QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page | ||||||||||||||
Item 1. | Financial Statements | |||||||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 4. | Controls and Procedures | |||||||||||||
Item 1. | Legal Proceedings | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sale of Equity Securities and Use of Proceeds | |||||||||||||
Item 3. | Defaults Upon Senior Securities | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
Item 5. | Other Information | |||||||||||||
Item 6. | Exhibits |
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Real estate investments, net of accumulated depreciation of $ | $ | $ | |||||||||
Land held for development | |||||||||||
Property under development | |||||||||||
Operating lease right-of-use assets | |||||||||||
Mortgage notes and related accrued interest receivable | |||||||||||
Investment in joint ventures | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Accounts receivable | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Operating lease liabilities | |||||||||||
Common dividends payable | |||||||||||
Preferred dividends payable | |||||||||||
Unearned rents and interest | |||||||||||
Debt | |||||||||||
Total liabilities | |||||||||||
Equity: | |||||||||||
Common Shares, $ | |||||||||||
Preferred Shares, $ | |||||||||||
Additional paid-in-capital | |||||||||||
Treasury shares at cost: | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Distributions in excess of net income | ( | ( | |||||||||
Total equity | $ | $ | |||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Rental revenue | $ | $ | |||||||||
Other income | |||||||||||
Mortgage and other financing income | |||||||||||
Total revenue | |||||||||||
Property operating expense | |||||||||||
Other expense | |||||||||||
General and administrative expense | |||||||||||
Costs associated with loan refinancing or payoff | |||||||||||
Interest expense, net | |||||||||||
Transaction costs | |||||||||||
Credit loss (benefit) expense | ( | ||||||||||
Depreciation and amortization | |||||||||||
Income before equity in loss from joint ventures and other items | |||||||||||
Equity in loss from joint ventures | ( | ( | |||||||||
Gain on sale of real estate | |||||||||||
Income before income taxes | |||||||||||
Income tax (expense) benefit | ( | ||||||||||
Net income | |||||||||||
Preferred dividend requirements | ( | ( | |||||||||
Net (loss) income available to common shareholders of EPR Properties | $ | ( | $ | ||||||||
Net (loss) income available to common shareholders of EPR Properties per share: | |||||||||||
Basic | $ | ( | $ | ||||||||
Diluted | $ | ( | $ | ||||||||
Shares used for computation (in thousands): | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Other comprehensive income: | |||||||||||
Net income | $ | $ | |||||||||
Foreign currency translation adjustment | ( | ||||||||||
Change in net unrealized gain on derivatives | |||||||||||
Comprehensive income attributable to EPR Properties | $ | $ |
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, 2019 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of nonvested shares and performance shares, net of cancellations | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares for vesting | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain on derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common shares | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to common shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series C preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series E preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series G preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of nonvested shares and performance shares, net of cancellations | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares for vesting | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain on derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common shares | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend equivalents accrued on performance shares | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series C preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series E preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to Series G preferred shareholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of real estate | ( | ( | |||||||||
Gain on insurance recovery | ( | ||||||||||
Deferred income tax benefit | ( | ||||||||||
Costs associated with loan refinancing or payoff | |||||||||||
Equity in loss from joint ventures | |||||||||||
Distributions from joint ventures | |||||||||||
Credit loss (benefit) expense | ( | ||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing costs | |||||||||||
Amortization of above/below market leases and tenant allowances, net | ( | ( | |||||||||
Share-based compensation expense to management and Trustees | |||||||||||
Change in assets and liabilities: | |||||||||||
Operating lease assets and liabilities | ( | ||||||||||
Mortgage notes accrued interest receivable | ( | ||||||||||
Accounts receivable | |||||||||||
Other assets | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ||||||||||
Unearned rents and interest | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Acquisition of and investments in real estate and other assets | ( | ( | |||||||||
Proceeds from sale of real estate | |||||||||||
Investment in unconsolidated joint ventures | ( | ||||||||||
Investment in mortgage notes receivable | ( | ( | |||||||||
Proceeds from mortgage notes receivable paydowns | |||||||||||
Investment in promissory notes receivable | ( | ||||||||||
Proceeds from promissory note receivable paydowns | |||||||||||
Proceeds from insurance recovery | |||||||||||
Additions to properties under development | ( | ( | |||||||||
Net cash used by investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Proceeds from debt facilities and senior unsecured notes | |||||||||||
Principal payments on debt | ( | ||||||||||
Deferred financing fees paid | ( | ||||||||||
Net proceeds from issuance of common shares | |||||||||||
Purchase of common shares for treasury for vesting | ( | ( | |||||||||
Dividends paid to shareholders | ( | ( | |||||||||
Net cash (used) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net change in cash and cash equivalents and restricted cash | ( | ||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ | |||||||||
Supplemental information continued on next page. |
Continued from previous page | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents at beginning of the period | $ | $ | |||||||||
Restricted cash at beginning of the period | |||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | $ | $ | |||||||||
Cash and cash equivalents at end of the period | $ | $ | |||||||||
Restricted cash at end of the period | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | $ | |||||||||
Supplemental schedule of non-cash activity: | |||||||||||
Transfer of property under development to real estate investments | $ | $ | |||||||||
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | $ | $ | |||||||||
Credit loss expense related to adoption of ASC Topic 326 | $ | $ | |||||||||
Operating lease right-of-use asset and related operating lease liability recorded for new ground lease | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid during the period for income taxes | $ | $ | |||||||||
Interest cost capitalized | $ | $ | |||||||||
Change in accrued capital expenditures | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Total Revenue | % of Company's Total Revenue | Total Revenue | % of Company's Total Revenue | ||||||||||||||
AMC | $ | % | $ | % | |||||||||||||
Topgolf | % | % | |||||||||||||||
Regal | % | % |
March 31, 2021 | December 31, 2020 | ||||||||||
Buildings and improvements | $ | $ | |||||||||
Furniture, fixtures & equipment | |||||||||||
Land | |||||||||||
Leasehold interests | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total | $ | $ |
Outstanding principal amount of mortgage | Carrying amount as of | Unfunded commitments | |||||||||||||||||||||
Description | Year of Origination | Interest Rate | Maturity Date | March 31, 2021 | December 31, 2020 | March 31, 2021 | |||||||||||||||||
Private school property Mableton, Georgia (1) | 2017 | % | Prepaid in full | ||||||||||||||||||||
Attraction property Powells Point, North Carolina | 2019 | % | 6/30/2025 | $ | $ | $ | $ | ||||||||||||||||
Fitness & wellness property Omaha, Nebraska | 2017 | % | 1/3/2027 | ||||||||||||||||||||
Fitness & wellness property Merriam, Kansas | 2019 | % | 7/31/2029 | ||||||||||||||||||||
Ski property Girdwood, Alaska | 2019 | % | 12/31/2029 | ||||||||||||||||||||
Fitness & wellness property Omaha, Nebraska | 2016 | % | 6/30/2030 | ||||||||||||||||||||
Experiential lodging property Nashville, Tennessee | 2019 | % | 9/30/2031 | ||||||||||||||||||||
Eat & play property Austin, Texas | 2012 | % | 6/1/2033 | ||||||||||||||||||||
Ski property West Dover and Wilmington, Vermont | 2007 | % | 12/1/2034 | ||||||||||||||||||||
Four ski properties Ohio and Pennsylvania | 2007 | % | 12/1/2034 | ||||||||||||||||||||
Ski property Chesterland, Ohio | 2012 | % | 12/1/2034 | ||||||||||||||||||||
Ski property Hunter, New York | 2016 | % | 1/5/2036 | ||||||||||||||||||||
Eat & play property Midvale, Utah | 2015 | % | 5/31/2036 | ||||||||||||||||||||
Eat & play property West Chester, Ohio | 2015 | % | 8/1/2036 | ||||||||||||||||||||
Fitness & wellness property Fort Collins, Colorado | 2018 | % | 1/31/2038 | ||||||||||||||||||||
Early childhood education center Lake Mary, Florida | 2019 | % | 5/9/2039 | ||||||||||||||||||||
Eat & play property Eugene, Oregon | 2019 | % | 6/17/2039 | ||||||||||||||||||||
Early childhood education center Lithia, Florida | 2017 | % | 10/31/2039 | ||||||||||||||||||||
$ | $ | $ | $ |
Mortgage notes receivable | Unfunded commitments | Notes receivable | Unfunded commitments - notes receivable | Total | |||||||||||||
Allowance for credit losses at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||
Credit loss (benefit) expense | ( | ( | ( | ( | |||||||||||||
Charge-offs | |||||||||||||||||
Recoveries | |||||||||||||||||
Allowance for credit losses at March 31, 2021 | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Receivable from tenants | $ | $ | |||||||||
Receivable from non-tenants | |||||||||||
Straight-line rent receivable | |||||||||||
Total | $ | $ |
Fixed rate | Notional Amount (in millions) | Index | Maturity | |||||||||||||||||
(1) | $ | USD LIBOR | February 7, 2022 | |||||||||||||||||
(1) | USD LIBOR | February 7, 2022 | ||||||||||||||||||
(1) | USD LIBOR | February 7, 2022 | ||||||||||||||||||
(1) | USD LIBOR | February 7, 2022 | ||||||||||||||||||
Total | $ | |||||||||||||||||||
USD LIBOR | September 30, 2024 | |||||||||||||||||||
Total | $ |
Fixed rate | Notional Amount (in millions, CAD) | Maturity | ||||||||||||
$ | $ | July 1, 2023 | ||||||||||||
$ | July 1, 2023 | |||||||||||||
Total | $ |
Three Months Ended March 31, | |||||||||||
Description | 2021 | 2020 | |||||||||
Cash Flow Hedges | |||||||||||
Interest Rate Swaps | |||||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivative | $ | $ | ( | ||||||||
Amount of Expense Reclassified from AOCI into Earnings (1) | ( | ( | |||||||||
Cross-Currency Swaps | |||||||||||
Amount of (Loss) Gain Recognized in AOCI on Derivative | ( | ||||||||||
Amount of (Expense) Income Reclassified from AOCI into Earnings (2) | ( | ||||||||||
Net Investment Hedges | |||||||||||
Cross-Currency Swaps | |||||||||||
Amount of (Loss) Gain Recognized in AOCI on Derivative | ( | ||||||||||
Amount of Income Recognized in Earnings (2) (3) | |||||||||||
Total | |||||||||||
Amount of (Loss) Gain Recognized in AOCI on Derivatives | $ | ( | $ | ||||||||
Amount of Expense Reclassified from AOCI into Earnings | ( | ( | |||||||||
Amount of Income Recognized in Earnings | |||||||||||
Interest expense, net in accompanying consolidated statements of (loss) income and comprehensive income | $ | $ | |||||||||
Other income in accompanying consolidated statements of (loss) income and comprehensive income | $ | $ |
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 | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | ( | $ | — | $ | ( | ||||||||||||||||||
Interest Rate Swap Agreements* | $ | — | $ | ( | $ | — | $ | ( | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Cross-Currency Swaps* | $ | — | $ | ( | $ | — | $ | ( | ||||||||||||||||||
Interest Rate Swap Agreements* | $ | — | $ | ( | $ | — | $ | ( |
Three Months Ended March 31, 2021 | |||||||||||||||||
Income (numerator) | Shares (denominator) | Per Share Amount | |||||||||||||||
Basic EPS: | |||||||||||||||||
Net income | $ | ||||||||||||||||
Less: preferred dividend requirements | ( | ||||||||||||||||
Net loss available to common shareholders | $ | ( | $ | ( | |||||||||||||
Diluted EPS: | |||||||||||||||||
Net loss available to common shareholders | $ | ( | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Share options and performance shares | — | ||||||||||||||||
Net loss available to common shareholders | $ | ( | $ | ( |
Three Months Ended March 31, 2020 | |||||||||||||||||
Income (numerator) | Shares (denominator) | Per Share Amount | |||||||||||||||
Basic EPS: | |||||||||||||||||
Net income | $ | ||||||||||||||||
Less: preferred dividend requirements | ( | ||||||||||||||||
Net income available to common shareholders | $ | $ | |||||||||||||||
Diluted EPS: | |||||||||||||||||
Net income available to common shareholders | $ | ||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Share options and performance shares | — | ||||||||||||||||
Net income available to common shareholders | $ | $ |
Number of options | Option price per share | Weighted avg. exercise price | |||||||||||||||||||||||||||
Outstanding at December 31, 2020 | $ | — | $ | $ | |||||||||||||||||||||||||
Granted | — | ||||||||||||||||||||||||||||
Forfeited/Expired | ( | — | |||||||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | — | $ | $ |
Options outstanding | Options exercisable | |||||||||||||||||||||||||||||||
Exercise price range | Options outstanding | Weighted avg. life remaining | Weighted avg. exercise price | Aggregate intrinsic value (in thousands) | Options outstanding | Weighted avg. life remaining | Weighted avg. exercise price | Aggregate intrinsic value (in thousands) | ||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
Number of shares | Weighted avg. grant date fair value | Weighted avg. life remaining | |||||||||||||||
Outstanding at December 31, 2020 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ||||||||||||||||
Forfeited | |||||||||||||||||
Outstanding at March 31, 2021 | $ |
Target Number of Performance Shares | |||||
Outstanding at December 31, 2020 | |||||
Granted | |||||
Outstanding at March 31, 2021 |
