Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 27, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 74,316,991 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,341,162,143 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Rental properties, net of accumulated depreciation of $741,334 and $635,535 at December 31, 2017 and 2016, respectively | $ 4,604,231 | $ 3,595,762 |
Land held for development | 33,692 | 22,530 |
Property under development | 257,629 | 297,110 |
Mortgage Notes and Related Accrued Interest Receivable, Net | 970,749 | 613,978 |
Investment in direct financing leases, net | 57,903 | 102,698 |
Investment in joint ventures | 5,602 | 5,972 |
Cash and cash equivalents | 41,917 | 19,335 |
Restricted cash | 17,069 | 9,744 |
Accounts receivable, net | 93,693 | 98,939 |
Other assets | 109,008 | 98,954 |
Total assets | 6,191,493 | 4,865,022 |
Liabilities: | ||
Accounts payable and accrued liabilities | 136,929 | 119,758 |
Common dividends payable | 25,203 | 20,367 |
Preferred dividends payable | 4,982 | 5,951 |
Unearned rents and interest | 68,227 | 47,420 |
Debt | 3,028,827 | 2,485,625 |
Total liabilities | 3,264,168 | 2,679,121 |
Equity: | ||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 76,858,632 and 66,263,487 shares issued at December 31, 2017 and 2016, respectively | 769 | 663 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 3,478,986 | 2,677,046 |
Treasury shares at cost: 2,733,552 and 2,616,406 common shares at December 31, 2017 and 2016, respectively | (121,591) | (113,172) |
Accumulated other comprehensive income | 12,483 | 7,734 |
Distributions in excess of net income | (443,470) | (386,509) |
Equity | 2,927,325 | 2,185,901 |
Total liabilities and equity | 6,191,493 | 4,865,022 |
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 | 34 | 35 |
Series F Preferred Stock [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | 0 | 50 |
Series G Preferred Stock [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 60 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Investment Property, Accumulated Depreciation | $ 741,334,000 | $ 635,535,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 76,858,632 | 66,263,487 |
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 | 2,733,552 | 2,616,406 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 54,000 | $ 54,000 |
Preferred Stock, Shares Issued | 5,399,050 | 5,399,050 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,976,250 | $ 134,976,250 |
Series E Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 34,000 | $ 35,000 |
Preferred Stock, Shares Issued | 3,449,115 | 3,450,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 86,227,875 | $ 86,250,000 |
Series F Preferred Stock [Member] | ||
Preferred Stock, Value, Issued | $ 0 | $ 50,000 |
Preferred Stock, Shares Issued | 0 | 5,000,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 0 | $ 125,000,000 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Value, Issued | $ 60,000 | $ 0 |
Preferred Stock, Shares Issued | 6,000,000 | 0 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 150,000,000 | $ 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Rental revenue | $ 468,648 | $ 399,589 | $ 330,886 |
Tenant reimbursements | 15,555 | 15,595 | 16,320 |
Other income | 3,095 | 9,039 | 3,629 |
Mortgage and other financing income | 88,693 | 69,019 | 70,182 |
Total revenue | 575,991 | 493,242 | 421,017 |
Property operating expense | 31,653 | 22,602 | 23,433 |
Other expense | 242 | 5 | 648 |
General and administrative expense | 43,383 | 37,543 | 31,021 |
Retirement severance expense | 0 | 0 | 18,578 |
Costs associated with loan refinancing or payoff | 1,549 | 905 | 270 |
Gain on Extinguishment of Debt | (977) | 0 | 0 |
Interest expense, net | 133,124 | 97,144 | 79,915 |
Transaction costs | 523 | 7,869 | 7,518 |
Impairment charges | 10,195 | 0 | 0 |
Depreciation and amortization | 132,946 | 107,573 | 89,617 |
Income before equity in income from joint ventures and other items | 223,353 | 219,601 | 170,017 |
Equity in income from joint ventures | 72 | 619 | 969 |
Gain on sale of real estate | 41,942 | 5,315 | 23,829 |
Income before income taxes | 265,367 | 225,535 | 194,815 |
Income tax expense | (2,399) | (553) | (482) |
Income from continuing operations | 262,968 | 224,982 | 194,333 |
Discontinued operations: | |||
Income from discontinued operations | 0 | 0 | 199 |
Net income attributable to EPR Properties | 262,968 | 224,982 | 194,532 |
Preferred dividend requirements | (24,293) | (23,806) | (23,806) |
Preferred Share Redemption Costs | 4,457 | 0 | 0 |
Net income available to common shareholders of EPR Properties | $ 234,218 | $ 201,176 | $ 170,726 |
Basic earnings per share data: | |||
Income from continuing operations | $ 3.29 | $ 3.17 | $ 2.93 |
Income from discontinued operations | 0 | 0 | 0.01 |
Net income available to common shareholders | 3.29 | 3.17 | 2.94 |
Diluted earnings per share data: | |||
Income from continuing operations | 3.29 | 3.17 | 2.92 |
Income from discontinued operations | 0 | 0 | 0.01 |
Net income available to common shareholders | $ 3.29 | $ 3.17 | $ 2.93 |
Shares used for computation (in thousands): | |||
Basic | 71,191 | 63,381 | 58,138 |
Diluted | 71,254 | 63,474 | 58,328 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to EPR Properties | $ 262,968 | $ 224,982 | $ 194,532 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 12,569 | 5,142 | (33,710) |
Change in unrealized gain (loss) on derivatives | (7,820) | (3,030) | 26,766 |
Comprehensive income attributable to EPR Properties | $ 267,717 | $ 227,094 | $ 187,588 |
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] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member]Preferred Stock [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member]Preferred Stock [Member] | Series G Preferred Stock [Member]Additional paid-in capital [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member]Preferred Stock [Member] | Series F Preferred Stock [Member]Additional paid-in capital [Member] |
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 | 0 | |||||||||||||
Issuances of common shares (in shares) | 3,530,057 | |||||||||||||||
Issuances of common shares, net of costs | 190,365 | $ 36 | 190,329 | |||||||||||||
Stock Issued During Period, Value, Acquisitions | 0 | |||||||||||||||
Preferred Share Redemption Costs | 0 | |||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | |||||||||||||||
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 | 0 | (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, Value, Acquisitions | 0 | |||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 358 | |||||||||||||||
Stock Redeemed or Called During Period, Shares | 950 | |||||||||||||||
Preferred Share Redemption Costs | 0 | |||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | |||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | |||||||||||||||
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 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Preferred Stock, Shares Issued | 3,450,000 | 0 | 5,000,000 | |||||||||||||
Restricted share units issued to Trustees (in shares) | 19,030 | |||||||||||||||
Restricted share units issued to Trustees | 0 | 0 | ||||||||||||||
Issuance of nonvested shares, net | 296,914 | |||||||||||||||
Issuance of nonvested shares, net | 5,498 | $ 3 | 5,585 | (90) | ||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (6,729) | (6,729) | ||||||||||||||
Amortization of nonvested shares | (13,446) | (13,446) | ||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 696 | 696 | ||||||||||||||
Foreign currency translation adjustment | 12,569 | 12,569 | ||||||||||||||
Change in unrealized gain/loss on derivatives | (7,820) | (7,820) | ||||||||||||||
Net income attributable to EPR Properties | 262,968 | 262,968 | ||||||||||||||
Issuances of common shares (in shares) | 1,398,280 | |||||||||||||||
Issuances of common shares, net of costs | 99,336 | $ 14 | 99,322 | |||||||||||||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | |||||||||||||||
Stock Issued During Period, Value, Acquisitions | 657,473 | $ 89 | 657,384 | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 404 | |||||||||||||||
Stock Redeemed or Called During Period, Shares | (885) | 5,000,000 | ||||||||||||||
Preferred Share Redemption Costs | 4,457 | (4,457) | $ 4,500 | |||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | (125,025) | $ 50 | $ 120,518 | |||||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | 144,490 | $ 144,430 | ||||||||||||||
Stock Redeemed or Called During Period, Value | (1) | $ (1) | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,490 | $ 144,500 | $ 60 | |||||||||||||
Stock option exercises, net (in shares) | 29,253 | 29,253 | ||||||||||||||
Stock option exercises, net | $ (5) | $ 0 | 1,595 | 1,600 | ||||||||||||
Dividends to common and preferred shareholders | (315,472) | (315,472) | ||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 76,858,632 | 14,848,165 | ||||||||||||||
Balance at Dec. 31, 2017 | $ 2,927,325 | $ 769 | $ 148 | $ 3,478,986 | $ (121,591) | $ 12,483 | $ (443,470) | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Preferred Stock, Shares Issued | 3,449,115 | 6,000,000 | 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income attributable to EPR Properties | $ 262,968 | $ 224,982 | $ 194,532 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on Extinguishment of Debt | 977 | 0 | 0 |
Impairment charges | 10,195 | 0 | 0 |
Gain on sale of real estate | (41,942) | (5,315) | (23,829) |
Gain on insurance recovery | (606) | (4,684) | 0 |
Deferred income tax benefit (expense) | 812 | (1,065) | (1,136) |
Non-cash fee income | 0 | (1,588) | 0 |
Income from discontinued operations | 0 | 0 | (199) |
Costs associated with loan refinancing or payoff | 1,549 | 905 | 270 |
Equity in income from joint ventures | (72) | (619) | (969) |
Distributions from joint ventures | 442 | 816 | 540 |
Depreciation and amortization | 132,946 | 107,573 | 89,617 |
Amortization of deferred financing costs | 6,167 | 4,787 | 4,588 |
Amortization of above/below market leases and tenant allowances, net | (107) | 183 | 192 |
Share-based compensation expense to management and trustees | 14,142 | 11,164 | 8,508 |
Share-based compensation expense included in retirement severance expense | 0 | 0 | 6,377 |
(Increase) decrease in restricted cash | (858) | (1,619) | 2,017 |
Decrease (increase) in mortgage notes accrued interest receivable | 467 | 572 | (4,133) |
Decrease (increase) in accounts receivable, net | 8,866 | (37,627) | (11,623) |
Increase in direct financing lease receivable | (1,208) | (3,255) | (3,559) |
(Increase) decrease in other assets | (1,691) | (3,320) | 343 |
(Decrease) increase in accounts payable and accrued liabilities | (4,920) | 17,025 | 5,711 |
Increase (decrease) in unearned rents and interest | 4,927 | (2,713) | 10,705 |
Net operating cash provided by continuing operations | 391,100 | 306,202 | 277,952 |
Net operating cash provided by discontinued operations | 0 | 0 | 508 |
Net cash provided (used) by operating activities | 391,100 | 306,202 | 278,460 |
Investing activities: | |||
Acquisition of rental properties and other assets | (397,697) | (219,169) | (179,820) |
Proceeds from Sale of Real Estate | 191,569 | 23,860 | 46,718 |
Investment in mortgage notes receivable | (133,697) | (192,539) | (72,698) |
Proceeds from mortgage note receivable paydown | 21,784 | 72,072 | 40,956 |
Investment in promissory notes receivable | 1,928 | 1,546 | 0 |
Proceeds from promissory note receivable paydown | 1,599 | 0 | 0 |
Proceeds from sale of infrastructure related to issuance of revenue bonds | 0 | 43,462 | 0 |
Proceeds from insurance recovery | 606 | 4,610 | 0 |
Proceeds from Sale of Lease Receivables | 0 | 20,951 | 4,741 |
Additions to properties under development | (384,449) | (413,848) | (408,436) |
Net cash used by investing activities | (702,213) | (662,147) | (568,539) |
Financing activities: | |||
Proceeds from long-term debt facilities | 1,371,000 | 1,380,000 | 856,914 |
Principal payments on long-term debt | (823,288) | (865,266) | (503,314) |
Deferred financing fees paid | (14,318) | (14,385) | (7,047) |
Costs associated with loan refinancing or payoff (cash portion) | (7) | (482) | 0 |
Net proceeds from issuance of common shares | 99,069 | 142,628 | 190,158 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 144,490 | 0 | 0 |
Payments for Repurchase of Redeemable Preferred Stock | 125,025 | 0 | 0 |
Impact of stock option exercises, net | (5) | (1,488) | (3,394) |
Purchase of common shares for treasury | (6,729) | (4,211) | (8,222) |
Dividends paid to shareholders | (311,721) | (265,662) | (233,073) |
Net cash provided by financing activities | 333,466 | 371,134 | 292,022 |
Effect of exchange rate changes on cash | 229 | (137) | (996) |
Net increase in cash and cash equivalents | 22,582 | 15,052 | 947 |
Cash and cash equivalents at beginning of the year | 19,335 | 4,283 | 3,336 |
Cash and cash equivalents at end of the year | 41,917 | 19,335 | 4,283 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 408,593 | 454,922 | 392,786 |
Transfer of land held for development to property under development | 0 | 0 | 167,600 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 24,062 | 19,626 | 14,285 |
Conversion of mortgage note receivable to rental property | 9,237 | 0 | 120,051 |
Conversion of rental property to mortgage note receivable | 11,897 | 0 | 0 |
Stock Issued During Period, Value, Acquisitions | 657,473 | 0 | 0 |
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) | 12,083 | 0 | 0 |
Transfer of investment in a direct financing lease to rental properties | 35,807 | 0 | 0 |
Adjustment of noncontrolling interest to additional paid in capital | 0 | 0 | 377 |
Sale of investment in direct financing leases, net in exchange for mortgage note receivable | 0 | 70,304 | 0 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 136,345 | 96,410 | 90,850 |
Cash paid during the year for income taxes | 1,499 | 1,684 | 1,956 |
Interest cost capitalized | 9,879 | 10,697 | 18,546 |
Increase in accrued capital expenditures | $ 333 | $ 6,035 | $ 417 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
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, Recreation and Education. 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, 2017 | |
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, three to 25 years for furniture, fixtures and equipment and 10 to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. 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 it is probable the assets will be sold 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. Real Estate Acquisitions Upon acquisition of real estate properties, the Company determines if the acquisition is a business combination or an asset acquisition. In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU No. 2017-01 as of January 1, 2017. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. Prior to the adoption of ASU 2017-01, the Company typically accounted for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases was signed at the time of acquisition, and (3) acquired single tenant properties that had an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties (i.e. those properties that involve a process) were treated as business combinations. If the acquisition is determined to be an asset acquisition, the Company records the purchase price and other related costs incurred to the acquired tangible assets (consisting of land, building, site improvements, tenant improvements, leasehold interests 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) on a relative fair value basis. Typically, relative fair values are based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. In addition, costs incurred for asset acquisitions including transaction costs, are capitalized. If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, site improvements, tenant improvements, leasehold interests 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. Typically, fair values are based on recent independent appraisals. 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 $0.5 million , $7.9 million and $7.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively. For rental property acquisitions (asset acquisitions or business combinations), 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. For land acquired with a rental property acquisition, available market data from recent comparable land sales is used as an input to estimate the fair value of the land. 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. 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. In determining the fair value of acquired above and below market 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. In determining the fair value of tradenames, the Company uses the relief from royalty method, which estimates the fair value of hypothetical royalty income that could be generated if the intangible asset was licensed from an independent third-party. The Company also considers 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 required to be amortized over the remaining initial lease terms plus any renewal periods. The excess of the cost of an acquired business (in a business combination) over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis. Intangible assets and liabilities (included in Other assets and Accounts payable and accrued liabilities in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2017 2016 Assets: In-place leases, net of accumulated amortization of $5.5 million and $13.4 million, respectively $ 21,512 $ 13,716 Above market lease, net of accumulated amortization of $0.8 million and $0.6 million, respectively 351 479 Tradenames, net of accumulated amortization of $23 thousand 6,313 — Goodwill 693 693 Total intangible assets, net $ 28,869 $ 14,888 Liabilities: Below market lease, net of accumulated amortization of $0.3 million and $12 thousand, respectively $ (8,792 ) $ (109 ) In-place leases, net at December 31, 2017 and 2016 of approximately $21.5 million and $13.7 million , respectively, relates to 35 and 24 properties, respectively. Amortization expense related to in-place leases is computed using the straight-line method and was $2.0 million , $1.4 million and $1.4 million for the years ended December 31, 2017, 2016 and 2015 , respectively. The weighted average life for these in-place leases at December 31, 2017 is 12.5 years. Above market lease, net at December 31, 2017 and 2016 relates to two properties. Amortization expense related to the above market lease is computed using the straight-line method and was $194 thousand , $192 thousand , and $192 thousand for the years ended December 31, 2017, 2016 and 2015 , respectively. The weighted average life for these above market leases at December 31, 2017 is 3.2 years. Tradenames, net at December 31, 2017 relates to 12 properties. At December 31, 2017 , $5.4 million in tradenames had indefinite lives and were not amortized. Amortization expense related to the finite-lived tradenames is computed using the straight-line method and was $23 thousand for the year ended December 31, 2017 . The weighted average life for these finite-lived tradenames at December 31, 2017 is 33.2 years. Goodwill at December 31, 2017 and 2016 relates solely to the acquisition of New Roc that was acquired on October 27, 2003. Below market lease, net at December 31, 2017 relates to seven properties. Amortization expense related to below market lease is computed using the straight-line method and was $307 thousand and $12 thousand for the years ended December 31, 2017 and 2016, respectively. The weighted average life for these below market leases at December 31, 2017 is 30.8 years. Future amortization of in-place leases, net, above market lease, net, and below market lease, net at December 31, 2017 is as follows (in thousands): In place leases Above market lease Below market lease Tradenames (1) Year: 2018 $ 2,420 $ 197 $ (458 ) $ 30 2019 2,181 102 (458 ) 30 2020 1,907 6 (446 ) 30 2021 1,796 6 (426 ) 30 2022 1,695 6 (410 ) 30 Thereafter 11,513 34 (6,594 ) 806 Total $ 21,512 $ 351 $ (8,792 ) $ 956 (1) Excludes $5.4 million in tradenames with indefinite lives. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. Deferred financing costs of $32.9 million and $29.3 million as of December 31, 2017 and 2016 , 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 The Company has four reportable operating segments: Entertainment, Recreation, Education 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 non-cancellable terms of the leases. Straight-line rental revenue is subject to an evaluation for collectability, and the Company records a provision for losses against rental revenues if collectability of these future rents is not reasonably assured. For the years ended December 31, 2017, 2016, and 2015, the Company recognized $4.3 million , $17.0 million and $12.2 million , respectively, of straight-line rental revenue, net of write-offs. 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 $7.8 million , $4.7 million and $3.0 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Mortgage and other financing income included participating interest income of $0.7 million , $0.8 million and $1.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively. For the years ended December 31, 2017 and 2016, mortgage and other financing income also included $0.8 million and $3.6 million , respectively, in prepayment fees related to mortgage notes that were paid fully 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. Property Sales Sales of real estate properties are recognized upon the closing of the transaction with the purchaser. Gains on sales of properties are recognized on the full accrual method if the Company has received adequate initial and continuing investment and has transferred to the buyer the usual risks and rewards of ownership and does not have substantial continuing involvement with the property. If the full accrual sales criteria is not met, the Company will defer gain recognition and apply the installment or cost recovery methods as appropriate until the full accrual sales criteria are met. 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. 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. These estimates have a direct impact on the Company's net income. The allowance for doubtful accounts was $7.5 million and $0.9 million at December 31, 2017 and 2016 , 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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. 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. There were no impaired loans at December 31, 2017, 2016 and 2015. During the year ended December 31, 2015, the Company wrote off $3.8 million of a 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, 2017 , the net deferred tax assets related to the Company's Canadian operations totaled $11.7 million and the temporary differences between income for financial reporting purposes and taxable income 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, 2017 , the amount of this future liability was approximately $125 thousand and represented withholding taxes on 2017 and 2016 earnings. Additionally, the Company paid $44 thousand in withholding taxes during the year ended December 31, 2017 that related to earnings repatriated during 2017. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changes the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. The impact of the mandatory repatriation and the revaluation of the deferred tax assets and liabilities is not significant to the Company's financial position or results of operations. At December 31, 2017, the net deferred tax assets related to the Company's taxable REIT subsidiaries totaled $410 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers. As of December 31, 2017 and 2016 , respectively, the Canadian operations and the Company's taxable REIT subsidiaries had deferred tax assets totaling approximately $16.0 million and $17.0 million and deferred tax liabilities totaling approximately $3.9 million and $4.7 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: 2017 2016 Fixed assets $ 15,445 $ 16,022 Net operating losses 357 578 Other 213 381 Total deferred tax assets $ 16,015 $ 16,981 Capital improvements (2,006 ) (1,716 ) Straight-line receivable $ (1,891 ) $ (2,177 ) Other — (830 ) Total deferred tax liabilities $ (3,897 ) $ (4,723 ) Net deferred tax asset $ 12,118 $ 12,258 Additionally, during the years ended December 31, 2017, 2016 and 2015 , the Company recognized current income and withholding tax expense of $1.6 million , $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, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Current TRS income tax $ (163 ) $ (36 ) $ — Current state income tax expense (360 ) (414 ) (899 ) Current foreign income tax (36 ) (77 ) 431 Current foreign withholding tax (1,071 ) (1,130 ) (1,107 ) Deferred TRS income tax 137 273 — Deferred foreign withholding tax 43 39 (43 ) Deferred income tax benefit (expense) (949 ) 792 1,136 Income tax expense $ (2,399 ) $ (553 ) $ (482 ) The Company's effective tax rate for the years ended December 31, 2017, 2016 and 2015 was 0.9% , 0.2% and 0.2% , respectively. 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, 2017, 2016 and 2015 . 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 for years prior to January 1, 2018) 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 2014 through 2017 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2013 through 2017 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 2017 or 2016. In 2015, approximately $65 thousand in interest and penalties related to a state audit were recognized. The Company did not have any accrued interest and penalties at December 31, 2017 or December 31, 2016. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2017 and December 31, 2016 . Concentrations of Risk On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). AMC was the lessee of a substantial portion ( 34% ) of the megaplex theatre rental properties held by the Company at December 31, 2017 . For the year ended December 31, 2017 , approximately $114.4 million or 19.9% of the Company's total revenues were derived from rental payments by AMC. 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 year ended December 31, 2015, approximately $86.1 million or 20% 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. At December 31, 2017, cash equivalents also includes funds held for a Section 1031 exchange under the Code, which can be withdrawn at the Company's discretion. 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 replaced 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 $14.1 million , $11.2 million and $8.5 million for the years ended December 31, 2017, 2016 and 2015 , 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 |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2017 and 2016 (in thousands): 2017 2016 Buildings and improvements $ 4,123,356 $ 3,272,865 Furniture, fixtures & equipment 87,630 40,684 Land 1,108,805 917,748 Leasehold interests 25,774 — 5,345,565 4,231,297 Accumulated depreciation (741,334 ) (635,535 ) Total $ 4,604,231 $ 3,595,762 Depreciation expense on rental properties was $129.1 million , $103.9 million and $85.9 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Acquisitions On April 6, 2017, the Company completed a transaction with CNL Lifestyle Properties Inc. (CNL Lifestyle) and funds affiliated with Och-Ziff Real Estate (OZRE). The Company acquired the Northstar California Resort, 15 attraction properties (waterparks and amusement parks), five small family entertainment centers and certain related working capital for aggregate consideration valued at $479.8 million , including final purchase price adjustments. Additionally, the Company provided $251.0 million of secured debt financing to OZRE for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million . Subsequent to the transaction, the Company sold the five family entertainment centers for approximately $6.8 million and one waterpark for approximately $2.5 million . No gain or loss was recognized on these sales. The secured debt financing with OZRE has an initial term of five years with three 2.5 -year options to extend. The note bears interest fixed at 8.5% . The Company received a $3.0 million origination fee upon closing that will be recognized using the effective interest method. The Company assumed long-term, triple-net leases on the Northstar California Resort and three of the attractions properties and entered into new long-term, triple-net lease agreements on the remaining attractions properties at closing. Additionally, the Company assumed ground lease agreements on nine of the properties. The Company’s aggregate investment in this transaction was $730.8 million and was funded with $657.5 million of the Company’s common shares, consisting of 8,851,264 newly issued registered common shares valued at $74.28 per share, $61.2 million of cash and assumed working capital liabilities (net of assumed accounts receivable) of $12.1 million . CNL Lifestyle subsequently distributed the common shares to its stockholders on April 20, 2017. The Company's portion of the cash purchase price was funded with borrowings under its unsecured revolving credit facility. This transaction was previously announced as a business combination and, accordingly, related expenses were recognized as transaction costs through December 31, 2016. In connection with the adoption of ASU No. 2017-01 on January 1, 2017, this transaction was determined to be an asset acquisition. As such, transaction costs related to this asset acquisition incurred in 2017 have been capitalized. The aggregate investment of $730.8 million in this transaction was recorded as follows (in thousands): April 6, 2017 Rental properties, net $ 481,006 Mortgage notes and related accrued interest receivable 251,038 Tradenames (included in other assets) 6,355 Below market leases (included in accounts payable and accrued liabilities) (7,611 ) Total investment $ 730,788 In addition, during the year ended December 31, 2017, the Company completed the acquisition of six megaplex theatres for approximately $154.1 million , six other recreation facilities for approximately $62.7 million and seven early education centers and two public charter schools for approximately $38.5 million . During the year ended December 31, 2016, the Company completed the acquisition of eight megaplex theatres and a family entertainment center for approximately $148.4 million , four early education centers and one private school for approximately $16.5 million . Dispositions During the year ended December 31, 2017 , the Company completed the sale of four entertainment properties for net proceeds totaling $72.4 million . In connection with these sales, the Company recognized a gain on sale of $19.4 million . During the year ended December 31, 2017 , pursuant to tenant purchase options, the Company completed the sale of eight public charter schools located in Colorado, Arizona and Utah for net proceeds totaling $97.3 million . In connection with these sales, the Company recognized a gain on sale of $20.7 million . Additionally, the Company completed the sale of three other education facilities for net proceeds of $10.5 million . In connection with these sales, the Company recognized a gain on sale of $1.8 million . 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 Resorts World Catskills 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. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): 2017 2016 Receivable from tenants $ 19,923 $ 7,564 Receivable from non-tenants 3,932 497 Receivable from insurance proceeds — 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 14,718 22,164 Straight-line rent receivable 62,605 67,618 Allowance for doubtful accounts (7,485 ) (871 ) Total $ 93,693 $ 98,939 In October 2017, the Company terminated nine leases with various subsidiaries of Children’s Learning Adventure USA, LLC (CLA), seven of which relate to completed construction and two of which relate to unimproved land. These subsidiaries of CLA continue to operate these properties (other than the two unimproved properties) as holdover tenants. In December 2017, these CLA subsidiaries (other than one of the CLA tenants for an unimproved land parcel) and other CLA subsidiaries that are tenants of the Company's remaining leases filed petitions in bankruptcy under Chapter 11 seeking the protections of the Bankruptcy Code. The above total includes receivable from tenants of approximately $6.0 million from CLA, which were fully reserved in the allowance for doubtful accounts at December 31, 2017. Additionally, during the three months ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. At December 31, 2017, the Company had approximately $255.7 million related to CLA classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2017. Additionally, the Company had approximately $11.2 million classified in land held for development and $14.5 million classified in property under development in the accompanying consolidated balance sheets at December 31, 2017. The Company reviewed these balances for impairment at December 31, 2017 and determined that the estimated undiscounted future cash flows exceeded the carrying value of these properties. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2017 and 2016 consists of the following (in thousands): 2017 2016 (1) Mortgage note and related accrued interest receivable, borrower exercised option to convert to lease on December 22, 2017 — 1,637 (2) Mortgage note and related accrued interest receivable, 10.25%, prepaid in full December 28, 2017 — 3,508 (3) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2018 1,454 1,454 (4) Mortgage note and related accrued interest receivable, 7.00%, due July 31, 2018 1,474 1,375 (5) Mortgage note and related accrued interest receivable, 7.50%, due January 6, 2019 9,056 — (6) Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 174,265 164,743 (7) Mortgage note, 7.00%, due December 20, 2021 57,890 70,304 (8) Mortgage notes, 8.50%, due April 6, 2022 249,213 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,803 5,635 (10) Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027 10,880 — (11) Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032 31,105 36,032 (12) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,173 5,327 (13) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 33,269 30,849 (14) Mortgage note, 11.31%, due July 1, 2033 12,249 12,530 (15) Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034 8,711 7,230 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,564 12,473 (17) Mortgage note, 11.26%, due December 1, 2034 51,050 51,250 (18) Mortgage notes, 10.43%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.88%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.14%, due January 5, 2036 21,000 21,000 (21) Mortgage note, 10.25%, due May 31, 2036 17,505 17,505 (22) Mortgage note and related accrued interest receivable, 9.95%, due July 31, 2036 6,304 6,083 (23) Mortgage note, 9.75%, due August 1, 2036 18,068 18,219 (24) Mortgage note and related accrued interest receivable, 9.75%, due December 31, 2036 9,838 4,712 (25) Mortgage note and related accrued interest receivable, 8.50%, due April 30, 2037 4,717 — (26) Mortgage note and related accrued interest receivable, 8.75%, due June 30, 2037 4,111 — (27) Mortgage note and related accrued interest receivable, 8.50%, due July 31, 2037 4,235 — (28) Mortgage note, 8.75%, due August 31, 2037 11,330 — (29) Mortgage note and related accrued interest receivable, 10.14%, due September 30, 2037 2,500 — (30) Mortgage note and related accrued interest receivable, 8.80%, due September 30, 2037 11,684 — (31) Mortgage note and related accrued interest receivable, 8.50%, due November 30, 2037 9,631 — (32) Mortgage note and related accrued interest receivable, 7.50%, due October 27, 2038 658 — (33) Mortgage notes, 7.25%, due November 30, 2041 142,900 100,000 Total mortgage notes and related accrued interest receivable $ 970,749 $ 613,978 (1) The Company's first mortgage loan agreement with Miramesa Star LLC was secured by a theatre development project in Cypress, Texas. On December 22, 2017, per the terms of the mortgage note agreement, the borrower exercised its option to convert the mortgage note agreement to a 15 -year triple-net lease agreement. As a result, the Company recorded the carrying value of the investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. (2) The Company's first mortgage loan agreement with UME Preparatory Academy that was secured by 28 acres of land and a public charter school property located in Dallas, Texas was prepaid on December 28, 2017. In connection with the full payoff of this note, the Company received a prepayment fee of $0.6 million , included in mortgage and other financing income, and wrote off $58 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. (3) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by approximately 12 acres of land located in Queen Creek, Arizona. At December 31, 2017 , the face amount of the mortgage note was $1.4 million . The note bears interest at a fixed rate of 9.00% . The note requires accrued interest and principal to be paid at maturity. (4) The Company's first mortgage loan agreement with HighMark Land, LLC (HighMark) is secured by approximately 20 acres of land located in Lincoln, California. At December 31, 2017 , the face amount of the mortgage note was $1.5 million . The note bears interest at a fixed rate of 7.00% and requires accrued interest and principal to be paid at maturity. (5) The Company's first mortgage loan agreement with I-90 Bellevue Investments II, LLC, is secured by real estate in Bellevue, Washington. At December 31, 2017 , the face amount of the mortgage note was $9.0 million . The note bears interest at a fixed rate of 7.50% and requires monthly interest payments. (6) 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. At December 31, 2017 , the face amount of the mortgage notes were $173.6 million . The mortgage notes have cross-default and cross-collateral provisions. On March 1, 2017, the Company funded an additional amount under its loan to SVVI. SVVI used these proceeds to pay off their seasonal line of credit secured by the Texas parks. As a result of the payoff, the Company became the first mortgage holder on these two properties. 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, 2017, 2016 and 2015 , the Company recognized $0.7 million , $0.8 million and $1.5 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. At December 31, 2017 , the weighted average interest rate was 7.33% . (7) The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 8 charter school properties located in Indiana, Ohio, South Carolina, and Pennsylvania. At December 31, 2017 , the face amount of the mortgage note was $57.9 million . The note bears interest at a fixed rate of 7.00% . The 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. (8) The Company's mortgage loan agreement with Och-Ziff Real Estate (OZRE) is secured by 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada. The Company received a $3.0 million origination fee upon closing. At December 31, 2017 , the face amount of the mortgage notes were $250.3 million . The note bears interest at a fixed rate of 8.50% and requires monthly interest payments. Interest income on the notes and the origination fee are being recognized using the effective interest method. The note has an effective interest rate of approximately 8.60% . During the year ended December 31, 2017, the Company received a partial prepayment of $0.7 million and a prepayment premium of $0.2 million that is included in mortgage and other financing income. (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. At December 31, 2017 , the face amount of the mortgage note was $5.8 million . The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. (10) The Company's first mortgage loan agreement with Genesis Health Clubs Cass Street LLC is secured by a health club facility located in Omaha, Nebraska. At December 31, 2017 , the face amount of the mortgage note was $10.8 million . The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. (11) 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. At December 31, 2017 , the face amount of the mortgage note was $32.0 million . 