Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
City Area Code | (816) | ||
Entity Incorporation, State or Country Code | MD | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Registrant Name | EPR PROPERTIES | ||
Entity Central Index Key | 0001045450 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-13561 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,477,018,949 | ||
Entity Tax Identification Number | 43-1790877 | ||
Entity Address, Address Line One | 909 Walnut Street, | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Kansas City, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64106 | ||
Local Phone Number | 472-1700 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 74,766,645 | ||
ICFR Auditor Attestation Flag | true | ||
Series C Preferred Shares [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.75% Series C cumulative convertible preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrC | ||
Security Exchange Name | NYSE | ||
Series E Preferred Shares [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 9.00% Series E cumulative convertible preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrE | ||
Security Exchange Name | NYSE | ||
Series G Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrG | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common shares, par value $0.01 per share | ||
Trading Symbol | EPR | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Real Estate Investment Property, Net | $ 4,851,302 | $ 5,197,308 |
Land held for development | 23,225 | 28,080 |
Property under development | 57,630 | 36,756 |
Operating Lease, Right-of-Use Asset | 163,766 | 211,187 |
Financing Receivable, after Allowance for Credit Loss, Current | 365,628 | 357,391 |
Investment in joint ventures | 28,208 | 34,317 |
Cash and cash equivalents | 1,025,577 | 528,763 |
Restricted cash | 2,433 | 2,677 |
Accounts receivable, net | 116,193 | 86,858 |
Other assets | 70,223 | 94,174 |
Total assets | 6,704,185 | 6,577,511 |
Liabilities: | ||
Accounts payable and accrued liabilities | 105,379 | 122,939 |
Operating Lease, Liability | 202,223 | 235,650 |
Dividends Payable, Current | 36 | 29,424 |
Preferred dividends payable | 6,034 | 6,034 |
Unearned rents and interest | 65,485 | 74,829 |
Debt | 3,694,443 | 3,102,830 |
Total liabilities | 4,073,600 | 3,571,706 |
Equity: | ||
Common Stock, Value, Issued | 819 | 816 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 3,857,632 | 3,834,858 |
Treasury Stock, Value | (261,238) | (147,435) |
Accumulated other comprehensive income | 216 | 7,275 |
Distributions in excess of net income | (966,992) | (689,857) |
Equity | 2,630,585 | 3,005,805 |
Total liabilities and equity | 6,704,185 | 6,577,511 |
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, 2020 | Dec. 31, 2019 |
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 | 81,917,876 | 81,588,489 |
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 | 7,315,087 | 3,125,569 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 5,394,050 | 5,394,050 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,851,250 | $ 134,851,250 |
Series E Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 3,447,381 | 3,447,381 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 86,184,525 | $ 86,184,525 |
Series G Preferred Stock [Member] | ||
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 and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Rental revenue | $ 372,176 | $ 593,022 | $ 509,086 |
Other income | 9,139 | 25,920 | 2,076 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,346 | 33,027 | 128,759 |
Total revenue | 414,661 | 651,969 | 639,921 |
Property operating expense | 58,587 | 60,739 | 29,654 |
Other expense | 16,474 | 29,667 | 443 |
General and Administrative Expense | 42,596 | 46,371 | 48,889 |
Severance expense | 2,868 | 2,364 | 5,938 |
Litigation settlement expense | 0 | 0 | 2,090 |
Costs associated with loan refinancing or payoff | 1,632 | 38,269 | 31,958 |
Interest expense, net | 157,675 | 142,002 | 135,870 |
Transaction costs | 5,436 | 23,789 | 3,698 |
Financing Receivable, Credit Loss, Expense (Reversal) | 30,695 | 0 | 0 |
Impairment charges | 85,657 | 2,206 | 27,283 |
Depreciation and amortization | 170,333 | 158,834 | 138,395 |
(Loss) income before equity in loss from joint ventures, other items and discontinued operations | (157,292) | 147,728 | 215,703 |
Equity in loss from joint ventures | (4,552) | (381) | (22) |
Equity Method Investment, Other than Temporary Impairment | (3,247) | 0 | 0 |
Gain (Loss) on Disposition of Assets | 50,119 | 4,174 | 3,037 |
gain on sale of investment in direct financing lease | 0 | 0 | 5,514 |
(Loss) income before income taxes | (114,972) | 151,521 | 224,232 |
Income tax (expense) benefit | (16,756) | 3,035 | (2,285) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (131,728) | 154,556 | 221,947 |
Income from discontinued operations before other items | 0 | 37,241 | 45,036 |
Impairment on public charter school portfolio sale | 0 | 21,433 | 0 |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 0 | 31,879 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 47,687 | 45,036 |
Net income | (131,728) | 202,243 | 266,983 |
Preferred dividend requirements | (24,136) | (24,136) | (24,142) |
Net (loss) income available to common shareholders of EPR Properties | $ (155,864) | $ 178,107 | $ 242,841 |
Basic earnings per share data: | |||
Continuing operations | $ (2.05) | $ 1.70 | $ 2.66 |
Discontinued operations | 0 | 0.62 | 0.61 |
Basic | (2.05) | 2.32 | 3.27 |
Diluted earnings per share data: | |||
Continuing operations | (2.05) | 1.70 | 2.66 |
Discontinued operations | 0 | 0.62 | 0.61 |
Diluted | $ (2.05) | $ 2.32 | $ 3.27 |
Shares used for computation (in thousands): | |||
Basic | 75,994 | 76,746 | 74,292 |
Diluted | 75,994 | 76,782 | 74,337 |
Foreign currency translation adjustment | $ 3,494 | $ 9,253 | $ (16,177) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (10,553) | (14,063) | 15,779 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (138,787) | $ 197,433 | $ 266,585 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Performance Shares | 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] | Distributions in excess of net income [Member]Performance Shares | Series E Preferred Shares [Member] | Series E Preferred Shares [Member]Common Stock [Member] | Series E Preferred Shares [Member]Preferred Stock [Member] | Series E Preferred Shares [Member]Distributions in excess of net income [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member]Common Stock [Member] | Series C Preferred Shares [Member]Preferred Stock [Member] | Series C Preferred Shares [Member]Distributions in excess of net income [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member]Distributions in excess of net income [Member] |
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] | |||||||||||||||||||
Stock Issued During Period, Shares, Other | 23,571 | ||||||||||||||||||
Stock Issued During Period, Value, Other | 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 | (15,111) | (15,111) | |||||||||||||||||
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, Shares, Conversion of Convertible Securities | 800 | 1,964 | |||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,734 | 5,000 | |||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 0 | $ 0 | $ 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 | $ (321,119) | (321,119) | $ (7,757) | $ (7,757) | $ (7,760) | $ (7,760) | $ (8,625) | $ (8,625) | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.32 | ||||||||||||||||||
share based compensation included in severance expense | 3,218 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 1.4375 | ||||||||||||||||
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] | |||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 27,392 | ||||||||||||||||||
Stock Issued During Period, Value, Other | 0 | ||||||||||||||||||
Issuance of nonvested shares, net | 208,755 | ||||||||||||||||||
Issuance of nonvested shares, net | 4,430 | $ 2 | 4,926 | (498) | |||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (9,691) | (9,691) | |||||||||||||||||
Amortization of nonvested shares | (13,180) | (13,180) | |||||||||||||||||
share based compensation included in severance expense | 580 | 580 | |||||||||||||||||
Foreign currency translation adjustment | 9,253 | 9,253 | |||||||||||||||||
Change in unrealized gain/loss on derivatives | (14,063) | (14,063) | |||||||||||||||||
Net income | 202,243 | 202,243 | |||||||||||||||||
Issuances of common shares (in shares) | 4,007,113 | ||||||||||||||||||
Issuances of common shares, net of costs | $ 305,934 | $ 41 | 305,893 | ||||||||||||||||
Stock option exercises, net (in shares) | 118,786 | 118,786 | |||||||||||||||||
Stock option exercises, net | $ (732) | $ 1 | 5,785 | 6,518 | |||||||||||||||
Dividends to common and preferred shareholders | $ (346,216) | (346,216) | $ (7,756) | (7,756) | $ (7,756) | (7,756) | $ (8,624) | (8,624) | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.50 | ||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 1.4375 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 81,588,489 | 14,841,431 | |||||||||||||||||
Balance at Dec. 31, 2019 | $ 3,005,805 | $ 816 | $ 148 | 3,834,858 | (147,435) | 7,275 | (689,857) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | 0 | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 74,767 | ||||||||||||||||||
Stock Issued During Period, Value, Other | 1 | $ 1 | |||||||||||||||||
Issuance of nonvested shares, net | 217,034 | ||||||||||||||||||
Issuance of nonvested shares, net | 6,148 | $ 2 | 6,505 | (359) | |||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (7,387) | (7,387) | |||||||||||||||||
Amortization of nonvested shares | (13,819) | (13,819) | |||||||||||||||||
share based compensation included in severance expense | 1,258 | 1,258 | |||||||||||||||||
Foreign currency translation adjustment | 3,494 | 3,494 | |||||||||||||||||
Change in unrealized gain/loss on derivatives | (10,553) | (10,553) | |||||||||||||||||
Net income | (131,728) | (131,728) | |||||||||||||||||
Issuances of common shares (in shares) | 36,176 | ||||||||||||||||||
Issuances of common shares, net of costs | $ 1,129 | $ 0 | 1,129 | ||||||||||||||||
Stock option exercises, net (in shares) | 1,410 | 1,410 | |||||||||||||||||
Stock option exercises, net | $ 0 | $ 0 | 63 | 63 | |||||||||||||||
Dividends to common and preferred shareholders | $ (119,058) | $ (50) | (119,058) | $ (50) | $ (7,756) | $ (7,756) | $ (7,756) | $ (7,756) | $ (8,624) | $ (8,624) | |||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.515 | ||||||||||||||||||
Stock Repurchased During Period, Value | $ (105,994) | 105,994 | |||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 1.4375 | ||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 81,917,876 | 14,841,431 | |||||||||||||||||
Balance at Dec. 31, 2020 | 2,630,585 | $ 819 | $ 148 | $ 3,857,632 | $ (261,238) | $ 216 | $ (966,992) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | $ (32,858) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income | $ (131,728) | $ 202,243 | $ 266,983 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
asset impairment charges cont and discops | 85,657 | 23,639 | 27,283 |
Impairment Losses Related to Real Estate Partnerships | 3,247 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 50,119 | 36,053 | 3,037 |
Gain on insurance recovery | (809) | 0 | 0 |
Deferred income tax benefit (expense) | 15,246 | (4,115) | 573 |
Financing Receivable, Credit Loss, Expense (Reversal) | 30,695 | 0 | 0 |
gain on sale of investment in direct financing lease | 0 | 0 | 5,514 |
write off of deferred debt issuance cost cont and disc | 1,632 | 38,450 | 31,958 |
Equity in loss from joint ventures | 4,552 | 381 | 22 |
Distributions from joint ventures | 0 | 112 | 567 |
depreciation and amort cont and discops | 170,333 | 171,763 | 153,430 |
Amortization of deferred financing costs | 6,606 | 6,192 | 5,797 |
Amortization of above/below market leases and tenant allowances, net | (480) | (343) | (581) |
Share-based compensation expense to management and trustees | 13,819 | 13,180 | 15,111 |
Share-based compensation expense included in severance expense | 1,258 | 580 | 3,218 |
Increase (Decrease) in Operating Lease Assets and Liabilities, Net | 344 | 1,194 | 0 |
Mortgage notes accrued interest receivable | (7,576) | (381) | (517) |
Accounts receivable | (47,383) | (1,385) | (22,300) |
Increase in direct financing lease receivable | 0 | (186) | (563) |
Other assets | (2,698) | (1,301) | (1,055) |
Accounts payable and accrued liabilities | (16,128) | 27,540 | 4,979 |
Increase (Decrease) in Deferred Revenue | (11,195) | (1,980) | 7,974 |
Net cash provided by operating activities | 65,273 | 439,530 | 484,328 |
Investing activities: | |||
Acquisition of rental properties and other assets | (38,714) | (500,629) | (187,460) |
Proceeds from Sale of Real Estate | 227,742 | 216,020 | 22,134 |
Proceeds from sale of public charter school portfolio | 0 | 449,555 | 0 |
Investment in unconsolidated joint ventures | 1,690 | 325 | 29,473 |
Proceeds from settlement of derivative | 0 | 0 | (30,796) |
Investment in mortgage notes receivable | (8,141) | (142,456) | (36,105) |
Proceeds from mortgage note receivable paydown | 481 | 217,459 | 335,168 |
Investment in promissory notes receivable | 6,134 | 12,271 | 7,863 |
Proceeds from promissory note receivable paydown | 103 | 3,738 | 7,500 |
Proceeds from insurance recovery | 809 | 0 | 0 |
Proceeds from Sale of Lease Receivables | 0 | 0 | 43,447 |
Additions to properties under development | (40,470) | (134,586) | (274,956) |
Net cash provided (used) by investing activities | 133,986 | 96,505 | (96,812) |
Financing activities: | |||
Proceeds from Issuance of Long-term Debt | 750,000 | 962,000 | 908,000 |
Principal payments on long-term debt | (160,000) | (866,735) | (949,684) |
Deferred financing fees paid | (6,330) | (9,386) | (8,642) |
Costs associated with loan refinancing or payoff (cash portion) | (1,632) | (36,918) | (28,650) |
Net proceeds from issuance of common shares | 972 | 305,556 | 956 |
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | (732) | (62) |
Purchase of common shares for treasury | (7,387) | (9,691) | (7,156) |
payments for repurchase of common stock, repurchase program | 105,994 | 0 | 0 |
Dividends paid to shareholders | (172,460) | (367,317) | (342,315) |
Net cash provided (used) by financing activities | 297,169 | (23,223) | (427,553) |
Effect of exchange rate changes on cash | 142 | 121 | (442) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,028,010 | 531,440 | 18,507 |
Restricted Cash and Cash Equivalents | 2,433 | 2,677 | 12,635 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 496,570 | 512,933 | (40,479) |
Cash and cash equivalents at beginning of the year | 528,763 | 5,872 | 41,917 |
Cash and cash equivalents at end of the year | 1,025,577 | 528,763 | 5,872 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 20,657 | 354,568 | 228,572 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 20,062 | 17,590 | 18,252 |
Financing Receivable, Allowance for Credit Loss | 32,858 | 0 | 0 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 155,185 |
Conversion of rental property to mortgage note receivable | 0 | 27,423 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 0 | 229,620 | 0 |
Operating Lease, Cost | 0 | 253,486 | 0 |
Straight-Line Rent Receivable | 34,568 | 73,382 | |
Other Real Estate, Additions | 0 | 14,000 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 18,585 | 0 |
Supplemental disclosure of cash flow information: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 152,393 | 143,530 | 145,559 |
Cash paid during the year for income taxes | 1,507 | 1,842 | 1,363 |
Interest cost capitalized | 1,233 | 5,326 | 9,903 |
Change in accrued capital expenditures | (12,376) | (35,155) | 32,993 |
Straight-Line Rent Receivable | 34,568 | 73,382 | |
Ground Lease Arrangement [Member] | |||
Supplemental schedule of non-cash activity: | |||
Straight-Line Rent Receivable | 0 | 24,454 | 0 |
Straight-Line Rent Receivable | $ 0 | $ 24,454 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization [Abstract] | |
Organization | Organization Description of Business EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading Experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States and Canada. |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Rental Properties | The following table summarizes the carrying amounts of real estate investments as of December 31, 2020 and 2019 (in thousands): 2020 2019 Buildings and improvements $ 4,526,342 $ 4,747,101 Furniture, fixtures & equipment 118,334 123,239 Land 1,242,663 1,290,181 Leasehold interests 26,050 26,041 5,913,389 6,186,562 Accumulated depreciation (1,062,087) (989,254) Total $ 4,851,302 $ 5,197,308 Depreciation expense on real estate investments from continuing operation s was $162.6 million, $153.2 million an d $133.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Acquisitions and Development During the year ended December 31, 2020, the Company completed the acquisition of real estate investments and lease related intangibles, as further discussed in Note 2, for Experiential properties totaling $22.1 million, that consisted of two theatre properties. Additionally, during the year ended December 31, 2020, the Company had investment spending on build-to-suit development and redevelopment for Experiential properties totaling $46.9 million. During the year ended December 31, 2019, the Company completed the acquisition of real estate investments and lease related intangibles, for Experiential properties totaling $451.9 million, that consisted of 26 theatre properties for approximately $426.5 million, one eat & play property for $1.4 million and two cultural properties for $24.0 million. The Company completed the acquisition of real estate investments and lease related intangibles for Education properties totaling $5.9 million that consisted of the acquisition of two early childhood education centers. Additionally, during the year ended December 31, 2019, the Company had investment spending on build-to-suit development and redevelopment for Experiential properties totaling $146.2 million and Education properties totaling $38.6 million. During the year ended December 31, 2019, the Company completed the construction of the Kartrite Resort and Indoor Waterpark in Sullivan County, New York. The indoor waterpark resort is being operated under a traditional REIT lodging structure and facilitated by a management agreement with an eligible independent contractor. The related operating revenue and expense are included in other income and other expense in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2019. Additionally, during the year ended December 31, 2018, the Company completed the construction of the Resorts World Catskills common infrastructure. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which funded a substantial portion of such construction costs. For the years ended December 31, 2018, 2017 and 2016, the Company received total reimbursements of $74.2 million of construction costs. During the year ended December 31, 2019, the Company received an additional reimbursement of $11.5 million. Dispositions On December 29, 2020, pursuant to a tenant purchase option, the Company completed the sale of six private schools and four early childhood education centers for net proceeds of approximately $201.2 million and recognized a gain on sale of approximately $39.7 million. Additionally, during the year ended December 31, 2020, the Company completed the sale of three early education properties, four experiential properties and two land parcels for net proceeds totaling $26.6 million and recognized a combined gain on sale of $10.4 million. During the year ended December 31, 2019, the Company completed the sale of all of its public charter school portfolio through the following transactions: • On November 22, 2019, the Company sold 47 public charter school related assets, classified as real estate investments, mortgage notes receivable and investment in direct financing leases, for net proceeds of approximately $449.6 million. The Company recognized an impairment on this public charter school portfolio sale of $21.4 million that included the write-off of non-cash straight-line rent and effective interest receivables totaling $24.8 million. See Note 4 for additional information related to the impairment. • The Company sold ten public charter schools pursuant to tenant purchase options for net proceeds totaling $138.5 million and recognized a combined gain on sale of $30.0 million. • The Company sold seven public charter schools (not as result of exercise of tenant purchase options) for net proceeds totaling $44.4 million and recognized a combined gain on sale of $1.9 million. • See Note 6 for details on repayments of mortgage notes receivable secured by public charter school properties during 2019. Due to the Company's disposition of its remaining public charter school portfolio in 2019, the operating results of all public charter schools sold during 2019 have been classified within discontinued operations in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for all periods presented. See Note 17 for further details on discontinued operations. Additionally, during the year ended December 31, 2019, the Company sold one attraction property, one early childhood education center property and four land parcels for net proceeds totaling $21.9 million and sold one |
Impairment Charges (Notes)
Impairment Charges (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Asset Impairment Charges [Text Block] | Impairment Charges The Company reviews its properties for changes in circumstances that indicate that the carrying value of a property may not be recoverable based on an estimate of undiscounted future cash flows. As a result of the COVID-19 pandemic, the Company experienced vacancies at some of its properties and at others the Company has negotiated lease modifications that included rent reductions. As part of this process, the Company reassessed the expected holding periods and expected future cash flows of such properties, and determined that the estimated cash flows were not sufficient to recover the carrying values of nine properties. Two of these nine properties have operating ground lease arrangements with right-of-use assets. During the year ended December 31, 2020, the Company determined the estimated fair value of the real estate investments and right-of-use assets of these properties using independent appraisals and various purchase offers. The Company reduced the carrying value of the real estate investments, net to $39.5 million and the operating lease right-of-use assets to $13.0 million. The Company recognized impairment charges of $70.7 million on the real estate investments and $15.0 million on the right-of-use assets, which are the amounts that the carrying value of the assets exceeded the estimated fair value. During the year ended December 31, 2020, the Company also recognized $3.2 million in other-than-temporary impairments related to its equity investments in joint ventures in three theatre projects located in China. See Note 7 for further details on these impairments. On November 22, 2019, the Company completed the sale of substantially all of its public charter school portfolio, consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million. Prior to the sale, the Company revised its estimated undiscounted cash flows associated with this portfolio, considering a shorter expected hold period and determined that the estimated cash flows were not sufficient to recover the carrying value of this portfolio. The Company estimated the fair value of this portfolio by taking into account the purchase price in the executed sale agreement. The Company recognized an impairment on public charter school portfolio sale of $21.4 million that included the write-off of non-cash straight-line rent and effective interest receivables totaling $24.8 million. This impairment and the operating results of all of the public charter schools sold in 2019 have been classified within discontinued operations in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. See Note 17 for further details on discontinued operations. During the year ended December 31, 2019, the Company entered into an agreement to sell a theatre property for approximately $6.2 million. As a result, the Company revised its estimated undiscounted cash flow associated with this property, considering a shorter expected hold period and determined that the estimated cash flow was not sufficient to recover the carrying value of this property. The Company estimated the fair value of this property by taking into account the purchase price in the executed sale agreement. The Company recorded an impairment charge of approximately $2.2 million, which is the amount that the carrying value of the asset exceeds the estimated fair value. During the year ended December 31, 2018, the Company entered into an agreement with Children’s Learning Adventure USA (CLA) in which CLA relinquished control of four of the Company’s properties that were still under development as the Company no longer intended 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 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of December 31, 2020 and 2019 (in thousands): 2020 2019 Receivable from tenants $ 81,120 $ 11,373 Receivable from non-tenants 505 2,103 Straight-line rent receivable 34,568 73,382 Total $ 116,193 $ 86,858 |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures As of December 31, 2020 and 2019, the Company had a 65% investment interest in two unconsolidated real estate joint ventures related to two experiential lodging properties located in St. Petersburg Beach, Florida. The Company's partner, Gencom Acquisition, LLC 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 experiential lodging properties and the other that 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 taxable REIT subsidiary (TRS). The Company accounts for its investment in these joint ventures under the equity method of accounting. As of December 31, 2020 and 2019, the Comp any had invested $27.4 million a nd $29.7 million, respectively, in these joint ventures. The joint venture that holds the real property has a secured mortgage loan of $85.0 million at December 31, 2020, that is due April 1, 2022. The note can be extended for two additional one year periods upon the satisfaction of certain conditions. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximate ly $32.7 million, with $23.9 million remaining to fund at December 31, 2020 . The mortgage loan bears interest at an annual rate equal to the greater of 6.00% or LIBOR plus 3.75%. Interest is payable monthly beginning on May 1, 2019 until the stated maturity date of April 1, 2022, which can be extended to April 1, 2023. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (LIBOR) on this note to 3.0% from March 28, 2019 to April 1, 2023. In response to the COVID-19 pandemic, on May 28, 2020, the joint venture was granted a three-month interest deferral, which is required to be paid on the maturity date of the loan and is not considered a troubled debt restructuring. The Company recogni zed losses of $4.0 million and $140 thousand an d income of $52 thousand during the years ended December 31, 2020, 2019 and 2018, respectively, and received no distributions during the years ended December 31, 2020, 2019 and 2018 related to the equity investment in these joint ventures. As of December 31, 2020 and 2019, the Company's investments in these joint ventures were considered to be variable interests and the underlying entities are VIEs. 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 significant to the joint ventures and accordingly these investments are not consolidated. The Company's maximum exposure to loss at December 31, 2020, is its investment in the joint ventures of $27.4 million as well as the Company's guarantee of the estimated costs to complete renovations of approxim ately $23.9 million. In addition, as of December 31, 2020 and 2019, the Company ha d invested $0.8 million and $4.6 million, respectively, in unconsolidated joint ventures for three theatre projects located in China. During the year ended December 31, 2020, the Company recognized $3.2 million in other-than-temporary impairment charges on these equity investments. The Company determined the estimated fair value of these investments based primarily on discounted cash flow projections. The Company recognized losses of $559 thousand, $241 thousand |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2020 and 2019 consists of the following (in thousands): 2020 2019 Unsecured revolving variable rate credit facility, LIBOR + 1.625% at December 31, 2020, due February 27, 2022 (1) $ 590,000 $ — Unsecured term loan payable, LIBOR + 2.00% at December 31, 2020 with $350,000 fixed at 4.40% and $50,000 fixed at 4.60%, due February 27, 2023 (1) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (2) 275,000 275,000 Senior unsecured notes payable, 5.60% at December 31, 2020, due August 22, 2024 (3) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (2) 300,000 300,000 Senior unsecured notes payable, 5.81% at December 31, 2020, due August 22, 2026 (3) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (2) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (2) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (2) 400,000 400,000 Senior unsecured notes payable, 3.75%, due August 15, 2029 (2) 500,000 500,000 Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (35,552) (37,165) Total $ 3,694,443 $ 3,102,830 (1) At December 31, 2020, the Company had $590.0 million outstanding under its $1.0 billion unsecured revolving credit facility with interest at a floating rate of LIBOR plus 1.625% (with a LIBOR floor of 0.50%), which was 2.125% with a facility fee of 0.375%. Interest is payable monthly. Subsequent to December 31, 2020, the Company paid down $500.0 million on this credit facility. The Company's unsecured term loan facility had a balance of $400.0 million with interest at a floating rate of LIBOR plus 2.00% (with a LIBOR floor of 0.50%), which was 2.5% on December 31, 2020. Interest is payable monthly. 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 services. As discussed further below, certain of these covenants were modified or waived during 2020. In light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers, on June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement, which governs its unsecured revolving credit facility and its unsecured term loan facility. As described below, the amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under this debt agreement through December 31, 2021. The Company can elect to terminate the Covenant Relief Period early, subject to certain conditions. As described below, the loans subject to the modifications bear interest at higher rates during the Covenant Relief Period and will return to the original pre-waiver levels at the end of such period, subject to certain conditions. The rates during and after the Covenant Relief Period continue to be subject to change based on unsecured debt ratings, as defined in the agreement. The amendments also imposed the additional restrictions on the Company discussed below during the Covenant Relief Period. In addition, during the Covenant Relief Period, the amendments require the Company to cause certain of its key subsidiaries to guarantee the Company's obligations based on its unsecured debt ratings, and the Company will be required to pledge the equity interests of certain of those subsidiary guarantors upon the occurrence of certain events, however both of these requirements end when the Covenant Relief Period is over. During the Covenant Relief Period, the initial interest rates for the revolving credit facility and term loan facility were set at LIBOR plus 1.375% and LIBOR plus 1.75%, respectively, (with a LIBOR floor of 0.50%) and the facility fee on the revolving credit facility was increased to 0.375%. On August 20, 2020, as a result of a downgrade of the Company's unsecured debt rating by Moody's to Baa3, the spreads on the revolving credit and term loan facilities each increased by 0.25%. During the fourth quarter of 2020, the Company's unsecured debt rating was downgraded to BB+ by both Fitch and Standard & Poor's. As a result of these downgrades, certain of the Company's key subsidiaries guarantee the Company's obligations under its bank credit facilities, private placement notes and other outstanding senior unsecured notes in accordance with existing agreements with the holders of such indebtedness. See Note 20 for the Company's supplemental guarantor financial information. If the Company's unsecured debt rating is further downgraded by Moody's, the interest rates on the revolving credit and term loan facilities would both increase by 0.35% during the Covenant Relief Period. After the Covenant Relief Period, the interest rates for the revolving credit and term loan facilities, based on the Company's current unsecured debt ratings, are scheduled to return to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively, (with a LIBOR floor of zero) and the facility fee will be 0.25%, however these rates are subject to change based on the Company's unsecured debt ratings. The amendments to the Company's revolving credit and term loan facilities permanently modified certain financial covenants and provided relief from compliance with certain financial covenants during the Covenant Relief Period, as follows: (i) a new minimum liquidity financial covenant of $500.0 million during the Covenant Relief Period was added; (ii) compliance with the total-debt-to-total-asset-value, the maximum-unsecured-debt-to-unencumbered-asset-value, the minimum unsecured interest coverage ratio and the minimum fixed charge ratio financial covenants was suspended for the period beginning June 29, 2020 and ending on the earlier to occur of December 31, 2021 or the earlier termination of the Covenant Relief Period; (iii) permanent amendments to the unsecured-debt-to-unencumbered-asset-value financial covenant were made to allow short-term indebtedness to be offset by unrestricted cash in the calculation and to allow unrestricted cash not otherwise offset against short-term indebtedness to be counted as an unencumbered asset; and (iv) permanent amendments to financial covenants were made to allow accrued deferred payments to be included as recurring property revenue in these calculations. The amendments also imposed additional restrictions on the Company and its subsidiaries during the Covenant Relief Period, including limitations on certain investments, incurrences of indebtedness, capital expenditures and payment of dividends or other distributions and stock repurchases, in each case subject to certain exceptions. In connection with the amendments, $0.1 million of fees paid to third parties were expensed and included in costs associated with loan refinancing in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2020. In addition, the Company paid $5.1 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees consisted of $3.6 million related to the unsecured revolving credit facility and included in other assets and $1.5 million related to the term loan and shown as a reduction of debt. As described under (3) below, on June 29, 2020 and December 24, 2020, the Company also amended its Note Purchase Agreement which governs its private placement notes. Under the most favored nations clause included in the Consolidated Credit Agreement, the additional or more restrictive covenants included in the private placement amendments are incorporated into the Consolidated Credit Agreement. (2) These notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt that 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 that 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. (3) In light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers, on June 29, 2020 and December 24, 2020, the Company amended its Note Purchase Agreement, which governs its private placement notes. The amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under these debt agreements through October 1, 2021. The Company can elect to extend such period through January 1, 2022 and may elect to terminate the Covenant Relief Period early, subject to certain conditions. These notes: (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain events occur; (iii) contain certain "most favored lender" provisions; and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company. As discussed further below, certain of these covenants were modified or waived during 2020. The amendments provided for an immediate 0.65% waiver premium to be paid on the private placement notes during the Covenant Relief Period. In addition, during the fourth quarter of 2020, as a result of downgrades of the Company's unsecured debt rating to BB+ by both Fitch and Standard and Poor's, the spreads on the private placement notes each increased by an additional 0.60%. As a result, the interest rates for the private placement notes were increased to 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. After the Covenant Relief Period, the interest rates for the private placement notes are scheduled to return to 4.35% and 4.56% for the Series A notes due 2024 and the Series B notes due 2026, respectively. If the Company elects to extend the Covenant Relief Period until January 1, 2022, the Company must, or must cause certain of its subsidiaries to, grant mortgages on certain unencumbered properties to a collateral agent, on behalf of the holders of the private placement notes and the lenders under the Company's Consolidated Credit Agreement. If the Company provides such mortgages, they must remain in effect until the later of two consecutive fiscal quarters of demonstrated covenant compliance or June 30, 2022, however the additional 0.60% interest rate premium as a result of the downgrades in the Company's unsecured debt rating is removed while mortgages are outstanding. If the Company elects to extend the Covenant Relief Period until January 1, 2022 as described above, the Covenant Relief Period will automatically end on October 29, 2021 if the Company fails to provide such mortgages. The amendments provide relief from compliance with the following financial covenants during the Covenant Relief Period: the total-debt-to-total-asset-value covenant; the maximum-unsecured-debt-to-unencumbered-asset-value covenant; the minimum unsecured interest coverage ratio; and the minimum fixed charge ratio. The amended Note Purchase Agreement modifies the maximum secured debt to total asset value covenant as follows: (i) neither the Company nor any of its subsidiaries may incur any secured debt during the period beginning on December 24, 2020 and ending on the last day of the Covenant Relief Period, subject to certain exceptions; and (ii) after the Covenant Relief Period the ratio of secured debt to total asset value is reduced from 0.35 to 1.00 to 0.25 to 1.00 until the Company can demonstrate covenant compliance for at least two fiscal quarters. The amendments impose certain restrictions on the Company during the Covenant Relief Period, including limitations on certain investments, incurrences of indebtedness, capital expenditures, payment of dividends or other distributions and stock repurchases, and maintenance of a minimum liquidity amount of $500.0 million, in each case subject to certain exceptions. The amendments include the following restrictions: (i) the limitation on investments and guarantees of certain indebtedness from October 1, 2020 to the end of the Covenant Relief Period was set at $175.0 million; and (ii) the limitation on capital expenditures from October 1, 2020 to the end of the Covenant Relief Period was set at $175.0 million. In addition, the amount of proceeds from assets sales that are exempt from the requirement to apply such proceeds to the prepayment of outstanding indebtedness under the Company's existing bank credit agreement and the private placement notes is $150.0 million, subject to certain exceptions relating to the sale of specified assets. In addition, the Company is prohibited from voluntarily prepaying its existing public senior notes during the Covenant Relief Period or its term loan debt under its bank facility during the Covenant Relief Period. In connection with the amendments, $1.5 million of fees paid to third parties were expensed and included in costs associated with loan refinancing in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2020. In addition, the Company paid $0.9 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield and shown as a reduction of debt. Subsequent to year-end, the Company paid down principal of approximately $23.8 million on its private placement notes resulting from the sale of assets in accordance with the amendments. 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 under the Company's debt instruments at December 31, 2020. Principal payments due on long-term debt obligations subsequent to December 31, 2020 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2021 $ — 2022 590,000 2023 675,000 2024 148,000 2025 300,000 Thereafter 2,016,995 Less: deferred financing costs, net (35,552) Total $ 3,694,443 The Company capitalizes a portion of interest costs as a component of property under development. The following is a summary of interest expense, net from continuing operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Interest on loans $ 152,058 $ 140,697 $ 137,570 Amortization of deferred financing costs 6,606 6,192 5,797 Credit facility and letter of credit fees 3,064 2,265 2,411 Interest cost capitalized (1,233) (4,975) (9,541) Interest income (2,820) (2,177) (367) Interest expense, net $ 157,675 $ 142,002 $ 135,870 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had derivative assets of $1.1 million at December 31, 2019 and had no derivative assets at December 31, 2020. The Company had derivative liabilities of $14.0 million and $4.5 million at December 31, 2020 and 2019, respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2020 and 2019. See Note 10 for disclosures relating to the fair value of the derivative instruments. 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 on foreign currency transactions 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 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, 2020, the Company had four interest rate swap agreements designated as cash flow hedges of interest rate risk related to its variable rate unsecured term loan facility totaling $400.0 million. Additionally, at December 31, 2020, the Company had an interest rate swap agreement designated as a cash flow hedge of interest rate risk related to its variable rate secured bonds totaling $25.0 million. Interest rate swap agreements outstanding at December 31, 2020 are summarized below: Fixed rate Notional Amount (in millions) Index Maturity 4.3950% (1) $ 116.7 USD LIBOR February 7, 2022 4.4075% (1) 116.7 USD LIBOR February 7, 2022 4.4080% (1) 116.6 USD LIBOR February 7, 2022 4.5950% (1) 50.0 USD LIBOR February 7, 2022 Total $ 400.0 1.3925% 25.0 USD LIBOR September 30, 2024 Total $ 25.0 (1) As discussed in Note 8, on June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement. The above fixed rates increased by 0.90% during the Covenant Relief Period, and as a result of the Company's unsecured debt ratings being downgraded and a LIBOR floor of 0.50% being established. The rates are scheduled to return to previous levels as defined in the agreement at the end of this period, subject to the Company's unsecured debt ratings. 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. 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, 2020, the Company estimates that during the twelve months ending December 31, 20 20, $8.2 million will be reclassified from AOCI to interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its four Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties which should hedge a significant portion of the Company's expected CAD denominated cash flows. During the year ended December 31, 2020, the Company entered into USD-CAD cross-currency swaps that were effective July 1, 2020 with a fixed original notional value of $100.0 million CAD and $76.6 million USD. The net effect of this swap is to lock in an exchange rate of $1.31 CAD per USD on approximately $7.2 million annual CAD denominated cash flows through June 2022. 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, 2020, the Company estimates that during the twelve months ending December 31, 202 0, $0.2 million of losses will be reclassified from AOCI to other expense. Net Investment Hedges The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses either currency forward agreements or cross-currency swaps to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of December 31, 2020, the Company had the following cross-currency swaps designated as net investment hedges: Fixed rate Notional Amount (in millions, CAD) Maturity $1.32 CAD per USD $ 100.0 July 1, 2023 $1.32 CAD per USD 100.0 July 1, 2023 Total $ 200.0 The cross-currency swaps also have a monthly settlement feature locked in at an exchange rate of $1.32 CAD per USD on $4.5 million of CAD annual cash flows, the net effect of which is an excluded component from the effectiveness testing of this hedge. For qualifying 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. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other 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, 2020, 2019 and 2018: Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive (Loss) Income for the Years Ended December 31, 2020, 2019 and 2018 (Dollars in thousands) Year Ended December 31, Description 2020 2019 2018 Cash Flow Hedges Interest Rate Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative $ (11,612) $ (7,476) $ 3,172 Amount of (Expense) Income Reclassified from AOCI into Earnings (1) (6,159) 1,138 1,324 Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 5 (450) 1,689 Amount of Income Reclassified from AOCI into Earnings (2) 441 545 1,426 Net Investment Hedges Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (4,664) (4,454) 5,108 Amount of Income Recognized in Earnings (2) (3) 599 556 271 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative — — 8,560 Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (16,271) $ (12,380) $ 18,529 Amount of (Expense) Income Reclassified from AOCI into Earnings (5,718) 1,683 2,750 Amount of Income Recognized in Earnings 599 556 271 Interest expense, net in accompanying consolidated statements of (loss) income and comprehensive (loss) income $ 157,675 $ 142,002 $ 135,870 Other income in accompanying consolidated statements of (loss) income and comprehensive (loss) income $ 9,139 $ 25,920 $ 2,076 (1) Included in “Interest expense, net” in accompanying consolidated statements of (loss) income and comprehensive (loss) income. (2) Included in "Other income" in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. (3) Amounts represent derivative gains excluded from the effectiveness testing. 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 $50.0 million and such default is not waived or cured within a specified period of time, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its interest rate derivative obligations. As of December 31, 2020, the fair value of the Company's derivatives in a liability position related to these agreements was $14.0 million. 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 of $14.8 million. As of December 31, 2020, 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, 2020 | |
