ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 43-1790877 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
909 Walnut Street, Suite 200 Kansas City, Missouri | 64106 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common shares of beneficial interest, par value $.01 per share | New York Stock Exchange | |
5.75% Series C cumulative convertible preferred shares of beneficial interest, par value $.01 per share | New York Stock Exchange | |
9.00% Series E cumulative convertible preferred shares of beneficial interest, par value $.01 per share | New York Stock Exchange | |
5.75% Series G cumulative redeemable preferred shares of beneficial interest, par value $.01 per share | New York Stock Exchange |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ |
• | Global economic uncertainty and disruptions in financial markets; |
• | Reduction in discretionary spending by consumers; |
• | Adverse changes in our credit ratings; |
• | Fluctuations in interest rates; |
• | Defaults in the performance of lease terms by our tenants; |
• | Defaults by our customers and counterparties on their obligations owed to us; |
• | A borrower's bankruptcy or default; |
• | Our ability to renew maturing leases on terms comparable to prior leases and/or our ability to locate substitute lessees for these properties on economically favorable terms; |
• | Risks of operating in the entertainment industry; |
• | Our ability to compete effectively; |
• | Risks associated with a single tenant representing a substantial portion of our lease revenues; |
• | The ability of our public charter school tenants to comply with their charters and continue to receive funding from local, state and federal governments, the approval by applicable governing authorities of substitute operators to assume control of any failed public charter schools and our ability to negotiate the terms of new leases with such substitute tenants on acceptable terms; |
• | The ability of our build-to-suit tenants to achieve sufficient operating results within expected timeframes and therefore have capacity to pay their agreed upon rent; |
• | The ability of our early childhood education tenant, Children's Learning Adventure, to successfully transition our properties to one or more third party operators; |
• | Risks associated with potential criminal proceedings against one of our waterpark mortgagors and certain related parties, which could negatively impact the likelihood of repayment of the related mortgage loans secured by the waterpark and other collateral; |
• | Risks relating to our tenants' exercise of purchase options or borrowers' exercise of prepayment options related to our education properties; |
• | Risks associated with our dependence on third-party managers to operate certain of our recreation anchored lodging properties; |
• | Risks associated with our level of indebtedness; |
• | Risks associated with use of leverage to acquire properties; |
• | Financing arrangements that require lump-sum payments; |
• | Our ability to raise capital; |
• | Covenants in our debt instruments that limit our ability to take certain actions; |
• | The concentration and lack of diversification of our investment portfolio; |
• | Our continued qualification as a real estate investment trust for U.S. federal income tax purposes and related tax matters; |
• | The ability of our subsidiaries to satisfy their obligations; |
• | Financing arrangements that expose us to funding or purchase risks; |
• | Our reliance on a limited number of employees, the loss of which could harm operations; |
• | Risks associated with the employment of personnel by managers of our recreation anchored lodging properties; |
• | Risks associated with security breaches and other disruptions; |
• | Changes in accounting standards that may adversely affect our financial statements; |
• | Fluctuations in the value of real estate income and investments; |
• | Risks relating to real estate ownership, leasing and development, including local conditions such as an oversupply of space or a reduction in demand for real estate in the area, competition from other available space, whether tenants and users such as customers of our tenants consider a property attractive, changes in real estate taxes and other expenses, changes in market rental rates, the timing and costs associated with property improvements and rentals, changes in taxation or zoning laws or other governmental regulation, whether we are able to pass some or all of any increased operating costs through to tenants or other customers, and how well we manage our properties; |
• | Our ability to secure adequate insurance and risk of potential uninsured losses, including from natural disasters; |
• | Risks involved in joint ventures; |
• | Risks in leasing multi-tenant properties; |
• | A failure to comply with the Americans with Disabilities Act or other laws; |
• | Risks of environmental liability; |
• | Risks associated with the relatively illiquid nature of our real estate investments; |
• | Risks with owning assets in foreign countries; |
• | Risks associated with owning, operating or financing properties for which the tenants', mortgagors' or our operations may be impacted by weather conditions and climate change; |
• | Risks associated with the development, redevelopment and expansion of properties and the acquisition of other real estate related companies; |
• | Our ability to pay dividends in cash or at current rates; |
• | Fluctuations in the market prices for our shares; |
• | Certain limits on changes in control imposed under law and by our Declaration of Trust and Bylaws; |
• | Policy changes obtained without the approval of our shareholders; |
• | Equity issuances that could dilute the value of our shares; |
• | Future offerings of debt or equity securities, which may rank senior to our common shares; |
• | Risks associated with changes in foreign exchange rates; and |
• | Changes in laws and regulations, including tax laws and regulations. |
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• | $3.0 billion or 43% related to entertainment properties, which includes megaplex theatres, entertainment retail centers (centers typically anchored by an entertainment component such as a megaplex theatre and containing other entertainment-related or retail properties), family entertainment centers and other retail parcels; |
• | $2.3 billion or 33% related to recreation properties, which includes ski properties, attractions, golf entertainment complexes and other recreation facilities; |
• | $1.4 billion or 21% related to education properties, which consists of investments in public charter schools, early education centers and K-12 private schools; and |
• | $194.9 million or 3% related to other properties, which relates to the Resorts World Catskills (formerly Adelaar) casino and resort project in Sullivan County, New York. |
• | 152 megaplex theatres located in 35 states; |
• | seven entertainment retail centers (which included seven additional megaplex theatres) located in three states, and Canada; |
• | 11 family entertainment centers located in six states; |
• | land parcels leased to restaurant and retail operators adjacent to several of our theatre properties; |
• | $20.0 million in construction in progress primarily for real estate development and redevelopment of megaplex theatres as well as other retail redevelopment projects; and |
• | $4.5 million in undeveloped land inventory. |
• | 12 ski properties located in seven states; |
• | 21 attractions located in 13 states; |
• | 34 golf entertainment complexes located in 19 states; |
• | 13 other recreation properties located in six states; and |
• | $249.9 million in construction in progress primarily for the development of an indoor waterpark hotel at the Resorts World Catskills casino and resort project located in Sullivan County, New York and golf entertainment complexes. |
• | 59 public charter schools located in 19 states; |
• | 69 early education centers located in 21 states; |
• | 15 private schools located in nine states; |
• | $17.6 million in construction in progress for real estate development or expansions of public charter schools and early education centers; and |
• | $9.6 million in undeveloped land inventory. |
Year Option Exercisable | Number of Education Properties | Total Development Cost | Total Potential Termination Fees/Prepayment Penalties in Option Period | |||||||
2019 | 10 | $ | 122,833 | $ | 19,152 | |||||
2020 | 15 | 126,896 | 22,967 | |||||||
2021 | 13 | 131,709 | 22,103 | |||||||
2022 | 4 | 40,160 | 8,915 | |||||||
2023 | — | — | — | |||||||
Thereafter | 4 | 155,888 | 22,746 |
• | Specialty versus commodity real estate |
• | New or emerging generation of real estate as a result of age, technology or change in consumer lifestyle or habits |
• | Underlying activity long-lived |
• | Real estate that supports commercially successful activities |
• | Outlook for business stable or growing |
• | Best-of-class executions that create market-dominant properties |
• | Sustainable customer demand within the category despite a potential change in tenancy |
• | Tenants with a reliable track record of customer service and satisfaction |
• | Initially accretive with escalating yield over time |
• | Rent participation features which allow for participation in financial performance |
• | Scalable depth of opportunity |
• | Strong, stable rent coverage and the potential for cross-default features |
• | First mover advantage and/or dominant player in real estate ownership or financing |
• | Preferred tenant or borrower relationship that provides access to sites and development projects |
• | Data available to assess and monitor performance |
• | limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital |
• | limiting our ability to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service debt; |
• | limiting our ability to compete with other companies who are not as highly leveraged, as we may be less capable of responding to adverse economic and industry conditions; |
• | restricting us from making strategic acquisitions, developing properties or exploiting business opportunities; |
• | restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing our existing and future indebtedness; |
• | exposing us to potential events of default (if not cured or waived) under financial and operating covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition and operating results; |
• | increasing our vulnerability to a downturn in general economic conditions or in pricing of our investments; |
• | negatively impacting our credit ratings; and |
• | limiting our ability to react to changing market conditions in our industry and in our customers’ industries. |
• | we would not be allowed a deduction for dividends paid to shareholders in computing our taxable income and would be subject to federal income tax at regular corporate rates; |
• | we could be subject to increased state and local taxes; |
• | unless we are entitled to relief under statutory provisions, we could not elect to be treated as a REIT for four taxable years following the year in which we were disqualified; and |
• | we could be subject to tax penalties and interest. |
• | our TRSs may not directly or indirectly operate or manage a lodging facility, as defined by the Internal Revenue Code; |
• | the leases to our TRSs must be respected as true leases for federal income tax purposes and not as service contracts, partnerships, joint ventures, financings or other types of arrangements; |
• | the leased properties must constitute qualified lodging facilities (including customary amenities and facilities) under the Internal Revenue Code; |
• | our leased properties must be managed and operated on behalf of the TRSs by independent contractors who are less than 35% affiliated with us and who are actively engaged (or have affiliates so engaged) in the trade |
• | the rental and other terms of the leases must be arm's length. |
• | international, national, regional and local economic conditions; |
• | consequences of any armed conflict involving, or terrorist attack against, the United States or Canada; |
• | the threat of domestic terrorism or pandemic outbreaks, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as megaplex theatres or recreational properties operated by our tenants or recreation anchored lodging properties operated by our managers; |
• | our ability or the ability of our tenants or managers to secure adequate insurance; |
• | natural disasters, such as earthquakes, hurricanes and floods, which could exceed the aggregate limits of insurance coverage; |
• | local conditions such as an oversupply of space or lodging properties or a reduction in demand for real estate in the area; |
• | competition from other available space or, in the case of our recreation anchored lodging properties, competition from other lodging properties or alternative lodging options in our markets; |
• | whether tenants and users such as customers of our tenants consider a property attractive; |
• | the financial condition of our tenants, mortgagors and managers, including the extent of bankruptcies or defaults; |
• | whether we are able to pass some or all of any increased operating costs through to tenants or other customers; |
• | how well we manage our properties or how well the managers of our recreation anchored lodging properties manage those properties; |
• | in the case of our recreation anchored lodging properties, dependence on demand from business and leisure travelers, which may fluctuate and be seasonal; |
• | fluctuations in interest rates; |
• | changes in real estate taxes and other expenses; |
• | changes in market rental rates; |
• | the timing and costs associated with property improvements and rentals; |
• | changes in taxation or zoning laws; |
• | government regulation; |
• | availability of financing on acceptable terms or at all; |
• | potential liability under environmental or other laws or regulations; and |
• | general competitive factors. |
• | the risk that tenants will not perform under their leases or that managers will not perform under their management agreements, reducing our income from such leases or properties under such management; |
• | we may not always be able to lease properties at favorable rates or certain tenants may require significant capital expenditures by us to conform existing properties to their requirements; |
• | we may not always be able to sell a property when we desire to do so at a favorable price; and |
• | changes in tax, zoning or other laws could make properties less attractive or less profitable. |
• | as owner, we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination; |
• | the law may impose clean-up responsibility and liability regardless of whether the owner or operator knew |
• | even if more than one person is responsible for the contamination, each person who shares legal liability under environmental laws may be held responsible for all of the clean-up costs; and |
• | governmental entities and third parties may sue the owner or operator of a contaminated site for damages and costs. |
• | we may not succeed in completing developments or consummating desired acquisitions on time; |
• | we may face competition in pursuing development or acquisition opportunities, which could increase our costs; |
• | we may encounter difficulties and incur substantial expenses in integrating acquired properties into our operations and systems and, in any event, the integration may require a substantial amount of time on the part of both our management and employees and therefore divert their attention from other aspects of our business; |
• | we may undertake developments or acquisitions in new markets or industries where we do not have the same level of market knowledge, which may expose us to unanticipated risks in those markets and industries to which we are unable to effectively respond, such as an inability to attract qualified personnel with knowledge of such markets and industries; |
• | we may incur construction costs in connection with developments, which may be higher than projected, potentially making the project unfeasible or unprofitable; |
• | we may incur unanticipated capital expenditures in order to maintain or improve acquired properties; |
• | we may be unable to obtain zoning, occupancy or other governmental approvals; |
• | we may experience delays in receiving rental payments for developments that are not completed on time; |
• | our developments or acquisitions may not be profitable; |
• | we may need the consent of third parties such as anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld; |
• | we may incur adverse tax consequences if we fail to qualify as a REIT for U.S. federal income tax purposes following an acquisition; |
• | we may be subject to risks associated with providing mortgage financing to third parties in connection with transactions, including any default under such mortgage financing; |
• | we may face litigation or other claims in connection with, or as a result of, acquisitions, including claims from terminated employees, tenants, former stockholders or other third parties; |
• | the market price of our common shares, preferred shares and debt securities may decline, particularly if we do not achieve the perceived benefits of any acquisition as rapidly or to the extent anticipated by securities or industry analysts or if the effect of an acquisition on our financial condition, results of operations and cash flows is not consistent with the expectations of these analysts; |
• | we may issue shares in connection with acquisitions resulting in dilution to our existing shareholders; and |
• | we may assume debt or other liabilities in connection with acquisitions. |
• | a limit on beneficial ownership of our shares, which acts as a defense against a hostile takeover or acquisition of a significant or controlling interest, in addition to preserving our REIT status; |
• | the ability of the Board of Trustees to issue preferred or common shares, to reclassify preferred or common shares, and to increase the amount of our authorized preferred or common shares, without shareholder approval; |
• | limits on the ability of shareholders to remove trustees without cause; |
• | requirements for advance notice of shareholder proposals at shareholder meetings; |
• | provisions of Maryland law restricting business combinations and control share acquisitions not approved by the Board of Trustees and unsolicited takeovers; |
• | provisions of Maryland law protecting corporations (and by extension REITs) against unsolicited takeovers by limiting the duties of the trustees in unsolicited takeover situations; |
• | provisions in Maryland law providing that the trustees are not subject to any higher duty or greater scrutiny than that applied to any other director under Maryland law in transactions relating to the acquisition or potential acquisition of control; |
• | provisions of Maryland law creating a statutory presumption that an act of the trustees satisfies the applicable standards of conduct for trustees under Maryland law; |
• | provisions in loan or joint venture agreements putting the Company in default upon a change in control; and |
• | provisions of our compensation arrangements with our employees calling for severance compensation and vesting of equity compensation upon termination of employment upon a change in control or certain events of the employees' termination of service. |
Number of Properties | Building Gross Square Footage | Percentage Leased | Rental Revenue for the Year Ended December 31, 2018 | % of Company's Rental Revenue | |||||||||||
Entertainment | |||||||||||||||
Megaplex Theatres | 152 | 10,679,882 | $ | 229,413 | 41.2 | % | |||||||||
ERCs/Retail | 7 | 2,071,566 | 61,395 | 11.0 | % | ||||||||||
Other Entertainment | 11 | 690,369 | 10,974 | 2.0 | % | ||||||||||
Total Entertainment | 170 | 13,441,817 | 98.4 | % | 301,782 | 54.2 | % | ||||||||
Recreation | |||||||||||||||
Ski Properties | 5 | 608,255 | 24,981 | 4.5 | % | ||||||||||
Attractions | 18 | 952,527 | 50,973 | 9.2 | % | ||||||||||
Golf Entertainment Complexes | 31 | 1,974,304 | 59,533 | 10.7 | % | ||||||||||
Other Recreation | 10 | 498,995 | 7,335 | 1.3 | % | ||||||||||
Total Recreation | 64 | 4,034,081 | 100 | % | 142,822 | 25.7 | % | ||||||||
Education | |||||||||||||||
Public Charter Schools | 51 | 2,823,965 | 47,905 | 8.6 | % | ||||||||||
Early Childhood Education | 68 | 1,168,962 | 25,064 | 4.5 | % | ||||||||||
Private Schools | 14 | 710,667 | 29,673 | 5.3 | % | ||||||||||
Total Education | 133 | 4,703,594 | 97.8 | % | 102,642 | 18.4 | % | ||||||||
Other | 1 | — | 100 | % | 9,117 | 1.7 | % | ||||||||
Total | 368 | 22,179,492 | 98.6 | % | $ | 556,363 | 100.0 | % |
Megaplex Theatre Portfolio | ||||||||||||||
Year | Number of Properties | Square Footage | Revenue for the Year Ended December 31, 2018 | % of Company's Total Revenue | ||||||||||
2019 | 3 | 303,831 | $ | 6,511 | 1 | % | ||||||||
2020 | 3 | 186,512 | 3,986 | 1 | % | |||||||||
2021 | 9 | 643,849 | 11,106 | 2 | % | |||||||||
2022 | 10 | 822,146 | 20,573 | 3 | % | |||||||||
2023 | 9 | 892,232 | 21,257 | 3 | % | |||||||||
2024 | 14 | 1,133,549 | 28,183 | 4 | % | |||||||||
2025 | 5 | 287,555 | 10,028 | 2 | % | |||||||||
2026 | 8 | 500,648 | 16,354 | 2 | % | |||||||||
2027 | 17 | 992,828 | 24,184 | 4 | % | |||||||||
2028 | 14 | 992,578 | 27,451 | 4 | % | |||||||||
2029 | 10 | 714,593 | 12,486 | 2 | % | |||||||||
2030 | 16 | 1,323,531 | 21,594 | 3 | % | |||||||||
2031 | 14 | 1,025,239 | 22,847 | 3 | % | |||||||||
2032 | 7 | 344,370 | 6,565 | 1 | % | |||||||||
2033 | 9 | 462,822 | 6,708 | 1 | % | |||||||||
2034 | 2 | 111,493 | 1,977 | — | % | |||||||||
2035 | 2 | 51,037 | 2,297 | — | % | |||||||||
2036 | 2 | 103,164 | 2,393 | — | % | |||||||||
2037 | 3 | 310,360 | 7,726 | 1 | % | |||||||||
2038 | 2 | 116,464 | 2,294 | — | % | |||||||||
159 | 11,318,801 | $ | 256,520 | 37 | % |
Recreation Portfolio | ||||||||||||||
Year | Number of Properties | Square Footage | Revenue for the Year Ended December 31, 2018 | % of Company's Total Revenue | ||||||||||
2019 | — | — | $ | — | — | % | ||||||||
2020 | — | — | — | — | % | |||||||||
2021 | — | — | — | — | % | |||||||||
2022 | — | — | — | — | % | |||||||||
2023 | — | — | — | — | % | |||||||||
2024 | — | — | — | — | % | |||||||||
2025 | 1 | — | 1,850 | — | % | |||||||||
2026 | 1 | — | 4,922 | 1 | % | |||||||||
2027 | 2 | 239,547 | 17,715 | 2 | % | |||||||||
2028 | — | — | — | — | % | |||||||||
2029 | 2 | — | 3,068 | — | % | |||||||||
2030 | — | — | — | — | % | |||||||||
2031 | — | — | — | — | % | |||||||||
2032 | 5 | 183,723 | 6,235 | 1 | % | |||||||||
2033 | 2 | 64,100 | 3,726 | 1 | % | |||||||||
2034 | 7 | 399,205 | 11,706 | 2 | % | |||||||||
2035 | 13 | 1,481,200 | 41,380 | 6 | % | |||||||||
2036 | 5 | 263,758 | 10,124 | 1 | % | |||||||||
2037 | 15 | 433,008 | 35,326 | 5 | % | |||||||||
2038 | 7 | 748,340 | 5,824 | 1 | % | |||||||||
Thereafter | 2 | — | 1,008 | — | % | |||||||||
62 | 3,812,881 | $ | 142,884 | 20 | % |
Education Portfolio | ||||||||||||||
Year | Number of Properties | Square Footage | Revenue for the Year Ended December 31, 2018 | % of Company's Total Revenue | ||||||||||
2019 | 22 | 642,042 | $ | 9,394 | 1 | % | ||||||||
2020 | — | — | — | — | % | |||||||||
2021 | — | — | — | — | % | |||||||||
2022 | — | — | — | — | % | |||||||||
2023 | 1 | 26,872 | 313 | — | % | |||||||||
2024 | 1 | 59,024 | 1,216 | — | % | |||||||||
2025 | — | — | — | — | % | |||||||||
2026 | — | — | — | — | % | |||||||||
2027 | 6 | 358,498 | 4,558 | 1 | % | |||||||||
2028 | 1 | 4,950 | 64 | — | % | |||||||||
2029 | — | — | — | — | % | |||||||||
2030 | — | — | — | — | % | |||||||||
2031 | 10 | 209,948 | 3,965 | 1 | % | |||||||||
2032 | 6 | 324,148 | 7,405 | 1 | % | |||||||||
2033 | 5 | 256,388 | 4,151 | 1 | % | |||||||||
2034 | 11 | 714,590 | 23,936 | 3 | % | |||||||||
2035 | 9 | 455,771 | 9,955 | 1 | % | |||||||||
2036 | 10 | 555,335 | 15,348 | 2 | % | |||||||||
2037 | 9 | 281,367 | 6,384 | 1 | % | |||||||||
2038 | 8 | 239,945 | 4,580 | 1 | % | |||||||||
Thereafter | 32 | 472,852 | 13,766 | 2 | % | |||||||||
131 | 4,601,730 | $ | 105,035 | 15 | % |
Location | Building (gross sq. ft) | Rental Revenue for the Year Ended December 31, 2018 | % of Rental Revenue | |||||||
Texas | 3,148,261 | $ | 77,801 | 14.0 | % | |||||
Florida | 1,572,118 | 40,723 | 7.3 | % | ||||||
Ontario, Canada | 1,172,535 | 33,834 | 6.1 | % | ||||||
California | 1,172,423 | 60,115 | 10.8 | % | ||||||
Ohio | 1,097,201 | 15,421 | 2.8 | % | ||||||
Illinois | 1,056,903 | 27,330 | 4.9 | % | ||||||
Virginia | 1,052,528 | 23,824 | 4.3 | % | ||||||
Pennsylvania | 1,002,204 | 24,088 | 4.3 | % | ||||||
North Carolina | 869,989 | 23,782 | 4.3 | % | ||||||
Colorado | 812,554 | 19,176 | 3.4 | % | ||||||
Arizona | 753,503 | 20,301 | 3.6 | % | ||||||
New York | 702,917 | 35,245 | 6.3 | % | ||||||
Michigan | 699,275 | 12,547 | 2.3 | % | ||||||
Georgia | 679,175 | 13,326 | 2.4 | % | ||||||
Louisiana | 661,262 | 14,964 | 2.7 | % | ||||||
Tennessee | 577,629 | 13,167 | 2.4 | % | ||||||
Missouri | 517,613 | 1,970 | 0.4 | % | ||||||
Kansas | 512,002 | 11,798 | 2.1 | % | ||||||
New Jersey | 464,105 | 9,197 | 1.7 | % | ||||||
Indiana | 457,998 | 7,424 | 1.3 | % | ||||||
Alabama | 323,972 | 7,745 | 1.4 | % | ||||||
South Carolina | 316,862 | 5,787 | 1.0 | % | ||||||
Kentucky | 298,196 | 5,474 | 1.0 | % | ||||||
Minnesota | 181,764 | 5,227 | 0.9 | % | ||||||
Idaho | 179,036 | 2,763 | 0.5 | % | ||||||
Maryland | 176,441 | 4,151 | 0.7 | % | ||||||
Connecticut | 171,907 | 3,561 | 0.6 | % | ||||||
Arkansas | 165,219 | 3,834 | 0.7 | % | ||||||
Massachusetts | 165,028 | 1,496 | 0.3 | % | ||||||
Utah | 160,000 | 2,485 | 0.4 | % | ||||||
Mississippi | 116,900 | 3,439 | 0.6 | % | ||||||
Nebraska | 107,402 | 1,836 | 0.3 | % | ||||||
Maine | 107,000 | 1,870 | 0.3 | % | ||||||
New Hampshire | 97,400 | 2,279 | 0.4 | % | ||||||
Iowa | 93,755 | 1,339 | 0.2 | % | ||||||
Nevada | 92,697 | 1,804 | 0.3 | % | ||||||
Oklahoma | 90,737 | 6,374 | 1.2 | % | ||||||
Oregon | 72,546 | 2,434 | 0.4 | % | ||||||
New Mexico | 71,297 | 1,257 | 0.2 | % | ||||||
Washington | 47,004 | 2,330 | 0.5 | % | ||||||
Montana | 44,650 | 992 | 0.3 | % | ||||||
Wisconsin | 22,580 | 377 | 0.1 | % | ||||||
Hawaii | — | 1,476 | 0.3 | % | ||||||
22,084,588 | $ | 556,363 | 100.0 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||
October 1 through October 31, 2018 common stock | — | $ | — | — | $ | — | |||||||||
November 1 through November 30, 2018 common stock | 8,862 | (1) | 70.08 | — | — | ||||||||||
December 1 through December 31, 2018 common stock | — | — | — | — | |||||||||||
Total | 8,862 | $ | 70.08 | — | $ | — | |||||||||
Total Return Analysis | |||||||||||||||||||||||
12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | ||||||||||||||||||
EPR Properties | $ | 100.00 | $ | 124.85 | $ | 134.88 | $ | 174.87 | $ | 168.90 | $ | 176.91 | |||||||||||
MSCI U.S. REIT Index | $ | 100.00 | $ | 130.38 | $ | 133.67 | $ | 145.16 | $ | 152.52 | $ | 145.55 | |||||||||||
Russell 1000 Index | $ | 100.00 | $ | 113.24 | $ | 114.28 | $ | 128.05 | $ | 155.82 | $ | 148.37 |
Operating Statement Data | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Total revenue | $ | 700,731 | $ | 575,991 | $ | 493,242 | $ | 421,017 | $ | 385,051 | |||||||||
Net income attributable to EPR Properties | 266,983 | 262,968 | 224,982 | 194,532 | 179,633 | ||||||||||||||
Preferred dividend requirements | (24,142 | ) | (24,293 | ) | (23,806 | ) | (23,806 | ) | (23,807 | ) | |||||||||
Preferred share redemption costs | — | (4,457 | ) | — | — | — | |||||||||||||
Net income available to common shareholders of EPR Properties | 242,841 | 234,218 | 201,176 | 170,726 | 155,826 | ||||||||||||||
Net income available to common shareholders per common share: | |||||||||||||||||||
Basic | 3.27 | 3.29 | 3.17 | 2.94 | 2.87 | ||||||||||||||
Diluted | 3.27 | 3.29 | 3.17 | 2.93 | 2.86 | ||||||||||||||
Shares used for computation (in thousands): | |||||||||||||||||||
Basic | 74,292 | 71,191 | 63,381 | 58,138 | 54,244 | ||||||||||||||
Diluted | 74,337 | 71,254 | 63,474 | 58,328 | 54,444 | ||||||||||||||
Cash dividends declared per common share | 4.32 | 4.08 | 3.84 | 3.63 | 3.42 | ||||||||||||||
Balance Sheet Data (at period end) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Cash and cash equivalents | 5,872 | 41,917 | 19,335 | 4,283 | 3,336 | ||||||||||||||
Total assets | 6,131,390 | 6,191,493 | 4,865,022 | 4,217,270 | 3,686,275 | ||||||||||||||
Debt | 2,986,054 | 3,028,827 | 2,485,625 | 1,981,920 | 1,629,750 | ||||||||||||||
Total liabilities | 3,266,367 | 3,264,168 | 2,679,121 | 2,143,402 | 1,759,786 | ||||||||||||||
Equity | 2,865,023 | 2,927,325 | 2,185,901 | 2,073,868 | 1,926,489 |
• | Our Entertainment segment included investments in 152 megaplex theatres, seven entertainment retail centers (which included seven additional megaplex theatres) and 11 family entertainment centers. Our portfolio of owned entertainment properties consisted of 13.4 million square feet and was 98% leased, including megaplex theatres that were 100% leased. |
• | Our Recreation segment included investments in 12 ski properties, 21 attractions, 34 golf entertainment complexes and 13 other recreation facilities. Our portfolio of owned recreation properties was 100% leased. |
• | Our Education segment included investments in 59 public charter schools, 69 early education centers and 15 private schools. Our portfolio of owned education properties consisted of 4.7 million square feet and was 98% leased. |
• | Our Other segment consisted primarily of land under ground lease, property under development and land held for development related to the Resorts World Catskills casino and resort project in Sullivan County, New York. |
Year ended December 31, | ||||||||||
2018 | 2017 | Increase | ||||||||
Total revenue (1) | $ | 700.7 | $ | 576.0 | 22 | % | ||||
Net income available to common shareholders per diluted share (2) | 3.27 | 3.29 | (1 | )% | ||||||
FFOAA per diluted share (3) | 6.10 | 5.02 | 22 | % |
For the Year Ended December 31, 2018 | ||||||||||||||||||||||||
Operating Segment | Total Investment Spending | New Development | Re-development | Asset Acquisition | Mortgage Notes or Notes Receivable | Investment in Joint Ventures | ||||||||||||||||||
Entertainment | $ | 87,194 | $ | 31,276 | $ | 33,500 | $ | 22,418 | $ | — | $ | — | ||||||||||||
Recreation | 383,990 | 208,831 | 650 | 94,671 | 11,365 | 68,473 | ||||||||||||||||||
Education | 86,907 | 49,749 | — | 17,691 | 19,467 | — | ||||||||||||||||||
Other | 13,891 | 13,891 | — | — | — | — | ||||||||||||||||||
Total Investment Spending | $ | 571,982 | $ | 303,747 | $ | 34,150 | $ | 134,780 | $ | 30,832 | $ | 68,473 | ||||||||||||
For the Year Ended December 31, 2017 | ||||||||||||||||||||||||
Operating Segment | Total Investment Spending | New Development | Re-development | Asset Acquisition | Mortgage Notes or Notes Receivable | Investment in Joint Ventures | ||||||||||||||||||
Entertainment | $ | 319,665 | $ | 62,521 | $ | 95,520 | $ | 154,144 | $ | 7,480 | $ | — | ||||||||||||
Recreation | 1,006,741 | 189,907 | 1,223 | 542,453 | 273,158 | — | ||||||||||||||||||
Education | 255,127 | 119,047 | — | 38,497 | 97,583 | — | ||||||||||||||||||
Other | 1,079 | 1,079 | — | — | — | — | ||||||||||||||||||
Total Investment Spending | $ | 1,582,612 | $ | 372,554 | $ | 96,743 | $ | 735,094 | $ | 378,221 | $ | — |
Year ended December 31, | |||||||||||||||||||||||||||
Contractual Obligations | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||||||
Long Term Debt Obligations | $ | — | $ | — | $ | — | $ | 380,000 | $ | 675,000 | $ | 1,964,995 | $ | 3,019,995 | |||||||||||||
Interest on Long Term Debt Obligations | 138,524 | 138,908 | 138,908 | 131,522 | 100,588 | 271,005 | 919,455 | ||||||||||||||||||||
Operating Lease Obligation - Corporate Office | 856 | 856 | 884 | 967 | 967 | 2,658 | 7,188 | ||||||||||||||||||||
Operating Ground Lease Obligations (1) | 22,867 | 23,236 | 23,600 | 22,996 | 22,303 | 257,446 | 372,448 | ||||||||||||||||||||
Total | $ | 162,247 | $ | 163,000 | $ | 163,392 | $ | 535,485 | $ | 798,858 | $ | 2,496,104 | $ | 4,319,086 |
• | Common shares outstanding of 74,347,856 multiplied by the last reported sales price of our common shares on the NYSE of $64.03 per share, or $4.8 billion; |
• | Aggregate liquidation value of our Series C convertible preferred shares of $134.9 million; |
• | Aggregate liquidation value of our Series E convertible preferred shares of $86.2 million; |
• | Aggregate liquidation value of our Series G redeemable preferred shares of $150.0 million; and |
• | Net debt of $3.0 billion. |
Year ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
FFO: | |||||||||||
Net income available to common shareholders of EPR Properties | $ | 242,841 | $ | 234,218 | $ | 201,176 | |||||
Gain on sale of real estate (excluding land sale) | (3,037 | ) | (41,942 | ) | (2,819 | ) | |||||
Gain on sale of investment in direct financing leases | (5,514 | ) | — | — | |||||||
Impairment charges | 27,283 | — | — | ||||||||
Impairment of direct financing leases - residual value portion (1) | — | 2,897 | — | ||||||||
Real estate depreciation and amortization | 152,508 | 132,040 | 106,049 | ||||||||
Allocated share of joint venture depreciation | 226 | 218 | 229 | ||||||||
FFO available to common shareholders of EPR Properties | $ | 414,307 | $ | 327,431 | $ | 304,635 | |||||
FFO available to common shareholders of EPR Properties | $ | 414,307 | $ | 327,431 | $ | 304,635 | |||||
Add: Preferred dividends for Series C preferred shares | 7,759 | 7,763 | 7,764 | ||||||||
Add: Preferred dividends for Series E preferred shares | 7,756 | 7,761 | — | ||||||||
Diluted FFO available to common shareholders of EPR Properties | $ | 429,822 | $ | 342,955 | $ | 312,399 | |||||
FFOAA: | |||||||||||
FFO available to common shareholders of EPR Properties | $ | 414,307 | $ | 327,431 | $ | 304,635 | |||||
Costs associated with loan refinancing or payoff | 31,958 | 1,549 | 905 | ||||||||
Transaction costs | 3,698 | 523 | 7,869 | ||||||||
Severance expense | 5,938 | — | — | ||||||||
Litigation settlement expense | 2,090 | — | — | ||||||||
Preferred share redemption costs | — | 4,457 | — | ||||||||
Termination fee included in gain on sale | 1,864 | 20,049 | 2,819 | ||||||||
Impairment of direct financing leases - allowance for lease loss portion (1) | — | 7,298 | — | ||||||||
Gain on early extinguishment of debt | — | (977 | ) | — | |||||||
Gain on sale of land | — | — | (2,496 | ) | |||||||
Gain on insurance recovery (included in other income) | — | (606 | ) | (4,684 | ) | ||||||
Deferred income tax expense (benefit) | 573 | 812 | (1,065 | ) | |||||||
FFOAA available to common shareholders of EPR Properties | $ | 460,428 | $ | 360,536 | $ | 307,983 | |||||
FFOAA available to common shareholders of EPR Properties | $ | 460,428 | $ | 360,536 | $ | 307,983 | |||||
Add: Preferred dividends for Series C preferred shares | 7,759 | 7,763 | 7,764 | ||||||||
Add: Preferred dividends for Series E preferred shares | 7,756 | 7,761 | — | ||||||||
Diluted FFOAA available to common shareholders of EPR Properties | $ | 475,943 | $ | 376,060 | $ | 315,747 | |||||
AFFO: | |||||||||||
FFOAA available to common shareholders of EPR Properties | $ | 460,428 | $ | 360,536 | $ | 307,983 | |||||
Non-real estate depreciation and amortization | 922 | 906 | 1,524 | ||||||||
Deferred financing fees amortization | 5,797 | 6,167 | 4,787 | ||||||||
Share-based compensation expense to management and trustees | 15,111 | 14,142 | 11,164 | ||||||||
Amortization of above/below-market leases, net and tenant allowances | (581 | ) | (107 | ) | 183 | ||||||
Maintenance capital expenditures (2) | (2,101 | ) | (5,523 | ) | (6,214 | ) | |||||
Straight-line rental revenue, net | (10,229 | ) | (4,332 | ) | (17,012 | ) | |||||
Non-cash portion of mortgage and other financing income | (3,043 | ) | (3,080 | ) | (3,769 | ) | |||||
AFFO available to common shareholders of EPR Properties | $ | 466,304 | $ | 368,709 | $ | 298,646 | |||||
FFO per common share attributable to EPR Properties: | |||||||||||
Basic | $ | 5.58 | $ | 4.60 | $ | 4.81 | |||||
Diluted | 5.51 | 4.58 | 4.77 | ||||||||
FFOAA per common share attributable to EPR Properties: | |||||||||||
Basic | $ | 6.20 | $ | 5.06 | $ | 4.86 | |||||
Diluted | 6.10 | 5.02 | 4.82 | ||||||||
Shares used for computation (in thousands): | |||||||||||
Basic | 74,292 | 71,191 | 63,381 | ||||||||
Diluted | 74,337 | 71,254 | 63,474 | ||||||||
Weighted average shares outstanding-diluted EPS | 74,337 | 71,254 | 63,474 | ||||||||
Effect of dilutive Series C preferred shares | 2,114 | 2,068 | 2,032 | ||||||||
Adjusted weighted average shares outstanding - diluted Series C | 76,451 | 73,322 | 65,506 | ||||||||
Effect of dilutive Series E preferred shares | 1,607 | 1,586 | — | ||||||||
Adjusted weighted average shares outstanding - diluted Series C and Series E | 78,058 | 74,908 | 65,506 | ||||||||
Other financial information: | |||||||||||
Dividends per common share | $ | 4.32 | $ | 4.08 | $ | 3.84 |
(1) | Impairment charges recognized during the year ended December 31, 2017 total $10.2 million and related to our investment in direct financing leases, net, consisting of $2.9 million related to the residual value portion and $7.3 million related to the allowance for lease loss portion. See Note 7 to the consolidated financial statements in this Annual Report on Form 10-K for further details. |
(2) | Includes maintenance capital expenditures and certain second-generation tenant improvements and leasing commissions. |
December 31, | |||||||
2018 | 2017 | ||||||
Net Debt: | |||||||
Debt | $ | 2,986,054 | $ | 3,028,827 | |||
Deferred financing costs, net | 33,941 | 32,852 | |||||
Cash and cash equivalents | (5,872 | ) | (41,917 | ) | |||
Net Debt | $ | 3,014,123 | $ | 3,019,762 | |||
Three Months Ended December 31, | |||||||
2018 | 2017 | ||||||
EBITDAre and Adjusted EBITDA: | |||||||
Net income | $ | 54,031 | $ | 65,563 | |||
Interest expense, net | 33,515 | 35,271 | |||||
Income tax expense | 108 | 383 | |||||
Depreciation and amortization | 39,541 | 37,027 | |||||
Gain on sale of real estate | (349 | ) | (13,480 | ) | |||
Impairment charges | 10,735 | — | |||||
Costs associated with loan refinancing or payoff | — | 58 | |||||
Equity in loss from joint ventures | 5 | 14 | |||||
EBITDAre (for the quarter) | $ | 137,586 | $ | 124,836 | |||
EBITDAre | $ | 137,586 | $ | 124,836 | |||
Severance expense | 5,938 | — | |||||
Transaction costs | 1,583 | 135 | |||||
Straight-line rental revenue write-off related to CLA (1) | — | 9,010 | |||||
Bad debt expense related to CLA (2) | — | 6,003 | |||||
Prepayment fees | (7,391 | ) | (834 | ) | |||
Adjusted EBITDA (for the quarter) | $ | 137,716 | $ | 139,150 | |||
Adjusted EBITDA (3) | $ | 550,864 | $ | 556,600 | |||
Net Debt/Adjusted EBITDA Ratio | 5.5 | 5.4 | |||||
(1) Included in rental revenue in the accompanying consolidated statements of income. Rental revenue includes the following: | |||||||
Three Months Ended December 31, | |||||||
2018 | 2017 | ||||||
Minimum rent | $ | 133,258 | $ | 123,208 | |||
Tenant reimbursements | 3,950 | 4,131 | |||||
Percentage rent | 5,005 | 3,108 | |||||
Straight-line rental revenue | 3,216 | 1,925 | |||||
Straight-line rental revenue write-off related to CLA | — | (9,010 | ) | ||||
Other rental revenue | 86 | 84 | |||||
Rental revenue | $ | 145,515 | $ | 123,446 | |||
(2) Included in property operating expense in the accompanying consolidated statements of income. Property operating expense includes the following: | |||||||
Three Months Ended December 31, | |||||||
2018 | 2017 | ||||||
Expenses related to the operations of our retail centers and other specialty properties | $ | 8,397 | $ | 6,649 | |||
Bad debt expense | 493 | 239 | |||||
Bad debt expense related to CLA | — | 6,003 | |||||
Property operating expense | $ | 8,890 | $ | 12,891 | |||
December 31, 2018 | December 31, 2017 | ||||||
Total Investments: | |||||||
Rental properties, net of accumulated depreciation | $ | 5,024,057 | $ | 4,604,231 | |||
Add back accumulated depreciation on rental properties | 883,174 | 741,334 | |||||
Land held for development | 34,177 | 33,692 | |||||
Property under development | 287,546 | 257,629 | |||||
Mortgage notes and related accrued interest receivable | 517,467 | 970,749 | |||||
Investment in direct financing leases, net | 20,558 | 57,903 | |||||
Investment in joint ventures | 34,486 | 5,602 | |||||
Intangible assets, gross(1) | 51,414 | 35,209 | |||||
Notes receivable and related accrued interest receivable, net(1) | 5,445 | 5,083 | |||||
Total investments | $ | 6,858,324 | $ | 6,711,432 | |||
Total investments | $ | 6,858,324 | $ | 6,711,432 | |||
Cash and cash equivalents | 5,872 | 41,917 | |||||
Restricted cash | 12,635 | 17,069 | |||||
Account receivable, net | 98,369 | 93,693 | |||||
Less: accumulated depreciation on rental properties | (883,174 | ) | (741,334 | ) | |||
Less: accumulated amortization on intangible assets | (8,923 | ) | (6,340 | ) | |||
Prepaid expenses and other current assets | 48,287 | 75,056 | |||||
Total assets | $ | 6,131,390 | $ | 6,191,493 | |||
(1) Included in other assets in the accompanying consolidated balance sheet. Other assets includes the following: | |||||||
December 31, 2018 | December 31, 2017 | ||||||
Intangible assets, gross | $ | 51,414 | $ | 35,209 | |||
Less: accumulated amortization on intangible assets | (8,923 | ) | (6,340 | ) | |||
Notes receivable and related accrued interest receivable, net | 5,445 | 5,083 | |||||
Prepaid expenses and other current assets | 48,287 | 75,056 | |||||
Total other assets | $ | 96,223 | $ | 109,008 |
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | Estimated Fair Value | ||||||||||||||||||||||||
December 31, 2018: | |||||||||||||||||||||||||||||||
Fixed rate debt | $ | — | $ | — | $ | — | $ | 350.0 | $ | 625.0 | $ | 1,940.0 | $ | 2,915.0 | $ | 2,908.6 | |||||||||||||||
Average interest rate | — | % | — | % | — | % | 5.75 | % | 3.83 | % | 4.65 | % | 4.60 | % | 4.55 | % | |||||||||||||||
Variable rate debt | $ | — | $ | — | $ | — | $ | 30.0 | $ | 50.0 | $ | 25.0 | $ | 105.0 | $ | 105.0 | |||||||||||||||
Average interest rate (as of December 31, 2018) | — | % | — | % | — | % | 3.50 | % | 3.48 | % | 2.50 | % | 3.25 | % | 3.25 | % | |||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Estimated Fair Value | ||||||||||||||||||||||||
December 31, 2017: | |||||||||||||||||||||||||||||||