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. This amendment also reduced the interest rate to 9.25% which began on July 1, 2017. The Company received a partial prepayment during the year ended December 31, 2017 of $4.0 million and a prepayment premium of $0.8 million . This premium is being recognized through the effective interest method over the remaining life of the note due to the related amendment to the loan agreement. (12) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. At December 31, 2017 , the face amount of the mortgage note was $5.1 million . The note bears interest at a fixed rate of 9.00% . The note is fully amortizing and requires monthly principal and interest payments of $52 thousand . (13) 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. At December 31, 2017 , the face amount of the mortgage notes were $32.1 million . 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 a weighted average effective interest rate of approximately 9.79% . (14) The Company's first mortgage loan agreement with Topgolf USA Austin is secured by a golf entertainment complex located in Austin, Texas. At December 31, 2017 , the face amount of the mortgage note was $12.2 million . The note bears interest at a fixed rate of 11.31% . 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. At December 31, 2017 , the face amount of the mortgage note was $8.6 million . The note bears interest beginning at 8.50% which increases annually based on a formula of the rate multiplied by 1.025% . Construction on this note was completed in three phases. At December 31, 2017, the phases bear interest at 9.15% , 8.71% and 8.50% . The note requires monthly interest payments. The note has a weighted average effective interest rate of approximately 10.33% . (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. At December 31, 2017 , the face amount of the mortgage note was $12.2 million . 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 servicer fee to HighMark. (17) The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by one ski property located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. At December 31, 2017 , the face amount of the mortgage note was $51.1 million . 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. At December 31, 2017 , the interest rate was 11.26% . (18) The Company's first mortgage loan agreements with Peak are secured by four ski properties located in Ohio and Pennsylvania with a total of approximately 510 acres. At December 31, 2017 , the face amount of the mortgage notes were $37.6 million . 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. At December 31, 2017 , the interest rate was 10.43% . (19) The Company's first mortgage loan agreement with Peak is secured by a ski property located in Chesterland, Ohio with approximately 135 acres. At December 31, 2017 , the face amount of the mortgage note was $4.6 million . 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. At December 31, 2017 , the interest rate was 10.88% . (20) The Company's first mortgage loan agreement with Peak is secured by a ski property located in Hunter, New York with approximately 240 acres. At December 31, 2017 , the face amount of the mortgage note was $21.0 million . 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. At December 31, 2017 , the interest rate was 8.14% . (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. At December 31, 2017 , the face amount of the mortgage note was $17.5 million . The note bears interest at a fixed rate of 10.25% and requires monthly interest payments. (22) 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. At December 31, 2017 , the face amount of the mortgage note was $6.2 million . The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. At December 31, 2017 , the interest rate was 9.95% . The note has an effective interest rate of approximately 10.40% , which is net of a servicer fee to HighMark. (23) 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. At December 31, 2017 , the face amount of the mortgage note was $18.1 million . The note bears interest at a fixed rate of 9.75% and 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. At December 31, 2017 , the face amount of the mortgage note was $9.8 million . The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (25) The Company's first mortgage loan agreement with The SAE School, Inc. is secured by a private school property located in Mableton, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.7 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.80% . (26) The Company's first mortgage loan agreement with International Charter School of Atlanta, Inc. is secured by a public charter school property located in Roswell, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.1 million . The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (27) The Company's first mortgage loan agreement with Genesis Innovation Academy, Inc. is secured by a public charter school property located in Atlanta, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.2 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (28) The Company's first mortgage loan agreement with CG Educational Holding Corp., is secured by a public charter school property located in Bronx, New York. At December 31, 2017 , the face amount of the mortgage note was $11.3 million . The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (29) The Company's first mortgage loan agreement with Friends of Bridgeton Public Charter School, is secured by a public charter school property located in Bridgeton, New Jersey. At December 31, 2017 , the face amount of the mortgage note was $2.6 million . The note bears interest beginning at 10.14% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 10.70% , which is net of a servicer fee to HighMark. (30) The Company's first mortgage loan agreement with Colorado Military Academy Building Corporation is secured by a public charter school property located in Colorado Springs, Colorado. At December 31, 2017 , the face amount of the mortgage note was $11.6 million . The note bears interest beginning at 8.80% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (31) The Company's first mortgage loan agreement with SAIL: School for Arts-Infused Learning, Inc. is secured by a public charter school property located in Evans, Georgia. At December 31, 2017 , the face amount of the mortgage note was $9.8 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.70% . (32) The Company's first mortgage loan agreement with Ladybird Fish Hawk LLC is secured by an early childhood education property located in Lithia, Florida. At December 31, 2017 , the face amount of the mortgage note was $0.7 million . The note bears interest beginning at 7.50% during construction and increases to 8.25% at commencement with annual increases by a factor of approximately 2% . The note requires monthly interest payments upon completion of construction. Interest income will be recognized using the effective interest method upon completion of construction. (33) The Company's first mortgage loan agreements with Endeavor Schools are secured by 28 education facilities including both early education and private school properties located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. At December 31, 2017 , the face amount of the mortgage notes were $142.9 million . 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, 2017, the borrower exercised its put option to convert the mortgage note agreement to a lease agreement. As a result, in 2018, the Company recorded the rental property at fair value, which approximated the carrying value of its investment on the conversion date. There was no gain or loss recognized on this transaction. The properties are leased pursuant to a triple-net master-lease with a 25 -year term. |
Investment in Mortgage Notes
Investment in Mortgage Notes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): 2017 2016 Receivable from tenants $ 19,923 $ 7,564 Receivable from non-tenants 3,932 497 Receivable from insurance proceeds — 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 14,718 22,164 Straight-line rent receivable 62,605 67,618 Allowance for doubtful accounts (7,485 ) (871 ) Total $ 93,693 $ 98,939 In October 2017, the Company terminated nine leases with various subsidiaries of Children’s Learning Adventure USA, LLC (CLA), seven of which relate to completed construction and two of which relate to unimproved land. These subsidiaries of CLA continue to operate these properties (other than the two unimproved properties) as holdover tenants. In December 2017, these CLA subsidiaries (other than one of the CLA tenants for an unimproved land parcel) and other CLA subsidiaries that are tenants of the Company's remaining leases filed petitions in bankruptcy under Chapter 11 seeking the protections of the Bankruptcy Code. The above total includes receivable from tenants of approximately $6.0 million from CLA, which were fully reserved in the allowance for doubtful accounts at December 31, 2017. Additionally, during the three months ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. At December 31, 2017, the Company had approximately $255.7 million related to CLA classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2017. Additionally, the Company had approximately $11.2 million classified in land held for development and $14.5 million classified in property under development in the accompanying consolidated balance sheets at December 31, 2017. The Company reviewed these balances for impairment at December 31, 2017 and determined that the estimated undiscounted future cash flows exceeded the carrying value of these properties. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2017 and 2016 consists of the following (in thousands): 2017 2016 (1) Mortgage note and related accrued interest receivable, borrower exercised option to convert to lease on December 22, 2017 — 1,637 (2) Mortgage note and related accrued interest receivable, 10.25%, prepaid in full December 28, 2017 — 3,508 (3) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2018 1,454 1,454 (4) Mortgage note and related accrued interest receivable, 7.00%, due July 31, 2018 1,474 1,375 (5) Mortgage note and related accrued interest receivable, 7.50%, due January 6, 2019 9,056 — (6) Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 174,265 164,743 (7) Mortgage note, 7.00%, due December 20, 2021 57,890 70,304 (8) Mortgage notes, 8.50%, due April 6, 2022 249,213 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,803 5,635 (10) Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027 10,880 — (11) Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032 31,105 36,032 (12) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,173 5,327 (13) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 33,269 30,849 (14) Mortgage note, 11.31%, due July 1, 2033 12,249 12,530 (15) Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034 8,711 7,230 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,564 12,473 (17) Mortgage note, 11.26%, due December 1, 2034 51,050 51,250 (18) Mortgage notes, 10.43%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.88%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.14%, due January 5, 2036 21,000 21,000 (21) Mortgage note, 10.25%, due May 31, 2036 17,505 17,505 (22) Mortgage note and related accrued interest receivable, 9.95%, due July 31, 2036 6,304 6,083 (23) Mortgage note, 9.75%, due August 1, 2036 18,068 18,219 (24) Mortgage note and related accrued interest receivable, 9.75%, due December 31, 2036 9,838 4,712 (25) Mortgage note and related accrued interest receivable, 8.50%, due April 30, 2037 4,717 — (26) Mortgage note and related accrued interest receivable, 8.75%, due June 30, 2037 4,111 — (27) Mortgage note and related accrued interest receivable, 8.50%, due July 31, 2037 4,235 — (28) Mortgage note, 8.75%, due August 31, 2037 11,330 — (29) Mortgage note and related accrued interest receivable, 10.14%, due September 30, 2037 2,500 — (30) Mortgage note and related accrued interest receivable, 8.80%, due September 30, 2037 11,684 — (31) Mortgage note and related accrued interest receivable, 8.50%, due November 30, 2037 9,631 — (32) Mortgage note and related accrued interest receivable, 7.50%, due October 27, 2038 658 — (33) Mortgage notes, 7.25%, due November 30, 2041 142,900 100,000 Total mortgage notes and related accrued interest receivable $ 970,749 $ 613,978 (1) The Company's first mortgage loan agreement with Miramesa Star LLC was secured by a theatre development project in Cypress, Texas. On December 22, 2017, per the terms of the mortgage note agreement, the borrower exercised its option to convert the mortgage note agreement to a 15 -year triple-net lease agreement. As a result, the Company recorded the carrying value of the investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. (2) The Company's first mortgage loan agreement with UME Preparatory Academy that was secured by 28 acres of land and a public charter school property located in Dallas, Texas was prepaid on December 28, 2017. In connection with the full payoff of this note, the Company received a prepayment fee of $0.6 million , included in mortgage and other financing income, and wrote off $58 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. (3) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by approximately 12 acres of land located in Queen Creek, Arizona. At December 31, 2017 , the face amount of the mortgage note was $1.4 million . The note bears interest at a fixed rate of 9.00% . The note requires accrued interest and principal to be paid at maturity. (4) The Company's first mortgage loan agreement with HighMark Land, LLC (HighMark) is secured by approximately 20 acres of land located in Lincoln, California. At December 31, 2017 , the face amount of the mortgage note was $1.5 million . The note bears interest at a fixed rate of 7.00% and requires accrued interest and principal to be paid at maturity. (5) The Company's first mortgage loan agreement with I-90 Bellevue Investments II, LLC, is secured by real estate in Bellevue, Washington. At December 31, 2017 , the face amount of the mortgage note was $9.0 million . The note bears interest at a fixed rate of 7.50% and requires monthly interest payments. (6) 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. At December 31, 2017 , the face amount of the mortgage notes were $173.6 million . The mortgage notes have cross-default and cross-collateral provisions. On March 1, 2017, the Company funded an additional amount under its loan to SVVI. SVVI used these proceeds to pay off their seasonal line of credit secured by the Texas parks. As a result of the payoff, the Company became the first mortgage holder on these two properties. 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, 2017, 2016 and 2015 , the Company recognized $0.7 million , $0.8 million and $1.5 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. At December 31, 2017 , the weighted average interest rate was 7.33% . (7) The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 8 charter school properties located in Indiana, Ohio, South Carolina, and Pennsylvania. At December 31, 2017 , the face amount of the mortgage note was $57.9 million . The note bears interest at a fixed rate of 7.00% . The 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. (8) The Company's mortgage loan agreement with Och-Ziff Real Estate (OZRE) is secured by 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada. The Company received a $3.0 million origination fee upon closing. At December 31, 2017 , the face amount of the mortgage notes were $250.3 million . The note bears interest at a fixed rate of 8.50% and requires monthly interest payments. Interest income on the notes and the origination fee are being recognized using the effective interest method. The note has an effective interest rate of approximately 8.60% . During the year ended December 31, 2017, the Company received a partial prepayment of $0.7 million and a prepayment premium of $0.2 million that is included in mortgage and other financing income. (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. At December 31, 2017 , the face amount of the mortgage note was $5.8 million . The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. (10) The Company's first mortgage loan agreement with Genesis Health Clubs Cass Street LLC is secured by a health club facility located in Omaha, Nebraska. At December 31, 2017 , the face amount of the mortgage note was $10.8 million . The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. (11) 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. At December 31, 2017 , the face amount of the mortgage note was $32.0 million . 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. This amendment also reduced the interest rate to 9.25% which began on July 1, 2017. The Company received a partial prepayment during the year ended December 31, 2017 of $4.0 million and a prepayment premium of $0.8 million . This premium is being recognized through the effective interest method over the remaining life of the note due to the related amendment to the loan agreement. (12) The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. At December 31, 2017 , the face amount of the mortgage note was $5.1 million . The note bears interest at a fixed rate of 9.00% . The note is fully amortizing and requires monthly principal and interest payments of $52 thousand . (13) 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. At December 31, 2017 , the face amount of the mortgage notes were $32.1 million . 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 a weighted average effective interest rate of approximately 9.79% . (14) The Company's first mortgage loan agreement with Topgolf USA Austin is secured by a golf entertainment complex located in Austin, Texas. At December 31, 2017 , the face amount of the mortgage note was $12.2 million . The note bears interest at a fixed rate of 11.31% . 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. At December 31, 2017 , the face amount of the mortgage note was $8.6 million . The note bears interest beginning at 8.50% which increases annually based on a formula of the rate multiplied by 1.025% . Construction on this note was completed in three phases. At December 31, 2017, the phases bear interest at 9.15% , 8.71% and 8.50% . The note requires monthly interest payments. The note has a weighted average effective interest rate of approximately 10.33% . (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. At December 31, 2017 , the face amount of the mortgage note was $12.2 million . 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 servicer fee to HighMark. (17) The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by one ski property located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. At December 31, 2017 , the face amount of the mortgage note was $51.1 million . 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. At December 31, 2017 , the interest rate was 11.26% . (18) The Company's first mortgage loan agreements with Peak are secured by four ski properties located in Ohio and Pennsylvania with a total of approximately 510 acres. At December 31, 2017 , the face amount of the mortgage notes were $37.6 million . 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. At December 31, 2017 , the interest rate was 10.43% . (19) The Company's first mortgage loan agreement with Peak is secured by a ski property located in Chesterland, Ohio with approximately 135 acres. At December 31, 2017 , the face amount of the mortgage note was $4.6 million . 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. At December 31, 2017 , the interest rate was 10.88% . (20) The Company's first mortgage loan agreement with Peak is secured by a ski property located in Hunter, New York with approximately 240 acres. At December 31, 2017 , the face amount of the mortgage note was $21.0 million . 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. At December 31, 2017 , the interest rate was 8.14% . (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. At December 31, 2017 , the face amount of the mortgage note was $17.5 million . The note bears interest at a fixed rate of 10.25% and requires monthly interest payments. (22) 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. At December 31, 2017 , the face amount of the mortgage note was $6.2 million . The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. At December 31, 2017 , the interest rate was 9.95% . The note has an effective interest rate of approximately 10.40% , which is net of a servicer fee to HighMark. (23) 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. At December 31, 2017 , the face amount of the mortgage note was $18.1 million . The note bears interest at a fixed rate of 9.75% and 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. At December 31, 2017 , the face amount of the mortgage note was $9.8 million . The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (25) The Company's first mortgage loan agreement with The SAE School, Inc. is secured by a private school property located in Mableton, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.7 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.80% . (26) The Company's first mortgage loan agreement with International Charter School of Atlanta, Inc. is secured by a public charter school property located in Roswell, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.1 million . The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (27) The Company's first mortgage loan agreement with Genesis Innovation Academy, Inc. is secured by a public charter school property located in Atlanta, Georgia. At December 31, 2017 , the face amount of the mortgage note was $4.2 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (28) The Company's first mortgage loan agreement with CG Educational Holding Corp., is secured by a public charter school property located in Bronx, New York. At December 31, 2017 , the face amount of the mortgage note was $11.3 million . The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (29) The Company's first mortgage loan agreement with Friends of Bridgeton Public Charter School, is secured by a public charter school property located in Bridgeton, New Jersey. At December 31, 2017 , the face amount of the mortgage note was $2.6 million . The note bears interest beginning at 10.14% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 10.70% , which is net of a servicer fee to HighMark. (30) The Company's first mortgage loan agreement with Colorado Military Academy Building Corporation is secured by a public charter school property located in Colorado Springs, Colorado. At December 31, 2017 , the face amount of the mortgage note was $11.6 million . The note bears interest beginning at 8.80% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. (31) The Company's first mortgage loan agreement with SAIL: School for Arts-Infused Learning, Inc. is secured by a public charter school property located in Evans, Georgia. At December 31, 2017 , the face amount of the mortgage note was $9.8 million . The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.70% . (32) The Company's first mortgage loan agreement with Ladybird Fish Hawk LLC is secured by an early childhood education property located in Lithia, Florida. At December 31, 2017 , the face amount of the mortgage note was $0.7 million . The note bears interest beginning at 7.50% during construction and increases to 8.25% at commencement with annual increases by a factor of approximately 2% . The note requires monthly interest payments upon completion of construction. Interest income will be recognized using the effective interest method upon completion of construction. (33) The Company's first mortgage loan agreements with Endeavor Schools are secured by 28 education facilities including both early education and private school properties located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. At December 31, 2017 , the face amount of the mortgage notes were $142.9 million . 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, 2017, the borrower exercised its put option to convert the mortgage note agreement to a lease agreement. As a result, in 2018, the Company recorded the rental property at fair value, which approximated the carrying value of its investment on the conversion date. There was no gain or loss recognized on this transaction. The properties are leased pursuant to a triple-net master-lease with a 25 -year term. |
Investments In Direct Financing
Investments In Direct Financing Leases | 12 Months Ended |
Dec. 31, 2017 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Investments In Direct Financing Leases | Investment in Direct Financing Leases The Company’s investment in direct financing leases relates to the Company’s lease of six public charter school properties as of December 31, 2017 and 12 public charter school properties as of December 31, 2016 , with affiliates of Imagine Schools, Inc. (Imagine). Investment in direct financing leases, 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 direct financing leases, net as of December 31, 2017 and 2016 (in thousands): 2017 2016 Total minimum lease payments receivable $ 112,411 $ 215,753 Estimated unguaranteed residual value of leased assets 47,000 85,247 Less deferred income (1) (101,508 ) (198,302 ) Investment in direct financing leases, net $ 57,903 $ 102,698 (1) Deferred income is net of $0.8 million and $1.3 million of initial direct costs at December 31, 2017 and 2016 , respectively. 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 eight public charter schools as of December 31, 2017. See Note 5 for more detail on this mortgage note receivable. There were no gains or losses recognized on these sales. The Company determined that no allowance for losses on the investment in direct financing leases was necessary at December 31, 2016. During 2017, the Company entered into revised lease terms with Imagine which reduced the rental payments and term on six properties. As a result of the revised lease terms, these six properties were classified as operating leases. Due to lease negotiations during the three months ended June 30, 2017, management evaluated whether it could recover its investment in these leases taking into account the revised lease terms and independent appraisals prepared as of June 30, 2017, and determined the carrying value of the investment in the direct financing leases exceeded the expected lease payments to be received and residual values for these six leases. Accordingly, the Company recorded an impairment charge of $9.6 million during the year ended December 31, 2017, which included an allowance for lease loss of $7.3 million and a charge of $2.3 million related to estimated unguaranteed residual value. Additionally, during 2017, the Company performed its annual review of the estimated unguaranteed residual value on its other properties leased to Imagine and determined that the residual value on one of these properties was impaired. As such, the Company recorded an impairment charge of the unguaranteed residual value of $0.6 million during the year ended December 31, 2017. The Company’s direct financing leases have expiration dates ranging from approximately 14 to 16 years. Future minimum rentals receivable on this direct financing lease at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 6,301 2019 6,490 2020 6,685 2021 6,885 2022 7,092 Thereafter 78,958 Total $ 112,411 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2017 and 2016 consists of the following (in thousands): 2017 2016 (1) Mortgage note payable, 6.07%, paid in full on January 6, 2017 — 9,331 (2) Mortgage note payable, 6.06%, paid in full on February 1, 2017 — 8,615 (3) Mortgage notes payable, 5.73%-5.95%, paid in full on April 3, 2017 — 30,486 (4) Mortgage notes payable, 4.00%, paid in full on April 6, 2017 — 88,629 (5) Mortgage notes payable, 5.86%, paid in full on July 3, 2017 — 22,139 (6) Mortgage note payable, 5.29%, paid in full on July 7, 2017 — 3,298 (7) Mortgage note payable, 6.19%, due February 1, 2018 11,684 12,452 (8) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (9) Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 210,000 — (10) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (11) Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 4, 2019 and 3.15% from April 5, 2019 to February 7, 2022, due February 27, 2023 400,000 350,000 (12) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (13) Senior unsecured notes payable, 4.35%, due August 22, 2024 148,000 148,000 (14) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 300,000 (15) Senior unsecured notes payable, 4.56%, due August 22, 2026 192,000 192,000 (16) Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000 450,000 (17) Senior unsecured notes payable, 4.50%, due June 1, 2027 450,000 — (18) Bonds payable, variable rate, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (32,852 ) (29,320 ) Total $ 3,028,827 $ 2,485,625 (1) The Company's mortgage note payable was paid in full on January 6, 2017 prior to its maturity date of April 6, 2017. The note was secured by one theatre property. (2) The Company's mortgage note payable was paid in full on February 1, 2017 prior to its maturity date of March 1, 2017. The note was secured by one theatre property. (3) The Company’s mortgage notes payable were paid in full on April 3, 2017 prior to their maturity date of May 1, 2017. The notes were secured by four theatre properties. (4) The Company's mortgage note payable was paid in full on April 6, 2017 prior to its maturity date of July 6, 2017. The note was secured by 11 theatre properties. In connection with this note payoff, the Company recorded a gain on early extinguishment of debt of $1.0 million . The gain represents the difference between the carrying value of the note and the amount due at payoff as the note was recorded at fair value upon acquisition and was not anticipated to be paid off in advance of maturity. (5) The Company's mortgage note payable was paid in full on July 3, 2017 prior to its maturity date of August 1, 2017. The note was secured by two theatre properties. (6) The Company's mortgage note payable was paid in full on July 7, 2017. The note was secured by one theatre property. (7) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.5 million at December 31, 2017 . On January 2, 2018, this loan was prepaid in full. (8) 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. 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. On February 28, 2018, the Company redeemed all of the outstanding 7.75% senior notes. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium of $28.6 million calculated pursuant to the terms of the indenture, together with accrued and unpaid interest up to, but not including the redemption date. (9) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 2.49% on December 31, 2017 . Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured revolving portion of the credit facility, among other things, (i) increase the initial maximum available amount from $650.0 million to $1.0 billion , (ii) extend the maturity date from April 24, 2019, to February 27, 2022 (with the Company having the right to extend the loan for an additional seven months) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.00% and 0.20% , versus LIBOR plus 1.25% and 0.25% , respectively, under the previous terms. In connection with the amendment, $19 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. As of December 31, 2017 , the Company had $210.0 million outstanding under the facility and total availability under the revolving credit facility was $790.0 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 $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. In connection with the amendment to the unsecured consolidated credit agreement, the obligations of the Company’s subsidiaries that were co-borrowers under the Company’s prior senior unsecured revolving credit and term loan facility were released. As a result, simultaneously with the amendment, the guarantees by the Company’s subsidiaries that were guarantors with respect to the Company’s outstanding 4.50% Senior Notes due 2027, 4.75% Senior Notes due 2026, 4.50% Senior Notes due 2025, 5.25% Senior Notes due 2023, 5.75% Senior Notes due 2022, and 7.75% Senior Notes due 2020 were released in accordance with the terms of the applicable indentures governing such notes. (10) 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. 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. (11) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 2.49% on December 31, 2017 . Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the credit facility, among other things, (i) increase the initial amount from $350.0 million to $400.0 million , (ii) extend the maturity date from April 24, 2020 to February 27, 2023 and (iii) lower the interest rate on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.10% versus LIBOR plus 1.40% under previous terms. In connection with the amendment, $1.5 million of deferred financing costs (net of accumulated depreciation) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. At closing, the Company borrowed the remaining $50.0 million available on the $400.0 million term loan portion of the facility, which was used to pay down a portion of the Company's unsecured revolving credit facility. 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 $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. (12) 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. 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. (13) 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (14) 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. 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. (15) 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (16) 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. 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. (17) On May 23, 2017, the Company issued $450.0 million in aggregate principal amount of senior notes due on June 1, 2027 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50% . Interest is payable on June 1 and December 1 of each year beginning on December 1, 2017 until the stated maturity date of June 1, 2027. The notes were issued at 99.393% of their face value. 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. (18) On August 30, 2017, the Company refinanced its variable-rate bonds payable. The maturity date was extended from October 1, 2037 to August 1, 2047 and the outstanding principal balance and interest rate were not changed. These bonds are secured by three theatres, which had a net book value of approximately $21.2 million at December 31, 2017 , and bear interest at a variable rate which resets on a weekly basis and was 1.60% at December 31, 2017 . 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, 2017 . Principal payments due on long-term debt obligations subsequent to December 31, 2017 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2018 $ 11,684 2019 — 2020 250,000 2021 — 2022 560,000 Thereafter 2,239,995 Less: deferred financing costs, net (32,852 ) Total $ 3,028,827 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, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Interest on loans $ 135,023 $ 101,181 $ 92,140 Amortization of deferred financing costs 6,167 4,787 4,588 Credit facility and letter of credit fees 2,005 1,873 1,759 Interest cost capitalized (9,879 ) (10,697 ) (18,547 ) Interest income (192 ) — (25 ) Interest expense, net $ 133,124 $ 97,144 $ 79,915 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