Number of shares | Weighted avg. grant date fair value | Weighted avg. life remaining | |||||||||||||||
Outstanding at December 31, 2020 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Vested | |||||||||||||||||
Outstanding at March 31, 2021 | $ |
Three Months Ended March 31, | ||||||||||||||||||||
Classification | 2021 | 2020 | ||||||||||||||||||
Operating leases (1) | Rental revenue | $ | $ | |||||||||||||||||
Sublease income - operating ground leases (2) | Rental revenue | $ | $ | ( | ||||||||||||||||
Lease costs | ||||||||||||||||||||
Operating ground lease cost | Property operating expense | $ | $ | |||||||||||||||||
Operating office lease cost | General and administrative expense | $ | $ | |||||||||||||||||
Balance Sheet Data: | ||||||||||||||
As of March 31, 2021 | ||||||||||||||
Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||
Total Assets | $ | $ | $ | $ | ||||||||||
As of December 31, 2020 | ||||||||||||||
Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||
Total Assets | $ | $ | $ | $ |
Operating Data: | ||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||
Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||
Rental revenue | $ | $ | $ | $ | ||||||||||
Other income | ||||||||||||||
Mortgage and other financing income | ||||||||||||||
Total revenue | ||||||||||||||
Property operating expense | ||||||||||||||
Other expense | ||||||||||||||
Total investment expenses | ||||||||||||||
Net operating income - before unallocated items | ||||||||||||||
Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive Income: | ||||||||||||||
General and administrative expense | ( | |||||||||||||
Costs associated with loan refinancing or payoff | ( | |||||||||||||
Interest expense, net | ( | |||||||||||||
Transaction costs | ( | |||||||||||||
Credit loss benefit | ||||||||||||||
Depreciation and amortization | ( | |||||||||||||
Equity in loss from joint ventures | ( | |||||||||||||
Gain on sale of real estate | ||||||||||||||
Income tax expense | ( | |||||||||||||
Net income | ||||||||||||||
Preferred dividend requirements | ( | |||||||||||||
Net loss available to common shareholders of EPR Properties | $ | ( |
Operating Data: | ||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||
Experiential | Education | Corporate/Unallocated | Consolidated | |||||||||||
Rental revenue | $ | $ | $ | $ | ||||||||||
Other income | ||||||||||||||
Mortgage and other financing income | ||||||||||||||
Total revenue | ||||||||||||||
Property operating expense | ||||||||||||||
Other expense | ||||||||||||||
Total investment expenses | ||||||||||||||
Net operating income - before unallocated items | ||||||||||||||
Reconciliation to Consolidated Statements of (Loss) Income and Comprehensive Income: | ||||||||||||||
General and administrative expense | ( | |||||||||||||
Interest expense, net | ( | |||||||||||||
Transaction costs | ( | |||||||||||||
Credit loss expense | ( | |||||||||||||
Depreciation and amortization | ( | |||||||||||||
Equity in loss from joint ventures | ( | |||||||||||||
Gain on sale of real estate | ||||||||||||||
Income tax benefit | ||||||||||||||
Net income | ||||||||||||||
Preferred dividend requirements | ( | |||||||||||||
Net income available to common shareholders of EPR Properties | $ |
Summarized Balance Sheet | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
(unaudited) | ||||||||||||||
Real estate investments, net of accumulated depreciation of $ | $ | $ | ||||||||||||
Total assets | ||||||||||||||
Total liabilities |
Summarized Statement of Income | ||||||||
Three Months Ended March 31, 2021 | ||||||||
(Unaudited) | ||||||||
(Dollars in thousands) | ||||||||
Total revenue | $ | |||||||
Net income | ||||||||
Net income available to common shareholders of EPR Properties |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | Change | |||||||||
Total revenue | $ | 111.8 | $ | 151.0 | (26) | % | |||||
Net (loss) income available to common shareholders per diluted share | $ | (0.04) | $ | 0.40 | (110) | % | |||||
FFOAA per diluted share | $ | 0.48 | $ | 0.97 | (51) | % |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Operating Segment | Total Investment Spending | New Development | Re-development | Asset Acquisition | Mortgage Notes or Notes Receivable | Investment in Joint Ventures | |||||||||||||||||
Experiential: | |||||||||||||||||||||||
Theatres | $ | 2,440 | $ | 2,382 | $ | 58 | $ | — | $ | — | $ | — | |||||||||||
Eat & Play | 30,847 | 4,061 | 111 | 26,675 | — | — | |||||||||||||||||
Attractions | 14 | — | 14 | — | — | — | |||||||||||||||||
Ski | 1,013 | — | — | — | 1,013 | — | |||||||||||||||||
Experiential Lodging | 11,993 | 6,680 | 3,688 | — | — | 1,625 | |||||||||||||||||
Cultural | 4,383 | — | 4 | — | 4,379 | — | |||||||||||||||||
Fitness & Wellness | 1,423 | — | — | — | 1,423 | — | |||||||||||||||||
Total Experiential | 52,113 | 13,123 | 3,875 | 26,675 | 6,815 | 1,625 | |||||||||||||||||
Education: | |||||||||||||||||||||||
Total Education | — | — | — | — | — | — | |||||||||||||||||
Total Investment Spending | $ | 52,113 | $ | 13,123 | $ | 3,875 | $ | 26,675 | $ | 6,815 | $ | 1,625 | |||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Operating Segment | Total Investment Spending | New Development | Re-development | Asset Acquisition | Mortgage Notes or Notes Receivable | Investment in Joint Ventures | |||||||||||||||||
Experiential: | |||||||||||||||||||||||
Theatres | $ | 24,108 | $ | 650 | $ | 1,350 | $ | 22,108 | $ | — | $ | — | |||||||||||
Eat & Play | 5,073 | 4,985 | 88 | — | — | — | |||||||||||||||||
Attractions | 959 | — | 959 | — | — | — | |||||||||||||||||
Experiential Lodging | 9,797 | 9,580 | 217 | — | — | — | |||||||||||||||||
Cultural | 6 | — | 6 | — | — | — | |||||||||||||||||
Fitness & Wellness | 1,999 | — | — | — | 1,999 | — | |||||||||||||||||
Total Experiential | 41,942 | 15,215 | 2,620 | 22,108 | 1,999 | — | |||||||||||||||||
Education: | |||||||||||||||||||||||
Early Childhood Education Centers | 3 | — | — | — | 3 | — | |||||||||||||||||
Total Education | 3 | — | — | — | 3 | — | |||||||||||||||||
Total Investment Spending | $ | 41,945 | $ | 15,215 | $ | 2,620 | $ | 22,108 | $ | 2,002 | $ | — |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | Change | ||||||||||||
Minimum rent (1) | $ | 94,190 | $ | 138,219 | $ | (44,029) | ||||||||
Percentage rent | 2,030 | 2,757 | (727) | |||||||||||
Straight-line rent (2) | 1,289 | (9,708) | 10,997 | |||||||||||
Tenant reimbursements | 4,822 | 3,698 | 1,124 | |||||||||||
Other rental revenue | 283 | 77 | 206 | |||||||||||
Total Rental Revenue | $ | 102,614 | $ | 135,043 | $ | (32,429) | ||||||||
Other income (3) | 678 | 7,573 | (6,895) | |||||||||||
Mortgage and other financing income | 8,473 | 8,396 | 77 | |||||||||||
Total revenue | $ | 111,765 | $ | 151,012 | $ | (39,247) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | Change | ||||||||||||
Property operating expense (1) | $ | 15,313 | $ | 13,093 | $ | 2,220 | ||||||||
Other expense (2) | 2,552 | 9,534 | (6,982) | |||||||||||
General and administrative expense | 11,336 | 10,988 | 348 | |||||||||||
Costs associated with loan refinancing or payoff | 241 | — | 241 | |||||||||||
Interest expense, net (3) | 39,194 | 34,753 | 4,441 | |||||||||||
Transaction costs | 548 | 1,075 | (527) | |||||||||||
Credit loss (benefit) expense (4) | (2,762) | 1,192 | (3,954) | |||||||||||
Depreciation and amortization (5) | 40,326 | 43,810 | (3,484) | |||||||||||
Equity in loss from joint ventures | (1,431) | (420) | (1,011) | |||||||||||
Gain on sale of real estate | 201 | 220 | (19) | |||||||||||
Income tax (expense) benefit | (407) | 751 | (1,158) | |||||||||||
Preferred dividend requirements | (6,034) | (6,034) | — |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net cash provided by operating activities | $ | 78,306 | $ | 89,044 | ||||||||||
Net cash used by investing activities | (29,894) | (39,759) | ||||||||||||
Net cash (used) provided by financing activities | (532,435) | 649,237 | ||||||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
FFO: | ||||||||
Net (loss) income available to common shareholders of EPR Properties | $ | (2,654) | $ | 31,084 | ||||
Gain on sale of real estate | (201) | (220) | ||||||
Real estate depreciation and amortization | 40,109 | 43,525 | ||||||
Allocated share of joint venture depreciation | 354 | 383 | ||||||
FFO available to common shareholders of EPR Properties | $ | 37,608 | $ | 74,772 | ||||
FFO available to common shareholders of EPR Properties | $ | 37,608 | $ | 74,772 | ||||
Add: Preferred dividends for Series C preferred shares | — | 1,939 | ||||||
Add: Preferred dividends for Series E preferred shares | — | 1,939 | ||||||
Diluted FFO available to common shareholders of EPR Properties | $ | 37,608 | $ | 78,650 | ||||
FFOAA: | ||||||||
FFO available to common shareholders of EPR Properties | $ | 37,608 | $ | 74,772 | ||||
Costs associated with loan refinancing or payoff | 241 | — | ||||||
Transaction costs | 548 | 1,075 | ||||||
Credit loss (benefit) expense | (2,762) | 1,192 | ||||||
Gain on insurance recovery (included in other income) | (30) | — | ||||||
Deferred income tax benefit | — | (1,113) | ||||||
FFOAA available to common shareholders of EPR Properties | $ | 35,605 | $ | 75,926 | ||||
FFOAA available to common shareholders of EPR Properties | $ | 35,605 | $ | 75,926 | ||||
Add: Preferred dividends for Series C preferred shares | — | 1,939 | ||||||
Add: Preferred dividends for Series E preferred shares | — | 1,939 | ||||||
Diluted FFOAA available to common shareholders of EPR Properties | $ | 35,605 | $ | 79,804 | ||||
AFFO: | ||||||||
FFOAA available to common shareholders of EPR Properties | $ | 35,605 | $ | 75,926 | ||||
Non-real estate depreciation and amortization | 217 | 285 | ||||||
Deferred financing fees amortization | 1,547 | 1,634 | ||||||
Share-based compensation expense to management and trustees | 3,784 | 3,509 | ||||||
Amortization of above and below market leases, net and tenant allowances | (96) | (152) | ||||||
Maintenance capital expenditures (1) | (756) | (928) | ||||||
Straight-lined rental revenue | (1,288) | 9,708 | ||||||
Straight-lined ground sublease expense | 84 | 176 | ||||||
Non-cash portion of mortgage and other financing income | (171) | (91) | ||||||
AFFO available to common shareholders of EPR Properties | $ | 38,926 | $ | 90,067 | ||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
FFO per common share: | ||||||||
Basic | $ | 0.50 | $ | 0.95 | ||||
Diluted | 0.50 | 0.95 | ||||||
FFOAA per common share: | ||||||||
Basic | $ | 0.48 | $ | 0.97 | ||||
Diluted | 0.48 | 0.97 | ||||||
Shares used for computation (in thousands): | ||||||||
Basic | 74,627 | 78,467 | ||||||
Diluted | 74,669 | 78,476 | ||||||
Weighted average shares outstanding-diluted EPS | 74,669 | 78,476 | ||||||
Effect of dilutive Series C preferred shares | — | 2,232 | ||||||
Effect of dilutive Series E preferred shares | — | 1,664 | ||||||
Adjusted weighted average shares outstanding-diluted Series C and Series E | 74,669 | 82,372 | ||||||
Other financial information: | ||||||||
Dividends per common share | $ | — | $ | 1.1325 |
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net Debt: | |||||||||||
Debt | $ | 3,171,193 | $ | 3,854,062 | |||||||
Deferred financing costs, net | 35,036 | 35,933 | |||||||||
Cash and cash equivalents | (538,077) | (1,225,122) | |||||||||
Net Debt | $ | 2,668,152 | $ | 2,664,873 | |||||||
Gross Assets: | |||||||||||
Total Assets | $ | 6,208,102 | $ | 7,255,340 | |||||||
Accumulated depreciation | 1,101,727 | 1,023,993 | |||||||||
Cash and cash equivalents | (538,077) | (1,225,122) | |||||||||
Gross Assets | $ | 6,771,752 | $ | 7,054,211 | |||||||
Net Debt to Gross Assets | 39 | % | 38 | % | |||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
EBITDAre and Adjusted EBITDAre: | |||||||||||
Net income | $ | 3,380 | $ | 37,118 | |||||||
Interest expense, net | 39,194 | 34,753 | |||||||||
Income tax expense (benefit) | 407 | (751) | |||||||||
Depreciation and amortization | 40,326 | 43,810 | |||||||||
Gain on sale of real estate | (201) | (220) | |||||||||
Costs associated with loan refinancing or payoff | 241 | — | |||||||||
Allocated share of joint venture depreciation | 354 | 383 | |||||||||
Allocated share of joint venture interest expense | 789 | 735 | |||||||||
EBITDAre | $ | 84,490 | $ | 115,828 | |||||||
Gain on insurance recovery (1) | (30) | — | |||||||||
Transaction costs | 548 | 1,075 | |||||||||
Credit loss (benefit) expense | (2,762) | 1,192 | |||||||||
Straight-line receivable write-offs from prior periods (2) | — | 12,532 | |||||||||
Adjusted EBITDAre | $ | 82,246 | $ | 130,627 | |||||||
(1) Included in "Other income" in the consolidated statements of (loss) income and comprehensive income for the quarter. Other income includes the following: | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Income from settlement of foreign currency swap contracts | $ | 52 | $ | 368 | |||||||
Gain on insurance recovery | 30 | — | |||||||||
Operating income from operated properties | 295 | 7,201 | |||||||||
Miscellaneous income | 301 | 4 | |||||||||
Other income | $ | 678 | $ | 7,573 | |||||||
(2) Included in "Rental revenue" in the accompanying consolidated statements of (loss) income and comprehensive income. Rental revenue includes the following: | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Minimum rent | $ | 94,190 | $ | 138,219 | |||||||
Tenant reimbursements | 4,822 | 3,698 | |||||||||
Percentage rent | 2,030 | 2,757 | |||||||||
Straight-line rental revenue | 1,289 | 2,824 | |||||||||
Straight-line receivable write-offs from prior periods | — | (12,532) | |||||||||
Other rental revenue | 283 | 77 | |||||||||
Rental revenue | $ | 102,614 | $ | 135,043 | |||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Total Investments: | |||||||||||
Real estate investments, net of accumulated depreciation | $ | 4,801,106 | $ | 4,851,302 | |||||||
Add back accumulated depreciation on real estate investments | 1,101,727 | 1,062,087 | |||||||||
Land held for development | 23,225 | 23,225 | |||||||||
Property under development | 94,822 | 57,630 | |||||||||
Mortgage notes and related accrued interest receivable | 364,969 | 365,628 | |||||||||
Investment in joint ventures | 28,313 | 28,208 | |||||||||
Intangible assets, gross (1) | 57,962 | 57,962 | |||||||||
Notes receivable and related accrued interest receivable, net (1) | 7,284 | 7,300 | |||||||||
Total investments | $ | 6,479,408 | $ | 6,453,342 | |||||||
Total investments | $ | 6,479,408 | $ | 6,453,342 | |||||||
Operating lease right-of-use assets | 179,113 | 163,766 | |||||||||
Cash and cash equivalents | 538,077 | 1,025,577 | |||||||||
Restricted cash | 5,928 | 2,433 | |||||||||
Accounts receivable | 97,517 | 116,193 | |||||||||
Less: accumulated depreciation on real estate investments | (1,101,727) | (1,062,087) | |||||||||
