Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
City Area Code | (816) | ||
Entity Incorporation, State or Country Code | MD | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Registrant Name | EPR PROPERTIES | ||
Entity Central Index Key | 0001045450 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-13561 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,861,367,233 | ||
Entity Tax Identification Number | 43-1790877 | ||
Entity Address, Address Line One | 909 Walnut Street, | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Kansas City, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64106 | ||
Local Phone Number | 472-1700 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 78,581,140 | ||
Series C Preferred Shares [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.75% Series C cumulative convertible preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrC | ||
Security Exchange Name | NYSE | ||
Series E Preferred Shares [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 9.00% Series E cumulative convertible preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrE | ||
Security Exchange Name | NYSE | ||
Series G Preferred Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.75% Series G cumulative redeemable preferred shares, par value $0.01 per share | ||
Trading Symbol | EPR PrG | ||
Security Exchange Name | NYSE | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common shares, par value $0.01 per share | ||
Trading Symbol | EPR | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Document Period End Date | Dec. 31, 2019 | |
Assets | ||
Real estate investments, net of accumulated depreciation of $989,254 and $883,174 at December 31, 2019 and 2018, respectively | $ 5,197,308 | $ 5,024,057 |
Land held for development | 28,080 | 34,177 |
Property under development | 36,756 | 287,546 |
Operating Lease, Right-of-Use Asset | 211,187 | 0 |
Mortgage Notes and Related Accrued Interest Receivable, Net | 357,391 | 517,467 |
Investment in direct financing leases, net | 0 | 20,558 |
Investment in joint ventures | 34,317 | 34,486 |
Cash and cash equivalents | 528,763 | 5,872 |
Restricted cash | 2,677 | 12,635 |
Accounts receivable, net | 86,858 | 98,369 |
Other assets | 94,174 | 96,223 |
Total assets | 6,577,511 | 6,131,390 |
Liabilities: | ||
Accounts payable and accrued liabilities | 122,939 | 168,463 |
Operating Lease, Liability | 235,650 | 0 |
Dividends Payable, Current | 29,424 | 26,765 |
Preferred dividends payable | 6,034 | 6,034 |
Unearned rents and interest | 74,829 | 79,051 |
Debt | 3,102,830 | 2,986,054 |
Total liabilities | 3,571,706 | 3,266,367 |
Equity: | ||
Common Shares, $.01 par value; 100,000,000 shares authorized; and 81,588,489 and 77,226,443 shares issued at December 31, 2019 and 2018, respectively | 816 | 772 |
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Additional paid-in-capital | 3,834,858 | 3,504,494 |
Treasury shares at cost: 3,125,569 and 2,878,587 common shares at December 31, 2019 and 2018, respectively | (147,435) | (130,728) |
Accumulated other comprehensive income | 7,275 | 12,085 |
Distributions in excess of net income | (689,857) | (521,748) |
Equity | 3,005,805 | 2,865,023 |
Total liabilities and equity | 6,577,511 | 6,131,390 |
Series C Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | 54 | 54 |
Series E Preferred Shares [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | 34 | 34 |
Series G Preferred Stock [Member] | ||
Preferred shares, $.01 par value; 25,000,000 shares authorized: | ||
Preferred shares | $ 60 | $ 60 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Investment Property, Accumulated Depreciation | $ 989,254,000 | $ 883,174,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 81,588,489 | 77,226,443 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Treasury Stock, Shares | 3,125,569 | 2,878,587 |
Series C Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 54,000 | $ 54,000 |
Preferred Stock, Shares Issued | 5,394,050 | 5,394,050 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 134,851,250 | $ 134,851,250 |
Series E Preferred Shares [Member] | ||
Preferred Stock, Value, Issued | $ 34,000 | $ 34,000 |
Preferred Stock, Shares Issued | 3,400,000 | 3,447,381 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 86,184,525 | $ 86,184,525 |
Series G Preferred Stock [Member] | ||
Preferred Stock, Value, Issued | $ 60,000 | $ 60,000 |
Preferred Stock, Shares Issued | 6,000,000 | 6,000,000 |
Auction Market Preferred Securities, Stock Series, Liquidation Value | $ 150,000,000 | $ 150,000,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Rental revenue | $ 593,022 | $ 509,086 | $ 441,187 |
Other income | 25,920 | 2,076 | 3,095 |
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,027 | 128,759 | 74,038 |
Total revenue | 651,969 | 639,921 | 518,320 |
Property operating expense | 60,739 | 29,654 | 31,327 |
Other expense | 29,667 | 443 | 242 |
General and Administrative Expense | 46,371 | 48,889 | 43,383 |
Severance expense | 2,364 | 5,938 | 0 |
Litigation settlement expense | 0 | 2,090 | 0 |
Costs associated with loan refinancing or payoff | 38,269 | 31,958 | 1,549 |
Gain on Extinguishment of Debt | 0 | 0 | (977) |
Interest expense, net | 142,002 | 135,870 | 133,461 |
Transaction costs | 23,789 | 3,698 | 523 |
Impairment charges | 2,206 | 27,283 | 1,902 |
Depreciation and amortization | 158,834 | 138,395 | 121,357 |
Income before equity in (loss) income from joint ventures, other items and discontinued operations | 147,728 | 215,703 | 185,553 |
Equity in (loss) income from joint ventures | (381) | (22) | 72 |
Gain (Loss) on Disposition of Assets | 4,174 | 3,037 | 41,942 |
gain on sale of investment in direct financing lease | 0 | 5,514 | 0 |
Income before income taxes | 151,521 | 224,232 | 227,567 |
Income tax benefit (expense) | 3,035 | (2,285) | (2,399) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 154,556 | 221,947 | 225,168 |
Income from discontinued operations before other items | 37,241 | 45,036 | 46,093 |
Impairment Charges, Discontinued Operations | 0 | 0 | 8,293 |
Impairment on public charter school portfolio sale | 21,433 | 0 | 0 |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 31,879 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 47,687 | 45,036 | 37,800 |
Net income attributable to EPR Properties | 202,243 | 266,983 | 262,968 |
Preferred dividend requirements | (24,136) | (24,142) | (24,293) |
Preferred Share Redemption Costs | 0 | 0 | 4,457 |
Net income available to common shareholders of EPR Properties | $ 178,107 | $ 242,841 | $ 234,218 |
Basic earnings per share data: | |||
Continuing operations | $ 1.70 | $ 2.66 | $ 2.76 |
Discontinued operations | 0.62 | 0.61 | 0.53 |
Basic | 2.32 | 3.27 | 3.29 |
Diluted earnings per share data: | |||
Continuing operations | 1.70 | 2.66 | 2.76 |
Discontinued operations | 0.62 | 0.61 | 0.53 |
Diluted | $ 2.32 | $ 3.27 | $ 3.29 |
Shares used for computation (in thousands): | |||
Basic | 76,746 | 74,292 | 71,191 |
Diluted | 76,782 | 74,337 | 71,254 |
Foreign currency translation adjustment | $ 9,253 | $ (16,177) | $ 12,569 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (14,063) | 15,779 | (7,820) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 197,433 | $ 266,585 | $ 267,717 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional paid-in capital [Member] | Treasury shares [Member] | Accumulated other comprehensive income (loss) [Member] | Distributions in excess of net income [Member] | Series E Preferred Shares [Member] | Series E Preferred Shares [Member]Common Stock [Member] | Series E Preferred Shares [Member]Preferred Stock [Member] | Series E Preferred Shares [Member]Distributions in excess of net income [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member]Common Stock [Member] | Series C Preferred Shares [Member]Preferred Stock [Member] | Series C Preferred Shares [Member]Distributions in excess of net income [Member] | Series G Preferred Stock [Member] | Series G Preferred Stock [Member]Preferred Stock [Member] | Series G Preferred Stock [Member]Additional paid-in capital [Member] | Series G Preferred Stock [Member]Distributions in excess of net income [Member] | Series F Preferred Stock [Member] | Series F Preferred Stock [Member]Preferred Stock [Member] | Series F Preferred Stock [Member]Additional paid-in capital [Member] | Series F Preferred Stock [Member]Distributions in excess of net income [Member] |
Balance (in shares) at Dec. 31, 2016 | 66,263,487 | 13,849,050 | |||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 2,185,901 | $ 663 | $ 139 | $ 2,677,046 | $ (113,172) | $ 7,734 | $ (386,509) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 19,030 | ||||||||||||||||||||||
Stock Issued During Period, Value, Other | 0 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 296,914 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 5,498 | $ 3 | 5,585 | (90) | |||||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (6,729) | (6,729) | |||||||||||||||||||||
Amortization of nonvested shares | (14,142) | (14,142) | |||||||||||||||||||||
Foreign currency translation adjustment | 12,569 | 12,569 | |||||||||||||||||||||
Change in unrealized gain/loss on derivatives | (7,820) | (7,820) | |||||||||||||||||||||
Net income | 262,968 | 262,968 | |||||||||||||||||||||
Issuances of common shares (in shares) | 1,398,280 | 6,000,000 | |||||||||||||||||||||
Issuances of common shares, net of costs | 99,336 | $ 14 | 99,322 | ||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 8,851,264 | ||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 657,473 | $ 89 | 657,384 | ||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 404 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 885 | (5,000,000) | |||||||||||||||||||||
Preferred Share Redemption Costs | 4,457 | $ (4,457) | |||||||||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | (125,025) | $ (125,025) | $ 50 | $ 120,518 | |||||||||||||||||||
Stock Redeemed or Called During Period, Value | (1) | $ (1) | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,490 | $ 144,490 | $ 60 | $ 144,430 | |||||||||||||||||||
Stock option exercises, net (in shares) | 29,253 | 29,253 | |||||||||||||||||||||
Stock option exercises, net | $ (5) | $ 0 | 1,595 | 1,600 | |||||||||||||||||||
Dividends to common and preferred shareholders | (291,179) | (291,179) | $ (7,762) | $ (7,762) | $ (7,761) | $ (7,761) | $ (719) | $ (719) | $ (8,051) | $ (8,051) | |||||||||||||
Balance (in shares) at Dec. 31, 2017 | 76,858,632 | 14,848,165 | |||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 2,927,325 | $ 769 | $ 148 | 3,478,986 | (121,591) | 12,483 | (443,470) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.08 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 0.183681 | $ 1.9553 | |||||||||||||||||||
Stock Issued During Period, Shares, Other | 23,571 | ||||||||||||||||||||||
Stock Issued During Period, Value, Other | $ 0 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 295,202 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 3,974 | $ 3 | 4,588 | (617) | |||||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (7,156) | (7,156) | |||||||||||||||||||||
Amortization of nonvested shares | (15,111) | (15,111) | |||||||||||||||||||||
share based compensation included in severance expense | 3,218 | 3,218 | |||||||||||||||||||||
Foreign currency translation adjustment | (16,177) | (16,177) | |||||||||||||||||||||
Change in unrealized gain/loss on derivatives | 15,779 | 15,779 | |||||||||||||||||||||
Net income | 266,983 | 266,983 | |||||||||||||||||||||
Issuances of common shares (in shares) | 20,553 | ||||||||||||||||||||||
Issuances of common shares, net of costs | 1,286 | $ 0 | 1,286 | ||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 0 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 800 | 1,964 | |||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,734 | (5,000) | |||||||||||||||||||||
Preferred Share Redemption Costs | 0 | ||||||||||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | $ 0 | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | ||||||||||||||||||||||
Stock option exercises, net (in shares) | 25,721 | 25,721 | |||||||||||||||||||||
Stock option exercises, net | $ (59) | $ 0 | 1,305 | 1,364 | |||||||||||||||||||
Dividends to common and preferred shareholders | (321,119) | (321,119) | $ (7,757) | (7,757) | $ (7,760) | (7,760) | $ (8,625) | (8,625) | |||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 77,226,443 | 14,841,431 | |||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 2,865,023 | $ 772 | $ 148 | 3,504,494 | (130,728) | 12,085 | (521,748) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.32 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 1.4375 | 0 | |||||||||||||||||||
Stock Issued During Period, Shares, Other | 27,392 | ||||||||||||||||||||||
Stock Issued During Period, Value, Other | $ 0 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 208,755 | ||||||||||||||||||||||
Issuance of nonvested shares, net | 4,430 | $ 2 | 4,926 | (498) | |||||||||||||||||||
Treasury Stock, Retired, Cost Method, Amount | (9,691) | (9,691) | |||||||||||||||||||||
Amortization of nonvested shares | (13,180) | (13,180) | |||||||||||||||||||||
share based compensation included in severance expense | 580 | 580 | |||||||||||||||||||||
Foreign currency translation adjustment | 9,253 | 9,253 | |||||||||||||||||||||
Change in unrealized gain/loss on derivatives | (14,063) | (14,063) | |||||||||||||||||||||
Net income | 202,243 | 202,243 | |||||||||||||||||||||
Issuances of common shares (in shares) | 4,007,113 | ||||||||||||||||||||||
Issuances of common shares, net of costs | 305,934 | $ 41 | 305,893 | ||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 0 | ||||||||||||||||||||||
Preferred Share Redemption Costs | 0 | ||||||||||||||||||||||
Payments for Repurchase of Redeemable Preferred Stock | 0 | ||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | ||||||||||||||||||||||
Stock option exercises, net (in shares) | 118,786 | 118,786 | |||||||||||||||||||||
Stock option exercises, net | $ (732) | $ 1 | 5,785 | 6,518 | |||||||||||||||||||
Dividends to common and preferred shareholders | (346,216) | (346,216) | $ (7,756) | $ (7,756) | $ (7,756) | $ (7,756) | $ (8,624) | $ (8,624) | |||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 81,588,489 | 14,841,431 | |||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 3,005,805 | $ 816 | $ 148 | $ 3,834,858 | $ (147,435) | $ 7,275 | $ (689,857) | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.50 | ||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 2.25 | $ 1.4375 | $ 1.4375 | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Operating activities: | ||||
Net income | $ 202,243 | $ 266,983 | $ 262,968 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Gain on Extinguishment of Debt | 0 | 0 | (977) | |
asset impairment charges cont and discops | 23,639 | 27,283 | 10,195 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 36,053 | 3,037 | 41,942 | |
Gain on insurance recovery | 0 | 0 | (606) | |
Deferred income tax benefit (expense) | (4,115) | 573 | 812 | |
gain on sale of investment in direct financing lease | 0 | 5,514 | 0 | |
write off of deferred debt issuance cost cont and disc | 38,450 | 31,958 | 1,549 | |
Equity in loss (income) from joint ventures | 381 | 22 | (72) | |
Distributions from joint ventures | 112 | 567 | 442 | |
depreciation and amort cont and discops | 171,763 | 153,430 | 132,946 | |
Amortization of deferred financing costs | 6,192 | 5,797 | 6,167 | |
Amortization of above/below market leases and tenant allowances, net | (343) | (581) | (107) | |
Share-based compensation expense to management and trustees | 13,180 | 15,111 | 14,142 | |
Share-based compensation expense included in severance expense | 580 | 3,218 | 0 | |
Increase (Decrease) in Operating Lease Assets and Liabilities, Net | 1,194 | 0 | 0 | |
Mortgage notes accrued interest receivable | (381) | (517) | 467 | |
Accounts receivable | (1,385) | (22,300) | 8,866 | |
Increase in direct financing lease receivable | (186) | (563) | (1,208) | |
Other assets | (1,301) | (1,055) | (1,691) | |
Accounts payable and accrued liabilities | 27,540 | 4,979 | 260 | |
Increase (Decrease) in Deferred Revenue | (1,980) | 7,974 | 6,061 | |
Net cash provided by operating activities | 439,530 | 484,328 | 398,272 | |
Investing activities: | ||||
Acquisition of rental properties and other assets | (500,629) | (187,460) | (397,556) | |
Proceeds from Sale of Real Estate | 216,020 | 22,134 | 191,569 | |
Proceeds from sale of public charter school portfolio | 449,555 | 0 | 0 | |
Investment in unconsolidated joint ventures | 325 | 29,473 | 0 | |
Proceeds from settlement of derivative | 0 | (30,796) | 0 | |
Investment in mortgage notes receivable | (142,456) | (36,105) | (133,697) | |
Proceeds from mortgage note receivable paydown | 217,459 | 335,168 | 21,784 | |
Investment in promissory notes receivable | 12,271 | 7,863 | 1,928 | |
Proceeds from promissory note receivable paydown | 3,738 | 7,500 | 1,599 | |
Proceeds from insurance recovery | 0 | 0 | 606 | |
Proceeds from Sale of Lease Receivables | 0 | 43,447 | 0 | |
Additions to properties under development | (134,586) | (274,956) | (384,449) | |
Net cash provided (used) by investing activities | 96,505 | (96,812) | (702,072) | |
Financing activities: | ||||
Proceeds from Issuance of Long-term Debt | 962,000 | 908,000 | 1,371,000 | |
Principal payments on long-term debt | (866,735) | (949,684) | (823,288) | |
Deferred financing fees paid | (9,386) | (8,642) | (14,318) | |
Costs associated with loan refinancing or payoff (cash portion) | (36,918) | (28,650) | (7) | |
Net proceeds from issuance of common shares | 305,556 | 956 | 99,069 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | 144,490 | |
Payments for Repurchase of Redeemable Preferred Stock | 0 | 0 | 125,025 | |
Payment, Tax Withholding, Share-based Payment Arrangement | (732) | (62) | (5) | |
Purchase of common shares for treasury | (9,691) | (7,156) | (6,729) | |
Dividends paid to shareholders | (367,317) | (342,315) | (311,721) | |
Net cash (used) provided by financing activities | (23,223) | (427,553) | 333,466 | |
Effect of exchange rate changes on cash | 121 | (442) | 241 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 531,440 | 18,507 | 58,986 | |
Restricted Cash and Cash Equivalents | 2,677 | 12,635 | 17,069 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 512,933 | (40,479) | 29,907 | |
Cash and cash equivalents at beginning of the year | 5,872 | 41,917 | 19,335 | |
Cash and cash equivalents at end of the year | 528,763 | 5,872 | 41,917 | |
Supplemental schedule of non-cash activity: | ||||
Transfer of property under development to rental property | 354,568 | 228,572 | 408,593 | |
Issuance of nonvested shares and restricted share units at fair value, including nonvested shares issued for payment of bonuses | 17,590 | 18,252 | 24,062 | |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 155,185 | 9,237 | |
Conversion of rental property to mortgage note receivable | 27,423 | 0 | 11,897 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 229,620 | 0 | 0 | |
Operating Lease, Cost | 253,486 | 0 | 0 | |
Straight-Line Rent Receivable | 73,382 | [1] | 73,332 | |
Other Real Estate, Additions | 14,000 | 0 | 0 | |
Noncash or Part Noncash Acquisition, Debt Assumed | 18,585 | 0 | 0 | |
Stock Issued During Period, Value, Acquisitions | 0 | 0 | 657,473 | |
Assumption of liabilities net of accounts receivable for acquisition | 0 | 0 | 12,083 | |
Transfer of investment in a direct financing lease to rental properties | 0 | 0 | 35,807 | |
Supplemental disclosure of cash flow information: | ||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 143,530 | 145,559 | 136,345 | |
Cash paid during the year for income taxes | 1,842 | 1,363 | 1,499 | |
Interest cost capitalized | 5,326 | 9,903 | 9,879 | |
Change in accrued capital expenditures | (35,155) | 32,993 | 333 | |
Ground Lease Arrangement [Member] | ||||
Supplemental schedule of non-cash activity: | ||||
Straight-Line Rent Receivable | $ 24,454 | $ 0 | $ 0 | |