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 VIE As of December 31, 2017 , the Company had invested approximately $20.6 million included in property under development in the accompanying consolidated balance sheet for one real estate project which is a VIE. This entity does not have any other significant assets or liabilities at December 31, 2017 and was established to facilitate the development of a theatre project. Unconsolidated VIE At December 31, 2017 , the Company’s recorded investment in two unconsolidated VIEs totaled $178.5 million . The Company’s maximum exposure to loss associated with these VIEs is limited to the Company’s outstanding mortgage notes and related accrued interest receivable of $178.5 million . These mortgage notes are secured by three recreation properties and one public charter school. While these entities are VIEs, the Company has determined that the power to direct the activities of these VIEs that most significantly impact the VIE’s economic performance is not held by the Company. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 $0.1 million and $2.5 million recorded in “Accounts payable and accrued liabilities” and derivative assets of $25.7 million and $35.9 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2017 and 2016 , respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2017 and 2016 . See Note 10 for disclosures relating to the fair value of the derivative instruments as of December 31, 2017 and 2016 . 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 manages 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, 2017 , the Company had two interest rate swap agreements to fix the interest rate at 2.64% on $300.0 million of borrowings under the unsecured term loan facility from from July 6, 2017 to April 5, 2019. Additionally, as of December 31, 2017 , the Company had three additional interest rate swap agreements to fix the interest rate at 3.15% on an additional $50.0 million of borrowings under its unsecured term loan facility from November 6, 2017 to April 5, 2019 and on $350.0 million of borrowings under the unsecured term loan facility from April 6, 2019 to February 7, 2022. The change 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 within the same income statement line item as the earnings effect of the hedged transaction. During the years ended December 31, 2017, 2016 and 2015 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. 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, 2017 , the Company estimates that during the twelve months ending December 31, 2018, $0.5 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 (USD), 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 USD 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, 2017 , the Company’s cross-currency swaps had a fixed original notional value of $100.0 million CAD and $98.1 million USD. The net effect of these swaps is to lock in an exchange rate of $1.05 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows on the properties through June 2018. Additionally, on August 30, 2017, the Company entered into a cross-currency swap that will be effective July 1, 2018 with a fixed original notional value of $100.0 million CAD and $79.5 million USD. The net effect of these swaps is to lock in an exchange rate of 1.26 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows on the properties through June 2020. The change 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. As of December 31, 2017 , the Company estimates that during the twelve months ending December 31, 2018, $1.0 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 USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD 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 USD with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.06 CAD per USD. 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 USD with a July 2018 settlement date. The exchange rate of this forward contract is approximately $1.13 CAD per USD. 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 change in the fair value of the derivatives are reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. 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, 2017, 2016 and 2015 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2017, 2016 and 2015 (Dollars in thousands) Year Ended December 31, Description 2017 2016 2015 Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 2,479 $ (2,044 ) $ (2,581 ) Amount of Expense Reclassified from AOCI into Earnings (1) (2,498 ) (5,235 ) (2,004 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (793 ) (754 ) 5,380 Amount of Income Reclassified from AOCI into Earnings (2) 2,457 2,663 2,396 Currency Forward Agreements Amount of (Loss) Gain Recognized in AOCI on Derivative (9,547 ) (2,804 ) 24,359 Amount of Income Reclassified from AOCI into Earnings (2) — — — Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (7,861 ) $ (5,602 ) $ 27,158 Amount of (Expense) Income Reclassified from AOCI into Earnings (41 ) (2,572 ) 392 Interest expense, net in accompanying consolidated statements of income 133,124 97,144 79,915 Other income in accompanying consolidated statements of income 3,095 9,039 3,629 (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 for two of the agreements and $50.0 million for three of the agreements 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, 2017 , the fair value of the Company’s derivatives in a liability position related to these agreements was $0.1 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. The balance of this obligation, after considering the right of offset, at December 31, 2017 was zero . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 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, 2017 and 2016 , 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, 2017 and 2016 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2017: Cross Currency Swaps* $ — $ 1,041 $ — $ 1,041 Cross Currency Swaps** $ — $ (134 ) $ — $ (134 ) Currency Forward Agreements* $ — $ 22,235 $ — $ 22,235 Interest Rate Swap Agreements* $ — $ 2,496 $ — $ 2,496 2016: Cross Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) *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 The table below presents the Company's assets measured at fair value on a non-recurring basis during the year ended December 31, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at Investment in a direct financing lease, net $ — $ — $ 35,807 $ 35,807 As discussed further in Note 6, during the year ended December 31, 2017 , the Company recorded impairment charges totaling $10.2 million related to its investment in a direct financing lease, net. Management estimated the fair values of this investment taking into account various factors including independent appraisals, input from an outside broker and current market conditions. The Company determined, based on the inputs, that its valuation of the investment was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. During 2017, the Company entered into revised lease terms on these properties and as a result, these properties were classified as operating leases and moved to rental properties. There were no non-recurring measurements during the year ended December 31, 2016. 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, 2017 and 2016 : 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, 2017 , the Company had a carrying value of $970.7 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.42% . 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 11.50% , management estimates the fair value of the fixed rate mortgage notes receivable to be $992.6 million with an estimated weighted average market rate of 8.79% at December 31, 2017 . 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 approximately $648.5 million with an estimated weighted average market rate of 8.48% at December 31, 2016 . Investment in direct financing leases, net: At December 31, 2017 , the Company had investments in direct financing leases with a carrying value of $57.9 million , and with a weighted average effective interest rate of 11.98% . At December 31, 2017 , the investment in direct financing leases bears interest at effective rates of 11.90% to 12.38% . The carrying value of the $57.9 million investment in direct financing leases approximated the fair market value at December 31, 2017 . At December 31, 2016 , the Company had investments in direct financing leases with a carrying value of $102.7 million , and a weighted average effective interest rate of 12.00% . At December 31, 2016, the investment in direct financing leases bears interest at effective interest rates of 11.79% to 12.38% . The carrying value of the investment in direct financing leases approximated the fair market value at December 31, 2016 . 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, 2017 and 2016 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2017 , the Company had a carrying value of $635.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.58% . The carrying value of the variable rate debt outstanding approximates the fair market value at December 31, 2017 . 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 . As described in Note 9, at December 31, 2017 , $350.0 million of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through February 7, 2022 by interest rate swap agreements. At December 31, 2016, $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, 2017 , the Company had a carrying value of $2.43 billion in fixed rate debt outstanding with an average weighted interest rate of approximately 5.15% . Discounting the future cash flows for fixed rate debt using December 31, 2017 market rates of 2.49% to 4.56% , management estimates the fair value of the fixed rate debt to be approximately $2.53 billion with an estimated weighted average market rate of 4.04% at December 31, 2017 . 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 . |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2017 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares Common Shares The Board of Trustees declared cash dividends totaling $4.08 and $3.84 per common share for the years ended December 31, 2017 and 2016 , 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, 2017 and 2016 are as follows: Cash Distributions Per Share 2017 2016 Taxable ordinary income $ 3.5434 $ 3.1659 Return of capital 0.2762 0.2489 Long-term capital gain (1) 0.2404 0.4077 Totals $ 4.0600 $ 3.8225 (1) Of the long-term capital gain, $0.0972 and $0.1060 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. During the year ended December 31, 2016 , the Company issued an aggregate of 258,263 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for total net proceeds of $16.9 million . During the year ended December 31, 2017 , the Company issued an aggregate of 1,382,730 common shares under its DSPP for net proceeds of $98.2 million . On January 21, 2016, the Company issued 2,250,000 common shares in a registered public offering for 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. During the year ended December 31, 2017 , the Company issued 8,851,264 common shares in connection with its transaction with CNL Lifestyle and OZRE. See Note 3 for further information. 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, 2017 , the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3857 common shares per Series C preferred share, which is equivalent to a conversion price of $64.82 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, 2017 and 2016 , respectively. There were non-cash distributions associated with conversion adjustments of $0.4918 and $0.4394 per Series C preferred share for the years ended December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 1.3462 $ 1.2735 Return of capital — — Long-term capital gain (1) 0.0913 0.1640 Totals $ 1.4375 $ 1.4375 (1) Of the long-term capital gain, $0.0352 and $0.0426 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Non-cash Distributions per Share 2017 2016 Taxable ordinary income $ 0.3527 $ 0.2850 Return of capital 0.1152 0.1177 Long-term capital gain (2) 0.0239 0.0367 Totals $ 0.4918 $ 0.4394 (2) Of the long-term capital gain, $0.0092 and $0.0095 were unrecaptured section 1250 gains for the year ended December 31, 2017 and 2016, respectively. Series E Convertible Preferred Shares The Company has outstanding 3.4 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, 2017 , the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4616 common shares per Series E preferred share, which is equivalent to a conversion price of $54.16 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, 2017 and 2016 . There were non-cash distributions associated with conversion adjustments of $0.2619 and $0.2139 per Series E preferred share for the years ended December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 2.1070 $ 1.9933 Return of capital — — Long-term capital gain (1) 0.1430 0.2567 Totals $ 2.2500 $ 2.2500 (1) Of the long-term capital gain, $0.0551 and $0.0668 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Non-cash Distributions per Share 2017 2016 Taxable ordinary income $ 0.1428 $ 0.0883 Return of capital 0.1094 0.1142 Long-term capital gain (2) 0.0097 0.0114 Totals $ 0.2619 $ 0.2139 (2) Of the long-term capital gain, $0.0037 and $0.0030 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Series F Preferred Shares On December 21, 2017, the Company completed the redemption of all 5.0 million of its outstanding 6.625% Series F cumulative redeemable preferred shares (Series F preferred shares). The shares were redeemed at a redemption price of $25.299045 per share. The price is the sum of the $25.00 per share liquidation preference and a dividend per share of $0.299045 which equals the quarterly dividend prorated up to, but not including the redemption date for a total aggregate redemption price of approximately $126.5 million . In conjunction with the redemption, the Company recognized a charge representing the original issuance costs that were paid in 2012 and other redemption related expenses. The Series F preferred share redemption costs, which reduced net income available to common shareholders for the year ended December 31, 2017, were $4.5 million . The Board of Trustees declared cash dividends totaling $1.54123 and $1.65625 per Series F preferred share for the years ended December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 1.8310 $ 1.4673 Return of capital — — Long-term capital gain (1) 0.1243 0.1889 Totals $ 1.9553 $ 1.6562 (1) Of the long-term capital gain, $0.04792 and $0.04914 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Series G Preferred Shares On November 30, 2017, the Company issued 6.0 million 5.75% Series G cumulative redeemable preferred shares (Series G preferred shares) in a registered public offering for net proceeds of approximately $144.5 million , after underwriting discounts and expenses. The Company will pay cumulative dividends on the Series G 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 $25.00 liquidation preference per share. Dividends on the Series G preferred shares are payable quarterly in arrears. The Company may not redeem the Series G preferred shares before November 30, 2022, except in limited circumstances to preserve the Company's REIT status. On or after November 30, 2022, the Company may, at its option, redeem the Series G 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, but not including the date of redemption. The Series G preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series G 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 G preferred shares generally have no voting rights except under certain dividend defaults. The Board of Trustees declared cash dividends totaling $0.183681 per Series G preferred share for the year ended December 31, 2017 that were paid on January 15, 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 (amounts in thousands except per share information): Year Ended December 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 262,968 Less: preferred dividend requirements and redemption costs (28,750 ) Net income available to common shareholders $ 234,218 71,191 $ 3.29 Diluted EPS: Net income available to common shareholders $ 234,218 71,191 Effect of dilutive securities: Share options — 63 Net income available to common shareholders $ 234,218 71,254 $ 3.29 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 The additional 2.1 million common shares for the year ended December 31, 2017 and 2.0 million common shares for both years ended December 31, 2016 and 2015, that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares are not included in the calculation of diluted earnings per share for the years ended December 31, 2017, 2016 and 2015 , respectively, because the effect is anti-dilutive. 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, 2017, 2016 and 2015 , 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, 2017, 2016 and 2015 . However, options to purchase 7 thousand , 72 thousand and 236 thousand shares of common shares at per share prices ranging from $61.79 to $76.63 , $61.79 , and $51.64 to $65.50 , were outstanding at the end of 2017, 2016 and 2015, 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, 2017 | |
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, 2017 | |
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, 2017 , there were 1,631,841 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, 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 Exercised (29,253 ) 46.86 — 61.79 54.54 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (1,342 ) 51.64 — 61.79 59.52 Outstanding at December 31, 2017 257,606 $ 19.02 — $ 76.63 $ 51.81 The weighted average fair value of options granted was $7.91 and $16.35 during 2017 and 2015, respectively. There were no options granted during 2016. The intrinsic value of stock options exercised was $0.5 million , $5.2 million , and $7.3 million during the years ended December 31, 2017, 2016 and 2015 , respectively. Additionally, the Company repurchased 22,076 shares into treasury shares in conjunction with the stock options exercised during the year ended December 31, 2017 with a total value of $1.6 million . The expense related to share options included in the determination of net income for the years ended December 31, 2017, 2016 and 2015 was $0.7 million , $0.9 million , and $2.5 million (including $1.4 million included in retirement severance expense in the accompanying consolidated statement of income), respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 2.1% and 1.9% in 2017 and 2015, respectively, dividend yield of 5.4% and 5.9% in 2017 and 2015, respectively, volatility factors in the expected market price of the Company’s common shares of 22.0% and 48.0% in 2017 and 2015, respectively, 0.74% and 0.78% expected forfeiture rates for 2017 and 2015, and an expected life of approximately six years for 2017 and 2015. 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, 2017 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2018 $ 291 2019 4 2020 4 Total $ 299 The following table summarizes outstanding options at December 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 1.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.0 40.00 - 49.99 86,041 4.1 50.00 - 59.99 75,939 5.8 60.00 - 69.99 80,886 7.1 70.00 - 76.63 2,215 9.1 257,606 5.5 $ 51.81 $ 3,541 The following table summarizes exercisable options at December 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 1.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.0 40.00 - 49.99 86,041 4.1 50.00 - 59.99 51,276 5.7 60.00 - 61.79 38,225 7.1 70.00 - 76.63 — — 188,067 5.0 $ 49.28 $ 3,044 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, 2016 534,317 $ 59.22 Granted 296,914 76.49 Vested (209,767 ) 57.47 Forfeited (1,342 ) 66.88 Outstanding at December 31, 2017 620,122 $ 68.07 0.96 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 $15.1 million , $9.2 million , and $17.1 million (including $6.7 million related to the vesting of shares for the Company's former Chief Executive Officer) for the years ended December 31, 2017, 2016 and 2015 , respectively. At December 31, 2017 , unamortized share-based compensation expense related to nonvested shares was $21.2 million and will be recognized in future periods as follows (in thousands): Amount Year: 2018 $ 10,391 2019 7,337 2020 3,445 Total $ 21,173 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, 2016 15,805 $ 70.93 Granted 19,030 70.91 Vested (15,805 ) 70.93 Outstanding at December 31, 2017 19,030 $ 70.91 0.33 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, 2017 , unamortized share-based compensation expense related to restricted share units was $450 thousand which will be recognized in 2018. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
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 32 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 474,608 2019 459,318 2020 446,051 2021 437,723 2022 422,306 Thereafter 3,656,516 Total (1) $ 5,896,522 (1) Future minimum rentals excludes rental revenue from properties leased to CLA. Certain subsidiaries of CLA that are the Company's tenants have filed Chapter 11 petitions in bankruptcy seeking protections of the Bankruptcy Code. Due to the uncertain outcome of these petitions, the rental revenue related to these properties have been excluded from the table above. The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $1.0 million , $681 thousand and $556 thousand for the years ended December 31, 2017, 2016 and 2015 , 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, 2017 are as follows (in thousands): Amount Year: 2018 $ 856 2019 856 2020 856 2021 884 2022 967 Thereafter 3,625 Total $ 8,044 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2017: Total revenue $ 129,112 $ 147,782 $ 151,397 $ 147,700 Net income attributable to EPR Properties 53,916 80,535 62,954 65,563 Net income available to common shareholders of EPR Properties 47,964 74,583 57,003 54,668 Basic net income per common share 0.75 1.02 0.77 0.74 Diluted net income per common share 0.75 1.02 0.77 0.74 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 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
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. There were no discontinued operations for the years ended December 31, 2017 and 2016. The operating results relating to discontinued operations are as follows (in thousands): Year ended December 31, 2015 Tenant reimbursements $ 68 Other income 172 Total revenue 240 Property operating expense 12 Income before income taxes 228 Income tax expense 29 Net income $ 199 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2017 , the Company had an aggregate of approximately $168.7 million of commitments to fund development projects including 23 entertainment development projects for which it has commitments to fund approximately $61.5 million , seven education development projects for which it has commitments to fund approximately $41.5 million , and four recreation development projects for which it has commitments to fund approximately $65.7 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, 2017 , the Company had a commitment to fund approximately $155.0 million over the next three years, of which $40.0 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 during the year ended December 31, 2016 and an additional $23.9 million during the year ended December 31, 2017. The Company expects to receive an additional $21.0 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, 2017 , the Company had six mortgage notes receivable with commitments totaling approximately $22.7 million . If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. The Company guarantees the payment of certain economic development revenue bonds that are related to two theatres in Louisiana. During the year ended December 31, 2017, these bonds were re-issued and the maturity date of these bonds was extended to December 22, 2047. At December 31, 2017 , the Company's guarantees of the payment of these bonds totaled $24.7 million . The Company earns a fee at an annual rate of 4.00% over the 30 year terms of the related bonds. The Company has recorded $13.4 million as a deferred asset included in other assets and $13.4 million included in other liabilities in the accompanying consolidated balance sheet as of December 31, 2017 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, 2017 , the Company had six surety bonds outstanding totaling $22.8 million . Resort Project in Sullivan County, New York 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 Resorts World Catskills 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. Early Childhood Education Tenant During 2017, Children’s Learning Adventure USA, LLC (CLA Parent) and its subsidiaries (CLA) stopped making rent payments. As a result, the Company sent CLA notices of lease termination on October 12, 2017 for the following CLA properties: (i) Broomfield, Colorado, (ii) Ashburn, Virginia, (iii) West Chester, Ohio, (iv) Chanhassen, Minnesota, (v) Ellisville, Missouri, (vi) Farm Road-Las Vegas, Nevada, (vii) Fishers, Indiana, (viii) Tredyffrin, Pennsylvania, and (ix) Westerville, Ohio. On December 18, 2017, ten subsidiaries of CLA Parent filed separate voluntary petitions for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the District of Arizona (Jointly Administered under Case No. 2:17-bk-14851-BMW). The debtors in those cases include CLA Properties SPE, LLC, CLA Maple Grove, LLC, CLA Carmel, LLC, CLA West Chester, LLC, CLA One Loudoun, LLC, LLC, CLA Fishers, LLC, CLA Chanhassen, LLC, CLA Ellisville, LLC, CLA Farm, LLC, and CLA Westerville, LLC (collectively, the CLA Debtors). CLA Parent has not filed a petition for bankruptcy. The CLA Debtors include each of the Company's tenants to 24 out of our 25 CLA properties, including 21 operating properties, two partially completed properties and one unimproved land parcel. The only CLA tenant unaffected by the bankruptcy is CLA King of Prussia, LLC, which is the CLA tenant entity for an unimproved land parcel located in Tredyffrin, Pennsylvania. CLA continues to negotiate a restructuring with third parties. The Company will continue to consider whether all or a portion of the Company's properties should be leased to other operators based on results of the restructuring process. Absent an acceptable restructuring, the Company's intention is to vigorously pursue the process of regaining possession of the properties with the goal of securing leases with one or more new tenants. On January 8, 2018, the Company filed with the Court motions seeking rent for the post-petition period beginning on December 18, 2017. The hearing for these motions has been scheduled for March 14, 2018. On January 8, 2018, the Company also filed with the Court motions seeking relief from the automatic stay seeking the right to terminate the remaining leases and evict the CLA Debtors from the properties. There can be no assurance as to the outcome or timing of such proceedings. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company groups its investments into 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, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,380,129 $ 1,429,992 $ 2,102,041 $ 199,052 $ 80,279 $ 6,191,493 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 Operating Data: For the Year Ended December 31, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 267,729 $ 78,994 $ 112,763 $ 9,162 $ — $ 468,648 Tenant reimbursements 15,518 37 — — — 15,555 Other income 614 1 — — 2,480 3,095 Mortgage and other financing income 4,407 35,546 48,740 — — 88,693 Total revenue 288,268 114,578 161,503 9,162 2,480 575,991 Property operating expense 23,175 6,314 117 1,407 640 31,653 Other expense — — — — 242 242 Total investment expenses 23,175 6,314 117 1,407 882 31,895 Net operating income - before unallocated items 265,093 108,264 161,386 7,755 1,598 544,096 Reconciliation to Consolidated Statements of Income: General and administrative expense (43,383 ) Costs associated with loan refinancing or payoff (1,549 ) Gain on early extinguishment of debt 977 Interest expense, net (133,124 ) Transaction costs (523 ) Impairment charges (10,195 ) Depreciation and amortization (132,946 ) Equity in income from joint ventures 72 Gain on sale of real estate 41,942 Income tax expense (2,399 ) Net income attributable to EPR Properties 262,968 Preferred dividend requirements (24,293 ) Preferred share redemption costs (4,457 ) Net income available to common shareholders of EPR Properties $ 234,218 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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2017 Description Balance at December 31, 2016 Additions During 2017 Deductions During 2017 Balance at December 31, 2017 Reserve for Doubtful Accounts $ 871,000 $ 7,256,000 $ (642,000 ) $ 7,485,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. 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. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Megaplex Theatres Omaha, NE — 5,215 16,700 59 5,215 16,759 21,974 (8,379 ) 11/97 40 years Sugar Land, TX — — 19,100 67 — 19,167 19,167 (9,584 ) 11/97 40 years San Antonio, TX — 3,006 13,662 8,455 3,006 22,117 25,123 (7,669 ) 11/97 40 years Columbus, OH — — 12,685 — — 12,685 12,685 (6,184 ) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (7,814 ) 11/97 40 years Ontario, CA — 5,521 19,449 7,130 5,521 26,579 32,100 (9,539 ) 11/97 40 years Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (9,768 ) 11/97 40 years Creve Coeur, MO — 4,985 12,601 4,075 4,985 16,676 21,661 (6,877 ) 11/97 40 years Leawood, KS — 3,714 12,086 4,110 3,714 16,196 19,910 (6,386 ) 11/97 40 years Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (10,741 ) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (14,098 ) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (10,703 ) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (12,403 ) 06/98 40 years Pompano Beach, FL — 6,771 9,899 3,845 6,771 13,744 20,515 (7,480 ) 08/98 24 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (3,091 ) 08/98 40 years Davie, FL — 2,000 13,000 11,512 2,000 24,512 26,512 (10,129 ) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (6,650 ) 12/98 40 years Boise, ID — — 16,003 — — 16,003 16,003 (7,601 ) 12/98 40 years Woodridge, IL — 9,926 8,968 — 9,926 8,968 18,894 (8,968 ) 06/99 18 years Cary, NC — 3,352 11,653 3,091 3,352 14,744 18,096 (5,421 ) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (6,924 ) 06/99 40 years Metairie, LA — — 11,740 — — 11,740 11,740 (4,647 ) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (5,866 ) 03/02 40 years Hammond, LA — 2,404 6,780 (565 ) 1,839 6,780 8,619 (2,684 ) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (2,684 ) 03/02 40 years Harvey, LA — 4,378 12,330 (112 ) 4,266 12,330 16,596 (4,881 ) 03/02 40 years Greenville, SC — 1,660 7,570 206 1,660 7,776 9,436 (2,996 ) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (9,971 ) 06/02 40 years Olathe, KS — 4,000 15,935 3,525 4,000 19,460 23,460 (7,275 ) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (6,754 ) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (8,401 ) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (3,013 ) 12/02 40 years Macon, GA — 1,982 5,056 — 1,982 5,056 7,038 (1,864 ) 03/03 40 years Lawrence, KS — 1,500 3,526 2,017 1,500 5,543 7,043 (1,380 ) 06/03 40 years Columbia, SC — 1,000 10,534 (2,447 ) 1,000 8,087 9,087 (2,916 ) 11/03 40 years Hialeah, FL — 7,985 — — 7,985 — 7,985 — 12/03 n/a Phoenix, AZ — 4,276 15,934 3,518 4,276 19,452 23,728 (5,586 ) 03/04 40 years Hamilton, NJ — 4,869 18,143 — 4,869 18,143 23,012 (6,236 ) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (5,842 ) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (3,749 ) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (3,477 ) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (4,180 ) 11/04 40 years Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (2,974 ) 12/04 40 years D'Iberville, MS — 2,001 8,043 3,612 808 12,848 13,656 (3,376 ) 12/04 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Wilmington, NC — 1,650 7,047 3,033 1,650 10,080 11,730 (2,312 ) 02/05 40 years Chattanooga, TN — 2,799 11,467 — 2,799 11,467 14,266 (3,679 ) 03/05 40 years Conroe, TX — 1,836 8,230 — 1,836 8,230 10,066 (2,571 ) 06/05 40 years Indianapolis, IN — 1,481 4,565 2,375 1,481 6,940 8,421 (1,517 ) 06/05 40 years Hattiesurg, MS — 1,978 7,733 4,720 1,978 12,453 14,431 (3,104 ) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,151 ) 12/05 40 years Auburn, CA — 2,178 6,185 — 2,178 6,185 8,363 (1,868 ) 12/05 40 years Fresno, CA — 7,600 11,613 2,894 7,600 14,507 22,107 (4,167 ) 12/05 40 years Modesto, CA — 2,542 3,910 1,889 2,542 5,799 8,341 (1,236 ) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (3,585 ) 03/06 40 years Garland, TX 11,684 8,028 14,825 — 8,028 14,825 22,853 (4,355 ) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (2,012 ) 04/06 40 years Winston Salem, NC — — 12,153 4,188 — 16,341 16,341 (4,105 ) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (4,194 ) 08/06 40 years Kalamazoo, MI — 5,125 12,216 5,950 5,125 18,166 23,291 (8,073 ) 11/06 17 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (4,152 ) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (3,162 ) 12/06 40 years Panama City Beach, FL — 6,486 11,156 — 6,486 11,156 17,642 (2,952 ) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (1,892 ) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (3,391 ) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (2,426 ) 10/08 40 years Ypsilanti, MI — 4,716 227 2,817 4,716 3,044 7,760 (48 ) 12/09 40 years Manchester, CT — 3,628 11,474 — 3,628 11,474 15,102 (2,295 ) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (354 ) 12/09 40 years Davenport, IA — 3,599 6,068 2,265 3,564 8,368 11,932 (1,220 ) 12/09 40 years Fairfax, VA — 2,630 11,791 2,000 2,630 13,791 16,421 (2,364 ) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (345 ) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (943 ) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (778 ) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,263 ) 12/09 40 years Okolona, KY — 5,379 3,311 — 5,379 3,311 8,690 (662 ) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (1,923 ) 12/09 40 years Louisville, KY — 4,979 6,567 — 4,979 6,567 11,546 (1,313 ) 12/09 40 years Beaver Creek, OH — 1,578 6,630 — 1,578 6,630 8,208 (1,326 ) 12/09 40 years West Springfield, MA — 2,540 3,755 — 2,540 3,755 6,295 (751 ) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (391 ) 12/09 40 years Pasadena, TX — 2,951 10,684 — 2,951 10,684 13,635 (2,003 ) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (369 ) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (622 ) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (1,090 ) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (763 ) 06/10 40 years Redding, CA — 2,044 4,500 — 2,044 4,500 6,544 (844 ) 06/10 40 years Pueblo, CO — 2,238 5,162 — 2,238 5,162 7,400 (968 ) 06/10 40 years Beaumont, TX — 1,065 11,669 1,644 1,065 13,313 14,378 (2,205 ) 06/10 40 years Pflugerville, TX — 4,356 11,533 2,056 4,356 13,589 17,945 (2,173 ) 06/10 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Houston, TX — 4,109 9,739 — 4,109 9,739 13,848 (1,826 ) 06/10 40 years El Paso, TX — 4,598 13,207 — 4,598 13,207 17,805 (2,476 ) 06/10 40 years Colorado Springs, CO — 4,134 11,220 1,427 2,938 13,843 16,781 (2,137 ) 06/10 40 years Virginia Beach, VA — — 1,736 — — 1,736 1,736 (1,283 ) 12/10 40 years Hooksett, NH — 2,639 11,605 — 2,639 11,605 14,244 (1,983 ) 03/11 40 years Saco, ME — 1,508 3,826 — 1,508 3,826 5,334 (654 ) 03/11 40 years Merrimack, NH — 3,160 5,642 — 3,160 5,642 8,802 (964 ) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (1,216 ) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (668 ) 04/11 40 years Dallas, TX — — 12,146 750 — 12,896 12,896 (1,669 ) 03/12 40 years Albuquerque, NM — — 13,733 — — 13,733 13,733 (1,402 ) 06/12 40 years Southern Pines, NC — 1,709 4,747 12 1,709 4,759 6,468 (653 ) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (704 ) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (970 ) 09/12 40 years Gainesville, VA — — 10,846 — — 10,846 10,846 (1,107 ) 02/13 40 years Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (1,352 ) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (173 ) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (1,007 ) 09/13 40 years Tampa, FL — 1,700 23,483 3,769 1,700 27,252 28,952 (3,516 ) 10/13 40 years Warrenville, IL — 14,000 17,318 — 14,000 17,318 31,318 (2,909 ) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (646 ) 08/13 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (783 ) 11/12 40 years Bedford, IN — 349 1,594 — 349 1,594 1,943 (168 ) 04/14 40 years Seymour, IN — 1,028 2,291 — 1,028 2,291 3,319 (226 ) 04/14 40 years Wilder, KY — 983 11,233 2,004 983 13,237 14,220 (1,143 ) 04/14 40 years Bowling Green, KY — 1,241 10,222 — 1,241 10,222 11,463 (998 ) 04/14 40 years New Albany, IN — 2,461 14,807 — 2,461 14,807 17,268 (1,416 ) 04/14 40 years Clarksville, TN — 3,764 16,769 — 3,764 16,769 20,533 (1,609 ) 04/14 40 years Williamsport, PA — 2,243 6,684 — 2,243 6,684 8,927 (674 ) 04/14 40 years Noblesville, IN — 886 7,453 2,019 886 9,472 10,358 (747 ) 04/14 40 years Moline, IL — 1,963 10,183 — 1,963 10,183 12,146 (986 ) 04/14 40 years O'Fallon, MO — 1,046 7,342 — 1,046 7,342 8,388 (707 ) 04/14 40 years McDonough, GA — 2,235 16,842 — 2,235 16,842 19,077 (1,625 ) 04/14 40 years Sterling Heights, MI — 10,849 — 80 10,919 10 10,929 (1 ) 12/14 15 years Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (459 ) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (491 ) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (2,269 ) 05/15 25 years Denham Springs, LA — — 5,093 4,224 — 9,317 9,317 (295 ) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (1,393 ) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (394 ) 12/15 40 years Corpus, Christi, TX — 1,286 8,252 — 1,286 8,252 9,538 (189 ) 12/15 40 years Delmont, PA — 673 621 — 673 621 1,294 (44 ) 06/16 25 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (330 ) 06/16 25 years Franklin, TN — 10,158 17,549 9,018 10,158 26,567 36,725 (1,208 ) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (1,062 ) 06/16 25 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life El Paso, TX — 2,957 10,961 — 2,957 10,961 13,918 (721 ) 06/16 25 years Edinburg, TX — 1,982 16,964 5,680 1,982 22,644 24,626 (1,088 ) 06/16 25 years Hendersonville, TN — 2,784 8,034 — 2,784 8,034 10,818 (379 ) 07/16 30 years Houston, TX — 965 10,002 — 965 10,002 10,967 — 10/16 40 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (537 ) 11/16 30 years Fort Wayne, IN — 1,926 11,054 — 1,926 11,054 12,980 (273 ) 05/17 27 years Wichita, KS — 267 7,535 — 267 7,535 7,802 (191 ) 05/17 23 years Wichita, KS — 3,132 23,270 — 3,132 23,270 26,402 (590 ) 05/17 23 years Richmond, TX — 7,251 36,534 — 7,251 36,534 43,785 (340 ) 08/17 40 years Tomball, TX — 3,416 26,918 — 3,416 26,918 30,334 (245 ) 08/17 40 years Cleveland, OH — 2,671 17,526 — 2,671 17,526 20,197 (320 ) 08/17 25 years ERC's/Retail Dallas, TX — 3,060 15,281 18,862 3,060 34,143 37,203 (15,646 ) 11/97 40 years Westminster, CO — 6,205 12,600 11,447 6,205 24,047 30,252 (17,630 ) 12/01 40 years Westminster, CO — 5,850 17,314 — 5,850 17,314 23,164 (6,962 ) 06/99 40 years Houston, TX — 3,653 1,365 (1,531 ) 3,408 79 3,487 (8 ) 05/00 40 years Southfield, MI — 8,000 20,518 6,298 8,000 26,816 34,816 (26,321 ) 05/03 15 years New Rochelle, NY — 6,100 97,696 9,423 6,100 107,119 113,219 (38,426 ) 10/03 40 years Kanata, ON — 10,044 36,630 29,324 10,044 65,954 75,998 (21,678 ) 03/04 40 years Mississagua, ON — 9,221 17,593 21,635 12,125 36,324 48,449 (9,969 ) 03/04 40 years Oakville, ON — 10,044 23,646 5,109 10,044 28,755 38,799 (10,854 ) 03/04 40 years Whitby, ON — 10,202 21,960 24,126 13,105 43,183 56,288 (14,386 ) 03/04 40 years Warrenville, IL — 3,919 900 (339 ) 1,983 2,497 4,480 (816 ) 07/04 25 years Burbank, CA — 16,584 35,016 8,167 16,584 43,183 59,767 (12,815 ) 03/05 40 years Cleveland, OH — 2,389 3,546 — 2,389 3,546 5,935 (78 ) 08/17 25 years Other Entertainment Northbrook, IL — — 7,025 586 — 7,611 7,611 (1,153 ) 07/11 40 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (1,082 ) 03/12 40 years Jacksonville, FL — 4,510 5,061 4,670 4,510 9,731 14,241 (1,714 ) 02/12 30 years Indianapolis, IN — 4,298 6,320 5,454 4,377 11,695 16,072 (1,349 ) 02/12 40 years Warrenville, IL — — 6,469 2,216 — 8,685 8,685 (1,086 ) 10/13 40 years Schaumburg, IL — 598 5,372 — 598 5,372 5,970 (358 ) 04/15 30 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (881 ) 02/16 35 years Orlando, FL — 9,382 16,225 58 9,382 16,283 25,665 (101 ) 05/16 40 years Stapleton, CO — 1,062 6,329 — 1,062 6,329 7,391 (16 ) 05/16 40 years Dallas, TX — 3,318 7,835 — 3,318 7,835 11,153 (43 ) 12/16 40 years Public Charter Schools Columbus, OH — 700 3,790 — 700 3,790 4,490 (60 ) 09/07 40 years Groveport, OH — 600 12,250 — 600 12,250 12,850 (194 ) 10/07 40 years Cleveland, OH — 640 5,613 — 640 5,613 6,253 (468 ) 10/04 30 years Baton Rouge, LA — 996 5,638 — 996 5,638 6,634 (926 ) 03/11 40 years Goodyear, AZ — 766 6,517 — 766 6,517 7,283 (1,161 ) 04/11 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Phoenix, AZ — 1,060 8,140 — 1,060 8,140 9,200 (1,443 ) 11/11 40 years Buckeye, AZ — 914 9,715 14,461 914 24,176 25,090 (2,541 ) 04/12 40 years Tarboro, NC — 350 12,560 3,037 350 15,597 15,947 (2,020 ) 07/12 40 years Chester Upland, PA — 518 5,900 — 518 5,900 6,418 (830 ) 03/13 30 years Hollywood, SC — 806 5,776 1,805 806 7,581 8,387 (823 ) 03/13 40 years Camden, NJ — 548 10,569 7,271 548 17,840 18,388 (2,440 ) 04/13 30 years Queen Creek, AZ — 2,612 — (1,845 ) 767 — 767 — 04/13 n/a Chicago, IL — 509 5,895 4,619 509 10,514 11,023 (947 ) 05/13 40 years Gilbert, AZ — 1,336 6,593 — 1,336 6,593 7,929 (701 ) 05/13 40 years Vista, CA — 1,283 3,354 6,056 1,283 9,410 10,693 (686 ) 05/13 40 years Columbus, OH — 600 5,720 — 600 5,720 6,320 (91 ) 05/13 40 years Dayton, OH — 599 5,068 — 599 5,068 5,667 (80 ) 05/13 40 years Chandler, AZ — 1,039 9,590 — 1,039 9,590 10,629 (1,305 ) 07/13 40 years Salt Lake City, UT — 8,173 10,982 1,928 8,173 12,910 21,083 (1,100 ) 07/13 40 years Palm Beach, FL — 3,323 15,824 (81 ) 3,323 15,743 19,066 (1,586 ) 10/13 30 years Columbus, OH — 840 5,640 — 840 5,640 6,480 (90 ) 11/13 40 years Lancaster, CA — 2,109 6,032 166 2,109 6,198 8,307 (640 ) 12/13 30 years Kernersville, NC — 1,362 8,182 (244 ) 1,362 7,938 9,300 (918 ) 12/13 40 years Fort Collins, CO — 618 5,031 5,134 618 10,165 10,783 (953 ) 02/14 40 years Wilson, NC — 424 5,342 4,553 449 9,870 10,319 (647 ) 03/14 30 years Baker, LA — 190 6,563 203 190 6,766 6,956 (520 ) 04/14 40 years Charlotte, NC — 1,559 1,477 9,189 1,559 10,666 12,225 (778 ) 05/14 30 years Chicago, IL — 1,544 6,074 4,239 1,544 10,313 11,857 (756 ) 05/14 40 years Chandler, AZ — 1,530 6,877 144 1,530 7,021 8,551 (436 ) 08/14 40 years Port Royal, SC — 387 4,383 1,259 387 5,642 6,029 (320 ) 09/14 40 years Macon, GA — 401 7,883 — 401 7,883 8,284 (1,168 ) 02/15 15 years Memphis, TN — 1,535 4,089 2,646 1,535 6,735 8,270 (503 ) 02/15 30 years Parker, CO — 2,190 6,815 111 2,190 6,926 9,116 (621 ) 01/15 40 years Rock Hill, SC — 2,046 8,024 (27 ) 2,046 7,997 10,043 (471 ) 04/15 30 years Palm Bay, FL — 782 6,212 2,049 782 8,261 9,043 (596 ) 03/15 40 years East Point, GA — 553 5,938 — 553 5,938 6,491 (343 ) 05/15 30 years Trenton, NJ — 1,351 15,327 — 1,351 15,327 16,678 (414 ) 08/15 40 years Memphis, TN — 910 7,927 (41 ) 910 7,886 8,796 (246 ) 09/15 40 years Macon, GA — 351 7,460 — 351 7,460 7,811 (470 ) 11/15 30 years Galloway, NJ — 575 3,692 (816 ) 575 2,876 3,451 (146 ) 12/15 30 years Bronx, NY — 1,232 8,472 — 1,232 8,472 9,704 (300 ) 01/16 40 years Parker, CO — 1,248 12,892 356 1,248 13,248 14,496 (439 ) 04/16 40 years Holland, OH — 549 4,642 25 549 4,667 5,216 (156 ) 04/16 40 years Holly Springs, NC — 1,703 10,240 — 1,703 10,240 11,943 (114 ) 03/17 30 years Chicoppe, MA — 1,489 6,382 — 1,489 6,382 7,871 (124 ) 05/17 30 years Walnut Creek, CA — 4,917 6,418 — 4,917 6,418 11,335 (132 ) 07/17 30 years Early Childhood Education Lake Pleasant, AZ — 986 3,524 — 986 3,524 4,510 (577 ) 03/13 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Goodyear, AZ — 1,308 7,275 11 1,308 7,286 8,594 (1,046 ) 06/13 30 years Oklahoma City, OK — 1,149 9,839 385 1,149 10,224 11,373 (1,196 ) 08/13 40 years Coppell, TX — 1,547 10,168 (99 ) 1,547 10,069 11,616 (1,069 ) 09/13 30 years Las Vegas, NV — 944 9,191 — 944 9,191 10,135 (1,281 ) 09/13 30 years Las Vegas, NV — 985 6,721 145 985 6,866 7,851 (925 ) 09/13 30 years Mesa, AZ — 762 6,987 — 762 6,987 7,749 (1,194 ) 01/14 30 years Gilbert, AZ — 1,295 9,192 — 1,295 9,192 10,487 (1,081 ) 03/14 30 years Cedar Park, TX — 1,520 10,500 (430 ) 1,278 10,312 11,590 (970 ) 07/14 30 years Thornton, CO — 1,384 10,542 — 1,384 10,542 11,926 (778 ) 07/14 30 years Chicago, IL — 1,294 4,375 