, GA — 401 7,883 — 401 7,883 8,284 (433 ) 02/15 40 years Memphis, TN — 1,535 4,089 2,646 1,535 6,735 8,270 (273 ) 02/15 30 years Parker, CO — 2,190 6,815 111 2,190 6,926 9,116 (341 ) 01/15 40 years Rock Hill, SC — 2,046 8,024 — 2,046 8,024 10,070 (158 ) 04/15 30 years Palm Bay, FL — 782 6,212 2,250 782 8,462 9,244 (310 ) 03/15 40 years East Point, GA — 553 5,938 — 553 5,938 6,491 (125 ) 05/15 30 years High Point, NC — 1,180 9,393 — 1,180 9,393 10,573 (470 ) 06/15 30 years Bridgeton, NJ — 153 2,392 — 153 2,392 2,545 (77 ) 09/15 40 years Memphis, TN — 910 7,927 — 910 7,927 8,837 (49 ) 09/15 40 years Macon, GA — 351 7,460 — 351 7,460 7,811 (151 ) 11/15 30 years Galloway, NJ — 575 3,692 — 575 3,692 4,267 (62 ) 12/15 30 years Bronx, NY — 1,232 8,472 — 1,232 8,472 9,704 (88 ) 01/16 40 years Parker, CO — 1,248 12,892 — 1,248 12,892 14,140 (83 ) 04/16 40 years Holland, OH — 549 4,642 — 549 4,642 5,191 (45 ) 04/16 40 years Early Childhood Education Lake Pleasant, AZ — 986 3,524 — 986 3,524 4,510 (450 ) 03/13 30 years Goodyear, AZ — 1,308 7,275 11 1,308 7,286 8,594 (739 ) 06/13 30 years Oklahoma City, OK — 1,149 9,839 385 1,149 10,224 11,373 (807 ) 08/13 40 years Coppell, TX — 1,547 10,168 — 1,547 10,168 11,715 (615 ) 09/13 30 years Las Vegas, NV — 944 9,191 — 944 9,191 10,135 (828 ) 09/13 30 years Las Vegas, NV — 985 6,721 145 985 6,866 7,851 (616 ) 09/13 30 years Mesa, AZ — 762 6,987 — 762 6,987 7,749 (882 ) 01/14 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Gilbert, AZ — 1,295 9,192 — 1,295 9,192 10,487 (673 ) 03/14 30 years Cedar Park, TX — 1,520 10,500 (402 ) 1,278 10,340 11,618 (506 ) 07/14 30 years Thornton, CO — 1,384 10,542 — 1,384 10,542 11,926 (308 ) 07/14 30 years Chicago, IL — 1,294 4,375 — 1,294 4,375 5,669 (24 ) 07/14 30 years Centennial, CO — 1,249 10,771 534 1,249 11,305 12,554 (514 ) 08/14 30 years McKinney, TX — 1,812 12,419 — 1,812 12,419 14,231 (473 ) 11/14 30 years Parker, CO — 279 1,017 — 279 1,017 1,296 (71 ) 01/15 30 years Littleton, CO — 467 1,248 — 467 1,248 1,715 (80 ) 01/15 30 years Lakewood, CO — 291 823 — 291 823 1,114 (52 ) 01/15 30 years Castle Rock, CO — 250 1,646 — 250 1,646 1,896 (101 ) 01/15 30 years Arvada, CO — 224 788 — 224 788 1,012 (50 ) 01/15 30 years Emeryville, CA — 1,814 5,780 — 1,814 5,780 7,594 (161 ) 03/15 30 years Lafayette, CO — 293 663 47 293 710 1,003 (46 ) 04/15 30 years Maple Grove, MN — 3,743 14,927 — 3,743 14,927 18,670 (282 ) 08/15 30 years Carmel, IN — 1,567 12,854 — 1,567 12,854 14,421 (87 ) 09/15 30 years Atlanta, GA — 956 1,850 — 956 1,850 2,806 (77 ) 10/15 30 years Atlanta, GA — 1,262 2,038 — 1,262 2,038 3,300 (85 ) 10/15 30 years Louisville, KY — 377 1,526 — 377 1,526 1,903 (21 ) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (14 ) 08/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (6 ) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (10 ) 12/16 30 years Private Schools San Jose, CA — 9,966 25,535 — 9,966 25,535 35,501 (1,922 ) 12/13 40 years Brooklyn, NY — — 46,440 417 — 46,857 46,857 (2,077 ) 12/13 40 years Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (1,754 ) 02/14 40 years McLean, VA — 12,792 43,472 — 12,792 43,472 56,264 (364 ) 06/15 40 years Mission Viejo, CA — 1,378 3,687 — 1,378 3,687 5,065 (41 ) 09/16 30 years Ski Areas Bellfontaine, OH — 5,108 5,994 8,441 5,251 14,292 19,543 (2,975 ) 11/05 40 years Tannersville, PA — 34,940 34,629 913 34,940 35,542 70,482 (8,754 ) 09/13 40 years McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (4,465 ) 12/12 40 years Wintergreen, VA — 5,739 16,126 — 5,739 16,126 21,865 (1,747 ) 02/15 40 years Waterparks Tannersville, PA — — 120,354 — — 120,354 120,354 (4,263 ) 05/15 40 years Golf Entertainment Complexes Colony, TX — 4,004 13,665 (240 ) 4,004 13,425 17,429 (1,007 ) 12/12 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (1,776 ) 02/12 29 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2016 Location Debt Land Buildings, Equipment & improvements Land Buildings, Equipment & Improvements Total Accumulated depreciation Date acquired Depreciation life Dallas, TX — — 10,007 1,771 — 11,778 11,778 (1,778 ) 02/12 30 years Houston, TX — — 12,403 394 — 12,797 12,797 (1,334 ) 09/12 40 years Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (1,038 ) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (1,059 ) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (968 ) 07/13 40 years San Antonio, TX — — 15,976 — — 15,976 15,976 (732 ) 12/13 40 years Tampa, FL — — 15,726 (67 ) — 15,659 15,659 (824 ) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267 ) 4,735 15,863 20,598 (793 ) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (642 ) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (645 ) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (612 ) 06/14 40 years Ashburn VA — — 16,873 — — 16,873 16,873 (562 ) 06/14 40 years Naperville, IL — 8,824 20,279 (665 ) 8,824 19,614 28,438 (654 ) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252 ) 3,086 16,169 19,255 (606 ) 09/14 40 years Webster, TX — 5,631 17,732 1,220 5,631 18,952 24,583 (530 ) 11/14 40 years Virginia Beach, VA — 6,948 18,715 296 6,948 19,011 25,959 (472 ) 12/14 40 years Edison, NJ — — 22,792 — — 22,792 22,792 — 04/15 40 years Jacksonville, FL — 6,732 21,823 — 6,732 21,823 28,555 (129 ) 09/15 40 years Roseville, CA — 6,868 23,959 — 6,868 23,959 30,827 (176 ) 10/15 30 years Portland, OR — — 23,466 — — 23,466 23,466 (232 ) 11/15 40 years Other Kiamesha Lake, NY — 155,658 — — 155,658 — 155,658 — 07/10 n/a Property under development — 297,110 — — 297,110 — 297,110 — n/a n/a Land held for development — 22,530 — — 22,530 — 22,530 — n/a n/a Senior unsecured notes payable and term loan 2,315,000 — — — — — — — n/a n/a Less: deferred financing costs, net (29,320 ) — — — — — — — Total $ 2,485,625 $ 1,240,264 $ 3,008,117 $ 302,556 $ 1,237,388 $ 3,313,549 $ 4,550,937 $ (635,535 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2016 Real Estate: Reconciliation: Balance at beginning of the year $ 3,962,032 Acquisition and development of rental properties during the year 613,311 Disposition of rental properties during the year (24,406 ) Balance at close of year $ 4,550,937 Accumulated Depreciation Reconciliation: Balance at beginning of the year $ 534,303 Depreciation during the year 105,121 Disposition of rental properties during the year (3,889 ) Balance at close of year $ 635,535 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
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. The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). |
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 typically 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 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 $7.9 million , $7.5 million and $2.5 million for the years ended December 31, 2016, 2015 and 2014 , respectively. For rental property acquisitions (asset acquisitions or business combinations) 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. Most of the Company’s rental property acquisitions do not involve in-place leases. 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. 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. Deferred financing costs of $29.3 million and $18.3 million as of December 31, 2016 and 2015 , respectively are shown as a reduction of debt. The deferred financing costs related to the unsecured revolving credit facility are included in other assets. |
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 19 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 $4.7 million , $3.0 million and $2.0 million for the years ended December 31, 2016, 2015 and 2014 , respectively. Mortgage and other financing income included participating interest income of $0.8 million , $1.5 million and $2.2 million for the years ended December 31, 2016, 2015 and 2014 , respectively. For the years ended December 31, 2016 and 2014, mortgage and other financing income also included $3.6 million and $5.0 million in prepayment fees, respectively, related to mortgage notes that were paid either fully or partially in advance of their maturity dates. There was no prepayment fee included in mortgage and other financing income for the year ended December 31, 2015. 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, 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 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 | Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts where collection is not probable. 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. The allowance for doubtful accounts was $0.9 million and $3.2 million at December 31, 2016 and 2015 , 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. 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. There were no impaired loans at December 31, 2016 and 2015. 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 | Income Taxes The Company qualifies 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. At December 31, 2016, the net Canadian deferred tax assets totaled $12.0 million and the temporary differences between income for financial reporting purposes and taxable income for the Canadian operations relate primarily to depreciation, capital improvements 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 taxing 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, 2016, the amount of this future liability was approximately $161 thousand and represented withholding taxes on 2016 and 2015 earnings. Additionally, the Company paid $82 thousand in withholding taxes during the year ended December 31, 2016 that related to 2014 and 2015 earnings repatriated during 2016. 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, 2016 and 2015 , respectively, the Canadian operations and the taxable REIT subsidiaries had deferred tax assets totaling approximately $17.0 million and $14.7 million and deferred tax liabilities totaling approximately $4.7 million and $3.8 million . Prior to January 1, 2016, a full valuation allowance had been recorded on the net taxable REIT subsidiaries deferred tax assets as it was not more-likely-than not that the TRS operations would generate sufficient taxable income to utilize deferred tax assets in the future. For the year ended December 31, 2016, the Company reassessed the need for a valuation allowance and reversed its valuation allowance associated with the net TRS deferred tax assets. The Company’s consolidated deferred tax position is summarized as follows: 2016 2015 Fixed assets $ 16,022 $ 13,791 Net operating losses 578 2,249 Other 381 412 Less Valuation allowance — (1,779 ) Total deferred tax assets $ 16,981 $ 14,673 Capital improvements (1,716 ) (224 ) Straight line receivable $ (2,177 ) $ (2,731 ) Other (830 ) (848 ) Total deferred tax liabilities $ (4,723 ) $ (3,803 ) Net deferred tax asset $ 12,258 $ 10,870 Additionally, during the years ended December 31, 2016 and 2015 , the Company recognized current income and withholding tax expense of $1.7 million and $1.6 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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Current TRS income tax $ (36 ) $ — $ — Current state income tax expense (414 ) (899 ) (579 ) Current foreign income tax (77 ) 431 (493 ) Current foreign withholding tax (1,130 ) (1,107 ) (1,040 ) Deferred TRS income tax 273 — — Deferred foreign withholding tax 39 (43 ) (320 ) Deferred income tax benefit (expense) 792 1,136 (1,796 ) Income tax expense $ (553 ) $ (482 ) $ (4,228 ) The Company's effective tax rate for both the years ended December 31, 2016 and 2015 was 0.2% . The differences between the income tax expense calculated at the statutory U.S. federal income tax rates of 35% and the actual income tax 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, 2016, 2015 and 2014 . 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 2013 through 2016 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2012 through 2016 for Canadian income tax purposes. The Company’s policy is to recognize interest and penalties as general and administrative expense. The Company did not recognize any interest and penalties in 2016. 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, 2016 or December 31, 2015. Additionally, |
Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). Including the effects of this acquisition, AMC was the lessee of a substantial portion ( 36% ) of the megaplex theatre rental properties held by the Company at December 31, 2016 . For the year ended December 31, 2016, approximately $90.0 million or 18.2% of the Company's total revenues were derived from rental payments by AMC and approximately $21.7 million or 4.4% of the Company's total revenues were derived from rental payments by Carmike. For the years ended December 31, 2015 and 2014, approximately $86.1 million or 20% and $87.4 million or 23% , respectively, of the Company's total revenues were derived from rental payments by AMC. These rental payments are 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. |
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. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaces the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share based compensation expense consists of share option expense and amortization of nonvested share grants issued to employees, 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 $11.2 million , $8.5 million and $8.9 million for the years ended December 31, 2016, 2015 and 2014 , 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 statements of income was $0.9 million , $1.1 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014 , 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 $9.2 million , $6.3 million and $6.5 million for the years ended December 31, 2016, 2015 and 2014 , 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 under the Company's Trustee compensation program. 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 is 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 $1.1 million , $1.0 million and $1.1 million for the years ended December 31, 2016, 2015 and 2014 , respectively. |
Foreign Currency Translation | Foreign Currency Translation The Company accounts for the operations of its Canadian properties in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars using the spot rates at the respective balance sheet dates; 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. The Company's policy is to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In April 2015, the FASB voted for a one-year deferral of the effective date of the new revenue recognition standard which was approved in July 2015. The new standard will become effective for the Company beginning with the first quarter 2018. The ASU does not apply to revenue recognition for lease contracts. A majority of the Company’s tenant-related revenue is recognized pursuant to lease contracts. This standard will apply to reimbursed tenant costs and revenues generated from the Company providing certain services at its multi-tenant properties after ASU 2016-02, Leases , is adopted. Additionally, it may apply to certain other transactions such as the sale of real estate. The standard permits the use of either the full retrospective method or the modified retrospective method. The Company anticipates it will use the modified retrospective method for transition, in which case the cumulative effect of applying the standard, if any, would be recognized at the date of initial application. The Company is beginning the process for implementing this guidance, including performing a preliminary review of all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. The Company is continuing to evaluate the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. The ASU will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, ASU 2016-02 is expected to impact the Company’s consolidated financial statements as the Company has certain operating land lease and other arrangements for which it is the lessee. The ASU will become effective for the Company for interim and annual reporting periods in fiscal years beginning after December 15, 2018. The Company expects to adopt the new standard on its effective date. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. The Company does not expect a significant change in its leasing activity between now and adoption. The Company believes substantially all of its leases will continue to be classified as operating leases under the new standard. Subsequent to the adoption of the new standard, common area maintenance provided in lease contracts will be accounted for as a non-lease component within the scope of the new revenue standard. As a result, the Company will be required to recognize revenues associated with leases separately from revenues associated with common area maintenance. The Company is continuing to evaluate whether the variable payment provisions in the new lease standard or the allocation and recognition provisions of the new revenue standard will affect the timing of recognition of lease and non-lease revenue. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC Topic 718, Compensation - Stock Compensation. The objective of this amendment is part of the FASB's Simplification Initiative as it applies to several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification of cash flows. The effective date of the amendment is for fiscal years beginning after December 15, 2016. The Company does not expect that the adoption of this ASU will have a material impact on its consolidated financial statements due to the nontaxable status of the Company as a REIT. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends ASC Topic 326, Financial Instruments - Credit Losses. The standard changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends ASC Topic 230, Statement of Cash Flows. The standard clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows , which amends ASC Topic 230, Statement of Cash Flows. The standard requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017. The Company is currently reviewing the ASU to assess the potential impact on its consolidated financial statements and related disclosures but does not anticipate that this ASU will have a material impact. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Current TRS income tax $ (36 ) $ — $ — Current state income tax expense (414 ) (899 ) (579 ) Current foreign income tax (77 ) 431 (493 ) Current foreign withholding tax (1,130 ) (1,107 ) (1,040 ) Deferred TRS income tax 273 — — Deferred foreign withholding tax 39 (43 ) (320 ) Deferred income tax benefit (expense) 792 1,136 (1,796 ) Income tax expense $ (553 ) $ (482 ) $ (4,228 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows: 2016 2015 Fixed assets $ 16,022 $ 13,791 Net operating losses 578 2,249 Other 381 412 Less Valuation allowance — (1,779 ) Total deferred tax assets $ 16,981 $ 14,673 Capital improvements (1,716 ) (224 ) Straight line receivable $ (2,177 ) $ (2,731 ) Other (830 ) (848 ) Total deferred tax liabilities $ (4,723 ) $ (3,803 ) Net deferred tax asset $ 12,258 $ 10,870 |
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): 2016 2015 In-place leases, net of accumulated amortization of $13.4 million and $11.6 million, respectively $ 13,716 $ 7,273 Above market lease, net of accumulated amortization of $0.6 million and $0.4 million, respectively 479 670 Below market lease, net of accumulated amortization of $12 thousand (109 ) — Goodwill 693 693 Total intangible assets, net $ 14,779 $ 8,636 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization of in-place leases, net, above market lease, net, and below market lease, net at December 31, 2016 is as follows (in thousands): In place leases Above market lease Below market lease Year: 2017 $ 1,667 $ 192 $ (23 ) 2018 1,655 192 (23 ) 2019 1,416 95 (23 ) 2020 1,177 — (23 ) 2021 1,100 — (17 ) Thereafter 6,701 — — Total $ 13,716 $ 479 $ (109 ) |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of December 31, 2016 and 2015 (in thousands): 2016 2015 Buildings and improvements $ 3,272,865 $ 2,837,611 Furniture, fixtures & equipment 40,684 34,423 Land 917,748 687,468 4,231,297 3,559,502 Accumulated depreciation (635,535 ) (534,303 ) Total $ 3,595,762 $ 3,025,199 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2016 and 2015 (in thousands): 2016 2015 Receivable from tenants $ 7,564 $ 9,999 Receivable from non-tenants 497 353 Receivable from insurance proceeds 1,967 — Receivable from Sullivan County Infrastructure Revenue Bonds 22,164 — Straight-line rent receivable 67,618 52,336 Allowance for doubtful accounts (871 ) (3,587 ) Total $ 98,939 $ 59,101 |
Investment in Mortgage Notes (T
Investment in Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands): 2016 2015 Receivable from tenants $ 7,564 $ 9,999 Receivable from non-tenants 497 353 Receivable from insurance proceeds 1,967 — Receivable from Sullivan County Infrastructure Revenue Bonds 22,164 — Straight-line rent receivable 67,618 52,336 Allowance for doubtful accounts (871 ) (3,587 ) Total $ 98,939 $ 59,101 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Future Principal Payments and Accrued Interest Due on Notes Receivable [Table Text Block] | Principal payments and related accrued interest due on mortgage notes receivable subsequent to December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 5,084 2018 2,546 2019 163,874 2020 1,143 2021 71,569 Thereafter 369,762 Total $ 613,978 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Investment in mortgage notes, including related accrued interest receivable, at December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 (1) Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016 — 19,944 (2) Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016 — 22,188 (3) Mortgage note, 5.50%, paid in full October 11, 2016 — 2,500 (4) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2017 1,454 1,454 (5) Mortgage note and related accrued interest receivable, 9.00%, due July 31, 2017 1,375 1,257 (6) Mortgage note and related accrued interest receivable, 7.00%, due October 19, 2018 1,637 — (7) Mortgage notes, 7.00% and 10.00%, due May 1, 2019 164,743 164,543 (8) Mortgage note, 7.00%, due December 20, 2021 70,304 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,635 — (10) Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032 36,032 36,032 (11) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,327 5,469 (12) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 30,849 30,680 (13) Mortgage note and related accrued interest receivable, 10.25%, due June 30, 2033 3,508 3,488 (14) Mortgage note, 11.31%, due July 1, 2033 12,530 12,781 (15) Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034 7,230 4,900 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,473 12,392 (17) Mortgage note and related accrued interest receivable, 11.10%, due December 1, 2034 51,250 51,450 (18) Mortgage notes, 10.28%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.72%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.00%, due January 5, 2036 21,000 — (21) Mortgage note, 10.25%, due May 31, 2036 17,505 9,147 (22) Mortgage note and related accrued interest receivable, 9.75%, due July 28, 2036 18,219 3,443 (23) Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036 6,083 — (24) Mortgage note, 9.75%, due December 31, 2036 4,712 — (25) Mortgage notes, 7.25%, due November 30, 2041 100,000 — Total mortgage notes and related accrued interest receivable $ 613,978 $ 423,780 |
Investments In Direct Financi35
Investments In Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | 2016 2015 Total minimum lease payments receivable $ 215,753 $ 439,646 Estimated unguaranteed residual value of leased assets 85,247 162,669 Less deferred income (1) (198,302 ) (411,435 ) Investment in a direct financing lease, net $ 102,698 $ 190,880 (1) Deferred income is net of $1.3 million and $1.4 million of initial direct costs at December 31, 2016 and 2015 , respectively. |
