XML 66 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investments and Dispositions
9 Months Ended
Sep. 30, 2015
Investments [Abstract]  
Investments
Investments and Dispositions

The Company's investment spending during the nine months ended September 30, 2015 totaled $509.5 million, and included investments in each of its four operating segments.

Entertainment investment spending during the nine months ended September 30, 2015 totaled $82.9 million, and was related primarily to investments in the development or redevelopment of seven megaplex theatres, two family entertainment centers and five entertainment retail centers, as well as the acquisition of three megaplex theatres located in Virginia, Illinois and Florida, each of which is subject to a long-term triple net lease or long-term mortgage agreement.

Education investment spending during the nine months ended September 30, 2015 totaled $219.8 million, and was related primarily to investments in the development or expansion of 27 public charter schools, four private schools, and 26 early childhood education centers, as well as the acquisition of two public charter schools, each of which is subject to a long-term triple net lease or long-term mortgage agreement.
 
Recreation investment spending during the nine months ended September 30, 2015 totaled $198.1 million, and was related primarily to build-to-suit construction of 15 Topgolf golf entertainment facilities, additional improvements at the Company's Kansas City, Kansas water-park, and Camelback Mountain Resort, as well as the acquisition of one ski resort located in Wintergreen, Virginia, each of which is subject to a long-term triple net lease or a long-term mortgage agreement.

On August 1, 2015, per the terms of the mortgage note agreement, the borrower for Camelback Mountain Resort exercised its option to convert the mortgage note agreement to a lease agreement. As a result, the Company recorded the carrying value of its investment into rental property, which approximated the fair value of the property on the conversion date. There was no gain or loss recognized on this transaction. The property is leased pursuant to a triple net lease with a 20-year term.

Other investment spending during the nine months ended September 30, 2015 totaled $8.7 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

On January 27, 2015, the Company completed the sale of a theatre located in Los Angeles, California for net proceeds of $42.7 million and recognized a gain on sale of $23.7 million during the six months ended June 30, 2015. In addition, during the nine months ended September 30, 2015, the Company sold a land parcel adjacent to one of its public charter school investments for net proceeds of $1.1 million and recognized a gain of $0.2 million and sold a land parcel adjacent to one of its megaplex theatre properties for net proceeds of $2.2 million and recognized a loss of $0.1 million.