Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CNL LIFESTYLE PROPERTIES INC | |
Entity Central Index Key | 1,261,159 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 325,182,969 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF NET ASSETS $ in Thousands | Sep. 30, 2017USD ($) |
LIABILITIES | |
Liability for estimated costs during liquidation | $ 5,308 |
Liquidation Basis | |
ASSETS | |
Cash | 67,968 |
Other assets | 1,852 |
Total Assets | 69,820 |
LIABILITIES | |
Liability for estimated costs during liquidation | 5,308 |
Accounts payable and accrued expenses | 3,131 |
Income tax liabilities | 9,168 |
Due to affiliates | 249 |
Total Liabilities | 17,856 |
Net Assets in Liquidation | $ 51,964 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET $ in Thousands | Dec. 31, 2016USD ($) |
ASSETS | |
Real estate investment properties, net (including $55,941 related to consolidated variable interest entities) | $ 678,041 |
Cash | 56,816 |
Deferred rent and lease incentives | 32,931 |
Restricted cash | 23,701 |
Other assets | 15,363 |
Intangibles, net | 15,880 |
Accounts and other receivables, net | 19,690 |
Total Assets | 842,422 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
Mortgages and other notes payable (including $18,628 related to non-recourse debt of consolidated variable interest entities) | 146,251 |
Other liabilities | 24,352 |
Accounts payable and accrued expenses | 12,591 |
Income tax liabilities | 8,424 |
Due to affiliates | 475 |
Total Liabilities | 192,093 |
Commitments and contingencies | |
Stockholders’ equity: | |
Preferred stock, $.01 par value per share 200 million shares authorized and unissued | 0 |
Excess shares, $.01 par value per share 120 million shares authorized and unissued | 0 |
Common stock, $.01 par value per share | |
One billion shares authorized; 349,084 shares issued and 325,183 shares outstanding | 3,252 |
Capital in excess of par value | 2,863,833 |
Accumulated deficit | (298,288) |
Accumulated distributions | (1,910,445) |
Accumulated other comprehensive loss | (8,023) |
Total Stockholders’ Equity | 650,329 |
Total Liabilities and Stockholders’ Equity | $ 842,422 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) $ in Thousands | Dec. 31, 2016USD ($)$ / sharesshares |
ASSETS | |
Real estate investment properties, net | $ | $ 678,041 |
LIABILITIES | |
Mortgages and other notes payable | $ | $ 146,251 |
Stockholders’ equity: | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000,000 |
Preferred stock, shares unissued (in shares) | 200,000,000 |
Excess shares, par value (in dollars per share) | $ / shares | $ 0.01 |
Excess shares, shares authorized (in shares) | 120,000,000 |
Excess shares, shares unissued (in shares) | 120,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 |
Common stock, shares issued (in shares) | 349,084,000 |
Common stock, shares outstanding (in shares) | 325,183,000 |
Variable interest entities | |
ASSETS | |
Real estate investment properties, net | $ | $ 55,941 |
LIABILITIES | |
Mortgages and other notes payable | $ | $ 18,628 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Changes in net assets in liquidation: | |
Liquidating distributions to stockholders | $ (705,214) |
Liquidation Basis | |
Increase (Decrease) In Net Assets In Liquidation [Roll Forward] | |
Net assets in liquidation, March 31, 2017 | 753,635 |
Changes in net assets in liquidation: | |
Remeasurement of liabilities | 3,543 |
Net assets in liquidation, September 30, 2017 | $ 51,964 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2016 | |
Revenues: | |||
Rental income from operating leases | $ 40,985 | $ 33,669 | $ 105,645 |
Property operating revenues | 2,337 | 62,713 | 96,074 |
Total revenues | 43,322 | 96,382 | 201,719 |
Expenses: | |||
Property operating expenses | 10,500 | 33,389 | 72,032 |
Asset management fees to advisor | 2,763 | 3,003 | 9,069 |
General and administrative | 4,517 | 2,889 | 10,770 |
Ground lease and permit fees | 4,018 | 2,315 | 8,668 |
Other operating expenses | 4,608 | 4,054 | 10,058 |
Bad debt recovery | 0 | (227) | (18) |
Impairment provision | 0 | 8,142 | 8,142 |
Depreciation and amortization | 16,750 | 16,237 | 49,694 |
Total expenses | 43,156 | 69,802 | 168,415 |
Operating income | 166 | 26,580 | 33,304 |
Other income (expense): | |||
Interest and other income | 437 | (83) | 978 |
Interest expense and loan cost amortization | (2,219) | (2,701) | (8,436) |
Loss on extinguishment of debt | 0 | (25) | (25) |
Equity in earnings of unconsolidated entity | 0 | 0 | 1,290 |
Gain on purchase of controlling interest of investment in unconsolidated entity | 0 | 0 | 30,025 |
Total other income (expense) | (1,782) | (2,809) | 23,832 |
Income tax provision | 0 | (3,070) | (3,070) |
(Loss) income from continuing operations | (1,616) | 20,701 | 54,066 |
Income from discontinued operations | 0 | 0 | 9,441 |
Net (loss) income before gain on sale of real estate | (1,616) | 20,701 | 63,507 |
Gain on sale of real estate | 0 | 0 | 911 |
Net (loss) income | $ (1,616) | $ 20,701 | $ 64,418 |
Net (loss) income per share of common stock (basic and diluted) | |||
Continuing operations (in dollars per share) | $ 0 | $ 0.06 | $ 0.17 |
Discontinued operations (in dollars per share) | 0 | 0 | 0.03 |
Net (loss) income per share (in dollars per share) | $ 0 | $ 0.06 | $ 0.20 |
Weighted average number of shares of common stock outstanding (basic and diluted) (in shares) | 325,183 | 325,183 | 325,183 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (1,616) | $ 20,701 | $ 64,418 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 298 | (761) | 1,094 |
Changes in fair value of cash flow hedges: | |||
Unrealized gain arising during the period | 37 | 84 | 56 |
Total other comprehensive income (loss) | 335 | (677) | 1,150 |
Net comprehensive (loss) income | $ (1,281) | $ 20,024 | $ 65,568 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Distributions | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2015 | 325,183 | |||||
Balance at Dec. 31, 2015 | $ 794,917 | $ 3,252 | $ 2,863,833 | $ (364,236) | $ (1,699,076) | $ (8,856) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 65,948 | 65,948 | ||||
Distributions, declared and paid ($0.6500 per share) | (211,369) | (211,369) | ||||