[1] | (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned. Variable Interest Entities 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 interest 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 December 31, 2019 and 2018, the Company does not have any investments in consolidated VIEs. Use of Estimates Management of the Company has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). Actual results could differ from those estimates. 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 a property 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. Assets 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 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 income and comprehensive income. In addition to acquisition-related costs in connection with business combinations, transaction costs include costs associated with terminated transactions, pre-opening costs and certain leasing and tenant transition costs. Transaction costs expensed totaled $23.8 million , $3.7 million and $0.5 million for the years ended December 31, 2019, 2018 and 2017 , respectively. 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. Intangibles The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the lease term of the respective leases. In determining the fair value of acquired above and below-market leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above-market leases and below-market leases, management considers such differences over the lease terms. The capitalized above-market lease values are amortized as a reduction of rental income over the lease terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the lease terms of the respective leases. The lease term includes the minimum base term plus any extension options that are reasonably certain to be exercised. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below-market is based upon a comparison of similar financing terms for similar real estate investments at the time of the acquisition. In determining the fair value of tradenames, the Company historically uses the relief from royalty method, which estimates the fair value of hypothetical royalty income that could be generated if the intangible asset was licensed from an independent third-party. In determining the fair value of a contract intangible, the Company considers the present value of the difference between the estimated "with" and "without" scenarios. The "with" scenario presents the contract in place and the "without" scenario incorporates the potential profits that may be lost over the period without the contract in place. The capitalized contract value is amortized over the estimated useful life of the underlying asset. The excess of the cost of an acquired business (in a business combination) over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Management of the Company reviews the carrying value of intangible assets for impairment on an annual basis. Intangible assets and liabilities (included in Other assets and Accounts payable and accrued liabilities in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2019 2018 Assets: In-place leases, net of accumulated amortization of $10.8 million and $7.7 million, respectively $ 24,528 $ 21,749 Above-market lease, net of accumulated amortization of $1.1 million and $1.0 million, respectively 71 154 Tradenames, net of accumulated amortization of $184 thousand and $53 thousand, respectively (1) 8,980 9,110 Contract value, net of accumulated amortization of $548 thousand and $183 thousand, respectively 10,420 10,785 Goodwill 693 693 Total intangible assets, net $ 44,692 $ 42,491 Liabilities: Below-market lease, net of accumulated amortization of $1.1 million and $0.7 million, respectively $ 8,934 $ 8,100 (1) At December 31, 2019 and 2018, $5.4 million in tradenames had indefinite lives and were not amortized. Aggregate lease intangible amortization included in expense was $3.7 million , $2.9 million and $2.0 million for the years ended December 31, 2019, 2018 and 2017 , respectively. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.4 million , $0.6 million and $0.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2019 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2020 $ 3,348 $ 133 $ 365 $ 20 $ (503 ) 2021 2,959 133 365 10 (473 ) 2022 2,334 133 365 6 (438 ) 2023 2,305 133 365 6 (415 ) 2024 2,247 133 365 6 (400 ) Thereafter 11,335 2,960 8,595 23 (6,705 ) Total $ 24,528 $ 3,625 $ 10,420 $ 71 $ (8,934 ) Weighted average amortization period (years) 11.9 28.2 28.5 6.9 30.3 (1) Excludes $5.4 million in tradenames with indefinite lives. 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 $37.2 million and $33.9 million as of December 31, 2019 and 2018 , respectively, are shown as a reduction of debt. The deferred financing costs of $3.5 million and $5.0 million as of December 31, 2019 and 2018 , respectively, related to the unsecured revolving credit facility are included in other assets. Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. Reportable Segments During the year ended December 31, 2019, the Company sold the largest portion of its Education segment, public charter schools and announced that it is now strategically focused on investing in Experiential properties. With this change, the Company reorganized internally and now aggregates its Entertainment and Recreation segments into one segment which has been titled the Experiential segment. Therefore, at December 31, 2019, the Company has two reportable 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 20 for financial information related to these reportable segments. Rental Revenue The Company leases real estate to its tenants primarily under leases that are predominately 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 years ended December 31, 2019, 2018 and 2017 , the Company recognized straight-line rental revenue, net of write-offs of $13.6 million (of which $3.0 million has been classified within discontinued operations), $10.2 million (of which $5.5 million has been classified within discontinued operations) and $4.3 million (of which $6.7 million has been classified within discontinued operations), respectively. The Company recognized straight-line write-offs for the years ended December 31, 2019 and 2017 of $1.4 million (of which $1.2 million has been classified within discontinued operations) and $9.0 million , respectively. There were no straight-line write-offs recognized during the year ended December 31, 2018 . Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments directly 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 payments made by the lessees 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 year ended December 31, 2019 , the Company recognized $6.9 million related to the gross up of these reimbursed expenses which are included in rental revenue and property operating expenses. 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 years ended December 31, 2019, 2018 and 2017 , the non-lease components included in rental revenue totaled $16.0 million , $15.3 million and $15.5 million , respectively. In addition, most of the Company's tenants are subject to additional 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 $15.0 million , $10.7 million and $7.8 million for the years ended December 31, 2019, 2018 and 2017 , respectively. 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 and/or other debtor, current economic conditions and changes in customer payment terms. The Company suspends revenue recognition when the collectibility of lease receivables or future lease payments are no longer probable and records a direct write-off of the receivable to rental revenue. Certain reclassifications have been made to the 2017 and 2018 presentations to conform to the 2019 presentation related to the Company's former presentation of the allowance for doubtful accounts. 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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation for assets that qualify for presentation as discontinued operations. See Note 18 for further details. 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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. There were no impaired loans at December 31, 2019 and 2018 . 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 triggering events occur as provided by the mortgage agreement. Mortgage and other financing income included participating interest income of $0.6 million and $0.7 million for the years ended December 31, 2019 and 2017, respectively. No participating interest income was recognized for the year ended December 31, 2018. In addition, for the years ended December 31, 2019, 2018 and 2017 , mortgage and other financing income included $2.7 million (of which $1.8 million has been classified in discontinued operations), $74.7 million and $0.8 million , respectively, in prepayment fees related to mortgage notes that were paid fully in advance of their maturity date. As described above, the Company adopted Topic 842 on January 1, 2019 and elected to not reassess its prior conclusions about lease classification. Accordingly, the Company's leases that were classified as investment in direct financing leases retained this classification. Direct financing lease income is included in mortgage and other financing income and is recognized on the effective interest method to produce a level yield on funds not yet recovered. Estimated unguaranteed residual values at the date of lease inception represent management's initial estimates of fair value of the leased assets at the expiration of the lease, not to exceed original cost. The Company evaluates on an annual basis (or more frequently, if necessary) the collectibility of its direct financing lease receivable and unguaranteed residual value to determine whether they are impaired. A direct financing lease receivable is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a direct financing lease receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the direct financing lease receivable's effective interest rate or to the fair value of the underlying collateral, less costs to sell, if such receivable is collateralized. During the year ended December 31, 2019 , the Company sold its investment in direct financing leases and the operating results of these direct financing leases have been classified within discontinued operations in the accompanying consolidated statements of income and comprehensive income. See Note 18 for further details on discontinued operations. Income Taxes The Company qualifies as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. The Company owns certain real estate assets which are subject to income tax in Canada. At December 31, 2019 , the net deferred tax assets related to the Company's Canadian operations totaled $10.9 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to depreciation, capital improvements and straight-line rents. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. The Company uses two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three Experiential lodging properties that are facilitated by management agreements with eligible independent contractors. The real estate for these investments are held by the REIT either directly or through an investment in a joint venture and leased to the respective operations entity under a triple-net lease. Management has determined the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore, the income reported by the Company is net of income tax paid to the Chinese taxing authorities. In addition, the Company is liable for withholding taxes to China associated with the current and future dividend payments from the China joint ventures. The Company paid $13 thousand and $62 thousand in withholding taxes during the years ended December 31, 2019 and 2018, respectively, related to earnings repatriated. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changed the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the years ended December 31, 2018 and 2017. At December 31, 2019, the net deferred tax assets related to the Company's TRSs totaled $4.5 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2019 and 2018 , respectively, the Canadian operations and the Company's TRSs had deferred tax assets included in other assets in the accompanying consolidated balance sheet totaling approximately $19.3 million and $14.1 million and deferred tax liabilities included in accounts payable and accrued liabilities in the accompanying consolidated balance sheet totaling approximately $3.9 million and $3.4 million . The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2019 2018 Fixed assets $ 14,462 $ 12,948 Net operating losses 1,656 359 Start-up costs 2,768 347 Other 367 457 Total deferred tax assets $ 19,253 $ 14,111 Capital improvements $ (2,765 ) $ (2,079 ) Straight-line receivable (1,097 ) (1,271 ) Other (1 ) (1 ) Total deferred tax liabilities $ (3,863 ) $ (3,351 ) Net deferred tax asset $ 15,390 $ 10,760 Additionally, during the years ended December 31, 2019, 2018 and 2017 , the Company recognized current income and withholding tax expense of $1.1 million , $1.7 million and $1.6 million , respectively, primarily related to certain state income taxes and foreign withholding tax. The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Current TRS income tax $ 376 $ (221 ) $ (163 ) Current state income tax expense (405 ) (422 ) (360 ) Current foreign income tax — — (36 ) Current foreign withholding tax (1,051 ) (1,069 ) (1,071 ) Deferred TRS income tax benefit 3,719 319 137 Deferred foreign withholding tax — — 43 Deferred income tax benefit (expense) 396 (892 ) (949 ) Income tax benefit (expense) $ 3,035 $ (2,285 ) $ (2,399 ) The Company's effective tax rate for the years ended December 31, 2019, 2018 and 2017 was 1.5% , 0.8% and 0.9% , respectively. The differences between the income tax expense calculated at the statutory U.S. federal income tax rates and the actual income tax expense recorded for continuing operations is mostly attributable to the dividends paid deduction available for REITs. Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current U.S. federal income taxes were due for the years ended December 31, 2019, 2018 and 2017 . Accordingly, no provision for current U.S. federal income taxes was recorded for any of those years. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain provisions, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for years prior to January 1, 2019) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. Tax years 2016 through 2018 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2014 through 2018 for Canadian income tax purposes. The Company’s policy is to recognize interest and penalties as general and administrative expense. The Company did not recognize any interest and penalties in 2019, 2018 or 2017. The Company did not have any accrued interest and penalties at December 31, 2019, 2018 and 2017 . Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2019, 2018 and 2017 . Concentrations of Risk American Multi-Cinema, Inc. (AMC), Topgolf USA (Topgolf) and Regal Entertainment Group (Regal) represented a significant portion of the Company's total revenue (including revenue from discontinued operations) for the years ended December 31, 2019 , 2018 and 2017. 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): Year ended December 31, 2019 2018 2017 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue AMC $ 123,792 17.6 % $ 115,805 16.5 % $ 114,374 19.9 % Topgolf 78,962 11.2 % 64,459 9.2 % 53,369 9.3 % Regal 75,784 10.8 % 57,614 8.2 % 49,433 8.6 % Cash Equivalents Cash equivalents include bank demand deposits. Restricted Cash Restricted cash represents cash held for a borrower’s debt service reserve for mortgage notes receivable, deposits required in connection with debt service, and payment of real estate taxes and capital improvements. 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 nonvested 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 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 income and comprehensive income was $10 thousand , $0.3 million and $0.7 million for the years ended December 31, 2019, 2018 and 2017 , 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 to four years |
Rental Properties
Rental Properties | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Rental Properties | The following table summarizes the carrying amounts of real estate investments as of December 31, 2019 and 2018 (in thousands): 2019 2018 Buildings and improvements $ 4,747,101 $ 4,593,159 Furniture, fixtures & equipment 123,239 97,463 Land 1,290,181 1,190,568 Leasehold interests 26,041 26,041 6,186,562 5,907,231 Accumulated depreciation (989,254 ) (883,174 ) Total $ 5,197,308 $ 5,024,057 Depreciation expense on real estate investments from continuing operations was $153.2 million , $133.7 million and $117.6 million for the years ended December 31, 2019, 2018 and 2017 , respectively. Acquisitions and Development During the year ended December 31, 2019 , the Company completed the acquisition of real estate investments and lease related intangibles, as further discussed in Note 2, for Experiential properties totaling $451.9 million , that consisted of 26 theatre properties for approximately $426.5 million , one eat & play property for $1.4 million and two cultural properties for $24.0 million . The Company completed the acquisition of real estate investments and lease related intangibles for Education properties totaling $5.9 million that consisted of the acquisition of two early childhood education centers. Additionally, during the year ended December 31, 2019, the Company had investment spending on build-to-suit development and redevelopment for Experiential properties totaling $146.2 million and Education properties totaling $38.6 million . During the year ended December 31, 2019 , the Company completed the construction of the Kartrite Resort and Indoor Waterpark in Sullivan County, New York. The indoor waterpark resort is being operated under a traditional REIT lodging structure and facilitated by a management agreement with an eligible independent contractor. The related operating revenue and expense are included in other income and other expense in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019 . Additionally, during the year ended December 31, 2018, the Company completed the construction of the Resorts World Catskills common infrastructure. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which funded a substantial portion of such construction costs. For the years ended December 31, 2018, 2017 and 2016, the Company received total reimbursements of $74.2 million of construction costs. During the year ended December 31, 2019 , the Company received an additional reimbursement of $11.5 million . During the year ended December 31, 2018, the Company completed the acquisitions real estate investments and lease related intangibles, as further discussed in Note 2, that consisted of two theatre properties for approximately $22.4 million , a fitness & wellness property for $7.8 million , a cultural property for $50.3 million , an experiential lodging property for $36.6 million and four early childhood education centers for $17.7 million . Additionally, during the year ended December 31, 2018, the Company had investment spending on build-to-suit development and redevelopment for Experiential properties totaling $288.1 million and Education properties totaling $49.7 million . Dispositions During the year ended December 31, 2019, the Company completed the sale of all of its public charter school portfolio through the following transactions: • On November 22, 2019, the Company sold 47 public charter school related assets, classified as real estate investments, mortgage notes receivable and investment in direct financing leases, for net proceeds of approximately $449.6 million . The Company recognized an impairment on this public charter school portfolio sale of $21.4 million that included the write-off of non-cash straight-line rent and effective interest receivables totaling $24.8 million . See Note 4 for additional information related to the impairment. • The Company sold ten public charter schools pursuant to tenant purchase options for net proceeds totaling $138.5 million and recognized a combined gain on sale of $30.0 million . • The Company sold seven public charter schools (not as result of exercise of tenant purchase options) for net proceeds totaling $44.4 million and recognized a combined gain on sale of $1.9 million . • See Note 6 for details on repayments of mortgage notes receivable secured by public charter school properties during 2019. Due to the Company's disposition of its remaining public charter school portfolio in 2019, the operating results of all public charter schools sold during 2019 have been classified within discontinued operations in the accompanying consolidated statements of income and comprehensive income for all periods presented. See Note 18 for further details on discontinued operations. Additionally, during the year ended December 31, 2019, the Company sold one attraction property, one early childhood education center property and four land parcels for net proceeds totaling $21.9 million and sold one attraction property and received an $11.0 million cash payment and provided seller mortgage financing of $27.4 million . The Company recognized a combined gain on these sales of $4.2 million . See Note 6 for additional information on the seller mortgage note receivable. During the year ended December 31, 2018, the Company completed the sale of four land parcels for net proceeds totaling $7.3 million . In connection with these sales, the Company recognized a gain on sale of $1.2 million . Pursuant to a tenant purchase option, the Company completed the sale of one public charter school for net proceeds totaling $12.0 million and recognized a gain on sale of $1.9 million during the year ended December 31, 2018. Additionally, the Company also completed the sale of two early childhood education centers for net proceeds of $2.5 million . No gain or loss was recognized on these sales. As further discussed in Note 7, during the year ended December 31, 2018, the Company also completed the sales of four |
Impairment Charges (Notes)
Impairment Charges (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Asset Impairment Charges [Text Block] | Impairment Charges On November 22, 2019, the Company completed the sale of substantially all of its public charter school portfolio, consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million . Prior to the sale, the Company revised its estimated undiscounted cash flows associated with this portfolio, considering a shorter expected hold period and determined that the estimated cash flows were not sufficient to recover the carrying value of this portfolio. The Company estimated the fair value of this portfolio by taking into account the purchase price in the executed sale agreement. The Company recognized an impairment on public charter school portfolio sale of $21.4 million that included the write-off of non-cash straight-line rent and effective interest receivables totaling $24.8 million . This impairment and the operating results of all of the public charter schools sold in 2019 have been classified within discontinued operations in the accompanying consolidated statements of income and comprehensive income. See Note 18 for further details on discontinued operations. During the year ended December 31, 2019, the Company entered into an agreement to sell a theatre property for approximately $6.2 million . As a result, the Company revised its estimated undiscounted cash flow associated with this property, considering a shorter expected hold period and determined that the estimated cash flow was not sufficient to recover the carrying value of this property. The Company estimated the fair value of this property by taking into account the purchase price in the executed sale agreement. The Company recorded an impairment charge of approximately $2.2 million , which is the amount that the carrying value of the asset exceeds the estimated fair value. The sale of this property is expected to close in 2020. During the year ended December 31, 2018, the Company entered into an agreement with Children’s Learning Adventure USA (CLA) in which CLA relinquished control of four of the Company’s properties that were still under development as the Company no longer intended to develop these properties for CLA. As a result, the Company revised its estimated undiscounted cash flows for these four properties, considering shorter expected holding periods, and determined that those estimated cash flows were not sufficient to recover the carrying values of these four properties. During the year ended December 31, 2018, the Company determined the estimated fair value of these properties using Level 3 inputs, including independent appraisals of these properties, and reduced the carrying value of these assets to $9.8 million , recording an impairment charge of $16.5 million . The charge was primarily related to the cost of improvements specific to the development of CLA’s prototype. For further discussion on CLA, see Note 19 . During the year ended December 31, 2018, the Company recognized a $10.7 million impairment charge related to the Company’s guarantees of the payment of two economic development revenue bonds secured by leasehold interests and improvements at two theatres in Louisiana. In accordance with Topic 460, Guarantees , the Company recorded an asset and liability at the inception of the guarantees at fair value, which represented the Company's obligation to stand ready to perform under the terms of the guarantees. During the year ended December 31, 2018, the Company determined that a portion of its asset was no longer recoverable and recorded an impairment charge of $7.8 million . A contingent future obligation is recognized in accordance with the provisions of Topic 450, Accounting for Contingencies . In the case of the Company’s guarantees, the contingent future obligation is the future payment of the bonds by the Company. At the inception of the guarantees, the Company determined that its future payment of the bonds was not probable, therefore no contingent future obligation was recorded. For the year ended December 31, 2018, the Company determined that its future payment on a portion of the bond obligations was probable due to inadequate performance of the theatre properties and