Less: accumulated amortization on intangible assets (1) | (17,379) | (16,330) | |||||||||
Prepaid expenses and other current assets (1) | 27,165 | 21,291 | |||||||||
Total assets | $ | 6,208,102 | $ | 6,704,185 | |||||||
(1) Included in "Other assets" in the accompanying consolidated balance sheet. Other assets include the following: | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Intangible assets, gross | $ | 57,962 | $ | 57,962 | |||||||
Less: accumulated amortization on intangible assets | (17,379) | (16,330) | |||||||||
Notes receivable and related accrued interest receivable, net | 7,284 | 7,300 | |||||||||
Prepaid expenses and other current assets | 27,165 | 21,291 | |||||||||
Total other assets | $ | 75,032 | $ | 70,223 |
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 | ||||||||||||||||||||||
January 1 through January 31, 2021 common shares | 84,436 | (1) | $ | 32.50 | — | $ | — | |||||||||||||||||||
February 1 through February 28, 2021 common shares | — | — | — | — | ||||||||||||||||||||||
March 1 through March 31, 2021 common shares | — | — | — | — | ||||||||||||||||||||||
Total | 84,436 | $ | 32.50 | — | $ | — |
Certification of Gregory K. Silvers pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, 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 of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, is attached hereto as Exhibit 31.2. | |||||
Certification of 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 of Chief Financial 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 32.2. | |||||
101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH* | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL* | Inline XBRL Extension Calculation Linkbase | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
EPR Properties | ||||||||||||||
Dated: | May 6, 2021 | By | /s/ Gregory K. Silvers | |||||||||||
Gregory K. Silvers, President and Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
Dated: | May 6, 2021 | By | /s/ Tonya L. Mater | |||||||||||
Tonya L. Mater, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Date: | May 6, 2021 | /s/ Gregory K. Silvers | ||||||
Gregory K. Silvers | ||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: | May 6, 2021 | /s/ Mark A. Peterson | ||||||
Mark. A. Peterson | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
/s/ Gregory K. Silvers | |||||
Gregory K. Silvers | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Mark A. Peterson | |||||
Mark A. Peterson Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Real Estate Owned, Accumulated Depreciation | $ 1,101,727,000 | $ 1,062,087,000 |
Treasury Stock, Shares | 7,399,522 | 7,315,087 |
Common Shares, par value | $ 0.01 | $ 0.01 |
Common Shares, shares authorized | 100,000,000 | 100,000,000 |
Preferred Shares, par value | $ 0.01 | $ 0.01 |
Preferred Shares, shares authorized | 25,000,000 | 25,000,000 |
Series C Preferred Shares [Member] | ||
Preferred Shares, shares issued | 5,394,050 | 5,394,050 |
Preferred Shares, liquidation preference | $ 134,851,250 | $ 134,851,250 |
Series E Preferred Shares [Member] | ||
Preferred Shares, shares issued | 3,447,381 | 3,447,381 |
Preferred Shares, liquidation preference | $ 86,184,525 | $ 86,184,525 |
Series G Preferred Stock [Member] | ||
Preferred Shares, shares issued | 6,000,000 | 6,000,000 |
Preferred Shares, liquidation preference | $ 150,000,000 | $ 150,000,000 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization [Abstract] | |
Organization | Organization Description of Business EPR Properties (the Company) was formed on August 22, 1997 as a Maryland real estate investment trust (REIT), and an initial public offering of the Company's common shares of beneficial interest (common shares) was completed on November 18, 1997. Since that time, the Company has been a leading Experiential net lease REIT specializing in select enduring experiential properties. The Company's underwriting is centered on key industry and property cash flow criteria, as well as the credit metrics of the Company's tenants and customers. The Company’s properties are located in the United States and Canada.
|
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies and Recently Issued Accounting Standards Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Amounts as of December 31, 2020 have been derived from the audited consolidated financial statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (SEC) on February 25, 2021. 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 FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions. The Company’s variable interests 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. As of March 31, 2021 and December 31, 2020, the Company does not have any investments in consolidated VIEs. Risks and Uncertainties On March 11, 2020, the World Health Organization declared a novel strain of coronavirus (COVID-19) a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. During the year ended December 31, 2020, the global impact of the outbreak rapidly evolved and many jurisdictions within the United States and abroad reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic has severely impacted experiential real estate properties, given that such properties involve congregate social activity and discretionary consumer spending. Approximately 96% of the Company's non-theatre and 71% of the Company's theatre locations were open for business as of April 30, 2021. Certain theatre locations remain closed due to local restrictions or operator decision to close as a result of the impact of the COVID-19 pandemic, specifically the decision by many movie studios to delay the release of blockbuster movies in hopes that larger audiences will be available as additional markets open. It is expected that by May 21, 2021 approximately 98% of the Company's theatres will be open based on the reopening schedule recently announced by Regal Cinemas (Regal), with both New York and California now allowing theatres to reopen. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the scope, severity and duration of the pandemic, the actions taken to contain the outbreak or mitigate its impact, the development and distribution of vaccines and the efficacy of those vaccines, the public’s confidence in the health and safety measures implemented by the Company's tenants and borrowers, and the direct and indirect economic effects of the outbreak and containment measures, all of which are uncertain and cannot be predicted. During 2020 and the first quarter of 2021, the COVID-19 pandemic negatively affected the Company's business, and could continue to have material adverse effects on the Company's financial condition, results of operations and cash flows. The Company’s consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used in determining the Company’s financial condition and results of operations for the three months ended March 31, 2021. The following were adverse impacts to the Company's financial statements and business during the three months ended March 31, 2021: •The Company continued to recognize revenue on a cash basis for certain tenants including American-Multi Cinema, Inc. (AMC) and Regal, a subsidiary of Cineworld Group. •The Company reduced rental revenue by $4.2 million due to rent abatements. •The Company has deferred approximately $57.0 million of amounts due from tenants and $2.1 million due from borrowers that were booked as receivables as of March 31, 2021. Additionally, the Company has amounts due from tenants that were not booked as receivables because the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. The amounts not booked as receivables remain obligations of the tenants and will be recognized as revenue when received. During the three months ended March 31, 2021, the Company collected $1.5 million in deferred rent from cash basis tenants and from tenants for which the deferred payments were not previously recognized as revenue. In addition, the Company collected $29.5 million of deferred rent and interest from accrual basis tenants and borrowers that reduced related accounts and interest receivable. The repayment terms for all of these deferments vary by tenant or borrowers. •The Company continues to be in the Covenant Relief Period under the agreement which governs its unsecured revolving credit facility and its unsecured term loan facility (Consolidated Credit Agreement) and the agreement which governs its private placement notes (Note Purchase Agreement). During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements have been waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company pays higher interest costs during the Covenant Relief Period. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on making investments, incurring indebtedness, making capital expenditures, paying dividends or making other distributions, repurchasing the Company's shares, voluntarily prepaying certain indebtedness, encumbering certain assets and maintaining a minimum liquidity amount, in each case subject to certain exceptions. The term "Covenant Relief Period," as used in these notes to the consolidated financial statements, generally means the period of time beginning on June 29, 2020 and ending on (i) December 31, 2021, in the case of the Company's Consolidated Credit Agreement, or (ii) October 1, 2021 (subject to extension to January 1, 2022 at the Company's election, subject to certain conditions), in the case of the Company's Note Purchase Agreement governing its private placement notes. The Company has the right under certain circumstances to terminate the Covenant Relief Period earlier. •In connection with the loan amendments discussed above, certain of the Company's key subsidiaries guaranteed the Company's obligations based on the Company's unsecured debt ratings. If the Company's unsecured debt rating is further downgraded by Moody's, it will be required to pledge the equity interests in certain subsidiary guarantors to secure its obligations under its unsecured credit facilities and private placement notes. The monthly cash dividends to common shareholders were suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The suspension of the monthly cash dividend to common shareholders will continue through the Covenant Relief Period, except as may be necessary to maintain REIT status and to not owe income tax. Reportable Segments The Company has two reportable operating segments: Experiential and Education. The Experiential segment includes the following property types: theatres, eat & play (including seven theatres located in entertainment districts), attractions, ski, experiential lodging, gaming, cultural and fitness & wellness. The Education segment includes the following property types: early childhood education centers and private schools. See Note 14 for financial information related to these reportable segments. Real Estate Investments Real estate investments are carried at initial recorded value 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 years to 40 years for buildings, three years to 25 years for furniture, fixtures and equipment and 10 years to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the lease term or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Management reviews the Company's real estate investments, including operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable, which 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 and 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 owned 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. 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 and identified intangible assets and liabilities 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 and identified intangible assets and liabilities as well as any noncontrolling interest. Acquisition-related costs in connection with business combinations are expensed as incurred and included in "Transaction costs" in the accompanying consolidated statements of (loss) income and comprehensive income. For real estate acquisitions (asset acquisitions or business combinations), the fair value (or relative fair value in an asset acquisition) of the tangible assets is determined by valuing the property using recent independent appraisals or methods similar to those used by independent appraisers. Land is valued using the sales comparison approach which uses available market data from recent comparable land sales as an input to estimate the fair value. Site improvements and tenant improvements are valued using the cost approach which uses replacement cost data obtained from industry recognized guides less depreciation as an input to estimate the fair value. The building is valued either using the cost approach described above or a combination of the cost and the income approach. The income approach uses market leasing assumptions to estimate the fair value of the property as if vacant. The cost and income approaches are reconciled to arrive at an estimated building fair value. 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 $35.0 million and $35.6 million as of March 31, 2021 and December 31, 2020, respectively, are shown as a reduction of debt. The deferred financing costs of $3.8 million and $4.8 million as of March 31, 2021 and December 31, 2020, respectively, related to the unsecured revolving credit facility are included in "Other assets" in the accompanying consolidated balance sheets. Rental Revenue The Company leases real estate to its tenants under leases that are classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to extend the lease, which are not included in the minimum lease terms unless it is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2021, the Company recognized $1.3 million of straight-line rental revenue. For the three months ended March 31, 2020, the Company recognized straight-line write-offs totaling $12.5 million, which were comprised of $4.5 million of straight-line accounts receivable and $8.0 million of sub-lessor ground lease straight-line accounts receivable. Straight-line rental revenue, net of write-offs, was a reduction to total rental revenue of $9.7 million for the three months ended March 31, 2020. There were no straight-line write-offs for the three months ended March 31, 2021. The Company has agreed to defer rent for a substantial portion of its customers in response to the impact of the COVID-19 pandemic on their operations. On April 10, 2020, the FASB issued a Staff Q&A on Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. In reliance upon the FASB Staff Q&A, the Company has not treated qualifying deferrals or rent concessions during the period affected by the COVID-19 pandemic as lease modifications. While deferments for this and future periods delay rent payments, these deferments generally do not release customers from the obligation to pay the deferred amounts in the future. Deferred rent amounts are reflected in the Company's financial statements as accounts receivable if collection is determined to be probable or recognized when received as variable lease payments if collection is determined to not be probable. Certain agreements with tenants where remaining lease terms are extended, or other changes are made that do not qualify for the treatment in the FASB Staff Q&A, are treated as lease modifications. In these circumstances, upon an executed lease modification, if the tenant is not being recognized on a cash basis, the contractual rent reflected in accounts receivable and straight-line rent receivable will be amortized over the remaining term of the lease against rental revenue. In limited cases, customers may be entitled to the abatement of rent during governmentally imposed prohibitions on business operations which is recognized in the period to which the abatement relates, or the Company may provide rent concessions to tenants. In cases where the Company provides concessions to tenants to which they are not otherwise entitled, those amounts will be recognized in the period in which the concession is granted unless the changes are accounted for as lease modifications. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2021 and 2020, the Company recognized $1.0 million and $0.4 million, respectively, in tenant reimbursements related to the gross up of these reimbursed expenses which are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2021 and 2020, the non-lease components included in rental revenue totaled $3.8 million and $3.3 million, respectively. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specific triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $2.0 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively. Furthermore, due to the impact of the COVID-19 pandemic, certain of the Company's tenants paid a portion of base rent in 2021 based on a percentage of gross revenue. This variable rent totaled $0.9 million for the three months ended March 31, 2021. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. 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, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis. 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. 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 less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). In accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments, the Company records allowance for credit loss to reflect that all mortgage notes and notes receivable have some inherent risk of loss regardless of credit quality, collateral, or other mitigating factors. While Topic 326 does not require any particular method for determining the reserves, it does specify that it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, as well as reasonable and supportable forecasts for the term of each mortgage note or note receivable. The Company uses a forward looking commercial real estate forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan by loan basis. The CECL allowance required by Topic 326 is a valuation account that is deducted from the related mortgage note or note receivable. Certain of the Company’s mortgage notes and notes receivable include commitments to fund incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. As permitted under Topic 326, the Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. As of March 31, 2021, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable and the Company determines it is collateral dependent, the Company measures expected credit losses based on the fair value of the collateral. The Company evaluates the collectability of both interest and principal for each of its mortgage notes and notes receivable on a quarterly basis to determine if foreclosure is probable. As of March 31, 2021, the Company does not have any mortgage notes or notes receivable with past due principal balances. Mortgage and Other Financing Income Certain of the Company's borrowers are subject to additional interest based on certain thresholds defined in the mortgage agreements (participating interest). Participating interest income is recognized at the time when specific parameters have been met as provided by the mortgage agreement. There was no participating interest income for the three months ended March 31, 2021 and 2020. Concentrations of Risk AMC, Topgolf USA (Topgolf) and Regal represented a significant portion of the Company's total revenue for the three months ended March 31, 2021 and 2020. The Company began recognizing revenue on a cash basis for AMC at the end of the first quarter of 2020 and for Regal at the end of the third quarter of 2020 and cash payments have been reduced due to the impact of the COVID-19 pandemic. The following is a summary of the Company's total revenue (including revenue from discontinued operations) derived from rental or interest payments from AMC, Topgolf and Regal (dollars in thousands):
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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Share-based compensation expense consists of share option expense and amortization of non-vested 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 (loss) income and comprehensive income. 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 (loss) income and comprehensive income was $4 thousand and $3 thousand for the three months ended March 31, 2021 and 2020, 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 years or four years). Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $2.2 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. Nonvested Performance Shares Issued to Employees The Company awards performance shares to the Company's executive officers pursuant to the Long-Term Incentive Plan. The performance shares contain both a market condition and a performance condition. The Company amortizes the expense related to the performance shares over the future vesting period of three years. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $0.9 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. 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 and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively. Derivative Instruments The Company uses derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. 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 foreign currency risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows 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 hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For its net investment hedges that hedge the foreign currency exposure of its Canadian investments, 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. If hedge accounting is not applied, realized and unrealized gains or losses are reported in earnings. 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. Impact of Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On March 5, 2021, the Financial Conduct Authority ("FCA") announced that the USD LIBOR will no longer be published after June 30, 2023. At March 31, 2021, the Company had 11 agreements (including debt, derivative, mortgage note and lease agreements) that are indexed to LIBOR, of which five mature prior to June 30, 2023. The Company is monitoring and evaluating the related risks with transitioning these contracts to a replacement index.
|
Rental Properties |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Properties | The following table summarizes the carrying amounts of real estate investments as of March 31, 2021 and December 31, 2020 (in thousands):
Depreciation expense on real estate investments was $38.9 million and $40.8 million for the three months ended March 31, 2021 and 2020, respectively.
|
Investments and Dispositions |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments and DispositionsThe Company's investment spending during the three months ended March 31, 2021 totaled $52.1 million, and included the acquisition of one eat and play property under development for approximately $26.7 million as well as spending on build-to-suit development and redevelopment projects. During the three months ended March 31, 2021, the Company completed the sale of one theatre property and one outparcel for net proceeds totaling $13.7 million and recognized a combined gain on sale of $0.2 million. |
Accounts Receivable, Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of March 31, 2021 and December 31, 2020 (in thousands):
|
Capital Markets Long Term Debt (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The Company is restricted from paying dividends on its common shares during the Covenant Relief Period (as defined above), subject to certain limited exceptions, and there can be no assurances as to the Company's ability to reinstitute cash dividend payments to common shareholders or the timing thereof. During the year ended December 31, 2020, the Company amended the Consolidated Credit Agreement and the Note Purchase Agreement to modify certain provisions and waive its obligations to comply with certain covenants under these agreements. The Company continues to be in the Covenant Relief Period under these agreements. During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements have been waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company pays higher interest costs during the Covenant Relief Period and the interest rates on the revolving credit facility and term loan facilities both during and after the Covenant Relief Period are dependent on the Company's unsecured debt ratings. At March 31, 2021, the revolving credit facility had interest at a floating rate of LIBOR plus 1.625% (with a LIBOR floor of 0.50%), which was 2.125% with a facility fee of 0.375% and the unsecured term loan facility had interest at a floating rate of LIBOR plus 2.00% (with a LIBOR floor of 0.50%), which was 2.50%. After the Covenant Relief Period, the interest rates for the revolving credit and term loan facilities, based on the Company's current unsecured debt ratings, are scheduled to return to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively, (both with a LIBOR floor of zero) and the facility fee on the revolving credit facility will be 0.25%. Additionally at March 31, 2021, the interest rates for the private placement notes were 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. After the Covenant Relief Period, the interest rates for the private placement notes are scheduled to return to 4.35% and 4.56% for the Series A notes and the Series B notes, respectively. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on making investments, incurring indebtedness, making capital expenditures, paying dividends or making other distributions, repurchasing the Company's shares, voluntarily prepaying certain indebtedness, encumbering certain assets and maintaining a minimum liquidity amount, in each case subject to certain exceptions. In connection with the loan amendments discussed above, certain of the Company's key subsidiaries guaranteed the Company's obligations based on the Company's unsecured debt ratings. If the Company's unsecured debt rating is further downgraded by Moody's, it will be required to pledge the equity interests in certain subsidiary guarantors to secure its obligations under its unsecured credit facilities and private placement notes. Under the agreements, after the Covenant Relief Period, the Company will be released from both of these provisions. During the three months ended March 31, 2021, the Company paid down $500.0 million on its unsecured revolving credit facility. In addition, the Company paid down principal of approximately $23.8 million on its private placement notes resulting from the sale of assets in accordance with the amendments. Subsequent to March 31, 2021, the Company paid off the remaining balance of $90.0 million on its revolving credit facility.
|
Unconsolidated Real Estate Joint Ventures (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures As of March 31, 2021 and December 31, 2020, the Company had a 65% investment interest in two unconsolidated real estate joint ventures related to two experiential lodging properties located in St. Petersburg Beach, Florida. The Company's partner, Gencom Acquisition, LLC 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 experiential lodging properties and the other that 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 taxable REIT subsidiary (TRS). The Company accounts for its investment in these joint ventures under the equity method of accounting. As of March 31, 2021 and December 31, 2020, the Company had equity investments of $27.5 million and $27.4 million, respectively, in these joint ventures. The joint venture that holds the real property has a secured mortgage loan of $85.0 million at March 31, 2021, that is due April 1, 2022. The note can be extended for two additional one year periods upon the satisfaction of certain conditions. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $32.7 million, with $18.6 million remaining to fund at March 31, 2021. The mortgage loan bears interest at an annual rate equal to the greater of 6.00% or LIBOR plus 3.75%. Interest is payable monthly beginning on May 1, 2019 until the stated maturity date of April 1, 2022, which can be extended to April 1, 2023. The joint venture has an interest rate cap agreement to limit the variable portion of the interest rate (LIBOR) on this note to 3.0% from March 28, 2019 to April 1, 2023. The Company recognized losses of $1.5 million and $0.1 million during the three months ended March 31, 2021 and 2020, respectively, and received no distributions during the three months ended March 31, 2021 and 2020 related to the equity investments in these joint ventures. As of March 31, 2021 and December 31, 2020, the Company's investments in these joint ventures were considered to be variable interests and the underlying entities are VIEs. 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 and accordingly these investments are not consolidated. The Company's maximum exposure to loss at March 31, 2021, is its investment in the joint ventures of $27.5 million as well as the Company's guarantee of the estimated costs to complete renovations of approximately $18.6 million. In addition, as of March 31, 2021 and December 31, 2020, the Company had equity investments of $0.8 million in unconsolidated joint ventures for three theatre projects located in China. The Company recognized income of $55 thousand during the three months ended March 31, 2021 and losses of $288 thousand during the three months ended March 31, 2020, and received distributions of $90 thousand from its investment in these joint ventures for the three months ended March 31, 2021. No distributions were received during the three months ended March 31, 2020.