Future Minimum Rentals Receivable | The Company’s direct financing lease has expiration dates ranging from approximately 15 to 18 years. Future minimum rentals receivable on this direct financing lease at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 10,856 2018 11,182 2019 11,518 2020 11,863 2021 12,219 Thereafter 158,115 Total $ 215,753 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 398,938 2018 382,923 2019 360,745 2020 340,521 2021 326,276 Thereafter 2,989,155 Total $ 4,798,558 |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 (1) Mortgage note payable, 7.37%, paid in full on February 18, 2016 $ — $ 4,813 (2) Note payable, 2.50%, paid in full on April 21, 2016 — 1,850 (3) Mortgage notes payable, 6.37%, paid in full on May 2, 2016 — 24,754 (4) Mortgage notes payable, 6.02%, paid in full on August 8, 2016 — 16,738 (5) Mortgage notes payable, 6.10%, paid in full on September 1, 2016 — 22,235 (6) Mortgage note payable, 6.06%, due March 1, 2017 8,615 9,381 (7) Mortgage note payable, 6.07%, due April 6, 2017 9,331 9,667 (8) Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 30,486 31,603 (9) Mortgage notes payable, 4.00%, due July 6, 2017 88,629 93,616 (10) Mortgage note payable, 5.29%, due July 8, 2017 3,298 3,455 (11) Mortgage notes payable, 5.86% due August 1, 2017 22,139 22,931 (12) Mortgage note payable, 6.19%, due February 1, 2018 12,452 13,171 (13) Unsecured revolving variable rate credit facility, LIBOR + 1.25%, due April 24, 2019 — 196,000 (14) Unsecured term loan payable, LIBOR + 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% through April 5, 2019, due April 24, 2020 350,000 350,000 (15) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (16) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (17) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (18) Senior unsecured notes payable, 4.35%, due August 22, 2024 148,000 — (19) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 300,000 (20) Senior unsecured notes payable, 4.56%, due August 22, 2026 192,000 — (21) Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000 — (22) Bonds payable, variable rate, due October 1, 2037 24,995 24,995 Less: deferred financing costs, net (29,320 ) (18,289 ) Total $ 2,485,625 $ 1,981,920 (1) The Company’s mortgage note payable was prepaid in full on February 18, 2016 prior to its maturity date of July 15, 2018. The note was secured by one theatre property. In connection with this note payoff, the Company paid $472 thousand in additional costs included in costs associated with loan refinancing or payoff. (2) The Company’s note payable was paid in full on April 21, 2016. (3) The Company’s mortgage notes payable were paid in full on May 2, 2016 prior to their maturity date of June 1, 2016. This notes were secured by two theatre properties. (4) The Company’s mortgage notes payable were paid in full on August 8, 2016 prior to their maturity date of October 6, 2016. The notes were secured by three theatre properties. (5) The Company’s mortgage notes payable were paid in full on September 1, 2016 prior to their maturity date of October 1, 2016. The notes were secured by four theatre properties. (6) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.2 million at December 31, 2016 . 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 $8.6 million . On February 1, 2017, this loan was prepaid in full. (7) The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016 . 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 . On January 6, 2017, this loan was prepaid in full. (8) The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $32.4 million at December 31, 2016 . 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% . (9) 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 acquisition date market rate of 4.00% . The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $118.2 million at December 31, 2016 . 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 . (10) 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 acquisition date market rate of 5.29% . The note is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016 . 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 . (11) The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $24.8 million at December 31, 2016 . 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 . (12) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.9 million at December 31, 2016 . 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 . (13) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25% , which was 2.02% on December 31, 2016 . 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) increased the initial amount from $535.0 million to $650.0 million , (ii) extended 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) lowered 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, 2016 , the Company had no outstanding balance under the facility and total availability under the revolving credit facility was $650.0 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 . The facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (14) The Company's unsecured term loan payable bears interest at LIBOR plus 1.40% , which was 2.17% on December 31, 2016 . 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) increased the initial amount from $285.0 million to $350.0 million , (ii) extended the maturity date from July 23, 2018 to April 24, 2020 and (iii) lowered 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 . (15) 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. (16) 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. (17) 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. (18) On August 22, 2016, the Company issued $148.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.35% and are due August 22, 2024. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. (19) 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. (20) On August 22, 2016, the Company issued $192.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.56% and are due August 22, 2026. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. (21) On December 14, 2016, the Company issued $450.0 million in aggregate principal amount of senior notes due on December 14, 2026 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.75% . Interest is payable on June 15 and December 15 of each year beginning on June 15, 2017, until the stated maturity date of December 15, 2026. The notes were issued at 98.429% 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. (22) The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $21.8 million at December 31, 2016 , and bear interest at a variable rate which resets on a weekly basis and was 0.76% at December 31, 2016 . 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, 2016 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2017 $ 163,266 2018 11,684 2019 — 2020 600,000 2021 — Thereafter 1,739,995 Less: deferred financing costs, net (29,320 ) Total $ 2,485,625 |
Interest Expense, Net | The following is a summary of interest expense, net for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Interest on loans $ 101,181 $ 92,140 $ 82,839 Amortization of deferred financing costs 4,787 4,588 4,248 Credit facility and letter of credit fees 1,873 1,759 1,735 Interest cost capitalized (10,697 ) (18,547 ) (7,525 ) Interest income — (25 ) (27 ) Interest expense, net $ 97,144 $ 79,915 $ 81,270 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2016, 2015 and 2014 (Dollars in thousands) Year Ended December 31, Description 2016 2015 2014 Interest Rate Swaps Amount of Loss Recognized in AOCI on Derivative (Effective Portion) $ (2,044 ) $ (2,581 ) $ (2,458 ) Amount of Expense Reclassified from AOCI into Earnings (Effective Portion) (1) (5,235 ) (2,004 ) (1,833 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) (754 ) 5,380 3,560 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) 2,663 2,396 698 Currency Forward Agreements Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) (2,804 ) 24,359 11,600 Amount of Income Reclassified from AOCI into Earnings (Effective Portion) (2) — — — Total Amount of (Loss) Gain Recognized in AOCI on Derivative (Effective Portion) $ (5,602 ) $ 27,158 $ 12,702 Amount of (Expense) Gain Reclassified from AOCI into Earnings (Effective Portion) (2,572 ) 392 (1,135 ) (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, 2016 | |
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, 2016 and 2015 , 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, 2016 and 2015 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2016: Cross Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) 2015: Cross Currency Swaps* $ — $ 7,575 $ — $ 7,575 Currency Forward Agreements* $ — $ 34,587 $ — $ 34,587 Interest Rate Swap Agreements** $ — $ (5,674 ) $ — $ (5,674 ) *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, 2016 and 2015 . |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Common and Preferred Shares [Abstract] | |
Schedule of Dividends Per Common Share | Of the total distributions calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per common share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions Per Share 2016 2015 Taxable ordinary income $ 3.1659 $ 3.0674 Return of capital 0.2489 0.5451 Long-term capital gain (1) 0.4077 — Totals $ 3.8225 $ 3.6125 |
Schedule of Dividends Per Preferred Share | For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series C preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.2735 $ 1.4375 Return of capital — — Long-term capital gain (1) 0.1640 — Totals $ 1.4375 $ 1.4375 (1) Of the long-term capital gain at December 31, 2016, $0.0426 is unrecaptured section 1250 gain. Non-cash Distributions per Share 2016 2015 Taxable ordinary income $ 0.2850 $ — Return of capital 0.1177 — Long-term capital gain (2) 0.0367 — Totals $ 0.4394 $ — (2) Of the long-term capital gain at December 31, 2016, $0.0095 is unrecaptured section 1250 gain. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series E preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.9933 $ 2.2500 Return of capital — — Long-term capital gain (1) 0.2567 — Totals $ 2.2500 $ 2.2500 (1) Of the long-term capital gain at December 31, 2016, $0.0668 is unrecaptured section 1250 gain. Non-cash Distributions per Share 2016 2015 Taxable ordinary income $ 0.0883 $ — Return of capital 0.1142 — Long-term capital gain (2) 0.0114 — Totals $ 0.2139 $ — (2) Of the long-term capital gain at December 31, 2016, $0.0030 is unrecaptured section 1250 gain. The Board of Trustees declared cash dividends totaling $1.65625 per Series F preferred share for the years ended December 31, 2016 and 2015 . For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series F preferred share for the years ended December 31, 2016 and 2015 are as follows: Cash Distributions per Share 2016 2015 Taxable ordinary income $ 1.4673 $ 1.6563 Return of capital — — Long-term capital gain (1) 0.1889 — Totals $ 1.6562 $ 1.6563 (1) Of the long-term capital gain at December 31, 2016, $0.04914 is unrecaptured section 1250 gain. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 (amounts in thousands except per share information): Year Ended December 31, 2016 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 224,982 Less: preferred dividend requirements (23,806 ) Net income available to common shareholders $ 201,176 63,381 $ 3.17 Diluted EPS: Net income available to common shareholders $ 201,176 63,381 Effect of dilutive securities: Share options — 93 Net income available to common shareholders $ 201,176 63,474 $ 3.17 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 and redemption costs (23,807 ) Income from continuing operations available to common shareholders $ 151,945 54,244 $ 2.80 Loss 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 Loss 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 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 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 Exercised (230,319 ) 19.41 — 65.50 44.05 Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 |
Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2016 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2017 $ 692 2018 287 2019 — 2020 — Total $ 979 |
Summary Of Outstanding Options | The following table summarizes outstanding options at December 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 3.0 40.00 - 49.99 96,122 4.7 50.00 - 59.99 84,934 6.6 60.00 - 61.79 92,405 7.6 285,986 6.1 $ 51.93 $ 5,673 |
Summary Of Exercisable Options | The following table summarizes exercisable options at December 31, 2016 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 2.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 3.0 40.00 - 49.99 81,842 4.5 50.00 - 59.99 32,793 6.1 60.00 - 61.79 26,420 6.3 153,580 5.0 $ 48.17 $ 3,625 |
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, 2015 390,441 $ 54.84 Granted 300,752 61.53 Vested (156,876 ) 52.74 Outstanding at December 31, 2016 534,317 $ 59.22 1.01 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2016 , unamortized share-based compensation expense related to nonvested shares was $16.2 million and will be recognized in future periods as follows (in thousands): Amount Year: 2017 $ 7,602 2018 5,806 2019 2,814 Total $ 16,222 |
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, 2015 18,036 $ 57.57 Granted 15,805 70.93 Vested (18,036 ) 57.57 Outstanding at December 31, 2016 15,805 $ 70.93 0.36 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The Company’s direct financing lease has expiration dates ranging from approximately 15 to 18 years. Future minimum rentals receivable on this direct financing lease at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 10,856 2018 11,182 2019 11,518 2020 11,863 2021 12,219 Thereafter 158,115 Total $ 215,753 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 398,938 2018 382,923 2019 360,745 2020 340,521 2021 326,276 Thereafter 2,989,155 Total $ 4,798,558 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under this lease at December 31, 2016 are as follows (in thousands): Amount Year: 2017 $ 856 2018 856 2019 856 2020 856 2021 884 Thereafter 4,592 Total $ 8,900 |
Quarterly Financial Informati43
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2016: Total revenue $ 118,768 $ 118,033 $ 125,610 $ 130,831 Net income attributable to EPR Properties 54,180 55,135 57,526 58,141 Net income available to common shareholders of EPR Properties 48,228 49,183 51,575 52,190 Basic net income per common share 0.77 0.77 0.81 0.82 Diluted net income per common share 0.77 0.77 0.81 0.82 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Rental revenue $ — $ 3 Tenant reimbursements 68 — Other income 172 — Total revenue 240 3 Property operating expense (income) 12 (484 ) Other expense (income) — (18 ) Transaction costs (benefit) — (3,376 ) Income before income taxes 228 3,881 Income tax expense 29 — Net income $ 199 $ 3,881 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,168,669 $ 1,308,288 $ 1,120,498 $ 202,394 $ 65,173 $ 4,865,022 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 Operating Data: For the Year Ended December 31, 2016 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 250,659 $ 77,768 $ 62,527 $ 8,635 $ — $ 399,589 Tenant reimbursements 15,588 7 — — — 15,595 Other income 249 1,648 4,482 — 2,660 9,039 Mortgage and other financing income 6,187 32,539 30,190 103 — 69,019 Total revenue 272,683 111,962 97,199 8,738 2,660 493,242 Property operating expense 21,303 — 8 662 629 22,602 Other expense — — — 5 — 5 Total investment expenses 21,303 — 8 667 629 22,607 Net operating income - before unallocated items 251,380 111,962 97,191 8,071 2,031 470,635 Reconciliation to Consolidated Statements of Income: General and administrative expense (37,543 ) Costs associated with loan refinancing or payoff (905 ) Interest expense, net (97,144 ) Transaction costs (7,869 ) Depreciation and amortization (107,573 ) Equity in income from joint ventures 619 Gain on sale of real estate 5,315 Income tax expense (553 ) Net income attributable to EPR Properties 224,982 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 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 of real estate 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 of real estate 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 |
Condensed Consolidating Finan46
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet As of December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Assets Rental properties, net $ — $ 3,164,622 $ 431,140 $ — $ 3,595,762 Land held for development — 1,258 21,272 — 22,530 Property under development 1,010 247,239 48,861 — 297,110 Mortgage notes and related accrued interest receivable, net — 612,141 1,837 — 613,978 Investment in a direct financing lease, net — 102,698 — — 102,698 Investment in joint ventures — — 5,972 — 5,972 Cash and cash equivalents 16,586 1,157 1,592 — 19,335 Restricted cash 365 8,352 1,027 — 9,744 Accounts receivable, net 556 89,145 9,238 — 98,939 Intercompany notes receivable — 179,589 — (179,589 ) — Investments in subsidiaries 4,521,095 — — (4,521,095 ) — Other assets 21,768 23,068 54,118 — 98,954 Total assets $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 63,431 $ 52,061 $ 4,266 $ — $ 119,758 Dividends payable 26,318 — — — 26,318 Unearned rents and interest — 46,647 773 — 47,420 Intercompany notes payable — — 179,589 (179,589 ) — Debt 2,285,730 — 199,895 — 2,485,625 Total liabilities 2,375,479 98,708 384,523 (179,589 ) 2,679,121 Equity 2,185,901 4,330,561 190,534 (4,521,095 ) 2,185,901 Total liabilities and equity $ 4,561,380 $ 4,429,269 $ 575,057 $ (4,700,684 ) $ 4,865,022 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 $ — $ 2,590,158 $ 435,041 $ — $ 3,025,199 Land held for development — 1,258 22,352 — 23,610 Property under development — 324,360 54,560 — 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 1,289 1,905 — 4,283 Restricted cash 475 9,059 1,044 — 10,578 Accounts receivable, net 285 49,237 9,579 — 59,101 Intercompany notes receivable — 177,526 — (177,526 ) — Investments in subsidiaries 3,825,897 — — (3,825,897 ) — Other assets 23,053 10,589 61,109 — 94,751 Total assets $ 3,850,799 $ 3,755,291 $ 614,603 $ (4,003,423 ) $ 4,217,270 Liabilities and Equity Liabilities: Accounts payable and accrued liabilities $ 49,671 $ 39,228 $ 3,279 $ — $ 92,178 Dividends payable 24,352 — — — 24,352 Unearned rents and interest — 44,012 940 — 44,952 Intercompany notes payable — — 177,526 (177,526 ) — Debt 1,702,908 63,682 215,330 — 1,981,920 Total liabilities 1,776,931 146,922 397,075 (177,526 ) 2,143,402 Equity $ 2,073,868 $ 3,608,369 $ 217,528 $ (3,825,897 ) $ 2,073,868 Total liabilities and equity $ 3,850,799 $ 3,755,291 $ 614,603 $ (4,003,423 ) $ 4,217,270 |
Condensed Consolidating Statement Of Income | Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantors Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 345,945 $ 53,644 $ — $ 399,589 Tenant reimbursements — 5,455 10,140 — 15,595 Other income — 6,168 2,871 — 9,039 Mortgage and other financing income 942 64,231 3,846 — 69,019 Intercompany fee income 2,684 — — (2,684 ) — Interest income on intercompany notes receivable — 9,700 — (9,700 ) — Total revenue 3,626 431,499 70,501 (12,384 ) 493,242 Equity in subsidiaries’ earnings 328,328 — — (328,328 ) — Property operating expense — 10,905 11,697 — 22,602 Intercompany fee expense — — 2,684 (2,684 ) — Other expense — — 5 — 5 General and administrative expense — 32,250 5,293 — 37,543 Costs associated with loan refinancing or payoff — 353 552 — 905 Interest expense, net 96,239 (8,189 ) 9,094 — 97,144 Interest expense on intercompany notes payable — — 9,700 (9,700 ) — Transaction costs 7,766 — 103 — 7,869 Depreciation and amortization 1,504 92,310 13,759 — 107,573 Income before equity in income from joint ventures and other items 226,445 303,870 17,614 (328,328 ) 219,601 Equity in income from joint ventures — — 619 — 619 Gain on sale of real estate — 5,315 — — 5,315 Income before income taxes 226,445 309,185 18,233 (328,328 ) 225,535 Income tax benefit (expense) (1,463 ) — 910 — (553 ) Net income attributable to EPR Properties 224,982 309,185 19,143 (328,328 ) 224,982 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 $ 309,185 $ 19,143 $ (328,328 ) $ 201,176 Comprehensive income attributable to EPR Properties $ 227,094 $ 309,185 $ 18,063 $ (327,248 ) $ 227,094 Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidated Elimination Consolidated Rental revenue $ — $ 275,105 $ 55,781 $ — $ 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 9,787 — (9,898 ) — Total revenue 3,676 352,038 77,918 (12,615 ) 421,017 Equity in subsidiaries’ earnings 298,657 — — (298,657 ) — Property operating expense — 11,280 12,153 — 23,433 Intercompany fee expense — — 2,717 (2,717 ) — Other expense — — 648 — 648 General and administrative expense — 25,315 5,706 — 31,021 Retirement severance expense 18,578 — — — 18,578 Costs associated with loan refinancing or payoff 243 27 — — 270 Interest expense, net 78,217 (8,115 ) 9,813 — 79,915 Interest expense on intercompany notes payable — — 9,898 (9,898 ) — Transaction costs 7,182 — 336 — 7,518 Depreciation and amortization 1,629 74,430 13,558 — 89,617 Income before equity in income from joint ventures and other items 196,484 249,101 23,089 (298,657 ) 170,017 Equity in income from joint ventures — — 969 — 969 Gain on sale of real estate — 23,653 176 — 23,829 Income before income taxes 196,484 272,754 24,234 (298,657 ) 194,815 Income tax benefit (expense) (1,952 ) — 1,470 — (482 ) Income from continuing operations 194,532 272,754 25,704 (298,657 ) 194,333 Discontinued operations: Income from discontinued operations — 199 — — 199 Net income attributable to EPR Properties 194,532 272,953 25,704 (298,657 ) 194,532 Preferred dividend requirements (23,806 ) — — — (23,806 ) Net income available to common shareholders of EPR Properties $ 170,726 $ 272,953 $ 25,704 $ (298,657 ) $ 170,726 Comprehensive income attributable to EPR Properties $ 187,588 $ 272,730 $ 19,559 $ (292,289 ) $ 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 $ — $ 228,847 $ 57,826 $ — $ 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 — — 23,509 (23,509 ) — Total revenue 3,889 305,486 102,309 (26,633 ) 385,051 Equity in subsidiaries’ earnings 241,921 — — (241,921 ) — Property operating expense — 11,422 13,475 — 24,897 Intercompany fee expense — — 3,124 (3,124 ) — Other expense — — 771 — 771 General and administrative expense — 20,545 7,021 — 27,566 Costs associated with loan refinancing or payoff — 285 16 — 301 Interest expense, net 63,056 9,132 9,082 — 81,270 Interest expense on intercompany notes payable — — 23,509 (23,509 ) — Transaction costs 1,319 54 1,079 — 2,452 Provision for loan losses — — 3,777 — 3,777 Depreciation and amortization 1,224 51,271 14,244 — 66,739 Income before equity in income from joint ventures and other items 180,211 212,777 26,211 (241,921 ) 177,278 Equity in income from joint ventures — — 1,273 — 1,273 Gain on sale of real estate — — 1,209 — 1,209 Gain on sale of investment in a direct financing lease — 220 — — 220 Income before income taxes $ 180,211 $ 212,997 $ 28,693 $ (241,921 ) $ 179,980 Income tax expense (578 ) — (3,650 ) — (4,228 ) Income from continuing operations 179,633 212,997 25,043 (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 179,633 216,860 25,061 (241,921 ) 179,633 Preferred dividend requirements (23,807 ) — — — (23,807 ) Net income available to common shareholders of EPR Properties $ 155,826 $ 216,860 $ 25,061 $ (241,921 ) $ 155,826 Comprehensive income attributable to EPR Properties $ 175,006 $ 217,000 $ 20,919 $ (237,919 ) $ 175,006 |
Condensed Consolidating Statement Of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 EPR Properties (Issuer) Wholly Owned Subsidiary Guarantors Non-Guarantor Subsidiaries Consolidated Intercompany fee income (expense) $ 2,684 $ — $ (2,684 ) $ — Interest income (expense) on intercompany receivable/payable — 9,700 (9,700 ) — Net cash (used) provided by other operating activities (79,945 ) 338,267 47,880 306,202 Net cash (used) provided by operating activities (77,261 ) 347,967 35,496 306,202 Investing activities: Acquisition of and investments in rental properties and other assets (357 ) (216,245 ) (2,567 ) (219,169 ) Proceeds from sale of real estate — 22,383 1,477 23,860 Investment in mortgage notes receivable — (190,922 ) (1,617 ) (192,539 ) Proceeds from mortgage note receivable paydown — 50,252 21,820 72,072 Investment in promissory notes receivable — (1,546 ) — (1,546 ) Proceeds from sale of infrastructure related to issuance of revenue bonds — 43,462 — 43,462 Proceeds from insurance recovery — 4,209 401 4,610 Proceeds from sale of investment in a direct financing lease, net — 20,951 — 20,951 Additions to property under development (1,010 ) (399,452 ) (13,386 ) (413,848 ) Investment in intercompany notes payable — (2,063 ) 2,063 — Advances to subsidiaries, net (356,784 ) 384,599 (27,815 ) — Net cash used by investing activities (358,151 ) (284,372 ) (19,624 ) (662,147 ) Financing activities: Proceeds from long-term debt facilities and senior unsecured notes 1,380,000 — — 1,380,000 Principal payments on debt (786,000 ) (63,727 ) (15,539 ) (865,266 ) Deferred financing fees paid (14,358 ) — (27 ) (14,385 ) Costs associated with loan refinancing or payoff (cash portion) — — (482 ) (482 ) Net proceeds from issuance of common shares 142,628 — — 142,628 Impact of stock option exercises, net (1,488 ) — — (1,488 ) Purchase of common shares for treasury for vesting (4,211 ) — — (4,211 ) Dividends paid to shareholders (265,662 ) — — (265,662 ) Net cash provided (used) by financing activities 450,909 (63,727 ) (16,048 ) 371,134 Effect of exchange rate changes on cash — — (137 ) (137 ) Net increase (decrease) in cash and cash equivalents 15,497 (132 ) (313 ) 15,052 Cash and cash equivalents at beginning of the period 1,089 1,289 1,905 4,283 Cash and cash equivalents at end of the period $ 16,586 $ 1,157 $ 1,592 $ 19,335 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 9,787 (9,898 ) — Net cash (used) provided by other operating activities (91,731 ) 324,760 44,923 277,952 Net cash (used) provided by operating activities of continuing operations (88,903 ) 334,547 32,308 277,952 Net cash provided by operating activities of discontinued operations — 508 — 508 Net cash (used) provided by operating activities (88,903 ) 335,055 32,308 278,460 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 note 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 ) (404,289 ) (4,035 ) (408,436 ) Investment in intercompany notes payable — (1,769 ) 1,769 — Advances to subsidiaries, net (406,389 ) 386,222 20,167 — Net cash used in investing activities (407,119 ) (137,801 ) (23,619 ) (568,539 ) Financing activities: Proceeds from debt facilities 701,914 155,000 — 856,914 Principal payments on debt (142,000 ) (353,024 ) (8,290 ) (503,314 ) Deferred financing fees paid (7,038 ) (9 ) — (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 (198,033 ) (8,290 ) 292,022 Effect of exchange rate changes on cash — (6 ) (990 ) (996 ) Net increase (decrease) in cash and cash equivalents 2,323 (785 ) (591 ) 947 Cash and cash equivalents at beginning of the period (1,234 ) 2,074 2,496 3,336 Cash and cash equivalents at end of the period $ 1,089 $ 1,289 $ 1,905 $ 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 (used) provided by other operating activities (60,684 ) 262,860 47,976 250,152 Net cash (used) provided by operating activities of continuing operations (57,560 ) 262,860 44,852 250,152 Net cash provided by operating activities of discontinued operations — 47 96 143 Net cash (used) provided by operating activities (57,560 ) 262,907 44,948 250,295 Investing activities: Acquisition of rental properties and other assets (438 ) (58,918 ) (25,849 ) (85,205 ) Proceeds from sale of real estate — — 12,055 12,055 Proceeds from settlement of derivative — — 5,725 5,725 Investment in mortgage notes 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 receivable 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 ) (325,624 ) (8,190 ) (334,635 ) Advances to subsidiaries, net (16,206 ) (7,078 ) 23,284 — Net cash used by investing activities (17,465 ) (320,131 ) (38,630 ) (376,226 ) Financing activities: Proceeds from debt facilities 20,000 359,000 — 379,000 Principal payments on debt — (303,544 ) (6,709 ) (310,253 ) Deferred financing fees paid (337 ) (279 ) (198 ) (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 55,152 (6,907 ) 121,587 Effect of exchange rate changes on cash — 39 (317 ) (278 ) Net decrease in cash and cash equivalents (1,683 ) (2,033 ) (906 ) (4,622 ) Cash and cash equivalents at beginning of the period 449 4,107 3,402 7,958 Cash and cash equivalents at end of the period $ (1,234 ) $ 2,074 $ 2,496 $ 3,336 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($)properties | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segmentproperties | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)mortgagenotes | Dec. 31, 2013USD ($) | |