failure of the debtor under the bonds to perform. Accordingly, for the year ended December 31, 2018, the Company recorded an incremental contingent liability of $2.9 million , which in addition to the $7.8 million discussed above, resulted in a total impairment charge recognized relating to the guarantees of $10.7 million . For a discussion of impairment charges recorded during the year ended December 31, 2017, totaling $10.2 million , see Note 7 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of December 31, 2019 and 2018 (in thousands): 2019 2018 Receivable from tenants $ 11,373 $ 12,158 Receivable from non-tenants 2,103 1,379 Receivable from Sullivan County Infrastructure Revenue Bonds — 11,500 Straight-line rent receivable (1) 73,382 73,332 Total $ 86,858 $ 98,369 (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. Investment in mortgage notes, including related accrued interest receivable, at December 31, 2019 and 2018 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2019 2018 Three attraction properties Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas (1) 7.00% and 10.00% 7/1/2019 Paid in full — — 179,846 Public charter school property Jersey City, New Jersey (2) 10.00 % 7/10/2019 Prepaid in full — — 15,652 Public charter school property Vineland, New Jersey (3) 9.95 % 11/1/2019 Prepaid in full — — 9,839 Eight public charter school properties Indiana, Ohio, South Carolina and Pennsylvania (4) 7.00 % 11/22/2019 (4) — — 54,535 Public charter school property St. Paul, Minnesota (4) 8.93% to 9.38% 11/22/2019 (4) — — 8,835 Public charter school property Millville, New Jersey (4) 10.35 % 11/22/2019 (4) — — 6,383 Public charter school property Roswell, Georgia (4) 9.10 % 11/22/2019 (4) — — 4,165 Public charter school property Atlanta, Georgia (4) 8.84 % 11/22/2019 (4) — — 4,236 Public charter school property Bronx, New York (4) 8.75 % 11/22/2019 (4) — — 23,718 Public charter school property Colorado Springs, Colorado (4) 9.02 % 11/22/2019 (4) — — 14,325 Attraction property Powells Point, North Carolina 7.75 % 6/30/2025 Interest only 27,423 27,423 — Fitness & wellness property Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 Fitness & wellness property Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,977 Fitness & wellness property Merriam, Kansas 7.55 % 7/31/2029 Interest only 5,950 5,985 — Ski property Girdwood, Alaska 8.25 % 12/31/2029 Interest only 37,000 37,000 — Experiential lodging property Nashville, Tennessee 6.99 % 9/30/2031 Interest only 70,000 70,396 — Eat & play property Austin, Texas 11.31 % 6/1/2033 Principal & Interest-fully amortizing 11,582 11,582 11,934 Ski property West Dover and Wilmington, Vermont 11.61 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties Ohio and Pennsylvania 10.75 % 12/1/2034 Interest only 37,562 37,562 37,562 Ski property Chesterland, Ohio 11.21 % 12/1/2034 Interest only 4,550 4,550 4,550 Ski property Hunter, New York 8.43 % 1/5/2036 Interest only 21,000 21,000 21,000 Eat & play property Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 Eat & play property West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 Private school property Mableton, Georgia 8.84 % 4/30/2037 Interest only 4,674 5,048 4,952 Fitness & wellness property Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 10,360 Early childhood education center Lake Mary, Florida 7.75 % 5/9/2039 Interest only 4,200 4,258 — Eat & play property Eugene, Oregon 8.125 % 6/17/2039 Interest only 14,700 14,800 — Early childhood education center Lithia, Florida 8.25 % 10/31/2039 Interest only 3,956 4,024 2,172 $ 356,183 $ 357,391 $ 517,467 (1) On July 1, 2019, the Company received $189.8 million in proceeds representing payment in full on mortgage notes receivable from SVVI, LLC (Schlitterbahn Group) that were secured by three attraction properties. There were no prepayment fees received in connection with these note payoffs. (2) On July 10, 2019, the Company received $17.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Jersey City, New Jersey. In connection with the prepayment of this note, the Company recognized a prepayment fee of $1.8 million that is included in mortgage and other financing income in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019 . (3) On November 1, 2019, the Company received $9.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Vineland, New Jersey. No prepayment fee was received in connection with this note payoff. (4) On November 22, 2019, the Company completed the sale of substantially all of its public charter school portfolio which included seven mortgage notes receivable that were secured by 14 public charter school properties. No prepayment fees were received in connection with the sale of these notes. See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. |
Investment in Mortgage Notes
Investment in Mortgage Notes | 12 Months Ended |
Dec. 31, 2019 | |
Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Investment In Mortgage Notes Disclosure [Text Block] | Accounts Receivable The following table summarizes the carrying amounts of accounts receivable as of December 31, 2019 and 2018 (in thousands): 2019 2018 Receivable from tenants $ 11,373 $ 12,158 Receivable from non-tenants 2,103 1,379 Receivable from Sullivan County Infrastructure Revenue Bonds — 11,500 Straight-line rent receivable (1) 73,382 73,332 Total $ 86,858 $ 98,369 (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. Investment in mortgage notes, including related accrued interest receivable, at December 31, 2019 and 2018 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2019 2018 Three attraction properties Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas (1) 7.00% and 10.00% 7/1/2019 Paid in full — — 179,846 Public charter school property Jersey City, New Jersey (2) 10.00 % 7/10/2019 Prepaid in full — — 15,652 Public charter school property Vineland, New Jersey (3) 9.95 % 11/1/2019 Prepaid in full — — 9,839 Eight public charter school properties Indiana, Ohio, South Carolina and Pennsylvania (4) 7.00 % 11/22/2019 (4) — — 54,535 Public charter school property St. Paul, Minnesota (4) 8.93% to 9.38% 11/22/2019 (4) — — 8,835 Public charter school property Millville, New Jersey (4) 10.35 % 11/22/2019 (4) — — 6,383 Public charter school property Roswell, Georgia (4) 9.10 % 11/22/2019 (4) — — 4,165 Public charter school property Atlanta, Georgia (4) 8.84 % 11/22/2019 (4) — — 4,236 Public charter school property Bronx, New York (4) 8.75 % 11/22/2019 (4) — — 23,718 Public charter school property Colorado Springs, Colorado (4) 9.02 % 11/22/2019 (4) — — 14,325 Attraction property Powells Point, North Carolina 7.75 % 6/30/2025 Interest only 27,423 27,423 — Fitness & wellness property Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 Fitness & wellness property Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,977 Fitness & wellness property Merriam, Kansas 7.55 % 7/31/2029 Interest only 5,950 5,985 — Ski property Girdwood, Alaska 8.25 % 12/31/2029 Interest only 37,000 37,000 — Experiential lodging property Nashville, Tennessee 6.99 % 9/30/2031 Interest only 70,000 70,396 — Eat & play property Austin, Texas 11.31 % 6/1/2033 Principal & Interest-fully amortizing 11,582 11,582 11,934 Ski property West Dover and Wilmington, Vermont 11.61 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties Ohio and Pennsylvania 10.75 % 12/1/2034 Interest only 37,562 37,562 37,562 Ski property Chesterland, Ohio 11.21 % 12/1/2034 Interest only 4,550 4,550 4,550 Ski property Hunter, New York 8.43 % 1/5/2036 Interest only 21,000 21,000 21,000 Eat & play property Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 Eat & play property West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 Private school property Mableton, Georgia 8.84 % 4/30/2037 Interest only 4,674 5,048 4,952 Fitness & wellness property Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 10,360 Early childhood education center Lake Mary, Florida 7.75 % 5/9/2039 Interest only 4,200 4,258 — Eat & play property Eugene, Oregon 8.125 % 6/17/2039 Interest only 14,700 14,800 — Early childhood education center Lithia, Florida 8.25 % 10/31/2039 Interest only 3,956 4,024 2,172 $ 356,183 $ 357,391 $ 517,467 (1) On July 1, 2019, the Company received $189.8 million in proceeds representing payment in full on mortgage notes receivable from SVVI, LLC (Schlitterbahn Group) that were secured by three attraction properties. There were no prepayment fees received in connection with these note payoffs. (2) On July 10, 2019, the Company received $17.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Jersey City, New Jersey. In connection with the prepayment of this note, the Company recognized a prepayment fee of $1.8 million that is included in mortgage and other financing income in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019 . (3) On November 1, 2019, the Company received $9.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Vineland, New Jersey. No prepayment fee was received in connection with this note payoff. (4) On November 22, 2019, the Company completed the sale of substantially all of its public charter school portfolio which included seven mortgage notes receivable that were secured by 14 public charter school properties. No prepayment fees were received in connection with the sale of these notes. See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. |
Investments In Direct Financing
Investments In Direct Financing Leases | 12 Months Ended |
Dec. 31, 2019 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Investments In Direct Financing Leases | Investment in Direct Financing Leases On November 22, 2019, the Company completed the sale of its public charter school portfolio that included two properties that were leased to affiliates of Imagine and accounted for as direct financing leases. See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. As of December 31, 2019 , the Company has no investment in direct financing leases. As of December 31, 2018 , the Company’s investment in direct financing leases related to the Company’s lease of two public charter school properties with affiliates of Imagine. Investment in direct financing leases, net represented estimated unguaranteed residual values of leased assets and net unpaid rentals, less related deferred income. The following table summarizes the carrying amounts of investment in direct financing leases, net as of December 31, 2018 (in thousands): 2018 Total minimum lease payments receivable $ 36,352 Estimated unguaranteed residual value of leased assets 16,509 Less deferred income (1) (32,303 ) Investment in direct financing leases, net $ 20,558 (1) Deferred income is net of $0.3 million of initial direct costs at December 31, 2018 , respectively. During the year ended December 31, 2018 , the Company completed the sale of four public charter school properties leased to Imagine, located in Arizona, Ohio and Washington D.C. for net proceeds of $43.4 million . Accordingly, the Company reduced its investment in direct financing leases, net, by $37.9 million , which included $31.6 million in original acquisition costs. A gain of $5.5 million was recognized during the year ended December 31, 2018. During 2017, the Company entered into revised lease terms with Imagine which reduced the rental payments and term on six properties. As a result of the revised lease terms, these six properties were classified as operating leases. Due to lease negotiations during the three months ended June 30, 2017, management evaluated whether it could recover its investment in these leases taking into account the revised lease terms and independent appraisals prepared as of June 30, 2017, and determined the carrying value of the investment in the direct financing leases exceeded the expected lease payments to be received and residual values for these six leases. Accordingly, the Company recorded an impairment charge of $9.6 million (of which $8.3 million has been classified within discontinued operations) during the year ended December 31, 2017, which included an allowance for lease loss of $7.3 million and a charge of $2.3 million related to estimated unguaranteed residual value. Additionally, during 2017, the Company performed its annual review of the estimated unguaranteed residual value on its other properties leased to Imagine and determined that the residual value on one of these properties was impaired. As such, the Company recorded an impairment charge of the unguaranteed residual value of $0.6 million during the year ended December 31, 2017. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Debt Debt at December 31, 2019 and 2018 consists of the following (in thousands): 2019 2018 Senior unsecured notes payable, 5.75%, prepaid in full during the three months ended September 30, 2019 (1) $ — $ 350,000 Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (2) — 30,000 Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 3.15% and $50,000 fixed at 3.35% through February 7, 2022, due February 27, 2023 (2) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (3) 275,000 275,000 Senior unsecured notes payable, 4.35%, due August 22, 2024 (4) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (3) 300,000 300,000 Senior unsecured notes payable, 4.56%, due August 22, 2026 (4) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (3) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (3) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (3) (5) 400,000 400,000 Senior unsecured notes payable, 3.75%, due August 15, 2029 (3) (6) 500,000 — Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (37,165 ) (33,941 ) Total $ 3,102,830 $ 2,986,054 (1) On August 19, 2019, $219.4 million of the $350.0 million aggregate principal amount of 5.75% Senior Notes due August 15, 2022 were validly tendered and delivered for consideration of the principal amount outstanding plus a premium of $23.6 million . On September 16, 2019, the Company redeemed all of the remaining outstanding notes that were not validly tendered. The notes were redeemed at a price equal to the principal amount outstanding plus a premium calculated pursuant to the terms of the indenture of $13.3 million , together with accrued and unpaid interest of $0.6 million . In connection with the tender offer and the redemption, the Company recorded a non-cash write off of $1.4 million in deferred financing costs. The premiums paid and the non-cash write off, totaling $38.3 million , were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019. (2) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 2.88% on December 31, 2019 . Interest is payable monthly. As of December 31, 2019 , the Company had no outstanding balance under the facility and total availability under the facility was $1.0 billion . The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 2.81% on December 31, 2019 . Interest is payable monthly. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (3) These notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (4) These notes (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) contain certain "most favored lender" provisions and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company. (5) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95% . Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the Company's unsecured revolving credit facility. (6) On August 15, 2019, the Company issued $500.0 million in aggregate principal amount of senior notes due August 15, 2029 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 3.75% . Interest is payable on February 15 and August 15 of each year beginning on February 15, 2020 until the stated maturity date of August 15, 2029. The notes were issued at 99.168% of their face value and are unsecured. Net proceeds from the note offering were used for the tender offer and redemption of notes due in 2022 discussed above and to pay down the Company's unsecured revolving credit facility. Certain of the Company’s debt agreements contain customary restrictive covenants related to financial and operating performance as well as certain cross-default provisions. The Company was in compliance with all financial covenants at December 31, 2019 . Principal payments due on long-term debt obligations subsequent to December 31, 2019 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2020 $ — 2021 — 2022 — 2023 675,000 2024 148,000 Thereafter 2,316,995 Less: deferred financing costs, net (37,165 ) Total $ 3,102,830 The Company capitalizes a portion of interest costs as a component of property under development. The following is a summary of interest expense, net from continuing operations for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Interest on loans $ 140,697 $ 137,570 $ 135,023 Amortization of deferred financing costs 6,192 5,797 6,167 Credit facility and letter of credit fees 2,265 2,411 2,005 Interest cost capitalized (4,975 ) (9,541 ) (9,542 ) Interest income (2,177 ) (367 ) (192 ) Interest expense, net $ 142,002 $ 135,870 $ 133,461 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 derivative assets of $1.1 million and $10.6 million at December 31, 2019 and 2018, respectively, and derivative liabilities of $4.5 million at December 31, 2019 . The Company had no derivative liabilities at December 31, 2018 . The Company has not posted or received collateral with its derivative counterparties as of December 31, 2019 and 2018 . See Note 11 for disclosures relating to the fair value of the derivative instruments as of December 31, 2019 and 2018 . 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 December 31, 2019 , 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 . During the year ended December 31, 2019 , the Company entered into an interest rate swap agreement designated as a cash flow hedge of interest rate risk effective October 1, 2019 related to its variable rate secured bonds totaling $25.0 million . Interest rate swap agreements outstanding at December 31, 2019 are summarized below: Fixed rate Notional Amount (in millions) Index Maturity 3.1450% $ 116.7 USD LIBOR February 7, 2022 3.1575% 116.7 USD LIBOR February 7, 2022 3.1580% 116.6 USD LIBOR February 7, 2022 3.3450% 50.0 USD LIBOR February 7, 2022 Total $ 400.0 1.3925% 25.0 USD LIBOR September 30, 2024 Total $ 25.0 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 December 31, 2019 , the Company estimates that during the twelve months ending December 31, 2020, $1.8 million 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. As of December 31, 2019 , the Company had a USD-CAD cross-currency swap with a fixed original notional value of $100.0 million CAD and $79.5 million USD. The net effect of this swap is to lock in an exchange rate of $1.26 CAD per USD on approximately $13.5 million of annual CAD denominated cash flows through June 2020. Subsequent to December 31, 2019, the Company entered into USD-CAD cross-currency swaps that will be effective July 1, 2020 with a fixed original notional value of $100.0 million CAD and $76.6 million USD. The net effect of this swap 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 December 31, 2019 , the Company estimates that during the twelve months ending December 31, 2020, $0.2 million of gains will be reclassified from AOCI to other income. 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 December 31, 2019 , the Company had the following cross-currency swaps designated as net investment hedges: Fixed rate Notional Amount (in millions, CAD) Maturity $1.32 CAD per USD $ 100.0 July 1, 2023 $1.32 CAD per USD 100.0 July 1, 2023 Total $ 200.0 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 years ended December 31, 2019, 2018 and 2017 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income and Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017 (Dollars in thousands) Year Ended December 31, Description 2019 2018 2017 Cash Flow Hedges Interest Rate Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative $ (7,476 ) $ 3,172 $ 2,479 Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 1,138 1,324 (2,498 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (450 ) 1,689 (793 ) Amount of Income Reclassified from AOCI into Earnings (2) 545 1,426 2,457 Net Investment Hedges Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (4,454 ) 5,108 — Amount of Income Recognized in Earnings (2) (3) 556 271 — Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative — 8,560 (9,547 ) Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (12,380 ) $ 18,529 $ (7,861 ) Amount of Income (Expense) Reclassified from AOCI into Earnings 1,683 2,750 (41 ) Amount of Income Recognized in Earnings 556 271 — Interest expense, net in accompanying consolidated statements of income and comprehensive income 142,002 135,870 133,461 Other income in accompanying consolidated statements of income and comprehensive income 25,920 2,076 3,095 (1) Included in “Interest expense, net” in accompanying consolidated statements of income and comprehensive income. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income. (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 December 31, 2019 , the fair value of the Company's derivatives in a liability position related to these agreements was $4.5 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 for $4.0 million , which is their termination value after considering the right of offset. As of December 31, 2019 , 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
