Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
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, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-13561 | ||
Document Fiscal Year Focus | 2022 | ||
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 | $ 3,533,257,721 | ||
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 | 75,287,827 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 185 | ||
Auditor Location | Kansas City, Missouri | ||
Auditor Name | KPMG, LLP | ||
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 $0.01 per share | ||
Trading Symbol | EPR | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Real Estate Investment Property, Net | $ 4,714,136,000 | $ 4,713,091,000 |
Land held for development | 20,168,000 | 20,168,000 |
Property under development | 76,029,000 | 42,362,000 |
Operating Lease, Right-of-Use Asset | 200,985,000 | 180,808,000 |
Financing Receivable, after Allowance for Credit Loss, Current | 457,268,000 | 370,159,000 |
Investment in joint ventures | 52,964,000 | 36,670,000 |
Cash and cash equivalents | 107,934,000 | 288,822,000 |
Restricted cash | 2,577,000 | 1,079,000 |
Accounts receivable, net | 53,587,000 | 78,073,000 |
Other assets | 73,053,000 | 69,918,000 |
Total assets | 5,758,701,000 | 5,801,150,000 |
Liabilities: | ||
Accounts payable and accrued liabilities | 80,087,000 | 73,462,000 |
Operating Lease, Liability | 241,407,000 | 218,795,000 |
Dividends Payable, Current | 21,405,000 | 18,896,000 |
Preferred dividends payable | 6,033,000 | 6,034,000 |
Unearned rents and interest | 63,939,000 | 61,559,000 |
Debt | 2,810,111,000 | 2,804,365,000 |
Total liabilities | 3,222,982,000 | 3,183,111,000 |
Equity: | ||
Common Stock, Value, Issued | 825,000 | 822,000 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 3,899,732,000 | 3,876,817,000 |
Treasury Stock, Value | (269,751,000) | (264,817,000) |
Accumulated other comprehensive income | 1,897,000 | 9,955,000 |
Distributions in excess of net income | (1,097,132,000) | (1,004,886,000) |
Equity | 2,535,719,000 | 2,618,039,000 |
Total liabilities and equity | 5,758,701,000 | 5,801,150,000 |
Real Estate Investment Property, Accumulated Depreciation | $ 1,302,640,000 | $ 1,167,734,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 82,545,501 | 82,225,061 |
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 | 7,520,227 | 7,416,746 |
Series C Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 54,000 | $ 54,000 |
Preferred Stock, Shares Issued | 5,392,916 | 5,392,916 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,822,900 | |
Series E Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 34,000 | $ 34,000 |
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 shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 60,000 | $ 60,000 |
Preferred Stock, Shares Issued | 6,000,000 | 6,000,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 150,000,000 | $ 150,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 82,545,501 | 82,225,061 |
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 | 7,520,227 | 7,416,746 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Shares Issued | 5,392,916 | 5,392,916 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,822,900 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Operating Lease, Lease Income | $ 575,601 | $ 478,882 | $ 372,176 |
Other income | 47,382 | 18,816 | 9,139 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 35,048 | 33,982 | 33,346 |
Total revenue | 658,031 | 531,680 | 414,661 |
Property operating expense | 55,985 | 56,739 | 58,587 |
Other expense | 33,809 | 21,741 | 16,474 |
General and Administrative Expense | 51,579 | 44,362 | 42,596 |
Severance expense | 0 | 0 | 2,868 |
Transaction costs | 4,533 | 3,402 | 5,436 |
Financing Receivable, Credit Loss, Expense (Reversal) | 10,816 | (21,972) | 30,695 |
Impairment charges | 27,349 | 2,711 | 85,657 |
Depreciation and amortization | 163,652 | 163,770 | 170,333 |
Costs and Expenses | 347,723 | 270,753 | 412,646 |
Gain (Loss) on Disposition of Assets | 651 | 17,881 | 50,119 |
Operating Income (Loss) | 310,959 | 278,808 | 52,134 |
Costs associated with loan refinancing or payoff | 0 | 25,451 | 1,632 |
Interest expense, net | 131,175 | 148,095 | 157,675 |
Equity in loss from joint ventures | 1,672 | 5,059 | 4,552 |
Equity Method Investment, Other than Temporary Impairment | 647 | 0 | 3,247 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 177,465 | 100,203 | (114,972) |
Income tax expense | 1,236 | 1,597 | 16,756 |
Net income | 176,229 | 98,606 | (131,728) |
Preferred dividend requirements | 24,141 | 24,134 | 24,136 |
Net income (loss) available to common shareholders of EPR Properties | $ 152,088 | $ 74,472 | $ (155,864) |
Basic earnings per share data: | |||
Basic | $ 2.03 | $ 1 | $ (2.05) |
Diluted earnings per share data: | |||
Diluted | $ 2.03 | $ 1 | $ (2.05) |
Shares used for computation (in thousands): | |||
Basic | 74,967 | 74,755 | 75,994 |
Diluted | 75,043 | 74,756 | 75,994 |
Foreign currency translation adjustment | $ (20,474) | $ 633 | $ 3,494 |
Unrealized Gain (Loss) on Derivatives | 12,416 | 5,857 | (10,553) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 168,171 | $ 105,096 | $ (138,787) |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Performance Shares | Captive REIT Preferred | 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] Cumulative Effect, Period of Adoption, Adjustment | Distributions in excess of net income [Member] Performance Shares | Distributions in excess of net income [Member] Captive REIT Preferred | 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 E Preferred Shares [Member] | Series E 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, 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] | |||||||||||||||||||||
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) | |||||||||||||||||||
Foreign currency translation adjustment | 3,494 | 3,494 | |||||||||||||||||||
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) | |||||||||||||||||||
share based compensation included in severance expense | 1,258 | 1,258 | |||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.4375 | $ 2.25 | $ 1.4375 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 81,917,876 | 14,841,431 | |||||||||||||||||||
Balance at Dec. 31, 2020 | 2,630,585 | $ (2,163) | $ 819 | $ 148 | 3,857,632 | (261,238) | 216 | (966,992) | $ (2,163) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Stock Issued During Period, Shares, Other | 43,306 | ||||||||||||||||||||
Stock Issued During Period, Value, Other | 1 | $ 1 | |||||||||||||||||||
Issuance of nonvested shares, net | 246,562 | ||||||||||||||||||||
Issuance of nonvested shares, net | 2,901 | $ 2 | 3,474 | (575) | |||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (2,763) | (2,763) | |||||||||||||||||||
Amortization of nonvested shares | (14,903) | (14,903) | |||||||||||||||||||
Foreign currency translation adjustment | 633 | 633 | |||||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 5,857 | 5,857 | |||||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 3,249 | 3,249 | |||||||||||||||||||
Net income | 98,606 | 98,606 | |||||||||||||||||||
Issuances of common shares (in shares) | 11,798 | ||||||||||||||||||||
Issuances of common shares, net of costs | 569 | $ 0 | 569 | ||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 468 | ||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,134 | ||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | ||||||||||||||||||||
Stock option exercises, net (in shares) | 5,051 | 5,051 | |||||||||||||||||||
Stock option exercises, net | $ 2 | $ 0 | (239) | (241) | |||||||||||||||||
Dividends to common and preferred shareholders | $ (112,209) | (157) | (112,209) | (157) | $ (7,753) | (7,753) | $ (7,756) | (7,756) | $ (8,625) | (8,625) | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.5 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.4375 | $ 2.25 | $ 1.4375 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 82,225,061 | 14,840,297 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 2,618,039 | $ 822 | $ 148 | 3,876,817 | (264,817) | 9,955 | (1,004,886) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Stock Issued During Period, Shares, Other | 41,399 | ||||||||||||||||||||
Stock Issued During Period, Value, Other | 107 | $ 0 | 107 | ||||||||||||||||||
Issuance of nonvested shares, net | 243,286 | ||||||||||||||||||||
Issuance of nonvested shares, net | 4,416 | $ 3 | 4,496 | (83) | |||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (4,257) | (4,257) | |||||||||||||||||||
Amortization of nonvested shares | (16,666) | (16,666) | |||||||||||||||||||
Foreign currency translation adjustment | (20,474) | (20,474) | |||||||||||||||||||
Unrealized Gain (Loss) on Derivatives | 12,416 | 12,416 | |||||||||||||||||||
Net income | 176,229 | 176,229 | |||||||||||||||||||
Issuances of common shares (in shares) | 23,196 | ||||||||||||||||||||
Issuances of common shares, net of costs | $ 1,063 | $ 0 | 1,063 | ||||||||||||||||||
Stock option exercises, net (in shares) | 12,559 | 12,559 | |||||||||||||||||||
Stock option exercises, net | $ (11) | $ 0 | (583) | (594) | |||||||||||||||||
Dividends to common and preferred shareholders | $ (243,757) | $ (579) | $ (6) | (243,757) | $ (579) | $ (6) | $ (7,752) | $ (7,752) | $ (7,756) | $ (7,756) | $ (8,625) | $ (8,625) | |||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.25 | ||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.4375 | $ 2.25 | $ 1.4375 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 82,545,501 | 14,840,297 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 2,535,719 | $ 825 | $ 148 | $ 3,899,732 | $ (269,751) | $ 1,897 | $ (1,097,132) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 176,229 | $ 98,606 | $ (131,728) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
asset impairment charges cont and discops | 27,349 | 2,711 | 85,657 |
Impairment Losses Related to Real Estate Partnerships | 647 | 0 | 3,247 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 651 | 17,881 | 50,119 |
Gain on insurance recovery | (552) | (1,181) | (809) |
Deferred income tax benefit (expense) | (169) | 0 | 15,246 |
Financing Receivable, Credit Loss, Expense (Reversal) | 10,816 | (21,972) | 30,695 |
write off of deferred debt issuance cost cont and disc | 0 | 25,451 | 1,632 |
Equity in loss from joint ventures | 1,672 | 5,059 | 4,552 |
Distributions from joint ventures | 780 | 90 | 0 |
depreciation and amort cont and discops | 163,652 | 163,770 | 170,333 |
Amortization of deferred financing costs | 8,360 | 7,666 | 6,606 |
Amortization of above/below market leases and tenant allowances, net | (355) | (385) | (480) |
Share-based compensation expense to management and trustees | 16,666 | 14,903 | 13,819 |
Share-based compensation expense included in severance expense | 0 | 0 | 1,258 |
Increase (Decrease) in Operating Lease Assets and Liabilities, Net | 463 | (551) | 344 |
Mortgage notes accrued interest receivable | (500) | 568 | (7,576) |
Accounts receivable | 25,974 | 36,821 | (47,383) |
Other assets | (473) | (1,282) | (2,698) |
Accounts payable and accrued liabilities | 14,576 | (8,653) | (16,128) |
Increase (Decrease) in Deferred Revenue | (2,768) | 3,185 | (11,195) |
Net cash provided by operating activities | 441,716 | 306,925 | 65,273 |
Investing activities: | |||
Acquisition of rental properties and other assets | (174,533) | (56,556) | (38,714) |
Proceeds from Sale of Real Estate | 10,965 | 96,137 | 227,742 |
Investment in unconsolidated joint ventures | 26,088 | 13,611 | 1,690 |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 6,695 | 0 | 0 |
Payments for (Proceeds from) Hedge, Investing Activities | (3,830) | 0 | 0 |
Investment in mortgage notes receivable | (95,234) | (8,664) | (8,141) |
Proceeds from mortgage note receivable paydown | 1,749 | 8,242 | 481 |
Investment in promissory notes receivable | 0 | 4,379 | 6,134 |
Proceeds from promissory note receivable paydown | 701 | 8,816 | 103 |
Proceeds from insurance recovery | 3,700 | 1,181 | 809 |
Additions to properties under development | (75,710) | (29,304) | (40,470) |
Net cash (used) provided by investing activities | (351,585) | 1,862 | 133,986 |
Financing activities: | |||
Proceeds from Issuance of Long-term Debt | 0 | 400,000 | 750,000 |
Principal payments on long-term debt | 0 | (1,288,765) | (160,000) |
Deferred financing fees paid | (328) | (15,212) | (6,330) |
Costs associated with loan refinancing or payoff (cash portion) | 0 | (22,865) | (1,632) |
Net proceeds from issuance of common shares | 758 | 460 | 972 |
Payment, Tax Withholding, Share-based Payment Arrangement | (11) | (2) | 0 |
Issuances of captive REIT preferred shares | 107 | 0 | 0 |
Purchase of common shares for treasury | (4,257) | (2,763) | (7,387) |
payments for repurchase of common stock, repurchase program | 0 | 0 | 105,994 |
Dividends paid to shareholders | (265,661) | (117,531) | (172,460) |
Net cash (used) provided by financing activities | (269,392) | (1,046,678) | 297,169 |
Effect of Exchange Rate on Cash | (129) | (218) | 142 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (179,390) | (738,109) | 496,570 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 110,511 | 289,901 | 1,028,010 |
Restricted Cash and Cash Equivalents | 2,577 | 1,079 | 2,433 |
Cash and cash equivalents at beginning of the year | 288,822 | 1,025,577 | 528,763 |
Cash and cash equivalents at end of the year | 107,934 | 288,822 | 1,025,577 |
Supplemental schedule of non-cash activity: | |||
Transfer of property under development to rental property | 41,872 | 91,546 | 20,657 |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 21,751 | 21,921 | 20,062 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 36,741 | 33,355 | 0 |
Supplemental disclosure of cash flow information: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 125,808 | 150,034 | 152,393 |
Cash paid during the year for income taxes | 1,282 | 1,466 | 1,507 |
Interest cost capitalized | 1,286 | 1,567 | 1,233 |
Change in accrued capital expenditures | $ 896 | $ 2,880 | $ (12,376) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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 diversified 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, 2022 | |
Real Estate [Abstract] | |
Rental Properties | The following table summarizes the carrying amounts of real estate investments as of December 31, 2022 and 2021 (in thousands): 2022 2021 Buildings and improvements $ 4,637,801 $ 4,523,052 Furniture, fixtures & equipment 115,677 108,907 Land 1,236,358 1,222,149 Leasehold interests 26,940 26,717 6,016,776 5,880,825 Accumulated depreciation (1,302,640) (1,167,734) Total $ 4,714,136 $ 4,713,091 Depreciation expense on real estate investments was $158.8 million, $158.3 million an d $162.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Acquisitions and Development During the year ended December 31, 2022, the Company completed asset acquisitions of two fitness and wellness properties for approximately $63.5 million, asset acquisitions of two attraction properties located in Canada for approximately $142.8 million and the acquisition of interests in joint ventures related to two experiential lodging properties for approximately $62.1 million. See Note 7 for further details on these joint ventures . Additionally, during the year ended December 31, 2022, the Company had investment spending on build-to-suit development and redevelopment for experiential properties totaling $38.4 million. During the year ended December 31, 2021, the Company completed asset acquisitions of real estate investments and lease related intangibles, as further discussed in Note 2, for experiential properties totaling $48.9 million, that consisted of two eat and play properties. Additionally, during the year ended December 31, 2021, the Company had investment spending on build-to-suit development and redevelopment for experiential properties totaling $40.2 million. Dispositions During the year ended December 31, 2022, the Company completed the sale of three vacant theatre properties and a land parcel for net proceeds of $11.0 million and recognized a combined gain on sale of $0.7 million. |
Impairment Charges (Notes)
Impairment Charges (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
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. During the year ended December 31, 2022 , the Company reassessed the holding period of five early education properties subject to lease terminations, a vacant property that received an offer to purchase and two of the Regal theatre properties subject to a motion to reject leases. One of these properties has an operating ground lease arrangement with right-of-use asset. The Company determined that the estimated cash flows were not sufficient to recover the carrying values. During the year ended December 31, 2022, the Company determined the estimated fair value of the real estate investments and right-of-use assets of these properties using independent appraisals and the purchase offer. The Company reduced the carrying value of the real estate investments, net to $38.4 million and the operating lease right-of-use asset to $7.0 million. The Company recognized impairment charges of $25.3 million on real estate investments and a $2.0 million impairment on the right-of-use asset, which is the amount that the carrying value of the assets exceeded the estimated fair value. During the year ended December 31, 2022 , the Company also recognized $0.6 million in other-than-temporary impairments related to its equity investments in joint ventures in two theatre projects located in China. See Note 7 for further details on these impairments. During the year ended December 31, 2021, the Company received various offers to sell two of its vacant properties. As a result, the Company reassessed the expected holding periods of such properties, and determined that the estimated cash flows were not sufficient to recover the carrying values of these properties. The Company estimated the fair value of these properties by taking into account these purchase offers. The Company reduced the carrying value of the real estate investments, net to $7.0 million. The Company recognized impairment charges of $2.7 million on the real estate investments, which is the amount that the carrying value of the assets exceeded the estimated fair value. During the year ended December 31, 2020, 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. |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures The following table summarizes our investment in unconsolidated joint ventures as of December 31, 2022 and 2021 (in thousands): Investment as of December 31, Income (Loss) for the Year Ended December 31, Property Type Location Ownership Interest 2022 2021 2022 2021 Experiential lodging St. Pete Beach, FL 65 % (1) $ 18,712 $ 25,894 $ 292 $ (4,112) Experiential lodging Warrens, WI 95 % (2) 10,865 10,068 (1,050) (943) Experiential lodging Breaux Bridge, LA 85 % (3) 17,080 — (719) — Experiential lodging Harrisville, PA 62 % (4) 6,307 — (134) — Theatres China various (5) — 708 (61) (4) $ 52,964 $ 36,670 $ (1,672) $ (5,059) (1) The Company has equity investments in two unconsolidated real estate joint ventures related to two experiential lodging properties located in St. Petersburg Beach, Florida. The Company's investments in these joint ventures were considered to be variable interest investments, however, the underlying entities are not VIEs. 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 because control over major decisions is shared. On May 18, 2022, the joint venture that holds the real estate refinanced its secured mortgage loan, the new terms of which are described below. In connection with this refinancing, during the year ended December 31, 2022, the Company received $6.7 million in distributions. In addition, the Company received $0.8 million in distributions from operations during the year ended December 31, 2022. No distributions were received during the year ended December 31, 2021. The Company's accounting policy is to classify the distributions on its consolidated statement of cash flows using the nature of the distribution approach based on facts and circumstances surrounding the distributions. The joint venture that holds the real property has a secured mortgage loan of $105.0 million at December 31, 2022. The maturity date of this mortgage loan is May 18, 2025. The note can be extended for two additional one-year periods from the original maturity date upon the satisfaction of certain conditions. The mortgage loan bears interest at SOFR plus 3.65%, with monthly interest payments required. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (SOFR) on this note to 3.5% from May 19, 2022 to June 1, 2024. (2) The Company has equity investments in two unconsolidated real estate joint ventures related to an experiential lodging property located in Warrens, Wisconsin. The Company's investments in these joint ventures were considered to be variable interest investments, however, the underlying entities are not VIEs. There are two separate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other that holds lodging operations, which are facilitated by a management agreement. The Company's investment in the operating entity is held in a TRS. The Company accounts for its investment in these joint ventures under the equity method of accounting because control over major decisions is shared. The joint venture that holds the real property has a secured mortgage loan of $16.3 million at December 31, 2022 that provides for additional draws of approximately $8.3 million to fund renovations. The maturity date of this mortgage loan is September 15, 2031. The loan bears interest at an annual fixed rate of 4.00% with monthly interest payments required. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $14.2 million, with $8.8 million remaining to fund at December 31, 2022. (3) The Company has equity investments in two unconsolidated real estate joint ventures related to an experiential lodging property located in Breaux Bridge, Louisiana. The Company's investments in these joint ventures were considered to be variable interest investments, however, the underlying entities are not VIEs. There are two separate joint ventures, one that holds the investment in the real estate of the experiential lodging property and the other holds the lodging operations, which are facilitated by a management agreement. The Company's investment in the operating entity is held in a TRS. The Company accounts for its investment in these joint ventures under the equity method of accounting because control over major decisions is shared. The joint venture that holds the real estate property has a secured senior mortgage loan of $38.5 million at December 31, 2022. The maturity date of this mortgage loan is March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 3.85% through April 7, 2025 and increases to 4.25% from April 8, 2025 through maturity. Monthly interest payments are required. Additionally, the Company provided a subordinated loan to the joint venture for $11.3 million with a maturity date of March 8, 2034. The mortgage loan bears interest at an annual fixed rate of 7.25% through the sixth anniversary and increases to SOFR plus 7.20% with a cap of 8.00%, through maturity. (4) The Company has a 92% equity investment in two unconsolidated real estate joint ventures related to an experiential lodging property located in Harrisville, Pennsylvania. There are two separate joint ventures, that through subsequent joint ventures (described below), hold the investments in the real estate of the experiential lodging property and the lodging operations, which are facilitated by a management agreement. The Company's investment in the operating entity is held in a TRS. The Company's investments in these two unconsolidated real estate joint ventures were considered to be variable interest investments and the Company's investment in the joint venture that holds the lodging operations is a VIE. The Company is not the primary beneficiary of the VIE because the Company does not individually have the power to direct the activities that are most important to the joint venture and accordingly this investment in the joint venture that holds the lodging operations is not consolidated. Additionally, the Company's maximum exposure to loss at December 31, 2022, other than the guarantee described below, is its investment in the joint venture that holds the lodging operations of $0.2 million. The Company accounts for its investment in both of these joint ventures under the equity method of accounting. The Company's investments in the two unconsolidated real estate joint ventures (representing 92% of each joint venture's equity) have a 67% equity interest in two separate consolidated joint ventures, one that holds the investments in the real estate of the experiential lodging property and the other that holds lodging operations, which are facilitated by a management agreement. The consolidated joint venture that holds the real estate property has a secured senior mortgage loan commitment of up to $22.5 million at December 31, 2022 in order to fund renovations, with $0.5 million outstanding at December 31, 2022. The maturity date of this mortgage loan is November 1, 2029. The mortgage loan bears interest at an annual fixed rate of 6.38% with monthly interest payments required. The Company has guaranteed $10.0 million in principal on the secured mortgage loan, and, upon completion of construction and achieving a specified debt service coverage ratio, the principal guarantee will be reduced to $5.0 million. The guarantee will be removed completely upon achievement of specified debt service coverage for three consecutive calculation periods. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $13.9 million, with $13.6 million remaining to fund at December 31, 2022. (5) The Company has equity investments in unconsolidated joint ventures for three theatre projects located in China, with ownership interests ranging from 30% to 49%. During the year ended December 31, 2022, the Company recognized $0.6 million in other-than-temporary impairment charges related to these equity investments. The Company determined that these investments had no fair value based primarily on discounted cash flow projections. The Company received distributions of $90 thousand from its investment in these joint ventures for the year ended December 31, 2021. No distributions were received during the year ended December 31, 2022. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2022 and 2021 consists of the following (in thousands): 2022 2021 Senior unsecured notes payable, 4.35%, due August 22, 2024 (1) 136,637 136,637 Senior unsecured notes payable, 4.50%, due April 1, 2025 (2) 300,000 300,000 Unsecured revolving variable rate credit facility, LIBOR + 1.20%, due October 6, 2025 (3) — — Senior unsecured notes payable, 4.56%, due August 22, 2026 (1) 179,597 179,597 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 Senior unsecured notes payable, 3.60%, due November 15, 2031 (2) (4) 400,000 400,000 Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047 (5) 24,995 24,995 Less: deferred financing costs, net (31,118) (36,864) Total $ 2,810,111 $ 2,804,365 (1) The amended Note Purchase Agreement, which governs the private placement notes, contains certain financial and other covenants that generally conform to the Company's unsecured revolving credit facility. During the year ended December 31, 2020, the Company amended the Note Purchase Agreement. The amendments modified certain provisions and waived the Company's obligations 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 amendments provided for certain additional provisions and restrictions and an immediate 0.65% waiver premium to be paid on the private placement notes during the Covenant Relief Period. In addition, as a result of downgrades of the Company's unsecured debt rating to BB+ by both Fitch and S&P Global Ratings, the spreads on the private placement notes increased by an additional 0.60%. As a result, the interest rates for the private placement notes during the Covenant Relief Period were 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. On July 12, 2021, the Company provided notice of its election to terminate the Covenant Relief Period early and was released from the additional provisions and restrictions. Also, as a result of this election, the interest rates for the private placement notes returned to 4.35% and 4.56% for the Series A notes and the Series B notes, respectively. Additionally, during the year ended December 31, 2021, the Company paid down principal of approximately $23.8 million million on its private placement notes resulting from the sale of assets in accordance with the amendments. On January 14, 2022, the Company amended the Note Purchase Agreement to, among other things: (i) amend certain financial and other covenants and provisions in the existing Note Purchase Agreement to conform generally to the changes beneficial to the Company in the corresponding covenants and provisions contained in the Company's Third Amended, Restated and Consolidated Credit Agreement, dated October 6, 2021, and (ii) amend certain financial and other covenants and provisions in the existing Note Purchase Agreement to reflect the prior termination of the Covenant Relief Period and removal of related provisions. (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) At December 31, 2022, the Company had no balance outstanding under its $1.0 billion unsecured revolving credit facility. The facility bears interest at a floating rate of LIBOR plus 1.20% (with a LIBOR floor of zero), which was 5.584% at December 31, 2022, and a facility fee of 0.25%. Interest is payable monthly. The facility contains financial covenants or restrictions that limit the Company's level of consolidated debt, secured debt, investment levels outside certain categories and dividend distribution and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. During the year ended December 31, 2020, the Company amended the Second Consolidated Credit Agreement, which governed its unsecured revolving credit facility and its unsecured term loan facility, to modify certain provisions and waive its obligations to comply with certain covenants under these agreements. During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements was waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company paid higher interest costs until the termination of the Covenant Relief Period and the interest rates on the revolving credit and term loan facilities both during and after the Covenant Relief Period were dependent on the Company's unsecured debt ratings. The amendments to the Second Consolidated Credit Agreement also imposed 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. The Company had the right under certain circumstances to terminate the Covenant Relief Period earlier, which it exercised on July 12, 2021 as discussed below. On July 12, 2021, the Company provided notice of its election to terminate the Covenant Relief Period early and was released from the additional restrictions described above. Also, as a result of this election, effective July 13, 2021, the interest rates for the revolving credit and term loan facilities, based on the Company's unsecured debt ratings, returned to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively (both with a LIBOR floor of zero), and the facility fee on the revolving credit facility was reduced to 0.25%. During the year ended December 31, 2021, the Company received an investment grade rating from S&P Global Ratings on its unsecured debt, adding to its current investment grade rating from Moody's Investors Services. The Company previously caused certain of its key subsidiaries to guarantee its obligations under its existing bank credit facility, private placement notes and senior unsecured bonds due to a decrease in the Company's credit ratings resulting from the impact of the COVID-19 pandemic. As a result of the Company obtaining an investment grade rating on its long-term unsecured debt from both S&P and Moody's, the Company's subsidiary guarantors were released from their guarantees under these debt agreements in accordance with the terms of such agreements. Additionally, during October of 2021, Moody's revised its outlook on the Company's investment grade rating on its unsecured debt from negative to stable. On October 6, 2021, the Company entered into a Third Amended, Restated and Consolidated Credit Agreement, governing a new amended and restated senior unsecured revolving credit facility. The new facility, which will mature on October 6, 2025, replaced the Company’s then existing $1.0 billion senior unsecured revolving credit facility and $400.0 million senior unsecured term loan facility under the Second Consolidated Credit Agreement. The new facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an “accordion” feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new facility has the same pricing terms based on credit ratings and financial covenants as the prior facility (with improved valuation of certain asset types), as well as customary covenants and events of default. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default. In connection with the amendment, the Company paid $7.5 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees related to the unsecured revolving credit facility and are included in "Other assets" in the accompanying balance sheet as of December 31, 2022 and 2021. (4) On October 27, 2021, the Company issued $400.0 million in aggregate principal amount of senior notes due November 15, 2031 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 3.60%. Interest is payable on May 15 and November 15 of each year beginning on May 15, 2022 until the stated maturity date. The notes were issued at 99.174% of their face value and are unsecured. Net proceeds from the note offering were used for the redemption of the Company's senior notes due in 2023 discussed above. (5) The bonds have a variable interest rate that was approximately 4.43% on a weighted average basis. During the year ended December 31, 2022, the Company amended and restated its interest rate swap agreement on variable rate secured bonds with a notional amount of $25.0 million. This amendment changed the index rate from LIBOR to SOFR and extended the swap termination date by two years to September 30, 2026. The fixed rate of 1.3925% indexed to LIBOR was modified to 2.5325% indexed to SOFR. See Note 9 for further details. Certain of the Company’s debt agreements contain customary restrictive covenants related to financial and operating performance and certain cross-default provisions. The Company was in compliance with all financial covenants under the Company's debt instruments at December 31, 2022. Principal payments due on long-term debt obligations subsequent to December 31, 2022 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2023 $ — 2024 136,637 2025 300,000 2026 629,597 2027 450,000 Thereafter 1,324,995 Less: deferred financing costs, net (31,118) Total $ 2,810,111 The Company capitalizes a portion of interest costs as a component of property under development. The following is a summary of interest expense, net, for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Interest on loans $ 123,070 $ 138,805 $ 152,058 Amortization of deferred financing costs 8,360 7,666 6,606 Credit facility and letter of credit fees 2,682 3,344 3,064 Interest cost capitalized (1,286) (1,567) (1,233) Interest income (1,651) (153) (2,820) Interest expense, net $ 131,175 $ 148,095 $ 157,675 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 $11.4 million at December 31, 2022 and no derivative assets at December 31, 2021. The Company had derivative liabilities of $4.9 million at December 31, 2021 and no derivative liabilities at December 31, 2022. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2022 and 2021. 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 SOFR 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. During the year ended December 31, 2021 , the Company terminated four of its interest rate swap agreements in connection with the payoff of the related unsecured term loan facility. These interest rate swaps had a combined notional amount of $400.0 million at termination and $3.2 million was reclassified into earnings as expense during the year ended December 31, 2021 , as the forecasted future transactions were no longer probable. During the year ended December 31, 2022, the Company amended and restated its interest rate swap agreement on its variable rate secured bonds with a notional amount of $25.0 million. This amendment changed the index rate from LIBOR to SOFR and extended the termination date by two years to September 30, 2026. The fixed rate of 1.3925% indexed to LIBOR was modified to 2.5325% indexed to SOFR. The Company used a strategy commonly referred to as blend and extend which allows the asset position of the terminated interest rate swap agreement of approximately $1.4 million to be effectively blended into the new interest rate swap agreement. At December 31, 2022, the Company had only this interest rate swap agreement designated as a cash flow hedge of interest rate risk. The interest rate swap agreement outstanding as of December 31, 2022 is summarized below: Fixed rate Notional Amount (in millions) Index Maturity 2.5325% $ 25.0 USD SOFR September 30, 2026 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, 2022, the Company estimates that during the twelve months ending December 31 , 2023, $1.0 million of gains 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 six 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. As of December 31, 2022, the Company had the following cross-currency swaps: Fixed rate Notional Amount (in millions, CAD) Annual Cash Flow (in millions, CAD) Maturity $1.26 CAD per USD $ 150.0 $ 10.8 October 1, 2024 $1.28 CAD per USD 200.0 4.5 October 1, 2024 $1.30 CAD per USD 90.0 8.1 December 1, 2024 $ 440.0 $ 23.4 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 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, 2022, the Company estimates that during the twelve months ending December 31, 2 023, $0.9 million of gains will be reclassified from AOCI to other income. 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 currency forward agreements to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of December 31, 2022, the Company had the following foreign currency forwards designated as net investment hedges: Fixed rate Notional Amount (in millions, CAD) Maturity $1.28 CAD per USD $ 200.0 October 1, 2024 $1.30 CAD per USD 90.0 December 2, 2024 Total $ 290.0 The Company previously also used CAD to USD cross-currency swaps that were designated as net investment hedges. The cross-currency swaps included a monthly settlement feature to lock in an exchange rate of CAD to USD. On April 29, 2022, the Company terminated its CAD to USD cross-currency swaps in conjunction with entering into new agreements. The Company paid $3.8 million in connection with the settlement of the CAD to USD cross-currency swap agreements, which continues to be reported in AOCI until the net investment is sold or liquidated. 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, 2022, 2021 and 2020: Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income (Loss) for the Years Ended December 31, 2022, 2021 and 2020 (Dollars in thousands) Year Ended December 31, Description 2022 2021 2020 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 1,539 $ (2,944) $ (11,612) Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 96 (9,156) (6,159) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 1,898 (99) 5 Amount of Income (Expense) Reclassified from AOCI into Earnings (2) 276 (262) 441 Net Investment Hedges Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 665 (518) (4,664) Amount of Income Recognized in Earnings (2) (3) 170 367 599 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 8,686 — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative $ 12,788 $ (3,561) $ (16,271) Amount of Income (Expense) Reclassified from AOCI into Earnings 372 (9,418) (5,718) Amount of Income Recognized in Earnings 170 367 599 Interest expense, net in accompanying consolidated statements of income (loss) and comprehensive income (loss) $ 131,175 $ 148,095 $ 157,675 Other income in accompanying consolidated statements of income (loss) and comprehensive income (loss) $ 47,382 $ 18,816 $ 9,139 (1) Included in “Interest expense, net” in accompanying consolidated statements of income (loss) and comprehensive income (loss) except for a cash settlement of approximately $3.2 million for the year ended December 31, 2021 which is included in “Costs associated with loan refinancing or payoff” in accompanying consolidated statements of income (loss) and comprehensive income (loss) related to the termination of the interest rate swap agreements. (2) Included in "Other income" in the accompanying consolidated statements of income (loss) and comprehensive income (loss). (3) Amounts represent derivative gains excluded from the effectiveness testing. Credit-risk-related Contingent Features The Company has an agreement with its interest rate derivative counterparty that contains 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, 2022, the Company had no derivatives in a liability position related to these agreements. As of December 31, 2022, 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, 2022 | |
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, 2022, 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 liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, 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, 2022 and 2021 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2022: Cross Currency Swaps (1) $ — $ 1,523 $ — $ 1,523 Currency Forward Agreements (1) $ — $ 8,686 $ — $ 8,686 Interest Rate Swap Agreements (1) $ — $ 1,240 $ — $ 1,240 2021: Cross Currency Swaps (2) $ — $ (4,626) $ — $ (4,626) Interest Rate Swap Agreements (2) $ — $ (262) $ — $ (262) (1) Included in "Other assets" in the accompanying consolidated balance sheets. (2) 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 as of December 31, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2022 and 2021 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2022: Real estate investments, net $ — $ 4,700 $ 33,670 $ 38,370 Operating lease right-of-use asset — — 7,006 7,006 Mortgage notes and related accrued interest receivable — — 7,780 7,780 Investment in joint ventures — — — — Other assets (1) — — 1,316 1,316 2021: Real estate investments, net $ — $ 6,956 $ — $ 6,956 Other assets (1) — — — — (1) Includes collateral dependent notes receivable, which are presented within "Other assets" in the accompanying consolidated balance sheets. As further discussed in Note 4, during the year ended December 31, 2022, the Company recorded impairment charges of $27.3 million, of which $25.3 million related to real estate investments, net, and $2.0 million related to an operating lease right-of-use asset. 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 one of its properties with a purchase offer was classified as Level 2 of the fair value hierarchy and was measured at fair value. Six properties, one of which included an operating lease right-of-use asset, 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 $6 per square foot to $22 per square foot, discount rates which ranged from 7.75% to 9.75% and terminal capitalization rates ranging from 7.00% to 8.75% for the properties not under ground lease. Significant inputs and assumptions used in the right-of-use asset appraisal included a market rate of $25 per square foot and a discount rate of 8.50%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. As further discussed in Note 6, during the year ended December 31, 2022, the Company recorded an allowance for credit losses of $6.8 million related to one mortgage note and $1.2 million related to one note receivable, as a result of recent changes in the borrower's financial status. Management valued the mortgage note and note receivable based on the fair value of the underlying collateral determined using independent appraisals which used discounted cash flow models. The significant inputs and assumptions used in the real estate appraisals included market rents of approximately $20 per square foot and a discount rate of 6.75%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. Additionally, during the year ended December 31, 2022, the Company recorded an allowance for credit losses totaling $1.9 million related to one note receivable to fully reserve the outstanding principal balance of $1.9 million, as a result of recent changes in the borrower's financial status. Management valued the note receivable based on the fair value of the underlying collateral which was determined taking into account various factors including implied asset value changes based on current market conditions and review of the financial statements of the borrower, and was classified within Level 3 of the fair value hierarchy. Additionally, as further discussed in Note 7, during the year ended December 31, 2022, the Company recorded impairment charges of $0.6 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 were not observable. As discussed further in Note 4, during the year ended December 31, 2021, the Company recorded impairment charge s of $2.7 million rel ated to real estate investments, net, on two of its properties. Management estimated the fair values of these investments taking into account various factors including purchase offers, shortened hold periods and market conditions. The Company determined, based on the inputs, that the valuation of these properties with purchase offers were classified within Level 2 of the fair value hierarchy and were measured at fair value. As discussed further in Note 6, during the year ended December 31, 2020, the Company entered into an amended and restated loan and security agreements with one of its notes receivable borrowers in response to the impacts of the COVID-19 pandemic and the Company recorded expected credit loss to fully reserve the outstanding principal balance. 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 at December 31, 2022 and 2021. 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, 2022 and 2021: 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, 2022, the Company had a carryin g value of $457.3 million in fixed ra te mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of appr oximately 8.92%. The fixed rate mort gage notes bear interest a t rates of 6.99% to 12.14%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.15% to 10.00%, management estimates the fair value of the fixed rate mortgage notes receivable to be $500.0 million with an estimated weighted average market rate of 7.70% at December 31, 2022. At December 31, 2021, the Company had a carrying value of $370.2 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.04%. The fixed rate mortgage notes bear interest at rates of 7.01% to 11.96%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.50% to 9.25%, management estimates the fair value of the fixed rate mortgage notes receivable to be $400.1 million with an estimated weighted average market rate of 8.05% at December 31, 2021. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2022, the Company had a carrying value of $25.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 4.43%. The carrying value of the va riable rate debt outstanding approximates the fair value at December 31, 2022. At December 31, 2021, the Company had a carrying value of $25.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 0.15%. The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2021. At both December 31, 2022 and 2021, the $25.0 million of variable rate debt outstanding, 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, 2022, the Company had a carrying value of $2.82 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.34%. Discounting the future cash flows for fixed rate debt using December 31, 2022 market rates of 7.42% to 8.35%, management estimates the fair value of the fixed rate debt to be approximately $2.39 billion with an estimated weighted average market rate of 7.94% at December 31, 2022. At December 31, 2021, the Company had a carrying value of $2.82 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.34%. Discounting the future cash flows for fixed rate debt using December 31, 2021 market rates of 2.25% to 4.56%, management estimates the fair value of the fixed rate debt to be approximately $2.93 billion with an estimated weighted average market rate of 3.43% at December 31, 2021. |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares On June 3, 2022, 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, depository 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 supplements, or other offering materials, at the time of any offering. Additionally, on June 3, 2022, 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 25,000,000 common shares. Common Shares The Company's Board declared cash dividends totaling $3.25 and $1.50 per common share for the years ended December 31, 2022 and 2021, respectively. Of the total distributions calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per common share for the years ended December 31, 2022 and 2021 are as follows: Cash Distributions Per Share 2022 2021 Taxable ordinary income (1) $ 2.5906 $ 1.2500 Return of capital 0.6344 — Long-term capital gain — — Totals $ 3.2250 $ 1.2500 (1) Amounts qualify in their entirety as 199A distributions. During the year ended December 31, 2022 and 2021, the Company issued an aggregate of 23,196 and 11,798 common shares under its DSP Plan for net proceeds of $1.1 million and $0.6 million, respectively. 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, 2022, the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rat e of 0.4192 common shares per Series C preferred share, which is equivalent to a conversion price of $59.64 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, 2022 and 2021. There were non-cash distributions associated with conversion adjustments of $0.1735 a nd $0.0522 per Series C preferred share for the years ended December 31, 2022 and 2021, 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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 1.4375 $ 1.4375 Return of capital — — Long-term capital gain — — Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. Non-cash Distributions per Share 2022 2021 Taxable ordinary income (2) $ 0.1735 $ 0.0522 Return of capital — — Long-term capital gain — — Totals $ 0.1735 $ 0.0522 (2) Amounts qualify in their entirety as 199A distributions for the year ended December 31, 2021. For the year ended December 31, 2022, no amounts qualify as 199A distributions. 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, 2022, the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4826 common 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, 2022 and 2021. There were no non-cash distributions associated with conversion adjustments per Series E preferred share for both years ended December 31, 2022 and 2021. 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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 2.2500 $ 2.2500 Return of capital — — Long-term capital gain — — Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. 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, 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, 2022 and 2021. 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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 1.4375 $ 1.4375 Return of capital — — Long-term capital gain — — Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 (amounts in thousands except per share information): Year Ended December 31, 2022 Income Shares Per Share Basic EPS: Net income $ 176,229 Less: preferred dividend requirements (24,141) Net income available to common shareholders $ 152,088 74,967 $ 2.03 Diluted EPS: Net income available to common shareholders $ 152,088 74,967 Effect of dilutive securities: Share options and performance shares — 76 Net income available to common shareholders $ 152,088 75,043 $ 2.03 Year Ended December 31, 2021 Income Shares Per Share Basic EPS: Net income $ 98,606 Less: preferred dividend requirements (24,134) Net income available to common shareholders $ 74,472 74,755 $ 1.00 Diluted EPS: Net income available to common shareholders $ 74,472 74,755 Effect of dilutive securities: Share options and performance shares — 1 Net income available to common shareholders $ 74,472 74,756 $ 1.00 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) The effect of the potential common shares from the conversion of the Company’s convertible preferred shares and from the exercise of share options are included in diluted earnings per share if the effect is dilutive. Potential common shares from the performance shares are included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. The following shares have an anti-dilutive effect and are therefore excluded from the calculation of diluted earnings per share: • The additional 2.3 million common shares for the year ended December 31, 2022 and 2.2 million common shares for both years ended December 31, 2021 and 2020 that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares. • The additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares for the years ended December 31, 2022, 2021 and 2020. • Outstanding options to purchase 96 thousand common shares at per share prices ranging from $44.44 to $76.63 for the year ended December 31, 2022. • Outstanding options to purchase 89 thousand common shares at per share prices ranging from $44.44 to $76.63 for the year ended December 31, 2021. • Outstanding options to purchase 117 thousand common shares at per share prices ranging from $44.62 to $76.63 for the year ended December 31, 2020. • The effect of 99 thousand contingently issuable performance shares granted during 2022 for the year ended December 31, 2022. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 3,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is 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, 2022, ther e were 1,983,595 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, 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 Exercised (5,051) 45.20 — 47.77 47.27 Granted 1,838 44.44 — 44.44 44.44 Forfeited/Expired (4,806) 45.20 — 61.79 51.42 Outstanding at December 31, 2021 108,671 $ 44.44 — $ 76.63 $ 56.79 Exercised (12,559) 44.62 — 47.15 46.43 Outstanding at December 31, 2022 96,112 $ 44.44 — $ 76.63 $ 58.15 The weighted average fair value of options granted was $20.34 and $3.73 during 2021 and 2020, respecti vely. No options were granted during the year ended December 31, 2022. T he intrinsic value of stock options exercised w as $62 thousand, $14 thousand , and $22 thousand during the years ended December 31, 2022, 2021 and 2020, respe ctively. Additionally, the Company repurchased 11,590 shares in conjunction with the stock options exercised during the year ended December 31, 2022 with a total value of $594 thousand. The following table summarizes outstanding and exercisable options at December 31, 2022: Options outstanding Options exercisable Exercise price range Options Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) Options exercisable Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) 44.44 - 49.99 8,750 5.6 7,372 1.6 50.00 - 59.99 31,008 1.5 31,008 1.5 60.00 - 69.99 52,198 3.5 50,754 2.8 70.00 - 76.63 4,156 5.0 3,671 4.9 96,112 3.1 $ 58.15 $ — 92,805 2.3 $ 58.10 $ — 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, 2021 478,554 $ 56.57 Granted 243,286 46.65 Vested (215,752) 59.94 Forfeited (2,176) 46.98 Outstanding at December 31, 2022 503,912 $ 50.38 0.86 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 $10.2 million, $6.6 million, an d $17.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, unamortized share-based compensation expense related to nonvested sha res was $9.5 million and w ill be recognized in future periods as follows (in thousands): Amount Year: 2023 $ 5,250 2024 3,030 2025 1,217 Total $ 9,497 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, 2021 158,776 Granted 98,610 Vested — Forfeited — Outstanding at December 31, 2022 257,386 The number of common shares issuable upon settlement of the performance shares granted during the years ended December 31, 2022, 2021 and 2020 will be based upon the Company's achievement level relative to the following performance measures at December 31, 2024, 2023 and 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 Compounded Annual Growth Rate (CAGR) 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 $6.0 million, $6.6 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively . The estimated fair value is amortized to expense over the three-year vesting period, which ends on December 31, 2024, 2023 and 2022 for performance shares granted in 2022, 2021 and 2020, respectively. 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 for the years ended December 31, 2022, 2021 and 2020, respectively: risk-free interest rate of 1.7%, 0.2% and 1.4%, volatility factors in the expected market price of the Company's common shares of 71%, 69% and 18% and an expected life of approximately three years. 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 re versed. At December 31, 2022, achievement of the performance condition was deemed probable for the performance shares granted during the year ended December 31, 2022 and 2021, with an expected payout percentage of 200%, which resulted in a grant date fair value of approximately $2.3 million for each period. The performance condition for the performance shares granted during the year ended December 31, 2020 was not achieved resulting in no pay-out. At December 31, 2022, unamortized share-based compensation expense related to nonvested performance sha res was $8.5 million and w ill be recognized in future periods as follows (in thousands): Amount Year: 2023 $ 5,713 2024 2,775 2025 — Total $ 8,488 The performance shares accrue dividend equivalents which are paid only if common shares are issued upon settlement of the performance shares. During the years ended December 31, 2022 and 2021 , the Company accrued dividend equivalents expected to be paid on earned awards of $579 thousand a nd $158 thousand, respectively. No dividend equivalents were paid for the years ended December 31, 2022 and 2021. Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2021 43,306 $ 49.15 Granted 41,399 50.49 Vested (46,100) 49.00 Outstanding at December 31, 2022 38,605 $ 50.77 0.42 The holders of restricted share units receive dividend equivalents from the date of grant. At December 31, 2022, unamortized share-based compensation expense related to restricted share units was $817 thousand w hich will be recognized in 2023. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for arrangements where the Company is the lessee as of December 31, 2022 and 2021: As of December 31, 2022 2021 Weighted-average remaining lease term in years Operating ground leases 15.1 15.0 Operating office lease 3.8 4.8 Weighted-average discount rate Operating ground leases 5.31 % 4.97 % Operating office lease 6.04 % 4.62 % |
Future Minimum Rentals Receivable | The Company’s real estate investments are leased under operating leases with remaining terms rangi ng from one year to 27 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, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Operating leases Sub-lessor operating ground leases Operating leases Sub-lessor operating ground leases Amount (1) (2) Amount (1) (2) Total Amount (1) (2) Amount (1) (2) Total Year: Year: 2023 $ 534,742 $ 24,795 $ 559,537 2022 $ 487,344 $ 23,232 $ 510,576 2024 519,773 25,981 545,754 2023 487,624 22,915 510,539 2025 513,408 26,118 539,526 2024 485,383 22,415 507,798 2026 510,542 24,253 534,795 2025 480,161 22,552 502,713 2027 480,005 23,493 503,498 2026 477,702 20,687 498,389 Thereafter 3,485,821 220,365 3,706,186 Thereafter 3,687,535 185,964 3,873,499 Total $ 6,044,291 $ 345,005 $ 6,389,296 Total $ 6,105,749 $ 297,765 $ 6,403,514 (1) Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2022, receivables from tenants included fixed rent payments of approximately $2.1 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $1.6 million in 2023 and $0.5 million in 2024. |
