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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

 
$