Fixed rate debt | $ | 11.7 | $ | — | $ | 250.0 | $ | — | $ | 350.0 | $ | 2,165.0 | $ | 2,776.7 | $ | 2,881.9 | |||||||||||||||
Average interest rate | 6.19 | % | — | % | 7.75 | % | — | % | 5.75 | % | 4.35 | % | 4.84 | % | 3.85 | % | |||||||||||||||
Variable rate debt | $ | — | $ | — | $ | — | $ | — | $ | 210.0 | $ | 75.0 | $ | 285.0 | $ | 285.0 | |||||||||||||||
Average interest rate (as of December 31, 2017) | — | % | — | % | — | % | — | % | 2.49 | % | 2.19 | % | 2.41 | % | 2.41 | % |
Report of Independent Registered Public Accounting Firm | |
Audited Financial Statements | |
Consolidated Balance Sheets | |
Consolidated Statements of Income | |
Consolidated Statements of Comprehensive Income | |
Consolidated Statements of Changes in Equity | |
Consolidated Statements of Cash Flows | |
Notes to Consolidated Financial Statements | |
Financial Statement Schedules | |
Schedule II – Valuation and Qualifying Accounts | |
Schedule III - Real Estate and Accumulated Depreciation |
Kansas City, Missouri |
February 28, 2019 |
EPR PROPERTIES Consolidated Balance Sheets (Dollars in thousands except share data) | |||||||
December 31, | |||||||
2018 | 2017 | ||||||
Assets | |||||||
Rental properties, net of accumulated depreciation of $883,174 and $741,334 at December 31, 2018 and 2017, respectively | $ | 5,024,057 | $ | 4,604,231 | |||
Land held for development | 34,177 | 33,692 | |||||
Property under development | 287,546 | 257,629 | |||||
Mortgage notes and related accrued interest receivable | 517,467 | 970,749 | |||||
Investment in direct financing leases, net | 20,558 | 57,903 | |||||
Investment in joint ventures | 34,486 | 5,602 | |||||
Cash and cash equivalents | 5,872 | 41,917 | |||||
Restricted cash | 12,635 | 17,069 | |||||
Accounts receivable, net | 98,369 | 93,693 | |||||
Other assets | 96,223 | 109,008 | |||||
Total assets | $ | 6,131,390 | $ | 6,191,493 | |||
Liabilities and Equity | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 168,463 | $ | 136,929 | |||
Common dividends payable | 26,765 | 25,203 | |||||
Preferred dividends payable | 6,034 | 4,982 | |||||
Unearned rents and interest | 79,051 | 68,227 | |||||
Debt | 2,986,054 | 3,028,827 | |||||
Total liabilities | 3,266,367 | 3,264,168 | |||||
Equity: | |||||||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 77,226,443 and 76,858,632 shares issued at December 31, 2018 and 2017, respectively | 772 | 769 | |||||
Preferred Shares, $.01 par value; 25,000,000 shares authorized: | |||||||
5,394,050 and 5,399,050 Series C convertible shares issued at December 31, 2018 and 2017; liquidation preference of $134,851,250 | 54 | 54 | |||||
3,447,381 and 3,449,115 Series E convertible shares issued at December 31, 2018 and 2017, respectively; liquidation preference of $86,184,525 | 34 | 34 | |||||
6,000,000 Series G shares issued at December 31, 2018 and 2017; liquidation preference of $150,000,000 | 60 | 60 | |||||
Additional paid-in-capital | 3,504,494 | 3,478,986 | |||||
Treasury shares at cost: 2,878,587 and 2,733,552 common shares at December 31, 2018 and 2017, respectively | (130,728 | ) | (121,591 | ) | |||
Accumulated other comprehensive income | 12,085 | 12,483 | |||||
Distributions in excess of net income | (521,748 | ) | (443,470 | ) | |||
Total equity | $ | 2,865,023 | $ | 2,927,325 | |||
Total liabilities and equity | $ | 6,131,390 | $ | 6,191,493 |
EPR PROPERTIES Consolidated Statements of Income (Dollars in thousands except per share data) | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Rental revenue | $ | 556,363 | $ | 484,203 | $ | 415,184 | |||||
Other income | 2,076 | 3,095 | 9,039 | ||||||||
Mortgage and other financing income | 142,292 | 88,693 | 69,019 | ||||||||
Total revenue | 700,731 | 575,991 | 493,242 | ||||||||
Property operating expense | 30,756 | 31,653 | 22,602 | ||||||||
Other expense | 443 | 242 | 5 | ||||||||
General and administrative expense | 48,889 | 43,383 | 37,543 | ||||||||
Severance expense | 5,938 | — | — | ||||||||
Litigation settlement expense | 2,090 | — | — | ||||||||
Costs associated with loan refinancing or payoff | 31,958 | 1,549 | 905 | ||||||||
Gain on early extinguishment of debt | — | (977 | ) | — | |||||||
Interest expense, net | 135,507 | 133,124 | 97,144 | ||||||||
Transaction costs | 3,698 | 523 | 7,869 | ||||||||
Impairment charges | 27,283 | 10,195 | — | ||||||||
Depreciation and amortization | 153,430 | 132,946 | 107,573 | ||||||||
Income before equity in income from joint ventures and other items | 260,739 | 223,353 | 219,601 | ||||||||
Equity in (loss) income from joint ventures | (22 | ) | 72 | 619 | |||||||
Gain on sale of real estate | 3,037 | 41,942 | 5,315 | ||||||||
Gain on sale of investment in a direct financing lease | 5,514 | — | — | ||||||||
Income before income taxes | 269,268 | 265,367 | 225,535 | ||||||||
Income tax expense | (2,285 | ) | (2,399 | ) | (553 | ) | |||||
Net income | 266,983 | 262,968 | 224,982 | ||||||||
Preferred dividend requirements | (24,142 | ) | (24,293 | ) | (23,806 | ) | |||||
Preferred share redemption costs | — | (4,457 | ) | — | |||||||
Net income available to common shareholders of EPR Properties | $ | 242,841 | $ | 234,218 | $ | 201,176 | |||||
Per share data attributable to EPR Properties common shareholders: | |||||||||||
Basic earnings per share data: | |||||||||||
Net income available to common shareholders | $ | 3.27 | $ | 3.29 | $ | 3.17 | |||||
Diluted earnings per share data: | |||||||||||
Net income available to common shareholders | $ | 3.27 | $ | 3.29 | $ | 3.17 | |||||
Shares used for computation (in thousands): | |||||||||||
Basic | 74,292 | 71,191 | 63,381 | ||||||||
Diluted | 74,337 | 71,254 | 63,474 |
EPR PROPERTIES Consolidated Statements of Comprehensive Income (Dollars in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 266,983 | $ | 262,968 | $ | 224,982 | |||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (16,177 | ) | 12,569 | 5,142 | |||||||
Change in unrealized gain (loss) on derivatives | 15,779 | (7,820 | ) | (3,030 | ) | ||||||
Comprehensive income attributable to EPR Properties | $ | 266,585 | $ | 267,717 | $ | 227,094 |
EPR PROPERTIES Consolidated Statements of Changes in Equity Years Ended December 31, 2018, 2017 and 2016 (Dollars in thousands) | |||||||||||||||||||||||||||||||||
EPR Properties Shareholders’ Equity | |||||||||||||||||||||||||||||||||
Common Stock | Preferred Stock | Additional paid-in capital | Treasury shares | Accumulated other comprehensive income (loss) | Distributions in excess of net income | Total | |||||||||||||||||||||||||||
Shares | Par | Shares | Par | ||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 63,195,182 | $ | 632 | 13,850,000 | $ | 139 | $ | 2,508,445 | $ | (97,328 | ) | $ | 5,622 | $ | (343,642 | ) | $ | 2,073,868 | |||||||||||||||
Restricted share units issued to Trustees | 15,805 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of nonvested shares, net | 300,752 | 3 | — | — | 4,472 | — | — | — | 4,475 | ||||||||||||||||||||||||
Purchase of common shares for vesting | — | — | — | — | — | (4,211 | ) | — | — | (4,211 | ) | ||||||||||||||||||||||
Amortization of nonvested shares and restricted share units | — | — | — | — | 10,255 | — | — | — | 10,255 | ||||||||||||||||||||||||
Share option expense | — | — | — | — | 909 | — | — | — | 909 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | 5,142 | — | 5,142 | ||||||||||||||||||||||||
Change in unrealized gain (loss) on derivatives | — | — | — | — | — | — | (3,030 | ) | — | (3,030 | ) | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 224,982 | 224,982 | ||||||||||||||||||||||||
Issuances of common shares | 2,521,071 | 26 | — | — | 142,822 | — | — | — | 142,848 | ||||||||||||||||||||||||
Conversion of Series C Convertible Preferred shares to common shares | 358 | — | (950 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Stock option exercises, net | 230,319 | 2 | — | — | 10,143 | (11,633 | ) | — | — | (1,488 | ) | ||||||||||||||||||||||
Dividends to common and preferred shareholders | — | — | — | — | — | — | — | (267,849 | ) | (267,849 | ) | ||||||||||||||||||||||
Balance at December 31, 2016 | 66,263,487 | $ | 663 | 13,849,050 | $ | 139 | $ | 2,677,046 | $ | (113,172 | ) | $ | 7,734 | $ | (386,509 | ) | $ | 2,185,901 | |||||||||||||||
Restricted share units issued to Trustees | 19,030 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of nonvested shares, net | 296,914 | 3 | — | — | 5,585 | (90 | ) | — | — | 5,498 | |||||||||||||||||||||||
Purchase of common shares for vesting | — | — | — | — | — | (6,729 | ) | — | — | (6,729 | ) | ||||||||||||||||||||||
Amortization of nonvested shares and restricted share units | — | — | — | — | 13,446 | — | — | — | 13,446 | ||||||||||||||||||||||||
Share option expense | — | — | — | — | 696 | — | — | — | 696 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | 12,569 | — | 12,569 | ||||||||||||||||||||||||
Change in unrealized gain (loss) on derivatives | — | — | — | — | — | — | (7,820 | ) | — | (7,820 | ) | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 262,968 | 262,968 | ||||||||||||||||||||||||
Issuances of common shares | 1,398,280 | 14 | — | — | 99,322 | — | — | — | 99,336 | ||||||||||||||||||||||||
Issuance of common shares for acquisition | 8,851,264 | 89 | — | — | 657,384 | — | — | — | 657,473 | ||||||||||||||||||||||||
Conversion of Series E Convertible Preferred shares to common shares | 404 | — | (885 | ) | (1 | ) | — | — | — | — | (1 | ) | |||||||||||||||||||||
Issuance of Series G Preferred Shares | — | — | 6,000,000 | 60 | 144,430 | — | — | — | 144,490 | ||||||||||||||||||||||||
Redemption of Series F Preferred Shares | — | — | (5,000,000 | ) | (50 | ) | (120,518 | ) | — | — | (4,457 | ) | (125,025 | ) | |||||||||||||||||||
Stock option exercises, net | 29,253 | — | — | — | 1,595 | (1,600 | ) | — | — | (5 | ) | ||||||||||||||||||||||
Dividends to common and preferred shareholders | — | — | — | — | — | — | — | (315,472 | ) | (315,472 | ) | ||||||||||||||||||||||
Balance at December 31, 2017 | 76,858,632 | $ | 769 | 14,848,165 | $ | 148 | $ | 3,478,986 | $ | (121,591 | ) | $ | 12,483 | $ | (443,470 | ) | $ | 2,927,325 | |||||||||||||||
Continued on next page. |
EPR PROPERTIES Consolidated Statements of Changes in Equity Years Ended December 31, 2018, 2017 and 2016 (Dollars in thousands) (continued) | |||||||||||||||||||||||||||||||||
EPR Properties Shareholders’ Equity | |||||||||||||||||||||||||||||||||
Common Stock | Preferred Stock | Additional paid-in capital | Treasury shares | Accumulated other comprehensive income (loss) | Distributions in excess of net income | Total | |||||||||||||||||||||||||||
Shares | Par | Shares | Par | ||||||||||||||||||||||||||||||
Continued from previous page. | |||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 76,858,632 | $ | 769 | 14,848,165 | $ | 148 | $ | 3,478,986 | $ | (121,591 | ) | $ | 12,483 | $ | (443,470 | ) | $ | 2,927,325 | |||||||||||||||
Restricted share units issued to Trustees | 23,571 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of nonvested shares, net | 295,202 | 3 | — | — | 4,588 | (617 | ) | — | — | 3,974 | |||||||||||||||||||||||
Purchase of common shares for vesting | — | — | — | — | — | (7,156 | ) | — | — | (7,156 | ) | ||||||||||||||||||||||
Amortization of nonvested shares and restricted share units | — | — | — | — | 14,826 | — | — | — | 14,826 | ||||||||||||||||||||||||
Share option expense | — | — | — | — | 285 | — | — | — | 285 | ||||||||||||||||||||||||
Share-based compensation included in severance expense | — | — | — | — | 3,218 | — | — | — | 3,218 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | (16,177 | ) | — | (16,177 | ) | ||||||||||||||||||||||
Change in unrealized gain (loss) on derivatives | — | — | — | — | — | — | 15,779 | — | 15,779 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 266,983 | 266,983 | ||||||||||||||||||||||||
Issuances of common shares | 20,553 | — | — | — | 1,286 | — | — | — | 1,286 | ||||||||||||||||||||||||
Conversion of Series E Convertible Preferred shares to common shares | 800 | — | (1,734 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Conversion of Series C Convertible Preferred shares to common shares | 1,964 | — | (5,000 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Stock option exercises, net | 25,721 | — | — | — | 1,305 | (1,364 | ) | — | — | (59 | ) | ||||||||||||||||||||||
Dividends to common and preferred shareholders | — | — | — | — | — | — | — | (345,261 | ) | (345,261 | ) | ||||||||||||||||||||||
Balance at December 31, 2018 | 77,226,443 | $ | 772 | 14,841,431 | $ | 148 | $ | 3,504,494 | $ | (130,728 | ) | $ | 12,085 | $ | (521,748 | ) | $ | 2,865,023 |
EPR PROPERTIES Consolidated Statements of Cash Flows (Dollars in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Operating activities: | |||||||||||
Net income attributable to EPR Properties | $ | 266,983 | $ | 262,968 | $ | 224,982 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on early extinguishment of debt | — | (977 | ) | — | |||||||
Impairment charges | 27,283 | 10,195 | — | ||||||||
Gain on sale of real estate | (3,037 | ) | (41,942 | ) | (5,315 | ) | |||||
Gain on insurance recovery | — | (606 | ) | (4,684 | ) | ||||||
Deferred income tax expense (benefit) | 573 | 812 | (1,065 | ) | |||||||
Non-cash fee income | — | — | (1,588 | ) | |||||||
Gain on sale of investment in a direct financing lease | (5,514 | ) | — | — | |||||||
Costs associated with loan refinancing or payoff | 31,958 | 1,549 | 905 | ||||||||
Equity in loss (income) from joint ventures | 22 | (72 | ) | (619 | ) | ||||||
Distributions from joint ventures | 567 | 442 | 816 | ||||||||
Depreciation and amortization | 153,430 | 132,946 | 107,573 | ||||||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||
Amortization of above/below-market leases and tenant allowances, net | (581 | ) | (107 | ) | 183 | ||||||
Share-based compensation expense to management and trustees | 15,111 | 14,142 | 11,164 | ||||||||
Share-based compensation expense included in severance expense | 3,218 | — | — | ||||||||
(Increase) decrease in mortgage notes accrued interest receivable | (517 | ) | 467 | 572 | |||||||
(Increase) decrease in accounts receivable, net | (22,300 | ) | 8,866 | (37,627 | ) | ||||||
Increase in direct financing lease receivable | (563 | ) | (1,208 | ) | (3,255 | ) | |||||
Increase in other assets | (1,055 | ) | (1,691 | ) | (3,320 | ) | |||||
Increase in accounts payable and accrued liabilities | 4,979 | 260 | 17,025 | ||||||||
Increase (decrease) in unearned rents and interest | 7,974 | 6,061 | (5,172 | ) | |||||||
Net cash provided by operating activities | 484,328 | 398,272 | 305,362 | ||||||||
Investing activities: | |||||||||||
Acquisition of and investments in rental properties and other assets | (187,460 | ) | (397,556 | ) | (219,169 | ) | |||||
Proceeds from sale of real estate | 22,134 | 191,569 | 23,860 | ||||||||
Investment in unconsolidated joint ventures | (29,473 | ) | — | — | |||||||
Proceeds from settlement of derivative | 30,796 | — | — | ||||||||
Investment in mortgage notes receivable | (36,105 | ) | (133,697 | ) | (192,539 | ) | |||||
Proceeds from mortgage note receivable paydown | 335,168 | 21,784 | 72,072 | ||||||||
Investment in promissory notes receivable | (7,863 | ) | (1,928 | ) | (1,546 | ) | |||||
Proceeds from promissory note receivable paydown | 7,500 | 1,599 | — | ||||||||
Proceeds from sale of infrastructure related to issuance of revenue bonds | — | — | 43,462 | ||||||||
Proceeds from insurance recovery | — | 606 | 4,610 | ||||||||
Proceeds from sale of investment in direct financing leases, net | 43,447 | — | 20,951 | ||||||||
Additions to properties under development | (274,956 | ) | (384,449 | ) | (413,848 | ) | |||||
Net cash used by investing activities | (96,812 | ) | (702,072 | ) | (662,147 | ) | |||||
Financing activities: | |||||||||||
Proceeds from long-term debt facilities and senior unsecured notes | 908,000 | 1,371,000 | 1,380,000 | ||||||||
Principal payments on debt | (949,684 | ) | (823,288 | ) | (865,266 | ) | |||||
Deferred financing fees paid | (8,642 | ) | (14,318 | ) | (14,385 | ) | |||||
Costs associated with loan refinancing or payoff (cash portion) | (28,650 | ) | (7 | ) | (482 | ) | |||||
Net proceeds from issuance of common shares | 956 | 99,069 | 142,628 | ||||||||
Net proceeds from issuance of preferred shares | — | 144,490 | — | ||||||||
Redemption of preferred shares | — | (125,025 | ) | — | |||||||
Impact of stock option exercises, net | (62 | ) | (5 | ) | (1,488 | ) | |||||
Purchase of common shares for treasury for vesting | (7,156 | ) | (6,729 | ) | (4,211 | ) | |||||
Dividends paid to shareholders | (342,315 | ) | (311,721 | ) | (265,662 | ) | |||||
Net cash (used) provided by financing activities | (427,553 | ) | 333,466 | 371,134 | |||||||
Effect of exchange rate changes on cash | (442 | ) | 241 | (131 | ) | ||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (40,479 | ) | 29,907 | 14,218 | |||||||
Cash and cash equivalents and restricted cash at beginning of the year | 58,986 | 29,079 | 14,861 | ||||||||
Cash and cash equivalents and restricted cash at end of the year | $ | 18,507 | $ | 58,986 | $ | 29,079 | |||||
Supplemental information continued on next page. |
EPR PROPERTIES Consolidated Statements of Cash Flows (Dollars in thousands) Continued from previous page. | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents at beginning of the year | $ | 41,917 | $ | 19,335 | $ | 4,283 | |||||
Restricted cash at beginning of the year | 17,069 | 9,744 | 10,578 | ||||||||
Cash and cash equivalents and restricted cash at beginning of the year | $ | 58,986 | $ | 29,079 | $ | 14,861 | |||||
Cash and cash equivalents at end of the year | $ | 5,872 | $ | 41,917 | $ | 19,335 | |||||
Restricted cash at end of the year | 12,635 | 17,069 | 9,744 | ||||||||
Cash and cash equivalents and restricted cash at end of the year | $ | 18,507 | $ | 58,986 | $ | 29,079 | |||||
Supplemental schedule of non-cash activity: | |||||||||||
Transfer of property under development to rental property | $ | 228,572 | $ | 408,593 | $ | 454,922 | |||||
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | $ | 18,252 | $ | 24,062 | $ | 19,626 | |||||
Conversion or reclassification of mortgage notes receivable to rental properties | $ | 155,185 | $ | 9,237 | $ | — | |||||
Conversion of rental property to mortgage note receivable | $ | — | $ | 11,897 | $ | — | |||||
Issuance of common shares for acquisition | $ | — | $ | 657,473 | $ | — | |||||
Assumption of liabilities net of accounts receivable for acquisition | $ | — | $ | 12,083 | $ | — | |||||
Transfer of investment in direct financing lease to rental properties | $ | — | $ | 35,807 | $ | — | |||||
Sale of investment in direct financing leases, net in exchange for mortgage note receivable | $ | — | $ | — | $ | 70,304 | |||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the year for interest | $ | 145,559 | $ | 136,345 | $ | 96,410 | |||||
Cash paid during the year for income taxes | $ | 1,363 | $ | 1,499 | $ | 1,684 | |||||
Interest cost capitalized | $ | 9,903 | $ | 9,879 | $ | 10,697 | |||||
Increase in accrued capital expenditures | $ | 32,993 | $ | 333 | $ | 6,035 |
2018 | 2017 | ||||||
Assets: | |||||||
In-place leases, net of accumulated amortization of $7.7 million and $5.5 million, respectively | $ | 21,749 | $ | 21,512 | |||
Above-market lease, net of accumulated amortization of $1.0 million and $0.8 million, respectively | 154 | 351 | |||||
Tradenames, net of accumulated amortization of $53 thousand and $23 thousand, respectively (1) | 9,110 | 6,313 | |||||
Contract value, net of accumulated amortization of $183 thousand and $0, respectively | 10,785 | — | |||||
Goodwill | 693 | 693 | |||||
Total intangible assets, net | $ | 42,491 | $ | 28,869 | |||
Liabilities: | |||||||
Below-market lease, net of accumulated amortization of $0.7 million and $0.3 million, respectively | $ | (8,100 | ) | $ | (8,792 | ) |
In place leases | Tradenames (1) | Contract Value | Above-market lease | Below-market lease | |||||||||||||||
Year: | |||||||||||||||||||
2019 | $ | 3,109 | $ | 125 | $ | 365 | $ | 101 | $ | (450 | ) | ||||||||
2020 | 2,834 | 125 | 365 | 6 | (438 | ) | |||||||||||||
2021 | 2,466 | 125 | 365 | 6 | (408 | ) | |||||||||||||
2022 | 1,826 | 125 | 365 | 6 | (373 | ) | |||||||||||||
2023 | 1,777 | 125 | 365 | 6 | (351 | ) | |||||||||||||
Thereafter | 9,737 | 3,132 | 8,960 | 29 | (6,080 | ) | |||||||||||||
Total | $ | 21,749 | $ | 3,757 | $ | 10,785 | $ | 154 | $ | (8,100 | ) | ||||||||
Weighted average amortization period (years) | 10.9 | 30.6 | 29.5 | 4.1 | 31.0 | ||||||||||||||
(1) Excludes $5.4 million in tradenames with indefinite lives. |
2018 | 2017 | ||||||
Fixed assets | $ | 12,948 | $ | 15,445 | |||
Net operating losses | 359 | 357 | |||||
Start-up costs | 347 | — | |||||
Other | 457 | 213 | |||||
Total deferred tax assets | $ | 14,111 | $ | 16,015 | |||
Capital improvements | $ | (2,079 | ) | $ | (2,006 | ) | |
Straight-line receivable | (1,271 | ) | (1,891 | ) | |||
Other | (1 | ) | — | ||||
Total deferred tax liabilities | $ | (3,351 | ) | $ | (3,897 | ) | |
Net deferred tax asset | $ | 10,760 | $ | 12,118 |
2018 | 2017 | 2016 | |||||||||
Current TRS income tax | $ | (221 | ) | $ | (163 | ) | $ | (36 | ) | ||
Current state income tax expense | (422 | ) | (360 | ) | (414 | ) | |||||
Current foreign income tax | — | (36 | ) | (77 | ) | ||||||
Current foreign withholding tax | (1,069 | ) | (1,071 | ) | (1,130 | ) | |||||
Deferred TRS income tax | 319 | 137 | 273 | ||||||||
Deferred foreign withholding tax | — | 43 | 39 | ||||||||
Deferred income tax benefit (expense) | (892 | ) | (949 | ) | 792 | ||||||
Income tax expense | $ | (2,285 | ) | $ | (2,399 | ) | $ | (553 | ) |
2018 | 2017 | ||||||
Buildings and improvements | $ | 4,593,159 | $ | 4,123,356 | |||
Furniture, fixtures & equipment | 97,463 | 87,630 | |||||
Land | 1,190,568 | 1,108,805 | |||||
Leasehold interests | 26,041 | 25,774 | |||||
5,907,231 | 5,345,565 | ||||||
Accumulated depreciation | (883,174 | ) | (741,334 | ) | |||
Total | $ | 5,024,057 | $ | 4,604,231 |
April 6, 2017 | ||||
Rental properties, net | $ | 481,006 | ||
Mortgage notes and related accrued interest receivable | 251,038 | |||
Tradenames (included in other assets) | 6,355 | |||
Below-market leases (included in accounts payable and accrued liabilities) | (7,611 | ) | ||
Total investment | $ | 730,788 |
2018 | 2017 | ||||||
Receivable from tenants | $ | 15,057 | $ | 19,923 | |||
Receivable from non-tenants | 1,379 | 3,932 | |||||
Receivable from Sullivan County Infrastructure Revenue Bonds | 11,500 | 14,718 | |||||
Straight-line rent receivable | 73,332 | 62,605 | |||||
Allowance for doubtful accounts | (2,899 | ) | (7,485 | ) | |||
Total | $ | 98,369 | $ | 93,693 |
Description | Interest Rate | Payoff Date/Maturity Date | Periodic Payment Terms | Outstanding principal amount of mortgage | Carrying amount as of December 31, | ||||||||
2018 | 2017 | ||||||||||||
One public charter school property located in Bridgeton, New Jersey | 10.14 | % | N/A | (1) | $ | — | $ | — | $ | 2,500 | |||
One public charter school property located in Evans, Georgia | 8.50 | % | N/A | (1) | — | — | 9,631 | ||||||
28 education facilities located in California, Florida, Georgia, Minnesota, Nevada, North Carolina, Ohio and Texas (2) | 7.25 | % | N/A | (2) | — | — | 142,900 | ||||||
Land located in Lincoln, California (3) | 7.00 | % | 3/11/2018 | Prepaid in full | — | — | 1,474 | ||||||
Land and building in Bellevue, Washington (4) | 7.50 | % | 3/26/2018 | Prepaid in full | — | — | 9,056 | ||||||
14 ski properties located in New Hampshire, Washington, Utah, Tennessee, Maine, Colorado, Vermont, Massachusetts, California and British Columbia, Canada (5) | 8.50 | % | 9/27/2018 | Prepaid in full | — | — | 249,213 | ||||||
Observation deck of the John Hancock building in Chicago, Illinois (6) | 9.25 | % | 11/30/2018 | Prepaid in full | — | — | 31,105 | ||||||
One public charter school property located in Queen Creek, Arizona (7) | 9.00 | % | 12/11/2018 | Prepaid in full | — | — | 5,173 | ||||||
Three charter school properties located in Gilbert and Queen Creek, Arizona (7) | 10.00 | % | 12/11/2018 | Prepaid in full | — | — | 33,269 | ||||||
Land located in Queen Creek, Arizona (8) | 9.00 | % | 12/21/2018 | Prepaid in full | — | — | 1,454 | ||||||
Three attractions located in Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas | 7.00% and 10.00% | 5/1/2019 | Interest only | 179,846 | 179,846 | 174,265 | |||||||
Eight charter school properties located in Indiana, Ohio, South Carolina and Pennsylvania | 7.00 | % | 12/20/2021 | Principal & Interest | 54,535 | 54,535 | 57,890 | ||||||
One health club located in Omaha, Nebraska | 7.85 | % | 12/28/2026 | Interest only | 5,766 | 5,803 | 5,803 | ||||||
One health club located in Omaha, Nebraska | 7.85 | % | 1/3/2027 | Interest only | 10,905 | 10,977 | 10,880 | ||||||
One golf entertainment complex located in Austin, Texas | 11.31 | % | 7/1/2033 | Principal & Interest-fully amortizing | 11,934 | 11,934 | 12,249 | ||||||
One public charter school property located in St. Paul, Minnesota | 8.71% to 9.38% | 6/30/2034 | Interest only | 8,595 | 8,835 | 8,711 | |||||||
One public charter school property located in Jersey City, New Jersey | 10.00 | % | 8/31/2034 | Interest only | 15,239 | 15,652 | 12,564 | ||||||
One ski property located in West Dover and Wilmington, Vermont | 11.43 | % | 12/1/2034 | Interest only | 51,050 | 51,050 | 51,050 | ||||||
Four ski properties located in Ohio and Pennsylvania | 10.59 | % | 12/1/2034 | Interest only | 37,562 | 37,562 | 37,562 | ||||||
One ski property located in Chesterland, Ohio | 11.04 | % | 12/1/2034 | Interest only | 4,550 | 4,550 | 4,550 | ||||||
One ski property located in Hunter, New York | 8.28 | % | 1/5/2036 | Interest only | 21,000 | 21,000 | 21,000 | ||||||
One golf entertainment complex located in Midvale, Utah | 10.25 | % | 5/31/2036 | Interest only | 17,505 | 17,505 | 17,505 | ||||||
One public charter school property located in Millville, New Jersey | 10.14 | % | 7/31/2036 | Interest only | 6,224 | 6,383 | 6,304 | ||||||
One golf entertainment complex located in West Chester, Ohio | 9.75 | % | 8/1/2036 | Interest only | 18,068 | 18,068 | 18,068 | ||||||
One public charter school property located in Vineland, New Jersey | 9.95 | % | 12/31/2036 | Interest only | 9,765 | 9,839 | 9,838 | ||||||
One private school property located in Mableton, Georgia | 8.67 | % | 4/30/2037 | Interest only | 4,674 | 4,952 | 4,717 | ||||||
One public charter school property located in Roswell, Georgia | 8.93 | % | 6/30/2037 | Interest only | 4,121 | 4,165 | 4,111 | ||||||
One public charter school property located in Atlanta, Georgia | 8.67 | % | 7/31/2037 | Interest only | 4,206 | 4,236 | 4,235 | ||||||
One public charter school property located in Bronx, New York | 8.75 | % | 8/31/2037 | Interest only | 23,718 | 23,718 | 11,330 | ||||||
One public charter school property located in Colorado Springs, Colorado | 9.02 | % | 9/30/2037 | Interest only | 14,084 | 14,325 | 11,684 | ||||||
One health club located in Fort Collins, Colorado | 7.85 | % | 1/31/2038 | Interest only | 10,292 | 10,360 | — | ||||||
One early education center located in Lithia, Florida | 7.50 | % | 8/30/2038 | Interest only | 2,172 | 2,172 | 658 | ||||||
$ | 515,811 | $ | 517,467 | $ | 970,749 |
2018 | 2017 | ||||||
Total minimum lease payments receivable | $ | 36,352 | $ | 112,411 | |||
Estimated unguaranteed residual value of leased assets | 16,509 | 47,000 | |||||
Less deferred income (1) | (32,303 | ) | (101,508 | ) | |||
Investment in direct financing leases, net | $ | 20,558 | $ | 57,903 | |||
Amount | |||
Year: | |||
2019 | $ | 2,265 | |
2020 | 2,333 | ||
2021 | 2,403 | ||
2022 | 2,475 | ||
2023 | 2,550 | ||
Thereafter | 24,326 | ||
Total | $ | 36,352 |
2018 | 2017 | ||||||
Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) | $ | — | $ | 11,684 | |||
Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 (2) | — | 250,000 | |||||
Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (3) | 30,000 | 210,000 | |||||
Senior unsecured notes payable, 5.75%, due August 15, 2022 (4) | 350,000 | 350,000 | |||||
Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 2.71% through April 5, 2019 and 3.15% from April 6, 2019 to February 7, 2022, due February 27, 2023 (5) | 400,000 | 400,000 | |||||
Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) | 275,000 | 275,000 | |||||
Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) | 148,000 | 148,000 | |||||
Senior unsecured notes payable, 4.50%, due April 1, 2025 (4) | 300,000 | 300,000 | |||||
Senior unsecured notes payable, 4.56%, due August 22, 2026 (6) | 192,000 | 192,000 | |||||
Senior unsecured notes payable, 4.75%, due December 15, 2026 (4) | 450,000 | 450,000 | |||||
Senior unsecured notes payable, 4.50%, due June 1, 2027 (7) (4) | 450,000 | 450,000 | |||||
Senior unsecured notes payable, 4.95%, due April 15, 2028 (8) (4) | 400,000 | — | |||||
Bonds payable, variable rate, due August 1, 2047 (9) | 24,995 | 24,995 | |||||
Less: deferred financing costs, net | (33,941 | ) | (32,852 | ) | |||
Total | $ | 2,986,054 | $ | 3,028,827 |
Amount | |||
Year: | |||
2019 | $ | — | |
2020 | — | ||
2021 | — | ||
2022 | 380,000 | ||
2023 | 675,000 | ||
Thereafter | 1,964,995 | ||
Less: deferred financing costs, net | (33,941 | ) | |
Total | $ | 2,986,054 |
2018 | 2017 | 2016 | |||||||||
Interest on loans | $ | 137,570 | $ | 135,023 | $ | 101,181 | |||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||
Credit facility and letter of credit fees | 2,411 | 2,005 | 1,873 | ||||||||
Interest cost capitalized | (9,904 | ) | (9,879 | ) | (10,697 | ) | |||||
Interest income | (367 | ) | (192 | ) | — | ||||||
Interest expense, net | $ | 135,507 | $ | 133,124 | $ | 97,144 |
Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income for the Years Ended December 31, 2018, 2017 and 2016 (Dollars in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
Description | 2018 | 2017 | 2016 | ||||||||
Cash Flow Hedges | |||||||||||
Interest Rate Swaps | |||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative | $ | 3,172 | $ | 2,479 | $ | (2,044 | ) | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (1) | 1,324 | (2,498 | ) | (5,235 | ) | ||||||
Cross Currency Swaps | |||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative | 1,689 | (793 | ) | (754 | ) | ||||||
Amount of Income Reclassified from AOCI into Earnings (2) | 1,426 | 2,457 | 2,663 | ||||||||
Net Investment Hedges | |||||||||||
Cross Currency Swaps | |||||||||||
Amount of Gain Recognized in AOCI on Derivative | 5,108 | — | — | ||||||||
Amount of Income Recognized in Earnings (2) | 271 | — | — | ||||||||
Currency Forward Agreements | |||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative | 8,560 | (9,547 | ) | (2,804 | ) | ||||||
Amount of Expense Reclassified from AOCI into Earnings (2) | — | — | — | ||||||||
Total | |||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative | $ | 18,529 | $ | (7,861 | ) | $ | (5,602 | ) | |||
Amount of Income (Expense) Reclassified from AOCI into Earnings | 2,750 | (41 | ) | (2,572 | ) | ||||||
Amount of Income Recognized in Earnings | 271 | — | — | ||||||||
Interest expense, net in accompanying consolidated statements of income | 135,507 | 133,124 | 97,144 | ||||||||
Other income in accompanying consolidated statements of income | 2,076 | 3,095 | 9,039 |
(1) | Included in “Interest expense, net” in accompanying consolidated statements of income. |
(2) | Included in "Other income" in the accompanying consolidated statements of income. |
Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2018 and 2017 (Dollars in thousands) | |||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at end of period | |||||||||||
2018: | |||||||||||||||
Cross Currency Swaps* | $ | — | $ | 6,278 | $ | — | $ | 6,278 | |||||||
Interest Rate Swap Agreements* | $ | — | $ | 4,344 | $ | — | $ | 4,344 | |||||||
2017: | |||||||||||||||
Cross Currency Swaps* | $ | — | $ | 1,041 | $ | — | $ | 1,041 | |||||||
Cross Currency Swaps** | $ | — | $ | (134 | ) | $ | — | $ | (134 | ) | |||||
Currency Forward Agreements* | $ | — | $ | 22,235 | $ | — | $ | 22,235 | |||||||
Interest Rate Swap Agreements* | $ | — | $ | 2,496 | $ | — | $ | 2,496 |
Description | Quoted Prices in Active Markets for Identical Assets (Level I) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at end of period | |||||||||||
2018: | |||||||||||||||
Land held for development | $ | — | $ | — | $ | 9,805 | $ | 9,805 | |||||||
2017: | |||||||||||||||
Investment in direct financing leases, net | $ | — | $ | — | $ | 35,807 | $ | 35,807 |
Cash Distributions Per Share | |||||||
2018 | 2017 | ||||||
Taxable ordinary income (1) | $ | 4.1253 | $ | 3.5434 | |||
Return of capital | — | 0.2762 | |||||
Long-term capital gain (2) | 0.1747 | 0.2404 | |||||
Totals | $ | 4.3000 | $ | 4.0600 |
Cash Distributions per Share | |||||||
2018 | 2017 | ||||||
Taxable ordinary income (1) | $ | 1.3791 | $ | 1.3462 | |||
Return of capital | — | — | |||||
Long-term capital gain (2) | 0.0584 | 0.0913 | |||||
Totals | $ | 1.4375 | $ | 1.4375 |
Non-cash Distributions per Share | |||||||
2018 | 2017 | ||||||
Taxable ordinary income (3) | $ | 0.5953 | $ | 0.3527 | |||
Return of capital | — | 0.1152 | |||||
Long-term capital gain (4) | 0.0252 | 0.0239 | |||||
Totals | $ | 0.6205 | $ | 0.4918 |
Cash Distributions per Share | |||||||
2018 | 2017 | ||||||
Taxable ordinary income (1) | $ | 2.1586 | $ | 2.1070 | |||
Return of capital | — | — | |||||
Long-term capital gain (2) | 0.0914 | 0.1430 | |||||
Totals | $ | 2.2500 | $ | 2.2500 |
Non-cash Distributions per Share | |||||||
2018 | 2017 | ||||||
Taxable ordinary income (3) | $ | 0.5092 | $ | 0.1428 | |||
Return of capital | — | 0.1094 | |||||
Long-term capital gain (4) | 0.0216 | 0.0097 | |||||
Totals | $ | 0.5308 | $ | 0.2619 |
Cash Distributions per Share | ||||
2017 | ||||
Taxable ordinary income (1) | $ | 1.8310 | ||
Return of capital | — | |||
Long-term capital gain (2) | 0.1243 | |||
Totals | $ | 1.9553 |
Cash Distributions per Share | ||||
2018 | ||||
Taxable ordinary income (1) | $ | 1.2105 | ||
Return of capital | — | |||
Long-term capital gain (2) | 0.0513 | |||
Totals | $ | 1.2618 |
Year Ended December 31, 2018 | ||||||||||
Income (numerator) | Shares (denominator) | Per Share Amount | ||||||||
Basic EPS: | ||||||||||
Income from continuing operations | $ | 266,983 | ||||||||
Less: preferred dividend requirements | (24,142 | ) | ||||||||
Net income available to common shareholders | $ | 242,841 | 74,292 | $ | 3.27 | |||||
Diluted EPS: | ||||||||||
Net income available to common shareholders | $ | 242,841 | 74,292 | |||||||
Effect of dilutive securities: | ||||||||||
Share options | — | 45 | ||||||||
Net income available to common shareholders | $ | 242,841 | 74,337 | $ | 3.27 |
Year Ended December 31, 2017 | ||||||||||
Income (numerator) | Shares (denominator) | Per Share Amount | ||||||||
Basic EPS: | ||||||||||
Income from continuing operations | $ | 262,968 | ||||||||
Less: preferred dividend requirements and redemption costs | (28,750 | ) | ||||||||
Net income available to common shareholders | $ | 234,218 | 71,191 | $ | 3.29 | |||||
Diluted EPS: | ||||||||||
Net income available to common shareholders | $ | 234,218 | 71,191 | |||||||
Effect of dilutive securities: | ||||||||||
Share options | — | 63 | ||||||||
Net income available to common shareholders | $ | 234,218 | 71,254 | $ | 3.29 |
Year Ended December 31, 2016 | ||||||||||
Income (numerator) | Shares (denominator) | Per Share Amount | ||||||||
Basic EPS: | ||||||||||
Income from continuing operations | $ | 224,982 | ||||||||
Less: preferred dividend requirements | (23,806 | ) | ||||||||
Net income available to common shareholders | $ | 201,176 | 63,381 | $ | 3.17 | |||||
Diluted EPS: | ||||||||||
Net income available to common shareholders | $ | 201,176 | 63,381 | |||||||
Effect of dilutive securities: | ||||||||||
Share options | — | 93 | ||||||||
Net income available to common shareholders | $ | 201,176 | 63,474 | $ | 3.17 |
Number of shares | Option price per share | Weighted avg. exercise price | |||||||||||||||
Outstanding at December 31, 2015 | 516,305 | $ | 19.02 | — | $ | 65.50 | $ | 48.42 | |||||||||
Exercised | (230,319 | ) | 19.41 | — | 65.50 | 44.05 | |||||||||||
Outstanding at December 31, 2016 | 285,986 | $ | 19.02 | — | $ | 61.79 | $ | 51.93 | |||||||||
Exercised | (29,253 | ) | 46.86 | — | 61.79 | 54.54 | |||||||||||
Granted | 2,215 | 76.63 | — | 76.63 | 76.63 | ||||||||||||
Forfeited/Expired | (1,342 | ) | 51.64 | — | 61.79 | 59.52 | |||||||||||
Outstanding at December 31, 2017 | 257,606 | $ | 19.02 | — | $ | 76.63 | $ | 51.81 | |||||||||
Exercised | (25,721 | ) | 45.20 | — | 61.79 | 50.68 | |||||||||||
Granted | 3,835 | 56.94 | — | 56.94 | 56.94 | ||||||||||||
Forfeited/Expired | (845 | ) | 51.64 | — | 61.79 | 61.12 | |||||||||||
Outstanding at December 31, 2018 | 234,875 | $ | 19.02 | — | $ | 76.63 | $ | 51.98 |
Amount | |||
Year: | |||
2019 | $ | 7 | |
2020 | 7 | ||
2021 | 3 | ||
Total | $ | 17 |
Exercise price range | Options outstanding | Weighted avg. life remaining | Weighted avg. exercise price | Aggregate intrinsic value (in thousands) | |||||||||
$ 19.02 - 19.99 | 11,097 | 0.4 | |||||||||||
20.00 - 29.99 | — | — | |||||||||||
30.00 - 39.99 | 1,428 | 1.0 | |||||||||||
40.00 - 49.99 | 72,342 | 3.1 | |||||||||||
50.00 - 59.99 | 71,868 | 5.2 | |||||||||||
60.00 - 69.99 | 75,925 | 6.1 | |||||||||||
70.00 - 76.63 | 2,215 | 8.1 | |||||||||||
234,875 | 4.6 | $ | 51.98 | $ | 2,857 |
Exercise price range | Options outstanding | Weighted avg. life remaining | Weighted avg. exercise price | Aggregate intrinsic value (in thousands) | |||||||||
$ 19.02 - 19.99 | 11,097 | 0.4 | |||||||||||
20.00 - 29.99 | — | — | |||||||||||
30.00 - 39.99 | 1,428 | 1.0 | |||||||||||
40.00 - 49.99 | 72,342 | 3.1 | |||||||||||
50.00 - 59.99 | 68,033 | 5.0 | |||||||||||
60.00 - 61.79 | 55,387 | 6.1 | |||||||||||
70.00 - 76.63 | 554 | 8.1 | |||||||||||
208,841 | 4.4 | $ | 50.73 | $ | 2,784 |
Number of shares | Weighted avg. grant date fair value | Weighted avg. life remaining | ||||||
Outstanding at December 31, 2017 | 620,122 | $ | 68.07 | |||||
Granted | 295,202 | 56.94 | ||||||
Vested | (244,852 | ) | 65.33 | |||||
Forfeited | (15,416 | ) | 64.39 | |||||
Outstanding at December 31, 2018 | 655,056 | $ | 64.16 | 0.78 |
Amount | |||
Year: | |||
2019 | $ | 8,609 | |
2020 | 5,570 | ||
2021 | 2,436 | ||
Total | $ | 16,615 |
Number of Shares | Weighted Average Grant Date Fair Value | Weighted Average Life Remaining | ||||||
Outstanding at December 31, 2017 | 19,030 | $ | 70.91 | |||||
Granted | 23,571 | 61.25 | ||||||
Vested | (19,030 | ) | 70.91 | |||||
Outstanding at December 31, 2018 | 23,571 | $ | 61.25 | 0.42 |
Amount | |||
Year: | |||
2019 | $ | 520,139 | |
2020 | 503,344 | ||
2021 | 492,165 | ||
2022 | 477,671 | ||
2023 | 449,686 | ||
Thereafter | 3,953,717 | ||
Total | $ | 6,396,722 |
Amount | |||
Year: | |||
2019 | $ | 22,867 | |
2020 | 23,236 | ||
2021 | 23,600 | ||
2022 | 22,996 | ||
2023 | 22,303 | ||
Thereafter | 257,446 | ||
Total | $ | 372,448 |
Amount | |||
Year: | |||
2019 | $ | 856 | |
2020 | 856 | ||
2021 | 884 | ||
2022 | 967 | ||
2023 | 967 | ||
Thereafter | 2,658 | ||
Total | $ | 7,188 |
March 31 | June 30 | September 30 | December 31 | ||||||||||||
2018: | |||||||||||||||
Total revenue | $ | 154,968 | $ | 202,867 | $ | 176,409 | $ | 166,487 | |||||||
Net income | 29,538 | 91,581 | 91,833 | 54,031 | |||||||||||
Net income available to common shareholders of EPR Properties | 23,502 | 85,545 | 85,797 | 47,997 | |||||||||||
Basic net income per common share | 0.32 | 1.15 | 1.15 | 0.65 | |||||||||||
Diluted net income per common share | 0.32 | 1.15 | 1.15 | 0.65 |
March 31 | June 30 | September 30 | December 31 | ||||||||||||
2017: | |||||||||||||||
Total revenue | $ | 129,112 | $ | 147,782 | $ | 151,397 | $ | 147,700 | |||||||
Net income | 53,916 | 80,535 | 62,954 | 65,563 | |||||||||||
Net income available to common shareholders of EPR Properties | 47,964 | 74,583 | 57,003 | 54,668 | |||||||||||
Basic net income per common share | 0.75 | 1.02 | 0.77 | 0.74 | |||||||||||
Diluted net income per common share | 0.75 | 1.02 | 0.77 | 0.74 |
Balance Sheet Data: | |||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||
Entertainment | Recreation | Education | Other | Corporate/Unallocated | Consolidated | ||||||||||||||
Total Assets | $ | 2,344,855 | $ | 2,187,808 | $ | 1,366,278 | $ | 207,724 | $ | 24,725 | $ | 6,131,390 | |||||||
As of December 31, 2017 | |||||||||||||||||||
Entertainment | Recreation | Education | Other | Corporate/Unallocated | Consolidated | ||||||||||||||
Total Assets | $ | 2,380,129 | $ | 2,102,041 | $ | 1,429,992 | $ | 199,052 | $ | 80,279 | $ | 6,191,493 |
Operating Data: | |||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||
Entertainment | Recreation | Education | Other | Corporate/Unallocated | Consolidated | ||||||||||||||
Rental revenue | $ | 301,782 | $ | 142,822 | $ | 102,642 | $ | 9,117 | $ | — | $ | 556,363 | |||||||
Other income | 270 | 62 | — | — | 1,744 | 2,076 | |||||||||||||
Mortgage and other financing income | 7,971 | 109,200 | 25,121 | — | — | 142,292 | |||||||||||||
Total revenue | 310,023 | 252,084 | 127,763 | 9,117 | 1,744 | 700,731 | |||||||||||||
Property operating expense | 24,141 | 126 | 3,933 | 1,901 | 655 | 30,756 | |||||||||||||
Other expense | — | — | — | — | 443 | 443 | |||||||||||||
Total investment expenses | 24,141 | 126 | 3,933 | 1,901 | 1,098 | 31,199 | |||||||||||||
Net operating income - before unallocated items | 285,882 | 251,958 | 123,830 | 7,216 | 646 | 669,532 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | |||||||||||||||||||
General and administrative expense | (48,889 | ) | |||||||||||||||||
Severance expense | (5,938 | ) | |||||||||||||||||
Litigation settlement expense | (2,090 | ) | |||||||||||||||||
Costs associated with loan refinancing or payoff | (31,958 | ) | |||||||||||||||||
Interest expense, net | (135,507 | ) | |||||||||||||||||
Transaction costs | (3,698 | ) | |||||||||||||||||
Impairment charges | (27,283 | ) | |||||||||||||||||
Depreciation and amortization | (153,430 | ) | |||||||||||||||||
Equity in loss from joint ventures | (22 | ) | |||||||||||||||||
Gain on sale of real estate | 3,037 | ||||||||||||||||||
Gain on sale of investment in a direct financing lease | 5,514 | ||||||||||||||||||
Income tax expense | (2,285 | ) | |||||||||||||||||
Net income | 266,983 | ||||||||||||||||||
