Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2014

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On April 2, 2014, the Company completed the sale of four public charter school properties located in Florida and leased to Imagine for net proceeds of $46.1 million. Accordingly, the Company reduced its investment in a direct financing lease, net, by $45.9 million which included $41.5 million in original acquisition cost. A gain of $0.2 million will be recognized during the three months ended June 30, 2014.

On April 21, 2014, the Company acquired 11 theatre properties for a total purchase price of approximately $117.7 million from a third-party. The theatre properties are located in Georgia, Illinois, Indiana, Kentucky, Missouri, Pennsylvania and Tennessee and contain an aggregate of approximately 139 screens. The theatre properties are leased on a triple net basis under a master lease agreement to a subsidiary of Regal Cinemas, Inc. with the tenant responsible for all taxes, costs and expenses arising from the use or operation of the properties. The remaining initial lease term is approximately 13 years. As a part of this transaction, the Company assumed a mortgage loan of $90.3 million, which will be booked at fair value. Proforma financial information for this acquisition has been omitted as the effects of the acquisition are not material to the consolidated financial statements.