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Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 2020
Acquisitions and Dispositions [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
Tower Sale
On August 7, 2020, the Company entered into an agreement with Vertical Bridge REIT, LLC, for the sale of substantially all of the Company's broadcast communications tower sites and certain other related assets (the "Tower Sale"). On September 30, 2020, the Company completed the initial closing of the Tower Sale for $202.3 million in cash proceeds after transaction costs and closing adjustments. Pursuant to the Company's Term Loan Credit Facility due 2026 (as defined below), the Company was required to pay down at closing $49.0 million. As a result thereof, pursuant to the terms of the 6.75% Senior Secured First-Lien Notes due 2026 (as defined below), the Company made a tender offer (the "Tender Offer") with respect to the prorated portion of these proceeds of approximately $47 million of the 6.75% Notes. On November 3, 2020, the Company accepted and paid for $47.2 million in aggregate principal amount of the 6.75% Notes that were validly tendered and not withdrawn in the Tender Offer. As a result, $452.8 million aggregate principal amount of 6.75% Notes remain outstanding.
In connection with the Tower Sale, the Company will be entering into individual site leases for the continued use of substantially all of the tower sites that were included in the Tower Sale, the general terms and conditions of which are contained in a master lease agreement that provides a framework for the individual leases with respect to each tower site. The initial term of each lease is ten years, followed by five option periods of five years each. As the terms of the Tower Sale arrangement contains a repurchase option, the leaseback was not accounted for as a sale. Accordingly, the carrying amount of the leased back assets will remain on the Company's books and continue to be depreciated over their remaining useful lives. The proceeds received for the leased back assets have been recorded as a financing liability along with the remaining obligations for ground leases on these sites. Lease payments will be recorded as a reduction of the financing liability and as interest expense. The Company will record non-cash imputed rental income for tower sites where it continues to use a portion of the site along with other existing and future tenants. Transaction costs of $4.1 million have been capitalized in Financing liabilities, net and will be amortized over the term of the lease.
The Company anticipates that one or more subsequent closings will be held for the assets comprising the remainder of the previously announced $213 million purchase price, subject to adjustment based upon due diligence and the curing of outstanding site defects. The Company anticipates that substantially all, if not all, of the subsequent closings will occur by the end of the second quarter of 2021.
Future minimum payments, as defined under Accounting Standards Update 2016-02 - Leases (Topic 842), related to the Company's failed sale-leasebacks as of September 30, 2020 were as follows (dollars in thousands):
Tower SaleOtherTotal
2020$3,292 $389 $3,681 
202113,266 1,603 14,869 
202213,664 1,650 15,314 
202314,074 1,701 15,775 
202414,496 1,751 16,247 
Thereafter186,106 301 186,407 
$244,898 $7,395 $252,293 
DC Land Sale
On June 24, 2020, the Company completed its previously announced sale of its DC Land to Toll Brothers. The sale generated net proceeds of $71.3 million, $5.0 million of which was received in 2019. The Company recorded a loss on the DC Land sale of $3.7 million which is included in the Gain on sale or disposal of assets or stations financial statement line item of the Company's unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020.
WABC SaleOn March 1, 2020, the Company completed its previously announced sale of WABC-AM in New York, NY to Red Apple Media, Inc. for $12.0 million in cash. The Company recorded a loss on the WABC Sale of $0.9 million which is included in the Gain on sale or disposal of assets or stations financial statement line item of the Company's unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020