Preferred dividend requirements | (24,142 | ) | |||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 242,841 |
For the Year Ended December 31, 2017 | |||||||||||||||||||
Entertainment | Recreation | Education | Other | Corporate/Unallocated | Consolidated | ||||||||||||||
Rental revenue | $ | 283,247 | $ | 112,763 | $ | 79,031 | $ | 9,162 | $ | — | $ | 484,203 | |||||||
Other income | 614 | — | 1 | — | 2,480 | 3,095 | |||||||||||||
Mortgage and other financing income | 4,407 | 48,740 | 35,546 | — | — | 88,693 | |||||||||||||
Total revenue | 288,268 | 161,503 | 114,578 | 9,162 | 2,480 | 575,991 | |||||||||||||
Property operating expense | 23,175 | 117 | 6,314 | 1,407 | 640 | 31,653 | |||||||||||||
Other expense | — | — | — | — | 242 | 242 | |||||||||||||
Total investment expenses | 23,175 | 117 | 6,314 | 1,407 | 882 | 31,895 | |||||||||||||
Net operating income - before unallocated items | 265,093 | 161,386 | 108,264 | 7,755 | 1,598 | 544,096 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | |||||||||||||||||||
General and administrative expense | (43,383 | ) | |||||||||||||||||
Costs associated with loan refinancing or payoff | (1,549 | ) | |||||||||||||||||
Gain on early extinguishment of debt | 977 | ||||||||||||||||||
Interest expense, net | (133,124 | ) | |||||||||||||||||
Transaction costs | (523 | ) | |||||||||||||||||
Impairment charges | (10,195 | ) | |||||||||||||||||
Depreciation and amortization | (132,946 | ) | |||||||||||||||||
Equity in income from joint ventures | 72 | ||||||||||||||||||
Gain on sale of real estate | 41,942 | ||||||||||||||||||
Income tax expense | (2,399 | ) | |||||||||||||||||
Net income | 262,968 | ||||||||||||||||||
Preferred dividend requirements | (24,293 | ) | |||||||||||||||||
Preferred share redemption costs | (4,457 | ) | |||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 234,218 |
For the Year Ended December 31, 2016 | |||||||||||||||||||
Entertainment | Recreation | Education | Other | Corporate/Unallocated | Consolidated | ||||||||||||||
Rental revenue | $ | 266,247 | $ | 62,527 | $ | 77,775 | $ | 8,635 | $ | — | $ | 415,184 | |||||||
Other income | 249 | 4,482 | 1,648 | — | 2,660 | 9,039 | |||||||||||||
Mortgage and other financing income | 6,187 | 30,190 | 32,539 | 103 | — | 69,019 | |||||||||||||
Total revenue | 272,683 | 97,199 | 111,962 | 8,738 | 2,660 | 493,242 | |||||||||||||
Property operating expense | 21,303 | 8 | — | 662 | 629 | 22,602 | |||||||||||||
Other expense | — | — | — | 5 | — | 5 | |||||||||||||
Total investment expenses | 21,303 | 8 | — | 667 | 629 | 22,607 | |||||||||||||
Net operating income - before unallocated items | 251,380 | 97,191 | 111,962 | 8,071 | 2,031 | 470,635 | |||||||||||||
Reconciliation to Consolidated Statements of Income: | |||||||||||||||||||
General and administrative expense | (37,543 | ) | |||||||||||||||||
Costs associated with loan refinancing or payoff | (905 | ) | |||||||||||||||||
Interest expense, net | (97,144 | ) | |||||||||||||||||
Transaction costs | (7,869 | ) | |||||||||||||||||
Depreciation and amortization | (107,573 | ) | |||||||||||||||||
Equity in income from joint ventures | 619 | ||||||||||||||||||
Gain on sale of real estate | 5,315 | ||||||||||||||||||
Income tax expense | (553 | ) | |||||||||||||||||
Net income | 224,982 | ||||||||||||||||||
Preferred dividend requirements | (23,806 | ) | |||||||||||||||||
Net income available to common shareholders of EPR Properties | $ | 201,176 |
EPR Properties |
Schedule II - Valuation and Qualifying Accounts |
December 31, 2018 |
Description | Balance at December 31, 2017 | Additions During 2018 | Deductions During 2018 | Balance at December 31, 2018 | |||||||||||
Reserve for Doubtful Accounts | $ | 7,485,000 | $ | 2,851,000 | $ | (7,437,000 | ) | $ | 2,899,000 | ||||||
Allowance for Loan Losses | — | — | — | — |
EPR Properties |
Schedule II - Valuation and Qualifying Accounts |
December 31, 2017 |
Description | Balance at December 31, 2016 | Additions During 2017 | Deductions During 2017 | Balance at December 31, 2017 | |||||||||||
Reserve for Doubtful Accounts | $ | 871,000 | $ | 7,256,000 | $ | (642,000 | ) | $ | 7,485,000 | ||||||
Allowance for Loan Losses | — | — | — | — |
EPR Properties |
Schedule II - Valuation and Qualifying Accounts |
December 31, 2016 |
Description | Balance at December 31, 2015 | Additions During 2016 | Deductions During 2016 | Balance at December 31, 2016 | |||||||||||
Reserve for Doubtful Accounts | $ | 3,210,000 | $ | — | $ | (2,339,000 | ) | $ | 871,000 | ||||||
Allowance for Loan Losses | — | — | — | — |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Megaplex Theatres | ||||||||||||||||||||||||||||||||||||
Omaha, NE | — | 5,215 | 16,700 | 59 | 5,215 | 16,759 | 21,974 | (8,798 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Sugar Land, TX | — | — | 19,100 | 67 | — | 19,167 | 19,167 | (10,063 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
San Antonio, TX | — | 3,006 | 13,662 | 8,455 | 3,006 | 22,117 | 25,123 | (8,414 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Columbus, OH | — | — | 12,685 | — | — | 12,685 | 12,685 | (6,501 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
San Diego, CA | — | — | 16,028 | — | — | 16,028 | 16,028 | (8,215 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Ontario, CA | — | 5,521 | 19,449 | 7,130 | 5,521 | 26,579 | 32,100 | (10,370 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Houston, TX | — | 6,023 | 20,037 | — | 6,023 | 20,037 | 26,060 | (10,269 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Creve Coeur, MO | — | 4,985 | 12,601 | 4,075 | 4,985 | 16,676 | 21,661 | (7,355 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Leawood, KS | — | 3,714 | 12,086 | 4,110 | 3,714 | 16,196 | 19,910 | (6,791 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Houston, TX | — | 4,304 | 21,496 | 76 | 4,304 | 21,572 | 25,876 | (11,280 | ) | 02/98 | 40 years | |||||||||||||||||||||||||
South Barrington, IL | — | 6,577 | 27,723 | 4,618 | 6,577 | 32,341 | 38,918 | (14,984 | ) | 03/98 | 40 years | |||||||||||||||||||||||||
Mesquite, TX | — | 2,912 | 20,288 | 4,885 | 2,912 | 25,173 | 28,085 | (11,414 | ) | 04/98 | 40 years | |||||||||||||||||||||||||
Hampton, VA | — | 3,822 | 24,678 | 4,510 | 3,822 | 29,188 | 33,010 | (13,221 | ) | 06/98 | 40 years | |||||||||||||||||||||||||
Pompano Beach, FL | — | 6,771 | 9,899 | 3,845 | 6,771 | 13,744 | 20,515 | (8,733 | ) | 08/98 | 24 years | |||||||||||||||||||||||||
Raleigh, NC | — | 2,919 | 5,559 | 3,492 | 2,919 | 9,051 | 11,970 | (3,380 | ) | 08/98 | 40 years | |||||||||||||||||||||||||
Davie, FL | — | 2,000 | 13,000 | 11,512 | 2,000 | 24,512 | 26,512 | (10,808 | ) | 11/98 | 40 years | |||||||||||||||||||||||||
Aliso Viejo, CA | — | 8,000 | 14,000 | — | 8,000 | 14,000 | 22,000 | (7,000 | ) | 12/98 | 40 years | |||||||||||||||||||||||||
Boise, ID | — | — | 16,003 | — | — | 16,003 | 16,003 | (8,002 | ) | 12/98 | 40 years | |||||||||||||||||||||||||
Woodridge, IL | — | 9,926 | 8,968 | — | 9,926 | 8,968 | 18,894 | (8,968 | ) | 06/99 | 18 years | |||||||||||||||||||||||||
Cary, NC | — | 3,352 | 11,653 | 3,091 | 3,352 | 14,744 | 18,096 | (5,844 | ) | 12/99 | 40 years | |||||||||||||||||||||||||
Tampa, FL | — | 6,000 | 12,809 | 1,452 | 6,000 | 14,261 | 20,261 | (7,403 | ) | 06/99 | 40 years | |||||||||||||||||||||||||
Metairie, LA | — | — | 11,740 | 3,049 | — | 14,789 | 14,789 | (5,036 | ) | 03/02 | 40 years | |||||||||||||||||||||||||
Harahan, LA | — | 5,264 | 14,820 | — | 5,264 | 14,820 | 20,084 | (6,237 | ) | 03/02 | 40 years | |||||||||||||||||||||||||
Hammond, LA | — | 2,404 | 6,780 | 1,607 | 1,839 | 8,952 | 10,791 | (2,909 | ) | 03/02 | 40 years | |||||||||||||||||||||||||
Houma, LA | — | 2,404 | 6,780 | — | 2,404 | 6,780 | 9,184 | (2,853 | ) | 03/02 | 40 years | |||||||||||||||||||||||||
Harvey, LA | — | 4,378 | 12,330 | 3,735 | 4,266 | 16,177 | 20,443 | (5,309 | ) | 03/02 | 40 years | |||||||||||||||||||||||||
Greenville, SC | — | 1,660 | 7,570 | 247 | 1,660 | 7,817 | 9,477 | (3,195 | ) | 06/02 | 40 years | |||||||||||||||||||||||||
Sterling Heights, MI | — | 5,975 | 17,956 | 3,400 | 5,975 | 21,356 | 27,331 | (10,622 | ) | 06/02 | 40 years | |||||||||||||||||||||||||
Olathe, KS | — | 4,000 | 15,935 | 2,558 | 3,042 | 19,451 | 22,493 | (7,894 | ) | 06/02 | 40 years | |||||||||||||||||||||||||
Livonia, MI | — | 4,500 | 17,525 | — | 4,500 | 17,525 | 22,025 | (7,193 | ) | 08/02 | 40 years | |||||||||||||||||||||||||
Alexandria, VA | — | — | 22,035 | — | — | 22,035 | 22,035 | (8,952 | ) | 10/02 | 40 years | |||||||||||||||||||||||||
Little Rock, AR | — | 3,858 | 7,990 | — | 3,858 | 7,990 | 11,848 | (3,213 | ) | 12/02 | 40 years | |||||||||||||||||||||||||
Macon, GA | — | 1,982 | 5,056 | — | 1,982 | 5,056 | 7,038 | (1,991 | ) | 03/03 | 40 years | |||||||||||||||||||||||||
Lawrence, KS | — | 1,500 | 3,526 | 2,017 | 1,500 | 5,543 | 7,043 | (1,544 | ) | 06/03 | 40 years | |||||||||||||||||||||||||
Columbia, SC | — | 1,000 | 10,534 | 339 | 1,000 | 10,873 | 11,873 | (3,153 | ) | 11/03 | 40 years | |||||||||||||||||||||||||
Hialeah, FL | — | 7,985 | — | — | 7,985 | — | 7,985 | — | 12/03 | n/a | ||||||||||||||||||||||||||
Phoenix, AZ | — | 4,276 | 15,934 | 3,518 | 4,276 | 19,452 | 23,728 | (6,114 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Hamilton, NJ | — | 4,869 | 18,143 | — | 4,869 | 18,143 | 23,012 | (6,690 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Mesa, AZ | — | 4,446 | 16,565 | 3,263 | 4,446 | 19,828 | 24,274 | (6,375 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Peoria, IL | — | 2,948 | 11,177 | — | 2,948 | 11,177 | 14,125 | (4,028 | ) | 07/04 | 40 years | |||||||||||||||||||||||||
Lafayette, LA | — | — | 10,318 | — | — | 10,318 | 10,318 | (3,735 | ) | 07/04 | 40 years | |||||||||||||||||||||||||
Hurst, TX | — | 5,000 | 11,729 | 1,015 | 5,000 | 12,744 | 17,744 | (4,500 | ) | 11/04 | 40 years | |||||||||||||||||||||||||
Melbourne, FL | — | 3,817 | 8,830 | 320 | 3,817 | 9,150 | 12,967 | (3,203 | ) | 12/04 | 40 years | |||||||||||||||||||||||||
D'Iberville, MS | — | 2,001 | 8,043 | 3,612 | 808 | 12,848 | 13,656 | (3,723 | ) | 12/04 | 40 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Wilmington, NC | — | 1,650 | 7,047 | 3,033 | 1,650 | 10,080 | 11,730 | (2,599 | ) | 02/05 | 40 years | |||||||||||||||||||||||||
Chattanooga, TN | — | 2,799 | 11,467 | — | 2,799 | 11,467 | 14,266 | (3,966 | ) | 03/05 | 40 years | |||||||||||||||||||||||||
Conroe, TX | — | 1,836 | 8,230 | — | 1,836 | 8,230 | 10,066 | (2,777 | ) | 06/05 | 40 years | |||||||||||||||||||||||||
Indianapolis, IN | — | 1,481 | 4,565 | 2,375 | 1,481 | 6,940 | 8,421 | (1,714 | ) | 06/05 | 40 years | |||||||||||||||||||||||||
Hattiesburg, MS | — | 1,978 | 7,733 | 4,720 | 1,978 | 12,453 | 14,431 | (3,438 | ) | 09/05 | 40 years | |||||||||||||||||||||||||
Arroyo Grande, CA | — | 2,641 | 3,810 | — | 2,641 | 3,810 | 6,451 | (1,246 | ) | 12/05 | 40 years | |||||||||||||||||||||||||
Auburn, CA | — | 2,178 | 6,185 | (65 | ) | 2,113 | 6,185 | 8,298 | (2,023 | ) | 12/05 | 40 years | ||||||||||||||||||||||||
Fresno, CA | — | 7,600 | 11,613 | 2,894 | 7,600 | 14,507 | 22,107 | (4,816 | ) | 12/05 | 40 years | |||||||||||||||||||||||||
Modesto, CA | — | 2,542 | 3,910 | 1,889 | 2,542 | 5,799 | 8,341 | (1,399 | ) | 12/05 | 40 years | |||||||||||||||||||||||||
Columbia, MD | — | — | 12,204 | — | — | 12,204 | 12,204 | (3,890 | ) | 03/06 | 40 years | |||||||||||||||||||||||||
Garland, TX | — | 8,028 | 14,825 | — | 8,028 | 14,825 | 22,853 | (4,725 | ) | 03/06 | 40 years | |||||||||||||||||||||||||
Garner, NC | — | 1,305 | 6,899 | — | 1,305 | 6,899 | 8,204 | (2,185 | ) | 04/06 | 40 years | |||||||||||||||||||||||||
Winston Salem, NC | — | — | 12,153 | 4,188 | — | 16,341 | 16,341 | (4,535 | ) | 07/06 | 40 years | |||||||||||||||||||||||||
Huntsville, AL | — | 3,508 | 14,802 | — | 3,508 | 14,802 | 18,310 | (4,564 | ) | 08/06 | 40 years | |||||||||||||||||||||||||
Kalamazoo, MI | — | 5,125 | 12,216 | 5,950 | 5,125 | 18,166 | 23,291 | (9,704 | ) | 11/06 | 17 years | |||||||||||||||||||||||||
Pensacola, FL | — | 5,316 | 15,099 | — | 5,316 | 15,099 | 20,415 | (4,530 | ) | 12/06 | 40 years | |||||||||||||||||||||||||
Slidell, LA | 10,635 | — | 11,499 | — | — | 11,499 | 11,499 | (3,450 | ) | 12/06 | 40 years | |||||||||||||||||||||||||
Panama City Beach, FL | — | 6,486 | 11,156 | — | 6,486 | 11,156 | 17,642 | (3,231 | ) | 05/07 | 40 years | |||||||||||||||||||||||||
Kalispell, MT | — | 2,505 | 7,323 | — | 2,505 | 7,323 | 9,828 | (2,075 | ) | 08/07 | 40 years | |||||||||||||||||||||||||
Greensboro, NC | — | — | 12,606 | 914 | — | 13,520 | 13,520 | (4,246 | ) | 11/07 | 40 years | |||||||||||||||||||||||||
Glendora, CA | — | — | 10,588 | — | — | 10,588 | 10,588 | (2,691 | ) | 10/08 | 40 years | |||||||||||||||||||||||||
Ypsilanti, MI | — | 4,716 | 227 | 2,817 | 4,716 | 3,044 | 7,760 | (147 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Manchester, CT | — | 3,628 | 11,474 | — | 3,628 | 11,474 | 15,102 | (2,582 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Centreville, VA | — | 3,628 | 1,769 | — | 3,628 | 1,769 | 5,397 | (398 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Davenport, IA | — | 3,599 | 6,068 | 2,265 | 3,564 | 8,368 | 11,932 | (1,445 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Fairfax, VA | — | 2,630 | 11,791 | 2,000 | 2,630 | 13,791 | 16,421 | (2,723 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Flint, MI | — | 1,270 | 1,723 | — | 1,270 | 1,723 | 2,993 | (388 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Hazlet, NJ | — | 3,719 | 4,716 | — | 3,719 | 4,716 | 8,435 | (1,061 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Huber Heights, OH | — | 970 | 3,891 | — | 970 | 3,891 | 4,861 | (875 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
North Haven, CT | — | 5,442 | 1,061 | 2,000 | 3,458 | 5,045 | 8,503 | (1,364 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Okolona, KY | — | 5,379 | 3,311 | — | 5,379 | 3,311 | 8,690 | (745 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Voorhees, NJ | — | 1,723 | 9,614 | — | 1,723 | 9,614 | 11,337 | (2,163 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Louisville, KY | — | 4,979 | 6,567 | — | 4,979 | 6,567 | 11,546 | (1,478 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Beaver Creek, OH | — | 1,578 | 6,630 | 1,700 | 1,578 | 8,330 | 9,908 | (1,501 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
West Springfield, MA | — | 2,540 | 3,755 | — | 2,540 | 3,755 | 6,295 | (845 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Cincinnati, OH | — | 1,361 | 1,741 | — | 635 | 2,467 | 3,102 | (456 | ) | 12/09 | 40 years | |||||||||||||||||||||||||
Pasadena, TX | — | 2,951 | 10,684 | 1,759 | 2,951 | 12,443 | 15,394 | (2,279 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Plano, TX | — | 1,052 | 1,968 | — | 1,052 | 1,968 | 3,020 | (418 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
McKinney, TX | — | 1,917 | 3,319 | — | 1,917 | 3,319 | 5,236 | (705 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Mishawaka, IN | — | 2,399 | 5,454 | 1,383 | 2,399 | 6,837 | 9,236 | (1,267 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Grand Prairie, TX | — | 1,873 | 3,245 | 2,104 | 1,873 | 5,349 | 7,222 | (905 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Redding, CA | — | 2,044 | 4,500 | 1,177 | 2,044 | 5,677 | 7,721 | (956 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Pueblo, CO | — | 2,238 | 5,162 | 1,265 | 2,238 | 6,427 | 8,665 | (1,100 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Beaumont, TX | — | 1,065 | 11,669 | 1,644 | 1,065 | 13,313 | 14,378 | (2,546 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Pflugerville, TX | — | 4,356 | 11,533 | 2,056 | 4,356 | 13,589 | 17,945 | (2,524 | ) | 06/10 | 40 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Houston, TX | — | 4,109 | 9,739 | — | 4,109 | 9,739 | 13,848 | (2,070 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
El Paso, TX | — | 4,598 | 13,207 | 2,296 | 4,598 | 15,503 | 20,101 | (2,848 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Colorado Springs, CO | — | 4,134 | 11,220 | 1,427 | 2,938 | 13,843 | 16,781 | (2,497 | ) | 06/10 | 40 years | |||||||||||||||||||||||||
Virginia Beach, VA | — | — | 1,736 | — | — | 1,736 | 1,736 | (1,736 | ) | 12/10 | 40 years | |||||||||||||||||||||||||
Hooksett, NH | — | 2,639 | 11,605 | — | 2,639 | 11,605 | 14,244 | (2,273 | ) | 03/11 | 40 years | |||||||||||||||||||||||||
Saco, ME | — | 1,508 | 3,826 | — | 1,508 | 3,826 | 5,334 | (749 | ) | 03/11 | 40 years | |||||||||||||||||||||||||
Merrimack, NH | — | 3,160 | 5,642 | — | 3,160 | 5,642 | 8,802 | (1,105 | ) | 03/11 | 40 years | |||||||||||||||||||||||||
Westbrook, ME | — | 2,273 | 7,119 | — | 2,273 | 7,119 | 9,392 | (1,394 | ) | 03/11 | 40 years | |||||||||||||||||||||||||
Twin Falls, ID | — | — | 4,783 | — | — | 4,783 | 4,783 | (787 | ) | 04/11 | 40 years | |||||||||||||||||||||||||
Dallas, TX | — | — | 12,146 | 750 | — | 12,896 | 12,896 | (2,097 | ) | 03/12 | 40 years | |||||||||||||||||||||||||
Albuquerque, NM | — | — | 13,733 | — | — | 13,733 | 13,733 | (1,745 | ) | 06/12 | 40 years | |||||||||||||||||||||||||
Southern Pines, NC | — | 1,709 | 4,747 | 12 | 1,709 | 4,759 | 6,468 | (772 | ) | 06/12 | 40 years | |||||||||||||||||||||||||
Austin, TX | — | 2,608 | 6,373 | — | 2,608 | 6,373 | 8,981 | (863 | ) | 09/12 | 40 years | |||||||||||||||||||||||||
Champaign, IL | — | — | 9,381 | 125 | — | 9,506 | 9,506 | (1,208 | ) | 09/12 | 40 years | |||||||||||||||||||||||||
Gainesville, VA | — | — | 10,846 | — | — | 10,846 | 10,846 | (1,378 | ) | 02/13 | 40 years | |||||||||||||||||||||||||
Lafayette, LA | 14,360 | — | 12,728 | — | — | 12,728 | 12,728 | (1,671 | ) | 08/13 | 40 years | |||||||||||||||||||||||||
New Iberia, LA | — | — | 1,630 | — | — | 1,630 | 1,630 | (214 | ) | 08/13 | 40 years | |||||||||||||||||||||||||
Tuscaloosa, AL | — | — | 11,287 | — | 1,815 | 9,472 | 11,287 | (1,243 | ) | 09/13 | 40 years | |||||||||||||||||||||||||
Tampa, FL | — | 1,700 | 23,483 | 3,769 | 1,700 | 27,252 | 28,952 | (4,463 | ) | 10/13 | 40 years | |||||||||||||||||||||||||
Warrenville, IL | — | 14,000 | 17,318 | 4,816 | 14,000 | 22,134 | 36,134 | (3,731 | ) | 10/13 | 40 years | |||||||||||||||||||||||||
San Francisco, CA | — | 2,077 | 12,914 | — | 2,077 | 12,914 | 14,991 | (969 | ) | 08/13 | 40 years | |||||||||||||||||||||||||
Opelika, AL | — | 1,314 | 8,951 | — | 1,314 | 8,951 | 10,265 | (1,007 | ) | 11/12 | 40 years | |||||||||||||||||||||||||
Bedford, IN | — | 349 | 1,594 | — | 349 | 1,594 | 1,943 | (213 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Seymour, IN | — | 1,028 | 2,291 | — | 1,028 | 2,291 | 3,319 | (287 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Wilder, KY | — | 983 | 11,233 | 2,004 | 983 | 13,237 | 14,220 | (1,490 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Bowling Green, KY | — | 1,241 | 10,222 | — | 1,241 | 10,222 | 11,463 | (1,270 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
New Albany, IN | — | 2,461 | 14,807 | — | 2,461 | 14,807 | 17,268 | (1,803 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Clarksville, TN | — | 3,764 | 16,769 | 4,706 | 3,764 | 21,475 | 25,239 | (2,125 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Williamsport, PA | — | 2,243 | 6,684 | — | 2,243 | 6,684 | 8,927 | (857 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Noblesville, IN | — | 886 | 7,453 | 2,019 | 886 | 9,472 | 10,358 | (1,000 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Moline, IL | — | 1,963 | 10,183 | — | 1,963 | 10,183 | 12,146 | (1,255 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
O'Fallon, MO | — | 1,046 | 7,342 | — | 1,046 | 7,342 | 8,388 | (899 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
McDonough, GA | — | 2,235 | 16,842 | — | 2,235 | 16,842 | 19,077 | (2,068 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Sterling Heights, MI | — | 10,849 | — | 258 | 10,919 | 188 | 11,107 | (1 | ) | 12/14 | 15 years | |||||||||||||||||||||||||
Virginia Beach, VA | — | 2,544 | 6,478 | — | 2,544 | 6,478 | 9,022 | (621 | ) | 02/15 | 40 years | |||||||||||||||||||||||||
Yulee, FL | — | 1,036 | 6,934 | — | 1,036 | 6,934 | 7,970 | (664 | ) | 02/15 | 40 years | |||||||||||||||||||||||||
Jacksonville, FL | — | 5,080 | 22,064 | — | 5,080 | 22,064 | 27,144 | (3,153 | ) | 05/15 | 25 years | |||||||||||||||||||||||||
Denham Springs, LA | — | — | 5,093 | 4,162 | — | 9,255 | 9,255 | (518 | ) | 05/15 | 40 years | |||||||||||||||||||||||||
Crystal Lake, IL | — | 2,980 | 13,521 | 568 | 2,980 | 14,089 | 17,069 | (1,972 | ) | 07/15 | 25 years | |||||||||||||||||||||||||
Laredo, TX | — | 1,353 | 7,886 | — | 1,353 | 7,886 | 9,239 | (591 | ) | 12/15 | 40 years | |||||||||||||||||||||||||
Corpus, Christi, TX | — | 1,286 | 8,252 | — | 1,286 | 8,252 | 9,538 | (395 | ) | 12/15 | 40 years | |||||||||||||||||||||||||
Delmont, PA | — | 673 | 621 | — | 673 | 621 | 1,294 | (74 | ) | 06/16 | 25 years | |||||||||||||||||||||||||
Kennewick, WA | — | 2,484 | 4,901 | — | 2,484 | 4,901 | 7,385 | (550 | ) | 06/16 | 25 years | |||||||||||||||||||||||||
Franklin, TN | — | 10,158 | 17,549 | 9,018 | 10,158 | 26,567 | 36,725 | (2,359 | ) | 06/16 | 25 years | |||||||||||||||||||||||||
Mobile, AL | — | 2,116 | 16,657 | — | 2,116 | 16,657 | 18,773 | (1,770 | ) | 06/16 | 25 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
El Paso, TX | — | 2,957 | 10,961 | 3,905 | 2,957 | 14,866 | 17,823 | (1,230 | ) | 06/16 | 25 years | |||||||||||||||||||||||||
Edinburg, TX | — | 1,982 | 16,964 | 5,680 | 1,982 | 22,644 | 24,626 | (2,032 | ) | 06/16 | 25 years | |||||||||||||||||||||||||
Hendersonville, TN | — | 2,784 | 8,034 | 4,160 | 2,784 | 12,194 | 14,978 | (734 | ) | 07/16 | 30 years | |||||||||||||||||||||||||
Houston, TX | — | 965 | 10,002 | — | 965 | 10,002 | 10,967 | (333 | ) | 10/16 | 40 years | |||||||||||||||||||||||||
Detroit, MI | — | 4,299 | 13,810 | — | 4,299 | 13,810 | 18,109 | (997 | ) | 11/16 | 30 years | |||||||||||||||||||||||||
Fort Worth, TX | — | — | 11,385 | — | — | 11,385 | 11,385 | (166 | ) | 02/17 | 40 years | |||||||||||||||||||||||||
Fort Wayne, IN | — | 1,926 | 11,054 | — | 1,926 | 11,054 | 12,980 | (715 | ) | 05/17 | 27 years | |||||||||||||||||||||||||
Wichita, KS | — | 267 | 7,535 | — | 267 | 7,535 | 7,802 | (519 | ) | 05/17 | 23 years | |||||||||||||||||||||||||
Wichita, KS | — | 3,132 | 23,270 | — | 3,132 | 23,270 | 26,402 | (1,659 | ) | 05/17 | 23 years | |||||||||||||||||||||||||
Richmond, TX | — | 7,251 | 36,534 | (27 | ) | 7,251 | 36,507 | 43,758 | (1,361 | ) | 08/17 | 40 years | ||||||||||||||||||||||||
Tomball, TX | — | 3,416 | 26,918 | — | 3,416 | 26,918 | 30,334 | (978 | ) | 08/17 | 40 years | |||||||||||||||||||||||||
Cleveland, OH | — | 2,671 | 17,526 | — | 2,671 | 17,526 | 20,197 | (1,087 | ) | 08/17 | 25 years | |||||||||||||||||||||||||
Little Rock, AR | — | 1,789 | 10,780 | — | 1,789 | 10,780 | 12,569 | (283 | ) | 01/18 | 40 years | |||||||||||||||||||||||||
Conway, AR | — | 1,316 | 5,553 | — | 1,316 | 5,553 | 6,869 | (168 | ) | 03/18 | 30 years | |||||||||||||||||||||||||
Lynbrook, NY | — | 1,753 | 28,400 | — | 1,753 | 28,400 | 30,153 | (363 | ) | 06/18 | 40 years | |||||||||||||||||||||||||
Long Island, NY | — | — | 12,479 | 267 | — | 12,746 | 12,746 | — | 12/18 | 25 years | ||||||||||||||||||||||||||
ERC's/Retail | ||||||||||||||||||||||||||||||||||||
Dallas, TX | — | 3,060 | 15,281 | 18,983 | 3,060 | 34,264 | 37,324 | (16,866 | ) | 11/97 | 40 years | |||||||||||||||||||||||||
Westminster, CO | — | 6,205 | 12,600 | 22,859 | 6,205 | 35,459 | 41,664 | (18,393 | ) | 12/01 | 40 years | |||||||||||||||||||||||||
Westminster, CO | — | 5,850 | 17,314 | 4,257 | 5,850 | 21,571 | 27,421 | (7,528 | ) | 06/99 | 40 years | |||||||||||||||||||||||||
Houston, TX | — | 3,653 | 1,365 | (1,531 | ) | 3,408 | 79 | 3,487 | (14 | ) | 05/00 | 40 years | ||||||||||||||||||||||||
Southfield, MI | — | 8,000 | 20,518 | 6,298 | 8,000 | 26,816 | 34,816 | (26,773 | ) | 05/03 | 15 years | |||||||||||||||||||||||||
New Rochelle, NY | — | 6,100 | 97,696 | 10,774 | 6,100 | 108,470 | 114,570 | (41,540 | ) | 10/03 | 40 years | |||||||||||||||||||||||||
Kanata, ON | — | 10,044 | 36,630 | 27,615 | 9,236 | 65,053 | 74,289 | (21,622 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Mississagua, ON | — | 9,221 | 17,593 | 19,988 | 11,150 | 35,652 | 46,802 | (10,169 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Oakville, ON | — | 10,044 | 23,646 | 5,407 | 9,236 | 29,861 | 39,097 | (10,947 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Whitby, ON | — | 10,202 | 21,960 | 24,076 | 12,051 | 44,187 | 56,238 | (14,415 | ) | 03/04 | 40 years | |||||||||||||||||||||||||
Burbank, CA | — | 16,584 | 35,016 | 12,536 | 16,584 | 47,552 | 64,136 | (14,043 | ) | 03/05 | 40 years | |||||||||||||||||||||||||
Cleveland, OH | — | 2,389 | 3,546 | — | 2,389 | 3,546 | 5,935 | (266 | ) | 08/17 | 25 years | |||||||||||||||||||||||||
Other Entertainment | ||||||||||||||||||||||||||||||||||||
Northbrook, IL | — | — | 7,025 | 586 | — | 7,611 | 7,611 | (1,346 | ) | 07/11 | 40 years | |||||||||||||||||||||||||
Oakbrook, IL | — | — | 8,068 | 536 | — | 8,604 | 8,604 | (1,298 | ) | 03/12 | 40 years | |||||||||||||||||||||||||
Jacksonville, FL | — | 4,510 | 5,061 | 4,670 | 4,510 | 9,731 | 14,241 | (2,354 | ) | 02/12 | 30 years | |||||||||||||||||||||||||
Indianapolis, IN | — | 4,298 | 6,320 | 5,454 | 4,377 | 11,695 | 16,072 | (1,854 | ) | 02/12 | 40 years | |||||||||||||||||||||||||
Warrenville, IL | — | — | 6,469 | 2,216 | — | 8,685 | 8,685 | (1,429 | ) | 10/13 | 40 years | |||||||||||||||||||||||||
Schaumburg, IL | — | 598 | 5,372 | — | 598 | 5,372 | 5,970 | (537 | ) | 04/15 | 30 years | |||||||||||||||||||||||||
Marietta, GA | — | 3,116 | 11,872 | — | 3,116 | 11,872 | 14,988 | (1,341 | ) | 02/16 | 35 years | |||||||||||||||||||||||||
Orlando, FL | — | 9,382 | 16,225 | 58 | 9,382 | 16,283 | 25,665 | (509 | ) | 05/16 | 40 years | |||||||||||||||||||||||||
Stapleton, CO | — | 1,062 | 6,329 | — | 1,062 | 6,329 | 7,391 | (212 | ) | 05/16 | 40 years | |||||||||||||||||||||||||
Dallas, TX | — | 3,318 | 7,835 | 4 | 3,318 | 7,839 | 11,157 | (298 | ) | 12/16 | 40 years | |||||||||||||||||||||||||
San Antonio, TX | — | 6,502 | 15,338 | — | 6,502 | 15,338 | 21,840 | (103 | ) | 08/17 | 40 years | |||||||||||||||||||||||||
Ski Areas | ||||||||||||||||||||||||||||||||||||
Bellfontaine, OH | — | 5,108 | 5,994 | 8,327 | 5,251 | 14,178 | 19,429 | (3,931 | ) | 11/05 | 40 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Tannersville, PA | — | 34,940 | 34,629 | 4,377 | 34,940 | 39,006 | 73,946 | (14,546 | ) | 09/13 | 40 years | |||||||||||||||||||||||||
McHenry, MD | — | 8,394 | 15,910 | 3,207 | 9,708 | 17,803 | 27,511 | (6,106 | ) | 12/12 | 40 years | |||||||||||||||||||||||||
Wintergreen, VA | — | 5,739 | 16,126 | 635 | 5,739 | 16,761 | 22,500 | (3,673 | ) | 02/15 | 40 years | |||||||||||||||||||||||||
Northstar, CA | — | 48,178 | 88,532 | — | 48,178 | 88,532 | 136,710 | (11,125 | ) | 04/17 | 40 years | |||||||||||||||||||||||||
Northstar, CA | — | 7,827 | 18,112 | — | 7,827 | 18,112 | 25,939 | (905 | ) | 04/17 | 40 years | |||||||||||||||||||||||||
Attractions | ||||||||||||||||||||||||||||||||||||
Tannersville, PA | — | — | 120,354 | 1,615 | — | 121,969 | 121,969 | (10,361 | ) | 05/15 | 40 years | |||||||||||||||||||||||||
Powells Point, NC | — | 5,284 | 39,516 | (2,604 | ) | 5,284 | 36,912 | 42,196 | (1,930 | ) | 10/16 | 30 years | ||||||||||||||||||||||||
Corfu, NY | — | 5,112 | 43,637 | 2,500 | 5,112 | 46,137 | 51,249 | (3,885 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Oklahoma City, OK | — | 7,976 | 17,624 | — | 7,976 | 17,624 | 25,600 | (1,286 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Hot Springs, AR | — | 3,351 | 4,967 | — | 3,351 | 4,967 | 8,318 | (360 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Riviera Beach, FL | — | 17,450 | 29,713 | — | 17,450 | 29,713 | 47,163 | (2,172 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Oklahoma City, OK | — | 1,423 | 18,097 | — | 1,423 | 18,097 | 19,520 | (1,361 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Palm Springs, CA | — | 4,109 | — | — | 4,109 | — | 4,109 | — | 04/17 | n/a | ||||||||||||||||||||||||||
Springs, TX | — | 18,776 | 31,402 | — | 18,776 | 31,402 | 50,178 | (2,350 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Glendale, AZ | — | — | 20,514 | 2,969 | — | 23,483 | 23,483 | (1,837 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Kapolei, HI | — | — | 8,351 | 1,542 | — | 9,893 | 9,893 | (710 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Federal Way, WA | — | — | 13,949 | (63 | ) | — | 13,886 | 13,886 | (1,085 | ) | 04/17 | 30 years | ||||||||||||||||||||||||
Colony, TX | — | — | 7,617 | (567 | ) | — | 7,050 | 7,050 | (535 | ) | 04/17 | 30 years | ||||||||||||||||||||||||
Garland, TX | — | — | 5,601 | 389 | — | 5,990 | 5,990 | (452 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Santa Monica, CA | — | — | 13,874 | 15,717 | — | 29,591 | 29,591 | (2,408 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
Concord, CA | — | — | 9,808 | 5,787 | — | 15,595 | 15,595 | (1,166 | ) | 04/17 | 30 years | |||||||||||||||||||||||||
St. Louis, MO | — | 5,481 | 41,951 | — | 5,481 | 41,951 | 47,432 | — | 12/18 | 40 years | ||||||||||||||||||||||||||
Golf Entertainment Complexes | ||||||||||||||||||||||||||||||||||||
Colony, TX | — | 4,004 | 13,665 | (240 | ) | 4,004 | 13,425 | 17,429 | (1,678 | ) | 12/12 | 40 years | ||||||||||||||||||||||||
Allen, TX | — | — | 10,007 | 1,151 | — | 11,158 | 11,158 | (2,552 | ) | 02/12 | 29 years | |||||||||||||||||||||||||
Dallas, TX | — | — | 10,007 | 1,771 | — | 11,778 | 11,778 | (2,578 | ) | 02/12 | 30 years | |||||||||||||||||||||||||
Houston, TX | — | — | 12,403 | 394 | — | 12,797 | 12,797 | (2,017 | ) | 09/12 | 40 years | |||||||||||||||||||||||||
Alpharetta, GA | — | 5,608 | 16,616 | — | 5,608 | 16,616 | 22,224 | (1,869 | ) | 05/13 | 40 years | |||||||||||||||||||||||||
Scottsdale, AZ | — | — | 16,942 | — | — | 16,942 | 16,942 | (1,906 | ) | 06/13 | 40 years | |||||||||||||||||||||||||
Spring, TX | — | 4,928 | 14,522 | — | 4,928 | 14,522 | 19,450 | (1,694 | ) | 07/13 | 40 years | |||||||||||||||||||||||||
San Antonio, TX | — | — | 15,976 | — | — | 15,976 | 15,976 | (1,531 | ) | 12/13 | 40 years | |||||||||||||||||||||||||
Tampa, FL | — | — | 15,726 | (67 | ) | — | 15,659 | 15,659 | (1,676 | ) | 02/14 | 40 years | ||||||||||||||||||||||||
Gilbert, AZ | — | 4,735 | 16,130 | (267 | ) | 4,735 | 15,863 | 20,598 | (1,586 | ) | 02/14 | 40 years | ||||||||||||||||||||||||
Overland Park, KS | — | 5,519 | 17,330 | — | 5,519 | 17,330 | 22,849 | (1,509 | ) | 05/14 | 40 years | |||||||||||||||||||||||||
Centennial, CO | — | 3,013 | 19,106 | 403 | 3,013 | 19,509 | 22,522 | (1,620 | ) | 06/14 | 40 years | |||||||||||||||||||||||||
Atlanta, GA | — | 8,143 | 17,289 | — | 8,143 | 17,289 | 25,432 | (1,477 | ) | 06/14 | 40 years | |||||||||||||||||||||||||
Ashburn VA | — | — | 16,873 | — | — | 16,873 | 16,873 | (1,406 | ) | 06/14 | 40 years | |||||||||||||||||||||||||
Naperville, IL | — | 8,824 | 20,279 | (665 | ) | 8,824 | 19,614 | 28,438 | (1,635 | ) | 08/14 | 40 years | ||||||||||||||||||||||||
Oklahoma City, OK | — | 3,086 | 16,421 | (252 | ) | 3,086 | 16,169 | 19,255 | (1,415 | ) | 09/14 | 40 years | ||||||||||||||||||||||||
Webster, TX | — | 5,631 | 17,732 | 927 | 5,338 | 18,952 | 24,290 | (1,479 | ) | 11/14 | 40 years | |||||||||||||||||||||||||
Virginia Beach, VA | — | 6,948 | 18,715 | 296 | 6,948 | 19,011 | 25,959 | (1,422 | ) | 12/14 | 40 years | |||||||||||||||||||||||||
Edison, NJ | — | — | 22,792 | 1,422 | — | 24,214 | 24,214 | (1,205 | ) | 04/15 | 40 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Jacksonville, FL | — | 6,732 | 21,823 | (1,201 | ) | 6,732 | 20,622 | 27,354 | (1,145 | ) | 09/15 | 40 years | ||||||||||||||||||||||||
Roseville, CA | — | 6,868 | 23,959 | (1,928 | ) | 6,868 | 22,031 | 28,899 | (1,263 | ) | 10/15 | 30 years | ||||||||||||||||||||||||
Portland, OR | — | — | 23,466 | (541 | ) | — | 22,925 | 22,925 | (1,372 | ) | 11/15 | 40 years | ||||||||||||||||||||||||
Orlando, FL | — | 8,586 | 22,493 | 1,120 | 8,586 | 23,613 | 32,199 | (728 | ) | 01/16 | 40 years | |||||||||||||||||||||||||
Charlotte, NC | — | 4,676 | 21,422 | (867 | ) | 4,676 | 20,555 | 25,231 | (824 | ) | 04/16 | 40 years | ||||||||||||||||||||||||
Fort Worth, TX | — | 4,674 | 17,537 | — | 4,674 | 17,537 | 22,211 | (731 | ) | 08/16 | 40 years | |||||||||||||||||||||||||
Nashville, TN | — | — | 26,685 | 136 | — | 26,821 | 26,821 | (894 | ) | 12/16 | 40 years | |||||||||||||||||||||||||
Huntsville, AL | — | 53 | 17,595 | (1,938 | ) | 53 | 15,657 | 15,710 | (534 | ) | 08/17 | 40 years | ||||||||||||||||||||||||
El Paso, TX | — | 2,688 | 17,373 | — | 2,688 | 17,373 | 20,061 | (458 | ) | 02/18 | 40 years | |||||||||||||||||||||||||
Pittsburgh, PA | — | 7,897 | 21,812 | — | 7,897 | 21,812 | 29,709 | (290 | ) | 07/18 | 40 years | |||||||||||||||||||||||||
Philadelphia, PA | — | 5,484 | 25,211 | — | 5,484 | 25,211 | 30,695 | (112 | ) | 12/18 | 40 years | |||||||||||||||||||||||||
Auburn Hills, MI | — | 4,219 | 27,704 | — | 4,219 | 27,704 | 31,923 | (61 | ) | 12/18 | 40 years | |||||||||||||||||||||||||
Other Recreation | ||||||||||||||||||||||||||||||||||||
Denver, CO | — | 753 | 6,218 | — | 753 | 6,218 | 6,971 | (397 | ) | 02/17 | 30 years | |||||||||||||||||||||||||
Olathe, KS | — | 2,417 | 16,878 | — | 2,417 | 16,878 | 19,295 | (985 | ) | 03/17 | 30 years | |||||||||||||||||||||||||
Fort Worth, TX | — | 824 | 7,066 | — | 824 | 7,066 | 7,890 | (412 | ) | 03/17 | 30 years | |||||||||||||||||||||||||
Tampa, FL | — | — | 8,665 | 2,493 | 2,493 | 8,665 | 11,158 | (385 | ) | 08/17 | 30 years | |||||||||||||||||||||||||
Roseville, CA | — | 1,807 | 6,082 | — | 1,807 | 6,082 | 7,889 | (293 | ) | 09/17 | 30 years | |||||||||||||||||||||||||
Fort Lauderdale, FL | — | — | 10,816 | — | — | 10,816 | 10,816 | (420 | ) | 10/17 | 30 years | |||||||||||||||||||||||||
Fort Collins, CO | — | 2,043 | 5,769 | — | 2,043 | 5,769 | 7,812 | (215 | ) | 01/18 | 30 years | |||||||||||||||||||||||||
Pagosa Springs, CO | — | 9,791 | 15,635 | — | 9,791 | 15,635 | 25,426 | (381 | ) | 06/18 | 30 years | |||||||||||||||||||||||||
Public Charter Schools | ||||||||||||||||||||||||||||||||||||
Columbus, OH | — | 700 | 3,790 | — | 700 | 3,790 | 4,490 | (241 | ) | 09/07 | 40 years | |||||||||||||||||||||||||
Groveport, OH | — | 600 | 12,250 | — | 600 | 12,250 | 12,850 | (778 | ) | 10/07 | 40 years | |||||||||||||||||||||||||
Cleveland, OH | — | 640 | 5,613 | — | 640 | 5,613 | 6,253 | (655 | ) | 10/04 | 30 years | |||||||||||||||||||||||||
Baton Rouge, LA | — | 996 | 5,638 | — | 996 | 5,638 | 6,634 | (1,067 | ) | 03/11 | 40 years | |||||||||||||||||||||||||
Goodyear, AZ | — | 766 | 6,517 | — | 766 | 6,517 | 7,283 | (1,387 | ) | 04/11 | 30 years | |||||||||||||||||||||||||
Phoenix, AZ | — | 1,060 | 8,140 | — | 1,060 | 8,140 | 9,200 | (1,635 | ) | 11/11 | 40 years | |||||||||||||||||||||||||
Buckeye, AZ | — | 914 | 9,715 | 14,461 | 914 | 24,176 | 25,090 | (3,278 | ) | 04/12 | 40 years | |||||||||||||||||||||||||
Tarboro, NC | — | 350 | 12,560 | 3,037 | 350 | 15,597 | 15,947 | (2,408 | ) | 07/12 | 40 years | |||||||||||||||||||||||||
Chester Upland, PA | — | 518 | 5,900 | — | 518 | 5,900 | 6,418 | (1,027 | ) | 03/13 | 30 years | |||||||||||||||||||||||||
Hollywood, SC | — | 806 | 5,776 | 1,805 | 806 | 7,581 | 8,387 | (1,042 | ) | 03/13 | 40 years | |||||||||||||||||||||||||
Camden, NJ | — | 548 | 10,569 | 7,271 | 548 | 17,840 | 18,388 | (3,113 | ) | 04/13 | 30 years | |||||||||||||||||||||||||
Queen Creek, AZ | — | 2,612 | — | (1,845 | ) | 767 | — | 767 | — | 04/13 | n/a | |||||||||||||||||||||||||
Chicago, IL | — | 509 | 5,895 | 4,619 | 509 | 10,514 | 11,023 | (1,212 | ) | 05/13 | 40 years | |||||||||||||||||||||||||
Gilbert, AZ | — | 1,336 | 6,593 | — | 1,336 | 6,593 | 7,929 | (865 | ) | 05/13 | 40 years | |||||||||||||||||||||||||
Columbus, OH | — | 600 | 5,720 | — | 600 | 5,720 | 6,320 | (363 | ) | 05/13 | 40 years | |||||||||||||||||||||||||
Dayton, OH | — | 599 | 5,068 | — | 599 | 5,068 | 5,667 | (322 | ) | 05/13 | 40 years | |||||||||||||||||||||||||
Chandler, AZ | — | 1,039 | 9,590 | — | 1,039 | 9,590 | 10,629 | (1,537 | ) | 07/13 | 40 years | |||||||||||||||||||||||||
Salt Lake City, UT | — | 8,173 | 10,982 | 1,928 | 8,173 | 12,910 | 21,083 | (1,425 | ) | 07/13 | 40 years | |||||||||||||||||||||||||
Palm Beach, FL | — | 3,323 | 15,824 | (81 | ) | 3,323 | 15,743 | 19,066 | (2,117 | ) | 10/13 | 30 years | ||||||||||||||||||||||||
Columbus, OH | — | 840 | 5,640 | — | 840 | 5,640 | 6,480 | (358 | ) | 11/13 | 40 years | |||||||||||||||||||||||||
Lancaster, CA | — | 2,109 | 6,032 | 166 | 2,109 | 6,198 | 8,307 | (855 | ) | 12/13 | 30 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Kernersville, NC | — | 1,362 | 8,182 | (244 | ) | 1,362 | 7,938 | 9,300 | (1,110 | ) | 12/13 | 40 years | ||||||||||||||||||||||||
Fort Collins, CO | — | 618 | 5,031 | 5,134 | 618 | 10,165 | 10,783 | (1,345 | ) | 02/14 | 40 years | |||||||||||||||||||||||||
Wilson, NC | — | 424 | 5,342 | 4,553 | 449 | 9,870 | 10,319 | (1,001 | ) | 03/14 | 30 years | |||||||||||||||||||||||||
Baker, LA | — | 190 | 6,563 | 203 | 190 | 6,766 | 6,956 | (689 | ) | 04/14 | 40 years | |||||||||||||||||||||||||
Charlotte, NC | — | 1,559 | 1,477 | 19,519 | 1,559 | 20,996 | 22,555 | (1,400 | ) | 05/14 | 30 years | |||||||||||||||||||||||||
Chicago, IL | — | 1,544 | 6,074 | 4,154 | 1,544 | 10,228 | 11,772 | (1,004 | ) | 05/14 | 40 years | |||||||||||||||||||||||||
Chandler, AZ | — | 1,530 | 6,877 | 144 | 1,530 | 7,021 | 8,551 | (612 | ) | 08/14 | 40 years | |||||||||||||||||||||||||
Port Royal, SC | — | 387 | 4,383 | 1,259 | 387 | 5,642 | 6,029 | (462 | ) | 09/14 | 40 years | |||||||||||||||||||||||||
Macon, GA | — | 401 | 7,883 | — | 401 | 7,883 | 8,284 | (3,035 | ) | 02/15 | 15 years | |||||||||||||||||||||||||
Memphis, TN | — | 1,535 | 4,089 | 2,646 | 1,535 | 6,735 | 8,270 | (733 | ) | 02/15 | 30 years | |||||||||||||||||||||||||
Parker, CO | — | 2,190 | 6,815 | 57 | 2,136 | 6,926 | 9,062 | (858 | ) | 01/15 | 40 years | |||||||||||||||||||||||||
Rock Hill, SC | — | 2,046 | 8,024 | (27 | ) | 2,046 | 7,997 | 10,043 | (786 | ) | 04/15 | 30 years | ||||||||||||||||||||||||
Palm Bay, FL | — | 782 | 6,212 | 2,035 | 782 | 8,247 | 9,029 | (864 | ) | 03/15 | 40 years | |||||||||||||||||||||||||
East Point, GA | — | 553 | 5,938 | — | 553 | 5,938 | 6,491 | (561 | ) | 05/15 | 30 years | |||||||||||||||||||||||||
Trenton, NJ | — | 1,351 | 15,327 | — | 1,351 | 15,327 | 16,678 | (830 | ) | 08/15 | 40 years | |||||||||||||||||||||||||
Memphis, TN | — | 910 | 7,927 | (41 | ) | 910 | 7,886 | 8,796 | (443 | ) | 09/15 | 40 years | ||||||||||||||||||||||||
Bridgeton, NJ | — | 153 | 2,392 | (39 | ) | 153 | 2,353 | 2,506 | (202 | ) | 09/15 | 30 years | ||||||||||||||||||||||||
Macon, GA | — | 351 | 7,460 | — | 351 | 7,460 | 7,811 | (788 | ) | 11/15 | 30 years | |||||||||||||||||||||||||
Galloway, NJ | — | 575 | 3,692 | (816 | ) | 575 | 2,876 | 3,451 | (246 | ) | 12/15 | 30 years | ||||||||||||||||||||||||
Bronx, NY | — | 1,232 | 8,472 | — | 1,232 | 8,472 | 9,704 | (512 | ) | 01/16 | 40 years | |||||||||||||||||||||||||
Parker, CO | — | 1,248 | 12,892 | 356 | 1,248 | 13,248 | 14,496 | (802 | ) | 04/16 | 40 years | |||||||||||||||||||||||||
Holland, OH | — | 549 | 4,642 | 25 | 549 | 4,667 | 5,216 | (276 | ) | 04/16 | 40 years | |||||||||||||||||||||||||
Holly Springs, NC | — | 1,703 | 10,240 | (67 | ) | 1,703 | 10,173 | 11,876 | (452 | ) | 03/17 | 30 years | ||||||||||||||||||||||||
Evans, GA | — | 669 | 8,838 | — | 669 | 8,838 | 9,507 | (450 | ) | 03/17 | 30 years | |||||||||||||||||||||||||
Chicoppe, MA | — | 1,489 | 6,382 | — | 1,489 | 6,382 | 7,871 | (336 | ) | 05/17 | 30 years | |||||||||||||||||||||||||
Walnut Creek, CA | — | 4,917 | 6,418 | 785 | 4,917 | 7,203 | 12,120 | (426 | ) | 07/17 | 30 years | |||||||||||||||||||||||||
Lexington, NC | — | 441 | 6,678 | — | 441 | 6,678 | 7,119 | (98 | ) | 12/17 | 30 years | |||||||||||||||||||||||||
Ridgeland, SC | — | 446 | 6,486 | — | 446 | 6,486 | 6,932 | (74 | ) | 03/18 | 30 years | |||||||||||||||||||||||||
East Point, GA | — | 1,258 | — | — | 1,258 | — | 1,258 | — | 04/18 | 30 years | ||||||||||||||||||||||||||
Spring, TX | — | 1,155 | 6,179 | — | 1,155 | 6,179 | 7,334 | (94 | ) | 04/18 | 30 years | |||||||||||||||||||||||||
Early Childhood Education | ||||||||||||||||||||||||||||||||||||
Lake Pleasant, AZ | — | 986 | 3,524 | — | 986 | 3,524 | 4,510 | (702 | ) | 03/13 | 30 years | |||||||||||||||||||||||||
Goodyear, AZ | — | 1,308 | 7,275 | 11 | 1,308 | 7,286 | 8,594 | (1,352 | ) | 06/13 | 30 years | |||||||||||||||||||||||||
Oklahoma City, OK | — | 1,149 | 9,839 | 385 | 1,149 | 10,224 | 11,373 | (1,559 | ) | 08/13 | 40 years | |||||||||||||||||||||||||
Coppell, TX | — | 1,547 | 10,168 | (99 | ) | 1,547 | 10,069 | 11,616 | (1,527 | ) | 09/13 | 30 years | ||||||||||||||||||||||||
Las Vegas, NV | — | 944 | 9,191 | — | 944 | 9,191 | 10,135 | (1,620 | ) | 09/13 | 30 years | |||||||||||||||||||||||||
Las Vegas, NV | — | 985 | 6,721 | 145 | 985 | 6,866 | 7,851 | (1,205 | ) | 09/13 | 30 years | |||||||||||||||||||||||||
Mesa, AZ | — | 762 | 6,987 | — | 762 | 6,987 | 7,749 | (1,481 | ) | 01/14 | 30 years | |||||||||||||||||||||||||
Gilbert, AZ | — | 1,295 | 9,192 | — | 1,295 | 9,192 | 10,487 | (1,424 | ) | 03/14 | 30 years | |||||||||||||||||||||||||
Cedar Park, TX | — | 1,520 | 10,500 | (412 | ) | 1,278 | 10,330 | 11,608 | (1,427 | ) | 07/14 | 30 years | ||||||||||||||||||||||||
Thornton, CO | — | 1,384 | 10,542 | — | 1,384 | 10,542 | 11,926 | (1,248 | ) | 07/14 | 30 years | |||||||||||||||||||||||||
Chicago, IL | — | 1,294 | 4,375 | 19 | 1,294 | 4,394 | 5,688 | (318 | ) | 07/14 | 30 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Centennial, CO | — | 1,249 | 10,771 | 417 | 1,249 | 11,188 | 12,437 | (1,472 | ) | 08/14 | 30 years | |||||||||||||||||||||||||
McKinney, TX | — | 1,812 | 12,419 | 930 | 1,812 | 13,349 | 15,161 | (1,935 | ) | 11/14 | 30 years | |||||||||||||||||||||||||
Lakewood, CO | — | 291 | 823 | 40 | 291 | 863 | 1,154 | (126 | ) | 01/15 | 30 years | |||||||||||||||||||||||||
Castle Rock, CO | — | 250 | 1,646 | — | 250 | 1,646 | 1,896 | (235 | ) | 01/15 | 30 years | |||||||||||||||||||||||||
Emeryville, CA | — | 1,814 | 5,780 | — | 1,814 | 5,780 | 7,594 | (546 | ) | 03/15 | 30 years | |||||||||||||||||||||||||
Lafayette, CO | — | 293 | 663 | 57 | 293 | 720 | 1,013 | (129 | ) | 04/15 | 25 years | |||||||||||||||||||||||||
Ashburn, VA | — | 2,289 | 14,748 | — | 2,289 | 14,748 | 17,037 | (1,268 | ) | 06/15 | 30 years | |||||||||||||||||||||||||