Foreign currency translation adjustment | 631 | 631 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges | $ 202 | 202 | ||||
Balance (in shares) at Dec. 31, 2016 | 325,183 | 325,183 | ||||
Balance at Dec. 31, 2016 | $ 650,329 | $ 3,252 | 2,863,833 | (298,288) | (1,910,445) | (8,023) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (1,616) | (1,616) | ||||
Foreign currency translation adjustment | 298 | 298 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges | 37 | 37 | ||||
Balance (in shares) at Mar. 31, 2017 | 325,183 | |||||
Balance at Mar. 31, 2017 | $ 649,048 | $ 3,252 | $ 2,863,833 | $ (299,904) | $ (1,910,445) | $ (7,688) |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Declared and paid distributions, per share (in dollars per share) | $ 0.6500 |
CONDENSED CONSOLIDATED STATEM10
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net cash provided by operating activities | $ 37,086 | $ 95,031 |
Investing activities: | ||
Capital expenditures | (9,238) | (21,802) |
Proceeds from sale of real estate | 0 | 50,456 |
Contribution to unconsolidated entity | 0 | (5,839) |
Cash assumed through purchase of controlling interest of investment in unconsolidated entity | 0 | 11,861 |
Proceeds from insurance | 250 | 1,700 |
Changes in restricted cash | 18,863 | 5,816 |
Net cash provided by investing activities | 9,875 | 42,192 |
Financing activities: | ||
Distributions to stockholders | 0 | (48,778) |
Payment of loan costs | (309) | 0 |
Principal payments on mortgage loans | (3,295) | (37,514) |
Principal payments on capital leases | (1,846) | (2,233) |
Net cash used in financing activities | (5,450) | (88,525) |
Effect of exchange rate fluctuations on cash | (15) | (11) |
Net increase in cash | 41,496 | 48,687 |
Cash at beginning of period | 56,816 | 83,544 |
Cash at end of period | $ 98,312 | $ 132,231 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business: CNL Lifestyle Properties, Inc. (the “Company”), was organized in Maryland on August 11, 2003. The Company elected to be taxed as a real estate investment trust (a “REIT”) for federal income tax and believes it has operated as a REIT except as described in Note 3, "Significant Accounting Policies – Income Taxes." The Company generally invested in lifestyle properties in the United States that were primarily leased on a long-term (generally five to 20 years, plus multiple renewal options), triple-net or gross basis to tenants or operators that the Company considered to be industry leading. In the event of certain tenant defaults, the Company engaged third-party managers to operate properties on its behalf until they were re-leased. The Company engaged CNL Lifestyle Advisor Corporation (the “Advisor”) as its advisor, who currently provides management, disposition, advisory and administrative services. In November 2016, the Company entered into a purchase and sale agreement (the "Sale Agreement") with EPR Properties ("EPR") and Ski Resort Holdings, LLC for the sale of its remaining 36 properties for approximately $830.0 million (the "Sale"), which was estimated to be paid in $182.6 million of cash and $647.4 million of common stock of beneficial interest of EPR. At the March 24, 2017 stockholders’ special meeting, the Company's stockholders approved the Sale pursuant to the Sale Agreement and a plan of liquidation and dissolution (the "Plan of Dissolution") providing for the complete liquidation and dissolution of the Company following the closing of the Sale. In connection with obtaining stockholder approval of the Sale and the Plan of Dissolution, the Company adopted the liquidation basis of accounting, as further described in Note 3, "Significant Accounting Policies." The Company completed the Sale in April 2017 and paid an interim liquidating distribution ("Interim Liquidating Distribution") to its stockholders. |
Plan of Dissolution
Plan of Dissolution | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Plan of Dissolution | Plan of Dissolution: The Plan of Dissolution provides for an orderly sale of the Company's assets, payment of the Company's liabilities and other obligations, the winding up of operations, the payment of liquidating distributions to stockholders and dissolution of the Company. The Company is permitted to provide for the payment of any unascertained or contingent liabilities and may do so by purchasing insurance, establishing a reserve fund, transacting with a third party or in other ways. In April 2017, the Company completed the Sale of its 36 remaining properties and made an Interim Liquidating Distribution to stockholders. The Company is in the process of settling obligations by establishing a reserve fund, transacting with a third party or in other ways, and anticipates paying a final liquidating distribution to its stockholders by the end of 2017. The dissolution process and the amount and timing of liquidating distributions to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to stockholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Condensed Consolidated Statement of Net Assets as of September 30, 2017 . The Company expects to continue to qualify as a REIT through dissolution. The Board shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, the Board may elect to terminate the Company's status as a REIT if it determines that such termination would be in the best interest of the stockholders. Net Assets in Liquidation : The Company adopted the Liquidation Basis of Accounting effective March 31, 2017 upon approval by the Company's stockholders of the Company's Plan of Dissolution. The following is a reconciliation of Stockholders' Equity under the Going Concern Basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of March 31, 2017 : Stockholders' Equity as of March 31, 2017 $ 649,048 Increase due to estimated liquidation value of investments in real estate 145,822 Decrease due to adjustment of assets and liabilities to net realizable value (36,300 ) Liability for estimated costs in excess of estimated receipts during liquidation (4,935 ) Adjustment to reflect the change to the liquidation basis of accounting 104,587 Estimated value of net assets in liquidation as of March 31, 2017 $ 753,635 As of September 30, 2017 , net assets in liquidation were approximately $52.0 million . Net assets in liquidation decreased by approximately $701.7 million during the period March 31, 2017 through September 30, 2017, primarily due to an Interim Liquidating Distribution to stockholders declared and paid in April 2017 totaling approximately $705.2 million (consisting of approximately $32.5 million , or $0.10 per share, in cash and 8,851,264 common shares of beneficial interest of EPR valued at approximately $672.7 million or $2.07 per share of Company common stock. This decline was partially offset by an increase in net assets in liquidation due to the remeasurement of the Company's remaining liabilities primarily as a result of revised estimates related to net outflows from investments in real estate and net outflows for corporate expenditures. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation : The Liquidation Basis of Accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Dissolution. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, direct costs incurred to complete the sale of our real estate investment properties, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the Liquidation Basis of Accounting on March 31, 2017 , the Company accrued the following revenues and expenses expected to be incurred during liquidation: Rental income from operating leases $ 1,279 General and administrative expenses (15,509 ) Purchase price adjustments (10,707 ) Appreciation of common stock of beneficial interest of EPR during holding period 25,296 Liquidation transaction costs (5,294 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) 5. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (continued) : The following table reflects the changes in the liability for estimated costs in excess of estimated receipts during liquidation from March 31, 2017 to September 30, 2017 : March 31, 2017 Payments (Receipts) Realized Gain on Appreciation of EPR Stock Remeasurement of Liabilities September 30, 2017 Assets: Estimated net outflows from investments in real estate $ (9,428 ) $ 7,208 $ — $ 2,220 $ — Estimated appreciation of common stock of beneficial interest of EPR during holding period 25,296 — (25,296 ) — — 15,868 7,208 (25,296 ) 2,220 — Liabilities: Liquidation transaction costs (5,294 ) 4,997 — 297 — Corporate expenditures (15,509 ) 9,175 — 1,026 (5,308 ) (20,803 ) 14,172 — 1,323 (5,308 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) $ 21,380 $ (25,296 ) $ 3,543 $ (5,308 ) |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies : Basis of Presentation — As a result of the approval of the Plan of Dissolution by the stockholders in March 2017, the Company's financial position is presented using two different methods. The Company adopted the liquidation basis of accounting ("Liquidation Basis of Accounting") as of March 31, 2017 and for the periods subsequent to March 31, 2017. As a result, a new statement of financial position (Statement of Net Assets) is presented, which represents the estimated amount of proceeds that the Company collected on disposal of assets and obligations it intends to satisfy as it carries out its Plan of Dissolution. All financial results and disclosures through March 31, 2017 prior to the Company's adoption of Liquidation Basis of Accounting, are presented based on a going concern basis ("Going Concern Basis"), which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2016, and the statements of operations and statements of cash flows for the quarter ended March 31, 2017 and the comparative nine months ended September 30, 2016 , are presented on a Going Concern Basis consistent with the Company's Annual Report on Form 10-K for the year ended December 31, 2016 , as further described below. 3. Significant Accounting Policies (Continued) : Basis of Presentation Liquidation Basis of Accounting (Post-Plan of Dissolution) — Effective with the adoption of the Liquidation Basis of Accounting on March 31, 2017 , assets were adjusted to their estimated liquidation value, on an undiscounted basis, which represented the estimated gross amount of proceeds that the Company would collect on disposal of assets in accordance with the terms of the Sale Agreement for its remaining properties. Estimated costs to dispose of assets were presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs that it expects to incur through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs during liquidation on the Condensed Consolidated Statement of Net Assets. Actual costs may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 5, "Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation" for further discussion. Actual costs incurred but unpaid as of September 30, 2017 are included in accounts payable and other accrued expenses, income tax liabilities, and due to affiliates on the Condensed Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. Consolidation and Variable Interest Entities (Pre-Plan of Dissolution) — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements prepared under the Going Concern Basis reflected all normal recurring adjustments, which, in the opinion of management were necessary for the fair statement of the Company’s results for the interim period presented. Amounts as of December 31, 2016 included in the unaudited condensed consolidated financial statements were derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited condensed consolidated financial statements for periods prior to the adoption of the Liquidation Basis of Accounting included the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company had a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company was the primary beneficiary, and the accounts of other subsidiaries over which the Company had a controlling financial interest. All material intercompany accounts and transactions were eliminated in consolidation. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. Under the Liquidation Basis of Accounting, the Company is required to estimate all costs and income that it expects to incur and earn through the end of the liquidation. Actual results could differ from those estimates. Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2004. As a REIT, the Company generally is not subject to federal corporate income taxes provided it distributes at least 100% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT. Subject to compliance with applicable tax law, certain properties were operated using an eligible third-party manager. In those cases, taxable income from those operations may have been subject to federal income tax. During 2016, the Company determined that during 2014, 2015 and 2016 it did not comply with the gross income tests of the federal income tax rules applicable to REITs. The applicable federal income tax rules provide a "savings clause" for REITs that fail to satisfy the REIT gross income tests if such failure is due to reasonable cause and not due to willful neglect and the REIT complies with certain disclosure and filing requirements. A REIT that qualifies for the savings clause will retain its REIT status but may be required to pay a tax under section 857(b)(5) of the Code and related interest. As such, the Company accrued an estimated income tax liability of approximately $8.4 million related to 2015 and none related to 2014 or 2016. See Note 2, "Significant Accounting Policies" in Item 8, "Financial Statements and Supplementary Data" of the Company's Annual Report on Form 10-K for the year ended December 31, 2016 for additional information. 3. Significant Accounting Policies (Continued) : Adopted Accounting Pronouncements — Going Concern Basis (Pre-Plan of Dissolution) — In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties that are under Common Control,” which requires an entity to consider its indirect interests held by related parties that are under common control on a proportionate basis when evaluating whether the entity is a primary beneficiary of a VIE. The ASU was effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company adopted this ASU on January 1, 2017. The adoption of this ASU did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Net Assets in Liquidation
Net Assets in Liquidation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net Assets in Liquidation | Plan of Dissolution: The Plan of Dissolution provides for an orderly sale of the Company's assets, payment of the Company's liabilities and other obligations, the winding up of operations, the payment of liquidating distributions to stockholders and dissolution of the Company. The Company is permitted to provide for the payment of any unascertained or contingent liabilities and may do so by purchasing insurance, establishing a reserve fund, transacting with a third party or in other ways. In April 2017, the Company completed the Sale of its 36 remaining properties and made an Interim Liquidating Distribution to stockholders. The Company is in the process of settling obligations by establishing a reserve fund, transacting with a third party or in other ways, and anticipates paying a final liquidating distribution to its stockholders by the end of 2017. The dissolution process and the amount and timing of liquidating distributions to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to stockholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Condensed Consolidated Statement of Net Assets as of September 30, 2017 . The Company expects to continue to qualify as a REIT through dissolution. The Board shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, the Board may elect to terminate the Company's status as a REIT if it determines that such termination would be in the best interest of the stockholders. Net Assets in Liquidation : The Company adopted the Liquidation Basis of Accounting effective March 31, 2017 upon approval by the Company's stockholders of the Company's Plan of Dissolution. The following is a reconciliation of Stockholders' Equity under the Going Concern Basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of March 31, 2017 : Stockholders' Equity as of March 31, 2017 $ 649,048 Increase due to estimated liquidation value of investments in real estate 145,822 Decrease due to adjustment of assets and liabilities to net realizable value (36,300 ) Liability for estimated costs in excess of estimated receipts during liquidation (4,935 ) Adjustment to reflect the change to the liquidation basis of accounting 104,587 Estimated value of net assets in liquidation as of March 31, 2017 $ 753,635 As of September 30, 2017 , net assets in liquidation were approximately $52.0 million . Net assets in liquidation decreased by approximately $701.7 million during the period March 31, 2017 through September 30, 2017, primarily due to an Interim Liquidating Distribution to stockholders declared and paid in April 2017 totaling approximately $705.2 million (consisting of approximately $32.5 million , or $0.10 per share, in cash and 8,851,264 common shares of beneficial interest of EPR valued at approximately $672.7 million or $2.07 per share of Company common stock. This decline was partially offset by an increase in net assets in liquidation due to the remeasurement of the Company's remaining liabilities primarily as a result of revised estimates related to net outflows from investments in real estate and net outflows for corporate expenditures. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation : The Liquidation Basis of Accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Dissolution. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, direct costs incurred to complete the sale of our real estate investment properties, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the Liquidation Basis of Accounting on March 31, 2017 , the Company accrued the following revenues and expenses expected to be incurred during liquidation: Rental income from operating leases $ 1,279 General and administrative expenses (15,509 ) Purchase price adjustments (10,707 ) Appreciation of common stock of beneficial interest of EPR during holding period 25,296 Liquidation transaction costs (5,294 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) 5. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (continued) : The following table reflects the changes in the liability for estimated costs in excess of estimated receipts during liquidation from March 31, 2017 to September 30, 2017 : March 31, 2017 Payments (Receipts) Realized Gain on Appreciation of EPR Stock Remeasurement of Liabilities September 30, 2017 Assets: Estimated net outflows from investments in real estate $ (9,428 ) $ 7,208 $ — $ 2,220 $ — Estimated appreciation of common stock of beneficial interest of EPR during holding period 25,296 — (25,296 ) — — 15,868 7,208 (25,296 ) 2,220 — Liabilities: Liquidation transaction costs (5,294 ) 4,997 — 297 — Corporate expenditures (15,509 ) 9,175 — 1,026 (5,308 ) (20,803 ) 14,172 — 1,323 (5,308 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) $ 21,380 $ (25,296 ) $ 3,543 $ (5,308 ) |