Lessee, Operating Leases [Text Block] | In addition to its lessor arrangements on its real estate investments, as of December 31, 2022 and 2021, the Company was lessee in 52 and 51 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, 2022, 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, however, two of these properties do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or if the property does not have sub-tenants, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2022, the ground lease arrangements have remaining terms ranging from two years to 44 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, 2022, 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, 2022 and 2021, 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, 2022 December 31, 2021 Ground Leases (1) Office lease (2) Ground Leases (1) Office lease (2) Year: Year: 2023 $ 26,317 $ 958 2022 $ 24,753 $ 967 2024 27,504 958 2023 24,440 967 2025 27,622 958 2024 23,939 967 2026 25,796 717 2025 24,058 967 2027 24,235 — 2026 22,232 724 Thereafter 235,792 — Thereafter 202,135 — Total lease payments $ 367,266 $ 3,591 $ 321,557 $ 4,592 Less: imputed interest 129,066 384 106,878 476 Present value of lease liabilities $ 238,200 $ 3,207 $ 214,679 $ 4,116 (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, 2022 and 2021 (in thousands): As of December 31, Classification 2022 2021 Assets: Operating ground lease assets Operating lease right-of-use assets $ 198,009 $ 176,984 Office lease asset Operating lease right-of-use assets 2,976 3,824 Total operating lease right-of-use assets $ 200,985 $ 180,808 Sub-lessor straight-line rent receivable Accounts receivable 14,586 12,894 Total leased assets $ 215,571 $ 193,702 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 238,200 $ 214,679 Office lease liability Operating lease liabilities 3,207 4,116 Total lease liabilities $ 241,407 $ 218,795 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, 2022, 2021 and 2020 (in thousands): Year ended December 31, Classification 2022 2021 2020 Rental revenue Operating leases (1) Rental revenue $ 551,383 $ 457,063 $ 361,393 Sublease income - operating ground leases (2) Rental revenue 24,218 21,819 10,783 Lease costs Operating ground lease cost Property operating expense $ 25,167 $ 22,863 $ 24,386 Operating office lease cost General and administrative expense 904 905 905 Operating lease right-of-use asset impairment charges (3) Impairment charges 1,968 — 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis. (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. 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 for arrangements where the Company is the lessee as of December 31, 2022 and 2021: As of December 31, 2022 2021 Weighted-average remaining lease term in years Operating ground leases 15.1 15.0 Operating office lease 3.8 4.8 Weighted-average discount rate Operating ground leases 5.31 % 4.97 % Operating office lease 6.04 % 4.62 % |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2022, the Compan y had 15 development projects with commitments to fund an aggregate of approximately $205.1 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 the occurrence of events outside of its direct control. As of December 31, 2022, the Company had four mortgage notes with commitments totaling approximately $85.4 million. If commitments 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, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company groups its investments into two reportable segments: Experiential and Education. The financial information summarized below is presented by reportable segment (in thousands): Balance Sheet Data: As of December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,164,710 $ 473,580 $ 120,411 $ 5,758,701 As of December 31, 2021 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 4,995,241 $ 505,086 $ 300,823 $ 5,801,150 Operating Data: For the Year Ended December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 535,382 $ 40,219 $ — $ 575,601 Other income 37,558 7,000 2,824 47,382 Mortgage and other financing income 34,139 909 — 35,048 Total revenue 607,079 48,128 2,824 658,031 Property operating expense 55,499 (8) 494 55,985 Other expense 33,984 — (175) 33,809 Total investment expenses 89,483 (8) 319 89,794 Net operating income - before unallocated items 517,596 48,136 2,505 568,237 Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): General and administrative expense (51,579) Transaction costs (4,533) Credit loss expense (10,816) Impairment charges (27,349) Depreciation and amortization (163,652) Gain on sale of real estate 651 Interest expense, net (131,175) Equity in loss from joint ventures (1,672) Impairment charges on joint ventures (647) Income tax expense (1,236) Net income 176,229 Preferred dividend requirements (24,141) Net income available to common shareholders of EPR Properties $ 152,088 For the Year Ended December 31, 2021 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 441,423 $ 37,459 $ — $ 478,882 Other income 18,416 — 400 18,816 Mortgage and other financing income 32,980 1,002 — 33,982 Total revenue 492,819 38,461 400 531,680 Property operating expense 56,027 (109) 821 56,739 Other expense 21,864 — (123) 21,741 Total investment expenses 77,891 (109) 698 78,480 Net operating income - before unallocated items 414,928 38,570 (298) 453,200 Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): General and administrative expense (44,362) Transaction costs (3,402) Credit loss benefit 21,972 Impairment charges (2,711) Depreciation and amortization (163,770) Gain on sale of real estate 17,881 Costs associated with loan refinancing or payoff (25,451) Interest expense, net (148,095) Equity in loss from joint ventures (5,059) Income tax expense (1,597) Net income 98,606 Preferred dividend requirements (24,134) Net income available to common shareholders of EPR Properties $ 74,472 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 Income (Loss) and Comprehensive Income (Loss): General and administrative expense (42,596) Severance expense (2,868) Transaction costs (5,436) Credit loss expense (30,695) Impairment charges (85,657) Depreciation and amortization (170,333) Gain on sale of real estate 50,119 Costs associated with loan refinancing or payoff (1,632) Interest expense, net (157,675) Equity in loss from joint ventures (4,552) Impairment charges on joint ventures (3,247) 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) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Theatres Sugar Land, TX $ — $ — $ 19,100 $ 4,152 $ — $ 23,252 $ 23,252 $ (12,707) 11/97 40 years San Antonio, TX — 3,006 13,662 8,455 3,006 22,117 25,123 (11,395) 11/97 40 years Columbus, OH — — 12,685 771 — 13,456 13,456 (8,081) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (9,817) 11/97 40 years Ontario, CA — 5,521 19,449 7,130 5,521 26,579 32,100 (13,695) 11/97 40 years Leawood, KS — 3,714 12,086 4,110 3,714 16,196 19,910 (8,411) 11/97 40 years Houston, TX — 7,957 22,861 (1,455) 7,712 21,651 29,363 (13,473) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (18,527) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (14,261) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (16,489) 06/98 40 years Pompano Beach, FL — 6,771 9,899 10,984 6,771 20,883 27,654 (19,362) 08/98 24 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (4,533) 08/98 40 years Davie, FL — 2,000 13,000 11,512 2,000 24,512 26,512 (13,526) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (8,400) 12/98 40 years Boise, ID — — 16,003 400 — 16,403 16,403 (9,660) 12/98 40 years Cary, NC — 3,352 11,653 3,091 3,352 14,744 18,096 (7,537) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (8,844) 06/99 40 years Metairie, LA — — 11,740 3,049 — 14,789 14,789 (6,718) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (7,719) 03/02 40 years Hammond, LA — 2,404 6,780 1,607 1,839 8,952 10,791 (3,829) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (3,531) 03/02 40 years Harvey, LA — 4,378 12,330 3,735 4,266 16,177 20,443 (7,183) 03/02 40 years Greenville, SC — 1,660 7,570 473 1,660 8,043 9,703 (4,041) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (12,602) 06/02 40 years Olathe, KS — 4,000 15,935 2,558 3,042 19,451 22,493 (10,371) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (8,945) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (11,155) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (4,012) 12/02 40 years Macon, GA — 1,982 5,056 1,462 1,982 6,518 8,500 (2,581) 03/03 40 years Lawrence, KS — 1,500 3,526 2,017 1,500 5,543 7,043 (2,199) 06/03 40 years Columbia, SC — 1,000 10,534 339 1,000 10,873 11,873 (4,399) 11/03 40 years Hialeah, FL — 7,985 — 22 7,985 22 8,007 (2) 12/03 5 years Phoenix, AZ — 4,276 15,934 3,518 4,276 19,452 23,728 (8,227) 03/04 40 years Hamilton, NJ — 4,869 18,143 20 4,869 18,163 23,032 (8,506) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (8,506) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (5,146) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (4,767) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (5,776) 11/04 40 years Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (4,118) 12/04 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation D'Iberville, MS — 2,001 8,043 3,612 808 12,848 13,656 (5,113) 12/04 40 years Wilmington, NC — 1,650 7,047 3,033 1,650 10,080 11,730 (3,745) 02/05 40 years Chattanooga, TN — 2,799 11,467 — 2,799 11,467 14,266 (5,112) 03/05 40 years Conroe, TX — 1,836 8,230 2,304 1,836 10,534 12,370 (3,903) 06/05 40 years Indianapolis, IN — 1,481 4,565 2,375 1,481 6,940 8,421 (2,504) 06/05 40 years Hattiesburg, MS — 1,978 7,733 4,720 1,978 12,453 14,431 (4,776) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,627) 12/05 40 years Auburn, CA — 2,178 6,185 (65) 2,113 6,185 8,298 (2,642) 12/05 40 years Fresno, CA — 7,600 11,613 2,894 7,600 14,507 22,107 (7,410) 12/05 40 years Modesto, CA — 2,542 3,910 1,889 2,542 5,799 8,341 (2,053) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (5,111) 03/06 40 years Garland, TX — 8,028 14,825 — 8,028 14,825 22,853 (6,208) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (2,874) 04/06 40 years Winston Salem, NC — — 12,153 4,188 — 16,341 16,341 (6,252) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (6,044) 08/06 40 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (6,040) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (4,600) 12/06 40 years Panama City Beach, FL — 6,486 11,156 2,704 6,486 13,860 20,346 (4,671) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (2,807) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (8,264) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (3,750) 10/08 40 years Ypsilanti, MI — 4,716 227 2,817 4,716 3,044 7,760 (543) 12/09 40 years Manchester, CT — 3,628 11,474 2,315 3,628 13,789 17,417 (4,022) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (575) 12/09 40 years Davenport, IA — 3,599 6,068 2,265 3,564 8,368 11,932 (2,348) 12/09 40 years Fairfax, VA — 2,630 11,791 2,000 2,630 13,791 16,421 (4,159) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (560) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (1,533) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (1,265) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,767) 12/09 40 years Okolona, KY — 5,379 3,311 2,000 5,379 5,311 10,690 (1,329) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (3,125) 12/09 40 years Louisville, KY — 4,979 6,567 (1,046) 3,933 6,567 10,500 (2,134) 12/09 40 years Beaver Creek, OH — 1,578 6,630 1,700 1,578 8,330 9,908 (2,382) 12/09 40 years West Springfield, MA — 2,540 3,755 2,650 2,540 6,405 8,945 (1,556) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (715) 12/09 40 years Pasadena, TX — 2,951 10,684 1,759 2,951 12,443 15,394 (3,565) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (615) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (1,037) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (1,975) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (1,469) 06/10 40 years Redding, CA — 2,044 4,500 1,177 2,044 5,677 7,721 (1,556) 06/10 40 years Pueblo, CO — 2,238 5,162 1,265 2,238 6,427 8,665 (1,777) 06/10 40 years Beaumont, TX — 1,065 11,669 1,644 1,065 13,313 14,378 (3,913) 06/10 40 years Pflugerville, TX — 4,356 11,533 2,056 4,356 13,589 17,945 (3,930) 06/10 40 years Houston, TX — 4,109 9,739 2,617 4,109 12,356 16,465 (3,339) 06/10 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation El Paso, TX — 4,598 13,207 2,296 4,598 15,503 20,101 (4,455) 06/10 40 years Colorado Springs, CO — 4,134 11,220 1,427 2,938 13,843 16,781 (3,939) 06/10 40 years Hooksett, NH — 2,639 11,605 1,376 2,639 12,981 15,620 (3,599) 03/11 40 years Saco, ME — 1,508 3,826 1,124 1,508 4,950 6,458 (1,266) 03/11 40 years Merrimack, NH — 3,160 5,642 107 3,160 5,749 8,909 (1,684) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (2,106) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (1,266) 04/11 40 years Dallas, TX — — 12,146 (12,146) — — — — 03/12 n/a Albuquerque, NM — — 13,733 — — 13,733 13,733 (3,119) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (1,500) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (2,159) 09/12 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (1,902) 11/12 40 years Gainesville, VA — — 10,846 95 — 10,941 10,941 (2,474) 02/13 40 years Lafayette, LA 14,360 — 12,728 1,438 — 14,166 14,166 (3,000) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (377) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (2,191) 09/13 40 years Tampa, FL — 1,700 23,483 3,648 1,579 27,252 28,831 (8,252) 10/13 40 years Warrenville, IL — 14,000 17,318 (5,417) 8,270 17,631 25,901 (5,397) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (2,260) 08/13 40 years Bedford, IN — 349 1,594 — 349 1,594 1,943 (396) 04/14 40 years Seymour, IN — 1,028 2,291 — 1,028 2,291 3,319 (534) 04/14 40 years Wilder, KY — 983 11,233 2,004 983 13,237 14,220 (2,879) 04/14 40 years Bowling Green, KY — 1,241 10,222 — 1,241 10,222 11,463 (2,358) 04/14 40 years New Albany, IN — 2,461 14,807 — 2,461 14,807 17,268 (3,348) 04/14 40 years Clarksville, TN — 3,764 16,769 4,706 3,764 21,475 25,239 (4,406) 04/14 40 years Williamsport, PA — 2,243 6,684 — 2,243 6,684 8,927 (1,592) 04/14 40 years Noblesville, IN — 886 7,453 2,019 886 9,472 10,358 (2,010) 04/14 40 years Moline, IL — 1,963 10,183 — 1,963 10,183 12,146 (2,330) 04/14 40 years O'Fallon, MO — 1,046 7,342 — 1,046 7,342 8,388 (1,670) 04/14 40 years McDonough, GA — 2,235 16,842 — 2,235 16,842 19,077 (3,841) 04/14 40 years Sterling Heights, MI — 10,849 — (3,712) 6,949 188 7,137 (147) 12/14 15 years Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (1,269) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (1,358) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (6,685) 05/15 25 years Denham Springs, LA — — 5,093 4,162 — 9,255 9,255 (1,515) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (4,287) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (1,380) 12/15 40 years Corpus, Christi, TX — 1,286 8,252 — 1,286 8,252 9,538 (1,221) 12/15 40 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (1,431) 06/16 25 years Franklin, TN — 10,158 17,549 9,018 10,158 26,567 36,725 (6,966) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (4,602) 06/16 25 years El Paso, TX — 2,957 10,961 3,905 2,957 14,866 17,823 (3,841) 06/16 25 years Edinburg, TX — 1,982 16,964 5,680 1,982 22,644 24,626 (5,806) 06/16 25 years Hendersonville, TN — 2,784 8,034 4,245 2,784 12,279 15,063 (2,403) 07/16 30 years Houston, TX — 965 10,002 — 965 10,002 10,967 (1,666) 10/16 40 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (2,839) 11/16 30 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Fort Worth, TX — — 11,385 — — 11,385 11,385 (1,304) 02/17 40 years Fort Wayne, IN — 1,926 11,054 — 1,926 11,054 12,980 (2,480) 05/17 27 years Wichita, KS — 267 7,535 (6,312) 67 1,423 1,490 — 05/17 23 years Wichita, KS — 3,132 23,270 — 3,132 23,270 26,402 (5,937) 05/17 23 years Richmond, TX — 7,251 36,534 (27) 7,251 36,507 43,758 (5,444) 08/17 40 years Tomball, TX — 3,416 26,918 — 3,416 26,918 30,334 (3,912) 08/17 40 years Cleveland, OH — 5,060 21,072 374 5,060 21,446 26,506 (5,217) 08/17 25 years Little Rock, AR — 1,789 10,780 — 1,789 10,780 12,569 (1,518) 01/18 40 years Conway, AR — 1,316 5,553 — 1,316 5,553 6,869 (977) 03/18 30 years Lynbrook, NY — 1,753 28,400 — 1,753 28,400 30,153 (3,270) 06/18 40 years Long Island, NY — — 12,479 (2,449) — 10,030 10,030 — 12/18 25 years Beaumont, CA — 2,421 12,026 — 2,421 12,026 14,447 (573) 01/19 40 years Brandywine, MD — 5,251 10,520 — 5,251 10,520 15,771 (1,363) 03/19 34 years Cincinnati, OH — 2,831 11,430 — 2,831 11,430 14,261 (1,408) 03/19 35 years Louisville, KY — 3,726 27,312 — 3,726 27,312 31,038 (2,827) 03/19 40 years Riverview, FL — 2,339 15,901 — 2,339 15,901 18,240 (1,807) 03/19 37 years Savoy, IL — 1,938 10,554 904 1,938 11,458 13,396 (2,172) 06/19 25 years Dublin, CA — 15,662 25,496 — 15,662 25,496 41,158 (3,568) 06/19 30 years Ontario, CA — 8,019 15,708 — 8,019 15,708 23,727 (2,616) 06/19 24 years Columbia, SC — 7,009 17,318 — 7,009 17,318 24,327 (1,729) 06/19 40 years Columbia, MD — 12,642 14,152 — 12,642 14,152 26,794 (1,860) 06/19 34 years Charlotte, NC — 4,257 15,121 — 4,257 15,121 19,378 (1,774) 06/19 35 years Foothill Ranch, CA — 7,653 14,090 — 7,653 14,090 21,743 (2,431) 06/19 29 years Wilsonville, OR — 2,742 1,301 — 2,742 1,301 4,043 (370) 06/19 23 years Raleigh, NC — 5,376 12,516 — 5,376 12,516 17,892 (1,835) 06/19 30 years Gastonia, NC — 4,039 9,199 — 4,039 9,199 13,238 (1,375) 06/19 30 years Abingdon, MD — 4,613 6,171 — 4,613 6,171 10,784 (1,356) 06/19 24 years Midland, TX — 2,495 12,965 — 2,495 12,965 15,460 (1,577) 06/19 35 years Port Richey, FL — 1,564 7,103 — 1,564 7,103 8,667 (1,356) 06/19 26 years Hillsboro, OR — 3,392 5,697 — 3,392 5,697 9,089 (1,373) 06/19 23 years Woodway, TX — 2,376 7,309 — 2,376 7,309 9,685 (1,467) 06/19 24 years San Jacinto, CA — 1,960 5,073 — 1,960 5,073 7,033 (1,043) 06/19 23 years Albany, OR — 2,049 3,920 — 2,049 3,920 5,969 (663) 06/19 30 years Lake City, FL — 1,257 4,756 — 1,257 4,756 6,013 (825) 06/19 27 years Anderson, SC — 1,554 3,948 — 1,554 3,948 5,502 (819) 06/19 24 years New Hartford, NY — 946 11,985 (141) 946 11,844 12,790 (1,393) 10/19 31 years Columbus, OH — 5,211 14,179 571 5,211 14,750 19,961 (1,881) 10/19 38 years Kenner, LA — 5,299 14,000 — 5,299 14,000 19,299 (2,740) 10/19 34 years Marana, AZ — 2,384 5,438 — 2,384 5,438 7,822 (881) 12/19 28 years Bluffton, SC — 1,912 3,053 202 1,912 3,255 5,167 (550) 03/20 25 years Cherry Hill, NJ — 5,038 9,206 — 5,038 9,206 14,244 (1,885) 03/20 25 years Eat & Play Westminster, CO — 12,055 29,914 25,132 10,848 56,253 67,101 (31,747) 06/99 40 years New Rochelle, NY — 6,100 97,696 14,357 6,100 112,053 118,153 (54,432) 10/03 40 years Kanata, ON — 10,044 36,630 29,943 9,303 67,314 76,617 (29,479) 03/04 40 years Mississagua, ON — 9,221 17,593 20,969 11,231 36,552 47,783 (14,706) 03/04 40 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Oakville, ON — 10,044 23,646 13,892 9,303 38,279 47,582 (16,426) 03/04 40 years Whitby, ON — 10,202 21,960 30,921 12,139 50,944 63,083 (20,765) 03/04 40 years Burbank, CA — 16,584 35,016 12,852 16,584 47,868 64,452 (19,338) 03/05 40 years Northbrook, IL — — 7,025 586 — 7,611 7,611 (2,115) 07/11 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (4,105) 02/12 29 years Dallas, TX — — 10,007 1,771 — 11,778 11,778 (4,178) 02/12 30 years Jacksonville, FL — 4,510 5,061 4,748 4,510 9,809 14,319 (3,758) 02/12 30 years Indianapolis, IN — 4,298 6,320 (4,754) 1,813 4,051 5,864 (1,129) 02/12 40 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (2,164) 03/12 40 years Houston, TX — — 12,403 394 — 12,797 12,797 (3,383) 09/12 40 years Colony, TX — 4,004 13,665 (240) 4,004 13,425 17,429 (3,021) 12/12 40 years Alpharetta, GA — 5,608 16,616 (19) 5,589 16,616 22,205 (3,531) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (3,600) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (3,147) 07/13 40 years Warrenville, IL — — 6,469 9,625 2,906 13,188 16,094 (4,466) 10/13 40 years San Antonio, TX — — 15,976 79 — 16,055 16,055 (3,137) 12/13 40 years Tampa, FL — — 15,726 (67) — 15,659 15,659 (3,230) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267) 4,735 15,863 20,598 (3,173) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (3,243) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (3,572) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (3,206) 06/14 40 years Ashburn VA — — 16,873 101 — 16,974 16,974 (3,103) 06/14 40 years Naperville, IL — 8,824 20,279 (665) 8,824 19,614 28,438 (3,596) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252) 3,086 16,169 19,255 (3,032) 09/14 40 years Webster, TX — 5,631 17,732 799 5,210 18,952 24,162 (3,376) 11/14 40 years Virginia Beach, VA — 6,948 18,715 (304) 6,348 19,011 25,359 (3,324) 12/14 40 years Edison, NJ — — 22,792 1,489 — 24,281 24,281 (3,632) 04/15 40 years Jacksonville, FL — 6,732 21,823 (1,201) 6,732 20,622 27,354 (3,210) 09/15 40 years Roseville, CA — 6,868 23,959 (1,928) 6,868 22,031 28,899 (3,470) 10/15 30 years Portland, OR — — 23,466 (541) — 22,925 22,925 (3,667) 11/15 40 years Orlando, FL — 8,586 22,493 1,120 8,586 23,613 32,199 (3,333) 01/16 40 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (2,664) 02/16 35 years Charlotte, NC — 4,676 21,422 (867) 4,676 20,555 25,231 (3,048) 04/16 40 years Orlando, FL — 9,382 16,225 58 9,382 16,283 25,665 (2,137) 05/16 40 years Fort Worth, TX — 4,674 17,537 — 4,674 17,537 22,211 (2,484) 08/16 40 years Nashville, TN — — 26,685 136 — 26,821 26,821 (3,696) 12/16 40 years Dallas, TX — 3,318 7,835 4 3,318 7,839 11,157 (1,320) 12/16 40 years San Antonio, TX — 6,502 15,338 (628) 6,502 14,710 21,212 (1,689) 08/17 40 years Huntsville, AL — 53 17,595 (1,938) 53 15,657 15,710 (2,383) 08/17 40 years El Paso, TX — 2,688 17,373 — 2,688 17,373 20,061 (2,655) 02/18 40 years Pittsburgh, PA — 7,897 21,812 (1,039) 7,897 20,773 28,670 (2,483) 07/18 40 years Philadelphia, PA — 5,484 25,211 97 5,484 25,308 30,792 (2,829) 12/18 40 years Auburn Hills, MI — 4,219 27,704 (2,881) 4,219 24,823 29,042 (2,688) 12/18 40 years Greenville, SC — 6,272 18,240 — 6,272 18,240 24,512 (2,475) 06/18 40 years Thornton, CO — 5,419 23,635 — 5,419 23,635 29,054 (2,199) 09/18 40 years Eugene, OR — 1,321 — — 1,321 — 1,321 — 06/19 n/a Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Katy, TX — 5,210 16,247 232 3,431 18,258 21,689 (1,351) 06/19 40 years Gwinnett, GA — 3,318 17,873 — 3,318 17,873 21,191 (1,131) 06/20 40 years San Jose, CA — — 26,752 — — 26,752 26,752 (1,489) 03/21 40 years Ontario, CA — — 34,943 — — 34,943 34,943 (1,070) 12/21 40 years Ski Bellfontaine, OH — 5,108 5,994 8,327 5,251 14,178 19,429 (5,870) 11/05 40 years Tannersville, PA — 34,940 34,629 4,377 34,940 39,006 73,946 (19,883) 09/13 40 years Northstar, CA — 56,005 106,644 — 56,005 106,644 162,649 (30,543) 04/17 40 years Attractions Kiamesha Lake, NY — 34,897 228,462 (5,165) 34,897 223,297 258,194 (40,435) 07/10 30 years Tannersville, PA — — 120,354 1,615 — 121,969 121,969 (22,564) 05/15 40 years Denver, CO — 753 6,218 — 753 6,218 6,971 (1,226) 02/17 30 years Fort Worth, TX — 824 7,066 — 824 7,066 7,890 (1,354) 03/17 30 years Corfu, NY — 5,112 43,637 2,500 5,112 46,137 51,249 (12,063) 04/17 30 years Oklahoma City, OK — 7,976 17,624 — 7,976 17,624 25,600 (4,187) 04/17 30 years Hot Springs, AR — 3,351 4,967 — 3,351 4,967 8,318 (1,154) 04/17 30 years Riviera Beach, FL — 17,450 29,713 — 17,450 29,713 47,163 (7,020) 04/17 30 years Oklahoma City, OK — 1,423 18,097 — 1,423 18,097 19,520 (4,416) 04/17 30 years Springs, TX — 18,776 31,402 — 18,776 31,402 50,178 (7,620) 04/17 30 years Glendale, AZ — — 20,514 2,969 — 23,483 23,483 (5,997) 04/17 30 years Kapolei, HI — — 8,351 1,542 — 9,893 9,893 (2,314) 04/17 30 years Federal Way, WA — — 13,949 (12,149) — 1,800 1,800 (490) 04/17 12 years Colony, TX — — 7,617 305 — 7,922 7,922 (3,828) 04/17 30 years Garland, TX — — 5,601 1,188 — 6,789 6,789 (2,661) 04/17 30 years Santa Monica, CA — — 13,874 15,717 — 29,591 29,591 (7,543) 04/17 30 years Concord, CA — — 9,808 5,787 — 15,595 15,595 (3,814) 04/17 30 years Tampa, FL — — 8,665 2,493 2,493 8,665 11,158 (1,540) 08/17 30 years Fort Lauderdale, FL — — 10,816 — — 10,816 10,816 (1,863) 10/17 30 years Valcartier, QC — 5,906 81,534 — 5,906 81,534 87,440 (2,262) 06/22 31 years Ottawa, ON — 13,482 32,357 — 13,482 32,357 45,839 (1,153) 06/22 20 years Experiential Lodging Pigeon Forge, TN — 5,697 14,100 16,869 8,604 28,062 36,666 (1,363) 04/20 15 years Fitness & Wellness Olathe, KS — 2,417 16,878 — 2,417 16,878 19,295 (3,235) 03/17 30 years Roseville, CA — 1,807 6,082 — 1,807 6,082 7,889 (1,231) 09/17 30 years Fort Collins, CO — 2,043 5,769 — 2,043 5,769 7,812 (1,076) 01/18 30 years Pagosa Springs, CO — 9,791 15,635 2,339 9,791 17,974 27,765 (3,435) 06/18 30 years Chicago, IL — 4,501 13,461 — 4,501 13,461 17,962 (373) 02/22 40 years Gaming Kiamesha Lake, NY — 155,658 — 19,524 156,785 18,397 175,182 (1,842) 07/10 50 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Cultural St. Louis, MO — 5,481 41,951 — 5,481 41,951 47,432 (5,952) 12/18 40 years Branson, MO — 1,847 7,599 — 1,847 7,599 9,446 (796) 05/19 40 years Pigeon Forge, TN — 4,849 9,668 — 4,849 9,668 14,517 (1,023) 05/19 40 years Early Childhood Education Centers Lake Pleasant, AZ — 986 3,524 902 986 4,426 5,412 (1,339) 03/13 30 years Goodyear, AZ — 1,308 7,275 222 1,308 7,497 8,805 (2,383) 06/13 30 years Oklahoma City, OK — 1,149 9,839 979 1,149 10,818 11,967 (3,061) 08/13 40 years Coppell, TX — 1,547 10,168 635 1,547 10,803 12,350 (3,153) 09/13 30 years Las Vegas, NV — 944 9,191 373 944 9,564 10,508 (2,913) 09/13 30 years Las Vegas, NV — 985 6,721 (2,705) 828 4,173 5,001 — 09/13 30 years Mesa, AZ — 762 6,987 1,501 762 8,488 9,250 (2,925) 01/14 30 years Gilbert, AZ — 1,295 9,192 316 1,295 9,508 10,803 (2,731) 03/14 30 years Cedar Park, TX — 1,520 10,500 418 1,278 11,160 12,438 (3,003) 07/14 30 years Thornton, CO — 1,384 10,542 (6,116) 841 4,969 5,810 — 07/14 30 years Chicago, IL — 1,294 4,375 19 1,294 4,394 5,688 (905) 07/14 30 years Centennial, CO — 1,249 10,771 (5,700) 814 5,506 6,320 — 08/14 30 years McKinney, TX — 1,812 12,419 1,841 1,812 14,260 16,072 (3,886) 11/14 30 years Ashburn, VA — 2,289 14,748 (12,017) 876 4,144 5,020 — 06/15 30 years West Chester, OH — 1,807 12,913 455 1,807 13,368 15,175 (3,047) 07/15 30 years Ellisville, MO — 2,465 15,063 — 2,465 15,063 17,528 (3,159) 07/15 30 years Chanhassen, MN — 2,603 15,613 523 2,603 16,136 18,739 (3,479) 08/15 30 years Maple Grove, MN — 3,743 14,927 561 3,743 15,488 19,231 (4,058) 08/15 30 years Carmel, IN — 1,567 12,854 366 1,561 13,226 14,787 (3,071) 09/15 30 years Fishers, IN — 1,226 13,144 700 1,226 13,844 15,070 (2,792) 12/15 30 years Westerville, OH — 2,988 14,339 362 2,988 14,701 17,689 (3,402) 04/16 30 years Las Vegas, NV — 1,476 14,422 (1,287) 1,476 13,135 14,611 (2,874) 06/16 30 years Louisville, KY — 377 1,526 — 377 1,526 1,903 (326) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (215) 08/16 30 years Cheshire, CT — 420 3,650 — 420 3,650 4,070 (756) 11/16 30 years Edina, MN — 1,235 5,493 (323) 1,235 5,170 6,405 (986) 11/16 30 years Eagan, MN — 783 4,833 (286) 783 4,547 5,330 (989) 11/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (416) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (762) 12/16 30 years Schaumburg, IL — 642 4,962 — 642 4,962 5,604 (903) 12/16 30 years Kennesaw, GA — 690 844 — 690 844 1,534 (169) 01/17 30 years Charlotte, NC — 1,200 2,557 — 1,200 2,557 3,757 (393) 01/17 35 years Charlotte, NC — 2,501 2,079 — 2,501 2,079 4,580 (320) 01/17 35 years Richardson, TX — 474 2,046 — 474 2,046 2,520 (329) 01/17 35 years Frisco, TX — 999 3,064 — 999 3,064 4,063 (482) 01/17 35 years Allen, TX — 910 3,719 — 910 3,719 4,629 (598) 01/17 35 years Southlake, TX — 920 2,766 — 920 2,766 3,686 (444) 01/17 35 years Lewis Center, OH — 410 4,285 — 410 4,285 4,695 (639) 01/17 35 years Dublin, OH — 581 4,223 — 581 4,223 4,804 (627) 01/17 35 years Plano, TX — 400 2,647 — 400 2,647 3,047 (435) 01/17 35 years Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2022 Location Debt Land Buildings, Land Buildings, Total Accumulated Date Depreciation Carrollton, TX — 329 1,389 — 329 1,389 1,718 (235) 01/17 35 years Davenport, FL — 3,000 5,877 — 3,000 5,877 8,877 (906) 01/17 35 years Tallahassee, FL — 952 3,205 — 952 3,205 4,157 (525) 01/17 35 years Sunrise, FL — 1,400 1,856 — 1,400 1,856 3,256 (295) 01/17 35 years Chaska, MN — 328 6,140 — 328 6,140 6,468 (909) 01/17 35 years Loretto, MN — 286 3,511 — 286 3,511 3,797 (537) 01/17 35 years Minneapolis, MN — 920 3,700 — 920 3,700 4,620 (550) 01/17 35 years Wayzata, MN — 810 1,962 — 810 1,962 2,772 (305) 01/17 35 years Plymouth, MN — 1,563 4,905 — 1,563 4,905 6,468 (762) 01/17 35 years Maple Grove, MN — 951 3,291 — 951 3,291 4,242 (502) 01/17 35 years Chula Vista, CA — 210 2,186 — 210 2,186 2,396 (364) 01/17 35 years Lincolnshire, IL — 1,006 4,799 — 1,006 4,799 5,805 (918) 02/17 30 years New Berlin, WI — 368 1,704 — 368 1,704 2,072 (336) 02/17 30 years Oak Creek, WI — 283 1,690 — 283 1,690 1,973 (333) 02/17 30 years Minnetonka, MN — 911 4,833 659 931 5,472 6,403 (1,127) 03/17 30 years Berlin, CT — 494 2,958 — 494 2,958 3,452 (550) 06/17 30 years Portland, OR — 2,604 585 — 2,604 585 3,189 (98) 01/18 35 years Orlando, FL — 955 4,273 — 955 4,273 5,228 (637) 02/18 35 years McKinney, TX — 1,233 4,447 — 1,233 4,447 5,680 (576) 02/18 30 years Fort Mill, SC — 629 3,957 — 629 3,957 4,586 (521) 09/18 35 years Indian Land, SC — 907 3,784 — 907 3,784 4,691 (529) 09/18 35 years Sicklerville, NJ — 694 1,876 — 694 1,876 2,570 (316) 06/19 30 years Pennington, NJ — 1,018 2,284 — 1,018 2,284 3,302 (552) 08/19 24 years Private Schools Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (8,772) 02/14 40 years Cumming, GA — 500 6,892 — 500 6,892 7,392 (1,155) 01/17 35 years Cumming, GA — 325 4,898 — 325 4,898 5,223 (845) 01/17 35 years Henderson, NV — 1,400 6,914 — 1,400 6,914 8,314 (1,129) 01/17 35 years Atlanta, GA — 2,001 5,989 — 2,001 5,989 7,990 (886) 01/17 35 years Pearland, TX — 2,360 9,292 — 2,360 9,292 11,652 (1,456) 01/17 35 years Pearland, TX — 372 2,568 — 372 2,568 2,940 (396) 01/17 35 years Palm Harbor, FL — 1,490 1,400 — 1,490 1,400 2,890 (229) 01/17 35 years Mason, OH — 975 11,243 — 975 11,243 12,218 (1,660) 01/17 35 years Property under development — 76,029 — — 76,029 — 76,029 — n/a n/a Land held for development — 20,168 — — 20,168 — 20,168 — n/a n/a Senior unsecured notes payable 2,816,234 — — — — — — — n/a n/a Less: deferred financing costs, net (31,118) — — — — — — — Total $ 2,810,111 $ 1,346,062 $ 4,388,502 $ 378,409 $ 1,332,555 $ 4,780,418 $ 6,112,973 $ (1,302,640) Real Estate Investments: Reconciliation: Balance at beginning of the year $ 5,943,355 Acquisition and development of real estate investments during the year 223,514 Disposition of real estate investments during the year (11,018) Impairment of real estate investments during the year (42,878) Balance at close of year $ 6,112,973 Accumulated Depreciation: Reconciliation: Balance at beginning of the year $ 1,167,734 Depreciation during the year 153,242 Disposition of real estate investments during the year (839) Impairment of real estate investments during the year (17,497) Balance at close of year $ 1,302,640 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
