Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 27, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 74,905,631 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,853,135,832 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Rental properties, net of accumulated depreciation of $883,174 and $741,334 at December 31, 2018 and 2017, respectively | $ 5,024,057 | $ 4,604,231 |
Land held for development | 34,177 | 33,692 |
Property under development | 287,546 | 257,629 |
Mortgage Notes and Related Accrued Interest Receivable, Net | 517,467 | 970,749 |
Investment in direct financing leases, net | 20,558 | 57,903 |
Investment in joint ventures | 34,486 | 5,602 |
Cash and cash equivalents | 5,872 | 41,917 |
Restricted cash | 12,635 | 17,069 |
Accounts receivable, net | 98,369 | 93,693 |
Other assets | 96,223 | 109,008 |
Total assets | 6,131,390 | 6,191,493 |
Liabilities: | ||
Accounts payable and accrued liabilities | 168,463 | 136,929 |
Common dividends payable | 26,765 | 25,203 |
Preferred dividends payable | 6,034 | 4,982 |
Unearned rents and interest | 79,051 | 68,227 |
Debt | 2,986,054 | 3,028,827 |
Total liabilities | 3,266,367 | 3,264,168 |
Equity: | ||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 77,226,443 and 76,858,632 shares issued at December 31, 2018 and 2017, respectively | 772 | 769 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 3,504,494 | 3,478,986 |
Treasury shares at cost: 2,878,587 and 2,733,552 common shares at December 31, 2018 and 2017, respectively | (130,728) | (121,591) |
Accumulated other comprehensive income | 12,085 | 12,483 |
Distributions in excess of net income | (521,748) | (443,470) |
Equity | 2,865,023 | 2,927,325 |
Total liabilities and equity | 6,131,390 | 6,191,493 |
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 | 34 |
Series G Preferred Stock [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 60 | $ 60 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Investment Property, Accumulated Depreciation | $ 883,174,000 | $ 741,334,000 |
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 | 77,226,443 | 76,858,632 |
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 | 2,878,587 | 2,733,552 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 54,000 | $ 54,000 |
Preferred Stock, Shares Issued | 5,394,050 | 5,399,050 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,851,250 | $ 134,976,250 |
Series E Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 34,000 | $ 34,000 |
Preferred Stock, Shares Issued | 3,447,381 | 3,449,115 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 86,184,525 | $ 86,227,875 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Value, Issued | $ 60,000 | $ 60,000 |
Preferred Stock, Shares Issued | 6,000,000 | 6,000,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 150,000,000 | $ 150,000,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Rental revenue | $ 556,363 | $ 484,203 | $ 415,184 |
Other income | 2,076 | 3,095 | 9,039 |
Mortgage and other financing income | 142,292 | 88,693 | 69,019 |
Total revenue | 700,731 | 575,991 | 493,242 |
Property operating expense | 30,756 | 31,653 | 22,602 |
Other expense | 443 | 242 | 5 |
General and administrative expense | 48,889 | 43,383 | 37,543 |
Severance expense | 5,938 | 0 | 0 |
Litigation settlement expense | 2,090 | 0 | 0 |
Costs associated with loan refinancing or payoff | 31,958 | 1,549 | 905 |
Gain on Extinguishment of Debt | 0 | (977) | 0 |
Interest expense, net | 135,507 | 133,124 | 97,144 |
Transaction costs | 3,698 | 523 | 7,869 |
Impairment charges | 27,283 | 10,195 | 0 |
Depreciation and amortization | 153,430 | 132,946 | 107,573 |
Income before equity in income from joint ventures and other items | 260,739 | 223,353 | 219,601 |
Equity in (loss) income from joint ventures | (22) | 72 | 619 |
Gain on sale of real estate | 3,037 | 41,942 | 5,315 |
gain on sale of investment in direct financing lease | 5,514 | 0 | 0 |
Income before income taxes | 269,268 | 265,367 | 225,535 |
Income tax expense | (2,285) | (2,399) | (553) |
Net income attributable to EPR Properties | 266,983 | 262,968 | 224,982 |
Preferred dividend requirements | (24,142) | (24,293) | (23,806) |
Preferred Share Redemption Costs | 0 | 4,457 | 0 |
Net income available to common shareholders of EPR Properties | $ 242,841 | $ 234,218 | $ 201,176 |
Basic earnings per share data: | |||
Net income available to common shareholders | $ 3.27 | $ 3.29 | $ 3.17 |
Diluted earnings per share data: | |||
Net income available to common shareholders | $ 3.27 | $ 3.29 | $ 3.17 |
Shares used for computation (in thousands): | |||
Basic | 74,292 | 71,191 | 63,381 |
Diluted | 74,337 | 71,254 | 63,474 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 266,983 | $ 262,968 | $ 224,982 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (16,177) | 12,569 | 5,142 |
Change in unrealized gain (loss) on derivatives | 15,779 | (7,820) | (3,030) |
Comprehensive income attributable to EPR Properties | $ 266,585 | $ 267,717 | $ 227,094 |
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] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member]Common Stock [Member] | Series E Preferred Shares [Member]Preferred Stock [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member]Common Stock [Member] | Series C 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, 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) | ||||||||||||
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 | 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 | ||||||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | $ 0 | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 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) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
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 | 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) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Preferred Stock, Shares Issued | 3,449,115 | 5,399,050 | 6,000,000 | 6,000,000 | |||||||||||||||
Restricted share units issued to Trustees (in shares) | 23,571 | ||||||||||||||||||
Restricted share units issued to Trustees | 0 | 0 | |||||||||||||||||
Issuance of nonvested shares, net | 295,202 | ||||||||||||||||||
Issuance of nonvested shares, net | 3,974 | $ 3 | 4,588 | (617) | |||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (7,156) | (7,156) | |||||||||||||||||
Amortization of nonvested shares | (14,826) | (14,826) | |||||||||||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Nonvested Shares, Requisite Service Period Recognition | 285 | 285 | |||||||||||||||||
share based compensation included in severance expense | 3,218 | 3,218 | |||||||||||||||||
Foreign currency translation adjustment | (16,177) | (16,177) | |||||||||||||||||
Change in unrealized gain/loss on derivatives | 15,779 | 15,779 | |||||||||||||||||
Net income | 266,983 | 266,983 | |||||||||||||||||
Issuances of common shares (in shares) | 20,553 | ||||||||||||||||||
Issuances of common shares, net of costs | 1,286 | $ 0 | 1,286 | ||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 0 | ||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 800 | 1,964 | |||||||||||||||||
Stock Redeemed or Called During Period, Shares | (1,734) | (5,000) | |||||||||||||||||
Preferred Share Redemption Costs | 0 | ||||||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | ||||||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | $ 0 | $ 0 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | ||||||||||||||||||
Stock option exercises, net (in shares) | 25,721 | 25,721 | |||||||||||||||||
Stock option exercises, net | $ (59) | $ 0 | 1,305 | 1,364 | |||||||||||||||
Dividends to common and preferred shareholders | (345,261) | (345,261) | |||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 77,226,443 | 14,841,431 | |||||||||||||||||
Balance at Dec. 31, 2018 | $ 2,865,023 | $ 772 | $ 148 | $ 3,504,494 | $ (130,728) | $ 12,085 | $ (521,748) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Preferred Stock, Shares Issued | 3,447,381 | 5,394,050 | 6,000,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Restricted Cash and Cash Equivalents | $ 12,635 | $ 17,069 | $ 9,744 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,507 | 58,986 | 29,079 |
Operating activities: | |||
Net income | 266,983 | 262,968 | 224,982 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on Extinguishment of Debt | 0 | (977) | 0 |
Impairment charges | 27,283 | 10,195 | 0 |
Gain on sale of real estate | (3,037) | (41,942) | (5,315) |
Gain on insurance recovery | 0 | (606) | (4,684) |
Deferred income tax benefit (expense) | 573 | 812 | (1,065) |
Non-cash fee income | 0 | 0 | (1,588) |
gain on sale of investment in direct financing lease | 5,514 | 0 | 0 |
Costs associated with loan refinancing or payoff | 31,958 | 1,549 | 905 |
Equity in loss (income) from joint ventures | 22 | (72) | (619) |
Distributions from joint ventures | 567 | 442 | 816 |
Depreciation and amortization | 153,430 | 132,946 | 107,573 |
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 |
Amortization of above/below-market leases and tenant allowances, net | (581) | (107) | 183 |
Share-based compensation expense to management and trustees | 15,111 | 14,142 | 11,164 |
Share-based compensation expense included in severance expense | 3,218 | 0 | 0 |
(Increase) decrease in mortgage notes accrued interest receivable | (517) | 467 | 572 |
(Increase) decrease in accounts receivable, net | (22,300) | 8,866 | (37,627) |
Increase in direct financing lease receivable | (563) | (1,208) | (3,255) |
Increase in other assets | (1,055) | (1,691) | (3,320) |
Increase in accounts payable and accrued liabilities | 4,979 | 260 | 17,025 |
Increase (decrease) in unearned rents and interest | 7,974 | 6,061 | (5,172) |
Net cash provided by operating activities | 484,328 | 398,272 | 305,362 |
Investing activities: | |||
Acquisition of rental properties and other assets | (187,460) | (397,556) | (219,169) |
Proceeds from Sale of Real Estate | 22,134 | 191,569 | 23,860 |
Investment in unconsolidated joint ventures | 29,473 | 0 | 0 |
Proceeds from settlement of derivative | (30,796) | 0 | 0 |
Investment in mortgage notes receivable | (36,105) | (133,697) | (192,539) |
Proceeds from mortgage note receivable paydown | 335,168 | 21,784 | 72,072 |
Investment in promissory notes receivable | 7,863 | 1,928 | 1,546 |
Proceeds from promissory note receivable paydown | 7,500 | 1,599 | 0 |
Proceeds from sale of infrastructure related to issuance of revenue bonds | 0 | 0 | 43,462 |
Proceeds from insurance recovery | 0 | 606 | 4,610 |
Proceeds from Sale of Lease Receivables | 43,447 | 0 | 20,951 |
Additions to properties under development | (274,956) | (384,449) | (413,848) |
Net cash used by investing activities | (96,812) | (702,072) | (662,147) |
Financing activities: | |||
Proceeds from long-term debt facilities | 908,000 | 1,371,000 | 1,380,000 |
Principal payments on long-term debt | (949,684) | (823,288) | (865,266) |
Deferred financing fees paid | (8,642) | (14,318) | (14,385) |
Costs associated with loan refinancing or payoff (cash portion) | (28,650) | (7) | (482) |
Net proceeds from issuance of common shares | 956 | 99,069 | 142,628 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 144,490 | 0 |
Payments for Repurchase of Redeemable Preferred Stock | 0 | 125,025 | 0 |
Impact of stock option exercises, net | (62) | (5) | (1,488) |
Purchase of common shares for treasury | (7,156) | (6,729) | (4,211) |
Dividends paid to shareholders | (342,315) | (311,721) | (265,662) |
Net cash (used) provided by financing activities | (427,553) | 333,466 | 371,134 |
Effect of exchange rate changes on cash | (442) | 241 | (131) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (40,479) | 29,907 | 14,218 |
Cash and cash equivalents at beginning of the year | 41,917 | 19,335 | 4,283 |
Cash and cash equivalents at end of the year | 5,872 | 41,917 | 19,335 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 228,572 | 408,593 | 454,922 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 18,252 | 24,062 | 19,626 |
Conversion of mortgage note receivable to rental property | 155,185 | 9,237 | 0 |
Conversion of rental property to mortgage note receivable | 0 | 11,897 | 0 |
Stock Issued During Period, Value, Acquisitions | 0 | 657,473 | 0 |
Assumption of liabilities net of accounts receivable for acquisition | 0 | 12,083 | 0 |
Transfer of investment in a direct financing lease to rental properties | 0 | 35,807 | 0 |
Sale of investment in direct financing leases, net in exchange for mortgage note receivable | 0 | 0 | 70,304 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the year for interest | 145,559 | 136,345 | 96,410 |
Cash paid during the year for income taxes | 1,363 | 1,499 | 1,684 |
Interest cost capitalized | 9,903 | 9,879 | 10,697 |
Increase in accrued capital expenditures | $ 32,993 | $ 333 | $ 6,035 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
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). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. Use of Estimates Management of the Company has made 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 evaluates the acquisition to determine if it is a business combination or an asset acquisition. In January 2017, the Company elected to adopt Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarified 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. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for 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 in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) on a relative fair value basis. 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 in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions and pre-opening costs, are included in the accompanying consolidated statements of income as transaction costs. Transaction costs expensed totaled $3.7 million , $0.5 million and $7.9 million for the years ended December 31, 2018, 2017 and 2016 , 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. Intangibles 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 historically 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. In determining the fair value of a contract intangible, the Company considers the present value of the difference between the estimated "with" and "without" scenarios. The "with" scenario presents the contract in place and the "without" scenario incorporates the potential profits that may be lost over the period without the contract in place. The capitalized contract value is amortized over the estimated useful life of the underlying asset. 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): 2018 2017 Assets: In-place leases, net of accumulated amortization of $7.7 million and $5.5 million, respectively $ 21,749 $ 21,512 Above-market lease, net of accumulated amortization of $1.0 million and $0.8 million, respectively 154 351 Tradenames, net of accumulated amortization of $53 thousand and $23 thousand, respectively (1) 9,110 6,313 Contract value, net of accumulated amortization of $183 thousand and $0, respectively 10,785 — Goodwill 693 693 Total intangible assets, net $ 42,491 $ 28,869 Liabilities: Below-market lease, net of accumulated amortization of $0.7 million and $0.3 million, respectively $ (8,100 ) $ (8,792 ) (1) At December 31, 2018 , $5.4 million in tradenames had indefinite lives and were not amortized. Aggregate lease intangible amortization included in expense was $2.9 million , $2.0 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016 , respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.6 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively. The net amount amortized as a decrease to rental revenue for capitalized above and below-market lease intangibles was $0.2 million for the year ended December 31, 2016. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2018 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2019 $ 3,109 $ 125 $ 365 $ 101 $ (450 ) 2020 2,834 125 365 6 (438 ) 2021 2,466 125 365 6 (408 ) 2022 1,826 125 365 6 (373 ) 2023 1,777 125 365 6 (351 ) Thereafter 9,737 3,132 8,960 29 (6,080 ) Total $ 21,749 $ 3,757 $ 10,785 $ 154 $ (8,100 ) Weighted average amortization period (years) 10.9 30.6 29.5 4.1 31.0 (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 $33.9 million and $32.9 million as of December 31, 2018 and 2017 , respectively, are shown as a reduction of debt. The deferred financing costs of $5.0 million and $6.5 million as of December 31, 2018 and 2017 , respectively, 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 20 for financial information related to these operating segments. Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the 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, 2018, 2017 and 2016 , the Company recognized $10.2 million , $4.3 million and $17.0 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. For the years ended December 31, 2018, 2017 and 2016 , the Company recognized $15.4 million , $15.6 million and $15.6 million , respectively, of tenant reimbursements that related to the operations of its entertainment retail centers. Certain reclassifications have been made to the 2017 and 2016 presentation to conform to the 2018 presentation to combine tenant reimbursements with rental revenue. 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 $10.7 million , $7.8 million and $4.7 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Mortgage and other financing income included participating interest income of $0.7 million and $0.8 million for the years ended December 31, 2017 and 2016, respectively. There was no participating interest income recognized for the year ended December 31, 2018. For the years ended December 31, 2018, 2017 and 2016 , mortgage and other financing income also included $74.7 million , $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. 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 when a contract exists and the purchaser has obtained control of the property. Gains on sales of properties are recognized in full 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. 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. 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 $2.9 million and $7.5 million at December 31, 2018 and 2017 , 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, 2018 and 2017 . 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, 2018 , the net deferred tax assets related to the Company's Canadian operations totaled $10.0 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 (TRSs), 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. The Company uses two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three recreation anchored lodging properties that are facilitated by management agreements with eligible independent contractors. The real estate for these investments are held by the REIT either directly or through an investment in a joint venture and leased to the respective operations entity under a triple-net lease. Management has determined the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs 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 to China associated with the current and future dividend payments from the China joint ventures. The Company paid $62 thousand and $44 thousand in withholding taxes during the year ended December 31, 2018 and 2017, respectively, related to earnings repatriated. 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 changed 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 reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017 and 2018. At December 31, 2018, the net deferred tax assets related to the Company's TRSs totaled $729 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2018 and 2017 , respectively, the Canadian operations and the Company's TRSs had deferred tax assets totaling approximately $14.1 million and $16.0 million and deferred tax liabilities totaling approximately $3.4 million and $3.9 million . The Company’s consolidated deferred tax position is summarized as follows: 2018 2017 Fixed assets $ 12,948 $ 15,445 Net operating losses 359 357 Start-up costs 347 — Other 457 213 Total deferred tax assets $ 14,111 $ 16,015 Capital improvements $ (2,079 ) $ (2,006 ) Straight-line receivable (1,271 ) (1,891 ) Other (1 ) — Total deferred tax liabilities $ (3,351 ) $ (3,897 ) Net deferred tax asset $ 10,760 $ 12,118 Additionally, during the years ended December 31, 2018, 2017 and 2016 , the Company recognized current income and withholding tax expense of $1.7 million , $1.6 million and $1.7 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, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Current TRS income tax $ (221 ) $ (163 ) $ (36 ) Current state income tax expense (422 ) (360 ) (414 ) Current foreign income tax — (36 ) (77 ) Current foreign withholding tax (1,069 ) (1,071 ) (1,130 ) Deferred TRS income tax 319 137 273 Deferred foreign withholding tax — 43 39 Deferred income tax benefit (expense) (892 ) (949 ) 792 Income tax expense $ (2,285 ) $ (2,399 ) $ (553 ) The Company's effective tax rate for the years ended December 31, 2018, 2017 and 2016 was 0.8% , 0.9% and 0.2% , respectively. The differences between the income tax expense calculated at the statutory U.S. federal income tax rates 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, 2018, 2017 and 2016 . 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 2015 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 2018, 2017 or 2016. The Company did not have any accrued interest and penalties at December 31, 2018, 2017 and 2016 . Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2018, 2017 and 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, 2018 . For the year ended December 31, 2018 and 2017, approximately $115.8 million or 16.5% and $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. 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. 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 $15.1 million , $14.1 million and $11.2 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Share-based compensation included in severance expense in the accompanying consolidated statements of income totaled $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for further discussion. 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 $0.3 million , $0.7 million and $0.9 million for the years ended December 31, 2018, 2017 and 2016 , respectively. 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 $13.5 million , $12.2 million and $9.2 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income was $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. 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 , $1.3 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Foreign Currency Translation The Company accounts for the operations of its Canadian properties in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars using the spot rates at the respective balance sheet dates; revenues and expenses are translated at average exchange rates. Resulting translation adjust |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2018 and 2017 (in thousands): 2018 2017 Buildings and improvements $ 4,593,159 $ 4,123,356 Furniture, fixtures & equipment 97,463 87,630 Land 1,190,568 1,108,805 Leasehold interests 26,041 25,774 5,907,231 5,345,565 Accumulated depreciation (883,174 ) (741,334 ) Total $ 5,024,057 $ 4,604,231 Depreciation expense on rental properties was $148.7 million , $129.1 million and $103.9 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Acquisitions During the year ended December 31, 2018, the Company completed the acquisitions of two megaplex theatres for approximately $22.4 million , a recreation facility for $7.8 million , an attraction property for $50.3 million , one other recreation property for $36.4 million and four early education centers for $17.7 million . During the year ended December 31, 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 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 . 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 . Dispositions During the year ended December 31, 2018 , the Company completed the sale of four entertainment parcels located in West Virginia, Illinois and Kansas for net proceeds totaling $7.3 million . In connection with these sales, the Company recognized a gain on sale of $1.2 million . Pursuant to a tenant purchase option, the Company completed the sale of one public charter school located in California for net proceeds totaling $12.0 million and recognized a gain on sale of $1.9 million during the year ended December 31, 2018 . Additionally, the Company also completed the sale of two early education centers for net proceeds of $2.5 million . No gain or loss was recognized on these sales. 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 . As further discussed in Note 7, during the years ended December 31, 2018 and 2017, the Company also completed the sales of 13 public charter school properties leased to Imagine Schools, Inc. (Imagine). |
Impairment Charges (Notes)
Impairment Charges (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Asset Impairment Charges [Text Block] | Impairment Charges In July 2018, the Company entered into a new lease agreement with Children’s Learning Adventure USA (CLA) related to 21 open schools which replaced the prior lease arrangements and continued on a month-to-month basis. The lease agreement provided for monthly rent of $1.0 million along with the monthly reimbursement for property taxes of approximately $170 thousand . In February 2019, CLA and the Company entered into agreements (collectively, the PSA) providing for the purchase and sale of certain assets associated with the businesses located at the 21 operating CLA properties whereby the Company can nominate a third party operator to take an assignment and transfer of such assets from CLA and to receive certain beneficial rights under various related ancillary agreements. Additionally, in February 2019, the Company entered into leases of those properties with another early childhood education operator, which are contingent upon the transfer or surrender of each property pursuant to the PSA. The Company had $246.2 million classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2018 for these 21 schools and determined that the estimated undiscounted future cash flow exceed the carrying values of these properties. See Note 19 for further discussion regarding CLA. In addition, during the year ended December 31, 2018, CLA also relinquished control of four of the Company’s properties that were still under development as the Company no longer intends to develop these properties for CLA. As a result, the Company revised its estimated undiscounted cash flows for these four properties, considering shorter expected holding periods, and determined that those estimated cash flows were not sufficient to recover the carrying values of these four properties. During the year ended December 31, 2018 , the Company determined the estimated fair value of these properties using Level 3 inputs, including independent appraisals of these properties, and reduced the carrying value of these assets to $9.8 million , recording an impairment charge of $16.5 million . The charge was primarily related to the cost of improvements specific to the development of CLA’s prototype. During the year ended December 31, 2018, the Company recognized a $10.7 million impairment charge related to the Company’s guarantees of the payment of two economic development revenue bonds secured by leasehold interests and improvements at two theatres in Louisiana. In accordance with Topic 460, Guarantees , the Company recorded an asset and liability at the inception of the guarantees at fair value, which represented the Company's obligation to stand ready to perform under the terms of the guarantees. During the year ended December 31, 2018, the Company determined that a portion of its asset was no longer recoverable and recorded an impairment charge of $7.8 million . A contingent future obligation is recognized in accordance with the provisions of Topic 450, Accounting for Contingencies . In the case of the Company’s guarantees, the contingent future obligation is the future payment of the bonds by the Company. At the inception of the guarantees, the Company determined that its future payment of the bonds was not probable, therefore no contingent future obligation was recorded. For the year ended December 31, 2018, the Company determined that its future payment on a portion of the bond obligations was probable due to inadequate performance of the theatre properties and failure of the debtor under the bonds to perform. Accordingly, for the year ended December 31, 2018, the Company recorded an incremental contingent liability of $2.9 million , which in addition to the $7.8 million discussed above, resulted in a total impairment charge recognized relating to the guarantees of $10.7 million . For a discussion of impairment charges recorded during the year ended December 31, 2017, totaling $10.2 million , see Note 7. There were no impairment charges recorded for the year ended December 31, 2016. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (in thousands): 2018 2017 Receivable from tenants $ 15,057 $ 19,923 Receivable from non-tenants 1,379 3,932 Receivable from Sullivan County Infrastructure Revenue Bonds 11,500 14,718 Straight-line rent receivable 73,332 62,605 Allowance for doubtful accounts (2,899 ) (7,485 ) Total $ 98,369 $ 93,693 As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year 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. As further discussed in Note 4, during the year ended December 31, 2018 , the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2018 and 2017 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2018 2017 One public charter school property located in Bridgeton, New Jersey 10.14 % N/A (1) $ — $ — $ 2,500 One public charter school property located in Evans, Georgia 8.50 % N/A (1) — — 9,631 28 education facilities located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas (2) 7.25 % N/A (2) — — 142,900 Land located in Lincoln, California (3) 7.00 % 3/11/2018 Prepaid in full — — 1,474 Land and building in Bellevue, Washington (4) 7.50 % 3/26/2018 Prepaid in full — — 9,056 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada (5) 8.50 % 9/27/2018 Prepaid in full — — 249,213 Observation deck of the John Hancock building in Chicago, Illinois (6) 9.25 % 11/30/2018 Prepaid in full — — 31,105 One public charter school property located in Queen Creek, Arizona (7) 9.00 % 12/11/2018 Prepaid in full — — 5,173 Three charter school properties located in Gilbert and Queen Creek, Arizona (7) 10.00 % 12/11/2018 Prepaid in full — — 33,269 Land located in Queen Creek, Arizona (8) 9.00 % 12/21/2018 Prepaid in full — — 1,454 Three attractions located in Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas 7.00% and 10.00% 5/1/2019 Interest only 179,846 179,846 174,265 Eight charter school properties located in Indiana, Ohio, South Carolina and Pennsylvania 7.00 % 12/20/2021 Principal & Interest 54,535 54,535 57,890 One health club located in Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 One health club located in Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,880 One golf entertainment complex located in Austin, Texas 11.31 % 7/1/2033 Principal & Interest-fully amortizing 11,934 11,934 12,249 One public charter school property located in St. Paul, Minnesota 8.71% to 9.38% 6/30/2034 Interest only 8,595 8,835 8,711 One public charter school property located in Jersey City, New Jersey 10.00 % 8/31/2034 Interest only 15,239 15,652 12,564 One ski property located in West Dover and Wilmington, Vermont 11.43 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties located in Ohio and Pennsylvania 10.59 % 12/1/2034 Interest only 37,562 37,562 37,562 One ski property located in Chesterland, Ohio 11.04 % 12/1/2034 Interest only 4,550 4,550 4,550 One ski property located in Hunter, New York 8.28 % 1/5/2036 Interest only 21,000 21,000 21,000 One golf entertainment complex located in Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 One public charter school property located in Millville, New Jersey 10.14 % 7/31/2036 Interest only 6,224 6,383 6,304 One golf entertainment complex located in West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 One public charter school property located in Vineland, New Jersey 9.95 % 12/31/2036 Interest only 9,765 9,839 9,838 One private school property located in Mableton, Georgia 8.67 % 4/30/2037 Interest only 4,674 4,952 4,717 One public charter school property located in Roswell, Georgia 8.93 % 6/30/2037 Interest only 4,121 4,165 4,111 One public charter school property located in Atlanta, Georgia 8.67 % 7/31/2037 Interest only 4,206 4,236 4,235 One public charter school property located in Bronx, New York 8.75 % 8/31/2037 Interest only 23,718 23,718 11,330 One public charter school property located in Colorado Springs, Colorado 9.02 % 9/30/2037 Interest only 14,084 14,325 11,684 One health club located in Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 — One early education center located in Lithia, Florida 7.50 % 8/30/2038 Interest only 2,172 2,172 658 $ 515,811 $ 517,467 $ 970,749 (1) Mortgage note was reclassified to rental properties on January 1, 2018, due to implementation of ASC 610-20. (2) On February 16, 2018, the borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities, including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value of the mortgage note on the conversion date, and allocated this cost on a relative fair value basis. (3) On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. There was no prepayment fee received in connection with this note payoff. (4) On March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There was no prepayment fee received in connection with this note payoff. (5) During the year ended December 31, 2018 , the Company received payment in full on the mortgage note receivable of $250.3 million from OZRE that was secured by 14 ski properties. In connection with the prepayment of this note, the Company recognized prepayment fees totaling $65.9 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (6) During the year ended December 31, 2018 , the Company received payment in full on the mortgage note receivable of $32.0 million that was secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the prepayment of this note, the Company recognized prepayment fees of $5.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (7) On December 11, 2018, the Company received payment in full on the mortgage notes receivable totaling $36.7 million from LBE Investments, Ltd. that were secured by four charter school properties located in Gilbert and Queen Creek, Arizona. In connection with the prepayment of these notes, the Company recognized prepayment fees totaling $3.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (8) On December 21, 2018, the Company received payment in full on a mortgage note receivable of $1.4 million from LBE Investments, Ltd. that was secured by land located in Queen Creek, Arizona. No prepayment fee was received in connection with the prepayment of this note. |