|
Derivative Instruments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 has elected not to offset its derivative position for purposes of balance sheet presentation and disclosure. The Company had no derivative assets at March 31, 2021 and December 31, 2020. The Company had derivative liabilities of $13.5 million and $14.0 million at March 31, 2021 and December 31, 2020, respectively. The Company has not posted or received collateral with its derivative counterparties as of March 31, 2021 or December 31, 2020. See Note 10 for disclosures relating to the fair value of the derivative instruments. 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 on foreign currency transactions 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 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 March 31, 2021, the Company had four interest rate swap agreements designated as cash flow hedges of interest rate risk related to its variable rate unsecured term loan facility totaling $400.0 million. Additionally, at March 31, 2021, the Company had an interest rate swap agreement designated as a cash flow hedge of interest rate risk related to its variable rate secured bonds totaling $25.0 million. Interest rate swap agreements outstanding as of March 31, 2021 are summarized below:
(1) On June 29, 2020 and November 3, 2020, the Company amended its Consolidated Credit Agreement. The above fixed rates increased by 0.90% during the Covenant Relief Period, and as a result of the Company's unsecured debt ratings being downgraded and a LIBOR floor of 0.50% being established. The rates are scheduled to return to previous levels as defined in the agreement at the end of the Covenant Relief Period, subject to the Company's unsecured debt ratings. 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. 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 March 31, 2021, the Company estimates that during the twelve months ending March 31, 2022, $7.1 million of losses will be reclassified from AOCI to interest expense. Cash Flow Hedges of Foreign Exchange Risk The Company is exposed to foreign currency exchange risk against its functional currency, USD, on CAD denominated cash flow from its four Canadian properties. The Company uses cross-currency swaps to mitigate its exposure to fluctuations in the USD-CAD exchange rate on cash inflows associated with these properties which should hedge a significant portion of the Company's expected CAD denominated cash flows. The Company entered into three USD-CAD cross-currency swaps that were effective July 1, 2020 with a fixed original notional value of $100.0 million CAD and $76.6 million USD. The net effect of these swaps is to lock in an exchange rate of $1.31 CAD per USD on approximately $7.2 million annual CAD denominated cash flows through June 2022. 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 March 31, 2021, the Company estimates that during the twelve months ending March 31, 2022, $0.2 million of losses will be reclassified from AOCI to other expense. Net Investment Hedges The Company is exposed to fluctuations in the USD-CAD exchange rate on its net investments in Canada. As such, the Company uses either currency forward agreements or cross-currency swaps to manage its exposure to changes in foreign exchange rates on certain of its foreign net investments. As of March 31, 2021, the Company had the following cross-currency swaps designated as net investment hedges:
The cross-currency swaps also have a monthly settlement feature locked in at an exchange rate of $1.32 CAD per USD on $4.5 million of CAD annual cash flows, the net effect of which is an excluded component from the effectiveness testing of this hedge. For qualifying 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. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with the Company's accounting policy election. The earnings recognition of excluded components are presented in other income. Below is a summary of the effect of derivative instruments on the consolidated statements of changes in equity and income for the three months ended March 31, 2021 and 2020. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 (Dollars in thousands)
(1) Included in "Interest expense, net" in the accompanying consolidated statements of (loss) income and comprehensive income for the three months ended March 31, 2021 and 2020. (2) Included in "Other income" in the accompanying consolidated statements of (loss) income and comprehensive income for the three months ended March 31, 2021 and 2020. (3) Amounts represent derivative gains excluded from the effectiveness testing. 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 $50.0 million 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 March 31, 2021, the fair value of the Company's derivatives in a liability position related to these agreements was $13.5 million. 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 of $14.4 million. As of March 31, 2021, 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 |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 is 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 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 March 31, 2021, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, classified its derivatives as Level 2 within the fair value reporting hierarchy. The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2021 and December 31, 2020 (Dollars in thousands)
* Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. 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 March 31, 2021 and December 31, 2020: 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 March 31, 2021, the Company had a carrying value of $365.0 million in fixed rate mortgage notes receivable outstanding, including related accrued interest and allowance for credit losses, with a weighted average interest rate of approximately 9.01%. The fixed rate mortgage notes bear interest at rates of 7.01% to 11.78%. 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 approximately $393.5 million with an estimated weighted average market rate of 8.08% at March 31, 2021. At December 31, 2020, the Company had a carrying value of $365.6 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 9.03%. The fixed rate mortgage notes bear interest at rates of 7.01% to 11.78%. 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 $394.0 million with an estimated weighted average market rate of 8.11% at December 31, 2020. Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt is estimated by discounting the future cash flows of each instrument using current market rates. At March 31, 2021, the Company had a carrying value of $515.0 million in variable rate debt outstanding with a weighted average interest rate of approximately 2.32%. The carrying value of the variable rate debt outstanding approximated the fair value at March 31, 2021. At December 31, 2020, the Company had a carrying value of $1.0 billion in variable rate debt outstanding with a weighted average interest rate of approximately 2.23%. The carrying value of the variable rate debt outstanding approximated the fair value at December 31, 2020. At March 31, 2021 and December 31, 2020, $425.0 million of the Company's variable rate debt, discussed above, had been effectively converted to a fixed rate by interest rate swap agreements. See Note 9 for additional information related to the Company's interest rate swap agreements. At March 31, 2021, the Company had a carrying value of $2.69 billion in fixed rate long-term debt outstanding with a weighted average interest rate of approximately 4.69%. Discounting the future cash flows for fixed rate debt using March 31, 2021 market rates of 3.21% to 5.81%, management estimates the fair value of the fixed rate debt to be approximately $2.71 billion with an estimated weighted average market rate of 4.34% at March 31, 2021. At December 31, 2020, the Company had a carrying value of $2.72 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.70%. Discounting the future cash flows for fixed rate debt using December 31, 2020 market rates of 4.09% to 5.81%, management estimates the fair value of the fixed rate debt to be approximately $2.69 billion with an estimated weighted average market rate of 4.70% at December 31, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2021 and December 31, 2020 (Dollars in thousands)
* Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets.
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2021 and 2020 (amounts in thousands except per share information):
The additional 2.2 million common shares that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.7 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares for both the three months ended March 31, 2021 and 2020, and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share 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 three months ended March 31, 2020. The dilutive effect of potential common shares from the exercise of share options is excluded from diluted earnings per share for the three months ended March 31, 2021 because the effect is anti-dilutive due to the net loss available to common shareholders. Options to purchase 114 thousand and 62 thousand common shares at per share prices ranging from $44.44 to $76.63 and $56.94 to $76.63 were outstanding for the three months ended March 31, 2021 and 2020, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. The dilutive effect of the potential common shares from the performance shares is included in diluted earnings per share upon the satisfaction of certain performance and market conditions. These conditions are evaluated at each reporting period and if the conditions have been satisfied during the reporting period, the number of contingently issuable shares are included in the computation of diluted earnings per share. The dilutive effect of potential performance shares is excluded from diluted earnings per share for the three months ended March 31, 2021 because the effect is anti-dilutive due to the net loss available to common shareholders. Accordingly, none of the 102 thousand contingently issuable performance shares outstanding as of March 31, 2021 were included in the computation of diluted earnings per share. Performance and market conditions were not met for the performance shares granted during the three months ended March 31, 2020, therefore, none of the 56 thousand contingently issuable performance shares outstanding as of March 31, 2020 were included in the computation of diluted earnings per share.
|
Equity Incentive Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [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. Additionally, the 2020 Long Term Incentive Plan (2020 LTIP) is a sub-plan under the Company's 2016 Equity Incentive Plan. Under the 2020 LTIP, the Company awards performance shares and restricted shares to the Company's executive officers. At March 31, 2021, there were 395,990 shares available for grant under the 2016 Equity Incentive Plan. Share Options Share options 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. 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 $20.34 and $3.73 during the three months ended March 31, 2021 and 2020, respectively. The intrinsic value of share options exercised was $22 thousand for the three months ended March 31, 2020. No options were exercised during the three months ended March 31, 2021. The following table summarizes outstanding and exercisable options at March 31, 2021:
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. The fair value of the nonvested shares that vested was $6.5 million and $15.9 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unamortized share-based compensation expense related to nonvested shares was $17.7 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows:
The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2021 and 2020, will be based upon the Company's achievement level relative to the following performance measures at December 31, 2022 and 2023: 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Average Annual Growth in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $6.6 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively. The estimated fair value is amortized to expense over the three-year vesting period, which ends on December 31, 2022 and 2023. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2021: risk-free interest rate of 0.2%, volatility factors in the expected market price of the Company's common shares of 69% and an expected life of approximately three years. The performance shares based on growth in AFFO have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2021, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2021, with an expected payout percentage of 200%, which resulted in a grant date fair value of approximately $2.3 million. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2020 was deemed not probable at March 31, 2021. At March 31, 2021, unamortized share-based compensation expense related to nonvested performance shares was $9.7 million. The performance shares accrue dividend equivalents which are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2021, the Company accrued dividend equivalents expected to be paid on earned awards of $9 thousand. 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 receive dividend equivalents from the date of grant. At March 31, 2021, unamortized share-based compensation expense related to restricted share units was $0.4 million.
|
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education. The financial information summarized below is presented by reportable operating segment (in thousands):
|
Other Commitments And Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of March 31, 2021, the Company had 18 development projects with commitments to fund an aggregate of approximately $98.9 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 agreement, 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. The Company has certain commitments related to its mortgage notes and notes receivable 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 March 31, 2021, the Company had two mortgage notes and one note receivable with commitments totaling approximately $23.9 million. If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. 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 March 31, 2021, the Company had three surety bonds outstanding totaling $33.2 million.
|
Summary of Significant Accounting Policies (Policy) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. In addition, operating results for the three month period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Amounts as of December 31, 2020 have been derived from the audited consolidated financial statements as of that date and should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (SEC) on February 25, 2021. 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 FASB ASC Topic on Consolidation (Topic 810) but can exercise influence over the entity with respect to its operations and major decisions. The Company’s variable interests 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. As of March 31, 2021 and December 31, 2020, the Company does not have any investments in consolidated VIEs.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unusual Risks and Uncertainties [Table Text Block] | Risks and Uncertainties On March 11, 2020, the World Health Organization declared a novel strain of coronavirus (COVID-19) a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. During the year ended December 31, 2020, the global impact of the outbreak rapidly evolved and many jurisdictions within the United States and abroad reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic has severely impacted experiential real estate properties, given that such properties involve congregate social activity and discretionary consumer spending. Approximately 96% of the Company's non-theatre and 71% of the Company's theatre locations were open for business as of April 30, 2021. Certain theatre locations remain closed due to local restrictions or operator decision to close as a result of the impact of the COVID-19 pandemic, specifically the decision by many movie studios to delay the release of blockbuster movies in hopes that larger audiences will be available as additional markets open. It is expected that by May 21, 2021 approximately 98% of the Company's theatres will be open based on the reopening schedule recently announced by Regal Cinemas (Regal), with both New York and California now allowing theatres to reopen. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the scope, severity and duration of the pandemic, the actions taken to contain the outbreak or mitigate its impact, the development and distribution of vaccines and the efficacy of those vaccines, the public’s confidence in the health and safety measures implemented by the Company's tenants and borrowers, and the direct and indirect economic effects of the outbreak and containment measures, all of which are uncertain and cannot be predicted. During 2020 and the first quarter of 2021, the COVID-19 pandemic negatively affected the Company's business, and could continue to have material adverse effects on the Company's financial condition, results of operations and cash flows. The Company’s consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used in determining the Company’s financial condition and results of operations for the three months ended March 31, 2021. The following were adverse impacts to the Company's financial statements and business during the three months ended March 31, 2021: •The Company continued to recognize revenue on a cash basis for certain tenants including American-Multi Cinema, Inc. (AMC) and Regal, a subsidiary of Cineworld Group. •The Company reduced rental revenue by $4.2 million due to rent abatements. •The Company has deferred approximately $57.0 million of amounts due from tenants and $2.1 million due from borrowers that were booked as receivables as of March 31, 2021. Additionally, the Company has amounts due from tenants that were not booked as receivables because the full amounts were not deemed probable of collection as a result of the COVID-19 pandemic. The amounts not booked as receivables remain obligations of the tenants and will be recognized as revenue when received. During the three months ended March 31, 2021, the Company collected $1.5 million in deferred rent from cash basis tenants and from tenants for which the deferred payments were not previously recognized as revenue. In addition, the Company collected $29.5 million of deferred rent and interest from accrual basis tenants and borrowers that reduced related accounts and interest receivable. The repayment terms for all of these deferments vary by tenant or borrowers. •The Company continues to be in the Covenant Relief Period under the agreement which governs its unsecured revolving credit facility and its unsecured term loan facility (Consolidated Credit Agreement) and the agreement which governs its private placement notes (Note Purchase Agreement). During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements have been waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company pays higher interest costs during the Covenant Relief Period. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on making investments, incurring indebtedness, making capital expenditures, paying dividends or making other distributions, repurchasing the Company's shares, voluntarily prepaying certain indebtedness, encumbering certain assets and maintaining a minimum liquidity amount, in each case subject to certain exceptions. The term "Covenant Relief Period," as used in these notes to the consolidated financial statements, generally means the period of time beginning on June 29, 2020 and ending on (i) December 31, 2021, in the case of the Company's Consolidated Credit Agreement, or (ii) October 1, 2021 (subject to extension to January 1, 2022 at the Company's election, subject to certain conditions), in the case of the Company's Note Purchase Agreement governing its private placement notes. The Company has the right under certain circumstances to terminate the Covenant Relief Period earlier. •In connection with the loan amendments discussed above, certain of the Company's key subsidiaries guaranteed the Company's obligations based on the Company's unsecured debt ratings. If the Company's unsecured debt rating is further downgraded by Moody's, it will be required to pledge the equity interests in certain subsidiary guarantors to secure its obligations under its unsecured credit facilities and private placement notes. The monthly cash dividends to common shareholders were suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The suspension of the monthly cash dividend to common shareholders will continue through the Covenant Relief Period, except as may be necessary to maintain REIT status and to not owe income tax.