West Chester, OH | — | 1,807 | 12,913 | 153 | 1,807 | 13,066 | 14,873 | (992 | ) | 07/15 | 30 years | |||||||||||||||||||||||||
Ellisville, MO | — | 2,465 | 15,063 | — | 2,465 | 15,063 | 17,528 | (961 | ) | 07/15 | 30 years | |||||||||||||||||||||||||
Chanhassen, MN | — | 2,603 | 15,613 | 303 | 2,603 | 15,916 | 18,519 | (1,154 | ) | 08/15 | 30 years | |||||||||||||||||||||||||
Maple Grove, MN | — | 3,743 | 14,927 | 63 | 3,743 | 14,990 | 18,733 | (1,752 | ) | 08/15 | 30 years | |||||||||||||||||||||||||
Carmel, IN | — | 1,567 | 12,854 | 199 | 1,567 | 13,053 | 14,620 | (1,140 | ) | 09/15 | 30 years | |||||||||||||||||||||||||
Atlanta, GA | — | 956 | 1,850 | — | 956 | 1,850 | 2,806 | (200 | ) | 10/15 | 30 years | |||||||||||||||||||||||||
Atlanta, GA | — | 1,262 | 2,038 | — | 1,262 | 2,038 | 3,300 | (221 | ) | 10/15 | 30 years | |||||||||||||||||||||||||
Fishers, IN | — | 1,226 | 13,144 | 538 | 1,226 | 13,682 | 14,908 | (643 | ) | 12/15 | 30 years | |||||||||||||||||||||||||
Westerville, OH | — | 2,988 | 14,339 | 56 | 2,988 | 14,395 | 17,383 | (877 | ) | 04/16 | 30 years | |||||||||||||||||||||||||
Las Vegas, NV | — | 1,476 | 14,422 | — | 1,476 | 14,422 | 15,898 | (1,009 | ) | 06/16 | 30 years | |||||||||||||||||||||||||
Louisville, KY | — | 377 | 1,526 | — | 377 | 1,526 | 1,903 | (123 | ) | 08/16 | 30 years | |||||||||||||||||||||||||
Louisville, KY | — | 216 | 1,006 | — | 216 | 1,006 | 1,222 | (81 | ) | 08/16 | 30 years | |||||||||||||||||||||||||
Cheshire, CT | — | 420 | 3,650 | — | 420 | 3,650 | 4,070 | (194 | ) | 11/16 | 30 years | |||||||||||||||||||||||||
Edina, MN | — | 1,235 | 5,493 | (323 | ) | 1,235 | 5,170 | 6,405 | (209 | ) | 11/16 | 30 years | ||||||||||||||||||||||||
Eagan, MN | — | 783 | 4,833 | (286 | ) | 783 | 4,547 | 5,330 | (229 | ) | 11/16 | 30 years | ||||||||||||||||||||||||
Louisville, KY | — | 481 | 2,050 | — | 481 | 2,050 | 2,531 | (142 | ) | 12/16 | 30 years | |||||||||||||||||||||||||
Bala Cynwyd, PA | — | 1,785 | 3,759 | — | 1,785 | 3,759 | 5,544 | (261 | ) | 12/16 | 30 years | |||||||||||||||||||||||||
Schaumburg, IL | — | 642 | 4,962 | — | 642 | 4,962 | 5,604 | (55 | ) | 12/16 | 30 years | |||||||||||||||||||||||||
Kennesaw, GA | — | 690 | 844 | — | 690 | 844 | 1,534 | (56 | ) | 01/17 | 30 years | |||||||||||||||||||||||||
Charlotte, NC | — | 1,200 | 2,557 | — | 1,200 | 2,557 | 3,757 | (73 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Charlotte, NC | — | 2,501 | 2,079 | — | 2,501 | 2,079 | 4,580 | (60 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Richardson, TX | — | 474 | 2,046 | — | 474 | 2,046 | 2,520 | (61 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Frisco, TX | — | 999 | 3,064 | — | 999 | 3,064 | 4,063 | (90 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Allen, TX | — | 910 | 3,719 | — | 910 | 3,719 | 4,629 | (111 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Southlake, TX | — | 920 | 2,766 | — | 920 | 2,766 | 3,686 | (83 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Lewis Center, OH | — | 410 | 4,285 | — | 410 | 4,285 | 4,695 | (119 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Dublin, OH | — | 581 | 4,223 | — | 581 | 4,223 | 4,804 | (117 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Plano, TX | — | 400 | 2,647 | — | 400 | 2,647 | 3,047 | (81 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Carrollton, TX | — | 329 | 1,389 | — | 329 | 1,389 | 1,718 | (44 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Davenport, FL | — | 3,000 | 5,877 | — | 3,000 | 5,877 | 8,877 | (169 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Tallahassee, FL | — | 952 | 3,205 | — | 952 | 3,205 | 4,157 | (98 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Sunrise, FL | — | 1,400 | 1,856 | — | 1,400 | 1,856 | 3,256 | (55 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Chaska, MN | — | 328 | 6,140 | — | 328 | 6,140 | 6,468 | (170 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Loretto, MN | — | 286 | 3,511 | — | 286 | 3,511 | 3,797 | (100 | ) | 01/17 | 35 years |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Initial cost | Additions (Dispositions) (Impairments) Subsequent to acquisition | Gross Amount at December 31, 2018 | ||||||||||||||||||||||||||||||||||
Location | Debt | Land | Buildings, Equipment, Leasehold Interests & Improvements | Land | Buildings, Equipment, Leasehold Interests & Improvements | Total | Accumulated depreciation | Date acquired | Depreciation life | |||||||||||||||||||||||||||
Minneapolis, MN | — | 920 | 3,700 | — | 920 | 3,700 | 4,620 | (103 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Wayzata, MN | — | 810 | 1,962 | — | 810 | 1,962 | 2,772 | (57 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Plymouth, MN | — | 1,563 | 4,905 | — | 1,563 | 4,905 | 6,468 | (142 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Maple Grove, MN | — | 951 | 3,291 | — | 951 | 3,291 | 4,242 | (94 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Chula Vista, CA | — | 210 | 2,186 | — | 210 | 2,186 | 2,396 | (68 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Lincolnshire, IL | — | 1,006 | 4,799 | — | 1,006 | 4,799 | 5,805 | (104 | ) | 02/17 | 30 years | |||||||||||||||||||||||||
New Berlin, WI | — | 368 | 1,704 | — | 368 | 1,704 | 2,072 | (109 | ) | 02/17 | 30 years | |||||||||||||||||||||||||
Oak Creek, WI | — | 283 | 1,690 | — | 283 | 1,690 | 1,973 | (108 | ) | 02/17 | 30 years | |||||||||||||||||||||||||
Minnetonka, MN | — | 911 | 4,833 | 659 | 931 | 5,472 | 6,403 | (245 | ) | 03/17 | 30 years | |||||||||||||||||||||||||
Crowley, TX | — | 1,150 | 2,862 | — | 1,150 | 2,862 | 4,012 | (158 | ) | 05/17 | 30 years | |||||||||||||||||||||||||
Fort Worth, TX | — | 1,927 | 2,077 | — | 1,927 | 2,077 | 4,004 | (118 | ) | 05/17 | 30 years | |||||||||||||||||||||||||
Berlin, CT | — | 494 | 2,958 | — | 494 | 2,958 | 3,452 | (155 | ) | 06/17 | 30 years | |||||||||||||||||||||||||
Portland, OR | — | 2,604 | 585 | — | 2,604 | 585 | 3,189 | (18 | ) | 01/18 | 35 years | |||||||||||||||||||||||||
Orlando, FL | — | 955 | 4,273 | — | 955 | 4,273 | 5,228 | (110 | ) | 02/18 | 35 years | |||||||||||||||||||||||||
Fort Mill, SC | — | 629 | 3,957 | — | 629 | 3,957 | 4,586 | (40 | ) | 09/18 | 35 years | |||||||||||||||||||||||||
Indian Land, SC | — | 907 | 3,784 | — | 907 | 3,784 | 4,691 | (41 | ) | 09/18 | 35 years | |||||||||||||||||||||||||
Private Schools | ||||||||||||||||||||||||||||||||||||
San Jose, CA | — | 9,966 | 25,535 | 2,407 | 9,966 | 27,942 | 37,908 | (3,532 | ) | 12/13 | 40 years | |||||||||||||||||||||||||
Brooklyn, NY | — | — | 46,440 | 3,255 | — | 49,695 | 49,695 | (5,202 | ) | 12/13 | 40 years | |||||||||||||||||||||||||
Chicago, IL | — | 3,057 | 46,784 | — | 3,057 | 46,784 | 49,841 | (4,094 | ) | 02/14 | 40 years | |||||||||||||||||||||||||
McLean, VA | — | 12,792 | 43,472 | 3,170 | 12,792 | 46,642 | 59,434 | (2,895 | ) | 06/15 | 40 years | |||||||||||||||||||||||||
Mission Viejo, CA | — | 1,378 | 3,687 | — | 1,378 | 3,687 | 5,065 | (287 | ) | 09/16 | 30 years | |||||||||||||||||||||||||
Cumming, GA | — | 500 | 6,892 | — | 500 | 6,892 | 7,392 | (215 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Cumming, GA | — | 325 | 4,898 | — | 325 | 4,898 | 5,223 | (157 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Henderson, NV | — | 1,400 | 6,914 | — | 1,400 | 6,914 | 8,314 | (211 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Atlanta, GA | — | 2,001 | 5,989 | — | 2,001 | 5,989 | 7,990 | (165 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Pearland, TX | — | 2,360 | 9,292 | — | 2,360 | 9,292 | 11,652 | (271 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Pearland, TX | — | 372 | 2,568 | — | 372 | 2,568 | 2,940 | (74 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Palm Harbor, FL | — | 1,490 | 1,400 | — | 1,490 | 1,400 | 2,890 | (43 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Mason, OH | — | 975 | 11,243 | — | 975 | 11,243 | 12,218 | (310 | ) | 01/17 | 35 years | |||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||
Kiamesha Lake, NY | — | 155,658 | — | 19,055 | 156,785 | 17,928 | 174,713 | (37 | ) | 07/10 | n/a | |||||||||||||||||||||||||
Property under development | — | 287,546 | — | — | 287,546 | — | 287,546 | — | n/a | n/a | ||||||||||||||||||||||||||
Land held for development | — | 50,725 | — | (16,548 | ) | 34,177 | — | 34,177 | — | n/a | n/a | |||||||||||||||||||||||||
Senior unsecured notes payable and term loan | 2,995,000 | — | — | — | — | — | — | — | n/a | n/a | ||||||||||||||||||||||||||
Less: deferred financing costs, net | (33,941 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 2,986,054 | $ | 1,529,104 | $ | 4,215,855 | $ | 483,995 | $ | 1,512,291 | $ | 4,716,663 | $ | 6,228,954 | $ | (883,174 | ) |
EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2018 | |||
Real Estate: | |||
Reconciliation: | |||
Balance at beginning of the year | $ | 5,636,886 | |
Acquisition and development of rental properties during the year | 629,944 | ||
Disposition of rental properties during the year | (21,328 | ) | |
Impairment of rental properties during the year | (16,548 | ) | |
Balance at close of year | $ | 6,228,954 | |
Accumulated Depreciation: | |||
Reconciliation: | |||
Balance at beginning of the year | $ | 741,334 | |
Depreciation during the year | 144,042 | ||
Disposition of rental properties during the year | (2,202 | ) | |
Balance at close of year | $ | 883,174 |
(2) | Financial Statement Schedules: See Part II, Item 8 hereof |
(3) | Exhibits |
Exhibit No. | Description | |
Composite of Amended and Restated Declaration of Trust of the Company (inclusive of all amendments through June 1, 2018), which is attached as Exhibit 3.1 to the Company's Form 10-Q (Commission File No. 001-13561) filed on July 31, 2018, is hereby incorporated by reference as Exhibit 3.1 | ||
Articles Supplementary designating the powers, preferences and rights of the 5.750% Series C Cumulative Convertible Preferred Shares, which is attached as Exhibit 3.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 21, 2006, is hereby incorporated by reference as Exhibit 3.2 | ||
Articles Supplementary designating powers, preferences and rights of the 9.000% Series E Cumulative Convertible Preferred Shares, which is attached as Exhibit 3.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 2, 2008, is hereby incorporated by reference as Exhibit 3.3 | ||
Articles Supplementary designating the powers, preferences and rights of the 5.750% Series G Cumulative Redeemable Preferred Shares, which is attached as Exhibit 3.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on November 30, 2017, is hereby incorporated by reference as Exhibit 3.4 | ||
Amended and Restated Bylaws of the Company (inclusive of all amendments through March 20, 2017), which is attached as Exhibit 3.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on March 21, 2017, is hereby incorporated by reference as Exhibit 3.5 | ||
Form of share certificate for common shares of beneficial interest of the Company, which is attached as Exhibit 4.3 to the Company's Registration Statement on Form S-3ASR (Registration No. 333-35281), filed on June 3, 2013, is hereby incorporated by reference as Exhibit 4.1 | ||
Form of 5.750% Series C Cumulative Convertible Preferred Shares Certificate, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 21, 2006, is hereby incorporated by reference as Exhibit 4.2 | ||
Form of 9.000% Series E Cumulative Convertible Preferred Shares, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 2, 2008, is hereby incorporated by reference as Exhibit 4.3 | ||
Form of 5.750% Series G Cumulative Redeemable Preferred Shares Certificate, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on November 30, 2017, is hereby incorporated by reference as Exhibit 4.4 | ||
Indenture, dated June 30, 2010, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 5.750% Senior Notes due 2022 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on July 1, 2010, is hereby incorporated by reference as Exhibit 4.5 | ||
Indenture, dated June 18, 2013, by and among the Company, certain of its subsidiaries, and U.S. Bank National Association, as trustee (including the form of 5.250% Senior Notes due 2023 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on June 18, 2013, is hereby incorporated by reference as Exhibit 4.6 | ||
Indenture, dated March 16, 2015, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.500% Senior Notes due 2025 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on March 16, 2015, is hereby incorporated by reference as Exhibit 4.7 |
Indenture, dated December 14, 2016, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.750% Senior Notes due 2026 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on December 14, 2016, is hereby incorporated by reference as Exhibit 4.8 | ||
Indenture, dated May 23, 2017, by and among the Company, certain of its subsidiaries, and UMB Bank, n.a., as trustee (including the form of 4.500% Senior Notes due 2027 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 23, 2017, is hereby incorporated by reference as Exhibit 4.9 | ||
Indenture, dated April 16, 2018, by and between the Company and UMB Bank, n.a., as trustee (including the form of 4.950% Senior Notes due 2028 included as Exhibit A thereto), which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on April 16, 2018, is hereby incorporated by reference as Exhibit 4.10 | ||
Note Purchase Agreement, dated August 1, 2016, by and among the Company and the purchasers named therein, which is attached as Exhibit 4.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on August 3, 2016, is hereby incorporated by reference as Exhibit 4.11 | ||
First Amendment to Note Purchase Agreement, dated September 27, 2017, by and among the Company and the purchasers named therein, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on September 27, 2017, is hereby incorporated as Exhibit 4.12 | ||
Second Amended, Restated and Consolidated Credit Agreement, dated September 27, 2017, by and among the Company, as borrower, KeyBank National Association, as administrative agent, and the other agents and lenders party thereto, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on September 27, 2017, is hereby incorporated by reference as Exhibit 10.1 | ||
Form of Indemnification Agreement entered into between the Company and each of its trustees and officers, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 14, 2007, is hereby incorporated by reference as Exhibit 10.2 | ||
Deferred Compensation Plan for Non-Employee Trustees, which is attached as Exhibit 10.10 to Amendment No. 2, filed on November 5, 1997, to the Company's Registration Statement on Form S-11 (Registration No. 333-35281), is hereby incorporated by reference as Exhibit 10.3 | ||
2007 Equity Incentive Plan, as amended, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 15, 2013, is hereby incorporated by reference as Exhibit 10.4 | ||
Form of 2007 Equity Incentive Plan Nonqualified Share Option Agreement for Employee Trustees, which is attached as Exhibit 10.2 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.5 | ||
Form of 2007 Equity Incentive Plan Nonqualified Share Option Agreement for Non-Employee Trustees, which is attached as Exhibit 10.3 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.6 | ||
Form of 2007 Equity Incentive Plan Restricted Shares Agreement for Employees, which is attached as Exhibit 10.4 to the Company's Registration Statement on Form S-8 (Registration No. 333-142831) filed on May 11, 2007, is hereby incorporated by reference as Exhibit 10.7 | ||
Form of 2007 Equity Incentive Plan Restricted Shares Agreement for Non-Employee Trustees, which is attached as Exhibit 10.3 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 20, 2009, is hereby incorporated by reference as Exhibit 10.8 | ||
EPR Properties 2016 Equity Incentive Plan, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.9 | ||
Form of 2016 Equity Incentive Plan Incentive and Nonqualified Share Option Award Agreement for Employees, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.10 | ||
Form of 2016 Equity Incentive Plan Restricted Shares Award Agreement for Employees, which is attached as Exhibit 10.3 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.11 | ||
Form of 2016 Equity Incentive Plan Restricted Share Unit Award Agreement for Non-Employee Trustees, which is attached as Exhibit 10.4 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 12, 2016, is hereby incorporated by reference as Exhibit 10.12 | ||
Annual Performance-Based Incentive Plan, which is attached as Exhibit 10.1 to the Company's 8-K (Commission File No. 001-13561) filed on June 2, 2017, is hereby incorporated by reference as Exhibit 10.13 | ||
Employment Agreement, dated May 13, 2015, by and between the Company and Gregory K. Silvers, which is attached as Exhibit 10.1 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.14 | ||
Employment Agreement, dated May 13, 2015, by and between the Company and Mark A. Peterson, which is attached as Exhibit 10.2 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.15 | ||
Amended and Restated Employment Agreement, effective March 31, 2018, by and between the Company and Morgan G. Earnest II, which is attached as Exhibit 10.1 to the Company's Form 8-K/A (Commission File No. 001-13561) filed on April 6, 2018, is hereby incorporated by reference as Exhibit 10.16 | ||
Employment Agreement, dated May 13, 2015, by and between the Company and Craig L. Evans, which is attached as Exhibit 10.4 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.17 | ||
Employment Agreement, dated May 13, 2015, by and between the Company and Michael L. Hirons, which is attached as Exhibit 10.6 to the Company's Form 8-K (Commission File No. 001-13561) filed on May 18, 2015, is hereby incorporated by reference as Exhibit 10.19 | ||
EPR Properties Employee Severance Plan (as amended June 1, 2018), which is attached as Exhibit 10.1 to the Company's Form 10-Q (Commission File No. 001-13561) filed on July 31, 2018, is hereby incorporated by reference as Exhibit 10.20 | ||
The list of the Company's Subsidiaries is attached hereto as Exhibit 21 | ||
Consent of KPMG LLP is attached hereto as Exhibit 23 | ||
Certification of Gregory K. Silvers pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit 31.1 | ||
Certification of Mark A. Peterson pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit 31.2 | ||
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.1 | ||
Certification by Chief Financial Officer pursuant to 18 USC 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 32.2 | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
* Management contracts or compensatory plans |
EPR Properties | ||||
Dated: | February 28, 2019 | By | /s/ Gregory K. Silvers | |
Gregory K. Silvers, President and Chief Executive Officer (Principal Executive Officer) | ||||
Signature and Title | Date | |
/s/ Robert J. Druten | February 28, 2019 | |
Robert J. Druten, Chairman of the Board | ||
/s/ Gregory K. Silvers | February 28, 2019 | |
Gregory K. Silvers, President, Chief Executive Officer (Principal Executive Officer) and Trustee | ||
/s/ Mark A. Peterson | February 28, 2019 | |
Mark A. Peterson, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||
/s/ Tonya L. Mater | February 28, 2019 | |
Tonya L. Mater, Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||
/s/ Thomas M. Bloch | February 28, 2019 | |
Thomas M. Bloch, Trustee | ||
/s/ Barrett Brady | February 28, 2019 | |
Barrett Brady, Trustee | ||
/s/ Peter C. Brown | February 28, 2019 | |
Peter C. Brown, Trustee | ||
/s/ James B. Connor | February 28, 2019 | |
James B. Connor, Trustee | ||
/s/ Jack A. Newman, Jr. | February 28, 2019 | |
Jack A. Newman, Jr., Trustee | ||
/s/ Robin P. Sterneck | February 28, 2019 | |
Robin P. Sterneck, Trustee |
Subsidiary | Jurisdiction of Incorporation or Formation | |
30 West Pershing, LLC | Missouri | |
Adelaar Developer II, LLC | Delaware | |
Adelaar Developer, LLC | Delaware | |
Atlantic - EPR I | Delaware | |
Atlantic - EPR II | Delaware | |
Burbank Village, Inc. | Delaware | |
Burbank Village, L.P. | Delaware | |
Cantera 30, Inc. | Delaware | |
Cantera 30 Theatre, L.P. | Delaware | |
Catskill Resorts TRS, LLC | Delaware | |
Cinescape Equity, LLC | Delaware | |
Cinescape Mezz, LLC | Delaware | |
Cinescape Property, LLC | Delaware | |
CLP Northstar Commercial, LLC | Delaware | |
CLP Northstar, LLC | Delaware | |
Early Childhood Education, LLC | Delaware | |
ECE I, LLC | Delaware | |
ECE II, LLC | Delaware | |
Education Capital Solutions, LLC | Delaware | |
EPR Apex, Inc. | Delaware | |
EPR Camelback, LLC | Delaware | |
EPR Canada, Inc. | Missouri | |
EPR Concord II, L.P. | Delaware | |
EPR Escape, LLC | Delaware | |
EPR Experience, LLC | Delaware | |
EPR Fitness, LLC | Delaware | |
EPR Gaming Properties, LLC | Delaware | |
EPR Go Zone Holdings, LLC | Delaware | |
EPR Hialeah, Inc. | Missouri | |
EPR iDenver Holdings, LLC | Delaware | |
EPR iHurst Holdings, LLC | Delaware | |
EPR Irvine, LLC | Delaware | |
EPR iTampa, LLC | Delaware | |
EPR Karting, LLC | Delaware | |
EPR Lodging, LLC | Delaware | |
EPR Macomb Holdings, LLC | Delaware | |
EPR North Finance Trust | Ontario | |
EPR North GP ULC | British Columbia | |
EPR North Holdings GP ULC | British Columbia | |
EPR North Holdings LP | Ontario | |
EPR North Properties LP | Ontario | |
EPR North Trust | Kansas | |
EPR North US GP Trust | Delaware | |
EPR North US LP | Delaware |
EPR Parks, LLC | Delaware | |
EPR Resorts, LLC | Delaware | |
EPR Springs, LLC | Delaware | |
EPR St. Petes TRS, Inc. | Delaware | |
EPR TRS Holdings, Inc. | Missouri | |
EPR TRS I, Inc. | Missouri | |
EPR TRS II, Inc. | Missouri | |
EPR TRS III, Inc. | Missouri | |
EPR TRS IV, Inc. | Missouri | |
EPR Tuscaloosa, LLC | Delaware | |
EPT 301, LLC | Missouri | |
EPT 909, Inc. | Delaware | |
EPT Aliso Viejo, Inc. | Delaware | |
EPT Arroyo, Inc. | Delaware | |
EPT Auburn, Inc. | Delaware | |
EPT Biloxi, Inc. | Delaware | |
EPT Boise, Inc. | Delaware | |
EPT Chattanooga, Inc. | Delaware | |
EPT Columbiana, Inc. | Delaware | |
EPT Concord II, LLC | Delaware | |
EPT Concord, LLC | Delaware | |
EPT Dallas, LLC | Delaware | |
EPT Davie, Inc. | Delaware | |
EPT Deer Valley, Inc. | Delaware | |
EPT DownREIT II, Inc. | Missouri | |
EPT DownREIT, Inc. | Missouri | |
EPT East, Inc. | Delaware | |
EPT Firewheel, Inc. | Delaware | |
EPT First Colony, Inc. | Delaware | |
EPT Fontana, LLC | Delaware | |
EPT Fresno, Inc. | Delaware | |
EPT Gulf Pointe, Inc. | Delaware | |
EPT Hamilton, Inc. | Delaware | |
EPT Hattiesburg, Inc. | Delaware | |
EPT Huntsville, Inc. | Delaware | |
EPT Hurst, Inc. | Delaware | |
EPT Indianapolis, Inc. | Delaware | |
EPT Kalamazoo, Inc. | Missouri | |
EPT Kenner, LLC | Delaware | |
EPT Lafayette, Inc. | Delaware | |
EPT Lawrence, Inc. | Delaware | |
EPT Leawood, Inc. | Delaware | |
EPT Little Rock, Inc. | Delaware | |
EPT Macon, Inc. | Delaware | |
EPT Mad River, Inc. | Missouri | |
EPT Manchester, Inc. | Delaware | |
EPT Melbourne, Inc. | Missouri | |
EPT Mesa, Inc. | Delaware | |
EPT Mesquite, Inc. | Delaware |
EPT Modesto, Inc. | Delaware | |
EPT Mount Attitash, Inc. | Delaware | |
EPT Mount Snow, Inc. | Delaware | |
EPT New England, LLC | Delaware | |
EPT New Roc GP, Inc. | Delaware | |
EPT New Roc, LLC | Delaware | |
EPT Nineteen, Inc. | Delaware | |
EPT Pensacola, Inc. | Missouri | |
EPT Pompano, Inc. | Delaware | |
EPT Raleigh Theatres, Inc. | Delaware | |
EPT Ski Properties, Inc. | Delaware | |
EPT Slidell, Inc. | Delaware | |
EPT South Barrington, Inc. | Delaware | |
EPT Twin Falls, LLC | Delaware | |
EPT Virginia Beach, Inc. | Delaware | |
EPT Waterparks, Inc. | Delaware | |
EPT White Plains, LLC | Delaware | |
EPT Wilmington, Inc. | Delaware | |
Flik Depositor, Inc. | Delaware | |
Flik, Inc. | Delaware | |
Go To The Show, L.L.C. | Louisiana | |
International Hotel Ventures, Inc. | Delaware | |
Kanata Entertainment Holdings, Inc. | New Brunswick | |
McHenry FFE, LLC | Delaware | |
Megaplex Four, Inc. | Missouri | |
Megaplex Nine, Inc. | Missouri | |
Mississauga Entertainment Holdings, Inc. | New Brunswick | |
New Roc Associates, L.P. | New York | |
Oakville Entertainment Holdings, Inc. | New Brunswick | |
Rittenhouse Holding, LLC | Delaware | |
Strategic Undertakings, LLC | Delaware | |
Suffolk Retail, LLC | Delaware | |
Tampa Veterans 24, Inc. | Delaware | |
Tampa Veterans 24, L.P. | Delaware | |
Texas Waterpark Holding Garland, LLC | Delaware | |
Texas Waterpark Holding The Colony, LLC | Delaware | |
Theatre Sub, Inc. | Missouri | |
WestCol Center, LLC | Delaware | |
Whitby Entertainment Holdings, Inc. | New Brunswick |
1. | I have reviewed this Annual Report on Form 10-K of EPR Properties; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 28, 2019 | /s/ Gregory K. Silvers |
Gregory K. Silvers | ||
President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Annual Report on Form 10-K of EPR Properties; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 28, 2019 | /s/ Mark A. Peterson |
Mark A. Peterson | ||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
/s/ Gregory K. Silvers | |
Gregory K. Silvers | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. |
/s/ Mark A. Peterson | |
Mark A. Peterson Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
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Document and Entity Information Document - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 27, 2019 |
Jun. 30, 2018 |
|
Entity Information [Line Items] | |||
Entity Registrant Name | EPR Properties | ||
Entity Central Index Key | 0001045450 | ||
Trading Symbol | EPR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 74,905,631 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,853,135,832 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 266,983 | $ 262,968 | $ 224,982 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (16,177) | 12,569 | 5,142 |
Change in unrealized gain (loss) on derivatives | 15,779 | (7,820) | (3,030) |
Comprehensive income attributable to EPR Properties | $ 266,585 | $ 267,717 | $ 227,094 |
Organization |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Organization [Abstract] | |
Organization | Organization Description of Business EPR Properties (the Company) is a specialty real estate investment trust (REIT) organized on August 29, 1997 in Maryland. The Company develops, owns, leases and finances properties in select market segments primarily related to Entertainment, Recreation and Education. The Company’s properties are located in the United States and Canada. |
Summary of Significant Accounting Policies |
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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. 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 Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. 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 accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 to 40 years for buildings, three to 25 years for furniture, fixtures and equipment and 10 to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements, which improve or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life. Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability 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. In January 2017, the Company elected to adopt Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. 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 (consisting of land, building, site improvements, tenant improvements, leasehold interests and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) 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 (consisting of land, building, site improvements, tenant improvements, leasehold interests and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions and pre-opening costs, are included in the accompanying consolidated statements of income as transaction costs. Transaction costs expensed totaled $3.7 million, $0.5 million and $7.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. For rental property acquisitions (asset acquisitions or business combinations), the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. For land acquired with a rental property acquisition, available market data from recent comparable land sales is used as an input to estimate the fair value of the land. 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 remaining initial 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, management considers such differences over the remaining non-cancelable lease terms and for below-market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. 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 rental properties 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):
(1) At December 31, 2018, $5.4 million in tradenames had indefinite lives and were not amortized. Aggregate lease intangible amortization included in expense was $2.9 million, $2.0 million and $1.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.6 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively. The net amount amortized as a decrease to rental revenue for capitalized above and below-market lease intangibles was $0.2 million for the year ended December 31, 2016. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2018 is as follows (in thousands):
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 of $33.9 million and $32.9 million as of December 31, 2018 and 2017, respectively, are shown as a reduction of debt. The deferred financing costs of $5.0 million and $6.5 million as of December 31, 2018 and 2017, respectively, related to the unsecured revolving credit facility are included in other assets. Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. Operating Segments The Company has four reportable operating segments: Entertainment, Recreation, Education and Other. See Note 20 for financial information related to these operating segments. Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the non-cancellable terms of the leases. Straight-line rental revenue is subject to an evaluation for collectability, and the Company records a provision for losses against rental revenues if collectability of these future rents is not reasonably assured. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $10.2 million, $4.3 million and $17.0 million, respectively, of straight-line rental revenue, net of write-offs. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $15.4 million, $15.6 million and $15.6 million, respectively, of tenant reimbursements that related to the operations of its entertainment retail centers. Certain reclassifications have been made to the 2017 and 2016 presentation to conform to the 2018 presentation to combine tenant reimbursements with rental revenue. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $10.7 million, $7.8 million and $4.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Mortgage and other financing income included participating interest income of $0.7 million and $0.8 million for the years ended December 31, 2017 and 2016, respectively. There was no participating interest income recognized for the year ended December 31, 2018. For the years ended December 31, 2018, 2017 and 2016, mortgage and other financing income also included $74.7 million, $0.8 million and $3.6 million, respectively, in prepayment fees related to mortgage notes that were paid fully in advance of their maturity dates. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. 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. Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts where collection is not probable. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. 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 and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. These estimates have a direct impact on the Company's net income. The allowance for doubtful accounts was $2.9 million and $7.5 million at December 31, 2018 and 2017, respectively. 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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. There were no impaired loans at December 31, 2018 and 2017. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code (the 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 owns certain real estate assets which are subject to income tax in Canada. At December 31, 2018, the net deferred tax assets related to the Company's Canadian operations totaled $10.0 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to depreciation, capital improvements and straight-line rents. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the 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 two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three recreation anchored 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 the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore, the income reported by the Company is net of income tax paid to the Chinese taxing authorities. In addition, the Company is liable for withholding taxes to China associated with the current and future dividend payments from the China joint ventures. The Company paid $62 thousand and $44 thousand in withholding taxes during the year ended December 31, 2018 and 2017, respectively, related to earnings repatriated. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changed the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017 and 2018. At December 31, 2018, the net deferred tax assets related to the Company's TRSs totaled $729 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2018 and 2017, respectively, the Canadian operations and the Company's TRSs had deferred tax assets totaling approximately $14.1 million and $16.0 million and deferred tax liabilities totaling approximately $3.4 million and $3.9 million. The Company’s consolidated deferred tax position is summarized as follows:
Additionally, during the years ended December 31, 2018, 2017 and 2016, the Company recognized current income and withholding tax expense of $1.7 million, $1.6 million and $1.7 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, 2018, 2017 and 2016 (in thousands):
The Company's effective tax rate for the years ended December 31, 2018, 2017 and 2016 was 0.8%, 0.9% and 0.2%, 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 for continuing operations 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, 2018, 2017 and 2016. 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, 2018) 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 2015 through 2017 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2013 through 2017 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 2018, 2017 or 2016. The Company did not have any accrued interest and penalties at December 31, 2018, 2017 and 2016. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2018, 2017 and 2016. Concentrations of Risk On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). AMC was the lessee of a substantial portion (34%) of the megaplex theatre rental properties held by the Company at December 31, 2018. For the year ended December 31, 2018 and 2017, approximately $115.8 million or 16.5% and $114.4 million or 19.9% of the Company's total revenues were derived from rental payments by AMC. For the year ended December 31, 2016, approximately $90.0 million or 18.2% of the Company's total revenues were derived from rental payments by AMC and approximately $21.7 million or 4.4% of the Company's total revenues were derived from rental payments by Carmike. These rental payments are from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by AMC Entertainment Holdings, Inc. (AMCEH). AMCEH is a publicly held company (NYSE: AMC) and its consolidated financial information is publicly available as www.sec.gov. Cash Equivalents Cash equivalents include bank demand deposits. Restricted Cash Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, and payment of real estate taxes and capital improvements. 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. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaced the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share based compensation expense consists of share option expense and amortization of nonvested share grants 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, and totaled $15.1 million, $14.1 million and $11.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Share-based compensation included in severance expense in the accompanying consolidated statements of income totaled $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for further discussion. Share Options Share options are 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 was $0.3 million, $0.7 million and $0.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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 to four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $13.5 million, $12.2 million and $9.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income was $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. 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 was $1.3 million, $1.3 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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. Derivative Instruments In August 2017, the FASB issued ASU No. 2017-012, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The update amended existing guidance in order to better align a company's financial reporting for hedging activities with the economic objectives of those activities. It requires the Company to disclose the effect of its hedging activities on its consolidated statements of income and eliminated the periodic measurement and recognition of hedging ineffectiveness. The standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early application of the guidance permitted. The Company elected to early adopt ASU No. 2017-012 as of October 1, 2017. Early adoption had no impact on the Company's financial position or results of operations. The Company has entered into certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross currency swaps and interest rate swaps. 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 interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, 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 of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. For its net investment hedges, the Company has elected to assess hedge effectiveness using a method based on changes in spot exchange rates and record the changes in the fair value amounts excluded from the assessment of effectiveness into earnings on a systematic and rational basis. 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. 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. Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows, and certain reclassifications have been made to prior period balances to conform to current presentation in the consolidated statement of cash flows. Under ASU No. 2016-18, transfers to or from restricted cash which have been previously shown in the Company's operating activities section of the accompanying consolidated statement of cash flows are now required to be shown as part of the total change in cash and cash equivalents and restricted cash in the consolidated statements of cash flows. In addition, on January 1, 2018, the Company adopted ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The ASU clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. The adoption of this ASU had no impact to the Company's financial position, results of operations or presentation in the consolidated statement of cash flows. On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers (ASC 606) and ASC Topic 610-20, Other Income: Gains and Losses from the Derecognition of Non-financial Assets (ASC 610-20) using a modified retrospective (cumulative effect) method of adoption. The core principle of ASC 606 is that an entity will recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers when it satisfies performance obligations. The Company’s primary source of revenue is from lease revenue (which is excluded from the revenue standard but will be impacted upon adoption of the lease standard in 2019 discussed in Impact of Recently Issued Accounting Standards) and mortgage and other financing income (which is not in scope of the revenue standard). ASC 610-20 provides guidance on how entities recognize sales to non-customers including presentation of gain or loss on a net basis in the consolidated statements of income. The Company has concluded that its property sales represent transactions with non-customers. The Company had two property sale transactions that occurred in 2017 in which the Company received an aggregate of $12.3 million in mortgage notes receivable as full consideration for the sales. The mortgage notes require interest only payments until maturity and the Company determined in 2017 that these transactions qualified as sales; however, the gain on each sale was deferred. Upon adoption of ASC 610-20 on January 1, 2018, the Company determined that these transactions did not qualify for de-recognition. Accordingly, the Company recorded an adjustment in the year ended December 31, 2018 to reclassify these assets from mortgage notes receivable to rental properties on its consolidated balance sheet. All other sales of real estate were all cash transactions in which the purchaser obtained control of the property, therefore, there was no cumulative adjustment recognized to beginning retained earnings as a result of adopting ASC 610-20. Impact of Recently Issued Accounting Standards In February 2016, the FASB established Topic 842, Leases, by issuing ASU No. 2016-02, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842; ASU No. 2018-11, Targeted Improvements and ASU No. 2018-20, Narrow-Scope Improvements for Lessors. Topic 842 will require lessees to classify leases as either finance or operating leases based on certain criteria and to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessor accounting will remain largely unchanged from current U.S. GAAP. The standard eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions and will require new disclosures within the notes accompanying the consolidated financial statements. The new standard was effective for the Company on January 1, 2019 and required the use of the modified retrospective approach under either the effective date method or the comparative method. The Company adopted the standard on the effective date and used the effective date as the date of initial application. Accordingly, financial information will not be updated, and disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The standard offers several practical expedients for transition and certain expedients specific to lessees or lessors. Both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company has concluded it will apply the package of practical expedients, which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the expedient to not evaluate existing or expired land easements and elected the practical expedient to not separate lease and non-lease components for all its leases where it is the lessor. The Company did not elect the use-of-hindsight expedient. Although the Company is primarily a lessor, the standard will impact the Company’s consolidated financial statements and disclosures as it has certain operating land leases and other arrangements for which it is the lessee and will be required to recognize these arrangements on the consolidated financial statements. For the land lease arrangements, the Company is also, in substantially all cases, in a sub-lessor position and passes the obligation to pay the monthly land lease payments on to its sublessees. The Company is nearly complete with its evaluation of the land leases and other arrangements. The land lease and other arrangements will impact the Company’s financial statements as the Company will recognize right of use (ROU) assets and lease liabilities for the present value of the minimum lease payments as well as the sub-lessor straight-line receivables. In addition, as a result of applying Topic 842, the Company will be providing significant new disclosures about these arrangements. The Company is finalizing its transition adjustment and currently expects to record ROU assets in a range of $210.0 million to $220.0 million and operating lease liabilities in a range of approximately $235.0 million to $245.0 million with respect to leases existing as of December 31, 2018. These amounts are based on the present value of the remaining minimum rental payments on the Company’s existing operating leases existing as of December 31, 2018 where it is lessee (primarily land leases and the Company’s corporate office lease). In addition, the Company currently expects that it will record straight-line rent receivables of approximately $25.0 million, which represents the impact of the Company’s position as sub-lessor in the land leases. As lessor accounting remained largely unchanged, the Company expects substantially all its leases to continue to be classified as operating leases. Due to the new standard’s narrowed definition of initial direct costs, the Company expects to expense as incurred lease origination costs that are not contingent and that were previously capitalized. A substantial portion of the Company’s lease contracts (under which it is lessor) are triple-net leases, which require the tenants to make payments to third parties for operating expenses such as property taxes, insurance and common area maintenance costs associated with the properties. The Company currently does not include these payments made by the lessee to third parties in rental revenue or property operating expenses and the Company will continue to report these items this way as a result of applying the guidance in Topic 842. In certain situations, the Company pays these operating expenses directly to third-parties and the tenant reimburses the Company. These payments will be presented on a gross basis as a result of applying the guidance in Topic 842. Although no impact to net income or cash flows is expected as a result of a gross presentation, it may have the impact of increasing both reported revenues and property operating expenses. The Company will continue its implementation work in 2019 including enhancements to the Company’s internal control framework, accounting systems and related documentation surrounding its lease accounting processes and the preparation of any additional disclosures that will be required. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. The amendments in ASU No. 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets and eliminates the incurred losses methodology under current U.S. GAAP. In addition, in November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which also amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU states that operating lease receivables are not in the scope of Subtopic 326-20. ASU No. 2016-13 and ASU No. 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that these ASUs will have on its consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The guidance is effective for fiscal years beginning after December 15, 2018. The Company does not expect a material impact on the Company’s consolidated financial statements when the new standard is implemented, however, the Company will consider the implications of this standard in the future. |