Minimum term of existing long-term triple-net lease or lease for business acquisition | 7 years | |||||||||||
Deferred TRS Income Tax Expense (Benefit) | $ (273,000) | $ 0 | $ 0 | |||||||||
Deferred financing costs, net | $ 29,320,000 | $ 18,289,000 | $ 29,320,000 | $ 18,289,000 | ||||||||
Number of Reportable Operating Segments | segment | 4 | |||||||||||
Effective Income Tax Rate Reconciliation, Percent | 0.20% | 0.20% | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||||||||
Proceeds from promissory note receivable paydown | $ 0 | $ 0 | 1,750,000 | |||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Transaction costs | 7,869,000 | 7,518,000 | 2,452,000 | |||||||||
Goodwill | 693,000 | 693,000 | 693,000 | 693,000 | ||||||||
Intangible Assets, Net (Including Goodwill) | 14,779,000 | 8,636,000 | 14,779,000 | 8,636,000 | ||||||||
Amortization of above/below market leases and tenant improvements | 183,000 | 192,000 | 192,000 | |||||||||
Revenue Recognition [Abstract] | ||||||||||||
Percentage rents | 4,700,000 | 3,000,000 | 2,000,000 | |||||||||
Participating interest income | 800,000 | 1,500,000 | 2,200,000 | |||||||||
prepayment fee | 3,600,000 | 0 | 5,000,000 | |||||||||
Allowance for Doubtful Accounts [Abstract] | ||||||||||||
Allowance for doubtful accounts | 871,000 | 3,210,000 | $ 871,000 | 3,210,000 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Percent of taxable income distributed to shareholders annually | 90.00% | |||||||||||
Other | 12,258,000 | 10,870,000 | $ 12,258,000 | 10,870,000 | ||||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 161,000 | 161,000 | ||||||||||
Payments Related to Tax Withholding for Repatriation of Foreign Earnings | 82,000 | |||||||||||
Deferred Tax Assets, Gross | 17,000,000 | 14,700,000 | 17,000,000 | 14,700,000 | ||||||||
Deferred Tax Liabilities | 4,700,000 | 3,800,000 | 4,700,000 | 3,800,000 | ||||||||
Current Income and Withholding Tax Expense | 1,700,000 | 1,600,000 | ||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | ||||||||||||
Rental revenue | 399,589,000 | 330,886,000 | 286,673,000 | |||||||||
Total assets | 4,865,022,000 | 4,217,270,000 | 4,865,022,000 | 4,217,270,000 | ||||||||
Total liabilities | 2,679,121,000 | 2,143,402,000 | 2,679,121,000 | 2,143,402,000 | ||||||||
Net income attributable to EPR Properties | 52,190,000 | $ 51,575,000 | $ 49,183,000 | $ 48,228,000 | 46,799,000 | $ 44,244,000 | $ 42,814,000 | $ 36,869,000 | 224,982,000 | 194,532,000 | 179,633,000 | |
Total revenue | 130,831,000 | $ 125,610,000 | $ 118,033,000 | $ 118,768,000 | 111,988,000 | $ 108,335,000 | $ 101,258,000 | $ 99,436,000 | 493,242,000 | 421,017,000 | 385,051,000 | |
Share-based Compensation [Abstract] | ||||||||||||
Share based compensation | $ 11,164,000 | 8,508,000 | $ 8,902,000 | |||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||||||||||
Impaired notes receivable | mortgagenotes | 1 | |||||||||||
Financing Receivable, Gross | $ 3,800,000 | |||||||||||
Interest Receivable | 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 | $ 23,860,000 | 46,718,000 | 12,055,000 | |||||||||
Share-based compensation expense included in retirement severance expense | 0 | 6,377,000 | 0 | |||||||||
Retirement severance expense | 0 | 18,578,000 | 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 | 36.00% | |||||||||||
Rental revenue | $ 90,000,000 | $ 86,100,000 | $ 87,400,000 | |||||||||
Percentage of lease revenue in total revenue | 18.20% | 20.00% | 23.00% | |||||||||
Carmike Cinemas, Inc [Member] | ||||||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | ||||||||||||
Rental revenue | $ 21,700,000 | |||||||||||
Percentage of lease revenue in total revenue | 4.40% | |||||||||||
Leases, Acquired-in-Place [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Intangible assets, accumulated amortization | 13,400,000 | 11,600,000 | $ 13,400,000 | $ 11,600,000 | ||||||||
Weighted average useful life for in-place leases | 11 years 2 months | |||||||||||
Amortization expense | 1,400,000 | $ 1,400,000 | ||||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||||||||
2,017 | (1,667,000) | $ (1,667,000) | ||||||||||
2,018 | (1,655,000) | (1,655,000) | ||||||||||
2,019 | (1,416,000) | (1,416,000) | ||||||||||
2,020 | (1,177,000) | (1,177,000) | ||||||||||
2,021 | (1,100,000) | (1,100,000) | ||||||||||
Thereafter | (6,701,000) | (6,701,000) | ||||||||||
Total | (13,716,000) | (7,273,000) | (13,716,000) | (7,273,000) | ||||||||
Lease Agreements [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Amortization | 1,400,000 | |||||||||||
Above Market Leases [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Intangible assets, accumulated amortization | 600,000 | 400,000 | 600,000 | 400,000 | ||||||||
Amortization of above/below market leases and tenant improvements | $ 192,000 | 192,000 | 192,000 | |||||||||
Weighted average useful life for in-place leases | 2 years 6 months | |||||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||||||||
2,017 | (192,000) | $ (192,000) | ||||||||||
2,018 | (192,000) | (192,000) | ||||||||||
2,019 | (95,000) | (95,000) | ||||||||||
2,020 | 0 | 0 | ||||||||||
2,021 | 0 | 0 | ||||||||||
Thereafter | 0 | 0 | ||||||||||
Total | (479,000) | (670,000) | (479,000) | (670,000) | ||||||||
Below market leases [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Intangible assets, accumulated amortization | 0 | 0 | $ 0 | 0 | ||||||||
Number of properties acquired | properties | 1 | |||||||||||
Amortization of above/below market leases and tenant improvements | $ 12,000 | |||||||||||
Weighted average useful life for in-place leases | 4 years 8 months | |||||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||||||||||
2,017 | (23,000) | $ (23,000) | ||||||||||
2,018 | (23,000) | (23,000) | ||||||||||
2,019 | (23,000) | (23,000) | ||||||||||
2,020 | (23,000) | (23,000) | ||||||||||
2,021 | (17,000) | (17,000) | ||||||||||
Thereafter | 0 | 0 | ||||||||||
Total | (109,000) | 0 | (109,000) | 0 | ||||||||
CANADA | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Other | 12,000,000 | $ 12,000,000 | ||||||||||
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 | $ 900,000 | 1,100,000 | 1,400,000 | |||||||||
Restricted Stock [Member] | Employee [Member] | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Share based compensation expense related to employees and trustees | $ 9,200,000 | 6,300,000 | 6,500,000 | |||||||||
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 | $ 1,100,000 | 1,000,000 | 1,100,000 | |||||||||
Allowance for Loan and Lease Losses [Member] | ||||||||||||
Valuation Allowances and Reserves, Balance | $ 0 | 0 | 0 | 0 | 3,777,000 | $ 0 | ||||||
Valuation Allowances and Reserves, Deductions | $ 0 | 3,777,000 | $ 0 | |||||||||
Theatre Properties Member | Leases, Acquired-in-Place [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Number of properties acquired | properties | 24 | |||||||||||
Theatre Properties Member | Above Market Leases [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Number of properties acquired | properties | 1 | |||||||||||
Education Property [Member] | Leases, Acquired-in-Place [Member] | ||||||||||||
Accounting for Acquisitions [Abstract] | ||||||||||||
Number of properties acquired | properties | 2 | |||||||||||
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 | $ 1,400,000 | 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 | $ 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 Accoun48
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Current TRS Tax Expense (benefit) | $ (36) | $ 0 | $ 0 |
Fixed assets | 16,022 | 13,791 | |
Net operating losses | 578 | 2,249 | |
Other | 381 | 412 | |
Less Valuation allowance | 0 | (1,779) | |
Total deferred tax assets | 16,981 | 14,673 | |
Deferred Tax Liabilities, Capital Improvements | (1,716) | (224) | |
Straight line receivable | (2,177) | (2,731) | |
Other | (830) | (848) | |
Total deferred tax liabilities | (4,723) | (3,803) | |
Net deferred tax asset | 12,258 | 10,870 | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current state income tax expense | (414) | (899) | (579) |
Current foreign income tax | (77) | 431 | (493) |
Current foreign withholding tax | (1,130) | (1,107) | (1,040) |
Deferred TRS Income Tax Expense (Benefit) | 273 | 0 | 0 |
Deferred foreign withholding tax | 39 | (43) | (320) |
Deferred Other Tax Expense (Benefit) | 792 | 1,136 | (1,796) |
Deferred income tax benefit (expense) | 1,065 | 1,136 | (1,796) |
Income tax expense | $ (553) | $ (482) | $ (4,228) |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) | Jun. 27, 2016USD ($)stateproperties | Apr. 21, 2014properties | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | $ 4,231,297,000 | $ 3,559,502,000 | |||
Accumulated depreciation | (635,535,000) | (534,303,000) | |||
Total | 3,595,762,000 | 3,025,199,000 | |||
Depreciation expense on rental properties | 103,900,000 | 85,900,000 | $ 63,000,000 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | 0 | $ 101,441,000 | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 20 years | ||||
Building and Building Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | $ 3,272,865,000 | 2,837,611,000 | |||
Furniture and Fixtures [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 40,684,000 | 34,423,000 | |||
Land [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | $ 917,748,000 | $ 687,468,000 | |||
immaterial business acquisition [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties acquired | properties | 11 | ||||
Carmike Cinemas, Inc [Member] | Theatre Properties Member | |||||
Real Estate Properties [Line Items] | |||||
Number of properties acquired | properties | 6 | ||||
Payments to Acquire Property, Plant, and Equipment | $ 94,100,000 | ||||
Number of States in which Entity Operates | state | 5 | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||||
Carmike Cinemas, Inc [Member] | Triple Net Basis [Member] | Theatre Properties Member | |||||
Real Estate Properties [Line Items] | |||||
Number of properties acquired | properties | 5 | ||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 15 years |
Rental Properties Disposition (
Rental Properties Disposition (Details) | Aug. 01, 2015USD ($) | May 22, 2015properties | Jan. 27, 2015USD ($) | Apr. 02, 2014properties | Dec. 31, 2016USD ($)properties | Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($) |
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | $ 0 | $ 5,315,000 | $ 23,829,000 | $ 1,209,000 | |||
number of properties sold | properties | 1 | 4 | 9 | ||||
Gain on insurance recovery | $ 4,684,000 | 0 | $ 0 | ||||
Education Property [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | $ 2,800,000 | ||||||
number of properties sold | properties | 2 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 16,600,000 | ||||||
Education Property [Member] | Education Reportable Operating Segment [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | $ 100,000 | ||||||
number of properties sold | properties | 3 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,000,000 | ||||||
Retail Site [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | $ 2,500,000 | ||||||
number of properties sold | properties | 3 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 5,300,000 | ||||||
Theatre Properties Member | Entertainment Reportable Operating Segment [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | $ 23,700,000 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 42,700,000 | ||||||
Land [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on sale of real estate | 0 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 1,500,000 | ||||||
Ski Resorts [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Gain on insurance recovery | $ 4,500,000 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance Settlements Receivable | $ 1,967,000 | $ 0 |
Revenue Bond Receivable | 22,164,000 | 0 |
Straight-line rent receivable | 67,618,000 | 52,336,000 |
Allowance for doubtful accounts | (871,000) | (3,210,000) |
Total | 98,939,000 | 59,101,000 |
Tenants [Member] | ||
Accounts receivable, gross | 7,564,000 | 9,999,000 |
Non-Tenants [Member] | ||
Accounts receivable, gross | 497,000 | 353,000 |
Accounts Receivable [Member] | ||
Allowance for doubtful accounts | $ (871,000) | $ (3,587,000) |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | Jan. 01, 2017USD ($)properties | Dec. 22, 2016 | Nov. 02, 2016properties | Apr. 22, 2016USD ($) | Dec. 31, 2016USD ($)apropertiesyears | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 18, 2016properties | Apr. 04, 2007a | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 20 years | |||||||||
prepayment fee | $ 3,600 | $ 0 | $ 5,000 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||||
Costs associated with loan refinancing or payoff | 905 | 270 | 301 | |||||||
Mortgage notes and related accrued interest receivable, net | $ 613,978 | 423,780 | ||||||||
Number of properties securing debt | properties | 14 | 11 | 1 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Proceeds from mortgage note receivable paydown | $ 72,072 | 40,956 | 76,256 | |||||||
Theatre Properties Member | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Costs associated with loan refinancing or payoff | 472 | |||||||||
Mortgage Receivable [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage notes and related accrued interest receivable, net | 613,978 | |||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
2,017 | 5,084 | |||||||||
2,018 | 2,546 | |||||||||
2,019 | 163,874 | |||||||||
2,020 | 1,143 | |||||||||
2,021 | 71,569 | |||||||||
Thereafter | 369,762 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage notes and related accrued interest receivable, net | $ 613,978 | 423,780 | ||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.50%, paid in full January 5, 2016 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [1] | 9.50% | ||||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 0 | 19,944 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016 | Education Property [Member] | ||||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Mortgage Notes, Additional Funding | $ 21,800 | |||||||||
Mortgage Notes, Prepaid Mortgage Fees Write-offs, Net | $ 335 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.75%, paid in full April 22, 2016 | Entertainment Retail Center Properties [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [2] | 9.75% | ||||||||
Mortgage notes and related accrued interest receivable, net | [2] | $ 0 | 22,188 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 5.50%, paid in full October 11, 2016 | Vineyard And Winery Facility [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [3] | 5.05% | ||||||||
Mortgage notes and related accrued interest receivable, net | [3] | $ 0 | 2,500 | |||||||
Area of Real Estate Property | a | 159 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2017 | 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] | $ 1,454 | 1,454 | |||||||
Area of Real Estate Property | a | 12 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.00%, due July 31, 2017 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [5] | 9.00% | ||||||||
Mortgage notes and related accrued interest receivable, net | [5] | $ 1,375 | 1,257 | |||||||
Area of Real Estate Property | a | 20 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 7.00%, due October 19, 2018 | Theatre Properties Member | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [6] | 7.00% | ||||||||
Mortgage notes and related accrued interest receivable, net | [6] | $ 1,637 | 0 | |||||||
Area of Real Estate Property | a | 7 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 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% | ||||||||
Mortgage notes and related accrued interest receivable, net | [7] | $ 164,743 | 164,543 | |||||||
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 | 800 | 1,500 | $ 1,400 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Proceeds from mortgage note receivable paydown | $ 45,000 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 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, 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, 7.00%, due December 20, 2021 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [8] | 7.00% | ||||||||
Mortgage notes and related accrued interest receivable, net | [8] | $ 70,304 | 0 | |||||||
Number of properties securing debt | properties | 11 | |||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Mortgage Notes, Periodic Payments | $ 608 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 | fitness center [Member] [Domain] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [9] | 7.85% | ||||||||
Mortgage notes and related accrued interest receivable, net | [9] | $ 5,635 | 0 | |||||||
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 | [10] | 10.65% | ||||||||
Mortgage notes and related accrued interest receivable, net | [10] | $ 36,032 | 36,032 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Mortgage Loans on Real Estate, Amended Interest Rate | 9.25% | |||||||||
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, Periodic Payment Terms, Level Payments | 52 | |||||||||
Mortgage Loans on Real Estate, Interest Rate | [11] | 9.00% | ||||||||
Mortgage notes and related accrued interest receivable, net | [11] | $ 5,327 | 5,469 | |||||||
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 loan on real estate, interest rate, increase | 0.50% | |||||||||
Frequency of Interest Rate Increases | 5 years | |||||||||
Mortgage notes and related accrued interest receivable, net | [12] | $ 30,849 | 30,680 | |||||||
Number of properties securing debt | properties | 3 | |||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
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 and related accrued interest receivable, 10.25%, due June 30, 2033 | 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] | $ 3,508 | 3,488 | |||||||
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, Periodic Payment Terms, Level Payments | 141 | |||||||||
Mortgage Loans on Real Estate, Interest Rate | [14] | 11.31% | ||||||||
Mortgage notes and related accrued interest receivable, net | [14] | $ 12,530 | 12,781 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 8.71%, due June 30, 2034 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||||
mortgage loan on real estate, interest rate, increase | 1.025% | |||||||||
Mortgage notes and related accrued interest receivable, net | [15] | $ 7,230 | 4,900 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
mortgage loans on real estate, effective interest rate | [15] | 8.71% | ||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [16] | 9.50% | ||||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||||
Mortgage notes and related accrued interest receivable, net | [16] | $ 12,473 | 12,392 | |||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
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 and related accrued interest receivable, 11.10%, due December 1, 2034 | Ski Resorts [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [17] | 11.10% | ||||||||
Mortgage notes and related accrued interest receivable, net | [17] | $ 51,250 | 51,450 | |||||||
Number of properties securing debt | properties | 1 | |||||||||
Area of Real Estate Property | a | 588 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 10.28%, due December 1, 2034 | Ski Resorts [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [18] | 10.28% | ||||||||
Mortgage notes and related accrued interest receivable, net | [18] | $ 37,562 | 37,562 | |||||||
Number of properties securing debt | properties | 4 | |||||||||
Area of Real Estate Property | a | 510 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.72%, due December 1, 2034 | Ski Resorts [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [19] | 10.72% | ||||||||
Mortgage notes and related accrued interest receivable, net | [19] | $ 4,550 | 4,550 | |||||||
Area of Real Estate Property | a | 135 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 8.00%, due January 5, 2036 | Ski Resorts [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [20] | 8.00% | ||||||||
Mortgage notes and related accrued interest receivable, net | [20] | $ 21,000 | 0 | |||||||
Area of Real Estate Property | a | 240 | |||||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.25%, due May 31, 2036 | TopGolf [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [21] | 10.25% | ||||||||
Mortgage notes and related accrued interest receivable, net | [21] | $ 17,505 | 9,147 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.75%, due July 28, 2036 | TopGolf [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [22] | 9.75% | ||||||||
Mortgage notes and related accrued interest receivable, net | [22] | $ 18,219 | 3,443 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.75%, due July 31, 2036 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [23] | 9.75% | ||||||||
Mortgage notes and related accrued interest receivable, net | [23] | $ 6,083 | 0 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 9.75%, due December 31, 2036 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [24] | 9.75% | ||||||||
Mortgage notes and related accrued interest receivable, net | [24] | $ 4,712 | 0 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 7.25%, due November 30, 2041 | Education Property [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | [25] | 7.25% | ||||||||
mortgage loan on real estate, interest rate, increase | 106.25% | |||||||||
Mortgage notes and related accrued interest receivable, net | [25] | $ 100,000 | $ 0 | |||||||
Number of properties securing debt | properties | 20 | |||||||||
First Mortgage [Member] | TopGolf [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||||
Frequency of Interest Rate Increases | 5 years | |||||||||
Area of Real Estate Property | a | 28 | |||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
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 | 15 | |||||||||
Maximum [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Length of lease (in years) | years | 18 | |||||||||
Maximum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 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% | ||||||||
Subsequent Event [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 7.25%, due November 30, 2041 | Education Property [Member] | ||||||||||
Notes Receivable, Future Payment Receivables [Abstract] | ||||||||||
Mortgage Notes, Additional Funding | $ 42,900 | |||||||||
Number of Additional Properties Securing Mortgage Note | properties | 8 | |||||||||
[1] | The Company's first mortgage loan agreement with Basis Schools, Inc. that was secured by a public charter school and the underlying land located in Washington D.C. was paid on January 5, 2016. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million, included in mortgage and other financing income. | |||||||||
[2] | The Company's first mortgage loan agreement with Fiber Mills, LLC and Music Factory Condominiums, LLC that was secured by the North Carolina Music Factory located in Charlotte, North Carolina was amended and restated during the year ended December 31, 2016. In conjunction with the amendment, the Company funded an additional $21.8 million. On April 22, 2016, the note was paid in full. In conjunction with this payoff, the Company wrote off $335 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. | |||||||||
[3] | The Company's mortgage loan agreement with Alko Ranch, LLC that was secured by approximately 159 acres of land and a winery facility was paid in full on October 11, 2016. | |||||||||
[4] | 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. | |||||||||
[5] | 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. | |||||||||
[6] | The Company's first mortgage loan agreement with Miramesa Star LLC, is secured by a theatre development project on approximately seven acres of land located in Cypress, Texas. The note requires monthly interest payments | |||||||||
[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, 2016, 2015 and 2014, the Company recognized $0.8 million, $1.5 million and $1.4 million of participating interest income, respectively. SVVI 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 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. | |||||||||
[8] | The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 11 charter school properties located in Georgia, Indiana, Ohio, South Carolina, and Pennsylvania. This note requires monthly principal and interest payments of $608 thousand and additional principal pay downs if certain events occur including property sales. See Note 6 for further discussion. | |||||||||
[9] | The Company's first mortgage loan agreement with Genesis Health Clubs of Omaha, Sports West LLC, is secured by a health club facility located in Omaha, Nebraska. This note requires monthly interest payments. | |||||||||
[10] | 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. On December 22, 2016, the Company entered into an amendment to the loan agreement with the borrower which eliminated the full prepayment option with penalty in 2017 per the original agreement and replaced it with partial prepayment options in 2017 and 2027 with penalty. The amended note bears interest at 9.25% beginning July 1, 2017. | |||||||||
[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%. At December 31, 2016, the rate was 8.71%. 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 ski area located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. 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 ski areas located in Ohio and Pennsylvania with a total of approximately 510 acres. 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 ski area located in Chesterland, Ohio with approximately 135 acres. 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 Peak is secured by a ski area located in Hunter, New York with approximately 240 acres. 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. | |||||||||
[21] | The Company's first mortgage loan agreement with Topgolf USA Midvale, LLC is secured by a golf entertainment complex located in Midvale, Utah. On November 1, 2016, this note was amended and restated to change the maturity date to May 31, 2036. The note requires monthly interest payments. | |||||||||
[22] | 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. | |||||||||