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Policy | Reportable SegmentsThe Company has two reportable operating segments: Experiential and Education. The Experiential segment includes the following property types: theatres, eat & play (including seven theatres located in entertainment districts), attractions, ski, experiential lodging, gaming, cultural and fitness & wellness. The Education segment includes the following property types: early childhood education centers and private schools. See Note 14 for financial information related to these reportable segments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Properties | Real Estate Investments Real estate investments are carried at initial recorded value 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 years to 40 years for buildings, three years to 25 years for furniture, fixtures and equipment and 10 years to 20 years for site improvements. Tenant improvements, including allowances, are depreciated over the shorter of the lease term or the estimated useful life and leasehold interests are depreciated over the useful life of the underlying ground lease. Management reviews the Company's real estate investments, including operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable, which 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 and 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 owned 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | 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. 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 and identified intangible assets and liabilities 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 and identified intangible assets and liabilities as well as any noncontrolling interest. Acquisition-related costs in connection with business combinations are expensed as incurred and included in "Transaction costs" in the accompanying consolidated statements of (loss) income and comprehensive income. For real estate acquisitions (asset acquisitions or business combinations), the fair value (or relative fair value in an asset acquisition) of the tangible assets is determined by valuing the property using recent independent appraisals or methods similar to those used by independent appraisers. Land is valued using the sales comparison approach which uses available market data from recent comparable land sales as an input to estimate the fair value. Site improvements and tenant improvements are valued using the cost approach which uses replacement cost data obtained from industry recognized guides less depreciation as an input to estimate the fair value. The building is valued either using the cost approach described above or a combination of the cost and the income approach. The income approach uses market leasing assumptions to estimate the fair value of the property as if vacant. The cost and income approaches are reconciled to arrive at an estimated building fair value.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred Financing CostsDeferred financing costs are amortized over the terms of the related debt obligations or mortgage note receivable as applicable. Deferred financing costs of $35.0 million and $35.6 million as of March 31, 2021 and December 31, 2020, respectively, are shown as a reduction of debt. The deferred financing costs of $3.8 million and $4.8 million as of March 31, 2021 and December 31, 2020, respectively, related to the unsecured revolving credit facility are included in "Other assets" in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Rental Revenue The Company leases real estate to its tenants under leases that are classified as operating leases. The Company's leases generally provide for rent escalations throughout the lease terms. Rents that are fixed are recognized on a straight-line basis over the lease term. Base rent escalations that include a variable component are recognized upon the occurrence of the specified event as defined in the Company's lease agreements. Many of the Company's leasing arrangements include options to extend the lease, which are not included in the minimum lease terms unless it is reasonably certain to be exercised. Straight-line rental revenue is subject to an evaluation for collectibility, and the Company records a direct write-off against rental revenue if collectibility of these future rents is not probable. For the three months ended March 31, 2021, the Company recognized $1.3 million of straight-line rental revenue. For the three months ended March 31, 2020, the Company recognized straight-line write-offs totaling $12.5 million, which were comprised of $4.5 million of straight-line accounts receivable and $8.0 million of sub-lessor ground lease straight-line accounts receivable. Straight-line rental revenue, net of write-offs, was a reduction to total rental revenue of $9.7 million for the three months ended March 31, 2020. There were no straight-line write-offs for the three months ended March 31, 2021. The Company has agreed to defer rent for a substantial portion of its customers in response to the impact of the COVID-19 pandemic on their operations. On April 10, 2020, the FASB issued a Staff Q&A on Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. In reliance upon the FASB Staff Q&A, the Company has not treated qualifying deferrals or rent concessions during the period affected by the COVID-19 pandemic as lease modifications. While deferments for this and future periods delay rent payments, these deferments generally do not release customers from the obligation to pay the deferred amounts in the future. Deferred rent amounts are reflected in the Company's financial statements as accounts receivable if collection is determined to be probable or recognized when received as variable lease payments if collection is determined to not be probable. Certain agreements with tenants where remaining lease terms are extended, or other changes are made that do not qualify for the treatment in the FASB Staff Q&A, are treated as lease modifications. In these circumstances, upon an executed lease modification, if the tenant is not being recognized on a cash basis, the contractual rent reflected in accounts receivable and straight-line rent receivable will be amortized over the remaining term of the lease against rental revenue. In limited cases, customers may be entitled to the abatement of rent during governmentally imposed prohibitions on business operations which is recognized in the period to which the abatement relates, or the Company may provide rent concessions to tenants. In cases where the Company provides concessions to tenants to which they are not otherwise entitled, those amounts will be recognized in the period in which the concession is granted unless the changes are accounted for as lease modifications. Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments to third parties for lessor costs (such as property taxes and insurance) associated with the properties. In accordance with Topic 842, the Company does not include these lessee payments to third parties in rental revenue or property operating expenses. In certain situations, the Company pays these lessor costs directly to third parties and the tenants reimburse the Company. In accordance with Topic 842, these payments are presented on a gross basis in rental revenue and property operating expense. During the three months ended March 31, 2021 and 2020, the Company recognized $1.0 million and $0.4 million, respectively, in tenant reimbursements related to the gross up of these reimbursed expenses which are included in rental revenue. Certain of the Company's leases, particularly at its entertainment districts, require the tenants to make payments to the Company for property-related expenses such as common area maintenance. The Company has elected to combine these non-lease components with the lease components in rental revenue. For the three months ended March 31, 2021 and 2020, the non-lease components included in rental revenue totaled $3.8 million and $3.3 million, respectively. In addition, most of the Company's tenants are subject to additional rents (above base rents) if gross revenues of the properties exceed certain thresholds defined in the lease agreements (percentage rents). Percentage rents are recognized at the time when specific triggering events occur as provided by the lease agreement. Rental revenue included percentage rents of $2.0 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively. Furthermore, due to the impact of the COVID-19 pandemic, certain of the Company's tenants paid a portion of base rent in 2021 based on a percentage of gross revenue. This variable rent totaled $0.9 million for the three months ended March 31, 2021. The Company regularly evaluates the collectibility of its receivables on a lease-by-lease basis. 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, current economic conditions and changes in customer payment terms. When the collectibility of lease receivables or future lease payments are no longer probable, the Company records a direct write-off of the receivable to rental revenue and recognizes future rental revenue on a cash basis.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Sales, Policy [Policy Text Block] | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 less allowance for credit loss. Interest income is recognized using the effective interest method over the estimated life of the note. Interest income includes both the stated interest and the amortization or accretion of premiums or discounts (if any). In accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments, the Company records allowance for credit loss to reflect that all mortgage notes and notes receivable have some inherent risk of loss regardless of credit quality, collateral, or other mitigating factors. While Topic 326 does not require any particular method for determining the reserves, it does specify that it should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, as well as reasonable and supportable forecasts for the term of each mortgage note or note receivable. The Company uses a forward looking commercial real estate forecasting tool to estimate its current expected credit losses (CECL) for each of its mortgage notes and notes receivable on a loan by loan basis. The CECL allowance required by Topic 326 is a valuation account that is deducted from the related mortgage note or note receivable. Certain of the Company’s mortgage notes and notes receivable include commitments to fund incremental amounts to its borrowers. These future funding commitments are also subject to the CECL model. The allowance related to future funding is recorded as a liability and is included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheet. As permitted under Topic 326, the Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables related to its mortgage notes and notes receivable. Accordingly, if accrued interest receivable is deemed to be uncollectible, the Company will record any necessary write-offs as a reversal of interest income. As of March 31, 2021, the Company believes that all outstanding accrued interest is collectible. In the event the Company has a past due mortgage note or note receivable and the Company determines it is collateral dependent, the Company measures expected credit losses based on the fair value of the collateral. The Company evaluates the collectability of both interest and principal for each of its mortgage notes and notes receivable on a quarterly basis to determine if foreclosure is probable. As of March 31, 2021, the Company does not have any mortgage notes or notes receivable with past due principal balances.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Financing Income [Policy Text Block] | Mortgage and Other Financing IncomeCertain of the Company's borrowers are subject to additional interest based on certain thresholds defined in the mortgage agreements (participating interest). Participating interest income is recognized at the time when specific parameters have been met as provided by the mortgage agreement. There was no participating interest income for the three months ended March 31, 2021 and 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentrations Of Risk | Concentrations of Risk AMC, Topgolf USA (Topgolf) and Regal represented a significant portion of the Company's total revenue for the three months ended March 31, 2021 and 2020. The Company began recognizing revenue on a cash basis for AMC at the end of the first quarter of 2020 and for Regal at the end of the third quarter of 2020 and cash payments have been reduced due to the impact of the COVID-19 pandemic. The following is a summary of the Company's total revenue (including revenue from discontinued operations) derived from rental or interest payments from AMC, Topgolf and Regal (dollars in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments | 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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Share-based compensation expense consists of share option expense and amortization of non-vested 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 (loss) income and comprehensive income.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Related Costs, Policy | 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 and share-based compensation to non-employee Trustees of the Company is granted pursuant to the Company's Trustee compensation program. Share-based compensation expense consists of share option expense and amortization of non-vested 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 (loss) income and comprehensive income
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Options | Share OptionsShare 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 (loss) income and comprehensive income was $4 thousand and $3 thousand for the three months ended March 31, 2021 and 2020, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years or four years). Expense recognized related to nonvested shares and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $2.2 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. Nonvested Performance Shares Issued to Employees The Company awards performance shares to the Company's executive officers pursuant to the Long-Term Incentive Plan. The performance shares contain both a market condition and a performance condition. The Company amortizes the expense related to the performance shares over the future vesting period of three years. Expense recognized related to performance shares and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $0.9 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Share Units Issued To Non-Employee Trustees | Restricted Share Units Issued to Non-Employee TrusteesThe 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 and included in "General and administrative expense" in the accompanying consolidated statements of (loss) income and comprehensive income was $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The Company uses derivative instruments to reduce exposure to fluctuations in foreign currency exchange rates and variable interest rates. 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 foreign currency risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows 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 hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For its net investment hedges that hedge the foreign currency exposure of its Canadian investments, 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. If hedge accounting is not applied, realized and unrealized gains or losses are reported in earnings. 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. On March 5, 2021, the Financial Conduct Authority ("FCA") announced that the USD LIBOR will no longer be published after June 30, 2023. At March 31, 2021, the Company had 11 agreements (including debt, derivative, mortgage note and lease agreements) that are indexed to LIBOR, of which five mature prior to June 30, 2023. The Company is monitoring and evaluating the related risks with transitioning these contracts to a replacement index. |
Rental Properties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of real estate investments as of March 31, 2021 and December 31, 2020 (in thousands):
|
Investment in Mortgage Notes and Notes Receivable Investment in Mortgage Notes and Notes Receivable (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | The following summarizes the activity within the allowance for credit losses related to mortgage notes, unfunded commitments and notes receivable for the three months ended March 31, 2021 (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the carrying amounts of accounts receivable as of March 31, 2021 and December 31, 2020 (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2021 and December 31, 2020 consists of the following (in thousands):
|
Accounts Receivable, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable as of March 31, 2021 and December 31, 2020 (in thousands):
|
Capital Markets Issuance of Shares (Tables) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Equity [Abstract] | |
Common And Preferred Shares Disclosure [Text Block] | During the three months ended March 31, 2021, the Board declared cash dividends of $0.359375 per share on both its 5.75% Series C cumulative convertible preferred shares and its 5.75% Series G cumulative redeemable preferred shares and $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares. The monthly cash dividend to common shareholders was suspended following the common share dividend paid on May 15, 2020 to shareholders of record as of April 30, 2020. The Company is restricted from paying dividends on its common shares during the Covenant Relief Period (as defined above), subject to certain limited exceptions, and there can be no assurances as to the Company's ability to reinstitute cash dividend payments to common shareholders or the timing thereof. During the year ended December 31, 2020, the Company amended the Consolidated Credit Agreement and the Note Purchase Agreement to modify certain provisions and waive its obligations to comply with certain covenants under these agreements. The Company continues to be in the Covenant Relief Period under these agreements. During the Covenant Relief Period, the Company's obligation to comply with certain covenants under these agreements have been waived in light of the uncertainty related to impacts of the COVID-19 pandemic on the Company and its tenants and borrowers. The Company pays higher interest costs during the Covenant Relief Period and the interest rates on the revolving credit facility and term loan facilities both during and after the Covenant Relief Period are dependent on the Company's unsecured debt ratings. At March 31, 2021, the revolving credit facility had interest at a floating rate of LIBOR plus 1.625% (with a LIBOR floor of 0.50%), which was 2.125% with a facility fee of 0.375% and the unsecured term loan facility had interest at a floating rate of LIBOR plus 2.00% (with a LIBOR floor of 0.50%), which was 2.50%. After the Covenant Relief Period, the interest rates for the revolving credit and term loan facilities, based on the Company's current unsecured debt ratings, are scheduled to return to LIBOR plus 1.20% and LIBOR plus 1.35%, respectively, (both with a LIBOR floor of zero) and the facility fee on the revolving credit facility will be 0.25%. Additionally at March 31, 2021, the interest rates for the private placement notes were 5.60% and 5.81% for the Series A notes due 2024 and the Series B notes due 2026, respectively. After the Covenant Relief Period, the interest rates for the private placement notes are scheduled to return to 4.35% and 4.56% for the Series A notes and the Series B notes, respectively. The amendments to the Consolidated Credit Agreement and Note Purchase Agreement also impose additional restrictions on the Company during the Covenant Relief Period, including limitations on making investments, incurring indebtedness, making capital expenditures, paying dividends or making other distributions, repurchasing the Company's shares, voluntarily prepaying certain indebtedness, encumbering certain assets and maintaining a minimum liquidity amount, in each case subject to certain exceptions. In connection with the loan amendments discussed above, certain of the Company's key subsidiaries guaranteed the Company's obligations based on the Company's unsecured debt ratings. If the Company's unsecured debt rating is further downgraded by Moody's, it will be required to pledge the equity interests in certain subsidiary guarantors to secure its obligations under its unsecured credit facilities and private placement notes. Under the agreements, after the Covenant Relief Period, the Company will be released from both of these provisions. During the three months ended March 31, 2021, the Company paid down $500.0 million on its unsecured revolving credit facility. In addition, the Company paid down principal of approximately $23.8 million on its private placement notes resulting from the sale of assets in accordance with the amendments. Subsequent to March 31, 2021, the Company paid off the remaining balance of $90.0 million on its revolving credit facility.
|
Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2021 and 2020. Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 (Dollars in thousands)
(1) Included in "Interest expense, net" in the accompanying consolidated statements of (loss) income and comprehensive income for the three months ended March 31, 2021 and 2020. (2) Included in "Other income" in the accompanying consolidated statements of (loss) income and comprehensive income for the three months ended March 31, 2021 and 2020. (3) Amounts represent derivative gains excluded from the effectiveness testing.