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 is 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, 2020, 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 financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, 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, 2020 and 2019 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2020: Cross Currency Swaps** $ — $ (4,271) $ — $ (4,271) Interest Rate Swap Agreements** $ — $ (9,723) $ — $ (9,723) 2019: Cross Currency Swaps* $ — $ 828 $ — $ 828 Interest Rate Swap Agreements* $ — $ 225 $ — $ 225 Interest Rate Swap Agreements** $ — $ (4,495) $ — $ (4,495) *Included in "Other assets" in the accompanying consolidated balance sheet. ** Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. 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, 2020 and 2019, 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, 2020 and 2019 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2020: Real estate investments, net $ — $ 29,684 $ 9,860 $ 39,544 Operating lease right-of-use assets — — 12,953 12,953 Investment in joint ventures — — 771 771 Other assets (1) — — — — 2019: Real estate investments, net $ — $ 6,160 $ — $ 6,160 (1) Includes collateral dependent notes receivable, which are presented within other assets in the accompanying consolidated balance sheet. As discussed further in Note 4, during the year ended December 31, 2020, the Company recorded impairment charg es of $85.7 million, of which $70.7 million related to real estate invest ments, net and $15.0 million related to operating lease right-of-use assets. Management estimated the fair value of these investments taking into account various factors including purchase offers, independent appraisals, shortened hold periods and current market conditions. The Company determined, based on the inputs, that its valuation of six of its properties with purchase offers were classified as Level 2 of the fair value hierarchy and were measured at fair val ue. Three properties, two of which included operating lease right-of-use assets, were measured at fair value using independent appraisals which used discounted cash flow models. The significant inputs and assumptions used in the real estate appraisals included market rents which ranged from $9 per square foot to $28 per square foot, discount rates which ranged from 9.0% to 12.3% and a terminal capitalization rate of 8.75% for the property not under ground lease. Significant inputs and assumptions used in the right-of-use asset appraisals included market rates which ranged from $10 per square foot to $16 per square foot and discount rates which ranged from 8.0% to 8.5%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. Additionally, as discussed further in Note 7, during the year ended December 31, 2020, the Company recorded impairment charges of $3.2 million related to its investment in joint ventures. Management estimated the fair value of these investments, taking into account various factors including implied asset value changes based on discounted cash flow projections and current market conditions. The Company determined, based on the inputs, that its valuation of investment in joint ventures was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 6, during the year ended December 31, 2020, the Company recorded expected credit loss expense totaling $25.5 million related to notes receivable from one borrower to fully reserve the outstanding pr incipal balance of $12.6 million and unfunded commitment to fund $12.9 million, as a result of recent changes in the borrower's financial status due to the impact of the COVID-19 pandemic. Management valued the loan based on the fair value of the underlying collateral which was based on review of the financial statements of the borrower, and was classified within Level 2 of the fair value hierarchy. As discussed further in Note 4, during the year ended December 31, 2019, the Company recorded an impairment charge of $2.2 million related to real estate investments, net. Management estimated the fair value of this property taking into account various factors including various purchase offers, pending purchase agreements, the shortened holding period and current market conditions. The Company determined, based on the inputs, that its valuation of real estate investments, net was classified within Level 2 of the fair value hierarchy. 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, 2020 and 2019: 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, 2020, the Company had a carryin g value of $365.6 million in fixed ra te mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of appr oximately 9.03%. The fixed rate mort gage notes bear interest at rates of 7.01% to 11.78%. 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 $394.0 million with an estimated weighted average market rate of 8.11% at December 31, 2020. At December 31, 2019, the Company had a carrying value of $357.4 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.98%. The fixed rate mortgage notes bear interest at rates of 6.99% to 11.61%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 6.99% to 9.25%, management estimates the fair value of the fixed rate mortgage notes receivable to be $395.6 million with an estimated weighted average market rate of 7.76% at December 31, 2019. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt as of December 31, 2020 and 2019 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2020, the Company had a carrying value of $1.0 billion in variable rate debt outstanding with an average weighted interest rate of approximately 2.23%. The carrying value of the va riable rate debt outstanding approximates the fair value at December 31, 2020. At December 31, 2019, the Company had a carrying value of $425.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.75%. The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2019. At December 31, 2020 and 2019, $425.0 million, of the Company's variable rate debt, discussed above, had been effectively converted to a fixed rate by interest rate swap agreements. See Note 9 for additional information related to the Company's interest rate swap agreements. At December 31, 2020, the Company had a carrying value of $2.72 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.70%. Discounting the future cash flows for fixed rate debt using December 31, 2020 market rates of 4.09% to 5.81%, management estimates the fair value of the fixed rate debt to be approximately $2.69 billion with an estimated weighted average market rate of 4.70% at December 31, 2020. At December 31, 2019, the Company had a carrying value of $2.72 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.54%. Discounting the future cash flows for fixed rate debt using December 31, 2019 market rates of 2.87% to 4.56%, management estimates the fair value of the fixed rate debt to be approximately $2.87 billion with an estimated weighted average market rate of 3.51% at December 31, 2019. |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2020 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares On June 3, 2019, the Company filed a shelf registration statement with the SEC, which is effective for a term of three years. The securities covered by this registration statement include common shares, preferred shares, debt securities, depositary shares, warrants, and units. The Company may periodically offer one of more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Additionally, on June 3, 2019, the Company filed a shelf registration statement with the SEC, which is effective for a term of three years, for its Dividend Reinvestment and Direct Share Purchase Plan (DSP Plan) which permits the issuance of up to 15,000,000 common shares. Common Shares The Company's Board declared cash dividends totaling $1.515 and $4.500 per common share for the years ended December 31, 2020 and 2019, respectively. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. 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, 2020 and 2019 are as follows: Cash Distributions Per Share 2020 2019 Taxable ordinary income (1) $ 0.8888 $ 2.7411 Return of capital 0.5634 1.3966 Long-term capital gain (2) 0.4378 0.3473 Totals $ 1.8900 $ 4.4850 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital g ain, $0.1439 and $0.3473 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, respectively. During the year ended December 31, 2020, the Company issued an aggregate of 36,176 common shares under its DSP Plan for net proceeds of $1.1 million. During the year ended December 31, 2020, the Company's Board approved a share repurchase program pursuant to which the Company may repurchase up to $150.0 million of the Company's common shares. The share repurchase program was scheduled to expire on December 31, 2020; however, the Company suspended the program on the effective date of the covenant modification agreements, June 29, 2020, as discussed in Note 8. During the year ended December 31, 2020 , the Company repurchased 4,066,716 common shares under the share repurchase program for approximately $106.0 million. The repurchases were made under a Rule 10b5-1 trading plan. 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, 2020, the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rat e of 0.4137 comm on shares per Series C preferred share, which is equivalent to a conversion price of $60.43 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 Company's Board declared cash dividends totaling $1.4375 per Series C preferred share for each of the years ended December 31, 2020 and 2019. There were non-cash distributions associated with conversion adjustments of $0.2131 a nd $0.6822 per Series C preferred share for the years ended December 31, 2020 and 2019, 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, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 0.9631 $ 1.2758 Return of capital — — Long-term capital gain (2) 0.4744 0.1617 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term cap ital gain, $0.1559 an d $0.1617 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, respectively. Non-cash Distributions per Share 2020 2019 Taxable ordinary income (3) $ 0.0958 $ 0.1050 Return of capital 0.0701 0.5639 Long-term capital gain (4) 0.0472 0.0133 Totals $ 0.2131 $ 0.6822 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital g ain, $0.0155 and $0.0133 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, 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, 2020, the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rat e of 0.4826 comm on shares per Series E preferred share, which is equivalent to a conversion price of $51.80 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 Company's Board declared cash dividends totaling $2.25 per Series E preferred share for each of the years e nded December 31, 2020 and 2019. There were non-cash distributions associated with conversion adjustments of $0.1695 an d $0.6024 per Series E preferred share for the years ended December 31, 2020 and 2019, 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, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 1.5075 $ 1.9970 Return of capital — — Long-term capital gain (2) 0.7425 0.2530 Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital ga in, $0.2441 an d $0.2530 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, respectively. Non-cash Distributions per Share 2020 2019 Taxable ordinary income (3) $ 0.0176 $ — Return of capital 0.1432 0.6024 Long-term capital gain (4) 0.0087 — Totals $ 0.1695 $ 0.6024 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital gain, $0.0610 was unrecaptured section 1250 gains for the year ended December 31, 2020. There wer e no u nrecaptured section 1250 gains for the year ended December 31, 2019. Series G Preferred Shares The Company has outstanding 6.0 million 5.75% Series G cumulative redeemable preferred shares (Series G preferred shares). 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 Company's Board declared cash dividends totaling $1.4375 per Series G preferred share for each of the years ended December 31, 2020 and 2019. 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 years ended December 31, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 0.9631 $ 1.2758 Return of capital — — Long-term capital gain (2) 0.4744 0.1617 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1559 a |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 (amounts in thousands except per share information): Year Ended December 31, 2020 Income Shares Per Share Basic EPS: Net loss $ (131,728) Less: preferred dividend requirements (24,136) Net loss available to common shareholders $ (155,864) 75,994 $ (2.05) Diluted EPS: Net loss available to common shareholders $ (155,864) 75,994 Effect of dilutive securities: Share options — — Net loss available to common shareholders $ (155,864) 75,994 $ (2.05) Year Ended December 31, 2019 Income Shares Per Share Basic EPS: Income from continuing operations $ 154,556 Less: preferred dividend requirements (24,136) Income from continuing operations available to common shareholders $ 130,420 76,746 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,746 $ 0.62 Net income available to common shareholders $ 178,107 76,746 $ 2.32 Diluted EPS: Income from continuing operations available to common shareholders $ 130,420 76,746 Effect of dilutive securities: Share options — 36 Income from continuing operations available to common shareholders $ 130,420 76,782 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,782 $ 0.62 Net income available to common shareholders $ 178,107 76,782 $ 2.32 Year Ended December 31, 2018 Income Shares Per Share Basic EPS: Income from continuing operations $ 221,947 Less: preferred dividend requirements and redemption costs (24,142) Income from continuing operations available to common shareholders $ 197,805 74,292 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,292 $ 0.61 Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Income from continuing operations available to common shareholders $ 197,805 74,292 Effect of dilutive securities: Share options — 45 Income from continuing operations available to common shareholders $ 197,805 74,337 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,337 $ 0.61 Net income available to common shareholders $ 242,841 74,337 $ 3.27 The additional 2.2 million common shares for both December 31, 2020 and 2019 and 2.1 million common shares for December 31, 2018 that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.7 million common shares for December 31, 2020 and 1.6 million common shares for both December 31, 2019 and 2018 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 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, 2019 and 2018. The dilutive effect of potential common shares from the exercise of share options is excluded from diluted earnings per share for the year ended December 31, 2020 because the effect is anti-dilutive due to the net loss available to common shareholders. Options to purch ase 117 thousand, 4 thousand and 26 thousand of common shares were outstanding at the end of 2020, 2019 and 2018, respectively, at per share prices ranging fro m $44.62 to $76.63 f or 2020, $73.84 to $76.63 for 2019 and per share prices ranging from $61.79 to $76.63 for 2018, 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, 2020 | |
Share-based Payment Arrangement, Noncash Expense [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. During the year ended December 31, 2020, the Compensation and Human Capital Committee of the Board approved the 2020 Long Term Incentive Plan (2020 LTIP) as a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At December 31, 2020, ther e were 746,828 shares avail able for grant under the 2016 Equity Incentive Plan. Share Options Share options 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. 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 Option price Weighted avg. 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 Exercised (118,786) 19.02 — 61.79 48.71 Granted 1,941 73.84 — 73.84 73.84 Outstanding at December 31, 2019 118,030 $ 44.62 — $ 76.63 $ 55.63 Exercised (1,410) 44.98 — 44.98 44.98 Granted 2,890 69.19 — 69.19 69.19 Forfeited/Expired (2,820) 44.98 — 44.98 44.98 Outstanding at December 31, 2020 116,690 $ 44.62 — $ 76.63 $ 56.36 The weighted average fair value of options granted was $3.73, $4.64 and $3.03 during 2020, 2019 and 2018, respecti vely. T he intrinsic value of stock options exercised w as $22 thousand, $2.8 million , and $0.4 million during the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, the Company repurchased 1,043 shares in conjunction with the stock options exercised during the year ended December 31, 2020 with a total value of $63 thousand. The following table summarizes outstanding and exercisable options at December 31, 2020: Options outstanding Options exercisable Exercise price range Options Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) 44.62 - 49.99 27,215 1.3 27,215 1.3 50.00 - 59.99 31,710 3.5 29,793 3.3 60.00 - 69.99 53,609 5.5 50,719 4.1 70.00 - 76.63 4,156 7.1 2,148 6.6 116,690 4.0 $ 56.36 $ — 109,875 3.3 $ 55.67 $ — Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows: Number of Weighted avg. grant date Weighted avg. Outstanding at December 31, 2019 509,338 $ 67.88 Granted 211,549 69.09 Vested (269,716) 67.84 Forfeited (5,769) 67.95 Outstanding at December 31, 2020 445,402 $ 68.47 0.82 The holders of nonvested shares have voting rights and receive dividends from the date of grant. The fair value of the nonvested shares that veste d was $17.4 million, $22.7 million, an d $16.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, unamortized share-based compensation expense related to nonvested sha res was $11.8 million and w ill be recognized in future periods as follows (in thousands): Amount Year: 2021 $ 6,783 2022 3,811 2023 1,248 Total $ 11,842 Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows: Number of Outstanding at December 31, 2019 — Granted 61,615 Vested (5,277) Forfeited — Outstanding at December 31, 2020 56,338 The number of common shares issuable upon settlement of the performance shares granted during the year ended December 31, 2020 will be based upon the Company's achievement level relative to the following performance measures at December 31, 2022: 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Average Annual Growth in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued us ing a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $3.0 million. The estimated fair value is amortized to expense over the three-year vesting period, which ends on December 31, 2022. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition: risk-free interest rate of 1.4%, volatility factors in the expected market price of the Company's common shares of 18% and an expected life of three years. At December 31, 2020, unamortized share-based compensation expense related to nonvested performance sha res was $1.8 million. The performance shares based on growth in AFFO have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common shares on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At December 31, 2020, achievement of the performance condition for the performance shares granted during the year ended December 31, 2020 was deemed not probable. The performance shares accrue dividend equivalents which are paid only if common shares are issued upon settlement of the performance shares. During the year ended December 31, 2020, the Company accrued dividend equivalents expected to be paid on earned awards of $50 thousand. In connection with the retirement of the Company's Senior Vice President - Asset Management, Michael L. Hirons, $14 thousand in dividend equivalents were paid resulting in $36 thousand of accrued dividend equivalents expected to be paid on earned awards at December 31, 2020. Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of Weighted Average Weighted Average Outstanding at December 31, 2019 26,236 $ 77.54 Granted 74,767 31.57 Vested (26,236) 77.54 Outstanding at December 31, 2020 74,767 $ 31.57 0.42 The holders of restricted share units receive dividend equivalents from the date of grant. At December 31, 2020, unamortized share-based compensation expense related to restricted share units was $983 thousand w hich will be recognized in 2021. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate as of December 31, 2020: As of December 31, 2020 2019 Weighted-average remaining lease term in years Operating ground leases 15.8 16.0 Operating office lease 5.8 6.8 Weighted-average discount rate Operating ground leases 4.97 % 4.96 % Operating office lease 4.62 % 4.62 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | Operating Leases The Company’s real estate investments are leased under operating leases with remaining terms rangi ng from one year to 29 years. The Company adopted Topic 842 on January 1, 2019 and elected to not reassess its prior conclusions about lease classification. Accordingly, these arrangements continue to be classified as operating leases. The following table summarizes the future minimum rentals on the Company's lessor and sub-lessor arrangements at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Operating leases Sub-lessor operating ground leases Operating leases Sub-lessor operating ground leases Amount (1) (2) Amount (1) (2) Total Amount (2) Amount (2) Total Year: Year: 2021 $ 461,473 $ 20,440 $ 481,913 2020 $ 525,809 $ 23,468 $ 549,277 2022 477,454 20,743 498,197 2021 518,590 23,863 542,453 2023 474,504 20,022 494,526 2022 504,119 23,291 527,410 2024 471,149 19,521 490,670 2023 474,889 22,609 497,498 2025 464,850 19,636 484,486 2024 453,043 22,196 475,239 Thereafter 3,939,241 182,206 4,121,447 Thereafter 3,707,326 226,150 3,933,476 Total $ 6,288,671 $ 282,568 $ 6,571,239 Total $ 6,183,776 $ 341,577 $ 6,525,353 (1) Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2020, receivables from tenants included fixed rent payments of approximately $76.0 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $24.3 million in 2021, $31.6 million in 2022, $19.0 million in 2023 and $1.1 million in 2024. (2) Included in rental revenue. In addition to its lessor arrangements on its real estate investments, as of December 31, 2020 and 2019, the Company was lessee in 53 and 58 operating ground leases, respectively, as well as lessee in an operating lease of its executive office. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of December 31, 2020, rental revenue from several of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases. In addition, two of these properties are vacant. In the event the tenant fails to pay the ground lease rent or if the property is vacant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2020, the ground lease arrangements have remaining terms ranging from one year to 46 years. Most of these leases include one or more options to renew. The Company assesses these options using a threshold of reasonably certain, which also includes an assessment of the term of the Company's tenants' leases. For leases where renewal is reasonably certain, those option periods are included within the lease term and also the measurement of the operating lease right-of-use asset and liability. The ground lease arrangements do not contain any residual value guarantees or any material restrictions. As of December 31, 2020, the Company does not have any leases that have not commenced but that create significant rights and obligations. The Company determines whether an arrangement is or includes a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was adjusted for collateral based on the information available at adoption or the commencement date. Inputs to the calculation of the Company's incremental borrowing rate include its senior notes and their option adjusted credit spreads over comparable U.S. Treasury rates, adjusted to a collateralized basis by estimating the credit spread improvement that would result from an upgrade of one ratings classification. The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2020 and 2019, 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): December 31, 2020 December 31, 2019 Ground Leases (1) Office lease (2) Ground Leases (1) Office lease (2) Year: Year: 2021 $ 22,520 $ 884 2020 $ 24,085 $ 856 2022 22,058 967 2021 24,529 884 2023 21,340 967 2022 23,961 967 2024 20,840 967 2023 23,283 967 2025 20,936 967 2024 22,871 967 Thereafter 203,467 724 Thereafter 243,411 1,691 Total lease payments $ 311,161 $ 5,476 $ 362,140 $ 6,332 Less: imputed interest 113,730 684 131,901 921 Present value of lease liabilities $ 197,431 $ 4,792 $ 230,239 $ 5,411 (1) Included in property operating expense. (2) Included in general and administrative expense. The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2020 (in thousands): As of December 31, Classification December 31, 2020 December 31, 2019 Assets: Operating ground lease assets Operating lease right-of-use assets $ 159,245 $ 205,997 Office lease asset Operating lease right-of-use assets 4,521 5,190 Total operating lease right-of-use assets $ 163,766 $ 211,187 Sub-lessor straight-line rent receivable Accounts receivable 12,433 24,569 Total leased assets $ 176,199 $ 235,756 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 197,431 $ 230,239 Office lease liability Operating lease liabilities 4,792 5,411 Total lease liabilities $ 202,223 $ 235,650 The following table summarizes rental revenue, including sublease arrangements and lease costs, including impairment charges on operating lease right-of-use assets for the years ended December 31, 2020 and 2019 (in thousands): Year ended December 31, Classification 2020 2019 Rental revenue Operating leases (1) Rental revenue $ 361,393 $ 569,530 Sublease income - operating ground leases (2) Rental revenue $ 10,783 $ 23,492 Lease costs Operating ground lease cost Property operating expense $ 24,386 $ 24,656 Operating office lease cost General and administrative expense $ 905 $ 909 Operating lease right-of-use asset impairment charges (3) Impairment charges $ 15,009 $ — (1) During the year ended December 31, 2020, the Company wrote-off straight-line rent receivables totaling $26.5 million, to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off lease receivables from tenants totaling $25.7 million, to min imum rent, tenant reimbursements and percentage rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. (2) During the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease straight-line rent receivab les totaling $11.5 million, to str aight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease receivables from ten ants totaling $1.4 million to minimum rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. (3) During the year ended December 31, 2020, the Company recognized impairment charge s of $15.0 million related to the operating lease right-of-use assets at two of its properties. See Note 4 for the details on these impairments. The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate as of December 31, 2020: As of December 31, 2020 2019 Weighted-average remaining lease term in years Operating ground leases 15.8 16.0 Operating office lease 5.8 6.8 Weighted-average discount rate Operating ground leases 4.97 % 4.96 % Operating office lease 4.62 % 4.62 % |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2020: Total revenue $ 151,012 $ 106,360 $ 63,877 $ 93,412 Net income (loss) 37,118 (62,965) (85,904) (19,977) Net income (loss) available to common shareholders of EPR Properties 31,084 (68,999) (91,938) (26,011) Basic net income (loss) per common share 0.40 (0.90) (1.23) (0.35) Diluted net income (loss) per common share 0.40 (0.90) (1.23) (0.35) March 31 June 30 September 30 December 31 2019: Total revenue $ 150,527 $ 161,740 $ 169,356 $ 170,346 Net income 65,349 66,594 34,003 36,297 Net income available to common shareholders of EPR Properties 59,315 60,560 27,969 30,263 Basic net income per common share 0.79 0.80 0.36 0.39 Diluted net income per common share 0.79 0.79 0.36 0.39 During the year ended December 31, 2019, the Company completed the sale of its public charter school portfolio. Accordingly, the historical financial results of public charter school investments disposed of by the Company in 2019 are reflected in the Company's consolidated statements of (loss) income and comprehensive (loss) income as discontinued operations for all periods presented. See Note 17 for further details on discontinued operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Discontinued Operations During the year ended December 31, 2019, the Company completed the sale of its public charter school portfolio with the largest disposition occurring on November 22, 2019 consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million. See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. The Company determined the dispositions of the remaining public charter school portfolio in 2019 represented a strategic shift that had a major effect on the Company's operations and financial results. Therefore, all public charter school investments disposed of by the Company during the year ended December 31, 2019 qualified as discontinued operations. Accordingly, the historical financial results of these public charter school investments are reflected in the Company's consolidated financial statements as discontinued operations for all periods presented. The operating results relating to discontinued operations are as follows (in thousands): Year Ended December 31, 2019 2018 Rental revenue $ 36,289 $ 47,277 Mortgage and other financing income 14,284 13,533 Total revenue 50,573 60,810 Property operating expense 573 1,102 Costs associated with loan refinancing or payoff 181 — Interest expense, net (351) (363) Depreciation and amortization 12,929 15,035 Income from discontinued operations before other items 37,241 45,036 Impairment on public charter school portfolio sale (21,433) — Gain on sale of real estate 31,879 — Income from discontinued operations $ 47,687 $ 45,036 The cash flow information relating to discontinued operations are as follows (in thousands): Year Ended December 31, 2019 2018 Depreciation and amortization $ 12,929 $ 15,035 Acquisition of and investments in real estate and other assets (6,968) (5,956) Proceeds from sale of real estate 182,934 — Proceeds from sale of public charter school portfolio 449,555 — Investment in mortgage notes receivable (5,115) (17,933) Proceeds from mortgage notes receivable paydowns 28,662 3,355 Additions to properties under development (22,981) (31,036) Non-cash activity: Transfer of property under development to real estate investments $ 28,099 $ 24,900 Conversion or reclassification of mortgage notes receivable to real estate investments — 12,013 Interest cost capitalized 351 363 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2020, the Compan y had 17 development projects with commitments to fund an aggregate of approximately $118.3 million. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not bein g completed in accordance with the terms of the development agreement, 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. The Company has certain commitments related to its mortgage notes and notes receivable 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 th e occurrence of events outside of its direct control. As of December 31, 2020, the Company had three mortgage notes and one note receivable with commitments totaling approximately $31.8 million. If com mitments are funded in the future, interest will be charged at rates consistent with the existing investments. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company groups its investments into two reportable segments: Experiential and Education. Due to the Company's change to two reportable segments during the year ended December 31, 2019, certain reclassifications have been made to the 2018 presentation to conform to the current presentation. The financial information summarized below is presented by reportable segment (in thousands): Balance Sheet Data: As of December 31, 2020 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,133,486 $ 529,755 $ 1,040,944 $ 6,704,185 As of December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,307,295 $ 730,165 $ 540,051 $ 6,577,511 Operating Data: For the Year Ended December 31, 2020 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 311,130 $ 61,046 $ — $ 372,176 Other income 8,085 13 1,041 9,139 Mortgage and other financing income 32,017 1,329 — 33,346 Total revenue 351,232 62,388 1,041 414,661 Property operating expense 55,500 2,283 804 58,587 Other expense 16,513 — (39) 16,474 Total investment expenses 72,013 2,283 765 75,061 Net operating income - before unallocated items 279,219 60,105 276 339,600 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: General and administrative expense (42,596) Severance expense (2,868) Costs associated with loan refinancing or payoff (1,632) Interest expense, net (157,675) Transaction costs (5,436) Credit loss expense (30,695) Impairment charges (85,657) Depreciation and amortization (170,333) Equity in loss from joint ventures (4,552) Impairment charges on joint ventures (3,247) Gain on sale of real estate 50,119 Income tax expense (16,756) Net loss (131,728) Preferred dividend requirements (24,136) Net loss available to common shareholders of EPR Properties $ (155,864) For the Year Ended December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 525,085 $ 67,937 $ — $ 593,022 Other income 24,818 — 1,102 25,920 Mortgage and other financing income 31,594 1,433 — 33,027 Total revenue 581,497 69,370 1,102 651,969 Property operating expense 56,369 3,481 889 60,739 Other expense 29,222 — 445 29,667 Total investment expenses 85,591 3,481 1,334 90,406 Net operating income - before unallocated items 495,906 65,889 (232) 561,563 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: General and administrative expense (46,371) Severance expense (2,364) Costs associated with loan refinancing or payoff (38,269) Interest expense, net (142,002) Transaction costs (23,789) Impairment charges (2,206) Depreciation and amortization (158,834) Equity in loss from joint ventures (381) Gain on sale of real estate 4,174 Income tax benefit 3,035 Discontinued operations: Income from discontinued operations before other items 37,241 Impairment on public charter school portfolio sale (21,433) Gain on sale of real estate from discontinued operations 31,879 Net income 202,243 Preferred dividend requirements (24,136) Net income available to common shareholders of EPR Properties $ 178,107 For the Year Ended December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 453,721 $ 55,365 $ — $ 509,086 Other income 332 — 1,744 2,076 Mortgage and other financing income 117,171 11,588 — 128,759 Total revenue 571,224 66,953 1,744 639,921 Property operating expense 26,168 2,831 655 29,654 Other expense — — 443 443 Total investment expenses 26,168 2,831 1,098 30,097 Net operating income - before unallocated items 545,056 64,122 646 609,824 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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 (135,870) Transaction costs (3,698) Impairment charges (27,283) Depreciation and amortization (138,395) 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) Discontinued operations: Income from discontinued operations before other items 45,036 Net income 266,983 Preferred dividend requirements (24,142) Net income available to common shareholders of EPR Properties $ 242,841 |
SEC Schedule, Article 12-04, Co