Liability for Estimated Costs i
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation | Plan of Dissolution: The Plan of Dissolution provides for an orderly sale of the Company's assets, payment of the Company's liabilities and other obligations, the winding up of operations, the payment of liquidating distributions to stockholders and dissolution of the Company. The Company is permitted to provide for the payment of any unascertained or contingent liabilities and may do so by purchasing insurance, establishing a reserve fund, transacting with a third party or in other ways. In April 2017, the Company completed the Sale of its 36 remaining properties and made an Interim Liquidating Distribution to stockholders. The Company is in the process of settling obligations by establishing a reserve fund, transacting with a third party or in other ways, and anticipates paying a final liquidating distribution to its stockholders by the end of 2017. The dissolution process and the amount and timing of liquidating distributions to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will ultimately be distributed to stockholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Condensed Consolidated Statement of Net Assets as of September 30, 2017 . The Company expects to continue to qualify as a REIT through dissolution. The Board shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, the Board may elect to terminate the Company's status as a REIT if it determines that such termination would be in the best interest of the stockholders. Net Assets in Liquidation : The Company adopted the Liquidation Basis of Accounting effective March 31, 2017 upon approval by the Company's stockholders of the Company's Plan of Dissolution. The following is a reconciliation of Stockholders' Equity under the Going Concern Basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of March 31, 2017 : Stockholders' Equity as of March 31, 2017 $ 649,048 Increase due to estimated liquidation value of investments in real estate 145,822 Decrease due to adjustment of assets and liabilities to net realizable value (36,300 ) Liability for estimated costs in excess of estimated receipts during liquidation (4,935 ) Adjustment to reflect the change to the liquidation basis of accounting 104,587 Estimated value of net assets in liquidation as of March 31, 2017 $ 753,635 As of September 30, 2017 , net assets in liquidation were approximately $52.0 million . Net assets in liquidation decreased by approximately $701.7 million during the period March 31, 2017 through September 30, 2017, primarily due to an Interim Liquidating Distribution to stockholders declared and paid in April 2017 totaling approximately $705.2 million (consisting of approximately $32.5 million , or $0.10 per share, in cash and 8,851,264 common shares of beneficial interest of EPR valued at approximately $672.7 million or $2.07 per share of Company common stock. This decline was partially offset by an increase in net assets in liquidation due to the remeasurement of the Company's remaining liabilities primarily as a result of revised estimates related to net outflows from investments in real estate and net outflows for corporate expenditures. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation : The Liquidation Basis of Accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Dissolution. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, direct costs incurred to complete the sale of our real estate investment properties, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. Upon transition to the Liquidation Basis of Accounting on March 31, 2017 , the Company accrued the following revenues and expenses expected to be incurred during liquidation: Rental income from operating leases $ 1,279 General and administrative expenses (15,509 ) Purchase price adjustments (10,707 ) Appreciation of common stock of beneficial interest of EPR during holding period 25,296 Liquidation transaction costs (5,294 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) 5. Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (continued) : The following table reflects the changes in the liability for estimated costs in excess of estimated receipts during liquidation from March 31, 2017 to September 30, 2017 : March 31, 2017 Payments (Receipts) Realized Gain on Appreciation of EPR Stock Remeasurement of Liabilities September 30, 2017 Assets: Estimated net outflows from investments in real estate $ (9,428 ) $ 7,208 $ — $ 2,220 $ — Estimated appreciation of common stock of beneficial interest of EPR during holding period 25,296 — (25,296 ) — — 15,868 7,208 (25,296 ) 2,220 — Liabilities: Liquidation transaction costs (5,294 ) 4,997 — 297 — Corporate expenditures (15,509 ) 9,175 — 1,026 (5,308 ) (20,803 ) 14,172 — 1,323 (5,308 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) $ 21,380 $ (25,296 ) $ 3,543 $ (5,308 ) |
Real Estate Investment Properti
Real Estate Investment Properties | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate Investment Property, Net [Abstract] | |
Real Estate Investment Properties | Real Estate Investment Properties: For the quarter ended March 31, 2017 and the quarter and nine months ended September 30, 2016 , the Company had depreciation and amortization expense of approximately $16.6 million , $16.0 million and $49.2 million , respectively. In April 2017, the Company completed the Sale of its 36 properties and received gross aggregate consideration of approximately $182.6 million in cash and 8,851,264 common shares of beneficial interest of EPR valued at approximately $647.4 million on the date of the Sale, which approximated the liquidation value of the properties as of March 31, 2017. The Company did no t own any properties as of September 30, 2017 . |