Rental Properties |
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Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2018 and 2017 (in thousands):
Depreciation expense on rental properties was $148.7 million, $129.1 million and $103.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. Acquisitions During the year ended December 31, 2018, the Company completed the acquisitions of two megaplex theatres for approximately $22.4 million, a recreation facility for $7.8 million, an attraction property for $50.3 million, one other recreation property for $36.4 million and four early education centers for $17.7 million. During the year ended December 31, 2017, the Company completed a transaction with CNL Lifestyle Properties Inc. (CNL Lifestyle) and funds affiliated with Och-Ziff Real Estate (OZRE). The Company acquired the Northstar California Resort, 15 attraction properties (waterparks and amusement parks), five small family entertainment centers and certain related working capital for aggregate consideration valued at $479.8 million, including final purchase price adjustments. Additionally, the Company provided $251.0 million of secured debt financing to OZRE for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million. Subsequent to the transaction, the Company sold the five family entertainment centers for approximately $6.8 million and one waterpark for approximately $2.5 million. No gain or loss was recognized on these sales. The Company’s aggregate investment in this transaction was $730.8 million and was funded with $657.5 million of the Company’s common shares, consisting of 8,851,264 newly issued registered common shares valued at $74.28 per share, $61.2 million of cash and assumed working capital liabilities (net of assumed accounts receivable) of $12.1 million. The aggregate investment of $730.8 million in this transaction was recorded as follows (in thousands):
In addition, during the year ended December 31, 2017, the Company completed the acquisition of six megaplex theatres for approximately $154.1 million, six other recreation facilities for approximately $62.7 million, and seven early education centers and two public charter schools for approximately $38.5 million. Dispositions During the year ended December 31, 2018, the Company completed the sale of four entertainment parcels located in West Virginia, Illinois and Kansas for net proceeds totaling $7.3 million. In connection with these sales, the Company recognized a gain on sale of $1.2 million. Pursuant to a tenant purchase option, the Company completed the sale of one public charter school located in California for net proceeds totaling $12.0 million and recognized a gain on sale of $1.9 million during the year ended December 31, 2018. Additionally, the Company also completed the sale of two early education centers for net proceeds of $2.5 million. No gain or loss was recognized on these sales. During the year ended December 31, 2017, the Company completed the sale of four entertainment properties for net proceeds totaling $72.4 million. In connection with these sales, the Company recognized a gain on sale of $19.4 million. During the year ended December 31, 2017, pursuant to tenant purchase options, the Company completed the sale of eight public charter schools located in Colorado, Arizona and Utah for net proceeds totaling $97.3 million. In connection with these sales, the Company recognized a gain on sale of $20.7 million. Additionally, the Company completed the sale of three other education facilities for net proceeds of $10.5 million. In connection with these sales, the Company recognized a gain on sale of $1.8 million. As further discussed in Note 7, during the years ended December 31, 2018 and 2017, the Company also completed the sales of 13 public charter school properties leased to Imagine Schools, Inc. (Imagine). |
Impairment Charges (Notes) |
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Impaired Long-Lived Assets Held and Used [Line Items] | |
Asset Impairment Charges [Text Block] | Impairment Charges In July 2018, the Company entered into a new lease agreement with Children’s Learning Adventure USA (CLA) related to 21 open schools which replaced the prior lease arrangements and continued on a month-to-month basis. The lease agreement provided for monthly rent of $1.0 million along with the monthly reimbursement for property taxes of approximately $170 thousand. In February 2019, CLA and the Company entered into agreements (collectively, the PSA) providing for the purchase and sale of certain assets associated with the businesses located at the 21 operating CLA properties whereby the Company can nominate a third party operator to take an assignment and transfer of such assets from CLA and to receive certain beneficial rights under various related ancillary agreements. Additionally, in February 2019, the Company entered into leases of those properties with another early childhood education operator, which are contingent upon the transfer or surrender of each property pursuant to the PSA. The Company had $246.2 million classified in rental properties, net, in the accompanying consolidated balance sheets at December 31, 2018 for these 21 schools and determined that the estimated undiscounted future cash flow exceed the carrying values of these properties. See Note 19 for further discussion regarding CLA. In addition, during the year ended December 31, 2018, CLA also relinquished control of four of the Company’s properties that were still under development as the Company no longer intends to develop these properties for CLA. As a result, the Company revised its estimated undiscounted cash flows for these four properties, considering shorter expected holding periods, and determined that those estimated cash flows were not sufficient to recover the carrying values of these four properties. During the year ended December 31, 2018, the Company determined the estimated fair value of these properties using Level 3 inputs, including independent appraisals of these properties, and reduced the carrying value of these assets to $9.8 million, recording an impairment charge of $16.5 million. The charge was primarily related to the cost of improvements specific to the development of CLA’s prototype. During the year ended December 31, 2018, the Company recognized a $10.7 million impairment charge related to the Company’s guarantees of the payment of two economic development revenue bonds secured by leasehold interests and improvements at two theatres in Louisiana. In accordance with Topic 460, Guarantees, the Company recorded an asset and liability at the inception of the guarantees at fair value, which represented the Company's obligation to stand ready to perform under the terms of the guarantees. During the year ended December 31, 2018, the Company determined that a portion of its asset was no longer recoverable and recorded an impairment charge of $7.8 million. A contingent future obligation is recognized in accordance with the provisions of Topic 450, Accounting for Contingencies. In the case of the Company’s guarantees, the contingent future obligation is the future payment of the bonds by the Company. At the inception of the guarantees, the Company determined that its future payment of the bonds was not probable, therefore no contingent future obligation was recorded. For the year ended December 31, 2018, the Company determined that its future payment on a portion of the bond obligations was probable due to inadequate performance of the theatre properties and failure of the debtor under the bonds to perform. Accordingly, for the year ended December 31, 2018, the Company recorded an incremental contingent liability of $2.9 million, which in addition to the $7.8 million discussed above, resulted in a total impairment charge recognized relating to the guarantees of $10.7 million. For a discussion of impairment charges recorded during the year ended December 31, 2017, totaling $10.2 million, see Note 7. There were no impairment charges recorded for the year ended December 31, 2016. |
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Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2018 and 2017 (in thousands):
As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. As further discussed in Note 4, during the year ended December 31, 2018, the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2018 and 2017 consists of the following (in thousands):
(1) Mortgage note was reclassified to rental properties on January 1, 2018, due to implementation of ASC 610-20. (2) On February 16, 2018, the borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities, including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value of the mortgage note on the conversion date, and allocated this cost on a relative fair value basis. (3) On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. There was no prepayment fee received in connection with this note payoff. (4) On March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There was no prepayment fee received in connection with this note payoff. (5) During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $250.3 million from OZRE that was secured by 14 ski properties. In connection with the prepayment of this note, the Company recognized prepayment fees totaling $65.9 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (6) During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $32.0 million that was secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the prepayment of this note, the Company recognized prepayment fees of $5.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (7) On December 11, 2018, the Company received payment in full on the mortgage notes receivable totaling $36.7 million from LBE Investments, Ltd. that were secured by four charter school properties located in Gilbert and Queen Creek, Arizona. In connection with the prepayment of these notes, the Company recognized prepayment fees totaling $3.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (8) On December 21, 2018, the Company received payment in full on a mortgage note receivable of $1.4 million from LBE Investments, Ltd. that was secured by land located in Queen Creek, Arizona. No prepayment fee was received in connection with the prepayment of this note. |
Investment in Mortgage Notes |
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Financing Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable, Net The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2018 and 2017 (in thousands):
As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. As further discussed in Note 4, during the year ended December 31, 2018, the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. Investment in Mortgage Notes Investment in mortgage notes, including related accrued interest receivable, at December 31, 2018 and 2017 consists of the following (in thousands):
(1) Mortgage note was reclassified to rental properties on January 1, 2018, due to implementation of ASC 610-20. (2) On February 16, 2018, the borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities, including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value of the mortgage note on the conversion date, and allocated this cost on a relative fair value basis. (3) On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. There was no prepayment fee received in connection with this note payoff. (4) On March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There was no prepayment fee received in connection with this note payoff. (5) During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $250.3 million from OZRE that was secured by 14 ski properties. In connection with the prepayment of this note, the Company recognized prepayment fees totaling $65.9 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (6) During the year ended December 31, 2018, the Company received payment in full on the mortgage note receivable of $32.0 million that was secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the prepayment of this note, the Company recognized prepayment fees of $5.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (7) On December 11, 2018, the Company received payment in full on the mortgage notes receivable totaling $36.7 million from LBE Investments, Ltd. that were secured by four charter school properties located in Gilbert and Queen Creek, Arizona. In connection with the prepayment of these notes, the Company recognized prepayment fees totaling $3.4 million that are included in mortgage and other financing income in the accompanying consolidated statements of income for the year ended December 31, 2018. (8) On December 21, 2018, the Company received payment in full on a mortgage note receivable of $1.4 million from LBE Investments, Ltd. that was secured by land located in Queen Creek, Arizona. No prepayment fee was received in connection with the prepayment of this note. |
Investments In Direct Financing Leases |
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Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Direct Financing Leases | Investment in Direct Financing Leases The Company’s investment in direct financing leases relates to the Company’s lease of two public charter school properties as of December 31, 2018 and six public charter school properties as of December 31, 2017, with affiliates of Imagine Schools, Inc. (Imagine). Investment in direct financing leases, net represents estimated unguaranteed residual values of leased assets and net unpaid rentals, less related deferred income. The following table summarizes the carrying amounts of investment in direct financing leases, net as of December 31, 2018 and 2017 (in thousands):
(1) Deferred income is net of $0.3 million and $0.8 million of initial direct costs at December 31, 2018 and 2017, respectively. During 2016, the Company completed the sale of nine public charter school properties previously leased to Imagine as part of a master lease. Seven of these schools were sold to Imagine and two were sold to third parties. These properties are located in Georgia, Indiana, Ohio, Missouri and South Carolina and had a total net carrying value of $91.3 million when sold. The Company received net cash proceeds totaling $21.0 million (a portion of which was funded through the liquidation of the letter of credit and escrow reserve previously provided by Imagine pursuant to the master lease) and a mortgage note receivable from Imagine for $70.3 million. The note is secured by eight public charter schools and the carrying amount was $54.5 million at December 31, 2018. See Note 6 for more detail on this mortgage note receivable. There were no gains or losses recognized on these sales. The Company determined that no allowance for losses on the investment in direct financing leases was necessary at December 31, 2016. During 2017, the Company entered into revised lease terms with Imagine which reduced the rental payments and term on six properties. As a result of the revised lease terms, these six properties were classified as operating leases. Due to lease negotiations during the three months ended June 30, 2017, management evaluated whether it could recover its investment in these leases taking into account the revised lease terms and independent appraisals prepared as of June 30, 2017, and determined the carrying value of the investment in the direct financing leases exceeded the expected lease payments to be received and residual values for these six leases. Accordingly, the Company recorded an impairment charge of $9.6 million during the year ended December 31, 2017, which included an allowance for lease loss of $7.3 million and a charge of $2.3 million related to estimated unguaranteed residual value. Additionally, during 2017, the Company performed its annual review of the estimated unguaranteed residual value on its other properties leased to Imagine and determined that the residual value on one of these properties was impaired. As such, the Company recorded an impairment charge of the unguaranteed residual value of $0.6 million during the year ended December 31, 2017. During the year ended December 31, 2018, the Company completed the sale of four public charter school properties leased to Imagine, located in Arizona, Ohio and Washington D.C. for net proceeds of $43.4 million. Accordingly, the Company reduced its investment in direct financing leases, net, by $37.9 million, which included $31.6 million in original acquisition costs. A gain of $5.5 million was recognized during the year ended December 31, 2018. The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands):
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Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Debt Debt at December 31, 2018 and 2017 consists of the following (in thousands):
(1) On January 2, 2018, the Company prepaid in full this mortgage note payable totaling $11.7 million with an annual interest rate of 6.19%, which was secured by one theatre property. (2) On February 28, 2018, the Company redeemed all of its outstanding 7.75% Senior Notes due July 15, 2020. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium calculated pursuant to the terms of the indenture of $28.6 million, together with accrued and unpaid interest up to, but not including the redemption date of $2.3 million. In connection with the redemption, the Company recorded a non-cash write off of $3.3 million in deferred financing costs. The premium and non-cash write off were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income for the year ended December 31, 2018. (3) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00%, which was 3.50% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured revolving portion of the credit facility, among other things, (i) increase the initial maximum available amount from $650.0 million to $1.0 billion, (ii) extend the maturity date from April 24, 2019, to February 27, 2022 (with the Company having the right to extend the loan for an additional seven months) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.00% and 0.20%, versus LIBOR plus 1.25% and 0.25%, respectively, under the previous terms. In connection with the amendment, $19 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. As of December 31, 2018, the Company had $30.0 million outstanding under the facility and total availability under the facility was $970.0 million. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. In connection with the amendment to the unsecured consolidated credit agreement, the obligations of the Company’s subsidiaries that were co-borrowers under the Company’s prior senior unsecured revolving credit and term loan facility were released. As a result, simultaneously with the amendment, the guarantees by the Company’s subsidiaries that were guarantors with respect to the Company’s outstanding 4.50% Senior Notes due 2027, 4.75% Senior Notes due 2026, 4.50% Senior Notes due 2025, 5.25% Senior Notes due 2023, 5.75% Senior Notes due 2022, and 7.75% Senior Notes due 2020 were released in accordance with the terms of the applicable indentures governing such notes. (4) These notes contain various covenants, including: (i) a limitation on incurrence of any debt which 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 which 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 which 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. (5) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10%, which was 3.48% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the combined facility, among other things, (i) increase the initial amount from $350.0 million to $400.0 million, (ii) extend the maturity date from April 24, 2020 to February 27, 2023 and (iii) lower the interest rate on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.10% versus LIBOR plus 1.40% under previous terms. In connection with the amendment, $1.5 million of deferred financing costs (net of accumulated depreciation) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. At closing, the Company borrowed the remaining $50.0 million available on the $400.0 million term loan portion of the combined facility, which was used to pay down a portion of the facility. In addition, there is a $1.0 billion accordion feature on the combined facility that increases the maximum borrowing amount available, subject to lender approval, from $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (6) In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was affected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (7) On May 23, 2017, the Company issued $450.0 million in aggregate principal amount of senior notes due on June 1, 2027 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50%. Interest is payable on June 1 and December 1 of each year beginning on December 1, 2017 until the stated maturity date of June 1, 2027. The notes were issued at 99.393% of their face value. (8) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95%. Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the facility. (9) On August 30, 2017, the Company refinanced its variable-rate bonds payable. The maturity date was extended from October 1, 2037 to August 1, 2047 and the outstanding principal balance and interest rate were not changed. These bonds are secured by three theatres, which had a net book value of approximately $20.5 million at December 31, 2018, and bear interest at a variable rate which resets on a weekly basis and was 2.50% at December 31, 2018. The bonds require monthly interest only payments with principal due at maturity. Certain of the Company’s debt agreements contain customary restrictive covenants related to financial and operating performance as well as certain cross-default provisions. The Company was in compliance with all financial covenants at December 31, 2018. Principal payments due on long-term debt obligations subsequent to December 31, 2018 (without consideration of any extensions) are as follows (in thousands):
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, 2018, 2017 and 2016 (in thousands):
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Variable Interest Entities |
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Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities 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. Consolidated VIE As of December 31, 2018, the Company does not have any investments in consolidated VIEs. Unconsolidated VIE At December 31, 2018, the Company’s recorded investment in two mortgage notes which are unconsolidated VIEs totaled $184.1 million. The Company’s maximum exposure to loss associated with these VIEs is limited to the Company’s outstanding mortgage notes and related accrued interest receivable of $184.1 million. These mortgage notes are secured by three recreation properties and one public charter school. In addition, at December 31, 2018, the Company had $29.5 million recorded investments in unconsolidated VIEs through joint ventures that own two recreation anchored lodging properties. The Company accounts for these investments in joint ventures under the equity method of accounting. The Company's maximum exposure to loss at December 31, 2018, is its investment in the joint ventures of $29.5 million. See Note 8 for further discussion related to the Company's unconsolidated real estate joint ventures. While these entities are VIEs, the Company has determined that the power to direct the activities of these VIEs that most significantly impact the VIE’s economic performance is not held by the Company. |
Derivative Instruments |
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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's derivatives are subject to a master netting arrangement and the Company has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had no derivative liabilities in the consolidated balance sheet at December 31, 2018. The Company had derivative liabilities of $0.1 million recorded in “Accounts payable and accrued liabilities” in the consolidated balance sheet at December 31, 2017. The Company had derivative assets of $10.6 million and $25.7 million recorded in “Other assets” in the consolidated balance sheet at December 31, 2018 and 2017, respectively. The Company has not posted or received collateral with its derivative counterparties as of December 31, 2018 and 2017. See Note 12 for disclosures relating to the fair value of the derivative instruments as of December 31, 2018 and 2017. 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 and interest rates on its LIBOR 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’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its LIBOR based borrowings. To accomplish this objective, the Company currently 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. As of December 31, 2018, the Company had two interest rate swap agreements to fix the interest rate at 2.64% on $300.0 million of borrowings under the unsecured term loan facility from July 6, 2017 to April 5, 2019. Additionally, as of December 31, 2018, the Company had three additional interest rate swap agreements to fix the interest rate at 3.15% on an additional $50.0 million of borrowings under its unsecured term loan facility from November 6, 2017 to April 5, 2019 and on $350.0 million of borrowings under the unsecured term loan facility from April 6, 2019 to February 7, 2022. 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. During the years ended December 31, 2018, 2017 and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. 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, 2018, the Company estimates that during the twelve months ending December 31, 2019, $2.1 million will be reclassified from AOCI to a reduction of interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, USD, on its four Canadian properties. The Company uses cross currency swaps and foreign currency forwards to mitigate its exposure to fluctuations in the USD-CAD exchange rate on its Canadian properties. These foreign currency derivatives should hedge a significant portion of the Company's expected CAD denominated cash flow of the Canadian properties as their impact on the Company's cash flow when settled should move in the opposite direction of the exchange rates utilized to translate revenues and expenses of these properties. As of December 31, 2018, the Company had a USD-CAD cross-currency swap with a fixed original notional value of $100.0 million CAD and $79.5 million USD. The net effect of this swap is to lock in an exchange rate of $1.26 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows through June 2020. On June 29, 2018, the Company entered into two cross-currency swap agreements designated as net investment hedges that are described below. 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 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. As of December 31, 2018, the Company estimates that during the twelve months ending December 31, 2019, $0.8 million of gains will be reclassified from AOCI to other income. Net Investment Hedges As discussed above, the Company is exposed to fluctuations in foreign exchange rates on its four Canadian properties. As such, the Company uses currency forward agreements to hedge its exposure to changes in foreign exchange rates. Currency forward agreements involve fixing the USD-CAD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. In order to hedge the net investment on its four Canadian properties, on June 29, 2018, the Company entered into two cross-currency swaps, designated as net investment hedges that became effective July 1, 2018 with a total fixed notional value of $200.0 million CAD and $151.6 million USD with a maturity date of July 1, 2023. Included in this net investment hedge, the Company locked in an exchange rate of $1.32 CAD per USD on approximately $4.5 million of additional annual CAD denominated cash flows on the properties through July 1, 2023. On June 29, 2018, the Company de-designated two CAD to USD currency forward agreements in conjunction with entering into new agreements, described above, effectively terminating the currency forward agreements. These contracts were previously designated as net investment hedges. During the year ended December 31, 2018, the Company received $30.8 million of cash in connection with the settlement of the CAD to USD currency forward agreements. The corresponding change in value of the forward contracts for the period from inception through dedesignation of $30.8 million is reported in AOCI and will be reclassified into earnings upon a sale or complete or substantially complete liquidation of the Company's investment in its four Canadian properties. For 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. 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, 2018, 2017 and 2016:
Credit-risk-related Contingent Features The Company has agreements with each of its interest rate derivative counterparties that contain a provision where if the Company defaults on any of its obligations for borrowed money or credit in an amount exceeding $25.0 million for two of the agreements and $50.0 million for three of the agreements 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, 2018, the Company had no derivatives with a fair value in a liability position related to these agreements. If the Company breached any of the contractual provisions of these derivative contracts, it would be required to settle its obligations under the agreements at their termination value, after considering the right to offset. As of December 31, 2018, 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 |
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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 are 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, 2018, 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 assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017, aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.
*Included in "Other assets" in the accompanying consolidated balance sheet. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis during the year ended December 31, 2018 aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2018 and 2017 (Dollars in thousands)
As discussed further in Note 4, during the year ended December 31, 2018, the Company recorded impairment charges totaling $16.5 million related to land held for development and property under development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 7, during the year ended December 31, 2017, the Company recorded impairment charges totaling $10.2 million related to its investment in direct financing leases, net. Management estimated the fair value of this investments taking into account various factors including the independent appraisals, input from an outside broker and current market conditions. The Company determined, based on the inputs, that its valuation of the investment was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. During 2017, the Company entered into revised lease terms on these properties and as a result, these properties were classified as operating leases and moved to rental properties. 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, 2018 and 2017: 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, 2018, the Company had a carrying value of $517.5 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.67%. The fixed rate mortgage notes bear interest at rates of 7.00% to 11.43%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.50% to 10.00%, management estimates the fair value of the fixed rate mortgage notes receivable to be $544.6 million with an estimated weighted average market rate of 8.68% at December 31, 2018. At December 31, 2017, the Company had a carrying value of $970.7 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.42%. The fixed rate mortgage notes bear interest at rates of 7.00% to 11.31%. Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 7.00% to 11.50%, management estimates the fair value of the fixed rate mortgage notes receivable to be $992.6 million with an estimated weighted average market rate of 8.79% at December 31, 2017. Investment in direct financing leases, net: At December 31, 2018, the Company had investments in direct financing leases with a carrying value of $20.6 million, and with a weighted average effective interest rate of 12.04%. At December 31, 2018, the investment in direct financing leases bears interest at effective rates of 11.93% to 12.38%. The carrying value of the $20.6 million investment in direct financing leases approximated the fair value at December 31, 2018. At December 31, 2017, the Company had investments in direct financing leases with a carrying value of $57.9 million, and a weighted average effective interest rate of 11.98%. At December 31, 2017, the investment in direct financing leases bears interest at effective interest rates of 11.90% to 12.38%. The carrying value of the investment in direct financing leases approximated the fair value at December 31, 2017. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt as of December 31, 2018 and 2017 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2018, the Company had a carrying value of $455.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.84%. The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2018. At December 31, 2017, the Company had a carrying value of $635.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.58%. The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2017. As described in Note 11, at December 31, 2018 and 2017, $350.0 million of variable rate debt outstanding under the Company's unsecured term loan facility had been effectively converted to a fixed rate through February 7, 2022 by interest rate swap agreements. At December 31, 2018, the Company had a carrying value of $2.57 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.86%. Discounting the future cash flows for fixed rate debt using December 31, 2018 market rates of 3.48% to 4.99%, management estimates the fair value of the fixed rate debt to be approximately $2.57 billion with an estimated weighted average market rate of 4.69% at December 31, 2018. At December 31, 2017, the Company had a carrying value of $2.43 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 5.15%. Discounting the future cash flows for fixed rate debt using December 31, 2017 market rates of 2.49% to 4.56%, management estimates the fair value of the fixed rate debt to be approximately $2.53 billion with an estimated weighted average market rate of 4.04% at December 31, 2017. |
Common and Preferred Shares |
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Common And Preferred Shares | Common and Preferred Shares Common Shares The Board of Trustees declared cash dividends totaling $4.32 and $4.08 per common share for the years ended December 31, 2018 and 2017, 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, 2018 and 2017 are as follows:
(1) Of the taxable ordinary income, $4.1253 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0102 and $0.0972 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. During the year ended December 31, 2017, the Company issued an aggregate of 1,382,730 common shares under the direct share purchase component of its Dividend Reinvestment and Direct Share Purchase Plan (DSPP) for net proceeds of $98.2 million. During the year ended December 31, 2017, the Company issued 8,851,264 common shares in connection with its transaction with CNL Lifestyle and OZRE. See Note 3 for further information. Subsequent to December 31, 2018, the Company issued an aggregate of 490,310 common shares under its DSPP for net proceeds of $35.6 million. 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, 2018, the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.3954 common shares per Series C preferred share, which is equivalent to a conversion price of $63.23 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 Board of Trustees declared cash dividends totaling $1.4375 per Series C preferred share for each of the years ended December 31, 2018 and 2017, respectively. There were non-cash distributions associated with conversion adjustments of $0.6205 and $0.4918 per Series C preferred share for the years ended December 31, 2018 and 2017, 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, 2018 and 2017 are as follows:
(1) Of the taxable ordinary income, $1.3791 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0034 and $0.0352 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively.
(3) Of the taxable ordinary income, $0.5953 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0015 and $0.0092 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. 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, 2018, the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4686 common shares per Series E preferred share, which is equivalent to a conversion price of $53.35 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 Board of Trustees declared cash dividends totaling $2.25 per Series E preferred share for the years ended December 31, 2018 and 2017. There were non-cash distributions associated with conversion adjustments of $0.5308 and $0.2619 per Series E preferred share for the years ended December 31, 2018 and 2017, respectively. 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, 2018 and 2017 are as follows:
(1) Of the taxable ordinary income, $2.1586 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0053 and $0.0551 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively.