Investment in Mortgage Notes
Investment in Mortgage Notes | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (in thousands): 2018 2017 Receivable from tenants $ 15,057 $ 19,923 Receivable from non-tenants 1,379 3,932 Receivable from Sullivan County Infrastructure Revenue Bonds 11,500 14,718 Straight-line rent receivable 73,332 62,605 Allowance for doubtful accounts (2,899 ) (7,485 ) Total $ 98,369 $ 93,693 As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year 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. As further discussed in Note 4, during the year ended December 31, 2018 , the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2018 and 2017 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2018 2017 One public charter school property located in Bridgeton, New Jersey 10.14 % N/A (1) $ — $ — $ 2,500 One public charter school property located in Evans, Georgia 8.50 % N/A (1) — — 9,631 28 education facilities located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas (2) 7.25 % N/A (2) — — 142,900 Land located in Lincoln, California (3) 7.00 % 3/11/2018 Prepaid in full — — 1,474 Land and building in Bellevue, Washington (4) 7.50 % 3/26/2018 Prepaid in full — — 9,056 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada (5) 8.50 % 9/27/2018 Prepaid in full — — 249,213 Observation deck of the John Hancock building in Chicago, Illinois (6) 9.25 % 11/30/2018 Prepaid in full — — 31,105 One public charter school property located in Queen Creek, Arizona (7) 9.00 % 12/11/2018 Prepaid in full — — 5,173 Three charter school properties located in Gilbert and Queen Creek, Arizona (7) 10.00 % 12/11/2018 Prepaid in full — — 33,269 Land located in Queen Creek, Arizona (8) 9.00 % 12/21/2018 Prepaid in full — — 1,454 Three attractions located in Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas 7.00% and 10.00% 5/1/2019 Interest only 179,846 179,846 174,265 Eight charter school properties located in Indiana, Ohio, South Carolina and Pennsylvania 7.00 % 12/20/2021 Principal & Interest 54,535 54,535 57,890 One health club located in Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 One health club located in Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,880 One golf entertainment complex located in Austin, Texas 11.31 % 7/1/2033 Principal & Interest-fully amortizing 11,934 11,934 12,249 One public charter school property located in St. Paul, Minnesota 8.71% to 9.38% 6/30/2034 Interest only 8,595 8,835 8,711 One public charter school property located in Jersey City, New Jersey 10.00 % 8/31/2034 Interest only 15,239 15,652 12,564 One ski property located in West Dover and Wilmington, Vermont 11.43 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties located in Ohio and Pennsylvania 10.59 % 12/1/2034 Interest only 37,562 37,562 37,562 One ski property located in Chesterland, Ohio 11.04 % 12/1/2034 Interest only 4,550 4,550 4,550 One ski property located in Hunter, New York 8.28 % 1/5/2036 Interest only 21,000 21,000 21,000 One golf entertainment complex located in Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 One public charter school property located in Millville, New Jersey 10.14 % 7/31/2036 Interest only 6,224 6,383 6,304 One golf entertainment complex located in West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 One public charter school property located in Vineland, New Jersey 9.95 % 12/31/2036 Interest only 9,765 9,839 9,838 One private school property located in Mableton, Georgia 8.67 % 4/30/2037 Interest only 4,674 4,952 4,717 One public charter school property located in Roswell, Georgia 8.93 % 6/30/2037 Interest only 4,121 4,165 4,111 One public charter school property located in Atlanta, Georgia 8.67 % 7/31/2037 Interest only 4,206 4,236 4,235 One public charter school property located in Bronx, New York 8.75 % 8/31/2037 Interest only 23,718 23,718 11,330 One public charter school property located in Colorado Springs, Colorado 9.02 % 9/30/2037 Interest only 14,084 14,325 11,684 One health club located in Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 — One early education center located in Lithia, Florida 7.50 % 8/30/2038 Interest only 2,172 2,172 658 $ 515,811 $ 517,467 $ 970,749 (1) Mortgage note was reclassified to rental properties on January 1, 2018, due to implementation of ASC 610-20. (2) On February 16, 2018, the borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities, including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value of the mortgage note on the conversion date, and allocated this cost on a relative fair value basis. (3) On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. There was no prepayment fee received in connection with this note payoff. (4) On March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There was no prepayment fee received in connection with this note payoff. (5) During the year ended December 31, 2018 , the Company received payment in full on the mortgage note receivable of $250.3 million from OZRE that was secured by 14 ski properties. In connection with the prepayment of this note, the Company recognized prepayment fees totaling $65.9 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (6) During the year ended December 31, 2018 , the Company received payment in full on the mortgage note receivable of $32.0 million that was secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the prepayment of this note, the Company recognized prepayment fees of $5.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (7) On December 11, 2018, the Company received payment in full on the mortgage notes receivable totaling $36.7 million from LBE Investments, Ltd. that were secured by four charter school properties located in Gilbert and Queen Creek, Arizona. In connection with the prepayment of these notes, the Company recognized prepayment fees totaling $3.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018 . (8) On December 21, 2018, the Company received payment in full on a mortgage note receivable of $1.4 million from LBE Investments, Ltd. that was secured by land located in Queen Creek, Arizona. No prepayment fee was received in connection with the prepayment of this note. |
Investments In Direct Financing
Investments In Direct Financing Leases | 12 Months Ended |
Dec. 31, 2018 | |
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 two public charter school properties as of December 31, 2018 and six public charter school properties as of December 31, 2017 , 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, 2018 and 2017 (in thousands): 2018 2017 Total minimum lease payments receivable $ 36,352 $ 112,411 Estimated unguaranteed residual value of leased assets 16,509 47,000 Less deferred income (1) (32,303 ) (101,508 ) Investment in direct financing leases, net $ 20,558 $ 57,903 (1) Deferred income is net of $0.3 million and $0.8 million of initial direct costs at December 31, 2018 and 2017 , respectively. 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 and the carrying amount was $54.5 million at December 31, 2018. See Note 6 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. During the year ended December 31, 2018 , the Company completed the sale of four public charter school properties leased to Imagine, located in Arizona, Ohio and Washington D.C. for net proceeds of $43.4 million . Accordingly, the Company reduced its investment in direct financing leases, net, by $37.9 million , which included $31.6 million in original acquisition costs. A gain of $5.5 million was recognized during the year ended December 31, 2018 . The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 2,265 2020 2,333 2021 2,403 2022 2,475 2023 2,550 Thereafter 24,326 Total $ 36,352 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2018 and 2017 consists of the following (in thousands): 2018 2017 Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) $ — $ 11,684 Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 (2) — 250,000 Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (3) 30,000 210,000 Senior unsecured notes payable, 5.75%, due August 15, 2022 (4) 350,000 350,000 Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 5, 2019 and 3.15% from April 6, 2019 to February 7, 2022, due February 27, 2023 (5) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) 275,000 275,000 Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (4) 300,000 300,000 Senior unsecured notes payable, 4.56%, due August 22, 2026 (6) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (4) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (7) (4) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (8) (4) 400,000 — Bonds payable, variable rate, due August 1, 2047 (9) 24,995 24,995 Less: deferred financing costs, net (33,941 ) (32,852 ) Total $ 2,986,054 $ 3,028,827 (1) On January 2, 2018, the Company prepaid in full this mortgage note payable totaling $11.7 million with an annual interest rate of 6.19% , which was secured by one theatre property. (2) On February 28, 2018, the Company redeemed all of its outstanding 7.75% Senior Notes due July 15, 2020. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium calculated pursuant to the terms of the indenture of $28.6 million , together with accrued and unpaid interest up to, but not including the redemption date of $2.3 million . In connection with the redemption, the Company recorded a non-cash write off of $3.3 million in deferred financing costs. The premium and non-cash write off were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income for the year ended December 31, 2018 . (3) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 3.50% on December 31, 2018 . Interest is payable monthly. On September 27, 2017, the Company amended its 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, 2018 , the Company had $30.0 million outstanding under the facility and total availability under the facility was $970.0 million . In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. (4) These 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. (5) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 3.48% on December 31, 2018 . Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the combined 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 combined facility, which was used to pay down a portion of the facility. In addition, there is a $1.0 billion accordion feature on the combined facility that increases the maximum borrowing amount available, 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. (6) 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 affected 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. (7) 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. (8) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95% . Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the facility. (9) 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 $20.5 million at December 31, 2018 , and bear interest at a variable rate which resets on a weekly basis and was 2.50% at December 31, 2018 . The bonds require 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, 2018 . Principal payments due on long-term debt obligations subsequent to December 31, 2018 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2019 $ — 2020 — 2021 — 2022 380,000 2023 675,000 Thereafter 1,964,995 Less: deferred financing costs, net (33,941 ) Total $ 2,986,054 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, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Interest on loans $ 137,570 $ 135,023 $ 101,181 Amortization of deferred financing costs 5,797 6,167 4,787 Credit facility and letter of credit fees 2,411 2,005 1,873 Interest cost capitalized (9,904 ) (9,879 ) (10,697 ) Interest income (367 ) (192 ) — Interest expense, net $ 135,507 $ 133,124 $ 97,144 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
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. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidated VIE As of December 31, 2018 , the Company does not have any investments in consolidated VIEs. Unconsolidated VIE At December 31, 2018 , the Company’s recorded investment in two mortgage notes which are unconsolidated VIEs totaled $184.1 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 $184.1 million . These mortgage notes are secured by three recreation properties and one public charter school. In addition, at December 31, 2018, the Company had $29.5 million recorded investments in unconsolidated VIEs through joint ventures that own two recreation anchored lodging properties. The Company accounts for these investments in joint ventures under the equity method of accounting. The Company's maximum exposure to loss at December 31, 2018, is its investment in the joint ventures of $29.5 million . See Note 8 for further discussion related to the Company's unconsolidated real estate joint ventures. 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, 2018 | |
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 no derivative liabilities in the consolidated balance sheet at December 31, 2018 . The Company had derivative liabilities of $0.1 million recorded in “Accounts payable and accrued liabilities” in the consolidated balance sheet at December 31, 2017 . The Company had derivative assets of $10.6 million and $25.7 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2018 and 2017 , respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2018 and 2017 . See Note 12 for disclosures relating to the fair value of the derivative instruments as of December 31, 2018 and 2017 . Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions including 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 or payment of variable-rate amounts from a counterparty which results in the Company recording net interest expense that is fixed over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018 , 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 July 6, 2017 to April 5, 2019. Additionally, as of December 31, 2018 , 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, 2018, 2017 and 2016 , 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, 2018 , the Company estimates that during the twelve months ending December 31, 2019, $2.1 million will be reclassified from AOCI to a reduction of interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, USD, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the USD-CAD 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. As of December 31, 2018 , the Company had a USD-CAD cross-currency swap with a fixed original notional value of $100.0 million CAD and $79.5 million USD. The net effect of this swap is to lock in an exchange rate of $1.26 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows through June 2020. On June 29, 2018, the Company entered into two cross-currency swap agreements designated as net investment hedges that are described below. 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 within the same income statement line item as the earnings effect of the hedged transaction. As of December 31, 2018 , the Company estimates that during the twelve months ending December 31, 2019, $0.8 million of gains 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 USD-CAD 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 on its four Canadian properties, on June 29, 2018, the Company entered into two cross-currency swaps, designated as net investment hedges that became effective July 1, 2018 with a total fixed notional value of $200.0 million CAD and $151.6 million USD with a maturity date of July 1, 2023. Included in this net investment hedge, the Company locked in an exchange rate of $1.32 CAD per USD on approximately $4.5 million of additional annual CAD denominated cash flows on the properties through July 1, 2023. On June 29, 2018, the Company de-designated two CAD to USD currency forward agreements in conjunction with entering into new agreements, described above, effectively terminating the currency forward agreements. These contracts were previously designated as net investment hedges. During the year ended December 31, 2018 , the Company received $30.8 million of cash in connection with the settlement of the CAD to USD currency forward agreements. The corresponding change in value of the forward contracts for the period from inception through dedesignation of $30.8 million is reported in AOCI and will be reclassified into earnings upon a sale or complete or substantially complete liquidation of the Company's investment in its four Canadian properties. For foreign currency derivatives designated as net investment hedges, the 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, 2018, 2017 and 2016 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2018, 2017 and 2016 (Dollars in thousands) Year Ended December 31, Description 2018 2017 2016 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 3,172 $ 2,479 $ (2,044 ) Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 1,324 (2,498 ) (5,235 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 1,689 (793 ) (754 ) Amount of Income Reclassified from AOCI into Earnings (2) 1,426 2,457 2,663 Net Investment Hedges Cross Currency Swaps Amount of Gain Recognized in AOCI on Derivative 5,108 — — Amount of Income Recognized in Earnings (2) 271 — — Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative 8,560 (9,547 ) (2,804 ) Amount of Expense Reclassified from AOCI into Earnings (2) — — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative $ 18,529 $ (7,861 ) $ (5,602 ) Amount of Income (Expense) Reclassified from AOCI into Earnings 2,750 (41 ) (2,572 ) Amount of Income Recognized in Earnings 271 — — Interest expense, net in accompanying consolidated statements of income 135,507 133,124 97,144 Other income in accompanying consolidated statements of income 2,076 3,095 9,039 (1) Included in “Interest expense, net” in accompanying consolidated statements of income. (2) Included in "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, 2018 , the Company had no derivatives with a fair value in a liability position related to these agreements. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value, after considering the right to offset. As of December 31, 2018 , the Company had not posted any collateral related to these agreements and was not in breach of any provisions in these agreements. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
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 value 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, 2018 , 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, 2018 and 2017 , 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, 2018 and 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2018: Cross Currency Swaps* $ — $ 6,278 $ — $ 6,278 Interest Rate Swap Agreements* $ — $ 4,344 $ — $ 4,344 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 *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, 2018 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, 2018 and 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2018: Land held for development $ — $ — $ 9,805 $ 9,805 2017: Investment in direct financing leases, net $ — $ — $ 35,807 $ 35,807 As discussed further in Note 4, during the year ended December 31, 2018 , the Company recorded impairment charges totaling $16.5 million related to land held for development and property under development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 7, during the year ended December 31, 2017, the Company recorded impairment charges totaling $10.2 million related to its investment in direct financing leases, net. Management estimated the fair value of this investments taking into account various factors including the 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. 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, 2018 and 2017 : 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, 2018 , the Company had a carrying value of $517.5 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.67% . The fixed rate mortgage notes bear interest at rates of 7.00% to 11.43% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.50% to 10.00% , management estimates the fair value of the fixed rate mortgage notes receivable to be $544.6 million with an estimated weighted average market rate of 8.68% at December 31, 2018 . 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 . Investment in direct financing leases, net: At December 31, 2018 , the Company had investments in direct financing leases with a carrying value of $20.6 million , and with a weighted average effective interest rate of 12.04% . At December 31, 2018 , the investment in direct financing leases bears interest at effective rates of 11.93% to 12.38% . The carrying value of the $20.6 million investment in direct financing leases approximated the fair value at December 31, 2018 . At December 31, 2017 , the Company had investments in direct financing leases with a carrying value of $57.9 million , and a weighted average effective interest rate of 11.98% . At December 31, 2017 , the investment in direct financing leases bears interest at effective interest rates of 11.90% to 12.38% . The carrying value of the investment in direct financing leases approximated the fair value at December 31, 2017 . Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt as of December 31, 2018 and 2017 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2018 , the Company had a carrying value of $455.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.84% . The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2018 . 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 value at December 31, 2017 . As described in Note 11, at December 31, 2018 and 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, 2018 , the Company had a carrying value of $2.57 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.86% . Discounting the future cash flows for fixed rate debt using December 31, 2018 market rates of 3.48% to 4.99% , management estimates the fair value of the fixed rate debt to be approximately $2.57 billion with an estimated weighted average market rate of 4.69% at December 31, 2018 . At December 31, 2017 , the Company had a carrying value of $2.43 billion in fixed rate long-term 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 . |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2018 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares Common Shares The Board of Trustees declared cash dividends totaling $4.32 and $4.08 per common share for the years ended December 31, 2018 and 2017 , 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, 2018 and 2017 are as follows: Cash Distributions Per Share 2018 2017 Taxable ordinary income (1) $ 4.1253 $ 3.5434 Return of capital — 0.2762 Long-term capital gain (2) 0.1747 0.2404 Totals $ 4.3000 $ 4.0600 (1) Of the taxable ordinary income, $4.1253 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0102 and $0.0972 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. During the year ended December 31, 2017 , the Company issued an aggregate of 1,382,730 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for net proceeds of $98.2 million . 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. Subsequent to December 31, 2018 , the Company issued an aggregate of 490,310 common shares under its DSPP for net proceeds of $35.6 million . 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, 2018 , the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3954 common shares per Series C preferred share, which is equivalent to a conversion price of $63.23 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, 2018 and 2017 , respectively. There were non-cash distributions associated with conversion adjustments of $0.6205 and $0.4918 per Series C preferred share for the years ended December 31, 2018 and 2017 , 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, 2018 and 2017 are as follows: Cash Distributions per Share 2018 2017 Taxable ordinary income (1) $ 1.3791 $ 1.3462 Return of capital — — Long-term capital gain (2) 0.0584 0.0913 Totals $ 1.4375 $ 1.4375 (1) Of the taxable ordinary income, $1.3791 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0034 and $0.0352 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , respectively. Non-cash Distributions per Share 2018 2017 Taxable ordinary income (3) $ 0.5953 $ 0.3527 Return of capital — 0.1152 Long-term capital gain (4) 0.0252 0.0239 Totals $ 0.6205 $ 0.4918 (3) Of the taxable ordinary income, $0.5953 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0015 and $0.0092 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , 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, 2018 , the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4686 common shares per Series E preferred share, which is equivalent to a conversion price of $53.35 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, 2018 and 2017 . There were non-cash distributions associated with conversion adjustments of $0.5308 and $0.2619 per Series E preferred share for the years ended December 31, 2018 and 2017 , 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, 2018 and 2017 are as follows: Cash Distributions per Share 2018 2017 Taxable ordinary income (1) $ 2.1586 $ 2.1070 Return of capital — — Long-term capital gain (2) 0.0914 0.1430 Totals $ 2.2500 $ 2.2500 (1) Of the taxable ordinary income, $2.1586 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0053 and $0.0551 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , respectively. Non-cash Distributions per Share 2018 2017 Taxable ordinary income (3) $ 0.5092 $ 0.1428 Return of capital — 0.1094 Long-term capital gain (4) 0.0216 0.0097 Totals $ 0.5308 $ 0.2619 (3) Of the taxable ordinary income, $0.5092 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0013 and $0.0037 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , 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 per Series F preferred share for the year ended December 31, 2017. 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 year ended December 31, 2017 are as follows: Cash Distributions per Share 2017 Taxable ordinary income (1) $ 1.8310 Return of capital — Long-term capital gain (2) 0.1243 Totals $ 1.9553 (1) Of the taxable ordinary income, none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.04792 was unrecaptured section 1250 gains for the years ended December 31, 2017. 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 $1.4375 and $0.183681 per Series G preferred share for the years ended December 31, 2018 and 2017 , respectively. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series G preferred share for the year ended December 31, 2018 are as follows: Cash Distributions per Share 2018 Taxable ordinary income (1) $ 1.2105 Return of capital — Long-term capital gain (2) 0.0513 Totals $ 1.2618 (1) Of the taxable ordinary income, $1.2105 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.00298 was unrecaptured section 1250 gains for the year ended December 31, 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 (amounts in thousands except per share information): Year Ended December 31, 2018 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 266,983 Less: preferred dividend requirements (24,142 ) Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Net income available to common shareholders $ 242,841 74,292 Effect of dilutive securities: Share options — 45 Net income available to common shareholders $ 242,841 74,337 $ 3.27 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 The additional 2.1 million common shares for both years ended December 31, 2018 and 2017 and 2.0 million common shares for the year ended December 31, 2016, that would result from the conversion of the Company’s 5.75% Series C 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, 2018, 2017 and 2016 , 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, 2018, 2017 and 2016 , 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, 2018, 2017 and 2016 . However, options to purchase 26 thousand , 7 thousand and 72 thousand of common shares were outstanding at the end of 2018, 2017 and 2016, respectively, at per share prices ranging from $61.79 to $76.63 for both 2018 and 2017 and at a per share price of $61.79 for 2016, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , there were 1,322,389 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, 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 Exercised (25,721 ) 45.20 — 61.79 50.68 Granted 3,835 56.94 — 56.94 56.94 Forfeited/Expired (845 ) 51.64 — 61.79 61.12 Outstanding at December 31, 2018 234,875 $ 19.02 — $ 76.63 $ 51.98 The weighted average fair value of options granted was $3.03 and $7.91 during 2018 and 2017, respectively. There were no options granted during 2016. The intrinsic value of stock options exercised was $0.4 million , $0.5 million , and $5.2 million during the years ended December 31, 2018, 2017 and 2016 , respectively. Additionally, the Company repurchased 20,258 shares in conjunction with the stock options exercised during the year ended December 31, 2018 with a total value of $1.4 million . The expense related to share options included in the determination of net income for the years ended December 31, 2018, 2017 and 2016 was $0.3 million , $0.7 million , and $0.9 million , respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 2.7% and 2.1% in 2018 and 2017, respectively, dividend yield of 7.6% and 5.4% in 2018 and 2017, respectively, volatility factors in the expected market price of the Company’s common shares of 18.9% and 22.0% in 2018 and 2017, respectively, 0.74% expected forfeiture rates for both 2018 and 2017, and an expected life of approximately six years for both 2018 and 2017. 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, 2018 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2019 $ 7 2020 7 2021 3 Total $ 17 The following table summarizes outstanding options at December 31, 2018 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 0.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 1.0 40.00 - 49.99 72,342 3.1 50.00 - 59.99 71,868 5.2 60.00 - 69.99 75,925 6.1 70.00 - 76.63 2,215 8.1 234,875 4.6 $ 51.98 $ 2,857 The following table summarizes exercisable options at December 31, 2018 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 0.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 1.0 40.00 - 49.99 72,342 3.1 50.00 - 59.99 68,033 5.0 60.00 - 61.79 55,387 6.1 70.00 - 76.63 554 8.1 208,841 4.4 $ 50.73 $ 2,784 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, 2017 620,122 $ 68.07 Granted 295,202 56.94 Vested (244,852 ) 65.33 Forfeited (15,416 ) 64.39 Outstanding at December 31, 2018 655,056 $ 64.16 0.78 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 $16.0 million , $15.1 million , and $9.2 million for the years ended December 31, 2018, 2017 and 2016 , respectively. At December 31, 2018 , unamortized share-based compensation expense related to nonvested shares was $16.6 million and will be recognized in future periods as follows (in thousands): Amount Year: 2019 $ 8,609 2020 5,570 2021 2,436 Total $ 16,615 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, 2017 19,030 $ 70.91 Granted 23,571 61.25 Vested (19,030 ) 70.91 Outstanding at December 31, 2018 23,571 $ 61.25 0.42 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, 2018 , unamortized share-based compensation expense related to restricted share units was $602 thousand which will be recognized in 2019. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