Intangibles, net
Intangibles, net | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, net | Intangibles, net: For the quarter ended March 31, 2017, the Company had amortization expense of approximately $0.2 million , as compared to $0.2 million and $0.5 million for the quarter and nine months ended September 30, 2016 , respectively. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness : In January 2017, the Company extended the maturity date on two loans from April 2017 to October 2017. Through the sale of the remaining properties, the Company repaid outstanding indebtedness of approximately $3.4 million in scheduled principal payments under its mortgage loans. All of the Company's indebtedness of approximately $143.2 million was repaid in April 2017 using net sales proceeds from the Sale. As of September 30, 2017 , the Company did not have any mortgages and other notes payable. |
Related Party Arrangements
Related Party Arrangements | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements: During each of the quarters and nine months ended September 30, 2017 and 2016 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Asset management fees (1) $ — $ 3,003 $ 3,685 $ 9,292 Reimbursable expenses: (2) Operating expenses 836 1,111 3,198 3,957 Total fees earned and reimbursable expenses $ 836 $ 4,114 $ 6,883 $ 13,249 FOOTNOTES: (1) Amounts recorded as asset management fees to Advisor include fees related to properties that were classified as assets held for sale that were included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. (2) Amounts representing operating expenses for the quarter ended March 31, 2017 and the quarter and nine months ended September 30, 2016 of approximately $1.1 million , $1.1 million and $4.0 million , respectively, are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Amounts due to affiliates for operating expenses described above were approximately $0.2 million and $0.5 million as of September 30, 2017 and December 31, 2016 , respectively. |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Basis of Presentation Liquidation Basis of Account (Post Plan of Dissolution) | Basis of Presentation — As a result of the approval of the Plan of Dissolution by the stockholders in March 2017, the Company's financial position is presented using two different methods. The Company adopted the liquidation basis of accounting ("Liquidation Basis of Accounting") as of March 31, 2017 and for the periods subsequent to March 31, 2017. As a result, a new statement of financial position (Statement of Net Assets) is presented, which represents the estimated amount of proceeds that the Company collected on disposal of assets and obligations it intends to satisfy as it carries out its Plan of Dissolution. All financial results and disclosures through March 31, 2017 prior to the Company's adoption of Liquidation Basis of Accounting, are presented based on a going concern basis ("Going Concern Basis"), which contemplates the realization of assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2016, and the statements of operations and statements of cash flows for the quarter ended March 31, 2017 and the comparative nine months ended September 30, 2016 , are presented on a Going Concern Basis consistent with the Company's Annual Report on Form 10-K for the year ended December 31, 2016 , as further described below. 3. Significant Accounting Policies (Continued) : Basis of Presentation Liquidation Basis of Accounting (Post-Plan of Dissolution) — Effective with the adoption of the Liquidation Basis of Accounting on March 31, 2017 , assets were adjusted to their estimated liquidation value, on an undiscounted basis, which represented the estimated gross amount of proceeds that the Company would collect on disposal of assets in accordance with the terms of the Sale Agreement for its remaining properties. Estimated costs to dispose of assets were presented separately from the related assets. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The Company accrues costs that it expects to incur through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs during liquidation on the Condensed Consolidated Statement of Net Assets. Actual costs may differ from amounts reflected in the financial statements because of inherent uncertainty in estimating future events. These differences may be material. See Note 5, "Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation" for further discussion. Actual costs incurred but unpaid as of September 30, 2017 are included in accounts payable and other accrued expenses, income tax liabilities, and due to affiliates on the Condensed Consolidated Statement of Net Assets. Net assets in liquidation represents the estimated liquidation value available to stockholders upon liquidation. |
Consolidation and Variable Interest Entities (Pre Plan of Dissolution) | Consolidation and Variable Interest Entities (Pre-Plan of Dissolution) — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements prepared under the Going Concern Basis reflected all normal recurring adjustments, which, in the opinion of management were necessary for the fair statement of the Company’s results for the interim period presented. Amounts as of December 31, 2016 included in the unaudited condensed consolidated financial statements were derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited condensed consolidated financial statements for periods prior to the adoption of the Liquidation Basis of Accounting included the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company had a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company was the primary beneficiary, and the accounts of other subsidiaries over which the Company had a controlling financial interest. All material intercompany accounts and transactions were eliminated in consolidation. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. Under the Liquidation Basis of Accounting, the Company is required to estimate all costs and income that it expects to incur and earn through the end of the liquidation. Actual results could differ from those estimates. |