(3) Of the taxable ordinary income, $0.5092 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0013 and $0.0037 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. Series F Preferred Shares On December 21, 2017, the Company completed the redemption of all 5.0 million of its outstanding 6.625% Series F cumulative redeemable preferred shares (Series F preferred shares). The shares were redeemed at a redemption price of $25.299045 per share. The price is the sum of the $25.00 per share liquidation preference and a dividend per share of $0.299045 which equals the quarterly dividend prorated up to, but not including the redemption date for a total aggregate redemption price of approximately $126.5 million. In conjunction with the redemption, the Company recognized a charge representing the original issuance costs that were paid in 2012 and other redemption related expenses. The Series F preferred share redemption costs, which reduced net income available to common shareholders for the year ended December 31, 2017, were $4.5 million. The Board of Trustees declared cash dividends totaling $1.54123 per Series F preferred share for the year ended December 31, 2017. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series F preferred share for the year ended December 31, 2017 are as follows:
(1) Of the taxable ordinary income, none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.04792 was unrecaptured section 1250 gains for the years ended December 31, 2017. Series G Preferred Shares On November 30, 2017, the Company issued 6.0 million 5.75% Series G cumulative redeemable preferred shares (Series G preferred shares) in a registered public offering for net proceeds of approximately $144.5 million, after underwriting discounts and expenses. 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 not redeem the Series G preferred shares before November 30, 2022, except in limited circumstances to preserve the Company's REIT status. On or after November 30, 2022, 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 Board of Trustees declared cash dividends totaling $1.4375 and $0.183681 per Series G preferred share for the years ended December 31, 2018 and 2017, respectively. 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 year ended December 31, 2018 are as follows:
(1) Of the taxable ordinary income, $1.2105 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.00298 was unrecaptured section 1250 gains for the year ended December 31, 2018. |
Earnings Per Share |
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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, 2018, 2017 and 2016 (amounts in thousands except per share information):
The additional 2.1 million common shares for both years ended December 31, 2018 and 2017 and 2.0 million common shares for the year ended December 31, 2016, 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 are not included in the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, respectively, because the effect is anti-dilutive. The additional 1.6 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 are not included in the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, because the effect is anti-dilutive. The dilutive effect of potential common shares from the exercise of share options is included in diluted earnings per share for the years ended December 31, 2018, 2017 and 2016. However, options to purchase 26 thousand, 7 thousand and 72 thousand of common shares were outstanding at the end of 2018, 2017 and 2016, respectively, at per share prices ranging from $61.79 to $76.63 for both 2018 and 2017 and at a per share price of $61.79 for 2016, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Equity Incentive Plans |
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Share-based Compensation [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 1,950,000 common shares, options to purchase common shares and restricted share units, subject to adjustment in the event of certain capital events, may be granted. At December 31, 2018, there were 1,322,389 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options granted under the 2007 Equity Incentive Plan and the 2016 Equity Incentive Plan 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, and for employees typically become exercisable at a rate of 25% per year over a four-year period. 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:
The weighted average fair value of options granted was $3.03 and $7.91 during 2018 and 2017, respectively. There were no options granted during 2016. The intrinsic value of stock options exercised was $0.4 million, $0.5 million, and $5.2 million during the years ended December 31, 2018, 2017 and 2016, respectively. Additionally, the Company repurchased 20,258 shares in conjunction with the stock options exercised during the year ended December 31, 2018 with a total value of $1.4 million. The expense related to share options included in the determination of net income for the years ended December 31, 2018, 2017 and 2016 was $0.3 million, $0.7 million, and $0.9 million, respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 2.7% and 2.1% in 2018 and 2017, respectively, dividend yield of 7.6% and 5.4% in 2018 and 2017, respectively, volatility factors in the expected market price of the Company’s common shares of 18.9% and 22.0% in 2018 and 2017, respectively, 0.74% expected forfeiture rates for both 2018 and 2017, and an expected life of approximately six years for both 2018 and 2017. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. At December 31, 2018, stock-option expense to be recognized in future periods was as follows (in thousands):
The following table summarizes outstanding options at December 31, 2018:
The following table summarizes exercisable options at December 31, 2018:
Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows:
The holders of nonvested shares have voting rights and receive dividends from the date of grant. These shares vest ratably over a period of three to four years. The fair value of the nonvested shares that vested was $16.0 million, $15.1 million, and $9.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, unamortized share-based compensation expense related to nonvested shares was $16.6 million and will be recognized in future periods as follows (in thousands):
Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows:
The holders of restricted share units have voting rights and receive dividends from 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. At December 31, 2018, unamortized share-based compensation expense related to restricted share units was $602 thousand which will be recognized in 2019. |
Operating Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases Most of the Company’s rental properties are leased under operating leases with expiration dates ranging from 1 to 31 years. Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands):
As of December 31, 2018, the Company had 57 ground leases at its properties. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease rent, the Company would be primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. Future minimum lease payments under these ground lease obligations at December 31, 2018 are as follows, 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):
The Company leases its executive office from an unrelated landlord. Rental expense totaled approximately $1.0 million, $1.0 million and $681 thousand for the years ended December 31, 2018, 2017 and 2016, respectively, and is included as a component of general and administrative expense in the accompanying consolidated statements of income. Future minimum lease payments under this lease at December 31, 2018 are as follows (in thousands):
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Quarterly Financial Information |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2018 and 2017 are as follows (in thousands, except per share data):
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Other Commitments And Contingencies |
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Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2018, the Company had an aggregate of approximately $98.7 million of commitments to fund development projects including 10 entertainment development projects for which it has commitments to fund approximately $25.4 million, five recreation development projects for which it has commitments to fund approximately $45.9 million and six education development projects for which it has commitments to fund approximately $27.4 million. Development costs are advanced by the Company in periodic draws. If the Company determines that construction is not being completed in accordance with the terms of the development agreements, 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. Additionally, as of December 31, 2018, the Company had a commitment to fund approximately $206.9 million, of which $149.3 million has been funded, to complete an indoor waterpark hotel and adventure park at the casino and resort project in Sullivan County, New York. This project is expected to go in service in Spring 2019. The Company is also responsible for the construction of this project's common infrastructure. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds, which has funded a substantial portion of such construction costs. The Company received reimbursements of $43.4 million and $23.9 million of construction costs during the years ended December 31, 2016 and 2017, respectively. During the year ended December 31, 2018, the Company received an additional reimbursement of $6.9 million and anticipates receiving $11.5 million in 2019. Construction of infrastructure improvements was completed in 2018. The Company has certain commitments related to its mortgage note 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, 2018, the Company had four mortgage notes receivable with commitments totaling approximately $6.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. The Company guarantees the payment of certain economic development revenue bonds that are secured by leasehold interest and improvements at two theatres in Louisiana. During the year ended December 31, 2017, these bonds were re-issued and the maturity date of these bonds was extended to December 22, 2047. At December 31, 2018, the Company's guarantees of the payment of these bonds totaled $24.7 million. The Company has recorded $5.3 million in other assets and $16.1 million in other liabilities in the accompanying consolidated balance sheet as of December 31, 2018 related to these guarantees. During the year ended December 31, 2018, the Company recorded an impairment to its asset of $7.8 million and an incremental contingent liability of $2.9 million as payment on a portion of the bonds is considered probable and is reasonably estimable, resulting in a total impairment charge of $10.7 million. See Note 4 for further discussion. In connection with construction of its development projects and related infrastructure, certain public agencies require posting of surety bonds to guarantee that the Company's obligations are satisfied. These bonds expire upon the completion of the improvements or infrastructure. As of December 31, 2018, the Company had five surety bonds outstanding totaling $22.5 million. Resort Project in Sullivan County, New York Prior proposed casino and resort developers Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC, which are affiliates of Louis Cappelli and from whom the Company acquired the Resorts World Catskills resort property (the Cappelli Group), commenced litigation against the Company beginning in 2011 regarding matters relating to the acquisition of that property and the Company's relationship with the Empire Resorts, Inc. and certain of its subsidiaries. This litigation involved three separate cases filed in state and federal court. Two of the cases, a state and the federal case, are closed and resulted in no liability by the Company. The remaining case was filed on October 20, 2011 by the Cappelli Group against the Company and two of its affiliates in the Supreme Court of the State of New York, County of Westchester (the Westchester Action), asserting a claim for breach of contract and the implied covenant of good faith, and seeking damages of at least $800 million, based on allegations that the Company had breached a casino development agreement, dated June 18, 2010. On June 29, 2018, the Company entered into a settlement agreement with the Cappelli Group whereby each of the parties fully settled all disputes between and among them. The terms of the settlement agreement include, among other terms, the Company’s payment of $2.0 million to the Cappelli Group, the mutual release of all parties, and the dismissal of the Westchester Action with prejudice. Additionally, during the year ended December 31, 2018, the Company paid approximately $90 thousand in professional fees associated with the settlement. Early Childhood Education Tenant During 2017, cash flow of CLA was negatively impacted by challenges brought on by its rapid expansion and related ramp up to stabilization and by adverse weather conditions in Texas during the third quarter of 2017. As a result, CLA initiated negotiations with the Company and other landlords regarding a potential restructuring. However, CLA did not secure the investments necessary to accomplish the restructuring. As a result, the Company sent CLA notices of lease termination on October 12, 2017 for the following CLA properties: (i) Broomfield, Colorado, (ii) Ashburn, Virginia, (iii) West Chester, Ohio, (iv) Chanhassen, Minnesota, (v) Ellisville, Missouri, (vi) Farm Road-Las Vegas, Nevada, (vii) Fishers, Indiana, (viii) Tredyffrin, Pennsylvania, and (ix) Westerville, Ohio. On December 18, 2017, ten subsidiaries of Children's Learning Adventure USA, LLC (CLA Parent) filed separate voluntary petitions for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court (Court) for the District of Arizona (Jointly Administered under Case No. 2:17-bk-14851-BMW), covering substantially all of the Company's properties leased to CLA. CLA Parent has not filed a petition for bankruptcy. It is the Company's understanding that the CLA Debtors filed bankruptcy petitions to stay the termination of the remaining CLA leases and delay the eviction process. On January 8, 2018, the Company filed with the Court (i) motions seeking rent for the post-petition period beginning on December 18, 2017, and (ii) motions seeking relief from the automatic stay seeking the right to terminate the remaining leases and evict the CLA Debtors from the properties. On March 14, 2018, the CLA Parties and the Company entered into a Stipulation providing that (a) the CLA Parties would pay rent for the months of March through July for an aggregate total of $4.3 million, (b) resolution of restructuring of the leases between the Company and the CLA Parties would be concluded no later than July 31, 2018 (the Forbearance Period), (c) relief from stay would be granted with respect to the Company’s properties as needed to implement the Stipulation, (d) the parties would not commence or prosecute litigation against any other party during the Forbearance Period, and (e) the deadline for any motion by the CLA Debtors to assume or reject the leases under the U.S. Bankruptcy Code would be extended to July 31, 2018. On May 7, 2018, the Court entered an order approving the Stipulation. The CLA Parties made all of the rent payments required by the Stipulation. In July 2018, the Company entered into a new lease agreement with CLA related to the 21 operating properties which replaced the prior lease arrangements and continued on a month-to-month basis. The lease agreement provided for monthly rent of $1.0 million plus approximately $170 thousand for pro rata property taxes. CLA relinquished control of four properties that were still under development as the Company no longer intends to develop these properties for CLA. Two of these properties were sold in February 2019. See Note 4 for further discussion regarding CLA. In February 2019, CLA and the Company entered into agreements (collectively, the PSA) providing for the purchase and sale of certain assets associated with the businesses located at the 21 operating CLA properties whereby the Company can nominate a third party operator to take an assignment and transfer of such assets from CLA and to receive certain beneficial rights under various related ancillary agreements. Consideration provided by the Company for the asset transfers includes the release of past due rent obligations, previously fully reserved by the Company, and additional consideration of approximately $15.0 million which includes approximately $3.5 million for equipment used in the operations of the Company's schools. CLA has agreed to surrender possession of any of those properties that have not been transferred to a replacement operator prior to March 31, 2020 and has agreed to lease and operate each of the 21 properties for an aggregate of approximately $1.0 million per month of minimum rent until the transfer of each property to the Company’s replacement tenant or surrender of the property. The primary closing condition for each transfer will be the requirement that the replacement tenant has obtained all required licenses and permits. There can be no assurance that the replacement tenant of a property will timely satisfy this or other conditions which could delay or prevent the closing of one or more transfers. As a result, there can be no assurance that one or more properties will not be surrendered until after March 31, 2020, in which case the Company would receive such properties without the ability to provide active operations to a replacement tenant which could adversely affect the terms of the leases of such properties to replacement tenants. CLA is required to file a motion by March 1, 2019 with the bankruptcy court (Court) seeking authorization of the sale of certain assets pursuant to the PSA. A condition to the parties’ obligations under the PSA is the Court’s approval of the motion. There can be no assurance that this motion will be approved by the Court or that the Court will not require modifications to the PSA as a condition to its approval. Additionally, in February 2019, the Company entered into leases of all 21 operating CLA properties with Crème de la Crème (Crème), a premium, national early childhood education operator. These leases are contingent upon the Company delivering possession of the properties and include different financial terms based on whether or not CLA delivers Crème the assets associated with the in-place operations of the school. The leases have 20-year terms that commence upon Crème beginning operations of the schools. Additionally, Crème and the Company each have early termination rights based on school level economic performance. There can be no assurance as to the outcome of the contemplated transaction or whether some or all of the properties will be transferred to Crème with in-place operations. If some or all of the schools are not transferred to Crème with in-place operations, there will be a delay in re-opening such schools and a corresponding reduction in near term rents from Crème. |
Segment Information |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Segment Information The Company groups its investments into four reportable operating segments: Entertainment, Recreation, Education and Other. The financial information summarized below is presented by reportable operating segment:
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Schedule II - Valuation and Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts |
See accompanying report of independent registered public accounting firm.
See accompanying report of independent registered public accounting firm.
See accompanying report of independent registered public accounting firm. |
Schedule III - Real Estate and Accumulated Depreciation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation |
See accompanying report of independent registered public accounting firm. |
Summary of Significant Accounting Policies (Policy) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Impact of Recently Issued Accounting Standards In February 2016, the FASB established Topic 842, Leases, by issuing ASU No. 2016-02, which amends existing accounting standards for lease accounting and is intended to improve financial reporting related to lease transactions. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842; ASU No. 2018-11, Targeted Improvements and ASU No. 2018-20, Narrow-Scope Improvements for Lessors. Topic 842 will require lessees to classify leases as either finance or operating leases based on certain criteria and to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessor accounting will remain largely unchanged from current U.S. GAAP. The standard eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions and will require new disclosures within the notes accompanying the consolidated financial statements. The new standard was effective for the Company on January 1, 2019 and required the use of the modified retrospective approach under either the effective date method or the comparative method. The Company adopted the standard on the effective date and used the effective date as the date of initial application. Accordingly, financial information will not be updated, and disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The standard offers several practical expedients for transition and certain expedients specific to lessees or lessors. Both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company has concluded it will apply the package of practical expedients, which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the expedient to not evaluate existing or expired land easements and elected the practical expedient to not separate lease and non-lease components for all its leases where it is the lessor. The Company did not elect the use-of-hindsight expedient. Although the Company is primarily a lessor, the standard will impact the Company’s consolidated financial statements and disclosures as it has certain operating land leases and other arrangements for which it is the lessee and will be required to recognize these arrangements on the consolidated financial statements. For the land lease arrangements, the Company is also, in substantially all cases, in a sub-lessor position and passes the obligation to pay the monthly land lease payments on to its sublessees. The Company is nearly complete with its evaluation of the land leases and other arrangements. The land lease and other arrangements will impact the Company’s financial statements as the Company will recognize right of use (ROU) assets and lease liabilities for the present value of the minimum lease payments as well as the sub-lessor straight-line receivables. In addition, as a result of applying Topic 842, the Company will be providing significant new disclosures about these arrangements. The Company is finalizing its transition adjustment and currently expects to record ROU assets in a range of $210.0 million to $220.0 million and operating lease liabilities in a range of approximately $235.0 million to $245.0 million with respect to leases existing as of December 31, 2018. These amounts are based on the present value of the remaining minimum rental payments on the Company’s existing operating leases existing as of December 31, 2018 where it is lessee (primarily land leases and the Company’s corporate office lease). In addition, the Company currently expects that it will record straight-line rent receivables of approximately $25.0 million, which represents the impact of the Company’s position as sub-lessor in the land leases. As lessor accounting remained largely unchanged, the Company expects substantially all its leases to continue to be classified as operating leases. Due to the new standard’s narrowed definition of initial direct costs, the Company expects to expense as incurred lease origination costs that are not contingent and that were previously capitalized. A substantial portion of the Company’s lease contracts (under which it is lessor) are triple-net leases, which require the tenants to make payments to third parties for operating expenses such as property taxes, insurance and common area maintenance costs associated with the properties. The Company currently does not include these payments made by the lessee to third parties in rental revenue or property operating expenses and the Company will continue to report these items this way as a result of applying the guidance in Topic 842. In certain situations, the Company pays these operating expenses directly to third-parties and the tenant reimburses the Company. These payments will be presented on a gross basis as a result of applying the guidance in Topic 842. Although no impact to net income or cash flows is expected as a result of a gross presentation, it may have the impact of increasing both reported revenues and property operating expenses. The Company will continue its implementation work in 2019 including enhancements to the Company’s internal control framework, accounting systems and related documentation surrounding its lease accounting processes and the preparation of any additional disclosures that will be required. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. The amendments in ASU No. 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets and eliminates the incurred losses methodology under current U.S. GAAP. In addition, in November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which also amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU states that operating lease receivables are not in the scope of Subtopic 326-20. ASU No. 2016-13 and ASU No. 2018-19 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company is currently evaluating the impact that these ASUs will have on its consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The guidance is effective for fiscal years beginning after December 15, 2018. The Company does not expect a material impact on the Company’s consolidated financial statements when the new standard is implemented, however, the Company will consider the implications of this standard in the future. |
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Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned. 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 Consolidation Topic of the FASB ASC, or does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. |
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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 accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. |
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Rental Properties | Rental Properties Rental properties are carried at cost less accumulated depreciation. Costs incurred for the acquisition and development of the properties are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally are estimated to be 30 to 40 years for buildings, three to 25 years for furniture, fixtures and equipment and 10 to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the base term of the lease or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Expenditures for ordinary maintenance and repairs are charged to operations in the period incurred. Significant renovations and improvements, which improve or extend the useful life of the asset, are capitalized and depreciated over their estimated useful life. Management reviews a property for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability 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. |
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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. In January 2017, the Company elected to adopt Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether acquisitions should be accounted for as business combinations or asset acquisitions. As a result, the Company expects that fewer of its real estate acquisitions will be accounted for as business combinations. 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 (consisting of land, building, site improvements, tenant improvements, leasehold interests and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) 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 (consisting of land, building, site improvements, tenant improvements, leasehold interests and furniture, fixtures and equipment) and identified intangible assets and liabilities (consisting of in-place leases, above and below-market leases, tradenames, contract value and assumed financing that is determined to be above or below-market terms) as well as any noncontrolling interest. In addition, acquisition-related costs in connection with business combinations are expensed as incurred. Costs related to such transactions, as well as costs associated with terminated transactions and pre-opening costs, are included in the accompanying consolidated statements of income as transaction costs. Transaction costs expensed totaled $3.7 million, $0.5 million and $7.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. For rental property acquisitions (asset acquisitions or business combinations), the fair value of the tangible assets is determined by valuing the property as if it were vacant based on management’s determination of the relative fair values of the assets. Management determines the “as if vacant” fair value of a property using recent independent appraisals or methods similar to those used by independent appraisers. For land acquired with a rental property acquisition, available market data from recent comparable land sales is used as an input to estimate the fair value of the land. 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 remaining initial 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, management considers such differences over the remaining non-cancelable lease terms and for below-market leases, management considers such differences over the remaining initial lease terms plus any fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the remaining initial lease terms plus any fixed rate renewal periods. 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 rental properties 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 |
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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 of $33.9 million and $32.9 million as of December 31, 2018 and 2017, respectively, are shown as a reduction of debt. The deferred financing costs of $5.0 million and $6.5 million as of December 31, 2018 and 2017, respectively, related to the unsecured revolving credit facility are included in other assets. |
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Capitalized Development Costs | Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. |
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Operating Segment | Operating Segments The Company has four reportable operating segments: Entertainment, Recreation, Education and Other. See Note 20 for financial information related to these operating segments. |
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Revenue Recognition | Revenue Recognition Rents that are fixed and determinable are recognized on a straight-line basis over the non-cancellable terms of the leases. Straight-line rental revenue is subject to an evaluation for collectability, and the Company records a provision for losses against rental revenues if collectability of these future rents is not reasonably assured. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $10.2 million, $4.3 million and $17.0 million, respectively, of straight-line rental revenue, net of write-offs. Base rent escalation on leases that are dependent upon increases in the Consumer Price Index (CPI) is recognized when known. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $15.4 million, $15.6 million and $15.6 million, respectively, of tenant reimbursements that related to the operations of its entertainment retail centers. Certain reclassifications have been made to the 2017 and 2016 presentation to conform to the 2018 presentation to combine tenant reimbursements with rental revenue. In addition, most of the Company's tenants are subject to additional rents if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents as well as participating interest for those mortgage agreements that contain similar such clauses are recognized at the time when specific triggering events occur as provided by the lease or mortgage agreements. Rental revenue included percentage rents of $10.7 million, $7.8 million and $4.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Mortgage and other financing income included participating interest income of $0.7 million and $0.8 million for the years ended December 31, 2017 and 2016, respectively. There was no participating interest income recognized for the year ended December 31, 2018. For the years ended December 31, 2018, 2017 and 2016, mortgage and other financing income also included $74.7 million, $0.8 million and $3.6 million, respectively, in prepayment fees related to mortgage notes that were paid fully in advance of their maturity dates. Direct financing lease income is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. Significant assumptions used in estimating residual values include estimated net cash flows over the remaining lease term and expected future real estate values. The Company evaluates on an annual basis (or more frequently if necessary) the collectability of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. |
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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. |
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Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Accounts receivable is reduced by an allowance for amounts where collection is not probable. The Company’s accounts receivable balance is comprised primarily of rents and operating cost recoveries due from tenants as well as accrued rental rate increases to be received over the life of the existing leases. The Company regularly evaluates the adequacy of its allowance for doubtful accounts. 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 and/or other debtor, current economic conditions and changes in customer payment terms. Additionally, with respect to tenants in bankruptcy, the Company estimates the expected recovery through bankruptcy claims and increases the allowance for amounts deemed uncollectible. These estimates have a direct impact on the Company's net income. The allowance for doubtful accounts was $2.9 million and $7.5 million at December 31, 2018 and 2017, respectively. |
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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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. There were no impaired loans at December 31, 2018 and 2017. |
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Income Taxes | Income Taxes The Company qualifies as a REIT under the Internal Revenue Code (the 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 owns certain real estate assets which are subject to income tax in Canada. At December 31, 2018, the net deferred tax assets related to the Company's Canadian operations totaled $10.0 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to depreciation, capital improvements and straight-line rents. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the 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 two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three recreation anchored 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 the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore, the income reported by the Company is net of income tax paid to the Chinese taxing authorities. In addition, the Company is liable for withholding taxes to China associated with the current and future dividend payments from the China joint ventures. The Company paid $62 thousand and $44 thousand in withholding taxes during the year ended December 31, 2018 and 2017, respectively, related to earnings repatriated. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changed the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the year ended December 31, 2017 and 2018. At December 31, 2018, the net deferred tax assets related to the Company's TRSs totaled $729 thousand and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2018 and 2017, respectively, the Canadian operations and the Company's TRSs had deferred tax assets totaling approximately $14.1 million and $16.0 million and deferred tax liabilities totaling approximately $3.4 million and $3.9 million. The Company’s consolidated deferred tax position is summarized as follows:
Additionally, during the years ended December 31, 2018, 2017 and 2016, the Company recognized current income and withholding tax expense of $1.7 million, $1.6 million and $1.7 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, 2018, 2017 and 2016 (in thousands):
The Company's effective tax rate for the years ended December 31, 2018, 2017 and 2016 was 0.8%, 0.9% and 0.2%, 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 for continuing operations 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, 2018, 2017 and 2016. 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, 2018) 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 2015 through 2017 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2013 through 2017 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 2018, 2017 or 2016. The Company did not have any accrued interest and penalties at December 31, 2018, 2017 and 2016. Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2018, 2017 and 2016. |
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Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk On December 21, 2016, American Multi-Cinema, Inc. (AMC) announced that it closed its acquisition of Carmike Cinemas Inc. (Carmike). AMC was the lessee of a substantial portion (34%) of the megaplex theatre rental properties held by the Company at December 31, 2018. For the year ended December 31, 2018 and 2017, approximately $115.8 million or 16.5% and $114.4 million or 19.9% of the Company's total revenues were derived from rental payments by AMC. For the year ended December 31, 2016, approximately $90.0 million or 18.2% of the Company's total revenues were derived from rental payments by AMC and approximately $21.7 million or 4.4% of the Company's total revenues were derived from rental payments by Carmike. These rental payments are from AMC under the leases, or from its parent, AMC Entertainment, Inc. (AMCE), as the guarantor of AMC’s obligations under the leases. AMCE is wholly owned by AMC Entertainment Holdings, Inc. (AMCEH). AMCEH is a publicly held company (NYSE: AMC) and its consolidated financial information is publicly available as www.sec.gov. |
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Cash Equivalents and Restricted Cash | Cash Equivalents Cash equivalents include bank demand deposits. Restricted Cash Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, and payment of real estate taxes and capital improvements |
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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. Share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Prior to May 12, 2016, share-based compensation granted to employees and non-employee Trustees were issued under the 2007 Equity Incentive Plan. The 2016 Equity Incentive Plan was approved by shareholders at the May 11, 2016 annual shareholder meeting and this plan replaced the 2007 Equity Incentive Plan. Accordingly, all share-based compensation granted on or after May 12, 2016 has been issued under the 2016 Equity Incentive Plan. Share based compensation expense consists of share option expense and amortization of nonvested share grants 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, and totaled $15.1 million, $14.1 million and $11.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Share-based compensation included in severance expense in the accompanying consolidated statements of income totaled $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. See Note 15 to the consolidated financial statements included in this Annual Report on Form 10-K for further discussion. |
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Share Options | Share Options Share options are 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 was $0.3 million, $0.7 million and $0.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
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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 to four years). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income was $13.5 million, $12.2 million and $9.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income was $3.2 million for the year ended December 31, 2018 and related to the termination of the Amended and Restated Employment Agreement for the Company's former Senior Vice President and Chief Investment Officer, as well as another employee. |
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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 was $1.3 million, $1.3 million and $1.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
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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. |
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Derivative Instruments | Derivative Instruments In August 2017, the FASB issued ASU No. 2017-012, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The update amended existing guidance in order to better align a company's financial reporting for hedging activities with the economic objectives of those activities. It requires the Company to disclose the effect of its hedging activities on its consolidated statements of income and eliminated the periodic measurement and recognition of hedging ineffectiveness. The standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early application of the guidance permitted. The Company elected to early adopt ASU No. 2017-012 as of October 1, 2017. Early adoption had no impact on the Company's financial position or results of operations. The Company has entered into certain derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. These derivatives consist of foreign currency forward contracts, cross currency swaps and interest rate swaps. 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 interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, 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 of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. For its net investment hedges, the Company has elected to assess hedge effectiveness using a method based on changes in spot exchange rates and record the changes in the fair value amounts excluded from the assessment of effectiveness into earnings on a systematic and rational basis. 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. 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. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements On January 1, 2018, the Company adopted Accounting Standards Update (ASU) No. 2016-18, Statement of Cash Flows, and certain reclassifications have been made to prior period balances to conform to current presentation in the consolidated statement of cash flows. Under ASU No. 2016-18, transfers to or from restricted cash which have been previously shown in the Company's operating activities section of the accompanying consolidated statement of cash flows are now required to be shown as part of the total change in cash and cash equivalents and restricted cash in the consolidated statements of cash flows. In addition, on January 1, 2018, the Company adopted ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The ASU clarifies the treatment of several cash flow issues with the objective of reducing diversity in practice. The adoption of this ASU had no impact to the Company's financial position, results of operations or presentation in the consolidated statement of cash flows. On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers (ASC 606) and ASC Topic 610-20, Other Income: Gains and Losses from the Derecognition of Non-financial Assets (ASC 610-20) using a modified retrospective (cumulative effect) method of adoption. The core principle of ASC 606 is that an entity will recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers when it satisfies performance obligations. The Company’s primary source of revenue is from lease revenue (which is excluded from the revenue standard but will be impacted upon adoption of the lease standard in 2019 discussed in Impact of Recently Issued Accounting Standards) and mortgage and other financing income (which is not in scope of the revenue standard). ASC 610-20 provides guidance on how entities recognize sales to non-customers including presentation of gain or loss on a net basis in the consolidated statements of income. The Company has concluded that its property sales represent transactions with non-customers. The Company had two property sale transactions that occurred in 2017 in which the Company received an aggregate of $12.3 million in mortgage notes receivable as full consideration for the sales. The mortgage notes require interest only payments until maturity and the Company determined in 2017 that these transactions qualified as sales; however, the gain on each sale was deferred. Upon adoption of ASC 610-20 on January 1, 2018, the Company determined that these transactions did not qualify for de-recognition. Accordingly, the Company recorded an adjustment in the year ended December 31, 2018 to reclassify these assets from mortgage notes receivable to rental properties on its consolidated balance sheet. All other sales of real estate were all cash transactions in which the purchaser obtained control of the property, therefore, there was no cumulative adjustment recognized to beginning retained earnings as a result of adopting ASC 610-20. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
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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, 2018, 2017 and 2016 (in thousands):
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Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows:
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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):
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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, 2018 is as follows (in thousands):
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Rental Properties (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of rental properties as of December 31, 2018 and 2017 (in thousands):
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Accounts Receivable, Net (Tables) |
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Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2018 and 2017 (in thousands):
As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. As further discussed in Note 4, during the year ended December 31, 2018, the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. |
Investment in Mortgage Notes (Tables) |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the carrying amounts of accounts receivable, net as of December 31, 2018 and 2017 (in thousands):
As of December 31, 2017, receivable from tenants above included $6.0 million in receivables from CLA, which were fully reserved in the allowance for doubtful accounts. During the year ended December 31, 2018, the Company wrote-off the remaining fully reserved receivables of $7.2 million related to CLA. Additionally, during the year ended December 31, 2017, the Company wrote-off the full amount of straight-line rent receivables of approximately $9.0 million related to CLA to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income. As further discussed in Note 4, during the year ended December 31, 2018, the Company recorded an impairment charge of $16.5 million on four properties related to CLA classified in land held for development. See Note 19 for further discussion related to CLA. |
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Mortgage Receivable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Investment in mortgage notes, including related accrued interest receivable, at December 31, 2018 and 2017 consists of the following (in thousands):
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Investments In Direct Financing Leases (Tables) |
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Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net |
(1) Deferred income is net of $0.3 million and $0.8 million of initial direct costs at December 31, 2018 and 2017, respectively |
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Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands):
Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands):
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Unconsolidated Real Estate Joint Ventures (Tables) |
12 Months Ended |
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Dec. 31, 2018 | |
Unconsolidated Real Estate Joint Ventures [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures On December 21, 2018, the Company entered into two real estate joint venture agreements to acquire two recreation anchored lodging properties located in St. Petersburg Beach, Florida with an initial investment of $29.5 million. The Company has a 65% interest in these joint ventures and accounts for its investment under the equity method of accounting. The Company's partner, Gencom and its affiliates, own the remaining 35% interest in the joint ventures. There are two separate joint ventures, one that holds the investment in the real estate of the recreation anchored lodging properties and the other 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 TRS. As of December 31, 2018, management determined the Company's investments in these joint ventures were considered to be variable interests and the underlying entities are variable interest entities (VIE). The Company is not the primary beneficiary of the VIEs as the Company does not individually have the power to direct the activities that are most important to the joint ventures. The power to direct these activities is shared equally among the Company and its partner, and accordingly these investments are not consolidated. See Note 10 for further discussion on these VIEs. The joint venture that holds the real property obtained a short-term secured mortgage loan of $60.0 million upon closing. The maturity date of this mortgage loan is June 21, 2019. The loan bears interest of LIBOR + 3.75% with monthly interest payments required. The Company recognized income of $52 thousand and received no distributions during 2018 related to the equity investment in these joint ventures. In addition, as of December 31, 2018 and 2017, the Company had invested $4.9 million and $5.6 million, respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized a loss of $74 thousand and income of $72 thousand and $619 thousand and received distributions of $567 thousand, $442 thousand and $816 thousand from its investment in these joint ventures for the years ended December 31, 2018, 2017 and 2016, respectively. |
Debt Schedule of Long-term Debt Instruments (Tables) |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt at December 31, 2018 and 2017 consists of the following (in thousands):
(1) On January 2, 2018, the Company prepaid in full this mortgage note payable totaling $11.7 million with an annual interest rate of 6.19%, which was secured by one theatre property. (2) On February 28, 2018, the Company redeemed all of its outstanding 7.75% Senior Notes due July 15, 2020. The notes were redeemed at a price equal to the principal amount of $250.0 million plus a premium calculated pursuant to the terms of the indenture of $28.6 million, together with accrued and unpaid interest up to, but not including the redemption date of $2.3 million. In connection with the redemption, the Company recorded a non-cash write off of $3.3 million in deferred financing costs. The premium and non-cash write off were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income for the year ended December 31, 2018. (3) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00%, which was 3.50% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured revolving portion of the credit facility, among other things, (i) increase the initial maximum available amount from $650.0 million to $1.0 billion, (ii) extend the maturity date from April 24, 2019, to February 27, 2022 (with the Company having the right to extend the loan for an additional seven months) and (iii) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.00% and 0.20%, versus LIBOR plus 1.25% and 0.25%, respectively, under the previous terms. In connection with the amendment, $19 thousand of deferred financing costs (net of accumulated amortization) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. As of December 31, 2018, the Company had $30.0 million outstanding under the facility and total availability under the facility was $970.0 million. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. In connection with the amendment to the unsecured consolidated credit agreement, the obligations of the Company’s subsidiaries that were co-borrowers under the Company’s prior senior unsecured revolving credit and term loan facility were released. As a result, simultaneously with the amendment, the guarantees by the Company’s subsidiaries that were guarantors with respect to the Company’s outstanding 4.50% Senior Notes due 2027, 4.75% Senior Notes due 2026, 4.50% Senior Notes due 2025, 5.25% Senior Notes due 2023, 5.75% Senior Notes due 2022, and 7.75% Senior Notes due 2020 were released in accordance with the terms of the applicable indentures governing such notes. (4) These notes contain various covenants, including: (i) a limitation on incurrence of any debt which 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 which 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 which 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. (5) The Company's unsecured term loan payable bears interest at LIBOR plus 1.10%, which was 3.48% on December 31, 2018. Interest is payable monthly. On September 27, 2017, the Company amended its facility and its unsecured term loan facility. The amendments to the unsecured term loan portion of the combined facility, among other things, (i) increase the initial amount from $350.0 million to $400.0 million, (ii) extend the maturity date from April 24, 2020 to February 27, 2023 and (iii) lower the interest rate on a grid related to the Company's senior unsecured credit ratings which at closing was LIBOR plus 1.10% versus LIBOR plus 1.40% under previous terms. In connection with the amendment, $1.5 million of deferred financing costs (net of accumulated depreciation) were written off during the year ended December 31, 2017 and are included in costs associated with loan refinancing. At closing, the Company borrowed the remaining $50.0 million available on the $400.0 million term loan portion of the combined facility, which was used to pay down a portion of the facility. In addition, there is a $1.0 billion accordion feature on the combined facility that increases the maximum borrowing amount available, subject to lender approval, from $1.4 billion to $2.4 billion. If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (6) In connection with the amendment to the unsecured consolidated credit agreement on September 27, 2017, the guarantees by the Company’s subsidiaries that were guarantors of the Company’s outstanding 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (referred to herein as the "private placement notes") were also released. The foregoing release was affected by the Company entering into an amendment to the Note Purchase Agreement, dated as of September 27, 2017. The amendment to the private placement notes releases the Company’s subsidiary guarantors as described above and among other things: (i) amends certain financial and other covenants and provisions in the Note Purchase Agreement to conform generally to the corresponding covenants and provisions contained in the amended unsecured consolidated credit agreement; (ii) provides the investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) expands the scope of the “most favored lender” covenant contained in the Note Purchase Agreement; and (iv) imposes restrictions on debt that can be incurred by certain subsidiaries of the Company. (7) On May 23, 2017, the Company issued $450.0 million in aggregate principal amount of senior notes due on June 1, 2027 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.50%. Interest is payable on June 1 and December 1 of each year beginning on December 1, 2017 until the stated maturity date of June 1, 2027. The notes were issued at 99.393% of their face value. (8) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95%. Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the facility. (9) On August 30, 2017, the Company refinanced its variable-rate bonds payable. The maturity date was extended from October 1, 2037 to August 1, 2047 and the outstanding principal balance and interest rate were not changed. These bonds are secured by three theatres, which had a net book value of approximately $20.5 million at December 31, 2018, and bear interest at a variable rate which resets on a weekly basis and was 2.50% at December 31, 2018. The bonds require monthly interest only payments with principal due at maturity. |
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Schedule of Maturities of Long-term Debt | Principal payments due on long-term debt obligations subsequent to December 31, 2018 (without consideration of any extensions) are as follows (in thousands):
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Interest Expense, Net | The following is a summary of interest expense, net for the years ended December 31, 2018, 2017 and 2016 (in thousands):
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Derivative Instruments (Tables) |
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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, 2018, 2017 and 2016:
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Fair Value Disclosures (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017, aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type.
*Included in "Other assets" in the accompanying consolidated balance sheet. **Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. |
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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 during the year ended December 31, 2018 aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2018 and 2017 (Dollars in thousands)
As discussed further in Note 4, during the year ended December 31, 2018, the Company recorded impairment charges totaling $16.5 million related to land held for development and property under development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. As discussed further in Note 7, during the year ended December 31, 2017, the Company recorded impairment charges totaling $10.2 million related to its investment in direct financing leases, net. Management estimated the fair value of this investments taking into account various factors including the independent appraisals, input from an outside broker and current market conditions. The Company determined, based on the inputs, that its valuation of the investment was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. During 2017, the Company entered into revised lease terms on these properties and as a result, these properties were classified as operating leases and moved to rental properties. |
Common and Preferred Share (Tables) |
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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, 2018 and 2017 are as follows:
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Schedule of Dividends Per Preferred Share | The Board of Trustees declared cash dividends totaling $1.4375 and $0.183681 per Series G preferred share for the years ended December 31, 2018 and 2017, respectively. 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 year ended December 31, 2018 are as follows:
The Board of Trustees declared cash dividends totaling $1.54123 per Series F preferred share for the year ended December 31, 2017. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series F preferred share for the year ended December 31, 2017 are as follows:
(1) Of the taxable ordinary income, none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.04792 was unrecaptured section 1250 gains for the years ended December 31, 2017. 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, 2018 and 2017 are as follows:
(1) Of the taxable ordinary income, $1.3791 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0034 and $0.0352 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively.
(3) Of the taxable ordinary income, $0.5953 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0015 and $0.0092 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. 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, 2018 and 2017 are as follows:
(1) Of the taxable ordinary income, $2.1586 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (2) Of the long-term capital gain, $0.0053 and $0.0551 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively.