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31, 2021 and 2020 (amounts in thousands except per share information):
|
Equity Incentive Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Share Option Activity | A summary of the Company’s share option activity and related information is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Outstanding Options | The following table summarizes outstanding and exercisable options at March 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Nonvested Share Activity | 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. The fair value of the nonvested shares that vested was $6.5 million and $15.9 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unamortized share-based compensation expense related to nonvested shares was $17.7 million. Nonvested Performance Shares A summary of the Company's nonvested performance share activity and related information is as follows:
The number of common shares issuable upon settlement of the performance shares granted during the three months ended March 31, 2021 and 2020, will be based upon the Company's achievement level relative to the following performance measures at December 31, 2022 and 2023: 50% based upon the Company's Total Shareholder Return (TSR) relative to the TSRs of the Company's peer group companies, 25% based upon the Company's TSR relative to the TSRs of companies in the MSCI US REIT Index and 25% based upon the Company's Average Annual Growth in AFFO per share over the three-year performance period. The Company's achievement level relative to the performance measures is assigned a specific payout percentage which is multiplied by a target number of performance shares. The performance shares based on relative TSR performance have market conditions and are valued using a Monte Carlo simulation model on the grant date, which resulted in a grant date fair value of approximately $6.6 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively. The estimated fair value is amortized to expense over the three-year vesting period, which ends on December 31, 2022 and 2023. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the performance shares with a market condition for the three months ended March 31, 2021: risk-free interest rate of 0.2%, volatility factors in the expected market price of the Company's common shares of 69% and an expected life of approximately three years. The performance shares based on growth in AFFO have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. At March 31, 2021, achievement of the performance condition was deemed probable for the performance shares granted during the three months ended March 31, 2021, with an expected payout percentage of 200%, which resulted in a grant date fair value of approximately $2.3 million. Achievement of the performance condition for the performance shares granted during the three months ended March 31, 2020 was deemed not probable at March 31, 2021. At March 31, 2021, unamortized share-based compensation expense related to nonvested performance shares was $9.7 million. The performance shares accrue dividend equivalents which are paid only if common shares are issued upon settlement of the performance shares. During the three months ended March 31, 2021, the Company accrued dividend equivalents expected to be paid on earned awards of $9 thousand.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Restricted Share Unit Activity | A summary of the Company’s restricted share unit activity and related information is as follows:
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reportable Operating Segments | Segment Information The Company groups its investments into two reportable operating segments: Experiential and Education. The financial information summarized below is presented by reportable operating segment (in thousands):
|
Rental Properties (Summary Of Carrying Amounts Of Rental Properties) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $ 5,902,833 | $ 5,913,389 | |
Accumulated depreciation | (1,101,727) | (1,062,087) | |
Real Estate Investment Property, Net | 4,801,106 | 4,851,302 | |
Depreciation expense on rental properties | 38,900 | $ 40,800 | |
Building and improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 4,520,034 | 4,526,342 | |
Furniture, fixtures & equipment [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 118,602 | 118,334 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | 1,238,147 | 1,242,663 | |
Leaseholds and Leasehold Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Carrying amounts of rental properties | $ 26,050 | $ 26,050 |
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Straight-Line Rent Receivable | $ 35,580 | $ 34,568 |
Total | 97,517 | 116,193 |
Deferred Rent Receivables, Net | 57,000 | |
Collections, Deferred Rent, Cash Basis Tenants | 1,500 | |
Collections, Deferred Rent, Accrual Basis Tenants | 29,500 | |
Tenants [Member] | ||
Total | 61,275 | 81,120 |
Non-Tenants [Member] | ||
Carrying amounts of accounts receivable | $ 662 | $ 505 |
Capital Markets (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Series C Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.359375 | |
Preferred Stock, Dividend Rate, Percentage | 5.75% | 5.75% |
Series E Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.5625 | |
Preferred Stock, Dividend Rate, Percentage | 9.00% | 9.00% |
Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.359375 | |
Preferred Stock, Dividend Rate, Percentage | 5.75% |
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||
Long-term Debt | $ 3,171,193 | $ 3,694,443 | |||
Derivative Liability, Fair Value, Gross Liability | (13,500) | (14,000) | |||
Financing Receivable, after Allowance for Credit Loss, Current | 364,969 | 365,628 | |||
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | (6,101) | (4,271) | ||
Fair Value, Recurring [Member] | Cross Currency Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | (6,101) | (4,271) | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | (7,431) | (9,723) | ||
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Liability, Fair Value, Gross Liability | [1] | (7,431) | (9,723) | ||
Variable Rate Converted to Fixed Rate [Member] | |||||
Long-term Debt | 425,000 | 425,000 | |||
Fixed Rate Mortgage Notes Receivable Member | |||||
Financing Receivable, after Allowance for Credit Loss, Current | $ 365,000 | 365,600 | |||
Mortgage Receivable Weighted Average Interest Rate | 9.01% | 9.03% | |||
Receivable Interest Rate Stated Percentage Rate Range Minimum | 7.01% | 7.01% | |||
Receivable Interest Rate Stated Percentage Rate Range Maximum | 11.78% | 11.78% | |||
Notes Receivable, Fair Value Disclosure | $ 393,500 | 394,000 | |||
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Notes | 8.08% | 8.11% | |||
Fixed Rate Mortgage Notes Receivable Member | Minimum [Member] | |||||
market rate used as discount factor to determine fair value of notes | 7.50% | 7.50% | |||
Fixed Rate Mortgage Notes Receivable Member | Maximum [Member] | |||||
market rate used as discount factor to determine fair value of notes | 10.00% | 10.00% | |||
Variable Rate Debt Member | |||||
Long-term Debt | $ 515,000 | $ 1,000,000 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.32% | 2.23% | |||
Fixed Rate Debt Member | |||||
Long-term Debt | $ 2,690,000 | $ 2,720,000 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.69% | 4.70% | |||
Long-term Debt, Fair Value | $ 2,710,000 | $ 2,690,000 | |||
Weighted Average Market Rate Used As Discount Factor To Determine Fair Value Of Debt | 4.34% | 4.70% | |||
Fixed Rate Debt Member | Minimum [Member] | |||||
market rate used as discount factor to determine fair value of debt | 3.21% | 4.09% | |||
Fixed Rate Debt Member | Maximum [Member] | |||||
market rate used as discount factor to determine fair value of debt | 5.81% | 5.81% | |||
|
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Basic EPS: | ||
Income from continuing operations | $ 3,380 | $ 37,118 |
Less: preferred dividend requirements | (6,034) | (6,034) |
Net (loss) income available to common shareholders of EPR Properties | $ (2,654) | $ 31,084 |
Net income available to common shareholders (in dollars per share) | $ (0.04) | $ 0.40 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (2,654) | $ 31,084 |
Weighted average number of shares outstanding, basic | 74,627 | 78,467 |
Diluted EPS: | ||
Share options (in shares) | 0 | 9 |
Weighted average number of shares outstanding, diluted | 74,627 | 78,476 |
Net income available to common shareholders (in dollars per share) | $ (0.04) | $ 0.40 |
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Series C Preferred Shares [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 2,200 | 2,200 |
Preferred Stock, Dividend Rate, Percentage | 5.75% | 5.75% |
Series E Preferred Shares [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 1,700 | 1,700 |
Preferred Stock, Dividend Rate, Percentage | 9.00% | 9.00% |
Share Options [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 114 | 62 |
Performance Shares [Member] | January 1, 2020 Award Date | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 56 | |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 0 | |
Performance Shares [Member] | January 1, 2021 Award Date | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Common shares upon conversion of convertible preferred shares | 102 | |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 0 | |
Minimum [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 44.44 | $ 56.94 |
Maximum [Member] | ||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 |
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
May 12, 2016 |
|
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 50.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 108,317 | |||
Maximum term of options granted (in years) | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 116,690 | |||
Number of Shares, Granted | 1,838 | |||
Number of Shares, Outstanding at End of Period | 114,250 | |||
Average Exercise Price, Outstanding at Beginning of Period | $ 56.40 | $ 56.36 | ||
Average Exercise Price, Outstanding at End of Period | 56.40 | 56.36 | ||
Weighted average fair value of options granted | $ 20.34 | $ 3.73 | ||
Intrinsic value of stock options exercised | $ 0 | $ 22 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 44.44 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 56.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 8 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 4,278 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 44.44 | 44.62 | ||
Option Price Per Share, Outstanding at End of Period | 44.44 | 44.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Price Per Share | 44.44 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share | 45.20 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 76.63 | 76.63 | ||
Option Price Per Share, Outstanding at End of Period | 76.63 | $ 76.63 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Price Per Share | 44.44 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Price Per Share | $ 61.79 | |||
2016 Equity Incentive Plan [Member] | ||||
Common shares, options to purchase common shares and restricted share units, expected to granted (in shares) | 1,950,000 | |||
Number of shares available for grant (in shares) | 395,990 | |||
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 24,522 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at End of Period | 26,360 | |||
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 44.44 | |||
Option Price Per Share, Outstanding at End of Period | 44.44 | |||
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 49.99 | |||
Option Price Per Share, Outstanding at End of Period | $ 49.99 | |||
Fifty To Fifty Nine Point Nine Nine Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 30,050 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at End of Period | 31,008 | |||
Fifty To Fifty Nine Point Nine Nine Member | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 50.00 | |||
Option Price Per Share, Outstanding at End of Period | 50.00 | |||
Fifty To Fifty Nine Point Nine Nine Member | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 59.99 | |||
Option Price Per Share, Outstanding at End of Period | $ 59.99 | |||
Sixty To Sixty Five Point Five Zero Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 50,559 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at End of Period | 52,726 | |||
Sixty To Sixty Five Point Five Zero Member | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 60.00 | |||
Option Price Per Share, Outstanding at End of Period | 60.00 | |||
Sixty To Sixty Five Point Five Zero Member | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 69.99 | |||
Option Price Per Share, Outstanding at End of Period | $ 69.99 | |||
Seventy To Seventy Six Point Six Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,186 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at End of Period | 4,156 | |||
Seventy To Seventy Six Point Six Three [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 70.00 | |||
Option Price Per Share, Outstanding at End of Period | 70.00 | |||
Seventy To Seventy Six Point Six Three [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 76.63 | |||
Option Price Per Share, Outstanding at End of Period | $ 76.63 |
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 108,317 | |
Options outstanding (in shares) | 114,250 | 116,690 |
Weighted avg. life remaining (in years) | 4 years 3 months 18 days | |
Weighted avg. exercise price | $ 56.40 | $ 56.36 |
Aggregate intrinsic value | $ 12 | |
Minimum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 44.44 | 44.62 |
Maximum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 76.63 | $ 76.63 |
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 24,522 | |
Options outstanding (in shares) | 26,360 | |
Weighted avg. life remaining (in years) | 3 years 1 month 6 days | |
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | Minimum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 44.44 | |
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | Maximum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 49.99 | |
Fifty To Fifty Nine Point Nine Nine Member | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 30,050 | |
Options outstanding (in shares) | 31,008 | |
Weighted avg. life remaining (in years) | 3 years 3 months 18 days | |
Fifty To Fifty Nine Point Nine Nine Member | Minimum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 50.00 | |
Fifty To Fifty Nine Point Nine Nine Member | Maximum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 59.99 | |