Income Taxes | Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2004. As a REIT, the Company generally is not subject to federal corporate income taxes provided it distributes at least 100% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT. Subject to compliance with applicable tax law, certain properties were operated using an eligible third-party manager. In those cases, taxable income from those operations may have been subject to federal income tax. |
Adopted Accounting Pronouncements - Going Concern Basis (Pre Plan of Dissolution) | Adopted Accounting Pronouncements — Going Concern Basis (Pre-Plan of Dissolution) — In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties that are under Common Control,” which requires an entity to consider its indirect interests held by related parties that are under common control on a proportionate basis when evaluating whether the entity is a primary beneficiary of a VIE. The ASU was effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company adopted this ASU on January 1, 2017. The adoption of this ASU did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Net Assets in Liquidation (Tabl
Net Assets in Liquidation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation Of Stockholders Equity Under Liquidation Basis Of Accounting | The following is a reconciliation of Stockholders' Equity under the Going Concern Basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of March 31, 2017 : Stockholders' Equity as of March 31, 2017 $ 649,048 Increase due to estimated liquidation value of investments in real estate 145,822 Decrease due to adjustment of assets and liabilities to net realizable value (36,300 ) Liability for estimated costs in excess of estimated receipts during liquidation (4,935 ) Adjustment to reflect the change to the liquidation basis of accounting 104,587 Estimated value of net assets in liquidation as of March 31, 2017 $ 753,635 |
Liability for Estimated Costs22
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Accrued Revenues and Expenses Related To Liquidation Basis Of Accounting | Upon transition to the Liquidation Basis of Accounting on March 31, 2017 , the Company accrued the following revenues and expenses expected to be incurred during liquidation: Rental income from operating leases $ 1,279 General and administrative expenses (15,509 ) Purchase price adjustments (10,707 ) Appreciation of common stock of beneficial interest of EPR during holding period 25,296 Liquidation transaction costs (5,294 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) |
Schedule Of Changes In Liability During Liquidation | The following table reflects the changes in the liability for estimated costs in excess of estimated receipts during liquidation from March 31, 2017 to September 30, 2017 : March 31, 2017 Payments (Receipts) Realized Gain on Appreciation of EPR Stock Remeasurement of Liabilities September 30, 2017 Assets: Estimated net outflows from investments in real estate $ (9,428 ) $ 7,208 $ — $ 2,220 $ — Estimated appreciation of common stock of beneficial interest of EPR during holding period 25,296 — (25,296 ) — — 15,868 7,208 (25,296 ) 2,220 — Liabilities: Liquidation transaction costs (5,294 ) 4,997 — 297 — Corporate expenditures (15,509 ) 9,175 — 1,026 (5,308 ) (20,803 ) 14,172 — 1,323 (5,308 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (4,935 ) $ 21,380 $ (25,296 ) $ 3,543 $ (5,308 ) |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Earned Acquisition Fees and Incurred Reimbursable Expenses | During each of the quarters and nine months ended September 30, 2017 and 2016 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Asset management fees (1) $ — $ 3,003 $ 3,685 $ 9,292 Reimbursable expenses: (2) Operating expenses 836 1,111 3,198 3,957 Total fees earned and reimbursable expenses $ 836 $ 4,114 $ 6,883 $ 13,249 FOOTNOTES: (1) Amounts recorded as asset management fees to Advisor include fees related to properties that were classified as assets held for sale that were included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. (2) Amounts representing operating expenses for the quarter ended March 31, 2017 and the quarter and nine months ended September 30, 2016 of approximately $1.1 million , $1.1 million and $4.0 million , respectively, are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. |
Organization and Nature of Bu24
Organization and Nature of Business - Additional Information (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | |
Apr. 30, 2017USD ($) | Sep. 30, 2017 | Mar. 24, 2017Property | |
Disposal Group, Not Discontinued Operations | |||
Organization And Nature Of Business [Line Items] | |||
Number of properties held-for-sale | Property | 36 | ||
Consideration | $ 830 | ||
Proceeds from sale of properties | 182.6 | ||
Common stock received as consideration | $ 647.4 | ||
Minimum | |||
Organization And Nature Of Business [Line Items] | |||
Long-term lease (in years) | 5 years | ||
Maximum | |||
Organization And Nature Of Business [Line Items] | |||
Long-term lease (in years) | 20 years |
Plan of Dissolution - Additiona
Plan of Dissolution - Additional Information (Details) | 1 Months Ended |
Apr. 30, 2017Property | |
Disposal Group, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties sold | 36 |
Significant Accounting Polici26
Significant Accounting Policies - Additional Information (Details) | Dec. 31, 2016USD ($) |
Income Tax [Line Items] | |
Income tax liabilities | $ 8,424,000 |
2,015 | |
Income Tax [Line Items] | |
Income tax liabilities | 8,400,000 |
2,014 | |
Income Tax [Line Items] | |
Income tax liabilities | 0 |
2,016 | |
Income Tax [Line Items] | |
Income tax liabilities | $ 0 |
Net Assets in Liquidation - Rec
Net Assets in Liquidation - Reconciliation of Stockholders' Equity Under Liquidation (Details) - Liquidation Basis - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Summary of Liquidation [Line Items] | ||
Stockholders' Equity as of March 31, 2017 | $ 649,048 | |
Adjustments to reflect the change to the liquidation basis of accounting | 104,587 | |
Estimated value of net assets in liquidation as of March 31, 2017 | $ 51,964 | 753,635 |
Increase due to estimated liquidation value of investments in real estate | ||