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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 are 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 has 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 December 31, 2019 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives and therefore, has classified its derivatives as Level 2 within the fair value reporting hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2019 and 2018 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2019: Cross Currency Swaps* $ — $ 828 $ — $ 828 Interest Rate Swap Agreements* $ — $ 225 $ — $ 225 Interest Rate Swap Agreements** $ — $ (4,495 ) $ — $ (4,495 ) 2018: Cross Currency Swaps* $ — $ 6,278 $ — $ 6,278 Interest Rate Swap Agreements* $ — $ 4,344 $ — $ 4,344 *Included in "Other assets" in the accompanying consolidated balance sheet. ** Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis during the year ended December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2019 and 2018 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2019: Real estate investments, net $ — $ 6,160 $ — $ 6,160 2018: Land held for development $ — $ — $ 9,805 $ 9,805 As discussed further in Note 4, during the year ended December 31, 2019, the Company recorded an impairment charge of $2.2 million related to real estate investments, net. Management estimated the fair value of this property taking into account various factors including various purchase offers, pending purchase agreements, the shortened holding period and current market conditions. The Company determined, based on the inputs, that its valuation of real estate investments, net were classified within Level 2 of the fair value hierarchy. As discussed further in Note 4, during the year ended December 31, 2018, the Company recorded impairment charges totaling $16.5 million related to land held for development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. 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 December 31, 2019 and 2018 : 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 December 31, 2019 , the Company had a carrying value of $357.4 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.98% . The fixed rate mortgage notes bear interest at rates of 6.99% to 11.61% . Discounting the future cash flows for fixed rate mortgage notes receivable using rates of 6.99% to 9.25% , management estimates the fair value of the fixed rate mortgage notes receivable to be $395.6 million with an estimated weighted average market rate of 7.76% at December 31, 2019 . At December 31, 2018 , the Company had a carrying value of $517.5 million in fixed rate mortgage notes receivable outstanding, including related accrued interest, with a weighted average interest rate of approximately 8.67% . The fixed rate mortgage notes bear interest at rates of 7.00% to 11.43% . 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 $544.6 million with an estimated weighted average market rate of 8.68% at December 31, 2018 . Investment in direct financing leases, net: At December 31, 2019 , the Company had no investments in direct financing leases. At December 31, 2018 , the Company had investments in direct financing leases with a carrying value of $20.6 million , and a weighted average effective interest rate of 12.04% . At December 31, 2018 , the investment in direct financing leases had interest at effective interest rates of 11.93% to 12.38% . The carrying value of the investment in direct financing leases approximated the fair value at December 31, 2018 . Derivative instruments: Derivative instruments are carried at their fair value. Debt instruments: The fair value of the Company's debt as of December 31, 2019 and 2018 is estimated by discounting the future cash flows of each instrument using current market rates. At December 31, 2019 , the Company had a carrying value of $425.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.75% . The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2019 . At December 31, 2018 , the Company had a carrying value of $455.0 million in variable rate debt outstanding with an average weighted interest rate of approximately 2.84% . The carrying value of the variable rate debt outstanding approximates the fair value at December 31, 2018 . At December 31, 2019 and 2018, $425.0 million and $350.0 million , respectively, of the Company's variable rate debt, discussed above, had been effectively converted to a fixed rate by interest rate swap agreements. See Note 10 for additional information related to the Company's interest rate swap agreements. At December 31, 2019 , 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 4.54% . Discounting the future cash flows for fixed rate debt using December 31, 2019 market rates of 2.87% to 4.56% , management estimates the fair value of the fixed rate debt to be approximately $2.87 billion with an estimated weighted average market rate of 3.51% at December 31, 2019 . At December 31, 2018 , the Company had a carrying value of $2.57 billion in fixed rate long-term debt outstanding with an average weighted interest rate of approximately 4.86% . Discounting the future cash flows for fixed rate debt using December 31, 2018 market rates of 3.48% to 4.99% , management estimates the fair value of the fixed rate debt to be approximately $2.57 billion with an estimated weighted average market rate of 4.69% at December 31, 2018 . |
Common and Preferred Shares
Common and Preferred Shares | 12 Months Ended |
Dec. 31, 2019 | |
Common and Preferred Shares [Abstract] | |
Common And Preferred Shares | Common and Preferred Shares On June 3, 2019, the Company filed a shelf registration statement with the SEC, which is effective for a term of three years. The securities covered by this registration statement include common shares, preferred shares, debt securities, depositary shares, warrants, and units. The Company may periodically offer one of more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Additionally, on June 3, 2019, the Company filed a shelf registration statement with the SEC, which is effective for a term of three years, for its Dividend Reinvestment and Direct Share Purchase Plan (DSP Plan) which permits the issuance of up to 15,000,000 common shares. Common Shares The Board of Trustees declared cash dividends totaling $4.50 and $4.32 per common share for the years ended December 31, 2019 and 2018 , respectively. Of the total distributions calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per common share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions Per Share 2019 2018 Taxable ordinary income (1) $ 2.7411 $ 4.1253 Return of capital 1.3966 — Long-term capital gain (2) 0.3473 0.1747 Totals $ 4.4850 $ 4.3000 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.3473 and $0.0102 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019 the Company issued an aggregate of 4,007,113 common shares under its DSP Plan for net proceeds of $305.9 million . Series C Convertible Preferred Shares The Company has outstanding 5.4 million 5.75% Series C cumulative convertible preferred shares (Series C preferred shares). The Company will pay cumulative dividends on the Series C preferred shares from the date of original issuance in the amount of $1.4375 per share each year, which is equivalent to 5.75% of the $25 liquidation preference per share. Dividends on the Series C preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series C preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series C preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2019 , the Series C preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4049 common shares per Series C preferred share, which is equivalent to a conversion price of $61.74 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividends per share exceeds a quarterly threshold of $0.6875 . Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series C preferred shares becoming convertible into shares of the public acquiring or surviving company. The Company may, at its option, cause the Series C preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 135% of the then prevailing conversion price of the Series C preferred shares. Owners of the Series C preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. The Board of Trustees declared cash dividends totaling $1.4375 per Series C preferred share for each of the years ended December 31, 2019 and 2018 . There were non-cash distributions associated with conversion adjustments of $0.6822 and $0.6205 per Series C preferred share for the years ended December 31, 2019 and 2018 , respectively. The conversion adjustment provision entitles the shareholders of the Series C preferred shares, upon certain quarterly common share dividend thresholds being met, to receive additional common shares of the Company upon a conversion of the preferred shares into common shares. The increase in common shares to be received upon a conversion is a deemed distribution for federal income tax purposes. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series C preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.2758 $ 1.3791 Return of capital — — Long-term capital gain (2) 0.1617 0.0584 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1617 and $0.0034 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. Non-cash Distributions per Share 2019 2018 Taxable ordinary income (3) $ 0.1050 $ 0.5953 Return of capital 0.5639 — Long-term capital gain (4) 0.0133 0.0252 Totals $ 0.6822 $ 0.6205 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital gain, $0.0133 and $0.0015 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. Series E Convertible Preferred Shares The Company has outstanding 3.4 million 9.00% Series E cumulative convertible preferred shares (Series E preferred shares). The Company will pay cumulative dividends on the Series E preferred shares from the date of original issuance in the amount of $2.25 per share each year, which is equivalent to 9.00% of the $25 liquidation preference per share. Dividends on the Series E preferred shares are payable quarterly in arrears. The Company does not have the right to redeem the Series E preferred shares except in limited circumstances to preserve the Company’s REIT status. The Series E preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. As of December 31, 2019 , the Series E preferred shares are convertible, at the holder’s option, into the Company’s common shares at a conversion rate of 0.4759 common shares per Series E preferred share, which is equivalent to a conversion price of $52.53 per common share. This conversion ratio may increase over time upon certain specified triggering events including if the Company’s common dividends per share exceeds a quarterly threshold of $0.84 . Upon the occurrence of certain fundamental changes, the Company will under certain circumstances increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the Series E preferred shares becoming convertible into shares of the public acquiring or surviving company. The Company may, at its option, cause the Series E preferred shares to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company’s common shares equals or exceeds 150% of the then prevailing conversion price of the Series E preferred shares. Owners of the Series E preferred shares generally have no voting rights, except under certain dividend defaults. Upon conversion, the Company may choose to deliver the conversion value to the owners in cash, common shares, or a combination of cash and common shares. The Board of Trustees declared cash dividends totaling $2.25 per Series E preferred share for each of the years ended December 31, 2019 and 2018 . There were non-cash distributions associated with conversion adjustments of $0.6024 and $0.5308 per Series E preferred share for the years ended December 31, 2019 and 2018 , respectively. The conversion adjustment provision entitles the shareholders of the Series E preferred shares, upon certain quarterly common share dividend thresholds being met, to receive additional common shares of the Company upon a conversion of the preferred shares into common shares. The increase in common shares to be received upon a conversion is a deemed distribution for federal income tax purposes. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series E preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.9970 $ 2.1586 Return of capital — — Long-term capital gain (2) 0.2530 0.0914 Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.2530 and $0.0053 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. Non-cash Distributions per Share 2019 2018 Taxable ordinary income (3) $ — $ 0.5092 Return of capital 0.6024 — Long-term capital gain (4) — 0.0216 Totals $ 0.6024 $ 0.5308 (3) Amounts qualify in their entirety as 199A distributions. (4) There were no unrecaptured section 1250 gains for the year ended December 31, 2019. Of the long-term capital gain, $0.0013 was unrecaptured section 1250 gains for the year ended December 31, 2018. Series G Preferred Shares On November 30, 2017, the Company issued 6.0 million 5.75% Series G cumulative redeemable preferred shares (Series G preferred shares) in a registered public offering for net proceeds of approximately $144.5 million , after underwriting discounts and expenses. The Company will pay cumulative dividends on the Series G preferred shares from the date of original issuance in the amount of $1.4375 per share each year, which is equivalent to 5.75% of the $25.00 liquidation preference per share. Dividends on the Series G preferred shares are payable quarterly in arrears. The Company may not redeem the Series G preferred shares before November 30, 2022, except in limited circumstances to preserve the Company's REIT status. On or after November 30, 2022, the Company may, at its option, redeem the Series G preferred shares in whole at any time or in part from time to time by paying $25.00 per share, plus any accrued and unpaid dividends up to, but not including the date of redemption. The Series G preferred shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series G preferred shares are not convertible into any of the Company's securities, except under certain circumstances in connection with a change of control. Owners of the Series G preferred shares generally have no voting rights except under certain dividend defaults. The Board of Trustees declared cash dividends totaling $1.4375 per Series G preferred share for each of the years ended December 31, 2019 and 2018 . For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series G preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.2758 $ 1.2105 Return of capital — — Long-term capital gain (2) 0.1617 0.0513 Totals $ 1.4375 $ 1.2618 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1617 and $0.0030 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 (amounts in thousands except per share information): Year Ended December 31, 2019 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 154,556 Less: preferred dividend requirements (24,136 ) Income from continuing operations available to common shareholders $ 130,420 76,746 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,746 $ 0.62 Net income available to common shareholders $ 178,107 76,746 $ 2.32 Diluted EPS: Income from continuing operations available to common shareholders $ 130,420 76,746 Effect of dilutive securities: Share options — 36 Income from continuing operations available to common shareholders $ 130,420 76,782 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,782 $ 0.62 Net income available to common shareholders $ 178,107 76,782 $ 2.32 Year Ended December 31, 2018 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 221,947 Less: preferred dividend requirements (24,142 ) Income from continuing operations available to common shareholders $ 197,805 74,292 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,292 $ 0.61 Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Income from continuing operations available to common shareholders $ 197,805 74,292 Effect of dilutive securities: Share options — 45 Income from continuing operations available to common shareholders $ 197,805 74,337 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,337 $ 0.61 Net income available to common shareholders $ 242,841 74,337 $ 3.27 Year Ended December 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 225,168 Less: preferred dividend requirements and redemption costs (28,750 ) Income from continuing operations available to common shareholders $ 196,418 71,191 $ 2.76 Income from discontinued operations available to common shareholders $ 37,800 71,191 $ 0.53 Net income available to common shareholders $ 234,218 71,191 $ 3.29 Diluted EPS: Income from continuing operations available to common shareholders $ 196,418 71,191 Effect of dilutive securities: Share options — 63 Income from continuing operations available to common shareholders $ 196,418 71,254 $ 2.76 Income from discontinued operations available to common shareholders $ 37,800 71,254 $ 0.53 Net income available to common shareholders $ 234,218 71,254 $ 3.29 The additional 2.2 million common shares for December 31, 2019 and 2.1 million common shares for both December 31, 2018 and 2017 that would result from the conversion of the Company’s 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company’s 9.0% Series E cumulative convertible preferred shares for the year ended December 31, 2019, 2018 and 2017 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 years ended December 31, 2019, 2018 and 2017 . However, options to purchase 4 thousand , 26 thousand and 7 thousand of common shares were outstanding at the end of 2019, 2018 and 2017, respectively, at per share prices ranging from $73.84 to $76.63 for 2019 and per share prices ranging from $61.79 to $76.63 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
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. At December 31, 2019 , there were 1,091,880 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: Number of shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 Exercised (29,253 ) 46.86 — 61.79 54.54 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (1,342 ) 51.64 — 61.79 59.52 Outstanding at December 31, 2017 257,606 $ 19.02 — $ 76.63 $ 51.81 Exercised (25,721 ) 45.20 — 61.79 50.68 Granted 3,835 56.94 — 56.94 56.94 Forfeited/Expired (845 ) 51.64 — 61.79 61.12 Outstanding at December 31, 2018 234,875 $ 19.02 — $ 76.63 $ 51.98 Exercised (118,786 ) 19.02 — 61.79 48.71 Granted 1,941 73.84 — 73.84 73.84 Outstanding at December 31, 2019 118,030 $ 44.62 — $ 76.63 $ 55.63 The weighted average fair value of options granted was $4.64 , $3.03 and $7.91 during 2019, 2018 and 2017, respectively. The intrinsic value of stock options exercised was $2.8 million , $0.4 million , and $0.5 million during the years ended December 31, 2019, 2018 and 2017 , respectively. Additionally, the Company repurchased 90,873 shares in conjunction with the stock options exercised during the year ended December 31, 2019 with a total value of $6.5 million . The expense related to share options included in the determination of net income for the years ended December 31, 2019, 2018 and 2017 was $10 thousand , $0.3 million , and $0.7 million , respectively. The following assumptions were used in applying the Black-Scholes option pricing model at the grant dates: risk-free interest rate of 2.4% , 2.7% and 2.1% in 2019, 2018 and 2017, respectively, dividend yield of 6.7% , 7.6% and 5.4% in 2019, 2018 and 2017, respectively, volatility factors in the expected market price of the Company’s common shares of 19.1% , 18.9% and 22.0% in 2019, 2018 and 2017, respectively, 0.75% , 0.74% and 0.74% expected forfeiture rates for the years ended 2019, 2018 and 2017, respectively, and an expected life of approximately six years for the years ended 2019, 2018 and 2017. The Company uses historical data to estimate the expected life of the option and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Additionally, expected volatility is computed based on the average historical volatility of the Company’s publicly traded shares. At December 31, 2019 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2020 $ 9 2021 5 2022 2 Total $ 16 The following table summarizes outstanding and exercisable options at December 31, 2019 : 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. Weighted avg. Aggregate intrinsic 44.62 - 49.99 31,445 2.1 31,445 2.1 50.00 - 59.99 31,710 4.5 28,834 4.1 60.00 - 69.99 50,719 5.1 50,719 5.1 70.00 - 76.63 4,156 8.1 1,108 7.1 118,030 4.3 $ 55.63 $ 1,791 112,106 4.0 $ 55.08 $ 1,751 Nonvested Shares A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2018 655,056 $ 64.16 Granted 208,755 74.13 Vested (346,145 ) 64.66 Forfeited (8,328 ) 66.38 Outstanding at December 31, 2019 509,338 $ 67.88 0.86 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 $22.7 million , $16.0 million , and $15.1 million for the years ended December 31, 2019, 2018 and 2017 , respectively. At December 31, 2019 , unamortized share-based compensation expense related to nonvested shares was $15.3 million and will be recognized in future periods as follows (in thousands): Amount Year: 2020 $ 8,187 2021 5,243 2022 1,873 Total $ 15,303 Restricted Share Units A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2018 23,571 $ 61.25 Granted 27,392 77.19 Vested (24,727 ) 61.62 Outstanding at December 31, 2019 26,236 $ 77.54 0.42 The holders of restricted share units receive dividend equivalents from the date of grant. At December 31, 2019 , unamortized share-based compensation expense related to restricted share units was $848 thousand which will be recognized in 2020. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate as of December 31, 2019 : As of December 31, 2019 Weighted-average remaining lease term in years Operating ground leases 16.0 Operating office lease 6.8 Weighted-average discount rate Operating ground leases 4.96 % Operating office lease 4.62 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | Operating Leases The Company’s real estate investments are leased under operating leases with remaining terms ranging from one year to 30 years . As described in Note 2, 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. The following table summarizes the future minimum rentals on the Company's lessor and sub-lessor arrangements at December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 (2) Operating leases Sub-lessor operating ground leases Operating leases Amount (1) Amount (1) Total Amount (1) Year: Year: 2020 $ 525,809 $ 23,468 $ 549,277 2019 $ 520,139 2021 518,590 23,863 542,453 2020 503,344 2022 504,119 23,291 527,410 2021 492,165 2023 474,889 22,609 497,498 2022 477,671 2024 453,043 22,196 475,239 2023 449,686 Thereafter 3,707,326 226,150 3,933,476 Thereafter 3,953,717 Total $ 6,183,776 $ 341,577 $ 6,525,353 Total $ 6,396,722 (1) Included in rental revenue. (2) Balances as of December 31, 2018 are prior to the adoption of Topic 842. In addition to its lessor arrangements on its real estate investments, as of December 31, 2019 and 2018, the Company was lessee in 58 and 57 operating ground leases, respectively, as well as lessee in an operating lease of its executive office. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease rent, the Company would be primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2019 , the ground lease arrangements have remaining terms ranging from one year to 47 years . Most of these leases include one or more options to renew. The Company assesses these options using a threshold of reasonably certain, which also includes an assessment of the term of the Company's tenants' leases. For leases where renewal is reasonably certain, those option periods are included within the lease term and also the measurement of the operating lease right-of-use asset and liability. The ground lease arrangements do not contain any residual value guarantees or any material restrictions. As of December 31, 2019 , the Company does not have any leases that have not commenced but that create significant rights and obligations. The Company determines whether an arrangement is or includes a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was adjusted for collateral based on the information available at adoption or the commencement date. Inputs to the calculation of the Company's incremental borrowing rate include its senior notes and their option adjusted credit spreads over comparable U.S. Treasury rates, adjusted to a collateralized basis by estimating the credit spread improvement that would result from an upgrade of one ratings classification. The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2019 and 2018 , excluding contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales (in thousands): December 31, 2019 December 31, 2018 (3) Ground Leases (1) Office lease (2) Ground Leases Office lease (2) Year: Year: 2020 $ 24,085 $ 856 2019 $ 22,867 $ 856 2021 24,529 884 2020 23,236 856 2022 23,961 967 2021 23,600 884 2023 23,283 967 2022 22,996 967 2024 22,871 967 2023 22,303 967 Thereafter 243,411 1,691 Thereafter 257,446 2,658 Total lease payments $ 362,140 $ 6,332 $ 372,448 $ 7,188 Less: imputed interest 131,901 921 Present value of lease liabilities $ 230,239 $ 5,411 (1) Included in property operating expense. (2) Included in general and administrative expense. (3) Balances as of December 31, 2018 are prior to the adoption of Topic 842. The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2019 (in thousands): As of Classification December 31, 2019 Assets: Operating ground lease assets Operating lease right-of-use assets $ 205,997 Office lease asset Operating lease right-of-use assets 5,190 Total operating lease right-of-use assets $ 211,187 Sub-lessor straight-line rent receivable Accounts receivable 24,569 Total leased assets $ 235,756 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 230,239 Office lease liability Operating lease liabilities 5,411 Total lease liabilities $ 235,650 The following table summarizes the lease costs and sublease income for the year ended December 31, 2019 (in thousands): Classification Year ended December 31, 2019 Lease Cost Operating ground lease cost Property operating expense $ 24,656 Operating office lease cost General and administrative expense 909 Sublease income Rental revenue (23,492 ) Net lease cost $ 2,073 The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate as of December 31, 2019 : As of December 31, 2019 Weighted-average remaining lease term in years Operating ground leases 16.0 Operating office lease 6.8 Weighted-average discount rate Operating ground leases 4.96 % Operating office lease 4.62 % |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (unaudited) Summarized quarterly financial data for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2019: Total revenue $ 150,527 $ 161,740 $ 169,356 $ 170,346 Net income 65,349 66,594 34,003 36,297 Net income available to common shareholders of EPR Properties 59,315 60,560 27,969 30,263 Basic net income per common share 0.79 0.80 0.36 0.39 Diluted net income per common share 0.79 0.79 0.36 0.39 March 31 June 30 September 30 December 31 2018: Total revenue $ 139,951 $ 188,060 $ 160,993 $ 150,917 Net income 29,538 91,581 91,833 54,031 Net income available to common shareholders of EPR Properties 23,502 85,545 85,797 47,997 Basic net income per common share 0.32 1.15 1.15 0.65 Diluted net income per common share 0.32 1.15 1.15 0.65 During the year ended December 31, 2019, the Company completed the sale of its public charter school portfolio. Due to this, the historical financial results of public charter school investments disposed of by the Company in 2019 are reflected in the Company's consolidated statements of income and comprehensive income as discontinued operations for all periods presented. See Note 18 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Discontinued Operations During the year ended December 31, 2019, the Company completed the sale of its public charter school portfolio with the largest disposition occurring on November 22, 2019 consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million . See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. The Company determined the dispositions of the remaining public charter school portfolio in 2019 represented a strategic shift that had a major effect on the Company's operations and financial results. Therefore, all public charter school investments disposed of by the Company during the year ended December 31, 2019 qualified as discontinued operations. Accordingly, the historical financial results of these public charter school investments are reflected in the Company's consolidated financial statements as discontinued operations for all periods presented. The operating results relating to discontinued operations are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Rental revenue $ 36,289 $ 47,277 $ 43,016 Mortgage and other financing income 14,284 13,533 14,655 Total revenue 50,573 60,810 57,671 Property operating expense 573 1,102 326 Costs associated with loan refinancing or payoff 181 — — Interest expense, net (351 ) (363 ) (337 ) Depreciation and amortization 12,929 15,035 11,589 Income from discontinued operations before other items 37,241 45,036 46,093 Impairment charges — — (8,293 ) Impairment on public charter school portfolio sale (21,433 ) — — Gain on sale of real estate 31,879 — — Income from discontinued operations $ 47,687 $ 45,036 $ 37,800 The cash flow information relating to discontinued operations are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Depreciation and amortization $ 12,929 $ 15,035 $ 11,589 Acquisition of and investments in real estate and other assets (6,968 ) (5,956 ) (28,731 ) Proceeds from sale of real estate 182,934 — — Proceeds from sale of public charter school portfolio 449,555 — — Investment in mortgage notes receivable (5,115 ) (17,933 ) (38,802 ) Proceeds from mortgage notes receivable paydowns 28,662 3,355 12,413 Additions to properties under development (22,981 ) (31,036 ) (22,912 ) Non-cash activity: Transfer of property under development to real estate investments $ 28,099 $ 24,900 $ 31,749 Conversion or reclassification of mortgage notes receivable to real estate investments — 12,013 — Transfer of investment in direct financing lease to real estate investments — — 35,807 Interest cost capitalized 351 363 337 |
Other Commitments And Contingen
Other Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments And Contingencies | Other Commitments and Contingencies As of December 31, 2019 , the Company had nine development projects with commitments to fund an aggregate of approximately $79.3 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 December 31, 2019 , the Company had two mortgage notes and notes receivable with commitments totaling approximately $23.1 million . If commitments are funded in the future, interest will be charged at rates consistent with the existing investments. At December 31, 2018, the Company had $5.3 million in other assets and $16.1 million in other liabilities related to the Company's payment guarantees of two economic development revenue bonds. During the year ended December 31, 2019 , the Company prepaid in full the two economic development revenue bonds totaling $24.8 million and the other asset and liability related to the Company's obligation to stand ready to perform under the terms of the guarantees were extinguished. The Company took ownership of and recorded the leasehold interest and improvements for the theatre in Louisiana that secured one of the bonds at fair value which approximated $14.0 million at December 31, 2019 . No gain or loss was recognized on these transactions. At December 31, 2019 , the Company does not have any remaining guarantee assets or liabilities. 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 December 31, 2019 , the Company had four surety bonds outstanding totaling $32.0 million . Early Childhood Education Tenant Since 2017, the Company and Children’s Learning Adventure USA, LLC (CLA) were involved in lengthy negotiations and legal proceedings regarding a restructuring of CLA and the ultimate disposition of the properties owned by the Company and leased to CLA. As a result of those negotiations, the Company and CLA undertook a process that provided for the continuation of the lease to CLA and the transfer of the properties one at a time to Crème de la Crème (Crème) as it received the necessary licenses and permits for each property. In February 2019, the Company entered into new leases with Crème on all of the 21 operating CLA properties owned by the Company. These leases were contingent upon the Company delivering possession of the properties to Crème and included different financial terms based on whether CLA delivered to Crème the in-place operations of the school. During the year ended December 31, 2019, all 21 properties were transferred to Crème with in-place operations. Consideration provided by the Company for such transfers during the year ended December 31, 2019 included the release of CLA for past due rent obligations related to the transferred properties, previously fully reserved by the Company. Additional consideration was paid of approximately $15.3 million which included approximately $3.2 million for equipment used in the operations of these schools recorded in notes receivable and due from Crème, and $12.1 million recognized in transaction costs. The leases with Crème have 20 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information As discussed in Note 2, at December 31, 2019, the Company groups its investments into two reportable segments: Experiential and Education. Due to the Company's change to two reportable segments during the year ended December 31, 2019, certain reclassifications have been made to the 2018 and 2017 presentation to conform to the 2019 presentation. The financial information summarized below is presented by reportable segment: Balance Sheet Data: As of December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,307,295 $ 730,165 $ 540,051 $ 6,577,511 As of December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 4,740,387 $ 1,366,278 $ 24,725 $ 6,131,390 Operating Data: For the Year Ended December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 525,085 $ 67,937 $ — $ 593,022 Other income 24,818 — 1,102 25,920 Mortgage and other financing income 31,594 1,433 — 33,027 Total revenue 581,497 69,370 1,102 651,969 Property operating expense 56,369 3,481 889 60,739 Other expense 29,222 — 445 29,667 Total investment expenses 85,591 3,481 1,334 90,406 Net operating income - before unallocated items 495,906 65,889 (232 ) 561,563 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (46,371 ) Severance expense (2,364 ) Costs associated with loan refinancing or payoff (38,269 ) Interest expense, net (142,002 ) Transaction costs (23,789 ) Impairment charges (2,206 ) Depreciation and amortization (158,834 ) Equity in loss from joint ventures (381 ) Gain on sale of real estate 4,174 Income tax benefit 3,035 Discontinued operations: Income from discontinued operations before other items 37,241 Impairment on public charter school portfolio sale (21,433 ) Gain on sale of real estate from discontinued operations 31,879 Net income 202,243 Preferred dividend requirements (24,136 ) Net income available to common shareholders of EPR Properties $ 178,107 For the Year Ended December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 453,721 $ 55,365 $ — $ 509,086 Other income 332 — 1,744 2,076 Mortgage and other financing income 117,171 11,588 — 128,759 Total revenue 571,224 66,953 1,744 639,921 Property operating expense 26,168 2,831 655 29,654 Other expense — — 443 443 Total investment expenses 26,168 2,831 1,098 30,097 Net operating income - before unallocated items 545,056 64,122 646 609,824 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (48,889 ) Severance expense (5,938 ) Litigation settlement expense (2,090 ) Costs associated with loan refinancing or payoff (31,958 ) Interest expense, net (135,870 ) Transaction costs (3,698 ) Impairment charges (27,283 ) Depreciation and amortization (138,395 ) Equity in loss from joint ventures (22 ) Gain on sale of real estate 3,037 Gain on sale of investment in a direct financing lease 5,514 Income tax expense (2,285 ) Discontinued operations: Income from discontinued operations before other items 45,036 Net income 266,983 Preferred dividend requirements (24,142 ) Net income available to common shareholders of EPR Properties $ 242,841 For the Year Ended December 31, 2017 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 405,172 $ 36,015 $ — $ 441,187 Other income 614 1 2,480 3,095 Mortgage and other financing income 53,147 20,891 — 74,038 Total revenue 458,933 56,907 2,480 518,320 Property operating expense 24,699 5,988 640 31,327 Other expense — — 242 242 Total investment expenses 24,699 5,988 882 31,569 Net operating income - before unallocated items 434,234 50,919 1,598 486,751 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (43,383 ) Costs associated with loan refinancing or payoff (1,549 ) Gain on early extinguishment of debt 977 Interest expense, net (133,461 ) Transaction costs (523 ) Impairment charges (1,902 ) Depreciation and amortization (121,357 ) Equity in income from joint ventures 72 Gain on sale of real estate 41,942 Income tax expense (2,399 ) Discontinued operations: Income from discontinued operations before other items 46,093 Impairment charges (8,293 ) Net income 262,968 Preferred dividend requirements (24,293 ) Preferred share redemption costs (4,457 ) Net income available to common shareholders of EPR Properties $ 234,218 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2019 Description Balance at December 31, 2018 Additions During 2019 Deductions During 2019 Balance at December 31, 2019 Reserve for Doubtful Accounts $ 2,899,000 $ 633,000 $ (3,125,000 ) $ 407,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2018 Description Balance at Additions Deductions Balance at Reserve for Doubtful Accounts $ 7,485,000 $ 2,851,000 $ (7,437,000 ) $ 2,899,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. EPR Properties Schedule II - Valuation and Qualifying Accounts December 31, 2017 Description Balance at Additions Deductions Balance at Reserve for Doubtful Accounts $ 871,000 $ 7,256,000 $ (642,000 ) $ 7,485,000 Allowance for Loan Losses — — — — See accompanying report of independent registered public accounting firm. |
Schedule III - Real Estate and
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 | EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Theatres Omaha, NE $ — $ 5,215 $ 16,700 $ 2,328 $ 5,215 $ 19,028 $ 24,243 $ (9,327 ) 11/97 40 years Sugar Land, TX — — 19,100 4,152 — 23,252 23,252 (10,598 ) 11/97 40 years San Antonio, TX — 3,006 13,662 8,455 3,006 22,117 25,123 (9,159 ) 11/97 40 years Columbus, OH — — 12,685 — — 12,685 12,685 (6,818 ) 11/97 40 years San Diego, CA — — 16,028 — — 16,028 16,028 (8,615 ) 11/97 40 years Ontario, CA — 5,521 19,449 7,130 5,521 26,579 32,100 (11,202 ) 11/97 40 years Houston, TX — 6,023 20,037 — 6,023 20,037 26,060 (10,770 ) 11/97 40 years Creve Coeur, MO — 4,985 12,601 4,075 4,985 16,676 21,661 (8,001 ) 11/97 33 years Leawood, KS — 3,714 12,086 4,110 3,714 16,196 19,910 (7,196 ) 11/97 40 years Dallas, TX — 3,060 15,281 19,104 3,060 34,385 37,445 (18,092 ) 11/97 40 years Houston, TX — 4,304 21,496 76 4,304 21,572 25,876 (11,820 ) 02/98 40 years South Barrington, IL — 6,577 27,723 4,618 6,577 32,341 38,918 (15,869 ) 03/98 40 years Mesquite, TX — 2,912 20,288 4,885 2,912 25,173 28,085 (12,126 ) 04/98 40 years Hampton, VA — 3,822 24,678 4,510 3,822 29,188 33,010 (14,038 ) 06/98 40 years Pompano Beach, FL — 6,771 9,899 10,984 6,771 20,883 27,654 (10,803 ) 08/98 24 years Raleigh, NC — 2,919 5,559 3,492 2,919 9,051 11,970 (3,668 ) 08/98 40 years Davie, FL — 2,000 13,000 11,512 2,000 24,512 26,512 (11,488 ) 11/98 40 years Aliso Viejo, CA — 8,000 14,000 — 8,000 14,000 22,000 (7,350 ) 12/98 40 years Boise, ID — — 16,003 — — 16,003 16,003 (8,402 ) 12/98 40 years Woodridge, IL — 9,926 8,968 — 9,926 8,968 18,894 (8,968 ) 06/99 18 years Cary, NC — 3,352 11,653 3,091 3,352 14,744 18,096 (6,267 ) 12/99 40 years Tampa, FL — 6,000 12,809 1,452 6,000 14,261 20,261 (7,883 ) 06/99 40 years Metairie, LA — — 11,740 3,049 — 14,789 14,789 (5,456 ) 03/02 40 years Harahan, LA — 5,264 14,820 — 5,264 14,820 20,084 (6,607 ) 03/02 40 years Hammond, LA — 2,404 6,780 1,607 1,839 8,952 10,791 (3,139 ) 03/02 40 years Houma, LA — 2,404 6,780 — 2,404 6,780 9,184 (3,023 ) 03/02 40 years Harvey, LA — 4,378 12,330 3,735 4,266 16,177 20,443 (5,778 ) 03/02 40 years Greenville, SC — 1,660 7,570 247 1,660 7,817 9,477 (3,400 ) 06/02 40 years Sterling Heights, MI — 5,975 17,956 3,400 5,975 21,356 27,331 (11,256 ) 06/02 40 years Olathe, KS — 4,000 15,935 2,558 3,042 19,451 22,493 (8,513 ) 06/02 40 years Livonia, MI — 4,500 17,525 — 4,500 17,525 22,025 (7,631 ) 08/02 40 years Alexandria, VA — — 22,035 — — 22,035 22,035 (9,503 ) 10/02 40 years Little Rock, AR — 3,858 7,990 — 3,858 7,990 11,848 (3,412 ) 12/02 40 years Macon, GA — 1,982 5,056 — 1,982 5,056 7,038 (2,117 ) 03/03 40 years Southfield, MI — 8,000 20,518 4,092 5,794 26,816 32,610 (26,817 ) 05/03 15 years Lawrence, KS — 1,500 3,526 2,017 1,500 5,543 7,043 (1,708 ) 06/03 40 years Columbia, SC — 1,000 10,534 339 1,000 10,873 11,873 (3,465 ) 11/03 40 years Hialeah, FL — 7,985 — — 7,985 — 7,985 — 12/03 n/a Phoenix, AZ — 4,276 15,934 3,518 4,276 19,452 23,728 (6,642 ) 03/04 40 years Hamilton, NJ — 4,869 18,143 — 4,869 18,143 23,012 (7,144 ) 03/04 40 years Mesa, AZ — 4,446 16,565 3,263 4,446 19,828 24,274 (6,908 ) 03/04 40 years Peoria, IL — 2,948 11,177 — 2,948 11,177 14,125 (4,308 ) 07/04 40 years Lafayette, LA — — 10,318 — — 10,318 10,318 (3,993 ) 07/04 40 years Hurst, TX — 5,000 11,729 1,015 5,000 12,744 17,744 (4,819 ) 11/04 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Melbourne, FL — 3,817 8,830 320 3,817 9,150 12,967 (3,431 ) 12/04 40 years D'Iberville, MS — 2,001 8,043 3,612 808 12,848 13,656 (4,071 ) 12/04 40 years Wilmington, NC — 1,650 7,047 3,033 1,650 10,080 11,730 (2,885 ) 02/05 40 years Chattanooga, TN — 2,799 11,467 — 2,799 11,467 14,266 (4,252 ) 03/05 40 years Conroe, TX — 1,836 8,230 2,304 1,836 10,534 12,370 (3,020 ) 06/05 40 years Indianapolis, IN — 1,481 4,565 2,375 1,481 6,940 8,421 (1,912 ) 06/05 40 years Hattiesburg, MS — 1,978 7,733 4,720 1,978 12,453 14,431 (3,773 ) 09/05 40 years Arroyo Grande, CA — 2,641 3,810 — 2,641 3,810 6,451 (1,342 ) 12/05 40 years Auburn, CA — 2,178 6,185 (65 ) 2,113 6,185 8,298 (2,178 ) 12/05 40 years Fresno, CA — 7,600 11,613 2,894 7,600 14,507 22,107 (5,465 ) 12/05 40 years Modesto, CA — 2,542 3,910 1,889 2,542 5,799 8,341 (1,563 ) 12/05 40 years Columbia, MD — — 12,204 — — 12,204 12,204 (4,195 ) 03/06 40 years Garland, TX — 8,028 14,825 — 8,028 14,825 22,853 (5,096 ) 03/06 40 years Garner, NC — 1,305 6,899 — 1,305 6,899 8,204 (2,357 ) 04/06 40 years Winston Salem, NC — — 12,153 4,188 — 16,341 16,341 (4,964 ) 07/06 40 years Huntsville, AL — 3,508 14,802 — 3,508 14,802 18,310 (4,934 ) 08/06 40 years Kalamazoo, MI — 5,125 12,216 5,950 5,125 18,166 23,291 (11,334 ) 11/06 17 years Pensacola, FL — 5,316 15,099 — 5,316 15,099 20,415 (4,907 ) 12/06 40 years Slidell, LA 10,635 — 11,499 — — 11,499 11,499 (3,737 ) 12/06 40 years Panama City Beach, FL — 6,486 11,156 2,704 6,486 13,860 20,346 (3,542 ) 05/07 40 years Kalispell, MT — 2,505 7,323 — 2,505 7,323 9,828 (2,258 ) 08/07 40 years Greensboro, NC — — 12,606 914 — 13,520 13,520 (5,267 ) 11/07 40 years Glendora, CA — — 10,588 — — 10,588 10,588 (2,956 ) 10/08 40 years Ypsilanti, MI — 4,716 227 2,817 4,716 3,044 7,760 (246 ) 12/09 40 years Manchester, CT — 3,628 11,474 2,315 3,628 13,789 17,417 (2,937 ) 12/09 40 years Centreville, VA — 3,628 1,769 — 3,628 1,769 5,397 (442 ) 12/09 40 years Davenport, IA — 3,599 6,068 2,265 3,564 8,368 11,932 (1,671 ) 12/09 40 years Fairfax, VA — 2,630 11,791 2,000 2,630 13,791 16,421 (3,082 ) 12/09 40 years Flint, MI — 1,270 1,723 — 1,270 1,723 2,993 (431 ) 12/09 40 years Hazlet, NJ — 3,719 4,716 — 3,719 4,716 8,435 (1,179 ) 12/09 40 years Huber Heights, OH — 970 3,891 — 970 3,891 4,861 (973 ) 12/09 40 years North Haven, CT — 5,442 1,061 2,000 3,458 5,045 8,503 (1,464 ) 12/09 40 years Okolona, KY — 5,379 3,311 2,000 5,379 5,311 10,690 (887 ) 12/09 40 years Voorhees, NJ — 1,723 9,614 — 1,723 9,614 11,337 (2,404 ) 12/09 40 years Louisville, KY — 4,979 6,567 (1,046 ) 3,933 6,567 10,500 (1,642 ) 12/09 40 years Beaver Creek, OH — 1,578 6,630 1,700 1,578 8,330 9,908 (1,721 ) 12/09 40 years West Springfield, MA — 2,540 3,755 2,650 2,540 6,405 8,945 (1,017 ) 12/09 40 years Cincinnati, OH — 1,361 1,741 — 635 2,467 3,102 (521 ) 12/09 40 years Pasadena, TX — 2,951 10,684 1,759 2,951 12,443 15,394 (2,601 ) 06/10 40 years Plano, TX — 1,052 1,968 — 1,052 1,968 3,020 (467 ) 06/10 40 years McKinney, TX — 1,917 3,319 — 1,917 3,319 5,236 (788 ) 06/10 40 years Mishawaka, IN — 2,399 5,454 1,383 2,399 6,837 9,236 (1,444 ) 06/10 40 years Grand Prairie, TX — 1,873 3,245 2,104 1,873 5,349 7,222 (1,046 ) 06/10 40 years Redding, CA — 2,044 4,500 1,177 2,044 5,677 7,721 (1,106 ) 06/10 40 years Pueblo, CO — 2,238 5,162 1,265 2,238 6,427 8,665 (1,269 ) 06/10 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Beaumont, TX — 1,065 11,669 1,644 1,065 13,313 14,378 (2,888 ) 06/10 40 years Pflugerville, TX — 4,356 11,533 2,056 4,356 13,589 17,945 (2,876 ) 06/10 40 years Houston, TX — 4,109 9,739 2,617 4,109 12,356 16,465 (2,355 ) 06/10 40 years El Paso, TX — 4,598 13,207 2,296 4,598 15,503 20,101 (3,250 ) 06/10 40 years Colorado Springs, CO — 4,134 11,220 1,427 2,938 13,843 16,781 (2,858 ) 06/10 40 years Virginia Beach, VA — — 1,736 — — 1,736 1,736 (1,736 ) 12/10 40 years Hooksett, NH — 2,639 11,605 1,254 2,639 12,859 15,498 (2,595 ) 03/11 40 years Saco, ME — 1,508 3,826 1,124 1,508 4,950 6,458 (874 ) 03/11 40 years Merrimack, NH — 3,160 5,642 — 3,160 5,642 8,802 (1,246 ) 03/11 40 years Westbrook, ME — 2,273 7,119 — 2,273 7,119 9,392 (1,572 ) 03/11 40 years Twin Falls, ID — — 4,783 — — 4,783 4,783 (907 ) 04/11 40 years Dallas, TX — — 12,146 750 — 12,896 12,896 (2,524 ) 03/12 40 years Albuquerque, NM — — 13,733 — — 13,733 13,733 (2,089 ) 06/12 40 years Southern Pines, NC — 1,709 4,747 12 1,709 4,759 6,468 (891 ) 06/12 40 years Austin, TX — 2,608 6,373 — 2,608 6,373 8,981 (1,022 ) 09/12 40 years Champaign, IL — — 9,381 125 — 9,506 9,506 (1,446 ) 09/12 40 years Gainesville, VA — — 10,846 — — 10,846 10,846 (1,650 ) 02/13 40 years Lafayette, LA 14,360 — 12,728 — — 12,728 12,728 (1,989 ) 08/13 40 years New Iberia, LA — — 1,630 — — 1,630 1,630 (255 ) 08/13 40 years Tuscaloosa, AL — — 11,287 — 1,815 9,472 11,287 (1,480 ) 09/13 40 years Tampa, FL — 1,700 23,483 3,769 1,700 27,252 28,952 (5,411 ) 10/13 40 years Warrenville, IL — 14,000 17,318 1,993 11,177 22,134 33,311 (4,563 ) 10/13 40 years San Francisco, CA — 2,077 12,914 — 2,077 12,914 14,991 (1,291 ) 08/13 40 years Opelika, AL — 1,314 8,951 — 1,314 8,951 10,265 (1,231 ) 11/12 40 years Bedford, IN — 349 1,594 — 349 1,594 1,943 (259 ) 04/14 40 years Seymour, IN — 1,028 2,291 — 1,028 2,291 3,319 (349 ) 04/14 40 years Wilder, KY — 983 11,233 2,004 983 13,237 14,220 (1,838 ) 04/14 40 years Bowling Green, KY — 1,241 10,222 — 1,241 10,222 11,463 (1,542 ) 04/14 40 years New Albany, IN — 2,461 14,807 — 2,461 14,807 17,268 (2,189 ) 04/14 40 years Clarksville, TN — 3,764 16,769 4,706 3,764 21,475 25,239 (2,695 ) 04/14 40 years Williamsport, PA — 2,243 6,684 — 2,243 6,684 8,927 (1,041 ) 04/14 40 years Noblesville, IN — 886 7,453 2,019 886 9,472 10,358 (1,253 ) 04/14 40 years Moline, IL — 1,963 10,183 — 1,963 10,183 12,146 (1,524 ) 04/14 40 years O'Fallon, MO — 1,046 7,342 — 1,046 7,342 8,388 (1,092 ) 04/14 40 years McDonough, GA — 2,235 16,842 — 2,235 16,842 19,077 (2,512 ) 04/14 40 years Sterling Heights, MI — 10,849 — 258 10,919 188 11,107 (38 ) 12/14 15 years Virginia Beach, VA — 2,544 6,478 — 2,544 6,478 9,022 (783 ) 02/15 40 years Yulee, FL — 1,036 6,934 — 1,036 6,934 7,970 (838 ) 02/15 40 years Jacksonville, FL — 5,080 22,064 — 5,080 22,064 27,144 (4,036 ) 05/15 25 years Denham Springs, LA — — 5,093 4,162 — 9,255 9,255 (767 ) 05/15 40 years Crystal Lake, IL — 2,980 13,521 568 2,980 14,089 17,069 (2,550 ) 07/15 25 years Laredo, TX — 1,353 7,886 — 1,353 7,886 9,239 (788 ) 12/15 40 years Corpus, Christi, TX — 1,286 8,252 — 1,286 8,252 9,538 (602 ) 12/15 40 years Delmont, PA — 673 621 — 673 621 1,294 (103 ) 