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Investments and Dispositions
3 Months Ended
Mar. 31, 2012
Investments And Dispositions [Abstract]  
Investments and Dispositions Disclosure [Text Block]
Investments and Dispositions

On January 1, 2012, the Company converted $14.9 million of equity in its unconsolidated joint venture, Atlantic-EPR I, to a secured first mortgage loan of the same amount with Cantera 30 Theatre, L.P, the entity that holds direct title to the underlying theatre investment located in Warrenville, Illinois. The note is secured by the theatre, bears interest at 9.50%, requires monthly interest payments and matures on January 31, 2018.
 


On February 23, 2012, the Company acquired two TopGolf golf and dining facilities for a purchase price of $20.0 million pursuant to a sale-leaseback transaction. The facilities are located in Allen and Dallas, Texas and are leased pursuant to a long-term triple net master lease.

On February 28, 2012, the Company acquired two dining and entertainment facilities from Latitude Global, Inc. The facilities are located in Jacksonville, Florida and Indianapolis, Indiana and were acquired for a purchase price of $13.7 million. As a part of this transaction, the Company has agreed to finance an additional $7.3 million in construction costs for these two facilities. See Note 16 for further discussion.

On February 29, 2012, the Company entered into a secured first mortgage loan agreement for $19.3 million with Basis School, Inc. The loan is secured by a six story building and the underlying land with approximately 40,000 square feet located in Washington D.C., which is expected to be developed into a public charter school. The note bears interest beginning at 8.50% and requires monthly interest payments, and matures on September 1, 2032. The carrying value of the mortgage note at March 31, 2012 was $14.3 million.

During the three months ended March 31, 2012, the Company purchased two public charter school properties for a total investment of $1.3 million. The properties are located in Salt Lake City and Hurricane, Utah and are leased to HighMark. As a part of these transactions, the Company has agreed to finance an additional $8.8 million in redevelopment costs for these properties. See Note 16 for further discussion.

During the three months ended March 31, 2012, the Company advanced $8.9 million under its secured mortgage loan agreement with Peak Resorts, Inc. to provide for additional improvements made to Mount Snow. The carrying value of this mortgage note receivable at March 31, 2012 was $42.6 million. Subsequent to March 31, 2012, the maturity date for this mortgage loan agreement was extended to April 1, 2013 in accordance with a provision in the original loan agreement.