Sixty To Sixty Five Point Five Zero Member | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 50,559 | |
Options outstanding (in shares) | 52,726 | |
Weighted avg. life remaining (in years) | 5 years 3 months 18 days | |
Sixty To Sixty Five Point Five Zero Member | Minimum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 60.00 | |
Sixty To Sixty Five Point Five Zero Member | Maximum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 69.99 | |
Seventy To Seventy Six Point Six Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,186 | |
Options outstanding (in shares) | 4,156 | |
Weighted avg. life remaining (in years) | 6 years 9 months 18 days | |
Seventy To Seventy Six Point Six Three [Member] | Minimum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 70.00 | |
Seventy To Seventy Six Point Six Three [Member] | Maximum [Member] | ||
Option Price Per Share, Outstanding at Beginning of Period | $ 76.63 |
Equity Incentive Plans (Summary Of Exercisable Options) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Options outstanding (in shares) | 108,317 |
Weighted avg. life remaining (in years) | 3 years 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 56.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 8 |
Forty Four Point Forty Four To Forty Nine Point Nine Nine [Member] | |
Options outstanding (in shares) | 24,522 |
Weighted avg. life remaining (in years) | 1 year 2 months 12 days |
Fifty To Fifty Nine Point Nine Nine Member | |
Options outstanding (in shares) | 30,050 |
Weighted avg. life remaining (in years) | 3 years 2 months 12 days |
Sixty To Sixty Five Point Five Zero Member | |
Options outstanding (in shares) | 50,559 |
Weighted avg. life remaining (in years) | 4 years 3 months 18 days |
Seventy To Seventy Six Point Six Three [Member] | |
Options outstanding (in shares) | 3,186 |
Weighted avg. life remaining (in years) | 6 years 6 months |
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Number of Shares, Outstanding at December 31, 2019 | 445,402 | |
Number of Shares, Vested | (200,319) | |
Number of Shares, Granted | 246,562 | |
Number of Shares, Outstanding at June 30, 2020 | 491,645 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | 68.47 | |
Weighted Average Grant Date Fair Value, Granted | 44.44 | |
Weighted Average Grant Date Fair Value, Vested | 67.93 | |
Weighted Average Grant Date Fair Value, Outstanding at June 30, 2020 | $ 56.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |
Weighted Average Life Remaining, Outstanding at June 30, 2020 (in years) | 1 year 7 months 6 days | |
Fair value of non-vested shares | $ 6,500 | $ 15,900 |
Unamortized share-based compensation expense | $ 17,700 | |
Performance Shares [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, 2019 | 56,338 | |
Number of Shares, Granted | 102,438 | |
Number of Shares, Outstanding at June 30, 2020 | 158,776 | |
Unamortized share-based compensation expense | $ 9,700 | |
Share-based Compensation, Performance Measure Percent, Peer TSR | 50.00% | |
Share-based Compensation, Performance Measure Percent, MSCI US REIT Index TSR | 25.00% | |
Share-based Compensation, Performance Measure Percent, Growth in AFFO per share | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.20% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 69.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |
Dividend, Share-based Payment Arrangement | $ 9 | |
Performance Shares [Member] | Market Condition | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Share Based Compensation Arrangement, Equity Instrument, Other Than Options, Market Condition, Grant Date Fair Value | $ 6,600 | $ 3,000 |
Performance Shares [Member] | Performance Condition | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Performance Condition, Nonvested, Grant Date Fair Value | $ 2,300 |
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
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, 2019 | shares | 445,402 |
Number of Shares, Granted | shares | 246,562 |
Number of Shares, Vested | shares | (200,319) |
Number of Shares, Outstanding at June 30, 2020 | shares | 491,645 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ / shares | $ 68.47 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 44.44 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 67.93 |
Weighted Average Grant Date Fair Value, Outstanding at June 30, 2020 | $ / shares | $ 56.64 |
Unamortized share-based compensation expense | $ | $ 17.7 |
Weighted Average Life Remaining, Outstanding at June 30, 2020 (in years) | 1 year 7 months 6 days |
Restricted Share Units [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, 2019 | shares | 74,767 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Vested | shares | 0 |
Number of Shares, Outstanding at June 30, 2020 | shares | 74,767 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ / shares | $ 31.57 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Outstanding at June 30, 2020 | $ / shares | $ 31.57 |
Unamortized share-based compensation expense | $ | $ 0.4 |
Weighted Average Life Remaining, Outstanding at June 30, 2020 (in years) | 2 months 1 day |
Operating Leases (Details) $ in Thousands |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Disclosure | Operating LeasesThe Company’s real estate investments are leased under operating leases. The Company adopted Topic 842 on January 1, 2019 and elected to not reassess its prior conclusions about lease classification. Accordingly, these lease arrangements continue to be classified as operating leases. In addition to its lessor arrangements on its real estate investments, as of March 31, 2021 and December 31, 2020, the Company was lessee in 54 and 53 operating ground leases, respectively. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of March 31, 2021, rental revenue from several of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases. In addition, two of these properties are vacant. In the event the tenant fails to pay the ground lease rent or if the property is vacant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office. The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2021 and 2020 (in thousands):
(1) During the three months ended March 31, 2020, the Company wrote-off straight-line rent receivables totaling $4.5 million, to straight-line rental revenue classified in "Rental revenue" in the accompanying consolidated statements of (loss) income and comprehensive income. (2) During the three months ended March 31, 2020, the Company wrote-off sub-lessor ground lease straight-line rent receivables totaling $8.0 million, to straight-line rental revenue classified in "Rental revenue" in the accompanying consolidated statements of (loss) income and comprehensive income.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three months ended March 31, 2021 and 2020 (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight line rent write off | $ 0 | $ 12,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income | 97,672 | [1] | 137,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expense | 15,313 | 13,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense | $ 11,336 | 10,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Properties Subject to Ground Leases | 54 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Lease Arrangement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sublease Income | $ 4,942 | [2] | (2,046) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expense | 5,413 | 6,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Lease [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expense | $ 226 | 226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
straight-line receivable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight line rent write off | 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Lease Straight Line Receivable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Straight line rent write off | $ 8,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Segment Information Balance Sheet Data (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
segment
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of Reportable Operating Segments | segment | 2 | |
Total Assets | $ 6,208,102 | $ 6,704,185 |
Experiential Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 5,138,226 | 5,133,486 |
Education Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 520,247 | 529,755 |
Corporate / Unallocated | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 549,629 | $ 1,040,944 |
Segment Information Operating Data (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting Information [Line Items] | ||
Rental revenue | $ 102,614 | $ 135,043 |
Other income | 678 | 7,573 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 8,473 | 8,396 |
Revenues | 111,765 | 151,012 |
Property operating expense | 15,313 | 13,093 |
Other expense | 2,552 | 9,534 |
Total investment expenses | 17,865 | 22,627 |
Net Operating Income - Before Unallocated Items | 93,900 | 128,385 |
Reconciliation to Consolidated Statements of Income: | ||
General and administrative expense | (11,336) | (10,988) |
Write off of Deferred Debt Issuance Cost | (241) | 0 |
Interest expense, net | (39,194) | (34,753) |
Transaction costs | (548) | (1,075) |
Financing Receivable, Credit Loss, Expense (Reversal) | 2,762 | (1,192) |
Depreciation and amortization | (40,326) | (43,810) |
Equity in loss from joint ventures | (1,431) | (420) |
Gain on sale of real estate | 201 | 220 |
Income tax benefit (expense) | (407) | 751 |
Net income attributable to EPR Properties | 3,380 | 37,118 |
Preferred dividend requirements | (6,034) | (6,034) |
Net Income (Loss) Available to Common Stockholders, Basic | (2,654) | 31,084 |
Experiential Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 93,276 | 118,660 |
Other income | 329 | 7,205 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 8,141 | 8,044 |
Revenues | 101,746 | 133,909 |
Property operating expense | 14,992 | 12,329 |
Other expense | 2,552 | 9,534 |
Total investment expenses | 17,544 | 21,863 |
Net Operating Income - Before Unallocated Items | 84,202 | 112,046 |
Reconciliation to Consolidated Statements of Income: | ||
Gain on sale of real estate | 200 | |
Education Reportable Operating Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 9,338 | 16,383 |
Other income | 0 | 0 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 332 | 352 |
Revenues | 9,670 | 16,735 |
Property operating expense | 82 | 541 |
Other expense | 0 | 0 |
Total investment expenses | 82 | 541 |
Net Operating Income - Before Unallocated Items | 9,588 | 16,194 |
Corporate / Unallocated | ||
Segment Reporting Information [Line Items] | ||
Rental revenue | 0 | 0 |
Other income | 349 | 368 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 0 | 0 |
Revenues | 349 | 368 |
Property operating expense | 239 | 223 |
Other expense | 0 | 0 |
Total investment expenses | 239 | 223 |
Net Operating Income - Before Unallocated Items | $ 110 | $ 145 |
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant - Summarized Balance Sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Condensed Financial Information Disclosure [Abstract] | ||
Ownership Percentage | 100.00% | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Rental properties, accumulated depreciation | $ 1,101,727 | $ 1,062,087 |
Real Estate Investment Property, Net | 4,801,106 | 4,851,302 |
Assets | 6,208,102 | 6,704,185 |
Liabilities | 3,573,369 | 4,073,600 |
Unsecured Debt [Member] | ||
Condensed Financial Information Disclosure [Abstract] | ||
Senior Notes | 2,400,000 | |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Senior Notes | 2,400,000 | |
Guarantor Subsidiaries | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Rental properties, accumulated depreciation | 1,016,392 | 979,269 |
Real Estate Investment Property, Net | 4,616,210 | 4,666,835 |
Assets | 5,988,749 | 6,488,007 |
Liabilities | 3,538,342 | 4,038,101 |
Guarantor Subsidiaries | Intersegment Eliminations | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Intercompany Notes Receivable | $ 173,700 | $ 173,700 |
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant - Summarized Statement of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 111,765 | $ 151,012 |
Net income attributable to EPR Properties | 3,380 | 37,118 |
Net Income (Loss) Available to Common Stockholders, Basic | (2,654) | $ 31,084 |
Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 105,469 | |
Net income attributable to EPR Properties | 6,167 | |
Net Income (Loss) Available to Common Stockholders, Basic | 133 | |
Guarantor Subsidiaries | Intersegment Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Intercompany Fee Income | 800 | |
Intercompany Interest Income | $ 2,400 |
Other Commitments And Contingencies (Details) $ in Millions |
Mar. 31, 2021
USD ($)
mortgagenotes
|
---|---|
Number Of Mortgage Notes Receivable | mortgagenotes | 2 |
Number of Notes Receivable | 1 |
Mortgage Note and Notes Receivable Commitments | $ 23.9 |
Number of Surety Bonds | 3 |
Surety bonds | $ 33.2 |
Experiential Reportable Operating Segment [Member] | |
Development projects in process (in projects) | 18 |
Other Commitment | $ 98.9 |
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,028,010,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 531,440,000 |
ZMESBH4*YR9HD!K%05=Y*%.P1Q<"KDM]8/KW#*Y
MY.3<\V#'!?6/^[DDYM&4!5JK+,PB%H;D(DW@ N1"J:3B1\P#EI>" 8ASZ0&&F!:2\@E2PY/PJQ0!DEFV5L4
MK)C;2) *K=F+7"R\!3YP'1[B#GZ/4- #?H_4\/N*1!,,1ZC@QHL0.XO3*9YV
M2ZQ/+$RBGGC%I,5)AA-?0 8Y(AGABK6;@Z582)3"_U# >P%\]*"E,7[,<'BJ32
M6AK0*WO"[Y34)68;71:G<-2G5H&8S$LX_5#6!@N9-J6H4.)*N;D5^SN2CL'T
M._E,G&!HPH0<7L+%F%]Q,7SN=RX[+='!EA4 ?+]Q=K"0Z,*V6.BRITWV6LF:
M"^<-TNH0!#5FT:*\"-H"+. I[.2:.Q#38'=NV?S 1"^"MXUV0M$"/$D?PPP"
MU!NG%J6!E$G4%4O".=;YU#D0[2#21L-<75-'?E1.V )-H'!PR6P(6?0=UBPCW$_Z_6>$F+X[/_GKBBI=.QHEK_:>)9@M*T)B
MGEN$SBEX+,.5B43/!^H"Z NQB(D;O"8N E7#_W[4M]E_
MU\TG(JA+51J@D3,Q]D;VMJW9CLS=5H8MT_'. TP.[<,"^7AR<
M\*UJYMG%^2Q;G"W.#\QWX3=_0?-=3,PWLLOL?ZZ6MFV 6/[WP *7?H%+6N#R
M7X+=WVKN3%5%]E[GNFK+?79C;:>+^+W;%EY036&SU\H:BS.^:[2%UQ5QSH>-
M!N[)Z^U.57LU;)*ODF@%Z723*^"R6
M9-]O8WW#T("6G'VG,Z%1F>1[$BZ39M2HO!#OV).8XOO*%Z[8%\0Q?#,<[DYP
M>JJ^@&916M+W=#"Y/!O^61R/3L21&(W.!Q?BE_N; -KOU,R65(9>\.%C+)\.
M+\[\\B
0JH4-%?YJ2N,;-VDVHIU?.Y
M(J(36<#^KI@&9X$J>!TEZ:9E-5Q#J&@5!<7>:-H<070= UF-68-G&FVP.* !
MZYQ>%"B,A,H(F-OG-9R%IT$_13)B^"9'E&;G\HA%6@5@.SR35>66F;2U+??1
M6Y.^$Y_*=,$KB$AJ_D8JD&N#OVZE$E),RF6!@9:=
MZTJE33LBK7:?0\PI1#%,G>IT="2U!C.U;T?$BFE1H;B(4594%:T(KY)EH;^4
M#6G0
HA_F,Y1K]72$>D7!+AC*L\W#9F_CNKR^?>XE
MQ;--G'@<:S _1IY]S[R+KH:8.\^-MY=!._\W5Q[-]#7L(%3N$&X''2*W[]#@](03#F)4QLE+
M;[1R=).T!&"^+QFSMS%?*L/I<"5O\DWTCWF^SR%JK6U O^_@.IU\?U4(G^_(
MO(FN2_?2UD7<