(3) Of the taxable ordinary income, $0.5092 qualified as 199A distributions for the year ended December 31, 2018 and none qualified as 199A distributions for the year ended December 31, 2017. (4) Of the long-term capital gain, $0.0013 and $0.0037 were unrecaptured section 1250 gains for the years ended December 31, 2018 and 2017, respectively. |
Earnings Per Share (Tables) |
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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, 2018, 2017 and 2016 (amounts in thousands except per share information):
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Equity Incentive Plans (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Share Option Activity | A summary of the Company’s share option activity and related information is as follows:
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Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2018, stock-option expense to be recognized in future periods was as follows (in thousands):
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Summary Of Outstanding Options | The following table summarizes outstanding options at December 31, 2018:
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Summary Of Exercisable Options | The following table summarizes exercisable options at December 31, 2018:
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Summary Of Nonvested Share Activity | A summary of the Company’s nonvested share activity and related information is as follows:
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Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2018, unamortized share-based compensation expense related to nonvested shares was $16.6 million and will be recognized in future periods as follows (in thousands):
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Summary Of Restricted Share Unit Activity | A summary of the Company’s restricted share unit activity and related information is as follows:
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Operating Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rentals Receivable | The Company’s direct financing leases have expiration dates ranging from approximately 13 to 14 years. Future minimum rentals receivable on this direct financing lease at December 31, 2018 are as follows (in thousands):
Future minimum rentals on non-cancelable tenant operating leases at December 31, 2018 are as follows (in thousands):
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Schedule of Future Ground Lease Payments for Operating Leases [Text Block] | Future minimum lease payments under these ground lease obligations at December 31, 2018 are as follows, 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):
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Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under this lease at December 31, 2018 are as follows (in thousands):
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Quarterly Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2018 and 2017 are as follows (in thousands, except per share data):
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
properties
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Revenue Bond Receivable | $ 11,500 | $ 14,718 | |
Straight-line rent receivable | 73,332 | 62,605 | |
Total | 98,369 | 93,693 | |
Impairment charges | 27,283 | 10,195 | $ 0 |
Tenants [Member] | |||
Accounts receivable, gross | 15,057 | 19,923 | |
Non-Tenants [Member] | |||
Accounts receivable, gross | 1,379 | 3,932 | |
Accounts Receivable [Member] | |||
Allowance for doubtful accounts | (2,899) | (7,485) | |
Children's Learning Adventure USA, LLC [Member] | |||
Straight line rent write off | 9,000 | ||
Total | $ 6,000 | ||
Allowance for Doubtful Accounts Receivable, Write-offs | 7,200 | ||
Impairment charges | $ 16,500 | ||
land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | |||
number of properties in land held for development | properties | 4 |
Investments In Direct Financing Leases (Narrative) (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
properties
years
|
Dec. 31, 2017
USD ($)
properties
|
Dec. 31, 2016
USD ($)
|
Jul. 26, 2018
USD ($)
|
Jan. 02, 2018
properties
|
|
Initial direct costs | $ 300,000 | $ 800,000 | |||
Allowance for lease losses | $ 0 | ||||
Investment in direct financing leases, net | 20,558,000 | 57,903,000 | $ 37,900,000 | ||
Proceeds from Sale of Lease Receivables | 43,447,000 | 0 | $ 20,951,000 | ||
Mortgage Notes and Related Accrued Interest Receivable, Net | 517,467,000 | 970,749,000 | |||
number of properties sold | 9 | ||||
Net Investment in Direct Financing and Sales Type Leases, Carrying Value of Investments Sold | $ 91,300,000 | ||||
Number of properties securing debt | properties | 1 | ||||
Impairment charges | 27,283,000 | 10,195,000 | 0 | ||
gain on sale of investment in direct financing lease | $ 5,514,000 | $ 0 | 0 | ||
Minimum [Member] | |||||
Length of lease (in years) | years | 13 | ||||
Maximum [Member] | |||||
Length of lease (in years) | years | 14 | ||||
Imagine Schools [Member] | |||||
Number of public charter school properties | properties | 2 | 6 | |||
Allowance for lease losses | $ 7,300,000 | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 54,500,000 | $ 70,300,000 | |||
number of properties sold | 4 | 13 | 7 | ||
Proceeds from Sale of Finance Receivables | $ 43,400,000 | ||||
Number of properties subject to lease amendment | 6 | ||||
Impairment charges | $ 9,600,000 | ||||
Tangible Asset Impairment Charges | 2,300,000 | ||||
original acquisition cost | 31,600,000 | ||||
gain on sale of investment in direct financing lease | $ 5,500,000 | ||||
Third Parties [Member] | |||||
number of properties sold | 2 | ||||
Imagine Madison Avenue [Member] | Imagine Schools [Member] | |||||
Tangible Asset Impairment Charges | $ 600,000 | ||||
Education Property [Member] | |||||
number of properties sold | 3 | ||||
Corporation [Member] | Education Property [Member] | Mortgage Receivable [Member] | |||||
Number of properties securing debt | 4 | ||||
Mortgage Note, 7.00% due December 20, 2021 [Member] | Corporation [Member] | Education Property [Member] | Mortgage Receivable [Member] | |||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 54,535,000 | $ 57,890,000 | |||
Number of properties securing debt | 8 |
Investments In Direct Financing Leases (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jul. 26, 2018 |
|||
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||||
Proceeds from Sale of Lease Receivables | $ 43,447 | $ 0 | $ 20,951 | |||
Total minimum lease payments receivable | 36,352 | 112,411 | ||||
Estimated unguaranteed residual value of leased assets | 16,509 | 47,000 | ||||
Less deferred income | [1] | (32,303) | (101,508) | |||
Investment in direct financing leases, net | 20,558 | 57,903 | $ 37,900 | |||
Initial direct costs | $ 300 | $ 800 | ||||
|
Investments In Direct Financing Leases (Future Minimum Rentals Receivable) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
2019 | $ 2,265 | |
2020 | 2,333 | |
2021 | 2,403 | |
2022 | 2,475 | |
2023 | 2,550 | |
Thereafter | 24,326 | |
Total | $ 36,352 | $ 112,411 |
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
properties
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Payments to Acquire Productive Assets | $ 187,460,000 | $ 397,556,000 | $ 219,169,000 |
Gain on sale of real estate | 3,037,000 | 41,942,000 | 5,315,000 |
Income from investments in unconsolidated real estate joint venture | (22,000) | 72,000 | 619,000 |
Distributions from joint ventures | $ 567,000 | 442,000 | 816,000 |
St. Petersburg Joint Venture [Member] | |||
Number of unconsolidated real estate joint ventures | properties | 2 | ||
Carrying Amount Joint Venture Mortgage Loan | $ 60,000,000 | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.75% | ||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 29,500,000 | ||
Equity Method Investment, Ownership Percentage | 65.00% | ||
Equity Method Investment, Partner's Ownership Percentage | 35.00% | ||
Income from investments in unconsolidated real estate joint venture | $ 52,000 | ||
Distributions from joint ventures | 0 | ||
Theatre Project China Member | |||
Income from investments in unconsolidated real estate joint venture | 74,000 | 72,000 | 619,000 |
Distributions from joint ventures | 567,000 | 442,000 | $ 816,000 |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 4,900,000 | $ 5,600,000 |
Unconsolidated Real Estate Joint Ventures (Unaudited Condensed Financial Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt | $ 2,986,054 | $ 3,028,827 | $ 2,986,054 | $ 3,028,827 | |||||||
Net income | $ 54,031 | $ 91,833 | $ 91,581 | $ 29,538 | $ 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | $ 266,983 | $ 262,968 | $ 224,982 |
Debt Schedule of Long-term Debt Instruments (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 02, 2018
USD ($)
properties
|
Sep. 27, 2017
USD ($)
|
Sep. 30, 2017 |
Dec. 31, 2018
USD ($)
properties
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Apr. 16, 2018
USD ($)
|
Feb. 28, 2018
USD ($)
|
May 23, 2017
USD ($)
|
Apr. 24, 2015
USD ($)
|
||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 11,700 | ||||||||||||||||||||||||||||
Number of properties securing debt | properties | 1 | ||||||||||||||||||||||||||||
Interest rate | 6.19% | ||||||||||||||||||||||||||||
Costs associated with loan refinancing or payoff | $ 31,958 | $ 1,549 | $ 905 | ||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
2019 | 0 | ||||||||||||||||||||||||||||
2020 | 0 | ||||||||||||||||||||||||||||
2021 | 0 | ||||||||||||||||||||||||||||
2022 | 380,000 | ||||||||||||||||||||||||||||
2023 | 675,000 | ||||||||||||||||||||||||||||
Thereafter | 1,964,995 | ||||||||||||||||||||||||||||
Deferred financing costs, net | (33,941) | (32,852) | |||||||||||||||||||||||||||
Total | 2,986,054 | 3,028,827 | |||||||||||||||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||||||||||||||||||||
Credit facility and letter of credit fees | 2,411 | 2,005 | 1,873 | ||||||||||||||||||||||||||
Interest costs capitalized | (9,904) | (9,879) | (10,697) | ||||||||||||||||||||||||||
Interest expense, net | 135,507 | 133,124 | 97,144 | ||||||||||||||||||||||||||
Segment, Continuing Operations [Member] | |||||||||||||||||||||||||||||
Interest Expense, Debt [Abstract] | |||||||||||||||||||||||||||||
Interest on loans and capital lease obligation | 137,570 | 135,023 | 101,181 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,797 | 6,167 | 4,787 | ||||||||||||||||||||||||||
Interest income | (367) | (192) | $ 0 | ||||||||||||||||||||||||||
Unsecured term loan [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000 | ||||||||||||||||||||||||||||
Line of credit facility, basis spread on variable rate | 1.10% | ||||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 50,000 | ||||||||||||||||||||||||||||
Term loan payable, due February 27, 2023 [Member] | |||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [1] | 400,000 | 400,000 | ||||||||||||||||||||||||||
Mortgages [Member] | Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) | |||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [2] | $ 0 | 11,684 | ||||||||||||||||||||||||||
Mortgages [Member] | Mortgage note payable, 6.19%, prepaid in full on January 2, 2018 (1) | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 6.19% | ||||||||||||||||||||||||||||
Mortgages [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.00%, due February 27, 2022 (3) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 1.00% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [3] | $ 30,000 | 210,000 | ||||||||||||||||||||||||||
Mortgages [Member] | Term loan payable, due February 27, 2023 [Member] | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 1.10% | ||||||||||||||||||||||||||||
Line of Credit [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 650,000 | $ 1,000,000 | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||||||||||||||||||||||||||
Line of credit facility, basis spread on variable rate | 1.00% | 1.25% | 1.00% | ||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | ||||||||||||||||||||||||||||
Line of credit facility, amount outstanding | $ 30,000 | ||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 970,000 | ||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | 0.25% | |||||||||||||||||||||||||||
Costs associated with loan refinancing or payoff | 19 | ||||||||||||||||||||||||||||
Line of Credit [Member] | Combined unsecured revolving credit and term loan facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 1,400,000 | ||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 2,400,000 | ||||||||||||||||||||||||||||
Line of Credit [Member] | Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 [Member] | |||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [4] | $ 0 | 250,000 | ||||||||||||||||||||||||||
Line of Credit [Member] | Senior unsecured notes payable, 7.75%, prepaid in full on February 28, 2018 [Member] | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 7.75% | ||||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt covenant, debt to adjusted total assets ratio, maximum | 0.60 | ||||||||||||||||||||||||||||
Debt covenant, secured debt to adjusted total assets ratio, maximum | 0.40 | ||||||||||||||||||||||||||||
Debt covenant, debt service coverage ratio, minimum | 1.5 | ||||||||||||||||||||||||||||
Debt covenant, total unencumbered assets as a percent of outstanding unsecured debt, minimum | 150.00% | ||||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senoir Unsecured Notes Payable, 7.75 Percent, Due July 15, 2020 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt initial balance | $ 250,000 | ||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 7.75% | 7.75% | |||||||||||||||||||||||||||
Costs associated with loan refinancing or payoff | $ 3,300 | ||||||||||||||||||||||||||||
Debt Instrument, Unamortized Premium | $ 28,600 | ||||||||||||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 2,300 | ||||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, due August 15, 2022 (4) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 5.75% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5] | $ 350,000 | 350,000 | ||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 5.25% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5] | $ 275,000 | 275,000 | ||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 (4) | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 5.25% | ||||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.35% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [6] | $ 148,000 | 148,000 | ||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 (6) | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.35% | ||||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.50%, due April 1, 2025 (4) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.50% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5] | $ 300,000 | 300,000 | ||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.56%, due August 22, 2026 (6) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.56% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [6] | $ 192,000 | 192,000 | ||||||||||||||||||||||||||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.75%, due December 15, 2026 (4) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.75% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5] | $ 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] | |||||||||||||||||||||||||||||
Debt initial balance | $ 450,000 | ||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.50% | 4.50% | |||||||||||||||||||||||||||
Senior unsecured notes, percent of principal amount issued | 0.99393 | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5],[7] | $ 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] | |||||||||||||||||||||||||||||
Debt initial balance | $ 400,000 | ||||||||||||||||||||||||||||
Senior unsecured notes, interest rate | 4.95% | 4.95% | |||||||||||||||||||||||||||
Senior unsecured notes, percent of principal amount issued | 0.98883 | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [5],[8] | $ 400,000 | 0 | ||||||||||||||||||||||||||
Unsecured term loan [Member] | Unsecured revolving variable rate credit facility, LIBOR 1.00%, due February 27, 2022 (3) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, basis spread on variable rate | 1.40% | ||||||||||||||||||||||||||||
Costs associated with loan refinancing or payoff | $ 1,500 | ||||||||||||||||||||||||||||
Unsecured term loan [Member] | Term loan payable, due February 27, 2023 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, current borrowing capacity | $ 400,000 | $ 350,000 | |||||||||||||||||||||||||||
Line of credit facility, basis spread on variable rate | 1.10% | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.48% | ||||||||||||||||||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 (9) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Net book value of property | $ 20,500 | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | ||||||||||||||||||||||||||||
Long-term Debt, by Maturity [Abstract] | |||||||||||||||||||||||||||||
Total | [9] | $ 24,995 | $ 24,995 | ||||||||||||||||||||||||||
Bond payable, variable rate [Member] | Bonds payable, variable rate, due August 1, 2047 (9) | Theatre Properties Member | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Number of properties securing debt | properties | 3 | ||||||||||||||||||||||||||||
Maximum [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 350,000 | ||||||||||||||||||||||||||||
interest rate swap 2.64percent [Member] [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.71% | ||||||||||||||||||||||||||||
interest rate swap 3.15percent [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 350,000 | ||||||||||||||||||||||||||||
interest rate swap 3.15percent [Member] | Minimum [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Derivative, Notional Amount | $ 50,000 | ||||||||||||||||||||||||||||
Derivative, Fixed Interest Rate | 3.15% | ||||||||||||||||||||||||||||
|
Variable Interest Entities (Narrative) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Variable Interest entity unconsolidated, number of entities | 2 |
Investment In Unconsolidated Variable Interest Entities | $ 184.1 |
SVVI [Member] | |
Number of properties securing unconsolidated variable interest entity | 3 |
Recreation Anchored Lodging [Member] | |
Number of properties securing unconsolidated variable interest entity | 2 |
Education Reportable Operating Segment [Member] | Education Property [Member] | |
Number of properties securing unconsolidated variable interest entity | 1 |
Recreation Reportable Operating Segment [Member] | Recreation Anchored Lodging [Member] | |
Investment In Unconsolidated Variable Interest Entities | $ 29.5 |
Investment in unconsolidated VIE | $ 29.5 |
Derivative Instruments (Narrative) (Details) $ in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
properties
swap_agreements
$ / $
|
Dec. 31, 2018
CAD ($)
$ / $
|
Dec. 31, 2017
USD ($)
|
|
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 100 | |
Derivative Asset, Fair Value, Gross Asset | 10,600 | $ 25,700 | |
Cash Flow Hedging [Member] | |||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 800 | ||
Interest Rate Swap [Member] | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2,100 | ||
Currency Forward Agreements Member | |||
Derivative, Gain on Derivative | $ 30,800 | ||
Currency Forward Agreements Member | Net Investment Hedging [Member] | |||
Number of Foreign Currency Derivatives Held | 2 | 2 | |
Cross Currency Swaps 2020 [Member] | |||
Derivative, Forward Exchange Rate | $ / $ | 1.26 | 1.26 | |
Cross Currency Swap 2023 [Member] | |||
Number of Canadian properties exposed to foreign currency exchange risk | properties | 4 | ||
Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Number of Foreign Currency Derivatives Held | 2 | 2 | |
Description of Foreign Currency Exposure | 4.5 | ||
Minimum [Member] | |||
credit risk related contingent features default on debt amount | $ 25,000 | ||
Maximum [Member] | |||
credit risk related contingent features default on debt amount | 50,000 | ||
Maximum [Member] | Interest Rate Swap [Member] | |||
Derivative, Notional Amount | 350,000 | ||
Canada, Dollars | Cross Currency Swaps 2020 [Member] | |||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 13,500 | ||
Derivative, Notional Amount | $ 100.0 | ||
Canada, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Derivative, Forward Exchange Rate | 1.32 | 1.32 | |
Derivative, Notional Amount | $ 200.0 | ||
United States of America, Dollars | Cross Currency Swaps 2020 [Member] | |||
Derivative, Notional Amount | $ 79,500 | ||
United States of America, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | |||
Derivative, Notional Amount | $ 151,600 | ||
interest rate swap 2.64percent [Member] [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 2.64% | 2.64% | |
Number of entered into interest rate swap agreements | swap_agreements | 2 | ||
Derivative, Notional Amount | $ 300,000 | ||
interest rate swap 3.15percent [Member] | Interest Rate Swap [Member] | |||
Number of entered into interest rate swap agreements | swap_agreements | 3 | ||
interest rate swap 3.15percent [Member] | Minimum [Member] | Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 3.15% | 3.15% | |
Derivative, Notional Amount | $ 50,000 | ||
interest rate swap 3.15percent [Member] | Maximum [Member] | Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 350,000 |
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, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Interest Expense | $ 135,507 | $ 133,124 | $ 97,144 | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 18,529 | (7,861) | (5,602) | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 271 | 0 | 0 | |||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 2,750 | (41) | (2,572) | |||||
Other income | 2,076 | 3,095 | 9,039 | |||||
Interest Rate Swap [Member] | ||||||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | 1,324 | (2,498) | (5,235) | ||||
Cross Currency Swaps | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 1,689 | (793) | (754) | |||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 1,426 | 2,457 | 2,663 | ||||
Cross Currency Swap 2023 [Member] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 5,108 | 0 | 0 | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2] | 271 | 0 | 0 | ||||
Currency Forward Agreements Member | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 8,560 | (9,547) | (2,804) | |||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 0 | 0 | 0 | ||||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ 3,172 | $ 2,479 | $ (2,044) | |||||
|
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jul. 26, 2018 |
|
Impairment charges | $ 27,283 | $ 10,195 | $ 0 | |
Mortgage Notes and Related Accrued Interest Receivable, Net | 517,467 | 970,749 | ||
Investment in direct financing leases, net | $ 20,558 | $ 57,903 | $ 37,900 | |
Finance lease investment weighted average interest rate | 12.04% | 11.98% | ||
Minimum interest on investments in direct finance lease | 11.93% | 11.90% | ||
Maximum interest on investments in direct finance lease | 12.38% | 12.38% | ||
Debt | $ 2,986,054 | $ 3,028,827 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 517,500 | $ 970,700 | ||
Weighted average interest rate of mortgage notes receivable | 8.67% | 8.42% | ||
Receivable interest rate minimum | 7.00% | 7.00% | ||
Receivable interest rate maximum | 11.43% | 11.31% | ||
Fair value of notes receivable | $ 544,600 | $ 992,600 | ||
Weighted market rate used for determining future cash flow for notes receivable | 8.68% | 8.79% | ||
Variable Rate Debt [Member] | ||||
Debt | $ 455,000 | $ 635,000 | ||
Long-term debt, weighted average interest rate | 2.84% | 2.58% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | $ 350,000 | |||
Fixed Rate Debt [Member] | ||||
Long-term Debt, Fair Value | 2,570,000 | $ 2,530,000 | ||
Debt | $ 2,570,000 | $ 2,430,000 | ||
Long-term debt, weighted average interest rate | 4.86% | 5.15% | ||
Weighted market rate for determining fair value of debt | 4.69% | 4.04% | ||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 7.50% | 7.00% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 3.48% | 2.49% | ||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 10.00% | 11.50% | ||
Maximum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 4.99% | 4.56% | ||
Children's Learning Adventure USA, LLC [Member] | ||||
Impairment charges | $ 16,500 |
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) |
Dec. 31, 2018 |
Jul. 26, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|---|
Net Investment in Direct Financing and Sales Type Leases | $ 20,558,000 | $ 37,900,000 | $ 57,903,000 | |||||
Land held for development | 34,177,000 | 33,692,000 | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | (100,000) | ||||||
Derivative Asset, Fair Value, Gross Asset | (10,600,000) | (25,700,000) | ||||||
Cross Currency Swaps | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||
Cross Currency Swaps | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||||||
Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||||||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level I) [Member] | ||||||||
Net Investment in Direct Financing and Sales Type Leases | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Net Investment in Direct Financing and Sales Type Leases | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Net Investment in Direct Financing and Sales Type Leases | 35,807 | |||||||
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | ||||||||
Derivative Liability, Fair Value, Gross Liability | [1] | 134,000 | ||||||
Derivative Asset, Fair Value, Gross Asset | [2] | (6,278,000) | (1,041,000) | |||||
Fair Value, Measurements, Recurring [Member] | Cross Currency Swaps | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Derivative Liability, Fair Value, Gross Liability | [1] | 134,000 | ||||||
Derivative Asset, Fair Value, Gross Asset | [2] | (6,278,000) | (1,041,000) | |||||
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | ||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | (22,235,000) | ||||||
Fair Value, Measurements, Recurring [Member] | Currency Forward Agreements Member | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | (22,235,000) | ||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 4,344,000 | 2,496,000 | |||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 4,344,000 | $ 2,496,000 | |||||
early childhood education center [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Land held for development | 9,805 | |||||||
early childhood education center [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Land held for development | $ 9,805 | |||||||
|
Common and Preferred Shares Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 06, 2017 |
Feb. 12, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 77,226,443 | 76,858,632 | |||
Net proceeds from issuance of common shares | $ 956 | $ 99,069 | $ 142,628 | ||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | ||||
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common stock declared dividends per share | $ 4.32 | $ 4.08 | |||
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 4.3000 | 4.0600 | |||
Taxable Ordinary Income [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 4.1253 | 3.5434 | |||
Common Stock, Dividends, Per Share, Cash Paid | 4.1253 | ||||
Return of Capital [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0.0000 | 0.2762 | |||
Long-term Capital Gain [Member] | Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | 0.1747 | 0.2404 | |||
Unrecaptured Section 1250 gain | $ 0.0102 | $ 0.0972 | |||
direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 1,382,730 | ||||
Net proceeds from issuance of common shares | $ 98,200 | ||||
Common Stock [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | 8,851,264 | |||
Subsequent Event [Member] | direct share purchase plan [Member] | |||||
Cash Dividends Paid [Line Items] | |||||
Common Stock, Shares, Issued | 490,310 | ||||
Net proceeds from issuance of common shares | $ 35,600 |
Common and Preferred Shares Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 21, 2017 |
|
Schedule of Preferred Stock [Line Items] | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 144,490 | $ 0 | |
Preferred Share Redemption Costs | $ 0 | $ 4,457 | $ 0 | |
Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 5,394,050 | 5,399,050 | ||
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 | 0.3954 | |||
Preferred shares conversion price | 63.23 | |||
Common shares quarterly dividend per share threshold, minimum | $ 0.6875 | |||
Common share closing price percent of preferred share prevailing conversion price, minimum | 135.00% | |||
Preferred Shares declared dividends per share | $ 1.4375 | $ 1.4375 | ||
Preferred Shares, Convertible, Conversion Adjustment | $ 0.6205 | $ 0.4918 | ||
Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 3,447,381 | 3,449,115 | ||
Preferred share dividend percentage | 9.00% | |||
Preferred share dividend rate (in dollars per share) | $ 2.25 | |||
Per share liquidation preference | 25 | |||
Preferred shares conversion rate | 0.4686 | |||
Preferred shares conversion price | 53.35 | |||
Common shares quarterly dividend per share threshold, minimum | $ 0.84 | |||
Common share closing price percent of preferred share prevailing conversion price, minimum | 150.00% | |||
Preferred Shares declared dividends per share | $ 2.25 | $ 2.25 | ||
Preferred Shares, Convertible, Conversion Adjustment | $ 0.5308 | $ 0.2619 | ||
Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Shares Issued | 5,000,000 | |||
Preferred share dividend percentage | 6.625% | |||
Preferred Stock, Redemption Price Per Share | $ 25.299045 | |||
Per share liquidation preference | $ 25.00 | |||
Preferred Stock, Redemption Amount | $ 126,500 | |||
Preferred Shares declared dividends per share | $ 1.54123 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.299045 | |||
Preferred Share Redemption Costs | $ 4,500 | |||
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% | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,500 | |||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | |||
Per share liquidation preference | 25 | |||
Preferred Shares declared dividends per share | 0.183681 | |||
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 1.3791 | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.5953 | $ 0.3527 | ||
Dividends, per share, non-cash distribution, taxable ordinary income, 199A distribution | 0.5953 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.3791 | 1.3462 | ||
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 2.1586 | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.5092 | 0.1428 | ||
Dividends, per share, non-cash distribution, taxable ordinary income, 199A distribution | 0.5092 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.1586 | 2.1070 | ||
Taxable Ordinary Income [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.8310 | |||
Taxable Ordinary Income [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, per share, cash paid, taxable ordinary income, 199A distribution | 1.2105 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2105 | |||
Return of Capital [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0000 | 0.1152 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0000 | 0.0000 | ||
Return of Capital [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0000 | 0.1094 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0000 | 0.0000 | ||
Return of Capital [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0000 | |||
Return of Capital [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0000 | |||
Long-term Capital Gain [Member] | Series C Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0252 | 0.0239 | ||
Unrecaptured Section 1250 gain | 0.0034 | 0.0352 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0015 | 0.0092 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0584 | 0.0913 | ||
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0216 | 0.0097 | ||
Unrecaptured Section 1250 gain | 0.0053 | 0.0551 | ||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0013 | 0.0037 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0914 | 0.1430 | ||
Long-term Capital Gain [Member] | Series F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Unrecaptured Section 1250 gain | 0.04792 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1243 | |||
Long-term Capital Gain [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.002978 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.0513 | |||
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 F Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.9553 | |||
Total Cash Distribution Per Share [Member] | Series G Preferred Stock [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2618 | |||
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 | 0.6205 | 0.4918 | ||
Total non-cash Distributions Per Share [Domain] | Series E Preferred Shares [Member] | ||||
Schedule of Preferred Stock [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | $ 0.5308 | $ 0.2619 |
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 |
Series C Cumulative Convertible Preferred Share [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,100 | 2,100 | 2,000 |
Preferred share dividend percentage | 5.75% | ||
Series E Cumulative Convertible Preferred Share [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,600 | 1,600 | 1,600 |
Preferred share dividend percentage | 9.00% | ||
Stock Options [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26 | 7 | 72 |
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $ 266,983 | $ 262,968 | $ 224,982 | ||||||||
Less: preferred dividend requirements and redemption costs | $ (24,142) | $ (28,750) | $ (23,806) | ||||||||
Weighted average number of shares outstanding, basic | 74,292 | 71,191 | 63,381 | ||||||||
Net income available to common shareholders of EPR Properties | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Earnings per share, basic (in dollars per share) | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Share options, shares | 45 | 63 | 93 | ||||||||
Income from continuing operations available to common shareholders, diluted | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Weighted average number of shares outstanding, diluted | 74,337 | 71,254 | 63,474 | ||||||||
Net income available to common shareholders, diluted | $ 242,841 | $ 234,218 | $ 201,176 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 61.79 | 61.79 | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 | $ 61.79 |
Severance Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Related Party Transaction [Line Items] | |||
Severance expense | $ 5,938 | $ 0 | $ 0 |
Employee Severance [Member] | Expected Cash Payment [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 2,600 | ||
Employee Severance [Member] | Taxes and Other Expenses [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 100 | ||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 3,200 |
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
May 12, 2016 |
|
Maximum term of options granted, years | 10 years | |||
Exercisable rate for employees options, per year | 25.00% | |||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 257,606 | 285,986 | 516,305 | |
Number of Shares, Exercised | (25,721) | (29,253) | (230,319) | |
Number of Shares, Granted | 3,835 | 2,215 | ||
Number of Shares, Forfeited | (845) | (1,342) | ||
Number of Shares, Outstanding at End of Period | 234,875 | 257,606 | 285,986 | |
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 | $ 51.81 | $ 51.93 | $ 48.42 | |
Average Exercise Price, Exercised | 50.68 | 54.54 | 44.05 | |
Average Exercise Price, Granted | 56.94 | 76.63 | ||
Average Exercise Price, Forfeited | 61.12 | 59.52 | ||
Average Exercise Price, Outstanding at End of Period | 51.98 | 51.81 | 51.93 | |
Weighted average fair value of options granted | $ 3.03 | $ 7.91 | $ 0 | |
Intrinsic value of stock options exercised | $ 400 | $ 500 | $ 5,200 | |
Severance expense | $ 5,938 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 20,258 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 1,400 | |||
Minimum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 3 years | |||
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 | $ 19.02 | $ 19.02 | $ 19.02 | |
Option Price Per Share, Exercised | 45.20 | 46.86 | 19.41 | |
Option Price Per Share, Granted | 56.94 | 76.63 | ||
Option Price Per Share, Forfeited | 51.64 | 51.64 | ||
Option Price Per Share, Outstanding at End of Period | $ 19.02 | 19.02 | 19.02 | |
Maximum [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
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 | 61.79 | 65.50 | |
Option Price Per Share, Exercised | 61.79 | 61.79 | 65.50 | |
Option Price Per Share, Granted | 56.94 | 76.63 | ||
Option Price Per Share, Forfeited | 61.79 | 61.79 | ||
Option Price Per Share, Outstanding at End of Period | $ 76.63 | $ 76.63 | $ 61.79 | |
2016 Equity Incentive Plan [Member] | ||||
Common shares, options to purchase common shares and restricted share units, expected to granted | 1,950,000 | |||
Number of shares available for grant | 1,322,389 | |||
Stock Options [Member] | ||||
Share based compensation, future vesting period minimum (in years) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock or Unit Option Plan Expense | $ 300 | $ 700 | $ 900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.70% | 2.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 7.60% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 22.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 18.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.74% | 0.74% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 6 years | ||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.40% |
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Share-based Compensation [Abstract] | |
Stock option expense to be recognized in 2019 | $ 7 |
Stock option expense to be recognized in 2020 | 7 |
Stock option expense to be recognized in 2021 | 3 |
Total Compensation Cost To Be Recognized, Stock Options | $ 17 |
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Exercise price range, lower limit | $ 61.79 | $ 61.79 | ||
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 | |
Options outstanding | 234,875 | 257,606 | 285,986 | 516,305 |
Weighted avg. life remaining | 4 years 7 months | |||
Weighted avg. exercise price | $ 51.98 | $ 51.81 | $ 51.93 | $ 48.42 |
Aggregate intrinsic value | $ 2,857 | |||
$ 19.02 - 19.99 | ||||
Exercise price range, lower limit | $ 19.02 | |||
Exercise price range, upper limit | $ 19.99 | |||
Options outstanding | 11,097 | |||
Weighted avg. life remaining | 5 months | |||
20.00 - 29.99 [Member] | ||||
Exercise price range, lower limit | $ 20.00 | |||
Exercise price range, upper limit | $ 29.99 | |||
Options outstanding | 0 | |||
30.00 - 39.99 [Member] | ||||
Exercise price range, lower limit | $ 30.00 | |||
Exercise price range, upper limit | $ 39.99 | |||
Options outstanding | 1,428 | |||
Weighted avg. life remaining | 1 year | |||
40.00 - 49.99 [Member] | ||||
Exercise price range, lower limit | $ 40.00 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 72,342 | |||
Weighted avg. life remaining | 3 years 1 month | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50.00 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 71,868 | |||
Weighted avg. life remaining | 5 years 2 months | |||
60.00 - 69.99 [Member] | ||||
Exercise price range, lower limit | $ 60.00 | |||
Exercise price range, upper limit | $ 61.79 | |||
Options outstanding | 75,925 | |||
Weighted avg. life remaining | 6 years 1 month | |||
70.00 - 76.63 [Member] | ||||
Exercise price range, lower limit | $ 70.00 | |||
Exercise price range, upper limit | $ 76.63 | |||
Options outstanding | 2,215 | |||
Weighted avg. life remaining | 8 years 1 month |
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Exercise price range, lower limit | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 61.79 |
Options outstanding | 208,841 | ||
Weighted avg. life remaining | 4 years 5 months | ||
Weighted avg. exercise price | $ 50.73 | ||
Aggregate intrinsic value | $ 2,784 | ||
$ 19.02 - 19.99 [Member] | |||
Exercise price range, lower limit | $ 19.02 | ||
Exercise price range, upper limit | $ 19.99 | ||
Options outstanding | 11,097 | ||
Weighted avg. life remaining | 5 months | ||
20.00 - 29.99 [Member] | |||
Exercise price range, lower limit | $ 20.00 | ||
Exercise price range, upper limit | $ 29.99 | ||
Options outstanding | 0 | ||
30.00 - 39.99 [Member] | |||
Exercise price range, lower limit | $ 30.00 | ||
Exercise price range, upper limit | $ 39.99 | ||
Options outstanding | 1,428 | ||
Weighted avg. life remaining | 1 year | ||
40.00 - 49.99 [Member] | |||
Exercise price range, lower limit | $ 40.00 | ||
Exercise price range, upper limit | $ 49.99 | ||
Options outstanding | 72,342 | ||
Weighted avg. life remaining | 3 years 1 month | ||
50.00 - 59.99 [Member] | |||
Exercise price range, lower limit | $ 50.00 | ||
Exercise price range, upper limit | $ 59.99 | ||
Options outstanding | 68,033 | ||
Weighted avg. life remaining | 5 years | ||
60.00 - 69.99 [Member] | |||
Exercise price range, lower limit | $ 60.00 | ||
Exercise price range, upper limit | $ 61.79 | ||
Options outstanding | 55,387 | ||
Weighted avg. life remaining | 6 years 1 month | ||
70.00 - 76.63 [Member] | |||
Exercise price range, lower limit | $ 70.00 | ||
Exercise price range, upper limit | $ 76.63 | ||
Options outstanding | 554 | ||
Weighted avg. life remaining | 8 years 1 month |
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 64.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2017 | 620,122 | ||
Number of Shares, Granted | 295,202 | ||
Number of Shares, Vested | (244,852) | ||
Number of Shares, Outstanding at December 31, 2018 | 655,056 | 620,122 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2017 | $ 68.07 | ||
Weighted Average Grant Date Fair Value, Granted | 56.94 | ||
Weighted Average Grant Date Fair Value, Vested | $ 65.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 15,416 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ 64.16 | $ 68.07 | |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 9 months 10 days | ||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Fair value of non-vested shares | $ 16,000 | $ 15,100 | $ 9,200 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,615 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Share based compensation, future vesting period minimum (in years) | 4 years |
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, 2018
USD ($)
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2019 | $ 8,609 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2020 | 5,570 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2021 | 2,436 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 16,615 |
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
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, 2017 | shares | 620,122 |
Number of Shares, Granted | shares | 295,202 |
Number of Shares, Vested | shares | (244,852) |
Number of Shares, Outstanding at December 31, 2018 | shares | 655,056 |
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, 2017 | $ / shares | $ 68.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 56.94 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 65.33 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 64.16 |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 9 months 10 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, 2017 | shares | 19,030 |
Number of Shares, Granted | shares | 23,571 |
Number of Shares, Vested | shares | (19,030) |
Number of Shares, Outstanding at December 31, 2018 | shares | 23,571 |
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, 2017 | $ / shares | $ 70.91 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 61.25 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 70.91 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 61.25 |
Weighted Average Life Remaining, Outstanding at December 31, 2018 | 5 months |
Unamortized share-based compensation expense | $ | $ 602 |
Operating Leases (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
years
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Property Subject to or Available for Operating Lease [Line Items] | |||
Number of Properties Subject to Ground Leases | 57 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 856 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 856 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 884 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 967 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 967 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 2,658 | ||
Operating Leases, Future Minimum Payments Due | 7,188 | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
2019 | 520,139 | ||
2020 | 503,344 | ||
2021 | 492,165 | ||
2022 | 477,671 | ||
2023 | 449,686 | ||
Thereafter | 3,953,717 | ||
Total | $ 6,396,722 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Rental properties, length of lease, minimum (in years) | years | 1 | ||
Rental properties, length of lease, maximum (in years) | years | 31 | ||
Rental expense | $ 1,000 | $ 1,000 | $ 681 |
Ground Lease Arrangement [Member] | |||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2019 | 22,867 | ||
2020 | 23,236 | ||
2021 | 23,600 | ||
2022 | 22,996 | ||
2023 | 22,303 | ||
Thereafter | 257,446 | ||
Total | $ 372,448 |
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Total revenue | $ 166,487 | $ 176,409 | $ 202,867 | $ 154,968 | $ 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | $ 700,731 | $ 575,991 | $ 493,242 |
Net income | 54,031 | 91,833 | 91,581 | 29,538 | 65,563 | 62,954 | 80,535 | 53,916 | 266,983 | 262,968 | 224,982 |
Net income available to common shareholders of EPR Properties | $ 47,997 | $ 85,797 | $ 85,545 | $ 23,502 | $ 54,668 | $ 57,003 | $ 74,583 | $ 47,964 | $ 266,983 | $ 262,968 | $ 224,982 |
Basic net income per common share | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Diluted net income per common share | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 0.74 | $ 0.77 | $ 1.02 | $ 0.75 | $ 3.27 | $ 3.29 | $ 3.17 |
Other Commitments And Contingencies (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 20, 2011
USD ($)
claim
|
Feb. 28, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
properties
mortgagenotes
developmentproject
|
Dec. 31, 2017
USD ($)
properties
|
Dec. 31, 2016
USD ($)
|
Feb. 07, 2019
properties
|
Jun. 30, 2016
USD ($)
|
|
Commitment to fund project development | $ 98,700 | ||||||
Revenue bond issued | 11,500 | $ 14,718 | |||||
Property under development | 287,546 | 257,629 | |||||
Impairment charges | $ 27,283 | 10,195 | $ 0 | ||||
Number Of Mortgage Notes Receivable | mortgagenotes | 4 | ||||||
Mortgage notes receivable with commitments | $ 6,900 | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 24,700 | ||||||
Loss Contingency, Damages Sought, Value | $ 800,000 | ||||||
Number of Surety Bonds | 5 | ||||||
Surety bonds | $ 22,500 | ||||||
Loss Contingency, New Claims Filed, Number | claim | 3 | ||||||
Loss Contingency, Claims Settled and Dismissed, Number | claim | 2 | ||||||
Litigation Settlement, Amount Awarded to Other Party | 2,000 | ||||||
Litigation Settlement, Expense | 90 | ||||||
Tenant Reimbursements | $ 15,400 | 15,600 | 15,600 | ||||
Theatre Properties Member | |||||||
Development Project In Process | developmentproject | 10 | ||||||
Commitment to fund project development | $ 25,400 | ||||||
Education Property [Member] | |||||||
Development Project In Process | developmentproject | 6 | ||||||
Commitment to fund project development | $ 27,400 | ||||||
RecreationProperties [Member] | |||||||
Development Project In Process | developmentproject | 5 | ||||||
Commitment to fund project development | $ 45,900 | ||||||
Louisiana Theatre Properties [Member] | |||||||
Deferred assets related to guarantee | 5,300 | ||||||
Deferred liabilities related to guarantee | 16,100 | ||||||
Tangible Asset Impairment Charges | 7,800 | ||||||
Loss Contingency Accrual | 2,900 | ||||||
Impairment charges | 10,700 | ||||||
Concord Resort [Member] | |||||||
Commitment to fund project development | 206,900 | ||||||
Revenue bond issued | $ 110,000 | ||||||
Reimbursement Revenue | 6,900 | $ 43,400 | |||||
Reimbursement Receivable | 11,500 | ||||||
Adelaar Infrastructure [Member] | |||||||
Reimbursement Revenue | $ 23,900 | ||||||
Waterpark Hotel and Adventure Park [Member] | Concord Resort [Member] | |||||||
Commitment to fund project development | 149,300 | ||||||
Children's Learning Adventure USA, LLC [Member] | |||||||
Impairment charges | $ 16,500 | ||||||
Subsidiaries filing for bankruptcy | properties | 10 | ||||||
Property Subject to or Available for Operating Lease, Number of Units | properties | 21 | ||||||
Settlement Consideration | $ 15,000 | ||||||
Payments to Acquire Furniture and Fixtures | 3,500 | ||||||
Payments for Rent | $ 4,300 | ||||||
Triple net lease term | 20 | ||||||
Children's Learning Adventure USA, LLC [Member] | land held for development [Member] | |||||||
number of properties in land held for development | properties | 4 | ||||||
Subsequent Event [Member] | Children's Learning Adventure USA, LLC [Member] | |||||||
Payments for Rent | $ 1,000 | ||||||
Tenant Reimbursements | $ 170 | ||||||
Subsequent Event [Member] | Children's Learning Adventure USA, LLC [Member] | land held for development [Member] | |||||||
number of properties in land held for development | properties | 2 |
Segment Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
segment
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Operating Segments | segment | 4 | ||||||||||
Total assets | $ 6,131,390 | $ 6,191,493 | $ 6,131,390 | $ 6,191,493 | |||||||
Rental revenue | 556,363 | 484,203 | $ 415,184 | ||||||||
Other income (loss) | 2,076 | 3,095 | 9,039 | ||||||||
Mortgage and other financing income | 142,292 | 88,693 | 69,019 | ||||||||
Total revenue | 166,487 | $ 176,409 | $ 202,867 | $ 154,968 | 147,700 | $ 151,397 | $ 147,782 | $ 129,112 | 700,731 | 575,991 | 493,242 |
Property operating expense | 30,756 | 31,653 | 22,602 | ||||||||
Other expense | 443 | 242 | 5 | ||||||||
Investment Income, Investment Expense | 31,199 | 31,895 | 22,607 | ||||||||
Net Operating Income Before Unallocated Items | 669,532 | 544,096 | 470,635 | ||||||||
General and Administrative Expense | (48,889) | (43,383) | (37,543) | ||||||||
Severance Costs | (5,938) | 0 | 0 | ||||||||
Litigation settlement expense | (2,090) | 0 | 0 | ||||||||
Costs associated with loan refinancing or payoff | (31,958) | (1,549) | (905) | ||||||||
Gain on Extinguishment of Debt | 0 | 977 | 0 | ||||||||
Interest Expense | (135,507) | (133,124) | (97,144) | ||||||||
Transaction costs | (3,698) | (523) | (7,869) | ||||||||
Impairment charges | 27,283 | 10,195 | 0 | ||||||||
Depreciation and amortization | (153,430) | (132,946) | (107,573) | ||||||||
Equity in (loss) income from joint ventures | (22) | 72 | 619 | ||||||||
Gain on sale of real estate | 3,037 | 41,942 | 5,315 | ||||||||
gain on sale of investment in direct financing lease | 5,514 | 0 | 0 | ||||||||
Income tax expense | (2,285) | (2,399) | (553) | ||||||||
Net income | 54,031 | $ 91,833 | $ 91,581 | $ 29,538 | 65,563 | $ 62,954 | $ 80,535 | $ 53,916 | 266,983 | 262,968 | 224,982 |
Dividends, Preferred Stock | (24,142) | (24,293) | (23,806) | ||||||||
Preferred Share Redemption Costs | 0 | 4,457 | 0 | ||||||||
Net income available to common shareholders of EPR Properties | 242,841 | 234,218 | 201,176 | ||||||||
Entertainment Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,344,855 | 2,380,129 | 2,344,855 | 2,380,129 | |||||||
Rental revenue | 301,782 | 283,247 | 266,247 | ||||||||
Other income (loss) | 270 | 614 | 249 | ||||||||
Mortgage and other financing income | 7,971 | 4,407 | 6,187 | ||||||||
Total revenue | 310,023 | 288,268 | 272,683 | ||||||||
Property operating expense | 24,141 | 23,175 | 21,303 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 24,141 | 23,175 | 21,303 | ||||||||
Net Operating Income Before Unallocated Items | 285,882 | 265,093 | 251,380 | ||||||||
Recreation Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 2,187,808 | 2,102,041 | 2,187,808 | 2,102,041 | |||||||
Rental revenue | 142,822 | 112,763 | 62,527 | ||||||||
Other income (loss) | 62 | 0 | 4,482 | ||||||||
Mortgage and other financing income | 109,200 | 48,740 | 30,190 | ||||||||
Total revenue | 252,084 | 161,503 | 97,199 | ||||||||
Property operating expense | 126 | 117 | 8 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 126 | 117 | 8 | ||||||||
Net Operating Income Before Unallocated Items | 251,958 | 161,386 | 97,191 | ||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 1,366,278 | 1,429,992 | 1,366,278 | 1,429,992 | |||||||
Rental revenue | 102,642 | 79,031 | 77,775 | ||||||||
Other income (loss) | 0 | 1 | 1,648 | ||||||||
Mortgage and other financing income | 25,121 | 35,546 | 32,539 | ||||||||
Total revenue | 127,763 | 114,578 | 111,962 | ||||||||
Property operating expense | 3,933 | 6,314 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 3,933 | 6,314 | 0 | ||||||||
Net Operating Income Before Unallocated Items | 123,830 | 108,264 | 111,962 | ||||||||
Other Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 207,724 | 199,052 | 207,724 | 199,052 | |||||||
Rental revenue | 9,117 | 9,162 | 8,635 | ||||||||
Other income (loss) | 0 | 0 | 0 | ||||||||
Mortgage and other financing income | 0 | 0 | 103 | ||||||||
Total revenue | 9,117 | 9,162 | 8,738 | ||||||||
Property operating expense | 1,901 | 1,407 | 662 | ||||||||
Other expense | 0 | 0 | 5 | ||||||||
Investment Income, Investment Expense | 1,901 | 1,407 | 667 | ||||||||
Net Operating Income Before Unallocated Items | 7,216 | 7,755 | 8,071 | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 24,725 | $ 80,279 | 24,725 | 80,279 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Other income (loss) | 1,744 | 2,480 | 2,660 | ||||||||
Mortgage and other financing income | 0 | 0 | 0 | ||||||||
Total revenue | 1,744 | 2,480 | 2,660 | ||||||||
Property operating expense | 655 | 640 | 629 | ||||||||
Other expense | 443 | 242 | 0 | ||||||||
Investment Income, Investment Expense | 1,098 | 882 | 629 | ||||||||
Net Operating Income Before Unallocated Items | $ 646 | $ 1,598 | $ 2,031 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | $ 2,851,000 | $ 7,256,000 | $ 0 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 7,485,000 | 871,000 | 3,210,000 |
Deductions | (7,437,000) | (642,000) | (2,339,000) |
Ending balance | 7,485,000 | 871,000 | |
Allowance for doubtful accounts | 2,899,000 | 7,485,000 | 871,000 |
Allowance for Loan and Lease Losses [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Additions for Adjustments | 0 | 0 | 0 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 2,986,054 | |
Land, initial cost | 1,529,104 | |
Buildings, equipment & improvement, initial cost | 4,215,855 | |
Additions (dispositions) (impairments) subsequent to acquisition | 483,995 | |
Land, gross amount | 1,512,291 | |
Buildings, equipment & improvement, gross amount | 4,716,663 | |
Fair value of Concord resort land received | 6,228,954 | $ 5,636,886 |
Accumulated depreciation | (883,174) | (741,334) |
Deferred financing costs, net | (33,941) | $ (32,852) |
Omaha, NE | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 5,215 | |
Buildings, equipment & improvement, initial cost | 16,700 | |
Additions (dispositions) (impairments) subsequent to acquisition | 59 | |
Land, gross amount | 5,215 | |
Buildings, equipment & improvement, gross amount | 16,759 | |
Fair value of Concord resort land received | 21,974 | |
Accumulated depreciation | $ (8,798) | |
Depreciation life | 40 years | |
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 | 67 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 19,167 | |
Fair value of Concord resort land received | 19,167 | |
Accumulated depreciation | $ (10,063) | |
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 | $ (8,414) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,685 | |
Fair value of Concord resort land received | 12,685 | |
Accumulated depreciation | $ (6,501) | |
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 | $ (8,215) | |
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 | $ (10,370) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,023 | |
Buildings, equipment & improvement, initial cost | 20,037 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,023 | |
Buildings, equipment & improvement, gross amount | 20,037 | |
Fair value of Concord resort land received | 26,060 | |
Accumulated depreciation | $ (10,269) | |
Depreciation life | 40 years | |
Creve Coeur, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,985 | |
Buildings, equipment & improvement, initial cost | 12,601 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,075 | |
Land, gross amount | 4,985 | |
Buildings, equipment & improvement, gross amount | 16,676 | |
Fair value of Concord resort land received | 21,661 | |
Accumulated depreciation | $ (7,355) | |
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 | $ (6,791) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,304 | |
Buildings, equipment & improvement, initial cost | 21,496 | |
Additions (dispositions) (impairments) subsequent to acquisition | 76 | |
Land, gross amount | 4,304 | |
Buildings, equipment & improvement, gross amount | 21,572 | |
Fair value of Concord resort land received | 25,876 | |
Accumulated depreciation | $ (11,280) | |
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 | $ (14,984) | |
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 | $ (11,414) | |
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 | $ (13,221) | |
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 | 3,845 | |
Land, gross amount | 6,771 | |
Buildings, equipment & improvement, gross amount | 13,744 | |
Fair value of Concord resort land received | 20,515 | |
Accumulated depreciation | $ (8,733) | |
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 | $ (3,380) | |
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 | $ (10,808) | |
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 | $ (7,000) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,003 | |
Fair value of Concord resort land received | 16,003 | |
Accumulated depreciation | $ (8,002) | |
Depreciation life | 40 years | |
Woodridge, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,926 | |
Buildings, equipment & improvement, initial cost | 8,968 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,926 | |
Buildings, equipment & improvement, gross amount | 8,968 | |
Fair value of Concord resort land received | 18,894 | |
Accumulated depreciation | $ (8,968) | |
Depreciation life | 18 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 | $ (5,844) | |
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 | $ (7,403) | |
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 | $ (5,036) | |
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 | $ (6,237) | |
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 | $ (2,909) | |
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 | $ (2,853) | |
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 | $ (5,309) | |
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 | 247 | |
Land, gross amount | 1,660 | |
Buildings, equipment & improvement, gross amount | 7,817 | |
Fair value of Concord resort land received | 9,477 | |
Accumulated depreciation | $ (3,195) | |
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 | $ (10,622) | |
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 | $ (7,894) | |
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 | $ (7,193) | |
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 | $ (8,952) | |
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 | $ (3,213) | |
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 | 0 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 5,056 | |
Fair value of Concord resort land received | 7,038 | |
Accumulated depreciation | $ (1,991) | |
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 | $ (1,544) | |
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 | $ (3,153) | |
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 | 0 | |
Land, gross amount | 7,985 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 7,985 | |
Accumulated depreciation | 0 | |
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 | $ (6,114) | |
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 | 0 | |
Land, gross amount | 4,869 | |
Buildings, equipment & improvement, gross amount | 18,143 | |
Fair value of Concord resort land received | 23,012 | |
Accumulated depreciation | $ (6,690) | |
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 | $ (6,375) | |
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 | $ (4,028) | |
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 | $ (3,735) | |
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 | $ (4,500) | |
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 | $ (3,203) | |
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 | $ (3,723) | |
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 | $ (2,599) | |
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 | $ (3,966) | |
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 | 0 | |
Land, gross amount | 1,836 | |
Buildings, equipment & improvement, gross amount | 8,230 | |
Fair value of Concord resort land received | 10,066 | |
Accumulated depreciation | $ (2,777) | |
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 | $ (1,714) | |
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 | $ (3,438) | |
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 | $ (1,246) | |
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 | $ (2,023) | |
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 | $ (4,816) | |
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 | $ (1,399) | |
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 | $ (3,890) | |
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 | $ (4,725) | |
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 | $ (2,185) | |
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 | $ (4,535) | |
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 | $ (4,564) | |
Depreciation life | 40 years | |
Kalamazoo, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,125 | |