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements | Supplemental Guarantor Financial Information As of December 31, 2020, the Company had outstanding $2.4 billion in aggregate principal amount of unsecured senior notes (excluding the Company's private placement notes), which were registered under the Securities Act of 1933, as amended (the Registered Notes). All of the Registered Notes were issued by the Company and are guaranteed on a joint and several basis by all of the Company's domestic subsidiaries that guarantee the Company's indebtedness under its combined unsecured revolving credit facility and term loan facility and private placement notes (the Guarantor Subsidiaries). See Note 8 for additional information regarding the terms of the Registered Notes. The Company owns, directly or indirectly, 100% of the Guarantor Subsidiaries. The guarantees are senior unsecured obligations of each Guarantor Subsidiary, have equal rank with all existing and future senior debt of each such Guarantor Subsidiary, and are senior to all subordinated debt of such Guarantor Subsidiary. The guarantees are effectively subordinated to any secured debt of each such Guarantor Subsidiary to the extent of the assets securing such debt. Each guarantee is limited so that it does not constitute a fraudulent conveyance under applicable law, which may reduce the Guarantor Subsidiaries' obligations under the guarantees. The guarantees are subject to customary release provisions, including a release upon a sale or other disposition of all the capital stock or all or substantially all of the assets of a Guarantor Subsidiary, the designation of a Guarantor Subsidiary as an unrestricted subsidiary in accordance with the applicable indenture governing the Registered Notes or the release of a Guarantor Subsidiary's guarantee under the Company's combined unsecured revolving credit facility and term loan facility (or replacement thereof), private placement notes and the other then outstanding Registered Notes. The following tables present summarized financial information for the Company and Guarantor Subsidiaries on a combined basis after transactions and balances within the combined entities have been eliminated and excludes investments in and equity earnings in the Company's subsidiaries that do not guarantee the Registered Notes (the Non-Guarantor Subsidiaries). Summarized Financial Information: Summarized Balance Sheet As of December 31, 2020 (Dollars in thousands) Real estate investments, net of accumulated depreciation of $979,269 $ 4,666,835 Total assets 6,488,007 Total liabilities 4,038,101 Excluded from total assets in the table above is $173.7 million o f intercompany notes receivable due to the Company and the Guarantor Subsidiaries from the Non-Guarantor Subsidiaries as of December 31, 2020. Summarized Statement of Loss Year Ended December 31, 2020 (Dollars in thousands) Total revenue $ 382,799 Loss from continuing operations (93,257) Net loss (93,257) Net loss available to common shareholders of EPR Properties (117,393) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2020 (Dollars in thousands) Description Balance at Additions Deductions Balance at Reserve for Doubtful Accounts $ 407 $ — $ (344) $ 63 Allowance for Credit Losses — 32,858 — 32,858 See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2019 (Dollars in thousands) Description Balance at Additions Deductions Balance at Reserve for Doubtful Accounts $ 2,899 $ 633 $ (3,125) $ 407 Allowance for Credit Losses — — — — See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2018 (Dollars in thousands) Description Balance at Additions Deductions Balance at Reserve for Doubtful Accounts $ 7,485 $ 2,851 $ (7,437) $ 2,899 Allowance for Credit 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, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Theatres Omaha, NE $ — $ 5,215 $ 16,700 $ (17,967) $ 1,705 $ 2,243 $ 3,948 $ — 11/97 40 years Sugar Land, TX — — 19,100 4,152 — 23,252 23,252 (11,301) 11/97 40 years San Antonio, TX — 3,006 13,662 8,455 3,006 22,117 25,123 (9,905) 11/97 40 years Columbus, OH — — 12,685 573 — 13,258 13,258 (7,144) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (9,016) 11/97 40 years Ontario, CA — 5,521 19,449 7,130 5,521 26,579 32,100 (12,033) 11/97 40 years Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (11,271) 11/97 40 years Creve Coeur, MO — 4,985 12,601 (10,818) 1,736 5,033 6,769 — 11/97 33 years Leawood, KS — 3,714 12,086 4,110 3,714 16,196 19,910 (7,602) 11/97 40 years Dallas, TX — 3,060 15,281 (7,890) 1,765 8,686 10,451 — 11/97 40 years Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (12,359) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (16,755) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (12,838) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (14,855) 06/98 40 years Pompano Beach, FL — 6,771 9,899 10,984 6,771 20,883 27,654 (13,689) 08/98 24 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (3,956) 08/98 40 years Davie, FL — 2,000 13,000 11,512 2,000 24,512 26,512 (12,167) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (7,700) 12/98 40 years Boise, ID — — 16,003 400 — 16,403 16,403 (8,806) 12/98 40 years Cary, NC — 3,352 11,653 3,091 3,352 14,744 18,096 (6,690) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (8,204) 06/99 40 years Metairie, LA — — 11,740 3,049 — 14,789 14,789 (5,877) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (6,978) 03/02 40 years Hammond, LA — 2,404 6,780 1,607 1,839 8,952 10,791 (3,369) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (3,192) 03/02 40 years Harvey, LA — 4,378 12,330 3,735 4,266 16,177 20,443 (6,246) 03/02 40 years Greenville, SC — 1,660 7,570 473 1,660 8,043 9,703 (3,610) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (11,705) 06/02 40 years Olathe, KS — 4,000 15,935 2,558 3,042 19,451 22,493 (9,133) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (8,069) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (10,053) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (3,612) 12/02 40 years Macon, GA — 1,982 5,056 — 1,982 5,056 7,038 (2,244) 03/03 40 years Southfield, MI — 8,000 20,518 4,092 5,794 26,816 32,610 (26,817) 05/03 15 years Lawrence, KS — 1,500 3,526 2,017 1,500 5,543 7,043 (1,871) 06/03 40 years Columbia, SC — 1,000 10,534 339 1,000 10,873 11,873 (3,776) 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 (7,170) 03/04 40 years Hamilton, NJ — 4,869 18,143 93 4,869 18,236 23,105 (7,597) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (7,441) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (4,587) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (4,251) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (5,138) 11/04 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (3,660) 12/04 40 years D'Iberville, MS — 2,001 8,043 3,612 808 12,848 13,656 (4,418) 12/04 40 years Wilmington, NC — 1,650 7,047 3,033 1,650 10,080 11,730 (3,172) 02/05 40 years Chattanooga, TN — 2,799 11,467 — 2,799 11,467 14,266 (4,539) 03/05 40 years Conroe, TX — 1,836 8,230 2,304 1,836 10,534 12,370 (3,314) 06/05 40 years Indianapolis, IN — 1,481 4,565 2,375 1,481 6,940 8,421 (2,109) 06/05 40 years Hattiesburg, MS — 1,978 7,733 4,720 1,978 12,453 14,431 (4,107) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,437) 12/05 40 years Auburn, CA — 2,178 6,185 (65) 2,113 6,185 8,298 (2,332) 12/05 40 years Fresno, CA — 7,600 11,613 2,894 7,600 14,507 22,107 (6,113) 12/05 40 years Modesto, CA — 2,542 3,910 1,889 2,542 5,799 8,341 (1,726) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (4,500) 03/06 40 years Garland, TX — 8,028 14,825 — 8,028 14,825 22,853 (5,467) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (2,530) 04/06 40 years Winston Salem, NC — — 12,153 4,188 — 16,341 16,341 (5,393) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (5,304) 08/06 40 years Kalamazoo, MI — 5,125 12,216 (15,931) 370 1,040 1,410 — 11/06 17 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (5,285) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (4,025) 12/06 40 years Panama City Beach, FL — 6,486 11,156 2,704 6,486 13,860 20,346 (3,918) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (2,441) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (6,270) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (3,220) 10/08 40 years Ypsilanti, MI — 4,716 227 2,817 4,716 3,044 7,760 (345) 12/09 40 years Manchester, CT — 3,628 11,474 2,315 3,628 13,789 17,417 (3,299) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (486) 12/09 40 years Davenport, IA — 3,599 6,068 2,265 3,564 8,368 11,932 (1,897) 12/09 40 years Fairfax, VA — 2,630 11,791 2,000 2,630 13,791 16,421 (3,441) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (474) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (1,297) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (1,070) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,565) 12/09 40 years Okolona, KY — 5,379 3,311 2,000 5,379 5,311 10,690 (1,034) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (2,644) 12/09 40 years Louisville, KY — 4,979 6,567 (1,046) 3,933 6,567 10,500 (1,806) 12/09 40 years Beaver Creek, OH — 1,578 6,630 1,700 1,578 8,330 9,908 (1,941) 12/09 40 years West Springfield, MA — 2,540 3,755 2,650 2,540 6,405 8,945 (1,197) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (586) 12/09 40 years Pasadena, TX — 2,951 10,684 1,759 2,951 12,443 15,394 (2,922) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (517) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (871) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (1,621) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (1,187) 06/10 40 years Redding, CA — 2,044 4,500 1,177 2,044 5,677 7,721 (1,256) 06/10 40 years Pueblo, CO — 2,238 5,162 1,265 2,238 6,427 8,665 (1,438) 06/10 40 years Beaumont, TX — 1,065 11,669 1,644 1,065 13,313 14,378 (3,230) 06/10 40 years Pflugerville, TX — 4,356 11,533 2,056 4,356 13,589 17,945 (3,227) 06/10 40 years Houston, TX — 4,109 9,739 2,617 4,109 12,356 16,465 (2,683) 06/10 40 years El Paso, TX — 4,598 13,207 2,296 4,598 15,503 20,101 (3,652) 06/10 40 years Colorado Springs, CO — 4,134 11,220 1,427 2,938 13,843 16,781 (3,218) 06/10 40 years Hooksett, NH — 2,639 11,605 1,254 2,639 12,859 15,498 (2,925) 03/11 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Saco, ME — 1,508 3,826 1,124 1,508 4,950 6,458 (1,005) 03/11 40 years Merrimack, NH — 3,160 5,642 — 3,160 5,642 8,802 (1,387) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (1,750) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (1,026) 04/11 40 years Dallas, TX — — 12,146 (11,086) — 1,060 1,060 (24) 03/12 30 years Albuquerque, NM — — 13,733 — — 13,733 13,733 (2,432) 06/12 40 years Southern Pines, NC — 1,709 4,747 3,705 1,709 8,452 10,161 (1,126) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (1,182) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (1,683) 09/12 40 years Gainesville, VA — — 10,846 — — 10,846 10,846 (1,921) 02/13 40 years Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (2,307) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (296) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (1,717) 09/13 40 years Tampa, FL — 1,700 23,483 3,648 1,579 27,252 28,831 (6,358) 10/13 40 years Warrenville, IL — 14,000 17,318 (5,417) 8,270 17,631 25,901 (4,095) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (1,614) 08/13 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (1,455) 11/12 40 years Bedford, IN — 349 1,594 — 349 1,594 1,943 (305) 04/14 40 years Seymour, IN — 1,028 2,291 — 1,028 2,291 3,319 (411) 04/14 40 years Wilder, KY — 983 11,233 2,004 983 13,237 14,220 (2,185) 04/14 40 years Bowling Green, KY — 1,241 10,222 — 1,241 10,222 11,463 (1,814) 04/14 40 years New Albany, IN — 2,461 14,807 — 2,461 14,807 17,268 (2,575) 04/14 40 years Clarksville, TN — 3,764 16,769 4,706 3,764 21,475 25,239 (3,265) 04/14 40 years Williamsport, PA — 2,243 6,684 — 2,243 6,684 8,927 (1,225) 04/14 40 years Noblesville, IN — 886 7,453 2,019 886 9,472 10,358 (1,505) 04/14 40 years Moline, IL — 1,963 10,183 — 1,963 10,183 12,146 (1,793) 04/14 40 years O'Fallon, MO — 1,046 7,342 — 1,046 7,342 8,388 (1,285) 04/14 40 years McDonough, GA — 2,235 16,842 — 2,235 16,842 19,077 (2,955) 04/14 40 years Sterling Heights, MI — 10,849 — (404) 10,257 188 10,445 (74) 12/14 15 years Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (945) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (1,011) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (4,919) 05/15 25 years Denham Springs, LA — — 5,093 4,162 — 9,255 9,255 (1,016) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (3,129) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (986) 12/15 40 years Corpus, Christi, TX — 1,286 8,252 — 1,286 8,252 9,538 (808) 12/15 40 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (991) 06/16 25 years Franklin, TN — 10,158 17,549 9,018 10,158 26,567 36,725 (4,662) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (3,186) 06/16 25 years El Paso, TX — 2,957 10,961 3,905 2,957 14,866 17,823 (2,536) 06/16 25 years Edinburg, TX — 1,982 16,964 5,680 1,982 22,644 24,626 (3,919) 06/16 25 years Hendersonville, TN — 2,784 8,034 4,160 2,784 12,194 14,978 (1,565) 07/16 30 years Houston, TX — 965 10,002 — 965 10,002 10,967 (1,000) 10/16 40 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (1,918) 11/16 30 years Fort Worth, TX — — 11,385 — — 11,385 11,385 (735) 02/17 40 years Fort Wayne, IN — 1,926 11,054 — 1,926 11,054 12,980 (1,597) 05/17 27 years Wichita, KS — 267 7,535 — 267 7,535 7,802 (1,174) 05/17 23 years Wichita, KS — 3,132 23,270 — 3,132 23,270 26,402 (3,798) 05/17 23 years Richmond, TX — 7,251 36,534 (27) 7,251 36,507 43,758 (3,402) 08/17 40 years Tomball, TX — 3,416 26,918 — 3,416 26,918 30,334 (2,445) 08/17 40 years Cleveland, OH — 2,671 17,526 — 2,671 17,526 20,197 (2,622) 08/17 25 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Little Rock, AR — 1,789 10,780 — 1,789 10,780 12,569 (900) 01/18 40 years Conway, AR — 1,316 5,553 — 1,316 5,553 6,869 (573) 03/18 30 years Lynbrook, NY — 1,753 28,400 — 1,753 28,400 30,153 (1,816) 06/18 40 years Long Island, NY — — 12,479 267 — 12,746 12,746 (1,144) 12/18 25 years Brandywine, MD — 5,251 10,520 — 5,251 10,520 15,771 (636) 03/19 34 years Cincinnati, OH — 2,831 11,430 — 2,831 11,430 14,261 (657) 03/19 35 years Louisville, KY — 3,726 27,312 — 3,726 27,312 31,038 (1,319) 03/19 40 years Riverview, FL — 2,339 15,901 — 2,339 15,901 18,240 (843) 03/19 37 years Savoy, IL — 1,938 10,554 184 1,938 10,738 12,676 (888) 06/19 25 years Dublin, CA — 15,662 25,496 — 15,662 25,496 41,158 (1,576) 06/19 30 years Ontario, CA — 8,019 15,708 — 8,019 15,708 23,727 (1,156) 06/19 24 years Columbia, SC — 7,009 17,318 — 7,009 17,318 24,327 (764) 06/19 40 years Columbia, MD — 12,642 14,152 — 12,642 14,152 26,794 (822) 06/19 34 years Charlotte, NC — 4,257 15,121 — 4,257 15,121 19,378 (784) 06/19 35 years Foothill Ranch, CA — 7,653 14,090 — 7,653 14,090 21,743 (1,074) 06/19 29 years Wilsonville, OR — 2,742 1,301 — 2,742 1,301 4,043 (233) 06/19 23 years Raleigh, NC — 5,376 12,516 — 5,376 12,516 17,892 (811) 06/19 30 years Gastonia, NC — 4,039 9,199 — 4,039 9,199 13,238 (607) 06/19 30 years Abingdon, MD — 4,613 6,171 — 4,613 6,171 10,784 (599) 06/19 24 years Midland, TX — 2,495 12,965 — 2,495 12,965 15,460 (697) 06/19 35 years Port Richey, FL — 1,564 7,103 — 1,564 7,103 8,667 (599) 06/19 26 years Hillsboro, OR — 3,392 5,697 — 3,392 5,697 9,089 (607) 06/19 23 years Woodway, TX — 2,376 7,309 — 2,376 7,309 9,685 (648) 06/19 24 years San Jacinto, CA — 1,960 5,073 — 1,960 5,073 7,033 (461) 06/19 23 years Albany, OR — 2,049 3,920 — 2,049 3,920 5,969 (293) 06/19 30 years Lake City, FL — 1,257 4,756 — 1,257 4,756 6,013 (364) 06/19 27 years Anderson, SC — 1,554 3,948 — 1,554 3,948 5,502 (362) 06/19 24 years New Hartford, NY — 946 11,985 — 946 11,985 12,931 (542) 10/19 31 years Columbus, OH — 5,211 14,179 571 5,211 14,750 19,961 (680) 10/19 38 years Kenner, LA — 5,299 14,000 — 5,299 14,000 19,299 (1,279) 10/19 34 years Marana, AZ — 2,384 5,438 — 2,384 5,438 7,822 (309) 12/19 28 years Bluffton, SC — 1,912 3,053 110 1,912 3,163 5,075 (155) 03/20 25 years Cherry Hill, NJ — 5,038 9,206 — 5,038 9,206 14,244 (554) 03/20 25 years Eat & Play Westminster, CO — 6,205 12,600 21,139 4,998 34,946 39,944 (20,119) 12/01 40 years Westminster, CO — 5,850 17,314 4,257 5,850 21,571 27,421 (8,751) 06/99 40 years Houston, TX — 3,653 1,365 (1,531) 3,408 79 3,487 (24) 05/00 40 years New Rochelle, NY — 6,100 97,696 11,796 6,100 109,492 115,592 (47,894) 10/03 40 years Kanata, ON — 10,044 36,630 33,206 9,896 69,984 79,880 (27,311) 03/04 40 years Mississagua, ON — 9,221 17,593 23,765 11,947 38,632 50,579 (13,286) 03/04 40 years Oakville, ON — 10,044 23,646 10,576 9,896 34,370 44,266 (14,113) 03/04 40 years Whitby, ON — 10,202 21,960 29,075 12,913 48,324 61,237 (18,262) 03/04 40 years Burbank, CA — 16,584 35,016 12,618 16,584 47,634 64,218 (16,659) 03/05 40 years Northbrook, IL — — 7,025 586 — 7,611 7,611 (1,730) 07/11 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (3,329) 02/12 29 years Dallas, TX — — 10,007 1,771 — 11,778 11,778 (3,378) 02/12 30 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (1,731) 03/12 40 years Jacksonville, FL — 4,510 5,061 4,748 4,510 9,809 14,319 (3,136) 02/12 30 years Indianapolis, IN — 4,298 6,320 (4,754) 1,813 4,051 5,864 (716) 02/12 40 years Houston, TX — — 12,403 394 — 12,797 12,797 (2,700) 09/12 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Colony, TX — 4,004 13,665 (240) 4,004 13,425 17,429 (2,349) 12/12 40 years Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (2,700) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (2,753) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (2,420) 07/13 40 years Warrenville, IL — — 6,469 9,625 2,906 13,188 16,094 (3,417) 10/13 40 years San Antonio, TX — — 15,976 79 — 16,055 16,055 (2,334) 12/13 40 years Tampa, FL — — 15,726 (67) — 15,659 15,659 (2,453) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267) 4,735 15,863 20,598 (2,379) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (2,376) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (2,596) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (2,341) 06/14 40 years Ashburn VA — — 16,873 101 — 16,974 16,974 (2,253) 06/14 40 years Naperville, IL — 8,824 20,279 (665) 8,824 19,614 28,438 (2,615) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252) 3,086 16,169 19,255 (2,223) 09/14 40 years Webster, TX — 5,631 17,732 927 5,338 18,952 24,290 (2,428) 11/14 40 years Virginia Beach, VA — 6,948 18,715 (304) 6,348 19,011 25,359 (2,373) 12/14 40 years Edison, NJ — — 22,792 1,489 — 24,281 24,281 (2,418) 04/15 40 years Jacksonville, FL — 6,732 21,823 (1,201) 6,732 20,622 27,354 (2,177) 09/15 40 years Roseville, CA — 6,868 23,959 (1,928) 6,868 22,031 28,899 (2,367) 10/15 30 years Portland, OR — — 23,466 (541) — 22,925 22,925 (2,520) 11/15 40 years Orlando, FL — 8,586 22,493 1,120 8,586 23,613 32,199 (2,030) 01/16 40 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (2,008) 02/16 35 years Charlotte, NC — 4,676 21,422 (867) 4,676 20,555 25,231 (1,936) 04/16 40 years Orlando, FL — 9,382 16,225 58 9,382 16,283 25,665 (1,323) 05/16 40 years Stapleton, CO — 1,062 6,329 — 1,062 6,329 7,391 (602) 05/16 40 years Fort Worth, TX — 4,674 17,537 — 4,674 17,537 22,211 (1,608) 08/16 40 years Nashville, TN — — 26,685 136 — 26,821 26,821 (2,295) 12/16 40 years Dallas, TX — 3,318 7,835 4 3,318 7,839 11,157 (809) 12/16 40 years San Antonio, TX — 6,502 15,338 (628) 6,502 14,710 21,212 (893) 08/17 40 years Cleveland, OH — 2,389 3,546 374 2,389 3,920 6,309 (658) 08/17 25 years Huntsville, AL — 53 17,595 (1,938) 53 15,657 15,710 (1,479) 08/17 40 years El Paso, TX — 2,688 17,373 — 2,688 17,373 20,061 (1,655) 02/18 40 years Pittsburgh, PA — 7,897 21,812 (1,039) 7,897 20,773 28,670 (1,379) 07/18 40 years Philadelphia, PA — 5,484 25,211 97 5,484 25,308 30,792 (1,465) 12/18 40 years Auburn Hills, MI — 4,219 27,704 (2,881) 4,219 24,823 29,042 (1,371) 12/18 40 years Greenville, SC — 6,272 18,240 — 6,272 18,240 24,512 (1,096) 06/18 40 years Thornton, CO — 5,419 23,635 — 5,419 23,635 29,054 (910) 09/18 40 years Eugene, OR — 1,321 — — 1,321 — 1,321 — 06/19 n/a Katy, TX — 5,210 16,247 293 3,492 18,258 21,750 (367) 06/19 40 years Ski Bellfontaine, OH — 5,108 5,994 8,327 5,251 14,178 19,429 (4,900) 11/05 40 years Tannersville, PA — 34,940 34,629 4,377 34,940 39,006 73,946 (17,215) 09/13 40 years McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (7,103) 12/12 40 years Wintergreen, VA — 5,739 16,126 1,927 5,739 18,053 23,792 (5,186) 02/15 40 years Northstar, CA — 48,178 88,532 — 48,178 88,532 136,710 (19,778) 04/17 40 years Northstar, CA — 7,827 18,112 — 7,827 18,112 25,939 (1,938) 04/17 40 years Attractions Denver, CO — 753 6,218 — 753 6,218 6,971 (812) 02/17 30 years Fort Worth, TX — 824 7,066 — 824 7,066 7,890 (883) 03/17 30 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Corfu, NY — 5,112 43,637 2,500 5,112 46,137 51,249 (8,183) 04/17 30 years Oklahoma City, OK — 7,976 17,624 — 7,976 17,624 25,600 (2,747) 04/17 30 years Hot Springs, AR — 3,351 4,967 — 3,351 4,967 8,318 (761) 04/17 30 years Riviera Beach, FL — 17,450 29,713 — 17,450 29,713 47,163 (4,626) 04/17 30 years Oklahoma City, OK — 1,423 18,097 — 1,423 18,097 19,520 (2,911) 04/17 30 years Springs, TX — 18,776 31,402 — 18,776 31,402 50,178 (5,017) 04/17 30 years Glendale, AZ — — 20,514 2,969 — 23,483 23,483 (3,930) 04/17 30 years Kapolei, HI — — 8,351 1,542 — 9,893 9,893 (1,516) 04/17 30 years Federal Way, WA — — 13,949 (12,149) — 1,800 1,800 (99) 04/17 12 years Colony, TX — — 7,617 (567) — 7,050 7,050 (1,770) 04/17 30 years Garland, TX — — 5,601 389 — 5,990 5,990 (1,296) 04/17 30 years Santa Monica, CA — — 13,874 15,717 — 29,591 29,591 (5,058) 04/17 30 years Concord, CA — — 9,808 5,787 — 15,595 15,595 (2,498) 04/17 30 years Tampa, FL — — 8,665 2,493 2,493 8,665 11,158 (963) 08/17 30 years Fort Lauderdale, FL — — 10,816 — — 10,816 10,816 (1,142) 10/17 30 years Experiential Lodging Tannersville, PA — — 120,354 1,615 — 121,969 121,969 (16,462) 05/15 40 years Pagosa Springs, CO — 9,791 15,635 — 9,791 15,635 25,426 (1,903) 06/18 30 years Kiamesha Lake, NY — 34,897 228,462 (5,430) 34,897 223,032 257,929 (18,777) 07/10 30 years Gaming Kiamesha Lake, NY — 155,658 — 19,524 156,785 18,397 175,182 (933) 07/10 n/a Cultural St. Louis, MO — 5,481 41,951 — 5,481 41,951 47,432 (2,976) 12/18 40 years Branson, MO — 1,847 7,599 — 1,847 7,599 9,446 (362) 05/19 40 years Pigeon Forge, TN — 4,849 9,668 — 4,849 9,668 14,517 (466) 05/19 40 years Fitness & Wellness Olathe, KS — 2,417 16,878 — 2,417 16,878 19,295 (2,110) 03/17 30 years Roseville, CA — 1,807 6,082 — 1,807 6,082 7,889 (762) 09/17 30 years Fort Collins, CO — 2,043 5,769 — 2,043 5,769 7,812 (646) 01/18 30 years Early Childhood Education Centers Lake Pleasant, AZ — 986 3,524 902 986 4,426 5,412 (973) 03/13 30 years Goodyear, AZ — 1,308 7,275 222 1,308 7,497 8,805 (1,869) 06/13 30 years Oklahoma City, OK — 1,149 9,839 979 1,149 10,818 11,967 (2,284) 08/13 40 years Coppell, TX — 1,547 10,168 635 1,547 10,803 12,350 (2,422) 09/13 30 years Las Vegas, NV — 944 9,191 373 944 9,564 10,508 (2,250) 09/13 30 years Las Vegas, NV — 985 6,721 466 985 7,187 8,172 (1,717) 09/13 30 years Mesa, AZ — 762 6,987 1,501 762 8,488 9,250 (2,033) 01/14 30 years Gilbert, AZ — 1,295 9,192 316 1,295 9,508 10,803 (2,052) 03/14 30 years Cedar Park, TX — 1,520 10,500 418 1,278 11,160 12,438 (2,189) 07/14 30 years Thornton, CO — 1,384 10,542 339 1,370 10,895 12,265 (2,041) 07/14 30 years Chicago, IL — 1,294 4,375 19 1,294 4,394 5,688 (611) 07/14 30 years Centennial, CO — 1,249 10,771 707 1,249 11,478 12,727 (2,249) 08/14 30 years McKinney, TX — 1,812 12,419 1,841 1,812 14,260 16,072 (2,956) 11/14 30 years Ashburn, VA — 2,289 14,748 — 2,289 14,748 17,037 (2,592) 06/15 30 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation West Chester, OH — 1,807 12,913 455 1,807 13,368 15,175 (2,087) 07/15 30 years Ellisville, MO — 2,465 15,063 — 2,465 15,063 17,528 (2,060) 07/15 30 years Chanhassen, MN — 2,603 15,613 523 2,603 16,136 18,739 (2,360) 08/15 30 years Maple Grove, MN — 3,743 14,927 561 3,743 15,488 19,231 (2,976) 08/15 30 years Carmel, IN — 1,567 12,854 366 1,561 13,226 14,787 (2,153) 09/15 30 years Fishers, IN — 1,226 13,144 832 1,226 13,976 15,202 (1,714) 12/15 30 years Westerville, OH — 2,988 14,339 362 2,988 14,701 17,689 (2,134) 04/16 30 years Las Vegas, NV — 1,476 14,422 (1,287) 1,476 13,135 14,611 (1,998) 06/16 30 years Louisville, KY — 377 1,526 — 377 1,526 1,903 (225) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (148) 08/16 30 years Cheshire, CT — 420 3,650 — 420 3,650 4,070 (477) 11/16 30 years Edina, MN — 1,235 5,493 (323) 1,235 5,170 6,405 (597) 11/16 30 years Eagan, MN — 783 4,833 (286) 783 4,547 5,330 (609) 11/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (279) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (512) 12/16 30 years Schaumburg, IL — 642 4,962 — 642 4,962 5,604 (492) 12/16 30 years Kennesaw, GA — 690 844 — 690 844 1,534 (113) 01/17 30 years Charlotte, NC — 1,200 2,557 — 1,200 2,557 3,757 (233) 01/17 35 years Charlotte, NC — 2,501 2,079 — 2,501 2,079 4,580 (190) 01/17 35 years Richardson, TX — 474 2,046 — 474 2,046 2,520 (195) 01/17 35 years Frisco, TX — 999 3,064 — 999 3,064 4,063 (286) 01/17 35 years Allen, TX — 910 3,719 — 910 3,719 4,629 (355) 01/17 35 years Southlake, TX — 920 2,766 — 920 2,766 3,686 (263) 01/17 35 years Lewis Center, OH — 410 4,285 — 410 4,285 4,695 (379) 01/17 35 years Dublin, OH — 581 4,223 — 581 4,223 4,804 (372) 01/17 35 years Plano, TX — 400 2,647 — 400 2,647 3,047 (258) 01/17 35 years Carrollton, TX — 329 1,389 — 329 1,389 1,718 (139) 01/17 35 years Davenport, FL — 3,000 5,877 — 3,000 5,877 8,877 (538) 01/17 35 years Tallahassee, FL — 952 3,205 — 952 3,205 4,157 (312) 01/17 35 years Sunrise, FL — 1,400 1,856 — 1,400 1,856 3,256 (175) 01/17 35 years Chaska, MN — 328 6,140 — 328 6,140 6,468 (539) 01/17 35 years Loretto, MN — 286 3,511 — 286 3,511 3,797 (319) 01/17 35 years Minneapolis, MN — 920 3,700 — 920 3,700 4,620 (326) 01/17 35 years Wayzata, MN — 810 1,962 — 810 1,962 2,772 (181) 01/17 35 years Plymouth, MN — 1,563 4,905 — 1,563 4,905 6,468 (452) 01/17 35 years Maple Grove, MN — 951 3,291 — 951 3,291 4,242 (298) 01/17 35 years Chula Vista, CA — 210 2,186 — 210 2,186 2,396 (216) 01/17 35 years Lincolnshire, IL — 1,006 4,799 — 1,006 4,799 5,805 (522) 02/17 30 years New Berlin, WI — 368 1,704 — 368 1,704 2,072 (222) 02/17 30 years Oak Creek, WI — 283 1,690 — 283 1,690 1,973 (221) 02/17 30 years Minnetonka, MN — 911 4,833 659 931 5,472 6,403 (689) 03/17 30 years Berlin, CT — 494 2,958 — 494 2,958 3,452 (353) 06/17 30 years Portland, OR — 2,604 585 — 2,604 585 3,189 (58) 01/18 35 years Orlando, FL — 955 4,273 — 955 4,273 5,228 (374) 02/18 35 years McKinney, TX — 1,233 4,447 — 1,233 4,447 5,680 (221) 02/18 30 years Fort Mill, SC — 629 3,957 — 629 3,957 4,586 (280) 09/18 35 years Indian Land, SC — 907 3,784 — 907 3,784 4,691 (285) 09/18 35 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2020 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Sicklerville, NJ — 694 1,876 — 694 1,876 2,570 (135) 06/19 30 years Pennington, NJ — 1,018 2,284 — 1,018 2,284 3,302 (229) 08/19 24 years Private Schools Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (6,433) 02/14 40 years Cumming, GA — 500 6,892 — 500 6,892 7,392 (685) 01/17 35 years Cumming, GA — 325 4,898 — 325 4,898 5,223 (501) 01/17 35 years Henderson, NV — 1,400 6,914 — 1,400 6,914 8,314 (670) 01/17 35 years Atlanta, GA — 2,001 5,989 — 2,001 5,989 7,990 (525) 01/17 35 years Pearland, TX — 2,360 9,292 — 2,360 9,292 11,652 (864) 01/17 35 years Pearland, TX — 372 2,568 — 372 2,568 2,940 (235) 01/17 35 years Palm Harbor, FL — 1,490 1,400 — 1,490 1,400 2,890 (136) 01/17 35 years Mason, OH — 975 11,243 — 975 11,243 12,218 (985) 01/17 35 years Property under development — 57,630 — — 57,630 — 57,630 — n/a n/a Land held for development — 23,225 — — 23,225 — 23,225 — n/a n/a Senior unsecured notes payable and term loan 3,705,000 — — — — — — — n/a n/a Less: deferred financing costs, net (35,552) — — — — — — — Total $ 3,694,443 $ 1,344,707 $ 4,295,921 $ 353,615 $ 1,323,518 $ 4,670,726 $ 5,994,244 $ (1,062,087) Real Estate Investments: Reconciliation: Balance at beginning of the year $ 6,251,398 Acquisition and development of real estate investments during the year 74,710 Disposition of real estate investments during the year (193,258) Impairment of real estate investments during the year (138,606) Balance at close of year $ 5,994,244 Accumulated Depreciation: Reconciliation: Balance at beginning of the year $ 989,254 Depreciation during the year 164,256 Disposition of real estate investments during the year (23,465) Impairment of real estate investments during the year (67,958) Balance at close of year $ 1,062,087 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
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. Risks and Uncertainties On March 11, 2020, the World Health Organization declared a novel strain of coronavirus (COVID-19) a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as information is rapidly evolving. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving and many jurisdictions within the United States and abroad reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic has severely impacted experiential real estate properties, given that such properties involve congregate social activity and discretionary consumer spending . Substantially all the Company's non-theatre locations and many of the Company's theatre locations have re-opened as of December 31, 2020. However, certain theatre locations remain closed due to local restrictions or operator decision to close as a result of the impact of the COVID-19 pandemic, specifically the decision by many movie studios to delay the release of blockbuster movies in hopes that larger audiences will be available as additional markets open. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of f actors, including, but not limited to, the scope, severity and duration of the pandemic, the actions taken to contain the outbreak or mitigate its impact, the development and distribution of vaccines and the efficacy of those vaccines, the public’s confidence in the health and safety measures implemented by the Company's tenants and borrowers, and the direct and indirect economic effects of the outbreak and containment measures, all of which are uncertain and cannot be predicted. During 2020, the COVID-19 pandemic negatively affected the Company's business, and could continue to have material, adverse effects on the Company's financial condition, results of operations and cash flows. The Company’s consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods pres ented. The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used in determining the Company’s financial condition and results of operations for the year ended December 31, 2020. The following were adverse impacts to its financial statements and business during the year ended December 31, 2020: • The Company wrote-off receivables from tenants and straight-line rent receivables totaling $65.1 million directly to rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income upon determination that the collectibility of these receivables or future lease payments from these tenants were no longer probable. Additionally, the Company determined that future rental revenue related to these tenants, including American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group, will be recognized on a cash basis. The straight line rent receivable represented $38.0 million of this write-off and was comprised of $26.5 million of straight-line rent receivable and $11.5 million of sub-lessor ground lease straight-line rent receivable. • The Company reduced rental revenue by $13.6 million due to rent abatements. • The Company deferred approximately $76.0 million of amounts due from tenants and $3.4 million due from borrowers that were booked as receivables. Additionally, the Company has amounts due from tenants that were not booked as receivables as the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. The amounts not booked as receivables remain obligations of the tenants and will be recognized as revenue when received. The repayment terms for all of these deferments vary by tenant or borrower. • The Company recognized $85.7 million in impairment charges during the year ended December 31, 2020, which was comprised of $70.7 million of impairments of real estate investments, and $15.0 million of impairments of operating lease right-of-use assets. The Company also recognized impairment charges on joint ventures of $3.2 million related to its equity investments in three theatre projects located in China. • The Company increased its expected credit losses by $30.7 million from its im plementation estimate of $2.2 million. This increase was primarily due to credit loss expense related to fully reserving the outstanding pr incipal balance of $12.6 million and unfunded commitment to fund $12.9 million , totaling $25.5 million , related to notes receivable from one borrower, as a result of recent changes in the borrower's financial status due to the impact of the COVID-19 pandemic. The remaining increase was due to economic uncertainty and the rapidly changing environment surrounding the pandemic. • The Company recognized a full valuatio n allowance of $18.0 million during the third quarter 2020 on the Company's net deferred tax assets related to the Company's taxable REIT subsidiary (TRS) and Canadian tax paying entity as a result of the uncertainty of realization caused by the impact of the COVID-19 pandemic. At December 31, 2020, the Company had a valuation allowance totaling $24.9 million on its net deferred tax assets. • On March 20, 2020, the Company borrowed $750.0 million under its unsecured revolving credit facility as a precautionary measure to increase the Company's cash position and preserve financial flexibility given the global uncertainty caused by the COVID-19 pandemic. On December 30, 2020, the Company paid down its revolving credit facility by $160.0 million, following the sale of six private schools and four early childhood education centers. Subsequent to year-end, the Company paid down an additional $500.0 million on its revolving credit facility. • The Company amended the agreement which governs its unsecured revolving credit facility and its unsecured term loan facility (Consolidated Credit Agreement) and the agreement which governs its private placement notes (Note Purchase Agreement). The amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under these debt agreements during the Covenant Relief Period in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company pays higher interest costs during the Covenant Relief Period. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on making investments, incurring indebtedness, making capital expenditures, paying dividends or making other distributions, repurchasing the Company's shares, voluntarily prepaying certain indebtedness, encumbering certain assets and maintaining a minimum liquidity amount, in each case subject to certain exceptions. See Note 8 for additional details. The term "Covenant Relief Period," as used in these notes to consolidated financial statements, generally means the period of time beginning on June 29, 2020 and ending on (i) December 31, 2021, in the case of the Company's Consolidated Credit Agreement, or (ii) October 1, 2021 (subject to extension to January 1, 2022 at the Company's election, subject to certain conditions), in the case of the Company's Note Purchase Agreement governing its private placement notes. The Company has the right under certain circumstances to terminate the Covenant Relief Period earlier. • In connection with the loan amendments discussed above, certain of the Company's key subsidiaries guaranteed the Company's obligations based on the Company's unsecured debt ratings. If the Company's unsecured debt rating is further downgraded by Moody's, it will be required to pledge the equity interest in certain subsidiary guarantors to secure its obligations under its unsecured credit facilities and private placement notes. See Note 8 for additional details. On June 29, 2020, the effective date of the loan amendments discussed above, the Company suspended its share repurchase plan. Prior to the effective date, during the year ended December 31, 2020, the Company repurchased 4,066,716 common shares under the share repurchase program for approximately $106.0 million. The repurchases were made under a Rule 10b5-1 trading plan. The monthly cash dividends to common shareholders were suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The suspension of the monthly cash dividend to common shareholders will continue through the Covenant Relief Period, except as may be necessary to maintain REIT status and to not owe income tax. On July 31, 2020, the Company entered into a Forbearance Agreement (the Forbearance Agreement), a Master Lease Agreement (the Master Lease) and seven amended lease agreements (the Transitional Leases and collectively with the Master Lease, the Leases) with AMC, its affiliate tenants of the Company (AMC and such affiliates, collectively, AMC Tenant), and AMC Entertainment Holdings, Inc. (Guarantor), relating to all 53 properties leased to AMC Tenant (the Leased Properties) on the date the agreement was executed. These agreements restructured the then-existing lease terms for the Leased Properties in light of the continuing impact of the COVID-19 pandemic on AMC Tenant's operations. Effective July 1, 2020, the Leased Properties are leased to AMC Tenant pursuant to the following leases: • Master Lease relating to 46 Leased Properties (the Master Lease Properties); and • Seven Transitional Leases relating to seven Leased Properties (the Transitional Propert ies). These leases were subsequently terminated by the Company during 2020. In addition, AMC Tenant and the Company entered into the following related agreements: • Security Agreement granting to the Company a security interest subordinated to AMC's secured credit agreements and indentures in all of AMC Tenant’s property located at the Leased Properties to secure AMC Tenant’s obligations to the Company under the Forbearance Agreement and the Leases; • Guaranty providing a guaranty by Guarantor of AMC Tenant’s obligations to the Company under the Forbearance Agreement and the Leases; and • Capital Improvements Agreement providing a financial mechanism for the Company to provide AMC Tenant with up to $35 million of funds to complete improvements to the Master Lease Properties in exchange for increased annual fixed rent. The prior leases for the 46 Master Lease Properties were replaced with a single Master Lease. The Company agreed to reduce total annual fixed rent on the 46 Master Lease Properties by approximately $19.4 million to approximately $87.8 million (including approximately $6.8 million of ground rent and the repayment of deferral amounts for the months of April, May and June 2020 which the Company had agreed to defer and amortize as part of fixed rent over the first 14 years of the Master Lease term). The Master Lease Properties have been divided into four tranches, with the initial term of each tranche expiring on a different date: June 30, 2034, June 30, 2035, June 30, 2036 and June 30, 2037. The AMC Tenant may exercise up to three 5-year extensions for each tranche. If AMC Tenant elects not to exercise an extension option with respect to a tranche, fixed rent will be reduced by the fair market rental value of Master Lease Properties included in such tranche at that time, determined in accordance with the Master Lease. Upon the expiration of the initial term of each tranche or expiration of any extension option of each tranche and the election by AMC Tenant to further extend the term of such tranche, AMC Tenant may elect to remove up to two Master Lease Properties included in the tranche, which will result in a reduction in the annual fixed rent equal to the fair market rental value of such removed Master Lease Properties at that time, determined in accordance with the Master Lease. AMC Tenant may not remove more than 10 Master Lease Properties in total and not more than three Master Lease Properties per tranche during the entirety of the Master Lease term. Pursuant to the Leases and the Forbearance Agreement, commencing on July 1, 2020 and continuing through December 31, 2020, in lieu of monthly fixed rent AMC Tenant agreed to pay percentage rent of 15% of total gross receipts during such month, not to exceed the deferred monthly fixed rent for the Leased Properties. The difference between the scheduled monthly fixed rent and the percentage rent actually paid to the Company for the Master Lease became additional deferred rent that, beginning in February 2021, will be added to fixed cash rent and amortized over the remaining portion of the first 14 years of the term of the Master Lease and beginning January 2021 will be rent due related to the Transitional Leases amortized over the prior lease terms. Accordingly, the new annual contractual rent under the Master Lease will increase from $87.8 million to $90.7 million by February 2021 (including approximately $4.9 million of ground rent). The Leases are triple-net leases requiring AMC Tenant to be responsible at all times for taxes, assessments, maintenance and operating costs, common area charges, association fees, ground rent, insurance premiums, utility charges and similar pass-through charges. Fixed rent of the Master Lease (excluding the portion attributable to deferred rent) will increase by 7.5% every five years during the term and any extensions. Each lease for the seven Transitional Properties was amended by the parties. The Company agreed to reduce the aggregate annual fixed rent on the Transitional Properties by approximately $6.2 million to approximately $8.1 million (including approximately $1.2 million of ground rent and the repayment of deferral amounts for the months of April, May and June 2020 which the Company had agreed to defer and amortize as part of fixed rent over the remaining terms of the new leases). The Company had the right to terminate each Transitional Lease by giving the AMC Tenant 90 days' prior notice of termination. Upon termination of a Transitional Lease by the Company, AMC Tenant agreed to (1) cooperate with the Company in transitioning the applicable Transitional Property to a new operator to ensure seamless transfer of management and re-branding, and (2) transfer certain property, including fixtures, furnishings and equipment, located or used at the applicable Transitional Property in exchange for a credit to the unpaid deferred amount due under the Transitional Lease. Prior to December 31, 2020, the Company terminated all Transitional Leases with AMC. The total amount deferred under each Transitional Lease prior to the Company terminating these agreements is still due by AMC and is scheduled to be paid over what would have been the remaining terms of the related property leases. In March 2020, the Company's employees transitioned to a fully remote work force to protect the safety and well-being of the Company's personnel. The Company's prior investments in technology, business continuity planning and cyber-security protocols have enabled the Company to continue working with limited operational impacts. Variable Interest Entities 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 FASB ASC Topic on Consolidation (Topic 810), but can exercise significant influence over the entity with respect to its operations and major decisions. 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. As of December 31, 2020 and 2019, the Company does not have any investments in consolidated VIEs. 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 U.S. generally accepted accounting principles (GAAP). Actual results could differ from those estimates. Real Estate Investments Real estate investments are carried at initial recorded value less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. In addition, the Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 years to 40 years for buildings, three years to 25 years for furniture, fixtures and equipment and 10 years to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the lease term or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Management reviews the Company's real estate investments, including operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable, which 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. 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 and identified intangible assets and liabilities 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 and identified intangible assets and liabilities as well as any noncontrolling interest. Acquisition-related costs in connection with business combinations are expensed as incurred and included in transaction costs in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. In addition to acquisition-related costs in connection with business combinations, transaction costs include costs associated with terminated transactions, pre-opening costs and certain leasing and tenant transition costs. Transaction costs expensed totaled $5.4 million, $23.8 million and $3.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. For real estate acquisitions (asset acquisitions or business combinations), the fair value (or relative fair value in an asset acquisition) of the tangible assets is determined by valuing the property using recent independent appraisals or methods similar to those used by independent appraisers. Land is valued using the sales comparison approach which uses available market data from recent comparable land sales as an input to estimate the fair value. Site improvements and tenant improvements are valued using the cost approach which uses replacement cost data obtained from industry recognized guides less depreciation as an input to estimate the fair value. The building is valued either using the cost approach described above or a combination of the cost and the income approach. The income approach uses market leasing assumptions to estimate the fair value of the property as if vacant. The cost and income approaches are reconciled to arrive at an estimated building fair value. 