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 The Company continues to be subject to risks and uncertainties resulting from the COVID-19 pandemic. During 2021 and 2020, the COVID-19 pandemic severely impacted experiential real estate properties because such properties involve congregate social activity and discretionary spending. During 2022, the Company's non-theatre properties demonstrated strong recovery from the impacts of the pandemic. However, the Company's theatre customers were more severely impacted by the COVID-19 pandemic and have seen a slower recovery than its non-theatre customers due primarily to changes in the timing of film releases, production delays and experimentation with streaming. Additionally, one of the Company's largest theatre customers declared bankruptcy during September of 2022. The COVID-19 pandemic has negatively affected the Company's business, and could continue to have material adverse effects on its financial condition, results of operations and cash flows. The Company considered the impact of, and recovery from, the COVID-19 pandemic on the assumptions and estimates used in determining the Company’s financial condition and results of operations for the years ended December 31, 2022, 2021 and 2020. The following summarizes the impacts to the Company's financial statements during the year ended December 31, 2022 arising out of or related to the COVID-19 pandemic : • The Company continued to recognize revenue on a cash basis for certain tenants, including American-Multi Cinema, Inc. (AMC) and Regal Cinemas (Regal), a subsidiary of Cineworld Group. On September 7, 2022, Cineworld Group filed for Chapter 11 bankruptcy protection. The Company did not receive Regal's rent or monthly deferral payment for September 2022 but Regal subsequently paid portions of this amount pursuant to an order of the bankruptcy court. Regal resumed payment of rent and deferral payments for all Regal Leases commencing in October 2022 and has continued making those payments to the Company through February 2023. The Company is currently in negotiations with Regal regarding the properties Regal will continue to operate and the terms and conditions of leases for those properties. Regal is entitled to certain rights under the U.S. Bankruptcy Code (the Code) regarding the assumption or rejection of the Regal Leases. There can be no assurance that these negotiations will be successful and which Regal Leases, if any, will be assumed under the Code. In December of 2022, Regal filed a motion to reject leases for three of the Company's properties, but subsequently elected not to proceed with these rejections as of February 22, 2023. At December 31, 2022 , Regal owed the Company approximately $87.3 million pursuant to a Promissory Note for rent deferred during the COVID-19 pandemic and approximately $6.5 million for September 2022 rent, of which $1.4 million represents pre-petition rent and $5.1 million represents post-petition rent under the Code. Becau se revenue derived from Regal is recognized on a cash-basis by the Company, none of the receivables from Regal are reflected as assets in the Company's financial statements. Substantially all of the Company's claims under the Promissory Note are unsecured and subject to the provisions of the Code, including those provisions regarding assumption and rejection of leases. Regal has substantial secured debt, which is senior to the Promissory Note, as well as other unsecured debt. As a result, there can be no assurance how much of the amount, if any, we will recover under the Promissory Note. • As of December 31, 2022, the Company has deferred amounts due from tenants of approximately $2.1 million that are booked as receivables. Additionally, as of December 31, 2022, the Company has amounts due from customers that were not booked as receivables because 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 customers and will be recognized as revenue when received. During the year ended December 31, 2022 , the Company collected $17.1 million in deferred rent and $0.6 million of deferred interest from cash basis customers and from customers for which the deferred payments were not previously recognized as revenue. In addition, during the year ended December 31, 2022 , the Company collected $23.8 million of deferred rent and $0.4 million of deferred interest from accrual basis customers that reduced related accounts and interest receivable. The repayment terms for all of these deferments vary by customer. 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 abso rb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of December 31, 2022 and 2021, 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 income (loss) and comprehensive income (loss). 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 $4.5 million, $3.4 million and $5.4 million for the years ended December 31, 2022, 2021 and 2020, 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): 2022 2021 Assets: In-place leases, net of accumulated amortization of $20.0 million and $17.2 million, respectively $ 17,769 $ 18,401 Above-market lease, net of accumulated amortization of $1.3 million and $1.2 million, respectively 257 303 Tradenames, net of accumulated amortization of $583 thousand and $450 thousand, respectively (1) 8,580 8,713 Contract value, net of accumulated amortization of $1.6 million and $1.3 million, respectively 9,323 9,689 Goodwill 693 693 Total intangible assets, net $ 36,622 $ 37,799 Liabilities: Below-market lease, net of accumulated amortization of $2.4 million and $2.0 million, respectively $ 7,741 $ 7,941 (1) At December 31, 2022 and 2021, $5.4 million in t radenames had indefinite lives and were not amortized. Aggregate intangible amortization included in expense was $3.3 million , $3.8 million and $5.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.4 million for both the years ended December 31, 2022 and 2021 and $0.5 million for the year ended December 31, 2020. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2022 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2023 $ 2,686 $ 133 $ 365 $ 46 $ (431) 2024 2,008 133 365 46 (413) 2025 1,900 133 365 46 (404) 2026 1,774 133 365 46 (319) 2027 1,642 133 365 46 (255) Thereafter 7,759 2,559 7,498 27 (5,919) Total $ 17,769 $ 3,224 $ 9,323 $ 257 $ (7,741) Weighted average amortization period (years) 11.1 25.3 25.5 5.5 29.0 (1) Excludes $5.4 million in tradenames with indefinite lives. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. Deferred financing costs o f $31.1 million a nd $36.9 million as of December 31, 2022 and 2021, respectively, are shown as a reduction of debt. The deferred financing c osts of $6.4 million an d $8.7 million as of December 31, 2022 and 2021, respectively, related to the unsecured revolving credit facility are included in "Other assets" in the accompanying consolidated balance sheets. 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 17 for financial information related to these reportable segments. Rental Revenue The Company leases real estate to its tenants under leases 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 both years ended December 31, 2022 and 2021, the Company recognized straight-line write-offs of $0.2 million. Straight-line rental revenue, net of write-offs, was $7.0 million and $5.7 million, respectively, f or the years ended December 31, 2022 and 2021. 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 for the year ended December 31, 2020. The Company has agreed to defer rent for a substantial portion of its customers in response to the impact of the COVID-19 pandemic on their operations. 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 years ended December 31, 2021 and 2020 (the periods affected 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 the abatement 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 lessee payments 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 years ended December 31, 2022, 2021 and 2020 , the Company recognized $2.6 million, $3.5 million and $2.2 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses which are included in rental revenue. 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, 2022, 2021 and 2020, the amounts due for non-lease components included in rental revenue tota led $17.2 million, $15.2 million and $12.9 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 $10.5 million, $14.0 million and $8.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Furthermore, due to the impact of the COVID-19 pandemic, certain of the Company's tenants paid a portion of base rent in 2022, 2021 and 2020 based on a percentage of gross revenue. This variable rent totaled $0.4 million , $16.2 million and $5.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. 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 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. 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 over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). In accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments, the Company records allowance for credit loss to reflect that all mortgage notes and notes receivable have some inherent risk of loss regardless of credit quality, collateral, or other mitigating factors. 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 note 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 sheets. 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 inc ome. During the year ended December 31, 2022, the Company wrote-off approximately $1.5 million of accrued interest and fees receivable against interest income related to one mortgage note receivable and two notes receivable. During the year ended December 31, 2020, the Company wrote-off approximately $0.3 million of accrued interest against interest income related to one note receivable. No such amounts were written-off for the year ended December 31, 2021. As of December 31, 2022, 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. As of December 31, 2022 , the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral dependent practical expedient. Mortgage and Other Financing Income Certain of the Company's borrowers are subject to additional interest based on certain thresholds defined in the mortgage agreements (participating interest). Participating interest income is recognized at the time when specific triggering events occur as provided by the mortgage agreement. There was no participating interest income for the years ended December 31, 2022, 2021 and 2020 . Income Taxes The Company has elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue 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 U.S. 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, 2022, the net deferred tax assets related to the Company's Canadian operations totaled $23.0 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. At December 31, 2022, 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, 2022 totaling $22.8 million. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the Internal Revenue 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 three such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for four 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 which of the real estate assets meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure and recognizes revenue on these structures accordingly for REIT testing purposes. At December 31, 2022, the net deferred tax assets related to the Company's TRSs totaled $9.8 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. At December 31, 2022, it is more likely than not that 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, 2022 totaling $9.8 million. As of December 31, 2022 and 2021, respectively, the Canadian operations and the Company's TRSs had deferred tax assets included in "Other assets" in the accompanying consolidated balance sheets totaling approximately $36.9 million and $35.9 million, respectively, and deferred tax liabilities included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets totaling approximately $4.1 million and $4.6 million, respectively. At December 31, 2022 and 2021, the Company had valuation allowances offsetting the net deferred tax assets included in the accompanying consolidated balance sheets totaling $32.6 million and $31.3 million, respectively. The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2022 2021 Fixed assets $ 22,788 $ 21,687 Net operating losses 10,093 10,828 Start-up costs 2,185 2,309 Othe |
Principles of Consolidation | ariable Interest EntitiesThe 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, 2022 and 2021, the Company does not have any investments in consolidated VIEs. |
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 |
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 income (loss) and comprehensive income (loss). 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 $4.5 million, $3.4 million and $5.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
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): 2022 2021 Assets: In-place leases, net of accumulated amortization of $20.0 million and $17.2 million, respectively $ 17,769 $ 18,401 Above-market lease, net of accumulated amortization of $1.3 million and $1.2 million, respectively 257 303 Tradenames, net of accumulated amortization of $583 thousand and $450 thousand, respectively (1) 8,580 8,713 Contract value, net of accumulated amortization of $1.6 million and $1.3 million, respectively 9,323 9,689 Goodwill 693 693 Total intangible assets, net $ 36,622 $ 37,799 Liabilities: Below-market lease, net of accumulated amortization of $2.4 million and $2.0 million, respectively $ 7,741 $ 7,941 (1) At December 31, 2022 and 2021, $5.4 million in t radenames had indefinite lives and were not amortized. Aggregate intangible amortization included in expense was $3.3 million , $3.8 million and $5.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.4 million for both the years ended December 31, 2022 and 2021 and $0.5 million for the year ended December 31, 2020. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2022 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2023 $ 2,686 $ 133 $ 365 $ 46 $ (431) 2024 2,008 133 365 46 (413) 2025 1,900 133 365 46 (404) 2026 1,774 133 365 46 (319) 2027 1,642 133 365 46 (255) Thereafter 7,759 2,559 7,498 27 (5,919) Total $ 17,769 $ 3,224 $ 9,323 $ 257 $ (7,741) Weighted average amortization period (years) 11.1 25.3 25.5 5.5 29.0 (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 $31.1 million a nd $36.9 million as of December 31, 2022 and 2021, respectively, are shown as a reduction of debt. The deferred financing c osts of $6.4 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 includes the following property types: early childhood education centers and private schools. See Note 17 for financial information related to these reportable segments. |
Revenue Recognition | Rental Revenue The Company leases real estate to its tenants under leases 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 both years ended December 31, 2022 and 2021, the Company recognized straight-line write-offs of $0.2 million. Straight-line rental revenue, net of write-offs, was $7.0 million and $5.7 million, respectively, f or the years ended December 31, 2022 and 2021. 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 for the year ended December 31, 2020. The Company has agreed to defer rent for a substantial portion of its customers in response to the impact of the COVID-19 pandemic on their operations. 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 years ended December 31, 2021 and 2020 (the periods affected 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 the abatement 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 lessee payments 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 years ended December 31, 2022, 2021 and 2020 , the Company recognized $2.6 million, $3.5 million and $2.2 million, respectively, in tenant reimbursements related to the gross-up of these reimbursed expenses which are included in rental revenue. 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, 2022, 2021 and 2020, the amounts due for non-lease components included in rental revenue tota led $17.2 million, $15.2 million and $12.9 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 $10.5 million, $14.0 million and $8.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Furthermore, due to the impact of the COVID-19 pandemic, certain of the Company's tenants paid a portion of base rent in 2022, 2021 and 2020 based on a percentage of gross revenue. This variable rent totaled $0.4 million , $16.2 million and $5.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. 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. |
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 over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). In accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments, the Company records allowance for credit loss to reflect that all mortgage notes and notes receivable have some inherent risk of loss regardless of credit quality, collateral, or other mitigating factors. 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 note 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 sheets. 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 inc ome. During the year ended December 31, 2022, the Company wrote-off approximately $1.5 million of accrued interest and fees receivable against interest income related to one mortgage note receivable and two notes receivable. During the year ended December 31, 2020, the Company wrote-off approximately $0.3 million of accrued interest against interest income related to one note receivable. No such amounts were written-off for the year ended December 31, 2021. As of December 31, 2022, 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. As of December 31, 2022 , the Company does not have any mortgage notes or notes receivable with past due principal balances. See Note 6 for further discussion of mortgage notes and notes receivable for which the Company elected to apply the collateral dependent practical expedient. Mortgage and Other Financing Income Certain of the Company's borrowers are subject to additional interest based on certain thresholds defined in the mortgage agreements (participating interest). Participating interest income is recognized at the time when specific triggering events occur as provided by the mortgage agreement. There was no participating interest income for the years ended December 31, 2022, 2021 and 2020 |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue 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 U.S. 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, 2022, the net deferred tax assets related to the Company's Canadian operations totaled $23.0 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. At December 31, 2022, 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, 2022 totaling $22.8 million. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the Internal Revenue 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 three such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for four 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 which of the real estate assets meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure and recognizes revenue on these structures accordingly for REIT testing purposes. At December 31, 2022, the net deferred tax assets related to the Company's TRSs totaled $9.8 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. At December 31, 2022, it is more likely than not that 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, 2022 totaling $9.8 million. As of December 31, 2022 and 2021, respectively, the Canadian operations and the Company's TRSs had deferred tax assets included in "Other assets" in the accompanying consolidated balance sheets totaling approximately $36.9 million and $35.9 million, respectively, and deferred tax liabilities included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets totaling approximately $4.1 million and $4.6 million, respectively. At December 31, 2022 and 2021, the Company had valuation allowances offsetting the net deferred tax assets included in the accompanying consolidated balance sheets totaling $32.6 million and $31.3 million, respectively. The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2022 2021 Fixed assets $ 22,788 $ 21,687 Net operating losses 10,093 10,828 Start-up costs 2,185 2,309 Other 1,826 1,093 Total deferred tax assets $ 36,892 $ 35,917 Capital improvements $ (2,718) $ (2,904) Straight-line receivable (962) (915) Other (419) (763) Total deferred tax liabilities $ (4,099) $ (4,582) Valuation allowance (32,624) (31,335) Net deferred tax asset $ 169 $ — Additionally, during the years ended December 31, 2022, 2021 and 2020, the Company recognized current income and withholding tax expense of $1.4 million, $1.6 million and $1.5 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, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Current TRS income tax $ (137) $ — $ 7 Current state income tax expense (226) (505) (503) Current foreign income tax (1) (4) 3 Current foreign withholding tax (1,041) (1,088) (1,018) Deferred TRS income tax (expense) benefit — — (4,448) Deferred foreign withholding tax — — — Deferred income tax (expense) benefit 169 — (10,797) Income tax benefit (expense) $ (1,236) $ (1,597) $ (16,756) The Company's effective tax rate for the years ended December 31, 2022, 2021 and 2020 was 0.8%, 2.1% and 13.5%, 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 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, 2022, 2021 and 2020. 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, 2020) 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 2019 through 2021 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2017 through 2021 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 2022, 2021 or 2020. The Company did not have any accrued interest and penalties at December 31, 2022, 2021 and 2020. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2022, 2021 and 2020 . |
Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk AMC, Topgolf USA (Topgolf), Regal and Cinemark represented a significant portion of the Company's total revenue for the years ended December 31, 2022, 2021 and 2020. The Co mpany 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 due to the impact of the COVID-19 pandemic. The Company had higher revenue from Regal during the years ended December 31, 2022 and 2021 due to the payment of rent and the repayment of deferred rent due, both of which were recognized as rental revenue when received. As described above, on September 7, 2022, Cineworld Group, the parent entity of Regal, filed for Chapter 11 bankru ptcy protection. As a result of the filing, Regal did not pay its rent or monthly deferral payment for September 2022 but subsequently paid portions of this amount pursuant to an order of the bankruptcy court. The Company has received payment of contractual rent and deferral payments from Regal for October through December 2022. The f ollowing is a summary of the Company's total revenue derived from rental or interest payments fro m AMC, Topgolf, Regal and Cinemark (dolla rs in thousands): Year ended December 31, 2022 2021 2020 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue AMC $ 94,476 14.4 % $ 94,405 17.8 % $ 29,964 7.2 % Topgolf 94,177 14.3 % 86,470 16.3 % 80,714 19.5 % Regal 90,678 13.8 % 44,576 8.4 % 13,056 3.1 % Cinemark 42,325 6.4 % 42,417 8.0 % 42,065 10.1 % |
Cash Equivalents and Restricted Cash | Cash Equivalents Cash equivalents include bank demand deposits and other short-term investments. 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 amortization of nonvested share grants and share options issued to employees, and amortization of share units issued to non-employee Trustees for payment of their annual retainers. Share based compensation is included in "General and administrative expense" in the accompanying consolidated statements of income (loss) and comprehensive income (loss). |
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 income (loss) and comprehensive income (loss) was $7.9 million, $8.8 million and $10.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Expense related to nonvested shares and included in "Severa nce expense" in the accompanying consolidated statements of income (loss) and comprehensive income (loss) was $1.0 million for the year ended December 31, 2020. Nonvested Performance Shares Issued to Employees The Company awards performance shares to the Company's executive officers pursuant to the Long-Term Incentive Plan. 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 income (loss) and comprehensive income (loss) was $6.6 million, $3.9 million and $1.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Expense related to nonvested performance shares and included in "Severance expense" in the accompanying consolidated statements of income (loss) and comprehensive income (loss) was $261 thousand for the year ended December 31, 2020. Share Options Prior to 2022, share options were granted to employees pursuant to the Long-Term Incentive Plan. The fair value of share options granted is estimated at the date of grant using the Black-Scholes option pricing model. Share options granted to employees vest over a period of four years and share option expense for these options is recognized on a straight-line basis over the vesting period. Expense recognized related to share options and included in "General and administrative expense" in the accompanying consolidated statements of income (loss) and comprehensive income |
Restricted Share Units Issued To Non-Employee Trustees | Restricted Share Units Issued to Non-Employee Trustees The Company issues restricted share units to non-employee Trustees for payment of their annual retainers under the Company's Trustee compensation program. The fair value of the share units granted was based on the share price at the date of grant. The share units vest upon the earlier of the day preceding the next annual meeting of shareholders or a change of control. The settlement date for the shares is selected by the non-employee Trustee, and ranges from one year from the grant date to upon termination of service. This expense is amortized by the Company on a straight-line basis over the year of service by the non-employee Trustees. Total expense recognized related to shares issued to non-employee Trustees and included in "General and administrative expense" in the accompanying consolidated statements of income (loss) and comprehensive income (loss) was $2.2 million for each of the years ended December 31, 2022, 2021 and 2020. |
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 (loss). |
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. 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. On March 5, 2021, the Financial Conduct Authority (FCA) announced that the USD LIBOR will no longer be published after June 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Deferral of the Sunset Date of Topic 848. The guidance in ASU 2022-06 deferred the sunset date to December 31, 2024. At December 31, 2022, the Company had four agreements (including debt, mortgage note and lease agreements) that are indexed to LIBOR. The Company has transitioned several existing contracts to a replacement index and continues to make progress |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Current TRS income tax $ (137) $ — $ 7 Current state income tax expense (226) (505) (503) Current foreign income tax (1) (4) 3 Current foreign withholding tax (1,041) (1,088) (1,018) Deferred TRS income tax (expense) benefit — — (4,448) Deferred foreign withholding tax — — — Deferred income tax (expense) benefit 169 — (10,797) Income tax benefit (expense) $ (1,236) $ (1,597) $ (16,756) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2022 2021 Fixed assets $ 22,788 $ 21,687 Net operating losses 10,093 10,828 Start-up costs 2,185 2,309 Other 1,826 1,093 Total deferred tax assets $ 36,892 $ 35,917 Capital improvements $ (2,718) $ (2,904) Straight-line receivable (962) (915) Other (419) (763) Total deferred tax liabilities $ (4,099) $ (4,582) Valuation allowance (32,624) (31,335) Net deferred tax asset $ 169 $ — |
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): 2022 2021 Assets: In-place leases, net of accumulated amortization of $20.0 million and $17.2 million, respectively $ 17,769 $ 18,401 Above-market lease, net of accumulated amortization of $1.3 million and $1.2 million, respectively 257 303 Tradenames, net of accumulated amortization of $583 thousand and $450 thousand, respectively (1) 8,580 8,713 Contract value, net of accumulated amortization of $1.6 million and $1.3 million, respectively 9,323 9,689 Goodwill 693 693 Total intangible assets, net $ 36,622 $ 37,799 Liabilities: Below-market lease, net of accumulated amortization of $2.4 million and $2.0 million, respectively $ 7,741 $ 7,941 |
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, 2022 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2023 $ 2,686 $ 133 $ 365 $ 46 $ (431) 2024 2,008 133 365 46 (413) 2025 1,900 133 365 46 (404) 2026 1,774 133 365 46 (319) 2027 1,642 133 365 46 (255) Thereafter 7,759 2,559 7,498 27 (5,919) Total $ 17,769 $ 3,224 $ 9,323 $ 257 $ (7,741) Weighted average amortization period (years) 11.1 25.3 25.5 5.5 29.0 (1) Excludes $5.4 million in tradenames with indefinite lives. |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 (in thousands): 2022 2021 Buildings and improvements $ 4,637,801 $ 4,523,052 Furniture, fixtures & equipment 115,677 108,907 Land 1,236,358 1,222,149 Leasehold interests 26,940 26,717 6,016,776 5,880,825 Accumulated depreciation (1,302,640) (1,167,734) Total $ 4,714,136 $ 4,713,091 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 (in thousands): 2022 2021 Receivable from tenants $ 7,595 $ 37,417 Receivable from non-tenants 1,006 2,237 Straight-line rent receivable 44,986 38,419 Total $ 53,587 $ 78,073 As of December 31, 2022 and 2021 , receivables from tenants included payments of approximately $2.1 million and $27.3 million, respectively, that 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 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. During the year ended December 31, 2022 and 2021, the Company collected $17.7 million and $7.0 million, respectively, in deferred rent and interest from cash basis tenants and from tenants for which the deferred payments were not previously recognized as revenue. In addition, during the year ended December 31, 2022 and 2021, the Company collected $24.2 million and $63.8 million, respectively, of deferred rent and interest from accrual basis tenants and borrowers that reduced related accounts and interest receivable. The repayment terms for these deferments vary by tenant. |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2022 and 2021 consists of the following (in thousands): 2022 2021 Senior unsecured notes payable, 4.35%, due August 22, 2024 (1) 136,637 136,637 Senior unsecured notes payable, 4.50%, due April 1, 2025 (2) 300,000 300,000 Unsecured revolving variable rate credit facility, LIBOR + 1.20%, due October 6, 2025 (3) — — Senior unsecured notes payable, 4.56%, due August 22, 2026 (1) 179,597 179,597 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 Senior unsecured notes payable, 3.60%, due November 15, 2031 (2) (4) 400,000 400,000 Bonds payable, variable rate, fixed at 2.53% through September 30, 2026, due August 1, 2047 (5) 24,995 24,995 Less: deferred financing costs, net (31,118) (36,864) Total $ 2,810,111 $ 2,804,365 (1) The amended Note Purchase Agreement, which governs the private placement notes, contains certain financial and other covenants that generally conform to the Company's unsecured revolving credit facility. During the year ended December 31, 2020, the Company amended the Note Purchase Agreement. The amendments modified certain provisions and waived the Company's obligations 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 amendments provided for certain additional provisions and restrictions and an immediate 0.65% waiver premium to be paid on the private placement notes during the Covenant Relief Period. In addition, as a result of downgrades of the Company's unsecured debt rating to BB+ by both Fitch and S&P Global Ratings, the spreads on the private placement notes increased by an additional 0.60%. As a result, the interest rates for the private placement notes during the Covenant Relief Period were 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. On July 12, 2021, the Company provided notice of its election to terminate the Covenant Relief Period early and was released from the additional provisions and restrictions. Also, as a result of this election, the interest rates for the private placement notes returned to 4.35% and 4.56% for the Series A notes and the Series B notes, respectively. Additionally, during the year ended December 31, 2021, the Company paid down principal of approximately $23.8 million million on its private placement notes resulting from the sale of assets in accordance with the amendments. On January 14, 2022, the Company amended the Note Purchase Agreement to, among other things: (i) amend certain financial and other covenants and provisions in the existing Note Purchase Agreement to conform generally to the changes beneficial to the Company in the corresponding covenants and provisions contained in the Company's Third Amended, Restated and Consolidated Credit Agreement, dated October 6, 2021, and (ii) amend certain financial and other covenants and provisions in the existing Note Purchase Agreement to reflect the prior termination of the Covenant Relief Period and removal of related provisions. (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) At December 31, 2022, the Company had no balance outstanding under its $1.0 billion unsecured revolving credit facility. The facility bears interest at a floating rate of LIBOR plus 1.20% (with a LIBOR floor of zero), which was 5.584% at December 31, 2022, and a facility fee of 0.25%. Interest is payable monthly. The facility contains financial covenants or restrictions that limit the Company's level of consolidated debt, secured debt, investment levels outside certain categories and dividend distribution and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. During the year ended December 31, 2020, the Company amended the Second Consolidated Credit Agreement, which governed its unsecured revolving credit facility and its unsecured term loan facility, to modify certain provisions and waive its obligations to comply with certain covenants under these agreements. During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements was waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company paid higher interest costs until the termination of the Covenant Relief Period and the interest rates on the revolving credit and term loan facilities both during and after the Covenant Relief Period were dependent on the Company's unsecured debt ratings. The amendments to the Second Consolidated Credit Agreement also imposed 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. The Company had the right under certain circumstances to terminate the Covenant Relief Period earlier, which it exercised on July 12, 2021 as discussed below. On July 12, 2021, the Company provided notice of its election to terminate the Covenant Relief Period early and was released from the additional restrictions described above. Also, as a result of this election, effective July 13, 2021, the interest rates for the revolving credit and term loan facilities, based on the Company's unsecured debt ratings, returned to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively (both with a LIBOR floor of zero), and the facility fee on the revolving credit facility was reduced to 0.25%. During the year ended December 31, 2021, the Company received an investment grade rating from S&P Global Ratings on its unsecured debt, adding to its current investment grade rating from Moody's Investors Services. The Company previously caused certain of its key subsidiaries to guarantee its obligations under its existing bank credit facility, private placement notes and senior unsecured bonds due to a decrease in the Company's credit ratings resulting from the impact of the COVID-19 pandemic. As a result of the Company obtaining an investment grade rating on its long-term unsecured debt from both S&P and Moody's, the Company's subsidiary guarantors were released from their guarantees under these debt agreements in accordance with the terms of such agreements. Additionally, during October of 2021, Moody's revised its outlook on the Company's investment grade rating on its unsecured debt from negative to stable. On October 6, 2021, the Company entered into a Third Amended, Restated and Consolidated Credit Agreement, governing a new amended and restated senior unsecured revolving credit facility. The new facility, which will mature on October 6, 2025, replaced the Company’s then existing $1.0 billion senior unsecured revolving credit facility and $400.0 million senior unsecured term loan facility under the Second Consolidated Credit Agreement. The new facility provides for an initial maximum principal amount of borrowing availability of $1.0 billion with an “accordion” feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.0 billion, subject to lender consent. The new facility has the same pricing terms based on credit ratings and financial covenants as the prior facility (with improved valuation of certain asset types), as well as customary covenants and events of default. The Company has two options to extend the maturity date of the new credit facility by an additional six months each (for a total of 12 months), subject to paying additional fees and the absence of any default. In connection with the amendment, the Company paid $7.5 million in fees to existing lenders that were capitalized in deferred financing costs and amortized as part of the effective yield. These fees related to the unsecured revolving credit facility and are included in "Other assets" in the accompanying balance sheet as of December 31, 2022 and 2021. (4) On October 27, 2021, the Company issued $400.0 million in aggregate principal amount of senior notes due November 15, 2031 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 3.60%. Interest is payable on May 15 and November 15 of each year beginning on May 15, 2022 until the stated maturity date. The notes were issued at 99.174% of their face value and are unsecured. Net proceeds from the note offering were used for the redemption of the Company's senior notes due in 2023 discussed above. |