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 31 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 520,139 2020 503,344 2021 492,165 2022 477,671 2023 449,686 Thereafter 3,953,717 Total $ 6,396,722 As of December 31, 2018 , the Company had 57 ground leases at its properties. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease rent, the Company would be primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. Future minimum lease payments under these ground lease obligations at December 31, 2018 are as follows, excluding contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales (in thousands): Amount Year: 2019 $ 22,867 2020 23,236 2021 23,600 2022 22,996 2023 22,303 Thereafter 257,446 Total $ 372,448 The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $1.0 million , $1.0 million and $681 thousand for the years ended December 31, 2018, 2017 and 2016 , 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, 2018 are as follows (in thousands): Amount Year: 2019 $ 856 2020 856 2021 884 2022 967 2023 967 Thereafter 2,658 Total $ 7,188 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2018 and 2017 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2018: Total revenue $ 154,968 $ 202,867 $ 176,409 $ 166,487 Net income 29,538 91,581 91,833 54,031 Net income available to common shareholders of EPR Properties 23,502 85,545 85,797 47,997 Basic net income per common share 0.32 1.15 1.15 0.65 Diluted net income per common share 0.32 1.15 1.15 0.65 March 31 June 30 September 30 December 31 2017: Total revenue $ 129,112 $ 147,782 $ 151,397 $ 147,700 Net income 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 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2018 , the Company had an aggregate of approximately $98.7 million of commitments to fund development projects including 10 entertainment development projects for which it has commitments to fund approximately $25.4 million , five recreation development projects for which it has commitments to fund approximately $45.9 million and six education development projects for which it has commitments to fund approximately $27.4 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, 2018 , the Company had a commitment to fund approximately $206.9 million , of which $149.3 million has been funded, to complete an indoor waterpark hotel and adventure park at the casino and resort project in Sullivan County, New York. This project is expected to go in service in Spring 2019. 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 has funded a substantial portion of such construction costs. The Company received reimbursements of $43.4 million and $23.9 million of construction costs during the years ended December 31, 2016 and 2017, respectively. During the year ended December 31, 2018 , the Company received an additional reimbursement of $6.9 million and anticipates receiving $11.5 million in 2019. Construction of infrastructure improvements was 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, 2018 , the Company had four mortgage notes receivable with commitments totaling approximately $6.9 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 secured by leasehold interest and improvements at 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, 2018, the Company's guarantees of the payment of these bonds totaled $24.7 million . The Company has recorded $5.3 million in other assets and $16.1 million in other liabilities in the accompanying consolidated balance sheet as of December 31, 2018 related to these guarantees. During the year ended December 31, 2018, the Company recorded an impairment to its asset of $7.8 million and an incremental contingent liability of $2.9 million as payment on a portion of the bonds is considered probable and is reasonably estimable, resulting in a total impairment charge of $10.7 million . See Note 4 for further discussion. 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, 2018 , the Company had five surety bonds outstanding totaling $22.5 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 involved 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 a casino development agreement, dated June 18, 2010. On June 29, 2018, the Company entered into a settlement agreement with the Cappelli Group whereby each of the parties fully settled all disputes between and among them. The terms of the settlement agreement include, among other terms, the Company’s payment of $2.0 million to the Cappelli Group, the mutual release of all parties, and the dismissal of the Westchester Action with prejudice. Additionally, during the year ended December 31, 2018 , the Company paid approximately $90 thousand in professional fees associated with the settlement. Early Childhood Education Tenant During 2017, cash flow of CLA was negatively impacted by challenges brought on by its rapid expansion and related ramp up to stabilization and by adverse weather conditions in Texas during the third quarter of 2017. As a result, CLA initiated negotiations with the Company and other landlords regarding a potential restructuring. However, CLA did not secure the investments necessary to accomplish the restructuring. 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 Children's Learning Adventure USA, LLC (CLA Parent) filed separate voluntary petitions for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court (Court) for the District of Arizona (Jointly Administered under Case No. 2:17-bk-14851-BMW), covering substantially all of the Company's properties leased to CLA. CLA Parent has not filed a petition for bankruptcy. It is the Company's understanding that the CLA Debtors filed bankruptcy petitions to stay the termination of the remaining CLA leases and delay the eviction process. On January 8, 2018, the Company filed with the Court (i) motions seeking rent for the post-petition period beginning on December 18, 2017, and (ii) motions seeking relief from the automatic stay seeking the right to terminate the remaining leases and evict the CLA Debtors from the properties. On March 14, 2018, the CLA Parties and the Company entered into a Stipulation providing that (a) the CLA Parties would pay rent for the months of March through July for an aggregate total of $4.3 million , (b) resolution of restructuring of the leases between the Company and the CLA Parties would be concluded no later than July 31, 2018 (the Forbearance Period), (c) relief from stay would be granted with respect to the Company’s properties as needed to implement the Stipulation, (d) the parties would not commence or prosecute litigation against any other party during the Forbearance Period, and (e) the deadline for any motion by the CLA Debtors to assume or reject the leases under the U.S. Bankruptcy Code would be extended to July 31, 2018. On May 7, 2018, the Court entered an order approving the Stipulation. The CLA Parties made all of the rent payments required by the Stipulation. In July 2018, the Company entered into a new lease agreement with CLA related to the 21 operating properties which replaced the prior lease arrangements and continued on a month-to-month basis. The lease agreement provided for monthly rent of $1.0 million plus approximately $170 thousand for pro rata property taxes. CLA relinquished control of four properties that were still under development as the Company no longer intends to develop these properties for CLA. Two of these properties were sold in February 2019. See Note 4 for further discussion regarding CLA. In February 2019, CLA and the Company entered into agreements (collectively, the PSA) providing for the purchase and sale of certain assets associated with the businesses located at the 21 operating CLA properties whereby the Company can nominate a third party operator to take an assignment and transfer of such assets from CLA and to receive certain beneficial rights under various related ancillary agreements. Consideration provided by the Company for the asset transfers includes the release of past due rent obligations, previously fully reserved by the Company, and additional consideration of approximately $15.0 million which includes approximately $3.5 million for equipment used in the operations of the Company's schools. CLA has agreed to surrender possession of any of those properties that have not been transferred to a replacement operator prior to March 31, 2020 and has agreed to lease and operate each of the 21 properties for an aggregate of approximately $1.0 million per month of minimum rent until the transfer of each property to the Company’s replacement tenant or surrender of the property. The primary closing condition for each transfer will be the requirement that the replacement tenant has obtained all required licenses and permits. There can be no assurance that the replacement tenant of a property will timely satisfy this or other conditions which could delay or prevent the closing of one or more transfers. As a result, there can be no assurance that one or more properties will not be surrendered until after March 31, 2020, in which case the Company would receive such properties without the ability to provide active operations to a replacement tenant which could adversely affect the terms of the leases of such properties to replacement tenants. CLA is required to file a motion by March 1, 2019 with the bankruptcy court (Court) seeking authorization of the sale of certain assets pursuant to the PSA. A condition to the parties’ obligations under the PSA is the Court’s approval of the motion. There can be no assurance that this motion will be approved by the Court or that the Court will not require modifications to the PSA as a condition to its approval. Additionally, in February 2019, the Company entered into leases of all 21 operating CLA properties with Crème de la Crème (Crème), a premium, national early childhood education operator. These leases are contingent upon the Company delivering possession of the properties and include different financial terms based on whether or not CLA delivers Crème the assets associated with the in-place operations of the school. The leases have 20 -year terms that commence upon Crème beginning operations of the schools. Additionally, Crème and the Company each have early termination rights based on school level economic performance. There can be no assurance as to the outcome of the contemplated transaction or whether some or all of the properties will be transferred to Crème with in-place operations. If some or all of the schools are not transferred to Crème with in-place operations, there will be a delay in re-opening such schools and a corresponding reduction in near term rents from Crème. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company groups its investments into four reportable operating segments: Entertainment, Recreation, Education and Other. The financial information summarized below is presented by reportable operating segment: Balance Sheet Data: As of December 31, 2018 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Total Assets $ 2,344,855 $ 2,187,808 $ 1,366,278 $ 207,724 $ 24,725 $ 6,131,390 As of December 31, 2017 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Total Assets $ 2,380,129 $ 2,102,041 $ 1,429,992 $ 199,052 $ 80,279 $ 6,191,493 Operating Data: For the Year Ended December 31, 2018 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 301,782 $ 142,822 $ 102,642 $ 9,117 $ — $ 556,363 Other income 270 62 — — 1,744 2,076 Mortgage and other financing income 7,971 109,200 25,121 — — 142,292 Total revenue 310,023 252,084 127,763 9,117 1,744 700,731 Property operating expense 24,141 126 3,933 1,901 655 30,756 Other expense — — — — 443 443 Total investment expenses 24,141 126 3,933 1,901 1,098 31,199 Net operating income - before unallocated items 285,882 251,958 123,830 7,216 646 669,532 Reconciliation to Consolidated Statements of Income: General and administrative expense (48,889 ) Severance expense (5,938 ) Litigation settlement expense (2,090 ) Costs associated with loan refinancing or payoff (31,958 ) Interest expense, net (135,507 ) Transaction costs (3,698 ) Impairment charges (27,283 ) Depreciation and amortization (153,430 ) Equity in loss from joint ventures (22 ) Gain on sale of real estate 3,037 Gain on sale of investment in a direct financing lease 5,514 Income tax expense (2,285 ) Net income 266,983 Preferred dividend requirements (24,142 ) Net income available to common shareholders of EPR Properties $ 242,841 For the Year Ended December 31, 2017 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 283,247 $ 112,763 $ 79,031 $ 9,162 $ — $ 484,203 Other income 614 — 1 — 2,480 3,095 Mortgage and other financing income 4,407 48,740 35,546 — — 88,693 Total revenue 288,268 161,503 114,578 9,162 2,480 575,991 Property operating expense 23,175 117 6,314 1,407 640 31,653 Other expense — — — — 242 242 Total investment expenses 23,175 117 6,314 1,407 882 31,895 Net operating income - before unallocated items 265,093 161,386 108,264 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 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 Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 266,247 $ 62,527 $ 77,775 $ 8,635 $ — $ 415,184 Other income 249 4,482 1,648 — 2,660 9,039 Mortgage and other financing income 6,187 30,190 32,539 103 — 69,019 Total revenue 272,683 97,199 111,962 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 97,191 111,962 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 224,982 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2018 Description Balance at December 31, 2017 Additions During 2018 Deductions During 2018 Balance at December 31, 2018 Reserve for Doubtful Accounts $ 7,485,000 $ 2,851,000 $ (7,437,000 ) $ 2,899,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. 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. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 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 (8,798 ) 11/97 40 years Sugar Land, TX — — 19,100 67 — 19,167 19,167 (10,063 ) 11/97 40 years San Antonio, TX — 3,006 13,662 8,455 3,006 22,117 25,123 (8,414 ) 11/97 40 years Columbus, OH — — 12,685 — — 12,685 12,685 (6,501 ) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (8,215 ) 11/97 40 years Ontario, CA — 5,521 19,449 7,130 5,521 26,579 32,100 (10,370 ) 11/97 40 years Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (10,269 ) 11/97 40 years Creve Coeur, MO — 4,985 12,601 4,075 4,985 16,676 21,661 (7,355 ) 11/97 40 years Leawood, KS — 3,714 12,086 4,110 3,714 16,196 19,910 (6,791 ) 11/97 40 years Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (11,280 ) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (14,984 ) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (11,414 ) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (13,221 ) 06/98 40 years Pompano Beach, FL — 6,771 9,899 3,845 6,771 13,744 20,515 (8,733 ) 08/98 24 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (3,380 ) 08/98 40 years Davie, FL — 2,000 13,000 11,512 2,000 24,512 26,512 (10,808 ) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (7,000 ) 12/98 40 years Boise, ID — — 16,003 — — 16,003 16,003 (8,002 ) 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 (5,844 ) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (7,403 ) 06/99 40 years Metairie, LA — — 11,740 3,049 — 14,789 14,789 (5,036 ) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (6,237 ) 03/02 40 years Hammond, LA — 2,404 6,780 1,607 1,839 8,952 10,791 (2,909 ) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (2,853 ) 03/02 40 years Harvey, LA — 4,378 12,330 3,735 4,266 16,177 20,443 (5,309 ) 03/02 40 years Greenville, SC — 1,660 7,570 247 1,660 7,817 9,477 (3,195 ) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (10,622 ) 06/02 40 years Olathe, KS — 4,000 15,935 2,558 3,042 19,451 22,493 (7,894 ) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (7,193 ) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (8,952 ) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (3,213 ) 12/02 40 years Macon, GA — 1,982 5,056 — 1,982 5,056 7,038 (1,991 ) 03/03 40 years Lawrence, KS — 1,500 3,526 2,017 1,500 5,543 7,043 (1,544 ) 06/03 40 years Columbia, SC — 1,000 10,534 339 1,000 10,873 11,873 (3,153 ) 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 (6,114 ) 03/04 40 years Hamilton, NJ — 4,869 18,143 — 4,869 18,143 23,012 (6,690 ) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (6,375 ) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (4,028 ) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (3,735 ) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (4,500 ) 11/04 40 years Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (3,203 ) 12/04 40 years D'Iberville, MS — 2,001 8,043 3,612 808 12,848 13,656 (3,723 ) 12/04 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 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 (2,599 ) 02/05 40 years Chattanooga, TN — 2,799 11,467 — 2,799 11,467 14,266 (3,966 ) 03/05 40 years Conroe, TX — 1,836 8,230 — 1,836 8,230 10,066 (2,777 ) 06/05 40 years Indianapolis, IN — 1,481 4,565 2,375 1,481 6,940 8,421 (1,714 ) 06/05 40 years Hattiesburg, MS — 1,978 7,733 4,720 1,978 12,453 14,431 (3,438 ) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,246 ) 12/05 40 years Auburn, CA — 2,178 6,185 (65 ) 2,113 6,185 8,298 (2,023 ) 12/05 40 years Fresno, CA — 7,600 11,613 2,894 7,600 14,507 22,107 (4,816 ) 12/05 40 years Modesto, CA — 2,542 3,910 1,889 2,542 5,799 8,341 (1,399 ) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (3,890 ) 03/06 40 years Garland, TX — 8,028 14,825 — 8,028 14,825 22,853 (4,725 ) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (2,185 ) 04/06 40 years Winston Salem, NC — — 12,153 4,188 — 16,341 16,341 (4,535 ) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (4,564 ) 08/06 40 years Kalamazoo, MI — 5,125 12,216 5,950 5,125 18,166 23,291 (9,704 ) 11/06 17 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (4,530 ) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (3,450 ) 12/06 40 years Panama City Beach, FL — 6,486 11,156 — 6,486 11,156 17,642 (3,231 ) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (2,075 ) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (4,246 ) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (2,691 ) 10/08 40 years Ypsilanti, MI — 4,716 227 2,817 4,716 3,044 7,760 (147 ) 12/09 40 years Manchester, CT — 3,628 11,474 — 3,628 11,474 15,102 (2,582 ) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (398 ) 12/09 40 years Davenport, IA — 3,599 6,068 2,265 3,564 8,368 11,932 (1,445 ) 12/09 40 years Fairfax, VA — 2,630 11,791 2,000 2,630 13,791 16,421 (2,723 ) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (388 ) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (1,061 ) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (875 ) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,364 ) 12/09 40 years Okolona, KY — 5,379 3,311 — 5,379 3,311 8,690 (745 ) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (2,163 ) 12/09 40 years Louisville, KY — 4,979 6,567 — 4,979 6,567 11,546 (1,478 ) 12/09 40 years Beaver Creek, OH — 1,578 6,630 1,700 1,578 8,330 9,908 (1,501 ) 12/09 40 years West Springfield, MA — 2,540 3,755 — 2,540 3,755 6,295 (845 ) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (456 ) 12/09 40 years Pasadena, TX — 2,951 10,684 1,759 2,951 12,443 15,394 (2,279 ) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (418 ) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (705 ) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (1,267 ) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (905 ) 06/10 40 years Redding, CA — 2,044 4,500 1,177 2,044 5,677 7,721 (956 ) 06/10 40 years Pueblo, CO — 2,238 5,162 1,265 2,238 6,427 8,665 (1,100 ) 06/10 40 years Beaumont, TX — 1,065 11,669 1,644 1,065 13,313 14,378 (2,546 ) 06/10 40 years Pflugerville, TX — 4,356 11,533 2,056 4,356 13,589 17,945 (2,524 ) 06/10 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 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 (2,070 ) 06/10 40 years El Paso, TX — 4,598 13,207 2,296 4,598 15,503 20,101 (2,848 ) 06/10 40 years Colorado Springs, CO — 4,134 11,220 1,427 2,938 13,843 16,781 (2,497 ) 06/10 40 years Virginia Beach, VA — — 1,736 — — 1,736 1,736 (1,736 ) 12/10 40 years Hooksett, NH — 2,639 11,605 — 2,639 11,605 14,244 (2,273 ) 03/11 40 years Saco, ME — 1,508 3,826 — 1,508 3,826 5,334 (749 ) 03/11 40 years Merrimack, NH — 3,160 5,642 — 3,160 5,642 8,802 (1,105 ) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (1,394 ) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (787 ) 04/11 40 years Dallas, TX — — 12,146 750 — 12,896 12,896 (2,097 ) 03/12 40 years Albuquerque, NM — — 13,733 — — 13,733 13,733 (1,745 ) 06/12 40 years Southern Pines, NC — 1,709 4,747 12 1,709 4,759 6,468 (772 ) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (863 ) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (1,208 ) 09/12 40 years Gainesville, VA — — 10,846 — — 10,846 10,846 (1,378 ) 02/13 40 years Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (1,671 ) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (214 ) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (1,243 ) 09/13 40 years Tampa, FL — 1,700 23,483 3,769 1,700 27,252 28,952 (4,463 ) 10/13 40 years Warrenville, IL — 14,000 17,318 4,816 14,000 22,134 36,134 (3,731 ) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (969 ) 08/13 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (1,007 ) 11/12 40 years Bedford, IN — 349 1,594 — 349 1,594 1,943 (213 ) 04/14 40 years Seymour, IN — 1,028 2,291 — 1,028 2,291 3,319 (287 ) 04/14 40 years Wilder, KY — 983 11,233 2,004 983 13,237 14,220 (1,490 ) 04/14 40 years Bowling Green, KY — 1,241 10,222 — 1,241 10,222 11,463 (1,270 ) 04/14 40 years New Albany, IN — 2,461 14,807 — 2,461 14,807 17,268 (1,803 ) 04/14 40 years Clarksville, TN — 3,764 16,769 4,706 3,764 21,475 25,239 (2,125 ) 04/14 40 years Williamsport, PA — 2,243 6,684 — 2,243 6,684 8,927 (857 ) 04/14 40 years Noblesville, IN — 886 7,453 2,019 886 9,472 10,358 (1,000 ) 04/14 40 years Moline, IL — 1,963 10,183 — 1,963 10,183 12,146 (1,255 ) 04/14 40 years O'Fallon, MO — 1,046 7,342 — 1,046 7,342 8,388 (899 ) 04/14 40 years McDonough, GA — 2,235 16,842 — 2,235 16,842 19,077 (2,068 ) 04/14 40 years Sterling Heights, MI — 10,849 — 258 10,919 188 11,107 (1 ) 12/14 15 years Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (621 ) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (664 ) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (3,153 ) 05/15 25 years Denham Springs, LA — — 5,093 4,162 — 9,255 9,255 (518 ) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (1,972 ) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (591 ) 12/15 40 years Corpus, Christi, TX — 1,286 8,252 — 1,286 8,252 9,538 (395 ) 12/15 40 years Delmont, PA — 673 621 — 673 621 1,294 (74 ) 06/16 25 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (550 ) 06/16 25 years Franklin, TN — 10,158 17,549 9,018 10,158 26,567 36,725 (2,359 ) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (1,770 ) 06/16 25 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 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 3,905 2,957 14,866 17,823 (1,230 ) 06/16 25 years Edinburg, TX — 1,982 16,964 5,680 1,982 22,644 24,626 (2,032 ) 06/16 25 years Hendersonville, TN — 2,784 8,034 4,160 2,784 12,194 14,978 (734 ) 07/16 30 years Houston, TX — 965 10,002 — 965 10,002 10,967 (333 ) 10/16 40 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (997 ) 11/16 30 years Fort Worth, TX — — 11,385 — — 11,385 11,385 (166 ) 02/17 40 years Fort Wayne, IN — 1,926 11,054 — 1,926 11,054 12,980 (715 ) 05/17 27 years Wichita, KS — 267 7,535 — 267 7,535 7,802 (519 ) 05/17 23 years Wichita, KS — 3,132 23,270 — 3,132 23,270 26,402 (1,659 ) 05/17 23 years Richmond, TX — 7,251 36,534 (27 ) 7,251 36,507 43,758 (1,361 ) 08/17 40 years Tomball, TX — 3,416 26,918 — 3,416 26,918 30,334 (978 ) 08/17 40 years Cleveland, OH — 2,671 17,526 — 2,671 17,526 20,197 (1,087 ) 08/17 25 years Little Rock, AR — 1,789 10,780 — 1,789 10,780 12,569 (283 ) 01/18 40 years Conway, AR — 1,316 5,553 — 1,316 5,553 6,869 (168 ) 03/18 30 years Lynbrook, NY — 1,753 28,400 — 1,753 28,400 30,153 (363 ) 06/18 40 years Long Island, NY — — 12,479 267 — 12,746 12,746 — 12/18 25 years ERC's/Retail Dallas, TX — 3,060 15,281 18,983 3,060 34,264 37,324 (16,866 ) 11/97 40 years Westminster, CO — 6,205 12,600 22,859 6,205 35,459 41,664 (18,393 ) 12/01 40 years Westminster, CO — 5,850 17,314 4,257 5,850 21,571 27,421 (7,528 ) 06/99 40 years Houston, TX — 3,653 1,365 (1,531 ) 3,408 79 3,487 (14 ) 05/00 40 years Southfield, MI — 8,000 20,518 6,298 8,000 26,816 34,816 (26,773 ) 05/03 15 years New Rochelle, NY — 6,100 97,696 10,774 6,100 108,470 114,570 (41,540 ) 10/03 40 years Kanata, ON — 10,044 36,630 27,615 9,236 65,053 74,289 (21,622 ) 03/04 40 years Mississagua, ON — 9,221 17,593 19,988 11,150 35,652 46,802 (10,169 ) 03/04 40 years Oakville, ON — 10,044 23,646 5,407 9,236 29,861 39,097 (10,947 ) 03/04 40 years Whitby, ON — 10,202 21,960 24,076 12,051 44,187 56,238 (14,415 ) 03/04 40 years Burbank, CA — 16,584 35,016 12,536 16,584 47,552 64,136 (14,043 ) 03/05 40 years Cleveland, OH — 2,389 3,546 — 2,389 3,546 5,935 (266 ) 08/17 25 years Other Entertainment Northbrook, IL — — 7,025 586 — 7,611 7,611 (1,346 ) 07/11 40 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (1,298 ) 03/12 40 years Jacksonville, FL — 4,510 5,061 4,670 4,510 9,731 14,241 (2,354 ) 02/12 30 years Indianapolis, IN — 4,298 6,320 5,454 4,377 11,695 16,072 (1,854 ) 02/12 40 years Warrenville, IL — — 6,469 2,216 — 8,685 8,685 (1,429 ) 10/13 40 years Schaumburg, IL — 598 5,372 — 598 5,372 5,970 (537 ) 04/15 30 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (1,341 ) 02/16 35 years Orlando, FL — 9,382 16,225 58 9,382 16,283 25,665 (509 ) 05/16 40 years Stapleton, CO — 1,062 6,329 — 1,062 6,329 7,391 (212 ) 05/16 40 years Dallas, TX — 3,318 7,835 4 3,318 7,839 11,157 (298 ) 12/16 40 years San Antonio, TX — 6,502 15,338 — 6,502 15,338 21,840 (103 ) 08/17 40 years Ski Areas Bellfontaine, OH — 5,108 5,994 8,327 5,251 14,178 19,429 (3,931 ) 11/05 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Tannersville, PA — 34,940 34,629 4,377 34,940 39,006 73,946 (14,546 ) 09/13 40 years McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (6,106 ) 12/12 40 years Wintergreen, VA — 5,739 16,126 635 5,739 16,761 22,500 (3,673 ) 02/15 40 years Northstar, CA — 48,178 88,532 — 48,178 88,532 136,710 (11,125 ) 04/17 40 years Northstar, CA — 7,827 18,112 — 7,827 18,112 25,939 (905 ) 04/17 40 years Attractions Tannersville, PA — — 120,354 1,615 — 121,969 121,969 (10,361 ) 05/15 40 years Powells Point, NC — 5,284 39,516 (2,604 ) 5,284 36,912 42,196 (1,930 ) 10/16 30 years Corfu, NY — 5,112 43,637 2,500 5,112 46,137 51,249 (3,885 ) 04/17 30 years Oklahoma City, OK — 7,976 17,624 — 7,976 17,624 25,600 (1,286 ) 04/17 30 years Hot Springs, AR — 3,351 4,967 — 3,351 4,967 8,318 (360 ) 04/17 30 years Riviera Beach, FL — 17,450 29,713 — 17,450 29,713 47,163 (2,172 ) 04/17 30 years Oklahoma City, OK — 1,423 18,097 — 1,423 18,097 19,520 (1,361 ) 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 (2,350 ) 04/17 30 years Glendale, AZ — — 20,514 2,969 — 23,483 23,483 (1,837 ) 04/17 30 years Kapolei, HI — — 8,351 1,542 — 9,893 9,893 (710 ) 04/17 30 years Federal Way, WA — — 13,949 (63 ) — 13,886 13,886 (1,085 ) 04/17 30 years Colony, TX — — 7,617 (567 ) — 7,050 7,050 (535 ) 04/17 30 years Garland, TX — — 5,601 389 — 5,990 5,990 (452 ) 04/17 30 years Santa Monica, CA — — 13,874 15,717 — 29,591 29,591 (2,408 ) 04/17 30 years Concord, CA — — 9,808 5,787 — 15,595 15,595 (1,166 ) 04/17 30 years St. Louis, MO — 5,481 41,951 — 5,481 41,951 47,432 — 12/18 40 years Golf Entertainment Complexes Colony, TX — 4,004 13,665 (240 ) 4,004 13,425 17,429 (1,678 ) 12/12 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (2,552 ) 02/12 29 years Dallas, TX — — 10,007 1,771 — 11,778 11,778 (2,578 ) 02/12 30 years Houston, TX — — 12,403 394 — 12,797 12,797 (2,017 ) 09/12 40 years Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (1,869 ) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (1,906 ) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (1,694 ) 07/13 40 years San Antonio, TX — — 15,976 — — 15,976 15,976 (1,531 ) 12/13 40 years Tampa, FL — — 15,726 (67 ) — 15,659 15,659 (1,676 ) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267 ) 4,735 15,863 20,598 (1,586 ) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (1,509 ) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (1,620 ) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (1,477 ) 06/14 40 years Ashburn VA — — 16,873 — — 16,873 16,873 (1,406 ) 06/14 40 years Naperville, IL — 8,824 20,279 (665 ) 8,824 19,614 28,438 (1,635 ) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252 ) 3,086 16,169 19,255 (1,415 ) 09/14 40 years Webster, TX — 5,631 17,732 927 5,338 18,952 24,290 (1,479 ) 11/14 40 years Virginia Beach, VA — 6,948 18,715 296 6,948 19,011 25,959 (1,422 ) 12/14 40 years Edison, NJ — — 22,792 1,422 — 24,214 24,214 (1,205 ) 04/15 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Jacksonville, FL — 6,732 21,823 (1,201 ) 6,732 20,622 27,354 (1,145 ) 09/15 40 years Roseville, CA — 6,868 23,959 (1,928 ) 6,868 22,031 28,899 (1,263 ) 10/15 30 years Portland, OR — — 23,466 (541 ) — 22,925 22,925 (1,372 ) 11/15 40 years Orlando, FL — 8,586 22,493 1,120 8,586 23,613 32,199 (728 ) 01/16 40 years Charlotte, NC — 4,676 21,422 (867 ) 4,676 20,555 25,231 (824 ) 04/16 40 years Fort Worth, TX — 4,674 17,537 — 4,674 17,537 22,211 (731 ) 08/16 40 years Nashville, TN — — 26,685 136 — 26,821 26,821 (894 ) 12/16 40 years Huntsville, AL — 53 17,595 (1,938 ) 53 15,657 15,710 (534 ) 08/17 40 years El Paso, TX — 2,688 17,373 — 2,688 17,373 20,061 (458 ) 02/18 40 years Pittsburgh, PA — 7,897 21,812 — 7,897 21,812 29,709 (290 ) 07/18 40 years Philadelphia, PA — 5,484 25,211 — 5,484 25,211 30,695 (112 ) 12/18 40 years Auburn Hills, MI — 4,219 27,704 — 4,219 27,704 31,923 (61 ) 12/18 40 years Other Recreation Denver, CO — 753 6,218 — 753 6,218 6,971 (397 ) 02/17 30 years Olathe, KS — 2,417 16,878 — 2,417 16,878 19,295 (985 ) 03/17 30 years Fort Worth, TX — 824 7,066 — 824 7,066 7,890 (412 ) 03/17 30 years Tampa, FL — — 8,665 2,493 2,493 8,665 11,158 (385 ) 08/17 30 years Roseville, CA — 1,807 6,082 — 1,807 6,082 7,889 (293 ) 09/17 30 years Fort Lauderdale, FL — — 10,816 — — 10,816 10,816 (420 ) 10/17 30 years Fort Collins, CO — 2,043 5,769 — 2,043 5,769 7,812 (215 ) 01/18 30 years Pagosa Springs, CO — 9,791 15,635 — 9,791 15,635 25,426 (381 ) 06/18 30 years Public Charter Schools Columbus, OH — 700 3,790 — 700 3,790 4,490 (241 ) 09/07 40 years Groveport, OH — 600 12,250 — 600 12,250 12,850 (778 ) 10/07 40 years Cleveland, OH — 640 5,613 — 640 5,613 6,253 (655 ) 10/04 30 years Baton Rouge, LA — 996 5,638 — 996 5,638 6,634 (1,067 ) 03/11 40 years Goodyear, AZ — 766 6,517 — 766 6,517 7,283 (1,387 ) 04/11 30 years Phoenix, AZ — 1,060 8,140 — 1,060 8,140 9,200 (1,635 ) 11/11 40 years Buckeye, AZ — 914 9,715 14,461 914 24,176 25,090 (3,278 ) 04/12 40 years Tarboro, NC — 350 12,560 3,037 350 15,597 15,947 (2,408 ) 07/12 40 years Chester Upland, PA — 518 5,900 — 518 5,900 6,418 (1,027 ) 03/13 30 years Hollywood, SC — 806 5,776 1,805 806 7,581 8,387 (1,042 ) 03/13 40 years Camden, NJ — 548 10,569 7,271 548 17,840 18,388 (3,113 ) 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 (1,212 ) 05/13 40 years Gilbert, AZ — 1,336 6,593 — 1,336 6,593 7,929 (865 ) 05/13 40 years Columbus, OH — 600 5,720 — 600 5,720 6,320 (363 ) 05/13 40 years Dayton, OH — 599 5,068 — 599 5,068 5,667 (322 ) 05/13 40 years Chandler, AZ — 1,039 9,590 — 1,039 9,590 10,629 (1,537 ) 07/13 40 years Salt Lake City, UT — 8,173 10,982 1,928 8,173 12,910 21,083 (1,425 ) 07/13 40 years Palm Beach, FL — 3,323 15,824 (81 ) 3,323 15,743 19,066 (2,117 ) 10/13 30 years Columbus, OH — 840 5,640 — 840 5,640 6,480 (358 ) 11/13 40 years Lancaster, CA — 2,109 6,032 166 2,109 6,198 8,307 (855 ) 12/13 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Kernersville, NC — 1,362 8,182 (244 ) 1,362 7,938 9,300 (1,110 ) 12/13 40 years Fort Collins, CO — 618 5,031 5,134 618 10,165 10,783 (1,345 ) 02/14 40 years Wilson, NC — 424 5,342 4,553 449 9,870 10,319 (1,001 ) 03/14 30 years Baker, LA — 190 6,563 203 190 6,766 6,956 (689 ) 04/14 40 years Charlotte, NC — 1,559 1,477 19,519 1,559 20,996 22,555 (1,400 ) 05/14 30 years Chicago, IL — 1,544 6,074 4,154 1,544 10,228 11,772 (1,004 ) 05/14 40 years Chandler, AZ — 1,530 6,877 144 1,530 7,021 8,551 (612 ) 08/14 40 years Port Royal, SC — 387 4,383 1,259 387 5,642 6,029 (462 ) 09/14 40 years Macon, GA — 401 7,883 — 401 7,883 8,284 (3,035 ) 02/15 15 years Memphis, TN — 1,535 4,089 2,646 1,535 6,735 8,270 (733 ) 02/15 30 years Parker, CO — 2,190 6,815 57 2,136 6,926 9,062 (858 ) 01/15 40 years Rock Hill, SC — 2,046 8,024 (27 ) 2,046 7,997 10,043 (786 ) 04/15 30 years Palm Bay, FL — 782 6,212 2,035 782 8,247 9,029 (864 ) 03/15 40 years East Point, GA — 553 5,938 — 553 5,938 6,491 (561 ) 05/15 30 years Trenton, NJ — 1,351 15,327 — 1,351 15,327 16,678 (830 ) 08/15 40 years Memphis, TN — 910 7,927 (41 ) 910 7,886 8,796 (443 ) 09/15 40 years Bridgeton, NJ — 153 2,392 (39 ) 153 2,353 2,506 (202 ) 09/15 30 years Macon, GA — 351 7,460 — 351 7,460 7,811 (788 ) 11/15 30 years Galloway, NJ — 575 3,692 (816 ) 575 2,876 3,451 (246 ) 12/15 30 years Bronx, NY — 1,232 8,472 — 1,232 8,472 9,704 (512 ) 01/16 40 years Parker, CO — 1,248 12,892 356 1,248 13,248 14,496 (802 ) 04/16 40 years Holland, OH — 549 4,642 25 549 4,667 5,216 (276 ) 04/16 40 years Holly Springs, NC — 1,703 10,240 (67 ) 1,703 10,173 11,876 (452 ) 03/17 30 years Evans, GA — 669 8,838 — 669 8,838 9,507 (450 ) 03/17 30 years Chicoppe, MA — 1,489 6,382 — 1,489 6,382 7,871 (336 ) 05/17 30 years Walnut Creek, CA — 4,917 6,418 785 4,917 7,203 12,120 (426 ) 07/17 30 years Lexington, NC — 441 6,678 — 441 6,678 7,119 (98 ) 12/17 30 years Ridgeland, SC — 446 6,486 — 446 6,486 6,932 (74 ) 03/18 30 years East Point, GA — 1,258 — — 1,258 — 1,258 — 04/18 30 years Spring, TX — 1,155 6,179 — 1,155 6,179 7,334 (94 ) 04/18 30 years Early Childhood Education Lake Pleasant, AZ — 986 3,524 — 986 3,524 4,510 (702 ) 03/13 30 years Goodyear, AZ — 1,308 7,275 11 1,308 7,286 8,594 (1,352 ) 06/13 30 years Oklahoma City, OK — 1,149 9,839 385 1,149 10,224 11,373 (1,559 ) 08/13 40 years Coppell, TX — 1,547 10,168 (99 ) 1,547 10,069 11,616 (1,527 ) 09/13 30 years Las Vegas, NV — 944 9,191 — 944 9,191 10,135 (1,620 ) 09/13 30 years Las Vegas, NV — 985 6,721 145 985 6,866 7,851 (1,205 ) 09/13 30 years Mesa, AZ — 762 6,987 — 762 6,987 7,749 (1,481 ) 01/14 30 years Gilbert, AZ — 1,295 9,192 — 1,295 9,192 10,487 (1,424 ) 03/14 30 years Cedar Park, TX — 1,520 10,500 (412 ) 1,278 10,330 11,608 (1,427 ) 07/14 30 years Thornton, CO — 1,384 10,542 — 1,384 10,542 11,926 (1,248 ) 07/14 30 years Chicago, IL — 1,294 4,375 19 1,294 4,394 5,688 (318 ) 07/14 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Centennial, CO — 1,249 10,771 417 1,249 11,188 12,437 (1,472 ) 08/14 30 years McKinney, TX — 1,812 12,419 930 1,812 13,349 15,161 (1,935 ) 11/14 30 years Lakewood, CO — 291 823 40 291 863 1,154 (126 ) 01/15 30 years Castle Rock, CO — 250 1,646 — 250 1,646 1,896 (235 ) 01/15 30 years Emeryville, CA — 1,814 5,780 — 1,814 5,780 7,594 (546 ) 03/15 30 years Lafayette, CO — 293 663 57 293 720 1,013 (129 ) 04/15 25 years Ashburn, VA — 2,289 14,748 — 2,289 14,748 17,037 (1,268 ) 06/15 30 years West Chester, OH — 1,807 12,913 153 1,807 13,066 14,873 (992 ) 07/15 30 years Ellisville, MO — 2,465 15,063 — 2,465 15,063 17,528 (961 ) 07/15 30 years Chanhassen, MN — 2,603 15,613 303 2,603 15,916 18,519 (1,154 ) 08/15 30 years Maple Grove, MN — 3,743 14,927 63 3,743 14,990 18,733 (1,752 ) 08/15 30 years Carmel, IN — 1,567 12,854 199 1,567 13,053 14,620 (1,140 ) 09/15 30 years Atlanta, GA — 956 1,850 — 956 1,850 2,806 (200 ) 10/15 30 years Atlanta, GA — 1,262 2,038 — 1,262 2,038 3,300 (221 ) 10/15 30 years Fishers, IN — 1,226 13,144 538 1,226 13,682 14,908 (643 ) 12/15 30 years Westerville, OH — 2,988 14,339 56 2,988 14,395 17,383 (877 ) 04/16 30 years Las Vegas, NV — 1,476 14,422 — 1,476 14,422 15,898 (1,009 ) 06/16 30 years Louisville, KY — 377 1,526 — 377 1,526 1,903 (123 ) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (81 ) 08/16 30 years Cheshire, CT — 420 3,650 — 420 3,650 4,070 (194 ) 11/16 30 years Edina, MN — 1,235 5,493 (323 ) 1,235 5,170 6,405 (209 ) 11/16 30 years Eagan, MN — 783 4,833 (286 ) 783 4,547 5,330 (229 ) 11/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (142 ) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (261 ) 12/16 30 years Schaumburg, IL — 642 4,962 — 642 4,962 5,604 (55 ) 12/16 30 years Kennesaw, GA — 690 844 — 690 844 1,534 (56 ) 01/17 30 years Charlotte, NC — 1,200 2,557 — 1,200 2,557 3,757 (73 ) 01/17 35 years Charlotte, NC — 2,501 2,079 — 2,501 2,079 4,580 (60 ) 01/17 35 years Richardson, TX — 474 2,046 — 474 2,046 2,520 (61 ) 01/17 35 years Frisco, TX — 999 3,064 — 999 3,064 4,063 (90 ) 01/17 35 years Allen, TX — 910 3,719 — 910 3,719 4,629 (111 ) 01/17 35 years Southlake, TX — 920 2,766 — 920 2,766 3,686 (83 ) 01/17 35 years Lewis Center, OH — 410 4,285 — 410 4,285 4,695 (119 ) 01/17 35 years Dublin, OH — 581 4,223 — 581 4,223 4,804 (117 ) 01/17 35 years Plano, TX — 400 2,647 — 400 2,647 3,047 (81 ) 01/17 35 years Carrollton, TX — 329 1,389 — 329 1,389 1,718 (44 ) 01/17 35 years Davenport, FL — 3,000 5,877 — 3,000 5,877 8,877 (169 ) 01/17 35 years Tallahassee, FL — 952 3,205 — 952 3,205 4,157 (98 ) 01/17 35 years Sunrise, FL — 1,400 1,856 — 1,400 1,856 3,256 (55 ) 01/17 35 years Chaska, MN — 328 6,140 — 328 6,140 6,468 (170 ) 01/17 35 years Loretto, MN — 286 3,511 — 286 3,511 3,797 (100 ) 01/17 35 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2018 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Minneapolis, MN — 920 3,700 — 920 3,700 4,620 (103 ) 01/17 35 years Wayzata, MN — 810 1,962 — 810 1,962 2,772 (57 ) 01/17 35 years Plymouth, MN — 1,563 4,905 — 1,563 4,905 6,468 (142 ) 01/17 35 years Maple Grove, MN — 951 3,291 — 951 3,291 4,242 (94 ) 01/17 35 years Chula Vista, CA — 210 2,186 — 210 2,186 2,396 (68 ) 01/17 35 years Lincolnshire, IL — 1,006 4,799 — 1,006 4,799 5,805 (104 ) 02/17 30 years New Berlin, WI — 368 1,704 — 368 1,704 2,072 (109 ) 02/17 30 years Oak Creek, WI — 283 1,690 — 283 1,690 1,973 (108 ) 02/17 30 years Minnetonka, MN — 911 4,833 659 931 5,472 6,403 (245 ) 03/17 30 years Crowley, TX — 1,150 2,862 — 1,150 2,862 4,012 (158 ) 05/17 30 years Fort Worth, TX — 1,927 2,077 — 1,927 2,077 4,004 (118 ) 05/17 30 years Berlin, CT — 494 2,958 — 494 2,958 3,452 (155 ) 06/17 30 years Portland, OR — 2,604 585 — 2,604 585 3,189 (18 ) 01/18 35 years Orlando, FL — 955 4,273 — 955 4,273 5,228 (110 ) 02/18 35 years Fort Mill, SC — 629 3,957 — 629 3,957 4,586 (40 ) 09/18 35 