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 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 and below-market leases, management considers such differences over the lease terms. The capitalized above-market lease values are amortized as a reduction of rental income over the lease terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the lease terms of the respective leases. The lease term includes the minimum base term plus any extension options that are reasonably certain to be exercised. 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 real estate investments 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): 2020 2019 Assets: In-place leases, net of accumulated amortization of $13.9 million and $10.8 million, respectively $ 21,684 $ 24,528 Above-market lease, net of accumulated amortization of $1.2 million and $1.1 million, respectively 354 71 Tradenames, net of accumulated amortization of $317 thousand and $184 thousand, respectively (1) 8,847 8,980 Contract value, net of accumulated amortization of $914 thousand and $548 thousand, respectively 10,054 10,420 Goodwill 693 693 Total intangible assets, net $ 41,632 $ 44,692 Liabilities: Below-market lease, net of accumulated amortization of $1.5 million and $1.1 million, respectively $ 8,397 $ 8,934 (1) At December 31, 2020 and 2019, $5.4 million in tradenames had indefinite lives and were not amortized. Aggregate lease intangible amortization included in expense was $5.6 million , $3.7 million and $2.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.5 million , $0.4 million and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2020 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2021 $ 3,283 $ 133 $ 365 $ 51 $ (456) 2022 2,658 133 365 46 (437) 2023 2,654 133 365 46 (415) 2024 2,095 133 365 46 (396) 2025 2,085 133 365 46 (387) Thereafter 8,909 2,827 8,229 119 (6,306) Total $ 21,684 $ 3,492 $ 10,054 $ 354 $ (8,397) Weighted average amortization period (years) 11.2 27.2 27.5 7.5 30.1 (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 o f $35.6 million a nd $37.2 million as of December 31, 2020 and 2019, respectively, are shown as a reduction of debt. The deferred financing c osts of $4.8 million an d $3.5 million as of December 31, 2020 and 2019, respectively, related to the unsecured revolving credit facility are included in other assets. Reportable Segments The Company has two reportable operating segments: Experiential and Education. The Experiential segment includes the following property types: theatres, eat & play (including seven theatres located in entertainment districts), attractions, ski, experiential lodging, gaming, cultural and fitness & wellness. The Education segment includes the following property types: early childhood education centers and private schools. See Note 19 for financial information related to these reportable segments. Rental Revenue The Company leases real estate to its tenants primarily under leases that are predominately classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to extend the lease, which are not included in the minimum lease terms unless it is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the year ended December 31, 2020, the Company recognized straight-line write-offs totaling $38.0 million, which were comprised of $26.5 million of straight-line accounts receivable and $11.5 million of sub-lessor ground lease straight-line accounts receivable. Straight-line rental revenue, net of write-offs, was a reduction to total rental revenue of $24.5 million f or the year ended December 31, 2020. For the year ended December 31, 2019, the Company recognized straight-line write-offs of $1.4 million (of which $1.2 million has been classified within discontinued operations). There were no straight-line write-offs recognized during the year ended December 31, 2018. For the years ended December 31, 2019 and 2018, the Company recognized straight-line rental revenue, net of write-offs of $13.6 million (of which $3.0 million has been classified within discontinued operations) and $10.2 million (of which $5.5 million has been classified within discontinued operations), respectively. Substantially all the Company's customers' operations were temporarily closed for a portion of the year ended December 31, 2020, as a result of the COVID-19 pandemic. Many of the Company's non-theatre locations have re-opened. Howev er, certain o f the Company's theatre locations remain closed due to local restrictions or operator decision to close as a result of the impact of the COVID-19 pandemic, specifically the decision by many movie studios to delay the release of films. In response, the Company has agreed to defer rent for a substantial portion of its customers. On April 10, 2020, the FASB issued a Staff Q&A on Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. In reliance upon the FASB Staff Q&A, the Company has not treated qualifying deferrals or rent concessions during the period effected by the COVID-19 pandemic as lease modifications. While deferments for this and future periods delay rent payments, these deferments generally do not release customers from the obligation to pay the deferred amounts in the future. Deferred rent amounts are reflected in the Company's financial statements as accounts receivable if collection is determined to be probable or recognized when received as variable lease payments if collection is determined to not be probable. Certain agreements with tenants where remaining lease terms are extended, or other changes are made that do not qualify for the treatment in the FASB Staff Q&A, are treated as lease modifications. In these circumstances, upon an executed lease modification, if the tenant is not being recognized on a cash basis, the contractual rent reflected in accounts receivable and straight-line rent receivable will be amortized over the remaining term of the lease against rental revenue. In limited cases, customers may be entitled to the abatement of rent during governmentally imposed prohibitions on business operations which is recognized in the period to which it relates, or the Company may provide rent concessions to tenants. In cases where the Company provides concessions to tenants to which they are not otherwise entitled, those amounts will be recog |
Principles of Consolidation | Variable Interest Entities 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 FASB ASC Topic on Consolidation (Topic 810), but can exercise significant 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 U.S. generally accepted accounting principles (GAAP). Actual results could differ from those estimates. |
Rental Properties | Real estate investments are carried at initial recorded value less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. In addition, the Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 years to 40 years for buildings, three years to 25 years for furniture, fixtures and equipment and 10 years to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the lease term or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Management reviews the Company's real estate investments, including operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable, which 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. 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 and identified intangible assets and liabilities 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 and identified intangible assets and liabilities as well as any noncontrolling interest. Acquisition-related costs in connection with business combinations are expensed as incurred and included in transaction costs in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. In addition to acquisition-related costs in connection with business combinations, transaction costs include costs associated with terminated transactions, pre-opening costs and certain leasing and tenant transition costs. Transaction costs expensed totaled $5.4 million, $23.8 million and $3.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. For real estate acquisitions (asset acquisitions or business combinations), the fair value (or relative fair value in an asset acquisition) of the tangible assets is determined by valuing the property using recent independent appraisals or methods similar to those used by independent appraisers. Land is valued using the sales comparison approach which uses available market data from recent comparable land sales as an input to estimate the fair value. Site improvements and tenant improvements are valued using the cost approach which uses replacement cost data obtained from industry recognized guides less depreciation as an input to estimate the fair value. The building is valued either using the cost approach described above or a combination of the cost and the income approach. The |
Goodwill and Intangible Assets, Intangible Assets, Policy | 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 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 and below-market leases, management considers such differences over the lease terms. The capitalized above-market lease values are amortized as a reduction of rental income over the lease terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the lease terms of the respective leases. The lease term includes the minimum base term plus any extension options that are reasonably certain to be exercised. 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 real estate investments 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): 2020 2019 Assets: In-place leases, net of accumulated amortization of $13.9 million and $10.8 million, respectively $ 21,684 $ 24,528 Above-market lease, net of accumulated amortization of $1.2 million and $1.1 million, respectively 354 71 Tradenames, net of accumulated amortization of $317 thousand and $184 thousand, respectively (1) 8,847 8,980 Contract value, net of accumulated amortization of $914 thousand and $548 thousand, respectively 10,054 10,420 Goodwill 693 693 Total intangible assets, net $ 41,632 $ 44,692 Liabilities: Below-market lease, net of accumulated amortization of $1.5 million and $1.1 million, respectively $ 8,397 $ 8,934 (1) At December 31, 2020 and 2019, $5.4 million in tradenames had indefinite lives and were not amortized. Aggregate lease intangible amortization included in expense was $5.6 million , $3.7 million and $2.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.5 million , $0.4 million and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2020 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2021 $ 3,283 $ 133 $ 365 $ 51 $ (456) 2022 2,658 133 365 46 (437) 2023 2,654 133 365 46 (415) 2024 2,095 133 365 46 (396) 2025 2,085 133 365 46 (387) Thereafter 8,909 2,827 8,229 119 (6,306) Total $ 21,684 $ 3,492 $ 10,054 $ 354 $ (8,397) Weighted average amortization period (years) 11.2 27.2 27.5 7.5 30.1 (1) Excludes $5.4 million in tradenames with indefinite lives. |
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 o f $35.6 million a nd $37.2 million as of December 31, 2020 and 2019, respectively, are shown as a reduction of debt. The deferred financing c osts of $4.8 million an |
Operating Segment | Reportable Segments The Company has two reportable operating segments: Experiential and Education. The Experiential segment includes the following property types: theatres, eat & play (including seven theatres located in entertainment districts), attractions, ski, experiential lodging, gaming, cultural and fitness & wellness. The Education segment |
Revenue Recognition | The Company leases real estate to its tenants primarily under leases that are predominately classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to extend the lease, which are not included in the minimum lease terms unless it is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the year ended December 31, 2020, the Company recognized straight-line write-offs totaling $38.0 million, which were comprised of $26.5 million of straight-line accounts receivable and $11.5 million of sub-lessor ground lease straight-line accounts receivable. Straight-line rental revenue, net of write-offs, was a reduction to total rental revenue of $24.5 million f or the year ended December 31, 2020. For the year ended December 31, 2019, the Company recognized straight-line write-offs of $1.4 million (of which $1.2 million has been classified within discontinued operations). There were no straight-line write-offs recognized during the year ended December 31, 2018. For the years ended December 31, 2019 and 2018, the Company recognized straight-line rental revenue, net of write-offs of $13.6 million (of which $3.0 million has been classified within discontinued operations) and $10.2 million (of which $5.5 million has been classified within discontinued operations), respectively. Substantially all the Company's customers' operations were temporarily closed for a portion of the year ended December 31, 2020, as a result of the COVID-19 pandemic. Many of the Company's non-theatre locations have re-opened. Howev er, certain o f the Company's theatre locations remain closed due to local restrictions or operator decision to close as a result of the impact of the COVID-19 pandemic, specifically the decision by many movie studios to delay the release of films. In response, the Company has agreed to defer rent for a substantial portion of its customers. On April 10, 2020, the FASB issued a Staff Q&A on Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. In reliance upon the FASB Staff Q&A, the Company has not treated qualifying deferrals or rent concessions during the period effected by the COVID-19 pandemic as lease modifications. While deferments for this and future periods delay rent payments, these deferments generally do not release customers from the obligation to pay the deferred amounts in the future. Deferred rent amounts are reflected in the Company's financial statements as accounts receivable if collection is determined to be probable or recognized when received as variable lease payments if collection is determined to not be probable. Certain agreements with tenants where remaining lease terms are extended, or other changes are made that do not qualify for the treatment in the FASB Staff Q&A, are treated as lease modifications. In these circumstances, upon an executed lease modification, if the tenant is not being recognized on a cash basis, the contractual rent reflected in accounts receivable and straight-line rent receivable will be amortized over the remaining term of the lease against rental revenue. In limited cases, customers may be entitled to the abatement of rent during governmentally imposed prohibitions on business operations which is recognized in the period to which it relates, or the Company may provide rent concessions to tenants. In cases where the Company provides concessions to tenants to which they are not otherwise entitled, those amounts will be recognized in the period in which the concession is granted unless the changes are accounted for as lease modifications. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments directly to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these payments made by the lessees to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third-parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. Dur ing the year ended December 31, 2020 and 2019, the Company recognized $2.2 million and $6.9 million, respectively, related to the gross-up of these reimbursed expenses which are included in rental revenue and property operating expenses. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the years ended December 31, 2020, 2019 and 2018, the non-lease components included in rental revenue tota led $12.9 million, $16.0 million and $15.3 million, respectively. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specific triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $8.6 million, $15.0 million and $10.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Furthermore, due to the impact of the COVID-19 pandemic, certain of the Company's tenants paid a portion of base rent in 2020 based on a percentage of gross revenue. This variable rent totaled $5.2 million for the year ended December 31, 2020. The Company regularly evaluates the collectibility of its receivables on a lease by lease basis. 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, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis. |
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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation for assets that qualify for presentation as discontinued operations. See Note 17 for further details. |
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 less allowance for credit loss. Interest income is recognized using the effective interest method based on the stated interest rate over the estimated 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 adopted Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) effective January 1, 2020, which requires allowance for credit losses to be recorded to reflect that all mortgage notes and notes receivable have some inherent risk of loss regardless of credit quality, collateral, or other mitigating factors. The Company adopted the standard on the effective date and used the effective date as the date of initial application. Accordingly, comparative periods have not been recast, and required disclosures will not be provided for dates and periods prior to January 1, 2020. On the effective date, the Company recognized credit loss expense through retained earnings and the corresponding allowance for credit losses of approximately $2.2 million, which was comprised of $2.1 million related to mortgage notes receivable and $0.1 million related to notes receivable (which are presented within other assets in the accompanying consolidated balance sheet). While Topic 326 does not require any particular method for determining the reserves, it does specify that it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, as well as reasonable and supportable forecasts for the term of each mortgage n ote or note receivable. The Company uses a forward-looking commercial real estate forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan-by-loan basis. The CECL allowance required by Topic 326 is a valuation account that is deducted from the related mortgage note or note receivable. Certain of the Company’s mortgage notes and notes receivable include commitments to fund incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in Accounts payable and accrued liabilities in the accompanying consolidated balance sheet. As permitted under Topic 326, the Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. During the year ended December 31, 2020, the Company wrote off approximately $0.3 million of accrued interest income against interest income related to one note receivable. As of December 31, 2020, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable and the Company determines it is collateral dependent, the Company measures expected credit losses based on the fair value of the collateral. The Company evaluates the collectability of both interest and principal for each of its mortgage notes and notes receivable on a quarterly basis to determine if foreclosure is prob able. As of December 31, 2020, the Company does not have any mortgage notes or notes receivable with past due principal balances. Mortgage and Other Financing Income |
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 is subject to income tax in certain instances in both the US and in certain foreign jurisdictions, as more fully described herein. The Company’s income tax expense includes deferred income tax expense or benefit, which represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. The Company evaluates the realizability of its deferred income tax assets and assesses the need for a valuation allowance for each jurisdiction for which it is subject to income tax. The realization of the deferred tax assets depends upon all positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. The Company owns certain real estate assets which are subject to income tax in Canada. At December 31, 2020, the net deferred tax assets related to the Company's Canadian operations totaled $17.0 million resulting from the temporary differences between income for financial reporting purposes and taxable income relating primarily to depreciation, capital improvements and straight-line rents. Due to the impacts of the COVID-19 pandemic, it is more likely than not the Company will not generate sufficient taxable income to realize the net deferred tax assets related to the Company's Canadian operations as of December 31, 2020 totaling $17.0 million. 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 Experiential 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. At December 31, 2020, the net deferred tax assets related to the Company's TRSs totaled $7.9 million resulting from the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. Due to the impacts of the COVID-19 pandemic, it is more likely than not the Company will not generate sufficient taxable income to realize the net deferred tax assets related to the Company's TRSs as of December 31, 2020 totaling $7.9 million. As of December 31, 2020 and 2019, respectively, the Canadian operations and the Company's TRSs had deferred tax assets included in other assets in the accompanying consolidated balance sheet totaling approximately $28.5 million and $19.3 million and deferred tax liabilities included in accounts payable and accrued liabilities in the accompanying consolidated balance sheet totaling approximately $3.6 million and $3.9 million. At December 31, 2020, the Company had a valuation allowance offsetting the net deferred tax assets included in the accompanying consolidated balance sheet totaling $24.9 million. The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2020 2019 Fixed assets $ 18,077 $ 14,462 Net operating losses 6,546 1,656 Start-up costs 2,495 2,768 Other 1,392 367 Total deferred tax assets $ 28,510 $ 19,253 Capital improvements $ (2,888) $ (2,765) Straight-line receivable (706) (1,097) Other (9) (1) Total deferred tax liabilities $ (3,603) $ (3,863) Valuation allowance (24,907) — Net deferred tax asset $ — $ 15,390 Additionally, during the years ended December 31, 2020, 2019 and 2018, the Company recognized current income and withholding tax expense of $1.5 million, $1.1 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, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Current TRS income tax $ 7 $ 376 $ (221) Current state income tax expense (503) (405) (422) Current foreign income tax 3 — — Current foreign withholding tax (1,018) (1,051) (1,069) Deferred TRS income tax (expense) benefit (4,448) 3,719 319 Deferred foreign withholding tax — — — Deferred income tax (expense) benefit (10,797) 396 (892) Income tax benefit (expense) $ (16,756) $ 3,035 $ (2,285) The Company's effective tax rate for the years ended December 31, 2020, 2019 and 2018 was 13.5%, 1.5% and 0.8%, 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, 2020, 2019 and 2018. 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, 2019) 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 2017 through 2019 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2015 through 2019 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 2020, 2019 or 2018. The Company did not have any accrued interest and penalties at December 31, 2020, 2019 and 2018. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2020, 2019 and 2018 . |
Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk Topgolf USA (Topgolf), Cinemark, AMC and Regal represented a significant portion of the Company's total revenue for the years ended December 31, 2020, 2019 and 2018. The Company began recognizing revenue on a cash basis for AMC at the end of the first quarter of 2020 and for Regal at the end of the third quarter of 2020 and cash payments have been reduced due to the impact of the COVID-19 pandemic. The following is a summary of the Company's total revenue (including revenue from discontinued operations) from Topgolf, Cinemark, AMC and Regal (dollars in thousands): Year ended December 31, 2020 2019 2018 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Topgolf $ 80,714 19.5 % $ 78,962 11.2 % $ 64,459 9.2 % Cinemark 42,065 10.1 % 38,927 5.5 % 37,303 5.3 % AMC 29,964 7.2 % 123,792 17.6 % 115,805 16.5 % Regal 13,056 3.1 % 75,784 10.8 % 57,614 8.2 % |
Cash Equivalents and Restricted Cash | Cash Equivalents Cash equivalents include bank demand deposits. Restricted Cash |
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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. 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 (loss) income and comprehensive (loss) income. |
Share Options | Share OptionsShare 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 (loss) income and comprehensive (loss) income was $12 thousand, $10 thousand and $0.3 million for the years ended December 31, 2020, 2019 and 2018, 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 years to four years). Expense recognized related to nonvested shares and included in general and administrative expense i n the accompanying consolidated statements of (loss) income and comprehensive (loss) income was $10.6 million, $11.3 million and $13.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Expense related to nonvested shares and included in severa nce expense in the accompanying consolidated statements of (loss) income and comprehensive (loss) income was $1.0 million, $0.6 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Nonvested Performance Shares Issued to Employees During the year ended December 31, 2020, the Compensation and Human Capital Committee of the Company's Board of Trustees (Board) approved the 2020 Long Term Incentive Plan (the 2020 LTIP) as a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. The performance shares contain both a market condition and a performance condition. The Company amortizes the expense related to the performance shares over the future vesting period of three years. Expense recognized related to performance shares and included in general and administrative expense in the accompanying consolidated statements of (loss) income and comprehensive (loss) i ncome was $1.0 million for the year ended December 31, 2020. Expense related to nonvested performance shares and included in severance expense in the accompanying consolidated statements of (loss) income and comprehensive (loss) income was $261 thousand for the year ended December 31, 2020. |
Restricted Share Units Issued To Non-Employee Trustees | Restricted Share Units Issued to Non-Employee TrusteesThe 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 and included in general and administrative expense in the accompanying consolidated statements of (loss) income and comprehensive (loss) income was $2.2 million, $1.9 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Foreign Currency Translation | Foreign Currency Translation The Company accounts for the operations of its Canadian properties in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars using the spot rates at the respective balance sheet dates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. |
Derivative Instruments | Derivative Instruments The Company uses derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. 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 foreign currency risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows 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 hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For its net investment hedges that hedge the foreign currency exposure of its Canadian investments, 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. If hedge accounting is not applied, realized and unrealized gains or losses are reported in earnings. 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. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Impact of Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evalua |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Current TRS income tax $ 7 $ 376 $ (221) Current state income tax expense (503) (405) (422) Current foreign income tax 3 — — Current foreign withholding tax (1,018) (1,051) (1,069) Deferred TRS income tax (expense) benefit (4,448) 3,719 319 Deferred foreign withholding tax — — — Deferred income tax (expense) benefit (10,797) 396 (892) Income tax benefit (expense) $ (16,756) $ 3,035 $ (2,285) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2020 2019 Fixed assets $ 18,077 $ 14,462 Net operating losses 6,546 1,656 Start-up costs 2,495 2,768 Other 1,392 367 Total deferred tax assets $ 28,510 $ 19,253 Capital improvements $ (2,888) $ (2,765) Straight-line receivable (706) (1,097) Other (9) (1) Total deferred tax liabilities $ (3,603) $ (3,863) Valuation allowance (24,907) — Net deferred tax asset $ — $ 15,390 |
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): 2020 2019 Assets: In-place leases, net of accumulated amortization of $13.9 million and $10.8 million, respectively $ 21,684 $ 24,528 Above-market lease, net of accumulated amortization of $1.2 million and $1.1 million, respectively 354 71 Tradenames, net of accumulated amortization of $317 thousand and $184 thousand, respectively (1) 8,847 8,980 Contract value, net of accumulated amortization of $914 thousand and $548 thousand, respectively 10,054 10,420 Goodwill 693 693 Total intangible assets, net $ 41,632 $ 44,692 Liabilities: Below-market lease, net of accumulated amortization of $1.5 million and $1.1 million, respectively $ 8,397 $ 8,934 |
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, 2020 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2021 $ 3,283 $ 133 $ 365 $ 51 $ (456) 2022 2,658 133 365 46 (437) 2023 2,654 133 365 46 (415) 2024 2,095 133 365 46 (396) 2025 2,085 133 365 46 (387) Thereafter 8,909 2,827 8,229 119 (6,306) Total $ 21,684 $ 3,492 $ 10,054 $ 354 $ (8,397) Weighted average amortization period (years) 11.2 27.2 27.5 7.5 30.1 (1) Excludes $5.4 million in tradenames with indefinite lives. |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of real estate investments as of December 31, 2020 and 2019 (in thousands): 2020 2019 Buildings and improvements $ 4,526,342 $ 4,747,101 Furniture, fixtures & equipment 118,334 123,239 Land 1,242,663 1,290,181 Leasehold interests 26,050 26,041 5,913,389 6,186,562 Accumulated depreciation (1,062,087) (989,254) Total $ 4,851,302 $ 5,197,308 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts Receivable | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of December 31, 2020 and 2019 (in thousands): 2020 2019 Receivable from tenants $ 81,120 $ 11,373 Receivable from non-tenants 505 2,103 Straight-line rent receivable 34,568 73,382 Total $ 116,193 $ 86,858 During the year ended December 31, 2020, the Company wrote-off receivables from tenants totaling $27.1 million and straight-line rent receivables totaling $38.0 million directly to rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income upon determination that the collectibility of these receivables or future lease payments from these tenants was no longer probable. Additionally, the Company determined that future rental revenue related to these tenants will be recognized on a cash basis. The $38.0 million in write-offs of straight-line rent receivables were comprised of $26.5 million of straight-line rent receivable and $11.5 million of sub-lessor ground lease straight-line rent receivable. As of December 31, 2020, receivable from tenants includes fixed rent payments of approxim ately $76.0 million th at were deferred due to the COVID-19 pandemic and determined to be collectible. Additionally, the Company has amounts due from tenants that were not booked as receivables as the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. While deferments for this and future periods delay rent payments, these deferments do not release tenants from the obligation to pay the deferred amounts in the future. The repayment terms for these deferments vary by tenant and agree ments. |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2020 and 2019 consists of the following (in thousands): 2020 2019 Unsecured revolving variable rate credit facility, LIBOR + 1.625% at December 31, 2020, due February 27, 2022 (1) $ 590,000 $ — Unsecured term loan payable, LIBOR + 2.00% at December 31, 2020 with $350,000 fixed at 4.40% and $50,000 fixed at 4.60%, due February 27, 2023 (1) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (2) 275,000 275,000 Senior unsecured notes payable, 5.60% at December 31, 2020, due August 22, 2024 (3) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (2) 300,000 300,000 Senior unsecured notes payable, 5.81% at December 31, 2020, due August 22, 2026 (3) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (2) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (2) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (2) 400,000 400,000 Senior unsecured notes payable, 3.75%, due August 15, 2029 (2) 500,000 500,000 Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (35,552) (37,165) Total $ 3,694,443 $ 3,102,830 (1) At December 31, 2020, the Company had $590.0 million outstanding under its $1.0 billion unsecured revolving credit facility with interest at a floating rate of LIBOR plus 1.625% (with a LIBOR floor of 0.50%), which was 2.125% with a facility fee of 0.375%. Interest is payable monthly. Subsequent to December 31, 2020, the Company paid down $500.0 million on this credit facility. The Company's unsecured term loan facility had a balance of $400.0 million with interest at a floating rate of LIBOR plus 2.00% (with a LIBOR floor of 0.50%), which was 2.5% on December 31, 2020. Interest is payable monthly. 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 services. As discussed further below, certain of these covenants were modified or waived during 2020. In light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers, on June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement, which governs its unsecured revolving credit facility and its unsecured term loan facility. As described below, the amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under this debt agreement through December 31, 2021. The Company can elect to terminate the Covenant Relief Period early, subject to certain conditions. As described below, the loans subject to the modifications bear interest at higher rates during the Covenant Relief Period and will return to the original pre-waiver levels at the end of such period, subject to certain conditions. The rates during and after the Covenant Relief Period continue to be subject to change based on unsecured debt ratings, as defined in the agreement. The amendments also imposed the additional restrictions on the Company discussed below during the Covenant Relief Period. In addition, during the Covenant Relief Period, the amendments require the Company to cause certain of its key subsidiaries to guarantee the Company's obligations based on its unsecured debt ratings, and the Company will be required to pledge the equity interests of certain of those subsidiary guarantors upon the occurrence of certain events, however both of these requirements end when the Covenant Relief Period is over. During the Covenant Relief Period, the initial interest rates for the revolving credit facility and term loan facility were set at LIBOR plus 1.375% and LIBOR plus 1.75%, respectively, (with a LIBOR floor of 0.50%) and the facility fee on the revolving credit facility was increased to 0.375%. On August 20, 2020, as a result of a downgrade of the Company's unsecured debt rating by Moody's to Baa3, the spreads on the revolving credit and term loan facilities each increased by 0.25%. During the fourth quarter of 2020, the Company's unsecured debt rating was downgraded to BB+ by both Fitch and Standard & Poor's. As a result of these downgrades, certain of the Company's key subsidiaries guarantee the Company's obligations under its bank credit facilities, private placement notes and other outstanding senior unsecured notes in accordance with existing agreements with the holders of such indebtedness. See Note 20 for the Company's supplemental guarantor financial information. If the Company's unsecured debt rating is further downgraded by Moody's, the interest rates on the revolving credit and term loan facilities would both increase by 0.35% during the Covenant Relief Period. After the Covenant Relief Period, the interest rates for the revolving credit and term loan facilities, based on the Company's current unsecured debt ratings, are scheduled to return to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively, (with a LIBOR floor of zero) and the facility fee will be 0.25%, however these rates are subject to change based on the Company's unsecured debt ratings. The amendments to the Company's revolving credit and term loan facilities permanently modified certain financial covenants and provided relief from compliance with certain financial covenants during the Covenant Relief Period, as follows: (i) a new minimum liquidity financial covenant of $500.0 million during the Covenant Relief Period was added; (ii) compliance with the total-debt-to-total-asset-value, the maximum-unsecured-debt-to-unencumbered-asset-value, the minimum unsecured interest coverage ratio and the minimum fixed charge ratio financial covenants was suspended for the period beginning June 29, 2020 and ending on the earlier to occur of December 31, 2021 or the earlier termination of the Covenant Relief Period; (iii) permanent amendments to the unsecured-debt-to-unencumbered-asset-value financial covenant were made to allow short-term indebtedness to be offset by unrestricted cash in the calculation and to allow unrestricted cash not otherwise offset against short-term indebtedness to be counted as an unencumbered asset; and (iv) permanent amendments to financial covenants were made to allow accrued deferred payments to be included as recurring property revenue in these calculations. The amendments also imposed additional restrictions on the Company and its subsidiaries during the Covenant Relief Period, including limitations on certain investments, incurrences of indebtedness, capital expenditures and payment of dividends or other distributions and stock repurchases, in each case subject to certain exceptions. In connection with the amendments, $0.1 million of fees paid to third parties were expensed and included in costs associated with loan refinancing in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2020. In addition, the Company paid $5.1 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees consisted of $3.6 million related to the unsecured revolving credit facility and included in other assets and $1.5 million related to the term loan and shown as a reduction of debt. As described under (3) below, on June 29, 2020 and December 24, 2020, the Company also amended its Note Purchase Agreement which governs its private placement notes. Under the most favored nations clause included in the Consolidated Credit Agreement, the additional or more restrictive covenants included in the private placement amendments are incorporated into the Consolidated Credit Agreement. (2) These notes contain various covenants, including: (i) a limitation on incurrence of any debt that would cause the ratio of the Company’s debt to adjusted total assets to exceed 60%; (ii) a limitation on incurrence of any secured debt that 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 that 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. (3) In light of the continuing financial and operational impacts of the COVID-19 pandemic on the Company and its tenants and borrowers, on June 29, 2020 and December 24, 2020, the Company amended its Note Purchase Agreement, which governs its private placement notes. The amendments modified certain provisions and waived the Company's obligation to comply with certain covenants under these debt agreements through October 1, 2021. The Company can elect to extend such period through January 1, 2022 and may elect to terminate the Covenant Relief Period early, subject to certain conditions. These notes: (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain events occur; (iii) contain certain "most favored lender" provisions; and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company. As discussed further below, certain of these covenants were modified or waived during 2020. The amendments provided for an immediate 0.65% waiver premium to be paid on the private placement notes during the Covenant Relief Period. In addition, during the fourth quarter of 2020, as a result of downgrades of the Company's unsecured debt rating to BB+ by both Fitch and Standard and Poor's, the spreads on the private placement notes each increased by an additional 0.60%. As a result, the interest rates for the private placement notes were increased to 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. After the Covenant Relief Period, the interest rates for the private placement notes are scheduled to return to 4.35% and 4.56% for the Series A notes due 2024 and the Series B notes due 2026, respectively. If the Company elects to extend the Covenant Relief Period until January 1, 2022, the Company must, or must cause certain of its subsidiaries to, grant mortgages on certain unencumbered properties to a collateral agent, on behalf of the holders of the private placement notes and the lenders under the Company's Consolidated Credit Agreement. If the Company provides such mortgages, they must remain in effect until the later of two consecutive fiscal quarters of demonstrated covenant compliance or June 30, 2022, however the additional 0.60% interest rate premium as a result of the downgrades in the Company's unsecured debt rating is removed while mortgages are outstanding. If the Company elects to extend the Covenant Relief Period until January 1, 2022 as described above, the Covenant Relief Period will automatically end on October 29, 2021 if the Company fails to provide such mortgages. The amendments provide relief from compliance with the following financial covenants during the Covenant Relief Period: the total-debt-to-total-asset-value covenant; the maximum-unsecured-debt-to-unencumbered-asset-value covenant; the minimum unsecured interest coverage ratio; and the minimum fixed charge ratio. The amended Note Purchase Agreement modifies the maximum secured debt to total asset value covenant as follows: (i) neither the Company nor any of its subsidiaries may incur any secured debt during the period beginning on December 24, 2020 and ending on the last day of the Covenant Relief Period, subject to certain exceptions; and (ii) after the Covenant Relief Period the ratio of secured debt to total asset value is reduced from 0.35 to 1.00 to 0.25 to 1.00 until the Company can demonstrate covenant compliance for at least two fiscal quarters. The amendments impose certain restrictions on the Company during the Covenant Relief Period, including limitations on certain investments, incurrences of indebtedness, capital expenditures, payment of dividends or other distributions and stock repurchases, and maintenance of a minimum liquidity amount of $500.0 million, in each case subject to certain exceptions. The amendments include the following restrictions: (i) the limitation on investments and guarantees of certain indebtedness from October 1, 2020 to the end of the Covenant Relief Period was set at $175.0 million; and (ii) the limitation on capital expenditures from October 1, 2020 to the end of the Covenant Relief Period was set at $175.0 million. In addition, the amount of proceeds from assets sales that are exempt from the requirement to apply such proceeds to the prepayment of outstanding indebtedness under the Company's existing bank credit agreement and the private placement notes is $150.0 million, subject to certain exceptions relating to the sale of specified assets. In addition, the Company is prohibited from voluntarily prepaying its existing public senior notes during the Covenant Relief Period or its term loan debt under its bank facility during the Covenant Relief Period. In connection with the amendments, $1.5 million of fees paid to third parties were expensed and included in costs associated with loan refinancing in the accompanying consolidated statements of (loss) income and comprehensive (loss) income for the year ended December 31, 2020. In addition, the Company paid $0.9 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield and shown as a reduction of debt. |