[23] | The Company's first mortgage loan agreement with Friends of Millville Public Charter School is secured by a public charter school property located in Millville, New Jersey. The note requires monthly interest payments. | |||||||||
[24] | The Company's first mortgage loan agreement with Friends of Vineland Public Charter School is secured by a public charter school property located in Vineland, New Jersey. The note requires monthly interest payments upon completion of construction. | |||||||||
[25] | The Company's first mortgage loan agreements with Endeavor Schools are secured by 20 education facilities including both early education and private school properties located California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. The notes bear interest beginning at 7.25% with increases every three years by a multiple of 1.0625 and require monthly interest payments. The notes contain prepayment provisions which allow the borrower to prepay with a premium based on a multiple of the remaining loan balance. In addition, the notes contain a loan to lease conversion option in which the borrower has the right to put the underlying real estate assets to the Company and become the tenant under a lease structure. Interest income on the notes is being recognized using the effective interest method without the fixed interest rate increases due to these prepayment and conversion options. Subsequent to December 31, 2016, the Company funded an additional $42.9 million for first mortgage loan agreements secured by eight early education and private school properties located in Minnesota and Ohio. These loan agreements have the same terms as the notes funded in 2016. |
Investments In Direct Financi53
Investments In Direct Financing Leases (Narrative) (Details) | May 22, 2015properties | Apr. 02, 2014properties | Sep. 30, 2014USD ($) | Dec. 31, 2016USD ($)propertiesyears | Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($) | Nov. 02, 2016properties | Feb. 18, 2016properties | May 21, 2015USD ($) | Apr. 03, 2014USD ($) |
Initial direct costs | $ 1,300,000 | $ 1,400,000 | ||||||||
Allowance for lease losses | 0 | 0 | ||||||||
Investment in a direct financing lease, net | 102,698,000 | 190,880,000 | $ 4,700,000 | $ 45,900,000 | ||||||
Proceeds from Sale of Lease Receivables | 20,951,000 | 4,741,000 | $ 46,092,000 | |||||||
Mortgage notes and related accrued interest receivable, net | $ 613,978,000 | 423,780,000 | ||||||||
number of properties sold | properties | 1 | 4 | 9 | |||||||
Gain (Loss) on Contract Termination | 0 | |||||||||
Net Investment in Direct Financing and Sales Type Leases, Carrying Value of Investments Sold | $ 91,300,000 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 200,000 | $ 0 | $ 0 | |||||||
Number of properties securing debt | properties | 11 | 14 | 1 | |||||||
Maximum [Member] | ||||||||||
Length of lease (in years) | years | 18 | |||||||||
Minimum [Member] | ||||||||||
Length of lease (in years) | years | 15 | |||||||||
Imagine Schools [Member] | ||||||||||
Number of public charter school properties | properties | 12 | 21 | ||||||||
Mortgage notes and related accrued interest receivable, net | $ 70,300,000 | |||||||||
number of properties sold | properties | 7 | |||||||||
Third Parties [Member] | ||||||||||
number of properties sold | properties | 2 |
Investments In Direct Financi54
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 21, 2015 | Apr. 03, 2014 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||||
Proceeds from Sale of Lease Receivables | $ 20,951 | $ 4,741 | $ 46,092 | |||
Total minimum lease payments receivable | 215,753 | 439,646 | ||||
Estimated unguaranteed residual value of leased assets | 85,247 | 162,669 | ||||
Less deferred income | [1] | (198,302) | (411,435) | |||
Investment in a direct financing lease, net | 102,698 | 190,880 | $ 4,700 | $ 45,900 | ||
Initial direct costs | $ 1,300 | $ 1,400 | ||||
[1] | Deferred income is net of $1.3 million and $1.4 million of initial direct costs at December 31, 2016 and 2015, respectively. |
Investments In Direct Financi55
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2,017 | $ 10,856 | |
2,018 | 11,182 | |
2,019 | 11,518 | |
2,020 | 11,863 | |
2,021 | 12,219 | |
Thereafter | 158,115 | |
Total | $ 215,753 | $ 439,646 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) | Aug. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Payments to Acquire Productive Assets | $ 219,169,000 | $ 179,820,000 | $ 85,205,000 | |
Gain on previously held equity interest | 220,000 | |||
Gain on sale of real estate | $ 0 | 5,315,000 | 23,829,000 | 1,209,000 |
Income from investments in unconsolidated real estate joint venture | 619,000 | 969,000 | 1,273,000 | |
Distributions from joint ventures | $ 816,000 | $ 540,000 | $ 810,000 |
Unconsolidated Real Estate Jo57
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt | $ 2,485,625 | $ 1,981,920 | $ 2,485,625 | $ 1,981,920 | |||||||
Note payable to EPR | 0 | 0 | 0 | 0 | |||||||
Net income attributable to EPR Properties | $ 58,141 | $ 57,526 | $ 55,135 | $ 54,180 | $ 52,750 | $ 50,195 | $ 48,766 | $ 42,821 | $ 224,982 | $ 194,532 | $ 179,633 |
Debt Schedule of Long-term De58
Debt Schedule of Long-term Debt Instruments (Details) $ in Thousands, CAD in Millions | Dec. 14, 2016USD ($) | Apr. 24, 2015USD ($) | Apr. 21, 2014USD ($)properties | Mar. 03, 2011USD ($) | Dec. 31, 2016USD ($)propertiesyearsCAD / $ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016CADpropertiesCAD / $ | Nov. 02, 2016properties | Aug. 22, 2016USD ($) | Feb. 18, 2016properties | Mar. 16, 2015USD ($) | Feb. 28, 2014CADCAD / $ | Jun. 18, 2013USD ($) | Aug. 08, 2012USD ($) | Jun. 30, 2010USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties securing debt | properties | 11 | 11 | 14 | 1 | |||||||||||||
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] | |||||||||||||||||
2,017 | $ 163,266 | ||||||||||||||||
2,018 | 11,684 | ||||||||||||||||
2,019 | 0 | ||||||||||||||||
2,020 | 600,000 | ||||||||||||||||
2,021 | 0 | ||||||||||||||||
Thereafter | 1,739,995 | ||||||||||||||||
Total | 2,485,625 | $ 1,981,920 | |||||||||||||||
Deferred financing costs, net | (29,320) | (18,289) | |||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||
Amortization of deferred financing costs | 4,787 | 4,588 | $ 4,248 | ||||||||||||||
Credit facility and letter of credit fees | 1,873 | 1,759 | 1,735 | ||||||||||||||
Interest costs capitalized | (10,697) | (18,547) | (7,525) | ||||||||||||||
Interest expense, net | 97,144 | 79,915 | 81,270 | ||||||||||||||
Costs associated with loan refinancing or payoff | 905 | 270 | 301 | ||||||||||||||
Segment, Continuing Operations [Member] | |||||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||
Interest on loans and capital lease obligation | 101,181 | 92,140 | 82,839 | ||||||||||||||
Amortization of deferred financing costs | 4,787 | 4,588 | 4,248 | ||||||||||||||
Interest income | $ 0 | (25) | $ (27) | ||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 7.37%, paid in full on February 18, 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 7.37% | 7.37% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [1] | $ 0 | 4,813 | ||||||||||||||
Mortgage notes payable [Member] | Note payable, 2.50%, paid in full on April 21, 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 2.50% | 2.50% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [2] | $ 0 | 1,850 | ||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.37%, paid in full on May 2, 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 6.37% | 6.37% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [3] | $ 0 | 24,754 | ||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.37%, paid in full on May 2, 2016 | Theatre Properties Member | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties securing debt | properties | 2 | 2 | |||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.02%, paid in full on August 8, 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties securing debt | properties | 3 | 3 | |||||||||||||||
Interest rate | 6.02% | 6.02% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [4] | $ 0 | 16,738 | ||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.10%, paid in full on September 1, 2016 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [2] | 6.10% | 6.10% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [5] | $ 0 | 22,235 | ||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 6.10%, paid in full on September 1, 2016 | Theatre Properties Member | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties securing debt | properties | 4 | 4 | |||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.06%, due March 1, 2017 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net book value of property | $ 8,200 | ||||||||||||||||
Debt initial balance | $ 11,600 | ||||||||||||||||
Monthly payment amortization schedule (in years) | years | 25 | ||||||||||||||||
Monthly principal and interest payments | $ 75 | ||||||||||||||||
Final principal payment at maturity | $ 8,600 | ||||||||||||||||
Interest rate | [3] | 6.06% | 6.06% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [6] | $ 8,615 | 9,381 | ||||||||||||||
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 | $ 8,000 | ||||||||||||||||
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 | [5] | 6.07% | 6.07% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [7] | $ 9,331 | 9,667 | ||||||||||||||
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 | $ 32,400 | ||||||||||||||||
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 | [8] | $ 30,486 | 31,603 | ||||||||||||||
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 | $ 118,200 | ||||||||||||||||
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 | [6] | 4.00% | 4.00% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [9] | $ 88,629 | 93,616 | ||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.29%, due July 8, 2017 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net book value of property | 8,000 | ||||||||||||||||
Monthly principal and interest payments | 28 | ||||||||||||||||
Final principal payment at maturity | $ 3,200 | ||||||||||||||||
Fair value of notes payable | $ 4,100 | ||||||||||||||||
Interest rate | [7] | 5.29% | 5.29% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [10] | $ 3,298 | 3,455 | ||||||||||||||
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 | $ 24,800 | ||||||||||||||||
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 | [7] | 5.86% | 5.86% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [11] | $ 22,139 | 22,931 | ||||||||||||||
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 | $ 18,900 | ||||||||||||||||
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 | [9] | 6.19% | 6.19% | ||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [12] | $ 12,452 | 13,171 | ||||||||||||||
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] | Unsecured revolving variable rate credit facility, LIBOR 1.25%, due April 24, 2019 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [10] | 1.25% | 1.25% | ||||||||||||||
Mortgage notes payable [Member] | Unsecured term loan payable, LIBOR 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% 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 | 2.17% | 2.17% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [13] | $ 350,000 | 350,000 | ||||||||||||||
Mortgage notes payable [Member] | Senior unsecured notes payable, 7.75%, due July 15, 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [12] | 7.75% | |||||||||||||||
Mortgage notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 5.75% | 5.75% | |||||||||||||||
Mortgage notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [13] | 4.35% | 4.35% | ||||||||||||||
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 | 2.02167% | 2.02167% | |||||||||||||||
Line of credit facility, amount outstanding | $ 0 | ||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 650,000 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [14] | 0 | 196,000 | ||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||||||||||
Costs associated with loan refinancing or payoff | $ 243 | ||||||||||||||||
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] | Senior unsecured notes payable, 5.25%, due July 15, 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [14] | 5.25% | 5.25% | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 7.75%, due July 15, 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 250,000 | ||||||||||||||||
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 | [15] | $ 250,000 | 250,000 | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 350,000 | ||||||||||||||||
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 | [16] | $ 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 | ||||||||||||||||
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 | [17] | $ 275,000 | 275,000 | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 148,000 | ||||||||||||||||
Senior unsecured notes, interest rate | 4.35% | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [18] | $ 148,000 | 0 | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.50%, due April 1, 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 300,000 | ||||||||||||||||
Interest rate | [15] | 4.50% | 4.50% | ||||||||||||||
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 | [19] | $ 300,000 | 300,000 | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.56%, due August 22, 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 192,000 | ||||||||||||||||
Interest rate | [16] | 4.56% | 4.56% | ||||||||||||||
Senior unsecured notes, interest rate | 4.56% | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [20] | $ 192,000 | 0 | ||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.75%, due December 15, 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt initial balance | $ 450,000 | ||||||||||||||||
Interest rate | [17] | 4.75% | 4.75% | ||||||||||||||
Senior unsecured notes, interest rate | 4.75% | ||||||||||||||||
Senior unsecured notes, percent of principal amount issued | 0.98429 | ||||||||||||||||
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 | [21] | $ 450,000 | 0 | ||||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due October 1, 2037 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net book value of property | $ 21,800 | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.76% | 0.76% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||
Total | [22] | $ 24,995 | $ 24,995 | ||||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due October 1, 2037 | 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 | ||||||||||||||||
Minimum [Member] | Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 5.73% | 5.73% | |||||||||||||||
Minimum [Member] | Mortgage notes payable [Member] | Unsecured term loan payable, LIBOR 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% through April 5, 2019, due April 24, 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [11] | 1.40% | |||||||||||||||
Maximum [Member] | Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, due May 1, 2017 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | 5.95% | 5.95% | |||||||||||||||
Maximum [Member] | Mortgage notes payable [Member] | Unsecured term loan payable, LIBOR 1.40%, $300,000 fixed through interest rate swaps at a blended rate of 3.09% through April 5, 2019, due April 24, 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate | [11] | 3.09% | |||||||||||||||
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 | |||||||||||||||
Theatre Properties Member | |||||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||
Costs associated with loan refinancing or payoff | $ 472 | ||||||||||||||||
[1] | The Company’s mortgage note payable was prepaid in full on February 18, 2016 prior to its maturity date of July 15, 2018. The note was secured by one theatre property. In connection with this note payoff, the Company paid $472 thousand in additional costs included in costs associated with loan refinancing or payoff. | ||||||||||||||||
[2] | The Company’s note payable was paid in full on April 21, 2016. | ||||||||||||||||
[3] | The Company’s mortgage notes payable were paid in full on May 2, 2016 prior to their maturity date of June 1, 2016. This notes were secured by two theatre properties. | ||||||||||||||||
[4] | The Company’s mortgage notes payable were paid in full on August 8, 2016 prior to their maturity date of October 6, 2016. The notes were secured by three theatre properties. | ||||||||||||||||
[5] | The Company’s mortgage notes payable were paid in full on September 1, 2016 prior to their maturity date of October 1, 2016. The notes were secured by four theatre properties. | ||||||||||||||||
[6] | The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.2 million at December 31, 2016. 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 $8.6 million. On February 1, 2017, this loan was prepaid in full. | ||||||||||||||||
[7] | The Company’s mortgage note payable is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016. 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. On January 6, 2017, this loan was prepaid in full. | ||||||||||||||||
[8] | The Company’s mortgage notes payable are secured by four theatre properties, which had a net book value of approximately $32.4 million at December 31, 2016. 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%. | ||||||||||||||||
[9] | 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 acquisition date market rate of 4.00%. The mortgage note is secured by 11 theatre properties, which had a net book value of approximately $118.2 million at December 31, 2016. 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. | ||||||||||||||||
[10] | 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 acquisition date market rate of 5.29%. The note is secured by one theatre property, which had a net book value of approximately $8.0 million at December 31, 2016. 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. | ||||||||||||||||
[11] | The Company’s mortgage notes payable due August 1, 2017 are secured by two theatre properties, which had a net book value of approximately $24.8 million at December 31, 2016. 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. | ||||||||||||||||
[12] | The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.9 million at December 31, 2016. 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. | ||||||||||||||||
[13] | The Company's unsecured term loan payable bears interest at LIBOR plus 1.40%, which was 2.17% on December 31, 2016. 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) increased the initial amount from $285.0 million to $350.0 million, (ii) extended the maturity date from July 23, 2018 to April 24, 2020 and (iii) lowered 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. | ||||||||||||||||
[14] | The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.25%, which was 2.02% on December 31, 2016. 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) increased the initial amount from $535.0 million to $650.0 million, (ii) extended 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) lowered 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, 2016, the Company had no outstanding balance under the facility and total availability under the revolving credit facility was $650.0 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. The facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. | ||||||||||||||||
[15] | 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. | ||||||||||||||||
[16] | 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. | ||||||||||||||||
[17] | 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. | ||||||||||||||||
[18] | On August 22, 2016, the Company issued $148.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.35% and are due August 22, 2024. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. | ||||||||||||||||
[19] | 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. | ||||||||||||||||
[20] | On August 22, 2016, the Company issued $192.0 million of senior unsecured notes in a private placement transaction. The notes bear interest at an annual rate of 4.56% and are due August 22, 2026. The notes are guaranteed by the Company's subsidiaries that guarantee the Company's unsecured credit facilities and existing senior unsecured notes. The notes contain covenants similar to those found in the Company's unsecured revolving credit facility. | ||||||||||||||||
[21] | On December 14, 2016, the Company issued $450.0 million in aggregate principal amount of senior notes due on December 14, 2026 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.75%. Interest is payable on June 15 and December 15 of each year beginning on June 15, 2017, until the stated maturity date of December 15, 2026. The notes were issued at 98.429% 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. | ||||||||||||||||
[22] | The Company’s bonds payable due October 1, 2037 are secured by three theatres, which had a net book value of approximately $21.8 million at December 31, 2016, and bear interest at a variable rate which resets on a weekly basis and was 0.76% at December 31, 2016. 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, 2016USD ($) |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 8 |
Variable Interest entity, number of entities | 1 |
SVVI [Member] | |
Investment in unconsolidated VIE | $ 164.7 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands, CAD in Millions | Aug. 12, 2015USD ($)swap_agreements | Sep. 06, 2013USD ($)swap_agreements | Dec. 31, 2016USD ($)propertiesCAD / $ | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016CADCAD / $ | Feb. 28, 2014CADCAD / $ |
credit risk related contingent features default on debt amount | $ 25,000 | ||||||
Derivative Liability, Fair Value, Gross Liability | 2,500 | $ 5,700 | |||||
Derivative Asset | 33,400 | 36,500 | |||||
Derivative Asset, Fair Value, Gross Asset | 35,900 | 42,200 | |||||
Proceeds from settlement of derivative | 0 | $ 0 | $ (5,725) | ||||
Cash Flow Hedging [Member] | |||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 2,800 | ||||||
Interest Rate Swap [Member] | |||||||
Derivative, Fixed Interest Rate | 2.94% | 3.78% | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2,800 | ||||||
Number of entered into interest rate swap agreements | swap_agreements | 2 | 3 | |||||
Derivative, Notional Amount | $ 240,000 | ||||||
Fair value of derivatives in a liability position | 2,500 | ||||||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 448 | ||||||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ (5,602) | $ 27,158 | $ 12,702 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | (2,572) | 392 | (1,135) | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | (5,235) | (2,004) | (1,833) |
Fair value of derivatives in a liability position | 2,500 | |||
Assets Needed for Immediate Settlement, Aggregate Fair Value | 448 | |||
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (754) | 5,380 | 3,560 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 2,663 | 2,396 | 698 |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (2,804) | 24,359 | 11,600 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ (2,044) | $ (2,581) | $ (2,458) | |
[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, 2016 | Dec. 31, 2015 | 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 | $ 613,978 | $ 423,780 | |||
Investment in a direct financing lease, net | $ 102,698 | $ 190,880 | $ 4,700 | $ 45,900 | |
Finance lease investment weighted average interest rate | 12.00% | 12.00% | |||
Minimum interest on investments in direct finance lease | 11.79% | 11.74% | |||
Maximum interest on investments in direct finance lease | 12.38% | 12.38% | |||
Debt | $ 2,485,625 | $ 1,981,920 | |||
Fixed Rate Mortgage Notes Receivable [Member] | |||||
Mortgage notes and related accrued interest receivable, net | $ 614,000 | $ 423,800 | |||
Weighted average interest rate of mortgage notes receivable | 8.77% | 9.36% | |||
Receivable interest rate minimum | 7.00% | 5.50% | |||
Receivable interest rate maximum | 11.31% | 11.31% | |||
Weighted market rate used for determining future cash flow for notes receivable | 8.48% | 10.05% | |||
Fair value of notes receivable | $ 648,500 | $ 415,700 | |||
Variable Rate Debt [Member] | |||||
Debt | $ 375,000 | $ 571,000 | |||
Long-term debt, weighted average interest rate | 3.23% | 1.65% | |||
Variable Rate Converted to Fixed Rate [Member] | |||||
Debt | $ 300,000 | $ 300,000 | |||
Fixed Rate Debt [Member] | |||||
Long-term Debt, Fair Value | 2,210,000 | 1,550,000 | |||
Debt | $ 2,140,000 | $ 1,430,000 | |||
Long-term debt, weighted average interest rate | 5.27% | 5.66% | |||
Weighted market rate for determining fair value of debt | 4.26% | 4.28% | |||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 7.00% | 8.50% | |||
Minimum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 2.97% | 3.33% | |||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 12.00% | 11.31% | |||
Maximum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 4.75% | 4.94% |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Liability, Fair Value, Gross Liability | $ (2,500) | $ (5,700) | |
Derivative Asset, Fair Value, Gross Asset | 35,900 | 42,200 | |
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] | 4,158 | 7,575 |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 4,158 | 7,575 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 31,782 | 34,587 |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 31,782 | 34,587 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [2] | (2,482) | (5,674) |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [2] | $ (2,482) | (5,674) |
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 (Asset64
Fair Value Disclosures (Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 03, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | May 21, 2015 | 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 | $ 102,698 | $ 190,880 | $ 4,700 | $ 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 | Feb. 27, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2017 |
Cash Dividends Paid [Line Items] | ||||||
Common Stock, Shares, Issued | 2,250,000 | 66,263,487 | 63,195,182 | |||
Net proceeds from issuance of common shares | $ 125,000 | $ 142,628 | $ 190,158 | $ 264,158 | ||
