Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)

			Acquisition Costs				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period
Description	Location	Encumbrances	Land and Improvements		Building and Improvements		Land and Improvements		Building and Improvements		Land and Improvements		Building and Improvements		Total (a)		Accumulated Depreciation		Date Acquired	Useful Life
Caesars Palace Land	Las Vegas, Nevada		$	1,010,967	$	—	$	—	$	—	$	1,010,967	$	—	$	1,010,967	$	—	10/6/2017 (b)	N/A
Land Parcels subject to Non-CPLV Lease Agreement	Various	(c)	75,691		—		—		—		75,691		—		75,691		—		10/6/2017	N/A
Vacant, non-operating Land	Various		21,111		—		—		—		21,111		—		21,111		—		10/6/2017	N/A
Eastside Property (d)	Las Vegas, Nevada		73,600		—		—		—		73,600		—		73,600		—		10/6/2017	N/A
			$	1,181,369	$	—	$	—	$	—	$	1,181,369	$	—	$	1,181,369	$	—
(a) As discussed further in Note 2 — Summary of Significant Accounting Policies, the Lease Agreements are bifurcated between operating leases and direct financing leases, resulting in land that is subject to operating lease treatment being recorded as a Real Estate Investments accounted for using the operating method on the Company's Balance Sheet and included in this Schedule III. Building assets that triggered direct financing lease treatment are recorded Investment in direct financing leases, net on the Company's Balance Sheet and are not included in this Schedule III.
(b) Octavius tower addition to the Land was acquired on July 11, 2018.
(c) Pledged to secure obligations under the Senior Secured Credit.
(d) The transaction to sell the Eastside Property to a subsidiary of Caesars closed on December 22, 2017. Due to a put/call option on the land parcels, it was determined that the transaction does not meet the requirements of a completed sale for accounting purposes. As a result, we reclassified $73.6 million from Real estate investments accounted for using the operating method to Land.

A summary of activity for real estate assets and accumulated depreciation for the period October 6, 2017 to December 31, 2019 is as follows:

		Real Estate			Accumulated Depreciation
Balance as of October 6, 2017		$	1,184,000		$	—
	Additions	—			—
	Disposals	—			—
	Depreciation expense	—			—
Balance as of December 31, 2017		$	1,184,000		$	—
	Additions	10,967			—
	Impairments	(12,334		)	—
	Disposals	(186		)	—
	Depreciation expense	—			—
Balance as of December 31, 2018		$	1,182,447		$	—
	Additions	—			—
	Impairments	—			—
	Disposals	(1,078		)	—
	Depreciation expense	—			—
Balance as of December 31, 2019		$	1,181,369		$	—