06/16 25 years Kennewick, WA — 2,484 4,901 — 2,484 4,901 7,385 (770 ) 06/16 25 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Franklin, TN — 10,158 17,549 9,018 10,158 26,567 36,725 (3,511 ) 06/16 25 years Mobile, AL — 2,116 16,657 — 2,116 16,657 18,773 (2,478 ) 06/16 25 years El Paso, TX — 2,957 10,961 3,905 2,957 14,866 17,823 (1,883 ) 06/16 25 years Edinburg, TX — 1,982 16,964 5,680 1,982 22,644 24,626 (2,975 ) 06/16 25 years Hendersonville, TN — 2,784 8,034 4,160 2,784 12,194 14,978 (1,150 ) 07/16 30 years Houston, TX — 965 10,002 — 965 10,002 10,967 (666 ) 10/16 40 years Detroit, MI — 4,299 13,810 — 4,299 13,810 18,109 (1,458 ) 11/16 30 years Fort Worth, TX — — 11,385 — — 11,385 11,385 (451 ) 02/17 40 years Fort Wayne, IN — 1,926 11,054 — 1,926 11,054 12,980 (1,156 ) 05/17 27 years Wichita, KS — 267 7,535 — 267 7,535 7,802 (846 ) 05/17 23 years Wichita, KS — 3,132 23,270 — 3,132 23,270 26,402 (2,729 ) 05/17 23 years Richmond, TX — 7,251 36,534 (27 ) 7,251 36,507 43,758 (2,382 ) 08/17 40 years Tomball, TX — 3,416 26,918 — 3,416 26,918 30,334 (1,712 ) 08/17 40 years Cleveland, OH — 2,671 17,526 — 2,671 17,526 20,197 (1,855 ) 08/17 25 years Little Rock, AR — 1,789 10,780 — 1,789 10,780 12,569 (592 ) 01/18 40 years Conway, AR — 1,316 5,553 — 1,316 5,553 6,869 (371 ) 03/18 30 years Lynbrook, NY — 1,753 28,400 — 1,753 28,400 30,153 (1,089 ) 06/18 40 years Long Island, NY — — 12,479 267 — 12,746 12,746 (572 ) 12/18 25 years Brandywine, MD — 5,251 10,520 — 5,251 10,520 15,771 (273 ) 03/19 34 years Cincinnati, OH — 2,831 11,430 — 2,831 11,430 14,261 (282 ) 03/19 35 years Louisville, KY — 3,726 27,312 — 3,726 27,312 31,038 (565 ) 03/19 40 years Riverview, FL — 2,339 15,901 — 2,339 15,901 18,240 (361 ) 03/19 37 years Savoy, IL — 1,938 10,554 — 1,938 10,554 12,492 (326 ) 06/19 25 years Dublin, CA — 15,662 25,496 — 15,662 25,496 41,158 (581 ) 06/19 30 years Ontario, CA — 8,019 15,708 — 8,019 15,708 23,727 (426 ) 06/19 24 years Columbia, SC — 7,009 17,318 — 7,009 17,318 24,327 (282 ) 06/19 40 years Columbia, MD — 12,642 14,152 — 12,642 14,152 26,794 (303 ) 06/19 34 years Charlotte, NC — 4,257 15,121 — 4,257 15,121 19,378 (289 ) 06/19 35 years Foothill Ranch, CA — 7,653 14,090 — 7,653 14,090 21,743 (396 ) 06/19 29 years Wilsonville, OR — 2,742 1,301 — 2,742 1,301 4,043 (86 ) 06/19 23 years Raleigh, NC — 5,376 12,516 — 5,376 12,516 17,892 (299 ) 06/19 30 years Gastonia, NC — 4,039 9,199 — 4,039 9,199 13,238 (224 ) 06/19 30 years Abingdon, MD — 4,613 6,171 — 4,613 6,171 10,784 (221 ) 06/19 24 years Midland, TX — 2,495 12,965 — 2,495 12,965 15,460 (257 ) 06/19 35 years Port Richey, FL — 1,564 7,103 — 1,564 7,103 8,667 (221 ) 06/19 26 years Hillsboro, OR — 3,392 5,697 — 3,392 5,697 9,089 (223 ) 06/19 23 years Woodway, TX — 2,376 7,309 — 2,376 7,309 9,685 (239 ) 06/19 24 years San Jacinto, CA — 1,960 5,073 — 1,960 5,073 7,033 (170 ) 06/19 23 years Albany, OR — 2,049 3,920 — 2,049 3,920 5,969 (108 ) 06/19 30 years Lake City, FL — 1,257 4,756 — 1,257 4,756 6,013 (134 ) 06/19 27 years Anderson, SC — 1,554 3,948 — 1,554 3,948 5,502 (133 ) 06/19 24 years New Hartford, NY — 946 11,985 — 946 11,985 12,931 (107 ) 10/19 31 years Columbus, OH — 5,211 14,179 — 5,211 14,179 19,390 (97 ) 10/19 38 years Kenner, LA — 5,299 14,000 — 5,299 14,000 19,299 (548 ) 10/19 34 years Marana, AZ — 2,384 5,438 — 2,384 5,438 7,822 (24 ) 12/19 28 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Eat & Play Westminster, CO — 6,205 12,600 22,680 6,205 35,280 41,485 (19,268 ) 12/01 40 years Westminster, CO — 5,850 17,314 4,257 5,850 21,571 27,421 (8,140 ) 06/99 40 years Houston, TX — 3,653 1,365 (1,531 ) 3,408 79 3,487 (19 ) 05/00 40 years New Rochelle, NY — 6,100 97,696 11,719 6,100 109,415 115,515 (44,695 ) 10/03 40 years Kanata, ON — 10,044 36,630 31,564 9,701 68,537 78,238 (24,605 ) 03/04 40 years Mississagua, ON — 9,221 17,593 22,768 11,712 37,870 49,582 (11,839 ) 03/04 40 years Oakville, ON — 10,044 23,646 9,454 9,701 33,443 43,144 (12,550 ) 03/04 40 years Whitby, ON — 10,202 21,960 27,829 12,658 47,333 59,991 (16,555 ) 03/04 40 years Burbank, CA — 16,584 35,016 12,618 16,584 47,634 64,218 (15,350 ) 03/05 40 years Northbrook, IL — — 7,025 586 — 7,611 7,611 (1,538 ) 07/11 40 years Allen, TX — — 10,007 1,151 — 11,158 11,158 (2,940 ) 02/12 29 years Dallas, TX — — 10,007 1,771 — 11,778 11,778 (2,978 ) 02/12 30 years Oakbrook, IL — — 8,068 536 — 8,604 8,604 (1,515 ) 03/12 40 years Jacksonville, FL — 4,510 5,061 4,670 4,510 9,731 14,241 (2,827 ) 02/12 30 years Indianapolis, IN — 4,298 6,320 5,454 4,377 11,695 16,072 (2,248 ) 02/12 40 years Houston, TX — — 12,403 394 — 12,797 12,797 (2,359 ) 09/12 40 years Colony, TX — 4,004 13,665 (240 ) 4,004 13,425 17,429 (2,014 ) 12/12 40 years Alpharetta, GA — 5,608 16,616 — 5,608 16,616 22,224 (2,285 ) 05/13 40 years Scottsdale, AZ — — 16,942 — — 16,942 16,942 (2,329 ) 06/13 40 years Spring, TX — 4,928 14,522 — 4,928 14,522 19,450 (2,057 ) 07/13 40 years Warrenville, IL — — 6,469 2,216 — 8,685 8,685 (1,773 ) 10/13 40 years San Antonio, TX — — 15,976 79 — 16,055 16,055 (1,932 ) 12/13 40 years Tampa, FL — — 15,726 (67 ) — 15,659 15,659 (2,065 ) 02/14 40 years Gilbert, AZ — 4,735 16,130 (267 ) 4,735 15,863 20,598 (1,983 ) 02/14 40 years Overland Park, KS — 5,519 17,330 — 5,519 17,330 22,849 (1,942 ) 05/14 40 years Centennial, CO — 3,013 19,106 403 3,013 19,509 22,522 (2,108 ) 06/14 40 years Atlanta, GA — 8,143 17,289 — 8,143 17,289 25,432 (1,909 ) 06/14 40 years Ashburn VA — — 16,873 101 — 16,974 16,974 (1,829 ) 06/14 40 years Naperville, IL — 8,824 20,279 (665 ) 8,824 19,614 28,438 (2,125 ) 08/14 40 years Oklahoma City, OK — 3,086 16,421 (252 ) 3,086 16,169 19,255 (1,819 ) 09/14 40 years Webster, TX — 5,631 17,732 927 5,338 18,952 24,290 (1,953 ) 11/14 40 years Virginia Beach, VA — 6,948 18,715 (304 ) 6,348 19,011 25,359 (1,898 ) 12/14 40 years Edison, NJ — — 22,792 1,422 — 24,214 24,214 (1,811 ) 04/15 40 years Schaumburg, IL — 598 5,372 — 598 5,372 5,970 (716 ) 04/15 30 years Jacksonville, FL — 6,732 21,823 (1,201 ) 6,732 20,622 27,354 (1,661 ) 09/15 40 years Roseville, CA — 6,868 23,959 (1,928 ) 6,868 22,031 28,899 (1,815 ) 10/15 30 years Portland, OR — — 23,466 (541 ) — 22,925 22,925 (1,946 ) 11/15 40 years Orlando, FL — 8,586 22,493 1,120 8,586 23,613 32,199 (1,379 ) 01/16 40 years Marietta, GA — 3,116 11,872 — 3,116 11,872 14,988 (1,680 ) 02/16 35 years Charlotte, NC — 4,676 21,422 (867 ) 4,676 20,555 25,231 (1,380 ) 04/16 40 years Orlando, FL — 9,382 16,225 58 9,382 16,283 25,665 (916 ) 05/16 40 years Stapleton, CO — 1,062 6,329 — 1,062 6,329 7,391 (407 ) 05/16 40 years Fort Worth, TX — 4,674 17,537 — 4,674 17,537 22,211 (1,169 ) 08/16 40 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Nashville, TN — — 26,685 136 — 26,821 26,821 (1,594 ) 12/16 40 years Dallas, TX — 3,318 7,835 4 3,318 7,839 11,157 (554 ) 12/16 40 years San Antonio, TX — 6,502 15,338 (628 ) 6,502 14,710 21,212 (495 ) 08/17 40 years Cleveland, OH — 2,389 3,546 294 2,389 3,840 6,229 (455 ) 08/17 25 years Huntsville, AL — 53 17,595 (1,938 ) 53 15,657 15,710 (1,008 ) 08/17 40 years El Paso, TX — 2,688 17,373 — 2,688 17,373 20,061 (1,056 ) 02/18 40 years Pittsburgh, PA — 7,897 21,812 (1,039 ) 7,897 20,773 28,670 (828 ) 07/18 40 years Philadelphia, PA — 5,484 25,211 97 5,484 25,308 30,792 (783 ) 12/18 40 years Auburn Hills, MI — 4,219 27,704 (2,881 ) 4,219 24,823 29,042 (713 ) 12/18 40 years Greenville, SC — 6,272 18,240 — 6,272 18,240 24,512 (386 ) 06/18 40 years Thornton, CO — 5,419 23,635 — 5,419 23,635 29,054 (265 ) 09/18 40 years Eugene, OR — 1,321 — — 1,321 — 1,321 — 06/19 n/a Ski Bellfontaine, OH — 5,108 5,994 8,327 5,251 14,178 19,429 (4,415 ) 11/05 40 years Tannersville, PA — 34,940 34,629 4,377 34,940 39,006 73,946 (15,880 ) 09/13 40 years McHenry, MD — 8,394 15,910 3,207 9,708 17,803 27,511 (6,605 ) 12/12 40 years Wintergreen, VA — 5,739 16,126 1,927 5,739 18,053 23,792 (4,661 ) 02/15 40 years Northstar, CA — 48,178 88,532 — 48,178 88,532 136,710 (15,791 ) 04/17 40 years Northstar, CA — 7,827 18,112 — 7,827 18,112 25,939 (1,422 ) 04/17 40 years Attractions Denver, CO — 753 6,218 — 753 6,218 6,971 (604 ) 02/17 30 years Fort Worth, TX — 824 7,066 — 824 7,066 7,890 (648 ) 03/17 30 years Corfu, NY — 5,112 43,637 2,500 5,112 46,137 51,249 (6,069 ) 04/17 30 years Oklahoma City, OK — 7,976 17,624 — 7,976 17,624 25,600 (2,018 ) 04/17 30 years Hot Springs, AR — 3,351 4,967 — 3,351 4,967 8,318 (562 ) 04/17 30 years Riviera Beach, FL — 17,450 29,713 — 17,450 29,713 47,163 (3,402 ) 04/17 30 years Oklahoma City, OK — 1,423 18,097 — 1,423 18,097 19,520 (2,137 ) 04/17 30 years Springs, TX — 18,776 31,402 — 18,776 31,402 50,178 (3,686 ) 04/17 30 years Glendale, AZ — — 20,514 2,969 — 23,483 23,483 (2,885 ) 04/17 30 years Kapolei, HI — — 8,351 1,542 — 9,893 9,893 (1,114 ) 04/17 30 years Federal Way, WA — — 13,949 (63 ) — 13,886 13,886 (2,107 ) 04/17 12 years Colony, TX — — 7,617 (567 ) — 7,050 7,050 (841 ) 04/17 30 years Garland, TX — — 5,601 389 — 5,990 5,990 (710 ) 04/17 30 years Santa Monica, CA — — 13,874 15,717 — 29,591 29,591 (3,741 ) 04/17 30 years Concord, CA — — 9,808 5,787 — 15,595 15,595 (1,832 ) 04/17 30 years Tampa, FL — — 8,665 2,493 2,493 8,665 11,158 (674 ) 08/17 30 years Fort Lauderdale, FL — — 10,816 — — 10,816 10,816 (781 ) 10/17 30 years Experiential Lodging Tannersville, PA — — 120,354 1,615 — 121,969 121,969 (13,411 ) 05/15 40 years Pagosa Springs, CO — 9,791 15,635 — 9,791 15,635 25,426 (1,142 ) 06/18 30 years Kiamesha Lake, NY — 34,897 228,462 — 34,897 228,462 263,359 (7,629 ) 07/10 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Gaming Kiamesha Lake, NY — 155,658 — 19,581 156,785 18,454 175,239 (481 ) 07/10 n/a Cultural St. Louis, MO — 5,481 41,951 — 5,481 41,951 47,432 (1,488 ) 12/18 40 years Branson, MO — 1,847 7,599 — 1,847 7,599 9,446 (145 ) 05/19 40 years Pigeon Forge, TN — 4,849 9,668 — 4,849 9,668 14,517 (186 ) 05/19 40 years Fitness & Wellness Olathe, KS — 2,417 16,878 — 2,417 16,878 19,295 (1,547 ) 03/17 30 years Roseville, CA — 1,807 6,082 — 1,807 6,082 7,889 (527 ) 09/17 30 years Fort Collins, CO — 2,043 5,769 — 2,043 5,769 7,812 (430 ) 01/18 30 years Early Childhood Education Centers Lake Pleasant, AZ — 986 3,524 35 986 3,559 4,545 (821 ) 03/13 30 years Goodyear, AZ — 1,308 7,275 11 1,308 7,286 8,594 (1,627 ) 06/13 30 years Oklahoma City, OK — 1,149 9,839 557 1,149 10,396 11,545 (1,919 ) 08/13 40 years Coppell, TX — 1,547 10,168 17 1,547 10,185 11,732 (1,986 ) 09/13 30 years Las Vegas, NV — 944 9,191 — 944 9,191 10,135 (1,937 ) 09/13 30 years Las Vegas, NV — 985 6,721 145 985 6,866 7,851 (1,485 ) 09/13 30 years Mesa, AZ — 762 6,987 53 762 7,040 7,802 (1,708 ) 01/14 30 years Gilbert, AZ — 1,295 9,192 — 1,295 9,192 10,487 (1,733 ) 03/14 30 years Cedar Park, TX — 1,520 10,500 (282 ) 1,278 10,460 11,738 (1,791 ) 07/14 30 years Thornton, CO — 1,384 10,542 96 1,384 10,638 12,022 (1,651 ) 07/14 30 years Chicago, IL — 1,294 4,375 19 1,294 4,394 5,688 (464 ) 07/14 30 years Centennial, CO — 1,249 10,771 441 1,249 11,212 12,461 (1,849 ) 08/14 30 years McKinney, TX — 1,812 12,419 1,817 1,812 14,236 16,048 (2,481 ) 11/14 30 years Lakewood, CO — 291 823 40 291 863 1,154 (157 ) 01/15 30 years Castle Rock, CO — 250 1,646 — 250 1,646 1,896 (288 ) 01/15 30 years Lafayette, CO — 293 663 57 293 720 1,013 (157 ) 04/15 25 years Ashburn, VA — 2,289 14,748 — 2,289 14,748 17,037 (1,930 ) 06/15 30 years West Chester, OH — 1,807 12,913 234 1,807 13,147 14,954 (1,577 ) 07/15 30 years Ellisville, MO — 2,465 15,063 — 2,465 15,063 17,528 (1,510 ) 07/15 30 years Chanhassen, MN — 2,603 15,613 (34 ) 2,603 15,579 18,182 (1,788 ) 08/15 30 years Maple Grove, MN — 3,743 14,927 63 3,743 14,990 18,733 (2,415 ) 08/15 30 years Carmel, IN — 1,567 12,854 193 1,561 13,053 14,614 (1,660 ) 09/15 30 years Atlanta, GA — 956 1,850 — 956 1,850 2,806 (262 ) 10/15 30 years Atlanta, GA — 1,262 2,038 — 1,262 2,038 3,300 (289 ) 10/15 30 years Fishers, IN — 1,226 13,144 632 1,226 13,776 15,002 (1,168 ) 12/15 30 years Westerville, OH — 2,988 14,339 56 2,988 14,395 17,383 (1,498 ) 04/16 30 years Las Vegas, NV — 1,476 14,422 — 1,476 14,422 15,898 (1,623 ) 06/16 30 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Louisville, KY — 377 1,526 — 377 1,526 1,903 (174 ) 08/16 30 years Louisville, KY — 216 1,006 — 216 1,006 1,222 (115 ) 08/16 30 years Cheshire, CT — 420 3,650 — 420 3,650 4,070 (336 ) 11/16 30 years Edina, MN — 1,235 5,493 (323 ) 1,235 5,170 6,405 (403 ) 11/16 30 years Eagan, MN — 783 4,833 (286 ) 783 4,547 5,330 (419 ) 11/16 30 years Louisville, KY — 481 2,050 — 481 2,050 2,531 (211 ) 12/16 30 years Bala Cynwyd, PA — 1,785 3,759 — 1,785 3,759 5,544 (386 ) 12/16 30 years Schaumburg, IL — 642 4,962 — 642 4,962 5,604 (273 ) 12/16 30 years Kennesaw, GA — 690 844 — 690 844 1,534 (84 ) 01/17 30 years Charlotte, NC — 1,200 2,557 — 1,200 2,557 3,757 (153 ) 01/17 35 years Charlotte, NC — 2,501 2,079 — 2,501 2,079 4,580 (125 ) 01/17 35 years Richardson, TX — 474 2,046 — 474 2,046 2,520 (128 ) 01/17 35 years Frisco, TX — 999 3,064 — 999 3,064 4,063 (188 ) 01/17 35 years Allen, TX — 910 3,719 — 910 3,719 4,629 (233 ) 01/17 35 years Southlake, TX — 920 2,766 — 920 2,766 3,686 (173 ) 01/17 35 years Lewis Center, OH — 410 4,285 — 410 4,285 4,695 (249 ) 01/17 35 years Dublin, OH — 581 4,223 — 581 4,223 4,804 (245 ) 01/17 35 years Plano, TX — 400 2,647 — 400 2,647 3,047 (170 ) 01/17 35 years Carrollton, TX — 329 1,389 — 329 1,389 1,718 (91 ) 01/17 35 years Davenport, FL — 3,000 5,877 — 3,000 5,877 8,877 (353 ) 01/17 35 years Tallahassee, FL — 952 3,205 — 952 3,205 4,157 (205 ) 01/17 35 years Sunrise, FL — 1,400 1,856 — 1,400 1,856 3,256 (115 ) 01/17 35 years Chaska, MN — 328 6,140 — 328 6,140 6,468 (354 ) 01/17 35 years Loretto, MN — 286 3,511 — 286 3,511 3,797 (209 ) 01/17 35 years Minneapolis, MN — 920 3,700 — 920 3,700 4,620 (214 ) 01/17 35 years Wayzata, MN — 810 1,962 — 810 1,962 2,772 (119 ) 01/17 35 years Plymouth, MN — 1,563 4,905 — 1,563 4,905 6,468 (297 ) 01/17 35 years Maple Grove, MN — 951 3,291 — 951 3,291 4,242 (196 ) 01/17 35 years Chula Vista, CA — 210 2,186 — 210 2,186 2,396 (142 ) 01/17 35 years Lincolnshire, IL — 1,006 4,799 — 1,006 4,799 5,805 (313 ) 02/17 30 years New Berlin, WI — 368 1,704 — 368 1,704 2,072 (166 ) 02/17 30 years Oak Creek, WI — 283 1,690 — 283 1,690 1,973 (164 ) 02/17 30 years Minnetonka, MN — 911 4,833 659 931 5,472 6,403 (467 ) 03/17 30 years Crowley, TX — 1,150 2,862 — 1,150 2,862 4,012 (257 ) 05/17 30 years Fort Worth, TX — 1,927 2,077 — 1,927 2,077 4,004 (192 ) 05/17 30 years Berlin, CT — 494 2,958 — 494 2,958 3,452 (254 ) 06/17 30 years Portland, OR — 2,604 585 — 2,604 585 3,189 (38 ) 01/18 35 years Orlando, FL — 955 4,273 — 955 4,273 5,228 (242 ) 02/18 35 years McKinney, TX — 1,233 4,447 — 1,233 4,447 5,680 (44 ) 02/18 30 years Fort Mill, SC — 629 3,957 — 629 3,957 4,586 (160 ) 09/18 35 years Indian Land, SC — 907 3,784 — 907 3,784 4,691 (163 ) 09/18 35 years EPR Properties Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial cost Additions (Dispositions) (Impairments) Subsequent to acquisition Gross Amount at December 31, 2019 Location Debt Land Buildings, Equipment, Leasehold Interests & Improvements Land Buildings, Equipment, Leasehold Interests & Improvements Total Accumulated depreciation Date acquired Depreciation life Sicklerville, NJ — 694 1,876 — 694 1,876 2,570 (44 ) 06/19 30 years Pennington, NJ — 1,018 2,284 — 1,018 2,284 3,302 (67 ) 08/19 24 years Private Schools San Jose, CA — 9,966 25,535 2,407 9,966 27,942 37,908 (4,336 ) 12/13 40 years Brooklyn, NY — — 46,440 3,255 — 49,695 49,695 (6,444 ) 12/13 40 years Chicago, IL — 3,057 46,784 — 3,057 46,784 49,841 (5,263 ) 02/14 40 years McLean, VA — 12,792 43,472 3,170 12,792 46,642 59,434 (4,256 ) 06/15 40 years Mission Viejo, CA — 1,378 3,687 — 1,378 3,687 5,065 (410 ) 09/16 30 years Cumming, GA — 500 6,892 — 500 6,892 7,392 (450 ) 01/17 35 years Cumming, GA — 325 4,898 — 325 4,898 5,223 (329 ) 01/17 35 years Henderson, NV — 1,400 6,914 — 1,400 6,914 8,314 (440 ) 01/17 35 years Atlanta, GA — 2,001 5,989 — 2,001 5,989 7,990 (345 ) 01/17 35 years Pearland, TX — 2,360 9,292 — 2,360 9,292 11,652 (568 ) 01/17 35 years Pearland, TX — 372 2,568 — 372 2,568 2,940 (154 ) 01/17 35 years Palm Harbor, FL — 1,490 1,400 — 1,490 1,400 2,890 (89 ) 01/17 35 years Mason, OH — 975 11,243 — 975 11,243 12,218 (647 ) 01/17 35 years San Francisco, CA — — 2,842 — — 2,842 2,842 (131 ) 10/18 40 years San Francisco, CA — — 4,741 — — 4,741 4,741 (157 ) 05/19 40 years Property under development — 36,756 — — 36,756 — 36,756 — n/a n/a Land held for development — 28,080 — — 28,080 — 28,080 — n/a n/a Senior unsecured notes payable and term loan 3,115,000 — — — — — — — n/a n/a Less: deferred financing costs, net (37,165 ) — — — — — — — Total $ 3,102,830 $ 1,357,990 $ 4,422,788 $ 470,620 $ 1,355,017 $ 4,896,381 $ 6,251,398 $ (989,254 ) EPR Properties Schedule III - Real Estate and Accumulated Depreciation (continued) Reconciliation (Dollars in thousands) December 31, 2019 Real Estate Investments: Reconciliation: Balance at beginning of the year $ 6,228,954 Acquisition and development of real estate investments during the year 617,018 Disposition of real estate investments during the year (577,457 ) Impairment of real estate investments during the year (2,206 ) Impairment on public charter school portfolio sale (related to real estate investments) (14,911 ) Balance at close of year $ 6,251,398 Accumulated Depreciation: Reconciliation: Balance at beginning of the year $ 883,174 Depreciation during the year 169,072 Disposition of real estate investments during the year (62,992 ) Balance at close of year $ 989,254 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Impact of Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends ASC Topic 326, Financial Instruments - Credit Losses . The ASU changes the methodology for measuring credit losses on financial instruments and timing of when such losses are recorded. The amendments in ASU No. 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectibility of financial assets and eliminates the incurred losses methodology under current U.S. GAAP. In addition, in November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses , which also amends ASC Topic 326, Financial Instruments - Credit Losses. The ASU states that operating lease receivables are not in the scope of Subtopic 326-20. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The ASU changes how a company considers expected recoveries and contractual extensions or renewal options when estimating expected credit losses. The Company adopted the standard on the effective date, January 1, 2020, and used the effective date as the date of initial application. Accordingly, prior period financial information will not be updated, and disclosures required under the new standard will not be provided for dates and periods before January 1, 2020. The Company has reviewed its financial instruments and determined the expected loss model will apply to mortgage notes receivable, notes receivable and unfunded mortgage commitments. The Company is finalizing its transition adjustment and currently expects the adoption of the standard will result in a provision for loan losses ranging from $2.0 million to $2.5 million , to be recorded through retained earnings as of the date of adoption. Prior to adoption of the standard, the Company did not have any loan loss reserves in its consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EPR Properties and its subsidiaries, all of which are wholly owned. Variable Interest Entities 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 interest 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 December 31, 2019 and 2018, the Company does not have any investments in consolidated VIEs. |
Use of Estimates | Use of Estimates Management of the Company has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). Actual results could differ from those estimates. |
Rental Properties | 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 a property 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. Assets 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 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. |
Accounting for Acquisitions | Transaction costs expensed totaled $23.8 million , $3.7 million and $0.5 million for the years ended December 31, 2019, 2018 and 2017 , respectively. 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. Intangibles The fair value of acquired in-place leases also includes management’s estimate, on a lease-by-lease basis, of the present value of the following amounts: (i) the value associated with avoiding the cost of originating the acquired in-place leases (i.e. the market cost to execute the leases, including leasing commissions, legal and other related costs); (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed re-leasing period, (i.e. real estate taxes, insurance and other operating expenses); (iii) the value associated with lost rental revenue from existing leases during the assumed re-leasing period; and (iv) the value associated with avoided tenant improvement costs or other inducements to secure a tenant lease. These values are amortized over the lease term of the respective leases. In determining the fair value of acquired above and below-market leases, the Company considers many factors. On a lease-by-lease basis, management considers the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of fair market lease rates. For above-market leases and below-market leases, management considers such differences over the lease terms. The capitalized above-market lease values are amortized as a reduction of rental income over the lease terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the lease terms of the respective leases. The lease term includes the minimum base term plus any extension options that are reasonably certain to be exercised. Management considers several factors in determining the discount rate used in the present value calculations, including the credit risks associated with the respective tenants. If debt is assumed in the acquisition, the determination of whether it is above or below-market is based upon a comparison of similar financing terms for similar real estate investments at the time of the acquisition. In determining the fair value of tradenames, the Company historically uses the relief from royalty method, which estimates the fair value of hypothetical royalty income that could be generated if the intangible asset was licensed from an independent third-party. In determining the fair value of a contract intangible, the Company considers the present value of the difference between the estimated "with" and "without" scenarios. The "with" scenario presents the contract in place and the "without" scenario incorporates the potential profits that may be lost over the period without the contract in place. The capitalized contract value is amortized over the estimated useful life of the underlying asset. The excess of the cost of an acquired business (in a business combination) over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. |
Deferred Financing Costs | 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 $37.2 million and $33.9 million as of December 31, 2019 and 2018 , respectively, are shown as a reduction of debt. The deferred financing costs of $3.5 million and $5.0 million as of December 31, 2019 and 2018 , respectively, related to the unsecured revolving credit facility are included in other assets. |