19 1,294 4,394 5,688 (171 ) 07/14 30 years Centennial, CO — 1,249 10,771 467 1,249 11,238 12,487 (998 ) 08/14 30 years McKinney, TX — 1,812 12,419 908 1,812 13,327 15,139 (1,197 ) 11/14 30 years Parker, CO — 279 1,017 — 279 1,017 1,296 (121 ) 01/15 30 years Lakewood, CO — 291 823 40 291 863 1,154 (90 ) 01/15 30 years Castle Rock, CO — 250 1,646 — 250 1,646 1,896 (172 ) 01/15 30 years Emeryville, CA — 1,814 5,780 — 1,814 5,780 7,594 (353 ) 03/15 30 years Lafayette, CO — 293 663 47 293 710 1,003 (87 ) 04/15 30 years Ashburn, VA — 2,289 14,748 — 2,289 14,748 17,037 (606 ) 06/15 30 years West Chester, OH — 1,807 12,913 — 1,807 12,913 14,720 (408 ) 07/15 30 years Ellisville, MO — 2,465 15,063 — 2,465 15,063 17,528 (412 ) 07/15 30 years Chanhassen, MN — 2,603 15,613 434 2,603 16,047 18,650 (490 ) 08/15 30 years Maple Grove, MN — 3,743 14,927 63 3,743 14,990 18,733 (994 ) 08/15 30 years Carmel, IN — 1,567 12,854 199 1,567 13,053 14,620 (613 ) 09/15 30 years Atlanta, GA — 956 1,850 — 956 1,850 2,806 (139 ) 10/15 30 years Atlanta, GA — 1,262 2,038 — 1,262 2,038 3,300 (153 ) 10/15 30 years Fishers, IN — 1,226 13,144 — 1,226 13,144 14,370 (127 ) 12/15 30 years Westerville, OH — 2,988 14,339 — 2,988 14,339 17,327 (258 ) 04/16 30 years Las Vegas, NV — 1,476 14,422 — 1,476 14,422 15,898 (395 ) 06/16 30 years Louisville, KY — 377 1,526 — 377 1,526 1,903 (72 ) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (47 ) 08/16 30 years Cheshire, CT — 420 3,650 — 420 3,650 4,070 (53 ) 11/16 30 years Edina, MN — 1,235 5,493 — 1,235 5,493 6,728 (35 ) 11/16 30 years Eagan, MN — 783 4,833 — 783 4,833 5,616 (86 ) 11/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (74 ) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (136 ) 12/16 30 years Kennesaw, GA — 690 844 — 690 844 1,534 (28 ) 01/17 30 years New Berlin, WI — 368 1,704 — 368 1,704 2,072 (52 ) 02/17 30 years Oak Creek, WI — 283 1,690 — 283 1,690 1,973 (52 ) 02/17 30 years Minnetonka, MN — 911 4,833 336 911 5,169 6,080 (40 ) 03/17 30 years Wallingford, CT — 637 1,008 — 637 1,008 1,645 (25 ) 03/17 30 years Crowley, TX — 1,150 2,862 — 1,150 2,862 4,012 (58 ) 05/17 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Fort Worth, TX — 1,927 2,077 — 1,927 2,077 4,004 (44 ) 05/17 30 years Berlin, CT — 494 2,958 — 494 2,958 3,452 (57 ) 06/17 30 years Private Schools San Jose, CA — 9,966 25,535 2,813 9,966 28,348 38,314 (2,776 ) 12/13 40 years Brooklyn, NY — — 46,440 3,318 — 49,758 49,758 (3,677 ) 12/13 40 years Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (2,924 ) 02/14 40 years McLean, VA — 12,792 43,472 3,170 12,792 46,642 59,434 (1,535 ) 06/15 40 years Mission Viejo, CA — 1,378 3,687 — 1,378 3,687 5,065 (164 ) 09/16 30 years Ski Properties Bellfontaine, OH — 5,108 5,994 8,441 5,251 14,292 19,543 (3,456 ) 11/05 40 years Tannersville, PA — 34,940 34,629 4,377 34,940 39,006 73,946 (11,781 ) 09/13 40 years McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (5,607 ) 12/12 40 years Wintergreen, VA — 5,739 16,126 635 5,739 16,761 22,500 (2,703 ) 02/15 40 years Northstar, CA — 48,178 88,532 — 48,178 88,532 136,710 (4,768 ) 04/17 40 years Northstar, CA — 7,827 18,112 — 7,827 18,112 25,939 (388 ) 04/17 40 years Waterparks Tannersville, PA — — 120,354 1,615 — 121,969 121,969 (7,310 ) 05/15 40 years Powells Point, NC — 5,284 39,516 81 5,284 39,597 44,881 (527 ) 10/16 40 years Corfu, NY — 5,112 43,637 — 5,112 43,637 48,749 (1,545 ) 04/17 30 years Oklahoma City, OK — 7,976 17,624 — 7,976 17,624 25,600 (546 ) 04/17 30 years Hot Springs, AR — 3,351 4,967 — 3,351 4,967 8,318 (153 ) 04/17 30 years Riviera Beach, FL — 17,450 29,713 — 17,450 29,713 47,163 (925 ) 04/17 30 years Oklahoma City, OK — 1,423 18,097 — 1,423 18,097 19,520 (580 ) 04/17 30 years Palm Springs, CA — 4,109 — — 4,109 — 4,109 — 04/17 n/a Springs, TX — 18,776 31,402 — 18,776 31,402 50,178 (1,000 ) 04/17 30 years Glendale, AZ — — 20,514 2,969 — 23,483 23,483 (786 ) 04/17 30 years Kapolei, HI — — 8,351 1,542 — 9,893 9,893 (302 ) 04/17 30 years Federal Way, WA — — 13,949 (63 ) — 13,886 13,886 (463 ) 04/17 30 years Colony, TX — — 7,617 (567 ) — 7,050 7,050 (229 ) 04/17 30 years Garland, TX — — 5,601 389 — 5,990 5,990 (194 ) 04/17 30 years Santa Monica, CA — — 13,874 15,717 — 29,591 29,591 (1,028 ) 04/17 30 years Concord, CA — — 9,808 5,787 — 15,595 15,595 (498 ) 04/17 30 years Golf Entertainment Complexes Colony, TX — 4,004 13,665 (240 ) 4,004 13,425 17,429 (1,343 ) 12/12 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (2,164 ) 02/12 29 years Dallas, TX — — 10,007 1,771 — 11,778 11,778 (2,178 ) 02/12 30 years Houston, TX — — 12,403 394 — 12,797 12,797 (1,675 ) 09/12 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2017 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2017 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (1,454 ) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (1,482 ) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (1,331 ) 07/13 40 years San Antonio, TX — — 15,976 — — 15,976 15,976 (1,132 ) 12/13 40 years Tampa, FL — — 15,726 (67 ) — 15,659 15,659 (1,254 ) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267 ) 4,735 15,863 20,598 (1,190 ) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (1,075 ) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (1,132 ) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (1,045 ) 06/14 40 years Ashburn VA — — 16,873 — — 16,873 16,873 (984 ) 06/14 40 years Naperville, IL — 8,824 20,279 (665 ) 8,824 19,614 28,438 (1,144 ) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252 ) 3,086 16,169 19,255 (1,011 ) 09/14 40 years Webster, TX — 5,631 17,732 1,220 5,631 18,952 24,583 (1,005 ) 11/14 40 years Virginia Beach, VA — 6,948 18,715 296 6,948 19,011 25,959 (947 ) 12/14 40 years Edison, NJ — — 22,792 1,422 — 24,214 24,214 (600 ) 04/15 40 years Jacksonville, FL — 6,732 21,823 (1,201 ) 6,732 20,622 27,354 (629 ) 09/15 40 years Roseville, CA — 6,868 23,959 (1,928 ) 6,868 22,031 28,899 (712 ) 10/15 30 years Portland, OR — — 23,466 (541 ) — 22,925 22,925 (799 ) 11/15 40 years Orlando, FL — 8,586 22,493 — 8,586 22,493 31,079 (141 ) 01/16 40 years Charlotte, NC — 4,676 21,422 — 4,676 21,422 26,098 (312 ) 04/16 40 years Fort Worth, TX — 4,674 17,537 — 4,674 17,537 22,211 (292 ) 08/16 40 years Nashville, TN — — 26,685 — — 26,685 26,685 (222 ) 12/16 40 years Huntsville, AL — 53 17,595 — 53 17,595 17,648 (84 ) 08/17 40 years Other Recreation Denver, CO — 753 6,218 — 753 6,218 6,971 (190 ) 02/17 30 years Olathe, KS — 2,417 16,878 — 2,417 16,878 19,295 (422 ) 03/17 30 years Fort Worth, TX — 824 7,066 — 824 7,066 7,890 (177 ) 03/17 30 years Tampa, FL — — 8,665 — — 8,665 8,665 (96 ) 08/17 30 years Rosville, CA — 1,807 6,082 — 1,807 6,082 7,889 (59 ) 09/17 30 years Fort Lauderdale, FL — — 10,816 — — 10,816 10,816 (59 ) 10/17 30 years Other Kiamesha Lake, NY — 155,658 — 1,075 156,733 — 156,733 — 07/10 n/a Property under development — 257,629 — — 257,629 — 257,629 — n/a n/a Land held for development — 33,692 — — 33,692 — 33,692 — n/a n/a Senior unsecured notes payable and term loan 3,025,000 — — — — — — — n/a n/a Less: deferred financing costs, net (32,852 ) — — — — — — — Total $ 3,028,827 $ 1,399,877 $ 3,815,207 $ 421,802 $ 1,400,126 $ 4,236,760 $ 5,636,886 $ (741,334 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2017 Real Estate: Reconciliation: Balance at beginning of the year $ 4,550,937 Acquisition and development of rental properties during the year 1,257,263 Disposition of rental properties during the year (171,314 ) Balance at close of year $ 5,636,886 Accumulated Depreciation Reconciliation: Balance at beginning of the year $ 635,535 Depreciation during the year 132,578 Disposition of rental properties during the year (26,779 ) Balance at close of year $ 741,334 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
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, three to 25 years for furniture, fixtures and equipment and 10 to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. 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 it is probable the assets will be sold 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 is a business combination or an asset acquisition. In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU No. 2017-01 as of January 1, 2017. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. Prior to the adoption of ASU 2017-01, the Company typically accounted for (1) acquired vacant properties, (2) acquired single tenant properties when a new lease or leases was signed at the time of acquisition, and (3) acquired single tenant properties that had an existing long-term triple-net lease or leases (greater than seven years) as asset acquisitions. Acquisitions of properties with shorter-term leases or properties with multiple tenants that require business related activities to manage and maintain the properties (i.e. those properties that involve a process) were treated as business combinations. If the acquisition is determined to be an asset acquisition, the Company records the purchase price and other related costs incurred to the acquired tangible assets (consisting of land, building, site improvements, tenant improvements, leasehold interests 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) on a relative fair value basis. Typically, relative fair values are based on recent independent appraisals or methods similar to those used by independent appraisers and management judgment. In addition, costs incurred for asset acquisitions including transaction costs, are capitalized. If the acquisition is determined to be a business combination, the Company records the fair value of acquired tangible assets (consisting of land, building, site improvements, tenant improvements, leasehold interests 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. Typically, fair values are based on recent independent appraisals. 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 $0.5 million , $7.9 million and $7.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively. For rental property acquisitions (asset acquisitions or business combinations), 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. For land acquired with a rental property acquisition, available market data from recent comparable land sales is used as an input to estimate the fair value of the land. 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. 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. In determining the fair value of acquired above and below market 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. In determining the fair value of tradenames, the Company uses the relief from royalty method, which estimates the fair value of hypothetical royalty income that could be generated if the intangible asset was licensed from an independent third-party. The Company also considers 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 required to be amortized over the remaining initial lease terms plus any renewal periods. The excess of the cost of an acquired business (in a business combination) over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. 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. Deferred financing costs of $32.9 million and $29.3 million as of December 31, 2017 and 2016 , 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 The Company has four reportable operating segments: Entertainment, Recreation, Education 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 non-cancellable terms of the leases. Straight-line rental revenue is subject to an evaluation for collectability, and the Company records a provision for losses against rental revenues if collectability of these future rents is not reasonably assured. For the years ended December 31, 2017, 2016, and 2015, the Company recognized $4.3 million , $17.0 million and $12.2 million , respectively, of straight-line rental revenue, net of write-offs. 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 $7.8 million , $4.7 million and $3.0 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Mortgage and other financing income included participating interest income of $0.7 million , $0.8 million and $1.5 million for the years ended December 31, 2017, 2016 and 2015 , respectively. For the years ended December 31, 2017 and 2016, mortgage and other financing income also included $0.8 million and $3.6 million , respectively, in prepayment fees related to mortgage notes that were paid fully 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. |
Property Sales, Policy [Policy Text Block] | Sales of real estate properties are recognized upon the closing of the transaction with the purchaser. Gains on sales of properties are recognized on the full accrual method if the Company has received adequate initial and continuing investment and has transferred to the buyer the usual risks and rewards of ownership and does not have substantial continuing involvement with the property. If the full accrual sales criteria is not met, the Company will defer gain recognition and apply the installment or cost recovery methods as appropriate until the full accrual sales criteria are met. 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. |
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. These estimates have a direct impact on the Company's net income. The allowance for doubtful accounts was $7.5 million and $0.9 million at December 31, 2017 and 2016 , 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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. 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. There were no impaired loans at December 31, 2017, 2016 and 2015. During the year ended December 31, 2015, the Company wrote off $3.8 million of a 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, 2017 , the net deferred tax assets related to the Company's Canadian operations totaled $11.7 million and the temporary differences between income for financial reporting purposes and taxable income 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, 2017 , the amount of this future liability was approximately $125 thousand and represented withholding taxes on 2017 and 2016 earnings. Additionally, the Company paid $44 thousand in withholding taxes during the year ended December 31, 2017 that related to earnings repatriated during 2017. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changes the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. The impact of the mandatory repatriation and the revaluation of the deferred tax assets and liabilities is not significant to the Company's financial position or results of operations. At December 31, 2017, the net deferred tax assets related to the Company's taxable REIT subsidiaries totaled $410 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers. As of December 31, 2017 and 2016 , respectively, the Canadian operations and the Company's taxable REIT subsidiaries had deferred tax assets totaling approximately $16.0 million and $17.0 million and deferred tax liabilities totaling approximately $3.9 million and $4.7 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: 2017 2016 Fixed assets $ 15,445 $ 16,022 Net operating losses 357 578 Other 213 381 Total deferred tax assets $ 16,015 $ 16,981 Capital improvements (2,006 ) (1,716 ) Straight-line receivable $ (1,891 ) $ (2,177 ) Other — (830 ) Total deferred tax liabilities $ (3,897 ) $ (4,723 ) Net deferred tax asset $ 12,118 $ 12,258 Additionally, during the years ended December 31, 2017, 2016 and 2015 , the Company recognized current income and withholding tax expense of $1.6 million , $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, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Current TRS income tax $ (163 ) $ (36 ) $ — Current state income tax expense (360 ) (414 ) (899 ) Current foreign income tax (36 ) (77 ) 431 Current foreign withholding tax (1,071 ) (1,130 ) (1,107 ) Deferred TRS income tax 137 273 — Deferred foreign withholding tax 43 39 (43 ) Deferred income tax benefit (expense) (949 ) 792 1,136 Income tax expense $ (2,399 ) $ (553 ) $ (482 ) The Company's effective tax rate for the years ended December 31, 2017, 2016 and 2015 was 0.9% , 0.2% and 0.2% , respectively. 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, 2017, 2016 and 2015 . 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 for years prior to January 1, 2018) 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 2014 through 2017 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2013 through 2017 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 2017 or 2016. In 2015, approximately $65 thousand in interest and penalties related to a state audit were recognized. The Company did not have any accrued interest and penalties at December 31, 2017 or December 31, 2016. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2017 and December 31, 2016 . |
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). AMC was the lessee of a substantial portion ( 34% ) of the megaplex theatre rental properties held by the Company at December 31, 2017 . For the year ended December 31, 2017 , approximately $114.4 million or 19.9% of the Company's total revenues were derived from rental payments by AMC. 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 year ended December 31, 2015, approximately $86.1 million or 20% 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. At December 31, 2017, cash equivalents also includes funds held for a Section 1031 exchange under the Code, which can be withdrawn at the Company's discretion. 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 replaced 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 $14.1 million , $11.2 million and $8.5 million for the years ended December 31, 2017, 2016 and 2015 , 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 $0.7 million , $0.9 million and $1.1 million for the years ended December 31, 2017, 2016 and 2015 , 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 $12.2 million , $9.2 million and $6.3 million for the years ended December 31, 2017, 2016 and 2015 , 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 $1.3 million , $1.1 million and $1.0 million for the years ended December 31, 2017, 2016 and 2015 , 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 In August 2017, the FASB issued ASU No. 2017-012, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The update amended existing guidance in order to better align a company's financial reporting for hedging activities with the economic objectives of those activities. It requires the Company to disclose the effect of its hedging activities on its consolidated statements of income and eliminated the periodic measurement and recognition of hedging ineffectiveness. The standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early application of the guidance permitted. The Company elected to early adopt ASU No. 2017-012 as of October 1, 2017. Early adoption had no impact on the Company's financial position or results of operations. The Company has entered into 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 when it satisfies performance obligations. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In February 2017, the FASB issued ASU No. 2017-05, Other Income: Gains and Losses from the Derecognition of Nonfinancial Assets , which amends ASC Topic 610-20. ASU No. 2017-05 provides guidance on how entities recognize sales, including partial sales, of nonfinancial assets (and in-substance nonfinancial assets) to non-customers. ASU No. 2017-05 requires the seller to recognize a full gain or loss in a partial sale of nonfinancial assets, to the extent control is not retained. Any noncontrolling interest retained by the seller would, accordingly, be measured at fair value. Both ASU No. 2014-09 and 2017-05 will become effective for the Company beginning with the first quarter of 2018. The standards permit the use of either the full retrospective method or the modified retrospective method. The Company has concluded it will use the modified retrospective method for transition under both standards, in which case the cumulative effect of applying the standards, if any, would be recognized at the date of initial application. The Company has reviewed its revenue streams and determined the significant majority of its revenue is derived from lease revenue (which will be impacted upon adoption of the lease standard in 2019 discussed below) and mortgage and other financing income (which is not in scope of the revenue standard). In addition, the Company also has sales of real estate which have historically been primarily all-cash transactions with no contingencies and no future involvement in the operations. For its all-cash sale transactions, the Company does not anticipate a significant change to the timing of revenue recognition upon adoption of this new revenue standard. The Company had two property sale transactions that occurred in 2017 in which the Company received $12.1 million in mortgage notes receivable as consideration for the sale. The Company has evaluated these transactions under ASU 2014-09 and ASU 2017-05 and determined that these transactions do not qualify for sale treatment under the new revenue recognition guidance. Accordingly, the Company expects to record an adjustment in 2018 to reclassify these assets from mortgage notes receivable to rental properties on its consolidated balance sheet. 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 No. 2016-02 will impact the Company’s consolidated financial statements and disclosures as the Company has certain operating land leases and other arrangements for which it is the lessee and will be required to recognize these arrangements on the financial statements. 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. The Company has assembled an implementation team that is assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. Additionally, the Company is continuing to develop an implementation plan based on the results of the assessment and is in process of reviewing its land lease contracts. The Company currently believes substantially all of its leases in which it is the lessor will continue to be classified as operating leases under the new standard. ASU No. 2016-02 specifies that payments for certain lease-related services, which are often included in lease arrangements, represent “non-lease” components that will become subject to the guidance in ASU No. 2014-09, Revenue from Contracts with Customers, when ASU No. 2016-02 becomes effective. The FASB recently clarified that only new or modified leases subsequent to adoption of ASU No. 2016-02 will require different accounting for “non-lease” components under the guidance in ASU No. 2014-09. On January 5, 2018, the FASB issued a proposed update which includes a practical expedient which would allow lessors not to separate “non-lease” components from the related lease components if both the timing and pattern of the revenue recognition are the same for the “non-lease” components and including the “non-lease” components into a combined single lease component would not change the lease classification. The proposed update also includes a practical expedient which allows the lessors to use the effective date of ASU No. 2016-02 as the date of initial application, without restating comparative periods, and to recognize a cumulative effect adjustment as of the effective date, if necessary. A set of practical expedients for implementation, which must be elected as a package and for all leases, may also be elected. These practical expedients include relief from re-assessing lease classification at the adoption date for expired or existing leases. The Company has tentatively concluded that it will apply the practical expedients. 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 ASU changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. ASU No. 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 ASU 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 ASU clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017. The Company has determined that the adoption of ASU 2016-15 will not impact its financial position or results of operations and there are no known changes in presentation as a result of adopting this standard. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows , which amends ASC Topic 230, Statement of Cash Flows . The ASU 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 No. 2016-18 is effective for fiscal years beginning after December 15, 2017. The Company has determined that the adoption of this ASU will result in the Company including restricted cash and cash and cash equivalents on its Consolidated Statement of Cash Flows. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Current TRS income tax $ (163 ) $ (36 ) $ — Current state income tax expense (360 ) (414 ) (899 ) Current foreign income tax (36 ) (77 ) 431 Current foreign withholding tax (1,071 ) (1,130 ) (1,107 ) Deferred TRS income tax 137 273 — Deferred foreign withholding tax 43 39 (43 ) Deferred income tax benefit (expense) (949 ) 792 1,136 Income tax expense $ (2,399 ) $ (553 ) $ (482 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows: 2017 2016 Fixed assets $ 15,445 $ 16,022 Net operating losses 357 578 Other 213 381 Total deferred tax assets $ 16,015 $ 16,981 Capital improvements (2,006 ) (1,716 ) Straight-line receivable $ (1,891 ) $ (2,177 ) Other — (830 ) Total deferred tax liabilities $ (3,897 ) $ (4,723 ) Net deferred tax asset $ 12,118 $ 12,258 |
Schedule of Intangible Assets and Goodwill | Intangible assets and liabilities (included in Other assets and Accounts payable and accrued liabilities in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2017 2016 Assets: In-place leases, net of accumulated amortization of $5.5 million and $13.4 million, respectively $ 21,512 $ 13,716 Above market lease, net of accumulated amortization of $0.8 million and $0.6 million, respectively 351 479 Tradenames, net of accumulated amortization of $23 thousand 6,313 — Goodwill 693 693 Total intangible assets, net $ 28,869 $ 14,888 Liabilities: Below market lease, net of accumulated amortization of $0.3 million and $12 thousand, respectively $ (8,792 ) $ (109 ) |
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, 2017 is as follows (in thousands): In place leases Above market lease Below market lease Tradenames (1) Year: 2018 $ 2,420 $ 197 $ (458 ) $ 30 2019 2,181 102 (458 ) 30 2020 1,907 6 (446 ) 30 2021 1,796 6 (426 ) 30 2022 1,695 6 (410 ) 30 Thereafter 11,513 34 (6,594 ) 806 Total $ 21,512 $ 351 $ (8,792 ) $ 956 (1) Excludes $5.4 million in tradenames with indefinite lives. |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of December 31, 2017 and 2016 (in thousands): 2017 2016 Buildings and improvements $ 4,123,356 $ 3,272,865 Furniture, fixtures & equipment 87,630 40,684 Land 1,108,805 917,748 Leasehold interests 25,774 — 5,345,565 4,231,297 Accumulated depreciation (741,334 ) (635,535 ) Total $ 4,604,231 $ 3,595,762 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2017 and 2016 (in thousands): 2017 2016 Receivable from tenants $ 19,923 $ 7,564 Receivable from non-tenants 3,932 497 Receivable from insurance proceeds — 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 14,718 22,164 Straight-line rent receivable 62,605 67,618 Allowance for doubtful accounts (7,485 ) (871 ) Total $ 93,693 $ 98,939 In October 2017, the Company terminated nine leases with various subsidiaries of Children’s Learning Adventure USA, LLC (CLA), seven of which relate to completed construction and two of which relate to unimproved land. These subsidiaries of CLA continue to operate these properties (other than the two unimproved properties) as holdover tenants. In December 2017, these CLA subsidiaries (other than one of the CLA tenants for an unimproved land parcel) and other CLA subsidiaries that are tenants of the Company's remaining leases filed petitions in bankruptcy under Chapter 11 seeking the protections of the Bankruptcy Code. The above total includes receivable from tenants of approximately $6.0 million from CLA, which were fully reserved in the allowance for doubtful accounts at December 31, 2017. Additionally, during the three months ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. At December 31, 2017, the Company had approximately $255.7 million related to CLA classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2017. Additionally, the Company had approximately $11.2 million classified in land held for development and $14.5 million classified in property under development in the accompanying consolidated balance sheets at December 31, 2017. The Company reviewed these balances for impairment at December 31, 2017 and determined that the estimated undiscounted future cash flows exceeded the carrying value of these properties. |
Investment in Mortgage Notes (T
Investment in Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands): 2017 2016 Receivable from tenants $ 19,923 $ 7,564 Receivable from non-tenants 3,932 497 Receivable from insurance proceeds — 1,967 Receivable from Sullivan County Infrastructure Revenue Bonds 14,718 22,164 Straight-line rent receivable 62,605 67,618 Allowance for doubtful accounts (7,485 ) (871 ) Total $ 93,693 $ 98,939 In October 2017, the Company terminated nine leases with various subsidiaries of Children’s Learning Adventure USA, LLC (CLA), seven of which relate to completed construction and two of which relate to unimproved land. These subsidiaries of CLA continue to operate these properties (other than the two unimproved properties) as holdover tenants. In December 2017, these CLA subsidiaries (other than one of the CLA tenants for an unimproved land parcel) and other CLA subsidiaries that are tenants of the Company's remaining leases filed petitions in bankruptcy under Chapter 11 seeking the protections of the Bankruptcy Code. The above total includes receivable from tenants of approximately $6.0 million from CLA, which were fully reserved in the allowance for doubtful accounts at December 31, 2017. Additionally, during the three months ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. At December 31, 2017, the Company had approximately $255.7 million related to CLA classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2017. Additionally, the Company had approximately $11.2 million classified in land held for development and $14.5 million classified in property under development in the accompanying consolidated balance sheets at December 31, 2017. The Company reviewed these balances for impairment at December 31, 2017 and determined that the estimated undiscounted future cash flows exceeded the carrying value of these properties. |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Investment in mortgage notes, including related accrued interest receivable, at December 31, 2017 and 2016 consists of the following (in thousands): 2017 2016 (1) Mortgage note and related accrued interest receivable, borrower exercised option to convert to lease on December 22, 2017 — 1,637 (2) Mortgage note and related accrued interest receivable, 10.25%, prepaid in full December 28, 2017 — 3,508 (3) Mortgage note and related accrued interest receivable, 9.00%, due March 11, 2018 1,454 1,454 (4) Mortgage note and related accrued interest receivable, 7.00%, due July 31, 2018 1,474 1,375 (5) Mortgage note and related accrued interest receivable, 7.50%, due January 6, 2019 9,056 — (6) Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 174,265 164,743 (7) Mortgage note, 7.00%, due December 20, 2021 57,890 70,304 (8) Mortgage notes, 8.50%, due April 6, 2022 249,213 — (9) Mortgage note and related accrued interest receivable, 7.85%, due December 28, 2026 5,803 5,635 (10) Mortgage note and related accrued interest receivable, 7.85%, due January 3, 2027 10,880 — (11) Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032 31,105 36,032 (12) Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032 5,173 5,327 (13) Mortgage notes and related accrued interest receivable, 9.50%, due April 30, 2033 33,269 30,849 (14) Mortgage note, 11.31%, due July 1, 2033 12,249 12,530 (15) Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034 8,711 7,230 (16) Mortgage note and related accrued interest receivable, 9.50%, due August 31, 2034 12,564 12,473 (17) Mortgage note, 11.26%, due December 1, 2034 51,050 51,250 (18) Mortgage notes, 10.43%, due December 1, 2034 37,562 37,562 (19) Mortgage note, 10.88%, due December 1, 2034 4,550 4,550 (20) Mortgage note, 8.14%, due January 5, 2036 21,000 21,000 (21) Mortgage note, 10.25%, due May 31, 2036 17,505 17,505 (22) Mortgage note and related accrued interest receivable, 9.95%, due July 31, 2036 6,304 6,083 (23) Mortgage note, 9.75%, due August 1, 2036 18,068 18,219 (24) Mortgage note and related accrued interest receivable, 9.75%, due December 31, 2036 9,838 4,712 (25) Mortgage note and related accrued interest receivable, 8.50%, due April 30, 2037 4,717 — (26) Mortgage note and related accrued interest receivable, 8.75%, due June 30, 2037 4,111 — (27) Mortgage note and related accrued interest receivable, 8.50%, due July 31, 2037 4,235 — (28) Mortgage note, 8.75%, due August 31, 2037 11,330 — (29) Mortgage note and related accrued interest receivable, 10.14%, due September 30, 2037 2,500 — (30) Mortgage note and related accrued interest receivable, 8.80%, due September 30, 2037 11,684 — (31) Mortgage note and related accrued interest receivable, 8.50%, due November 30, 2037 9,631 — (32) Mortgage note and related accrued interest receivable, 7.50%, due October 27, 2038 658 — (33) Mortgage notes, 7.25%, due November 30, 2041 142,900 100,000 Total mortgage notes and related accrued interest receivable $ 970,749 $ 613,978 |
Investments In Direct Financi34
Investments In Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | 2017 2016 Total minimum lease payments receivable $ 112,411 $ 215,753 Estimated unguaranteed residual value of leased assets 47,000 85,247 Less deferred income (1) (101,508 ) (198,302 ) Investment in direct financing leases, net $ 57,903 $ 102,698 (1) Deferred income is net of $0.8 million and $1.3 million of initial direct costs at December 31, 2017 and 2016 , respectively. |
Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 14 to 16 years. Future minimum rentals receivable on this direct financing lease at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 6,301 2019 6,490 2020 6,685 2021 6,885 2022 7,092 Thereafter 78,958 Total $ 112,411 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 474,608 2019 459,318 2020 446,051 2021 437,723 2022 422,306 Thereafter 3,656,516 Total (1) $ 5,896,522 |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2017 and 2016 consists of the following (in thousands): 2017 2016 (1) Mortgage note payable, 6.07%, paid in full on January 6, 2017 — 9,331 (2) Mortgage note payable, 6.06%, paid in full on February 1, 2017 — 8,615 (3) Mortgage notes payable, 5.73%-5.95%, paid in full on April 3, 2017 — 30,486 (4) Mortgage notes payable, 4.00%, paid in full on April 6, 2017 — 88,629 (5) Mortgage notes payable, 5.86%, paid in full on July 3, 2017 — 22,139 (6) Mortgage note payable, 5.29%, paid in full on July 7, 2017 — 3,298 (7) Mortgage note payable, 6.19%, due February 1, 2018 11,684 12,452 (8) Senior unsecured notes payable, 7.75%, due July 15, 2020 250,000 250,000 (9) Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 210,000 — (10) Senior unsecured notes payable, 5.75%, due August 15, 2022 350,000 350,000 (11) Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 4, 2019 and 3.15% from April 5, 2019 to February 7, 2022, due February 27, 2023 400,000 350,000 (12) Senior unsecured notes payable, 5.25%, due July 15, 2023 275,000 275,000 (13) Senior unsecured notes payable, 4.35%, due August 22, 2024 148,000 148,000 (14) Senior unsecured notes payable, 4.50%, due April 1, 2025 300,000 300,000 (15) Senior unsecured notes payable, 4.56%, due August 22, 2026 192,000 192,000 (16) Senior unsecured notes payable, 4.75%, due December 15, 2026 450,000 450,000 (17) Senior unsecured notes payable, 4.50%, due June 1, 2027 450,000 — (18) Bonds payable, variable rate, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (32,852 ) (29,320 ) Total $ 3,028,827 $ 2,485,625 (1) The Company's mortgage note payable was paid in full on January 6, 2017 prior to its maturity date of April 6, 2017. The note was secured by one theatre property. (2) The Company's mortgage note payable was paid in full on February 1, 2017 prior to its maturity date of March 1, 2017. The note was secured by one theatre property. (3) The Company’s mortgage notes payable were paid in full on April 3, 2017 prior to their maturity date of May 1, 2017. The notes were secured by four theatre properties. (4) The Company's mortgage note payable was paid in full on April 6, 2017 prior to its maturity date of July 6, 2017. The note was secured by 11 theatre properties. In connection with this note payoff, the Company recorded a gain on early extinguishment of debt of $1.0 million . The gain represents the difference between the carrying value of the note and the amount due at payoff as the note was recorded at fair value upon acquisition and was not anticipated to be paid off in advance of maturity. (5) The Company's mortgage note payable was paid in full on July 3, 2017 prior to its maturity date of August 1, 2017. The note was secured by two theatre properties. (6) The Company's mortgage note payable was paid in full on July 7, 2017. The note was secured by one theatre property. (7) The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.5 million at December 31, 2017 . On January 2, 2018, this loan was prepaid in full. (8) 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. 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. On February 28, 2018, the Company redeemed all of the outstanding 7.75% senior notes. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium of $28.6 million calculated pursuant to the terms of the indenture, together with accrued and unpaid interest up to, but not including the redemption date. (9) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 2.49% on December 31, 2017 . Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured revolving portion of the credit facility, among other things, (i) increase the initial maximum available amount from $650.0 million to $1.0 billion , (ii) extend the maturity date from April 24, 2019, to February 27, 2022 (with the Company having the right to extend the loan for an additional seven months) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.00% and 0.20% , versus LIBOR plus 1.25% and 0.25% , respectively, under the previous terms. In connection with the amendment, $19 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. As of December 31, 2017 , the Company had $210.0 million outstanding under the facility and total availability under the revolving credit facility was $790.0 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 $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. In connection with the amendment to the unsecured consolidated credit agreement, the obligations of the Company’s subsidiaries that were co-borrowers under the Company’s prior senior unsecured revolving credit and term loan facility were released. As a result, simultaneously with the amendment, the guarantees by the Company’s subsidiaries that were guarantors with respect to the Company’s outstanding 4.50% Senior Notes due 2027, 4.75% Senior Notes due 2026, 4.50% Senior Notes due 2025, 5.25% Senior Notes due 2023, 5.75% Senior Notes due 2022, and 7.75% Senior Notes due 2020 were released in accordance with the terms of the applicable indentures governing such notes. (10) 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. 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. (11) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 2.49% on December 31, 2017 . Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the credit facility, among other things, (i) increase the initial amount from $350.0 million to $400.0 million , (ii) extend the maturity date from April 24, 2020 to February 27, 2023 and (iii) lower the interest rate on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.10% versus LIBOR plus 1.40% under previous terms. In connection with the amendment, $1.5 million of deferred financing costs (net of accumulated depreciation) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. At closing, the Company borrowed the remaining $50.0 million available on the $400.0 million term loan portion of the facility, which was used to pay down a portion of the Company's unsecured revolving credit facility. 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 $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. (12) 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. 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. (13) 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (14) 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. 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. (15) 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (16) 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. 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. (17) On May 23, 2017, the Company issued $450.0 million in aggregate principal amount of senior notes due on June 1, 2027 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50% . Interest is payable on June 1 and December 1 of each year beginning on December 1, 2017 until the stated maturity date of June 1, 2027. The notes were issued at 99.393% of their face value. 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. (18) On August 30, 2017, the Company refinanced its variable-rate bonds payable. The maturity date was extended from October 1, 2037 to August 1, 2047 and the outstanding principal balance and interest rate were not changed. These bonds are secured by three theatres, which had a net book value of approximately $21.2 million at December 31, 2017 , and bear interest at a variable rate which resets on a weekly basis and was 1.60% at December 31, 2017 . 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, 2017 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2018 $ 11,684 2019 — 2020 250,000 2021 — 2022 560,000 Thereafter 2,239,995 Less: deferred financing costs, net (32,852 ) Total $ 3,028,827 |