Buildings, equipment & improvement, initial cost | 12,216 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,950 | |
Land, gross amount | 5,125 | |
Buildings, equipment & improvement, gross amount | 18,166 | |
Fair value of Concord resort land received | 23,291 | |
Accumulated depreciation | $ (9,704) | |
Depreciation life | 17 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 | $ (4,530) | |
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 | $ (3,450) | |
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 | 0 | |
Land, gross amount | 6,486 | |
Buildings, equipment & improvement, gross amount | 11,156 | |
Fair value of Concord resort land received | 17,642 | |
Accumulated depreciation | $ (3,231) | |
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 | $ (2,075) | |
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 | $ (4,246) | |
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 | $ (2,691) | |
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 | $ (147) | |
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 | 0 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 11,474 | |
Fair value of Concord resort land received | 15,102 | |
Accumulated depreciation | $ (2,582) | |
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 | $ (398) | |
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 | $ (1,445) | |
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 | $ (2,723) | |
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 | $ (388) | |
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 | $ (1,061) | |
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 | $ (875) | |
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 | $ (1,364) | |
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 | 0 | |
Land, gross amount | 5,379 | |
Buildings, equipment & improvement, gross amount | 3,311 | |
Fair value of Concord resort land received | 8,690 | |
Accumulated depreciation | $ (745) | |
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 | $ (2,163) | |
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 | 0 | |
Land, gross amount | 4,979 | |
Buildings, equipment & improvement, gross amount | 6,567 | |
Fair value of Concord resort land received | 11,546 | |
Accumulated depreciation | $ (1,478) | |
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 | $ (1,501) | |
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 | 0 | |
Land, gross amount | 2,540 | |
Buildings, equipment & improvement, gross amount | 3,755 | |
Fair value of Concord resort land received | 6,295 | |
Accumulated depreciation | $ (845) | |
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 | $ (456) | |
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 | $ (2,279) | |
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 | $ (418) | |
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 | $ (705) | |
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 | $ (1,267) | |
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 | $ (905) | |
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 | $ (956) | |
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 | $ (1,100) | |
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 | $ (2,546) | |
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 | $ (2,524) | |
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 | 0 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 9,739 | |
Fair value of Concord resort land received | 13,848 | |
Accumulated depreciation | $ (2,070) | |
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 | $ (2,848) | |
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 | $ (2,497) | |
Depreciation life | 40 years | |
Virginia Beach, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 1,736 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,736 | |
Fair value of Concord resort land received | 1,736 | |
Accumulated depreciation | $ (1,736) | |
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 | 0 | |
Land, gross amount | 2,639 | |
Buildings, equipment & improvement, gross amount | 11,605 | |
Fair value of Concord resort land received | 14,244 | |
Accumulated depreciation | $ (2,273) | |
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 | 0 | |
Land, gross amount | 1,508 | |
Buildings, equipment & improvement, gross amount | 3,826 | |
Fair value of Concord resort land received | 5,334 | |
Accumulated depreciation | $ (749) | |
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 | 0 | |
Land, gross amount | 3,160 | |
Buildings, equipment & improvement, gross amount | 5,642 | |
Fair value of Concord resort land received | 8,802 | |
Accumulated depreciation | $ (1,105) | |
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 | $ (1,394) | |
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 | $ (787) | |
Depreciation life | 40 years | |
Dallas, TX | ||
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 | 750 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,896 | |
Fair value of Concord resort land received | 12,896 | |
Accumulated depreciation | $ (2,097) | |
Depreciation life | 40 years | |
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 | $ (1,745) | |
Depreciation life | 40 years | |
Southern Pines, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,709 | |
Buildings, equipment & improvement, initial cost | 4,747 | |
Additions (dispositions) (impairments) subsequent to acquisition | 12 | |
Land, gross amount | 1,709 | |
Buildings, equipment & improvement, gross amount | 4,759 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (772) | |
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 | $ (863) | |
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 | $ (1,208) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,846 | |
Fair value of Concord resort land received | 10,846 | |
Accumulated depreciation | $ (1,378) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,728 | |
Fair value of Concord resort land received | 12,728 | |
Accumulated depreciation | $ (1,671) | |
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 | $ (214) | |
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 | $ (1,243) | |
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 | 3,769 | |
Land, gross amount | 1,700 | |
Buildings, equipment & improvement, gross amount | 27,252 | |
Fair value of Concord resort land received | 28,952 | |
Accumulated depreciation | $ (4,463) | |
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 | 4,816 | |
Land, gross amount | 14,000 | |
Buildings, equipment & improvement, gross amount | 22,134 | |
Fair value of Concord resort land received | 36,134 | |
Accumulated depreciation | $ (3,731) | |
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 | $ (969) | |
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 | $ (1,007) | |
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 | $ (213) | |
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 | $ (287) | |
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 | $ (1,490) | |
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 | $ (1,270) | |
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 | $ (1,803) | |
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 | $ (2,125) | |
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 | $ (857) | |
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 | $ (1,000) | |
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 | $ (1,255) | |
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 | $ (899) | |
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 | $ (2,068) | |
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 | 258 | |
Land, gross amount | 10,919 | |
Buildings, equipment & improvement, gross amount | 188 | |
Fair value of Concord resort land received | 11,107 | |
Accumulated depreciation | $ (1) | |
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 | $ (621) | |
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 | $ (664) | |
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 | $ (3,153) | |
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 | $ (518) | |
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 | $ (1,972) | |
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 | $ (591) | |
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 | $ (395) | |
Depreciation life | 40 years | |
Delmont, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 673 | |
Buildings, equipment & improvement, initial cost | 621 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 673 | |
Buildings, equipment & improvement, gross amount | 621 | |
Fair value of Concord resort land received | 1,294 | |
Accumulated depreciation | $ (74) | |
Depreciation life | 25 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 | $ (550) | |
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 | $ (2,359) | |
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 | $ (1,770) | |
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 | $ (1,230) | |
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 | $ (2,032) | |
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 | 4,160 | |
Land, gross amount | 2,784 | |
Buildings, equipment & improvement, gross amount | 12,194 | |
Fair value of Concord resort land received | 14,978 | |
Accumulated depreciation | $ (734) | |
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 | $ (333) | |
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 | $ (997) | |
Depreciation life | 30 years | |
Fort Worth, TX Megaplex [Member] | ||
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 | $ (166) | |
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 | $ (715) | |
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 | 0 | |
Land, gross amount | 267 | |
Buildings, equipment & improvement, gross amount | 7,535 | |
Fair value of Concord resort land received | 7,802 | |
Accumulated depreciation | $ (519) | |
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 | $ (1,659) | |
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 | $ (1,361) | |
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 | $ (978) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,671 | |
Buildings, equipment & improvement, initial cost | 17,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,671 | |
Buildings, equipment & improvement, gross amount | 17,526 | |
Fair value of Concord resort land received | 20,197 | |
Accumulated depreciation | $ (1,087) | |
Depreciation life | 25 years | |
Little Rock AR Megaplex 2018 [Member] | ||
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 | $ (283) | |
Depreciation life | 40 years | |
Conway, AR Megaplex [Member] | ||
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 | $ (168) | |
Depreciation life | 30 years | |
Lynbrook, NY Megaplex [Member] | ||
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 | $ (363) | |
Depreciation life | 40 years | |
Long Island, NY Megaplex [Member] | ||
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 | 267 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,746 | |
Fair value of Concord resort land received | 12,746 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 25 years | |
Dallas, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,060 | |
Buildings, equipment & improvement, initial cost | 15,281 | |
Additions (dispositions) (impairments) subsequent to acquisition | 18,983 | |
Land, gross amount | 3,060 | |
Buildings, equipment & improvement, gross amount | 34,264 | |
Fair value of Concord resort land received | 37,324 | |
Accumulated depreciation | $ (16,866) | |
Depreciation life | 40 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,205 | |
Buildings, equipment & improvement, initial cost | 12,600 | |
Additions (dispositions) (impairments) subsequent to acquisition | 22,859 | |
Land, gross amount | 6,205 | |
Buildings, equipment & improvement, gross amount | 35,459 | |
Fair value of Concord resort land received | 41,664 | |
Accumulated depreciation | $ (18,393) | |
Depreciation life | 40 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,850 | |
Buildings, equipment & improvement, initial cost | 17,314 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,257 | |
Land, gross amount | 5,850 | |
Buildings, equipment & improvement, gross amount | 21,571 | |
Fair value of Concord resort land received | 27,421 | |
Accumulated depreciation | $ (7,528) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,653 | |
Buildings, equipment & improvement, initial cost | 1,365 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,531) | |
Land, gross amount | 3,408 | |
Buildings, equipment & improvement, gross amount | 79 | |
Fair value of Concord resort land received | 3,487 | |
Accumulated depreciation | $ (14) | |
Depreciation life | 40 years | |
Southfield, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,000 | |
Buildings, equipment & improvement, initial cost | 20,518 | |
Additions (dispositions) (impairments) subsequent to acquisition | 6,298 | |
Land, gross amount | 8,000 | |
Buildings, equipment & improvement, gross amount | 26,816 | |
Fair value of Concord resort land received | 34,816 | |
Accumulated depreciation | $ (26,773) | |
Depreciation life | 15 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 | 10,774 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 108,470 | |
Fair value of Concord resort land received | 114,570 | |
Accumulated depreciation | $ (41,540) | |
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 | 27,615 | |
Land, gross amount | 9,236 | |
Buildings, equipment & improvement, gross amount | 65,053 | |
Fair value of Concord resort land received | 74,289 | |
Accumulated depreciation | $ (21,622) | |
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 | 19,988 | |
Land, gross amount | 11,150 | |
Buildings, equipment & improvement, gross amount | 35,652 | |
Fair value of Concord resort land received | 46,802 | |
Accumulated depreciation | $ (10,169) | |
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 | 5,407 | |
Land, gross amount | 9,236 | |
Buildings, equipment & improvement, gross amount | 29,861 | |
Fair value of Concord resort land received | 39,097 | |
Accumulated depreciation | $ (10,947) | |
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 | 24,076 | |
Land, gross amount | 12,051 | |
Buildings, equipment & improvement, gross amount | 44,187 | |
Fair value of Concord resort land received | 56,238 | |
Accumulated depreciation | $ (14,415) | |
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 | 12,536 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 47,552 | |
Fair value of Concord resort land received | 64,136 | |
Accumulated depreciation | $ (14,043) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,389 | |
Buildings, equipment & improvement, initial cost | 3,546 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,389 | |
Buildings, equipment & improvement, gross amount | 3,546 | |
Fair value of Concord resort land received | 5,935 | |
Accumulated depreciation | $ (266) | |
Depreciation life | 25 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 | $ (1,346) | |
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 | $ (1,298) | |
Depreciation life | 40 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 | 4,670 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 9,731 | |
Fair value of Concord resort land received | 14,241 | |
Accumulated depreciation | $ (2,354) | |
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 | 5,454 | |
Land, gross amount | 4,377 | |
Buildings, equipment & improvement, gross amount | 11,695 | |
Fair value of Concord resort land received | 16,072 | |
Accumulated depreciation | $ (1,854) | |
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 | 2,216 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,685 | |
Fair value of Concord resort land received | 8,685 | |
Accumulated depreciation | $ (1,429) | |
Depreciation life | 40 years | |
Schaumburg, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 598 | |
Buildings, equipment & improvement, initial cost | 5,372 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 598 | |
Buildings, equipment & improvement, gross amount | 5,372 | |
Fair value of Concord resort land received | 5,970 | |
Accumulated depreciation | $ (537) | |
Depreciation life | 30 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 | $ (1,341) | |
Depreciation life | 35 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 | $ (509) | |
Depreciation life | 40 years | |
Stapleton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,062 | |
Buildings, equipment & improvement, initial cost | 6,329 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,062 | |
Buildings, equipment & improvement, gross amount | 6,329 | |
Fair value of Concord resort land received | 7,391 | |
Accumulated depreciation | $ (212) | |
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 | $ (298) | |
Depreciation life | 40 years | |
San Antonio, TX Other Entertainment [Member] | ||
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 | 0 | |
Land, gross amount | 6,502 | |
Buildings, equipment & improvement, gross amount | 15,338 | |
Fair value of Concord resort land received | 21,840 | |
Accumulated depreciation | $ (103) | |
Depreciation life | 40 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 700 | |
Buildings, equipment & improvement, initial cost | 3,790 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 700 | |
Buildings, equipment & improvement, gross amount | 3,790 | |
Fair value of Concord resort land received | 4,490 | |
Accumulated depreciation | $ (241) | |
Depreciation life | 40 years | |
Groveport, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 600 | |
Buildings, equipment & improvement, initial cost | 12,250 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 600 | |
Buildings, equipment & improvement, gross amount | 12,250 | |
Fair value of Concord resort land received | 12,850 | |
Accumulated depreciation | $ (778) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 640 | |
Buildings, equipment & improvement, initial cost | 5,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 640 | |
Buildings, equipment & improvement, gross amount | 5,613 | |
Fair value of Concord resort land received | 6,253 | |
Accumulated depreciation | $ (655) | |
Depreciation life | 30 years | |
Baton Rouge, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 996 | |
Buildings, equipment & improvement, initial cost | 5,638 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 996 | |
Buildings, equipment & improvement, gross amount | 5,638 | |
Fair value of Concord resort land received | 6,634 | |
Accumulated depreciation | $ (1,067) | |
Depreciation life | 40 years | |
Goodyear, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 766 | |
Buildings, equipment & improvement, initial cost | 6,517 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 766 | |
Buildings, equipment & improvement, gross amount | 6,517 | |
Fair value of Concord resort land received | 7,283 | |
Accumulated depreciation | $ (1,387) | |
Depreciation life | 30 years | |
Phoenix, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,060 | |
Buildings, equipment & improvement, initial cost | 8,140 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,060 | |
Buildings, equipment & improvement, gross amount | 8,140 | |
Fair value of Concord resort land received | 9,200 | |
Accumulated depreciation | $ (1,635) | |
Depreciation life | 40 years | |
Buckeye, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 914 | |
Buildings, equipment & improvement, initial cost | 9,715 | |
Additions (dispositions) (impairments) subsequent to acquisition | 14,461 | |
Land, gross amount | 914 | |
Buildings, equipment & improvement, gross amount | 24,176 | |
Fair value of Concord resort land received | 25,090 | |
Accumulated depreciation | $ (3,278) | |
Depreciation life | 40 years | |
Tarboro, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 350 | |
Buildings, equipment & improvement, initial cost | 12,560 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,037 | |
Land, gross amount | 350 | |
Buildings, equipment & improvement, gross amount | 15,597 | |
Fair value of Concord resort land received | 15,947 | |
Accumulated depreciation | $ (2,408) | |
Depreciation life | 40 years | |
Chester Upland, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 518 | |
Buildings, equipment & improvement, initial cost | 5,900 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 518 | |
Buildings, equipment & improvement, gross amount | 5,900 | |
Fair value of Concord resort land received | 6,418 | |
Accumulated depreciation | $ (1,027) | |
Depreciation life | 30 years | |
Hollywood, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 806 | |
Buildings, equipment & improvement, initial cost | 5,776 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,805 | |
Land, gross amount | 806 | |
Buildings, equipment & improvement, gross amount | 7,581 | |
Fair value of Concord resort land received | 8,387 | |
Accumulated depreciation | $ (1,042) | |
Depreciation life | 40 years | |
Camden, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 548 | |
Buildings, equipment & improvement, initial cost | 10,569 | |
Additions (dispositions) (impairments) subsequent to acquisition | 7,271 | |
Land, gross amount | 548 | |
Buildings, equipment & improvement, gross amount | 17,840 | |
Fair value of Concord resort land received | 18,388 | |
Accumulated depreciation | $ (3,113) | |
Depreciation life | 30 years | |
Queen Creek, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,612 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,845) | |
Land, gross amount | 767 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 767 | |
Accumulated depreciation | 0 | |
Chicago, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 509 | |
Buildings, equipment & improvement, initial cost | 5,895 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,619 | |
Land, gross amount | 509 | |
Buildings, equipment & improvement, gross amount | 10,514 | |
Fair value of Concord resort land received | 11,023 | |
Accumulated depreciation | $ (1,212) | |
Depreciation life | 40 years | |
Gilbert, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,336 | |
Buildings, equipment & improvement, initial cost | 6,593 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,336 | |
Buildings, equipment & improvement, gross amount | 6,593 | |
Fair value of Concord resort land received | 7,929 | |
Accumulated depreciation | $ (865) | |
Depreciation life | 40 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 600 | |
Buildings, equipment & improvement, initial cost | 5,720 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 600 | |
Buildings, equipment & improvement, gross amount | 5,720 | |
Fair value of Concord resort land received | 6,320 | |
Accumulated depreciation | $ (363) | |
Depreciation life | 40 years | |
Dayton, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 599 | |
Buildings, equipment & improvement, initial cost | 5,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 599 | |
Buildings, equipment & improvement, gross amount | 5,068 | |
Fair value of Concord resort land received | 5,667 | |
Accumulated depreciation | $ (322) | |
Depreciation life | 40 years | |
Chandler, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,039 | |
Buildings, equipment & improvement, initial cost | 9,590 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,039 | |
Buildings, equipment & improvement, gross amount | 9,590 | |
Fair value of Concord resort land received | 10,629 | |
Accumulated depreciation | $ (1,537) | |
Depreciation life | 40 years | |
Salt Lake City, UT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,173 | |
Buildings, equipment & improvement, initial cost | 10,982 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,928 | |
Land, gross amount | 8,173 | |
Buildings, equipment & improvement, gross amount | 12,910 | |
Fair value of Concord resort land received | 21,083 | |
Accumulated depreciation | $ (1,425) | |
Depreciation life | 40 years | |
Palm Beach, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,323 | |
Buildings, equipment & improvement, initial cost | 15,824 | |
Additions (dispositions) (impairments) subsequent to acquisition | (81) | |
Land, gross amount | 3,323 | |
Buildings, equipment & improvement, gross amount | 15,743 | |
Fair value of Concord resort land received | 19,066 | |
Accumulated depreciation | $ (2,117) | |
Depreciation life | 30 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 840 | |
Buildings, equipment & improvement, initial cost | 5,640 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 840 | |
Buildings, equipment & improvement, gross amount | 5,640 | |
Fair value of Concord resort land received | 6,480 | |
Accumulated depreciation | $ (358) | |
Depreciation life | 40 years | |
Lancaster, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,109 | |
Buildings, equipment & improvement, initial cost | 6,032 | |
Additions (dispositions) (impairments) subsequent to acquisition | 166 | |
Land, gross amount | 2,109 | |
Buildings, equipment & improvement, gross amount | 6,198 | |
Fair value of Concord resort land received | 8,307 | |
Accumulated depreciation | $ (855) | |
Depreciation life | 30 years | |
Kernersville, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,362 | |
Buildings, equipment & improvement, initial cost | 8,182 | |
Additions (dispositions) (impairments) subsequent to acquisition | (244) | |
Land, gross amount | 1,362 | |
Buildings, equipment & improvement, gross amount | 7,938 | |
Fair value of Concord resort land received | 9,300 | |
Accumulated depreciation | $ (1,110) | |
Depreciation life | 40 years | |
Fort Collins, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 618 | |
Buildings, equipment & improvement, initial cost | 5,031 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,134 | |
Land, gross amount | 618 | |
Buildings, equipment & improvement, gross amount | 10,165 | |
Fair value of Concord resort land received | 10,783 | |
Accumulated depreciation | $ (1,345) | |
Depreciation life | 40 years | |
Wilson, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 424 | |
Buildings, equipment & improvement, initial cost | 5,342 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,553 | |
Land, gross amount | 449 | |
Buildings, equipment & improvement, gross amount | 9,870 | |
Fair value of Concord resort land received | 10,319 | |
Accumulated depreciation | $ (1,001) | |
Depreciation life | 30 years | |
Baker, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 190 | |
Buildings, equipment & improvement, initial cost | 6,563 | |
Additions (dispositions) (impairments) subsequent to acquisition | 203 | |
Land, gross amount | 190 | |
Buildings, equipment & improvement, gross amount | 6,766 | |
Fair value of Concord resort land received | 6,956 | |
Accumulated depreciation | $ (689) | |
Depreciation life | 40 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,559 | |
Buildings, equipment & improvement, initial cost | 1,477 | |
Additions (dispositions) (impairments) subsequent to acquisition | 19,519 | |
Land, gross amount | 1,559 | |
Buildings, equipment & improvement, gross amount | 20,996 | |
Fair value of Concord resort land received | 22,555 | |
Accumulated depreciation | $ (1,400) | |
Depreciation life | 30 years | |
Chicago, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,544 | |
Buildings, equipment & improvement, initial cost | 6,074 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,154 | |
Land, gross amount | 1,544 | |
Buildings, equipment & improvement, gross amount | 10,228 | |
Fair value of Concord resort land received | 11,772 | |
Accumulated depreciation | $ (1,004) | |
Depreciation life | 40 years | |
Chandler, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,530 | |
Buildings, equipment & improvement, initial cost | 6,877 | |
Additions (dispositions) (impairments) subsequent to acquisition | 144 | |
Land, gross amount | 1,530 | |
Buildings, equipment & improvement, gross amount | 7,021 | |
Fair value of Concord resort land received | 8,551 | |
Accumulated depreciation | $ (612) | |
Depreciation life | 40 years | |
Port Royal, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 387 | |
Buildings, equipment & improvement, initial cost | 4,383 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,259 | |
Land, gross amount | 387 | |
Buildings, equipment & improvement, gross amount | 5,642 | |
Fair value of Concord resort land received | 6,029 | |
Accumulated depreciation | $ (462) | |
Depreciation life | 40 years | |
Macon, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 401 | |
Buildings, equipment & improvement, initial cost | 7,883 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 401 | |
Buildings, equipment & improvement, gross amount | 7,883 | |
Fair value of Concord resort land received | 8,284 | |
Accumulated depreciation | $ (3,035) | |
Depreciation life | 15 years | |
Memphis, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,535 | |
Buildings, equipment & improvement, initial cost | 4,089 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,646 | |
Land, gross amount | 1,535 | |
Buildings, equipment & improvement, gross amount | 6,735 | |
Fair value of Concord resort land received | 8,270 | |
Accumulated depreciation | $ (733) | |
Depreciation life | 30 years | |
Parker, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,190 | |
Buildings, equipment & improvement, initial cost | 6,815 | |
Additions (dispositions) (impairments) subsequent to acquisition | 57 | |
Land, gross amount | 2,136 | |
Buildings, equipment & improvement, gross amount | 6,926 | |
Fair value of Concord resort land received | 9,062 | |
Accumulated depreciation | $ (858) | |
Depreciation life | 40 years | |
Rock Hill, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,046 | |
Buildings, equipment & improvement, initial cost | 8,024 | |
Additions (dispositions) (impairments) subsequent to acquisition | (27) | |
Land, gross amount | 2,046 | |
Buildings, equipment & improvement, gross amount | 7,997 | |
Fair value of Concord resort land received | 10,043 | |
Accumulated depreciation | $ (786) | |
Depreciation life | 30 years | |
Palm Bay, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 782 | |
Buildings, equipment & improvement, initial cost | 6,212 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,035 | |
Land, gross amount | 782 | |
Buildings, equipment & improvement, gross amount | 8,247 | |
Fair value of Concord resort land received | 9,029 | |
Accumulated depreciation | $ (864) | |
Depreciation life | 40 years | |
East Point, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 553 | |
Buildings, equipment & improvement, initial cost | 5,938 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 553 | |
Buildings, equipment & improvement, gross amount | 5,938 | |
Fair value of Concord resort land received | 6,491 | |
Accumulated depreciation | $ (561) | |
Depreciation life | 30 years | |
Trenton, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,351 | |
Buildings, equipment & improvement, initial cost | 15,327 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,351 | |
Buildings, equipment & improvement, gross amount | 15,327 | |
Fair value of Concord resort land received | 16,678 | |
Accumulated depreciation | $ (830) | |
Depreciation life | 40 years | |
Memphis, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 910 | |
Buildings, equipment & improvement, initial cost | 7,927 | |
Additions (dispositions) (impairments) subsequent to acquisition | (41) | |
Land, gross amount | 910 | |
Buildings, equipment & improvement, gross amount | 7,886 | |
Fair value of Concord resort land received | 8,796 | |
Accumulated depreciation | $ (443) | |
Depreciation life | 40 years | |
Bridgeton, NJ Public Charter School [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 153 | |
Buildings, equipment & improvement, initial cost | 2,392 | |
Additions (dispositions) (impairments) subsequent to acquisition | (39) | |
Land, gross amount | 153 | |
Buildings, equipment & improvement, gross amount | 2,353 | |
Fair value of Concord resort land received | 2,506 | |
Accumulated depreciation | $ (202) | |
Depreciation life | 30 years | |
Macon, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 351 | |
Buildings, equipment & improvement, initial cost | 7,460 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 351 | |
Buildings, equipment & improvement, gross amount | 7,460 | |
Fair value of Concord resort land received | 7,811 | |
Accumulated depreciation | $ (788) | |
Depreciation life | 30 years | |
Galloway, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 575 | |
Buildings, equipment & improvement, initial cost | 3,692 | |
Additions (dispositions) (impairments) subsequent to acquisition | (816) | |
Land, gross amount | 575 | |
Buildings, equipment & improvement, gross amount | 2,876 | |
Fair value of Concord resort land received | 3,451 | |
Accumulated depreciation | $ (246) | |
Depreciation life | 30 years | |
Bronx, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,232 | |
Buildings, equipment & improvement, initial cost | 8,472 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,232 | |
Buildings, equipment & improvement, gross amount | 8,472 | |
Fair value of Concord resort land received | 9,704 | |
Accumulated depreciation | $ (512) | |
Depreciation life | 40 years | |
Parker, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,248 | |
Buildings, equipment & improvement, initial cost | 12,892 | |
Additions (dispositions) (impairments) subsequent to acquisition | 356 | |
Land, gross amount | 1,248 | |
Buildings, equipment & improvement, gross amount | 13,248 | |
Fair value of Concord resort land received | 14,496 | |
Accumulated depreciation | $ (802) | |
Depreciation life | 40 years | |
Holland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 549 | |
Buildings, equipment & improvement, initial cost | 4,642 | |
Additions (dispositions) (impairments) subsequent to acquisition | 25 | |
Land, gross amount | 549 | |
Buildings, equipment & improvement, gross amount | 4,667 | |
Fair value of Concord resort land received | 5,216 | |
Accumulated depreciation | $ (276) | |
Depreciation life | 40 years | |
Holly Springs, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,703 | |
Buildings, equipment & improvement, initial cost | 10,240 | |
Additions (dispositions) (impairments) subsequent to acquisition | (67) | |
Land, gross amount | 1,703 | |
Buildings, equipment & improvement, gross amount | 10,173 | |
Fair value of Concord resort land received | 11,876 | |
Accumulated depreciation | $ (452) | |
Depreciation life | 30 years | |
Evans, GA Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 669 | |
Buildings, equipment & improvement, initial cost | 8,838 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 669 | |
Buildings, equipment & improvement, gross amount | 8,838 | |
Fair value of Concord resort land received | 9,507 | |
Accumulated depreciation | $ (450) | |
Depreciation life | 30 years | |
Chicoppe, MA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,489 | |
Buildings, equipment & improvement, initial cost | 6,382 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,489 | |
Buildings, equipment & improvement, gross amount | 6,382 | |
Fair value of Concord resort land received | 7,871 | |
Accumulated depreciation | $ (336) | |
Depreciation life | 30 years | |
Walnut Creek, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,917 | |
Buildings, equipment & improvement, initial cost | 6,418 | |
Additions (dispositions) (impairments) subsequent to acquisition | 785 | |
Land, gross amount | 4,917 | |
Buildings, equipment & improvement, gross amount | 7,203 | |
Fair value of Concord resort land received | 12,120 | |
Accumulated depreciation | $ (426) | |
Depreciation life | 30 years | |
Lexington, NC Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 441 | |
Buildings, equipment & improvement, initial cost | 6,678 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 441 | |
Buildings, equipment & improvement, gross amount | 6,678 | |
Fair value of Concord resort land received | 7,119 | |
Accumulated depreciation | $ (98) | |
Depreciation life | 30 years | |
Ridgeland, SC Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 446 | |
Buildings, equipment & improvement, initial cost | 6,486 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 446 | |
Buildings, equipment & improvement, gross amount | 6,486 | |
Fair value of Concord resort land received | 6,932 | |
Accumulated depreciation | $ (74) | |
Depreciation life | 30 years | |
East Point, GA Public Charter Schools 2018 [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,258 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,258 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 1,258 | |
Accumulated depreciation | $ 0 | |
Depreciation life | 30 years | |
Spring, TX Public Charter Schools [Member] | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,155 | |
Buildings, equipment & improvement, initial cost | 6,179 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,155 | |
Buildings, equipment & improvement, gross amount | 6,179 | |
Fair value of Concord resort land received | 7,334 | |
Accumulated depreciation | $ (94) | |
Depreciation life | 30 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 | 0 | |
Land, gross amount | 986 | |
Buildings, equipment & improvement, gross amount | 3,524 | |
Fair value of Concord resort land received | 4,510 | |
Accumulated depreciation | $ (702) | |
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 | 11 | |
Land, gross amount | 1,308 | |
Buildings, equipment & improvement, gross amount | 7,286 | |
Fair value of Concord resort land received | 8,594 | |
Accumulated depreciation | $ (1,352) | |
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 | 385 | |
Land, gross amount | 1,149 | |
Buildings, equipment & improvement, gross amount | 10,224 | |
Fair value of Concord resort land received | 11,373 | |
Accumulated depreciation | $ (1,559) | |
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 | (99) | |
Land, gross amount | 1,547 | |
Buildings, equipment & improvement, gross amount | 10,069 | |
Fair value of Concord resort land received | 11,616 | |
Accumulated depreciation | $ (1,527) | |
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 | 0 | |
Land, gross amount | 944 | |
Buildings, equipment & improvement, gross amount | 9,191 | |
Fair value of Concord resort land received | 10,135 | |
Accumulated depreciation | $ (1,620) | |
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 | 145 | |
Land, gross amount | 985 | |
Buildings, equipment & improvement, gross amount | 6,866 | |
Fair value of Concord resort land received | 7,851 | |
Accumulated depreciation | $ (1,205) | |
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 | 0 | |
Land, gross amount | 762 | |
Buildings, equipment & improvement, gross amount | 6,987 | |
Fair value of Concord resort land received | 7,749 | |
Accumulated depreciation | $ (1,481) | |
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 | 0 | |
Land, gross amount | 1,295 | |
Buildings, equipment & improvement, gross amount | 9,192 | |
Fair value of Concord resort land received | 10,487 | |
Accumulated depreciation | $ (1,424) | |
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 | (412) | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 10,330 | |
Fair value of Concord resort land received | 11,608 | |
Accumulated depreciation | $ (1,427) | |
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 | 0 | |
Land, gross amount | 1,384 | |
Buildings, equipment & improvement, gross amount | 10,542 | |
Fair value of Concord resort land received | 11,926 | |
Accumulated depreciation | $ (1,248) | |
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 | $ (318) | |
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 | 417 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,188 | |
Fair value of Concord resort land received | 12,437 | |
Accumulated depreciation | $ (1,472) | |
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 | 930 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 13,349 | |
Fair value of Concord resort land received | 15,161 | |
Accumulated depreciation | $ (1,935) | |
Depreciation life | 30 years | |
Lakewood, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 291 | |
Buildings, equipment & improvement, initial cost | 823 | |
Additions (dispositions) (impairments) subsequent to acquisition | 40 | |
Land, gross amount | 291 | |
Buildings, equipment & improvement, gross amount | 863 | |
Fair value of Concord resort land received | 1,154 | |
Accumulated depreciation | $ (126) | |
Depreciation life | 30 years | |
Castle Rock, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 250 | |
Buildings, equipment & improvement, initial cost | 1,646 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 250 | |
Buildings, equipment & improvement, gross amount | 1,646 | |
Fair value of Concord resort land received | 1,896 | |
Accumulated depreciation | $ (235) | |
Depreciation life | 30 years | |
Emeryville, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,814 | |
Buildings, equipment & improvement, initial cost | 5,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,814 | |
Buildings, equipment & improvement, gross amount | 5,780 | |
Fair value of Concord resort land received | 7,594 | |
Accumulated depreciation | $ (546) | |
Depreciation life | 30 years | |
Lafayette, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 293 | |
Buildings, equipment & improvement, initial cost | 663 | |
Additions (dispositions) (impairments) subsequent to acquisition | 57 | |
Land, gross amount | 293 | |
Buildings, equipment & improvement, gross amount | 720 | |
Fair value of Concord resort land received | 1,013 | |
Accumulated depreciation | $ (129) | |
Depreciation life | 25 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 | 0 | |
Land, gross amount | 2,289 | |
Buildings, equipment & improvement, gross amount | 14,748 | |
Fair value of Concord resort land received | 17,037 | |
Accumulated depreciation | $ (1,268) | |
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 | 153 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 13,066 | |
Fair value of Concord resort land received | 14,873 | |
Accumulated depreciation | $ (992) | |
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 | $ (961) | |
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 | 303 | |
Land, gross amount | 2,603 | |
Buildings, equipment & improvement, gross amount | 15,916 | |
Fair value of Concord resort land received | 18,519 | |
Accumulated depreciation | $ (1,154) | |
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 | 63 | |
Land, gross amount | 3,743 | |
Buildings, equipment & improvement, gross amount | 14,990 | |
Fair value of Concord resort land received | 18,733 | |
Accumulated depreciation | $ (1,752) | |
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 | 199 | |
Land, gross amount | 1,567 | |
Buildings, equipment & improvement, gross amount | 13,053 | |
Fair value of Concord resort land received | 14,620 | |
Accumulated depreciation | $ (1,140) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 956 | |
Buildings, equipment & improvement, initial cost | 1,850 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 956 | |
Buildings, equipment & improvement, gross amount | 1,850 | |
Fair value of Concord resort land received | 2,806 | |
Accumulated depreciation | $ (200) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,262 | |
Buildings, equipment & improvement, initial cost | 2,038 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,262 | |
Buildings, equipment & improvement, gross amount | 2,038 | |
Fair value of Concord resort land received | 3,300 | |
Accumulated depreciation | $ (221) | |
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 | 538 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,682 | |
Fair value of Concord resort land received | 14,908 | |
Accumulated depreciation | $ (643) | |
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 | 56 | |
Land, gross amount | 2,988 | |
Buildings, equipment & improvement, gross amount | 14,395 | |
Fair value of Concord resort land received | 17,383 | |
Accumulated depreciation | $ (877) | |
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 | 0 | |
Land, gross amount | 1,476 | |
Buildings, equipment & improvement, gross amount | 14,422 | |
Fair value of Concord resort land received | 15,898 | |
Accumulated depreciation | $ (1,009) | |
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 | $ (123) | |
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 | $ (81) | |
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 | $ (194) | |
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 | $ (209) | |
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 | $ (229) | |
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 | $ (142) | |
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 | $ (261) | |
Depreciation life | 30 years | |
Schaumburg, IL Early Childhood [Member] | ||
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 | $ (55) | |
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 | $ (56) | |
Depreciation life | 30 years | |
Charlotte, NC Early Childhood [Member] | ||
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 | $ (73) | |
Depreciation life | 35 years | |
Charlotte, NC 2 Early Childhood [Member] | ||
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 | $ (60) | |
Depreciation life | 35 years | |
Richardson, TX Early Childhood [Member] | ||
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 | $ (61) | |
Depreciation life | 35 years | |
Frisco, TX Early Childhood [Member] | ||
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 | $ (90) | |
Depreciation life | 35 years | |
Allen, TX Early Childhood [Member] | ||
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 | $ (111) | |
Depreciation life | 35 years | |
Southlake, TX Early Childhood [Member] | ||
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 | $ (83) | |
Depreciation life | 35 years | |
Lewis Center, OH Early Childhood [Member] | ||
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 | $ (119) | |
Depreciation life | 35 years | |
Dublin, OH Early Childhood [Member] | ||
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 | $ (117) | |
Depreciation life | 35 years | |
Plano, T Early Childhood [Member] | ||
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 | $ (81) | |
Depreciation life | 35 years | |
Carrollton, TX Early Childhood [Member] | ||
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 | $ (44) | |
Depreciation life | 35 years | |
Davenport, FL Early Childhood [Member] | ||
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 | $ (169) | |
Depreciation life | 35 years | |
Tallahassee, FL Early Childhood [Member] | ||
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 | $ (98) | |
Depreciation life | 35 years | |
Sunrise, Early Childhood [Member] | ||
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 | $ (55) | |
Depreciation life | 35 years | |
Chaska, MN Early Childhood [Member] | ||
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 | $ (170) | |
Depreciation life | 35 years | |
Loretto, MN Early Childhood [Member] | ||
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 | $ (100) | |
Depreciation life | 35 years | |
Minneapolis, MN Early Childhood [Member] | ||
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 | $ (103) | |
Depreciation life | 35 years | |
Wayzata, MN Early Childhood [Member] | ||
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 | $ (57) | |
Depreciation life | 35 years | |
Plymouth, MN Early Childhood [Member] | ||
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 | $ (142) | |
Depreciation life | 35 years | |
Maple Grove, MN Early Childhood 2017 [Member] | ||
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 | $ (94) | |
Depreciation life | 35 years | |
Chula Vista, CA Early Childhood [Member] | ||
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 | $ (68) | |
Depreciation life | 35 years | |
Lincolnshire, IL Early Childhood [Member] | ||
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 | $ (104) | |
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 | $ (109) | |
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 | $ (108) | |
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 | $ (245) | |
Depreciation life | 30 years | |
Crowley, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,150 | |
Buildings, equipment & improvement, initial cost | 2,862 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,150 | |
Buildings, equipment & improvement, gross amount | 2,862 | |
Fair value of Concord resort land received | 4,012 | |
Accumulated depreciation | $ (158) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,927 | |
Buildings, equipment & improvement, initial cost | 2,077 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,927 | |
Buildings, equipment & improvement, gross amount | 2,077 | |
Fair value of Concord resort land received | 4,004 | |
Accumulated depreciation | $ (118) | |
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 | $ (155) | |
Depreciation life | 30 years | |
Portland, OR Early Childhood [Member] | ||
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 | $ (18) | |
Depreciation life | 35 years | |
Orlando, FL Early Childhood [Member] | ||
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 | $ (110) | |
Depreciation life | 35 years | |
Fort Mill, SC Early Childhood [Member] | ||
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 | $ (40) | |
Depreciation life | 35 years | |
Indian Land, SC Early Childhood [Member] | ||
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 | $ (41) | |
Depreciation life | 35 years | |
San Jose, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,966 | |
Buildings, equipment & improvement, initial cost | 25,535 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,407 | |
Land, gross amount | 9,966 | |
Buildings, equipment & improvement, gross amount | 27,942 | |
Fair value of Concord resort land received | 37,908 | |
Accumulated depreciation | $ (3,532) | |
Depreciation life | 40 years | |
Brooklyn, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 46,440 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,255 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 49,695 | |
Fair value of Concord resort land received | 49,695 | |
Accumulated depreciation | $ (5,202) | |
Depreciation life | 40 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 | $ (4,094) | |
Depreciation life | 40 years | |
McLean, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,792 | |
Buildings, equipment & improvement, initial cost | 43,472 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,170 | |
Land, gross amount | 12,792 | |
Buildings, equipment & improvement, gross amount | 46,642 | |
Fair value of Concord resort land received | 59,434 | |
Accumulated depreciation | $ (2,895) | |
Depreciation life | 40 years | |
Mission Viejo, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,378 | |
Buildings, equipment & improvement, initial cost | 3,687 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,378 | |
Buildings, equipment & improvement, gross amount | 3,687 | |
Fair value of Concord resort land received | 5,065 | |
Accumulated depreciation | $ (287) | |
Depreciation life | 30 years | |
Cumming, GA Private School [Member] | ||
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 | $ (215) | |
Depreciation life | 35 years | |
Cumming, GA 2 Private School [Member] | ||
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 | $ (157) | |
Depreciation life | 35 years | |
Henderson, NV Private School [Member] | ||
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 | $ (211) | |
Depreciation life | 35 years | |
Atlanta, GA Private School [Member] | ||
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 | $ (165) | |
Depreciation life | 35 years | |
Pearland, TX Private School [Member] | ||
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 | $ (271) | |
Depreciation life | 35 years | |
Pearland, TX 2 Private School [Member] | ||
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 | $ (74) | |
Depreciation life | 35 years | |
Palm Harbor, FL Private School [Member] | ||
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 | $ (43) | |
Depreciation life | 35 years | |
Mason, OH Private School [Member] | ||
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 | $ (310) | |
Depreciation life | 35 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 | $ (3,931) | |
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 | $ (14,546) | |
Depreciation life | 40 years | |
McHenry, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,394 | |
Buildings, equipment & improvement, initial cost | 15,910 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,207 | |
Land, gross amount | 9,708 | |
Buildings, equipment & improvement, gross amount | 17,803 | |
Fair value of Concord resort land received | 27,511 | |
Accumulated depreciation | $ (6,106) | |
Depreciation life | 40 years | |
Wintergreen, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,739 | |
Buildings, equipment & improvement, initial cost | 16,126 | |
Additions (dispositions) (impairments) subsequent to acquisition | 635 | |
Land, gross amount | 5,739 | |
Buildings, equipment & improvement, gross amount | 16,761 | |
Fair value of Concord resort land received | 22,500 | |
Accumulated depreciation | $ (3,673) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 48,178 | |
Buildings, equipment & improvement, initial cost | 88,532 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 48,178 | |
Buildings, equipment & improvement, gross amount | 88,532 | |
Fair value of Concord resort land received | 136,710 | |
Accumulated depreciation | $ (11,125) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,827 | |
Buildings, equipment & improvement, initial cost | 18,112 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,827 | |
Buildings, equipment & improvement, gross amount | 18,112 | |
Fair value of Concord resort land received | 25,939 | |
Accumulated depreciation | $ (905) | |
Depreciation life | 40 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 | $ (10,361) | |
Depreciation life | 40 years | |
Powells Point, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,284 | |
Buildings, equipment & improvement, initial cost | 39,516 | |
Additions (dispositions) (impairments) subsequent to acquisition | (2,604) | |
Land, gross amount | 5,284 | |
Buildings, equipment & improvement, gross amount | 36,912 | |
Fair value of Concord resort land received | 42,196 | |
Accumulated depreciation | $ (1,930) | |
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 | $ (3,885) | |
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 | $ (1,286) | |
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 | $ (360) | |
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 | $ (2,172) | |
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 | $ (1,361) | |
Depreciation life | 30 years | |
Palm Springs, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,109 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 4,109 | |
Accumulated depreciation | 0 | |
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 | $ (2,350) | |
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 | $ (1,837) | |
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 | $ (710) | |
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 | (63) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,886 | |
Fair value of Concord resort land received | 13,886 | |
Accumulated depreciation | $ (1,085) | |
Depreciation life | 30 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 | (567) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,050 | |
Fair value of Concord resort land received | 7,050 | |
Accumulated depreciation | $ (535) | |
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 | 389 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 5,990 | |
Fair value of Concord resort land received | 5,990 | |
Accumulated depreciation | $ (452) | |
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 | $ (2,408) | |
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 | $ (1,166) | |
Depreciation life | 30 years | |
St. Louis, MO Attraction [Member] | ||
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 | $ 0 | |
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 | $ (1,678) | |
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 | $ (2,552) | |
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 | $ (2,578) | |
Depreciation life | 30 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 | $ (2,017) | |
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 | 0 | |
Land, gross amount | 5,608 | |
Buildings, equipment & improvement, gross amount | 16,616 | |
Fair value of Concord resort land received | 22,224 | |
Accumulated depreciation | $ (1,869) | |
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 | $ (1,906) | |
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 | $ (1,694) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,976 | |
Fair value of Concord resort land received | 15,976 | |
Accumulated depreciation | $ (1,531) | |
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 | $ (1,676) | |
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 | $ (1,586) | |
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 | $ (1,509) | |
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 | $ (1,620) | |
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 | $ (1,477) | |
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 | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,873 | |
Fair value of Concord resort land received | 16,873 | |
Accumulated depreciation | $ (1,406) | |
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 | $ (1,635) | |
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 | $ (1,415) | |
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 | 927 | |
Land, gross amount | 5,338 | |
Buildings, equipment & improvement, gross amount | 18,952 | |
Fair value of Concord resort land received | 24,290 | |
Accumulated depreciation | $ (1,479) | |
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 | 296 | |
Land, gross amount | 6,948 | |
Buildings, equipment & improvement, gross amount | 19,011 | |
Fair value of Concord resort land received | 25,959 | |
Accumulated depreciation | $ (1,422) | |
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 | 1,422 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 24,214 | |
Fair value of Concord resort land received | 24,214 | |
Accumulated depreciation | $ (1,205) | |
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 | $ (1,145) | |
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 | $ (1,263) | |
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 | $ (1,372) | |
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 | $ (728) | |
Depreciation life | 40 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 | $ (824) | |
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 | $ (731) | |
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 | $ (894) | |
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 | $ (534) | |
Depreciation life | 40 years | |
El Paso, TX Golf Entertainment [Member] | ||
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 | $ (458) | |
Depreciation life | 40 years | |
Pittsburgh, PA Golf Entertainment [Member] | ||
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 | 0 | |
Land, gross amount | 7,897 | |
Buildings, equipment & improvement, gross amount | 21,812 | |
Fair value of Concord resort land received | 29,709 | |
Accumulated depreciation | $ (290) | |
Depreciation life | 40 years | |
Philadelphia, PA Golf Entertainment [Member] | ||
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 | 0 | |
Land, gross amount | 5,484 | |
Buildings, equipment & improvement, gross amount | 25,211 | |
Fair value of Concord resort land received | 30,695 | |
Accumulated depreciation | $ (112) | |
Depreciation life | 40 years | |
Auburn Hills, MI Golf Entertainment [Member] | ||
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 | 0 | |
Land, gross amount | 4,219 | |
Buildings, equipment & improvement, gross amount | 27,704 | |
Fair value of Concord resort land received | 31,923 | |
Accumulated depreciation | $ (61) | |
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 | $ (397) | |
Depreciation life | 30 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 | $ (985) | |
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 | $ (412) | |
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 | $ (385) | |
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 | $ (293) | |
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 | $ (420) | |
Depreciation life | 30 years | |
Fort Collins, CO Other Recreation [Member] | ||
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 | $ (215) | |
Depreciation life | 30 years | |
Pagosa Springs, CO Other Recreation [Member] | ||
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 | 0 | |
Land, gross amount | 9,791 | |
Buildings, equipment & improvement, gross amount | 15,635 | |
Fair value of Concord resort land received | 25,426 | |
Accumulated depreciation | $ (381) | |
Depreciation life | 30 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 | 19,055 | |
Land, gross amount | 156,785 | |
Buildings, equipment & improvement, gross amount | 17,928 | |
Fair value of Concord resort land received | 174,713 | |
Accumulated depreciation | (37) | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 287,546 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 287,546 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 287,546 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 50,725 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | (16,548) | |
Land, gross amount | 34,177 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 34,177 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 2,995,000 | |
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 and Accumulated Depreciation Reconciliation (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 5,636,886 |
Acquistion and development of rental properties during the year | 629,944 |
Disposition of rental properties during the year | (21,328) |
Other Deductions during the year | 16,548 |
Balance at close of year | 6,228,954 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 741,334 |
Depreciation during the year | 144,042 |
Disposition of rental properties during the year | (2,202) |
Balance at close of year | $ 883,174 |
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 14,861,000 |
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