years Indian Land, SC — 907 3,784 — 907 3,784 4,691 (41 ) 09/18 35 years Private Schools San Jose, CA — 9,966 25,535 2,407 9,966 27,942 37,908 (3,532 ) 12/13 40 years Brooklyn, NY — — 46,440 3,255 — 49,695 49,695 (5,202 ) 12/13 40 years Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (4,094 ) 02/14 40 years McLean, VA — 12,792 43,472 3,170 12,792 46,642 59,434 (2,895 ) 06/15 40 years Mission Viejo, CA — 1,378 3,687 — 1,378 3,687 5,065 (287 ) 09/16 30 years Cumming, GA — 500 6,892 — 500 6,892 7,392 (215 ) 01/17 35 years Cumming, GA — 325 4,898 — 325 4,898 5,223 (157 ) 01/17 35 years Henderson, NV — 1,400 6,914 — 1,400 6,914 8,314 (211 ) 01/17 35 years Atlanta, GA — 2,001 5,989 — 2,001 5,989 7,990 (165 ) 01/17 35 years Pearland, TX — 2,360 9,292 — 2,360 9,292 11,652 (271 ) 01/17 35 years Pearland, TX — 372 2,568 — 372 2,568 2,940 (74 ) 01/17 35 years Palm Harbor, FL — 1,490 1,400 — 1,490 1,400 2,890 (43 ) 01/17 35 years Mason, OH — 975 11,243 — 975 11,243 12,218 (310 ) 01/17 35 years Other Kiamesha Lake, NY — 155,658 — 19,055 156,785 17,928 174,713 (37 ) 07/10 n/a Property under development — 287,546 — — 287,546 — 287,546 — n/a n/a Land held for development — 50,725 — (16,548 ) 34,177 — 34,177 — n/a n/a Senior unsecured notes payable and term loan 2,995,000 — — — — — — — n/a n/a Less: deferred financing costs, net (33,941 ) — — — — — — — Total $ 2,986,054 $ 1,529,104 $ 4,215,855 $ 483,995 $ 1,512,291 $ 4,716,663 $ 6,228,954 $ (883,174 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2018 Real Estate: Reconciliation: Balance at beginning of the year $ 5,636,886 Acquisition and development of rental properties during the year 629,944 Disposition of rental properties during the year (21,328 ) Impairment of rental properties during the year (16,548 ) Balance at close of year $ 6,228,954 Accumulated Depreciation: Reconciliation: Balance at beginning of the year $ 741,334 Depreciation during the year 144,042 Disposition of rental properties during the year (2,202 ) Balance at close of year $ 883,174 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Impact of Recently Issued Accounting Standards In February 2016, the FASB established Topic 842, Leases , by issuing ASU No. 2016-02, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ; ASU No. 2018-10, Codification Improvements to Topic 842 ; ASU No. 2018-11, Targeted Improvements and ASU No. 2018-20, Narrow-Scope Improvements for Lessors . Topic 842 will require lessees to classify leases as either finance or operating leases based on certain criteria and 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. The standard eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions and will require new disclosures within the notes accompanying the consolidated financial statements. The new standard was effective for the Company on January 1, 2019 and required the use of the modified retrospective approach under either the effective date method or the comparative method. The Company adopted the standard on the effective date and used the effective date as the date of initial application. Accordingly, financial information will not be updated, and disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The standard offers several practical expedients for transition and certain expedients specific to lessees or lessors. Both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company has concluded it will apply the package of practical expedients, which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the expedient to not evaluate existing or expired land easements and elected the practical expedient to not separate lease and non-lease components for all its leases where it is the lessor. The Company did not elect the use-of-hindsight expedient. Although the Company is primarily a lessor, the standard will impact the Company’s consolidated financial statements and disclosures as it has certain operating land leases and other arrangements for which it is the lessee and will be required to recognize these arrangements on the consolidated financial statements. For the land lease arrangements, the Company is also, in substantially all cases, in a sub-lessor position and passes the obligation to pay the monthly land lease payments on to its sublessees. The Company is nearly complete with its evaluation of the land leases and other arrangements. The land lease and other arrangements will impact the Company’s financial statements as the Company will recognize right of use (ROU) assets and lease liabilities for the present value of the minimum lease payments as well as the sub-lessor straight-line receivables. In addition, as a result of applying Topic 842, the Company will be providing significant new disclosures about these arrangements. The Company is finalizing its transition adjustment and currently expects to record ROU assets in a range of $210.0 million to $220.0 million and operating lease liabilities in a range of approximately $235.0 million to $245.0 million with respect to leases existing as of December 31, 2018. These amounts are based on the present value of the remaining minimum rental payments on the Company’s existing operating leases existing as of December 31, 2018 where it is lessee (primarily land leases and the Company’s corporate office lease). In addition, the Company currently expects that it will record straight-line rent receivables of approximately $25.0 million , which represents the impact of the Company’s position as sub-lessor in the land leases. As lessor accounting remained largely unchanged, the Company expects substantially all its leases to continue to be classified as operating leases. Due to the new standard’s narrowed definition of initial direct costs, the Company expects to expense as incurred lease origination costs that are not contingent and that were previously capitalized. A substantial portion of the Company’s lease contracts (under which it is lessor) are triple-net leases, which require the tenants to make payments to third parties for operating expenses such as property taxes, insurance and common area maintenance costs associated with the properties. The Company currently does not include these payments made by the lessee to third parties in rental revenue or property operating expenses and the Company will continue to report these items this way as a result of applying the guidance in Topic 842. In certain situations, the Company pays these operating expenses directly to third-parties and the tenant reimburses the Company. These payments will be presented on a gross basis as a result of applying the guidance in Topic 842. Although no impact to net income or cash flows is expected as a result of a gross presentation, it may have the impact of increasing both reported revenues and property operating expenses. The Company will continue its implementation work in 2019 including enhancements to the Company’s internal control framework, accounting systems and related documentation surrounding its lease accounting processes and the preparation of any additional disclosures that will be required. 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. The amendments in ASU No. 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets and eliminates the incurred losses methodology under current U.S. GAAP. In addition, in November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which also amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU states that operating lease receivables are not in the scope of Subtopic 326-20. ASU No. 2016-13 and ASU No. 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that these ASUs will have on its consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The guidance is effective for fiscal years beginning after December 15, 2018. The Company does not expect a material impact on the Company’s consolidated financial statements when the new standard is implemented, however, the Company will consider the implications of this standard in the future. |
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). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. |
Use of Estimates | Use of Estimates Management of the Company has made 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 evaluates the acquisition to determine if it is a business combination or an asset acquisition. In January 2017, the Company elected to adopt Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The update clarified 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. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for 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 in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) on a relative fair value basis. 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 in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions and pre-opening costs, are included in the accompanying consolidated statements of income as transaction costs. Transaction costs expensed totaled $3.7 million , $0.5 million and $7.9 million for the years ended December 31, 2018, 2017 and 2016 , 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. Intangibles 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 historically 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. In determining the fair value of a contract intangible, the Company considers the present value of the difference between the estimated "with" and "without" scenarios. The "with" scenario presents the contract in place and the "without" scenario incorporates the potential profits that may be lost over the period without the contract in place. The capitalized contract value is amortized over the estimated useful life of the underlying asset. 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 $33.9 million and $32.9 million as of December 31, 2018 and 2017 , respectively, are shown as a reduction of debt. The deferred financing costs of $5.0 million and $6.5 million as of December 31, 2018 and 2017 , respectively, 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 20 for financial information related to these operating segments. |
Revenue Recognition | Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the 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, 2018, 2017 and 2016 , the Company recognized $10.2 million , $4.3 million and $17.0 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. For the years ended December 31, 2018, 2017 and 2016 , the Company recognized $15.4 million , $15.6 million and $15.6 million , respectively, of tenant reimbursements that related to the operations of its entertainment retail centers. Certain reclassifications have been made to the 2017 and 2016 presentation to conform to the 2018 presentation to combine tenant reimbursements with rental revenue. 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 $10.7 million , $7.8 million and $4.7 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Mortgage and other financing income included participating interest income of $0.7 million and $0.8 million for the years ended December 31, 2017 and 2016, respectively. There was no participating interest income recognized for the year ended December 31, 2018. For the years ended December 31, 2018, 2017 and 2016 , mortgage and other financing income also included $74.7 million , $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. 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 when a contract exists and the purchaser has obtained control of the property. Gains on sales of properties are recognized in full 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. 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. 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 $2.9 million and $7.5 million at December 31, 2018 and 2017 , 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, 2018 and 2017 . |
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, 2018 , the net deferred tax assets related to the Company's Canadian operations totaled $10.0 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 (TRSs), 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. The Company uses two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three recreation anchored lodging properties that are facilitated by management agreements with eligible independent contractors. The real estate for these investments are held by the REIT either directly or through an investment in a joint venture and leased to the respective operations entity under a triple-net lease. Management has determined the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs 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 to China associated with the current and future dividend payments from the China joint ventures. The Company paid $62 thousand and $44 thousand in withholding taxes during the year ended December 31, 2018 and 2017, respectively, related to earnings repatriated. 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 changed 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 reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017 and 2018. At December 31, 2018, the net deferred tax assets related to the Company's TRSs totaled $729 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2018 and 2017 , respectively, the Canadian operations and the Company's TRSs had deferred tax assets totaling approximately $14.1 million and $16.0 million and deferred tax liabilities totaling approximately $3.4 million and $3.9 million . The Company’s consolidated deferred tax position is summarized as follows: 2018 2017 Fixed assets $ 12,948 $ 15,445 Net operating losses 359 357 Start-up costs 347 — Other 457 213 Total deferred tax assets $ 14,111 $ 16,015 Capital improvements $ (2,079 ) $ (2,006 ) Straight-line receivable (1,271 ) (1,891 ) Other (1 ) — Total deferred tax liabilities $ (3,351 ) $ (3,897 ) Net deferred tax asset $ 10,760 $ 12,118 Additionally, during the years ended December 31, 2018, 2017 and 2016 , the Company recognized current income and withholding tax expense of $1.7 million , $1.6 million and $1.7 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, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Current TRS income tax $ (221 ) $ (163 ) $ (36 ) Current state income tax expense (422 ) (360 ) (414 ) Current foreign income tax — (36 ) (77 ) Current foreign withholding tax (1,069 ) (1,071 ) (1,130 ) Deferred TRS income tax 319 137 273 Deferred foreign withholding tax — 43 39 Deferred income tax benefit (expense) (892 ) (949 ) 792 Income tax expense $ (2,285 ) $ (2,399 ) $ (553 ) The Company's effective tax rate for the years ended December 31, 2018, 2017 and 2016 was 0.8% , 0.9% and 0.2% , respectively. The differences between the income tax expense calculated at the statutory U.S. federal income tax rates 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, 2018, 2017 and 2016 . 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 2015 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 2018, 2017 or 2016. The Company did not have any accrued interest and penalties at December 31, 2018, 2017 and 2016 . Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2018, 2017 and 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, 2018 . For the year ended December 31, 2018 and 2017, approximately $115.8 million or 16.5% and $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. 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. 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 $15.1 million , $14.1 million and $11.2 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Share-based compensation included in severance expense in the accompanying consolidated statements of income totaled $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for further discussion. |
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 $0.3 million , $0.7 million and $0.9 million for the years ended December 31, 2018, 2017 and 2016 , respectively. |
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 $13.5 million , $12.2 million and $9.2 million for the years ended December 31, 2018, 2017 and 2016 , respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income was $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. |
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 , $1.3 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016 , 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. 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. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. For its net investment hedges, the Company has elected to assess hedge effectiveness using a method based on changes in spot exchange rates and record the changes in the fair value amounts excluded from the assessment of effectiveness into earnings on a systematic and rational basis. 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] | Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows , and certain reclassifications have been made to prior period balances to conform to current presentation in the consolidated statement of cash flows. Under ASU No. 2016-18, transfers to or from restricted cash which have been previously shown in the Company's operating activities section of the accompanying consolidated statement of cash flows are now required to be shown as part of the total change in cash and cash equivalents and restricted cash in the consolidated statements of cash flows. In addition, on January 1, 2018, the Company adopted ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The ASU clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. The adoption of this ASU had no impact to the Company's financial position, results of operations or presentation in the consolidated statement of cash flows. On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers (ASC 606) and ASC Topic 610-20, Other Income: Gains and Losses from the Derecognition of Non-financial Assets (ASC 610-20) using a modified retrospective (cumulative effect) method of adoption. The core principle of ASC 606 is that an entity will 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 Company’s primary source of revenue is from lease revenue (which is excluded from the revenue standard but will be impacted upon adoption of the lease standard in 2019 discussed in Impact of Recently Issued Accounting Standards) and mortgage and other financing income (which is not in scope of the revenue standard). ASC 610-20 provides guidance on how entities recognize sales to non-customers including presentation of gain or loss on a net basis in the consolidated statements of income. The Company has concluded that its property sales represent transactions with non-customers. The Company had two property sale transactions that occurred in 2017 in which the Company received an aggregate of $12.3 million in mortgage notes receivable as full consideration for the sales. The mortgage notes require interest only payments until maturity and the Company determined in 2017 that these transactions qualified as sales; however, the gain on each sale was deferred. Upon adoption of ASC 610-20 on January 1, 2018, the Company determined that these transactions did not qualify for de-recognition. Accordingly, the Company recorded an adjustment in the year ended December 31, 2018 to reclassify these assets from mortgage notes receivable to rental properties on its consolidated balance sheet. All other sales of real estate were all cash transactions in which the purchaser obtained control of the property, therefore, there was no cumulative adjustment recognized to beginning retained earnings as a result of adopting ASC 610-20. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Current TRS income tax $ (221 ) $ (163 ) $ (36 ) Current state income tax expense (422 ) (360 ) (414 ) Current foreign income tax — (36 ) (77 ) Current foreign withholding tax (1,069 ) (1,071 ) (1,130 ) Deferred TRS income tax 319 137 273 Deferred foreign withholding tax — 43 39 Deferred income tax benefit (expense) (892 ) (949 ) 792 Income tax expense $ (2,285 ) $ (2,399 ) $ (553 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows: 2018 2017 Fixed assets $ 12,948 $ 15,445 Net operating losses 359 357 Start-up costs 347 — Other 457 213 Total deferred tax assets $ 14,111 $ 16,015 Capital improvements $ (2,079 ) $ (2,006 ) Straight-line receivable (1,271 ) (1,891 ) Other (1 ) — Total deferred tax liabilities $ (3,351 ) $ (3,897 ) Net deferred tax asset $ 10,760 $ 12,118 |
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): 2018 2017 Assets: In-place leases, net of accumulated amortization of $7.7 million and $5.5 million, respectively $ 21,749 $ 21,512 Above-market lease, net of accumulated amortization of $1.0 million and $0.8 million, respectively 154 351 Tradenames, net of accumulated amortization of $53 thousand and $23 thousand, respectively (1) 9,110 6,313 Contract value, net of accumulated amortization of $183 thousand and $0, respectively 10,785 — Goodwill 693 693 Total intangible assets, net $ 42,491 $ 28,869 Liabilities: Below-market lease, net of accumulated amortization of $0.7 million and $0.3 million, respectively $ (8,100 ) $ (8,792 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2018 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2019 $ 3,109 $ 125 $ 365 $ 101 $ (450 ) 2020 2,834 125 365 6 (438 ) 2021 2,466 125 365 6 (408 ) 2022 1,826 125 365 6 (373 ) 2023 1,777 125 365 6 (351 ) Thereafter 9,737 3,132 8,960 29 (6,080 ) Total $ 21,749 $ 3,757 $ 10,785 $ 154 $ (8,100 ) Weighted average amortization period (years) 10.9 30.6 29.5 4.1 31.0 (1) Excludes $5.4 million in tradenames with indefinite lives. |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of December 31, 2018 and 2017 (in thousands): 2018 2017 Buildings and improvements $ 4,593,159 $ 4,123,356 Furniture, fixtures & equipment 97,463 87,630 Land 1,190,568 1,108,805 Leasehold interests 26,041 25,774 5,907,231 5,345,565 Accumulated depreciation (883,174 ) (741,334 ) Total $ 5,024,057 $ 4,604,231 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2018 and 2017 (in thousands): 2018 2017 Receivable from tenants $ 15,057 $ 19,923 Receivable from non-tenants 1,379 3,932 Receivable from Sullivan County Infrastructure Revenue Bonds 11,500 14,718 Straight-line rent receivable 73,332 62,605 Allowance for doubtful accounts (2,899 ) (7,485 ) Total $ 98,369 $ 93,693 As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year 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. As further discussed in Note 4, during the year ended December 31, 2018 , the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. |
Investment in Mortgage Notes (T
Investment in Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (in thousands): 2018 2017 Receivable from tenants $ 15,057 $ 19,923 Receivable from non-tenants 1,379 3,932 Receivable from Sullivan County Infrastructure Revenue Bonds 11,500 14,718 Straight-line rent receivable 73,332 62,605 Allowance for doubtful accounts (2,899 ) (7,485 ) Total $ 98,369 $ 93,693 As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year 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. As further discussed in Note 4, during the year ended December 31, 2018 , the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. |
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, 2018 and 2017 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2018 2017 One public charter school property located in Bridgeton, New Jersey 10.14 % N/A (1) $ — $ — $ 2,500 One public charter school property located in Evans, Georgia 8.50 % N/A (1) — — 9,631 28 education facilities located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas (2) 7.25 % N/A (2) — — 142,900 Land located in Lincoln, California (3) 7.00 % 3/11/2018 Prepaid in full — — 1,474 Land and building in Bellevue, Washington (4) 7.50 % 3/26/2018 Prepaid in full — — 9,056 14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada (5) 8.50 % 9/27/2018 Prepaid in full — — 249,213 Observation deck of the John Hancock building in Chicago, Illinois (6) 9.25 % 11/30/2018 Prepaid in full — — 31,105 One public charter school property located in Queen Creek, Arizona (7) 9.00 % 12/11/2018 Prepaid in full — — 5,173 Three charter school properties located in Gilbert and Queen Creek, Arizona (7) 10.00 % 12/11/2018 Prepaid in full — — 33,269 Land located in Queen Creek, Arizona (8) 9.00 % 12/21/2018 Prepaid in full — — 1,454 Three attractions located in Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas 7.00% and 10.00% 5/1/2019 Interest only 179,846 179,846 174,265 Eight charter school properties located in Indiana, Ohio, South Carolina and Pennsylvania 7.00 % 12/20/2021 Principal & Interest 54,535 54,535 57,890 One health club located in Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 One health club located in Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,880 One golf entertainment complex located in Austin, Texas 11.31 % 7/1/2033 Principal & Interest-fully amortizing 11,934 11,934 12,249 One public charter school property located in St. Paul, Minnesota 8.71% to 9.38% 6/30/2034 Interest only 8,595 8,835 8,711 One public charter school property located in Jersey City, New Jersey 10.00 % 8/31/2034 Interest only 15,239 15,652 12,564 One ski property located in West Dover and Wilmington, Vermont 11.43 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties located in Ohio and Pennsylvania 10.59 % 12/1/2034 Interest only 37,562 37,562 37,562 One ski property located in Chesterland, Ohio 11.04 % 12/1/2034 Interest only 4,550 4,550 4,550 One ski property located in Hunter, New York 8.28 % 1/5/2036 Interest only 21,000 21,000 21,000 One golf entertainment complex located in Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 One public charter school property located in Millville, New Jersey 10.14 % 7/31/2036 Interest only 6,224 6,383 6,304 One golf entertainment complex located in West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 One public charter school property located in Vineland, New Jersey 9.95 % 12/31/2036 Interest only 9,765 9,839 9,838 One private school property located in Mableton, Georgia 8.67 % 4/30/2037 Interest only 4,674 4,952 4,717 One public charter school property located in Roswell, Georgia 8.93 % 6/30/2037 Interest only 4,121 4,165 4,111 One public charter school property located in Atlanta, Georgia 8.67 % 7/31/2037 Interest only 4,206 4,236 4,235 One public charter school property located in Bronx, New York 8.75 % 8/31/2037 Interest only 23,718 23,718 11,330 One public charter school property located in Colorado Springs, Colorado 9.02 % 9/30/2037 Interest only 14,084 14,325 11,684 One health club located in Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 — One early education center located in Lithia, Florida 7.50 % 8/30/2038 Interest only 2,172 2,172 658 $ 515,811 $ 517,467 $ 970,749 |
Investments In Direct Financi_2
Investments In Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | 2018 2017 Total minimum lease payments receivable $ 36,352 $ 112,411 Estimated unguaranteed residual value of leased assets 16,509 47,000 Less deferred income (1) (32,303 ) (101,508 ) Investment in direct financing leases, net $ 20,558 $ 57,903 (1) Deferred income is net of $0.3 million and $0.8 million of initial direct costs at December 31, 2018 and 2017 , respectively |
Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 2,265 2020 2,333 2021 2,403 2022 2,475 2023 2,550 Thereafter 24,326 Total $ 36,352 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 520,139 2020 503,344 2021 492,165 2022 477,671 2023 449,686 Thereafter 3,953,717 Total $ 6,396,722 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unconsolidated Real Estate Joint Ventures [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures On December 21, 2018, the Company entered into two real estate joint venture agreements to acquire two recreation anchored lodging properties located in St. Petersburg Beach, Florida with an initial investment of $29.5 million . The Company has a 65% interest in these joint ventures and accounts for its investment under the equity method of accounting. The Company's partner, Gencom and its affiliates, own the remaining 35% interest in the joint ventures. There are two separate joint ventures, one that holds the investment in the real estate of the recreation anchored lodging properties and the other holds lodging operations, which are facilitated by a management agreement with an eligible independent contractor. The Company's investment in the operating entity is held in a TRS. As of December 31, 2018, management determined the Company's investments in these joint ventures were considered to be variable interests and the underlying entities are variable interest entities (VIE). The Company is not the primary beneficiary of the VIEs as the Company does not individually have the power to direct the activities that are most important to the joint ventures. The power to direct these activities is shared equally among the Company and its partner, and accordingly these investments are not consolidated. See Note 10 for further discussion on these VIEs. The joint venture that holds the real property obtained a short-term secured mortgage loan of $60.0 million upon closing. The maturity date of this mortgage loan is June 21, 2019. The loan bears interest of LIBOR + 3.75% with monthly interest payments required. The Company recognized income of $52 thousand and received no distributions during 2018 related to the equity investment in these joint ventures. In addition, as of December 31, 2018 and 2017 , the Company had invested $4.9 million and $5.6 million , respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized a loss of $ 74 thousand and income of $72 thousand and $619 thousand and received distributions of $567 thousand , $442 thousand and $816 thousand from its investment in these joint ventures for the years ended December 31, 2018, 2017 and 2016 , respectively. |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2018 and 2017 consists of the following (in thousands): 2018 2017 Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) $ — $ 11,684 Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 (2) — 250,000 Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (3) 30,000 210,000 Senior unsecured notes payable, 5.75%, due August 15, 2022 (4) 350,000 350,000 Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 5, 2019 and 3.15% from April 6, 2019 to February 7, 2022, due February 27, 2023 (5) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) 275,000 275,000 Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (4) 300,000 300,000 Senior unsecured notes payable, 4.56%, due August 22, 2026 (6) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (4) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (7) (4) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (8) (4) 400,000 — Bonds payable, variable rate, due August 1, 2047 (9) 24,995 24,995 Less: deferred financing costs, net (33,941 ) (32,852 ) Total $ 2,986,054 $ 3,028,827 (1) On January 2, 2018, the Company prepaid in full this mortgage note payable totaling $11.7 million with an annual interest rate of 6.19% , which was secured by one theatre property. (2) On February 28, 2018, the Company redeemed all of its outstanding 7.75% Senior Notes due July 15, 2020. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium calculated pursuant to the terms of the indenture of $28.6 million , together with accrued and unpaid interest up to, but not including the redemption date of $2.3 million . In connection with the redemption, the Company recorded a non-cash write off of $3.3 million in deferred financing costs. The premium and non-cash write off were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income for the year ended December 31, 2018 . (3) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 3.50% on December 31, 2018 . Interest is payable monthly. On September 27, 2017, the Company amended its 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, 2018 , the Company had $30.0 million outstanding under the facility and total availability under the facility was $970.0 million . In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. (4) These 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. (5) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 3.48% on December 31, 2018 . Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the combined 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 combined facility, which was used to pay down a portion of the facility. In addition, there is a $1.0 billion accordion feature on the combined facility that increases the maximum borrowing amount available, 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. (6) 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 affected 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. (7) 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. (8) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95% . Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the facility. (9) 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 $20.5 million at December 31, 2018 , and bear interest at a variable rate which resets on a weekly basis and was 2.50% at December 31, 2018 . The bonds require 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, 2018 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2019 $ — 2020 — 2021 — 2022 380,000 2023 675,000 Thereafter 1,964,995 Less: deferred financing costs, net (33,941 ) Total $ 2,986,054 |
Interest Expense, Net | The following is a summary of interest expense, net for the years ended December 31, 2018, 2017 and 2016 (in thousands): 2018 2017 2016 Interest on loans $ 137,570 $ 135,023 $ 101,181 Amortization of deferred financing costs 5,797 6,167 4,787 Credit facility and letter of credit fees 2,411 2,005 1,873 Interest cost capitalized (9,904 ) (9,879 ) (10,697 ) Interest income (367 ) (192 ) — Interest expense, net $ 135,507 $ 133,124 $ 97,144 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2018, 2017 and 2016 (Dollars in thousands) Year Ended December 31, Description 2018 2017 2016 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 3,172 $ 2,479 $ (2,044 ) Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 1,324 (2,498 ) (5,235 ) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 1,689 (793 ) (754 ) Amount of Income Reclassified from AOCI into Earnings (2) 1,426 2,457 2,663 Net Investment Hedges Cross Currency Swaps Amount of Gain Recognized in AOCI on Derivative 5,108 — — Amount of Income Recognized in Earnings (2) 271 — — Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative 8,560 (9,547 ) (2,804 ) Amount of Expense Reclassified from AOCI into Earnings (2) — — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative $ 18,529 $ (7,861 ) $ (5,602 ) Amount of Income (Expense) Reclassified from AOCI into Earnings 2,750 (41 ) (2,572 ) Amount of Income Recognized in Earnings 271 — — Interest expense, net in accompanying consolidated statements of income 135,507 133,124 97,144 Other income in accompanying consolidated statements of income 2,076 3,095 9,039 (1) Included in “Interest expense, net” in accompanying consolidated statements of income. (2) Included in "Other income" in the accompanying consolidated statements of income. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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, 2018 and 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2018: Cross Currency Swaps* $ — $ 6,278 $ — $ 6,278 Interest Rate Swap Agreements* $ — $ 4,344 $ — $ 4,344 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 *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, 2018 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, 2018 and 2017 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2018: Land held for development $ — $ — $ 9,805 $ 9,805 2017: Investment in direct financing leases, net $ — $ — $ 35,807 $ 35,807 As discussed further in Note 4, during the year ended December 31, 2018 , the Company recorded impairment charges totaling $16.5 million related to land held for development and property under development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 7, during the year ended December 31, 2017, the Company recorded impairment charges totaling $10.2 million related to its investment in direct financing leases, net. Management estimated the fair value of this investments taking into account various factors including the 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. |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 are as follows: Cash Distributions Per Share 2018 2017 Taxable ordinary income (1) $ 4.1253 $ 3.5434 Return of capital — 0.2762 Long-term capital gain (2) 0.1747 0.2404 Totals $ 4.3000 $ 4.0600 |