Capitalized Development Costs | Capitalized Development Costs The Company capitalizes certain costs that relate to property under development including interest and a portion of internal legal personnel costs. |
Operating Segment | Segments During the year ended December 31, 2019, the Company sold the largest portion of its Education segment, public charter schools and announced that it is now strategically focused on investing in Experiential properties. With this change, the Company reorganized internally and now aggregates its Entertainment and Recreation segments into one segment which has been titled the Experiential segment. Therefore, at December 31, 2019, the Company has two reportable 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 20 for financial information related to these reportable segments. |
Revenue Recognition | The Company leases real estate to its tenants primarily under leases that are predominately 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 years ended December 31, 2019, 2018 and 2017 , the Company recognized straight-line rental revenue, net of write-offs of $13.6 million (of which $3.0 million has been classified within discontinued operations), $10.2 million (of which $5.5 million has been classified within discontinued operations) and $4.3 million (of which $6.7 million has been classified within discontinued operations), respectively. The Company recognized straight-line write-offs for the years ended December 31, 2019 and 2017 of $1.4 million (of which $1.2 million has been classified within discontinued operations) and $9.0 million , respectively. There were no straight-line write-offs recognized during the year ended December 31, 2018 . Most of the Company’s lease contracts are triple-net leases, which require the tenants to make payments directly 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 payments made by the lessees 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 year ended December 31, 2019 , the Company recognized $6.9 million related to the gross up of these reimbursed expenses which are included in rental revenue and property operating expenses. 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 years ended December 31, 2019, 2018 and 2017 , the non-lease components included in rental revenue totaled $16.0 million , $15.3 million and $15.5 million , respectively. In addition, most of the Company's tenants are subject to additional 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 $15.0 million , $10.7 million and $7.8 million for the years ended December 31, 2019, 2018 and 2017 , respectively. 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 and/or other debtor, current economic conditions and changes in customer payment terms. The Company suspends revenue recognition when the collectibility of lease receivables or future lease payments are no longer probable and records a direct write-off of the receivable to rental revenue. Certain reclassifications have been made to the 2017 and 2018 presentations to conform to the 2019 presentation related to the Company's former presentation of the allowance for doubtful accounts. |
Property Sales, Policy [Policy Text Block] | 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. |
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. Interest income is recognized using the effective interest method based on the stated interest rate over estimate life of the note. Premiums and discounts are amortized or accreted into income over the estimated life of the note using the effective interest method. The Company evaluates the collectability of both interest and principal of each of its loans to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines that it is probable that it will be unable to collect all amounts due according to the existing contractual terms. An insignificant delay or shortfall in amounts of payments does not necessarily result in the loan being identified as impaired. When a loan is considered to be impaired, the amount of loss, if any, is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the Company’s interest in the underlying collateral, less costs to sell, if the loan is collateral dependent. For impaired loans, interest income is recognized on a cash basis, unless the Company determines based on the loan to estimated fair value ratio the loan should be on the cost recovery method, and any cash payments received would then be reflected as a reduction of principal. Interest income recognition is recommenced if and when the impaired loan becomes contractually current and performance is demonstrated to be resumed. There were no impaired loans at December 31, 2019 and 2018 . |
Income Taxes | Income Taxes The Company qualifies as a REIT under the Internal Revenue Code (the Code). A REIT that distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. The Company intends to continue to qualify as a REIT and distribute substantially all of its taxable income to its shareholders. The Company owns certain real estate assets which are subject to income tax in Canada. At December 31, 2019 , the net deferred tax assets related to the Company's Canadian operations totaled $10.9 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to depreciation, capital improvements and straight-line rents. The Company has certain taxable REIT subsidiaries (TRSs), as permitted under the Code, through which it conducts certain business activities and are subject to federal and state income taxes on their net taxable income. The Company uses two such TRS entities exclusively to hold the operational aspect of the traditional REIT lodging structure for three Experiential lodging properties that are facilitated by management agreements with eligible independent contractors. The real estate for these investments are held by the REIT either directly or through an investment in a joint venture and leased to the respective operations entity under a triple-net lease. Management has determined the real estate meets the requirements to be classified as qualified lodging facilities as required in a traditional REIT lodging structure. One of the Company's TRSs holds four unconsolidated joint ventures located in China. The Company records these investments using the equity method; therefore, the income reported by the Company is net of income tax paid to the Chinese taxing authorities. In addition, the Company is liable for withholding taxes to China associated with the current and future dividend payments from the China joint ventures. The Company paid $13 thousand and $62 thousand in withholding taxes during the years ended December 31, 2019 and 2018, respectively, related to earnings repatriated. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the Tax Reform Act). The legislation significantly changed the U.S. tax law by, among other things, lowering corporate income tax rates and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduced the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company recognized tax impacts related to deemed repatriated earnings and included these amounts in its consolidated financial statements for the years ended December 31, 2018 and 2017. At December 31, 2019, the net deferred tax assets related to the Company's TRSs totaled $4.5 million and the temporary differences between income for financial reporting purposes and taxable income relate primarily to net operating loss carryovers and pre-opening cost amortization. As of December 31, 2019 and 2018 , respectively, the Canadian operations and the Company's TRSs had deferred tax assets included in other assets in the accompanying consolidated balance sheet totaling approximately $19.3 million and $14.1 million and deferred tax liabilities included in accounts payable and accrued liabilities in the accompanying consolidated balance sheet totaling approximately $3.9 million and $3.4 million . The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2019 2018 Fixed assets $ 14,462 $ 12,948 Net operating losses 1,656 359 Start-up costs 2,768 347 Other 367 457 Total deferred tax assets $ 19,253 $ 14,111 Capital improvements $ (2,765 ) $ (2,079 ) Straight-line receivable (1,097 ) (1,271 ) Other (1 ) (1 ) Total deferred tax liabilities $ (3,863 ) $ (3,351 ) Net deferred tax asset $ 15,390 $ 10,760 Additionally, during the years ended December 31, 2019, 2018 and 2017 , the Company recognized current income and withholding tax expense of $1.1 million , $1.7 million and $1.6 million , respectively, primarily related to certain state income taxes and foreign withholding tax. The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Current TRS income tax $ 376 $ (221 ) $ (163 ) Current state income tax expense (405 ) (422 ) (360 ) Current foreign income tax — — (36 ) Current foreign withholding tax (1,051 ) (1,069 ) (1,071 ) Deferred TRS income tax benefit 3,719 319 137 Deferred foreign withholding tax — — 43 Deferred income tax benefit (expense) 396 (892 ) (949 ) Income tax benefit (expense) $ 3,035 $ (2,285 ) $ (2,399 ) The Company's effective tax rate for the years ended December 31, 2019, 2018 and 2017 was 1.5% , 0.8% and 0.9% , respectively. The differences between the income tax expense calculated at the statutory U.S. federal income tax rates and the actual income tax expense recorded for continuing operations is mostly attributable to the dividends paid deduction available for REITs. Furthermore, the Company qualified as a REIT and distributed the necessary amount of taxable income such that no current U.S. federal income taxes were due for the years ended December 31, 2019, 2018 and 2017 . Accordingly, no provision for current U.S. federal income taxes was recorded for any of those years. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain provisions, it will be subject to federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for years prior to January 1, 2019) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. Tax years 2016 through 2018 remain generally open to examination for U.S. federal income tax and state tax purposes and from 2014 through 2018 for Canadian income tax purposes. The Company’s policy is to recognize interest and penalties as general and administrative expense. The Company did not recognize any interest and penalties in 2019, 2018 or 2017. The Company did not have any accrued interest and penalties at December 31, 2019, 2018 and 2017 . Additionally, the Company did not have any unrecorded tax benefits as of December 31, 2019, 2018 and 2017 . |
Concentrations of Risk Policy [Policy Text Block] | Concentrations of Risk American Multi-Cinema, Inc. (AMC), Topgolf USA (Topgolf) and Regal Entertainment Group (Regal) represented a significant portion of the Company's total revenue (including revenue from discontinued operations) for the years ended December 31, 2019 , 2018 and 2017. 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): Year ended December 31, 2019 2018 2017 Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue Total Revenue % of Company's Total Revenue AMC $ 123,792 17.6 % $ 115,805 16.5 % $ 114,374 19.9 % Topgolf 78,962 11.2 % 64,459 9.2 % 53,369 9.3 % Regal 75,784 10.8 % 57,614 8.2 % 49,433 8.6 % |
Cash Equivalents and Restricted Cash | Cash Equivalents Cash equivalents include bank demand deposits. Restricted Cash |
Share-Based Compensation | 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 nonvested 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 income and comprehensive income. |
Share Options | 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 income and comprehensive income was $10 thousand , $0.3 million and $0.7 million for the years ended December 31, 2019, 2018 and 2017 , 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 to four years ). Expense recognized related to nonvested shares and included in general and administrative expense in the accompanying consolidated statements of income and comprehensive income was $11.3 million , $13.5 million and $12.2 million for the years ended December 31, 2019, 2018 and 2017 , respectively. Expense related to nonvested shares and included in severance expense in the accompanying consolidated statements of income and comprehensive income was $0.6 million and $3.2 million for the years ended December 31, 2019 and 2018, respectively. |
Restricted Share Units Issued To Non-Employee Trustees | 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 was $1.9 million , $1.3 million and $1.3 million for the years ended December 31, 2019, 2018 and 2017 , respectively. |
Foreign Currency Translation | Foreign Currency Translation The Company accounts for the operations of its Canadian properties in Canadian dollars. The assets and liabilities related to the Company’s Canadian properties and mortgage note are translated into U.S. dollars using the spot rates at the respective balance sheet dates; revenues and expenses are translated at average exchange rates. Resulting translation adjustments are recorded as a separate component of comprehensive income. |
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] | Recently Adopted Accounting Pronouncements On January 1, 2019, Accounting Standards Update (ASU) No. 2016-02 Leases (Topic 842) became effective for the Company. The Company adopted the standard on the effective date and used the effective date as the date of initial application. Accordingly, comparative periods have not been recast, and disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The standard offered several practical expedients for transition and certain expedients specific to lessees or lessors. Both lessees and lessors are permitted to make an election to apply a package of practical expedients available for implementation under the standard. The Company elected to apply the package of practical expedients, which permitted the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the expedient to not evaluate existing or expired land easements and elected the practical expedient to not separate lease and non-lease components for all its leases where it is the lessor. In addition, the Company elected the short-term lease exception, which allows the Company to account for leases with a lease term of 12 months or less similar to existing operating leases. The Company did not elect the use-of-hindsight expedient. See Note 16 for information related to the Company's leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Current TRS income tax $ 376 $ (221 ) $ (163 ) Current state income tax expense (405 ) (422 ) (360 ) Current foreign income tax — — (36 ) Current foreign withholding tax (1,051 ) (1,069 ) (1,071 ) Deferred TRS income tax benefit 3,719 319 137 Deferred foreign withholding tax — — 43 Deferred income tax benefit (expense) 396 (892 ) (949 ) Income tax benefit (expense) $ 3,035 $ (2,285 ) $ (2,399 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company’s consolidated deferred tax position is summarized as follows (in thousands): 2019 2018 Fixed assets $ 14,462 $ 12,948 Net operating losses 1,656 359 Start-up costs 2,768 347 Other 367 457 Total deferred tax assets $ 19,253 $ 14,111 Capital improvements $ (2,765 ) $ (2,079 ) Straight-line receivable (1,097 ) (1,271 ) Other (1 ) (1 ) Total deferred tax liabilities $ (3,863 ) $ (3,351 ) Net deferred tax asset $ 15,390 $ 10,760 |
Schedule of Intangible Assets and Goodwill | Intangible assets and liabilities (included in Other assets and Accounts payable and accrued liabilities in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands): 2019 2018 Assets: In-place leases, net of accumulated amortization of $10.8 million and $7.7 million, respectively $ 24,528 $ 21,749 Above-market lease, net of accumulated amortization of $1.1 million and $1.0 million, respectively 71 154 Tradenames, net of accumulated amortization of $184 thousand and $53 thousand, respectively (1) 8,980 9,110 Contract value, net of accumulated amortization of $548 thousand and $183 thousand, respectively 10,420 10,785 Goodwill 693 693 Total intangible assets, net $ 44,692 $ 42,491 Liabilities: Below-market lease, net of accumulated amortization of $1.1 million and $0.7 million, respectively $ 8,934 $ 8,100 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2019 is as follows (in thousands): In place leases Tradenames (1) Contract Value Above-market lease Below-market lease Year: 2020 $ 3,348 $ 133 $ 365 $ 20 $ (503 ) 2021 2,959 133 365 10 (473 ) 2022 2,334 133 365 6 (438 ) 2023 2,305 133 365 6 (415 ) 2024 2,247 133 365 6 (400 ) Thereafter 11,335 2,960 8,595 23 (6,705 ) Total $ 24,528 $ 3,625 $ 10,420 $ 71 $ (8,934 ) Weighted average amortization period (years) 11.9 28.2 28.5 6.9 30.3 (1) Excludes $5.4 million in tradenames with indefinite lives. |
Rental Properties (Tables)
Rental Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Summary Of Carrying Amounts Of Rental Properties | The following table summarizes the carrying amounts of real estate investments as of December 31, 2019 and 2018 (in thousands): 2019 2018 Buildings and improvements $ 4,747,101 $ 4,593,159 Furniture, fixtures & equipment 123,239 97,463 Land 1,290,181 1,190,568 Leasehold interests 26,041 26,041 6,186,562 5,907,231 Accumulated depreciation (989,254 ) (883,174 ) Total $ 5,197,308 $ 5,024,057 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts Receivable | The following table summarizes the carrying amounts of accounts receivable as of December 31, 2019 and 2018 (in thousands): 2019 2018 Receivable from tenants $ 11,373 $ 12,158 Receivable from non-tenants 2,103 1,379 Receivable from Sullivan County Infrastructure Revenue Bonds — 11,500 Straight-line rent receivable (1) 73,382 73,332 Total $ 86,858 $ 98,369 (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. |
Investment in Mortgage Notes (T
Investment in Mortgage Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table summarizes the carrying amounts of accounts receivable as of December 31, 2019 and 2018 (in thousands): 2019 2018 Receivable from tenants $ 11,373 $ 12,158 Receivable from non-tenants 2,103 1,379 Receivable from Sullivan County Infrastructure Revenue Bonds — 11,500 Straight-line rent receivable (1) 73,382 73,332 Total $ 86,858 $ 98,369 (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. |
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 December 31, 2019 and 2018 consists of the following (in thousands): Description Interest Rate Payoff Date/Maturity Date Periodic Payment Terms Outstanding principal amount of mortgage Carrying amount as of 2019 2018 Three attraction properties Kansas City, Kansas, New Braunfels, Texas and South Padre Island, Texas (1) 7.00% and 10.00% 7/1/2019 Paid in full — — 179,846 Public charter school property Jersey City, New Jersey (2) 10.00 % 7/10/2019 Prepaid in full — — 15,652 Public charter school property Vineland, New Jersey (3) 9.95 % 11/1/2019 Prepaid in full — — 9,839 Eight public charter school properties Indiana, Ohio, South Carolina and Pennsylvania (4) 7.00 % 11/22/2019 (4) — — 54,535 Public charter school property St. Paul, Minnesota (4) 8.93% to 9.38% 11/22/2019 (4) — — 8,835 Public charter school property Millville, New Jersey (4) 10.35 % 11/22/2019 (4) — — 6,383 Public charter school property Roswell, Georgia (4) 9.10 % 11/22/2019 (4) — — 4,165 Public charter school property Atlanta, Georgia (4) 8.84 % 11/22/2019 (4) — — 4,236 Public charter school property Bronx, New York (4) 8.75 % 11/22/2019 (4) — — 23,718 Public charter school property Colorado Springs, Colorado (4) 9.02 % 11/22/2019 (4) — — 14,325 Attraction property Powells Point, North Carolina 7.75 % 6/30/2025 Interest only 27,423 27,423 — Fitness & wellness property Omaha, Nebraska 7.85 % 12/28/2026 Interest only 5,766 5,803 5,803 Fitness & wellness property Omaha, Nebraska 7.85 % 1/3/2027 Interest only 10,905 10,977 10,977 Fitness & wellness property Merriam, Kansas 7.55 % 7/31/2029 Interest only 5,950 5,985 — Ski property Girdwood, Alaska 8.25 % 12/31/2029 Interest only 37,000 37,000 — Experiential lodging property Nashville, Tennessee 6.99 % 9/30/2031 Interest only 70,000 70,396 — Eat & play property Austin, Texas 11.31 % 6/1/2033 Principal & Interest-fully amortizing 11,582 11,582 11,934 Ski property West Dover and Wilmington, Vermont 11.61 % 12/1/2034 Interest only 51,050 51,050 51,050 Four ski properties Ohio and Pennsylvania 10.75 % 12/1/2034 Interest only 37,562 37,562 37,562 Ski property Chesterland, Ohio 11.21 % 12/1/2034 Interest only 4,550 4,550 4,550 Ski property Hunter, New York 8.43 % 1/5/2036 Interest only 21,000 21,000 21,000 Eat & play property Midvale, Utah 10.25 % 5/31/2036 Interest only 17,505 17,505 17,505 Eat & play property West Chester, Ohio 9.75 % 8/1/2036 Interest only 18,068 18,068 18,068 Private school property Mableton, Georgia 8.84 % 4/30/2037 Interest only 4,674 5,048 4,952 Fitness & wellness property Fort Collins, Colorado 7.85 % 1/31/2038 Interest only 10,292 10,360 10,360 Early childhood education center Lake Mary, Florida 7.75 % 5/9/2039 Interest only 4,200 4,258 — Eat & play property Eugene, Oregon 8.125 % 6/17/2039 Interest only 14,700 14,800 — Early childhood education center Lithia, Florida 8.25 % 10/31/2039 Interest only 3,956 4,024 2,172 $ 356,183 $ 357,391 $ 517,467 |
Investments In Direct Financi_2
Investments In Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |
Summary Of Carrying Amounts Of Investments In Direct Financing Leases, Net | 2018 Total minimum lease payments receivable $ 36,352 Estimated unguaranteed residual value of leased assets 16,509 Less deferred income (1) (32,303 ) Investment in direct financing leases, net $ 20,558 (1) Deferred income is net of $0.3 million of initial direct costs at December 31, 2018 |
Unconsolidated Real Estate Join
Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Real Estate Joint Ventures On December 21, 2018, the Company entered into two real estate joint venture agreements for two experiential lodging properties located in St. Petersburg Beach, Florida with an initial investment of $29.5 million . As of December 31, 2019 and 2018, the Company had a 65% investment interest in these unconsolidated real estate joint ventures. The Company's partner, Gencom 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 December 31, 2019 and 2018, the Company had invested $29.7 million and $29.5 million , respectively, in these joint ventures. The joint venture that holds the real property partially financed the purchase of the lodging properties with a short-term secured mortgage loan of $60.0 million with a maturity date of June 21, 2019. On March 28, 2019, the joint venture prepaid in full this mortgage loan and entered into a new secured mortgage loan due April 1, 2022 with an initial balance of $61.2 million and a maximum availability of $85.0 million . The note can be extended for two additional one year periods upon the satisfaction of certain conditions. As of December 31, 2019 , the joint venture had $61.2 million outstanding and total availability of $23.8 million to fund upcoming property renovations. Additionally, the Company has guaranteed the completion of the renovations in the amount of approximately $24.3 million . 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. Additionally, on March 28, 2019, the joint venture entered into 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 a loss of $140 thousand and income of $52 thousand during the years ended December 31, 2019 and 2018, respectively, and received no distributions during the years ended December 31, 2019 and 2018 related to the equity investment in these joint ventures. As of December 31, 2019 and 2018, 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 December 31, 2019 , is its investment in the joint ventures of $29.7 million as well as the Company's guarantee of the estimated costs to complete renovations of approximately $24.3 million . In addition, as of December 31, 2019 and 2018 , the Company had invested $4.6 million and $5.0 million , respectively, in unconsolidated joint ventures for three theatre projects located in China. The Company recognized losses of $ 241 thousand and $74 thousand and income of $72 thousand , and received distributions of $112 thousand , $567 thousand and $442 thousand , from its investment in these joint ventures for the years ended December 31, 2019, 2018 and 2017 , respectively. |