Summary of Liquidation [Line Items] | ||
Adjustments to reflect the change to the liquidation basis of accounting | 145,822 | |
Decrease due to adjustment of assets and liabilities to net realizable value | ||
Summary of Liquidation [Line Items] | ||
Adjustments to reflect the change to the liquidation basis of accounting | (36,300) | |
Liability for estimated costs in excess of estimated receipts during liquidation | ||
Summary of Liquidation [Line Items] | ||
Adjustments to reflect the change to the liquidation basis of accounting | $ (4,935) |
Net Assets in Liquidation - Add
Net Assets in Liquidation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | |
Summary of Liquidation [Line Items] | |||
Liquidating distributions to stockholders | $ 705,214 | ||
Payments for liquidating distributions | $ 32,500 | ||
Liquidating distributions to stockholders (in dollars per share) | $ 0.10 | ||
Disposal Group, Not Discontinued Operations | |||
Summary of Liquidation [Line Items] | |||
Common stock received as consideration (in shares) | 8,851,264 | ||
Equity received from disposal group | $ 672,700 | ||
Equity received from disposal group per share (in dollars per share) | $ 2.07 | ||
Liquidation Basis | |||
Summary of Liquidation [Line Items] | |||
Estimated value of net assets in liquidation as of March 31, 2017 | 51,964 | $ 753,635 | |
Decrease in net assets in liquidation | $ 701,700 | ||
Liquidating distributions to stockholders | $ 705,200 |
Liability for Estimated Costs29
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Accrued Revenues and Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Summary of Liquidation [Line Items] | ||
Liability for estimated costs in excess of estimated receipts during liquidation | $ (5,308) | $ (4,935) |
Liquidation Basis | ||
Summary of Liquidation [Line Items] | ||
Rental income from operating leases | 1,279 | |
General and administrative expenses | (15,509) | |
Purchase price adjustments | (10,707) | |
Appreciation of common stock of beneficial interest of EPR during holding period | 25,296 | |
Liquidation transaction costs | $ (5,294) | |
Liability for estimated costs in excess of estimated receipts during liquidation | $ (5,308) |
Liability for Estimated Costs30
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Changes in Liquidation Liabilities (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | $ (4,935) |
Payments (Receipts) | 21,380 |
Realized Gain on Appreciation of EPR Stock | (25,296) |
Remeasurement of Liabilities | 3,543 |
Ending Balance, September 30, 2017 | (5,308) |
Liquidation Asset Components | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | 15,868 |
Payments (Receipts) | 7,208 |
Realized Gain on Appreciation of EPR Stock | (25,296) |
Remeasurement of Liabilities | 2,220 |
Ending Balance, September 30, 2017 | 0 |
Estimated net outflows from investments in real estate | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | (9,428) |
Payments (Receipts) | 7,208 |
Realized Gain on Appreciation of EPR Stock | 0 |
Remeasurement of Liabilities | 2,220 |
Ending Balance, September 30, 2017 | 0 |
Estimated appreciation of common stock of beneficial interest of EPR during holding period | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | 25,296 |
Payments (Receipts) | 0 |
Realized Gain on Appreciation of EPR Stock | (25,296) |
Remeasurement of Liabilities | 0 |
Ending Balance, September 30, 2017 | 0 |
Liquidation Liability Components | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | (20,803) |
Payments (Receipts) | 14,172 |
Realized Gain on Appreciation of EPR Stock | 0 |
Remeasurement of Liabilities | 1,323 |
Ending Balance, September 30, 2017 | (5,308) |
Liquidation transaction costs | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | (5,294) |
Payments (Receipts) | 4,997 |
Realized Gain on Appreciation of EPR Stock | 0 |
Remeasurement of Liabilities | 297 |
Ending Balance, September 30, 2017 | 0 |
Corporate expenditures | |
Movement In Liquidation Accrual [Roll Forward] | |
Beginning Balance, March 31, 2017 | (15,509) |
Payments (Receipts) | 9,175 |
Realized Gain on Appreciation of EPR Stock | 0 |
Remeasurement of Liabilities | 1,026 |
Ending Balance, September 30, 2017 | $ (5,308) |
Real Estate Investment Proper31
Real Estate Investment Properties - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017USD ($)Propertyshares | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017Property | |
Real Estate Properties [Line Items] | |||||
Depreciation and amortization expenses | $ 16,750 | $ 16,237 | $ 49,694 | ||
Number of properties owned | Property | 0 | ||||
Disposal Group, Not Discontinued Operations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties sold | Property | 36 | ||||
Proceeds from sale of properties | $ 182,600 | ||||
Common stock received as consideration (in shares) | shares | 8,851,264 | ||||
Common stock received as consideration | $ 647,400 | ||||
Continuing Operations | |||||
Real Estate Properties [Line Items] | |||||
Depreciation and amortization expenses | $ 16,600 | $ 16,000 | $ 49,200 |
Intangibles, net - Additional I
Intangibles, net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 0.2 | $ 0.2 | $ 0.5 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017USD ($) | Jan. 31, 2017Loan | Mar. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Principal payments on mortgage loans and senior notes | $ 3,295 | $ 37,514 | |||
Number of mortgage loans with extended maturity dates | Loan | 2 | ||||
Repayment of debt | $ 143,200 | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Principal payments on mortgage loans and senior notes | $ 3,400 |
Related Party Transactions - Ad
Related Party Transactions - Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||||
Asset management fees | $ 0 | $ 3,003 | $ 3,685 | $ 9,292 | ||
Reimbursable expenses: | ||||||
Operating expenses | 836 | 1,111 | 3,198 | 3,957 | ||
Total fees earned and reimbursable expenses | 836 | 4,114 | 6,883 | 13,249 | ||
Due to affiliates | $ 475 | |||||
General and Administrative Expenses | ||||||
Reimbursable expenses: | ||||||
Operating expenses | $ 1,100 | $ 1,100 | $ 4,000 | |||
Operating expenses | ||||||
Reimbursable expenses: | ||||||
Due to affiliates | $ 200 | $ 200 | $ 500 |