Common Stock [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Common stock declared dividends per share | $ 3.84 | $ 3.63 | ||||
Total Cash Distribution Per Share [Member] | Common Stock [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | 3.8225 | 3.6125 | ||||
Taxable Ordinary Income [Member] | Common Stock [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | 3.1659 | 3.0674 | ||||
Return of Capital [Member] | Common Stock [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | 0.2489 | 0.5451 | ||||
Long-term Capital Gain [Member] | Common Stock [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Unrecaptured Section 1250 gain | 0.1060 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.4077 | $ 0 | ||||
direct share purchase plan [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Common Stock, Shares, Issued | 258,263 | 3,530,058 | 548,288 | |||
Net proceeds from issuance of common shares | $ 16,900 | $ 190,300 | ||||
Subsequent Event [Member] | direct share purchase plan [Member] | ||||||
Cash Dividends Paid [Line Items] | ||||||
Net proceeds from issuance of common shares | $ 40,800 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Shares Issued | 5,399,050 | 5,400,000 |
Preferred share dividend percentage | 5.75% | |
Preferred share dividend rate (in dollars per share) | $ 1.4375 | |
Per share liquidation preference | 25 | |
Preferred shares conversion rate | 0.3785 | |
Preferred shares conversion price | 66.05 | |
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 Shares, Convertible, Conversion Adjustment | $ 0.4394 | |
Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Shares Issued | 3,450,000 | 3,450,000 |
Preferred share dividend percentage | 9.00% | |
Preferred share dividend rate (in dollars per share) | $ 2.25 | |
Per share liquidation preference | 25 | |
Preferred shares conversion rate | 0.4569 | |
Preferred shares conversion price | 54.72 | |
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 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.2139 | |
Series F Preferred Stock [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Shares Issued | 5,000,000 | 5,000,000 |
Preferred share dividend percentage | 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 |
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.2850 | 0 |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2735 | 1.4375 |
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0883 | 0 |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.9933 | 2.2500 |
Taxable Ordinary Income [Member] | Series F Preferred Stock [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4673 | 1.6563 |
Return of Capital [Member] | Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.1177 | 0 |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 |
Return of Capital [Member] | Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.1142 | 0 |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 |
Return of Capital [Member] | Series F Preferred Stock [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 |
Long-term Capital Gain [Member] | Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0367 | 0 |
Unrecaptured Section 1250 gain | 0.0426 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0095 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1640 | 0 |
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0114 | 0 |
Unrecaptured Section 1250 gain | 0.0668 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0030 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.2567 | 0 |
Long-term Capital Gain [Member] | Series F Preferred Stock [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Unrecaptured Section 1250 gain | 0.0491 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1889 | 0 |
Total Cash Distribution Per Share [Member] | Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 |
Total Cash Distribution Per Share [Member] | Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.2500 | 2.2500 |
Total Cash Distribution Per Share [Member] | Series F Preferred Stock [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.6562 | 1.6563 |
Total non-cash Distributions Per Share [Domain] | Series C Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.4394 | 0 |
Total non-cash Distributions Per Share [Domain] | Series E Preferred Shares [Member] | ||
Schedule of Preferred Stock [Line Items] | ||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | $ 0.2139 | $ 0 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 61.79 | $ 51.64 | $ 46.86 |
Exercise price range, upper limit | $ 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 | 2,000 | 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 | 72 | 236 | 338 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 224,982 | $ 194,333 | $ 175,752 | ||||||||
Less: preferred dividend requirements and redemption costs | $ (23,806) | (23,806) | (23,807) | ||||||||
Income from continuing operations available to common shareholders | $ 170,527 | $ 151,945 | |||||||||
Weighted average number of shares outstanding, basic | 63,381 | 58,138 | 54,244 | ||||||||
Income from continuing operations, per basic share (in dollars per share) | $ 3.17 | $ 2.93 | $ 2.80 | ||||||||
Income (loss) from discontinued operations | $ 0 | $ 199 | $ 3,881 | ||||||||
Income (loss) from discontinued operations available to common shareholders | $ 199 | $ 3,881 | |||||||||
Income (loss) from discontinued operations, per basic share (in dollars per share) | $ 0 | $ 0.01 | $ 0.07 | ||||||||
Net income available to common shareholders of EPR Properties | $ 201,176 | $ 170,726 | $ 155,826 | ||||||||
Earnings per share, basic (in dollars per share) | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | $ 3.17 | $ 2.94 | $ 2.87 |
Share options, shares | 93 | 190 | 200 | ||||||||
Income from continuing operations available to common shareholders, diluted | $ 201,176 | $ 170,527 | $ 151,945 | ||||||||
Weighted average number of shares outstanding, diluted | 63,474 | 58,328 | 54,444 | ||||||||
Income from continuing operations, per diluted share (in dollars per share) | $ 3.17 | $ 2.92 | $ 2.79 | ||||||||
Income (loss) from discontinuing operation available to common stockholders, diluted | $ 199 | $ 3,881 | |||||||||
Income (loss) from discontinued operations, per diluted share (in dollars per share) | $ 0 | $ 0.01 | $ 0.07 | ||||||||
Net income available to common shareholders, diluted | $ 201,176 | $ 170,726 | $ 155,826 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 3.17 | $ 2.93 | $ 2.86 |
Chief Executive Officer Retir69
Chief Executive Officer Retirement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Retirement severance expense | $ 0 | $ 18,578 | $ 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 | $ 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 | $ 1,400 | $ 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 | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | 516,305 | 950,214 | 840,665 | ||
Number of Shares, Exercised | (230,319) | (476,400) | (35,963) | ||
Number of Shares, Granted | 121,546 | 172,178 | |||
Number of Shares, Forfeited | (79,055) | (26,666) | |||
Number of Shares, Outstanding at End of Period | 516,305 | 285,986 | 516,305 | 950,214 | |
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 | $ 48.42 | $ 42.48 | $ 40.85 | ||
Average Exercise Price, Exercised | 44.05 | 37.42 | 42.63 | ||
Average Exercise Price, Granted | 61.79 | 51.64 | |||
Average Exercise Price, Forfeited | 63.88 | 50.11 | |||
Average Exercise Price, Outstanding at End of Period | $ 48.42 | $ 51.93 | 48.42 | 42.48 | |
Weighted average fair value of options granted | $ 16.35 | $ 13.87 | |||
Intrinsic value of stock options exercised | $ 5,200 | $ 7,300 | $ 400 | ||
Retirement severance expense | $ 0 | $ 18,578 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 173,191 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 11,600 | ||||
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 | $ 19.02 | $ 18.18 | $ 18.18 | ||
Option Price Per Share, Exercised | 19.41 | 18.18 | 32.50 | ||
Option Price Per Share, Granted | 61.79 | 51.64 | |||
Option Price Per Share, Forfeited | 45.20 | 45.20 | |||
Option Price Per Share, Outstanding at End of Period | 19.02 | $ 19.02 | 19.02 | 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 | 65.50 | 61.53 | 52.72 | ||
Option Price Per Share, Granted | 61.79 | 51.64 | |||
Option Price Per Share, Forfeited | 65.50 | 51.64 | |||
Option Price Per Share, Outstanding at End of Period | $ 65.50 | $ 61.79 | $ 65.50 | $ 65.50 | |
2016 Equity Incentive Plan [Member] | |||||
Common shares, options to purchase common shares and restricted share units, expected to granted | 1,950,000 | ||||
Number of shares available for grant | 1,950,000 | ||||
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 | $ 900 | $ 1,100 | $ 1,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.90% | 2.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 50.30% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.78% | 0.28% | |||
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 | 6.40% | ||||
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 | $ 1,400 | $ 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, 2016USD ($) |
Share-based Compensation [Abstract] | |
Stock option expense to be recognized in 2017 | $ 692 |
Stock option expense to be recognized in 2018 | 287 |
Stock option expense to be recognized in 2019 | 0 |
Stock option expense to be recognized in 2020 | 0 |
Total Compensation Cost To Be Recognized, Stock Options | $ 979 |
Equity Incentive Plans (Summa72
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Exercise price range, lower limit | $ 61.79 | $ 51.64 | $ 46.86 | |
Exercise price range, upper limit | $ 65.50 | $ 65.50 | ||
Options outstanding | 285,986 | 516,305 | 950,214 | 840,665 |
Weighted avg. life remaining | 6 years 1 month | |||
Weighted avg. exercise price | $ 51.93 | $ 48.42 | $ 42.48 | $ 40.85 |
Aggregate intrinsic value | $ 5,673 | |||
$ 19.02 - 19.99 | ||||
Exercise price range, lower limit | $ 19.02 | |||
Exercise price range, upper limit | $ 19.99 | |||
Options outstanding | 11,097 | |||
Weighted avg. life remaining | 2 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 | 1,428 | |||
Weighted avg. life remaining | 3 years | |||
40.00 - 49.99 [Member] | ||||
Exercise price range, lower limit | $ 40 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 96,122 | |||
Weighted avg. life remaining | 4 years 8 months | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 84,934 | |||
Weighted avg. life remaining | 6 years 7 months | |||
60.00 - 61.79 [Member] | ||||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 61.79 | |||
Options outstanding | 92,405 | |||
Weighted avg. life remaining | 7 years 7 months |
Equity Incentive Plans (Summa73
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exercise price range, lower limit | $ 61.79 | $ 51.64 | $ 46.86 |
Exercise price range, upper limit | $ 65.50 | $ 65.50 | |
Options outstanding | 153,580 | ||
Weighted avg. life remaining | 5 years | ||
Weighted avg. exercise price | $ 48.17 | ||
Aggregate intrinsic value | $ 3,625 | ||
$ 19.02 - 19.99 [Member] | |||
Exercise price range, lower limit | $ 19.02 | ||
Exercise price range, upper limit | $ 19.99 | ||
Options outstanding | 11,097 | ||
Weighted avg. life remaining | 2 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 | 1,428 | ||
Weighted avg. life remaining | 3 years | ||
40.00 - 49.99 [Member] | |||
Exercise price range, lower limit | $ 40 | ||
Exercise price range, upper limit | $ 49.99 | ||
Options outstanding | 81,842 | ||
Weighted avg. life remaining | 4 years 6 months | ||
50.00 - 59.99 [Member] | |||
Exercise price range, lower limit | $ 50 | ||
Exercise price range, upper limit | $ 59.99 | ||
Options outstanding | 32,793 | ||
Weighted avg. life remaining | 6 years 1 month | ||
60.00 - 61.79 [Member] | |||
Exercise price range, lower limit | $ 60 | ||
Exercise price range, upper limit | $ 61.79 | ||
Options outstanding | 26,420 | ||
Weighted avg. life remaining | 6 years 3 months |
Equity Incentive Plans (Summa74
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2015 | 390,441 | ||
Number of Shares, Granted | 300,752 | ||
Number of Shares, Vested | (156,876) | ||
Number of Shares, Outstanding at December 31, 2016 | 534,317 | 390,441 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2015 | $ 54.84 | ||
Weighted Average Grant Date Fair Value, Granted | 61.53 | ||
Weighted Average Grant Date Fair Value, Vested | 52.74 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ 59.22 | $ 54.84 | |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 1 year 3 days | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Fair value of non-vested shares | $ 9,200 | $ 17,100 | $ 7,300 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,222 | ||
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, 2016USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2017 | $ 7,602 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2018 | 5,806 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2019 | 2,814 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,222 |
Equity Incentive Plans (Summa76
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / 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, 2015 | shares | 390,441 |
Number of Shares, Granted | shares | 300,752 |
Number of Shares, Vested | shares | (156,876) |
Number of Shares, Outstanding at December 31, 2016 | shares | 534,317 |
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, 2015 | $ / shares | $ 54.84 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 61.53 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 52.74 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ / shares | $ 59.22 |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 1 year 3 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, 2015 | shares | 18,036 |
Number of Shares, Granted | shares | 15,805 |
Number of Shares, Vested | shares | (18,036) |
Number of Shares, Outstanding at December 31, 2016 | shares | 15,805 |
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, 2015 | $ / shares | $ 57.57 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 70.93 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 57.57 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ / shares | $ 70.93 |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 4 months 8 days |
Unamortized share-based compensation expense | $ | $ 374 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)years | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Leases [Abstract] | |||
Rental properties, length of lease, minimum (in years) | years | 1 | ||
Rental properties, length of lease, maximum (in years) | years | 33 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,017 | $ 398,938 | ||
2,018 | 382,923 | ||
2,019 | 360,745 | ||
2,020 | 340,521 | ||
2,021 | 326,276 | ||
Thereafter | 2,989,155 | ||
Total | 4,798,558 | ||
Rental expense | 681 | $ 556 | $ 521 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,017 | 856 | ||
2,018 | 856 | ||
2,019 | 856 | ||
2,020 | 856 | ||
2,021 | 884 | ||
Thereafter | 4,592 | ||
Total | $ 8,900 |
Quarterly Financial Informati78
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenue | $ 130,831 | $ 125,610 | $ 118,033 | $ 118,768 | $ 111,988 | $ 108,335 | $ 101,258 | $ 99,436 | $ 493,242 | $ 421,017 | $ 385,051 |
Net income attributable to EPR Properties | 58,141 | 57,526 | 55,135 | 54,180 | 52,750 | 50,195 | 48,766 | 42,821 | 224,982 | 194,532 | 179,633 |
Net income available to common shareholders of EPR Properties | $ 52,190 | $ 51,575 | $ 49,183 | $ 48,228 | $ 46,799 | $ 44,244 | $ 42,814 | $ 36,869 | $ 224,982 | $ 194,532 | $ 179,633 |
Basic net income per common share | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.65 | $ 3.17 | $ 2.94 | $ 2.87 |
Diluted net income per common share | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 0.78 | $ 0.76 | $ 0.75 | $ 0.64 | $ 3.17 | $ 2.93 | $ 2.86 |
Discontinued Operations (Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Acquisitions and Disposals [Line Items] | |||
reversal of liability | $ 3,900 | ||
Rental revenue | $ 0 | 3 | |
Tenant reimbursements | 68 | 0 | |
Other income | 172 | 0 | |
Total revenue | 240 | 3 | |
Property operating expense (income) | 12 | (484) | |
Other expense (income) | 0 | (18) | |
Transaction costs (benefit) | $ 0 | 0 | (3,376) |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 228 | 3,881 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 29 | 0 | |
Net income | $ 0 | $ 199 | $ 3,881 |
Other Commitments And Conting80
Other Commitments And Contingencies (Details) $ / shares in Units, shares in Millions | Nov. 02, 2016USD ($)properties$ / sharesshares | Jun. 30, 2014claim | Oct. 20, 2011USD ($)claim | Dec. 31, 2016USD ($)mortgagenotespropertiesloansdevelopmentproject | Jun. 30, 2016USD ($) | Feb. 18, 2016properties | Dec. 31, 2015USD ($) |
Commitment to fund project development | $ 313,700,000 | ||||||
Revenue bond issued | 22,164,000 | $ 0 | |||||
Property under development | $ 297,110,000 | $ 378,920,000 | |||||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | ||||||
Mortgage notes receivable with commitments | $ 52,000,000 | $ 14,200,000 | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 24,900,000 | ||||||
Loss Contingency, Damages Sought, Value | $ 800,000,000 | ||||||
Loss Contingency, Claims Dismissed, Number | claim | 1 | ||||||
Number of Surety Bonds | 6 | ||||||
Surety bonds | $ 24,300,000 | ||||||
Loss Contingency, New Claims Filed, Number | claim | 3 | ||||||
Loss Contingency, Claims Settled and Dismissed, Number | claim | 2 | 2 | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 244,000,000 | ||||||
Number of properties securing debt | properties | 14 | 11 | 1 | ||||
Payments to Acquire Businesses, Gross | $ 700,000,000 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 647,000,000 | ||||||
Business Combination, Consideration Transferred, Other | 53,000,000 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 62,000,000 | ||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||||||
Threshold Trading Days | 10 days | ||||||
business combination termination fee | $ 60,000,000 | ||||||
Business Acquisition, Transaction Costs | $ 10,000,000 | $ 9,000,000 | |||||
Pre-approve Future Property Improvements, Percentage | 65.00% | ||||||
Theatre Properties Member | |||||||
Development Project In Process | developmentproject | 20 | ||||||
Commitment to fund project development | $ 82,300,000 | ||||||
Education Property [Member] | |||||||
Development Project In Process | developmentproject | 20 | ||||||
Commitment to fund project development | $ 126,100,000 | ||||||
RecreationProperties [Member] | |||||||
Development Project In Process | developmentproject | 7 | ||||||
Commitment to fund project development | $ 105,300,000 | ||||||
Louisiana Theatre Properties [Member] | |||||||
Development Project In Process | developmentproject | 2 | ||||||
Economic development revenue bond term (in years) | 30 years | ||||||
Deferred assets related to guarantee | $ 10,600,000 | ||||||
Deferred liabilities related to guarantee | 10,600,000 | ||||||
Loss contingency | 0 | ||||||
Concord Resort [Member] | |||||||
Commitment to fund project development | 155,000,000 | ||||||
Revenue bond issued | $ 110,000,000 | ||||||
Reimbursement Revenue | 43,400,000 | ||||||
Reimbursement Receivable | $ 44,900,000 | ||||||
Minimum [Member] | |||||||
Business Acquisition, Share Price | $ / shares | $ 68.25 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 7.8 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 11.00% | ||||||
Minimum [Member] | Louisiana Theatre Properties [Member] | |||||||
Economic development revenue bond annual fees percentage | 2.88% | ||||||
Maximum [Member] | |||||||
Business Acquisition, Share Price | $ / shares | $ 82.63 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 9.5 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 13.00% | ||||||
Maximum [Member] | Louisiana Theatre Properties [Member] | |||||||
Economic development revenue bond annual fees percentage | 4.00% | ||||||
Waterpark Hotel and Adventure Park [Member] | Concord Resort [Member] | |||||||
Commitment to fund project development | $ 1,700,000 | ||||||
Theatre Properties Member | |||||||
Number of Properties Under Improvement | properties | 2 | ||||||
attractions [Member] | |||||||
Number of Businesses Acquired | properties | 15 | ||||||
family entertainment center [Member] | |||||||
Number of Businesses Acquired | properties | 5 | ||||||
attractions and family entertainment centers [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 456,000,000 | ||||||
Ski Resorts [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 374,000,000 | ||||||
Letter of Credit [Member] | |||||||
Debt Instrument, Number of Instruments | loans | 2 | ||||||
Debt initial balance | $ 5,000,000 | ||||||
Secured Debt [Member] | |||||||
Debt Instrument, Term | 5 years |
Segment Information (Details)
Segment Information (Details) | Aug. 01, 2015USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Segment Reporting Information [Line Items] | ||||||||||||
Number of Reportable Operating Segments | segment | 4 | |||||||||||
Total assets | $ 4,865,022,000 | $ 4,217,270,000 | $ 4,865,022,000 | $ 4,217,270,000 | ||||||||
Rental revenue | 399,589,000 | 330,886,000 | $ 286,673,000 | |||||||||
Tenant reimbursements | 15,595,000 | 16,320,000 | 17,663,000 | |||||||||
Other income (loss) | 9,039,000 | 3,629,000 | 1,009,000 | |||||||||
Mortgage and other financing income | 69,019,000 | 70,182,000 | 79,706,000 | |||||||||
Total revenue | 130,831,000 | $ 125,610,000 | $ 118,033,000 | $ 118,768,000 | 111,988,000 | $ 108,335,000 | $ 101,258,000 | $ 99,436,000 | 493,242,000 | 421,017,000 | 385,051,000 | |
Property operating expense | 22,602,000 | 23,433,000 | 24,897,000 | |||||||||
Other expense | 5,000 | 648,000 | 771,000 | |||||||||
Investment Income, Investment Expense | 22,607,000 | 24,081,000 | 25,668,000 | |||||||||
Net Operating Income Before Unallocated Items | 470,635,000 | 396,936,000 | 359,383,000 | |||||||||
General and Administrative Expense | (37,543,000) | (31,021,000) | (27,566,000) | |||||||||
Severance Costs | 0 | (18,578,000) | 0 | |||||||||
Costs associated with loan refinancing or payoff | (905,000) | (270,000) | (301,000) | |||||||||
Interest Expense | (97,144,000) | (79,915,000) | (81,270,000) | |||||||||
Transaction costs | (7,869,000) | (7,518,000) | (2,452,000) | |||||||||
Provision for loan losses | 0 | 0 | (3,777,000) | |||||||||
Depreciation and amortization | (107,573,000) | (89,617,000) | (66,739,000) | |||||||||
Equity in income from joint ventures | 619,000 | 969,000 | 1,273,000 | |||||||||
Gain on sale of real estate | $ 0 | 5,315,000 | 23,829,000 | 1,209,000 | ||||||||
Gain on sale of investment in a direct financing lease | 0 | 0 | 220,000 | |||||||||
Income tax expense | (553,000) | (482,000) | (4,228,000) | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 199,000 | 505,000 | |||||||||
Transaction Costs Discontinued Operations | 0 | 0 | 3,376,000 | |||||||||
Net income attributable to EPR Properties | 58,141,000 | $ 57,526,000 | $ 55,135,000 | $ 54,180,000 | 52,750,000 | $ 50,195,000 | $ 48,766,000 | $ 42,821,000 | 224,982,000 | 194,532,000 | 179,633,000 | |
Dividends, Preferred Stock | (23,806,000) | (23,806,000) | (23,807,000) | |||||||||
Net income available to common shareholders of EPR Properties | 201,176,000 | 170,726,000 | 155,826,000 | |||||||||
Entertainment Reportable Operating Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | 2,168,669,000 | 2,006,926,000 | 2,168,669,000 | 2,006,926,000 | ||||||||
Rental revenue | 250,659,000 | 238,896,000 | 237,429,000 | |||||||||
Tenant reimbursements | 15,588,000 | 16,343,000 | 17,640,000 | |||||||||
Other income (loss) | 249,000 | 512,000 | (6,000) | |||||||||
Mortgage and other financing income | 6,187,000 | 7,127,000 | 7,056,000 | |||||||||
Total revenue | 272,683,000 | 262,878,000 | 262,119,000 | |||||||||
Property operating expense | 21,303,000 | 23,120,000 | 24,143,000 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
Investment Income, Investment Expense | 21,303,000 | 23,120,000 | 24,143,000 | |||||||||
Net Operating Income Before Unallocated Items | 251,380,000 | 239,758,000 | 237,976,000 | |||||||||
Education Reportable Operating Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | 1,308,288,000 | 1,013,930,000 | 1,308,288,000 | 1,013,930,000 | ||||||||
Rental revenue | 77,768,000 | 51,439,000 | 27,874,000 | |||||||||
Tenant reimbursements | 7,000 | 0 | 0 | |||||||||
Other income (loss) | 1,648,000 | 0 | 0 | |||||||||
Mortgage and other financing income | 32,539,000 | 30,622,000 | 31,488,000 | |||||||||
Total revenue | 111,962,000 | 82,061,000 | 59,362,000 | |||||||||
Property operating expense | 0 | 0 | 0 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
Investment Income, Investment Expense | 0 | 0 | 0 | |||||||||
Net Operating Income Before Unallocated Items | 111,962,000 | 82,061,000 | 59,362,000 | |||||||||
Recreation Reportable Operating Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | 1,120,498,000 | 935,266,000 | 1,120,498,000 | 935,266,000 | ||||||||
Rental revenue | 62,527,000 | 40,551,000 | 20,368,000 | |||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||
Other income (loss) | 4,482,000 | 0 | 0 | |||||||||
Mortgage and other financing income | 30,190,000 | 32,080,000 | 40,775,000 | |||||||||
Total revenue | 97,199,000 | 72,631,000 | 61,143,000 | |||||||||
Property operating expense | 8,000 | 0 | 0 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
Investment Income, Investment Expense | 8,000 | 0 | 0 | |||||||||
Net Operating Income Before Unallocated Items | 97,191,000 | 72,631,000 | 61,143,000 | |||||||||
Other Reportable Operating Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | 202,394,000 | 203,757,000 | 202,394,000 | 203,757,000 | ||||||||
Rental revenue | 8,635,000 | 0 | 1,002,000 | |||||||||
Tenant reimbursements | 0 | (23,000) | 23,000 | |||||||||
Other income (loss) | 0 | 119,000 | 315,000 | |||||||||
Mortgage and other financing income | 103,000 | 353,000 | 387,000 | |||||||||
Total revenue | 8,738,000 | 449,000 | 1,727,000 | |||||||||
Property operating expense | 662,000 | 313,000 | 754,000 | |||||||||
Other expense | 5,000 | 648,000 | 771,000 | |||||||||
Investment Income, Investment Expense | 667,000 | 961,000 | 1,525,000 | |||||||||