Schedule of Maturities of Long-term Debt | Principal payments due on long-term debt obligations subsequent to December 31, 2020 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2021 $ — 2022 590,000 2023 675,000 2024 148,000 2025 300,000 Thereafter 2,016,995 Less: deferred financing costs, net (35,552) Total $ 3,694,443 |
Interest Expense, Net | The following is a summary of interest expense, net from continuing operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Interest on loans $ 152,058 $ 140,697 $ 137,570 Amortization of deferred financing costs 6,606 6,192 5,797 Credit facility and letter of credit fees 3,064 2,265 2,411 Interest cost capitalized (1,233) (4,975) (9,541) Interest income (2,820) (2,177) (367) Interest expense, net $ 157,675 $ 142,002 $ 135,870 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018: Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive (Loss) Income for the Years Ended December 31, 2020, 2019 and 2018 (Dollars in thousands) Year Ended December 31, Description 2020 2019 2018 Cash Flow Hedges Interest Rate Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative $ (11,612) $ (7,476) $ 3,172 Amount of (Expense) Income Reclassified from AOCI into Earnings (1) (6,159) 1,138 1,324 Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 5 (450) 1,689 Amount of Income Reclassified from AOCI into Earnings (2) 441 545 1,426 Net Investment Hedges Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (4,664) (4,454) 5,108 Amount of Income Recognized in Earnings (2) (3) 599 556 271 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative — — 8,560 Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (16,271) $ (12,380) $ 18,529 Amount of (Expense) Income Reclassified from AOCI into Earnings (5,718) 1,683 2,750 Amount of Income Recognized in Earnings 599 556 271 Interest expense, net in accompanying consolidated statements of (loss) income and comprehensive (loss) income $ 157,675 $ 142,002 $ 135,870 Other income in accompanying consolidated statements of (loss) income and comprehensive (loss) income $ 9,139 $ 25,920 $ 2,076 (1) Included in “Interest expense, net” in accompanying consolidated statements of (loss) income and comprehensive (loss) income. (2) Included in "Other income" in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, 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, 2020 and 2019 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2020: Cross Currency Swaps** $ — $ (4,271) $ — $ (4,271) Interest Rate Swap Agreements** $ — $ (9,723) $ — $ (9,723) 2019: Cross Currency Swaps* $ — $ 828 $ — $ 828 Interest Rate Swap Agreements* $ — $ 225 $ — $ 225 Interest Rate Swap Agreements** $ — $ (4,495) $ — $ (4,495) *Included in "Other assets" 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, 2020 and 2019, 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, 2020 and 2019 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2020: Real estate investments, net $ — $ 29,684 $ 9,860 $ 39,544 Operating lease right-of-use assets — — 12,953 12,953 Investment in joint ventures — — 771 771 Other assets (1) — — — — 2019: Real estate investments, net $ — $ 6,160 $ — $ 6,160 (1) Includes collateral dependent notes receivable, which are presented within other assets in the accompanying consolidated balance sheet. As discussed further in Note 4, during the year ended December 31, 2020, the Company recorded impairment charg es of $85.7 million, of which $70.7 million related to real estate invest ments, net and $15.0 million related to operating lease right-of-use assets. Management estimated the fair value of these investments taking into account various factors including purchase offers, independent appraisals, shortened hold periods and current market conditions. The Company determined, based on the inputs, that its valuation of six of its properties with purchase offers were classified as Level 2 of the fair value hierarchy and were measured at fair val ue. Three properties, two of which included operating lease right-of-use assets, were measured at fair value using independent appraisals which used discounted cash flow models. The significant inputs and assumptions used in the real estate appraisals included market rents which ranged from $9 per square foot to $28 per square foot, discount rates which ranged from 9.0% to 12.3% and a terminal capitalization rate of 8.75% for the property not under ground lease. Significant inputs and assumptions used in the right-of-use asset appraisals included market rates which ranged from $10 per square foot to $16 per square foot and discount rates which ranged from 8.0% to 8.5%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. Additionally, as discussed further in Note 7, during the year ended December 31, 2020, the Company recorded impairment charges of $3.2 million related to its investment in joint ventures. Management estimated the fair value of these investments, taking into account various factors including implied asset value changes based on discounted cash flow projections and current market conditions. The Company determined, based on the inputs, that its valuation of investment in joint ventures was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 6, during the year ended December 31, 2020, the Company recorded expected credit loss expense totaling $25.5 million related to notes receivable from one borrower to fully reserve the outstanding pr incipal balance of $12.6 million and unfunded commitment to fund $12.9 million, as a result of recent changes in the borrower's financial status due to the impact of the COVID-19 pandemic. Management valued the loan based on the fair value of the underlying collateral which was based on review of the financial statements of the borrower, and was classified within Level 2 of the fair value hierarchy. |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019 are as follows: Cash Distributions Per Share 2020 2019 Taxable ordinary income (1) $ 0.8888 $ 2.7411 Return of capital 0.5634 1.3966 Long-term capital gain (2) 0.4378 0.3473 Totals $ 1.8900 $ 4.4850 |
Schedule of Dividends Per Preferred Share | For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series C preferred share for the years ended December 31, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 0.9631 $ 1.2758 Return of capital — — Long-term capital gain (2) 0.4744 0.1617 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term cap ital gain, $0.1559 an d $0.1617 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, respectively. Non-cash Distributions per Share 2020 2019 Taxable ordinary income (3) $ 0.0958 $ 0.1050 Return of capital 0.0701 0.5639 Long-term capital gain (4) 0.0472 0.0133 Totals $ 0.2131 $ 0.6822 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital g ain, $0.0155 and $0.0133 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, 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, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 1.5075 $ 1.9970 Return of capital — — Long-term capital gain (2) 0.7425 0.2530 Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital ga in, $0.2441 an d $0.2530 were unrecaptured section 1250 gains for the years ended December 31, 2020 and 2019, respectively. Non-cash Distributions per Share 2020 2019 Taxable ordinary income (3) $ 0.0176 $ — Return of capital 0.1432 0.6024 Long-term capital gain (4) 0.0087 — Totals $ 0.1695 $ 0.6024 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital gain, $0.0610 was unrecaptured section 1250 gains for the year ended December 31, 2020. There wer e no u nrecaptured section 1250 gains for the year ended December 31, 2019. The Company's Board declared cash dividends totaling $1.4375 per Series G preferred share for each of the years ended December 31, 2020 and 2019. 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 years ended December 31, 2020 and 2019 are as follows: Cash Distributions per Share 2020 2019 Taxable ordinary income (1) $ 0.9631 $ 1.2758 Return of capital — — Long-term capital gain (2) 0.4744 0.1617 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1559 a |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018 (amounts in thousands except per share information): Year Ended December 31, 2020 Income Shares Per Share Basic EPS: Net loss $ (131,728) Less: preferred dividend requirements (24,136) Net loss available to common shareholders $ (155,864) 75,994 $ (2.05) Diluted EPS: Net loss available to common shareholders $ (155,864) 75,994 Effect of dilutive securities: Share options — — Net loss available to common shareholders $ (155,864) 75,994 $ (2.05) Year Ended December 31, 2019 Income Shares Per Share Basic EPS: Income from continuing operations $ 154,556 Less: preferred dividend requirements (24,136) Income from continuing operations available to common shareholders $ 130,420 76,746 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,746 $ 0.62 Net income available to common shareholders $ 178,107 76,746 $ 2.32 Diluted EPS: Income from continuing operations available to common shareholders $ 130,420 76,746 Effect of dilutive securities: Share options — 36 Income from continuing operations available to common shareholders $ 130,420 76,782 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,782 $ 0.62 Net income available to common shareholders $ 178,107 76,782 $ 2.32 Year Ended December 31, 2018 Income Shares Per Share Basic EPS: Income from continuing operations $ 221,947 Less: preferred dividend requirements and redemption costs (24,142) Income from continuing operations available to common shareholders $ 197,805 74,292 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,292 $ 0.61 Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Income from continuing operations available to common shareholders $ 197,805 74,292 Effect of dilutive securities: Share options — 45 Income from continuing operations available to common shareholders $ 197,805 74,337 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,337 $ 0.61 Net income available to common shareholders $ 242,841 74,337 $ 3.27 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary Of Share Option Activity | A summary of the Company’s share option activity and related information is as follows: Number of Option price Weighted avg. 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 Exercised (118,786) 19.02 — 61.79 48.71 Granted 1,941 73.84 — 73.84 73.84 Outstanding at December 31, 2019 118,030 $ 44.62 — $ 76.63 $ 55.63 Exercised (1,410) 44.98 — 44.98 44.98 Granted 2,890 69.19 — 69.19 69.19 Forfeited/Expired (2,820) 44.98 — 44.98 44.98 Outstanding at December 31, 2020 116,690 $ 44.62 — $ 76.63 $ 56.36 |
Summary Of Outstanding Options | The following table summarizes outstanding and exercisable options at December 31, 2020: Options outstanding Options exercisable Exercise price range Options Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) Options outstanding Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) 44.62 - 49.99 27,215 1.3 27,215 1.3 50.00 - 59.99 31,710 3.5 29,793 3.3 60.00 - 69.99 53,609 5.5 50,719 4.1 70.00 - 76.63 4,156 7.1 2,148 6.6 116,690 4.0 $ 56.36 $ — 109,875 3.3 $ 55.67 $ — |
Summary Of Nonvested Share Activity | A summary of the Company’s nonvested share activity and related information is as follows: Number of Weighted avg. grant date Weighted avg. Outstanding at December 31, 2019 509,338 $ 67.88 Granted 211,549 69.09 Vested (269,716) 67.84 Forfeited (5,769) 67.95 Outstanding at December 31, 2020 445,402 $ 68.47 0.82 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2020, unamortized share-based compensation expense related to nonvested sha res was $11.8 million and w ill be recognized in future periods as follows (in thousands): Amount Year: 2021 $ 6,783 2022 3,811 2023 1,248 Total $ 11,842 |
Summary Of Restricted Share Unit Activity | A summary of the Company’s restricted share unit activity and related information is as follows: Number of Weighted Average Weighted Average Outstanding at December 31, 2019 26,236 $ 77.54 Granted 74,767 31.57 Vested (26,236) 77.54 Outstanding at December 31, 2020 74,767 $ 31.57 0.42 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The following table summarizes the future minimum rentals on the Company's lessor and sub-lessor arrangements at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Operating leases Sub-lessor operating ground leases Operating leases Sub-lessor operating ground leases Amount (1) (2) Amount (1) (2) Total Amount (2) Amount (2) Total Year: Year: 2021 $ 461,473 $ 20,440 $ 481,913 2020 $ 525,809 $ 23,468 $ 549,277 2022 477,454 20,743 498,197 2021 518,590 23,863 542,453 2023 474,504 20,022 494,526 2022 504,119 23,291 527,410 2024 471,149 19,521 490,670 2023 474,889 22,609 497,498 2025 464,850 19,636 484,486 2024 453,043 22,196 475,239 Thereafter 3,939,241 182,206 4,121,447 Thereafter 3,707,326 226,150 3,933,476 Total $ 6,288,671 $ 282,568 $ 6,571,239 Total $ 6,183,776 $ 341,577 $ 6,525,353 (1) Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2020, receivables from tenants included fixed rent payments of approximately $76.0 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $24.3 million in 2021, $31.6 million in 2022, $19.0 million in 2023 and $1.1 million in 2024. |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2020 and 2019, 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): December 31, 2020 December 31, 2019 Ground Leases (1) Office lease (2) Ground Leases (1) Office lease (2) Year: Year: 2021 $ 22,520 $ 884 2020 $ 24,085 $ 856 2022 22,058 967 2021 24,529 884 2023 21,340 967 2022 23,961 967 2024 20,840 967 2023 23,283 967 2025 20,936 967 2024 22,871 967 Thereafter 203,467 724 Thereafter 243,411 1,691 Total lease payments $ 311,161 $ 5,476 $ 362,140 $ 6,332 Less: imputed interest 113,730 684 131,901 921 Present value of lease liabilities $ 197,431 $ 4,792 $ 230,239 $ 5,411 (1) Included in property operating expense. (2) Included in general and administrative expense. |
Lessee, Operating Leases [Text Block] | The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2020 (in thousands): As of December 31, Classification December 31, 2020 December 31, 2019 Assets: Operating ground lease assets Operating lease right-of-use assets $ 159,245 $ 205,997 Office lease asset Operating lease right-of-use assets 4,521 5,190 Total operating lease right-of-use assets $ 163,766 $ 211,187 Sub-lessor straight-line rent receivable Accounts receivable 12,433 24,569 Total leased assets $ 176,199 $ 235,756 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 197,431 $ 230,239 Office lease liability Operating lease liabilities 4,792 5,411 Total lease liabilities $ 202,223 $ 235,650 |
Lease, Cost [Table Text Block] | The following table summarizes rental revenue, including sublease arrangements and lease costs, including impairment charges on operating lease right-of-use assets for the years ended December 31, 2020 and 2019 (in thousands): Year ended December 31, Classification 2020 2019 Rental revenue Operating leases (1) Rental revenue $ 361,393 $ 569,530 Sublease income - operating ground leases (2) Rental revenue $ 10,783 $ 23,492 Lease costs Operating ground lease cost Property operating expense $ 24,386 $ 24,656 Operating office lease cost General and administrative expense $ 905 $ 909 Operating lease right-of-use asset impairment charges (3) Impairment charges $ 15,009 $ — |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2020 and 2019 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2020: Total revenue $ 151,012 $ 106,360 $ 63,877 $ 93,412 Net income (loss) 37,118 (62,965) (85,904) (19,977) Net income (loss) available to common shareholders of EPR Properties 31,084 (68,999) (91,938) (26,011) Basic net income (loss) per common share 0.40 (0.90) (1.23) (0.35) Diluted net income (loss) per common share 0.40 (0.90) (1.23) (0.35) March 31 June 30 September 30 December 31 2019: Total revenue $ 150,527 $ 161,740 $ 169,356 $ 170,346 Net income 65,349 66,594 34,003 36,297 Net income available to common shareholders of EPR Properties 59,315 60,560 27,969 30,263 Basic net income per common share 0.79 0.80 0.36 0.39 Diluted net income per common share 0.79 0.79 0.36 0.39 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2020 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,133,486 $ 529,755 $ 1,040,944 $ 6,704,185 As of December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,307,295 $ 730,165 $ 540,051 $ 6,577,511 Operating Data: For the Year Ended December 31, 2020 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 311,130 $ 61,046 $ — $ 372,176 Other income 8,085 13 1,041 9,139 Mortgage and other financing income 32,017 1,329 — 33,346 Total revenue 351,232 62,388 1,041 414,661 Property operating expense 55,500 2,283 804 58,587 Other expense 16,513 — (39) 16,474 Total investment expenses 72,013 2,283 765 75,061 Net operating income - before unallocated items 279,219 60,105 276 339,600 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: General and administrative expense (42,596) Severance expense (2,868) Costs associated with loan refinancing or payoff (1,632) Interest expense, net (157,675) Transaction costs (5,436) Credit loss expense (30,695) Impairment charges (85,657) Depreciation and amortization (170,333) Equity in loss from joint ventures (4,552) Impairment charges on joint ventures (3,247) Gain on sale of real estate 50,119 Income tax expense (16,756) Net loss (131,728) Preferred dividend requirements (24,136) Net loss available to common shareholders of EPR Properties $ (155,864) For the Year Ended December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 525,085 $ 67,937 $ — $ 593,022 Other income 24,818 — 1,102 25,920 Mortgage and other financing income 31,594 1,433 — 33,027 Total revenue 581,497 69,370 1,102 651,969 Property operating expense 56,369 3,481 889 60,739 Other expense 29,222 — 445 29,667 Total investment expenses 85,591 3,481 1,334 90,406 Net operating income - before unallocated items 495,906 65,889 (232) 561,563 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: General and administrative expense (46,371) Severance expense (2,364) Costs associated with loan refinancing or payoff (38,269) Interest expense, net (142,002) Transaction costs (23,789) Impairment charges (2,206) Depreciation and amortization (158,834) Equity in loss from joint ventures (381) Gain on sale of real estate 4,174 Income tax benefit 3,035 Discontinued operations: Income from discontinued operations before other items 37,241 Impairment on public charter school portfolio sale (21,433) Gain on sale of real estate from discontinued operations 31,879 Net income 202,243 Preferred dividend requirements (24,136) Net income available to common shareholders of EPR Properties $ 178,107 For the Year Ended December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 453,721 $ 55,365 $ — $ 509,086 Other income 332 — 1,744 2,076 Mortgage and other financing income 117,171 11,588 — 128,759 Total revenue 571,224 66,953 1,744 639,921 Property operating expense 26,168 2,831 655 29,654 Other expense — — 443 443 Total investment expenses 26,168 2,831 1,098 30,097 Net operating income - before unallocated items 545,056 64,122 646 609,824 Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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 (135,870) Transaction costs (3,698) Impairment charges (27,283) Depreciation and amortization (138,395) 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) Discontinued operations: Income from discontinued operations before other items 45,036 Net income 266,983 Preferred dividend requirements (24,142) Net income available to common shareholders of EPR Properties $ 242,841 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Jan. 19, 2021USD ($) | Jan. 01, 2020USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020USD ($)mortgagenotessegmentshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020USD ($) | Mar. 20, 2020USD ($) | |
Deferred financing costs, net | $ 35,552,000 | $ 37,165,000 | |||||||
Accounting for Acquisitions [Abstract] | |||||||||
Transaction costs | 5,436,000 | 23,789,000 | $ 3,698,000 | ||||||
Goodwill | 693,000 | 693,000 | |||||||
Intangible Assets, Net (Including Goodwill) | 41,632,000 | 44,692,000 | |||||||
Below Market Lease, Accumulated Amortization | 1,500,000 | 1,100,000 | |||||||
Amortization of above/below market leases and tenant allowances, net | 480,000 | 343,000 | 581,000 | ||||||
Below Market Lease, Net | 8,397,000 | 8,934,000 | |||||||
Revenue Recognition [Abstract] | |||||||||
Straight Line Rent | 13,600,000 | 10,200,000 | |||||||
Percentage rents | 8,600,000 | 15,000,000 | 10,700,000 | ||||||
Participating interest income | 0 | 600,000 | 0 | ||||||
prepayment fee | $ 0 | 2,700,000 | 74,700,000 | ||||||
Income Tax Disclosure [Abstract] | |||||||||
Percent of taxable income distributed to shareholders annually | 90.00% | ||||||||
Current Federal Tax Expense (Benefit) | $ 0 | ||||||||
Deferred TRS Income Tax Expense (Benefit) | $ 4,448,000 | $ (3,719,000) | $ (319,000) | ||||||
Effective Income Tax Rate Reconciliation, Percent | 13.50% | 1.50% | 0.80% | ||||||
Other | $ 0 | $ 15,390,000 | |||||||
Deferred Tax Assets, Gross | 28,510,000 | 19,253,000 | |||||||
Deferred Tax Liabilities, Gross | 3,603,000 | 3,863,000 | |||||||
Deferred Tax Liabilities | 7,900,000 | ||||||||
Current Income and Withholding Tax Expense | (1,500,000) | 1,100,000 | $ 1,700,000 | ||||||
Provision for income tax expense | 0 | ||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||
Rental revenue | 372,176,000 | 593,022,000 | 509,086,000 | ||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share-based compensation expense included in severance expense | 1,258,000 | 580,000 | 3,218,000 | ||||||
Severance expense | 2,868,000 | 2,364,000 | 5,938,000 | ||||||
Straight line rent write off | 38,000,000 | 1,400,000 | |||||||
Recovery of Direct Costs | 12,900,000 | 16,000,000 | 15,300,000 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 65,100,000 | ||||||||
Rent Abatements | 13,600,000 | ||||||||
Loans and Leases Receivable, Deferred Income | 3,400,000 | ||||||||
Provision for Loan, Lease, and Other Losses | 30,695,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | $ 2,163,000 | $ 32,858,000 | 0 | 0 | |||||
Line of Credit, Current | $ 750,000,000 | ||||||||
Number of common shares repurchased | shares | 4,066,716 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 106,000,000 | ||||||||
Operating Lease, Lease Income | $ 361,393,000 | [1] | 569,530,000 | ||||||
Number of Reportable Segments | segment | 2 | ||||||||
Rental Revenue Reduction from Straight Line Rent | $ 24,500,000 | ||||||||
Variable Percentage Rent | $ 5,200,000 | ||||||||
Number Of Notes Receivable | mortgagenotes | 1 | ||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 30,695,000 | 0 | 0 | ||||||
Deferred Tax Assets, Valuation Allowance | $ 24,907,000 | 0 | $ 18,000,000 | ||||||
Principles of Consolidation | Variable Interest Entities 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 FASB ASC Topic on Consolidation (Topic 810), but can exercise significant influence over the entity with respect to its operations and major decisions. | ||||||||
Retained Earnings | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | 2,200,000 | ||||||||
Notes Receivable | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Provision for Loan, Lease, and Other Losses | $ 12,805,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | 49,000 | 12,854,000 | |||||||
Notes Receivable | Retained Earnings | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | 100,000 | ||||||||
Mortgage Receivable [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Provision for Loan, Lease, and Other Losses | 5,000,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | 2,000,000 | 7,000,000 | |||||||
Mortgage Receivable [Member] | Retained Earnings | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 2,100,000 | ||||||||
Note, 8.0%, due May 2, 2024 | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Provision for Loan, Lease, and Other Losses | $ 25,500,000 | ||||||||
Number Of Notes Receivable | mortgagenotes | 1 | ||||||||
Note, 8.0%, due May 2, 2024 | Notes Receivable | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Financing Receivable, Accrued Interest, Writeoff | $ 300,000 | ||||||||
Ground Lease Arrangement [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Operating Lease, Lease Income | $ 10,783,000 | [2] | 23,492,000 | ||||||
American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Number of Properties Subject to Lease | 53 | ||||||||
Number of Properties in Master Lease | 46 | ||||||||
Number of Properties with Transitional Leases | 7 | ||||||||
Triple net lease term | 14 | ||||||||
Lessor, Operating Lease, Number of Options to Extend | 3 | ||||||||
Number of Years in Lease Extension | 5 | ||||||||
Number of Properties Allowed to Remove | 3 | ||||||||
Percentage Rent, Percentage | 15.00% | ||||||||
Fixed Rent Escalator | 7.50% | ||||||||
Rent Escalation Term | 5 | ||||||||
Private Schools | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
number of properties sold pursuant to tenant purchase option | 6 | ||||||||
early childhood education center [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
number of properties sold pursuant to tenant purchase option | 4 | ||||||||
Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Debt Instrument, Periodic Payment | $ 160,000,000 | ||||||||
Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | Subsequent Event [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Debt Instrument, Periodic Payment | $ 500,000,000 | ||||||||
American Multi-Cinema, Inc. [Member] | |||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||
Rental revenue | $ 29,964,000 | $ 123,792,000 | $ 115,805,000 | ||||||
Percentage of lease revenue in total revenue | 7.20% | 17.60% | 16.50% | ||||||
TopGolf [Member] | |||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||
Rental revenue | $ 80,714,000 | $ 78,962,000 | $ 64,459,000 | ||||||
Percentage of lease revenue in total revenue | 19.50% | 11.20% | 9.20% | ||||||
Regal [Member] | |||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||
Rental revenue | $ 13,056,000 | $ 75,784,000 | $ 57,614,000 | ||||||
Percentage of lease revenue in total revenue | 3.10% | 10.80% | 8.20% | ||||||
Cinemark | |||||||||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||||||||
Rental revenue | $ 42,065,000 | $ 38,927,000 | $ 37,303,000 | ||||||
Percentage of lease revenue in total revenue | 10.10% | 5.50% | 5.30% | ||||||
Leases, Acquired-in-Place [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Weighted average useful life for in-place leases | 11 years 2 months 12 days | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||
2021 | $ 3,283,000 | ||||||||
2022 | 2,658,000 | ||||||||
2023 | 2,654,000 | ||||||||
2024 | 2,095,000 | ||||||||
2025 | 2,085,000 | ||||||||
Thereafter | 8,909,000 | ||||||||
Total | 21,684,000 | $ 24,528,000 | |||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Intangible assets, accumulated amortization | 13,900,000 | 10,800,000 | |||||||
Lease Agreements [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Amortization | $ 5,600,000 | 3,700,000 | $ 2,900,000 | ||||||
Above Market Leases [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Weighted average useful life for in-place leases | 7 years 6 months | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||
2021 | $ 51,000 | ||||||||
2022 | 46,000 | ||||||||
2023 | 46,000 | ||||||||
2024 | 46,000 | ||||||||
2025 | 46,000 | ||||||||
Thereafter | 119,000 | ||||||||
Total | 354,000 | 71,000 | |||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Intangible assets, accumulated amortization | 1,200,000 | 1,100,000 | |||||||
Trade Names [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Non-amortizing indefinite lived trade names | $ 5,400,000 | 5,400,000 | |||||||
Weighted average useful life for in-place leases | 27 years 2 months 12 days | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||
2021 | $ 133,000 | ||||||||
2022 | 133,000 | ||||||||
2023 | 133,000 | ||||||||
2024 | 133,000 | ||||||||
2025 | 133,000 | ||||||||
Thereafter | 2,827,000 | ||||||||
Total | 3,492,000 | ||||||||
Indefinite and Finite-lived Intangible Assets, net | 8,847,000 | 8,980,000 | |||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Intangible assets, accumulated amortization | $ 317,000,000 | 184,000,000 | |||||||
Below market leases [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Weighted average useful life for in-place leases | 30 years 1 month 6 days | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||
2021 | $ 456,000 | ||||||||
2022 | 437,000 | ||||||||
2023 | 415,000 | ||||||||
2024 | 396,000 | ||||||||
2025 | 387,000 | ||||||||
Thereafter | 6,306,000 | ||||||||
Total | $ 8,397,000 | ||||||||
Contract Value, intangible [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Weighted average useful life for in-place leases | 27 years 6 months | ||||||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||||||||
2021 | $ 365,000 | ||||||||
2022 | 365,000 | ||||||||
2023 | 365,000 | ||||||||
2024 | 365,000 | ||||||||
2025 | 365,000 | ||||||||
Thereafter | 8,229,000 | ||||||||
Total | 10,054,000 | 10,420,000 | |||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Intangible assets, accumulated amortization | 914,000,000 | 548,000,000 | |||||||
Segment, Continuing Operations [Member] | |||||||||
Accounting for Acquisitions [Abstract] | |||||||||
Amortization of above/below market leases and tenant allowances, net | $ 500,000 | 400,000 | 600,000 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Revenue Recognition [Abstract] | |||||||||
Straight Line Rent | 3,000,000 | 5,500,000 | |||||||
prepayment fee | 1,800,000 | ||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Straight line rent write off | 1,200,000 | ||||||||
Minimum [Member] | American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Number of Properties Allowed to Remove | 2 | ||||||||
Maximum [Member] | American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Number of Properties Allowed to Remove | 10 | ||||||||
Stock Options [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||
Stock or Unit Option Plan Expense | $ 12,000 | 10,000 | 300,000 | ||||||
Restricted Stock [Member] | Employee [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation expense related to employees and trustees | $ 10,600,000 | 11,300,000 | 13,500,000 | ||||||
Restricted Stock [Member] | Minimum [Member] | Employee [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation, future vesting period minimum (in years) | 3 years | ||||||||
Restricted Stock [Member] | Maximum [Member] | Employee [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation, future vesting period minimum (in years) | 4 years | ||||||||
Restricted Stock Units (RSUs) [Member] | Non-Employee Trustees [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation expense related to employees and trustees | $ 2,200,000 | 1,900,000 | 1,300,000 | ||||||
Performance Shares | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Share based compensation, future vesting period minimum (in years) | 3 years | ||||||||
Share based compensation expense related to employees and trustees | $ 1,000,000 | ||||||||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Nonvested Shares [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Severance expense | 1,000,000 | 600,000 | |||||||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Performance Shares | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Severance expense | 261,000 | ||||||||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | Nonvested Shares [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Severance expense | $ 3,200,000 | ||||||||
Master Lease | American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Other Commitment | 35,000,000 | ||||||||
Annual Rent Reduction, Amount | 19,400,000 | ||||||||
Operating Lease, Lease Income | 87,800,000 | ||||||||
Master Lease | American Multi-Cinema, Inc. [Member] | Ground Lease Arrangement [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Operating Lease, Lease Income | 6,800,000 | ||||||||
Master Lease | Subsequent Event [Member] | American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Operating Lease, Lease Income | $ 90,700,000 | ||||||||
Master Lease | Subsequent Event [Member] | American Multi-Cinema, Inc. [Member] | Ground Lease Arrangement [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Operating Lease, Lease Income | $ 4,900,000 | ||||||||
Transitional | American Multi-Cinema, Inc. [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Annual Rent Reduction, Amount | 6,200,000 | ||||||||
Operating Lease, Lease Income | 8,100,000 | ||||||||
Transitional | American Multi-Cinema, Inc. [Member] | Ground Lease Arrangement [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Operating Lease, Lease Income | 1,200,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Deferred financing costs, net | $ 4,800,000 | 3,500,000 | |||||||
Building [Member] | Minimum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 30 years | ||||||||
Building [Member] | Maximum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 40 years | ||||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 3 years | ||||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 25 years | ||||||||
Building Improvements [Member] | Minimum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 10 years | ||||||||
Building Improvements [Member] | Maximum [Member] | |||||||||
Rental Properties [Abstract] | |||||||||
Estimated useful live of buildings (in years) | 20 years | ||||||||
triple-net lessor costs [Member] | |||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||
Recovery of Direct Costs | $ 2,200,000 | $ 6,900,000 | |||||||
CANADA | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Other | $ 17,000,000 | ||||||||
[1] | (1) During the year ended December 31, 2020, the Company wrote-off straight-line rent receivables totaling $26.5 million, to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off lease receivables from tenants totaling $25.7 million, to min imum rent, tenant reimbursements and percentage rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. | ||||||||
[2] | (2) During the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease straight-line rent receivab les totaling $11.5 million, to str aight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease receivables from ten ants totaling $1.4 million to minimum rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Fixed assets | $ 18,077,000 | $ 14,462,000 | ||
Net operating losses | 6,546,000 | 1,656,000 | ||
Deferred Tax Asset, Start-up Costs | 2,495,000 | 2,768,000 | ||
Start-up costs | 1,392,000 | 367,000 | ||
Total deferred tax assets | 28,510,000 | 19,253,000 | ||
Deferred Tax Liabilities, Capital Improvements | (2,888,000) | (2,765,000) | ||
Straight-line receivable | (706,000) | (1,097,000) | ||
Other | (9,000) | (1,000) | ||
Total deferred tax liabilities | (3,603,000) | (3,863,000) | ||
Deferred Tax Assets, Valuation Allowance | (24,907,000) | 0 | $ (18,000,000) | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | ||||
Current TRS Tax Expense (benefit) | 7,000 | 376,000 | $ (221,000) | |
Current state income tax expense | (503,000) | (405,000) | (422,000) | |
Current foreign income tax | 3,000 | 0 | 0 | |
Current foreign withholding tax | (1,018,000) | (1,051,000) | (1,069,000) | |
Deferred TRS Income Tax Expense (Benefit) | (4,448,000) | 3,719,000 | 319,000 | |
Deferred foreign withholding tax | 0 | 0 | 0 | |
Deferred income tax (expense) benefit | (10,797,000) | 396,000 | (892,000) | |
Income tax benefit (expense) | (16,756,000) | 3,035,000 | $ (2,285,000) | |
Deferred Tax Assets, Net | $ 0 | $ 15,390,000 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | $ 5,913,389 | $ 6,186,562 | |
Gain (Loss) on Disposition of Assets | 50,119 | 4,174 | $ 3,037 |
Accumulated depreciation | (1,062,087) | (989,254) | |
Real Estate Investment Property, Net | 4,851,302 | 5,197,308 | |
Depreciation expense on rental properties | 162,600 | 153,200 | 133,700 |
Building and Building Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 4,526,342 | 4,747,101 | |
Furniture and Fixtures [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 118,334 | 123,239 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 1,242,663 | 1,290,181 | |
Leaseholds and Leasehold Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 26,050 | 26,041 | |
Adelaar Infrastructure [Member] | |||
Real Estate Properties [Line Items] | |||
Reimbursement received from payment of economic development revenue bonds | $ 11,500 | $ 74,200 | |
Special Assessment Bond | $ 110,000 | ||
Theatre Properties Member | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 2 | 26 | |
Payments to Acquire Property, Plant, and Equipment | $ 426,500 | ||
Eat & Play Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 1 | ||
Payments to Acquire Property, Plant, and Equipment | $ 1,400 | ||
Cultural Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 2 | ||
Payments to Acquire Property, Plant, and Equipment | $ 24,000 | ||
early childhood education center [Member] | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 3 | 1 | |
Number of properties acquired | 2 | ||
Experiential Reportable Operating Segment [Member] | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 4 | 4 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 26,600 | $ 21,900 | |
Gain (Loss) on Disposition of Assets | 10,400 | 4,200 | |
Investment Building and Building Improvements | 46,900 | 146,200 | |
Payments to Acquire Property, Plant, and Equipment | $ 22,100 | 451,900 | |
Education Reportable Operating Segment [Member] | |||
Real Estate Properties [Line Items] | |||
Investment Building and Building Improvements | 38,600 | ||
Payments to Acquire Property, Plant, and Equipment | $ 5,900 |
Rental Properties Disposition (
Rental Properties Disposition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)properties | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Acquisitions and Disposals [Line Items] | |||
Impairment charges | $ 85,657 | $ 2,206 | $ 27,283 |
Gain (Loss) on Disposition of Assets | 50,119 | 4,174 | $ 3,037 |
Education Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 5,900 | ||
Investment Building and Building Improvements | 38,600 | ||
Proceeds from sale of property, plant, and equipment tenant purchase option | 201,200 | ||
Experiential Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 22,100 | 451,900 | |
Investment Building and Building Improvements | $ 46,900 | $ 146,200 | |
number of properties sold | 4 | 4 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 26,600 | $ 21,900 | |
Gain (Loss) on Disposition of Assets | $ 10,400 | $ 4,200 | |
number of land parcels sold | properties | 2 | ||
Education Property [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold pursuant to tenant purchase option | 10 | ||
Education Property [Member] | Education Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sale of property, plant, and equipment tenant purchase option | $ 138,500 | ||
Gain (Loss) on disposition of assets from tenant purchase option | $ 39,700 | $ 30,000 | |
Theatre Properties Member | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of properties acquired | 2 | 26 | |
Payments to Acquire Property, Plant, and Equipment | $ 426,500 | ||
early childhood education center [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of properties acquired | 2 | ||
number of properties sold | 3 | 1 | |
number of properties sold pursuant to tenant purchase option | 4 | ||
Public charter school properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 7 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 44,400 | ||
Gain (Loss) on Disposition of Assets | $ 1,900 | ||
Attraction Properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 1 | ||
Mortgage Note Receivable from Property Sale | $ 27,400 | ||
Proceeds from Sale of Property, Plant, and Equipment | 11,000 | ||
Private Schools | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold pursuant to tenant purchase option | 6 | ||
Public Charter School Portfolio Sale [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Non-cash write off | $ 24,800 | ||
number of properties sold | 47 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600 | ||
Impairment charges | $ 21,400 |
Impairment Charges (Details)
Impairment Charges (Details) | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)properties | Dec. 31, 2020 | Dec. 31, 2020properties | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment charges | $ 85,657,000 | $ 2,206,000 | $ 27,283,000 | |||
Equity Method Investment, Other than Temporary Impairment | $ 3,247,000 | $ 0 | 0 | |||
Theatre Project China Member | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Number of unconsolidated real estate joint ventures | 3 | 3 | ||||
Experiential Reportable Operating Segment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
number of properties sold | 4 | 4 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 26,600,000 | $ 21,900,000 | ||||
Right-of-Use Assets, Operating Lease | Experiential Reportable Operating Segment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 13,000,000 | |||||
Impairment charges | 15,009,000 | [1] | $ 0 | |||