Interest Expense, Net | The following is a summary of interest expense, net for the years ended December 31, 2017, 2016 and 2015 (in thousands): 2017 2016 2015 Interest on loans $ 135,023 $ 101,181 $ 92,140 Amortization of deferred financing costs 6,167 4,787 4,588 Credit facility and letter of credit fees 2,005 1,873 1,759 Interest cost capitalized (9,879 ) (10,697 ) (18,547 ) Interest income (192 ) — (25 ) Interest expense, net $ 133,124 $ 97,144 $ 79,915 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2017, 2016 and 2015 (Dollars in thousands) Year Ended December 31, Description 2017 2016 2015 Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 2,479 $ (2,044 ) $ (2,581 ) Amount of Expense Reclassified from AOCI into Earnings (1) (2,498 ) (5,235 ) (2,004 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (793 ) (754 ) 5,380 Amount of Income Reclassified from AOCI into Earnings (2) 2,457 2,663 2,396 Currency Forward Agreements Amount of (Loss) Gain Recognized in AOCI on Derivative (9,547 ) (2,804 ) 24,359 Amount of Income Reclassified from AOCI into Earnings (2) — — — Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (7,861 ) $ (5,602 ) $ 27,158 Amount of (Expense) Income Reclassified from AOCI into Earnings (41 ) (2,572 ) 392 Interest expense, net in accompanying consolidated statements of income 133,124 97,144 79,915 Other income in accompanying consolidated statements of income 3,095 9,039 3,629 (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, 2017 | |
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, 2017 and 2016 , 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, 2017 and 2016 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2017: Cross Currency Swaps* $ — $ 1,041 $ — $ 1,041 Cross Currency Swaps** $ — $ (134 ) $ — $ (134 ) Currency Forward Agreements* $ — $ 22,235 $ — $ 22,235 Interest Rate Swap Agreements* $ — $ 2,496 $ — $ 2,496 2016: Cross Currency Swaps* $ — $ 4,158 $ — $ 4,158 Currency Forward Agreements* $ — $ 31,782 $ — $ 31,782 Interest Rate Swap Agreements** $ — $ (2,482 ) $ — $ (2,482 ) *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 | Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis during the year ended December 31, 2017 aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at Investment in a direct financing lease, net $ — $ — $ 35,807 $ 35,807 As discussed further in Note 6, during the year ended December 31, 2017 , the Company recorded impairment charges totaling $10.2 million related to its investment in a direct financing lease, net. Management estimated the fair values of this investment taking into account various factors including independent appraisals, input from an outside broker and current market conditions. The Company determined, based on the inputs, that its valuation of the investment was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. During 2017, the Company entered into revised lease terms on these properties and as a result, these properties were classified as operating leases and moved to rental properties. There were no non-recurring measurements during the year ended December 31, 2016. |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 are as follows: Cash Distributions Per Share 2017 2016 Taxable ordinary income $ 3.5434 $ 3.1659 Return of capital 0.2762 0.2489 Long-term capital gain (1) 0.2404 0.4077 Totals $ 4.0600 $ 3.8225 |
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 E preferred share for the years ended December 31, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 2.1070 $ 1.9933 Return of capital — — Long-term capital gain (1) 0.1430 0.2567 Totals $ 2.2500 $ 2.2500 (1) Of the long-term capital gain, $0.0551 and $0.0668 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Non-cash Distributions per Share 2017 2016 Taxable ordinary income $ 0.1428 $ 0.0883 Return of capital 0.1094 0.1142 Long-term capital gain (2) 0.0097 0.0114 Totals $ 0.2619 $ 0.2139 (2) Of the long-term capital gain, $0.0037 and $0.0030 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. 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, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 1.3462 $ 1.2735 Return of capital — — Long-term capital gain (1) 0.0913 0.1640 Totals $ 1.4375 $ 1.4375 (1) Of the long-term capital gain, $0.0352 and $0.0426 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. Non-cash Distributions per Share 2017 2016 Taxable ordinary income $ 0.3527 $ 0.2850 Return of capital 0.1152 0.1177 Long-term capital gain (2) 0.0239 0.0367 Totals $ 0.4918 $ 0.4394 (2) Of the long-term capital gain, $0.0092 and $0.0095 were unrecaptured section 1250 gains for the year ended December 31, 2017 and 2016, respectively. The Board of Trustees declared cash dividends totaling $1.54123 and $1.65625 per Series F preferred share for the years ended December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 are as follows: Cash Distributions per Share 2017 2016 Taxable ordinary income $ 1.8310 $ 1.4673 Return of capital — — Long-term capital gain (1) 0.1243 0.1889 Totals $ 1.9553 $ 1.6562 (1) Of the long-term capital gain, $0.04792 and $0.04914 were unrecaptured section 1250 gains for the years ended December 31, 2017 and 2016, respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 (amounts in thousands except per share information): Year Ended December 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 262,968 Less: preferred dividend requirements and redemption costs (28,750 ) Net income available to common shareholders $ 234,218 71,191 $ 3.29 Diluted EPS: Net income available to common shareholders $ 234,218 71,191 Effect of dilutive securities: Share options — 63 Net income available to common shareholders $ 234,218 71,254 $ 3.29 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 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 Exercised (29,253 ) 46.86 — 61.79 54.54 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (1,342 ) 51.64 — 61.79 59.52 Outstanding at December 31, 2017 257,606 $ 19.02 — $ 76.63 $ 51.81 |
Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2017 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2018 $ 291 2019 4 2020 4 Total $ 299 |
Summary Of Outstanding Options | The following table summarizes outstanding options at December 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 1.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.0 40.00 - 49.99 86,041 4.1 50.00 - 59.99 75,939 5.8 60.00 - 69.99 80,886 7.1 70.00 - 76.63 2,215 9.1 257,606 5.5 $ 51.81 $ 3,541 |
Summary Of Exercisable Options | The following table summarizes exercisable options at December 31, 2017 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 1.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 2.0 40.00 - 49.99 86,041 4.1 50.00 - 59.99 51,276 5.7 60.00 - 61.79 38,225 7.1 70.00 - 76.63 — — 188,067 5.0 $ 49.28 $ 3,044 |
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, 2016 534,317 $ 59.22 Granted 296,914 76.49 Vested (209,767 ) 57.47 Forfeited (1,342 ) 66.88 Outstanding at December 31, 2017 620,122 $ 68.07 0.96 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2017 , unamortized share-based compensation expense related to nonvested shares was $21.2 million and will be recognized in future periods as follows (in thousands): Amount Year: 2018 $ 10,391 2019 7,337 2020 3,445 Total $ 21,173 |
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, 2016 15,805 $ 70.93 Granted 19,030 70.91 Vested (15,805 ) 70.93 Outstanding at December 31, 2017 19,030 $ 70.91 0.33 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 14 to 16 years. Future minimum rentals receivable on this direct financing lease at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 6,301 2019 6,490 2020 6,685 2021 6,885 2022 7,092 Thereafter 78,958 Total $ 112,411 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 474,608 2019 459,318 2020 446,051 2021 437,723 2022 422,306 Thereafter 3,656,516 Total (1) $ 5,896,522 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under this lease at December 31, 2017 are as follows (in thousands): Amount Year: 2018 $ 856 2019 856 2020 856 2021 884 2022 967 Thereafter 3,625 Total $ 8,044 |
Quarterly Financial Informati42
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2017 and 2016 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2017: Total revenue $ 129,112 $ 147,782 $ 151,397 $ 147,700 Net income attributable to EPR Properties 53,916 80,535 62,954 65,563 Net income available to common shareholders of EPR Properties 47,964 74,583 57,003 54,668 Basic net income per common share 0.75 1.02 0.77 0.74 Diluted net income per common share 0.75 1.02 0.77 0.74 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Tenant reimbursements $ 68 Other income 172 Total revenue 240 Property operating expense 12 Income before income taxes 228 Income tax expense 29 Net income $ 199 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Total Assets $ 2,380,129 $ 1,429,992 $ 2,102,041 $ 199,052 $ 80,279 $ 6,191,493 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 Operating Data: For the Year Ended December 31, 2017 Entertainment Education Recreation Other Corporate/Unallocated Consolidated Rental revenue $ 267,729 $ 78,994 $ 112,763 $ 9,162 $ — $ 468,648 Tenant reimbursements 15,518 37 — — — 15,555 Other income 614 1 — — 2,480 3,095 Mortgage and other financing income 4,407 35,546 48,740 — — 88,693 Total revenue 288,268 114,578 161,503 9,162 2,480 575,991 Property operating expense 23,175 6,314 117 1,407 640 31,653 Other expense — — — — 242 242 Total investment expenses 23,175 6,314 117 1,407 882 31,895 Net operating income - before unallocated items 265,093 108,264 161,386 7,755 1,598 544,096 Reconciliation to Consolidated Statements of Income: General and administrative expense (43,383 ) Costs associated with loan refinancing or payoff (1,549 ) Gain on early extinguishment of debt 977 Interest expense, net (133,124 ) Transaction costs (523 ) Impairment charges (10,195 ) Depreciation and amortization (132,946 ) Equity in income from joint ventures 72 Gain on sale of real estate 41,942 Income tax expense (2,399 ) Net income attributable to EPR Properties 262,968 Preferred dividend requirements (24,293 ) Preferred share redemption costs (4,457 ) Net income available to common shareholders of EPR Properties $ 234,218 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 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)segmentproperties | Dec. 31, 2016USD ($)properties | Dec. 31, 2015USD ($) | Apr. 06, 2017USD ($) | |
mortgage note receivable balance from rental property conversion | $ 12,100,000 | ||||
Minimum term of existing long-term triple-net lease or lease for business acquisition | 7 years | ||||
Deferred financing costs, net | $ 32,852,000 | $ 29,320,000 | |||
Number of Reportable Operating Segments | segment | 4 | ||||
Accounting for Acquisitions [Abstract] | |||||
Transaction costs | $ 523,000 | 7,869,000 | $ 7,518,000 | ||
Goodwill | 693,000 | 693,000 | |||
Intangible Assets, Net (Including Goodwill) | 28,869,000 | 14,888,000 | |||
Amortization of above/below market leases and tenant allowances, net | (107,000) | 183,000 | 192,000 | ||
Below Market Lease, Net | (8,792,000) | (109,000) | $ (7,611,000) | ||
Revenue Recognition [Abstract] | |||||
Straight Line Rent | 4,300,000 | 17,000,000 | 12,200,000 | ||
Percentage rents | 7,800,000 | 4,700,000 | 3,000,000 | ||
Participating interest income | 700,000 | 800,000 | 1,500,000 | ||
prepayment fee | $ 800,000 | 3,600,000 | 0 | ||
Income Tax Disclosure [Abstract] | |||||
Percent of taxable income distributed to shareholders annually | 90.00% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Current Federal Tax Expense (Benefit) | $ 0 | ||||
Deferred TRS Income Tax Expense (Benefit) | $ (137,000) | $ (273,000) | $ 0 | ||
Effective Income Tax Rate Reconciliation, Percent | 0.90% | 0.20% | 0.20% | ||
Other | $ 12,118,000 | $ 12,258,000 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 125,000 | ||||
Payments Related to Tax Withholding for Repatriation of Foreign Earnings | $ 44,000 | ||||
Enacted Corporate tax rate, percent | 21.00% | ||||
Deferred Tax Assets, Gross | $ 16,015,000 | 16,981,000 | |||
Deferred Tax Liabilities, Gross | 3,897,000 | 4,723,000 | |||
Deferred Tax Liabilities | 410,000 | ||||
Current Income and Withholding Tax Expense | (1,600,000) | 1,700,000 | $ 1,600,000 | ||
Provision for income tax expense | 0 | 0 | 0 | ||
Income Tax Examination, Penalties and Interest Expense | 65,000 | ||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||
Rental revenue | 468,648,000 | 399,589,000 | 330,886,000 | ||
Share-based Compensation [Abstract] | |||||
Share based compensation | $ 14,142,000 | 11,164,000 | 8,508,000 | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||
Share-based compensation expense included in retirement severance expense | $ 0 | 0 | 6,377,000 | ||
Retirement severance expense | $ 0 | $ 0 | $ 18,578,000 | ||
Impaired notes receivable | 0 | 0 | 0 | 0 | |
Loans and Leases Receivable, Allowance | $ 3,800,000 | $ 3,800,000 | |||
American Multi-Cinema, Inc. [Member] | |||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||
Percent of megaplex theatre rental leased by AMC | 34.00% | ||||
Rental revenue | $ 114,400,000 | $ 90,000,000 | $ 86,100,000 | ||
Percentage of lease revenue in total revenue | 19.90% | 18.20% | 20.00% | ||
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 | $ 5,500,000 | $ 13,400,000 | |||
Number of properties acquired | properties | 35 | 24 | |||
Weighted average useful life for in-place leases | 12 years 6 months | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
2,018 | $ 2,420,000 | ||||
2,019 | 2,181,000 | ||||
2,020 | 1,907,000 | ||||
2,021 | 1,796,000 | ||||
2,022 | 1,695,000 | ||||
Thereafter | 11,513,000 | ||||
Total | 21,512,000 | $ 13,716,000 | |||
Lease Agreements [Member] | |||||
Accounting for Acquisitions [Abstract] | |||||
Amortization | 2,000,000 | 1,400,000 | $ 1,400,000 | ||
Above Market Leases [Member] | |||||
Accounting for Acquisitions [Abstract] | |||||
Intangible assets, accumulated amortization | $ 800,000 | $ 600,000 | |||
Number of properties acquired | properties | 2 | 2,000 | |||
Amortization of above/below market leases and tenant allowances, net | $ 194,000 | $ 192,000 | 192,000 | ||
Weighted average useful life for in-place leases | 3 years 2 months | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
2,018 | $ 197,000 | ||||
2,019 | 102,000 | ||||
2,020 | 6,000 | ||||
2,021 | 6,000 | ||||
2,022 | 6,000 | ||||
Thereafter | 34,000 | ||||
Total | $ 351,000 | 479,000 | |||
Trade Names [Member] | |||||
Accounting for Acquisitions [Abstract] | |||||
Number of properties acquired | properties | 12 | ||||
Non-amortizing indefinite lived trade names | $ 5,400,000 | ||||
Amortization | $ 0 | ||||
Weighted average useful life for in-place leases | 33 years 2 months | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
2,018 | $ 30,000 | ||||
2,019 | 30,000 | ||||
2,020 | 30,000 | ||||
2,021 | 30,000 | ||||
2,022 | 30,000 | ||||
Thereafter | 806,000 | ||||
Total | 956,000 | 0 | |||
Indefinite and Finite-lived Intangible Assets, net | 6,313,000 | ||||
Below market leases [Member] | |||||
Accounting for Acquisitions [Abstract] | |||||
Intangible assets, accumulated amortization | $ 300,000 | 0 | |||
Number of properties acquired | properties | 7 | ||||
Amortization of above/below market leases and tenant allowances, net | $ 307,000 | 12,000 | |||
Weighted average useful life for in-place leases | 30 years 10 months | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||
2,018 | $ 458,000 | ||||
2,019 | 458,000 | ||||
2,020 | 446,000 | ||||
2,021 | 426,000 | ||||
2,022 | 410,000 | ||||
Thereafter | 6,594,000 | ||||
Total | 8,792,000 | ||||
CANADA | |||||
Income Tax Disclosure [Abstract] | |||||
Other | $ 11,700,000 | ||||
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 | ||||
Minimum [Member] | Building Improvements [Member] | |||||
Rental Properties [Abstract] | |||||
Estimated useful live of buildings (in years) | 10 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 | ||||
Maximum [Member] | Building Improvements [Member] | |||||
Rental Properties [Abstract] | |||||
Estimated useful live of buildings (in years) | 20 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 | $ 700,000 | 900,000 | 1,100,000 | ||
Restricted Stock [Member] | Employee [Member] | |||||
Share-based Compensation [Abstract] | |||||
Share based compensation expense related to employees and trustees | $ 12,200,000 | 9,200,000 | 6,300,000 | ||
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 | $ 1,300,000 | 1,100,000 | 1,000,000 | ||
Allowance for Doubtful Accounts [Member] | |||||
Allowance for Doubtful Accounts [Abstract] | |||||
Allowance for doubtful accounts | 3,210,000 | $ 7,485,000 | $ 871,000 | 3,210,000 | |
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 | |||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | Nonvested Shares [Member] | |||||
Share-based Compensation [Abstract] | |||||
Retirement severance expense | $ 5,000,000 | ||||
Theatre Project China Member | CHINA | |||||
Income Tax Disclosure [Abstract] | |||||
Number of Real Estate Properties | properties | 4 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Fixed assets | $ 15,445 | $ 16,022 | |
Net operating losses | 357 | 578 | |
Other | 213 | 381 | |
Total deferred tax assets | 16,015 | 16,981 | |
Deferred Tax Liabilities, Capital Improvements | (2,006) | (1,716) | |
Straight-line receivable | (1,891) | (2,177) | |
Other | 0 | (830) | |
Total deferred tax liabilities | (3,897) | (4,723) | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current TRS Tax Expense (benefit) | (163) | (36) | $ 0 |
Current state income tax expense | (360) | (414) | (899) |
Current foreign income tax | (36) | (77) | 431 |
Current foreign withholding tax | (1,071) | (1,130) | (1,107) |
Deferred TRS Income Tax Expense (Benefit) | 137 | 273 | 0 |
Deferred foreign withholding tax | 43 | 39 | (43) |
Deferred income tax benefit (expense) | (949) | 792 | 1,136 |
Income tax expense | (2,399) | (553) | $ (482) |
Deferred Tax Assets, Net | $ 12,118 | $ 12,258 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) | Apr. 06, 2017USD ($)properties$ / shares | May 22, 2015properties | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Real Estate Properties [Line Items] | |||||
Rental Properties | $ 481,006,000 | ||||
Indefinite-Lived Trade Names | 6,355,000 | ||||
Below Market Lease, Net | $ 7,611,000 | $ 8,792,000 | $ 109,000 | ||
Payments to Acquire Productive Assets | 397,697,000 | 219,169,000 | $ 179,820,000 | ||
Number of leases assumed | properties | 3 | ||||
Number of properties subject to assumed ground leases | properties | 9 | ||||
Stock Issued During Period, Value, Acquisitions | $ 657,500,000 | $ 657,473,000 | 0 | 0 | |
Closing Price at Acquisition Date | $ / shares | $ 74.28 | ||||
number of properties sold | properties | 1 | 9 | |||
Gain on sale of real estate | $ 41,942,000 | 5,315,000 | 23,829,000 | ||
Real Estate Investment Property Gross | 5,345,565,000 | 4,231,297,000 | |||
Accumulated depreciation | (741,334,000) | (635,535,000) | |||
Total | 4,604,231,000 | 3,595,762,000 | |||
Depreciation expense on rental properties | 129,100,000 | 103,900,000 | $ 85,900,000 | ||
Payments to Acquire Property, Plant, and Equipment | $ 61,200,000 | ||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | $ 12,100,000 | ||||
Building and Building Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 4,123,356,000 | 3,272,865,000 | |||
Furniture and Fixtures [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 87,630,000 | 40,684,000 | |||
Land [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 1,108,805,000 | 917,748,000 | |||
Leaseholds and Leasehold Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 25,774,000 | $ 0 | |||
attractions [Member] | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 1 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 2,500,000 | ||||
Number of properties acquired | properties | 15 | ||||
family entertainment center [Member] | |||||
Real Estate Properties [Line Items] | |||||
number of properties sold | 5 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 6,800,000 | ||||
Number of properties acquired | properties | 5 | ||||
attractions and family entertainment centers [Member] | |||||
Real Estate Properties [Line Items] | |||||
Gain (Loss) on Disposition of Assets | $ 0 | ||||
Property, Plant and Equipment, Additions | 479,800,000 | ||||
Ski Resorts [Member] | |||||
Real Estate Properties [Line Items] | |||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 251,038,000 | ||||
Number of Properties Securing Mortgage Note | properties | 14 | ||||
mortgage loans on real estate term | 5 | ||||
number of extension options | 3 | ||||
Extension option term | 2 years 6 months | ||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 3,000,000 | ||||
Property, Plant and Equipment, Additions | 374,500,000 | ||||
Recreation Reportable Operating Segment [Member] | Ski Resorts, Attractions and Family Entertainment Centers [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Productive Assets | $ 730,800,000 | $ 730,788,000 |
Rental Properties Disposition (
Rental Properties Disposition (Details) | Apr. 06, 2017USD ($) | May 22, 2015properties | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($)properties | Dec. 31, 2015USD ($) |
Significant Acquisitions and Disposals [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | $ 61,200,000 | ||||
Gain on sale of real estate | $ 41,942,000 | $ 5,315,000 | $ 23,829,000 | ||
number of properties sold | properties | 1 | 9 | |||
Entertainment Reportable Operating Segment [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
number of properties sold | 4 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 72,400,000 | ||||
Gain (Loss) on Disposition of Assets | 19,400,000 | ||||
Education Property [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | $ 38,500,000 | 16,500,000 | |||
Gain on sale of real estate | $ 2,800,000 | ||||
number of properties sold | 3 | 2 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 16,600,000 | ||||
number of properties sold pursuant to tenant purchase option | 8 | ||||
Education Property [Member] | Education Reportable Operating Segment [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 10,500,000 | ||||
Gain (Loss) on Disposition of Assets | 1,800,000 | ||||
Proceeds from sale of property, plant, and equipment tenant purchase option | 97,300,000 | ||||
Gain (Loss) on disposition of assets from tenant purchase option | $ 20,700,000 | ||||
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 | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of properties acquired | 6 | 8 | |||
Payments to Acquire Property, Plant, and Equipment | $ 154,100,000 | $ 148,400,000 | |||
Other Recreation [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of properties acquired | 6 | ||||
Payments to Acquire Property, Plant, and Equipment | $ 62,700,000 | ||||
early childhood education center [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of properties acquired | 7 | 4 | |||
Public charter school properties [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of properties acquired | 2 | ||||
private school [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of properties acquired | 1 | ||||
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 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Rental properties, net of accumulated depreciation of $741,334 and $635,535 at December 31, 2017 and 2016, respectively | $ 4,604,231 | $ 3,595,762 |
Insurance Settlements Receivable | 0 | 1,967 |
Revenue Bond Receivable | 14,718 | 22,164 |
Straight-line rent receivable | 62,605 | 67,618 |
Total | 93,693 | 98,939 |
Land held for development | 33,692 | 22,530 |
Development in Process | 257,629 | 297,110 |
Tenants [Member] | ||
Accounts receivable, gross | 19,923 | 7,564 |
Non-Tenants [Member] | ||
Accounts receivable, gross | 3,932 | 497 |
Accounts Receivable [Member] | ||
Allowance for doubtful accounts | $ (7,485) | $ (871) |
Children's Learning Adventure USA, LLC [Member] | ||
number of leases terminated | 9 | |
Rental properties, net of accumulated depreciation of $741,334 and $635,535 at December 31, 2017 and 2016, respectively | $ 255,700 | |
Straight line rent write off | 9,000 | |
Accounts receivable, gross | 6,000 | |
Land held for development | 11,200 | |
Development in Process | $ 14,500 | |
completed early childhood education properties [Member] | Children's Learning Adventure USA, LLC [Member] | ||
number of leases terminated | 7 | |
Land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | ||
number of leases terminated | 2 |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | Apr. 06, 2017USD ($)properties | Mar. 30, 2017USD ($) | Dec. 22, 2016 | Dec. 31, 2017USD ($)apropertiesyears | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 04, 2007a | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 970,749 | $ 613,978 | ||||||
prepayment fee | 800 | 3,600 | $ 0 | |||||
Costs associated with loan refinancing or payoff | 1,549 | 905 | 270 | |||||
Mortgage notes and related accrued interest receivable, net | [1] | 21,000 | ||||||
Proceeds from mortgage note receivable paydown | 21,784 | 72,072 | 40,956 | |||||
Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
Number of properties securing debt | properties | 14 | |||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 3,000 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | 970,749 | 613,978 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Converted to lease on December 22, 2017 [Member] | Theatre Properties Member | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [2] | $ 0 | 1,637 | |||||
Triple net lease term | 15 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 10.25%, prepaid in full December 28, 2017 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [3] | $ 0 | 3,508 | |||||
prepayment fee | $ 600 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||||||
Area of Real Estate Property | a | 28 | |||||||
Mortgage Notes, Prepaid Mortgage Fees Write-offs, Net | $ 58 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due March 11, 2018 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 1,454 | 1,454 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 1,400 | ||||||
Area of Real Estate Property | a | 12 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Due July 31, 2018 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [5] | $ 1,474 | 1,375 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 1,500 | ||||||
Area of Real Estate Property | a | 20 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 7.50%, due January 6, 2019 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [6] | $ 9,056 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.50% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 9,000 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [7] | $ 174,265 | 164,743 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | |||||||
mortgage loans on real estate, weighted average | 7.33% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 173,600 | ||||||
Participating interest income | $ 700 | 800 | $ 1,500 | |||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | KANSAS | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of properties securing debt | properties | 1 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | TEXAS | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of properties securing debt | properties | 2 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 7.00%, due December 20, 2021 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [8] | $ 57,890 | 70,304 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 57,900 | ||||||
Number of properties securing debt | properties | 8 | |||||||
Mortgage Notes, Periodic Payments | $ 608 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 8.50%, due April 6, 2022 [Member] | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [9] | 249,213 | 0 | |||||
prepayment fee | $ 200 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
mortgage loans on real estate, weighted average | 8.60% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 250,300 | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 3,000 | |||||||
Proceeds from mortgage note receivable paydown | 700 | |||||||
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 Notes and Related Accrued Interest Receivable, Net | [10] | $ 5,803 | 5,635 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||||||
mortgage loan on real estate, interest rate, increase | 6.85% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 5,800 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 7.85%, due January 3, 2027 [Member] | Other Recreation [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [11] | $ 10,880 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||||||
mortgage loan on real estate, interest rate, increase | 6.85% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 10,800 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.25%, due June 28, 2032 | Montparnasse56 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [12] | 31,105 | 36,032 | |||||
prepayment fee | $ 800 | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | 32,000 | ||||||
Proceeds from mortgage note receivable paydown | $ 4,000 | |||||||
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 Notes and Related Accrued Interest Receivable, Net | [13] | $ 5,173 | 5,327 | |||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Level Payments | 52 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 9.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 5,100 | ||||||
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 Notes and Related Accrued Interest Receivable, Net | [14] | $ 33,269 | 30,849 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.50% | |||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||
Frequency of Interest Rate Increases | 5 years | |||||||
mortgage loans on real estate, effective interest rate | 9.79% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 32,100 | ||||||
Number of properties securing debt | properties | 3 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 11.31%, due July 1, 2033 | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [15] | $ 12,249 | 12,530 | |||||
Mortgage Loans on Real Estate, Periodic Payment Terms, Level Payments | 141 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 11.31% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 12,200 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [16] | $ 8,711 | 7,230 | |||||
mortgage loan on real estate, interest rate, increase | 1.025% | |||||||
Phase 1 Interest Rate | 9.15% | |||||||
Phase 2 Interest Rate | 8.71% | |||||||
Phase 3 Interest Rate | 8.50% | |||||||
mortgage loans on real estate, weighted average | 10.33% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 8,600 | ||||||
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 Notes and Related Accrued Interest Receivable, Net | [17] | $ 12,564 | 12,473 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.50% | |||||||
mortgage loan on real estate, interest rate, increase | 0.50% | |||||||
mortgage loans on real estate, effective interest rate | 9.50% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 12,200 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 11.26%, due December 1, 2034 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [18] | $ 51,050 | 51,250 | |||||
Mortgage Loans on Real Estate, Interest Rate | 11.26% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 51,100 | ||||||
Number of properties securing debt | properties | 1 | |||||||
Area of Real Estate Property | a | 588 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes, 10.43%, due December 1, 2034 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [19] | $ 37,562 | 37,562 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.43% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 37,600 | ||||||
Number of properties securing debt | properties | 4 | |||||||
Area of Real Estate Property | a | 510 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.88%, due December 1, 2034 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [20] | $ 4,550 | 4,550 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.88% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 4,600 | ||||||
Area of Real Estate Property | a | 135 | |||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 8.14%, due January 5, 2036 | Ski Resorts [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [21] | $ 21,000 | 21,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.14% | |||||||
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 Notes and Related Accrued Interest Receivable, Net | [22] | $ 17,505 | 17,505 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 17,500 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 9.75% due July 31 2036 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [23] | $ 6,304 | 6,083 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.95% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
mortgage loans on real estate, effective interest rate | 10.40% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 6,200 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 9.75%, due August 1, 2036 | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [24] | $ 18,068 | 18,219 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.75% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 18,100 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 9.75%, due December 31, 2036 | TopGolf [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [25] | $ 9,838 | 4,712 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.75% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 9,800 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.50%, due April 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [26] | $ 4,717 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
mortgage loans on real estate, effective interest rate | 9.80% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 4,700 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.75%, due July 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [27] | $ 4,111 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.75% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 4,100 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.50%, due July 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [28] | $ 4,235 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 4,200 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.75%, due August 31, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [29] | $ 11,330 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.75% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 11,300 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 10.14%, due September 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [30] | $ 2,500 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.14% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
mortgage loans on real estate, effective interest rate | 10.70% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 2,600 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.80%, due September 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [31] | $ 11,684 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.80% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 11,600 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.50% due November 30, 2037 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [32] | $ 9,631 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
mortgage loans on real estate, effective interest rate | 9.70% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 9,800 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 7.50% due October 27, 2038 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 7.50% | |||||||
mortgage loan on real estate, interest rate, increase | 2.00% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 700 | ||||||
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 Notes and Related Accrued Interest Receivable, Net | [1] | $ 142,900 | 100,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.25% | |||||||
mortgage loan on real estate, interest rate, increase | 106.25% | |||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 142,900 | ||||||
Number of properties securing debt | properties | 28 | |||||||
Triple net lease term | 25 | |||||||
Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Length of lease (in years) | years | 14 | |||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage note and related accrued interest receivable, 8.50% to 9.15%, due June 30, 2034 | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | |||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 9.75% due July 31 2036 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 9.75% | |||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 7.50% due October 27, 2038 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [33] | $ 658 | $ 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.50% | |||||||
Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Length of lease (in years) | years | 16 | |||||||
Maximum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage notes and related accrued interest receivable, 7.00% and 10.00%, due May 1, 2019 | Water Parks [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 10.00% | |||||||
Maximum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 7.50% due October 27, 2038 [Member] | Education Property [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 8.25% | |||||||
[1] | The Company's first mortgage loan agreements with Endeavor Schools are secured by 28 education facilities including both early education and private school properties located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas. At December 31, 2017, the face amount of the mortgage notes were $142.9 million. 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, 2017, the borrower exercised its put option to convert the mortgage note agreement to a lease agreement. As a result, in 2018, the Company recorded the rental property at fair value, which approximated the carrying value of its investment on the conversion date. There was no gain or loss recognized on this transaction. The properties are leased pursuant to a triple-net master-lease with a 25-year term. | |||||||