Schedule of Dividends Per Preferred Share | The Board of Trustees declared cash dividends totaling $1.4375 and $0.183681 per Series G preferred share for the years ended December 31, 2018 and 2017 , respectively. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series G preferred share for the year ended December 31, 2018 are as follows: Cash Distributions per Share 2018 Taxable ordinary income (1) $ 1.2105 Return of capital — Long-term capital gain (2) 0.0513 Totals $ 1.2618 The Board of Trustees declared cash dividends totaling $1.54123 per Series F preferred share for the year ended December 31, 2017. 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 year ended December 31, 2017 are as follows: Cash Distributions per Share 2017 Taxable ordinary income (1) $ 1.8310 Return of capital — Long-term capital gain (2) 0.1243 Totals $ 1.9553 (1) Of the taxable ordinary income, none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.04792 was unrecaptured section 1250 gains for the years ended December 31, 2017. 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, 2018 and 2017 are as follows: Cash Distributions per Share 2018 2017 Taxable ordinary income (1) $ 1.3791 $ 1.3462 Return of capital — — Long-term capital gain (2) 0.0584 0.0913 Totals $ 1.4375 $ 1.4375 (1) Of the taxable ordinary income, $1.3791 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0034 and $0.0352 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , respectively. Non-cash Distributions per Share 2018 2017 Taxable ordinary income (3) $ 0.5953 $ 0.3527 Return of capital — 0.1152 Long-term capital gain (4) 0.0252 0.0239 Totals $ 0.6205 $ 0.4918 (3) Of the taxable ordinary income, $0.5953 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0015 and $0.0092 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , 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 E preferred share for the years ended December 31, 2018 and 2017 are as follows: Cash Distributions per Share 2018 2017 Taxable ordinary income (1) $ 2.1586 $ 2.1070 Return of capital — — Long-term capital gain (2) 0.0914 0.1430 Totals $ 2.2500 $ 2.2500 (1) Of the taxable ordinary income, $2.1586 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0053 and $0.0551 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , respectively. Non-cash Distributions per Share 2018 2017 Taxable ordinary income (3) $ 0.5092 $ 0.1428 Return of capital — 0.1094 Long-term capital gain (4) 0.0216 0.0097 Totals $ 0.5308 $ 0.2619 (3) Of the taxable ordinary income, $0.5092 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0013 and $0.0037 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017 , respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 (amounts in thousands except per share information): Year Ended December 31, 2018 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 266,983 Less: preferred dividend requirements (24,142 ) Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Net income available to common shareholders $ 242,841 74,292 Effect of dilutive securities: Share options — 45 Net income available to common shareholders $ 242,841 74,337 $ 3.27 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 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 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 Exercised (25,721 ) 45.20 — 61.79 50.68 Granted 3,835 56.94 — 56.94 56.94 Forfeited/Expired (845 ) 51.64 — 61.79 61.12 Outstanding at December 31, 2018 234,875 $ 19.02 — $ 76.63 $ 51.98 |
Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2018 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2019 $ 7 2020 7 2021 3 Total $ 17 |
Summary Of Outstanding Options | The following table summarizes outstanding options at December 31, 2018 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 0.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 1.0 40.00 - 49.99 72,342 3.1 50.00 - 59.99 71,868 5.2 60.00 - 69.99 75,925 6.1 70.00 - 76.63 2,215 8.1 234,875 4.6 $ 51.98 $ 2,857 |
Summary Of Exercisable Options | The following table summarizes exercisable options at December 31, 2018 : Exercise price range Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) $ 19.02 - 19.99 11,097 0.4 20.00 - 29.99 — — 30.00 - 39.99 1,428 1.0 40.00 - 49.99 72,342 3.1 50.00 - 59.99 68,033 5.0 60.00 - 61.79 55,387 6.1 70.00 - 76.63 554 8.1 208,841 4.4 $ 50.73 $ 2,784 |
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, 2017 620,122 $ 68.07 Granted 295,202 56.94 Vested (244,852 ) 65.33 Forfeited (15,416 ) 64.39 Outstanding at December 31, 2018 655,056 $ 64.16 0.78 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2018 , unamortized share-based compensation expense related to nonvested shares was $16.6 million and will be recognized in future periods as follows (in thousands): Amount Year: 2019 $ 8,609 2020 5,570 2021 2,436 Total $ 16,615 |
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, 2017 19,030 $ 70.91 Granted 23,571 61.25 Vested (19,030 ) 70.91 Outstanding at December 31, 2018 23,571 $ 61.25 0.42 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 2,265 2020 2,333 2021 2,403 2022 2,475 2023 2,550 Thereafter 24,326 Total $ 36,352 Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 520,139 2020 503,344 2021 492,165 2022 477,671 2023 449,686 Thereafter 3,953,717 Total $ 6,396,722 |
Schedule of Future Ground Lease Payments for Operating Leases [Text Block] | Future minimum lease payments under these ground lease obligations at December 31, 2018 are as follows, excluding contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales (in thousands): Amount Year: 2019 $ 22,867 2020 23,236 2021 23,600 2022 22,996 2023 22,303 Thereafter 257,446 Total $ 372,448 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under this lease at December 31, 2018 are as follows (in thousands): Amount Year: 2019 $ 856 2020 856 2021 884 2022 967 2023 967 Thereafter 2,658 Total $ 7,188 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2018 and 2017 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2018: Total revenue $ 154,968 $ 202,867 $ 176,409 $ 166,487 Net income 29,538 91,581 91,833 54,031 Net income available to common shareholders of EPR Properties 23,502 85,545 85,797 47,997 Basic net income per common share 0.32 1.15 1.15 0.65 Diluted net income per common share 0.32 1.15 1.15 0.65 March 31 June 30 September 30 December 31 2017: Total revenue $ 129,112 $ 147,782 $ 151,397 $ 147,700 Net income 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 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2018 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Total Assets $ 2,344,855 $ 2,187,808 $ 1,366,278 $ 207,724 $ 24,725 $ 6,131,390 As of December 31, 2017 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Total Assets $ 2,380,129 $ 2,102,041 $ 1,429,992 $ 199,052 $ 80,279 $ 6,191,493 Operating Data: For the Year Ended December 31, 2018 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 301,782 $ 142,822 $ 102,642 $ 9,117 $ — $ 556,363 Other income 270 62 — — 1,744 2,076 Mortgage and other financing income 7,971 109,200 25,121 — — 142,292 Total revenue 310,023 252,084 127,763 9,117 1,744 700,731 Property operating expense 24,141 126 3,933 1,901 655 30,756 Other expense — — — — 443 443 Total investment expenses 24,141 126 3,933 1,901 1,098 31,199 Net operating income - before unallocated items 285,882 251,958 123,830 7,216 646 669,532 Reconciliation to Consolidated Statements of Income: General and administrative expense (48,889 ) Severance expense (5,938 ) Litigation settlement expense (2,090 ) Costs associated with loan refinancing or payoff (31,958 ) Interest expense, net (135,507 ) Transaction costs (3,698 ) Impairment charges (27,283 ) Depreciation and amortization (153,430 ) Equity in loss from joint ventures (22 ) Gain on sale of real estate 3,037 Gain on sale of investment in a direct financing lease 5,514 Income tax expense (2,285 ) Net income 266,983 Preferred dividend requirements (24,142 ) Net income available to common shareholders of EPR Properties $ 242,841 For the Year Ended December 31, 2017 Entertainment Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 283,247 $ 112,763 $ 79,031 $ 9,162 $ — $ 484,203 Other income 614 — 1 — 2,480 3,095 Mortgage and other financing income 4,407 48,740 35,546 — — 88,693 Total revenue 288,268 161,503 114,578 9,162 2,480 575,991 Property operating expense 23,175 117 6,314 1,407 640 31,653 Other expense — — — — 242 242 Total investment expenses 23,175 117 6,314 1,407 882 31,895 Net operating income - before unallocated items 265,093 161,386 108,264 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 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 Recreation Education Other Corporate/Unallocated Consolidated Rental revenue $ 266,247 $ 62,527 $ 77,775 $ 8,635 $ — $ 415,184 Other income 249 4,482 1,648 — 2,660 9,039 Mortgage and other financing income 6,187 30,190 32,539 103 — 69,019 Total revenue 272,683 97,199 111,962 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 97,191 111,962 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 224,982 Preferred dividend requirements (23,806 ) Net income available to common shareholders of EPR Properties $ 201,176 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)segmentproperties | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($) | Apr. 06, 2017USD ($) | |
number of properties sold | 9 | |||
Deferred financing costs, net | $ 33,941,000 | $ 32,852,000 | ||
Number of Reportable Operating Segments | segment | 4 | |||
Accounting for Acquisitions [Abstract] | ||||
Transaction costs | $ 3,698,000 | 523,000 | $ 7,869,000 | |
Goodwill | 693,000 | 693,000 | ||
Intangible Assets, Net (Including Goodwill) | 42,491,000 | 28,869,000 | ||
Amortization of above/below market leases and tenant allowances, net | 581,000 | 107,000 | (183,000) | |
Below Market Lease, Net | (8,100,000) | (8,792,000) | $ (7,611,000) | |
Revenue Recognition [Abstract] | ||||
Straight Line Rent | 10,200,000 | 4,300,000 | 17,000,000 | |
Tenant Reimbursements | 15,400,000 | 15,600,000 | 15,600,000 | |
Percentage rents | 10,700,000 | 7,800,000 | 4,700,000 | |
Participating interest income | 0 | 700,000 | 800,000 | |
prepayment fee | $ 74,700,000 | 800,000 | 3,600,000 | |
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) | $ (319,000) | $ (137,000) | $ (273,000) | |
Effective Income Tax Rate Reconciliation, Percent | 0.80% | 0.90% | 0.20% | |
Other | $ 10,760,000 | $ 12,118,000 | ||
Enacted Corporate tax rate, percent | 21.00% | |||
Deferred Tax Assets, Gross | $ 14,111,000 | 16,015,000 | ||
Deferred Tax Liabilities, Gross | 3,351,000 | 3,897,000 | ||
Deferred Tax Liabilities | 729,000 | |||
Current Income and Withholding Tax Expense | (1,700,000) | 1,600,000 | $ 1,700,000 | |
Provision for income tax expense | 0 | 0 | 0 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | ||||
Rental revenue | 556,363,000 | 484,203,000 | 415,184,000 | |
Share-based Compensation [Abstract] | ||||
Share based compensation | $ 15,111,000 | 14,142,000 | 11,164,000 | |
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based compensation expense included in severance expense | $ 3,218,000 | 0 | 0 | |
Severance expense | $ 5,938,000 | $ 0 | $ 0 | |
Impaired notes receivable | 0 | 0 | 0 | |
Straight Line Rent Adjustments | $ 25,000,000 | |||
American Multi-Cinema, Inc. [Member] | ||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | ||||
Percent of megaplex theatre rental leased by AMC | 34.00% | |||
Rental revenue | $ 115,800,000 | $ 114,400,000 | $ 90,000,000 | |
Percentage of lease revenue in total revenue | 16.50% | 19.90% | 18.20% | |
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 | $ 7,700,000 | $ 5,500,000 | ||
Weighted average useful life for in-place leases | 10 years 10 months 15 days | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,019 | $ 3,109,000 | |||
2,020 | 2,834,000 | |||
2,021 | 2,466,000 | |||
2,022 | 1,826,000 | |||
2,023 | 1,777,000 | |||
Thereafter | 9,737,000 | |||
Total | 21,749,000 | 21,512,000 | ||
Lease Agreements [Member] | ||||
Accounting for Acquisitions [Abstract] | ||||
Amortization | 2,900,000 | 2,000,000 | $ 1,400,000 | |
Above Market Leases [Member] | ||||
Accounting for Acquisitions [Abstract] | ||||
Intangible assets, accumulated amortization | $ 1,000,000 | 800,000 | ||
Weighted average useful life for in-place leases | 4 years 1 month | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,019 | $ 101,000 | |||
2,020 | 6,000 | |||
2,021 | 6,000 | |||
2,022 | 6,000 | |||
2,023 | 6,000 | |||
Thereafter | 29,000 | |||
Total | 154,000 | 351,000 | ||
Trade Names [Member] | ||||
Accounting for Acquisitions [Abstract] | ||||
Intangible assets, accumulated amortization | 53,000 | 23,000 | ||
Non-amortizing indefinite lived trade names | $ 5,400,000 | 5,400,000 | ||
Weighted average useful life for in-place leases | 30 years 6 months 27 days | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,019 | $ 125,000 | |||
2,020 | 125,000 | |||
2,021 | 125,000 | |||
2,022 | 125,000 | |||
2,023 | 125,000 | |||
Thereafter | 3,132,000 | |||
Total | 3,757,000 | |||
Indefinite and Finite-lived Intangible Assets, net | 9,110,000 | 6,313,000 | ||
Below market leases [Member] | ||||
Accounting for Acquisitions [Abstract] | ||||
Intangible assets, accumulated amortization | $ 700,000 | 0 | ||
Weighted average useful life for in-place leases | 31 years | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,019 | $ 450,000 | |||
2,020 | 438,000 | |||
2,021 | 408,000 | |||
2,022 | 373,000 | |||
2,023 | 351,000 | |||
Thereafter | 6,080,000 | |||
Total | 8,100,000 | |||
Contract Value, intangible [Member] | ||||
Accounting for Acquisitions [Abstract] | ||||
Intangible assets, accumulated amortization | $ 200,000 | 0 | ||
Weighted average useful life for in-place leases | 29 years 6 months | |||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2,019 | $ 365,000 | |||
2,020 | 365,000 | |||
2,021 | 365,000 | |||
2,022 | 365,000 | |||
2,023 | 365,000 | |||
Thereafter | 8,960,000 | |||
Total | 10,785,000 | 0 | ||
CANADA | ||||
Income Tax Disclosure [Abstract] | ||||
Other | 10,000,000 | |||
Minimum [Member] | ||||
Operating Lease, Right-of-Use Asset | 210,000,000 | |||
Operating Lease, Liability | $ 235,000,000 | |||
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] | ||||
Operating Lease, Right-of-Use Asset | $ 220,000,000 | |||
Operating Lease, Liability | $ 245,000,000 | |||
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 | $ 300,000 | 700,000 | 900,000 | |
Restricted Stock [Member] | Employee [Member] | ||||
Share-based Compensation [Abstract] | ||||
Share based compensation expense related to employees and trustees | $ 13,500,000 | 12,200,000 | 9,200,000 | |
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 | 1,300,000 | 1,100,000 | |
Allowance for Doubtful Accounts [Member] | ||||
Allowance for Doubtful Accounts [Abstract] | ||||
Allowance for doubtful accounts | 2,899,000 | 7,485,000 | 871,000 | |
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | Nonvested Shares [Member] | ||||
Share-based Compensation [Abstract] | ||||
Severance expense | $ 3,200,000 | |||
Theatre Project China Member | CHINA | ||||
Income Tax Disclosure [Abstract] | ||||
Number of Real Estate Properties | properties | 4 | |||
Payments Related to Tax Withholding for Repatriation of Foreign Earnings | $ 62,000 | $ 44,000 | ||
Education Property [Member] | ||||
number of properties sold | 3 | |||
Education Reportable Operating Segment [Member] | ||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | ||||
Rental revenue | 102,642,000 | $ 79,031,000 | $ 77,775,000 | |
Education Reportable Operating Segment [Member] | Education Property [Member] | ||||
number of properties sold | properties | 2 | |||
Share-based Compensation [Abstract] | ||||
Mortgage Note Receivable from Property Sale | $ 12,300,000 | |||
Revolving Credit Facility [Member] | ||||
Deferred financing costs, net | $ 5,000,000 | $ 6,500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Fixed assets | $ 12,948 | $ 15,445 | |
Net operating losses | 359 | 357 | |
Deferred Tax Asset, Start-up Costs | 347 | 0 | |
Start-up costs | 457 | 213 | |
Total deferred tax assets | 14,111 | 16,015 | |
Deferred Tax Liabilities, Capital Improvements | (2,079) | (2,006) | |
Straight-line receivable | (1,271) | (1,891) | |
Other | (1) | 0 | |
Total deferred tax liabilities | (3,351) | (3,897) | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current TRS Tax Expense (benefit) | (221) | (163) | $ (36) |
Current state income tax expense | (422) | (360) | (414) |
Current foreign income tax | 0 | (36) | (77) |
Current foreign withholding tax | (1,069) | (1,071) | (1,130) |
Deferred TRS Income Tax Expense (Benefit) | 319 | 137 | 273 |
Deferred foreign withholding tax | 0 | 43 | 39 |
Deferred income tax benefit (expense) | (892) | (949) | 792 |
Income tax expense | (2,285) | (2,399) | $ (553) |
Deferred Tax Assets, Net | $ 10,760 | $ 12,118 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) | Apr. 06, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2018properties |
Real Estate Properties [Line Items] | |||||
Rental Properties | $ 481,006,000 | ||||
Indefinite-Lived Trade Names | 6,355,000 | ||||
Below Market Lease, Net | (7,611,000) | $ (8,100,000) | $ (8,792,000) | ||
Payments to Acquire Productive Assets | 187,460,000 | 397,556,000 | $ 219,169,000 | ||
Number of Properties Securing Mortgage Note | properties | 1 | ||||
Stock Issued During Period, Value, Acquisitions | $ 657,500,000 | 0 | 657,473,000 | $ 0 | |
Stock Issued During Period, Shares, Acquisitions | shares | 8,851,264 | ||||
Closing Price at Acquisition Date | $ / shares | $ 74.28 | ||||
number of properties sold | 9 | ||||
Real Estate Investment Property Gross | 5,907,231,000 | 5,345,565,000 | |||
Accumulated depreciation | (883,174,000) | (741,334,000) | |||
Total | 5,024,057,000 | 4,604,231,000 | |||
Depreciation expense on rental properties | 148,700,000 | 129,100,000 | $ 103,900,000 | ||
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 | 4,593,159,000 | 4,123,356,000 | |||
Furniture and Fixtures [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 97,463,000 | 87,630,000 | |||
Land [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | 1,190,568,000 | 1,108,805,000 | |||
Leaseholds and Leasehold Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Real Estate Investment Property Gross | $ 26,041,000 | $ 25,774,000 | |||
Theatre Properties Member | |||||
Real Estate Properties [Line Items] | |||||
Number of properties acquired | 2 | 6 | |||
Payments to Acquire Property, Plant, and Equipment | $ 22,400,000 | $ 154,100,000 | |||
Recreation Facility [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | 7,800,000 | ||||
Other Recreation [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties acquired | 6 | ||||
Payments to Acquire Property, Plant, and Equipment | 36,400,000 | $ 62,700,000 | |||
early childhood education center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | 2,500,000 | ||||
Gain (Loss) on Disposition of Assets | $ 0 | ||||
Number of properties acquired | 4 | ||||
Payments to Acquire Property, Plant, and Equipment | $ 17,700,000 | ||||
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 | 15 | ||||
Payments to Acquire Property, Plant, and Equipment | $ 50,300,000 | ||||
family entertainment center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 6,800,000 | ||||
Number of properties acquired | 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 | 14 | ||||
Property, Plant and Equipment, Additions | $ 374,500,000 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 251,000,000 | ||||
Recreation Reportable Operating Segment [Member] | Ski Resorts, Attractions and Family Entertainment Centers [Member] | |||||
Real Estate Properties [Line Items] | |||||
Payments to Acquire Productive Assets | $ 730,788,000 |
Rental Properties Disposition (
Rental Properties Disposition (Details) | Apr. 06, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)properties | Dec. 31, 2016 |
Significant Acquisitions and Disposals [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 61,200,000 | |||
number of properties sold | 9 | |||
Entertainment Reportable Operating Segment [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
number of properties sold | 4 | 4 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 7,300,000 | $ 72,400,000 | ||
Gain (Loss) on Disposition of Assets | $ 1,200,000 | 19,400,000 | ||
Education Property [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 38,500,000 | |||
number of properties sold | 3 | |||
number of properties sold pursuant to tenant purchase option | 1 | 8 | ||
Education Property [Member] | Education Reportable Operating Segment [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
number of properties sold | properties | 2 | |||
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 | $ 12,000,000 | 97,300,000 | ||
Gain (Loss) on disposition of assets from tenant purchase option | $ 1,900,000 | $ 20,700,000 | ||
Theatre Properties Member | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Number of properties acquired | 2 | 6 | ||
Payments to Acquire Property, Plant, and Equipment | $ 22,400,000 | $ 154,100,000 | ||
Other Recreation [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Number of properties acquired | 6 | |||
Payments to Acquire Property, Plant, and Equipment | $ 36,400,000 | $ 62,700,000 | ||
early childhood education center [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Number of properties acquired | 4 | |||
Payments to Acquire Property, Plant, and Equipment | $ 17,700,000 | |||
Proceeds from Sale of Property, Plant, and Equipment | 2,500,000 | |||
Gain (Loss) on Disposition of Assets | $ 0 | |||
number of properties sold pursuant to tenant purchase option | 2 | |||
Public charter school properties [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
Number of properties acquired | 2 | |||
Imagine Schools [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ||||
number of properties sold | 4 | 13 | 7 |
Impairment Charges (Details)
Impairment Charges (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 07, 2019properties | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Rental properties, net of accumulated depreciation of $883,174 and $741,334 at December 31, 2018 and 2017, respectively | $ 5,024,057 | $ 4,604,231 | |||
Tenant Reimbursements | 15,400 | 15,600 | $ 15,600 | ||
Impairment charges | $ 27,283 | 10,195 | $ 0 | ||
Children's Learning Adventure USA, LLC [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Property Subject to or Available for Operating Lease, Number of Units | properties | 21 | ||||
Payments for Rent | $ 4,300 | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 9,800 | ||||
Impairment charges | $ 16,500 | ||||
land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
number of properties in land held for development | properties | 4 | ||||
Imagine Schools [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment charges | 9,600 | ||||
Tangible Asset Impairment Charges | $ 2,300 | ||||
Tenants [Member] | early childhood education center [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Rental properties, net of accumulated depreciation of $883,174 and $741,334 at December 31, 2018 and 2017, respectively | $ 246,200 | ||||
Subsequent Event [Member] | Children's Learning Adventure USA, LLC [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Payments for Rent | $ 1,000 | ||||
Tenant Reimbursements | $ 170 | ||||
Subsequent Event [Member] | land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
number of properties in land held for development | properties | 2 | ||||
Louisiana Theatre Properties [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment charges | 10,700 | ||||
Tangible Asset Impairment Charges | 7,800 | ||||
Loss Contingency Accrual | $ 2,900 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Revenue Bond Receivable | $ 11,500 | $ 14,718 | |
Straight-line rent receivable | 73,332 | 62,605 | |
Total | 98,369 | 93,693 | |
Impairment charges | 27,283 | 10,195 | $ 0 |
Tenants [Member] | |||
Accounts receivable, gross | 15,057 | 19,923 | |
Non-Tenants [Member] | |||
Accounts receivable, gross | 1,379 | 3,932 | |
Accounts Receivable [Member] | |||
Allowance for doubtful accounts | (2,899) | (7,485) | |
Children's Learning Adventure USA, LLC [Member] | |||
Straight line rent write off | 9,000 | ||
Total | $ 6,000 | ||
Allowance for Doubtful Accounts Receivable, Write-offs | 7,200 | ||
Impairment charges | $ 16,500 | ||
land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | |||
number of properties in land held for development | properties | 4 |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018 | Jan. 02, 2018properties | Apr. 06, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 517,467 | $ 970,749 | |||||
Mortgage notes and related accrued interest receivable, net | 515,811 | ||||||
Number of properties securing debt | properties | 1 | ||||||
Proceeds from mortgage note receivable paydown | $ 335,168 | 21,784 | $ 72,072 | ||||
Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Number of properties securing debt | 14 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Number of properties securing debt | 4 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Converted under ASC 610-20, Bridgeton, NJ [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [1] | $ 0 | 2,500 | ||||
Mortgage Loans on Real Estate, Interest Rate | 10.14% | ||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Converted under ASC 610-20, Evans, Georgia [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [1] | $ 0 | 9,631 | ||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [1] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Converted to lease [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [2] | $ 0 | 142,900 | ||||
Mortgage Loans on Real Estate, Interest Rate | 7.25% | ||||||
Mortgage notes and related accrued interest receivable, net | [2] | $ 0 | |||||
Number of properties securing debt | 28 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, paid in full March 11, 2018 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [3] | $ 0 | 1,474 | ||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [3] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 0 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, paid in full March 26, 2018 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 9,056 | ||||
Mortgage Loans on Real Estate, Interest Rate | 7.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [4] | $ 0 | |||||
Number of properties securing debt | 1 | 1 | |||||
Proceeds from mortgage note receivable paydown | $ 9,000 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | 0 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 8.50%, paid in full September 27, 2018 | Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [5] | $ 0 | 249,213 | ||||
Mortgage Loans on Real Estate, Interest Rate | 8.50% | ||||||
Mortgage notes and related accrued interest receivable, net | [5] | $ 0 | |||||
Number of properties securing debt | 14 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 65,900 | ||||||
Mortgage Loans on Real Estate, Collections of Principal | 250,300 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, paid in full November 30, 2018 | Montparnasse56 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [6] | $ 0 | 31,105 | ||||
Mortgage Loans on Real Estate, Interest Rate | 9.25% | ||||||
Mortgage notes and related accrued interest receivable, net | [6] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 5,400 | ||||||
Mortgage Loans on Real Estate, Collections of Principal | 32,000 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Paid in full December 11, 2018 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [7] | $ 0 | 5,173 | ||||
Mortgage Loans on Real Estate, Interest Rate | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [7] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 3,400 | ||||||
Mortgage Loans on Real Estate, Collections of Principal | 0 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, three properties, Paid in full December 11, 2018 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [7] | $ 0 | 33,269 | ||||
Mortgage Loans on Real Estate, Interest Rate | 10.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [7] | $ 0 | |||||
Number of properties securing debt | 3 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, Paid in full December 21, 2018 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [8] | $ 0 | 1,454 | ||||
Mortgage Loans on Real Estate, Interest Rate | 9.00% | ||||||
Mortgage notes and related accrued interest receivable, net | [8] | $ 0 | |||||
Number of properties securing debt | 1 | ||||||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 0 | ||||||
Mortgage Loans on Real Estate, Collections of Principal | 1,400 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, Due May 1, 2019 | Water Parks [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | 179,846 | 174,265 | |||||
Mortgage notes and related accrued interest receivable, net | $ 179,846 | ||||||
Number of properties securing debt | 3 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 7.00% due December 20, 2021 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 54,535 | 57,890 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 54,535 | ||||||
Number of properties securing debt | 8 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 7.85%, due December 28, 2018 | fitness center [Member] [Domain] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 5,803 | 5,803 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.85% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 5,766 | ||||||
Number of properties securing debt | 1 | ||||||
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 | $ 10,977 | 10,880 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.85% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 10,905 | ||||||
Number of properties securing debt | 1 | ||||||
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 | $ 11,934 | 12,249 | |||||
Mortgage Loans on Real Estate, Interest Rate | 11.31% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 11,934 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, due June 30, 2034 | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 8,835 | 8,711 | |||||
Mortgage notes and related accrued interest receivable, net | $ 8,595 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.00%, due August 31, 2034 | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 15,652 | 12,564 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.00% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 15,239 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 11.43%, due December 1, 2034 | Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 51,050 | 51,050 | |||||
Mortgage Loans on Real Estate, Interest Rate | 11.43% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 51,050 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, 10.59%, due December 1, 2034 | Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 37,562 | 37,562 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.59% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 37,562 | ||||||
Number of properties securing debt | 4 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 11.04%, due December 1, 2034 [Member] | Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,550 | 4,550 | |||||
Mortgage Loans on Real Estate, Interest Rate | 11.04% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 4,550 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 8.28%, due January 5, 2036 | Ski Resorts [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 21,000 | 21,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.28% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 21,000 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, due May 31, 2036 | TopGolf [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 17,505 | 17,505 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.25% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 17,505 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 10.14% due July 31 2036 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 6,383 | 6,304 | |||||
Mortgage Loans on Real Estate, Interest Rate | 10.14% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 6,224 | ||||||
Number of properties securing debt | 1 | ||||||
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 | $ 18,068 | 18,068 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.75% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 18,068 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 9.95% due December 31, 2036 | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 9,839 | 9,838 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.95% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 9,765 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.67%, due April 30, 2037 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,952 | 4,717 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.67% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 4,674 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.93%, due July 30, 2037 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,165 | 4,111 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.93% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 4,121 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 8.67%, due July 30, 2037 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,236 | 4,235 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.67% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 4,206 | ||||||
Number of properties securing debt | 1 | ||||||