Net Operating Income Before Unallocated Items | 8,071,000 | (512,000) | 202,000 | |||||||||
Corporate Unallocated [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | $ 65,173,000 | $ 57,391,000 | 65,173,000 | 57,391,000 | ||||||||
Rental revenue | 0 | 0 | 0 | |||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||
Other income (loss) | 2,660,000 | 2,998,000 | 700,000 | |||||||||
Mortgage and other financing income | 0 | 0 | 0 | |||||||||
Total revenue | 2,660,000 | 2,998,000 | 700,000 | |||||||||
Property operating expense | 629,000 | 0 | 0 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
Investment Income, Investment Expense | 629,000 | 0 | 0 | |||||||||
Net Operating Income Before Unallocated Items | $ 2,031,000 | $ 2,998,000 | $ 700,000 |
Condensed Consolidating Finan82
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | May 21, 2015 | Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2013 |
Rental properties, net | $ 3,595,762 | $ 3,025,199 | ||||
Land held for development | 22,530 | 23,610 | ||||
Property under development | 297,110 | 378,920 | ||||
Mortgage notes and related accrued interest receivable, net | 613,978 | 423,780 | ||||
Investment in a direct financing lease, net | 102,698 | 190,880 | $ 4,700 | $ 45,900 | ||
Investment in joint ventures | 5,972 | 6,168 | ||||
Cash and cash equivalents | 19,335 | 4,283 | $ 3,336 | $ 7,958 | ||
Restricted cash | 9,744 | 10,578 | ||||
Accounts receivable, net | 98,939 | 59,101 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 98,954 | 94,751 | ||||
Total assets | 4,865,022 | 4,217,270 | ||||
Accounts payable and accrued liabilities | 119,758 | 92,178 | ||||
Dividends payable | 26,318 | 24,352 | ||||
Unearned rents and interest | 47,420 | 44,952 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 2,485,625 | 1,981,920 | ||||
Total liabilities | 2,679,121 | 2,143,402 | ||||
Equity | 2,185,901 | 2,073,868 | 1,926,489 | 1,688,014 | ||
Total liabilities and equity | 4,865,022 | 4,217,270 | ||||
EPR Properties (Issuer) [Member] | ||||||
Rental properties, net | 0 | 0 | ||||
Land held for development | 0 | 0 | ||||
Property under development | 1,010 | 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 | 16,586 | 1,089 | (1,234) | 449 | ||
Restricted cash | 365 | 475 | ||||
Accounts receivable, net | 556 | 285 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Investments in subsidiaries | 4,521,095 | 3,825,897 | ||||
Other assets | 21,768 | 23,053 | ||||
Total assets | 4,561,380 | 3,850,799 | ||||
Accounts payable and accrued liabilities | 63,431 | 49,671 | ||||
Dividends payable | 26,318 | 24,352 | ||||
Unearned rents and interest | 0 | 0 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 2,285,730 | 1,702,908 | ||||
Total liabilities | 2,375,479 | 1,776,931 | ||||
Equity | 2,185,901 | 2,073,868 | ||||
Total liabilities and equity | 4,561,380 | 3,850,799 | ||||
Wholly-Owned Subsidiary Guarantors [Member] | ||||||
Rental properties, net | 3,164,622 | 2,590,158 | ||||
Land held for development | 1,258 | 1,258 | ||||
Property under development | 247,239 | 324,360 | ||||
Mortgage notes and related accrued interest receivable, net | 612,141 | 400,935 | ||||
Investment in a direct financing lease, net | 102,698 | 190,880 | ||||
Investment in joint ventures | 0 | 0 | ||||
Cash and cash equivalents | 1,157 | 1,289 | 2,074 | 4,107 | ||
Restricted cash | 8,352 | 9,059 | ||||
Accounts receivable, net | 89,145 | 49,237 | ||||
Intercompany notes receivable | 179,589 | 177,526 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 23,068 | 10,589 | ||||
Total assets | 4,429,269 | 3,755,291 | ||||
Accounts payable and accrued liabilities | 52,061 | 39,228 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 46,647 | 44,012 | ||||
Intercompany notes payable | 0 | 0 | ||||
Debt | 0 | 63,682 | ||||
Total liabilities | 98,708 | 146,922 | ||||
Equity | 4,330,561 | 3,608,369 | ||||
Total liabilities and equity | 4,429,269 | 3,755,291 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Rental properties, net | 431,140 | 435,041 | ||||
Land held for development | 21,272 | 22,352 | ||||
Property under development | 48,861 | 54,560 | ||||
Mortgage notes and related accrued interest receivable, net | 1,837 | 22,845 | ||||
Investment in a direct financing lease, net | 0 | 0 | ||||
Investment in joint ventures | 5,972 | 6,168 | ||||
Cash and cash equivalents | 1,592 | 1,905 | $ 2,496 | $ 3,402 | ||
Restricted cash | 1,027 | 1,044 | ||||
Accounts receivable, net | 9,238 | 9,579 | ||||
Intercompany notes receivable | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 54,118 | 61,109 | ||||
Total assets | 575,057 | 614,603 | ||||
Accounts payable and accrued liabilities | 4,266 | 3,279 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 773 | 940 | ||||
Intercompany notes payable | 179,589 | 177,526 | ||||
Debt | 199,895 | 215,330 | ||||
Total liabilities | 384,523 | 397,075 | ||||
Equity | 190,534 | 217,528 | ||||
Total liabilities and equity | 575,057 | 614,603 | ||||
Consolidation, Eliminations [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 | ||||
Accounts receivable, net | 0 | 0 | ||||
Intercompany notes receivable | (179,589) | (177,526) | ||||
Investments in subsidiaries | (4,521,095) | (3,825,897) | ||||
Other assets | 0 | 0 | ||||
Total assets | (4,700,684) | (4,003,423) | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||||
Dividends payable | 0 | 0 | ||||
Unearned rents and interest | 0 | 0 | ||||
Intercompany notes payable | (179,589) | (177,526) | ||||
Debt | 0 | 0 | ||||
Total liabilities | (179,589) | (177,526) | ||||
Equity | (4,521,095) | (3,825,897) | ||||
Total liabilities and equity | $ (4,700,684) | $ (4,003,423) |
Condensed Consolidating Finan83
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Income) (Details) - USD ($) | Aug. 01, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Rental revenue | $ 399,589,000 | $ 330,886,000 | $ 286,673,000 | |||||||||
Tenant reimbursements | 15,595,000 | 16,320,000 | 17,663,000 | |||||||||
Other income | 9,039,000 | 3,629,000 | 1,009,000 | |||||||||
Mortgage and other financing income | 69,019,000 | 70,182,000 | 79,706,000 | |||||||||
Intercompany fee income | 0 | 0 | 0 | |||||||||
Interest income on intercompany notes receivable | 0 | 0 | 0 | |||||||||
Total revenue | $ 130,831,000 | $ 125,610,000 | $ 118,033,000 | $ 118,768,000 | $ 111,988,000 | $ 108,335,000 | $ 101,258,000 | $ 99,436,000 | 493,242,000 | 421,017,000 | 385,051,000 | |
Equity in subsidiaries' earnings | 0 | 0 | 0 | |||||||||
Property operating expense | 22,602,000 | 23,433,000 | 24,897,000 | |||||||||
Intercompany fee expense | 0 | 0 | 0 | |||||||||
Other expense | 5,000 | 648,000 | 771,000 | |||||||||
General and administrative expense | 37,543,000 | 31,021,000 | 27,566,000 | |||||||||
Retirement severance expense | 0 | 18,578,000 | 0 | |||||||||
Costs associated with loan refinancing or payoff | 905,000 | 270,000 | 301,000 | |||||||||
Interest expense, net | 97,144,000 | 79,915,000 | 81,270,000 | |||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | |||||||||
Transaction costs | 7,869,000 | 7,518,000 | 2,452,000 | |||||||||
Provision for loan losses | 0 | 0 | 3,777,000 | |||||||||
Depreciation and amortization | 107,573,000 | 89,617,000 | 66,739,000 | |||||||||
Income before equity in income from joint ventures and other items | 219,601,000 | 170,017,000 | 177,278,000 | |||||||||
Equity in income from joint ventures | 619,000 | 969,000 | 1,273,000 | |||||||||
Gain on sale of real estate | $ 0 | 5,315,000 | 23,829,000 | 1,209,000 | ||||||||
Gain on previously held equity interest | 220,000 | |||||||||||
Gain on sale of investment in a direct financing lease | 0 | 0 | 220,000 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 225,535,000 | 194,815,000 | 179,980,000 | |||||||||
Income Tax Expense (Benefit) | (553,000) | (482,000) | (4,228,000) | |||||||||
Income from continuing operations | 224,982,000 | 194,333,000 | 175,752,000 | |||||||||
Income from discontinued operations | 0 | 199,000 | 505,000 | |||||||||
Transaction costs | 0 | 0 | 3,376,000 | |||||||||
Net income attributable to EPR Properties | 58,141,000 | 57,526,000 | 55,135,000 | 54,180,000 | 52,750,000 | 50,195,000 | 48,766,000 | 42,821,000 | 224,982,000 | 194,532,000 | 179,633,000 | |
Net income attributable to EPR Properties | $ 52,190,000 | $ 51,575,000 | $ 49,183,000 | $ 48,228,000 | $ 46,799,000 | $ 44,244,000 | $ 42,814,000 | $ 36,869,000 | 224,982,000 | 194,532,000 | 179,633,000 | |
Preferred dividend requirements | (23,806,000) | (23,806,000) | (23,807,000) | |||||||||
Net income available to common shareholders of EPR Properties | 201,176,000 | 170,726,000 | 155,826,000 | |||||||||
Comprehensive income attributable to EPR Properties | 227,094,000 | 187,588,000 | 175,006,000 | |||||||||
EPR Properties (Issuer) [Member] | ||||||||||||
Rental revenue | 0 | 0 | 0 | |||||||||
Tenant reimbursements | 0 | 0 | 0 | |||||||||
Other income | 0 | 0 | 0 | |||||||||
Mortgage and other financing income | 942,000 | 848,000 | 765,000 | |||||||||
Intercompany fee income | 2,684,000 | 2,717,000 | 3,124,000 | |||||||||
Interest income on intercompany notes receivable | 0 | 111,000 | 0 | |||||||||
Total revenue | 3,626,000 | 3,676,000 | 3,889,000 | |||||||||
Equity in subsidiaries' earnings | 328,328,000 | 298,657,000 | 241,921,000 | |||||||||
Property operating expense | 0 | 0 | 0 | |||||||||
Intercompany fee expense | 0 | 0 | 0 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
General and administrative expense | 0 | 0 | 0 | |||||||||
Retirement severance expense | 18,578,000 | |||||||||||
Costs associated with loan refinancing or payoff | 0 | 243,000 | 0 | |||||||||
Interest expense, net | 96,239,000 | 78,217,000 | 63,056,000 | |||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | |||||||||
Transaction costs | 7,766,000 | 7,182,000 | 1,319,000 | |||||||||
Provision for loan losses | 0 | |||||||||||
Depreciation and amortization | 1,504,000 | 1,629,000 | 1,224,000 | |||||||||
Income before equity in income from joint ventures and other items | 226,445,000 | 196,484,000 | 180,211,000 | |||||||||
Equity in income from joint ventures | 0 | 0 | 0 | |||||||||
Gain on sale of real estate | 0 | 0 | 0 | |||||||||
Gain on previously held equity interest | 0 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 226,445,000 | 196,484,000 | 180,211,000 | |||||||||
Income Tax Expense (Benefit) | (1,463,000) | (1,952,000) | (578,000) | |||||||||
Income from continuing operations | 194,532,000 | 179,633,000 | ||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||
Transaction costs | 0 | |||||||||||
Net income attributable to EPR Properties | 224,982,000 | 194,532,000 | 179,633,000 | |||||||||
Preferred dividend requirements | (23,806,000) | (23,806,000) | (23,807,000) | |||||||||
Net income available to common shareholders of EPR Properties | 201,176,000 | 170,726,000 | 155,826,000 | |||||||||
Comprehensive income attributable to EPR Properties | 227,094,000 | 187,588,000 | 175,006,000 | |||||||||
Wholly-Owned Subsidiary Guarantors [Member] | ||||||||||||
Rental revenue | 345,945,000 | 275,105,000 | 228,847,000 | |||||||||
Tenant reimbursements | 5,455,000 | 5,243,000 | 5,103,000 | |||||||||
Other income | 6,168,000 | 3,000 | 1,000 | |||||||||
Mortgage and other financing income | 64,231,000 | 61,900,000 | 71,535,000 | |||||||||
Intercompany fee income | 0 | 0 | 0 | |||||||||
Interest income on intercompany notes receivable | 9,700,000 | 9,787,000 | 0 | |||||||||
Total revenue | 431,499,000 | 352,038,000 | 305,486,000 | |||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | |||||||||
Property operating expense | 10,905,000 | 11,280,000 | 11,422,000 | |||||||||
Intercompany fee expense | 0 | 0 | 0 | |||||||||
Other expense | 0 | 0 | 0 | |||||||||
General and administrative expense | 32,250,000 | 25,315,000 | 20,545,000 | |||||||||
Retirement severance expense | 0 | |||||||||||
Costs associated with loan refinancing or payoff | 353,000 | 27,000 | 285,000 | |||||||||
Interest expense, net | (8,189,000) | (8,115,000) | 9,132,000 | |||||||||
Interest expense on intercompany notes payable | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 54,000 | |||||||||
Provision for loan losses | 0 | |||||||||||
Depreciation and amortization | 92,310,000 | 74,430,000 | 51,271,000 | |||||||||
Income before equity in income from joint ventures and other items | 303,870,000 | 249,101,000 | 212,777,000 | |||||||||
Equity in income from joint ventures | 0 | 0 | 0 | |||||||||
Gain on sale of real estate | 5,315,000 | 23,653,000 | 0 | |||||||||
Gain on previously held equity interest | 220,000 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 309,185,000 | 272,754,000 | 212,997,000 | |||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||
Income from continuing operations | 272,754,000 | 212,997,000 | ||||||||||
Income from discontinued operations | 199,000 | 487,000 | ||||||||||
Transaction costs | 3,376,000 | |||||||||||
Net income attributable to EPR Properties | 309,185,000 | 272,953,000 | 216,860,000 | |||||||||
Preferred dividend requirements | 0 | 0 | 0 | |||||||||
Net income available to common shareholders of EPR Properties | 309,185,000 | 272,953,000 | 216,860,000 | |||||||||
Comprehensive income attributable to EPR Properties | 309,185,000 | 272,730,000 | 217,000,000 | |||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||
Rental revenue | 53,644,000 | 55,781,000 | 57,826,000 | |||||||||
Tenant reimbursements | 10,140,000 | 11,077,000 | 12,560,000 | |||||||||
Other income | 2,871,000 | 3,626,000 | 1,008,000 | |||||||||
Mortgage and other financing income | 3,846,000 | 7,434,000 | 7,406,000 | |||||||||
Intercompany fee income | 0 | 0 | 0 | |||||||||
Interest income on intercompany notes receivable | 0 | 0 | 23,509,000 | |||||||||
Total revenue | 70,501,000 | 77,918,000 | 102,309,000 | |||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | |||||||||
Property operating expense | 11,697,000 | 12,153,000 | 13,475,000 | |||||||||
Intercompany fee expense | 2,684,000 | 2,717,000 | 3,124,000 | |||||||||
Other expense | 5,000 | 648,000 | 771,000 | |||||||||
General and administrative expense | 5,293,000 | 5,706,000 | 7,021,000 | |||||||||
Retirement severance expense | 0 | |||||||||||
Costs associated with loan refinancing or payoff | 552,000 | 0 | 16,000 | |||||||||
Interest expense, net | 9,094,000 | 9,813,000 | 9,082,000 | |||||||||
Interest expense on intercompany notes payable | 9,700,000 | 9,898,000 | 23,509,000 | |||||||||
Transaction costs | 103,000 | 336,000 | 1,079,000 | |||||||||
Provision for loan losses | 3,777,000 | |||||||||||
Depreciation and amortization | 13,759,000 | 13,558,000 | 14,244,000 | |||||||||
Income before equity in income from joint ventures and other items | 17,614,000 | 23,089,000 | 26,211,000 | |||||||||
Equity in income from joint ventures | 619,000 | 969,000 | 1,273,000 | |||||||||
Gain on sale of real estate | 0 | 176,000 | 1,209,000 | |||||||||
Gain on previously held equity interest | 0 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 18,233,000 | 24,234,000 | 28,693,000 | |||||||||
Income Tax Expense (Benefit) | 910,000 | 1,470,000 | (3,650,000) | |||||||||
Income from continuing operations | 25,704,000 | 25,043,000 | ||||||||||
Income from discontinued operations | 0 | 18,000 | ||||||||||
Transaction costs | 0 | |||||||||||
Net income attributable to EPR Properties | 19,143,000 | 25,704,000 | 25,061,000 | |||||||||
Preferred dividend requirements | 0 | 0 | 0 | |||||||||
Net income available to common shareholders of EPR Properties | 19,143,000 | 25,704,000 | 25,061,000 | |||||||||
Comprehensive income attributable to EPR Properties | 18,063,000 | 19,559,000 | 20,919,000 | |||||||||
Consolidation, Eliminations [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 | (2,684,000) | (2,717,000) | (3,124,000) | |||||||||
Interest income on intercompany notes receivable | (9,700,000) | (9,898,000) | (23,509,000) | |||||||||
Total revenue | (12,384,000) | (12,615,000) | (26,633,000) | |||||||||
Equity in subsidiaries' earnings | (328,328,000) | (298,657,000) | (241,921,000) | |||||||||
Property operating expense | 0 | 0 | 0 | |||||||||
Intercompany fee expense | (2,684,000) | (2,717,000) | (3,124,000) | |||||||||
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 | |||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||
Interest expense on intercompany notes payable | (9,700,000) | (9,898,000) | (23,509,000) | |||||||||
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 | (328,328,000) | (298,657,000) | (241,921,000) | |||||||||
Equity in income from joint ventures | 0 | 0 | 0 | |||||||||
Gain on sale of real estate | 0 | 0 | 0 | |||||||||
Gain on previously held equity interest | 0 | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (328,328,000) | (298,657,000) | (241,921,000) | |||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||
Income from continuing operations | (298,657,000) | (241,921,000) | ||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||
Transaction costs | 0 | |||||||||||
Net income attributable to EPR Properties | (328,328,000) | (298,657,000) | (241,921,000) | |||||||||
Preferred dividend requirements | 0 | 0 | 0 | |||||||||
Net income available to common shareholders of EPR Properties | (328,328,000) | (298,657,000) | (241,921,000) | |||||||||
Comprehensive income attributable to EPR Properties | $ (327,248,000) | $ (292,289,000) | $ (237,919,000) |
Condensed Consolidating Finan84
Condensed Consolidating Financial Statements (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | Jan. 21, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 306,202 | 277,952 | 250,152 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (306,202) | (277,952) | (250,152) | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 508 | 143 | |
Net Cash Provided by (Used in) Operating Activities | 306,202 | 278,460 | 250,295 | |
Acquisition of rental properties and other assets | (219,169) | (179,820) | (85,205) | |
Proceeds from Sale of Real Estate | 23,860 | 46,718 | 12,055 | |
Proceeds from settlement of derivative | 0 | 0 | 5,725 | |
Investment in unconsolidated joint ventures | (5,725) | |||
Investment in mortgage notes receivable | (192,539) | (72,698) | (93,877) | |
Proceeds from mortgage note receivable paydown | 72,072 | 40,956 | 76,256 | |
Investment in promissory notes receivable | (1,546) | 0 | (4,387) | |
Proceeds from Sale and Collection of Notes Receivable | 0 | 0 | 1,750 | |
Proceeds from sale of infrastructure related to issuance of revenue bonds | 43,462 | 0 | 0 | |
Proceeds from insurance recovery | 4,610 | 0 | 0 | |
Proceeds from Sale of Lease Receivables | 20,951 | 4,741 | 46,092 | |
Additions to properties under development | (413,848) | (408,436) | (334,635) | |
Investment in intercompany notes payable | 0 | 0 | ||
Advances to subsidiaries, net | 0 | 0 | 0 | |
Net cash used by investing activities | (662,147) | (568,539) | (376,226) | |
Proceeds from long-term debt facilities | 1,380,000 | 856,914 | 379,000 | |
Principal payments on long-term debt | (865,266) | (503,314) | (310,253) | |
Deferred financing fees paid | (14,385) | (7,047) | (814) | |
Costs associated with loan refinancing or payoff (cash portion) | (482) | 0 | (25) | |
Net proceeds from issuance of common shares | $ 125,000 | 142,628 | 190,158 | 264,158 |
Impact of stock option exercises, net | (1,488) | (3,394) | 50 | |
Purchase of common shares for treasury | (4,211) | (8,222) | (2,892) | |
Dividends paid to shareholders | (265,662) | (233,073) | (207,637) | |
Net cash provided by financing activities | 371,134 | 292,022 | 121,587 | |
Effect of exchange rate changes on cash | (137) | (996) | (278) | |
Net increase (decrease) in cash and cash equivalents | 15,052 | 947 | (4,622) | |
Cash and cash equivalents at beginning of the year | 4,283 | 3,336 | 7,958 | |
Cash and cash equivalents at end of the year | 19,335 | 4,283 | 3,336 | |
EPR Properties (Issuer) [Member] | ||||
Intercompany fee income (expense) | 2,684 | 2,717 | 3,124 | |
Interest income (expense) on intercompany receivable/payable | 0 | 111 | 0 | |
Net cash provided (used) by other operating activities | (79,945) | (91,731) | (60,684) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 88,903 | 57,560 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | ||
Net Cash Provided by (Used in) Operating Activities | (77,261) | (88,903) | (57,560) | |
Acquisition of rental properties and other assets | (357) | (618) | (438) | |
Proceeds from Sale of Real Estate | 0 | 0 | 0 | |
Investment in unconsolidated joint ventures | 0 | |||
Investment in mortgage notes receivable | 0 | 0 | 0 | |
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 | |||
Proceeds from sale of infrastructure related to issuance of revenue bonds | 0 | |||
Proceeds from insurance recovery | 0 | |||
Proceeds from Sale of Lease Receivables | 0 | 0 | 0 | |
Additions to properties under development | (1,010) | (112) | (821) | |
Investment in intercompany notes payable | 0 | 0 | ||
Advances to subsidiaries, net | (356,784) | (406,389) | (16,206) | |
Net cash used by investing activities | (358,151) | (407,119) | (17,465) | |
Proceeds from long-term debt facilities | 1,380,000 | 701,914 | 20,000 | |
Principal payments on long-term debt | (786,000) | (142,000) | 0 | |
Deferred financing fees paid | (14,358) | (7,038) | (337) | |
Costs associated with loan refinancing or payoff (cash portion) | 0 | 0 | ||
Net proceeds from issuance of common shares | 142,628 | 190,158 | 264,158 | |
Impact of stock option exercises, net | (1,488) | (3,394) | 50 | |
Purchase of common shares for treasury | (4,211) | (8,222) | (2,892) | |
Dividends paid to shareholders | (265,662) | (233,073) | (207,637) | |
Net cash provided by financing activities | 450,909 | 498,345 | 73,342 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 15,497 | 2,323 | (1,683) | |
Cash and cash equivalents at beginning of the year | 1,089 | (1,234) | 449 | |
Cash and cash equivalents at end of the year | 16,586 | 1,089 | (1,234) | |
Wholly-Owned Subsidiary Guarantors [Member] | ||||
Intercompany fee income (expense) | 0 | 0 | 0 | |
Interest income (expense) on intercompany receivable/payable | 9,700 | 9,787 | 0 | |
Net cash provided (used) by other operating activities | 338,267 | 324,760 | 262,860 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (334,547) | (262,860) | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 508 | 47 | ||
Net Cash Provided by (Used in) Operating Activities | 347,967 | 335,055 | 262,907 | |
Acquisition of rental properties and other assets | (216,245) | (178,964) | (58,918) | |
Proceeds from Sale of Real Estate | 22,383 | 45,637 | 0 | |
Investment in unconsolidated joint ventures | 0 | |||
Investment in mortgage notes receivable | (190,922) | (27,835) | (26,716) | |
Proceeds from mortgage note receivable paydown | 50,252 | 38,456 | 52,834 | |
Investment in promissory notes receivable | (1,546) | (721) | ||
Proceeds from Sale and Collection of Notes Receivable | 0 | |||
Proceeds from sale of infrastructure related to issuance of revenue bonds | 43,462 | |||
Proceeds from insurance recovery | 4,209 | |||
Proceeds from Sale of Lease Receivables | 20,951 | 4,741 | 46,092 | |
Additions to properties under development | (399,452) | (404,289) | (325,624) | |
Investment in intercompany notes payable | (2,063) | (1,769) | ||
Advances to subsidiaries, net | 384,599 | 386,222 | (7,078) | |
Net cash used by investing activities | (284,372) | (137,801) | (320,131) | |
Proceeds from long-term debt facilities | 0 | 155,000 | 359,000 | |
Principal payments on long-term debt | (63,727) | (353,024) | (303,544) | |
Deferred financing fees paid | 0 | (9) | (279) | |
Costs associated with loan refinancing or payoff (cash portion) | 0 | (25) | ||
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 | (63,727) | (198,033) | 55,152 | |
Effect of exchange rate changes on cash | 0 | (6) | 39 | |
Net increase (decrease) in cash and cash equivalents | (132) | (785) | (2,033) | |
Cash and cash equivalents at beginning of the year | 1,289 | 2,074 | 4,107 | |
Cash and cash equivalents at end of the year | 1,157 | 1,289 | 2,074 | |
Non-Guarantor Subsidiaries [Member] | ||||
Intercompany fee income (expense) | (2,684) | (2,717) | (3,124) | |
Interest income (expense) on intercompany receivable/payable | (9,700) | (9,898) | 0 | |
Net cash provided (used) by other operating activities | 47,880 | 44,923 | 47,976 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (32,308) | (44,852) | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 96 | ||
Net Cash Provided by (Used in) Operating Activities | 35,496 | 32,308 | 44,948 | |
Acquisition of rental properties and other assets | (2,567) | (238) | (25,849) | |
Proceeds from Sale of Real Estate | 1,477 | 1,081 | 12,055 | |
Investment in unconsolidated joint ventures | (5,725) | |||
Investment in mortgage notes receivable | (1,617) | (44,863) | (67,161) | |
Proceeds from mortgage note receivable paydown | 21,820 | 2,500 | 23,422 | |
Investment in promissory notes receivable | 0 | (3,666) | ||
Proceeds from Sale and Collection of Notes Receivable | 1,750 | |||
Proceeds from sale of infrastructure related to issuance of revenue bonds | 0 | |||
Proceeds from insurance recovery | 401 | |||
Proceeds from Sale of Lease Receivables | 0 | 0 | 0 | |
Additions to properties under development | (13,386) | (4,035) | (8,190) | |
Investment in intercompany notes payable | 2,063 | 1,769 | ||
Advances to subsidiaries, net | (27,815) | 20,167 | 23,284 | |
Net cash used by investing activities | (19,624) | (23,619) | (38,630) | |
Proceeds from long-term debt facilities | 0 | 0 | 0 | |
Principal payments on long-term debt | (15,539) | (8,290) | (6,709) | |
Deferred financing fees paid | (27) | 0 | (198) | |
Costs associated with loan refinancing or payoff (cash portion) | (482) | 0 | ||
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 | (16,048) | (8,290) | (6,907) | |
Effect of exchange rate changes on cash | (137) | (990) | (317) | |
Net increase (decrease) in cash and cash equivalents | (313) | (591) | (906) | |
Cash and cash equivalents at beginning of the year | 1,905 | 2,496 | 3,402 | |
Cash and cash equivalents at end of the year | 1,592 | 1,905 | $ 2,496 | |
Consolidation, Eliminations [Member] | ||||
Cash and cash equivalents at beginning of the year | 0 | |||
Cash and cash equivalents at end of the year | $ 0 | $ 0 |
Schedule II - Valuation and Q85