[2] | The Company's first mortgage loan agreement with Miramesa Star LLC was secured by a theatre development project in Cypress, Texas. On December 22, 2017, per the terms of the mortgage note agreement, the borrower exercised its option to convert the mortgage note agreement to a 15-year triple-net lease agreement. As a result, the Company recorded the carrying value of the investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. | |||||||
[3] | The Company's first mortgage loan agreement with UME Preparatory Academy that was secured by 28 acres of land and a public charter school property located in Dallas, Texas was prepaid on December 28, 2017. In connection with the full payoff of this note, the Company received a prepayment fee of $0.6 million, included in mortgage and other financing income, and wrote off $58 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff. | |||||||
[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. At December 31, 2017, the face amount of the mortgage note was $1.4 million. The note bears interest at a fixed rate of 9.00%. The note requires accrued interest and principal to be paid at maturity. | |||||||
[5] | The Company's first mortgage loan agreement with HighMark Land, LLC (HighMark) is secured by approximately 20 acres of land located in Lincoln, California. At December 31, 2017, the face amount of the mortgage note was $1.5 million. The note bears interest at a fixed rate of 7.00% and requires accrued interest and principal to be paid at maturity | |||||||
[6] | The Company's first mortgage loan agreement with I-90 Bellevue Investments II, LLC, is secured by real estate in Bellevue, Washington. At December 31, 2017, the face amount of the mortgage note was $9.0 million. The note bears interest at a fixed rate of 7.50% and 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. At December 31, 2017, the face amount of the mortgage notes were $173.6 million. The mortgage notes have cross-default and cross-collateral provisions. On March 1, 2017, the Company funded an additional amount under its loan to SVVI. SVVI used these proceeds to pay off their seasonal line of credit secured by the Texas parks. As a result of the payoff, the Company became the first mortgage holder on these two properties. 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, 2017, 2016 and 2015, the Company recognized $0.7 million, $0.8 million and $1.5 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. At December 31, 2017, the weighted average interest rate was 7.33%. | |||||||
[8] | The Company's first mortgage loan agreement with Imagine Schools Non-Profit, Inc. and affiliates (Imagine) is secured by 8 charter school properties located in Indiana, Ohio, South Carolina, and Pennsylvania. At December 31, 2017, the face amount of the mortgage note was $57.9 million. The note bears interest at a fixed rate of 7.00%. The 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 mortgage loan agreement with Och-Ziff Real Estate (OZRE) is secured by 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada. The Company received a $3.0 million origination fee upon closing. At December 31, 2017, the face amount of the mortgage notes were $250.3 million. The note bears interest at a fixed rate of 8.50% and requires monthly interest payments. Interest income on the notes and the origination fee are being recognized using the effective interest method. The note has an effective interest rate of approximately 8.60%. During the year ended December 31, 2017, the Company received a partial prepayment of $0.7 million and a prepayment premium of $0.2 million that is included in mortgage and other financing income. | |||||||
[10] | 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. At December 31, 2017, the face amount of the mortgage note was $5.8 million. The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. | |||||||
[11] | The Company's first mortgage loan agreement with Genesis Health Clubs Cass Street LLC is secured by a health club facility located in Omaha, Nebraska. At December 31, 2017, the face amount of the mortgage note was $10.8 million. The note bears interest at 7.85% in years one to six and LIBOR plus 6.85% in years seven to ten. The note requires monthly interest payments. | |||||||
[12] | 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. At December 31, 2017, the face amount of the mortgage note was $32.0 million. 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. This amendment also reduced the interest rate to 9.25% which began on July 1, 2017. The Company received a partial prepayment during the year ended December 31, 2017 of $4.0 million and a prepayment premium of $0.8 million. This premium is being recognized through the effective interest method over the remaining life of the note due to the related amendment to the loan agreement. | |||||||
[13] | The Company's first mortgage loan agreement with LBE Investments, Ltd. is secured by a charter school property located in Queen Creek, Arizona. At December 31, 2017, the face amount of the mortgage note was $5.1 million. The note bears interest at a fixed rate of 9.00%. The note is fully amortizing and requires monthly principal and interest payments of $52 thousand. | |||||||
[14] | 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. At December 31, 2017, the face amount of the mortgage notes were $32.1 million. 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 a weighted average effective interest rate of approximately 9.79% | |||||||
[15] | The Company's first mortgage loan agreement with Topgolf USA Austin is secured by a golf entertainment complex located in Austin, Texas. At December 31, 2017, the face amount of the mortgage note was $12.2 million. The note bears interest at a fixed rate of 11.31%. The note is fully amortizing and requires monthly principal and interest payments of $141 thousand. | |||||||
[16] | The Company's first mortgage loan agreement with 169 Jenks is secured by a public charter school property located in St. Paul, Minnesota. At December 31, 2017, the face amount of the mortgage note was $8.6 million. The note bears interest beginning at 8.50% which increases annually based on a formula of the rate multiplied by 1.025%. Construction on this note was completed in three phases. At December 31, 2017, the phases bear interest at 9.15%, 8.71% and 8.50%. The note requires monthly interest payments. The note has a weighted average effective interest rate of approximately 10.33%. | |||||||
[17] | 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. At December 31, 2017, the face amount of the mortgage note was $12.2 million. 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 servicer fee to HighMark. | |||||||
[18] | The Company's first mortgage loan agreement with Peak Resorts, Inc. (Peak) is secured by one ski property located in Vermont. Mount Snow is approximately 588 acres and is located in both West Dover and Wilmington, Vermont. At December 31, 2017, the face amount of the mortgage note was $51.1 million. 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. At December 31, 2017, the interest rate was 11.26%. | |||||||
[19] | The Company's first mortgage loan agreements with Peak are secured by four ski properties located in Ohio and Pennsylvania with a total of approximately 510 acres. At December 31, 2017, the face amount of the mortgage notes were $37.6 million. 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. At December 31, 2017, the interest rate was 10.43%. | |||||||
[20] | The Company's first mortgage loan agreement with Peak is secured by a ski property located in Chesterland, Ohio with approximately 135 acres. At December 31, 2017, the face amount of the mortgage note was $4.6 million. 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. At December 31, 2017, the interest rate was 10.88%. | |||||||
[21] | The Company's first mortgage loan agreement with Peak is secured by a ski property located in Hunter, New York with approximately 240 acres. At December 31, 2017, the face amount of the mortgage note was $21.0 million. 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. At December 31, 2017, the interest rate was 8.14%. | |||||||
[22] | 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. At December 31, 2017, the face amount of the mortgage note was $17.5 million. The note bears interest at a fixed rate of 10.25% and 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. At December 31, 2017, the face amount of the mortgage note was $6.2 million. The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. At December 31, 2017, the interest rate was 9.95%. The note has an effective interest rate of approximately 10.40%, which is net of a servicer fee to HighMark. | |||||||
[24] | 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. At December 31, 2017, the face amount of the mortgage note was $18.1 million. The note bears interest at a fixed rate of 9.75% and requires monthly interest payments. | |||||||
[25] | 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. At December 31, 2017, the face amount of the mortgage note was $9.8 million. The note bears interest beginning at 9.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. | |||||||
[26] | The Company's first mortgage loan agreement with The SAE School, Inc. is secured by a private school property located in Mableton, Georgia. At December 31, 2017, the face amount of the mortgage note was $4.7 million. The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.80% | |||||||
[27] | The Company's first mortgage loan agreement with International Charter School of Atlanta, Inc. is secured by a public charter school property located in Roswell, Georgia. At December 31, 2017, the face amount of the mortgage note was $4.1 million. The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. | |||||||
[28] | The Company's first mortgage loan agreement with Genesis Innovation Academy, Inc. is secured by a public charter school property located in Atlanta, Georgia. At December 31, 2017, the face amount of the mortgage note was $4.2 million. The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. | |||||||
[29] | The Company's first mortgage loan agreement with CG Educational Holding Corp., is secured by a public charter school property located in Bronx, New York. At December 31, 2017, the face amount of the mortgage note was $11.3 million. The note bears interest beginning at 8.75% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. | |||||||
[30] | The Company's first mortgage loan agreement with Friends of Bridgeton Public Charter School, is secured by a public charter school property located in Bridgeton, New Jersey. At December 31, 2017, the face amount of the mortgage note was $2.6 million. The note bears interest beginning at 10.14% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 10.70%, which is net of a servicer fee to HighMark. | |||||||
[31] | The Company's first mortgage loan agreement with Colorado Military Academy Building Corporation is secured by a public charter school property located in Colorado Springs, Colorado. At December 31, 2017, the face amount of the mortgage note was $11.6 million. The note bears interest beginning at 8.80% with annual increases by a factor of approximately 2% and requires monthly interest payments. Interest income will be recognized using the effective interest method upon completion of construction. | |||||||
[32] | The Company's first mortgage loan agreement with SAIL: School for Arts-Infused Learning, Inc. is secured by a public charter school property located in Evans, Georgia. At December 31, 2017, the face amount of the mortgage note was $9.8 million. The note bears interest beginning at 8.50% with annual increases by a factor of approximately 2% and requires monthly interest payments. The note has an effective interest rate of approximately 9.70%. | |||||||
[33] | The Company's first mortgage loan agreement with Ladybird Fish Hawk LLC is secured by an early childhood education property located in Lithia, Florida. At December 31, 2017, the face amount of the mortgage note was $0.7 million. The note bears interest beginning at 7.50% during construction and increases to 8.25% at commencement with annual increases by a factor of approximately 2%. The note requires monthly interest payments upon completion of construction. Interest income will be recognized using the effective interest method upon completion of construction. |
Investments In Direct Financi51
Investments In Direct Financing Leases (Narrative) (Details) | May 22, 2015properties | Dec. 31, 2017USD ($)propertiesyears | Dec. 31, 2016USD ($)properties | Dec. 31, 2015USD ($) | May 21, 2015USD ($) |
Initial direct costs | $ 800,000 | $ 1,300,000 | |||
Allowance for lease losses | 0 | ||||
Investment in direct financing leases, net | 57,903,000 | 102,698,000 | $ 4,700,000 | ||
Proceeds from Sale of Lease Receivables | 0 | 20,951,000 | $ 4,741,000 | ||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 970,749,000 | 613,978,000 | |||
number of properties sold | properties | 1 | 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 | 0 | 0 | |||
Impairment charges | $ 10,195,000 | $ 0 | $ 0 | ||
Minimum [Member] | |||||
Length of lease (in years) | years | 14 | ||||
Maximum [Member] | |||||
Length of lease (in years) | years | 16 | ||||
Imagine Schools [Member] | |||||
Number of public charter school properties | properties | 6 | 12 | |||
Allowance for lease losses | $ 7,300,000 | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 70,300,000 | ||||
number of properties sold | properties | 7 | ||||
Number of properties subject to lease amendment | 6 | ||||
Impairment charges | $ 9,600,000 | ||||
Tangible Asset Impairment Charges | $ 2,300,000 | ||||
Third Parties [Member] | |||||
number of properties sold | properties | 2 | ||||
Imagine Madison Avenue [Member] | Imagine Schools [Member] | |||||
Tangible Asset Impairment Charges | $ 600,000 |
Investments In Direct Financi52
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 21, 2015 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||||
Proceeds from Sale of Lease Receivables | $ 0 | $ 20,951 | $ 4,741 | ||
Total minimum lease payments receivable | 112,411 | 215,753 | |||
Estimated unguaranteed residual value of leased assets | 47,000 | 85,247 | |||
Less deferred income | [1] | (101,508) | (198,302) | ||
Investment in direct financing leases, net | 57,903 | 102,698 | $ 4,700 | ||
Initial direct costs | $ 800 | $ 1,300 | |||
[1] | Deferred income is net of $0.8 million and $1.3 million of initial direct costs at December 31, 2017 and 2016, respectively. |
Investments In Direct Financi53
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2,018 | $ 6,301 | |
2,019 | 6,490 | |
2,020 | 6,685 | |
2,021 | 6,885 | |
2,022 | 7,092 | |
Thereafter | 78,958 | |
Total | $ 112,411 | $ 215,753 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Payments to Acquire Productive Assets | $ 397,697 | $ 219,169 | $ 179,820 |
Gain on sale of real estate | 41,942 | 5,315 | 23,829 |
Income from investments in unconsolidated real estate joint venture | 72 | 619 | 969 |
Distributions from joint ventures | $ 442 | $ 816 | $ 540 |
Unconsolidated Real Estate Jo55
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt | $ 3,028,827 | $ 2,485,625 | $ 3,028,827 | $ 2,485,625 | |||||||
Net income attributable to EPR Properties | $ 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | $ 58,141 | $ 57,526 | $ 55,135 | $ 54,180 | $ 262,968 | $ 224,982 | $ 194,532 |
Debt Schedule of Long-term De56
Debt Schedule of Long-term Debt Instruments (Details) | Feb. 28, 2018USD ($) | Sep. 27, 2017USD ($) | May 23, 2017USD ($) | Dec. 14, 2016USD ($) | Apr. 21, 2014properties | Sep. 30, 2017 | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 22, 2016USD ($) | Aug. 12, 2015USD ($) | Apr. 24, 2015USD ($) | Mar. 16, 2015USD ($) | Jun. 18, 2013USD ($) | Jun. 30, 2010USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Gain on Extinguishment of Debt | $ 977,000 | $ 0 | $ 0 | |||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
2,018 | 11,684,000 | |||||||||||||||
2,019 | 0 | |||||||||||||||
2,020 | 250,000,000 | |||||||||||||||
2,021 | 0 | |||||||||||||||
2,022 | 560,000,000 | |||||||||||||||
Thereafter | 2,239,995,000 | |||||||||||||||
Deferred financing costs, net | (32,852,000) | (29,320,000) | ||||||||||||||
Total | 3,028,827,000 | 2,485,625,000 | ||||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Amortization of deferred financing costs | 6,167,000 | 4,787,000 | 4,588,000 | |||||||||||||
Credit facility and letter of credit fees | 2,005,000 | 1,873,000 | 1,759,000 | |||||||||||||
Interest costs capitalized | (9,879,000) | (10,697,000) | (18,547,000) | |||||||||||||
Interest expense, net | 133,124,000 | 97,144,000 | 79,915,000 | |||||||||||||
Costs associated with loan refinancing or payoff | 1,549,000 | 905,000 | 270,000 | |||||||||||||
Segment, Continuing Operations [Member] | ||||||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Interest on loans and capital lease obligation | 135,023,000 | 101,181,000 | 92,140,000 | |||||||||||||
Amortization of deferred financing costs | 6,167,000 | 4,787,000 | 4,588,000 | |||||||||||||
Interest income | (192,000) | 0 | $ (25,000) | |||||||||||||
Unsecured term loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||||||||||||||
Line of credit facility, basis spread on variable rate | 1.10% | |||||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 50,000,000 | |||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.07%, paid in full on January 6, 2017 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [1] | $ 0 | 9,331,000 | |||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.07%, paid in full on January 6, 2017 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 1 | |||||||||||||||
Interest rate | 6.06% | |||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.06%, paid in full on February 1, 2017 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [2] | $ 0 | 8,615,000 | |||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.06%, paid in full on February 1, 2017 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 1 | |||||||||||||||
Interest rate | 6.07% | |||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, paid in full on April 3, 2017 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [3] | $ 0 | 30,486,000 | |||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, paid in full on April 3, 2017 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 4 | |||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.86%, paid in full on July 3, 2017 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [4] | $ 0 | 22,139,000 | |||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable, 5.86%, paid in full on July 3, 2017 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 1 | |||||||||||||||
Interest rate | 5.29% | |||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.29%, paid in full on July 7, 2017 | ||||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [5] | $ 0 | 3,298,000 | |||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 5.29%, paid in full on July 7, 2017 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 2 | |||||||||||||||
Interest rate | 5.86% | |||||||||||||||
Mortgage notes payable [Member] | Mortgage note payable, 6.19%, due February 1, 2018 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net book value of property | $ 18,500,000 | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [6] | $ 11,684,000 | 12,452,000 | |||||||||||||
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 | |||||||||||||||
Interest rate | 6.19% | |||||||||||||||
Mortgage notes payable [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.00%, due February 27, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, current borrowing capacity | $ 400,000,000 | |||||||||||||||
Line of credit facility, basis spread on variable rate | 1.40% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [7] | $ 210,000,000 | 0 | |||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Costs associated with loan refinancing or payoff | $ 1,500,000 | |||||||||||||||
Mortgage notes payable [Member] | Term loan payable, due February 27, 2023 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, current borrowing capacity | $ 350,000,000 | |||||||||||||||
Line of credit facility, basis spread on variable rate | 1.10% | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.49% | |||||||||||||||
Interest rate | 1.10% | 2.71% | ||||||||||||||
Mortgage notes payable [Member] | Mortgage Notes Payable, 4.00 percent, paid in full [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.00% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [8] | $ 0 | 88,629,000 | |||||||||||||
Line of Credit [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, current borrowing capacity | 1,000,000,000 | $ 650,000,000 | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||||
Line of credit facility, basis spread on variable rate | 1.00% | 1.25% | 1.00% | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.49% | |||||||||||||||
Line of credit facility, amount outstanding | $ 210,000,000 | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 790,000,000 | |||||||||||||||
Interest rate | 1.00% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [9] | $ 250,000,000 | 250,000,000 | |||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | 0.25% | ||||||||||||||
Costs associated with loan refinancing or payoff | $ 19,000 | |||||||||||||||
Line of Credit [Member] | Combined unsecured revolving credit and term loan facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, current borrowing capacity | $ 1,400,000,000 | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 2,400,000,000 | |||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 250,000,000 | |||||||||||||||
Interest rate | 7.75% | |||||||||||||||
Senior unsecured notes, interest rate | 7.75% | |||||||||||||||
Senior unsecured notes, percent of principal amount issued | 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 | [10] | $ 350,000,000 | 350,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Unsecured term loan payable, LIBOR 1.10%, $350,000 fixed at 2.71% through April 4, 2019 and 3.15% from April 5, 2019 to February 7, 2022, due February 27, 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 350,000,000 | |||||||||||||||
Interest rate | 5.75% | |||||||||||||||
Senior unsecured notes, interest rate | 5.75% | |||||||||||||||
Senior unsecured notes, percent of principal amount issued | 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 | [11] | $ 400,000,000 | 350,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 275,000,000 | |||||||||||||||
Interest rate | 5.25% | |||||||||||||||
Senior unsecured notes, interest rate | 5.25% | |||||||||||||||
Senior unsecured notes, percent of principal amount issued | 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 | [12] | $ 275,000,000 | 275,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 148,000,000 | |||||||||||||||
Interest rate | 4.35% | |||||||||||||||
Senior unsecured notes, interest rate | 4.35% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [13] | $ 148,000,000 | 148,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.50%, due April 1, 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 300,000,000 | |||||||||||||||
Interest rate | 4.50% | |||||||||||||||
Senior unsecured notes, interest rate | 4.50% | |||||||||||||||
Senior unsecured notes, percent of principal amount issued | 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 | [14] | $ 300,000,000 | 300,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.56%, due August 22, 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 192,000,000 | |||||||||||||||
Interest rate | 4.56% | |||||||||||||||
Senior unsecured notes, interest rate | 4.56% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [15] | $ 192,000,000 | 192,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.75%, due December 15, 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 450,000,000 | |||||||||||||||
Interest rate | 4.75% | |||||||||||||||
Senior unsecured notes, interest rate | 4.75% | 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 | [16] | $ 450,000,000 | 450,000,000 | |||||||||||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.50 Percent, Due June 1, 2027 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt initial balance | $ 450,000,000 | |||||||||||||||
Interest rate | 4.50% | |||||||||||||||
Senior unsecured notes, interest rate | 4.50% | 4.50% | ||||||||||||||
Senior unsecured notes, percent of principal amount issued | 0.99393 | |||||||||||||||
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 | [17] | $ 450,000,000 | 0 | |||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net book value of property | $ 21,200,000 | |||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | |||||||||||||||
Long-term Debt, by Maturity [Abstract] | ||||||||||||||||
Total | [18] | $ 24,995,000 | $ 24,995,000 | |||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 | Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties securing debt | properties | 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%, paid in full on April 3, 2017 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.73% | |||||||||||||||
Maximum [Member] | Mortgage notes payable [Member] | Mortgage notes payable, 5.73%-5.95%, paid in full on April 3, 2017 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.95% | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||
Interest Expense, Debt [Abstract] | ||||||||||||||||
Derivative, Fixed Interest Rate | 3.15% | 2.64% | ||||||||||||||
Interest Rate Swap [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 50,000,000 | $ 300,000,000 | ||||||||||||||
Interest Rate Swap [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative, Notional Amount | $ 350,000,000 | |||||||||||||||
Theatre Properties Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of properties acquired | 6 | 8 | ||||||||||||||
Subsequent Event [Member] | Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Redemption Premium | $ 28,600,000 | |||||||||||||||
[1] | The Company's mortgage note payable was paid in full on January 6, 2017 prior to its maturity date of April 6, 2017. The note was secured by one theatre property. | |||||||||||||||
[2] | The Company's mortgage note payable was paid in full on February 1, 2017 prior to its maturity date of March 1, 2017. The note was secured by one theatre property. | |||||||||||||||
[3] | The Company’s mortgage notes payable were paid in full on April 3, 2017 prior to their maturity date of May 1, 2017. The notes were secured by four theatre properties. | |||||||||||||||
[4] | The Company's mortgage note payable was paid in full on July 3, 2017 prior to its maturity date of August 1, 2017. The note was secured by two theatre properties. | |||||||||||||||
[5] | The Company's mortgage note payable was paid in full on July 7, 2017. The note was secured by one theatre property. | |||||||||||||||
[6] | The Company’s mortgage note payable due February 1, 2018 is secured by one theatre property which had a net book value of approximately $18.5 million at December 31, 2017. On January 2, 2018, this loan was prepaid in full. | |||||||||||||||
[7] | The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00%, which was 2.49% on December 31, 2017. Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured revolving portion of the credit facility, among other things, (i) increase the initial maximum available amount from $650.0 million to $1.0 billion, (ii) extend the maturity date from April 24, 2019, to February 27, 2022 (with the Company having the right to extend the loan for an additional seven months) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.00% and 0.20%, versus LIBOR plus 1.25% and 0.25%, respectively, under the previous terms. In connection with the amendment, $19 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. As of December 31, 2017, the Company had $210.0 million outstanding under the facility and total availability under the revolving credit facility was $790.0 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 $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. In connection with the amendment to the unsecured consolidated credit agreement, the obligations of the Company’s subsidiaries that were co-borrowers under the Company’s prior senior unsecured revolving credit and term loan facility were released. As a result, simultaneously with the amendment, the guarantees by the Company’s subsidiaries that were guarantors with respect to the Company’s outstanding 4.50% Senior Notes due 2027, 4.75% Senior Notes due 2026, 4.50% Senior Notes due 2025, 5.25% Senior Notes due 2023, 5.75% Senior Notes due 2022, and 7.75% Senior Notes due 2020 were released in accordance with the terms of the applicable indentures governing such notes. | |||||||||||||||
[8] | he Company's mortgage note payable was paid in full on April 6, 2017 prior to its maturity date of July 6, 2017. The note was secured by 11 theatre properties. In connection with this note payoff, the Company recorded a gain on early extinguishment of debt of $1.0 million. The gain represents the difference between the carrying value of the note and the amount due at payoff as the note was recorded at fair value upon acquisition and was not anticipated to be paid off in advance of maturity. | |||||||||||||||
[9] | 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. 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. On February 28, 2018, the Company redeemed all of the outstanding 7.75% senior notes. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium of $28.6 million calculated pursuant to the terms of the indenture, together with accrued and unpaid interest up to, but not including the redemption date. | |||||||||||||||
[10] | 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. 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. | |||||||||||||||
[11] | The Company's unsecured term loan payable bears interest at LIBOR plus 1.10%, which was 2.49% on December 31, 2017. Interest is payable monthly. On September 27, 2017, the Company amended its unsecured revolving credit facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the credit facility, among other things, (i) increase the initial amount from $350.0 million to $400.0 million, (ii) extend the maturity date from April 24, 2020 to February 27, 2023 and (iii) lower the interest rate on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.10% versus LIBOR plus 1.40% under previous terms. In connection with the amendment, $1.5 million of deferred financing costs (net of accumulated depreciation) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. At closing, the Company borrowed the remaining $50.0 million available on the $400.0 million term loan portion of the facility, which was used to pay down a portion of the Company's unsecured revolving credit facility. 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 $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the facility may have a shorter or longer maturity date and different pricing terms. 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. | |||||||||||||||
[12] | 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. 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. | |||||||||||||||
[13] | 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. | |||||||||||||||
[14] | 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. 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. | |||||||||||||||
[15] | 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. In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was effected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. | |||||||||||||||
[16] | 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. 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. | |||||||||||||||
[17] | On May 23, 2017, the Company issued $450.0 million in aggregate principal amount of senior notes due on June 1, 2027 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50%. Interest is payable on June 1 and December 1 of each year beginning on December 1, 2017 until the stated maturity date of June 1, 2027. The notes were issued at 99.393% of their face value. 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. | |||||||||||||||
[18] | On August 30, 2017, the Company refinanced its variable-rate bonds payable. The maturity date was extended from October 1, 2037 to August 1, 2047 and the outstanding principal balance and interest rate were not changed. These bonds are secured by three theatres, which had a net book value of approximately $21.2 million at December 31, 2017, and bear interest at a variable rate which resets on a weekly basis and was 1.60% at December 31, 2017. 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, 2017USD ($) |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 20.6 |
Variable Interest entity, number of entities | 1 |
Variable Interest entity unconsolidated, number of entities | 2 |
Investment In Unconsolidated Variable Interest Entities | $ 178.5 |
Investment in unconsolidated VIE | $ 178.5 |
SVVI [Member] | |
Number of properties securing unconsolidated variable interest entity | 3 |
Education Reportable Operating Segment [Member] | Education Property [Member] | |
Number of properties securing unconsolidated variable interest entity | 1 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands, CAD in Millions | Aug. 12, 2015USD ($)swap_agreements | Dec. 31, 2017USD ($)propertiesswap_agreementsCAD / $ | Dec. 31, 2017CADCAD / $ | Dec. 31, 2016USD ($) | Feb. 28, 2014CADCAD / $ |
Derivative Liability, Fair Value, Gross Liability | $ 100 | $ 2,500 | |||
Derivative Asset, Fair Value, Gross Asset | 25,700 | $ 35,900 | |||
Cash Flow Hedging [Member] | |||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | $ 1,000 | ||||
Interest Rate Swap [Member] | |||||
Derivative, Fixed Interest Rate | 2.64% | 3.15% | 3.15% | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 500 | ||||
Number of entered into interest rate swap agreements | swap_agreements | 2 | 3 | |||
Fair value of derivatives in a liability position | $ 100 | ||||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 0 | ||||
Cross Currency Swaps 2020 [Member] | |||||
Derivative, Forward Exchange Rate | CAD / $ | 1.26 | 1.26 | |||
Cross Currency Swaps 2018 [Member] | |||||
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] | |||||
credit risk related contingent features default on debt amount | 25,000 | ||||
Minimum [Member] | Interest Rate Swap [Member] | |||||
Derivative, Notional Amount | $ 300,000 | 50,000 | |||
Maximum [Member] | |||||
credit risk related contingent features default on debt amount | 50,000 | ||||
Maximum [Member] | Interest Rate Swap [Member] | |||||
Derivative, Notional Amount | $ 350,000 | ||||
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 | |||
Canada, Dollars | Cross Currency Swaps 2020 [Member] | |||||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 13,500 | ||||
Derivative, Notional Amount | CAD | CAD 100 | ||||
United States of America, Dollars | Currency Forward Agreements Member | Net Investment Hedging [Member] | |||||
Derivative, Notional Amount | 94,300 | CAD 88.1 | |||
United States of America, Dollars | Cross Currency Swaps 2020 [Member] | |||||
Derivative, Notional Amount | $ 79,500 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Interest Expense | $ 133,124 | $ 97,144 | $ 79,915 | |
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (7,861) | (5,602) | 27,158 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | (41) | (2,572) | 392 | |
Other income | 3,095 | 9,039 | 3,629 | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | (2,498) | (5,235) | (2,004) |
Fair value of derivatives in a liability position | 100 | |||
Assets Needed for Immediate Settlement, Aggregate Fair Value | 0 | |||
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (793) | (754) | 5,380 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 2,457 | 2,663 | 2,396 |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (9,547) | (2,804) | 24,359 | |
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) | $ 2,479 | $ (2,044) | $ (2,581) | |
[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 | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 21, 2015 | |
Impairment charges | $ 10,195 | $ 0 | $ 0 | |
Mortgage Notes and Related Accrued Interest Receivable, Net | 970,749 | 613,978 | ||
Investment in direct financing leases, net | $ 57,903 | $ 102,698 | $ 4,700 | |
Finance lease investment weighted average interest rate | 11.98% | 12.00% | ||
Minimum interest on investments in direct finance lease | 11.90% | 11.79% | ||
Maximum interest on investments in direct finance lease | 12.38% | 12.38% | ||
Debt | $ 3,028,827 | $ 2,485,625 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 970,700 | $ 614,000 | ||
Weighted average interest rate of mortgage notes receivable | 8.42% | 8.77% | ||
Receivable interest rate minimum | 7.00% | 7.00% | ||
Receivable interest rate maximum | 11.31% | 11.31% | ||
Fair value of notes receivable | $ 992,600 | $ 648,500 | ||
Weighted market rate used for determining future cash flow for notes receivable | 8.79% | 8.48% | ||
Variable Rate Debt [Member] | ||||
Debt | $ 635,000 | $ 375,000 | ||
Long-term debt, weighted average interest rate | 2.58% | 3.23% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | $ 350,000 | $ 300,000 | ||
Fixed Rate Debt [Member] | ||||
Long-term Debt, Fair Value | 2,530,000 | 2,210,000 | ||
Debt | $ 2,430,000 | $ 2,140,000 | ||
Long-term debt, weighted average interest rate | 5.15% | 5.27% | ||
Weighted market rate for determining fair value of debt | 4.04% | 4.26% | ||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 7.00% | 7.00% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 2.49% | 2.97% | ||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 11.50% | 12.00% | ||
Maximum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 4.56% | 4.75% |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | May 21, 2015 | |
Net Investment in Direct Financing and Sales Type Leases | $ 57,903,000 | $ 102,698,000 | $ 4,700,000 | |
Derivative Liability, Fair Value, Gross Liability | (100,000) | (2,500,000) | ||
Derivative Asset, Fair Value, Gross Asset | 25,700,000 | 35,900,000 | ||
Cross Currency Swaps | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cross Currency Swaps | Significant Unobservable Inputs (Level 3) [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
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 | |||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||
Net Investment in Direct Financing and Sales Type Leases | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Net Investment in Direct Financing and Sales Type Leases | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Net Investment in Direct Financing and Sales Type Leases | 35,807 | |||
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 134,000 | ||
Derivative Asset, Fair Value, Gross Asset | [1] | 1,041,000 | 4,158,000 | |
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | Significant Other Observable Inputs (Level 2) [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 134,000 | ||
Derivative Asset, Fair Value, Gross Asset | [1] | 1,041,000 | 4,158,000 | |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | 22,235,000 | 31,782,000 | |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | Significant Other Observable Inputs (Level 2) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | 22,235,000 | 31,782,000 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | [2] | (2,482,000) | ||
Derivative Asset, Fair Value, Gross Asset | [2] | (2,496,000) | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | [2] | (2,482,000) | ||
Derivative Asset, Fair Value, Gross Asset | [2] | $ (2,496,000) | ||
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. |
Common and Preferred Shares Com
Common and Preferred Shares Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 06, 2017 | Jan. 21, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 2,250,000 | 76,858,632 | 66,263,487 | ||
Net proceeds from issuance of common shares | $ 125,000 | $ 99,069 | $ 142,628 | $ 190,158 | |
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common stock declared dividends per share | $ 4.08 | $ 3.84 | |||