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 | $ 23,718 | 11,330 | |||||
Mortgage Loans on Real Estate, Interest Rate | 8.75% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 23,718 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 9.02%, due September 30, 2037 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 14,325 | 11,684 | |||||
Mortgage Loans on Real Estate, Interest Rate | 9.02% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 14,084 | ||||||
Number of properties securing debt | 1 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Note, 7.85% due January 31, 2038 [Member] | fitness center [Member] [Domain] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 10,360 | 0 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.85% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 10,292 | ||||||
Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 7.50, due August 30, 2038 [Member] | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 2,172 | $ 658 | |||||
Mortgage Loans on Real Estate, Interest Rate | 7.50% | ||||||
Mortgage notes and related accrued interest receivable, net | $ 2,172 | ||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, Due May 1, 2019 | Water Parks [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Loans on Real Estate, Interest Rate | 7.00% | ||||||
Minimum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage note, due June 30, 2034 | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Loans on Real Estate, Interest Rate | 8.71% | ||||||
Maximum [Member] | Mortgage Receivable [Member] | Corporation [Member] | Mortgage Notes, 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 note, due June 30, 2034 | Education Property [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Mortgage Loans on Real Estate, Interest Rate | 9.38% | ||||||
Education Reportable Operating Segment [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds from Conversion of Mortgage Note | 142,900,000 | ||||||
Number of Properties Securing Mortgage Note Converted to Rental Properties | 28 | ||||||
Education Reportable Operating Segment [Member] | early childhood education center [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds from mortgage note receivable paydown | $ 1,500 | ||||||
[1] | Mortgage note was reclassified to rental properties on January 1, 2018, due to implementation of ASC 610-20. | ||||||
[2] | On February 16, 2018, the borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities, including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value of the mortgage note on the conversion date, and allocated this cost on a relative fair value basis. | ||||||
[3] | On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. There was no prepayment fee received in connection with this note payoff. | ||||||
[4] | On March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There was no prepayment fee received in connection with this note payoff. | ||||||
[5] | During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $250.3 million from OZRE that was secured by 14 ski properties. In connection with the prepayment of this note, the Company recognized prepayment fees totaling $65.9 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. | ||||||
[6] | During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $32.0 million that was secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the prepayment of this note, the Company recognized prepayment fees of $5.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. | ||||||
[7] | On December 11, 2018, the Company received payment in full on the mortgage notes receivable totaling $36.7 million from LBE Investments, Ltd. that were secured by four charter school properties located in Gilbert and Queen Creek, Arizona. In connection with the prepayment of these notes, the Company recognized prepayment fees totaling $3.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. | ||||||
[8] | On December 21, 2018, the Company received payment in full on a mortgage note receivable of $1.4 million from LBE Investments, Ltd. that was secured by land located in Queen Creek, Arizona. No prepayment fee was received in connection with the prepayment of this note. |
Investments In Direct Financi_3
Investments In Direct Financing Leases (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)propertiesyears | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($) | Jul. 26, 2018USD ($) | Jan. 02, 2018properties | |
Initial direct costs | $ 300,000 | $ 800,000 | |||
Allowance for lease losses | $ 0 | ||||
Investment in direct financing leases, net | 20,558,000 | 57,903,000 | $ 37,900,000 | ||
Proceeds from Sale of Lease Receivables | 43,447,000 | 0 | $ 20,951,000 | ||
Mortgage Notes and Related Accrued Interest Receivable, Net | 517,467,000 | 970,749,000 | |||
number of properties sold | 9 | ||||
Net Investment in Direct Financing and Sales Type Leases, Carrying Value of Investments Sold | $ 91,300,000 | ||||
Number of properties securing debt | properties | 1 | ||||
Impairment charges | 27,283,000 | 10,195,000 | 0 | ||
gain on sale of investment in direct financing lease | $ 5,514,000 | $ 0 | 0 | ||
Minimum [Member] | |||||
Length of lease (in years) | years | 13 | ||||
Maximum [Member] | |||||
Length of lease (in years) | years | 14 | ||||
Imagine Schools [Member] | |||||
Number of public charter school properties | properties | 2 | 6 | |||
Allowance for lease losses | $ 7,300,000 | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 54,500,000 | $ 70,300,000 | |||
number of properties sold | 4 | 13 | 7 | ||
Proceeds from Sale of Finance Receivables | $ 43,400,000 | ||||
Number of properties subject to lease amendment | 6 | ||||
Impairment charges | $ 9,600,000 | ||||
Tangible Asset Impairment Charges | 2,300,000 | ||||
original acquisition cost | 31,600,000 | ||||
gain on sale of investment in direct financing lease | $ 5,500,000 | ||||
Third Parties [Member] | |||||
number of properties sold | 2 | ||||
Imagine Madison Avenue [Member] | Imagine Schools [Member] | |||||
Tangible Asset Impairment Charges | $ 600,000 | ||||
Education Property [Member] | |||||
number of properties sold | 3 | ||||
Corporation [Member] | Education Property [Member] | Mortgage Receivable [Member] | |||||
Number of properties securing debt | 4 | ||||
Mortgage Note, 7.00% due December 20, 2021 [Member] | Corporation [Member] | Education Property [Member] | Mortgage Receivable [Member] | |||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 54,535,000 | $ 57,890,000 | |||
Number of properties securing debt | 8 |
Investments In Direct Financi_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 26, 2018 | ||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||||
Proceeds from Sale of Lease Receivables | $ 43,447 | $ 0 | $ 20,951 | ||
Total minimum lease payments receivable | 36,352 | 112,411 | |||
Estimated unguaranteed residual value of leased assets | 16,509 | 47,000 | |||
Less deferred income | [1] | (32,303) | (101,508) | ||
Investment in direct financing leases, net | 20,558 | 57,903 | $ 37,900 | ||
Initial direct costs | $ 300 | $ 800 | |||
[1] | Deferred income is net of $0.3 million and $0.8 million of initial direct costs at December 31, 2018 and 2017, respectively |
Investments In Direct Financi_5
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2,019 | $ 2,265 | |
2,020 | 2,333 | |
2,021 | 2,403 | |
2,022 | 2,475 | |
2,023 | 2,550 | |
Thereafter | 24,326 | |
Total | $ 36,352 | $ 112,411 |
Unconsolidated Real Estate Jo_2
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Payments to Acquire Productive Assets | $ 187,460,000 | $ 397,556,000 | $ 219,169,000 |
Gain on sale of real estate | 3,037,000 | 41,942,000 | 5,315,000 |
Income from investments in unconsolidated real estate joint venture | (22,000) | 72,000 | 619,000 |
Distributions from joint ventures | $ 567,000 | 442,000 | 816,000 |
St. Petersburg Joint Venture [Member] | |||
Number of unconsolidated real estate joint ventures | properties | 2 | ||
Carrying Amount Joint Venture Mortgage Loan | $ 60,000,000 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.75% | ||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 29,500,000 | ||
Equity Method Investment, Ownership Percentage | 65.00% | ||
Equity Method Investment, Partner's Ownership Percentage | 35.00% | ||
Income from investments in unconsolidated real estate joint venture | $ 52,000 | ||
Distributions from joint ventures | 0 | ||
Theatre Project China Member | |||
Income from investments in unconsolidated real estate joint venture | 74,000 | 72,000 | 619,000 |
Distributions from joint ventures | 567,000 | 442,000 | $ 816,000 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 4,900,000 | $ 5,600,000 |
Unconsolidated Real Estate Jo_3
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt | $ 2,986,054 | $ 3,028,827 | $ 2,986,054 | $ 3,028,827 | |||||||
Net income | $ 54,031 | $ 91,833 | $ 91,581 | $ 29,538 | $ 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | $ 266,983 | $ 262,968 | $ 224,982 |
Debt Schedule of Long-term De_2
Debt Schedule of Long-term Debt Instruments (Details) $ in Thousands | Jan. 02, 2018USD ($)properties | Sep. 27, 2017USD ($) | Sep. 30, 2017 | Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 16, 2018USD ($) | Feb. 28, 2018USD ($) | May 23, 2017USD ($) | Apr. 24, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Extinguishment of Debt, Amount | $ 11,700 | ||||||||||
Number of properties securing debt | properties | 1 | ||||||||||
Interest rate | 6.19% | ||||||||||
Costs associated with loan refinancing or payoff | $ 31,958 | $ 1,549 | $ 905 | ||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
2,019 | 0 | ||||||||||
2,020 | 0 | ||||||||||
2,021 | 0 | ||||||||||
2,022 | 380,000 | ||||||||||
2,023 | 675,000 | ||||||||||
Thereafter | 1,964,995 | ||||||||||
Deferred financing costs, net | (33,941) | (32,852) | |||||||||
Total | 2,986,054 | 3,028,827 | |||||||||
Interest Expense, Debt [Abstract] | |||||||||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||
Credit facility and letter of credit fees | 2,411 | 2,005 | 1,873 | ||||||||
Interest costs capitalized | (9,904) | (9,879) | (10,697) | ||||||||
Interest expense, net | 135,507 | 133,124 | 97,144 | ||||||||
Segment, Continuing Operations [Member] | |||||||||||
Interest Expense, Debt [Abstract] | |||||||||||
Interest on loans and capital lease obligation | 137,570 | 135,023 | 101,181 | ||||||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||
Interest income | (367) | (192) | $ 0 | ||||||||
Unsecured term loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000 | ||||||||||
Line of credit facility, basis spread on variable rate | 1.10% | ||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 50,000 | ||||||||||
Term loan payable, due February 27, 2023 [Member] | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [1] | 400,000 | 400,000 | ||||||||
Mortgages [Member] | Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [2] | $ 0 | 11,684 | ||||||||
Mortgages [Member] | Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 6.19% | ||||||||||
Mortgages [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.00%, due February 27, 2022 (3) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 1.00% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [3] | $ 30,000 | 210,000 | ||||||||
Mortgages [Member] | Term loan payable, due February 27, 2023 [Member] | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 1.10% | ||||||||||
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 | $ 650,000 | $ 1,000,000 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||||||||
Line of credit facility, basis spread on variable rate | 1.00% | 1.25% | 1.00% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | ||||||||||
Line of credit facility, amount outstanding | $ 30,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 970,000 | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | 0.25% | |||||||||
Costs associated with loan refinancing or payoff | 19 | ||||||||||
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 | ||||||||||
Line of credit facility, maximum borrowing capacity | 2,400,000 | ||||||||||
Line of Credit [Member] | Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 [Member] | |||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [4] | $ 0 | 250,000 | ||||||||
Line of Credit [Member] | Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 [Member] | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 7.75% | ||||||||||
Senior unsecured notes payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.60 | ||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.40 | ||||||||||
Debt covenant, debt service coverage ratio, minimum | 1.5 | ||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||
Senior unsecured notes payable [Member] | Senoir Unsecured Notes Payable, 7.75 Percent, Due July 15, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt initial balance | $ 250,000 | ||||||||||
Senior unsecured notes, interest rate | 7.75% | 7.75% | |||||||||
Costs associated with loan refinancing or payoff | $ 3,300 | ||||||||||
Debt Instrument, Unamortized Premium | $ 28,600 | ||||||||||
Debt Instrument, Increase, Accrued Interest | $ 2,300 | ||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 (4) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 5.75% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5] | $ 350,000 | 350,000 | ||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 5.25% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5] | $ 275,000 | 275,000 | ||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 5.25% | ||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 4.35% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [6] | $ 148,000 | 148,000 | ||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 4.35% | ||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.50%, due April 1, 2025 (4) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 4.50% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5] | $ 300,000 | 300,000 | ||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.56%, due August 22, 2026 (6) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 4.56% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [6] | $ 192,000 | 192,000 | ||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.75%, due December 15, 2026 (4) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes, interest rate | 4.75% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5] | $ 450,000 | 450,000 | ||||||||
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 | ||||||||||
Senior unsecured notes, interest rate | 4.50% | 4.50% | |||||||||
Senior unsecured notes, percent of principal amount issued | 0.99393 | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5],[7] | $ 450,000 | 450,000 | ||||||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.95 Percent, Due April 15, 2028 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt initial balance | $ 400,000 | ||||||||||
Senior unsecured notes, interest rate | 4.95% | 4.95% | |||||||||
Senior unsecured notes, percent of principal amount issued | 0.98883 | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [5],[8] | $ 400,000 | 0 | ||||||||
Unsecured term loan [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.00%, due February 27, 2022 (3) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, basis spread on variable rate | 1.40% | ||||||||||
Costs associated with loan refinancing or payoff | $ 1,500 | ||||||||||
Unsecured term loan [Member] | Term loan payable, due February 27, 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, current borrowing capacity | $ 400,000 | $ 350,000 | |||||||||
Line of credit facility, basis spread on variable rate | 1.10% | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.48% | ||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 (9) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value of property | $ 20,500 | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | ||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||
Total | [9] | $ 24,995 | $ 24,995 | ||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 (9) | Theatre Properties Member | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of properties securing debt | properties | 3 | ||||||||||
Maximum [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative, Notional Amount | $ 350,000 | ||||||||||
interest rate swap 2.64percent [Member] [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative, Fixed Interest Rate | 2.71% | ||||||||||
interest rate swap 3.15percent [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative, Notional Amount | $ 350,000 | ||||||||||
interest rate swap 3.15percent [Member] | Minimum [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Derivative, Notional Amount | $ 50,000 | ||||||||||
Derivative, Fixed Interest Rate | 3.15% | ||||||||||
[1] | The Company's unsecured term loan payable bears interest at LIBOR plus 1.10%, which was 3.48% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the combined 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 combined facility, which was used to pay down a portion of the facility. In addition, there is a $1.0 billion accordion feature on the combined facility that increases the maximum borrowing amount available, 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. | ||||||||||
[2] | On January 2, 2018, the Company prepaid in full this mortgage note payable totaling $11.7 million with an annual interest rate of 6.19%, which was secured by one theatre property. | ||||||||||
[3] | The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00%, which was 3.50% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its 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, 2018, the Company had $30.0 million outstanding under the facility and total availability under the facility was $970.0 million. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined 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 combined facility may have a shorter or longer maturity date and different pricing terms. The combined 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. | ||||||||||
[4] | On February 28, 2018, the Company redeemed all of its outstanding 7.75% Senior Notes due July 15, 2020. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium calculated pursuant to the terms of the indenture of $28.6 million, together with accrued and unpaid interest up to, but not including the redemption date of $2.3 million. In connection with the redemption, the Company recorded a non-cash write off of $3.3 million in deferred financing costs. The premium and non-cash write off were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income for the year ended December 31, 2018. | ||||||||||
[5] | These 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. | ||||||||||
[6] | 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 affected 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. | ||||||||||
[7] | 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. | ||||||||||
[8] | On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95%. Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the facility. | ||||||||||
[9] | 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 $20.5 million at December 31, 2018, and bear interest at a variable rate which resets on a weekly basis and was 2.50% at December 31, 2018. The bonds require monthly interest only payments with principal due at maturity. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Variable Interest entity unconsolidated, number of entities | 2 |
Investment In Unconsolidated Variable Interest Entities | $ 184.1 |
SVVI [Member] | |
Number of properties securing unconsolidated variable interest entity | 3 |
Recreation Anchored Lodging [Member] | |
Number of properties securing unconsolidated variable interest entity | 2 |
Education Reportable Operating Segment [Member] | Education Property [Member] | |
Number of properties securing unconsolidated variable interest entity | 1 |
Recreation Reportable Operating Segment [Member] | Recreation Anchored Lodging [Member] | |
Investment In Unconsolidated Variable Interest Entities | $ 29.5 |
Investment in unconsolidated VIE | $ 29.5 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)propertiesswap_agreements$ / $ | Dec. 31, 2018CAD ($)$ / $ | Dec. 31, 2017USD ($) | |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 100 | |
Derivative Asset, Fair Value, Gross Asset | 10,600 | $ 25,700 | |
Cash Flow Hedging [Member] | |||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 800 | ||
Interest Rate Swap [Member] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2,100 | ||
Currency Forward Agreements Member | |||
Derivative, Gain on Derivative | $ 30,800 | ||
Currency Forward Agreements Member | Net Investment Hedging [Member] | |||
Number of Foreign Currency Derivatives Held | 2 | 2 | |
Cross Currency Swaps 2020 [Member] | |||
Derivative, Forward Exchange Rate | $ / $ | 1.26 | 1.26 | |
Cross Currency Swap 2023 [Member] | |||
Number of Canadian properties exposed to foreign currency exchange risk | properties | 4 | ||
Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Number of Foreign Currency Derivatives Held | 2 | 2 | |
Description of Foreign Currency Exposure | 4.5 | ||
Minimum [Member] | |||
credit risk related contingent features default on debt amount | $ 25,000 | ||
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 | Cross Currency Swaps 2020 [Member] | |||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 13,500 | ||
Derivative, Notional Amount | $ 100 | ||
Canada, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Derivative, Forward Exchange Rate | 1.32 | 1.32 | |
Derivative, Notional Amount | $ 200 | ||
United States of America, Dollars | Cross Currency Swaps 2020 [Member] | |||
Derivative, Notional Amount | $ 79,500 | ||
United States of America, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Derivative, Notional Amount | $ 151,600 | ||
interest rate swap 2.64percent [Member] [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 2.64% | 2.64% | |
Number of entered into interest rate swap agreements | swap_agreements | 2 | ||
Derivative, Notional Amount | $ 300,000 | ||
interest rate swap 3.15percent [Member] | Interest Rate Swap [Member] | |||
Number of entered into interest rate swap agreements | swap_agreements | 3 | ||
interest rate swap 3.15percent [Member] | Minimum [Member] | Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 3.15% | 3.15% | |
Derivative, Notional Amount | $ 50,000 | ||
interest rate swap 3.15percent [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 350,000 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Interest Expense | $ 135,507 | $ 133,124 | $ 97,144 | |
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 18,529 | (7,861) | (5,602) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 271 | 0 | 0 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 2,750 | (41) | (2,572) | |
Other income | 2,076 | 3,095 | 9,039 | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | 1,324 | (2,498) | (5,235) |
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 1,689 | (793) | (754) | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 1,426 | 2,457 | 2,663 |
Cross Currency Swap 2023 [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 5,108 | 0 | 0 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2] | 271 | 0 | 0 |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 8,560 | (9,547) | (2,804) | |
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) | $ 3,172 | $ 2,479 | $ (2,044) | |
[1] | Included in “Interest expense, net” in accompanying consolidated statements of income. | |||
[2] | Included in "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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 26, 2018 | |
Impairment charges | $ 27,283 | $ 10,195 | $ 0 | |
Mortgage Notes and Related Accrued Interest Receivable, Net | 517,467 | 970,749 | ||
Investment in direct financing leases, net | $ 20,558 | $ 57,903 | $ 37,900 | |
Finance lease investment weighted average interest rate | 12.04% | 11.98% | ||
Minimum interest on investments in direct finance lease | 11.93% | 11.90% | ||
Maximum interest on investments in direct finance lease | 12.38% | 12.38% | ||
Debt | $ 2,986,054 | $ 3,028,827 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 517,500 | $ 970,700 | ||
Weighted average interest rate of mortgage notes receivable | 8.67% | 8.42% | ||
Receivable interest rate minimum | 7.00% | 7.00% | ||
Receivable interest rate maximum | 11.43% | 11.31% | ||
Fair value of notes receivable | $ 544,600 | $ 992,600 | ||
Weighted market rate used for determining future cash flow for notes receivable | 8.68% | 8.79% | ||
Variable Rate Debt [Member] | ||||
Debt | $ 455,000 | $ 635,000 | ||
Long-term debt, weighted average interest rate | 2.84% | 2.58% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | $ 350,000 | |||
Fixed Rate Debt [Member] | ||||
Long-term Debt, Fair Value | 2,570,000 | $ 2,530,000 | ||
Debt | $ 2,570,000 | $ 2,430,000 | ||
Long-term debt, weighted average interest rate | 4.86% | 5.15% | ||
Weighted market rate for determining fair value of debt | 4.69% | 4.04% | ||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 7.50% | 7.00% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 3.48% | 2.49% | ||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 10.00% | 11.50% | ||
Maximum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 4.99% | 4.56% | ||
Children's Learning Adventure USA, LLC [Member] | ||||
Impairment charges | $ 16,500 |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2018 | Jul. 26, 2018 | Dec. 31, 2017 | |
Net Investment in Direct Financing and Sales Type Leases | $ 20,558,000 | $ 37,900,000 | $ 57,903,000 | |
Land held for development | 34,177,000 | 33,692,000 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | (100,000) | ||
Derivative Asset, Fair Value, Gross Asset | (10,600,000) | (25,700,000) | ||
Cross Currency Swaps | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cross Currency Swaps | Significant Unobservable Inputs (Level 3) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||
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 | [2] | (6,278,000) | (1,041,000) | |
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 | [2] | (6,278,000) | (1,041,000) | |
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | (22,235,000) | ||
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | Significant Other Observable Inputs (Level 2) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | (22,235,000) | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | 4,344,000 | 2,496,000 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | [2] | 4,344,000 | $ 2,496,000 | |
early childhood education center [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Land held for development | 9,805 | |||
early childhood education center [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Land held for development | $ 9,805 | |||
[1] | Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. | |||
[2] | Included in "Other assets" 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 | Feb. 12, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 77,226,443 | 76,858,632 | |||
Net proceeds from issuance of common shares | $ 956 | $ 99,069 | $ 142,628 | ||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | ||||
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common stock declared dividends per share | $ 4.32 | $ 4.08 | |||
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 4.3000 | 4.0600 | |||
Taxable Ordinary Income [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 4.1253 | 3.5434 | |||
Common Stock, Dividends, Per Share, Cash Paid | 4.1253 | ||||
Return of Capital [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0 | 0.2762 | |||
Long-term Capital Gain [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0.1747 | 0.2404 | |||
Unrecaptured Section 1250 gain | $ 0.0102 | $ 0.0972 | |||
direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 1,382,730 | ||||
Net proceeds from issuance of common shares | $ 98,200 | ||||
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | 8,851,264 | |||
Subsequent Event [Member] | direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 490,310 | ||||
Net proceeds from issuance of common shares | $ 35,600 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 21, 2017 | |
Schedule of Preferred Stock [Line Items] | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 144,490 | $ 0 | |
Preferred Share Redemption Costs | $ 0 | $ 4,457 | $ 0 | |
Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 5,394,050 | 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 | 0.3954 | |||
Preferred shares conversion price | 63.23 | |||
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 | $ 0.6205 | $ 0.4918 | ||
Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 3,447,381 | 3,449,115 | ||
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 | 0.4686 | |||
Preferred shares conversion price | 53.35 | |||
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 | $ 0.5308 | $ 0.2619 | ||
Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 5,000,000 | |||
Preferred share dividend percentage | 6.625% | |||
Preferred Stock, Redemption Price Per Share | $ 25.299045 | |||
Per share liquidation preference | $ 25 | |||
Preferred Stock, Redemption Amount | $ 126,500 | |||
Preferred Shares declared dividends per share | $ 1.54123 | |||
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 | 6,000,000 | ||
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) | $ 1.4375 | |||
Per share liquidation preference | 25 | |||
Preferred Shares declared dividends per share | 0.183681 | |||
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 1.3791 | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.5953 | $ 0.3527 | ||
Dividends, per share, non-cash distribution, taxable ordinary income, 199A distribution | 0.5953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.3791 | 1.3462 | ||
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 2.1586 | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.5092 | 0.1428 | ||
Dividends, per share, non-cash distribution, taxable ordinary income, 199A distribution | 0.5092 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.1586 | 2.1070 | ||
Taxable Ordinary Income [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.8310 | |||
Taxable Ordinary Income [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 1.2105 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2105 | |||
Return of Capital [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0 | 0.1152 | ||
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 | 0.1094 | ||
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 | |||
Return of Capital [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 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 | 0.0252 | 0.0239 | ||
Unrecaptured Section 1250 gain | 0.0034 | 0.0352 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0015 | 0.0092 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0584 | 0.0913 | ||
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0216 | 0.0097 | ||
Unrecaptured Section 1250 gain | 0.0053 | 0.0551 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0013 | 0.0037 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0914 | 0.1430 | ||
Long-term Capital Gain [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Unrecaptured Section 1250 gain | 0.04792 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1243 | |||
Long-term Capital Gain [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.002978 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0513 | |||
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 | |||
Total Cash Distribution Per Share [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2618 | |||
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 | 0.6205 | 0.4918 | ||
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 | $ 0.5308 | $ 0.2619 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 |
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 | 2,100 | 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 | 26 | 7 | 72 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $ 266,983 | $ 262,968 | $ 224,982 | ||||||||
Less: preferred dividend requirements and redemption costs | $ (24,142) | $ (28,750) | $ (23,806) | ||||||||
Weighted average number of shares outstanding, basic | 74,292 | 71,191 | 63,381 | ||||||||
Net income available to common shareholders of EPR Properties | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Earnings per share, basic (in dollars per share) | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Share options, shares | 45 | 63 | 93 | ||||||||
Income from continuing operations available to common shareholders, diluted | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Weighted average number of shares outstanding, diluted | 74,337 | 71,254 | 63,474 | ||||||||
Net income available to common shareholders, diluted | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 61.79 | 61.79 | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 | $ 61.79 |
Severance Expense (Details)
Severance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Severance expense | $ 5,938 | $ 0 | $ 0 |
Employee Severance [Member] | Expected Cash Payment [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 2,600 | ||
Employee Severance [Member] | Taxes and Other Expenses [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 100 | ||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 3,200 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | 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 | 257,606 | 285,986 | 516,305 | |
Number of Shares, Exercised | (25,721) | (29,253) | (230,319) | |
Number of Shares, Granted | 3,835 | 2,215 | ||
Number of Shares, Forfeited | (845) | (1,342) | ||
Number of Shares, Outstanding at End of Period | 234,875 | 257,606 | 285,986 | |
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 | $ 51.81 | $ 51.93 | $ 48.42 | |
Average Exercise Price, Exercised | 50.68 | 54.54 | 44.05 | |
Average Exercise Price, Granted | 56.94 | 76.63 | ||
Average Exercise Price, Forfeited | 61.12 | 59.52 | ||
Average Exercise Price, Outstanding at End of Period | 51.98 | 51.81 | 51.93 | |
Weighted average fair value of options granted | $ 3.03 | $ 7.91 | $ 0 | |
Intrinsic value of stock options exercised | $ 400 | $ 500 | $ 5,200 | |
Severance expense | $ 5,938 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 20,258 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 1,400 | |||
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 | $ 19.02 | |
Option Price Per Share, Exercised | 45.20 | 46.86 | 19.41 | |
Option Price Per Share, Granted | 56.94 | 76.63 | ||
Option Price Per Share, Forfeited | 51.64 | 51.64 | ||
Option Price Per Share, Outstanding at End of Period | $ 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 | $ 76.63 | 61.79 | 65.50 | |
Option Price Per Share, Exercised | 61.79 | 61.79 | 65.50 | |
Option Price Per Share, Granted | 56.94 | 76.63 | ||
Option Price Per Share, Forfeited | 61.79 | 61.79 | ||