Number of impaired properties | 2 | |||||
Real Estate Investment | Experiential Reportable Operating Segment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 39,500,000 | |||||
Impairment charges | $ 70,700,000 | |||||
Number of impaired properties | 9 | |||||
Public Charter School Portfolio Sale [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
number of properties sold | 47 | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600,000 | |||||
Impairment charges | 21,400,000 | |||||
Non-cash write off | 24,800,000 | |||||
Michigan Theatre Property [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 6,200,000 | |||||
Impairment charges | $ 2,200,000 | |||||
Children's Learning Adventure USA, LLC [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 9,800,000 | |||||
Impairment charges | $ 16,500,000 | |||||
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 | |||||
Louisiana Theatre Properties [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment charges | $ 10,700,000 | |||||
Number of economic development bonds | 2 | |||||
Tangible Asset Impairment Charges | 7,800,000 | |||||
Loss Contingency Accrual | $ 2,900,000 | |||||
[1] | (3) During the year ended December 31, 2020, the Company recognized impairment charge s of $15.0 million related to the operating lease right-of-use assets at two of its properties. See Note 4 for the details on these impairments. |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Straight-Line Rent Receivable | $ 34,568 | $ 73,382 |
Total | 116,193 | 86,858 |
Allowance for Loan and Lease Losses, Write-offs | 65,100 | |
Straight line rent write off | 38,000 | 1,400 |
Deferred Rent Receivables, Net | 76,000 | |
Tenants [Member] | ||
Total | 81,120 | 11,373 |
Non-Tenants [Member] | ||
Accounts receivable, gross | 505 | $ 2,103 |
Trade Accounts Receivable | ||
Allowance for Loan and Lease Losses, Write-offs | 27,100 | |
straight-line receivable | ||
Straight line rent write off | 26,500 | |
Ground Lease Straight Line Receivable | ||
Straight line rent write off | $ 11,500 |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)mortgagenotes | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of December 31, 2020 and 2019 (in thousands): 2020 2019 Receivable from tenants $ 81,120 $ 11,373 Receivable from non-tenants 505 2,103 Straight-line rent receivable 34,568 73,382 Total $ 116,193 $ 86,858 During the year ended December 31, 2020, the Company wrote-off receivables from tenants totaling $27.1 million and straight-line rent receivables totaling $38.0 million directly to rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income upon determination that the collectibility of these receivables or future lease payments from these tenants was no longer probable. Additionally, the Company determined that future rental revenue related to these tenants will be recognized on a cash basis. The $38.0 million in write-offs of straight-line rent receivables were comprised of $26.5 million of straight-line rent receivable and $11.5 million of sub-lessor ground lease straight-line rent receivable. As of December 31, 2020, receivable from tenants includes fixed rent payments of approxim ately $76.0 million th at were deferred due to the COVID-19 pandemic and determined to be collectible. Additionally, the Company has amounts due from tenants that were not booked as receivables as the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. While deferments for this and future periods delay rent payments, these deferments do not release tenants from the obligation to pay the deferred amounts in the future. The repayment terms for these deferments vary by tenant and agree ments. | |||
Provision for Loan, Lease, and Other Losses | $ 30,695 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Financing Receivable, Allowance for Credit Loss | $ 32,858 | $ 2,163 | $ 0 | $ 0 |
Number of borrowers with deferred interest | 7 | |||
Mortgage notes and related accrued interest receivable, net | $ 367,844 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 365,628 | 357,391 | ||
Mortgage Note and Notes Receivable Commitments | 31,800 | |||
Notes Receivable | $ 7,300 | 14,000 | ||
Number Of Notes Receivable | mortgagenotes | 1 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | |||
Note, 8.0%, due May 2, 2024 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 25,500 | |||
Number Of Notes Receivable | mortgagenotes | 1 | |||
Note Receivable, Face amount | $ 12,600 | |||
Regulatory Asset, Amortization Period | 10 years | |||
Note Receivable, unfunded commitment | $ 12,900 | |||
Note, 8.0%, due May 2, 2024 | Original Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Note Receivable, Face amount | 6,500 | |||
Note, 8.0%, due May 2, 2024 | Term Loan, Mortgage Note | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Note Receivable, Face amount | 13,000 | |||
Note, 8.0%, due May 2, 2024 | Revolver, Mortgage Note | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Note Receivable, Face amount | $ 6,000 | |||
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, 2020 and 2019 consists of the following (in thousands): Year of Origination Interest Rate Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of December 31, Unfunded commitments Description 2020 2019 (1) December 31, 2020 Attraction property Powells Point, North Carolina 2019 7.75 % 6/30/2025 Interest only $ 28,007 $ 27,045 $ 27,423 $ — Fitness & wellness property Omaha, Nebraska 2017 7.85 % 1/3/2027 Interest only 10,905 11,225 10,977 — Fitness & wellness property Merriam, Kansas 2019 7.55 % 7/31/2029 Interest only 9,095 9,355 5,985 248 Ski property Girdwood, Alaska 2019 8.24 % 12/31/2029 Interest only 40,869 40,680 37,000 16,131 Fitness & wellness property Omaha, Nebraska 2016 7.85 % 6/30/2030 Interest only 8,410 8,630 5,803 2,508 Experiential lodging property Nashville, Tennessee 2019 7.01 % 9/30/2031 Interest only 71,223 67,235 70,396 — Eat & play property Austin, Texas 2012 11.31 % 6/1/2033 Principal & Interest-fully amortizing 11,361 11,929 11,582 — Ski property West Dover and Wilmington, Vermont 2007 11.78 % 12/1/2034 Interest only 51,050 51,031 51,050 — Four ski properties Ohio and Pennsylvania 2007 10.91 % 12/1/2034 Interest only 37,562 37,413 37,562 — Ski property Chesterland, Ohio 2012 11.38 % 12/1/2034 Interest only 4,550 4,396 4,550 — Ski property Hunter, New York 2016 8.57 % 1/5/2036 Interest only 21,000 21,000 21,000 — Eat & play property Midvale, Utah 2015 10.25 % 5/31/2036 Interest only 17,505 18,289 17,505 — Eat & play property West Chester, Ohio 2015 9.75 % 8/1/2036 Interest only 18,068 18,830 18,068 — Private school property Mableton, Georgia 2017 9.02 % 4/30/2037 Interest only 5,088 5,278 5,048 — Fitness & wellness property Fort Collins, Colorado 2018 7.85 % 1/31/2038 Interest only 10,292 10,408 10,360 — Early childhood education center Lake Mary, Florida 2019 7.87 % 5/9/2039 Interest only 4,200 4,348 4,258 — Eat & play property Eugene, Oregon 2019 8.13 % 6/17/2039 Interest only 14,700 14,799 14,800 — Early childhood education center Lithia, Florida 2017 8.25 % 10/31/2039 Interest only 3,959 3,737 4,024 — $ 367,844 $ 365,628 $ 357,391 $ 18,887 (1) Balances as of December 31, 2019 are prior to the adoption of ASC Topic 326. Investment in notes receivable, including related accrued interest receivable, was $7.3 million and $14.0 million at December 31, 2020 and 2019, respectively, and is included in Other assets in the accompanying consolidated b alance sheets. During the year ended December 31, 2020, the Company entered into an amended and restated loan and security agreement with one of its notes receivable borrowers in response to the impacts of the COVID-19 pandemic on the borrower. The restated note receivable consists of the previous note balance of $6.5 million and provides the borrower with a term loan for up to $13.0 million and a $6.0 million revolving line of credit. The restated note receivable has a maturity date of June 30, 2032 and the line of credit matures on December 31, 2022. Interest is deferred through June 30, 2022, at which time monthly principal and interest payments will be due over 10 years. Although the borrower is not in default, nor has the borrower declared bankruptcy, the Company determined these modifications resulted in a troubled debt restructuring (TDR) at December 31, 2020 due to the impacts of the COVID-19 pandemic on the borrower's financial condition. These note receivables are considered collateral dependent and expected credit losses are based on the fair value of the underlying collateral at the reporting date. The notes are secured by the working capital and non-real estate assets of the borrower. The Company assessed the fair value of the collateral as of December 31, 2020 and recognized credit loss expense for the year ended December 31, 2020 consisting of the outstanding principal balance of $12.6 million and the $12.9 million unfunded commitment on the term loan a nd line of credit as of December 31, 2020. Income for this borrower will be recognized on a cash basis. At December 31, 2020, the Company's investment in this note receivable was a variable interest and the underlying entity is a VIE. The Company is not the primary beneficiary of this VIE, as the Company does not individually have the power to direct the activities that are most significant to the entity and accordingly, this investment is not consolidated. The Company's maximum exposure to loss associated with this VIE is limited to the Company's outstanding note receivable of $12.6 million and the unfunded commitment of $12.9 million, both of which were fully reserved in the allowance for credit losses at December 31, 2020. The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the year ended December 31, 2020 (in thousands): Mortgage notes receivable Unfunded commitments - mortgage notes Notes receivable Unfunded commitments - notes receivable Total Allowance for credit losses at January 1, 2020 $ 2,000 $ 114 $ 49 $ — $ 2,163 Credit loss expense 5,000 24 12,805 12,866 30,695 Charge-offs — — — — — Recoveries — — — — — Allowance for credit losses $ 7,000 $ 138 $ 12,854 $ 12,866 $ 32,858 | |||
Provision for Loan, Lease, and Other Losses | $ 5,000 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Financing Receivable, Allowance for Credit Loss | 7,000 | 2,000 | ||
Mortgage Note and Notes Receivable Commitments | 18,887 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.75%, due June 30, 2025 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 28,007 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 27,045 | 27,423 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85%, due January 3, 2027 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 10,905 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 11,225 | 10,977 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.55%, due July 31, 2029 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.55% | |||
Mortgage notes and related accrued interest receivable, net | $ 9,095 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 9,355 | 5,985 | ||
Mortgage Note and Notes Receivable Commitments | $ 248 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.25%, December 31, 2029 [Member] | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.24% | |||
Mortgage notes and related accrued interest receivable, net | $ 40,869 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 40,680 | 37,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 16,131 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85%, due June 30, 2030 | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 8,410 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 8,630 | 5,803 | ||
Mortgage Note and Notes Receivable Commitments | $ 2,508 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.01%, due September 30, 2031 [Member] | Experiential Lodging Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.01% | |||
Mortgage notes and related accrued interest receivable, net | $ 71,223 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 67,235 | 70,396 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.31%, due June 1, 2033 [Member] | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.31% | |||
Mortgage notes and related accrued interest receivable, net | $ 11,361 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 11,929 | 11,582 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.78%, due December 1, 2034 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.78% | |||
Mortgage notes and related accrued interest receivable, net | $ 51,050 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 51,031 | 51,050 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage note, 10.91%, due December 1, 2034 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.91% | |||
Mortgage notes and related accrued interest receivable, net | $ 37,562 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 37,413 | 37,562 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.38%, due December 1, 2034 [Member] | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.38% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,550 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,396 | 4,550 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.57%, due January 5, 2036 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.57% | |||
Mortgage notes and related accrued interest receivable, net | $ 21,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 21,000 | 21,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, due May 31, 2036 | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 17,505 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 18,289 | 17,505 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 9.75% due August 1, 2036 [Member] | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 18,068 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 18,830 | 18,068 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Notes, 9.02%, due April 30, 2037 [Member] | Education Property [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.02% | |||
Mortgage notes and related accrued interest receivable, net | $ 5,088 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 5,278 | 5,048 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85% due January 31, 2038 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 10,292 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 10,408 | 10,360 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.87%, due May 9, 2039 [Member] | early childhood education center [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.87% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,200 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,348 | 4,258 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.125%, due June 17, 2039 [Member] | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.13% | |||
Mortgage notes and related accrued interest receivable, net | $ 14,700 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 14,799 | 14,800 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.25%, due October 31, 2019 [Member] | early childhood education center [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 3,959 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 3,737 | $ 4,024 | ||
Mortgage Note and Notes Receivable Commitments | 0 | |||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 24 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Financing Receivable, Allowance for Credit Loss | 138 | 114 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||
Notes Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 12,805 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Financing Receivable, Allowance for Credit Loss | 12,854 | 49 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | |||
Note Receivable Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 12,866 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |||
Financing Receivable, Allowance for Credit Loss | 12,866 | $ 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020 | Dec. 31, 2020properties | |
Income from investments in unconsolidated real estate joint venture | $ (4,552,000) | $ (381,000) | $ (22,000) | ||
Distributions from joint ventures | 0 | 112,000 | 567,000 | ||
Equity Method Investment, Other than Temporary Impairment | 3,247,000 | 0 | 0 | ||
St. Petersburg Joint Venture [Member] | |||||
Number of unconsolidated real estate joint ventures | properties | 2 | ||||
Carrying Amount Joint Venture Mortgage Loan | 85,000,000 | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.75% | ||||
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 | 4,000,000 | 140,000 | 52,000 | ||
Distributions from joint ventures | 0 | 0 | 0 | ||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 27,400,000 | 29,700,000 | |||
Long Term Funding Commitment For Project Development | 32,700,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | ||||
Long Term Funding Commitment For Project Development, Remaining | $ 23,900,000 | ||||
Number of Extension Options | 2 | ||||
Years in Extension | 1 | ||||
Theatre Project China Member | |||||
Number of unconsolidated real estate joint ventures | 3 | 3 | |||
Income from investments in unconsolidated real estate joint venture | $ 559,000 | 241,000 | 74,000 | ||
Distributions from joint ventures | 0 | 112,000 | $ 567,000 | ||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 800,000 | $ 4,600,000 | |||
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member] | |||||
Derivative, Fixed Interest Rate | 3.00% |
Debt Schedule of Long-term De_2
Debt Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Jan. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 25, 2021 | |
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 25,000 | |||||
Proceeds from Issuance of Long-term Debt | 750,000 | $ 962,000 | $ 908,000 | |||
Costs associated with loan refinancing or payoff | 1,632 | 38,269 | 31,958 | |||
Long-term Debt, by Maturity [Abstract] | ||||||
2021 | 0 | |||||
2022 | 590,000 | |||||
2023 | 675,000 | |||||
2024 | 148,000 | |||||
2025 | 300,000 | |||||
Thereafter | 2,016,995 | |||||
Deferred financing costs, net | (35,552) | (37,165) | ||||
Total | 3,694,443 | 3,102,830 | ||||
Interest Expense, Debt [Abstract] | ||||||
Amortization of deferred financing costs | 6,606 | 6,192 | 5,797 | |||
Credit facility and letter of credit fees | 3,064 | 2,265 | 2,411 | |||
Interest costs capitalized | (1,233) | (4,975) | (9,541) | |||
Interest expense, net | 157,675 | 142,002 | 135,870 | |||
covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Covenant, Investment Limitation | 175,000 | |||||
Covenant, Capital Expenditure Limit | 175,000 | |||||
Covenant, Prepayment from Sales Proceeds | 150,000 | |||||
Segment, Continuing Operations [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Interest on loans and capital lease obligation | 152,058 | 140,697 | 137,570 | |||
Amortization of deferred financing costs | 6,606 | 6,192 | 5,797 | |||
Interest income | (2,820) | (2,177) | $ (367) | |||
Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Periodic Payment | 160,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | Subsequent Event [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Periodic Payment | $ 500,000 | |||||
Term loan payable, due February 27, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.35% | |||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Percentage Rate, Facility Fee | 0.25% | |||||
Long-term Debt, Percentage Rate, LIBOR Floor | 0.00% | |||||
Term loan payable, due February 27, 2023 [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.75% | |||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Percentage Rate, Facility Fee | 0.375% | |||||
Long-term Debt, Percentage Rate, LIBOR Floor | 0.50% | |||||
Bonds payable, due August 1, 2047 | ||||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 24,995 | 24,995 | ||||
Private Placement Debt | ||||||
Debt Instrument [Line Items] | ||||||
Costs associated with loan refinancing or payoff | 1,500 | |||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Fee Amount | 900 | |||||
Private Placement Debt | Subsequent Event [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Periodic Payment | $ 23,800 | |||||
Combined unsecured revolving credit and term loan facility [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Fee Amount | $ 5,100 | |||||
Combined unsecured revolving credit and term loan facility [Member] | covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Percentage Rate, LIBOR Floor | 0.50% | |||||
Senior unsecured notes payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenants, Debt to Adjusted Total Assets | 60.00% | |||||
Debt Covenants, Secured Debt to Adjusted Total Assets | 40.00% | |||||
Debt Covenants, Debt Service Coverage Ratio | 1.5 | |||||
Debt Covenants, Unencumbered Assets | 150.00% | |||||
Senior unsecured notes payable [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.20% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 590,000 | 0 | ||||
Senior unsecured notes payable [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | |||||
Costs associated with loan refinancing or payoff | $ 100 | |||||
Interest Expense, Debt [Abstract] | ||||||
Debt Instrument, Fee Amount | $ 3,600 | |||||
Long-term Debt, Spread Increase, Percentage | 0.25% | |||||
Senior unsecured notes payable [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | Subsequent Event [Member] | covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Spread Increase, Percentage | 0.35% | |||||
Senior unsecured notes payable [Member] | Term loan payable, due February 27, 2023 [Member] | covenant relief period | ||||||
Long-term Debt, by Maturity [Abstract] | ||||||
Deferred financing costs, net | $ (1,500) | |||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25 Percent, Due July 15, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.25% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 275,000 | 275,000 | ||||
Senior unsecured notes payable [Member] | senior unsecured private placement notes payable, due August 22, 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.35% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 148,000 | 148,000 | ||||
Senior unsecured notes payable [Member] | senior unsecured private placement notes payable, due August 22, 2024 [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.60% | |||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.50 Percent, Due April 1, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.50% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 300,000 | 300,000 | ||||
Senior unsecured notes payable [Member] | senior unsecured private placement notes payable, due August 22, 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.56% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 192,000 | 192,000 | ||||
Senior unsecured notes payable [Member] | senior unsecured private placement notes payable, due August 22, 2026 [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.81% | |||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.75% due December 15, 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 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] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.50% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 450,000 | 450,000 | ||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 3.75 Percent, Due August 15, 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.75% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 500,000 | 500,000 | ||||
Senior unsecured notes payable [Member] | Private Placement | covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Spread Increase, Percentage | 0.65% | |||||
Senior unsecured notes payable [Member] | Private Placement | covenant relief period | External Credit Rating, Non Investment Grade | ||||||
Interest Expense, Debt [Abstract] | ||||||
Long-term Debt, Spread Increase, Percentage | 0.60% | |||||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.95 Percent, Due April 15, 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.95% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 400,000 | 400,000 | ||||
Unsecured term loan [Member] | Term loan payable, due February 27, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 2.00% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 250.00% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 400,000 | $ 400,000 | ||||
Line of Credit [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, basis spread on variable rate | 1.625% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.125% | |||||
Line of credit facility, amount outstanding | $ 590,000 | |||||
Line of Credit [Member] | Combined unsecured revolving credit and term loan facility [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,400,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | 1,400,000 | |||||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 400,000 | |||||
Interest Rate Swap [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Fixed Interest Rate | 4.40% | |||||
Interest Rate Swap [Member] | Unsecured term loan [Member] | Term loan payable, due February 27, 2023 [Member] | ||||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 350,000 | |||||
Maximum [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt to total asset ratio | 1 | |||||
Maximum [Member] | covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt to total asset ratio | 1 | |||||
Maximum [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 400,000 | |||||
Minimum [Member] | ||||||
Interest Expense, Debt [Abstract] | ||||||
Debt to total asset ratio | 0.25 | |||||
Minimum [Member] | covenant relief period | ||||||
Interest Expense, Debt [Abstract] | ||||||
Liquidity Financial Covenant | $ 500,000 | |||||
Debt to total asset ratio | 0.35 | |||||
interest rate swap 4.3950 percent [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 116,700 | |||||
Derivative, Fixed Interest Rate | [1] | 4.395% | ||||
interest rate swap 4.5950 percent [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 50,000 | |||||
interest rate swap 4.5950 percent | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Fixed Interest Rate | [1] | 4.595% | ||||
interest rate swap 4.5950 percent | Interest Rate Swap [Member] | covenant relief period | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Fixed Interest Rate | 4.60% | |||||
Long-term Debt, by Maturity [Abstract] | ||||||
Total | $ 50,000 | |||||
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | $ 25,000 | |||||
Derivative, Fixed Interest Rate | 1.3925% | |||||
[1] | As discussed in Note 8, on June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement. The above fixed rates increased by 0.90% during the Covenant Relief Period, and as a result of the Company's unsecured debt ratings being downgraded and a LIBOR floor of 0.50% being established. The rates are scheduled to return to previous levels as defined in the agreement at the end of this period, subject to the Company's unsecured debt ratings. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020CAD ($)swap_agreementsproperties | Dec. 31, 2020USD ($) | Jan. 10, 2020USD ($)$ / $ | Jan. 10, 2020CAD ($)$ / $ | Dec. 31, 2019USD ($) | ||
Derivative Liability, Fair Value, Gross Liability | $ 14,000,000 | $ 4,500,000 | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | $ 1,100,000 | ||||
Derivative, Notional Amount | 25,000,000 | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 14,800,000 | |||||
Derivative, Fixed Rate Increase | 0.90% | |||||
Term loan payable, due February 27, 2023 [Member] | ||||||
Long-term Debt, Percentage Rate, LIBOR Floor | 0.00% | |||||
Term loan payable, due February 27, 2023 [Member] | covenant relief period | ||||||
Long-term Debt, Percentage Rate, LIBOR Floor | 0.50% | |||||
Net Investment Hedging [Member] | ||||||
Derivative, Notional Amount | $ 200 | |||||
Cash Flow Hedging [Member] | ||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 200,000 | |||||
Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 400,000,000 | |||||
Interest Rate Swap [Member] | covenant relief period | ||||||
Derivative, Fixed Interest Rate | 4.40% | |||||
Interest Rate Risk [Member] | ||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | $ 8,200,000 | |||||
Cross Currency Swaps 2022 [Member] | ||||||
Derivative, Forward Exchange Rate | $ / $ | 1.31 | 1.31 | ||||
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] | ||||||
Derivative, Forward Exchange Rate | 1.32 | |||||
Derivative, Notional Amount | $ 100 | |||||
Description of Foreign Currency Exposure | $ 4.5 | |||||
Maximum [Member] | ||||||
credit risk related contingent features default on debt amount | 50,000,000 | |||||
Maximum [Member] | Interest Rate Swap [Member] | ||||||
Number of entered into interest rate swap agreements | swap_agreements | 4 | |||||
Derivative, Notional Amount | $ 400,000,000 | |||||
Canada, Dollars | Cross Currency Swaps 2022 [Member] | ||||||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 7,200,000 | |||||
Derivative, Notional Amount | $ 100 | |||||
Canada, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | ||||||
Derivative, Forward Exchange Rate | 1.32 | |||||
United States of America, Dollars | Cross Currency Swaps 2022 [Member] | ||||||
Derivative, Notional Amount | $ 76,600,000 | |||||
interest rate swap 4.3950 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | [1] | 4.395% | ||||
Derivative, Notional Amount | $ 116,700,000 | |||||
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 1.3925% | |||||
Derivative, Notional Amount | $ 25,000,000 | |||||
interest rate swap 4.4075 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | [1] | 4.4075% | ||||
Derivative, Notional Amount | $ 116,700,000 | |||||
interest rate swap 4.4080 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | [1] | 4.408% | ||||
Derivative, Notional Amount | $ 116,600,000 | |||||
interest rate swap 4.5950 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | $ 50,000,000 | |||||
interest rate swap 4.5950 percent | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | [1] | 4.595% | ||||
interest rate swap 4.5950 percent | Interest Rate Swap [Member] | covenant relief period | ||||||
Derivative, Fixed Interest Rate | 4.60% | |||||
[1] | As discussed in Note 8, on June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement. The above fixed rates increased by 0.90% during the Covenant Relief Period, and as a result of the Company's unsecured debt ratings being downgraded and a LIBOR floor of 0.50% being established. The rates are scheduled to return to previous levels as defined in the agreement at the end of this period, subject to the Company's unsecured debt ratings. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest Expense | $ 157,675 | $ 142,002 | $ 135,870 | |
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (16,271) | (12,380) | 18,529 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 599 | 556 | 271 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | (5,718) | 1,683 | 2,750 | |
Other income | 9,139 | 25,920 | 2,076 | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | (6,159) | 1,138 | 1,324 |
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 5 | (450) | 1,689 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 441 | 545 | 1,426 |
Cross Currency Swap 2023 [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (4,664) | (4,454) | 5,108 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2],[3] | 599 | 556 | 271 |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 0 | 0 | 8,560 | |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ (11,612) | $ (7,476) | $ 3,172 | |
[1] | Included in “Interest expense, net” in accompanying consolidated statements of (loss) income and comprehensive (loss) income. | |||
[2] | Included in "Other income" in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. | |||
[3] | Amounts represent derivative gains excluded from the effectiveness testing. |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)mortgagenotes | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Impairment charges | $ 85,657,000 | $ 2,206,000 | $ 27,283,000 | ||
Debt | 3,694,443,000 | 3,102,830,000 | |||
Real Estate Investment Property, Net | 4,851,302,000 | 5,197,308,000 | |||
Operating Lease, Right-of-Use Asset | 163,766,000 | 211,187,000 | |||
Investment in joint ventures | 28,208,000 | 34,317,000 | |||
Other assets | 70,223,000 | 94,174,000 | |||
Equity Method Investment, Other than Temporary Impairment | 3,247,000 | 0 | $ 0 | ||
Provision for Loan, Lease, and Other Losses | $ 30,695,000 | ||||
Number Of Notes Receivable | mortgagenotes | 1 | ||||
Note, 8.0%, due May 2, 2024 | |||||
Provision for Loan, Lease, and Other Losses | $ 25,500,000 | ||||
Number Of Notes Receivable | mortgagenotes | 1 | ||||
Note Receivable, Face amount | $ 12,600,000 | ||||
Note Receivable, unfunded commitment | 12,900,000 | ||||
Real Estate Investment | Experiential Reportable Operating Segment [Member] | |||||
Impairment charges | $ 70,700,000 | ||||
Number of impaired properties | 9 | ||||
Right-of-Use Assets, Operating Lease | Experiential Reportable Operating Segment [Member] | |||||
Impairment charges | $ 15,009,000 | [1] | 0 | ||
Number of impaired properties | 2 | ||||
Fixed Rate Mortgage Notes Receivable [Member] | |||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 365,600,000 | $ 357,400,000 | |||
Weighted average interest rate of mortgage notes receivable | 9.03% | 8.98% | |||
Receivable interest rate minimum | 7.01% | 6.99% | |||
Receivable interest rate maximum | 11.78% | 11.61% | |||
Fair value of notes receivable | $ 394,000,000 | $ 395,600,000 | |||
Weighted market rate used for determining future cash flow for notes receivable | 8.11% | 7.76% | |||
Variable Rate Debt [Member] | |||||
Debt | $ 1,000,000,000 | $ 425,000,000 | |||
Long-term debt, weighted average interest rate | 2.23% | 2.75% | |||
Variable Rate Converted to Fixed Rate [Member] | |||||
Debt | $ 425,000,000 | $ 425,000,000 | |||
Fixed Rate Debt [Member] | |||||
Long-term Debt, Fair Value | 2,690,000,000 | 2,870,000,000 | |||
Debt | $ 2,720,000,000 | $ 2,720,000,000 | |||
Long-term debt, weighted average interest rate | 4.70% | 4.54% | |||
Weighted market rate for determining fair value of debt | 4.70% | 3.51% | |||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 7.50% | 6.99% | |||
Minimum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 4.09% | 2.87% | |||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | |||||
market rate used as discount factor to determine fair value of notes | 10.00% | 9.25% | |||
Maximum [Member] | Fixed Rate Debt [Member] | |||||
market rate used as discount factor to determine fair value of debt | 5.81% | 4.56% | |||
Michigan Theatre Property [Member] | |||||
Impairment charges | $ 2,200,000 | ||||
Fair Value, Nonrecurring [Member] | |||||
Real Estate Investment Property, Net | $ 39,544,000 | 6,160,000 | |||
Other assets | [2] | $ 0 | |||
Fair Value, Inputs, Level 2 [Member] | Real Estate Investment | Experiential Reportable Operating Segment [Member] | |||||
Number of impaired properties | 6 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Real Estate Investment Property, Net | $ 29,684,000 | 6,160,000 | |||
Other assets | [2] | $ 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value Input, Terminal Capitalization Rate | 8.75% | ||||
Fair Value, Inputs, Level 3 [Member] | Real Estate Investment | Experiential Reportable Operating Segment [Member] | |||||
Number of impaired properties | 3 | ||||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||||
Fair Value Input, Discount Rate | 9.00% | ||||
Fair Value Input, price per square foot | $ 9 | ||||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Right-of-Use Assets, Operating Lease | |||||
Fair Value Input, Discount Rate | 8.00% | ||||
Fair Value Input, price per square foot | $ 10 | ||||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||||
Fair Value Input, Discount Rate | 12.30% | ||||
Fair Value Input, price per square foot | $ 28 | ||||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | Right-of-Use Assets, Operating Lease | |||||
Fair Value Input, Discount Rate | 8.50% | ||||
Fair Value Input, price per square foot | $ 16 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Real Estate Investment Property, Net | 9,860,000 | $ 0 | |||
Operating Lease, Right-of-Use Asset | 12,953,000 | ||||
Investment in joint ventures | 771,000 | ||||
Other assets | [2] | $ 0 | |||
[1] | (3) During the year ended December 31, 2020, the Company recognized impairment charge s of $15.0 million related to the operating lease right-of-use assets at two of its properties. See Note 4 for the details on these impairments. | ||||
[2] | (1) Includes collateral dependent notes receivable, which are presented within other assets in the accompanying consolidated balance sheet. |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Liability, Fair Value, Gross Liability | $ (14,000,000) | $ (4,500,000) | |
Derivative Asset, Fair Value, Gross Asset | 0 | (1,100,000) | |
Cross Currency Swaps | Fair Value, Inputs, Level 1 | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 0 | |
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | |
Cross Currency Swaps | Fair Value, Inputs, Level 3 [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 0 | |
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Fair Value, Recurring [Member] | Cross Currency Swaps | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (4,271,000) | |
Derivative Asset, Fair Value, Gross Asset | [2] | (828,000) | |
Fair Value, Recurring [Member] | Cross Currency Swaps | Fair Value, Inputs, Level 2 [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (4,271,000) | |
Derivative Asset, Fair Value, Gross Asset | [2] | (828,000) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (9,723,000) | (4,495,000) |
Derivative Asset, Fair Value, Gross Asset | 225,000 | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (9,723,000) | (4,495,000) |
Derivative Asset, Fair Value, Gross Asset | $ 225,000 | ||
[1] | ** Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. | ||
[2] | *Included in "Other assets" in the accompanying consolidated balance sheet. |
Common and Preferred Shares Com
Common and Preferred Shares Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | |
Cash Dividends Paid [Line Items] | |||
shelf registration effective term | 3 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 15,000,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.515 | $ 4.50 | $ 4.32 |
Common Stock, Shares, Issued | shares | 81,917,876 | 81,588,489 | |
Net proceeds from issuance of common shares | $ | $ 972 | $ 305,556 | $ 956 |
Stock Repurchase Program, Authorized Amount | $ | $ 150,000 | ||
Number of common shares repurchased | shares | 4,066,716 | ||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 106,000 | ||
Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common stock declared dividends per share | $ 1.515 | $ 4.500 | |
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 1.8900 | 4.4850 | |
Taxable Ordinary Income [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.8888 | 2.7411 | |
Return of Capital [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.5634 | 1.3966 | |
Long-term Capital Gain [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.4378 | 0.3473 | |
Unrecaptured Section 1250 gain | $ 0.1439 | $ 0.3473 | |
direct share purchase plan [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Shares, Issued | shares | 36,176 | ||
Net proceeds from issuance of common shares | $ | $ 1,100 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 5,394,050 | 5,394,050 | |
Preferred share dividend percentage | 5.75% | 5.75% | 5.75% |
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||
Per share liquidation preference | 25 | ||
Preferred shares conversion rate | 0.4137 | ||
Preferred shares conversion price | 60.43 | ||
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 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | $ 1.4375 | $ 1.4375 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.2131 | $ 0.6822 | |
Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 3,447,381 | 3,447,381 | |
Preferred share dividend percentage | 9.00% | 9.00% | 9.00% |
Preferred share dividend rate (in dollars per share) | $ 2.25 | ||
Per share liquidation preference | 25 | ||
Preferred shares conversion rate | 0.4826 | ||
Preferred shares conversion price | 51.80 | ||
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 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.25 | $ 2.25 | $ 2.25 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.1695 | $ 0.6024 | |
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% | ||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||
Per share liquidation preference | 25 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | $ 1.4375 | $ 1.4375 |
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0958 | 0.1050 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.9631 | 1.2758 | |
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0176 | 0 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.5075 | 1.9970 | |
Taxable Ordinary Income [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.9631 | 1.2758 | |
Return of Capital [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0701 | 0.5639 | |
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 | 0.1432 | 0.6024 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Return of Capital [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Long-term Capital Gain [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0472 | 0.0133 | |
Unrecaptured Section 1250 gain | 0.1559 | 0.1617 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0155 | 0.0133 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.4744 | 0.1617 | |
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0087 | 0 | |
Unrecaptured Section 1250 gain | 0.2441 | 0.2530 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0610 | 0 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.7425 | 0.2530 | |
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 | 0.1559 | 0.1617 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.4744 | 0.1617 | |
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 G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | |
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 | 0.2131 | 0.6822 | |
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 | $ 0.1695 | $ 0.6024 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 44.62 | $ 73.84 | $ 61.79 |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 445,402 | 509,338 | |
Series C Preferred Shares [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,200,000 | 2,200,000 | 2,100,000 |
Preferred share dividend percentage | 5.75% | 5.75% | 5.75% |
Series E Preferred Shares [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,700,000 | 1,600,000 | 1,600,000 |
Preferred share dividend percentage | 9.00% | 9.00% | 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 | 117,000 | 4,000 | 26,000 |
Performance Shares | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 56,338 | 0 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ (131,728) | $ 154,556 | $ 221,947 | ||||||||