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 3,210,000 | $ 1,554,000 | $ 2,989,000 |
Additions | 0 | 1,829,000 | 1,417,000 |
Deductions | (2,339,000) | (173,000) | (2,852,000) |
Ending balance | 3,210,000 | 1,554,000 | |
Allowance for Loan and Lease Losses [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 3,777,000 | 0 |
Additions | 0 | 0 | 3,777,000 |
Deductions | 0 | (3,777,000) | 0 |
Ending balance | $ 0 | $ 0 | $ 3,777,000 |
Schedule III - Real Estate an86
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 2,485,625 | |
Land, initial cost | 1,240,264 | |
Buildings, equipment & improvement, initial cost | 3,008,117 | |
Additions (dispositions) (impairments) subsequent to acquisition | 302,556 | |
Land, gross amount | 1,237,388 | |
Buildings, equipment & improvement, gross amount | 3,313,549 | |
Fair value of Concord resort land received | 4,550,937 | $ 3,962,032 |
Accumulated depreciation | (635,535) | (534,303) |
Deferred financing costs, net | (29,320) | $ (18,289) |
Omaha, NE | ||
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 | $ (7,960) | |
Depreciation life | 40 years | |
Sugar Land, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 14,513 | |
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 | $ (9,104) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
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 | 5,832 | |
Land, gross amount | 3,006 | |
Buildings, equipment & improvement, gross amount | 19,494 | |
Fair value of Concord resort land received | 22,500 | |
Accumulated depreciation | $ (6,976) | |
Depreciation life | 40 years | |
Columbus, OH | ||
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 | $ (5,867) | |
Depreciation life | 40 years | |
San Diego, CA | ||
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 | $ (7,413) | |
Depreciation life | 40 years | |
Ontario, CA | ||
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 | $ (8,995) | |
Depreciation life | 40 years | |
Houston, TX | ||
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 | $ (9,267) | |
Depreciation life | 40 years | |
Creve Coeur, MO | ||
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 | $ (6,399) | |
Depreciation life | 40 years | |
Leawood, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 12,137 | |
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 | $ (5,981) | |
Depreciation life | 40 years | |
Houston, TX | ||
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 | $ (10,202) | |
Depreciation life | 40 years | |
South Barrington, IL | ||
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 | 4,618 | |
Land, gross amount | 6,577 | |
Buildings, equipment & improvement, gross amount | 32,341 | |
Fair value of Concord resort land received | 38,918 | |
Accumulated depreciation | $ (13,212) | |
Depreciation life | 40 years | |
Mesquite, TX | ||
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 | $ (9,991) | |
Depreciation life | 40 years | |
Hampton, VA | ||
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 | 4,510 | |
Land, gross amount | 3,822 | |
Buildings, equipment & improvement, gross amount | 29,188 | |
Fair value of Concord resort land received | 33,010 | |
Accumulated depreciation | $ (11,586) | |
Depreciation life | 40 years | |
Pompano Beach, FL | ||
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 | $ (6,773) | |
Depreciation life | 40 years | |
Raleigh, NC | ||
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 | 3,492 | |
Land, gross amount | 2,919 | |
Buildings, equipment & improvement, gross amount | 9,051 | |
Fair value of Concord resort land received | 11,970 | |
Accumulated depreciation | $ (2,803) | |
Depreciation life | 40 years | |
Davie, FL | ||
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 | $ (9,591) | |
Depreciation life | 40 years | |
Aliso Viejo, CA | ||
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 | $ (6,300) | |
Depreciation life | 40 years | |
Boise, ID | ||
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 | $ (7,201) | |
Depreciation life | 40 years | |
Woodridge, IL | ||
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 | $ (8,096) | |
Depreciation life | 40 years | |
Cary, NC | ||
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 | $ (5,019) | |
Depreciation life | 40 years | |
Tampa, FL | ||
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 | $ (6,445) | |
Depreciation life | 40 years | |
San Diego, CA | ||
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 | $ (7,507) | |
Depreciation life | 40 years | |
Metairie, LA | ||
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 | $ (4,354) | |
Depreciation life | 40 years | |
Harahan, LA | ||
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 | $ (5,496) | |
Depreciation life | 40 years | |
Hammond, LA | ||
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 | $ (2,514) | |
Depreciation life | 40 years | |
Houma, LA | ||
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 | $ (2,514) | |
Depreciation life | 40 years | |
Harvey, LA | ||
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 | $ (4,572) | |
Depreciation life | 40 years | |
Greenville, SC | ||
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 | $ (2,801) | |
Depreciation life | 40 years | |
Sterling Heights, MI | ||
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 | $ (9,320) | |
Depreciation life | 40 years | |
Olathe, KS | ||
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 | $ (6,661) | |
Depreciation life | 40 years | |
Livonia, MI | ||
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 | $ (6,316) | |
Depreciation life | 40 years | |
Alexandria, VA | ||
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 | $ (7,850) | |
Depreciation life | 40 years | |
Little Rock, AR | ||
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 | $ (2,813) | |
Depreciation life | 40 years | |
Macon, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,738) | |
Depreciation life | 40 years | |
Lawrence, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,772 | |
Land, initial cost | 1,500 | |
Buildings, equipment & improvement, initial cost | 3,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,017 | |
Land, gross amount | 1,500 | |
Buildings, equipment & improvement, gross amount | 5,543 | |
Fair value of Concord resort land received | 7,043 | |
Accumulated depreciation | $ (1,216) | |
Depreciation life | 40 years | |
Columbia, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (2,715) | |
Depreciation life | 40 years | |
Hialeah, FL | ||
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 | |
Phoenix, AZ | ||
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 | $ (5,079) | |
Depreciation life | 40 years | |
Hamilton, NJ | ||
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 | $ (5,783) | |
Depreciation life | 40 years | |
Mesa, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,446 | |
Buildings, equipment & improvement, initial cost | 16,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,263 | |
Land, gross amount | 4,446 | |
Buildings, equipment & improvement, gross amount | 19,828 | |
Fair value of Concord resort land received | 24,274 | |
Accumulated depreciation | $ (5,310) | |
Depreciation life | 40 years | |
Peoria, IL | ||
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 | $ (3,470) | |
Depreciation life | 40 years | |
Lafayette, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (3,219) | |
Depreciation life | 40 years | |
Hurst, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (3,861) | |
Depreciation life | 40 years | |
Melbourne, FL | ||
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 | $ (2,745) | |
Depreciation life | 40 years | |
D'Iberville, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,615 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 8,043 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,239 | |
Land, gross amount | 808 | |
Buildings, equipment & improvement, gross amount | 10,475 | |
Fair value of Concord resort land received | 11,283 | |
Accumulated depreciation | $ (3,043) | |
Depreciation life | 40 years | |
Wilmington, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (2,100) | |
Depreciation life | 40 years | |
Chattanooga, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 10,002 | |
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 | $ (3,392) | |
Depreciation life | 40 years | |
Conroe, TX | ||
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 | $ (2,365) | |
Depreciation life | 40 years | |
Indianapolis, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 4,027 | |
Land, initial cost | 1,481 | |
Buildings, equipment & improvement, initial cost | 4,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,375 | |
Land, gross amount | 1,481 | |
Buildings, equipment & improvement, gross amount | 6,940 | |
Fair value of Concord resort land received | 8,421 | |
Accumulated depreciation | $ (1,319) | |
Depreciation life | 40 years | |
Hattiesurg, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,174 | |
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 | $ (2,783) | |
Depreciation life | 40 years | |
Arroyo Grande, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,056) | |
Depreciation life | 40 years | |
Auburn, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,714) | |
Depreciation life | 40 years | |
Fresno, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 9,331 | |
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 | $ (3,626) | |
Depreciation life | 40 years | |
Modesto, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,083) | |
Depreciation life | 40 years | |
Columbia, MD | ||
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 | $ (3,280) | |
Depreciation life | 40 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 12,452 | |
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 | $ (3,984) | |
Depreciation life | 40 years | |
Garner, NC | ||
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 | $ (1,840) | |
Depreciation life | 40 years | |
Winston Salem, NC | ||
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 | $ (3,695) | |
Depreciation life | 40 years | |
Huntsville, AL | ||
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 | $ (3,824) | |
Depreciation life | 40 years | |
Kalamazoo, MI | ||
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 | $ (6,788) | |
Depreciation life | 40 years | |
Pensacola, FL | ||
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 | $ (3,775) | |
Depreciation life | 40 years | |
Slidell, LA | ||
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 | $ (2,875) | |
Depreciation life | 40 years | |
Panama City Beach, FL | ||
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 | $ (2,673) | |
Depreciation life | 40 years | |
Kalispell, MT | ||
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 | $ (1,709) | |
Depreciation life | 40 years | |
Greensboro, NC | ||
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 | $ (3,031) | |
Depreciation life | 40 years | |
Glendora, CA | ||
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 | $ (2,162) | |
Depreciation life | 40 years | |
Ypsilanti, MI | ||
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 | $ (40) | |
Depreciation life | 40 years | |
Manchester, CT | ||
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 | $ (2,008) | |
Depreciation life | 40 years | |
Centreville, VA | ||
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 | $ (310) | |
Depreciation life | 40 years | |
Davenport, IA | ||
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 | $ (1,062) | |
Depreciation life | 40 years | |
Fairfax, VA | ||
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 | $ (2,063) | |
Depreciation life | 40 years | |
Flint, MI | ||
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 | $ (302) | |
Depreciation life | 40 years | |
Hazlet, NJ | ||
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 | $ (825) | |
Depreciation life | 40 years | |
Huber Heights, OH | ||
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 | $ (681) | |
Depreciation life | 40 years | |
North Haven, CT | ||
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 | 3,458 | |
Buildings, equipment & improvement, gross amount | 5,045 | |
Fair value of Concord resort land received | 8,503 | |
Accumulated depreciation | $ (1,162) | |
Depreciation life | 40 years | |
Okolona, KY | ||
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 | $ (579) | |
Depreciation life | 40 years | |
Voorhees, NJ | ||
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 | $ (1,682) | |
Depreciation life | 40 years | |
Louisville, KY | ||
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 | $ (1,149) | |
Depreciation life | 40 years | |
Beaver Creek, OH | ||
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 | $ (1,160) | |
Depreciation life | 40 years | |
West Springfield, MA | ||
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 | $ (657) | |
Depreciation life | 40 years | |
Cincinnati, OH | ||
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 | $ (326) | |
Depreciation life | 40 years | |
Pasadena, TX | ||
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 | $ (1,736) | |
Depreciation life | 40 years | |
Plano, TX | ||
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 | $ (320) | |
Depreciation life | 40 years | |
McKinney, TX | ||
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 | $ (539) | |
Depreciation life | 40 years | |
Mishawaka, IN | ||
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 | 1,383 | |
Land, gross amount | 2,399 | |
Buildings, equipment & improvement, gross amount | 6,837 | |
Fair value of Concord resort land received | 9,236 | |
Accumulated depreciation | $ (913) | |
Depreciation life | 40 years | |
Grand Prairie, TX | ||
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 | $ (622) | |
Depreciation life | 40 years | |
Redding, CA | ||
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 | $ (731) | |
Depreciation life | 40 years | |
Pueblo, CO | ||
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 | $ (839) | |
Depreciation life | 40 years | |
Beaumont, TX | ||
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 | $ (1,896) | |
Depreciation life | 40 years | |
Pflugerville, TX | ||
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 | $ (1,874) | |
Depreciation life | 40 years | |
Houston, TX | ||
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 | $ (1,583) | |
Depreciation life | 40 years | |
El Paso, TX | ||
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 | $ (2,146) | |
Depreciation life | 40 years | |
Colorado Springs, CO | ||
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 | $ (1,823) | |
Depreciation life | 40 years | |
Virginia Beach, VA | ||
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 | $ (969) | |
Depreciation life | 40 years | |
Hooksett, NH | ||
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 | $ (1,692) | |
Depreciation life | 40 years | |
Saco, ME | ||
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 | $ (558) | |
Depreciation life | 40 years | |
Merrimack, NH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,298 | |
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 | $ (823) | |
Depreciation life | 40 years | |
Westbrook, ME | ||
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 | $ (1,038) | |
Depreciation life | 40 years | |
Twin Falls, ID | ||
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 | $ (548) | |
Depreciation life | 40 years | |
Dallas, TX | ||
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 | $ (1,242) | |
Depreciation life | 40 years | |
Albuquerque, NM | ||
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 | $ (1,059) | |
Depreciation life | 40 years | |
Southern Pines, NC | ||
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 | $ (534) | |
Depreciation life | 40 years | |
Austin, TX | ||
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 | $ (544) | |
Depreciation life | 40 years | |
Champaign, IL | ||
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 | $ (733) | |
Depreciation life | 40 years | |
Gainesville, VA | ||
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 | $ (836) | |
Depreciation life | 40 years | |
Lafayette, LA | ||
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 | $ (1,034) | |
Depreciation life | 40 years | |
New Iberia, LA | ||
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 | $ (133) | |
Depreciation life | 40 years | |
Tuscaloosa, AL | ||
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 | $ (770) | |
Depreciation life | 40 years | |
Tampa, FL | ||
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 | 3,769 | |
Land, gross amount | 1,700 | |
Buildings, equipment & improvement, gross amount | 27,252 | |
Fair value of Concord resort land received | 28,952 | |
Accumulated depreciation | $ (2,568) | |
Depreciation life | 40 years | |
Warrenville, IL | ||
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 | $ (2,211) | |
Depreciation life | 40 years | |
San Francisco, CA | ||
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 | $ (323) | |
Depreciation life | 40 years | |
Opelika, AL | ||
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 | $ (559) | |
Depreciation life | 40 years | |
Bedford, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 1,371 | |
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 | $ (122) | |
Depreciation life | 40 years | |
Seymour, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 2,341 | |
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 | $ (164) | |
Depreciation life | 40 years | |
Wilder, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 10,032 | |
Land, initial cost | 983 | |
Buildings, equipment & improvement, initial cost | 11,233 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,004 | |
Land, gross amount | 983 | |
Buildings, equipment & improvement, gross amount | 13,237 | |
Fair value of Concord resort land received | 14,220 | |
Accumulated depreciation | $ (796) | |
Depreciation life | 40 years | |
Bowling Green, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,087 | |
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 | $ (725) | |
Depreciation life | 40 years | |
New Albany, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 12,183 | |
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 | $ (1,030) | |
Depreciation life | 40 years | |
Clarksville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 14,487 | |
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 | $ (1,170) | |
Depreciation life | 40 years | |
Williamsport, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 6,299 | |
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 | $ (490) | |
Depreciation life | 40 years | |
Noblesville, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 5,883 | |
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 | $ (527) | |
Depreciation life | 40 years | |
Moline, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 8,570 | |
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 | $ (717) | |
Depreciation life | 40 years | |
O'Fallon, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 5,917 | |
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 | $ (514) | |
Depreciation life | 40 years | |
McDonough, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 13,459 | |
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 | $ (1,182) | |
Depreciation life | 40 years | |
Sterling Heights, MI | ||
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 | |
Virginia Beach, VA | ||
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 | $ (297) | |
Depreciation life | 40 years | |
Yulee, FL | ||
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 | $ (318) | |
Depreciation life | 40 years | |
Jacksonville, FL | ||
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 | $ (1,386) | |
Depreciation life | 25 years | |
Denham Springs, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 5,093 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 5,093 | |
Fair value of Concord resort land received | 5,093 | |
Accumulated depreciation | $ (95) | |
Depreciation life | 40 years | |
Crystal Lake, IL | ||
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 | 568 | |
Land, gross amount | 2,980 | |
Buildings, equipment & improvement, gross amount | 14,089 | |
Fair value of Concord resort land received | 17,069 | |
Accumulated depreciation | $ (814) | |
Depreciation life | 25 years | |
Laredo, TX | ||
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 | $ (197) | |
Depreciation life | 40 years | |
Delmont, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 673 | |
Buildings, equipment & improvement, initial cost | 621 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 673 | |
Buildings, equipment & improvement, gross amount | 621 | |
Fair value of Concord resort land received | 1,294 | |
Accumulated depreciation | $ (15) | |
Depreciation life | 25 years | |
Kennewick, WA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,484 | |
Buildings, equipment & improvement, initial cost | 4,901 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,484 | |
Buildings, equipment & improvement, gross amount | 4,901 | |
Fair value of Concord resort land received | 7,385 | |
Accumulated depreciation | $ (110) | |
Depreciation life | 25 years | |
Franklin, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,158 | |
Buildings, equipment & improvement, initial cost | 17,549 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 10,158 | |
Buildings, equipment & improvement, gross amount | 17,549 | |
Fair value of Concord resort land received | 27,707 | |
Accumulated depreciation | $ (392) | |
Depreciation life | 25 years | |
Mobile, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,116 | |
Buildings, equipment & improvement, initial cost | 16,657 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,116 | |
Buildings, equipment & improvement, gross amount | 16,657 | |
Fair value of Concord resort land received | 18,773 | |
Accumulated depreciation | $ (354) | |
Depreciation life | 25 years | |
El Paso, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,957 | |
Buildings, equipment & improvement, initial cost | 10,961 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,957 | |
Buildings, equipment & improvement, gross amount | 10,961 | |
Fair value of Concord resort land received | 13,918 | |
Accumulated depreciation | $ (240) | |
Depreciation life | 25 years | |
Edinburg, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,982 | |
Buildings, equipment & improvement, initial cost | 16,964 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 16,964 | |
Fair value of Concord resort land received | 18,946 | |
Accumulated depreciation | $ (356) | |
Depreciation life | 25 years | |
Hendersonville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,784 | |
Buildings, equipment & improvement, initial cost | 8,034 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,784 | |
Buildings, equipment & improvement, gross amount | 8,034 | |
Fair value of Concord resort land received | 10,818 | |
Accumulated depreciation | $ (112) | |
Depreciation life | 30 years | |
Detroit, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,299 | |
Buildings, equipment & improvement, initial cost | 13,810 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,299 | |
Buildings, equipment & improvement, gross amount | 13,810 | |
Fair value of Concord resort land received | 18,109 | |
Accumulated depreciation | $ (77) | |
Depreciation life | 30 years | |
Dallas, TX | ||
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 | $ (14,425) | |
Depreciation life | 40 years | |
Mesquite, TX | ||
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 | (2,440) | |
Land, gross amount | 319 | |
Buildings, equipment & improvement, gross amount | 1,350 | |
Fair value of Concord resort land received | 1,669 | |
Accumulated depreciation | $ (348) | |
Depreciation life | 40 years | |
Westminster, CO | ||
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 | $ (17,330) | |
Depreciation life | 40 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (6,529) | |
Depreciation life | 40 years | |
Houston, TX | ||
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 | (1,531) | |
Land, gross amount | 3,408 | |
Buildings, equipment & improvement, gross amount | 79 | |
Fair value of Concord resort land received | 3,487 | |
Accumulated depreciation | $ (3) | |
Depreciation life | 40 years | |
Southfield, MI | ||
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 | $ (20,945) | |
Depreciation life | 15 years | |
New Rochelle, NY | ||
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 | 6,924 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 104,620 | |
Fair value of Concord resort land received | 110,720 | |
Accumulated depreciation | $ (35,390) | |
Depreciation life | 40 years | |
Suffolk, VA | ||
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 | $ (4,046) | |
Depreciation life | 40 years | |
Kanata, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,384 | |
Buildings, equipment & improvement, initial cost | 34,224 | |
Additions (dispositions) (impairments) subsequent to acquisition | 27,312 | |
Land, gross amount | 9,384 | |
Buildings, equipment & improvement, gross amount | 61,536 | |
Fair value of Concord resort land received | 70,920 | |
Accumulated depreciation | $ (18,627) | |
Depreciation life | 40 years | |
Mississagua, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,615 | |
Buildings, equipment & improvement, initial cost | 16,438 | |
Additions (dispositions) (impairments) subsequent to acquisition | 15,405 | |
Land, gross amount | 11,330 | |
Buildings, equipment & improvement, gross amount | 29,128 | |
Fair value of Concord resort land received | 40,458 | |
Accumulated depreciation | $ (8,395) | |
Depreciation life | 40 years | |
Oakville, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,384 | |
Buildings, equipment & improvement, initial cost | 22,093 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,067 | |
Land, gross amount | 9,384 | |
Buildings, equipment & improvement, gross amount | 26,160 | |
Fair value of Concord resort land received | 35,544 | |
Accumulated depreciation | $ (9,465) | |
Depreciation life | 40 years | |
Whitby, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,532 | |
Buildings, equipment & improvement, initial cost | 20,518 | |
Additions (dispositions) (impairments) subsequent to acquisition | 21,865 | |
Land, gross amount | 12,243 | |