Option Price Per Share, Outstanding at End of Period | $ 76.63 | $ 76.63 | $ 61.79 | |
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 | 1,322,389 | |||
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 | $ 300 | $ 700 | $ 900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.70% | 2.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 7.60% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 22.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.74% | 0.74% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | ||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.40% |
Equity Incentive Plans (Schedul
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Share-based Compensation [Abstract] | |
Stock option expense to be recognized in 2019 | $ 7 |
Stock option expense to be recognized in 2020 | 7 |
Stock option expense to be recognized in 2021 | 3 |
Total Compensation Cost To Be Recognized, Stock Options | $ 17 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Exercise price range, lower limit | $ 61.79 | $ 61.79 | ||
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 | |
Options outstanding | 234,875 | 257,606 | 285,986 | 516,305 |
Weighted avg. life remaining | 4 years 7 months | |||
Weighted avg. exercise price | $ 51.98 | $ 51.81 | $ 51.93 | $ 48.42 |
Aggregate intrinsic value | $ 2,857 | |||
$ 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 | 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 | 1 year | |||
40.00 - 49.99 [Member] | ||||
Exercise price range, lower limit | $ 40 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 72,342 | |||
Weighted avg. life remaining | 3 years 1 month | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 71,868 | |||
Weighted avg. life remaining | 5 years 2 months | |||
60.00 - 69.99 [Member] | ||||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 61.79 | |||
Options outstanding | 75,925 | |||
Weighted avg. life remaining | 6 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 | 8 years 1 month |
Equity Incentive Plans (Summa_3
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exercise price range, lower limit | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 |
Options outstanding | 208,841 | ||
Weighted avg. life remaining | 4 years 5 months | ||
Weighted avg. exercise price | $ 50.73 | ||
Aggregate intrinsic value | $ 2,784 | ||
$ 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 | 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 | 1 year | ||
40.00 - 49.99 [Member] | |||
Exercise price range, lower limit | $ 40 | ||
Exercise price range, upper limit | $ 49.99 | ||
Options outstanding | 72,342 | ||
Weighted avg. life remaining | 3 years 1 month | ||
50.00 - 59.99 [Member] | |||
Exercise price range, lower limit | $ 50 | ||
Exercise price range, upper limit | $ 59.99 | ||
Options outstanding | 68,033 | ||
Weighted avg. life remaining | 5 years | ||
60.00 - 69.99 [Member] | |||
Exercise price range, lower limit | $ 60 | ||
Exercise price range, upper limit | $ 61.79 | ||
Options outstanding | 55,387 | ||
Weighted avg. life remaining | 6 years 1 month | ||
70.00 - 76.63 [Member] | |||
Exercise price range, lower limit | $ 70 | ||
Exercise price range, upper limit | $ 76.63 | ||
Options outstanding | 554 | ||
Weighted avg. life remaining | 8 years 1 month |
Equity Incentive Plans (Summa_4
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 64.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2017 | 620,122 | ||
Number of Shares, Granted | 295,202 | ||
Number of Shares, Vested | (244,852) | ||
Number of Shares, Outstanding at December 31, 2018 | 655,056 | 620,122 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2017 | $ 68.07 | ||
Weighted Average Grant Date Fair Value, Granted | 56.94 | ||
Weighted Average Grant Date Fair Value, Vested | $ 65.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 15,416 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ 64.16 | $ 68.07 | |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 9 months 10 days | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Fair value of non-vested shares | $ 16,000 | $ 15,100 | $ 9,200 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,615 | ||
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 |
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, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2019 | $ 8,609 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2020 | 5,570 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2021 | 2,436 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,615 |
Equity Incentive Plans (Summa_5
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / 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, 2017 | shares | 620,122 |
Number of Shares, Granted | shares | 295,202 |
Number of Shares, Vested | shares | (244,852) |
Number of Shares, Outstanding at December 31, 2018 | shares | 655,056 |
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, 2017 | $ / shares | $ 68.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 56.94 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 65.33 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 64.16 |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 9 months 10 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, 2017 | shares | 19,030 |
Number of Shares, Granted | shares | 23,571 |
Number of Shares, Vested | shares | (19,030) |
Number of Shares, Outstanding at December 31, 2018 | shares | 23,571 |
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, 2017 | $ / shares | $ 70.91 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 61.25 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 70.91 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 61.25 |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 5 months |
Unamortized share-based compensation expense | $ | $ 602 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)years | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Properties Subject to Ground Leases | 57 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 856 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 856 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 884 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 967 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 967 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 2,658 | ||
Operating Leases, Future Minimum Payments Due | 7,188 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2,019 | 520,139 | ||
2,020 | 503,344 | ||
2,021 | 492,165 | ||
2,022 | 477,671 | ||
2,023 | 449,686 | ||
Thereafter | 3,953,717 | ||
Total | $ 6,396,722 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Rental properties, length of lease, minimum (in years) | years | 1 | ||
Rental properties, length of lease, maximum (in years) | years | 31 | ||
Rental expense | $ 1,000 | $ 1,000 | $ 681 |
Ground Lease Arrangement [Member] | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,019 | 22,867 | ||
2,020 | 23,236 | ||
2,021 | 23,600 | ||
2,022 | 22,996 | ||
2,023 | 22,303 | ||
Thereafter | 257,446 | ||
Total | $ 372,448 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenue | $ 166,487 | $ 176,409 | $ 202,867 | $ 154,968 | $ 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | $ 700,731 | $ 575,991 | $ 493,242 |
Net income | 54,031 | 91,833 | 91,581 | 29,538 | 65,563 | 62,954 | 80,535 | 53,916 | 266,983 | 262,968 | 224,982 |
Net income available to common shareholders of EPR Properties | $ 47,997 | $ 85,797 | $ 85,545 | $ 23,502 | $ 54,668 | $ 57,003 | $ 74,583 | $ 47,964 | $ 266,983 | $ 262,968 | $ 224,982 |
Basic net income per common share | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Diluted net income per common share | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Details) $ in Thousands | Oct. 20, 2011USD ($)claim | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)propertiesmortgagenotesdevelopmentproject | Dec. 31, 2017USD ($)properties | Dec. 31, 2016USD ($) | Feb. 07, 2019properties | Jun. 30, 2016USD ($) |
Commitment to fund project development | $ 98,700 | ||||||
Revenue bond issued | 11,500 | $ 14,718 | |||||
Property under development | 287,546 | 257,629 | |||||
Impairment charges | $ 27,283 | 10,195 | $ 0 | ||||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | ||||||
Mortgage notes receivable with commitments | $ 6,900 | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 24,700 | ||||||
Loss Contingency, Damages Sought, Value | $ 800,000 | ||||||
Number of Surety Bonds | 5 | ||||||
Surety bonds | $ 22,500 | ||||||
Loss Contingency, New Claims Filed, Number | claim | 3 | ||||||
Loss Contingency, Claims Settled and Dismissed, Number | claim | 2 | ||||||
Litigation Settlement, Amount Awarded to Other Party | 2,000 | ||||||
Litigation Settlement, Expense | 90 | ||||||
Tenant Reimbursements | $ 15,400 | 15,600 | 15,600 | ||||
Theatre Properties Member | |||||||
Development Project In Process | developmentproject | 10 | ||||||
Commitment to fund project development | $ 25,400 | ||||||
Education Property [Member] | |||||||
Development Project In Process | developmentproject | 6 | ||||||
Commitment to fund project development | $ 27,400 | ||||||
RecreationProperties [Member] | |||||||
Development Project In Process | developmentproject | 5 | ||||||
Commitment to fund project development | $ 45,900 | ||||||
Louisiana Theatre Properties [Member] | |||||||
Deferred assets related to guarantee | 5,300 | ||||||
Deferred liabilities related to guarantee | 16,100 | ||||||
Tangible Asset Impairment Charges | 7,800 | ||||||
Loss Contingency Accrual | 2,900 | ||||||
Impairment charges | 10,700 | ||||||
Concord Resort [Member] | |||||||
Commitment to fund project development | 206,900 | ||||||
Revenue bond issued | $ 110,000 | ||||||
Reimbursement Revenue | 6,900 | $ 43,400 | |||||
Reimbursement Receivable | 11,500 | ||||||
Adelaar Infrastructure [Member] | |||||||
Reimbursement Revenue | $ 23,900 | ||||||
Waterpark Hotel and Adventure Park [Member] | Concord Resort [Member] | |||||||
Commitment to fund project development | 149,300 | ||||||
Children's Learning Adventure USA, LLC [Member] | |||||||
Impairment charges | $ 16,500 | ||||||
Subsidiaries filing for bankruptcy | properties | 10 | ||||||
Property Subject to or Available for Operating Lease, Number of Units | properties | 21 | ||||||
Settlement Consideration | $ 15,000 | ||||||
Payments to Acquire Furniture and Fixtures | 3,500 | ||||||
Payments for Rent | $ 4,300 | ||||||
Triple net lease term | 20 | ||||||
Children's Learning Adventure USA, LLC [Member] | land held for development [Member] | |||||||
number of properties in land held for development | properties | 4 | ||||||
Subsequent Event [Member] | Children's Learning Adventure USA, LLC [Member] | |||||||
Payments for Rent | $ 1,000 | ||||||
Tenant Reimbursements | $ 170 | ||||||
Subsequent Event [Member] | Children's Learning Adventure USA, LLC [Member] | land held for development [Member] | |||||||
number of properties in land held for development | properties | 2 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Operating Segments | segment | 4 | ||||||||||
Total assets | $ 6,131,390 | $ 6,191,493 | $ 6,131,390 | $ 6,191,493 | |||||||
Rental revenue | 556,363 | 484,203 | $ 415,184 | ||||||||
Other income (loss) | 2,076 | 3,095 | 9,039 | ||||||||
Mortgage and other financing income | 142,292 | 88,693 | 69,019 | ||||||||
Total revenue | 166,487 | $ 176,409 | $ 202,867 | $ 154,968 | 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | 700,731 | 575,991 | 493,242 |
Property operating expense | 30,756 | 31,653 | 22,602 | ||||||||
Other expense | 443 | 242 | 5 | ||||||||
Investment Income, Investment Expense | 31,199 | 31,895 | 22,607 | ||||||||
Net Operating Income Before Unallocated Items | 669,532 | 544,096 | 470,635 | ||||||||
General and Administrative Expense | (48,889) | (43,383) | (37,543) | ||||||||
Severance Costs | (5,938) | 0 | 0 | ||||||||
Litigation settlement expense | (2,090) | 0 | 0 | ||||||||
Costs associated with loan refinancing or payoff | (31,958) | (1,549) | (905) | ||||||||
Gain on Extinguishment of Debt | 0 | 977 | 0 | ||||||||
Interest Expense | (135,507) | (133,124) | (97,144) | ||||||||
Transaction costs | (3,698) | (523) | (7,869) | ||||||||
Impairment charges | 27,283 | 10,195 | 0 | ||||||||
Depreciation and amortization | (153,430) | (132,946) | (107,573) | ||||||||
Equity in (loss) income from joint ventures | (22) | 72 | 619 | ||||||||
Gain on sale of real estate | 3,037 | 41,942 | 5,315 | ||||||||
gain on sale of investment in direct financing lease | 5,514 | 0 | 0 | ||||||||
Income tax expense | (2,285) | (2,399) | (553) | ||||||||
Net income | 54,031 | $ 91,833 | $ 91,581 | $ 29,538 | 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | 266,983 | 262,968 | 224,982 |
Dividends, Preferred Stock | (24,142) | (24,293) | (23,806) | ||||||||
Preferred Share Redemption Costs | 0 | 4,457 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | 242,841 | 234,218 | 201,176 | ||||||||
Entertainment Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,344,855 | 2,380,129 | 2,344,855 | 2,380,129 | |||||||
Rental revenue | 301,782 | 283,247 | 266,247 | ||||||||
Other income (loss) | 270 | 614 | 249 | ||||||||
Mortgage and other financing income | 7,971 | 4,407 | 6,187 | ||||||||
Total revenue | 310,023 | 288,268 | 272,683 | ||||||||
Property operating expense | 24,141 | 23,175 | 21,303 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 24,141 | 23,175 | 21,303 | ||||||||
Net Operating Income Before Unallocated Items | 285,882 | 265,093 | 251,380 | ||||||||
Recreation Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,187,808 | 2,102,041 | 2,187,808 | 2,102,041 | |||||||
Rental revenue | 142,822 | 112,763 | 62,527 | ||||||||
Other income (loss) | 62 | 0 | 4,482 | ||||||||
Mortgage and other financing income | 109,200 | 48,740 | 30,190 | ||||||||
Total revenue | 252,084 | 161,503 | 97,199 | ||||||||
Property operating expense | 126 | 117 | 8 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 126 | 117 | 8 | ||||||||
Net Operating Income Before Unallocated Items | 251,958 | 161,386 | 97,191 | ||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 1,366,278 | 1,429,992 | 1,366,278 | 1,429,992 | |||||||
Rental revenue | 102,642 | 79,031 | 77,775 | ||||||||
Other income (loss) | 0 | 1 | 1,648 | ||||||||
Mortgage and other financing income | 25,121 | 35,546 | 32,539 | ||||||||
Total revenue | 127,763 | 114,578 | 111,962 | ||||||||
Property operating expense | 3,933 | 6,314 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 3,933 | 6,314 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 123,830 | 108,264 | 111,962 | ||||||||
Other Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 207,724 | 199,052 | 207,724 | 199,052 | |||||||
Rental revenue | 9,117 | 9,162 | 8,635 | ||||||||
Other income (loss) | 0 | 0 | 0 | ||||||||
Mortgage and other financing income | 0 | 0 | 103 | ||||||||
Total revenue | 9,117 | 9,162 | 8,738 | ||||||||
Property operating expense | 1,901 | 1,407 | 662 | ||||||||
Other expense | 0 | 0 | 5 | ||||||||
Investment Income, Investment Expense | 1,901 | 1,407 | 667 | ||||||||
Net Operating Income Before Unallocated Items | 7,216 | 7,755 | 8,071 | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 24,725 | $ 80,279 | 24,725 | 80,279 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Other income (loss) | 1,744 | 2,480 | 2,660 | ||||||||
Mortgage and other financing income | 0 | 0 | 0 | ||||||||
Total revenue | 1,744 | 2,480 | 2,660 | ||||||||
Property operating expense | 655 | 640 | 629 | ||||||||
Other expense | 443 | 242 | 0 | ||||||||
Investment Income, Investment Expense | 1,098 | 882 | 629 | ||||||||
Net Operating Income Before Unallocated Items | $ 646 | $ 1,598 | $ 2,031 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | $ 2,851,000 | $ 7,256,000 | $ 0 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 7,485,000 | 871,000 | 3,210,000 |
Deductions | (7,437,000) | (642,000) | (2,339,000) |
Ending balance | 7,485,000 | 871,000 | |
Allowance for doubtful accounts | 2,899,000 | 7,485,000 | 871,000 |
Allowance for Loan and Lease Losses [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | 0 | 0 | 0 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 2,986,054 | |
Land, initial cost | 1,529,104 | |
Buildings, equipment & improvement, initial cost | 4,215,855 | |
Additions (dispositions) (impairments) subsequent to acquisition | 483,995 | |
Land, gross amount | 1,512,291 | |
Buildings, equipment & improvement, gross amount | 4,716,663 | |
Fair value of Concord resort land received | 6,228,954 | $ 5,636,886 |
Accumulated depreciation | (883,174) | (741,334) |
Deferred financing costs, net | (33,941) | $ (32,852) |
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 | $ (8,798) | |
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 | $ (10,063) | |
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 | $ (8,414) | |
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 | $ (6,501) | |
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 | $ (8,215) | |
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 | $ (10,370) | |
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 | $ (10,269) | |
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 | $ (7,355) | |
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 | $ (6,791) | |
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 | $ (11,280) | |
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 | $ (14,984) | |
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 | $ (11,414) | |
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 | $ (13,221) | |
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 | $ (8,733) | |
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 | $ (3,380) | |
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 | $ (10,808) | |
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 | $ (7,000) | |
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 | $ (8,002) | |
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 | $ (5,844) | |
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 | $ (7,403) | |
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 | 3,049 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 14,789 | |
Fair value of Concord resort land received | 14,789 | |
Accumulated depreciation | $ (5,036) | |
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 | $ (6,237) | |
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 | 1,607 | |
Land, gross amount | 1,839 | |
Buildings, equipment & improvement, gross amount | 8,952 | |
Fair value of Concord resort land received | 10,791 | |
Accumulated depreciation | $ (2,909) | |
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 | $ (2,853) | |
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 | 3,735 | |
Land, gross amount | 4,266 | |
Buildings, equipment & improvement, gross amount | 16,177 | |
Fair value of Concord resort land received | 20,443 | |
Accumulated depreciation | $ (5,309) | |
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 | 247 | |
Land, gross amount | 1,660 | |
Buildings, equipment & improvement, gross amount | 7,817 | |
Fair value of Concord resort land received | 9,477 | |
Accumulated depreciation | $ (3,195) | |
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 | $ (10,622) | |
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 | 2,558 | |
Land, gross amount | 3,042 | |
Buildings, equipment & improvement, gross amount | 19,451 | |
Fair value of Concord resort land received | 22,493 | |
Accumulated depreciation | $ (7,894) | |
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 | $ (7,193) | |
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 | $ (8,952) | |
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 | $ (3,213) | |
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 | $ (1,991) | |
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 | $ (1,544) | |
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 | 339 | |
Land, gross amount | 1,000 | |
Buildings, equipment & improvement, gross amount | 10,873 | |
Fair value of Concord resort land received | 11,873 | |
Accumulated depreciation | $ (3,153) | |
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 | $ (6,114) | |
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 | $ (6,690) | |
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 | $ (6,375) | |
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 | $ (4,028) | |
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 | $ (3,735) | |
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 | $ (4,500) | |
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 | $ (3,203) | |
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 | $ (3,723) | |
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 | $ (2,599) | |
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 | $ (3,966) | |
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 | $ (2,777) | |
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 | $ (1,714) | |
Depreciation life | 40 years | |
Hattiesburg, 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 | $ (3,438) | |
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 | $ (1,246) | |
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 | (65) | |
Land, gross amount | 2,113 | |
Buildings, equipment & improvement, gross amount | 6,185 | |
Fair value of Concord resort land received | 8,298 | |
Accumulated depreciation | $ (2,023) | |
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 | $ (4,816) | |
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 | $ (1,399) | |
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 | $ (3,890) | |
Depreciation life | 40 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
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 | $ (4,725) | |
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 | $ (2,185) | |
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 | $ (4,535) | |
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 | $ (4,564) | |
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 | $ (9,704) | |
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 | $ (4,530) | |
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 | $ (3,450) | |
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 | $ (3,231) | |
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 | $ (2,075) | |
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 | $ (4,246) | |
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 | $ (2,691) | |
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 | $ (147) | |
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 | $ (2,582) | |
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 | $ (398) | |
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 | $ (1,445) | |
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 | $ (2,723) | |
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 | $ (388) | |
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 | $ (1,061) | |
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 | $ (875) | |
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 | $ (1,364) | |
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 | $ (745) | |
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 | $ (2,163) | |
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 | $ (1,478) | |
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 | 1,700 | |
Land, gross amount | 1,578 | |
Buildings, equipment & improvement, gross amount | 8,330 | |
Fair value of Concord resort land received | 9,908 | |
Accumulated depreciation | $ (1,501) | |
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 | $ (845) | |
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 | $ (456) | |
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 | 1,759 | |
Land, gross amount | 2,951 | |
Buildings, equipment & improvement, gross amount | 12,443 | |
Fair value of Concord resort land received | 15,394 | |
Accumulated depreciation | $ (2,279) | |
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 | $ (418) | |
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 | $ (705) | |
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 | $ (1,267) | |
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 | $ (905) | |
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 | 1,177 | |
Land, gross amount | 2,044 | |
Buildings, equipment & improvement, gross amount | 5,677 | |
Fair value of Concord resort land received | 7,721 | |
Accumulated depreciation | $ (956) | |
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 | 1,265 | |
Land, gross amount | 2,238 | |
Buildings, equipment & improvement, gross amount | 6,427 | |
Fair value of Concord resort land received | 8,665 | |
Accumulated depreciation | $ (1,100) | |
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 | $ (2,546) | |
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 | $ (2,524) | |
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 | $ (2,070) | |
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 | 2,296 | |
Land, gross amount | 4,598 | |
Buildings, equipment & improvement, gross amount | 15,503 | |
Fair value of Concord resort land received | 20,101 | |
Accumulated depreciation | $ (2,848) | |
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 | $ (2,497) | |
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 | $ (1,736) | |
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 | $ (2,273) | |
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 | $ (749) | |
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 | $ (1,105) | |
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 | $ (1,394) | |
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 | $ (787) | |
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 | $ (2,097) | |
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 | $ (1,745) | |
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 | $ (772) | |
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 | $ (863) | |
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 | $ (1,208) | |
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 | $ (1,378) | |
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 | $ (1,671) | |
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 | $ (214) | |
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 | $ (1,243) | |
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 | $ (4,463) | |
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 | 4,816 | |
Land, gross amount | 14,000 | |
Buildings, equipment & improvement, gross amount | 22,134 | |
Fair value of Concord resort land received | 36,134 | |
Accumulated depreciation | $ (3,731) | |
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 | $ (969) | |
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 | $ (1,007) | |
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 | $ (213) | |
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 | $ (287) | |
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 | $ (1,490) | |
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 | $ (1,270) | |
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 | $ (1,803) | |
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 | 4,706 | |
Land, gross amount | 3,764 | |
Buildings, equipment & improvement, gross amount | 21,475 | |
Fair value of Concord resort land received | 25,239 | |
Accumulated depreciation | $ (2,125) | |
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 | $ (857) | |
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 | $ (1,000) | |
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 | $ (1,255) | |
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 | $ (899) | |
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 | $ (2,068) | |
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 | 258 | |
Land, gross amount | 10,919 | |
Buildings, equipment & improvement, gross amount | 188 | |
Fair value of Concord resort land received | 11,107 | |
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 | $ (621) | |
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 | $ (664) | |
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 | $ (3,153) | |
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 | 4,162 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,255 | |
Fair value of Concord resort land received | 9,255 | |
Accumulated depreciation | $ (518) | |
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 | $ (1,972) | |
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 | $ (591) | |
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 | $ (395) | |
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 | $ (74) | |
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 | $ (550) | |
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 | $ (2,359) | |
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 | $ (1,770) | |
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 | 3,905 | |
Land, gross amount | 2,957 | |
Buildings, equipment & improvement, gross amount | 14,866 | |
Fair value of Concord resort land received | 17,823 | |
Accumulated depreciation | $ (1,230) | |
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 | $ (2,032) | |
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 | 4,160 | |
Land, gross amount | 2,784 | |
Buildings, equipment & improvement, gross amount | 12,194 | |
Fair value of Concord resort land received | 14,978 | |
Accumulated depreciation | $ (734) | |
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 | $ (333) | |
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 | $ (997) | |
Depreciation life | 30 years | |
Fort Worth, TX Megaplex [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,385 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,385 | |
Fair value of Concord resort land received | 11,385 | |
Accumulated depreciation | $ (166) | |
Depreciation life | 40 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 | $ (715) | |
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 | $ (519) | |
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 | $ (1,659) | |
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 | (27) | |
Land, gross amount | 7,251 | |
Buildings, equipment & improvement, gross amount | 36,507 | |
Fair value of Concord resort land received | 43,758 | |
Accumulated depreciation | $ (1,361) | |
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 | $ (978) | |
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 | $ (1,087) | |
Depreciation life | 25 years | |
Little Rock AR Megaplex 2018 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,789 | |
Buildings, equipment & improvement, initial cost | 10,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,789 | |
Buildings, equipment & improvement, gross amount | 10,780 | |
Fair value of Concord resort land received | 12,569 | |
Accumulated depreciation | $ (283) | |
Depreciation life | 40 years | |
Conway, AR Megaplex [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,316 | |
Buildings, equipment & improvement, initial cost | 5,553 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,316 | |
Buildings, equipment & improvement, gross amount | 5,553 | |
Fair value of Concord resort land received | 6,869 | |
Accumulated depreciation | $ (168) | |
Depreciation life | 30 years | |
Lynbrook, NY Megaplex [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,753 | |
Buildings, equipment & improvement, initial cost | 28,400 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,753 | |
Buildings, equipment & improvement, gross amount | 28,400 | |
Fair value of Concord resort land received | 30,153 | |
Accumulated depreciation | $ (363) | |
Depreciation life | 40 years | |
Long Island, NY Megaplex [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,479 | |
Additions (dispositions) (impairments) subsequent to acquisition | 267 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,746 | |
Fair value of Concord resort land received | 12,746 | |
Accumulated depreciation | $ 0 | |
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 | 18,983 | |
Land, gross amount | 3,060 | |
Buildings, equipment & improvement, gross amount | 34,264 | |
Fair value of Concord resort land received | 37,324 | |
Accumulated depreciation | $ (16,866) | |
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 | 22,859 | |
Land, gross amount | 6,205 | |
Buildings, equipment & improvement, gross amount | 35,459 | |
Fair value of Concord resort land received | 41,664 | |
Accumulated depreciation | $ (18,393) | |
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 | 4,257 | |
Land, gross amount | 5,850 | |
Buildings, equipment & improvement, gross amount | 21,571 | |
Fair value of Concord resort land received | 27,421 | |
Accumulated depreciation | $ (7,528) | |
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 | $ (14) | |
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 | $ (26,773) | |
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 | 10,774 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 108,470 | |
Fair value of Concord resort land received | 114,570 | |
Accumulated depreciation | $ (41,540) | |
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 | 27,615 | |
Land, gross amount | 9,236 | |
Buildings, equipment & improvement, gross amount | 65,053 | |
Fair value of Concord resort land received | 74,289 | |
Accumulated depreciation | $ (21,622) | |
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 | 19,988 | |
Land, gross amount | 11,150 | |
Buildings, equipment & improvement, gross amount | 35,652 | |
Fair value of Concord resort land received | 46,802 | |
Accumulated depreciation | $ (10,169) | |
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 | 5,407 | |
Land, gross amount | 9,236 | |
Buildings, equipment & improvement, gross amount | 29,861 | |
Fair value of Concord resort land received | 39,097 | |
Accumulated depreciation | $ (10,947) | |
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 | 24,076 | |
Land, gross amount | 12,051 | |
Buildings, equipment & improvement, gross amount | 44,187 | |
Fair value of Concord resort land received | 56,238 | |
Accumulated depreciation | $ (14,415) | |
Depreciation life | 40 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 | 12,536 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 47,552 | |
Fair value of Concord resort land received | 64,136 | |
Accumulated depreciation | $ (14,043) | |
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 | $ (266) | |
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 | $ (1,346) | |
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 | $ (1,298) | |
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 | $ (2,354) | |
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 | $ (1,854) | |
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 | $ (1,429) | |
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 | $ (537) | |
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 | $ (1,341) | |
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 | $ (509) | |
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 | $ (212) | |
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 | 4 | |
Land, gross amount | 3,318 | |
Buildings, equipment & improvement, gross amount | 7,839 | |
Fair value of Concord resort land received | 11,157 | |
Accumulated depreciation | $ (298) | |