Less: preferred dividend requirements and redemption costs | (24,136) | (24,136) | (24,142) | ||||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | 130,420 | 197,805 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 47,687 | $ 45,036 | ||||||||
Weighted average number of shares outstanding, basic | 75,994 | 76,746 | 74,292 | ||||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | $ (155,864) | $ 130,420 | $ 197,805 | ||||||||
Earnings Per Share, Basic | $ (0.35) | $ (1.23) | $ (0.90) | $ 0.40 | $ 0.39 | $ 0.36 | $ 0.80 | $ 0.79 | $ (2.05) | $ 2.32 | $ 3.27 |
Net income available to common shareholders of EPR Properties | $ (26,011) | $ (91,938) | $ (68,999) | $ 31,084 | $ 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | $ (155,864) | $ 178,107 | $ 242,841 |
Earnings per share, basic (in dollars per share) | $ 0 | $ 0.62 | $ 0.61 | ||||||||
Share options, shares | 0 | 36 | 45 | ||||||||
Weighted average number of shares outstanding, diluted | 75,994 | 76,782 | 74,337 | ||||||||
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Diluted | $ 47,687 | $ 45,036 | |||||||||
Earnings per share, diluted (in dollars per share) | $ (0.35) | $ (1.23) | $ (0.90) | $ 0.40 | $ 0.39 | $ 0.36 | $ 0.79 | $ 0.79 | $ (2.05) | $ 2.32 | $ 3.27 |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 44.62 | 73.84 | 61.79 | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 | $ 76.63 |
Severance Expense (Details)
Severance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Severance expense | $ 2,868 | $ 2,364 | $ 5,938 |
Severance [Text Block] | Severance Expense On December 31, 2020, the Company's Senior Vice President - Asset Management, Michael L. Hirons, retired from the Company. Mr. Hirons' retirement was a "Qualifying Termination" under the Company's Employee Severance and Retirement Vesting Plan. For the year ended December 31, 2020, severance expense t otaled $2.9 million and included cash payments totaling $1.6 million, and accelerated vesting of nonvested shares and performance shares totaling $1.3 million. During the year ended December 31, 2019, the Company recorded severance expense related to various employees totaling $2.4 million. For the year ended December 31, 2019, severance expense included cash payments totaling $1.8 million, and accelerated vesting of nonvested shares totaling $0.6 million. On April 5, 2018, the Company and Mr. Earnest, its then Senior Vice President and Chief Investment Officer, entered into an Amended and Restated Employment Agreement, effective March 31, 2018, to reflect the changes in connection with Mr. Earnest's transition to Executive Advisor of the Company. As the Company determined that such services were no longer needed, on December 27, 2018, the Company gave notice that the agreement was going to be terminated pursuant to the provisions of the Amended and Restated Employment Agreement. As a result, during the year ended December 31, 2018, the Company recorded severance expense related to Mr. Earnest, as well as another employee terminated under a similar such agreement, totaling $5.9 million. For the year ended December 31, 2018, severance expense includes cash payments totaling $2.6 million, accelerated vesting of nonvested shares totaling $3.2 million and $0.1 million of related taxes and other expenses. | ||
Employee Severance [Member] | Expected Cash Payment [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 1,600 | 1,800 | |
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] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 1,000 | $ 600 | |
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 3,200 | ||
Nonvested Shares and Performance Shares | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 1,300 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 12, 2016 | |
Maximum term of options granted, years | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 118,030 | 234,875 | 257,606 | |
Number of Shares, Exercised | (1,410) | (118,786) | (25,721) | |
Number of Shares, Granted | 2,890 | 1,941 | 3,835 | |
Number of Shares, Forfeited | (2,820) | (845) | ||
Number of Shares, Outstanding at End of Period | 116,690 | 118,030 | 234,875 | |
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 | $ 55.63 | $ 51.98 | $ 51.81 | |
Average Exercise Price, Exercised | 44.98 | 48.71 | 50.68 | |
Average Exercise Price, Granted | 69.19 | 73.84 | 56.94 | |
Average Exercise Price, Forfeited | 44.98 | 61.12 | ||
Average Exercise Price, Outstanding at End of Period | 56.36 | 55.63 | 51.98 | |
Weighted average fair value of options granted | $ 3.73 | $ 4.64 | $ 3.03 | |
Intrinsic value of stock options exercised | $ 22 | $ 2,800 | $ 400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 1,043 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 63 | |||
Minimum [Member] | ||||
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 | $ 44.62 | $ 19.02 | $ 19.02 | |
Option Price Per Share, Exercised | 44.98 | 19.02 | 45.20 | |
Option Price Per Share, Granted | 69.19 | 73.84 | 56.94 | |
Option Price Per Share, Forfeited | 44.98 | 51.64 | ||
Option Price Per Share, Outstanding at End of Period | 44.62 | 44.62 | 19.02 | |
Maximum [Member] | ||||
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 | 76.63 | 76.63 | |
Option Price Per Share, Exercised | 44.98 | 61.79 | 61.79 | |
Option Price Per Share, Granted | 69.19 | 73.84 | 56.94 | |
Option Price Per Share, Forfeited | 44.98 | 61.79 | ||
Option Price Per Share, Outstanding at End of Period | $ 76.63 | $ 76.63 | $ 76.63 | |
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 | 746,828 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock or Unit Option Plan Expense | $ 12 | $ 10 | $ 300 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Exercise price range, lower limit | $ 44.62 | $ 73.84 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 | |
Options outstanding | 116,690 | 118,030 | 234,875 | 257,606 |
Weighted avg. life remaining | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 109,875 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
Weighted avg. exercise price | $ 56.36 | $ 55.63 | $ 51.98 | $ 51.81 |
Aggregate intrinsic value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 55.67 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 44.62 | 44.62 | 19.02 | 19.02 |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 76.63 | $ 76.63 | $ 76.63 | $ 76.63 |
44.62-49.99 [Member] | ||||
Options outstanding | 27,215 | |||
Weighted avg. life remaining | 1 year 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 27,215 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 3 months 18 days | |||
44.62-49.99 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 44.62 | |||
44.62-49.99 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 49.99 | |||
50.00 - 59.99 [Member] | ||||
Options outstanding | 31,710 | |||
Weighted avg. life remaining | 3 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 29,793 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
50.00 - 59.99 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 50 | |||
50.00 - 59.99 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 59.99 | |||
60.00 - 69.99 [Member] | ||||
Options outstanding | 53,609 | |||
Weighted avg. life remaining | 5 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 50,719 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |||
60.00 - 69.99 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 60 | |||
60.00 - 69.99 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 69.99 | |||
70.00 - 76.63 [Member] | ||||
Options outstanding | 4,156 | |||
Weighted avg. life remaining | 7 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,148 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 7 months 6 days | |||
70.00 - 76.63 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 70 | |||
70.00 - 76.63 [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 76.63 |
Equity Incentive Plans (Summa_3
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 116,690 | 118,030 | 234,875 | 257,606 |
Exercise price range, lower limit | $ 44.62 | $ 73.84 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 | |
Options outstanding | 109,875 | |||
Weighted avg. life remaining | 3 years 3 months 18 days | |||
Weighted avg. exercise price | $ 55.67 | |||
Aggregate intrinsic value | $ 0 | |||
44.62-49.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 27,215 | |||
Options outstanding | 27,215 | |||
Weighted avg. life remaining | 1 year 3 months 18 days | |||
50.00 - 59.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 31,710 | |||
Options outstanding | 29,793 | |||
Weighted avg. life remaining | 3 years 3 months 18 days | |||
60.00 - 69.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 53,609 | |||
Options outstanding | 50,719 | |||
Weighted avg. life remaining | 4 years 1 month 6 days | |||
70.00 - 76.63 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,156 | |||
Options outstanding | 2,148 | |||
Weighted avg. life remaining | 6 years 7 months 6 days |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 67.95 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2018 | 509,338 | ||
Number of Shares, Granted | 211,549 | ||
Number of Shares, Vested | (269,716) | ||
Number of Shares, Outstanding at December 31, 2019 | 445,402 | 509,338 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ 67.88 | ||
Weighted Average Grant Date Fair Value, Granted | 69.09 | ||
Weighted Average Grant Date Fair Value, Vested | $ 67.84 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 5,769 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ 68.47 | $ 67.88 | |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 9 months 25 days | ||
Fair value of non-vested shares | $ 17,400 | $ 22,700 | $ 16,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 11,842 |
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 | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2020 | $ 6,783 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2021 | 3,811 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2022 | 1,248 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 11,842 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
Equity Incentive Plans (Summa_5
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2018 | 509,338 | ||
Number of Shares, Granted | 211,549 | ||
Number of Shares, Vested | (269,716) | ||
Number of Shares, Outstanding at December 31, 2019 | 445,402 | 509,338 | |
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, 2018 | $ 67.88 | ||
Weighted Average Grant Date Fair Value, Granted | 69.09 | ||
Weighted Average Grant Date Fair Value, Vested | 67.84 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ 68.47 | $ 67.88 | |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 9 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,769) | ||
Fair value of non-vested shares | $ 17,400 | $ 22,700 | $ 16,000 |
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, 2018 | 26,236 | ||
Number of Shares, Granted | 74,767 | ||
Number of Shares, Vested | (26,236) | ||
Number of Shares, Outstanding at December 31, 2019 | 74,767 | 26,236 | |
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, 2018 | $ 77.54 | ||
Weighted Average Grant Date Fair Value, Granted | 31.57 | ||
Weighted Average Grant Date Fair Value, Vested | 77.54 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ 31.57 | $ 77.54 | |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 5 months 1 day | ||
Unamortized share-based compensation expense | $ 983 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2018 | 0 | ||
Number of Shares, Granted | 61,615 | ||
Number of Shares, Vested | (5,277) | ||
Number of Shares, Outstanding at December 31, 2019 | 56,338 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Unamortized share-based compensation expense | $ 1,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation, Performance Measure Percent, Peer TSR | 50.00% | ||
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR | 25.00% | ||
Share-based Compensation, Performance Measure Percent, Growth in AFFO | 25.00% | ||
Fair value of non-vested shares | $ 3,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.40% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||
Dividend, Share-based Payment Arrangement | $ 50 | ||
Dividend, Share-based Payment Arrangement, Cash | 36 | ||
Performance Shares | Accelerated Vesting of Shares [Member] | Employee Severance [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Dividend, Share-based Payment Arrangement | $ 14 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Property operating expense | $ 58,587 | $ 60,739 | $ 29,654 | |||||
Operating Lease, Right-of-Use Asset | $ 163,766 | $ 163,766 | $ 211,187 | |||||
Number of Properties Subject to Ground Leases | 53 | 53 | 58 | |||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
2021 | $ 481,913 | $ 481,913 | $ 549,277 | |||||
2022 | 498,197 | 498,197 | 542,453 | |||||
2023 | 494,526 | 494,526 | 527,410 | |||||
2024 | 490,670 | 490,670 | 497,498 | |||||
2025 | 484,486 | 484,486 | 475,239 | |||||
Thereafter | 4,121,447 | 4,121,447 | 3,933,476 | |||||
Total | 6,571,239 | 6,571,239 | 6,525,353 | |||||
Operating Lease, Liability | 202,223 | 202,223 | 235,650 | |||||
Straight-Line Rent Receivable | 34,568 | 34,568 | 73,382 | |||||
Total Operating Leased Assets | 176,199 | 176,199 | 235,756 | |||||
General and Administrative Expense | 42,596 | 46,371 | 48,889 | |||||
Operating Leases, Income Statement, Lease Revenue | (372,176) | (593,022) | (509,086) | |||||
Deferred Rent Receivables, Net | $ 76,000 | 76,000 | ||||||
Operating Lease, Lease Income | 361,393 | [1] | 569,530 | |||||
Impairment charges | 85,657 | 2,206 | 27,283 | |||||
Straight line rent write off | 38,000 | 1,400 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 65,100 | |||||||
Experiential Reportable Operating Segment [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Property operating expense | 55,500 | 56,369 | 26,168 | |||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Operating Leases, Income Statement, Lease Revenue | (311,130) | (525,085) | (453,721) | |||||
Right-of-Use Assets, Operating Lease | Experiential Reportable Operating Segment [Member] | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Impairment charges | $ 15,009 | [2] | 0 | |||||
Number of impaired properties | 2 | 2 | ||||||
Ground Lease Arrangement [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Property operating expense | $ 24,386 | 24,656 | ||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Operating Lease, Lease Income | 10,783 | [3] | 23,492 | |||||
Office Lease [Member] | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
General and Administrative Expense | 905 | 909 | ||||||
Operating Leases [Member] | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
2021 | [4] | $ 461,473 | [5] | 461,473 | [5] | 525,809 | ||
2022 | [4] | 477,454 | [5] | 477,454 | [5] | 518,590 | ||
2023 | [4] | 474,504 | [5] | 474,504 | [5] | 504,119 | ||
2024 | [4] | 471,149 | [5] | 471,149 | [5] | 474,889 | ||
2025 | [4] | 464,850 | [5] | 464,850 | [5] | 453,043 | ||
Thereafter | [4] | 3,939,241 | [5] | 3,939,241 | [5] | 3,707,326 | ||
Total | [4] | $ 6,288,671 | [5] | $ 6,288,671 | [5] | $ 6,183,776 | ||
Ground Lease Arrangement [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 15 years 9 months 18 days | 15 years 9 months 18 days | 16 years | |||||
Operating Lease, Right-of-Use Asset | $ 159,245 | $ 159,245 | $ 205,997 | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [6] | 22,520 | 22,520 | 24,085 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | [6] | 22,058 | 22,058 | 24,529 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | [6] | 21,340 | 21,340 | 23,961 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | [6] | 20,840 | 20,840 | 23,283 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | [6] | 20,936 | 20,936 | 22,871 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | [6] | 203,467 | 203,467 | 243,411 | ||||
Operating Leases, Future Minimum Payments Due | 311,161 | 311,161 | 362,140 | [6] | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
2021 | [4] | 20,440 | [5] | 20,440 | [5] | 23,468 | ||
2022 | [4] | 20,743 | [5] | 20,743 | [5] | 23,863 | ||
2023 | [4] | 20,022 | [5] | 20,022 | [5] | 23,291 | ||
2024 | [4] | 19,521 | [5] | 19,521 | [5] | 22,609 | ||
2025 | [4] | 19,636 | [5] | 19,636 | [5] | 22,196 | ||
Thereafter | [4] | 182,206 | [5] | 182,206 | [5] | 226,150 | ||
Total | [4] | 282,568 | [5] | 282,568 | [5] | 341,577 | ||
Receivable with Imputed Interest, Discount | 113,730 | 113,730 | 131,901 | |||||
Operating Lease, Liability | $ 197,431 | $ 197,431 | $ 230,239 | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.97% | 4.97% | 4.96% | |||||
Number of vacant properties | 2 | 2 | ||||||
Office Lease [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days | 5 years 9 months 18 days | 6 years 9 months 18 days | |||||
Operating Lease, Right-of-Use Asset | $ 4,521 | $ 4,521 | $ 5,190 | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [7] | 884 | 884 | 856 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | [7] | 967 | 967 | 884 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | [7] | 967 | 967 | 967 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | [7] | 967 | 967 | 967 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | [7] | 967 | 967 | 967 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | [7] | 724 | 724 | 1,691 | ||||
Operating Leases, Future Minimum Payments Due | 5,476 | 5,476 | 6,332 | [7] | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Receivable with Imputed Interest, Discount | 684 | 684 | 921 | |||||
Operating Lease, Liability | $ 4,792 | $ 4,792 | $ 5,411 | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.62% | 4.62% | 4.62% | |||||
COVID-19 Deferred Receivable | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
2021 | $ 24,300 | $ 24,300 | ||||||
2022 | 31,600 | 31,600 | ||||||
2023 | 19,000 | 19,000 | ||||||
2024 | $ 1,100 | $ 1,100 | ||||||
Maximum [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 29 years | 29 years | ||||||
Maximum [Member] | Ground Lease Arrangement [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 46 years | 46 years | ||||||
Minimum [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||||||
Minimum [Member] | Ground Lease Arrangement [Member] | ||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||||||
Ground Lease Arrangement [Member] | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Straight-Line Rent Receivable | $ 0 | $ 0 | $ 24,454 | $ 0 | ||||
Ground Lease Arrangement [Member] | Sub-lessor [Member] | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Straight-Line Rent Receivable | 12,433 | 12,433 | $ 24,569 | |||||
straight-line receivable | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Straight line rent write off | 26,500 | |||||||
Tenant Receivable | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 25,700 | |||||||
Ground Lease Straight Line Receivable | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Straight line rent write off | $ 11,500 | |||||||
Ground Lease Receivable | ||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||||
Allowance for Loan and Lease Losses, Write-offs | $ 1,400 | |||||||
[1] | (1) During the year ended December 31, 2020, the Company wrote-off straight-line rent receivables totaling $26.5 million, to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off lease receivables from tenants totaling $25.7 million, to min imum rent, tenant reimbursements and percentage rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. | |||||||
[2] | (3) During the year ended December 31, 2020, the Company recognized impairment charge s of $15.0 million related to the operating lease right-of-use assets at two of its properties. See Note 4 for the details on these impairments. | |||||||
[3] | (2) During the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease straight-line rent receivab les totaling $11.5 million, to str aight-line rental revenue classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. Additionally, during the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease receivables from ten ants totaling $1.4 million to minimum rent classified in rental revenue in the accompanying consolidated statements of (loss) income and comprehensive (loss) income related to tenants being recognized on a cash basis. | |||||||
[4] | (2) Included in rental revenue. | |||||||
[5] | Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2020, receivables from tenants included fixed rent payments of approximately $76.0 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $24.3 million in 2021, $31.6 million in 2022, $19.0 million in 2023 and $1.1 million in 2024. | |||||||
[6] | (1) Included in property operating expense. | |||||||
[7] | (2) Included in general and administrative expense |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue | $ 93,412 | $ 63,877 | $ 106,360 | $ 151,012 | $ 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | $ 414,661 | $ 651,969 | $ 639,921 |
Net income (loss) available to common shareholders of EPR Properties | (19,977) | (85,904) | (62,965) | 37,118 | 36,297 | 34,003 | 66,594 | 65,349 | (131,728) | 202,243 | 266,983 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (26,011) | $ (91,938) | $ (68,999) | $ 31,084 | $ 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | $ (155,864) | $ 178,107 | $ 242,841 |
Basic net income (loss) per common share | $ (0.35) | $ (1.23) | $ (0.90) | $ 0.40 | $ 0.39 | $ 0.36 | $ 0.80 | $ 0.79 | $ (2.05) | $ 2.32 | $ 3.27 |
Diluted net income (loss) per common share | $ (0.35) | $ (1.23) | $ (0.90) | $ 0.40 | $ 0.39 | $ 0.36 | $ 0.79 | $ 0.79 | $ (2.05) | $ 2.32 | $ 3.27 |
Discontinued Operations (Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 372,176 | $ 593,022 | $ 509,086 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,346 | 33,027 | 128,759 | ||||||||
Revenues | $ 93,412 | $ 63,877 | $ 106,360 | $ 151,012 | $ 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | 414,661 | 651,969 | 639,921 |
Property operating expense | 58,587 | 60,739 | 29,654 | ||||||||
Write off of Deferred Debt Issuance Cost | 1,632 | 38,269 | 31,958 | ||||||||
Interest Expense | (157,675) | (142,002) | (135,870) | ||||||||
Depreciation and amortization | 170,333 | 158,834 | 138,395 | ||||||||
Income from discontinued operations before other items | 0 | 37,241 | 45,036 | ||||||||
Impairment on public charter school portfolio sale | 0 | (21,433) | 0 | ||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 0 | 31,879 | 0 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 47,687 | 45,036 | ||||||||
Payments to Acquire Productive Assets | (38,714) | (500,629) | (187,460) | ||||||||
Proceeds from sale of public charter school portfolio | 0 | 449,555 | 0 | ||||||||
Payments to Acquire Mortgage Notes Receivable | (8,141) | (142,456) | (36,105) | ||||||||
Proceeds from mortgage note receivable paydown | 481 | 217,459 | 335,168 | ||||||||
Payments to Develop Real Estate Assets | (40,470) | (134,586) | (274,956) | ||||||||
Transfer of property under development to rental property | 20,657 | 354,568 | 228,572 | ||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 155,185 | ||||||||
Interest Paid, Capitalized, Investing Activities | $ 1,233 | $ 5,326 | 9,903 | ||||||||
Public Charter School Portfolio Sale [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
number of properties sold | 47 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Public Charter School Portfolio Sale [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | 36,289 | 47,277 | |||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 14,284 | 13,533 | |||||||||
Revenues | 50,573 | 60,810 | |||||||||
Property operating expense | 573 | 1,102 | |||||||||
Write off of Deferred Debt Issuance Cost | 181 | 0 | |||||||||
Interest Expense | (351) | (363) | |||||||||
Depreciation and amortization | 12,929 | 15,035 | |||||||||
Income from discontinued operations before other items | 37,241 | 45,036 | |||||||||
Impairment on public charter school portfolio sale | (21,433) | 0 | |||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 31,879 | 0 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 47,687 | 45,036 | |||||||||
Payments to Acquire Productive Assets | (6,968) | (5,956) | |||||||||
Proceeds from Sale of Real Estate | 182,934 | 0 | |||||||||
Proceeds from sale of public charter school portfolio | 449,555 | 0 | |||||||||
Payments to Acquire Mortgage Notes Receivable | (5,115) | (17,933) | |||||||||
Proceeds from mortgage note receivable paydown | 28,662 | 3,355 | |||||||||
Payments to Develop Real Estate Assets | (22,981) | (31,036) | |||||||||
Transfer of property under development to rental property | 28,099 | 24,900 | |||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 12,013 | |||||||||
Interest Paid, Capitalized, Investing Activities | $ 351 | $ 363 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)mortgagenotes | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number Of Mortgage Notes Receivable | mortgagenotes | 3 | ||
Mortgage Note and Notes Receivable Commitments | $ 31,800,000 | ||
Litigation settlement expense | $ 0 | $ 0 | $ 2,090,000 |
Number of Surety Bonds | 2 | ||
Surety bonds | $ 31,600,000 | ||
Transaction costs | $ 5,436,000 | $ 23,789,000 | 3,698,000 |
Number Of Notes Receivable | mortgagenotes | 1 | ||
Experiential Reportable Operating Segment [Member] | |||
Development Project In Process | 17 | ||
Other Commitment | $ 118,300,000 | ||
Louisiana Theatre Properties [Member] | |||
Number of economic development bonds | $ 2 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | segment | 2 | ||||||||||
Total assets | $ 6,704,185 | $ 6,577,511 | $ 6,704,185 | $ 6,577,511 | |||||||
Rental revenue | 372,176 | 593,022 | $ 509,086 | ||||||||
Other income | 9,139 | 25,920 | 2,076 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,346 | 33,027 | 128,759 | ||||||||
Revenues | 93,412 | $ 63,877 | $ 106,360 | $ 151,012 | 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | 414,661 | 651,969 | 639,921 |
Property operating expense | 58,587 | 60,739 | 29,654 | ||||||||
Other expense | 16,474 | 29,667 | 443 | ||||||||
Investment Income, Investment Expense | 75,061 | 90,406 | 30,097 | ||||||||
Net Operating Income Before Unallocated Items | 339,600 | 561,563 | 609,824 | ||||||||
General and Administrative Expense | (42,596) | (46,371) | (48,889) | ||||||||
Severance Costs | (2,868) | (2,364) | (5,938) | ||||||||
Litigation settlement expense | 0 | 0 | (2,090) | ||||||||
Costs associated with loan refinancing or payoff | (1,632) | (38,269) | (31,958) | ||||||||
Interest Expense | (157,675) | (142,002) | (135,870) | ||||||||
Transaction costs | (5,436) | (23,789) | (3,698) | ||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | (30,695) | 0 | 0 | ||||||||
Impairment charges | (85,657) | (2,206) | (27,283) | ||||||||
Depreciation and amortization | (170,333) | (158,834) | (138,395) | ||||||||
Equity in loss from joint ventures | (4,552) | (381) | (22) | ||||||||
Equity Method Investment, Other than Temporary Impairment | (3,247) | 0 | 0 | ||||||||
Gain on sale of real estate | 50,119 | 4,174 | 3,037 | ||||||||
gain on sale of investment in direct financing lease | 0 | 0 | 5,514 | ||||||||
Income tax (expense) benefit | (16,756) | 3,035 | (2,285) | ||||||||
Income from discontinued operations before other items | 0 | 37,241 | 45,036 | ||||||||
Impairment on public charter school portfolio sale | 0 | (21,433) | 0 | ||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 0 | 31,879 | 0 | ||||||||
Net income | (19,977) | (85,904) | (62,965) | 37,118 | 36,297 | 34,003 | 66,594 | 65,349 | (131,728) | 202,243 | 266,983 |
Dividends, Preferred Stock | (24,136) | (24,136) | (24,142) | ||||||||
Net income available to common shareholders of EPR Properties | (26,011) | $ (91,938) | $ (68,999) | $ 31,084 | 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | (155,864) | 178,107 | 242,841 |
Experiential Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 5,133,486 | 5,307,295 | 5,133,486 | 5,307,295 | |||||||
Rental revenue | 311,130 | 525,085 | 453,721 | ||||||||
Other income | 8,085 | 24,818 | 332 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 32,017 | 31,594 | 117,171 | ||||||||
Revenues | 351,232 | 581,497 | 571,224 | ||||||||
Property operating expense | 55,500 | 56,369 | 26,168 | ||||||||
Other expense | 16,513 | 29,222 | 0 | ||||||||
Investment Income, Investment Expense | 72,013 | 85,591 | 26,168 | ||||||||
Net Operating Income Before Unallocated Items | 279,219 | 495,906 | 545,056 | ||||||||
Gain on sale of real estate | 10,400 | 4,200 | |||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 529,755 | 730,165 | 529,755 | 730,165 | |||||||
Rental revenue | 61,046 | 67,937 | 55,365 | ||||||||
Other income | 13 | 0 | 0 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 1,329 | 1,433 | 11,588 | ||||||||
Revenues | 62,388 | 69,370 | 66,953 | ||||||||
Property operating expense | 2,283 | 3,481 | 2,831 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 2,283 | 3,481 | 2,831 | ||||||||
Net Operating Income Before Unallocated Items | 60,105 | 65,889 | 64,122 | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 1,040,944 | $ 540,051 | 1,040,944 | 540,051 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Other income | 1,041 | 1,102 | 1,744 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 0 | 0 | 0 | ||||||||
Revenues | 1,041 | 1,102 | 1,744 | ||||||||
Property operating expense | 804 | 889 | 655 | ||||||||
Other expense | (39) | 445 | 443 | ||||||||
Investment Income, Investment Expense | 765 | 1,334 | 1,098 | ||||||||
Net Operating Income Before Unallocated Items | $ 276 | $ (232) | $ 646 |
SEC Schedule, Article 12-04, _2
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |||||||||||
Real Estate Investment Property, Net | $ 4,851,302 | $ 5,197,308 | $ 4,851,302 | $ 5,197,308 | |||||||
Real Estate Investment Property, Accumulated Depreciation | 1,062,087 | 989,254 | 1,062,087 | 989,254 | |||||||
Total assets | 6,704,185 | 6,577,511 | 6,704,185 | 6,577,511 | |||||||
Liabilities | 4,073,600 | 3,571,706 | 4,073,600 | 3,571,706 | |||||||
Total revenue | 93,412 | $ 63,877 | $ 106,360 | $ 151,012 | 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | 414,661 | 651,969 | $ 639,921 |
Income from continuing operations | (131,728) | 154,556 | 221,947 | ||||||||
Net income | (19,977) | (85,904) | (62,965) | 37,118 | 36,297 | 34,003 | 66,594 | 65,349 | (131,728) | 202,243 | 266,983 |
Net income available to common shareholders of EPR Properties | (26,011) | (91,938) | (68,999) | 31,084 | 30,263 | 27,969 | 60,560 | 59,315 | (155,864) | 178,107 | 242,841 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real Estate Investment Property, Net | 4,851,302 | 5,197,308 | 4,851,302 | 5,197,308 | |||||||
Total assets | 6,704,185 | 6,577,511 | 6,704,185 | 6,577,511 | |||||||
Liabilities | 4,073,600 | 3,571,706 | 4,073,600 | 3,571,706 | |||||||
Real Estate Investment Property, Accumulated Depreciation | 1,062,087 | 989,254 | 1,062,087 | 989,254 | |||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenue | 93,412 | 63,877 | 106,360 | 151,012 | 170,346 | 169,356 | 161,740 | 150,527 | 414,661 | 651,969 | 639,921 |
Income from continuing operations | (131,728) | 154,556 | 221,947 | ||||||||
Net income | (19,977) | (85,904) | (62,965) | 37,118 | 36,297 | 34,003 | 66,594 | 65,349 | (131,728) | 202,243 | 266,983 |
Net income available to common shareholders of EPR Properties | (26,011) | $ (91,938) | $ (68,999) | $ 31,084 | $ 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | (155,864) | $ 178,107 | $ 242,841 |
Senior unsecured notes payable [Member] | |||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||
Senior Notes | 2,400,000 | 2,400,000 | |||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Senior Notes | $ 2,400,000 | $ 2,400,000 | |||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||
Ownership Percentage | 100.00% | 100.00% | |||||||||
Real Estate Investment Property, Net | $ 4,666,835 | $ 4,666,835 | |||||||||
Real Estate Investment Property, Accumulated Depreciation | 979,269 | 979,269 | |||||||||
Total assets | 6,488,007 | 6,488,007 | |||||||||
Liabilities | 4,038,101 | 4,038,101 | |||||||||
Total revenue | 382,799 | ||||||||||
Income from continuing operations | (93,257) | ||||||||||
Net income | (93,257) | ||||||||||
Net income available to common shareholders of EPR Properties | (117,393) | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Real Estate Investment Property, Net | 4,666,835 | 4,666,835 | |||||||||
Total assets | 6,488,007 | 6,488,007 | |||||||||
Liabilities | 4,038,101 | 4,038,101 | |||||||||
Real Estate Investment Property, Accumulated Depreciation | $ 979,269 | $ 979,269 | |||||||||
Ownership Percentage | 100.00% | 100.00% | |||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total revenue | $ 382,799 | ||||||||||
Income from continuing operations | (93,257) | ||||||||||
Net income | (93,257) | ||||||||||
Net income available to common shareholders of EPR Properties | (117,393) | ||||||||||
Guarantor Subsidiaries | Intersegment Eliminations | |||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||
Intercompany Notes Receivable | $ 173,700 | 173,700 | |||||||||
Intercompany Fee Income | 2,900 | ||||||||||
Intercompany interest income | 9,300 | ||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Intercompany Fee Income | 2,900 | ||||||||||
Intercompany Notes Receivable | $ 173,700 | 173,700 | |||||||||
Intercompany interest income | $ 9,300 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 32,858 | $ 0 | $ 0 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Ending balance | 32,858 | 0 | 0 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 0 | 633 | 2,851 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 407 | 2,899 | 7,485 |
Deductions | (344) | (3,125) | (7,437) |
Ending balance | 407 | 2,899 | |
Allowance for doubtful accounts | $ 63 | $ 407 | $ 2,899 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,694,443 | |
Land, initial cost | 1,344,707 | |
Buildings, equipment & improvement, initial cost | 4,295,921 | |
Additions (dispositions) (impairments) subsequent to acquisition | 353,615 | |
Land, gross amount | 1,323,518 | |
Buildings, equipment & improvement, gross amount | 4,670,726 | |
Fair value of Concord resort land received | 5,994,244 | $ 6,251,398 |
Accumulated depreciation | (1,062,087) | $ (989,254) |
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 | (17,967) | |
Land, gross amount | 1,705 | |
Buildings, equipment & improvement, gross amount | 2,243 | |
Fair value of Concord resort land received | 3,948 | |
Accumulated depreciation | $ 0 | |
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 | 4,152 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 23,252 | |
Fair value of Concord resort land received | 23,252 | |
Accumulated depreciation | $ (11,301) | |
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 | $ (9,905) | |
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 | 573 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,258 | |
Fair value of Concord resort land received | 13,258 | |
Accumulated depreciation | $ (7,144) | |
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 | $ (9,016) | |
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 | $ (12,033) | |
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 | $ (11,271) | |
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 | (10,818) | |
Land, gross amount | 1,736 | |
Buildings, equipment & improvement, gross amount | 5,033 | |
Fair value of Concord resort land received | 6,769 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 33 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 | $ (7,602) | |
Depreciation life | 40 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 | (7,890) | |
Land, gross amount | 1,765 | |
Buildings, equipment & improvement, gross amount | 8,686 | |
Fair value of Concord resort land received | 10,451 | |
Accumulated depreciation | $ 0 | |
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 | $ (12,359) | |
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 | $ (16,755) | |
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 | $ (12,838) | |
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 | $ (14,855) | |
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 | 10,984 | |
Land, gross amount | 6,771 | |
Buildings, equipment & improvement, gross amount | 20,883 | |
Fair value of Concord resort land received | 27,654 | |
Accumulated depreciation | $ (13,689) | |
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 | $ (3,956) | |
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 | $ (12,167) | |
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 | $ (7,700) | |
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 | 400 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,403 | |
Fair value of Concord resort land received | 16,403 | |
Accumulated depreciation | $ (8,806) | |
Depreciation life | 40 years | |
Cary, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,352 | |
Buildings, equipment & improvement, initial cost | 11,653 | |
Additions (dispositions) (impairments) subsequent to acquisition | 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 | $ (6,690) | |
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 | $ (8,204) | |
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 | $ (5,877) | |
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 | $ (6,978) | |
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 | $ (3,369) | |
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 | $ (3,192) | |
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 | $ (6,246) | |
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 | 473 | |
Land, gross amount | 1,660 | |
Buildings, equipment & improvement, gross amount | 8,043 | |
Fair value of Concord resort land received | 9,703 | |
Accumulated depreciation | $ (3,610) | |
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 | $ (11,705) | |
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 | $ (9,133) | |
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 | $ (8,069) | |
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 | $ (10,053) | |
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 | $ (3,612) | |
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 | $ (2,244) | |
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 | 4,092 | |
Land, gross amount | 5,794 | |
Buildings, equipment & improvement, gross amount | 26,816 | |
Fair value of Concord resort land received | 32,610 | |
Accumulated depreciation | $ (26,817) | |
Depreciation life | 15 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 | $ (1,871) | |
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 | $ (3,776) | |
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 | $ (7,170) | |
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 | 93 | |
Land, gross amount | 4,869 | |
Buildings, equipment & improvement, gross amount | 18,236 | |
Fair value of Concord resort land received | 23,105 | |
Accumulated depreciation | $ (7,597) | |
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 | $ (7,441) | |
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 | $ (4,587) | |
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 | $ (4,251) | |
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 | $ (5,138) | |
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 | $ (3,660) | |
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 | $ (4,418) | |
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 | $ (3,172) | |
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 | $ (4,539) | |
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 | 2,304 | |
Land, gross amount | 1,836 | |
Buildings, equipment & improvement, gross amount | 10,534 | |
Fair value of Concord resort land received | 12,370 | |
Accumulated depreciation | $ (3,314) | |
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 | $ (2,109) | |
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 | $ (4,107) | |
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 | $ (1,437) | |
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 | $ (2,332) | |
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 | $ (6,113) | |
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 | $ (1,726) | |
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 | $ (4,500) | |
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 | $ (5,467) | |
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 | $ (2,530) | |
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 | $ (5,393) | |
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 | $ (5,304) | |
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 | (15,931) | |
Land, gross amount | 370 | |
Buildings, equipment & improvement, gross amount | 1,040 | |
Fair value of Concord resort land received | 1,410 | |
Accumulated depreciation | $ 0 | |
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 | $ (5,285) | |
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 | $ (4,025) | |
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 | 2,704 | |
Land, gross amount | 6,486 | |
Buildings, equipment & improvement, gross amount | 13,860 | |
Fair value of Concord resort land received | 20,346 | |
Accumulated depreciation | $ (3,918) | |
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 | $ (2,441) | |
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 | $ (6,270) | |
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 | $ (3,220) | |
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 | $ (345) | |
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 | 2,315 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 13,789 | |
Fair value of Concord resort land received | 17,417 | |
Accumulated depreciation | $ (3,299) | |
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 | $ (486) | |
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 | $ (1,897) | |
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 | $ (3,441) | |
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 | $ (474) | |
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 | $ (1,297) | |
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 | $ (1,070) | |
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 | $ (1,565) | |
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 | 2,000 | |
Land, gross amount | 5,379 | |
Buildings, equipment & improvement, gross amount | 5,311 | |
Fair value of Concord resort land received | 10,690 | |
Accumulated depreciation | $ (1,034) | |
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 | $ (2,644) | |
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 | (1,046) | |
Land, gross amount | 3,933 | |
Buildings, equipment & improvement, gross amount | 6,567 | |
Fair value of Concord resort land received | 10,500 | |
Accumulated depreciation | $ (1,806) | |
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 | $ (1,941) | |
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 | 2,650 | |
Land, gross amount | 2,540 | |
Buildings, equipment & improvement, gross amount | 6,405 | |
Fair value of Concord resort land received | 8,945 | |