Schedule of Maturities of Long-term Debt | Principal payments due on long-term debt obligations subsequent to December 31, 2022 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2023 $ — 2024 136,637 2025 300,000 2026 629,597 2027 450,000 Thereafter 1,324,995 Less: deferred financing costs, net (31,118) Total $ 2,810,111 |
Interest Expense, Net | The following is a summary of interest expense, net, for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Interest on loans $ 123,070 $ 138,805 $ 152,058 Amortization of deferred financing costs 8,360 7,666 6,606 Credit facility and letter of credit fees 2,682 3,344 3,064 Interest cost capitalized (1,286) (1,567) (1,233) Interest income (1,651) (153) (2,820) Interest expense, net $ 131,175 $ 148,095 $ 157,675 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020: Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income (Loss) for the Years Ended December 31, 2022, 2021 and 2020 (Dollars in thousands) Year Ended December 31, Description 2022 2021 2020 Cash Flow Hedges Interest Rate Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative $ 1,539 $ (2,944) $ (11,612) Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 96 (9,156) (6,159) Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 1,898 (99) 5 Amount of Income (Expense) Reclassified from AOCI into Earnings (2) 276 (262) 441 Net Investment Hedges Cross Currency Swaps Amount of Gain (Loss) Recognized in AOCI on Derivative 665 (518) (4,664) Amount of Income Recognized in Earnings (2) (3) 170 367 599 Currency Forward Agreements Amount of Gain Recognized in AOCI on Derivative 8,686 — — Total Amount of Gain (Loss) Recognized in AOCI on Derivative $ 12,788 $ (3,561) $ (16,271) Amount of Income (Expense) Reclassified from AOCI into Earnings 372 (9,418) (5,718) Amount of Income Recognized in Earnings 170 367 599 Interest expense, net in accompanying consolidated statements of income (loss) and comprehensive income (loss) $ 131,175 $ 148,095 $ 157,675 Other income in accompanying consolidated statements of income (loss) and comprehensive income (loss) $ 47,382 $ 18,816 $ 9,139 (1) Included in “Interest expense, net” in accompanying consolidated statements of income (loss) and comprehensive income (loss) except for a cash settlement of approximately $3.2 million for the year ended December 31, 2021 which is included in “Costs associated with loan refinancing or payoff” in accompanying consolidated statements of income (loss) and comprehensive income (loss) related to the termination of the interest rate swap agreements. (2) Included in "Other income" in the accompanying consolidated statements of income (loss) and comprehensive income (loss). |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s financial liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, 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, 2022 and 2021 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2022: Cross Currency Swaps (1) $ — $ 1,523 $ — $ 1,523 Currency Forward Agreements (1) $ — $ 8,686 $ — $ 8,686 Interest Rate Swap Agreements (1) $ — $ 1,240 $ — $ 1,240 2021: Cross Currency Swaps (2) $ — $ (4,626) $ — $ (4,626) Interest Rate Swap Agreements (2) $ — $ (262) $ — $ (262) |
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 as of December 31, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2022 and 2021 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2022: Real estate investments, net $ — $ 4,700 $ 33,670 $ 38,370 Operating lease right-of-use asset — — 7,006 7,006 Mortgage notes and related accrued interest receivable — — 7,780 7,780 Investment in joint ventures — — — — Other assets (1) — — 1,316 1,316 2021: Real estate investments, net $ — $ 6,956 $ — $ 6,956 Other assets (1) — — — — (1) Includes collateral dependent notes receivable, which are presented within "Other assets" in the accompanying consolidated balance sheets. As further discussed in Note 4, during the year ended December 31, 2022, the Company recorded impairment charges of $27.3 million, of which $25.3 million related to real estate investments, net, and $2.0 million related to an operating lease right-of-use asset. 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 one of its properties with a purchase offer was classified as Level 2 of the fair value hierarchy and was measured at fair value. Six properties, one of which included an operating lease right-of-use asset, 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 $6 per square foot to $22 per square foot, discount rates which ranged from 7.75% to 9.75% and terminal capitalization rates ranging from 7.00% to 8.75% for the properties not under ground lease. Significant inputs and assumptions used in the right-of-use asset appraisal included a market rate of $25 per square foot and a discount rate of 8.50%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. As further discussed in Note 6, during the year ended December 31, 2022, the Company recorded an allowance for credit losses of $6.8 million related to one mortgage note and $1.2 million related to one note receivable, as a result of recent changes in the borrower's financial status. Management valued the mortgage note and note receivable based on the fair value of the underlying collateral determined using independent appraisals which used discounted cash flow models. The significant inputs and assumptions used in the real estate appraisals included market rents of approximately $20 per square foot and a discount rate of 6.75%. These measurements were classified within Level 3 of the fair value hierarchy as many of the assumptions were not observable. Additionally, during the year ended December 31, 2022, the Company recorded an allowance for credit losses totaling $1.9 million related to one note receivable to fully reserve the outstanding principal balance of $1.9 million, as a result of recent changes in the borrower's financial status. Management valued the note receivable based on the fair value of the underlying collateral which was determined taking into account various factors including implied asset value changes based on current market conditions and review of the financial statements of the borrower, and was classified within Level 3 of the fair value hierarchy. Additionally, as further discussed in Note 7, during the year ended December 31, 2022, the Company recorded impairment charges of $0.6 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 were not observable. As discussed further in Note 4, during the year ended December 31, 2021, the Company recorded impairment charge s of $2.7 million rel ated to real estate investments, net, on two of its properties. Management estimated the fair values of these investments taking into account various factors including purchase offers, shortened hold periods and market conditions. The Company determined, based on the inputs, that the valuation of these properties with purchase offers were classified within Level 2 of the fair value hierarchy and were measured at fair value. As discussed further in Note 6, during the year ended December 31, 2020, the Company entered into an amended and restated loan and security agreements with one of its notes receivable borrowers in response to the impacts of the COVID-19 pandemic and the Company recorded expected credit loss to fully reserve the outstanding principal balance. 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 at December 31, 2022 and 2021. |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 are as follows: Cash Distributions Per Share 2022 2021 Taxable ordinary income (1) $ 2.5906 $ 1.2500 Return of capital 0.6344 — Long-term capital gain — — Totals $ 3.2250 $ 1.2500 |
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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 1.4375 $ 1.4375 Return of capital — — Long-term capital gain — — Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. Non-cash Distributions per Share 2022 2021 Taxable ordinary income (2) $ 0.1735 $ 0.0522 Return of capital — — Long-term capital gain — — Totals $ 0.1735 $ 0.0522 (2) Amounts qualify in their entirety as 199A distributions for the year ended December 31, 2021. For the year ended December 31, 2022, no amounts qualify as 199A distributions. 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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 2.2500 $ 2.2500 Return of capital — — Long-term capital gain — — Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. The Company's Board declared cash dividends totaling $1.4375 per Series G preferred share for each of the years ended December 31, 2022 and 2021. 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, 2022 and 2021 are as follows: Cash Distributions per Share 2022 2021 Taxable ordinary income (1) $ 1.4375 $ 1.4375 Return of capital — — Long-term capital gain — — Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 (amounts in thousands except per share information): Year Ended December 31, 2022 Income Shares Per Share Basic EPS: Net income $ 176,229 Less: preferred dividend requirements (24,141) Net income available to common shareholders $ 152,088 74,967 $ 2.03 Diluted EPS: Net income available to common shareholders $ 152,088 74,967 Effect of dilutive securities: Share options and performance shares — 76 Net income available to common shareholders $ 152,088 75,043 $ 2.03 Year Ended December 31, 2021 Income Shares Per Share Basic EPS: Net income $ 98,606 Less: preferred dividend requirements (24,134) Net income available to common shareholders $ 74,472 74,755 $ 1.00 Diluted EPS: Net income available to common shareholders $ 74,472 74,755 Effect of dilutive securities: Share options and performance shares — 1 Net income available to common shareholders $ 74,472 74,756 $ 1.00 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) |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 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 Exercised (5,051) 45.20 — 47.77 47.27 Granted 1,838 44.44 — 44.44 44.44 Forfeited/Expired (4,806) 45.20 — 61.79 51.42 Outstanding at December 31, 2021 108,671 $ 44.44 — $ 76.63 $ 56.79 Exercised (12,559) 44.62 — 47.15 46.43 Outstanding at December 31, 2022 96,112 $ 44.44 — $ 76.63 $ 58.15 |
Summary Of Outstanding Options | The following table summarizes outstanding and exercisable options at December 31, 2022: Options outstanding Options exercisable Exercise price range Options Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) Options exercisable Weighted avg. life remaining Weighted avg. exercise price Aggregate intrinsic value (in thousands) 44.44 - 49.99 8,750 5.6 7,372 1.6 50.00 - 59.99 31,008 1.5 31,008 1.5 60.00 - 69.99 52,198 3.5 50,754 2.8 70.00 - 76.63 4,156 5.0 3,671 4.9 96,112 3.1 $ 58.15 $ — 92,805 2.3 $ 58.10 $ — |
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, 2021 478,554 $ 56.57 Granted 243,286 46.65 Vested (215,752) 59.94 Forfeited (2,176) 46.98 Outstanding at December 31, 2022 503,912 $ 50.38 0.86 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2022, unamortized share-based compensation expense related to nonvested sha res was $9.5 million and w ill be recognized in future periods as follows (in thousands): Amount Year: 2023 $ 5,250 2024 3,030 2025 1,217 Total $ 9,497 |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company's nonvested performance share activity and related information is as follows: Number of Outstanding at December 31, 2021 158,776 Granted 98,610 Vested — Forfeited — Outstanding at December 31, 2022 257,386 |
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 Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2021 43,306 $ 49.15 Granted 41,399 50.49 Vested (46,100) 49.00 Outstanding at December 31, 2022 38,605 $ 50.77 0.42 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The Company’s real estate investments are leased under operating leases with remaining terms rangi ng from one year to 27 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, 2022 and 2021 (in thousands): December 31, 2022 December 31, 2021 Operating leases Sub-lessor operating ground leases Operating leases Sub-lessor operating ground leases Amount (1) (2) Amount (1) (2) Total Amount (1) (2) Amount (1) (2) Total Year: Year: 2023 $ 534,742 $ 24,795 $ 559,537 2022 $ 487,344 $ 23,232 $ 510,576 2024 519,773 25,981 545,754 2023 487,624 22,915 510,539 2025 513,408 26,118 539,526 2024 485,383 22,415 507,798 2026 510,542 24,253 534,795 2025 480,161 22,552 502,713 2027 480,005 23,493 503,498 2026 477,702 20,687 498,389 Thereafter 3,485,821 220,365 3,706,186 Thereafter 3,687,535 185,964 3,873,499 Total $ 6,044,291 $ 345,005 $ 6,389,296 Total $ 6,105,749 $ 297,765 $ 6,403,514 (1) Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2022, receivables from tenants included fixed rent payments of approximately $2.1 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $1.6 million in 2023 and $0.5 million in 2024. |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2022 and 2021, 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, 2022 December 31, 2021 Ground Leases (1) Office lease (2) Ground Leases (1) Office lease (2) Year: Year: 2023 $ 26,317 $ 958 2022 $ 24,753 $ 967 2024 27,504 958 2023 24,440 967 2025 27,622 958 2024 23,939 967 2026 25,796 717 2025 24,058 967 2027 24,235 — 2026 22,232 724 Thereafter 235,792 — Thereafter 202,135 — Total lease payments $ 367,266 $ 3,591 $ 321,557 $ 4,592 Less: imputed interest 129,066 384 106,878 476 Present value of lease liabilities $ 238,200 $ 3,207 $ 214,679 $ 4,116 (1) Included in property operating expense. (2) Included in general and administrative expense. |
Lessee, Operating Leases [Text Block] | In addition to its lessor arrangements on its real estate investments, as of December 31, 2022 and 2021, the Company was lessee in 52 and 51 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, 2022, 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, however, two of these properties do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or if the property does not have sub-tenants, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2022, the ground lease arrangements have remaining terms ranging from two years to 44 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, 2022, 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, 2022 and 2021, 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, 2022 December 31, 2021 Ground Leases (1) Office lease (2) Ground Leases (1) Office lease (2) Year: Year: 2023 $ 26,317 $ 958 2022 $ 24,753 $ 967 2024 27,504 958 2023 24,440 967 2025 27,622 958 2024 23,939 967 2026 25,796 717 2025 24,058 967 2027 24,235 — 2026 22,232 724 Thereafter 235,792 — Thereafter 202,135 — Total lease payments $ 367,266 $ 3,591 $ 321,557 $ 4,592 Less: imputed interest 129,066 384 106,878 476 Present value of lease liabilities $ 238,200 $ 3,207 $ 214,679 $ 4,116 (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, 2022 and 2021 (in thousands): As of December 31, Classification 2022 2021 Assets: Operating ground lease assets Operating lease right-of-use assets $ 198,009 $ 176,984 Office lease asset Operating lease right-of-use assets 2,976 3,824 Total operating lease right-of-use assets $ 200,985 $ 180,808 Sub-lessor straight-line rent receivable Accounts receivable 14,586 12,894 Total leased assets $ 215,571 $ 193,702 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 238,200 $ 214,679 Office lease liability Operating lease liabilities 3,207 4,116 Total lease liabilities $ 241,407 $ 218,795 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, 2022, 2021 and 2020 (in thousands): Year ended December 31, Classification 2022 2021 2020 Rental revenue Operating leases (1) Rental revenue $ 551,383 $ 457,063 $ 361,393 Sublease income - operating ground leases (2) Rental revenue 24,218 21,819 10,783 Lease costs Operating ground lease cost Property operating expense $ 25,167 $ 22,863 $ 24,386 Operating office lease cost General and administrative expense 904 905 905 Operating lease right-of-use asset impairment charges (3) Impairment charges 1,968 — 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis. (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. 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 for arrangements where the Company is the lessee as of December 31, 2022 and 2021: As of December 31, 2022 2021 Weighted-average remaining lease term in years Operating ground leases 15.1 15.0 Operating office lease 3.8 4.8 Weighted-average discount rate Operating ground leases 5.31 % 4.97 % Operating office lease 6.04 % 4.62 % |
Lease, Cost [Table Text Block] | The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2022 and 2021 (in thousands): As of December 31, Classification 2022 2021 Assets: Operating ground lease assets Operating lease right-of-use assets $ 198,009 $ 176,984 Office lease asset Operating lease right-of-use assets 2,976 3,824 Total operating lease right-of-use assets $ 200,985 $ 180,808 Sub-lessor straight-line rent receivable Accounts receivable 14,586 12,894 Total leased assets $ 215,571 $ 193,702 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 238,200 $ 214,679 Office lease liability Operating lease liabilities 3,207 4,116 Total lease liabilities $ 241,407 $ 218,795 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, 2022, 2021 and 2020 (in thousands): Year ended December 31, Classification 2022 2021 2020 Rental revenue Operating leases (1) Rental revenue $ 551,383 $ 457,063 $ 361,393 Sublease income - operating ground leases (2) Rental revenue 24,218 21,819 10,783 Lease costs Operating ground lease cost Property operating expense $ 25,167 $ 22,863 $ 24,386 Operating office lease cost General and administrative expense 904 905 905 Operating lease right-of-use asset impairment charges (3) Impairment charges 1,968 — 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) 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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis. (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,164,710 $ 473,580 $ 120,411 $ 5,758,701 As of December 31, 2021 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 4,995,241 $ 505,086 $ 300,823 $ 5,801,150 Operating Data: For the Year Ended December 31, 2022 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 535,382 $ 40,219 $ — $ 575,601 Other income 37,558 7,000 2,824 47,382 Mortgage and other financing income 34,139 909 — 35,048 Total revenue 607,079 48,128 2,824 658,031 Property operating expense 55,499 (8) 494 55,985 Other expense 33,984 — (175) 33,809 Total investment expenses 89,483 (8) 319 89,794 Net operating income - before unallocated items 517,596 48,136 2,505 568,237 Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): General and administrative expense (51,579) Transaction costs (4,533) Credit loss expense (10,816) Impairment charges (27,349) Depreciation and amortization (163,652) Gain on sale of real estate 651 Interest expense, net (131,175) Equity in loss from joint ventures (1,672) Impairment charges on joint ventures (647) Income tax expense (1,236) Net income 176,229 Preferred dividend requirements (24,141) Net income available to common shareholders of EPR Properties $ 152,088 For the Year Ended December 31, 2021 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 441,423 $ 37,459 $ — $ 478,882 Other income 18,416 — 400 18,816 Mortgage and other financing income 32,980 1,002 — 33,982 Total revenue 492,819 38,461 400 531,680 Property operating expense 56,027 (109) 821 56,739 Other expense 21,864 — (123) 21,741 Total investment expenses 77,891 (109) 698 78,480 Net operating income - before unallocated items 414,928 38,570 (298) 453,200 Reconciliation to Consolidated Statements of Income (Loss) and Comprehensive Income (Loss): General and administrative expense (44,362) Transaction costs (3,402) Credit loss benefit 21,972 Impairment charges (2,711) Depreciation and amortization (163,770) Gain on sale of real estate 17,881 Costs associated with loan refinancing or payoff (25,451) Interest expense, net (148,095) Equity in loss from joint ventures (5,059) Income tax expense (1,597) Net income 98,606 Preferred dividend requirements (24,134) Net income available to common shareholders of EPR Properties $ 74,472 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 Income (Loss) and Comprehensive Income (Loss): General and administrative expense (42,596) Severance expense (2,868) Transaction costs (5,436) Credit loss expense (30,695) Impairment charges (85,657) Depreciation and amortization (170,333) Gain on sale of real estate 50,119 Costs associated with loan refinancing or payoff (1,632) Interest expense, net (157,675) Equity in loss from joint ventures (4,552) Impairment charges on joint ventures (3,247) 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) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) properties segment mortgagenotes amendment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Deferred financing costs, net | $ 31,118,000 | $ 36,864,000 | |
Accounting for Acquisitions [Abstract] | |||
Transaction costs | 4,533,000 | 3,402,000 | $ 5,436,000 |
Goodwill | 693,000 | 693,000 | |
Intangible Assets, Net (Including Goodwill) | 36,622,000 | 37,799,000 | |
Below Market Lease, Accumulated Amortization | 2,400,000 | 2,000,000 | |
Amortization of above/below market leases and tenant allowances, net | 355,000 | 385,000 | 480,000 |
Below Market Lease, Net | 7,741,000 | 7,941,000 | |
Revenue Recognition [Abstract] | |||
Straight Line Rent | 7,000,000 | 5,700,000 | |
Participating interest income | $ 0 | 0 | 0 |
Income Tax Disclosure [Abstract] | |||
Percent of taxable income distributed to shareholders annually | 90% | ||
Current Federal Tax Expense (Benefit) | $ 0 | ||
Deferred TRS Income Tax Expense (Benefit) | $ 0 | $ 0 | $ 4,448,000 |
Effective Income Tax Rate Reconciliation, Percent | 0.80% | 2.10% | 13.50% |
Other | $ 169,000 | $ 0 | |
Deferred Tax Assets, Gross | 36,892,000 | 35,917,000 | |
Deferred Tax Liabilities, Gross | 4,099,000 | 4,582,000 | |
Deferred Tax Liabilities | 9,800,000 | ||
Current Income and Withholding Tax Expense | (1,400,000) | 1,600,000 | $ 1,500,000 |
Provision for income tax expense | 0 | ||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Severance expense | 0 | 0 | 2,868,000 |
Straight line rent write off | 200,000 | 200,000 | 38,000,000 |
Recovery of Direct Costs | $ 17,200,000 | 15,200,000 | 12,900,000 |
Number of Reportable Segments | segment | 2 | ||
Rental Revenue Reduction from Straight Line Rent | 24,500,000 | ||
Variable Percentage Rent | $ 400,000 | 16,200,000 | 5,200,000 |
Financing Receivable, Accrued Interest, Writeoff | 1,500,000 | 300,000 | |
Deferred Tax Assets, Valuation Allowance | $ 32,624,000 | 31,335,000 | |
Number of Theatres in Entertainment DIstricts | segment | 7 | ||
Collections, Deferred Rent, Cash Basis Tenants | $ 17,100,000 | 7,000,000 | |
Collections, Deferred Rent, Accrual Basis Tenants | 23,800,000 | 63,800,000 | |
Deferred Rent Receivables, Net | $ 2,100,000 | 27,300,000 | |
Principles of Consolidation | ariable Interest EntitiesThe 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, 2022 and 2021, the Company does not have any investments in consolidated VIEs. | ||
Operating Lease, Percentage Revenue | $ 10,500,000 | 14,000,000 | 8,600,000 |
Operating Lease, Lease Income | $ 575,601,000 | 478,882,000 | 372,176,000 |
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | ||
Collections, Deferred Interest, Cash Basis Borrowers | $ 600,000 | ||
Collections, Deferred Interest, Accrual Basis Borrowers | $ 400,000 | ||
Number of Properties subject to potential lease rejection | properties | 3 | ||
number of TRS entities | properties | 3 | ||
number of experiential lodging properties in TRS | properties | 4 | ||
Regal [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Deferred Rent Receivables, Net | $ 87,300,000 | ||
Accounts Receivable, Noncurrent, Nonaccrual | $ 6,500,000 | ||
Short-term Debt | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Number of agreements | amendment | 4 | ||
Notes Receivable | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Financing Receivable, Accrued Interest, Writeoff | $ 0 | ||
Number Of Notes Receivable | 2 | 1 | |
Notes Receivable | Eat & Play Properties [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Number Of Notes Receivable | 1 | ||
Pre-Petition | Regal [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Accounts Receivable, Noncurrent, Nonaccrual | $ 1,400,000 | ||
Post-Petition | Regal [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Accounts Receivable, Noncurrent, Nonaccrual | $ 5,100,000 | ||
Ground Lease Straight Line Receivable | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Straight line rent write off | 11,500,000 | $ 11,500,000 | |
straight-line receivable | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Straight line rent write off | $ 26,500,000 | $ 26,500,000 | |
Mortgage Note, 8.125%, due June 17, 2039 [Member] | Mortgage Receivable [Member] | Eat & Play Properties [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Number Of Mortgage Notes Receivable | 1 | ||
American Multi-Cinema, Inc. [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Percentage of lease revenue in total revenue | 14.40% | 17.80% | 7.20% |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Operating Lease, Lease Income | $ 94,476,000 | $ 94,405,000 | $ 29,964,000 |
TopGolf [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Percentage of lease revenue in total revenue | 14.30% | 16.30% | 19.50% |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Operating Lease, Lease Income | $ 94,177,000 | $ 86,470,000 | $ 80,714,000 |
Regal [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Percentage of lease revenue in total revenue | 13.80% | 8.40% | 3.10% |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Operating Lease, Lease Income | $ 90,678,000 | $ 44,576,000 | $ 13,056,000 |
Cinemark | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Percentage of lease revenue in total revenue | 6.40% | 8% | 10.10% |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Operating Lease, Lease Income | $ 42,325,000 | $ 42,417,000 | $ 42,065,000 |
Leases, Acquired-in-Place [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Weighted average useful life for in-place leases | 11 years 1 month 6 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2022 | $ 2,686,000 | ||
2023 | 2,008,000 | ||
2024 | 1,900,000 | ||
2025 | 1,774,000 | ||
2026 | 1,642,000 | ||
Thereafter | 7,759,000 | ||
Total | 17,769,000 | 18,401,000 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intangible assets, accumulated amortization | 20,000,000 | 17,200,000 | |
Lease Agreements [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Amortization | $ 3,300,000 | 3,800,000 | 5,600,000 |
Above Market Leases [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Weighted average useful life for in-place leases | 5 years 6 months | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2022 | $ 46,000 | ||
2023 | 46,000 | ||
2024 | 46,000 | ||
2025 | 46,000 | ||
2026 | 46,000 | ||
Thereafter | 27,000 | ||
Total | 257,000 | 303,000 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intangible assets, accumulated amortization | 1,300,000 | 1,200,000 | |
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 | 25 years 3 months 18 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2022 | $ 133,000 | ||
2023 | 133,000 | ||
2024 | 133,000 | ||
2025 | 133,000 | ||
2026 | 133,000 | ||
Thereafter | 2,559,000 | ||
Total | 3,224,000 | ||
Indefinite and Finite-lived Intangible Assets, net | 8,580,000 | 8,713,000 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intangible assets, accumulated amortization | $ 583,000,000 | 450,000,000 | |
