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Investments and Dispositions
9 Months Ended
Sep. 30, 2019
Investments [Abstract]  
Investments Investments and Dispositions

The Company's investment spending during the nine months ended September 30, 2019 totaled $684.7 million and included investments in each of its operating segments.

Entertainment investment spending during the nine months ended September 30, 2019 totaled $440.4 million, including spending on the acquisition of 24 megaplex theatres totaling $377.8 million, and build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and other entertainment properties.

Recreation investment spending during the nine months ended September 30, 2019 totaled $190.6 million, including spending on the acquisition of two attractions totaling $24.0 million, two mortgage notes secured by two recreation properties totaling $68.7 million and build-to-suit development of golf entertainment complexes and attractions.

Education investment spending during the nine months ended September 30, 2019 totaled $53.4 million, including spending on the acquisition of two early education centers for $5.9 million, and build-to-suit development and redevelopment of public charter schools, early education centers and private schools.

Other investment spending during the nine months ended September 30, 2019 totaled $0.3 million and was related to the Resorts World Catskills project in Sullivan County, New York.

During the nine months ended September 30, 2019, the Company completed the construction of the Kartrite Resort and Indoor Waterpark in Sullivan County, New York. The indoor waterpark resort is being operated under a traditional REIT lodging structure and facilitated by a management agreement with an eligible independent contractor. The related operating revenue and expense are included in other income and other expense in the accompanying consolidated statements of income for the nine months ended September 30, 2019. Additionally, during the year ended December 31, 2018, the Company completed the construction of the Resorts World Catskills common infrastructure. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which funded a substantial portion of such construction costs. For the years ended December 31, 2016, 2017 and 2018, the Company received total reimbursements of $74.2 million of construction costs. During the nine months ended September 30, 2019, the Company received an additional reimbursement of $11.5 million.

Dispositions
During the nine months ended September 30, 2019, pursuant to tenant purchase options, the Company completed the sale of nine public charter schools for net proceeds totaling $129.3 million and recognized a combined gain on sale of $28.3 million.

During the nine months ended September 30, 2019, the Company also completed the sale of one recreation property, seven additional education properties and two land parcels for net proceeds totaling $53.3 million and recognized a combined gain on sale of $2.1 million.

On July 1, 2019, the Company received $189.8 million in proceeds representing payment in full on its mortgage notes receivable associated with Schlitterbahn waterparks. Additionally, during the nine months ended September 30, 2019, the Company received $17.8 million in proceeds representing payment in full on a mortgage note receivable that was secured by one public charter school property. In connection with this prepayment, the Company recognized a prepayment fee of $1.8 million that is included in mortgage and other financing income in the accompanying consolidated statements of income.