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 4.0600 | 3.8225 | |||
Taxable Ordinary Income [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 3.5434 | 3.1659 | |||
Return of Capital [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0.2762 | 0.2489 | |||
Long-term Capital Gain [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Unrecaptured Section 1250 gain | 0.0972 | 0.1060 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.2404 | $ 0.4077 | |||
direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 1,382,730 | 258,263 | |||
Net proceeds from issuance of common shares | $ 98,200 | $ 16,900 | |||
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | 8,851,264 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 21, 2017 | |
Schedule of Preferred Stock [Line Items] | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,490 | $ 0 | $ 0 | |
Preferred Share Redemption Costs | $ 4,457 | $ 0 | $ 0 | |
Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 5,399,050 | 5,399,050 | ||
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 | 0.3857 | |||
Preferred shares conversion price | 64.82 | |||
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 | $ 0.4918 | $ 0.4394 | ||
Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 3,449,115 | 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 | 0.4616 | |||
Preferred shares conversion price | 54.16 | |||
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 | $ 0.2619 | $ 0.2139 | ||
Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 0 | 5,000,000 | 5,000,000 | |
Preferred share dividend percentage | 6.625% | |||
Preferred Stock, Redemption Price Per Share | $ 25 | |||
Per share liquidation preference | $ 25 | |||
Preferred Stock, Redemption Amount | $ 126,500 | |||
Preferred Shares declared dividends per share | $ 1.54123 | $ 1.65625 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.299045 | |||
Preferred Share Redemption Costs | $ 4,500 | |||
Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 6,000,000 | 0 | ||
Preferred share dividend percentage | 5.75% | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,500 | |||
Preferred share dividend rate (in dollars per share) | $ 1.44 | |||
Per share liquidation preference | 25 | |||
Preferred Shares declared dividends per share | 0.18368 | |||
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.3527 | $ 0.2850 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.3462 | 1.2735 | ||
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.1428 | 0.0883 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.1070 | 1.9933 | ||
Taxable Ordinary Income [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.8310 | 1.4673 | ||
Return of Capital [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.1152 | 0.1177 | ||
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 | 0.1094 | 0.1142 | ||
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 | 0.0239 | 0.0367 | ||
Unrecaptured Section 1250 gain | 0.0352 | 0.0426 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0092 | 0.0095 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0913 | 0.1640 | ||
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0097 | 0.0114 | ||
Unrecaptured Section 1250 gain | 0.0551 | 0.0668 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0037 | 0.0030 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1430 | 0.2567 | ||
Long-term Capital Gain [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Unrecaptured Section 1250 gain | 0.0479 | 0.0491 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1243 | 0.1889 | ||
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 | 1.9553 | 1.6562 | ||
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 | 0.4918 | 0.4394 | ||
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 | $ 0.2619 | $ 0.2139 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 61.79 | $ 51.64 | |
Exercise price range, upper limit | $ 76.63 | $ 61.79 | $ 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 | 2,100 | 2,000 | 2,000 |
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 | 7 | 72 | 236 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 262,968 | $ 224,982 | $ 194,333 | ||||||||
Less: preferred dividend requirements and redemption costs | $ (28,750) | $ (23,806) | (23,806) | ||||||||
Income from continuing operations available to common shareholders | $ 170,527 | ||||||||||
Weighted average number of shares outstanding, basic | 71,191 | 63,381 | 58,138 | ||||||||
Income from continuing operations, per basic share (in dollars per share) | $ 3.29 | $ 3.17 | $ 2.93 | ||||||||
Income from discontinued operations available to common shareholders | $ 199 | ||||||||||
Income (loss) from discontinued operations, per basic share (in dollars per share) | $ 0 | $ 0 | $ 0.01 | ||||||||
Net income available to common shareholders of EPR Properties | $ 234,218 | $ 201,176 | $ 170,726 | ||||||||
Earnings per share, basic (in dollars per share) | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 3.29 | $ 3.17 | $ 2.94 |
Share options, shares | 63 | 93 | 190 | ||||||||
Income from continuing operations available to common shareholders, diluted | $ 234,218 | $ 201,176 | $ 170,527 | ||||||||
Weighted average number of shares outstanding, diluted | 71,254 | 63,474 | 58,328 | ||||||||
Income from continuing operations, per diluted share (in dollars per share) | $ 3.29 | $ 3.17 | $ 2.92 | ||||||||
Income (loss) from discontinuing operation available to common stockholders, diluted | $ 199 | ||||||||||
Income (loss) from discontinued operations, per diluted share (in dollars per share) | $ 0 | $ 0 | $ 0.01 | ||||||||
Net income available to common shareholders, diluted | $ 234,218 | $ 201,176 | $ 170,726 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 3.29 | $ 3.17 | $ 2.93 |
Chief Executive Officer Retir66
Chief Executive Officer Retirement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Retirement severance expense | $ 0 | $ 0 | $ 18,578 | |
Employee Severance [Member] | Expected Cash Payment [Member] | Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Retirement severance expense | 11,800 | |||
Employee Severance [Member] | Taxes and Other Expenses [Member] | Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Retirement severance expense | 400 | |||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Retirement severance expense | $ 5,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 113,900 | |||
Stock Options [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Executive Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Retirement severance expense | $ 1,400 | $ 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 12, 2016 | |
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 | 285,986 | 516,305 | 950,214 | ||
Number of Shares, Exercised | (29,253) | (230,319) | (476,400) | ||
Number of Shares, Granted | 2,215 | 121,546 | |||
Number of Shares, Forfeited | (1,342) | (79,055) | |||
Number of Shares, Outstanding at End of Period | 516,305 | 257,606 | 285,986 | 516,305 | |
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 | $ 51.93 | $ 48.42 | $ 42.48 | ||
Average Exercise Price, Exercised | 54.54 | 44.05 | 37.42 | ||
Average Exercise Price, Granted | 76.63 | 61.79 | |||
Average Exercise Price, Forfeited | 59.52 | 63.88 | |||
Average Exercise Price, Outstanding at End of Period | $ 48.42 | 51.81 | $ 51.93 | 48.42 | |
Weighted average fair value of options granted | $ 7.91 | $ 16.35 | |||
Intrinsic value of stock options exercised | $ 500 | $ 5,200 | $ 7,300 | ||
Retirement severance expense | $ 0 | $ 0 | $ 18,578 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 22,076 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 1,600 | ||||
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 | $ 19.02 | $ 18.18 | ||
Option Price Per Share, Exercised | 46.86 | 19.41 | 18.18 | ||
Option Price Per Share, Granted | 76.63 | 61.79 | |||
Option Price Per Share, Forfeited | 51.64 | 45.20 | |||
Option Price Per Share, Outstanding at End of Period | 19.02 | $ 19.02 | 19.02 | 19.02 | |
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 | $ 61.79 | 65.50 | 65.50 | ||
Option Price Per Share, Exercised | 61.79 | 65.50 | 61.53 | ||
Option Price Per Share, Granted | 76.63 | 61.79 | |||
Option Price Per Share, Forfeited | 61.79 | 65.50 | |||
Option Price Per Share, Outstanding at End of Period | $ 65.50 | $ 76.63 | $ 61.79 | $ 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 | 1,631,841 | ||||
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 | $ 700 | $ 900 | $ 1,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.10% | 1.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.40% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 48.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 22.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.74% | 0.78% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | |||
stock option expense including severance costs | $ 2,500 | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.90% | ||||
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 |
Equity Incentive Plans (Schedul
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Share-based Compensation [Abstract] | |
Stock option expense to be recognized in 2018 | $ 291 |
Stock option expense to be recognized in 2019 | 4 |
Stock option expense to be recognized in 2020 | 4 |
Total Compensation Cost To Be Recognized, Stock Options | $ 299 |
Equity Incentive Plans (Summa69
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Exercise price range, lower limit | $ 61.79 | $ 51.64 | ||
Exercise price range, upper limit | $ 76.63 | $ 61.79 | $ 65.50 | |
Options outstanding | 257,606 | 285,986 | 516,305 | 950,214 |
Weighted avg. life remaining | 5 years 6 months | |||
Weighted avg. exercise price | $ 51.81 | $ 51.93 | $ 48.42 | $ 42.48 |
Aggregate intrinsic value | $ 3,541 | |||
$ 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 | 1 year 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 | 2 years | |||
40.00 - 49.99 [Member] | ||||
Exercise price range, lower limit | $ 40 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 86,041 | |||
Weighted avg. life remaining | 4 years 1 month | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 75,939 | |||
Weighted avg. life remaining | 5 years 9 months | |||
60.00 - 69.99 [Member] | ||||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 61.79 | |||
Options outstanding | 80,886 | |||
Weighted avg. life remaining | 7 years 1 month | |||
70.00 - 76.63 [Member] | ||||
Exercise price range, lower limit | $ 70 | |||
Exercise price range, upper limit | $ 76.63 | |||
Options outstanding | 2,215 | |||
Weighted avg. life remaining | 9 years 1 month |
Equity Incentive Plans (Summa70
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exercise price range, lower limit | $ 61.79 | $ 51.64 | |
Exercise price range, upper limit | $ 76.63 | $ 61.79 | $ 65.50 |
Options outstanding | 188,067 | ||
Weighted avg. life remaining | 5 years | ||
Weighted avg. exercise price | $ 49.28 | ||
Aggregate intrinsic value | $ 3,044 | ||
$ 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 | 1 year 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 | 2 years | ||
40.00 - 49.99 [Member] | |||
Exercise price range, lower limit | $ 40 | ||
Exercise price range, upper limit | $ 49.99 | ||
Options outstanding | 86,041 | ||
Weighted avg. life remaining | 4 years 1 month | ||
50.00 - 59.99 [Member] | |||
Exercise price range, lower limit | $ 50 | ||
Exercise price range, upper limit | $ 59.99 | ||
Options outstanding | 51,276 | ||
Weighted avg. life remaining | 5 years 8 months | ||
60.00 - 69.99 [Member] | |||
Exercise price range, lower limit | $ 60 | ||
Exercise price range, upper limit | $ 61.79 | ||
Options outstanding | 38,225 | ||
Weighted avg. life remaining | 7 years 1 month |
Equity Incentive Plans (Summa71
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 66.88 | ||
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 | 534,317 | ||
Number of Shares, Granted | 296,914 | ||
Number of Shares, Vested | (209,767) | ||
Number of Shares, Outstanding at December 31, 2016 | 620,122 | 534,317 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2015 | $ 59.22 | ||
Weighted Average Grant Date Fair Value, Granted | 76.49 | ||
Weighted Average Grant Date Fair Value, Vested | $ 57.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,342 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ 68.07 | $ 59.22 | |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 11 months 15 days | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Fair value of non-vested shares | $ 15,100 | $ 9,200 | $ 17,100 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 21,173 | ||
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, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2017 | $ 10,391 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2018 | 7,337 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2019 | 3,445 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 21,173 |
Equity Incentive Plans (Summa73
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / 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 | 534,317 |
Number of Shares, Granted | shares | 296,914 |
Number of Shares, Vested | shares | (209,767) |
Number of Shares, Outstanding at December 31, 2016 | shares | 620,122 |
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 | $ 59.22 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 76.49 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 57.47 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ / shares | $ 68.07 |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 11 months 15 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 | 15,805 |
Number of Shares, Granted | shares | 19,030 |
Number of Shares, Vested | shares | (15,805) |
Number of Shares, Outstanding at December 31, 2016 | shares | 19,030 |
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 | $ 70.93 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 70.91 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 70.93 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2016 | $ / shares | $ 70.91 |
Weighted Average Life Remaining, Outstanding at December 31, 2016 | 4 months |
Unamortized share-based compensation expense | $ | $ 450 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)years | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Leases [Abstract] | |||
Rental properties, length of lease, minimum (in years) | years | 1 | ||
Rental properties, length of lease, maximum (in years) | years | 32 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,018 | $ 474,608 | ||
2,019 | 459,318 | ||
2,020 | 446,051 | ||
2,021 | 437,723 | ||
2,022 | 422,306 | ||
Thereafter | 3,656,516 | ||
Total | 5,896,522 | ||
Rental expense | 1,000 | $ 681 | $ 556 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,018 | 856 | ||
2,019 | 856 | ||
2,020 | 856 | ||
2,021 | 884 | ||
2,022 | 967 | ||
Thereafter | 3,625 | ||
Total | $ 8,044 |
Quarterly Financial Informati75
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenue | $ 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | $ 130,831 | $ 125,610 | $ 118,033 | $ 118,768 | $ 575,991 | $ 493,242 | $ 421,017 |
Net income attributable to EPR Properties | 65,563 | 62,954 | 80,535 | 53,916 | 58,141 | 57,526 | 55,135 | 54,180 | 262,968 | 224,982 | 194,532 |
Net income available to common shareholders of EPR Properties | $ 54,668 | $ 57,003 | $ 74,583 | $ 47,964 | $ 52,190 | $ 51,575 | $ 49,183 | $ 48,228 | $ 262,968 | $ 224,982 | $ 194,532 |
Basic net income per common share | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 3.29 | $ 3.17 | $ 2.94 |
Diluted net income per common share | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 0.82 | $ 0.81 | $ 0.77 | $ 0.77 | $ 3.29 | $ 3.17 | $ 2.93 |
Discontinued Operations (Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Acquisitions and Disposals [Line Items] | |||
Tenant reimbursements | $ 68 | ||
Other income | 172 | ||
Total revenue | 240 | ||
Property operating expense | 12 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 228 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 29 | ||
Net income | $ 0 | $ 0 | $ 199 |
Other Commitments And Conting77
Other Commitments And Contingencies (Details) | Jun. 30, 2014claim | Oct. 20, 2011USD ($)claim | Dec. 31, 2017USD ($)mortgagenotesdevelopmentproject | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Commitment to fund project development | $ 168,700,000 | ||||
Revenue bond issued | 14,718,000 | $ 22,164,000 | |||
Property under development | $ 257,629,000 | $ 297,110,000 | |||
Number Of Mortgage Notes Receivable | mortgagenotes | 6 | ||||
Mortgage notes receivable with commitments | $ 22,700,000 | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 24,700,000 | ||||
Loss Contingency, Damages Sought, Value | $ 800,000,000 | ||||
Loss Contingency, Claims Dismissed, Number | claim | 1 | ||||
Number of Surety Bonds | 6 | ||||
Surety bonds | $ 22,800,000 | ||||
Loss Contingency, New Claims Filed, Number | claim | 3 | ||||
Loss Contingency, Claims Settled and Dismissed, Number | claim | 2 | 2 | |||
number of properties in land held for development | 1 | ||||
Theatre Properties Member | |||||
Development Project In Process | developmentproject | 23 | ||||
Commitment to fund project development | $ 61,500,000 | ||||
Education Property [Member] | |||||
Development Project In Process | developmentproject | 7 | ||||
Commitment to fund project development | $ 41,500,000 | ||||
RecreationProperties [Member] | |||||
Development Project In Process | developmentproject | 4 | ||||
Commitment to fund project development | $ 65,700,000 | ||||
Louisiana Theatre Properties [Member] | |||||
Development Project In Process | developmentproject | 2 | ||||
Economic development revenue bond term (in years) | 30 years | ||||
Deferred assets related to guarantee | $ 13,400,000 | ||||
Deferred liabilities related to guarantee | 13,400,000 | ||||
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 | 21,000,000 | ||||
Adelaar Infrastructure [Member] | |||||
Reimbursement received from payment of economic development revenue bonds | $ 23,900,000 | ||||
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 | $ 40,000,000 | ||||
Children's Learning Adventure USA, LLC [Member] | |||||
Number of Real Estate Properties | 25 | ||||
Property under development | $ 14,500,000 | ||||
Subsidiaries filing for bankruptcy | 10 | ||||
Bankruptcy Claims, Number Claims Filed | 24 | ||||
Property Subject to or Available for Operating Lease, Number of Units | 21 | ||||
Children's Learning Adventure USA, LLC [Member] | Land held for development [Member] | |||||
number of properties under construction | 2 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Operating Segments | segment | 4 | ||||||||||
Total assets | $ 6,191,493 | $ 4,865,022 | $ 6,191,493 | $ 4,865,022 | |||||||
Rental revenue | 468,648 | 399,589 | $ 330,886 | ||||||||
Tenant reimbursements | 15,555 | 15,595 | 16,320 | ||||||||
Other income (loss) | 3,095 | 9,039 | 3,629 | ||||||||
Mortgage and other financing income | 88,693 | 69,019 | 70,182 | ||||||||
Total revenue | 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | 130,831 | $ 125,610 | $ 118,033 | $ 118,768 | 575,991 | 493,242 | 421,017 |
Property operating expense | 31,653 | 22,602 | 23,433 | ||||||||
Other expense | 242 | 5 | 648 | ||||||||
Investment Income, Investment Expense | 31,895 | 22,607 | 24,081 | ||||||||
Net Operating Income Before Unallocated Items | 544,096 | 470,635 | 396,936 | ||||||||
General and Administrative Expense | (43,383) | (37,543) | (31,021) | ||||||||
Severance Costs | 0 | 0 | (18,578) | ||||||||
Costs associated with loan refinancing or payoff | (1,549) | (905) | (270) | ||||||||
Gain on Extinguishment of Debt | 977 | 0 | 0 | ||||||||
Interest Expense | (133,124) | (97,144) | (79,915) | ||||||||
Transaction costs | (523) | (7,869) | (7,518) | ||||||||
Depreciation and amortization | (132,946) | (107,573) | (89,617) | ||||||||
Equity in income from joint ventures | 72 | 619 | 969 | ||||||||
Gain on sale of real estate | 41,942 | 5,315 | 23,829 | ||||||||
Income tax expense | (2,399) | (553) | (482) | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 0 | 199 | ||||||||
Net income attributable to EPR Properties | 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | 58,141 | $ 57,526 | $ 55,135 | $ 54,180 | 262,968 | 224,982 | 194,532 |
Dividends, Preferred Stock | (24,293) | (23,806) | (23,806) | ||||||||
Preferred Share Redemption Costs | 4,457 | 0 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | 234,218 | 201,176 | 170,726 | ||||||||
Entertainment Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,380,129 | 2,168,669 | 2,380,129 | 2,168,669 | |||||||
Rental revenue | 267,729 | 250,659 | 238,896 | ||||||||
Tenant reimbursements | 15,518 | 15,588 | 16,343 | ||||||||
Other income (loss) | 614 | 249 | 512 | ||||||||
Mortgage and other financing income | 4,407 | 6,187 | 7,127 | ||||||||
Total revenue | 288,268 | 272,683 | 262,878 | ||||||||
Property operating expense | 23,175 | 21,303 | 23,120 | ||||||||
Other expense | 0 | 0 | |||||||||
Investment Income, Investment Expense | 23,175 | 21,303 | 23,120 | ||||||||
Net Operating Income Before Unallocated Items | 265,093 | 251,380 | 239,758 | ||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 1,429,992 | 1,308,288 | 1,429,992 | 1,308,288 | |||||||
Rental revenue | 78,994 | 77,768 | 51,439 | ||||||||
Tenant reimbursements | 37 | 7 | 0 | ||||||||
Other income (loss) | 1 | 1,648 | 0 | ||||||||
Mortgage and other financing income | 35,546 | 32,539 | 30,622 | ||||||||
Total revenue | 114,578 | 111,962 | 82,061 | ||||||||
Property operating expense | 6,314 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 6,314 | 0 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 108,264 | 111,962 | 82,061 | ||||||||
Recreation Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,102,041 | 1,120,498 | 2,102,041 | 1,120,498 | |||||||
Rental revenue | 112,763 | 62,527 | 40,551 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income (loss) | 0 | 4,482 | 0 | ||||||||
Mortgage and other financing income | 48,740 | 30,190 | 32,080 | ||||||||
Total revenue | 161,503 | 97,199 | 72,631 | ||||||||
Property operating expense | 117 | 8 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 117 | 8 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 161,386 | 97,191 | 72,631 | ||||||||
Other Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 199,052 | 202,394 | 199,052 | 202,394 | |||||||
Rental revenue | 9,162 | 8,635 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | (23) | ||||||||
Other income (loss) | 0 | 0 | 119 | ||||||||
Mortgage and other financing income | 0 | 103 | 353 | ||||||||
Total revenue | 9,162 | 8,738 | 449 | ||||||||
Property operating expense | 1,407 | 662 | 313 | ||||||||
Other expense | 0 | 5 | 648 | ||||||||
Investment Income, Investment Expense | 1,407 | 667 | 961 | ||||||||
Net Operating Income Before Unallocated Items | 7,755 | 8,071 | (512) | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 80,279 | $ 65,173 | 80,279 | 65,173 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Tenant reimbursements | 0 | 0 | 0 | ||||||||
Other income (loss) | 2,480 | 2,660 | 2,998 | ||||||||
Mortgage and other financing income | 0 | 0 | 0 | ||||||||
Total revenue | 2,480 | 2,660 | 2,998 | ||||||||
Property operating expense | 640 | 629 | 0 | ||||||||
Other expense | 242 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 882 | 629 | 0 | ||||||||
Net Operating Income Before Unallocated Items | $ 1,598 | $ 2,031 | $ 2,998 |
Schedule II - Valuation and Q79
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 871,000 | $ 3,210,000 | $ 1,554,000 |
Additions | 7,256,000 | 0 | 1,829,000 |
Deductions | (642,000) | (2,339,000) | (173,000) |
Ending balance | 871,000 | 3,210,000 | |
Allowance for doubtful accounts | 7,485,000 | 871,000 | 3,210,000 |
Allowance for Loan and Lease Losses [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 3,777,000 |
Additions | 0 | 0 | 0 |
Deductions | 0 | 0 | (3,777,000) |
Ending balance | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate an80
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,028,827 | |
Land, initial cost | 1,399,877 | |
Buildings, equipment & improvement, initial cost | 3,815,207 | |
Additions (dispositions) (impairments) subsequent to acquisition | 421,802 | |
Land, gross amount | 1,400,126 | |
Buildings, equipment & improvement, gross amount | 4,236,760 | |
Fair value of Concord resort land received | 5,636,886 | $ 4,550,937 |
Accumulated depreciation | (741,334) | (635,535) |
Deferred financing costs, net | (32,852) | $ (29,320) |
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 | $ (8,379) | |
Depreciation life | 40 years | |
Sugar Land, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (9,584) | |
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 | 8,455 | |
Land, gross amount | 3,006 | |
Buildings, equipment & improvement, gross amount | 22,117 | |
Fair value of Concord resort land received | 25,123 | |
Accumulated depreciation | $ (7,669) | |
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 | $ (6,184) | |
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 | $ (7,814) | |
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 | 7,130 | |
Land, gross amount | 5,521 | |
Buildings, equipment & improvement, gross amount | 26,579 | |
Fair value of Concord resort land received | 32,100 | |
Accumulated depreciation | $ (9,539) | |
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 | $ (9,768) | |
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 | $ (6,877) | |
Depreciation life | 40 years | |
Leawood, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (6,386) | |
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 | $ (10,741) | |
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 | $ (14,098) | |
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 | $ (10,703) | |
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 | $ (12,403) | |
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 | $ (7,480) | |
Depreciation life | 24 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 | $ (3,091) | |
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 | 11,512 | |
Land, gross amount | 2,000 | |
Buildings, equipment & improvement, gross amount | 24,512 | |
Fair value of Concord resort land received | 26,512 | |
Accumulated depreciation | $ (10,129) | |
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 | $ (6,650) | |
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 | $ (7,601) | |
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 | $ (8,968) | |
Depreciation life | 18 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 | 3,091 | |
Land, gross amount | 3,352 | |
Buildings, equipment & improvement, gross amount | 14,744 | |
Fair value of Concord resort land received | 18,096 | |
Accumulated depreciation | $ (5,421) | |
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 | $ (6,924) | |
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 | $ (4,647) | |
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 | $ (5,866) | |
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 | $ (2,684) | |
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 | $ (2,684) | |
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 | $ (4,881) | |
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 | $ (2,996) | |
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 | $ (9,971) | |
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 | 3,525 | |
Land, gross amount | 4,000 | |
Buildings, equipment & improvement, gross amount | 19,460 | |
Fair value of Concord resort land received | 23,460 | |
Accumulated depreciation | $ (7,275) | |
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 | $ (6,754) | |
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 | $ (8,401) | |
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 | $ (3,013) | |
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 | $ (1,864) | |
Depreciation life | 40 years | |
Lawrence, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,380) | |
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 | $ (2,916) | |
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 | 3,518 | |
Land, gross amount | 4,276 | |
Buildings, equipment & improvement, gross amount | 19,452 | |
Fair value of Concord resort land received | 23,728 | |
Accumulated depreciation | $ (5,586) | |
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 | $ (6,236) | |
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 | $ (5,842) | |
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 | $ (3,749) | |
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 | $ (3,477) | |
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 | $ (4,180) | |
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 | $ (2,974) | |
Depreciation life | 40 years | |
D'Iberville, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 8,043 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,612 | |
Land, gross amount | 808 | |
Buildings, equipment & improvement, gross amount | 12,848 | |
Fair value of Concord resort land received | 13,656 | |
Accumulated depreciation | $ (3,376) | |
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 | 3,033 | |
Land, gross amount | 1,650 | |
Buildings, equipment & improvement, gross amount | 10,080 | |
Fair value of Concord resort land received | 11,730 | |
Accumulated depreciation | $ (2,312) | |
Depreciation life | 40 years | |
Chattanooga, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (3,679) | |
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 | $ (2,571) | |
Depreciation life | 40 years | |
Indianapolis, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,517) | |
Depreciation life | 40 years | |
Hattiesurg, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,978 | |
Buildings, equipment & improvement, initial cost | 7,733 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,720 | |
Land, gross amount | 1,978 | |
Buildings, equipment & improvement, gross amount | 12,453 | |
Fair value of Concord resort land received | 14,431 | |
Accumulated depreciation | $ (3,104) | |
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 | $ (1,151) | |
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 | $ (1,868) | |
Depreciation life | 40 years | |
Fresno, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,600 | |
Buildings, equipment & improvement, initial cost | 11,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,894 | |
Land, gross amount | 7,600 | |
Buildings, equipment & improvement, gross amount | 14,507 | |
Fair value of Concord resort land received | 22,107 | |
Accumulated depreciation | $ (4,167) | |
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 | 1,889 | |
Land, gross amount | 2,542 | |
Buildings, equipment & improvement, gross amount | 5,799 | |
Fair value of Concord resort land received | 8,341 | |
Accumulated depreciation | $ (1,236) | |
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 | $ (3,585) | |
Depreciation life | 40 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 11,684 | |
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 | $ (4,355) | |
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 | $ (2,012) | |
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 | 4,188 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,341 | |
Fair value of Concord resort land received | 16,341 | |
Accumulated depreciation | $ (4,105) | |
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 | $ (4,194) | |
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 | 5,950 | |
Land, gross amount | 5,125 | |
Buildings, equipment & improvement, gross amount | 18,166 | |
Fair value of Concord resort land received | 23,291 | |
Accumulated depreciation | $ (8,073) | |
Depreciation life | 17 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 | $ (4,152) | |
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 | $ (3,162) | |
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 | $ (2,952) | |
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 | $ (1,892) | |
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 | $ (3,391) | |
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 | $ (2,426) | |
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 | 2,817 | |
Land, gross amount | 4,716 | |
Buildings, equipment & improvement, gross amount | 3,044 | |
Fair value of Concord resort land received | 7,760 | |
Accumulated depreciation | $ (48) | |
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 | $ (2,295) | |
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 | $ (354) | |
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 | 2,265 | |
Land, gross amount | 3,564 | |
Buildings, equipment & improvement, gross amount | 8,368 | |
Fair value of Concord resort land received | 11,932 | |
Accumulated depreciation | $ (1,220) | |
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 | 2,000 | |
Land, gross amount | 2,630 | |
Buildings, equipment & improvement, gross amount | 13,791 | |
Fair value of Concord resort land received | 16,421 | |
Accumulated depreciation | $ (2,364) | |
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 | $ (345) | |
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 | $ (943) | |
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 | $ (778) | |
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 | $ (1,263) | |
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 | $ (662) | |
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 | $ (1,923) | |
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 | $ (1,313) | |
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 | $ (1,326) | |
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 | $ (751) | |
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 | $ (391) | |
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 | $ (2,003) | |
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 | $ (369) | |
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 | $ (622) | |
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 | $ (1,090) | |
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 | $ (763) | |
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 | $ (844) | |
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 | $ (968) | |
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 | 1,644 | |
Land, gross amount | 1,065 | |
Buildings, equipment & improvement, gross amount | 13,313 | |
Fair value of Concord resort land received | 14,378 | |
Accumulated depreciation | $ (2,205) | |
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 | 2,056 | |
Land, gross amount | 4,356 | |
Buildings, equipment & improvement, gross amount | 13,589 | |
Fair value of Concord resort land received | 17,945 | |
Accumulated depreciation | $ (2,173) | |
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 | $ (1,826) | |
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 | $ (2,476) | |
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 | 1,427 | |
Land, gross amount | 2,938 | |
Buildings, equipment & improvement, gross amount | 13,843 | |
Fair value of Concord resort land received | 16,781 | |
Accumulated depreciation | $ (2,137) | |
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 | $ (1,283) | |
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 | $ (1,983) | |
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 | $ (654) | |
Depreciation life | 40 years | |
Merrimack, NH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (964) | |
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 | $ (1,216) | |
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 | $ (668) | |
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 | $ (1,669) | |
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 | $ (1,402) | |
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 | 12 | |
Land, gross amount | 1,709 | |
Buildings, equipment & improvement, gross amount | 4,759 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (653) | |
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 | $ (704) | |
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 | $ (970) | |
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 | $ (1,107) | |
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 | $ (1,352) | |
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 | $ (173) | |
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 | $ (1,007) | |
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 | $ (3,516) | |
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 | $ (2,909) | |
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 | $ (646) | |
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 | $ (783) | |
Depreciation life | 40 years | |
Bedford, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (168) | |
Depreciation life | 40 years | |
Seymour, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (226) | |
Depreciation life | 40 years | |
Wilder, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,143) | |
Depreciation life | 40 years | |
Bowling Green, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (998) | |
Depreciation life | 40 years | |
New Albany, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,416) | |
Depreciation life | 40 years | |
Clarksville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,609) | |
Depreciation life | 40 years | |
Williamsport, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (674) | |
Depreciation life | 40 years | |
Noblesville, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 886 | |
Buildings, equipment & improvement, initial cost | 7,453 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,019 | |
Land, gross amount | 886 | |
Buildings, equipment & improvement, gross amount | 9,472 | |
Fair value of Concord resort land received | 10,358 | |
Accumulated depreciation | $ (747) | |
Depreciation life | 40 years | |
Moline, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (986) | |
Depreciation life | 40 years | |
O'Fallon, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (707) | |
Depreciation life | 40 years | |
McDonough, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (1,625) | |
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 | 80 | |
Land, gross amount | 10,919 | |
Buildings, equipment & improvement, gross amount | 10 | |
Fair value of Concord resort land received | 10,929 | |
Accumulated depreciation | $ (1) | |
Depreciation life | 15 years | |
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 | $ (459) | |
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 | $ (491) | |
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 | $ (2,269) | |
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 | 4,224 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,317 | |
Fair value of Concord resort land received | 9,317 | |
Accumulated depreciation | $ (295) | |
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 | $ (1,393) | |
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 | $ (394) | |
Depreciation life | 40 years | |
Corpus, Christi, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,286 | |
Buildings, equipment & improvement, initial cost | 8,252 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,286 | |
Buildings, equipment & improvement, gross amount | 8,252 | |
Fair value of Concord resort land received | 9,538 | |
Accumulated depreciation | $ (189) | |
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 | $ (44) | |
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 | $ (330) | |
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 | 9,018 | |
Land, gross amount | 10,158 | |
Buildings, equipment & improvement, gross amount | 26,567 | |
Fair value of Concord resort land received | 36,725 | |
Accumulated depreciation | $ (1,208) | |
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 | $ (1,062) | |
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 | $ (721) | |
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 | 5,680 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 22,644 | |
Fair value of Concord resort land received | 24,626 | |
Accumulated depreciation | $ (1,088) | |
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 | $ (379) | |
Depreciation life | 30 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 965 | |