Below market leases [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Weighted average useful life for in-place leases | 29 years | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2022 | $ 431,000 | ||
2023 | 413,000 | ||
2024 | 404,000 | ||
2025 | 319,000 | ||
2026 | 255,000 | ||
Thereafter | 5,919,000 | ||
Total | $ 7,741,000 | ||
Contract Value, intangible [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Weighted average useful life for in-place leases | 25 years 6 months | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2022 | $ 365,000 | ||
2023 | 365,000 | ||
2024 | 365,000 | ||
2025 | 365,000 | ||
2026 | 365,000 | ||
Thereafter | 7,498,000 | ||
Total | 9,323,000 | 9,689,000 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Intangible assets, accumulated amortization | $ 1,600,000 | 1,300,000 | |
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 | $ 14,000 | 17,000 | 12,000 |
Restricted Stock [Member] | Employee [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation expense related to employees and trustees | $ 7,900,000 | 8,800,000 | 10,600,000 |
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 | 2,200,000 | 2,200,000 |
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 | $ 6,600,000 | 3,900,000 | 1,000,000 |
Accelerated Vesting of Shares [Member] | Nonvested Shares [Member] | Employee Severance [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Severance expense | 1,000,000 | ||
Accelerated Vesting of Shares [Member] | Performance Shares | Employee Severance [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Severance expense | 261,000 | ||
Revolving Credit Facility [Member] | |||
Deferred financing costs, net | $ 6,400,000 | 8,700,000 | |
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 | $ 2,600,000 | $ 3,500,000 | $ 2,200,000 |
CANADA | |||
Income Tax Disclosure [Abstract] | |||
Other | 23,000,000 | ||
CANADA | Ontario ERC/Retail | |||
Income Tax Disclosure [Abstract] | |||
Other | $ 22,800,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Fixed assets | $ 22,788,000 | $ 21,687,000 | |
Net operating losses | 10,093,000 | 10,828,000 | |
Deferred Tax Asset, Start-up Costs | 2,185,000 | 2,309,000 | |
Start-up costs | 1,826,000 | 1,093,000 | |
Total deferred tax assets | 36,892,000 | 35,917,000 | |
Deferred Tax Liabilities, Capital Improvements | (2,718,000) | (2,904,000) | |
Straight-line receivable | (962,000) | (915,000) | |
Other | (419,000) | (763,000) | |
Total deferred tax liabilities | (4,099,000) | (4,582,000) | |
Deferred Tax Assets, Valuation Allowance | (32,624,000) | (31,335,000) | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current TRS Tax Expense (benefit) | (137,000) | 0 | $ 7,000 |
Current state income tax expense | (226,000) | (505,000) | (503,000) |
Current foreign income tax | (1,000) | (4,000) | 3,000 |
Current foreign withholding tax | (1,041,000) | (1,088,000) | (1,018,000) |
Deferred TRS Income Tax Expense (Benefit) | 0 | 0 | (4,448,000) |
Deferred foreign withholding tax | 0 | 0 | 0 |
Deferred income tax (expense) benefit | 169,000 | 0 | (10,797,000) |
Income tax benefit (expense) | (1,236,000) | (1,597,000) | $ (16,756,000) |
Deferred Tax Assets, Net | $ 169,000 | $ 0 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) years | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | $ 6,016,776 | $ 5,880,825 | |
Gain (Loss) on Disposition of Assets | 651 | 17,881 | $ 50,119 |
Accumulated depreciation | (1,302,640) | (1,167,734) | |
Real Estate Investment Property, Net | 4,714,136 | 4,713,091 | |
Depreciation expense on rental properties | 158,800 | 158,300 | 162,600 |
Payments to Acquire Productive Assets | 174,533 | 56,556 | $ 38,714 |
Building and Building Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 4,637,801 | 4,523,052 | |
Furniture and Fixtures [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 115,677 | 108,907 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 1,236,358 | 1,222,149 | |
Leaseholds and Leasehold Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 26,940 | $ 26,717 | |
Theatre Properties Member | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 4 | ||
Eat & Play Properties [Member] | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 1 | ||
Number of properties acquired | 2 | ||
Experiential Reportable Operating Segment [Member] | |||
Real Estate Properties [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 96,100 | ||
Gain (Loss) on Disposition of Assets | 17,900 | ||
Investment Building and Building Improvements | $ 38,400 | 40,200 | |
Payments to Acquire Property, Plant, and Equipment | $ 48,900 | ||
Experiential Reportable Operating Segment [Member] | Fitness and wellness | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 2 | ||
Payments to Acquire Productive Assets | $ 63,500 | ||
Experiential Reportable Operating Segment [Member] | Attraction Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 2 | ||
Payments to Acquire Productive Assets | $ 142,800 | ||
Experiential Reportable Operating Segment [Member] | Experiential Lodging Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Payments to Acquire Productive Assets | $ 62,100 | ||
Number of unconsolidated real estate joint ventures | years | 2 |
Rental Properties Disposition (
Rental Properties Disposition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) properties | Dec. 31, 2020 USD ($) | |
Significant Acquisitions and Disposals [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 651 | $ 17,881 | $ 50,119 |
Experiential Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 48,900 | ||
Investment Building and Building Improvements | $ 38,400 | 40,200 | |
Proceeds from Sale of Property, Plant, and Equipment | 96,100 | ||
Gain (Loss) on Disposition of Assets | $ 17,900 | ||
number of land parcels sold | properties | 4 | ||
Theatre Properties Member | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 4 | ||
Ski Properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 2 | ||
Eat & Play Properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of properties acquired | 2 | ||
number of properties sold | 1 | ||
Theatre Properties Member | Experiential Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 3 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 11,000 | ||
Gain (Loss) on Disposition of Assets | $ 700 |
Impairment Charges (Details)
Impairment Charges (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | Dec. 31, 2022 properties | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment charges | $ 27,349 | $ 2,711 | $ 85,657 | |||
Equity Method Investment, Other than Temporary Impairment | 647 | 0 | $ 3,247 | |||
Theatre Project China Member | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Number of unconsolidated real estate joint ventures | 3 | 2 | 3 | |||
Right-of-Use Assets, Operating Lease | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment charges | 2,000 | |||||
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 | 7,000 | $ 13,000 | ||||
Impairment charges | 1,968 | [1] | 0 | $ 15,009 | ||
Number of impaired properties | 2 | 1 | ||||
Real Estate Investment | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment charges | 25,300 | |||||
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 | 38,400 | $ 7,000 | $ 39,500 | |||
Impairment charges | $ 25,300 | $ 70,700 | ||||
Number of impaired properties | 2 | 9 | 2 | |||
Real Estate Investment | Education Reportable Operating Segment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Number of impaired properties | 5 | |||||
[1] (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. See Note 4 for the details on these impairments. |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Straight-Line Rent Receivable | $ 44,986 | $ 38,419 |
Total | 53,587 | 78,073 |
Deferred Rent Receivables, Net | 2,100 | 27,300 |
Collections, Deferred Rent, Cash Basis Tenants | 17,100 | 7,000 |
Collections, Deferred Rent, Accrual Basis Tenants | 23,800 | 63,800 |
Collections, Deferred Rent and Interest, Cash Basis Tenants | 17,700 | |
Collections, Deferred Rent and Interest, Accrual Basis Tenants | 24,200 | |
Tenants [Member] | ||
Total | 7,595 | 37,417 |
Non-Tenants [Member] | ||
Accounts receivable, gross | $ 1,006 | $ 2,237 |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) mortgagenotes | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 01, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 | ||
Financing Receivable, Allowance for Credit Loss | $ 2,163,000 | |||
Mortgage notes and related accrued interest receivable, net | 463,884,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 457,268,000 | 370,159,000 | ||
Mortgage Note and Notes Receivable Commitments | 85,400,000 | |||
Notes Receivable | 2,900,000 | 7,300,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 21,702,000 | 10,886,000 | $ 32,858,000 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease) | $ 10,816,000 | (21,972,000) | ||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | |||
Financing Receivable, Accrued Interest, Writeoff | $ 1,500,000 | 300,000 | ||
Note, 8.0%, due May 2, 2024 | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 8,400,000 | |||
Number Of Notes Receivable | 1 | |||
Proceeds from Loans | $ 300,000 | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,200,000 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 6,875,000 | (4,876,000) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 8,999,000 | 2,124,000 | 7,000,000 | |
Mortgage Note and Notes Receivable Commitments | 85,401,000 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | 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 | $ 29,378,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 29,227,000 | 28,243,000 | ||
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 | $ 10,905,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 10,898,000 | 10,940,000 | ||
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 | $ 9,090,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 9,195,000 | 9,159,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
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 | 8.72% | |||
Mortgage notes and related accrued interest receivable, net | $ 72,777,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 72,366,000 | 45,877,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 9,223,000 | |||
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 | 11.24% | |||
Mortgage notes and related accrued interest receivable, net | $ 10,539,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 10,531,000 | 10,615,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 379,000 | |||
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 | 6.99% | |||
Mortgage notes and related accrued interest receivable, net | $ 70,000,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 70,576,000 | 70,896,000 | ||
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 | $ 10,253,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 10,253,000 | 10,874,000 | ||
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 | 12.14% | |||
Mortgage notes and related accrued interest receivable, net | $ 51,050,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 51,049,000 | 51,047,000 | ||
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 | 11.24% | |||
Mortgage notes and related accrued interest receivable, net | $ 37,562,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 37,529,000 | 37,519,000 | ||
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 | 11.72% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,550,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,532,000 | 4,516,000 | ||
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 | 8.88% | |||
Mortgage notes and related accrued interest receivable, net | $ 21,000,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 21,000,000 | 21,000,000 | ||
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 | $ 17,505,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 17,505,000 | 17,639,000 | ||
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 | $ 18,068,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 18,066,000 | 18,198,000 | ||
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 | $ 10,292,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 10,089,000 | 10,277,000 | ||
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 | 8.10% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,200,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,360,000 | 4,329,000 | ||
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] | ||||
Provision for Loan, Lease, and Other Losses | $ 6,800,000 | |||
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 | $ 14,700,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 7,780,000 | 14,996,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Number Of Mortgage Notes Receivable | 1 | |||
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 | 8.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 3,959,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 4,028,000 | 4,034,000 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.15%, January 10, 2033 | 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 | 7.15% | |||
Mortgage notes and related accrued interest receivable, net | $ 56,751,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 56,911,000 | 0 | ||
Mortgage Note and Notes Receivable Commitments | $ 7,799,000 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.25%, due March 8, 2034 | 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 | 7.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 11,305,000 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 11,373,000 | 0 | ||
Mortgage Note and Notes Receivable Commitments | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.25%, due October 14, 2042 | 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 | 8.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 0 | 0 | ||
Mortgage Note and Notes Receivable Commitments | 68,000,000 | |||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 675,000 | (62,000) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 751,000 | 76,000 | 138,000 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Notes Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 3,266,000 | (4,168,000) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | $ 11,952,000 | 8,686,000 | $ 12,854,000 | |
Number Of Notes Receivable | 2 | 1 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | 0 | ||
Financing Receivable, Accrued Interest, Writeoff | $ 0 | |||
Notes Receivable | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 1,200,000 | |||
Number Of Notes Receivable | 1 | |||
Notes Receivable | Eat & Play and Theatre Properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 3,100,000 | |||
Notes Receivable | Theatre Properties Member | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 1,900,000 | |||
Number Of Notes Receivable | 1 | |||
Note Receivable Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 0 | (12,866,000) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | $ 12,866,000 | |
Financing Receivable, Allowance for Credit Loss, Recovery | $ 0 | $ 0 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | Dec. 31, 2022 properties | |
Income from investments in unconsolidated real estate joint venture | $ (1,672,000) | $ (5,059,000) | $ (4,552,000) | ||
Distributions from joint ventures | 780,000 | 90,000 | 0 | ||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 52,964,000 | 36,670,000 | |||
Equity Method Investment, Other than Temporary Impairment | 647,000 | 0 | $ 3,247,000 | ||
St. Petersburg Joint Venture [Member] | |||||
Number of unconsolidated real estate joint ventures | properties | 2 | ||||
Carrying Amount Joint Venture Mortgage Loan | 105,000,000 | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.65% | ||||
Equity Method Investment, Ownership Percentage | 65% | ||||
Income from investments in unconsolidated real estate joint venture | 292,000 | (4,112,000) | |||
Distributions from joint ventures | 800,000 | 0 | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 18,712,000 | 25,894,000 | |||
Number of Extension Options | 2 | ||||
Years in Extension | 1 | ||||
St. Petersburg Joint Venture [Member] | loan refinancing | |||||
Distributions from joint ventures | $ 6,700,000 | ||||
Theatre Project China Member | |||||
Number of unconsolidated real estate joint ventures | 3 | 2 | 3 | ||
Income from investments in unconsolidated real estate joint venture | (61,000) | (4,000) | |||
Distributions from joint ventures | 0 | 90,000 | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 0 | 708,000 | |||
Theatre Project China Member | Minimum [Member] | |||||
Equity Method Investment, Ownership Percentage | 30% | ||||
Theatre Project China Member | Maximum [Member] | |||||
Equity Method Investment, Ownership Percentage | 49% | ||||
Warrens Joint Venture | |||||
Number of unconsolidated real estate joint ventures | properties | 2 | ||||
Carrying Amount Joint Venture Mortgage Loan | 16,300,000 | ||||
Equity Method Investment, Ownership Percentage | 95% | ||||
Income from investments in unconsolidated real estate joint venture | (1,050,000) | (943,000) | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 10,865,000 | 10,068,000 | |||
Long Term Funding Commitment For Project Development | 14,200,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4% | ||||
Long Term Funding Commitment For Project Development, Remaining | 8,800,000 | ||||
Construction Availability Joint Venture Mortgage Loan | 8,300,000 | ||||
Breaux Bridge Joint Venture | |||||
Number of unconsolidated real estate joint ventures | properties | 2 | ||||
Equity Method Investment, Ownership Percentage | 85% | ||||
Income from investments in unconsolidated real estate joint venture | (719,000) | 0 | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 17,080,000 | 0 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.85% | ||||
Maximum Availability Joint Venture Mortgage Loan | 38,500,000 | ||||
Subordinated Joint Venture Mortgage Loan | 11,300,000 | ||||
Breaux Bridge Joint Venture | Subordinated Debt | |||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 7.20% | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.25% | ||||
Long-term debt, Percentage Capped | 8% | ||||
Breaux Bridge Joint Venture | Maximum [Member] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | ||||
Harrisville PA Joint Venture | |||||
Number of unconsolidated real estate joint ventures | properties | 2 | ||||
Carrying Amount Joint Venture Mortgage Loan | 500,000 | ||||
Equity Method Investment, Ownership Percentage | 62% | ||||
Income from investments in unconsolidated real estate joint venture | (134,000) | 0 | |||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 6,307,000 | $ 0 | |||
Long Term Funding Commitment For Project Development | 13,900,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.38% | ||||
Long Term Funding Commitment For Project Development, Remaining | 13,600,000 | ||||
Maximum Availability Joint Venture Mortgage Loan | 22,500,000 | ||||
Equity Method Investment, Ownership Percentage, Unconsolidated Real Estate Joint Venture | 92% | ||||
Equity Method Investment, Ownership Percentage, Consolidated Real Estate Joint Venture | 67% | ||||
Number of consolidated real estate joint ventures | properties | 2 | ||||
Number of Joint Ventures holding real estate | properties | 1 | ||||
Guaranty Liabilities | 5,000,000 | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000,000 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 200,000 | ||||
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member] | |||||
Derivative, Fixed Interest Rate | 3.50% |
Debt Schedule of Long-term De_2
Debt Schedule of Long-term Debt Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Long-term Debt, by Maturity [Abstract] | |||
2023 | $ 0 | ||
2024 | 136,637 | ||
2025 | 300,000 | ||
2026 | 629,597 | ||
2027 | 450,000 | ||
Thereafter | 1,324,995 | ||
Deferred financing costs, net | (31,118) | $ (36,864) | |
Total | 2,810,111 | 2,804,365 | |
Interest Expense, Debt [Abstract] | |||
Interest on loans and capital lease obligation | 123,070 | 138,805 | $ 152,058 |
Amortization of deferred financing costs | 8,360 | 7,666 | 6,606 |
Credit facility and letter of credit fees | 2,682 | 3,344 | 3,064 |
Interest costs capitalized | (1,286) | (1,567) | (1,233) |
Interest income | (1,651) | (153) | (2,820) |
Interest expense, net | $ 131,175 | 148,095 | $ 157,675 |
Unsecured Debt, Public Offering, Percent of Face Value | 99.174% | ||
Swap Termination Extension Period | segment | 2 | ||
unsecured revolving variable rate credit facility, variable rate, due October 6, 2025 | |||
Interest Expense, Debt [Abstract] | |||
Debt Instrument, Fee Amount | 7,500 | ||
Long-term Debt, Percentage Rate, Facility Fee | 0.25% | ||
Long-term Debt, Percentage Rate, LIBOR Floor | 0% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | ||
Long-term debt, total extension period | 12 months | ||
Long-term Debt, Extensions | 6 months | ||
Long Term Debt, Number of Extensions | 2 | ||
Line of Credit, Current | $ 0 | ||
Debt Instrument, Interest Rate, Basis for Effective Rate | 5.584 | ||
Bonds payable, due August 1, 2047 | |||
Long-term Debt, by Maturity [Abstract] | |||
Total | $ 24,995 | 24,995 | |
Interest Expense, Debt [Abstract] | |||
Debt, Weighted Average Interest Rate | 4.43% | ||
Private Placement Debt | |||
Interest Expense, Debt [Abstract] | |||
Debt Instrument, Periodic Payment | 23,800 | ||
Term loan payable, due February 27, 2023 [Member] | |||
Interest Expense, Debt [Abstract] | |||
Debt Instrument, Periodic Payment | $ 400,000 | ||
Senior unsecured notes payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Covenants, Debt to Adjusted Total Assets | 60% | ||
Debt Covenants, Secured Debt to Adjusted Total Assets | 40% | ||
Debt Covenants, Debt Service Coverage Ratio | 1.5 | ||
Debt Covenants, Unencumbered Assets | 150% | ||
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 | $ 136,637 | 136,637 | |
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] | unsecured revolving variable rate credit facility, variable rate, due October 6, 2025 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.20% | ||
Long-term Debt, by Maturity [Abstract] | |||
Total | $ 0 | 0 | |
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 | $ 179,597 | 179,597 | |
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, 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 | |
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] | Senior Unsecured Notes Payable, 3.60 Percent, Due November 15, 2031 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.60% | ||
Long-term Debt, by Maturity [Abstract] | |||
Total | $ 400,000 | $ 400,000 | |
Senior unsecured notes payable [Member] | Private Placement Debt | covenant relief period | |||
Interest Expense, Debt [Abstract] | |||
Long-term Debt, Spread Increase, Percentage | 0.65% | ||
Senior unsecured notes payable [Member] | Private Placement Debt | 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] | Term loan payable, due February 27, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.35% | ||
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 2.5325% | ||
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 1.3925% | ||
interest rate swap 2.53 percent | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 2.53% | ||
interest rate swap 2.53 percent | Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 2.5325% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment properties | Dec. 31, 2021 USD ($) | |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 4,900,000 |
Derivative Asset, Fair Value, Gross Asset | 11,400,000 | $ 0 |
Number of Interest Rate Swap Agreements Terminated | 4 | |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 3,200,000 | |
Total | $ 2,810,111,000 | 2,804,365,000 |
Swap Termination Extension Period | segment | 2 | |
Net Investment Hedging [Member] | ||
Derivative, Notional Amount | $ 290 | |
Cash Flow Hedging [Member] | ||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 900,000 | |
Bonds payable, due August 1, 2047 | ||
Total | 24,995,000 | 24,995,000 |
Interest Rate Swap [Member] | ||
Interest Rate Swap Terminated Value, Blend and Extend | 1,400,000 | |
Interest Rate Risk [Member] | ||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | $ 1,000,000 | |
Cross Currency Swaps October 2024 | Net Investment Hedging [Member] | ||
Derivative, Forward Exchange Rate | 1.28 | |
Derivative, Notional Amount | $ 200 | |
Cross Currency Swaps December 2024 | Net Investment Hedging [Member] | ||
Derivative, Forward Exchange Rate | 1.30 | |
Derivative, Notional Amount | $ 90 | |
Currency Swap | ||
Number of Canadian properties exposed to foreign currency exchange risk | properties | 6 | |
Currency Swap | Net Investment Hedging [Member] | ||
Loss on Contract Termination | $ 3,800,000 | |
Maximum [Member] | ||
credit risk related contingent features default on debt amount | $ 50,000,000 | |
Canada, Dollars | Cross Currency Swaps October 2024 | ||
Derivative, Forward Exchange Rate | 1.26 | |
Canada, Dollars | Cross Currency Swaps October 2024 Notional 200.0 | ||
Derivative, Forward Exchange Rate | 1.28 | |
Canada, Dollars | Cross Currency Swaps December 2024 | ||
Derivative, Forward Exchange Rate | 1.30 | |
United States of America, Dollars | Cross Currency Swaps October 2024 | ||
Derivative, Notional Amount | $ 150,000,000 | |
Description of Foreign Currency Exposure | 10,800,000 | |
United States of America, Dollars | Cross Currency Swaps October 2024 Notional 200.0 | ||
Derivative, Notional Amount | 200,000,000 | |
Description of Foreign Currency Exposure | 4,500,000 | |
United States of America, Dollars | Cross Currency Swaps December 2024 | ||
Derivative, Notional Amount | 90,000,000 | |
Description of Foreign Currency Exposure | 8,100,000 | |
United States of America, Dollars | Currency Swap | ||
Derivative, Notional Amount | 440,000,000 | |
Description of Foreign Currency Exposure | $ 23,400,000 | |
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | ||
Derivative, Fixed Interest Rate | 2.5325% | |
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) | ||
Derivative, Fixed Interest Rate | 1.3925% | |
Terminated Swaps | ||
Derivative, Notional Amount | $ 400,000,000 | |
interest rate swap 2.53 percent | Interest Rate Swap [Member] | ||
Derivative, Fixed Interest Rate | 2.53% | |
Derivative, Notional Amount | $ 25,000,000 | |
interest rate swap 2.53 percent | Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Derivative, Fixed Interest Rate | 2.5325% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest Expense | $ 131,175 | $ 148,095 | $ 157,675 | |
Derivative, Gain (Loss) on Derivative, Net | 12,788 | (3,561) | (16,271) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 170 | 367 | 599 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 372 | (9,418) | (5,718) | |
Other income | 47,382 | 18,816 | 9,139 | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | 96 | (9,156) | (6,159) |
Cross Currency Swaps | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 276 | (262) | 441 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,898 | (99) | 5 | |
Cross Currency Swap Net investment Hedge | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2],[3] | 170 | 367 | 599 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 665 | (518) | (4,664) | |
Currency Forward Agreements Member | ||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 8,686 | 0 | 0 | |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 1,539 | $ (2,944) | $ (11,612) | |
[1]ncluded in “Interest expense, net” in accompanying consolidated statements of income (loss) and comprehensive income (loss) except for a cash settlement of approximately $3.2 million for the year ended December 31, 2021 which is included in “Costs associated with loan refinancing or payoff” in accompanying consolidated statements of income (loss) and comprehensive income (loss) related to the termination of the interest rate swap agreements.[2]Included in "Other income" in the accompanying consolidated statements of income (loss) and comprehensive income (loss).[3]Amounts represent derivative gains excluded from the effectiveness testing. |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) mortgagenotes | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Impairment charges | $ 27,349,000 | $ 2,711,000 | $ 85,657,000 | |
Debt | 2,810,111,000 | 2,804,365,000 | ||
Real Estate Investment Property, Net | 4,714,136,000 | 4,713,091,000 | ||
Operating Lease, Right-of-Use Asset | 200,985,000 | 180,808,000 | ||
Investment in joint ventures | 52,964,000 | 36,670,000 | ||
Financing Receivable, after Allowance for Credit Loss, Current | 457,268,000 | 370,159,000 | ||
Equity Method Investment, Other than Temporary Impairment | 647,000 | 0 | $ 3,247,000 | |
Other assets | $ 73,053,000 | 69,918,000 | ||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | |||
Notes Receivable | ||||
Provision for Loan, Lease, and Other Losses | $ 3,266,000 | (4,168,000) | ||
Number Of Notes Receivable | 2 | 1 | ||
Mortgage Receivable [Member] | ||||
Provision for Loan, Lease, and Other Losses | $ 6,875,000 | $ (4,876,000) | ||
Theatre Properties Member | Notes Receivable | ||||
Provision for Loan, Lease, and Other Losses | $ 1,900,000 | |||
Number Of Notes Receivable | 1 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 1,900,000 | |||
Eat & Play Properties [Member] | Notes Receivable | ||||
Provision for Loan, Lease, and Other Losses | $ 1,200,000 | |||
Number Of Notes Receivable | 1 | |||
Mortgage Note, 8.125%, due June 17, 2039 [Member] | Eat & Play Properties [Member] | Mortgage Receivable [Member] | ||||
Provision for Loan, Lease, and Other Losses | $ 6,800,000 | |||
Number Of Mortgage Notes Receivable | 1 | |||
Real Estate Investment | ||||
Impairment charges | $ 25,300,000 | |||
Real Estate Investment | Experiential Reportable Operating Segment [Member] | ||||
Impairment charges | $ 25,300,000 | $ 70,700,000 | ||
Number of impaired properties | 2 | 2 | 9 | |
Right-of-Use Assets, Operating Lease | ||||
Impairment charges | $ 2,000,000 | |||
Right-of-Use Assets, Operating Lease | Experiential Reportable Operating Segment [Member] | ||||
Impairment charges | $ 1,968,000 | [1] | $ 0 | $ 15,009,000 |
Number of impaired properties | 1 | 2 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 457,300,000 | $ 370,200,000 | ||
Weighted average interest rate of mortgage notes receivable | 8.92% | 9.04% | ||
Receivable interest rate minimum | 6.99% | 7.01% | ||
Receivable interest rate maximum | 12.14% | 11.96% | ||
Fair value of notes receivable | $ 500,000,000 | $ 400,100,000 | ||
Weighted market rate used for determining future cash flow for notes receivable | 7.70% | 8.05% | ||
Variable Rate Debt [Member] | ||||
Debt | $ 25,000,000 | $ 25,000,000 | ||
Long-term debt, weighted average interest rate | 4.43% | 0.15% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | $ 25,000,000 | |||
Fixed Rate Debt [Member] | ||||
Long-term Debt, Fair Value | 2,390,000,000 | $ 2,930,000,000 | ||
Debt | $ 2,820,000,000 | $ 2,820,000,000 | ||
Long-term debt, weighted average interest rate | 4.34% | 4.34% | ||
Weighted market rate for determining fair value of debt | 7.94% | 3.43% | ||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 7.15% | 7.50% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 7.42% | 2.25% | ||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 10% | 9.25% | ||
Maximum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 8.35% | 4.56% | ||
Fair Value, Nonrecurring [Member] | ||||
Real Estate Investment Property, Net | $ 38,370,000 | $ 6,956,000 | ||