Depreciation life | 40 years | |
San Antonio, TX Other Entertainment [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,502 | |
Buildings, equipment & improvement, initial cost | 15,338 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,502 | |
Buildings, equipment & improvement, gross amount | 15,338 | |
Fair value of Concord resort land received | 21,840 | |
Accumulated depreciation | $ (103) | |
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 | $ (241) | |
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 | $ (778) | |
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 | $ (655) | |
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 | $ (1,067) | |
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 | $ (1,387) | |
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 | $ (1,635) | |
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 | $ (3,278) | |
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 | $ (2,408) | |
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 | $ (1,027) | |
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 | $ (1,042) | |
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 | $ (3,113) | |
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 | $ (1,212) | |
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 | $ (865) | |
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 | $ (363) | |
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 | $ (322) | |
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 | $ (1,537) | |
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 | $ (1,425) | |
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 | $ (2,117) | |
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 | $ (358) | |
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 | $ (855) | |
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 | $ (1,110) | |
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 | $ (1,345) | |
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 | $ (1,001) | |
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 | $ (689) | |
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 | 19,519 | |
Land, gross amount | 1,559 | |
Buildings, equipment & improvement, gross amount | 20,996 | |
Fair value of Concord resort land received | 22,555 | |
Accumulated depreciation | $ (1,400) | |
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 | 4,154 | |
Land, gross amount | 1,544 | |
Buildings, equipment & improvement, gross amount | 10,228 | |
Fair value of Concord resort land received | 11,772 | |
Accumulated depreciation | $ (1,004) | |
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 | $ (612) | |
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 | $ (462) | |
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 | $ (3,035) | |
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 | $ (733) | |
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 | 57 | |
Land, gross amount | 2,136 | |
Buildings, equipment & improvement, gross amount | 6,926 | |
Fair value of Concord resort land received | 9,062 | |
Accumulated depreciation | $ (858) | |
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 | $ (786) | |
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 | 2,035 | |
Land, gross amount | 782 | |
Buildings, equipment & improvement, gross amount | 8,247 | |
Fair value of Concord resort land received | 9,029 | |
Accumulated depreciation | $ (864) | |
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 | $ (561) | |
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 | $ (830) | |
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 | $ (443) | |
Depreciation life | 40 years | |
Bridgeton, NJ Public Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 153 | |
Buildings, equipment & improvement, initial cost | 2,392 | |
Additions (dispositions) (impairments) subsequent to acquisition | (39) | |
Land, gross amount | 153 | |
Buildings, equipment & improvement, gross amount | 2,353 | |
Fair value of Concord resort land received | 2,506 | |
Accumulated depreciation | $ (202) | |
Depreciation life | 30 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 | $ (788) | |
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 | $ (246) | |
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 | $ (512) | |
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 | $ (802) | |
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 | $ (276) | |
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 | (67) | |
Land, gross amount | 1,703 | |
Buildings, equipment & improvement, gross amount | 10,173 | |
Fair value of Concord resort land received | 11,876 | |
Accumulated depreciation | $ (452) | |
Depreciation life | 30 years | |
Evans, GA Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 669 | |
Buildings, equipment & improvement, initial cost | 8,838 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 669 | |
Buildings, equipment & improvement, gross amount | 8,838 | |
Fair value of Concord resort land received | 9,507 | |
Accumulated depreciation | $ (450) | |
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 | $ (336) | |
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 | 785 | |
Land, gross amount | 4,917 | |
Buildings, equipment & improvement, gross amount | 7,203 | |
Fair value of Concord resort land received | 12,120 | |
Accumulated depreciation | $ (426) | |
Depreciation life | 30 years | |
Lexington, NC Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 441 | |
Buildings, equipment & improvement, initial cost | 6,678 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 441 | |
Buildings, equipment & improvement, gross amount | 6,678 | |
Fair value of Concord resort land received | 7,119 | |
Accumulated depreciation | $ (98) | |
Depreciation life | 30 years | |
Ridgeland, SC Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 446 | |
Buildings, equipment & improvement, initial cost | 6,486 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 446 | |
Buildings, equipment & improvement, gross amount | 6,486 | |
Fair value of Concord resort land received | 6,932 | |
Accumulated depreciation | $ (74) | |
Depreciation life | 30 years | |
East Point, GA Public Charter Schools 2018 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,258 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,258 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 1,258 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 30 years | |
Spring, TX Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,155 | |
Buildings, equipment & improvement, initial cost | 6,179 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,155 | |
Buildings, equipment & improvement, gross amount | 6,179 | |
Fair value of Concord resort land received | 7,334 | |
Accumulated depreciation | $ (94) | |
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 | $ (702) | |
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 | $ (1,352) | |
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 | $ (1,559) | |
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 | $ (1,527) | |
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 | $ (1,620) | |
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 | $ (1,205) | |
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 | $ (1,481) | |
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 | $ (1,424) | |
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 | (412) | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 10,330 | |
Fair value of Concord resort land received | 11,608 | |
Accumulated depreciation | $ (1,427) | |
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 | $ (1,248) | |
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 | $ (318) | |
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 | 417 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,188 | |
Fair value of Concord resort land received | 12,437 | |
Accumulated depreciation | $ (1,472) | |
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 | 930 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 13,349 | |
Fair value of Concord resort land received | 15,161 | |
Accumulated depreciation | $ (1,935) | |
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 | $ (126) | |
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 | $ (235) | |
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 | $ (546) | |
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 | 57 | |
Land, gross amount | 293 | |
Buildings, equipment & improvement, gross amount | 720 | |
Fair value of Concord resort land received | 1,013 | |
Accumulated depreciation | $ (129) | |
Depreciation life | 25 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 | $ (1,268) | |
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 | 153 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 13,066 | |
Fair value of Concord resort land received | 14,873 | |
Accumulated depreciation | $ (992) | |
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 | $ (961) | |
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 | 303 | |
Land, gross amount | 2,603 | |
Buildings, equipment & improvement, gross amount | 15,916 | |
Fair value of Concord resort land received | 18,519 | |
Accumulated depreciation | $ (1,154) | |
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 | $ (1,752) | |
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 | $ (1,140) | |
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 | $ (200) | |
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 | $ (221) | |
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 | 538 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,682 | |
Fair value of Concord resort land received | 14,908 | |
Accumulated depreciation | $ (643) | |
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 | 56 | |
Land, gross amount | 2,988 | |
Buildings, equipment & improvement, gross amount | 14,395 | |
Fair value of Concord resort land received | 17,383 | |
Accumulated depreciation | $ (877) | |
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 | $ (1,009) | |
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 | $ (123) | |
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 | $ (81) | |
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 | $ (194) | |
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 | (323) | |
Land, gross amount | 1,235 | |
Buildings, equipment & improvement, gross amount | 5,170 | |
Fair value of Concord resort land received | 6,405 | |
Accumulated depreciation | $ (209) | |
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 | (286) | |
Land, gross amount | 783 | |
Buildings, equipment & improvement, gross amount | 4,547 | |
Fair value of Concord resort land received | 5,330 | |
Accumulated depreciation | $ (229) | |
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 | $ (142) | |
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 | $ (261) | |
Depreciation life | 30 years | |
Schaumburg, IL Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 642 | |
Buildings, equipment & improvement, initial cost | 4,962 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 642 | |
Buildings, equipment & improvement, gross amount | 4,962 | |
Fair value of Concord resort land received | 5,604 | |
Accumulated depreciation | $ (55) | |
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 | $ (56) | |
Depreciation life | 30 years | |
Charlotte, NC Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,200 | |
Buildings, equipment & improvement, initial cost | 2,557 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,200 | |
Buildings, equipment & improvement, gross amount | 2,557 | |
Fair value of Concord resort land received | 3,757 | |
Accumulated depreciation | $ (73) | |
Depreciation life | 35 years | |
Charlotte, NC 2 Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,501 | |
Buildings, equipment & improvement, initial cost | 2,079 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,501 | |
Buildings, equipment & improvement, gross amount | 2,079 | |
Fair value of Concord resort land received | 4,580 | |
Accumulated depreciation | $ (60) | |
Depreciation life | 35 years | |
Richardson, TX Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 474 | |
Buildings, equipment & improvement, initial cost | 2,046 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 474 | |
Buildings, equipment & improvement, gross amount | 2,046 | |
Fair value of Concord resort land received | 2,520 | |
Accumulated depreciation | $ (61) | |
Depreciation life | 35 years | |
Frisco, TX Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 999 | |
Buildings, equipment & improvement, initial cost | 3,064 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 999 | |
Buildings, equipment & improvement, gross amount | 3,064 | |
Fair value of Concord resort land received | 4,063 | |
Accumulated depreciation | $ (90) | |
Depreciation life | 35 years | |
Allen, TX Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 910 | |
Buildings, equipment & improvement, initial cost | 3,719 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 910 | |
Buildings, equipment & improvement, gross amount | 3,719 | |
Fair value of Concord resort land received | 4,629 | |
Accumulated depreciation | $ (111) | |
Depreciation life | 35 years | |
Southlake, TX Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 920 | |
Buildings, equipment & improvement, initial cost | 2,766 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 920 | |
Buildings, equipment & improvement, gross amount | 2,766 | |
Fair value of Concord resort land received | 3,686 | |
Accumulated depreciation | $ (83) | |
Depreciation life | 35 years | |
Lewis Center, OH Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 410 | |
Buildings, equipment & improvement, initial cost | 4,285 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 410 | |
Buildings, equipment & improvement, gross amount | 4,285 | |
Fair value of Concord resort land received | 4,695 | |
Accumulated depreciation | $ (119) | |
Depreciation life | 35 years | |
Dublin, OH Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 581 | |
Buildings, equipment & improvement, initial cost | 4,223 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 581 | |
Buildings, equipment & improvement, gross amount | 4,223 | |
Fair value of Concord resort land received | 4,804 | |
Accumulated depreciation | $ (117) | |
Depreciation life | 35 years | |
Plano, T Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 400 | |
Buildings, equipment & improvement, initial cost | 2,647 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 400 | |
Buildings, equipment & improvement, gross amount | 2,647 | |
Fair value of Concord resort land received | 3,047 | |
Accumulated depreciation | $ (81) | |
Depreciation life | 35 years | |
Carrollton, TX Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 329 | |
Buildings, equipment & improvement, initial cost | 1,389 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 329 | |
Buildings, equipment & improvement, gross amount | 1,389 | |
Fair value of Concord resort land received | 1,718 | |
Accumulated depreciation | $ (44) | |
Depreciation life | 35 years | |
Davenport, FL Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,000 | |
Buildings, equipment & improvement, initial cost | 5,877 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,000 | |
Buildings, equipment & improvement, gross amount | 5,877 | |
Fair value of Concord resort land received | 8,877 | |
Accumulated depreciation | $ (169) | |
Depreciation life | 35 years | |
Tallahassee, FL Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 952 | |
Buildings, equipment & improvement, initial cost | 3,205 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 952 | |
Buildings, equipment & improvement, gross amount | 3,205 | |
Fair value of Concord resort land received | 4,157 | |
Accumulated depreciation | $ (98) | |
Depreciation life | 35 years | |
Sunrise, Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,400 | |
Buildings, equipment & improvement, initial cost | 1,856 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,400 | |
Buildings, equipment & improvement, gross amount | 1,856 | |
Fair value of Concord resort land received | 3,256 | |
Accumulated depreciation | $ (55) | |
Depreciation life | 35 years | |
Chaska, MN Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 328 | |
Buildings, equipment & improvement, initial cost | 6,140 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 328 | |
Buildings, equipment & improvement, gross amount | 6,140 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (170) | |
Depreciation life | 35 years | |
Loretto, MN Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 286 | |
Buildings, equipment & improvement, initial cost | 3,511 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 286 | |
Buildings, equipment & improvement, gross amount | 3,511 | |
Fair value of Concord resort land received | 3,797 | |
Accumulated depreciation | $ (100) | |
Depreciation life | 35 years | |
Minneapolis, MN Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 920 | |
Buildings, equipment & improvement, initial cost | 3,700 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 920 | |
Buildings, equipment & improvement, gross amount | 3,700 | |
Fair value of Concord resort land received | 4,620 | |
Accumulated depreciation | $ (103) | |
Depreciation life | 35 years | |
Wayzata, MN Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 810 | |
Buildings, equipment & improvement, initial cost | 1,962 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 810 | |
Buildings, equipment & improvement, gross amount | 1,962 | |
Fair value of Concord resort land received | 2,772 | |
Accumulated depreciation | $ (57) | |
Depreciation life | 35 years | |
Plymouth, MN Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,563 | |
Buildings, equipment & improvement, initial cost | 4,905 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,563 | |
Buildings, equipment & improvement, gross amount | 4,905 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (142) | |
Depreciation life | 35 years | |
Maple Grove, MN Early Childhood 2017 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 951 | |
Buildings, equipment & improvement, initial cost | 3,291 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 951 | |
Buildings, equipment & improvement, gross amount | 3,291 | |
Fair value of Concord resort land received | 4,242 | |
Accumulated depreciation | $ (94) | |
Depreciation life | 35 years | |
Chula Vista, CA Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 210 | |
Buildings, equipment & improvement, initial cost | 2,186 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 210 | |
Buildings, equipment & improvement, gross amount | 2,186 | |
Fair value of Concord resort land received | 2,396 | |
Accumulated depreciation | $ (68) | |
Depreciation life | 35 years | |
Lincolnshire, IL Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,006 | |
Buildings, equipment & improvement, initial cost | 4,799 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,006 | |
Buildings, equipment & improvement, gross amount | 4,799 | |
Fair value of Concord resort land received | 5,805 | |
Accumulated depreciation | $ (104) | |
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 | $ (109) | |
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 | $ (108) | |
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 | 659 | |
Land, gross amount | 931 | |
Buildings, equipment & improvement, gross amount | 5,472 | |
Fair value of Concord resort land received | 6,403 | |
Accumulated depreciation | $ (245) | |
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 | $ (158) | |
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 | $ (118) | |
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 | $ (155) | |
Depreciation life | 30 years | |
Portland, OR Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,604 | |
Buildings, equipment & improvement, initial cost | 585 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,604 | |
Buildings, equipment & improvement, gross amount | 585 | |
Fair value of Concord resort land received | 3,189 | |
Accumulated depreciation | $ (18) | |
Depreciation life | 35 years | |
Orlando, FL Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 955 | |
Buildings, equipment & improvement, initial cost | 4,273 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 955 | |
Buildings, equipment & improvement, gross amount | 4,273 | |
Fair value of Concord resort land received | 5,228 | |
Accumulated depreciation | $ (110) | |
Depreciation life | 35 years | |
Fort Mill, SC Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 629 | |
Buildings, equipment & improvement, initial cost | 3,957 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 629 | |
Buildings, equipment & improvement, gross amount | 3,957 | |
Fair value of Concord resort land received | 4,586 | |
Accumulated depreciation | $ (40) | |
Depreciation life | 35 years | |
Indian Land, SC Early Childhood [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 907 | |
Buildings, equipment & improvement, initial cost | 3,784 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 907 | |
Buildings, equipment & improvement, gross amount | 3,784 | |
Fair value of Concord resort land received | 4,691 | |
Accumulated depreciation | $ (41) | |
Depreciation life | 35 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 | 2,407 | |
Land, gross amount | 9,966 | |
Buildings, equipment & improvement, gross amount | 27,942 | |
Fair value of Concord resort land received | 37,908 | |
Accumulated depreciation | $ (3,532) | |
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 | 3,255 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 49,695 | |
Fair value of Concord resort land received | 49,695 | |
Accumulated depreciation | $ (5,202) | |
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 | $ (4,094) | |
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 | $ (2,895) | |
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 | $ (287) | |
Depreciation life | 30 years | |
Cumming, GA Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 500 | |
Buildings, equipment & improvement, initial cost | 6,892 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 500 | |
Buildings, equipment & improvement, gross amount | 6,892 | |
Fair value of Concord resort land received | 7,392 | |
Accumulated depreciation | $ (215) | |
Depreciation life | 35 years | |
Cumming, GA 2 Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 325 | |
Buildings, equipment & improvement, initial cost | 4,898 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 325 | |
Buildings, equipment & improvement, gross amount | 4,898 | |
Fair value of Concord resort land received | 5,223 | |
Accumulated depreciation | $ (157) | |
Depreciation life | 35 years | |
Henderson, NV Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,400 | |
Buildings, equipment & improvement, initial cost | 6,914 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,400 | |
Buildings, equipment & improvement, gross amount | 6,914 | |
Fair value of Concord resort land received | 8,314 | |
Accumulated depreciation | $ (211) | |
Depreciation life | 35 years | |
Atlanta, GA Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 5,989 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,001 | |
Buildings, equipment & improvement, gross amount | 5,989 | |
Fair value of Concord resort land received | 7,990 | |
Accumulated depreciation | $ (165) | |
Depreciation life | 35 years | |
Pearland, TX Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,360 | |
Buildings, equipment & improvement, initial cost | 9,292 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,360 | |
Buildings, equipment & improvement, gross amount | 9,292 | |
Fair value of Concord resort land received | 11,652 | |
Accumulated depreciation | $ (271) | |
Depreciation life | 35 years | |
Pearland, TX 2 Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 372 | |
Buildings, equipment & improvement, initial cost | 2,568 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 372 | |
Buildings, equipment & improvement, gross amount | 2,568 | |
Fair value of Concord resort land received | 2,940 | |
Accumulated depreciation | $ (74) | |
Depreciation life | 35 years | |
Palm Harbor, FL Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,490 | |
Buildings, equipment & improvement, initial cost | 1,400 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,490 | |
Buildings, equipment & improvement, gross amount | 1,400 | |
Fair value of Concord resort land received | 2,890 | |
Accumulated depreciation | $ (43) | |
Depreciation life | 35 years | |
Mason, OH Private School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 975 | |
Buildings, equipment & improvement, initial cost | 11,243 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 975 | |
Buildings, equipment & improvement, gross amount | 11,243 | |
Fair value of Concord resort land received | 12,218 | |
Accumulated depreciation | $ (310) | |
Depreciation life | 35 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 | 8,327 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 14,178 | |
Fair value of Concord resort land received | 19,429 | |
Accumulated depreciation | $ (3,931) | |
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 | $ (14,546) | |
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 | $ (6,106) | |
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 | $ (3,673) | |
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 | $ (11,125) | |
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 | $ (905) | |
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 | $ (10,361) | |
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 | (2,604) | |
Land, gross amount | 5,284 | |
Buildings, equipment & improvement, gross amount | 36,912 | |
Fair value of Concord resort land received | 42,196 | |
Accumulated depreciation | $ (1,930) | |
Depreciation life | 30 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 | 2,500 | |
Land, gross amount | 5,112 | |
Buildings, equipment & improvement, gross amount | 46,137 | |
Fair value of Concord resort land received | 51,249 | |
Accumulated depreciation | $ (3,885) | |
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 | $ (1,286) | |
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 | $ (360) | |
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 | $ (2,172) | |
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 | $ (1,361) | |
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 | $ (2,350) | |
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 | $ (1,837) | |
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 | $ (710) | |
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 | $ (1,085) | |
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 | $ (535) | |
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 | $ (452) | |
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 | $ (2,408) | |
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 | $ (1,166) | |
Depreciation life | 30 years | |
St. Louis, MO Attraction [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,481 | |
Buildings, equipment & improvement, initial cost | 41,951 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,481 | |
Buildings, equipment & improvement, gross amount | 41,951 | |
Fair value of Concord resort land received | 47,432 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 40 years | |
Colony, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,004 | |
Buildings, equipment & improvement, initial cost | 13,665 | |
Additions (dispositions) (impairments) subsequent to acquisition | (240) | |
Land, gross amount | 4,004 | |
Buildings, equipment & improvement, gross amount | 13,425 | |
Fair value of Concord resort land received | 17,429 | |
Accumulated depreciation | $ (1,678) | |
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 | $ (2,552) | |
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 | $ (2,578) | |
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 | $ (2,017) | |
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 | $ (1,869) | |
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 | $ (1,906) | |
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 | $ (1,694) | |
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 | $ (1,531) | |
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 | $ (1,676) | |
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 | $ (1,586) | |
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 | $ (1,509) | |
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 | $ (1,620) | |
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 | $ (1,477) | |
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 | $ (1,406) | |
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 | $ (1,635) | |
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 | $ (1,415) | |
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 | 927 | |
Land, gross amount | 5,338 | |
Buildings, equipment & improvement, gross amount | 18,952 | |
Fair value of Concord resort land received | 24,290 | |
Accumulated depreciation | $ (1,479) | |
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 | $ (1,422) | |
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 | $ (1,205) | |
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 | $ (1,145) | |
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 | $ (1,263) | |
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 | $ (1,372) | |
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 | 1,120 | |
Land, gross amount | 8,586 | |
Buildings, equipment & improvement, gross amount | 23,613 | |
Fair value of Concord resort land received | 32,199 | |
Accumulated depreciation | $ (728) | |
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 | (867) | |
Land, gross amount | 4,676 | |
Buildings, equipment & improvement, gross amount | 20,555 | |
Fair value of Concord resort land received | 25,231 | |
Accumulated depreciation | $ (824) | |
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 | $ (731) | |
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 | 136 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 26,821 | |
Fair value of Concord resort land received | 26,821 | |
Accumulated depreciation | $ (894) | |
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 | (1,938) | |
Land, gross amount | 53 | |
Buildings, equipment & improvement, gross amount | 15,657 | |
Fair value of Concord resort land received | 15,710 | |
Accumulated depreciation | $ (534) | |
Depreciation life | 40 years | |
El Paso, TX Golf Entertainment [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,688 | |
Buildings, equipment & improvement, initial cost | 17,373 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,688 | |
Buildings, equipment & improvement, gross amount | 17,373 | |
Fair value of Concord resort land received | 20,061 | |
Accumulated depreciation | $ (458) | |
Depreciation life | 40 years | |
Pittsburgh, PA Golf Entertainment [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,897 | |
Buildings, equipment & improvement, initial cost | 21,812 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,897 | |
Buildings, equipment & improvement, gross amount | 21,812 | |
Fair value of Concord resort land received | 29,709 | |
Accumulated depreciation | $ (290) | |
Depreciation life | 40 years | |
Philadelphia, PA Golf Entertainment [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,484 | |
Buildings, equipment & improvement, initial cost | 25,211 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,484 | |
Buildings, equipment & improvement, gross amount | 25,211 | |
Fair value of Concord resort land received | 30,695 | |
Accumulated depreciation | $ (112) | |
Depreciation life | 40 years | |
Auburn Hills, MI Golf Entertainment [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,219 | |
Buildings, equipment & improvement, initial cost | 27,704 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,219 | |
Buildings, equipment & improvement, gross amount | 27,704 | |
Fair value of Concord resort land received | 31,923 | |
Accumulated depreciation | $ (61) | |
Depreciation life | 40 years | |
Denver, CO | ||
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 | $ (397) | |
Depreciation life | 30 years | |
Olathe, KS | ||
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 | $ (985) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
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 | $ (412) | |
Depreciation life | 30 years | |
Tampa, FL | ||
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 | 2,493 | |
Land, gross amount | 2,493 | |
Buildings, equipment & improvement, gross amount | 8,665 | |
Fair value of Concord resort land received | 11,158 | |
Accumulated depreciation | $ (385) | |
Depreciation life | 30 years | |
Roseville, CA | ||
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 | $ (293) | |
Depreciation life | 30 years | |
Fort Lauderdale, FL | ||
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 | $ (420) | |
Depreciation life | 30 years | |
Fort Collins, CO Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,043 | |
Buildings, equipment & improvement, initial cost | 5,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,043 | |
Buildings, equipment & improvement, gross amount | 5,769 | |
Fair value of Concord resort land received | 7,812 | |
Accumulated depreciation | $ (215) | |
Depreciation life | 30 years | |
Pagosa Springs, CO Other Recreation [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,791 | |
Buildings, equipment & improvement, initial cost | 15,635 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,791 | |
Buildings, equipment & improvement, gross amount | 15,635 | |
Fair value of Concord resort land received | 25,426 | |
Accumulated depreciation | $ (381) | |
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 | 19,055 | |
Land, gross amount | 156,785 | |
Buildings, equipment & improvement, gross amount | 17,928 | |
Fair value of Concord resort land received | 174,713 | |
Accumulated depreciation | (37) | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 287,546 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 287,546 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 287,546 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 50,725 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | (16,548) | |
Land, gross amount | 34,177 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 34,177 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 2,995,000 | |
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 an_3
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 5,636,886 |
Acquistion and development of rental properties during the year | 629,944 |
Disposition of rental properties during the year | (21,328) |
Other Deductions during the year | 16,548 |
Balance at close of year | 6,228,954 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 741,334 |
Depreciation during the year | 144,042 |
Disposition of rental properties during the year | (2,202) |
Balance at close of year | $ 883,174 |
Uncategorized Items - epr-20181
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 14,861,000 |