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Commitments and Contingencies
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

12. Commitments and Contingencies

     At September 30, 2017, we had 14 outstanding letter of credit obligations totaling $162,629,000 and expiring between 2017 and 2024. At September 30, 2017, we had outstanding construction in progress of $344,742,000 and were committed to providing additional funds of approximately $317,542,000 to complete construction. At September 30, 2017, we had contingent purchase obligations totaling $16,053,000. These contingent purchase obligations relate to unfunded capital improvement obligations and contingent obligations on acquisitions. Rents due from the tenant are increased to reflect the additional investment in the property. In September 2017, we entered into an agreement with the University of Toledo Foundation to transfer our corporate headquarters as a gift. The gift is conditional based on certain terms within the agreement, which expire on November 30, 2017. Once the conditional terms have been satisfied, we expect to record the expense related to the gift.

     We evaluate our leases for operating versus capital lease treatment in accordance with ASC Topic 840 “Leases.”  A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90% of the fair value of the leased asset. Certain leases contain bargain purchase options and have been classified as capital leases. At September 30, 2017, we had operating lease obligations of $1,105,254,000 relating to certain ground leases and company office space and capital lease obligations of $90,288,000 relating primarily to certain investment properties. Regarding ground leases, we have sublease agreements with certain of our operators that require the operators to reimburse us for our monthly operating lease obligations. At September 30, 2017, aggregate future minimum rentals to be received under these noncancelable subleases totaled $71,964,000.