Operating Lease, Right-of-Use Asset | 7,006,000 | |||
Investment in joint ventures | 0 | |||
Financing Receivable, after Allowance for Credit Loss, Current | 7,780,000 | |||
Other assets | 1,316,000 | 0 | ||
Fair Value, Inputs, Level 1 | Fair Value, Nonrecurring [Member] | ||||
Real Estate Investment Property, Net | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Investment in joint ventures | 0 | |||
Financing Receivable, after Allowance for Credit Loss, Current | 0 | |||
Other assets | $ 0 | $ 0 | ||
Fair Value, Inputs, Level 2 [Member] | Real Estate Investment | Experiential Reportable Operating Segment [Member] | ||||
Number of impaired properties | 1 | 2 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Real Estate Investment Property, Net | $ 4,700,000 | $ 6,956,000 | ||
Operating Lease, Right-of-Use Asset | 0 | |||
Investment in joint ventures | 0 | |||
Financing Receivable, after Allowance for Credit Loss, Current | 0 | |||
Other assets | $ 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Real Estate Investment | ||||
Number of impaired properties | 6 | |||
Fair Value, Inputs, Level 3 [Member] | Right-of-Use Assets, Operating Lease | ||||
Fair Value Input, Terminal Capitalization Rate | 2,500% | |||
Fair Value Input, Discount Rate | 8.50% | |||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | ||||
Fair Value Input, Terminal Capitalization Rate | 7% | |||
Fair Value Input, Discount Rate | 7.75% | |||
Fair Value Input, price per square foot | $ 6 | |||
Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | ||||
Fair Value Input, Terminal Capitalization Rate | 8.75% | |||
Fair Value Input, Discount Rate | 9.75% | |||
Fair Value Input, price per square foot | $ 22 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Real Estate Investment Property, Net | 33,670,000 | 0 | ||
Operating Lease, Right-of-Use Asset | 7,006,000 | |||
Investment in joint ventures | 0 | |||
Financing Receivable, after Allowance for Credit Loss, Current | $ 7,780,000 | |||
Fair Value Input, Discount Rate | 6.75% | |||
Fair Value Input, price per square foot | $ 20 | |||
Other assets | $ 1,316,000 | $ 0 | ||
[1] (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. See Note 4 for the details on these impairments. |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ (4,900,000) |
Derivative Asset, Fair Value, Gross Asset | 11,400,000 | 0 |
Cross Currency Swaps | Fair Value, Inputs, Level 1 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | |
Cross Currency Swaps | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Derivative Asset, Fair Value, Gross Asset | 0 | |
Currency Forward | Fair Value, Inputs, Level 1 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Currency Forward | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Fair Value, Recurring [Member] | Cross Currency Swaps | ||
Derivative Liability, Fair Value, Gross Liability | (4,626,000) | |
Derivative Asset, Fair Value, Gross Asset | 1,523,000 | |
Fair Value, Recurring [Member] | Cross Currency Swaps | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liability, Fair Value, Gross Liability | (4,626,000) | |
Derivative Asset, Fair Value, Gross Asset | 1,523,000 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Liability, Fair Value, Gross Liability | (262,000) | |
Derivative Asset, Fair Value, Gross Asset | 1,240,000 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liability, Fair Value, Gross Liability | $ (262,000) | |
Derivative Asset, Fair Value, Gross Asset | 1,240,000 | |
Fair Value, Recurring [Member] | Currency Forward | ||
Derivative Asset, Fair Value, Gross Asset | 8,686,000 | |
Fair Value, Recurring [Member] | Currency Forward | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Fair Value, Gross Asset | $ 8,686,000 |
Common and Preferred Shares Com
Common and Preferred Shares Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares | |
Cash Dividends Paid [Line Items] | |||
shelf registration effective term | 3 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 25,000,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.25 | $ 1.5 | $ 1.515 |
Common Stock, Shares, Issued | shares | 82,545,501 | 82,225,061 | |
Net proceeds from issuance of common shares | $ | $ 758 | $ 460 | $ 972 |
Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common stock declared dividends per share | $ 3.25 | $ 1.50 | |
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 3.2250 | 1.2500 | |
Taxable Ordinary Income [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 2.5906 | 1.2500 | |
Return of Capital [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.6344 | 0 | |
Long-term Capital Gain [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | |
direct share purchase plan [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Shares, Issued | shares | 23,196 | 11,798 | |
Net proceeds from issuance of common shares | $ | $ 1,100 | $ 600 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 5,392,916 | 5,392,916 | |
Preferred share dividend percentage | 5.75% | ||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||
Per share liquidation preference | 25 | ||
Preferred shares conversion rate | 0.4192 | ||
Preferred shares conversion price | 59.64 | ||
Common shares quarterly dividend per share threshold, minimum | $ 0.6875 | ||
Common share closing price percent of preferred share prevailing conversion price, minimum | 135% | ||
Preferred Shares declared dividends per share | $ 1.4375 | $ 1.4375 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | $ 1.4375 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.1735 | $ 0.0522 | |
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% | ||
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% | ||
Preferred Shares declared dividends per share | $ 2.25 | $ 2.25 | |
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 2.25 | 2.25 |
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 | $ 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 | 0.1735 | 0.0522 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | |
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.2500 | 2.2500 | |
Taxable Ordinary Income [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | |
Return of Capital [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0 | 0 | |
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, 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 | 0 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Long-term Capital Gain [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Total Cash Distribution Per Share [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | |
Total Cash Distribution Per Share [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.2500 | 2.2500 | |
Total Cash Distribution Per Share [Member] | Series 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 | $ 0.1735 | $ 0.0522 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 2,300 | 2,200 | 2,200 |
Preferred share dividend percentage | 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 | 1,700 | 1,700 |
Preferred share dividend percentage | 9% | ||
Stock Options [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 96 | 89 | 117 |
Exercise price range, lower limit | $ 44.44 | $ 44.44 | $ 44.62 |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 |
Performance Shares | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 99 | 56 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 176,229 | $ 98,606 | $ (131,728) |
Less: preferred dividend requirements and redemption costs | (24,141) | (24,134) | (24,136) |
Net income (loss) available to common shareholders of EPR Properties | $ 152,088 | $ 74,472 | $ (155,864) |
Weighted average number of shares outstanding, basic | 74,967 | 74,755 | 75,994 |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | $ 152,088 | $ 74,472 | $ (155,864) |
Earnings Per Share, Basic | $ 2.03 | $ 1 | $ (2.05) |
Share options, shares | 76 | 1 | 0 |
Weighted average number of shares outstanding, diluted | 75,043 | 74,756 | 75,994 |
Earnings per share, diluted (in dollars per share) | $ 2.03 | $ 1 | $ (2.05) |
Severance Expense (Details)
Severance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Severance expense | $ 0 | $ 0 | $ 2,868 |
Severance [Text Block] | Severance ExpenseOn 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 totaled $2.9 million and included cash payments totaling $1.6 million, and accelerated vesting of nonvested shares and performance shares totaling $1.3 million. | ||
Employee Severance [Member] | Expected Cash Payment [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 1,600 | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | 108,671 | 116,690 | 118,030 | |
Number of Shares, Exercised | (12,559) | (5,051) | (1,410) | |
Number of Shares, Granted | 0 | 1,838 | 2,890 | |
Number of Shares, Forfeited | (4,806) | (2,820) | ||
Number of Shares, Outstanding at End of Period | 96,112 | 108,671 | 116,690 | |
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 | $ 56.79 | $ 56.36 | $ 55.63 | |
Average Exercise Price, Exercised | 46.43 | 47.27 | 44.98 | |
Average Exercise Price, Granted | 44.44 | 69.19 | ||
Average Exercise Price, Forfeited | 51.42 | 44.98 | ||
Average Exercise Price, Outstanding at End of Period | $ 58.15 | 56.79 | 56.36 | |
Weighted average fair value of options granted | $ 20.34 | $ 3.73 | ||
Intrinsic value of stock options exercised | $ 62 | $ 14 | $ 22 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 11,590 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 594 | |||
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 | $ 44.44 | $ 44.62 | $ 44.62 | |
Option Price Per Share, Exercised | 44.62 | 45.20 | 44.98 | |
Option Price Per Share, Granted | 44.44 | 69.19 | ||
Option Price Per Share, Forfeited | 45.20 | 44.98 | ||
Option Price Per Share, Outstanding at End of Period | 44.44 | 44.44 | 44.62 | |
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 | 47.15 | 47.77 | 44.98 | |
Option Price Per Share, Granted | 44.44 | 69.19 | ||
Option Price Per Share, Forfeited | 61.79 | 44.98 | ||
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 | 3,950,000 | |||
Number of shares available for grant | 1,983,595 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options outstanding | 96,112 | 108,671 | 116,690 | 118,030 |
Weighted avg. life remaining | 3 years 1 month 6 days | |||
Weighted avg. exercise price | $ 58.15 | $ 56.79 | $ 56.36 | $ 55.63 |
Aggregate intrinsic value | $ 0 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 44.44 | 44.44 | 44.62 | 44.62 |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 76.63 | $ 76.63 | $ 76.63 | $ 76.63 |
44.44-49.99 [Member] | ||||
Options outstanding | 8,750 | |||
Weighted avg. life remaining | 5 years 7 months 6 days | |||
44.44-49.99 [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Price Per Share | $ 44.44 | |||
44.44-49.99 [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 | 31,008 | |||
Weighted avg. life remaining | 1 year 6 months | |||
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 | 52,198 | |||
Weighted avg. life remaining | 3 years 6 months | |||
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 | 5 years | |||
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) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Options outstanding | 92,805 |
Weighted avg. life remaining | 2 years 3 months 18 days |
Weighted avg. exercise price | $ / shares | $ 58.10 |
Aggregate intrinsic value | $ | $ 0 |
44.44-49.99 [Member] | |
Options outstanding | 7,372 |
Weighted avg. life remaining | 1 year 7 months 6 days |
50.00 - 59.99 [Member] | |
Options outstanding | 31,008 |
Weighted avg. life remaining | 1 year 6 months |
60.00 - 69.99 [Member] | |
Options outstanding | 50,754 |
Weighted avg. life remaining | 2 years 9 months 18 days |
70.00 - 76.63 [Member] | |
Options outstanding | 3,671 |
Weighted avg. life remaining | 4 years 10 months 24 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding at December 31, 2020 | 478,554 | ||
Number of Shares, Granted | 243,286 | ||
Number of Shares, Vested | (215,752) | ||
Number of Shares, Outstanding at December 31, 2021 | 503,912 | 478,554 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2020 | $ 56.57 | ||
Weighted Average Grant Date Fair Value, Granted | 46.65 | ||
Weighted Average Grant Date Fair Value, Vested | 59.94 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 46.98 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,176 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2021 | $ 50.38 | $ 56.57 | |
Weighted Average Life Remaining, Outstanding at December 31, 2021 | 10 months 9 days | ||
Fair value of non-vested shares | $ 10,200 | $ 6,600 | $ 17,400 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 9,497 |
Equity Incentive Plans Equity I
Equity Incentive Plans Equity Incentive Plans (Schedule of Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2022 | $ 5,250 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2023 | 3,030 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2024 | 1,217 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 9,497 |
Equity Incentive Plans (Summa_5
Equity Incentive Plans (Summary of Performance Share Unit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 503,912 | 478,554 | |
Number of Shares, Granted | 243,286 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (215,752) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,176) | ||
Fair value of non-vested shares | $ 10,200 | $ 6,600 | $ 17,400 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 257,386 | 158,776 | |
Number of Shares, Granted | 98,610 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
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% | ||
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR | 25% | ||
Share-based Compensation, Performance Measure Percent, Growth in AFFO | 25% | ||
Fair value of non-vested shares | $ 6,000 | $ 6,600 | $ 3,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.70% | 0.20% | 1.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 71% | 69% | 18% |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% | ||
Share-based Compensation Arrangement, Equity Instruments other than options, performance condition, nonvested, grant date fair value | $ 2,300 | ||
Dividend, Share-based Payment Arrangement | 579 | $ 158 | |
Unamortized share-based compensation expense | 8,488 | ||
Performance Shares | next year [Member] | |||
Unamortized share-based compensation expense | 5,713 | ||
Performance Shares | year 2 [Member] | |||
Unamortized share-based compensation expense | 2,775 | ||
Performance Shares | year 3 [Member] | |||
Unamortized share-based compensation expense | 0 | ||
Performance Shares | Dividend Paid | |||
Dividend, Share-based Payment Arrangement | $ 0 | $ 0 |
Equity Incentive Plans (Summa_6
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares 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, 2020 | shares | 478,554 |
Number of Shares, Granted | shares | 243,286 |
Number of Shares, Vested | shares | (215,752) |
Number of Shares, Outstanding at December 31, 2021 | shares | 503,912 |
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, 2020 | $ / shares | $ 56.57 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 46.65 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 59.94 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2021 | $ / shares | $ 50.38 |
Weighted Average Life Remaining, Outstanding at December 31, 2021 | 10 months 9 days |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Number of Shares, Outstanding at December 31, 2020 | shares | 43,306 |
Number of Shares, Granted | shares | 41,399 |
Number of Shares, Vested | shares | (46,100) |
Number of Shares, Outstanding at December 31, 2021 | shares | 38,605 |
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, 2020 | $ / shares | $ 49.15 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 50.49 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 49 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2021 | $ / shares | $ 50.77 |
Weighted Average Life Remaining, Outstanding at December 31, 2021 | 5 months 1 day |
Unamortized share-based compensation expense | $ | $ 817 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Deferred Rent Receivables, Net | $ 2,100 | $ 27,300 | ||||
Number of Properties Subject to Ground Leases | 52 | 51 | ||||
Operating Lease, Liability | $ 241,407 | $ 218,795 | ||||
Operating Lease, Right-of-Use Asset | 200,985 | 180,808 | ||||
Straight-Line Rent Receivable | 44,986 | 38,419 | ||||
Total Operating Leased Assets | 215,571 | 193,702 | ||||
Operating Lease, Lease Income | 575,601 | 478,882 | $ 372,176 | |||
Property operating expense | 55,985 | 56,739 | 58,587 | |||
General and Administrative Expense | 51,579 | 44,362 | 42,596 | |||
Impairment charges | 27,349 | 2,711 | 85,657 | |||
Straight line rent write off | 200 | 200 | 38,000 | |||
Lessor, Operating Lease, Payment to be Received, Year One | 559,537 | 510,576 | ||||
Lessor, Operating Lease, Payment to be Received, Year Two | 545,754 | 510,539 | ||||
Lessor, Operating Lease, Payment to be Received, Year Three | 539,526 | 507,798 | ||||
Lessor, Operating Lease, Payment to be Received, Year Four | 534,795 | 502,713 | ||||
Lessor, Operating Lease, Payment to be Received, Year Five | 503,498 | 498,389 | ||||
Lessor, Operating Lease, Payment to be Received, after Year Five | 3,706,186 | 3,873,499 | ||||
Lessor, Operating Lease, Payments to be Received | 6,389,296 | 6,403,514 | ||||
Property Subject to Operating Lease | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Lease Income | 551,383 | [1] | 457,063 | 361,393 | ||
Experiential Reportable Operating Segment [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Lease Income | 535,382 | 441,423 | 311,130 | |||
Property operating expense | 55,499 | 56,027 | 55,500 | |||
Right-of-Use Assets, Operating Lease | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Impairment charges | 2,000 | |||||
Right-of-Use Assets, Operating Lease | Experiential Reportable Operating Segment [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Impairment charges | 1,968 | [2] | 0 | 15,009 | ||
Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Sublease Income | 24,218 | [3] | 21,819 | 10,783 | ||
Property operating expense | 25,167 | 22,863 | 24,386 | |||
Office Lease [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
General and Administrative Expense | 904 | 905 | 905 | |||
Operating Leases [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessor, Operating Lease, Payment to be Received, Year One | [4] | 534,742 | [5] | 487,344 | ||
Lessor, Operating Lease, Payment to be Received, Year Two | [4] | 519,773 | [5] | 487,624 | ||
Lessor, Operating Lease, Payment to be Received, Year Three | [4] | 513,408 | [5] | 485,383 | ||
Lessor, Operating Lease, Payment to be Received, Year Four | [4] | 510,542 | [5] | 480,161 | ||
Lessor, Operating Lease, Payment to be Received, Year Five | [4] | 480,005 | [5] | 477,702 | ||
Lessor, Operating Lease, Payment to be Received, after Year Five | [4] | 3,485,821 | [5] | 3,687,535 | ||
Lessor, Operating Lease, Payments to be Received | [4] | $ 6,044,291 | [5] | 6,105,749 | ||
Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Number of vacant properties | 2 | |||||
Receivable with Imputed Interest, Discount | $ 129,066 | 106,878 | ||||
Operating Lease, Liability | 238,200 | 214,679 | ||||
Operating Lease, Right-of-Use Asset | $ 198,009 | $ 176,984 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 15 years 1 month 6 days | 15 years | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.31% | 4.97% | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | [6] | $ 26,317 | $ 24,753 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | [6] | 27,504 | 24,440 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | [6] | 27,622 | 23,939 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | [6] | 25,796 | 24,058 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Five | [6] | 24,235 | 22,232 | |||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | [6] | 235,792 | 202,135 | |||
Lessee, Operating Lease, Liability, to be Paid | 367,266 | 321,557 | [6] | |||
Lessor, Operating Lease, Payment to be Received, Year One | [4] | 24,795 | [5] | 23,232 | ||
Lessor, Operating Lease, Payment to be Received, Year Two | [4] | 25,981 | [5] | 22,915 | ||
Lessor, Operating Lease, Payment to be Received, Year Three | [4] | 26,118 | [5] | 22,415 | ||
Lessor, Operating Lease, Payment to be Received, Year Four | [4] | 24,253 | [5] | 22,552 | ||
Lessor, Operating Lease, Payment to be Received, Year Five | [4] | 23,493 | [5] | 20,687 | ||
Lessor, Operating Lease, Payment to be Received, after Year Five | [4] | 220,365 | [5] | 185,964 | ||
Lessor, Operating Lease, Payments to be Received | [4] | 345,005 | [5] | 297,765 | ||
Office Lease [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Receivable with Imputed Interest, Discount | 384 | 476 | ||||
Operating Lease, Liability | 3,207 | 4,116 | ||||
Operating Lease, Right-of-Use Asset | $ 2,976 | $ 3,824 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 9 months 18 days | 4 years 9 months 18 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.04% | 4.62% | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | [7] | $ 958 | $ 967 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | [7] | 958 | 967 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | [7] | 958 | 967 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | [7] | 717 | 967 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Five | [7] | 0 | 724 | |||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | [7] | 0 | 0 | |||
Lessee, Operating Lease, Liability, to be Paid | 3,591 | 4,592 | [7] | |||
COVID-19 Deferred Receivable | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessor, Operating Lease, Payment to be Received, Year One | 1,600 | |||||
Lessor, Operating Lease, Payment to be Received, Year Two | $ 500 | |||||
Maximum [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 27 years | |||||
Maximum [Member] | Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 44 years | |||||
Minimum [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 1 year | |||||
Minimum [Member] | Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 2 years | |||||
Ground Lease Arrangement [Member] | Sub-lessor [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Straight-Line Rent Receivable | $ 14,586 | 12,894 | ||||
straight-line receivable | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Straight line rent write off | 26,500 | 26,500 | ||||
Tenant Receivable | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Allowance for Loan and Lease Losses, Write-offs | 25,700 | |||||
Ground Lease Straight Line Receivable | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Straight line rent write off | 11,500 | $ 11,500 | ||||
Ground Lease Receivable | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis. (3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charge s of $2.0 million and $15.0 million, respectively. See Note 4 for the details on these impairments. (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 income (loss) and comprehensive income (loss). 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 income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis. |
Other Commitments And Conting_2
Other Commitments And Contingencies (Details) $ in Millions | Dec. 31, 2022 USD ($) mortgagenotes |
Number Of Mortgage Notes Receivable | mortgagenotes | 4 |
Mortgage Note and Notes Receivable Commitments | $ 85.4 |
Number of Surety Bonds | 3 |
Surety bonds | $ 2.7 |
Experiential Reportable Operating Segment [Member] | |
Development Project In Process | 15 |
Other Commitment | $ 205.1 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segment | 2 | ||
Total assets | $ 5,758,701 | $ 5,801,150 | |
Operating Lease, Lease Income | 575,601 | 478,882 | $ 372,176 |
Other income | 47,382 | 18,816 | 9,139 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 35,048 | 33,982 | 33,346 |
Revenues | 658,031 | 531,680 | 414,661 |
Property operating expense | 55,985 | 56,739 | 58,587 |
Other expense | 33,809 | 21,741 | 16,474 |
Investment Income, Investment Expense | 89,794 | 78,480 | 75,061 |
Net Operating Income Before Unallocated Items | 568,237 | 453,200 | 339,600 |
General and Administrative Expense | (51,579) | (44,362) | (42,596) |
Severance Costs | 0 | 0 | (2,868) |
Costs associated with loan refinancing or payoff | 0 | (25,451) | (1,632) |
Interest Expense | (131,175) | (148,095) | (157,675) |
Transaction costs | (4,533) | (3,402) | (5,436) |
Financing Receivable, Credit Loss, Expense (Reversal) | (10,816) | 21,972 | (30,695) |
Impairment charges | (27,349) | (2,711) | (85,657) |
Depreciation and amortization | (163,652) | (163,770) | (170,333) |
Equity in loss from joint ventures | (1,672) | (5,059) | (4,552) |
Equity Method Investment, Other than Temporary Impairment | (647) | 0 | (3,247) |
Gain on sale of real estate | 651 | 17,881 | 50,119 |
Income tax expense | (1,236) | (1,597) | (16,756) |
Net income | 176,229 | 98,606 | (131,728) |
Dividends, Preferred Stock | (24,141) | (24,134) | (24,136) |
Net income available to common shareholders of EPR Properties | 152,088 | 74,472 | (155,864) |
Experiential Reportable Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 5,164,710 | 4,995,241 | |
Operating Lease, Lease Income | 535,382 | 441,423 | 311,130 |
Other income | 37,558 | 18,416 | 8,085 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 34,139 | 32,980 | 32,017 |
Revenues | 607,079 | 492,819 | 351,232 |
Property operating expense | 55,499 | 56,027 | 55,500 |
Other expense | 33,984 | 21,864 | 16,513 |
Investment Income, Investment Expense | 89,483 | 77,891 | 72,013 |
Net Operating Income Before Unallocated Items | 517,596 | 414,928 | 279,219 |
Gain on sale of real estate | 17,900 | ||
Education Reportable Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 473,580 | 505,086 | |
Operating Lease, Lease Income | 40,219 | 37,459 | 61,046 |
Other income | 7,000 | 0 | 13 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 909 | 1,002 | 1,329 |
Revenues | 48,128 | 38,461 | 62,388 |
Property operating expense | (8) | (109) | 2,283 |
Other expense | 0 | 0 | 0 |
Investment Income, Investment Expense | (8) | (109) | 2,283 |
Net Operating Income Before Unallocated Items | 48,136 | 38,570 | 60,105 |
Corporate Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 120,411 | 300,823 | |
Operating Lease, Lease Income | 0 | 0 | 0 |
Other income | 2,824 | 400 | 1,041 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 0 | 0 | 0 |
Revenues | 2,824 | 400 | 1,041 |
Property operating expense | 494 | 821 | 804 |
Other expense | (175) | (123) | (39) |
Investment Income, Investment Expense | 319 | 698 | 765 |
Net Operating Income Before Unallocated Items | $ 2,505 | $ (298) | $ 276 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Deferred financing costs, net | $ (31,118) | $ (36,864) |
Encumbrance | 2,810,111 | |
Land, initial cost | 1,346,062 | |
Buildings, equipment & improvement, initial cost | 4,388,502 | |
Additions (dispositions) (impairments) subsequent to acquisition | 378,409 | |
Land, gross amount | 1,332,555 | |
Buildings, equipment & improvement, gross amount | 4,780,418 | |
Fair value of Concord resort land received | 6,112,973 | 5,943,355 |
Accumulated depreciation | (1,302,640) | $ (1,167,734) |
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 | $ (12,707) | |
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 | $ (11,395) | |
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 | 771 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,456 | |
Fair value of Concord resort land received | 13,456 | |
Accumulated depreciation | $ (8,081) | |
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 | $ (9,817) | |
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 | $ (13,695) | |
Depreciation life | 40 years | |
Leawood, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,714 | |
Buildings, equipment & improvement, initial cost | 12,086 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,110 | |
Land, gross amount | 3,714 | |
Buildings, equipment & improvement, gross amount | 16,196 | |
Fair value of Concord resort land received | 19,910 | |
Accumulated depreciation | $ (8,411) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,957 | |
Buildings, equipment & improvement, initial cost | 22,861 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,455) | |
Land, gross amount | 7,712 | |
Buildings, equipment & improvement, gross amount | 21,651 | |
Fair value of Concord resort land received | 29,363 | |
Accumulated depreciation | $ (13,473) | |
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 | $ (18,527) | |
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 | $ (14,261) | |
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 | $ (16,489) | |
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 | $ (19,362) | |
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 | $ (4,533) | |
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 | $ (13,526) | |
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 | $ (8,400) | |
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 | $ (9,660) | |
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 | $ (7,537) | |
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 | $ (8,844) | |
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 | $ (6,718) | |
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 | $ (7,719) | |
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 | $ (3,829) | |
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 | $ (3,531) | |
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 | $ (7,183) | |
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 | $ (4,041) | |
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 | $ (12,602) | |
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 | $ (10,371) | |
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 | $ (8,945) | |
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 | $ (11,155) | |
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 | $ (4,012) | |
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 | 1,462 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 6,518 | |
Fair value of Concord resort land received | 8,500 | |
Accumulated depreciation | $ (2,581) | |
Depreciation life | 40 years | |
Lawrence, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,500 | |
Buildings, equipment & improvement, initial cost | 3,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,017 | |
Land, gross amount | 1,500 | |
Buildings, equipment & improvement, gross amount | 5,543 | |
Fair value of Concord resort land received | 7,043 | |
Accumulated depreciation | $ (2,199) | |
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 | $ (4,399) | |
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 | 22 | |
Land, gross amount | 7,985 | |
Buildings, equipment & improvement, gross amount | 22 | |
Fair value of Concord resort land received | 8,007 | |
Accumulated depreciation | $ (2) | |
Depreciation life | 5 years | |
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 | $ (8,227) | |
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 | 20 | |
Land, gross amount | 4,869 | |
Buildings, equipment & improvement, gross amount | 18,163 | |
Fair value of Concord resort land received | 23,032 | |
Accumulated depreciation | $ (8,506) | |
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 | $ (8,506) | |
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 | $ (5,146) | |
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 | $ (4,767) | |
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 | $ (5,776) | |