Buildings, equipment & improvement, initial cost | 10,002 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 965 | |
Buildings, equipment & improvement, gross amount | 10,002 | |
Fair value of Concord resort land received | 10,967 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 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 | $ (537) | |
Depreciation life | 30 years | |
Fort Wayne, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,926 | |
Buildings, equipment & improvement, initial cost | 11,054 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,926 | |
Buildings, equipment & improvement, gross amount | 11,054 | |
Fair value of Concord resort land received | 12,980 | |
Accumulated depreciation | $ (273) | |
Depreciation life | 27 years | |
Wichita, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 267 | |
Buildings, equipment & improvement, initial cost | 7,535 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 267 | |
Buildings, equipment & improvement, gross amount | 7,535 | |
Fair value of Concord resort land received | 7,802 | |
Accumulated depreciation | $ (191) | |
Depreciation life | 23 years | |
Wichita, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,132 | |
Buildings, equipment & improvement, initial cost | 23,270 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,132 | |
Buildings, equipment & improvement, gross amount | 23,270 | |
Fair value of Concord resort land received | 26,402 | |
Accumulated depreciation | $ (590) | |
Depreciation life | 23 years | |
Richmond, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,251 | |
Buildings, equipment & improvement, initial cost | 36,534 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,251 | |
Buildings, equipment & improvement, gross amount | 36,534 | |
Fair value of Concord resort land received | 43,785 | |
Accumulated depreciation | $ (340) | |
Depreciation life | 40 years | |
Tomball, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,416 | |
Buildings, equipment & improvement, initial cost | 26,918 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,416 | |
Buildings, equipment & improvement, gross amount | 26,918 | |
Fair value of Concord resort land received | 30,334 | |
Accumulated depreciation | $ (245) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,671 | |
Buildings, equipment & improvement, initial cost | 17,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,671 | |
Buildings, equipment & improvement, gross amount | 17,526 | |
Fair value of Concord resort land received | 20,197 | |
Accumulated depreciation | $ (320) | |
Depreciation life | 25 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 | $ (15,646) | |
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 | 11,447 | |
Land, gross amount | 6,205 | |
Buildings, equipment & improvement, gross amount | 24,047 | |
Fair value of Concord resort land received | 30,252 | |
Accumulated depreciation | $ (17,630) | |
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 | $ (6,962) | |
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 | $ (8) | |
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 | 6,298 | |
Land, gross amount | 8,000 | |
Buildings, equipment & improvement, gross amount | 26,816 | |
Fair value of Concord resort land received | 34,816 | |
Accumulated depreciation | $ (26,321) | |
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 | 9,423 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 107,119 | |
Fair value of Concord resort land received | 113,219 | |
Accumulated depreciation | $ (38,426) | |
Depreciation life | 40 years | |
Kanata, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,044 | |
Buildings, equipment & improvement, initial cost | 36,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 29,324 | |
Land, gross amount | 10,044 | |
Buildings, equipment & improvement, gross amount | 65,954 | |
Fair value of Concord resort land received | 75,998 | |
Accumulated depreciation | $ (21,678) | |
Depreciation life | 40 years | |
Mississagua, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,221 | |
Buildings, equipment & improvement, initial cost | 17,593 | |
Additions (dispositions) (impairments) subsequent to acquisition | 21,635 | |
Land, gross amount | 12,125 | |
Buildings, equipment & improvement, gross amount | 36,324 | |
Fair value of Concord resort land received | 48,449 | |
Accumulated depreciation | $ (9,969) | |
Depreciation life | 40 years | |
Oakville, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,044 | |
Buildings, equipment & improvement, initial cost | 23,646 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,109 | |
Land, gross amount | 10,044 | |
Buildings, equipment & improvement, gross amount | 28,755 | |
Fair value of Concord resort land received | 38,799 | |
Accumulated depreciation | $ (10,854) | |
Depreciation life | 40 years | |
Whitby, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,202 | |
Buildings, equipment & improvement, initial cost | 21,960 | |
Additions (dispositions) (impairments) subsequent to acquisition | 24,126 | |
Land, gross amount | 13,105 | |
Buildings, equipment & improvement, gross amount | 43,183 | |
Fair value of Concord resort land received | 56,288 | |
Accumulated depreciation | $ (14,386) | |
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 | (339) | |
Land, gross amount | 1,983 | |
Buildings, equipment & improvement, gross amount | 2,497 | |
Fair value of Concord resort land received | 4,480 | |
Accumulated depreciation | $ (816) | |
Depreciation life | 25 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 | 8,167 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 43,183 | |
Fair value of Concord resort land received | 59,767 | |
Accumulated depreciation | $ (12,815) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,389 | |
Buildings, equipment & improvement, initial cost | 3,546 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,389 | |
Buildings, equipment & improvement, gross amount | 3,546 | |
Fair value of Concord resort land received | 5,935 | |
Accumulated depreciation | $ (78) | |
Depreciation life | 25 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 | $ (1,153) | |
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 | $ (1,082) | |
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 | 4,670 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 9,731 | |
Fair value of Concord resort land received | 14,241 | |
Accumulated depreciation | $ (1,714) | |
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 | 6,320 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,454 | |
Land, gross amount | 4,377 | |
Buildings, equipment & improvement, gross amount | 11,695 | |
Fair value of Concord resort land received | 16,072 | |
Accumulated depreciation | $ (1,349) | |
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 | $ (1,086) | |
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 | $ (358) | |
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 | $ (881) | |
Depreciation life | 35 years | |
Orlando, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,382 | |
Buildings, equipment & improvement, initial cost | 16,225 | |
Additions (dispositions) (impairments) subsequent to acquisition | 58 | |
Land, gross amount | 9,382 | |
Buildings, equipment & improvement, gross amount | 16,283 | |
Fair value of Concord resort land received | 25,665 | |
Accumulated depreciation | $ (101) | |
Depreciation life | 40 years | |
Stapleton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,062 | |
Buildings, equipment & improvement, initial cost | 6,329 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,062 | |
Buildings, equipment & improvement, gross amount | 6,329 | |
Fair value of Concord resort land received | 7,391 | |
Accumulated depreciation | $ (16) | |
Depreciation life | 40 years | |
Dallas, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,318 | |
Buildings, equipment & improvement, initial cost | 7,835 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,318 | |
Buildings, equipment & improvement, gross amount | 7,835 | |
Fair value of Concord resort land received | 11,153 | |
Accumulated depreciation | $ (43) | |
Depreciation life | 40 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 700 | |
Buildings, equipment & improvement, initial cost | 3,790 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 700 | |
Buildings, equipment & improvement, gross amount | 3,790 | |
Fair value of Concord resort land received | 4,490 | |
Accumulated depreciation | $ (60) | |
Depreciation life | 40 years | |
Groveport, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 600 | |
Buildings, equipment & improvement, initial cost | 12,250 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 600 | |
Buildings, equipment & improvement, gross amount | 12,250 | |
Fair value of Concord resort land received | 12,850 | |
Accumulated depreciation | $ (194) | |
Depreciation life | 40 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 | $ (468) | |
Depreciation life | 30 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 | $ (926) | |
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 | $ (1,161) | |
Depreciation life | 30 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 | $ (1,443) | |
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 | 14,461 | |
Land, gross amount | 914 | |
Buildings, equipment & improvement, gross amount | 24,176 | |
Fair value of Concord resort land received | 25,090 | |
Accumulated depreciation | $ (2,541) | |
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 | $ (2,020) | |
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 | $ (830) | |
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 | $ (823) | |
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 | $ (2,440) | |
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 | 4,619 | |
Land, gross amount | 509 | |
Buildings, equipment & improvement, gross amount | 10,514 | |
Fair value of Concord resort land received | 11,023 | |
Accumulated depreciation | $ (947) | |
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 | $ (701) | |
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 | $ (686) | |
Depreciation life | 40 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 600 | |
Buildings, equipment & improvement, initial cost | 5,720 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 600 | |
Buildings, equipment & improvement, gross amount | 5,720 | |
Fair value of Concord resort land received | 6,320 | |
Accumulated depreciation | $ (91) | |
Depreciation life | 40 years | |
Dayton, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 599 | |
Buildings, equipment & improvement, initial cost | 5,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 599 | |
Buildings, equipment & improvement, gross amount | 5,068 | |
Fair value of Concord resort land received | 5,667 | |
Accumulated depreciation | $ (80) | |
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 | $ (1,305) | |
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 | $ (1,100) | |
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 | $ (1,586) | |
Depreciation life | 30 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 840 | |
Buildings, equipment & improvement, initial cost | 5,640 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 840 | |
Buildings, equipment & improvement, gross amount | 5,640 | |
Fair value of Concord resort land received | 6,480 | |
Accumulated depreciation | $ (90) | |
Depreciation life | 40 years | |
Lancaster, CA | ||
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 | $ (640) | |
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 | $ (918) | |
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 | $ (953) | |
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 | 4,553 | |
Land, gross amount | 449 | |
Buildings, equipment & improvement, gross amount | 9,870 | |
Fair value of Concord resort land received | 10,319 | |
Accumulated depreciation | $ (647) | |
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 | $ (520) | |
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 | 9,189 | |
Land, gross amount | 1,559 | |
Buildings, equipment & improvement, gross amount | 10,666 | |
Fair value of Concord resort land received | 12,225 | |
Accumulated depreciation | $ (778) | |
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 | $ (756) | |
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 | $ (436) | |
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 | $ (320) | |
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 | $ (1,168) | |
Depreciation life | 15 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 | $ (503) | |
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 | $ (621) | |
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 | (27) | |
Land, gross amount | 2,046 | |
Buildings, equipment & improvement, gross amount | 7,997 | |
Fair value of Concord resort land received | 10,043 | |
Accumulated depreciation | $ (471) | |
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 | 2,049 | |
Land, gross amount | 782 | |
Buildings, equipment & improvement, gross amount | 8,261 | |
Fair value of Concord resort land received | 9,043 | |
Accumulated depreciation | $ (596) | |
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 | $ (343) | |
Depreciation life | 30 years | |
Trenton, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,351 | |
Buildings, equipment & improvement, initial cost | 15,327 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,351 | |
Buildings, equipment & improvement, gross amount | 15,327 | |
Fair value of Concord resort land received | 16,678 | |
Accumulated depreciation | $ (414) | |
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 | (41) | |
Land, gross amount | 910 | |
Buildings, equipment & improvement, gross amount | 7,886 | |
Fair value of Concord resort land received | 8,796 | |
Accumulated depreciation | $ (246) | |
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 | $ (470) | |
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 | (816) | |
Land, gross amount | 575 | |
Buildings, equipment & improvement, gross amount | 2,876 | |
Fair value of Concord resort land received | 3,451 | |
Accumulated depreciation | $ (146) | |
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 | $ (300) | |
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 | 356 | |
Land, gross amount | 1,248 | |
Buildings, equipment & improvement, gross amount | 13,248 | |
Fair value of Concord resort land received | 14,496 | |
Accumulated depreciation | $ (439) | |
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 | 25 | |
Land, gross amount | 549 | |
Buildings, equipment & improvement, gross amount | 4,667 | |
Fair value of Concord resort land received | 5,216 | |
Accumulated depreciation | $ (156) | |
Depreciation life | 40 years | |
Holly Springs, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,703 | |
Buildings, equipment & improvement, initial cost | 10,240 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,703 | |
Buildings, equipment & improvement, gross amount | 10,240 | |
Fair value of Concord resort land received | 11,943 | |
Accumulated depreciation | $ (114) | |
Depreciation life | 30 years | |
Chicoppe, MA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,489 | |
Buildings, equipment & improvement, initial cost | 6,382 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,489 | |
Buildings, equipment & improvement, gross amount | 6,382 | |
Fair value of Concord resort land received | 7,871 | |
Accumulated depreciation | $ (124) | |
Depreciation life | 30 years | |
Walnut Creek, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,917 | |
Buildings, equipment & improvement, initial cost | 6,418 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,917 | |
Buildings, equipment & improvement, gross amount | 6,418 | |
Fair value of Concord resort land received | 11,335 | |
Accumulated depreciation | $ (132) | |
Depreciation life | 30 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 | $ (577) | |
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 | $ (1,046) | |
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 | $ (1,196) | |
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 | (99) | |
Land, gross amount | 1,547 | |
Buildings, equipment & improvement, gross amount | 10,069 | |
Fair value of Concord resort land received | 11,616 | |
Accumulated depreciation | $ (1,069) | |
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 | $ (1,281) | |
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 | $ (925) | |
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 | $ (1,194) | |
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 | $ (1,081) | |
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 | (430) | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 10,312 | |
Fair value of Concord resort land received | 11,590 | |
Accumulated depreciation | $ (970) | |
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 | $ (778) | |
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 | 19 | |
Land, gross amount | 1,294 | |
Buildings, equipment & improvement, gross amount | 4,394 | |
Fair value of Concord resort land received | 5,688 | |
Accumulated depreciation | $ (171) | |
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 | 467 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,238 | |
Fair value of Concord resort land received | 12,487 | |
Accumulated depreciation | $ (998) | |
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 | 908 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 13,327 | |
Fair value of Concord resort land received | 15,139 | |
Accumulated depreciation | $ (1,197) | |
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 | $ (121) | |
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 | 40 | |
Land, gross amount | 291 | |
Buildings, equipment & improvement, gross amount | 863 | |
Fair value of Concord resort land received | 1,154 | |
Accumulated depreciation | $ (90) | |
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 | $ (172) | |
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 | $ (353) | |
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 | $ (87) | |
Depreciation life | 30 years | |
Ashburn, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,289 | |
Buildings, equipment & improvement, initial cost | 14,748 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,289 | |
Buildings, equipment & improvement, gross amount | 14,748 | |
Fair value of Concord resort land received | 17,037 | |
Accumulated depreciation | $ (606) | |
Depreciation life | 30 years | |
West Chester, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,807 | |
Buildings, equipment & improvement, initial cost | 12,913 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 12,913 | |
Fair value of Concord resort land received | 14,720 | |
Accumulated depreciation | $ (408) | |
Depreciation life | 30 years | |
Ellisville, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,465 | |
Buildings, equipment & improvement, initial cost | 15,063 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,465 | |
Buildings, equipment & improvement, gross amount | 15,063 | |
Fair value of Concord resort land received | 17,528 | |
Accumulated depreciation | $ (412) | |
Depreciation life | 30 years | |
Chanhassen, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,603 | |
Buildings, equipment & improvement, initial cost | 15,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 434 | |
Land, gross amount | 2,603 | |
Buildings, equipment & improvement, gross amount | 16,047 | |
Fair value of Concord resort land received | 18,650 | |
Accumulated depreciation | $ (490) | |
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 | 63 | |
Land, gross amount | 3,743 | |
Buildings, equipment & improvement, gross amount | 14,990 | |
Fair value of Concord resort land received | 18,733 | |
Accumulated depreciation | $ (994) | |
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 | 199 | |
Land, gross amount | 1,567 | |
Buildings, equipment & improvement, gross amount | 13,053 | |
Fair value of Concord resort land received | 14,620 | |
Accumulated depreciation | $ (613) | |
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 | $ (139) | |
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 | $ (153) | |
Depreciation life | 30 years | |
Fishers, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,226 | |
Buildings, equipment & improvement, initial cost | 13,144 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,144 | |
Fair value of Concord resort land received | 14,370 | |
Accumulated depreciation | $ (127) | |
Depreciation life | 30 years | |
Westerville, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,988 | |
Buildings, equipment & improvement, initial cost | 14,339 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,988 | |
Buildings, equipment & improvement, gross amount | 14,339 | |
Fair value of Concord resort land received | 17,327 | |
Accumulated depreciation | $ (258) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,476 | |
Buildings, equipment & improvement, initial cost | 14,422 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,476 | |
Buildings, equipment & improvement, gross amount | 14,422 | |
Fair value of Concord resort land received | 15,898 | |
Accumulated depreciation | $ (395) | |
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 | $ (72) | |
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 | $ (47) | |
Depreciation life | 30 years | |
Cheshire, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 420 | |
Buildings, equipment & improvement, initial cost | 3,650 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 420 | |
Buildings, equipment & improvement, gross amount | 3,650 | |
Fair value of Concord resort land received | 4,070 | |
Accumulated depreciation | $ (53) | |
Depreciation life | 30 years | |
Edina, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,235 | |
Buildings, equipment & improvement, initial cost | 5,493 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,235 | |
Buildings, equipment & improvement, gross amount | 5,493 | |
Fair value of Concord resort land received | 6,728 | |
Accumulated depreciation | $ (35) | |
Depreciation life | 30 years | |
Eagan, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 783 | |
Buildings, equipment & improvement, initial cost | 4,833 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 783 | |
Buildings, equipment & improvement, gross amount | 4,833 | |
Fair value of Concord resort land received | 5,616 | |
Accumulated depreciation | $ (86) | |
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 | $ (74) | |
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 | $ (136) | |
Depreciation life | 30 years | |
Kennesaw, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 690 | |
Buildings, equipment & improvement, initial cost | 844 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 690 | |
Buildings, equipment & improvement, gross amount | 844 | |
Fair value of Concord resort land received | 1,534 | |
Accumulated depreciation | $ (28) | |
Depreciation life | 30 years | |
New Berlin, WI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 368 | |
Buildings, equipment & improvement, initial cost | 1,704 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 368 | |
Buildings, equipment & improvement, gross amount | 1,704 | |
Fair value of Concord resort land received | 2,072 | |
Accumulated depreciation | $ (52) | |
Depreciation life | 30 years | |
Oak Creek, WI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 283 | |
Buildings, equipment & improvement, initial cost | 1,690 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 283 | |
Buildings, equipment & improvement, gross amount | 1,690 | |
Fair value of Concord resort land received | 1,973 | |
Accumulated depreciation | $ (52) | |
Depreciation life | 30 years | |
Minnetonka, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 911 | |
Buildings, equipment & improvement, initial cost | 4,833 | |
Additions (dispositions) (impairments) subsequent to acquisition | 336 | |
Land, gross amount | 911 | |
Buildings, equipment & improvement, gross amount | 5,169 | |
Fair value of Concord resort land received | 6,080 | |
Accumulated depreciation | $ (40) | |
Depreciation life | 30 years | |
Wallingford, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 637 | |
Buildings, equipment & improvement, initial cost | 1,008 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 637 | |
Buildings, equipment & improvement, gross amount | 1,008 | |
Fair value of Concord resort land received | 1,645 | |
Accumulated depreciation | $ (25) | |
Depreciation life | 30 years | |
Crowley, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,150 | |
Buildings, equipment & improvement, initial cost | 2,862 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,150 | |
Buildings, equipment & improvement, gross amount | 2,862 | |
Fair value of Concord resort land received | 4,012 | |
Accumulated depreciation | $ (58) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,927 | |
Buildings, equipment & improvement, initial cost | 2,077 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,927 | |
Buildings, equipment & improvement, gross amount | 2,077 | |
Fair value of Concord resort land received | 4,004 | |
Accumulated depreciation | $ (44) | |
Depreciation life | 30 years | |
Berlin, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 494 | |
Buildings, equipment & improvement, initial cost | 2,958 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 494 | |
Buildings, equipment & improvement, gross amount | 2,958 | |
Fair value of Concord resort land received | 3,452 | |
Accumulated depreciation | $ (57) | |
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 | 2,813 | |
Land, gross amount | 9,966 | |
Buildings, equipment & improvement, gross amount | 28,348 | |
Fair value of Concord resort land received | 38,314 | |
Accumulated depreciation | $ (2,776) | |
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 | 3,318 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 49,758 | |
Fair value of Concord resort land received | 49,758 | |
Accumulated depreciation | $ (3,677) | |
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 | $ (2,924) | |
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 | 3,170 | |
Land, gross amount | 12,792 | |
Buildings, equipment & improvement, gross amount | 46,642 | |
Fair value of Concord resort land received | 59,434 | |
Accumulated depreciation | $ (1,535) | |
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 | $ (164) | |
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 | $ (3,456) | |
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 | 4,377 | |
Land, gross amount | 34,940 | |
Buildings, equipment & improvement, gross amount | 39,006 | |
Fair value of Concord resort land received | 73,946 | |
Accumulated depreciation | $ (11,781) | |
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 | $ (5,607) | |
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 | 635 | |
Land, gross amount | 5,739 | |
Buildings, equipment & improvement, gross amount | 16,761 | |
Fair value of Concord resort land received | 22,500 | |
Accumulated depreciation | $ (2,703) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 48,178 | |
Buildings, equipment & improvement, initial cost | 88,532 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 48,178 | |
Buildings, equipment & improvement, gross amount | 88,532 | |
Fair value of Concord resort land received | 136,710 | |
Accumulated depreciation | $ (4,768) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,827 | |
Buildings, equipment & improvement, initial cost | 18,112 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,827 | |
Buildings, equipment & improvement, gross amount | 18,112 | |
Fair value of Concord resort land received | 25,939 | |
Accumulated depreciation | $ (388) | |
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 | 1,615 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 121,969 | |
Fair value of Concord resort land received | 121,969 | |
Accumulated depreciation | $ (7,310) | |
Depreciation life | 40 years | |
Powells Point, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,284 | |
Buildings, equipment & improvement, initial cost | 39,516 | |
Additions (dispositions) (impairments) subsequent to acquisition | 81 | |
Land, gross amount | 5,284 | |
Buildings, equipment & improvement, gross amount | 39,597 | |
Fair value of Concord resort land received | 44,881 | |
Accumulated depreciation | $ (527) | |
Depreciation life | 40 years | |
Corfu, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,112 | |
Buildings, equipment & improvement, initial cost | 43,637 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,112 | |
Buildings, equipment & improvement, gross amount | 43,637 | |
Fair value of Concord resort land received | 48,749 | |
Accumulated depreciation | $ (1,545) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,976 | |
Buildings, equipment & improvement, initial cost | 17,624 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,976 | |
Buildings, equipment & improvement, gross amount | 17,624 | |
Fair value of Concord resort land received | 25,600 | |
Accumulated depreciation | $ (546) | |
Depreciation life | 30 years | |
Hot Springs, AR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,351 | |
Buildings, equipment & improvement, initial cost | 4,967 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,351 | |
Buildings, equipment & improvement, gross amount | 4,967 | |
Fair value of Concord resort land received | 8,318 | |
Accumulated depreciation | $ (153) | |
Depreciation life | 30 years | |
Riviera Beach, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 17,450 | |
Buildings, equipment & improvement, initial cost | 29,713 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 17,450 | |
Buildings, equipment & improvement, gross amount | 29,713 | |
Fair value of Concord resort land received | 47,163 | |
Accumulated depreciation | $ (925) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,423 | |
Buildings, equipment & improvement, initial cost | 18,097 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,423 | |
Buildings, equipment & improvement, gross amount | 18,097 | |
Fair value of Concord resort land received | 19,520 | |
Accumulated depreciation | $ (580) | |
Depreciation life | 30 years | |
Palm Springs, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,109 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 4,109 | |
Accumulated depreciation | 0 | |
Springs, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 18,776 | |
Buildings, equipment & improvement, initial cost | 31,402 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 18,776 | |
Buildings, equipment & improvement, gross amount | 31,402 | |
Fair value of Concord resort land received | 50,178 | |
Accumulated depreciation | $ (1,000) | |
Depreciation life | 30 years | |
Glendale, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 20,514 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,969 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 23,483 | |
Fair value of Concord resort land received | 23,483 | |
Accumulated depreciation | $ (786) | |
Depreciation life | 30 years | |
Kapolei, HI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,351 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,542 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,893 | |
Fair value of Concord resort land received | 9,893 | |
Accumulated depreciation | $ (302) | |
Depreciation life | 30 years | |
Federal Way, WA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,949 | |
Additions (dispositions) (impairments) subsequent to acquisition | (63) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,886 | |
Fair value of Concord resort land received | 13,886 | |
Accumulated depreciation | $ (463) | |
Depreciation life | 30 years | |
Colony, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 7,617 | |
Additions (dispositions) (impairments) subsequent to acquisition | (567) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,050 | |
Fair value of Concord resort land received | 7,050 | |
Accumulated depreciation | $ (229) | |
Depreciation life | 30 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 5,601 | |
Additions (dispositions) (impairments) subsequent to acquisition | 389 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 5,990 | |
Fair value of Concord resort land received | 5,990 | |
Accumulated depreciation | $ (194) | |
Depreciation life | 30 years | |
Santa Monica, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,874 | |
Additions (dispositions) (impairments) subsequent to acquisition | 15,717 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 29,591 | |
Fair value of Concord resort land received | 29,591 | |
Accumulated depreciation | $ (1,028) | |
Depreciation life | 30 years | |
Concord, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 9,808 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,787 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,595 | |
Fair value of Concord resort land received | 15,595 | |
Accumulated depreciation | $ (498) | |
Depreciation life | 30 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 | $ (1,343) | |
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 | $ (2,164) | |
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 | $ (2,178) | |
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 | $ (1,675) | |
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 | $ (1,454) | |
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 | $ (1,482) | |
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 | $ (1,331) | |
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 | $ (1,132) | |
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 | $ (1,254) | |
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 | $ (1,190) | |
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 | $ (1,075) | |
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 | $ (1,132) | |
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 | $ (1,045) | |
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 | $ (984) | |
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 | $ (1,144) | |
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 | $ (1,011) | |
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 | $ (1,005) | |
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 | $ (947) | |
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 | 1,422 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 24,214 | |
Fair value of Concord resort land received | 24,214 | |
Accumulated depreciation | $ (600) | |
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 | (1,201) | |
Land, gross amount | 6,732 | |
Buildings, equipment & improvement, gross amount | 20,622 | |
Fair value of Concord resort land received | 27,354 | |
Accumulated depreciation | $ (629) | |
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 | (1,928) | |
Land, gross amount | 6,868 | |
Buildings, equipment & improvement, gross amount | 22,031 | |
Fair value of Concord resort land received | 28,899 | |
Accumulated depreciation | $ (712) | |
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 | (541) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 22,925 | |
Fair value of Concord resort land received | 22,925 | |
Accumulated depreciation | $ (799) | |
Depreciation life | 40 years | |
Orlando, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,586 | |
Buildings, equipment & improvement, initial cost | 22,493 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,586 | |
Buildings, equipment & improvement, gross amount | 22,493 | |
Fair value of Concord resort land received | 31,079 | |
Accumulated depreciation | $ (141) | |
Depreciation life | 40 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,676 | |
Buildings, equipment & improvement, initial cost | 21,422 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,676 | |
Buildings, equipment & improvement, gross amount | 21,422 | |
Fair value of Concord resort land received | 26,098 | |
Accumulated depreciation | $ (312) | |
Depreciation life | 40 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,674 | |
Buildings, equipment & improvement, initial cost | 17,537 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,674 | |
Buildings, equipment & improvement, gross amount | 17,537 | |
Fair value of Concord resort land received | 22,211 | |
Accumulated depreciation | $ (292) | |
Depreciation life | 40 years | |
Nashville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 26,685 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 26,685 | |
Fair value of Concord resort land received | 26,685 | |
Accumulated depreciation | $ (222) | |
Depreciation life | 40 years | |
Huntsville, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 53 | |
Buildings, equipment & improvement, initial cost | 17,595 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 53 | |
Buildings, equipment & improvement, gross amount | 17,595 | |
Fair value of Concord resort land received | 17,648 | |
Accumulated depreciation | $ (84) | |
Depreciation life | 40 years | |
Denver, CO Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 753 | |
Buildings, equipment & improvement, initial cost | 6,218 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 753 | |
Buildings, equipment & improvement, gross amount | 6,218 | |
Fair value of Concord resort land received | 6,971 | |
Accumulated depreciation | $ (190) | |
Depreciation life | 30 years | |
Olathe, KS Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,417 | |
Buildings, equipment & improvement, initial cost | 16,878 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,417 | |
Buildings, equipment & improvement, gross amount | 16,878 | |
Fair value of Concord resort land received | 19,295 | |
Accumulated depreciation | $ (422) | |
Depreciation life | 30 years | |
Fort Worth, TX Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 824 | |
Buildings, equipment & improvement, initial cost | 7,066 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 824 | |
Buildings, equipment & improvement, gross amount | 7,066 | |
Fair value of Concord resort land received | 7,890 | |
Accumulated depreciation | $ (177) | |
Depreciation life | 30 years | |
Tampa, FL Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,665 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,665 | |
Fair value of Concord resort land received | 8,665 | |
Accumulated depreciation | $ (96) | |
Depreciation life | 30 years | |
Roseville, CA Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,807 | |
Buildings, equipment & improvement, initial cost | 6,082 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 6,082 | |
Fair value of Concord resort land received | 7,889 | |
Accumulated depreciation | $ (59) | |
Depreciation life | 30 years | |
Fort Lauderdale, FL Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,816 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,816 | |
Fair value of Concord resort land received | 10,816 | |
Accumulated depreciation | $ (59) | |
Depreciation life | 30 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 | 1,075 | |
Land, gross amount | 156,733 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 156,733 | |
Accumulated depreciation | 0 | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 257,629 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 257,629 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 257,629 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 33,692 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 33,692 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 33,692 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 3,025,000 | |
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 an81
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 4,550,937 |
Acquistion and development of rental properties during the year | 1,257,263 |
Disposition of rental properties during the year | (171,314) |
Balance at close of year | 5,636,886 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 635,535 |
Depreciation during the year | 132,578 |
Disposition of rental properties during the year | (26,779) |
Balance at close of year | $ 741,334 |
Uncategorized Items - epr-20171
Label | Element | Value |
Series G Preferred Stock [Member] | Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | us-gaap_PreferredStockSharesIssued | 6,000,000 |