Buildings, equipment & improvement, gross amount | 39,672 | |
Fair value of Concord resort land received | 51,915 | |
Accumulated depreciation | $ (12,433) | |
Depreciation life | 40 years | |
Warrenville, IL | ||
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 | $ (735) | |
Depreciation life | 15 years | |
Burbank, CA | ||
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 | $ (11,668) | |
Depreciation life | 40 years | |
Austell, GA | ||
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 | |
Suffolk, VA | ||
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 | 5,193 | |
Land, gross amount | 3,298 | |
Buildings, equipment & improvement, gross amount | 14,357 | |
Fair value of Concord resort land received | 17,655 | |
Accumulated depreciation | $ (3,792) | |
Depreciation life | 40 years | |
Northbrook, IL | ||
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 | 586 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,611 | |
Fair value of Concord resort land received | 7,611 | |
Accumulated depreciation | $ (961) | |
Depreciation life | 40 years | |
Oakbrook, IL | ||
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 | 536 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,604 | |
Fair value of Concord resort land received | 8,604 | |
Accumulated depreciation | $ (866) | |
Depreciation life | 40 years | |
Jacksonville, FL | ||
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 | 1,979 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 7,040 | |
Fair value of Concord resort land received | 11,550 | |
Accumulated depreciation | $ (1,115) | |
Depreciation life | 30 years | |
Indianapolis, IN | ||
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 | 2,921 | |
Land, gross amount | 4,377 | |
Buildings, equipment & improvement, gross amount | 9,163 | |
Fair value of Concord resort land received | 13,540 | |
Accumulated depreciation | $ (874) | |
Depreciation life | 40 years | |
Warrenville, IL | ||
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 | $ (743) | |
Depreciation life | 40 years | |
Schaumburg, IL | ||
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 | $ (179) | |
Depreciation life | 30 years | |
Marietta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,116 | |
Buildings, equipment & improvement, initial cost | 11,872 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,116 | |
Buildings, equipment & improvement, gross amount | 11,872 | |
Fair value of Concord resort land received | 14,988 | |
Accumulated depreciation | $ (423) | |
Depreciation life | 35 years | |
Cleveland, OH | ||
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 | $ (281) | |
Depreciation life | 30 years | |
Gilbert, AZ | ||
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 | $ (1,011) | |
Depreciation life | 40 years | |
Baton Rouge, LA | ||
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 | $ (785) | |
Depreciation life | 40 years | |
Goodyear, AZ | ||
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 | $ (935) | |
Depreciation life | 30 years | |
Phoenix, AZ | ||
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 | $ (634) | |
Depreciation life | 40 years | |
Broomfield, CO | ||
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 | $ (1,164) | |
Depreciation life | 40 years | |
Phoenix, AZ | ||
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 | $ (1,250) | |
Depreciation life | 40 years | |
Salt Lake City, UT | ||
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 | $ (505) | |
Depreciation life | 40 years | |
Hurricane, UT | ||
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 | $ (775) | |
Depreciation life | 40 years | |
Buckeye, AZ | ||
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 | 14,484 | |
Land, gross amount | 914 | |
Buildings, equipment & improvement, gross amount | 24,199 | |
Fair value of Concord resort land received | 25,113 | |
Accumulated depreciation | $ (1,793) | |
Depreciation life | 40 years | |
Queen Creek, AZ | ||
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 | $ (2,669) | |
Depreciation life | 40 years | |
Tarboro, NC | ||
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 | $ (1,633) | |
Depreciation life | 40 years | |
Chester Upland, PA | ||
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 | $ (632) | |
Depreciation life | 30 years | |
Hollywood, SC | ||
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 | $ (598) | |
Depreciation life | 40 years | |
Camden, NJ | ||
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 | 7,271 | |
Land, gross amount | 548 | |
Buildings, equipment & improvement, gross amount | 17,840 | |
Fair value of Concord resort land received | 18,388 | |
Accumulated depreciation | $ (1,729) | |
Depreciation life | 30 years | |
Queen Creek, AZ | ||
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 | |
Chicago, IL | ||
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 | 4,614 | |
Land, gross amount | 509 | |
Buildings, equipment & improvement, gross amount | 10,509 | |
Fair value of Concord resort land received | 11,018 | |
Accumulated depreciation | $ (682) | |
Depreciation life | 40 years | |
Gilbert, AZ | ||
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 | $ (536) | |
Depreciation life | 40 years | |
Vista, CA | ||
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 | 6,056 | |
Land, gross amount | 1,283 | |
Buildings, equipment & improvement, gross amount | 9,410 | |
Fair value of Concord resort land received | 10,693 | |
Accumulated depreciation | $ (446) | |
Depreciation life | 40 years | |
Colorado Springs, CO | ||
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 | $ (563) | |
Depreciation life | 40 years | |
Chandler, AZ | ||
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 | $ (1,074) | |
Depreciation life | 40 years | |
Salt Lake City, UT | ||
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 | 1,928 | |
Land, gross amount | 8,173 | |
Buildings, equipment & improvement, gross amount | 12,910 | |
Fair value of Concord resort land received | 21,083 | |
Accumulated depreciation | $ (742) | |
Depreciation life | 40 years | |
Palm Beach, FL | ||
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 | (81) | |
Land, gross amount | 3,323 | |
Buildings, equipment & improvement, gross amount | 15,743 | |
Fair value of Concord resort land received | 19,066 | |
Accumulated depreciation | $ (1,056) | |
Depreciation life | 30 years | |
Mesa, AZ | ||
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 | $ (425) | |
Depreciation life | 30 years | |
Kernersville, NC | ||
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 | $ (665) | |
Depreciation life | 40 years | |
Fort Collins, CO | ||
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 | $ (620) | |
Depreciation life | 40 years | |
Wilson, NC | ||
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 | $ (352) | |
Depreciation life | 30 years | |
Baker, LA | ||
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 | $ (349) | |
Depreciation life | 40 years | |
Charlotte, NC | ||
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 | 8,651 | |
Land, gross amount | 1,559 | |
Buildings, equipment & improvement, gross amount | 10,128 | |
Fair value of Concord resort land received | 11,687 | |
Accumulated depreciation | $ (350) | |
Depreciation life | 30 years | |
Chicago, IL | ||
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 | 4,239 | |
Land, gross amount | 1,544 | |
Buildings, equipment & improvement, gross amount | 10,313 | |
Fair value of Concord resort land received | 11,857 | |
Accumulated depreciation | $ (477) | |
Depreciation life | 40 years | |
High Point, NC | ||
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 | (38) | |
Land, gross amount | 1,298 | |
Buildings, equipment & improvement, gross amount | 7,284 | |
Fair value of Concord resort land received | 8,582 | |
Accumulated depreciation | $ (345) | |
Depreciation life | 40 years | |
Chandler, AZ | ||
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 | 144 | |
Land, gross amount | 1,530 | |
Buildings, equipment & improvement, gross amount | 7,021 | |
Fair value of Concord resort land received | 8,551 | |
Accumulated depreciation | $ (261) | |
Depreciation life | 40 years | |
Port Royal, SC | ||
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 | 1,259 | |
Land, gross amount | 387 | |
Buildings, equipment & improvement, gross amount | 5,642 | |
Fair value of Concord resort land received | 6,029 | |
Accumulated depreciation | $ (178) | |
Depreciation life | 40 years | |
Macon, GA | ||
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 | $ (433) | |
Depreciation life | 40 years | |
Memphis, TN | ||
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 | 2,646 | |
Land, gross amount | 1,535 | |
Buildings, equipment & improvement, gross amount | 6,735 | |
Fair value of Concord resort land received | 8,270 | |
Accumulated depreciation | $ (273) | |
Depreciation life | 30 years | |
Parker, CO | ||
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 | 111 | |
Land, gross amount | 2,190 | |
Buildings, equipment & improvement, gross amount | 6,926 | |
Fair value of Concord resort land received | 9,116 | |
Accumulated depreciation | $ (341) | |
Depreciation life | 40 years | |
Rock Hill, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,046 | |
Buildings, equipment & improvement, initial cost | 8,024 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,046 | |
Buildings, equipment & improvement, gross amount | 8,024 | |
Fair value of Concord resort land received | 10,070 | |
Accumulated depreciation | $ (158) | |
Depreciation life | 30 years | |
Palm Bay, FL | ||
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 | 2,250 | |
Land, gross amount | 782 | |
Buildings, equipment & improvement, gross amount | 8,462 | |
Fair value of Concord resort land received | 9,244 | |
Accumulated depreciation | $ (310) | |
Depreciation life | 40 years | |
East Point, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 553 | |
Buildings, equipment & improvement, initial cost | 5,938 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 553 | |
Buildings, equipment & improvement, gross amount | 5,938 | |
Fair value of Concord resort land received | 6,491 | |
Accumulated depreciation | $ (125) | |
Depreciation life | 30 years | |
High Point, NC | ||
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 | $ (470) | |
Depreciation life | 30 years | |
Bridgeton, NJ | ||
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 | $ (77) | |
Depreciation life | 40 years | |
Memphis, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 910 | |
Buildings, equipment & improvement, initial cost | 7,927 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 910 | |
Buildings, equipment & improvement, gross amount | 7,927 | |
Fair value of Concord resort land received | 8,837 | |
Accumulated depreciation | $ (49) | |
Depreciation life | 40 years | |
Macon, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 351 | |
Buildings, equipment & improvement, initial cost | 7,460 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 351 | |
Buildings, equipment & improvement, gross amount | 7,460 | |
Fair value of Concord resort land received | 7,811 | |
Accumulated depreciation | $ (151) | |
Depreciation life | 30 years | |
Galloway, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 575 | |
Buildings, equipment & improvement, initial cost | 3,692 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 575 | |
Buildings, equipment & improvement, gross amount | 3,692 | |
Fair value of Concord resort land received | 4,267 | |
Accumulated depreciation | $ (62) | |
Depreciation life | 30 years | |
Bronx, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,232 | |
Buildings, equipment & improvement, initial cost | 8,472 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,232 | |
Buildings, equipment & improvement, gross amount | 8,472 | |
Fair value of Concord resort land received | 9,704 | |
Accumulated depreciation | $ (88) | |
Depreciation life | 40 years | |
Parker, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,248 | |
Buildings, equipment & improvement, initial cost | 12,892 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,248 | |
Buildings, equipment & improvement, gross amount | 12,892 | |
Fair value of Concord resort land received | 14,140 | |
Accumulated depreciation | $ (83) | |
Depreciation life | 40 years | |
Holland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 549 | |
Buildings, equipment & improvement, initial cost | 4,642 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 549 | |
Buildings, equipment & improvement, gross amount | 4,642 | |
Fair value of Concord resort land received | 5,191 | |
Accumulated depreciation | $ (45) | |
Depreciation life | 40 years | |
Lake Pleasant, AZ | ||
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 | $ (450) | |
Depreciation life | 30 years | |
Goodyear, AZ | ||
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 | $ (739) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
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 | $ (807) | |
Depreciation life | 40 years | |
Coppell, TX | ||
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 | $ (615) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
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 | $ (828) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
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 | $ (616) | |
Depreciation life | 30 years | |
Mesa, AZ | ||
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 | $ (882) | |
Depreciation life | 30 years | |
Gilbert, AZ | ||
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 | $ (673) | |
Depreciation life | 30 years | |
Cedar Park, TX | ||
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 | (402) | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 10,340 | |
Fair value of Concord resort land received | 11,618 | |
Accumulated depreciation | $ (506) | |
Depreciation life | 30 years | |
Thornton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,384 | |
Buildings, equipment & improvement, initial cost | 10,542 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,384 | |
Buildings, equipment & improvement, gross amount | 10,542 | |
Fair value of Concord resort land received | 11,926 | |
Accumulated depreciation | $ (308) | |
Depreciation life | 30 years | |
Chicago, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,294 | |
Buildings, equipment & improvement, initial cost | 4,375 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,294 | |
Buildings, equipment & improvement, gross amount | 4,375 | |
Fair value of Concord resort land received | 5,669 | |
Accumulated depreciation | $ (24) | |
Depreciation life | 30 years | |
Centennial, CO | ||
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 | 534 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,305 | |
Fair value of Concord resort land received | 12,554 | |
Accumulated depreciation | $ (514) | |
Depreciation life | 30 years | |
McKinney, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,812 | |
Buildings, equipment & improvement, initial cost | 12,419 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 12,419 | |
Fair value of Concord resort land received | 14,231 | |
Accumulated depreciation | $ (473) | |
Depreciation life | 30 years | |
Parker, CO | ||
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 | $ (71) | |
Depreciation life | 30 years | |
Littleton, CO | ||
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 | $ (80) | |
Depreciation life | 30 years | |
Lakewood, CO | ||
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 | $ (52) | |
Depreciation life | 30 years | |
Castle Rock, CO | ||
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 | $ (101) | |
Depreciation life | 30 years | |
Arvada, CO | ||
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 | $ (50) | |
Depreciation life | 30 years | |
Emeryville, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,814 | |
Buildings, equipment & improvement, initial cost | 5,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,814 | |
Buildings, equipment & improvement, gross amount | 5,780 | |
Fair value of Concord resort land received | 7,594 | |
Accumulated depreciation | $ (161) | |
Depreciation life | 30 years | |
Lafayette, CO | ||
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 | 47 | |
Land, gross amount | 293 | |
Buildings, equipment & improvement, gross amount | 710 | |
Fair value of Concord resort land received | 1,003 | |
Accumulated depreciation | $ (46) | |
Depreciation life | 30 years | |
Maple Grove, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,743 | |
Buildings, equipment & improvement, initial cost | 14,927 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,743 | |
Buildings, equipment & improvement, gross amount | 14,927 | |
Fair value of Concord resort land received | 18,670 | |
Accumulated depreciation | $ (282) | |
Depreciation life | 30 years | |
Carmel, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,567 | |
Buildings, equipment & improvement, initial cost | 12,854 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,567 | |
Buildings, equipment & improvement, gross amount | 12,854 | |
Fair value of Concord resort land received | 14,421 | |
Accumulated depreciation | $ (87) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
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 | $ (77) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
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 | $ (85) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 377 | |
Buildings, equipment & improvement, initial cost | 1,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 377 | |
Buildings, equipment & improvement, gross amount | 1,526 | |
Fair value of Concord resort land received | 1,903 | |
Accumulated depreciation | $ (21) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 216 | |
Buildings, equipment & improvement, initial cost | 1,006 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 216 | |
Buildings, equipment & improvement, gross amount | 1,006 | |
Fair value of Concord resort land received | 1,222 | |
Accumulated depreciation | $ (14) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 481 | |
Buildings, equipment & improvement, initial cost | 2,050 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 481 | |
Buildings, equipment & improvement, gross amount | 2,050 | |
Fair value of Concord resort land received | 2,531 | |
Accumulated depreciation | $ (6) | |
Depreciation life | 30 years | |
Bala Cynwyd, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,785 | |
Buildings, equipment & improvement, initial cost | 3,759 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,785 | |
Buildings, equipment & improvement, gross amount | 3,759 | |
Fair value of Concord resort land received | 5,544 | |
Accumulated depreciation | $ (10) | |
Depreciation life | 30 years | |
San Jose, CA | ||
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 | $ (1,922) | |
Depreciation life | 40 years | |
Brooklyn, NY | ||
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 | 417 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 46,857 | |
Fair value of Concord resort land received | 46,857 | |
Accumulated depreciation | $ (2,077) | |
Depreciation life | 40 years | |
Chicago, IL | ||
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 | $ (1,754) | |
Depreciation life | 40 years | |
McLean, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,792 | |
Buildings, equipment & improvement, initial cost | 43,472 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 12,792 | |
Buildings, equipment & improvement, gross amount | 43,472 | |
Fair value of Concord resort land received | 56,264 | |
Accumulated depreciation | $ (364) | |
Depreciation life | 40 years | |
Mission Viejo, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,378 | |
Buildings, equipment & improvement, initial cost | 3,687 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,378 | |
Buildings, equipment & improvement, gross amount | 3,687 | |
Fair value of Concord resort land received | 5,065 | |
Accumulated depreciation | $ (41) | |
Depreciation life | 30 years | |
Bellfontaine, OH | ||
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 | 8,441 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 14,292 | |
Fair value of Concord resort land received | 19,543 | |
Accumulated depreciation | $ (2,975) | |
Depreciation life | 40 years | |
Tannersville, PA | ||
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 | $ (8,754) | |
Depreciation life | 40 years | |
McHenry, MD | ||
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 | $ (4,465) | |
Depreciation life | 40 years | |
Wintergreen, VA | ||
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 | $ (1,747) | |
Depreciation life | 40 years | |
Tannersville, PA | ||
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 | $ (4,263) | |
Depreciation life | 40 years | |
Colony, TX | ||
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 | $ (1,007) | |
Depreciation life | 40 years | |
Allen, TX | ||
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 | $ (1,776) | |
Depreciation life | 29 years | |
Dallas, TX | ||
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 | $ (1,778) | |
Depreciation life | 30 years | |
Houston, TX | ||
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 | $ (1,334) | |
Depreciation life | 40 years | |
Alpharetta, GA | ||
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 | $ (1,038) | |
Depreciation life | 40 years | |
Scottsdale, AZ | ||
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 | $ (1,059) | |
Depreciation life | 40 years | |
Spring, TX | ||
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 | $ (968) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
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 | $ (732) | |
Depreciation life | 40 years | |
Tampa, FL | ||
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 | $ (824) | |
Depreciation life | 40 years | |
Gilbert, AZ | ||
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 | $ (793) | |
Depreciation life | 40 years | |
Overland Park, KS | ||
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 | $ (642) | |
Depreciation life | 40 years | |
Centennial, CO | ||
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 | 403 | |
Land, gross amount | 3,013 | |
Buildings, equipment & improvement, gross amount | 19,509 | |
Fair value of Concord resort land received | 22,522 | |
Accumulated depreciation | $ (645) | |
Depreciation life | 40 years | |
Atlanta, GA | ||
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 | $ (612) | |
Depreciation life | 40 years | |
Ashburn VA | ||
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 | $ (562) | |
Depreciation life | 40 years | |
Naperville, IL | ||
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 | (665) | |
Land, gross amount | 8,824 | |
Buildings, equipment & improvement, gross amount | 19,614 | |
Fair value of Concord resort land received | 28,438 | |
Accumulated depreciation | $ (654) | |
Depreciation life | 40 years | |
Oklahoma City, OK | ||
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 | (252) | |
Land, gross amount | 3,086 | |
Buildings, equipment & improvement, gross amount | 16,169 | |
Fair value of Concord resort land received | 19,255 | |
Accumulated depreciation | $ (606) | |
Depreciation life | 40 years | |
Webster, TX | ||
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 | 1,220 | |
Land, gross amount | 5,631 | |
Buildings, equipment & improvement, gross amount | 18,952 | |
Fair value of Concord resort land received | 24,583 | |
Accumulated depreciation | $ (530) | |
Depreciation life | 40 years | |
Virginia Beach, VA | ||
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 | 296 | |
Land, gross amount | 6,948 | |
Buildings, equipment & improvement, gross amount | 19,011 | |
Fair value of Concord resort land received | 25,959 | |
Accumulated depreciation | $ (472) | |
Depreciation life | 40 years | |
Edison, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 22,792 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 22,792 | |
Fair value of Concord resort land received | 22,792 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 years | |
Jacksonville, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,732 | |
Buildings, equipment & improvement, initial cost | 21,823 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,732 | |
Buildings, equipment & improvement, gross amount | 21,823 | |
Fair value of Concord resort land received | 28,555 | |
Accumulated depreciation | $ (129) | |
Depreciation life | 40 years | |
Roseville, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,868 | |
Buildings, equipment & improvement, initial cost | 23,959 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,868 | |
Buildings, equipment & improvement, gross amount | 23,959 | |
Fair value of Concord resort land received | 30,827 | |
Accumulated depreciation | $ (176) | |
Depreciation life | 30 years | |
Portland, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 23,466 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 23,466 | |
Fair value of Concord resort land received | 23,466 | |
Accumulated depreciation | $ (232) | |
Depreciation life | 40 years | |
Kiamesha Lake, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 155,658 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 155,658 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 155,658 | |
Accumulated depreciation | 0 | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 297,110 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 297,110 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 297,110 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 22,530 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 22,530 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 22,530 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 2,315,000 | |
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 an87
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 3,962,032 |
Acquistion and development of rental properties during the year | 613,311 |
Disposition of rental properties during the year | (24,406) |
Balance at close of year | 4,550,937 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 534,303 |
Depreciation during the year | 105,121 |
Disposition of rental properties during the year | (3,889) |
Balance at close of year | $ 635,535 |