Accumulated depreciation | $ (1,197) | |
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 | $ (586) | |
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 | $ (2,922) | |
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 | $ (517) | |
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 | $ (871) | |
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 | $ (1,621) | |
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 | $ (1,187) | |
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 | $ (1,256) | |
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 | $ (1,438) | |
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 | $ (3,230) | |
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 | $ (3,227) | |
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 | 2,617 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 12,356 | |
Fair value of Concord resort land received | 16,465 | |
Accumulated depreciation | $ (2,683) | |
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 | $ (3,652) | |
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 | $ (3,218) | |
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 | 1,254 | |
Land, gross amount | 2,639 | |
Buildings, equipment & improvement, gross amount | 12,859 | |
Fair value of Concord resort land received | 15,498 | |
Accumulated depreciation | $ (2,925) | |
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 | 1,124 | |
Land, gross amount | 1,508 | |
Buildings, equipment & improvement, gross amount | 4,950 | |
Fair value of Concord resort land received | 6,458 | |
Accumulated depreciation | $ (1,005) | |
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 | $ (1,387) | |
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 | $ (1,750) | |
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 | $ (1,026) | |
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 | (11,086) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,060 | |
Fair value of Concord resort land received | 1,060 | |
Accumulated depreciation | $ (24) | |
Depreciation life | 30 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 | $ (2,432) | |
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 | 3,705 | |
Land, gross amount | 1,709 | |
Buildings, equipment & improvement, gross amount | 8,452 | |
Fair value of Concord resort land received | 10,161 | |
Accumulated depreciation | $ (1,126) | |
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 | $ (1,182) | |
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 | $ (1,683) | |
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 | $ (1,921) | |
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 | $ (2,307) | |
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 | $ (296) | |
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 | $ (1,717) | |
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 | 3,648 | |
Land, gross amount | 1,579 | |
Buildings, equipment & improvement, gross amount | 27,252 | |
Fair value of Concord resort land received | 28,831 | |
Accumulated depreciation | $ (6,358) | |
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 | (5,417) | |
Land, gross amount | 8,270 | |
Buildings, equipment & improvement, gross amount | 17,631 | |
Fair value of Concord resort land received | 25,901 | |
Accumulated depreciation | $ (4,095) | |
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 | $ (1,614) | |
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 | $ (1,455) | |
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 | $ (305) | |
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 | $ (411) | |
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 | $ (2,185) | |
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 | $ (1,814) | |
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 | $ (2,575) | |
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 | $ (3,265) | |
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 | $ (1,225) | |
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 | $ (1,505) | |
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 | $ (1,793) | |
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 | $ (1,285) | |
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 | $ (2,955) | |
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 | (404) | |
Land, gross amount | 10,257 | |
Buildings, equipment & improvement, gross amount | 188 | |
Fair value of Concord resort land received | 10,445 | |
Accumulated depreciation | $ (74) | |
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 | $ (945) | |
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 | $ (1,011) | |
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 | $ (4,919) | |
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 | $ (1,016) | |
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 | $ (3,129) | |
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 | $ (986) | |
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 | $ (808) | |
Depreciation life | 40 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 | $ (991) | |
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 | $ (4,662) | |
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 | $ (3,186) | |
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 | $ (2,536) | |
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 | $ (3,919) | |
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 | $ (1,565) | |
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 | $ (1,000) | |
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 | $ (1,918) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
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 | $ (735) | |
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 | $ (1,597) | |
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 | $ (1,174) | |
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 | $ (3,798) | |
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 | $ (3,402) | |
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 | $ (2,445) | |
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 | $ (2,622) | |
Depreciation life | 25 years | |
Little Rock AR | ||
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 | $ (900) | |
Depreciation life | 40 years | |
Conway, AR | ||
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 | $ (573) | |
Depreciation life | 30 years | |
Lynbrook, NY | ||
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 | $ (1,816) | |
Depreciation life | 40 years | |
Long Island, NY | ||
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 | $ (1,144) | |
Depreciation life | 25 years | |
Brandywine, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,251 | |
Buildings, equipment & improvement, initial cost | 10,520 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 10,520 | |
Fair value of Concord resort land received | 15,771 | |
Accumulated depreciation | $ (636) | |
Depreciation life | 34 years | |
Cincinnati, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,831 | |
Buildings, equipment & improvement, initial cost | 11,430 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,831 | |
Buildings, equipment & improvement, gross amount | 11,430 | |
Fair value of Concord resort land received | 14,261 | |
Accumulated depreciation | $ (657) | |
Depreciation life | 35 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,726 | |
Buildings, equipment & improvement, initial cost | 27,312 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,726 | |
Buildings, equipment & improvement, gross amount | 27,312 | |
Fair value of Concord resort land received | 31,038 | |
Accumulated depreciation | $ (1,319) | |
Depreciation life | 40 years | |
Riverview, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,339 | |
Buildings, equipment & improvement, initial cost | 15,901 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,339 | |
Buildings, equipment & improvement, gross amount | 15,901 | |
Fair value of Concord resort land received | 18,240 | |
Accumulated depreciation | $ (843) | |
Depreciation life | 37 years | |
Savoy, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,938 | |
Buildings, equipment & improvement, initial cost | 10,554 | |
Additions (dispositions) (impairments) subsequent to acquisition | 184 | |
Land, gross amount | 1,938 | |
Buildings, equipment & improvement, gross amount | 10,738 | |
Fair value of Concord resort land received | 12,676 | |
Accumulated depreciation | $ (888) | |
Depreciation life | 25 years | |
Dublin, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 15,662 | |
Buildings, equipment & improvement, initial cost | 25,496 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 15,662 | |
Buildings, equipment & improvement, gross amount | 25,496 | |
Fair value of Concord resort land received | 41,158 | |
Accumulated depreciation | $ (1,576) | |
Depreciation life | 30 years | |
Ontario, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,019 | |
Buildings, equipment & improvement, initial cost | 15,708 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,019 | |
Buildings, equipment & improvement, gross amount | 15,708 | |
Fair value of Concord resort land received | 23,727 | |
Accumulated depreciation | $ (1,156) | |
Depreciation life | 24 years | |
Columbia, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,009 | |
Buildings, equipment & improvement, initial cost | 17,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,009 | |
Buildings, equipment & improvement, gross amount | 17,318 | |
Fair value of Concord resort land received | 24,327 | |
Accumulated depreciation | $ (764) | |
Depreciation life | 40 years | |
Columbia, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,642 | |
Buildings, equipment & improvement, initial cost | 14,152 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 12,642 | |
Buildings, equipment & improvement, gross amount | 14,152 | |
Fair value of Concord resort land received | 26,794 | |
Accumulated depreciation | $ (822) | |
Depreciation life | 34 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,257 | |
Buildings, equipment & improvement, initial cost | 15,121 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,257 | |
Buildings, equipment & improvement, gross amount | 15,121 | |
Fair value of Concord resort land received | 19,378 | |
Accumulated depreciation | $ (784) | |
Depreciation life | 35 years | |
Foothill Ranch, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,653 | |
Buildings, equipment & improvement, initial cost | 14,090 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,653 | |
Buildings, equipment & improvement, gross amount | 14,090 | |
Fair value of Concord resort land received | 21,743 | |
Accumulated depreciation | $ (1,074) | |
Depreciation life | 29 years | |
Wilsonville, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,742 | |
Buildings, equipment & improvement, initial cost | 1,301 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,742 | |
Buildings, equipment & improvement, gross amount | 1,301 | |
Fair value of Concord resort land received | 4,043 | |
Accumulated depreciation | $ (233) | |
Depreciation life | 23 years | |
Raleigh, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,376 | |
Buildings, equipment & improvement, initial cost | 12,516 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,376 | |
Buildings, equipment & improvement, gross amount | 12,516 | |
Fair value of Concord resort land received | 17,892 | |
Accumulated depreciation | $ (811) | |
Depreciation life | 30 years | |
Gastonia, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,039 | |
Buildings, equipment & improvement, initial cost | 9,199 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,039 | |
Buildings, equipment & improvement, gross amount | 9,199 | |
Fair value of Concord resort land received | 13,238 | |
Accumulated depreciation | $ (607) | |
Depreciation life | 30 years | |
Abingdon, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,613 | |
Buildings, equipment & improvement, initial cost | 6,171 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,613 | |
Buildings, equipment & improvement, gross amount | 6,171 | |
Fair value of Concord resort land received | 10,784 | |
Accumulated depreciation | $ (599) | |
Depreciation life | 24 years | |
Midland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,495 | |
Buildings, equipment & improvement, initial cost | 12,965 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,495 | |
Buildings, equipment & improvement, gross amount | 12,965 | |
Fair value of Concord resort land received | 15,460 | |
Accumulated depreciation | $ (697) | |
Depreciation life | 35 years | |
Port Richey, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,564 | |
Buildings, equipment & improvement, initial cost | 7,103 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,564 | |
Buildings, equipment & improvement, gross amount | 7,103 | |
Fair value of Concord resort land received | 8,667 | |
Accumulated depreciation | $ (599) | |
Depreciation life | 26 years | |
Hillsboro, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,392 | |
Buildings, equipment & improvement, initial cost | 5,697 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,392 | |
Buildings, equipment & improvement, gross amount | 5,697 | |
Fair value of Concord resort land received | 9,089 | |
Accumulated depreciation | $ (607) | |
Depreciation life | 23 years | |
Woodway, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,376 | |
Buildings, equipment & improvement, initial cost | 7,309 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,376 | |
Buildings, equipment & improvement, gross amount | 7,309 | |
Fair value of Concord resort land received | 9,685 | |
Accumulated depreciation | $ (648) | |
Depreciation life | 24 years | |
San Jacinto, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,960 | |
Buildings, equipment & improvement, initial cost | 5,073 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,960 | |
Buildings, equipment & improvement, gross amount | 5,073 | |
Fair value of Concord resort land received | 7,033 | |
Accumulated depreciation | $ (461) | |
Depreciation life | 23 years | |
Albany, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,049 | |
Buildings, equipment & improvement, initial cost | 3,920 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,049 | |
Buildings, equipment & improvement, gross amount | 3,920 | |
Fair value of Concord resort land received | 5,969 | |
Accumulated depreciation | $ (293) | |
Depreciation life | 30 years | |
Lake City, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,257 | |
Buildings, equipment & improvement, initial cost | 4,756 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,257 | |
Buildings, equipment & improvement, gross amount | 4,756 | |
Fair value of Concord resort land received | 6,013 | |
Accumulated depreciation | $ (364) | |
Depreciation life | 27 years | |
Anderson, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,554 | |
Buildings, equipment & improvement, initial cost | 3,948 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,554 | |
Buildings, equipment & improvement, gross amount | 3,948 | |
Fair value of Concord resort land received | 5,502 | |
Accumulated depreciation | $ (362) | |
Depreciation life | 24 years | |
New Hartford, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 946 | |
Buildings, equipment & improvement, initial cost | 11,985 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 946 | |
Buildings, equipment & improvement, gross amount | 11,985 | |
Fair value of Concord resort land received | 12,931 | |
Accumulated depreciation | $ (542) | |
Depreciation life | 31 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,211 | |
Buildings, equipment & improvement, initial cost | 14,179 | |
Additions (dispositions) (impairments) subsequent to acquisition | 571 | |
Land, gross amount | 5,211 | |
Buildings, equipment & improvement, gross amount | 14,750 | |
Fair value of Concord resort land received | 19,961 | |
Accumulated depreciation | $ (680) | |
Depreciation life | 38 years | |
Kenner, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,299 | |
Buildings, equipment & improvement, initial cost | 14,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,299 | |
Buildings, equipment & improvement, gross amount | 14,000 | |
Fair value of Concord resort land received | 19,299 | |
Accumulated depreciation | $ (1,279) | |
Depreciation life | 34 years | |
Marana, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,384 | |
Buildings, equipment & improvement, initial cost | 5,438 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,384 | |
Buildings, equipment & improvement, gross amount | 5,438 | |
Fair value of Concord resort land received | 7,822 | |
Accumulated depreciation | $ (309) | |
Depreciation life | 28 years | |
Bluffton, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,912 | |
Buildings, equipment & improvement, initial cost | 3,053 | |
Additions (dispositions) (impairments) subsequent to acquisition | 110 | |
Land, gross amount | 1,912 | |
Buildings, equipment & improvement, gross amount | 3,163 | |
Fair value of Concord resort land received | 5,075 | |
Accumulated depreciation | $ (155) | |
Depreciation life | 25 years | |
Cherry Hill, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,038 | |
Buildings, equipment & improvement, initial cost | 9,206 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,038 | |
Buildings, equipment & improvement, gross amount | 9,206 | |
Fair value of Concord resort land received | 14,244 | |
Accumulated depreciation | $ (554) | |
Depreciation life | 25 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 | 21,139 | |
Land, gross amount | 4,998 | |
Buildings, equipment & improvement, gross amount | 34,946 | |
Fair value of Concord resort land received | 39,944 | |
Accumulated depreciation | $ (20,119) | |
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 | $ (8,751) | |
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 | $ (24) | |
Depreciation life | 40 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 | 11,796 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 109,492 | |
Fair value of Concord resort land received | 115,592 | |
Accumulated depreciation | $ (47,894) | |
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 | 33,206 | |
Land, gross amount | 9,896 | |
Buildings, equipment & improvement, gross amount | 69,984 | |
Fair value of Concord resort land received | 79,880 | |
Accumulated depreciation | $ (27,311) | |
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 | 23,765 | |
Land, gross amount | 11,947 | |
Buildings, equipment & improvement, gross amount | 38,632 | |
Fair value of Concord resort land received | 50,579 | |
Accumulated depreciation | $ (13,286) | |
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 | 10,576 | |
Land, gross amount | 9,896 | |
Buildings, equipment & improvement, gross amount | 34,370 | |
Fair value of Concord resort land received | 44,266 | |
Accumulated depreciation | $ (14,113) | |
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 | 29,075 | |
Land, gross amount | 12,913 | |
Buildings, equipment & improvement, gross amount | 48,324 | |
Fair value of Concord resort land received | 61,237 | |
Accumulated depreciation | $ (18,262) | |
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 | 12,618 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 47,634 | |
Fair value of Concord resort land received | 64,218 | |
Accumulated depreciation | $ (16,659) | |
Depreciation life | 40 years | |
Northbrook, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 7,025 | |
Additions (dispositions) (impairments) subsequent to acquisition | 586 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,611 | |
Fair value of Concord resort land received | 7,611 | |
Accumulated depreciation | $ (1,730) | |
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 | $ (3,329) | |
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 | $ (3,378) | |
Depreciation life | 30 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 | $ (1,731) | |
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 | 4,748 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 9,809 | |
Fair value of Concord resort land received | 14,319 | |
Accumulated depreciation | $ (3,136) | |
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 | (4,754) | |
Land, gross amount | 1,813 | |
Buildings, equipment & improvement, gross amount | 4,051 | |
Fair value of Concord resort land received | 5,864 | |
Accumulated depreciation | $ (716) | |
Depreciation life | 40 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 | $ (2,700) | |
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 | $ (2,349) | |
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 | $ (2,700) | |
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 | $ (2,753) | |
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 | $ (2,420) | |
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 | 9,625 | |
Land, gross amount | 2,906 | |
Buildings, equipment & improvement, gross amount | 13,188 | |
Fair value of Concord resort land received | 16,094 | |
Accumulated depreciation | $ (3,417) | |
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 | 79 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,055 | |
Fair value of Concord resort land received | 16,055 | |
Accumulated depreciation | $ (2,334) | |
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 | $ (2,453) | |
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 | $ (2,379) | |
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 | $ (2,376) | |
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 | $ (2,596) | |
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 | $ (2,341) | |
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 | 101 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,974 | |
Fair value of Concord resort land received | 16,974 | |
Accumulated depreciation | $ (2,253) | |
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 | $ (2,615) | |
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 | $ (2,223) | |
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 | $ (2,428) | |
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 | (304) | |
Land, gross amount | 6,348 | |
Buildings, equipment & improvement, gross amount | 19,011 | |
Fair value of Concord resort land received | 25,359 | |
Accumulated depreciation | $ (2,373) | |
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 | 1,489 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 24,281 | |
Fair value of Concord resort land received | 24,281 | |
Accumulated depreciation | $ (2,418) | |
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 | $ (2,177) | |
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 | $ (2,367) | |
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 | $ (2,520) | |
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 | $ (2,030) | |
Depreciation life | 40 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 | $ (2,008) | |
Depreciation life | 35 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 | $ (1,936) | |
Depreciation life | 40 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 | $ (1,323) | |
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 | $ (602) | |
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 | $ (1,608) | |
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 | $ (2,295) | |
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 | $ (809) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
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 | (628) | |
Land, gross amount | 6,502 | |
Buildings, equipment & improvement, gross amount | 14,710 | |
Fair value of Concord resort land received | 21,212 | |
Accumulated depreciation | $ (893) | |
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 | 374 | |
Land, gross amount | 2,389 | |
Buildings, equipment & improvement, gross amount | 3,920 | |
Fair value of Concord resort land received | 6,309 | |
Accumulated depreciation | $ (658) | |
Depreciation life | 25 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 | $ (1,479) | |
Depreciation life | 40 years | |
El Paso, TX | ||
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 | $ (1,655) | |
Depreciation life | 40 years | |
Pittsburgh, PA | ||
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 | (1,039) | |
Land, gross amount | 7,897 | |
Buildings, equipment & improvement, gross amount | 20,773 | |
Fair value of Concord resort land received | 28,670 | |
Accumulated depreciation | $ (1,379) | |
Depreciation life | 40 years | |
Philadelphia, PA | ||
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 | 97 | |
Land, gross amount | 5,484 | |
Buildings, equipment & improvement, gross amount | 25,308 | |
Fair value of Concord resort land received | 30,792 | |
Accumulated depreciation | $ (1,465) | |
Depreciation life | 40 years | |
Auburn HIlls, MI | ||
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 | (2,881) | |
Land, gross amount | 4,219 | |
Buildings, equipment & improvement, gross amount | 24,823 | |
Fair value of Concord resort land received | 29,042 | |
Accumulated depreciation | $ (1,371) | |
Depreciation life | 40 years | |
Greenville, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,272 | |
Buildings, equipment & improvement, initial cost | 18,240 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,272 | |
Buildings, equipment & improvement, gross amount | 18,240 | |
Fair value of Concord resort land received | 24,512 | |
Accumulated depreciation | $ (1,096) | |
Depreciation life | 40 years | |
Thornton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,419 | |
Buildings, equipment & improvement, initial cost | 23,635 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,419 | |
Buildings, equipment & improvement, gross amount | 23,635 | |
Fair value of Concord resort land received | 29,054 | |
Accumulated depreciation | $ (910) | |
Depreciation life | 40 years | |
Eugene, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,321 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,321 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 1,321 | |
Accumulated depreciation | 0 | |
Katy, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 5,210 | |
Buildings, equipment & improvement, initial cost | 16,247 | |
Additions (dispositions) (impairments) subsequent to acquisition | 293 | |
Land, gross amount | 3,492 | |
Buildings, equipment & improvement, gross amount | 18,258 | |
Fair value of Concord resort land received | 21,750 | |
Accumulated depreciation | $ (367) | |
Depreciation life | 40 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 | $ (4,900) | |
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 | $ (17,215) | |
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 | $ (7,103) | |
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 | 1,927 | |
Land, gross amount | 5,739 | |
Buildings, equipment & improvement, gross amount | 18,053 | |
Fair value of Concord resort land received | 23,792 | |
Accumulated depreciation | $ (5,186) | |
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 | $ (19,778) | |
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 | $ (1,938) | |
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 | $ (812) | |
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 | $ (883) | |
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 | $ (8,183) | |
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 | $ (2,747) | |
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 | $ (761) | |
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 | $ (4,626) | |
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 | $ (2,911) | |
Depreciation life | 30 years | |
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 | $ (5,017) | |
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 | $ (3,930) | |
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 | $ (1,516) | |
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 | (12,149) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,800 | |
Fair value of Concord resort land received | 1,800 | |
Accumulated depreciation | $ (99) | |
Depreciation life | 12 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 | $ (1,770) | |
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 | $ (1,296) | |
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 | $ (5,058) | |
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 | $ (2,498) | |
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 | $ (963) | |
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 | $ (1,142) | |
Depreciation life | 30 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 | $ (16,462) | |
Depreciation life | 40 years | |
Pagosa Springs, CO | ||
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 | $ (1,903) | |
Depreciation life | 30 years | |
Kiamesha Lake, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 34,897 | |
Buildings, equipment & improvement, initial cost | 228,462 | |
Additions (dispositions) (impairments) subsequent to acquisition | (5,430) | |
Land, gross amount | 34,897 | |
Buildings, equipment & improvement, gross amount | 223,032 | |
Fair value of Concord resort land received | 257,929 | |
Accumulated depreciation | $ (18,777) | |
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 | 19,524 | |
Land, gross amount | 156,785 | |
Buildings, equipment & improvement, gross amount | 18,397 | |
Fair value of Concord resort land received | 175,182 | |
Accumulated depreciation | (933) | |
St. Louis, MO | ||
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 | $ (2,976) | |
Depreciation life | 40 years | |
Branson, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,847 | |
Buildings, equipment & improvement, initial cost | 7,599 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,847 | |
Buildings, equipment & improvement, gross amount | 7,599 | |
Fair value of Concord resort land received | 9,446 | |
Accumulated depreciation | $ (362) | |
Depreciation life | 40 years | |
Pigeon Forge, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,849 | |
Buildings, equipment & improvement, initial cost | 9,668 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,849 | |
Buildings, equipment & improvement, gross amount | 9,668 | |
Fair value of Concord resort land received | 14,517 | |
Accumulated depreciation | $ (466) | |
Depreciation life | 40 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 | $ (2,110) | |
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 | $ (762) | |
Depreciation life | 30 years | |
Fort Collins, CO | ||
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 | $ (646) | |
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 | 902 | |
Land, gross amount | 986 | |
Buildings, equipment & improvement, gross amount | 4,426 | |
Fair value of Concord resort land received | 5,412 | |
Accumulated depreciation | $ (973) | |
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 | 222 | |
Land, gross amount | 1,308 | |
Buildings, equipment & improvement, gross amount | 7,497 | |
Fair value of Concord resort land received | 8,805 | |
Accumulated depreciation | $ (1,869) | |
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 | 979 | |
Land, gross amount | 1,149 | |
Buildings, equipment & improvement, gross amount | 10,818 | |
Fair value of Concord resort land received | 11,967 | |
Accumulated depreciation | $ (2,284) | |
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 | 635 | |
Land, gross amount | 1,547 | |
Buildings, equipment & improvement, gross amount | 10,803 | |
Fair value of Concord resort land received | 12,350 | |
Accumulated depreciation | $ (2,422) | |
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 | 373 | |
Land, gross amount | 944 | |
Buildings, equipment & improvement, gross amount | 9,564 | |
Fair value of Concord resort land received | 10,508 | |
Accumulated depreciation | $ (2,250) | |
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 | 466 | |
Land, gross amount | 985 | |
Buildings, equipment & improvement, gross amount | 7,187 | |
Fair value of Concord resort land received | 8,172 | |
Accumulated depreciation | $ (1,717) | |
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 | 1,501 | |
Land, gross amount | 762 | |
Buildings, equipment & improvement, gross amount | 8,488 | |
Fair value of Concord resort land received | 9,250 | |
Accumulated depreciation | $ (2,033) | |
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 | 316 | |
Land, gross amount | 1,295 | |
Buildings, equipment & improvement, gross amount | 9,508 | |
Fair value of Concord resort land received | 10,803 | |
Accumulated depreciation | $ (2,052) | |
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 | 418 | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 11,160 | |
Fair value of Concord resort land received | 12,438 | |
Accumulated depreciation | $ (2,189) | |
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 | 339 | |
Land, gross amount | 1,370 | |
Buildings, equipment & improvement, gross amount | 10,895 | |
Fair value of Concord resort land received | 12,265 | |
Accumulated depreciation | $ (2,041) | |
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 | $ (611) | |
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 | 707 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,478 | |
Fair value of Concord resort land received | 12,727 | |
Accumulated depreciation | $ (2,249) | |
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 | 1,841 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 14,260 | |
Fair value of Concord resort land received | 16,072 | |
Accumulated depreciation | $ (2,956) | |
Depreciation life | 30 years | |
Ashburn, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,289 | |
Buildings, equipment & improvement, initial cost | 14,748 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,289 | |
Buildings, equipment & improvement, gross amount | 14,748 | |
Fair value of Concord resort land received | 17,037 | |
Accumulated depreciation | $ (2,592) | |
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 | 455 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 13,368 | |
Fair value of Concord resort land received | 15,175 | |
Accumulated depreciation | $ (2,087) | |
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 | $ (2,060) | |
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 | 523 | |
Land, gross amount | 2,603 | |
Buildings, equipment & improvement, gross amount | 16,136 | |
Fair value of Concord resort land received | 18,739 | |
Accumulated depreciation | $ (2,360) | |
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 | 561 | |
Land, gross amount | 3,743 | |
Buildings, equipment & improvement, gross amount | 15,488 | |
Fair value of Concord resort land received | 19,231 | |
Accumulated depreciation | $ (2,976) | |
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 | 366 | |
Land, gross amount | 1,561 | |
Buildings, equipment & improvement, gross amount | 13,226 | |
Fair value of Concord resort land received | 14,787 | |
Accumulated depreciation | $ (2,153) | |
Depreciation life | 30 years | |
Fishers, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,226 | |
Buildings, equipment & improvement, initial cost | 13,144 | |
Additions (dispositions) (impairments) subsequent to acquisition | 832 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,976 | |
Fair value of Concord resort land received | 15,202 | |
Accumulated depreciation | $ (1,714) | |
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 | 362 | |
Land, gross amount | 2,988 | |
Buildings, equipment & improvement, gross amount | 14,701 | |
Fair value of Concord resort land received | 17,689 | |
Accumulated depreciation | $ (2,134) | |
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 | (1,287) | |
Land, gross amount | 1,476 | |
Buildings, equipment & improvement, gross amount | 13,135 | |
Fair value of Concord resort land received | 14,611 | |
Accumulated depreciation | $ (1,998) | |
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 | $ (225) | |
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 | $ (148) | |
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 | $ (477) | |
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 | $ (597) | |
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 | $ (609) | |
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 | $ (279) | |
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 | $ (512) | |
Depreciation life | 30 years | |
Schaumburg, IL | ||
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 | $ (492) | |
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 | $ (113) | |
Depreciation life | 30 years | |
Charlotte, NC | ||
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 | $ (233) | |
Depreciation life | 35 years | |
Charlotte, NC | ||
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 | $ (190) | |
Depreciation life | 35 years | |
Richardson, TX | ||
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 | $ (195) | |
Depreciation life | 35 years | |
Frisco, TX | ||
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 | $ (286) | |
Depreciation life | 35 years | |
Allen, TX | ||
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 | $ (355) | |
Depreciation life | 35 years | |
Southlake, TX | ||
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 | $ (263) | |
Depreciation life | 35 years | |
Lewis Center, OH | ||
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 | $ (379) | |
Depreciation life | 35 years | |
Dublin, OH | ||
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 | $ (372) | |
Depreciation life | 35 years | |
Plano, TX | ||
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 | $ (258) | |
Depreciation life | 35 years | |
Carrollton, TX | ||
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 | $ (139) | |
Depreciation life | 35 years | |
Davenport, FL | ||
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 | $ (538) | |
Depreciation life | 35 years | |
Tallahassee, FL | ||
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 | $ (312) | |
Depreciation life | 35 years | |
Sunrise, FL | ||
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 | $ (175) | |
Depreciation life | 35 years | |
Chaska, MN | ||
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 | $ (539) | |
Depreciation life | 35 years | |
Loretto, MN | ||
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 | $ (319) | |
Depreciation life | 35 years | |
Minneapolis, MN | ||
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 | $ (326) | |
Depreciation life | 35 years | |
Wayzata, MN | ||
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 | $ (181) | |
Depreciation life | 35 years | |
Plymouth, MN | ||
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 | $ (452) | |
Depreciation life | 35 years | |
Maple Grove, MN | ||
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 | $ (298) | |
Depreciation life | 35 years | |
Chula Vista, CA | ||
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 | $ (216) | |
Depreciation life | 35 years | |
Lincolnshire, IL | ||
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 | $ (522) | |
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 | $ (222) | |
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 | $ (221) | |
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 | $ (689) | |
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 | $ (353) | |
Depreciation life | 30 years | |
Portland, OR | ||
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 | $ (58) | |
Depreciation life | 35 years | |
Orlando, FL | ||
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 | $ (374) | |
Depreciation life | 35 years | |
McKinney, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,233 | |
Buildings, equipment & improvement, initial cost | 4,447 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,233 | |
Buildings, equipment & improvement, gross amount | 4,447 | |
Fair value of Concord resort land received | 5,680 | |
Accumulated depreciation | $ (221) | |
Depreciation life | 30 years | |
Fort Mill, SC | ||
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 | $ (280) | |
Depreciation life | 35 years | |
Indian Land, SC | ||
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 | $ (285) | |
Depreciation life | 35 years | |
Sicklerville, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 694 | |
Buildings, equipment & improvement, initial cost | 1,876 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 694 | |
Buildings, equipment & improvement, gross amount | 1,876 | |
Fair value of Concord resort land received | 2,570 | |
Accumulated depreciation | $ (135) | |
Depreciation life | 30 years | |
Pennington, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,018 | |
Buildings, equipment & improvement, initial cost | 2,284 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,018 | |
Buildings, equipment & improvement, gross amount | 2,284 | |
Fair value of Concord resort land received | 3,302 | |
Accumulated depreciation | $ (229) | |
Depreciation life | 24 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 | $ (6,433) | |
Depreciation life | 40 years | |
Cumming, GA | ||
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 | $ (685) | |
Depreciation life | 35 years | |
Cumming, GA 2 | ||
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 | $ (501) | |
Depreciation life | 35 years | |
Henderson, NV | ||
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 | $ (670) | |
Depreciation life | 35 years | |
Atlanta, GA | ||
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 | $ (525) | |
Depreciation life | 35 years | |
Pearland, TX | ||
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 | $ (864) | |
Depreciation life | 35 years | |
Pearland, TX | ||
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 | $ (235) | |
Depreciation life | 35 years | |
Palm Harbor, FL | ||
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 | $ (136) | |
Depreciation life | 35 years | |
Mason, OH | ||
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 | $ (985) | |
Depreciation life | 35 years | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 57,630 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 57,630 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 57,630 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 23,225 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 23,225 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 23,225 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 3,705,000 | |
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, 2020USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 6,251,398 |
Acquistion and development of rental properties during the year | 74,710 |
Disposition of rental properties during the year | (193,258) |
Other Deductions during the year | (138,606) |
Balance at close of year | 5,994,244 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 989,254 |
Depreciation during the year | 164,256 |
Disposition of rental properties during the year | (23,465) |
Impairment of real estate investments during the year | 67,958 |
Balance at close of year | $ 1,062,087 |
Uncategorized Items - epr-20201
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 58,986,000 |
Accumulated Distributions in Excess of Net Income [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 2,163,000 |