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 | $ (4,118) | |
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 | $ (5,113) | |
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 | $ (3,745) | |
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 | $ (5,112) | |
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 | $ (3,903) | |
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 | $ (2,504) | |
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 | $ (4,776) | |
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 | $ (1,627) | |
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 | $ (2,642) | |
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 | $ (7,410) | |
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 | $ (2,053) | |
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 | $ (5,111) | |
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 | $ (6,208) | |
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 | $ (2,874) | |
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 | $ (6,252) | |
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 | $ (6,044) | |
Depreciation life | 40 years | |
Pensacola, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,316 | |
Buildings, equipment & improvement, initial cost | 15,099 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,316 | |
Buildings, equipment & improvement, gross amount | 15,099 | |
Fair value of Concord resort land received | 20,415 | |
Accumulated depreciation | $ (6,040) | |
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 | $ (4,600) | |
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 | $ (4,671) | |
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 | $ (2,807) | |
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 | $ (8,264) | |
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 | $ (3,750) | |
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 | $ (543) | |
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 | $ (4,022) | |
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 | $ (575) | |
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 | $ (2,348) | |
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 | $ (4,159) | |
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 | $ (560) | |
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 | $ (1,533) | |
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 | $ (1,265) | |
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 | $ (1,767) | |
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 | $ (1,329) | |
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 | $ (3,125) | |
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 | $ (2,134) | |
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 | $ (2,382) | |
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 | $ (1,556) | |
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 | $ (715) | |
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 | $ (3,565) | |
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 | $ (615) | |
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 | $ (1,037) | |
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 | $ (1,975) | |
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 | $ (1,469) | |
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 | $ (1,556) | |
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 | $ (1,777) | |
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 | $ (3,913) | |
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 | $ (3,930) | |
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 | $ (3,339) | |
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 | $ (4,455) | |
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 | $ (3,939) | |
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 | 1,376 | |
Land, gross amount | 2,639 | |
Buildings, equipment & improvement, gross amount | 12,981 | |
Fair value of Concord resort land received | 15,620 | |
Accumulated depreciation | $ (3,599) | |
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 | $ (1,266) | |
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 | 107 | |
Land, gross amount | 3,160 | |
Buildings, equipment & improvement, gross amount | 5,749 | |
Fair value of Concord resort land received | 8,909 | |
Accumulated depreciation | $ (1,684) | |
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 | $ (2,106) | |
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 | $ (1,266) | |
Depreciation life | 40 years | |
Dallas TX Megaplex [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,146 | |
Additions (dispositions) (impairments) subsequent to acquisition | (12,146) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 0 | |
Accumulated depreciation | 0 | |
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 | $ (3,119) | |
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 | $ (1,500) | |
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 | $ (2,159) | |
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 | $ (1,902) | |
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 | 95 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,941 | |
Fair value of Concord resort land received | 10,941 | |
Accumulated depreciation | $ (2,474) | |
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 | 1,438 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 14,166 | |
Fair value of Concord resort land received | 14,166 | |
Accumulated depreciation | $ (3,000) | |
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 | $ (377) | |
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 | $ (2,191) | |
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 | $ (8,252) | |
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 | $ (5,397) | |
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 | $ (2,260) | |
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 | $ (396) | |
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 | $ (534) | |
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 | $ (2,879) | |
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 | $ (2,358) | |
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 | $ (3,348) | |
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 | $ (4,406) | |
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 | $ (1,592) | |
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 | $ (2,010) | |
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 | $ (2,330) | |
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 | $ (1,670) | |
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 | $ (3,841) | |
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 | (3,712) | |
Land, gross amount | 6,949 | |
Buildings, equipment & improvement, gross amount | 188 | |
Fair value of Concord resort land received | 7,137 | |
Accumulated depreciation | $ (147) | |
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 | $ (1,269) | |
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 | $ (1,358) | |
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 | $ (6,685) | |
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 | $ (1,515) | |
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 | $ (4,287) | |
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 | $ (1,380) | |
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 | $ (1,221) | |
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 | $ (1,431) | |
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 | $ (6,966) | |
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 | $ (4,602) | |
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 | $ (3,841) | |
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 | $ (5,806) | |
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 | 4,245 | |
Land, gross amount | 2,784 | |
Buildings, equipment & improvement, gross amount | 12,279 | |
Fair value of Concord resort land received | 15,063 | |
Accumulated depreciation | $ (2,403) | |
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 | $ (1,666) | |
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 | $ (2,839) | |
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 | $ (1,304) | |
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 | $ (2,480) | |
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 | (6,312) | |
Land, gross amount | 67 | |
Buildings, equipment & improvement, gross amount | 1,423 | |
Fair value of Concord resort land received | 1,490 | |
Accumulated depreciation | $ 0 | |
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 | $ (5,937) | |
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 | $ (5,444) | |
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 | $ (3,912) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,060 | |
Buildings, equipment & improvement, initial cost | 21,072 | |
Additions (dispositions) (impairments) subsequent to acquisition | 374 | |
Land, gross amount | 5,060 | |
Buildings, equipment & improvement, gross amount | 21,446 | |
Fair value of Concord resort land received | 26,506 | |
Accumulated depreciation | $ (5,217) | |
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 | $ (1,518) | |
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 | $ (977) | |
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 | $ (3,270) | |
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 | (2,449) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,030 | |
Fair value of Concord resort land received | 10,030 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 25 years | |
Beaumont, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,421 | |
Buildings, equipment & improvement, initial cost | 12,026 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,421 | |
Buildings, equipment & improvement, gross amount | 12,026 | |
Fair value of Concord resort land received | 14,447 | |
Accumulated depreciation | $ (573) | |
Depreciation life | 40 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 | $ (1,363) | |
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 | $ (1,408) | |
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 | $ (2,827) | |
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 | $ (1,807) | |
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 | 904 | |
Land, gross amount | 1,938 | |
Buildings, equipment & improvement, gross amount | 11,458 | |
Fair value of Concord resort land received | 13,396 | |
Accumulated depreciation | $ (2,172) | |
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 | $ (3,568) | |
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 | $ (2,616) | |
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 | $ (1,729) | |
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 | $ (1,860) | |
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 | $ (1,774) | |
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 | $ (2,431) | |
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 | $ (370) | |
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 | $ (1,835) | |
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 | $ (1,375) | |
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 | $ (1,356) | |
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 | $ (1,577) | |
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 | $ (1,356) | |
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 | $ (1,373) | |
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 | $ (1,467) | |
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 | $ (1,043) | |
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 | $ (663) | |
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 | $ (825) | |
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 | $ (819) | |
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 | (141) | |
Land, gross amount | 946 | |
Buildings, equipment & improvement, gross amount | 11,844 | |
Fair value of Concord resort land received | 12,790 | |
Accumulated depreciation | $ (1,393) | |
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 | $ (1,881) | |
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 | $ (2,740) | |
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 | $ (881) | |
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 | 202 | |
Land, gross amount | 1,912 | |
Buildings, equipment & improvement, gross amount | 3,255 | |
Fair value of Concord resort land received | 5,167 | |
Accumulated depreciation | $ (550) | |
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 | $ (1,885) | |
Depreciation life | 25 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,055 | |
Buildings, equipment & improvement, initial cost | 29,914 | |
Additions (dispositions) (impairments) subsequent to acquisition | 25,132 | |
Land, gross amount | 10,848 | |
Buildings, equipment & improvement, gross amount | 56,253 | |
Fair value of Concord resort land received | 67,101 | |
Accumulated depreciation | $ (31,747) | |
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 | 14,357 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 112,053 | |
Fair value of Concord resort land received | 118,153 | |
Accumulated depreciation | $ (54,432) | |
Depreciation life | 40 years | |
Kanata, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,044 | |
Buildings, equipment & improvement, initial cost | 36,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 29,943 | |
Land, gross amount | 9,303 | |
Buildings, equipment & improvement, gross amount | 67,314 | |
Fair value of Concord resort land received | 76,617 | |
Accumulated depreciation | $ (29,479) | |
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 | 20,969 | |
Land, gross amount | 11,231 | |
Buildings, equipment & improvement, gross amount | 36,552 | |
Fair value of Concord resort land received | 47,783 | |
Accumulated depreciation | $ (14,706) | |
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 | 13,892 | |
Land, gross amount | 9,303 | |
Buildings, equipment & improvement, gross amount | 38,279 | |
Fair value of Concord resort land received | 47,582 | |
Accumulated depreciation | $ (16,426) | |
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 | 30,921 | |
Land, gross amount | 12,139 | |
Buildings, equipment & improvement, gross amount | 50,944 | |
Fair value of Concord resort land received | 63,083 | |
Accumulated depreciation | $ (20,765) | |
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 | 12,852 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 47,868 | |
Fair value of Concord resort land received | 64,452 | |
Accumulated depreciation | $ (19,338) | |
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 | $ (2,115) | |
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 | $ (4,105) | |
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 | $ (4,178) | |
Depreciation life | 30 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 | $ (3,758) | |
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 | $ (1,129) | |
Depreciation life | 40 years | |
Oakbrook, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 536 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,604 | |
Fair value of Concord resort land received | 8,604 | |
Accumulated depreciation | $ (2,164) | |
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 | $ (3,383) | |
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 | $ (3,021) | |
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 | (19) | |
Land, gross amount | 5,589 | |
Buildings, equipment & improvement, gross amount | 16,616 | |
Fair value of Concord resort land received | 22,205 | |
Accumulated depreciation | $ (3,531) | |
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 | $ (3,600) | |
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 | $ (3,147) | |
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 | $ (4,466) | |
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 | $ (3,137) | |
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 | $ (3,230) | |
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 | $ (3,173) | |
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 | $ (3,243) | |
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 | $ (3,572) | |
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 | $ (3,206) | |
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 | $ (3,103) | |
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 | $ (3,596) | |
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 | $ (3,032) | |
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 | 799 | |
Land, gross amount | 5,210 | |
Buildings, equipment & improvement, gross amount | 18,952 | |
Fair value of Concord resort land received | 24,162 | |
Accumulated depreciation | $ (3,376) | |
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 | $ (3,324) | |
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 | $ (3,632) | |
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 | $ (3,210) | |
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 | $ (3,470) | |
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 | $ (3,667) | |
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 | $ (3,333) | |
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 | $ (2,664) | |
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 | $ (3,048) | |
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 | $ (2,137) | |
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 | $ (2,484) | |
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 | $ (3,696) | |
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 | $ (1,320) | |
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 | $ (1,689) | |
Depreciation life | 40 years | |
Huntsville, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 53 | |
Buildings, equipment & improvement, initial cost | 17,595 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,938) | |
Land, gross amount | 53 | |
Buildings, equipment & improvement, gross amount | 15,657 | |
Fair value of Concord resort land received | 15,710 | |
Accumulated depreciation | $ (2,383) | |
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 | $ (2,655) | |
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 | $ (2,483) | |
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 | $ (2,829) | |
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 | $ (2,688) | |
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 | $ (2,475) | |
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 | $ (2,199) | |
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 | 232 | |
Land, gross amount | 3,431 | |
Buildings, equipment & improvement, gross amount | 18,258 | |
Fair value of Concord resort land received | 21,689 | |
Accumulated depreciation | $ (1,351) | |
Depreciation life | 40 years | |
Gwinnett, GA Eat Play | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,318 | |
Buildings, equipment & improvement, initial cost | 17,873 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,318 | |
Buildings, equipment & improvement, gross amount | 17,873 | |
Fair value of Concord resort land received | 21,191 | |
Accumulated depreciation | $ (1,131) | |
Depreciation life | 40 years | |
San Jose, CA Eat Play | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 26,752 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 26,752 | |
Fair value of Concord resort land received | 26,752 | |
Accumulated depreciation | $ (1,489) | |
Depreciation life | 40 years | |
Ontario, CA Eat Play | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 34,943 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 34,943 | |
Fair value of Concord resort land received | 34,943 | |
Accumulated depreciation | $ (1,070) | |
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 | $ (5,870) | |
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 | $ (19,883) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 56,005 | |
Buildings, equipment & improvement, initial cost | 106,644 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 56,005 | |
Buildings, equipment & improvement, gross amount | 106,644 | |
Fair value of Concord resort land received | 162,649 | |
Accumulated depreciation | $ (30,543) | |
Depreciation life | 40 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 | (5,165) | |
Land, gross amount | 34,897 | |
Buildings, equipment & improvement, gross amount | 223,297 | |
Fair value of Concord resort land received | 258,194 | |
Accumulated depreciation | $ (40,435) | |
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 | $ (22,564) | |
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 | $ (1,226) | |
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 | $ (1,354) | |
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 | $ (12,063) | |
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 | $ (4,187) | |
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 | $ (1,154) | |
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 | $ (7,020) | |
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 | $ (4,416) | |
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 | $ (7,620) | |
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 | $ (5,997) | |
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 | $ (2,314) | |
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 | $ (490) | |
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 | 305 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,922 | |
Fair value of Concord resort land received | 7,922 | |
Accumulated depreciation | $ (3,828) | |
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 | 1,188 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 6,789 | |
Fair value of Concord resort land received | 6,789 | |
Accumulated depreciation | $ (2,661) | |
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 | $ (7,543) | |
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 | $ (3,814) | |
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 | $ (1,540) | |
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 | $ (1,863) | |
Depreciation life | 30 years | |
Valcartier, QC Attraction | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,906 | |
Buildings, equipment & improvement, initial cost | 81,534 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,906 | |
Buildings, equipment & improvement, gross amount | 81,534 | |
Fair value of Concord resort land received | 87,440 | |
Accumulated depreciation | $ (2,262) | |
Depreciation life | 31 years | |
Ottawa, ON Attraction | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 13,482 | |
Buildings, equipment & improvement, initial cost | 32,357 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 13,482 | |
Buildings, equipment & improvement, gross amount | 32,357 | |
Fair value of Concord resort land received | 45,839 | |
Accumulated depreciation | $ (1,153) | |
Depreciation life | 20 years | |
Pigeon Forge, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,697 | |
Buildings, equipment & improvement, initial cost | 14,100 | |
Additions (dispositions) (impairments) subsequent to acquisition | 16,869 | |
Land, gross amount | 8,604 | |
Buildings, equipment & improvement, gross amount | 28,062 | |
Fair value of Concord resort land received | 36,666 | |
Accumulated depreciation | $ (1,363) | |
Depreciation life | 15 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 | $ (3,235) | |
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 | $ (1,231) | |
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 | $ (1,076) | |
Depreciation life | 30 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 | 2,339 | |
Land, gross amount | 9,791 | |
Buildings, equipment & improvement, gross amount | 17,974 | |
Fair value of Concord resort land received | 27,765 | |
Accumulated depreciation | $ (3,435) | |
Depreciation life | 30 years | |
Chicago, IL Fitness Wellness | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,501 | |
Buildings, equipment & improvement, initial cost | 13,461 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,501 | |
Buildings, equipment & improvement, gross amount | 13,461 | |
Fair value of Concord resort land received | 17,962 | |
Accumulated depreciation | $ (373) | |
Depreciation life | 40 years | |
Kiamesha Lake, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 155,658 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 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 | $ (1,842) | |
Depreciation life | 50 years | |
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 | $ (5,952) | |
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 | $ (796) | |
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 | $ (1,023) | |
Depreciation life | 40 years | |
Lake Pleasant, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 986 | |
Buildings, equipment & improvement, initial cost | 3,524 | |
Additions (dispositions) (impairments) subsequent to acquisition | 902 | |
Land, gross amount | 986 | |
Buildings, equipment & improvement, gross amount | 4,426 | |
Fair value of Concord resort land received | 5,412 | |
Accumulated depreciation | $ (1,339) | |
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 | $ (2,383) | |
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 | $ (3,061) | |
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 | $ (3,153) | |
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 | $ (2,913) | |
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 | (2,705) | |
Land, gross amount | 828 | |
Buildings, equipment & improvement, gross amount | 4,173 | |
Fair value of Concord resort land received | 5,001 | |
Accumulated depreciation | $ 0 | |
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 | $ (2,925) | |
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 | $ (2,731) | |
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 | $ (3,003) | |
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 | (6,116) | |
Land, gross amount | 841 | |
Buildings, equipment & improvement, gross amount | 4,969 | |
Fair value of Concord resort land received | 5,810 | |
Accumulated depreciation | $ 0 | |
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 | $ (905) | |
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 | (5,700) | |
Land, gross amount | 814 | |
Buildings, equipment & improvement, gross amount | 5,506 | |
Fair value of Concord resort land received | 6,320 | |
Accumulated depreciation | $ 0 | |
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 | $ (3,886) | |
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 | (12,017) | |
Land, gross amount | 876 | |
Buildings, equipment & improvement, gross amount | 4,144 | |
Fair value of Concord resort land received | 5,020 | |
Accumulated depreciation | $ 0 | |
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 | $ (3,047) | |
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 | $ (3,159) | |
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 | $ (3,479) | |
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 | $ (4,058) | |
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 | $ (3,071) | |
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 | 700 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,844 | |
Fair value of Concord resort land received | 15,070 | |
Accumulated depreciation | $ (2,792) | |
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 | $ (3,402) | |
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 | $ (2,874) | |
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 | $ (326) | |
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 | $ (215) | |
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 | $ (756) | |
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 | $ (986) | |
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 | $ (989) | |
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 | $ (416) | |
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 | $ (762) | |
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 | $ (903) | |
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 | $ (169) | |
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 | $ (393) | |
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 | $ (320) | |
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 | $ (329) | |
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 | $ (482) | |
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 | $ (598) | |
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 | $ (444) | |
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 | $ (639) | |
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 | $ (627) | |
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 | $ (435) | |
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 | $ (235) | |
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 | $ (906) | |
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 | $ (525) | |
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 | $ (295) | |
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 | $ (909) | |
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 | $ (537) | |
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 | $ (550) | |
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 | $ (305) | |
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 | $ (762) | |
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 | $ (502) | |
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 | $ (364) | |
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 | $ (918) | |
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 | $ (336) | |
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 | $ (333) | |
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 | $ (1,127) | |
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 | $ (550) | |
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 | $ (98) | |
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 | $ (637) | |
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 | $ (576) | |
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 | $ (521) | |
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 | $ (529) | |
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 | $ (316) | |
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 | $ (552) | |
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 | $ (8,772) | |
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 | $ (1,155) | |
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 | $ (845) | |
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 | $ (1,129) | |
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 | $ (886) | |
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 | $ (1,456) | |
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 | $ (396) | |
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 | $ (229) | |
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 | $ (1,660) | |
Depreciation life | 35 years | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 76,029 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 76,029 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 76,029 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 20,168 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 20,168 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 20,168 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 2,816,234 | |
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, 2022 USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |
Balance at beginning of the year | $ 5,943,355 |
Acquistion and development of rental properties during the year | 223,514 |
Balance at close of year | 6,112,973 |
Other Deductions during the year | (42,878) |
Depreciation during the year | 153,242 |
Disposition of rental properties during the year | (839) |
Impairment of real estate investments during the year | 17,497 |
Balance at close of year | 1,302,640 |
Balance at beginning of the year | 1,167,734 |
Disposition of rental properties during the year | $ (11,018) |
Uncategorized Items - epr-20221
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 531,440,000 |