Debt Schedule of Long-term Debt
Debt Schedule of Long-term Debt Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2019 and 2018 consists of the following (in thousands): 2019 2018 Senior unsecured notes payable, 5.75%, prepaid in full during the three months ended September 30, 2019 (1) $ — $ 350,000 Unsecured revolving variable rate credit facility, LIBOR + 1.00%, due February 27, 2022 (2) — 30,000 Unsecured term loan payable, LIBOR + 1.10%, $350,000 fixed at 3.15% and $50,000 fixed at 3.35% through February 7, 2022, due February 27, 2023 (2) 400,000 400,000 Senior unsecured notes payable, 5.25%, due July 15, 2023 (3) 275,000 275,000 Senior unsecured notes payable, 4.35%, due August 22, 2024 (4) 148,000 148,000 Senior unsecured notes payable, 4.50%, due April 1, 2025 (3) 300,000 300,000 Senior unsecured notes payable, 4.56%, due August 22, 2026 (4) 192,000 192,000 Senior unsecured notes payable, 4.75%, due December 15, 2026 (3) 450,000 450,000 Senior unsecured notes payable, 4.50%, due June 1, 2027 (3) 450,000 450,000 Senior unsecured notes payable, 4.95%, due April 15, 2028 (3) (5) 400,000 400,000 Senior unsecured notes payable, 3.75%, due August 15, 2029 (3) (6) 500,000 — Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047 24,995 24,995 Less: deferred financing costs, net (37,165 ) (33,941 ) Total $ 3,102,830 $ 2,986,054 (1) On August 19, 2019, $219.4 million of the $350.0 million aggregate principal amount of 5.75% Senior Notes due August 15, 2022 were validly tendered and delivered for consideration of the principal amount outstanding plus a premium of $23.6 million . On September 16, 2019, the Company redeemed all of the remaining outstanding notes that were not validly tendered. The notes were redeemed at a price equal to the principal amount outstanding plus a premium calculated pursuant to the terms of the indenture of $13.3 million , together with accrued and unpaid interest of $0.6 million . In connection with the tender offer and the redemption, the Company recorded a non-cash write off of $1.4 million in deferred financing costs. The premiums paid and the non-cash write off, totaling $38.3 million , were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019. (2) The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 2.88% on December 31, 2019 . Interest is payable monthly. As of December 31, 2019 , the Company had no outstanding balance under the facility and total availability under the facility was $1.0 billion . The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 2.81% on December 31, 2019 . Interest is payable monthly. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. (3) These notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. (4) These notes (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) contain certain "most favored lender" provisions and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company. (5) On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95% . Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the Company's unsecured revolving credit facility. |
Schedule of Maturities of Long-term Debt | Principal payments due on long-term debt obligations subsequent to December 31, 2019 (without consideration of any extensions) are as follows (in thousands): Amount Year: 2020 $ — 2021 — 2022 — 2023 675,000 2024 148,000 Thereafter 2,316,995 Less: deferred financing costs, net (37,165 ) Total $ 3,102,830 |
Interest Expense, Net | The following is a summary of interest expense, net from continuing operations for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Interest on loans $ 140,697 $ 137,570 $ 135,023 Amortization of deferred financing costs 6,192 5,797 6,167 Credit facility and letter of credit fees 2,265 2,411 2,005 Interest cost capitalized (4,975 ) (9,541 ) (9,542 ) Interest income (2,177 ) (367 ) (192 ) Interest expense, net $ 142,002 $ 135,870 $ 133,461 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 : Effect of Derivative Instruments on the Consolidated Statements of Changes in Equity and Income and Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017 (Dollars in thousands) Year Ended December 31, Description 2019 2018 2017 Cash Flow Hedges Interest Rate Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative $ (7,476 ) $ 3,172 $ 2,479 Amount of Income (Expense) Reclassified from AOCI into Earnings (1) 1,138 1,324 (2,498 ) Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (450 ) 1,689 (793 ) Amount of Income Reclassified from AOCI into Earnings (2) 545 1,426 2,457 Net Investment Hedges Cross Currency Swaps Amount of (Loss) Gain Recognized in AOCI on Derivative (4,454 ) 5,108 — Amount of Income Recognized in Earnings (2) (3) 556 271 — Currency Forward Agreements Amount of Gain (Loss) Recognized in AOCI on Derivative — 8,560 (9,547 ) Total Amount of (Loss) Gain Recognized in AOCI on Derivative $ (12,380 ) $ 18,529 $ (7,861 ) Amount of Income (Expense) Reclassified from AOCI into Earnings 1,683 2,750 (41 ) Amount of Income Recognized in Earnings 556 271 — Interest expense, net in accompanying consolidated statements of income and comprehensive income 142,002 135,870 133,461 Other income in accompanying consolidated statements of income and comprehensive income 25,920 2,076 3,095 (1) Included in “Interest expense, net” in accompanying consolidated statements of income and comprehensive income. (2) Included in "Other income" in the accompanying consolidated statements of income and comprehensive income. (3) Amounts represent derivative gains excluded from the effectiveness testing. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured At Fair Value On A Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements are classified and by derivative type. Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2019 and 2018 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2019: Cross Currency Swaps* $ — $ 828 $ — $ 828 Interest Rate Swap Agreements* $ — $ 225 $ — $ 225 Interest Rate Swap Agreements** $ — $ (4,495 ) $ — $ (4,495 ) 2018: Cross Currency Swaps* $ — $ 6,278 $ — $ 6,278 Interest Rate Swap Agreements* $ — $ 4,344 $ — $ 4,344 *Included in "Other assets" in the accompanying consolidated balance sheet. |
Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis | Non-recurring fair value measurements The table below presents the Company's assets measured at fair value on a non-recurring basis during the year ended December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall. Assets Measured at Fair Value on a Non-Recurring Basis During the Year Ended December 31, 2019 and 2018 (Dollars in thousands) Description Quoted Prices in Significant Significant Balance at 2019: Real estate investments, net $ — $ 6,160 $ — $ 6,160 2018: Land held for development $ — $ — $ 9,805 $ 9,805 As discussed further in Note 4, during the year ended December 31, 2019, the Company recorded an impairment charge of $2.2 million related to real estate investments, net. Management estimated the fair value of this property taking into account various factors including various purchase offers, pending purchase agreements, the shortened holding period and current market conditions. The Company determined, based on the inputs, that its valuation of real estate investments, net were classified within Level 2 of the fair value hierarchy. As discussed further in Note 4, during the year ended December 31, 2018, the Company recorded impairment charges totaling $16.5 million related to land held for development. Management estimated the fair value of these investments taking into account various factors including the independent appraisals, the shortened hold period and current market conditions. The Company determined, based on the inputs, that its valuation of land held for development and property under development was classified within Level 3 of the fair value hierarchy as many of the assumptions are not observable. |
Common and Preferred Share (Tab
Common and Preferred Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Common and Preferred Shares [Abstract] | |
Schedule of Dividends Per Common Share | Of the total distributions calculated for tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per common share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions Per Share 2019 2018 Taxable ordinary income (1) $ 2.7411 $ 4.1253 Return of capital 1.3966 — Long-term capital gain (2) 0.3473 0.1747 Totals $ 4.4850 $ 4.3000 |
Schedule of Dividends Per Preferred Share | The Board of Trustees declared cash dividends totaling $1.4375 per Series G preferred share for each of the years ended December 31, 2019 and 2018 . For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid per Series G preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.2758 $ 1.2105 Return of capital — — Long-term capital gain (2) 0.1617 0.0513 Totals $ 1.4375 $ 1.2618 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1617 and $0.0030 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series C preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.2758 $ 1.3791 Return of capital — — Long-term capital gain (2) 0.1617 0.0584 Totals $ 1.4375 $ 1.4375 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.1617 and $0.0034 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. Non-cash Distributions per Share 2019 2018 Taxable ordinary income (3) $ 0.1050 $ 0.5953 Return of capital 0.5639 — Long-term capital gain (4) 0.0133 0.0252 Totals $ 0.6822 $ 0.6205 (3) Amounts qualify in their entirety as 199A distributions. (4) Of the long-term capital gain, $0.0133 and $0.0015 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. For tax purposes, the amounts characterized as ordinary income, return of capital and long-term capital gain for cash distributions paid and non-cash deemed distributions per Series E preferred share for the years ended December 31, 2019 and 2018 are as follows: Cash Distributions per Share 2019 2018 Taxable ordinary income (1) $ 1.9970 $ 2.1586 Return of capital — — Long-term capital gain (2) 0.2530 0.0914 Totals $ 2.2500 $ 2.2500 (1) Amounts qualify in their entirety as 199A distributions. (2) Of the long-term capital gain, $0.2530 and $0.0053 were unrecaptured section 1250 gains for the years ended December 31, 2019 and 2018 , respectively. Non-cash Distributions per Share 2019 2018 Taxable ordinary income (3) $ — $ 0.5092 Return of capital 0.6024 — Long-term capital gain (4) — 0.0216 Totals $ 0.6024 $ 0.5308 (3) Amounts qualify in their entirety as 199A distributions. (4) There were no unrecaptured section 1250 gains for the year ended December 31, 2019. Of the long-term capital gain, $0.0013 was unrecaptured section 1250 gains for the year ended December 31, 2018. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 (amounts in thousands except per share information): Year Ended December 31, 2019 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 154,556 Less: preferred dividend requirements (24,136 ) Income from continuing operations available to common shareholders $ 130,420 76,746 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,746 $ 0.62 Net income available to common shareholders $ 178,107 76,746 $ 2.32 Diluted EPS: Income from continuing operations available to common shareholders $ 130,420 76,746 Effect of dilutive securities: Share options — 36 Income from continuing operations available to common shareholders $ 130,420 76,782 $ 1.70 Income from discontinued operations available to common shareholders $ 47,687 76,782 $ 0.62 Net income available to common shareholders $ 178,107 76,782 $ 2.32 Year Ended December 31, 2018 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 221,947 Less: preferred dividend requirements (24,142 ) Income from continuing operations available to common shareholders $ 197,805 74,292 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,292 $ 0.61 Net income available to common shareholders $ 242,841 74,292 $ 3.27 Diluted EPS: Income from continuing operations available to common shareholders $ 197,805 74,292 Effect of dilutive securities: Share options — 45 Income from continuing operations available to common shareholders $ 197,805 74,337 $ 2.66 Income from discontinued operations available to common shareholders $ 45,036 74,337 $ 0.61 Net income available to common shareholders $ 242,841 74,337 $ 3.27 Year Ended December 31, 2017 Income (numerator) Shares (denominator) Per Share Amount Basic EPS: Income from continuing operations $ 225,168 Less: preferred dividend requirements and redemption costs (28,750 ) Income from continuing operations available to common shareholders $ 196,418 71,191 $ 2.76 Income from discontinued operations available to common shareholders $ 37,800 71,191 $ 0.53 Net income available to common shareholders $ 234,218 71,191 $ 3.29 Diluted EPS: Income from continuing operations available to common shareholders $ 196,418 71,191 Effect of dilutive securities: Share options — 63 Income from continuing operations available to common shareholders $ 196,418 71,254 $ 2.76 Income from discontinued operations available to common shareholders $ 37,800 71,254 $ 0.53 Net income available to common shareholders $ 234,218 71,254 $ 3.29 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Number of shares Option price per share Weighted avg. exercise price Outstanding at December 31, 2016 285,986 $ 19.02 — $ 61.79 $ 51.93 Exercised (29,253 ) 46.86 — 61.79 54.54 Granted 2,215 76.63 — 76.63 76.63 Forfeited/Expired (1,342 ) 51.64 — 61.79 59.52 Outstanding at December 31, 2017 257,606 $ 19.02 — $ 76.63 $ 51.81 Exercised (25,721 ) 45.20 — 61.79 50.68 Granted 3,835 56.94 — 56.94 56.94 Forfeited/Expired (845 ) 51.64 — 61.79 61.12 Outstanding at December 31, 2018 234,875 $ 19.02 — $ 76.63 $ 51.98 Exercised (118,786 ) 19.02 — 61.79 48.71 Granted 1,941 73.84 — 73.84 73.84 Outstanding at December 31, 2019 118,030 $ 44.62 — $ 76.63 $ 55.63 |
Schedule of Stock Option Expense to be Recognized in the Future | At December 31, 2019 , stock-option expense to be recognized in future periods was as follows (in thousands): Amount Year: 2020 $ 9 2021 5 2022 2 Total $ 16 |
Summary Of Outstanding Options | The following table summarizes outstanding and exercisable options at December 31, 2019 : 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. Weighted avg. Aggregate intrinsic 44.62 - 49.99 31,445 2.1 31,445 2.1 50.00 - 59.99 31,710 4.5 28,834 4.1 60.00 - 69.99 50,719 5.1 50,719 5.1 70.00 - 76.63 4,156 8.1 1,108 7.1 118,030 4.3 $ 55.63 $ 1,791 112,106 4.0 $ 55.08 $ 1,751 |
Summary Of Exercisable Options | |
Summary Of Nonvested Share Activity | A summary of the Company’s nonvested share activity and related information is as follows: Number of shares Weighted avg. grant date fair value Weighted avg. life remaining Outstanding at December 31, 2018 655,056 $ 64.16 Granted 208,755 74.13 Vested (346,145 ) 64.66 Forfeited (8,328 ) 66.38 Outstanding at December 31, 2019 509,338 $ 67.88 0.86 |
Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future | At December 31, 2019 , unamortized share-based compensation expense related to nonvested shares was $15.3 million and will be recognized in future periods as follows (in thousands): Amount Year: 2020 $ 8,187 2021 5,243 2022 1,873 Total $ 15,303 |
Summary Of Restricted Share Unit Activity | A summary of the Company’s restricted share unit activity and related information is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Life Remaining Outstanding at December 31, 2018 23,571 $ 61.25 Granted 27,392 77.19 Vested (24,727 ) 61.62 Outstanding at December 31, 2019 26,236 $ 77.54 0.42 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Future Minimum Rentals Receivable | The following table summarizes the future minimum rentals on the Company's lessor and sub-lessor arrangements at December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 (2) Operating leases Sub-lessor operating ground leases Operating leases Amount (1) Amount (1) Total Amount (1) Year: Year: 2020 $ 525,809 $ 23,468 $ 549,277 2019 $ 520,139 2021 518,590 23,863 542,453 2020 503,344 2022 504,119 23,291 527,410 2021 492,165 2023 474,889 22,609 497,498 2022 477,671 2024 453,043 22,196 475,239 2023 449,686 Thereafter 3,707,326 226,150 3,933,476 Thereafter 3,953,717 Total $ 6,183,776 $ 341,577 $ 6,525,353 Total $ 6,396,722 (1) Included in rental revenue. (2) Balances as of December 31, 2018 are prior to the adoption of Topic 842. |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2019 and 2018 , excluding contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales (in thousands): December 31, 2019 December 31, 2018 (3) Ground Leases (1) Office lease (2) Ground Leases Office lease (2) Year: Year: 2020 $ 24,085 $ 856 2019 $ 22,867 $ 856 2021 24,529 884 2020 23,236 856 2022 23,961 967 2021 23,600 884 2023 23,283 967 2022 22,996 967 2024 22,871 967 2023 22,303 967 Thereafter 243,411 1,691 Thereafter 257,446 2,658 Total lease payments $ 362,140 $ 6,332 $ 372,448 $ 7,188 Less: imputed interest 131,901 921 Present value of lease liabilities $ 230,239 $ 5,411 (1) Included in property operating expense. (2) Included in general and administrative expense. (3) Balances as of December 31, 2018 are prior to the adoption of Topic 842. |
Lessee, Operating Leases [Text Block] | The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2019 (in thousands): As of Classification December 31, 2019 Assets: Operating ground lease assets Operating lease right-of-use assets $ 205,997 Office lease asset Operating lease right-of-use assets 5,190 Total operating lease right-of-use assets $ 211,187 Sub-lessor straight-line rent receivable Accounts receivable 24,569 Total leased assets $ 235,756 Liabilities: Operating ground lease liabilities Operating lease liabilities $ 230,239 Office lease liability Operating lease liabilities 5,411 Total lease liabilities $ 235,650 |
Lease, Cost [Table Text Block] | The following table summarizes the lease costs and sublease income for the year ended December 31, 2019 (in thousands): Classification Year ended December 31, 2019 Lease Cost Operating ground lease cost Property operating expense $ 24,656 Operating office lease cost General and administrative expense 909 Sublease income Rental revenue (23,492 ) Net lease cost $ 2,073 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial data for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share data): March 31 June 30 September 30 December 31 2019: Total revenue $ 150,527 $ 161,740 $ 169,356 $ 170,346 Net income 65,349 66,594 34,003 36,297 Net income available to common shareholders of EPR Properties 59,315 60,560 27,969 30,263 Basic net income per common share 0.79 0.80 0.36 0.39 Diluted net income per common share 0.79 0.79 0.36 0.39 March 31 June 30 September 30 December 31 2018: Total revenue $ 139,951 $ 188,060 $ 160,993 $ 150,917 Net income 29,538 91,581 91,833 54,031 Net income available to common shareholders of EPR Properties 23,502 85,545 85,797 47,997 Basic net income per common share 0.32 1.15 1.15 0.65 Diluted net income per common share 0.32 1.15 1.15 0.65 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Balance Sheet Data: As of December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 5,307,295 $ 730,165 $ 540,051 $ 6,577,511 As of December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Total Assets $ 4,740,387 $ 1,366,278 $ 24,725 $ 6,131,390 Operating Data: For the Year Ended December 31, 2019 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 525,085 $ 67,937 $ — $ 593,022 Other income 24,818 — 1,102 25,920 Mortgage and other financing income 31,594 1,433 — 33,027 Total revenue 581,497 69,370 1,102 651,969 Property operating expense 56,369 3,481 889 60,739 Other expense 29,222 — 445 29,667 Total investment expenses 85,591 3,481 1,334 90,406 Net operating income - before unallocated items 495,906 65,889 (232 ) 561,563 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (46,371 ) Severance expense (2,364 ) Costs associated with loan refinancing or payoff (38,269 ) Interest expense, net (142,002 ) Transaction costs (23,789 ) Impairment charges (2,206 ) Depreciation and amortization (158,834 ) Equity in loss from joint ventures (381 ) Gain on sale of real estate 4,174 Income tax benefit 3,035 Discontinued operations: Income from discontinued operations before other items 37,241 Impairment on public charter school portfolio sale (21,433 ) Gain on sale of real estate from discontinued operations 31,879 Net income 202,243 Preferred dividend requirements (24,136 ) Net income available to common shareholders of EPR Properties $ 178,107 For the Year Ended December 31, 2018 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 453,721 $ 55,365 $ — $ 509,086 Other income 332 — 1,744 2,076 Mortgage and other financing income 117,171 11,588 — 128,759 Total revenue 571,224 66,953 1,744 639,921 Property operating expense 26,168 2,831 655 29,654 Other expense — — 443 443 Total investment expenses 26,168 2,831 1,098 30,097 Net operating income - before unallocated items 545,056 64,122 646 609,824 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (48,889 ) Severance expense (5,938 ) Litigation settlement expense (2,090 ) Costs associated with loan refinancing or payoff (31,958 ) Interest expense, net (135,870 ) Transaction costs (3,698 ) Impairment charges (27,283 ) Depreciation and amortization (138,395 ) Equity in loss from joint ventures (22 ) Gain on sale of real estate 3,037 Gain on sale of investment in a direct financing lease 5,514 Income tax expense (2,285 ) Discontinued operations: Income from discontinued operations before other items 45,036 Net income 266,983 Preferred dividend requirements (24,142 ) Net income available to common shareholders of EPR Properties $ 242,841 For the Year Ended December 31, 2017 Experiential Education Corporate/Unallocated Consolidated Rental revenue $ 405,172 $ 36,015 $ — $ 441,187 Other income 614 1 2,480 3,095 Mortgage and other financing income 53,147 20,891 — 74,038 Total revenue 458,933 56,907 2,480 518,320 Property operating expense 24,699 5,988 640 31,327 Other expense — — 242 242 Total investment expenses 24,699 5,988 882 31,569 Net operating income - before unallocated items 434,234 50,919 1,598 486,751 Reconciliation to Consolidated Statements of Income and Comprehensive Income: General and administrative expense (43,383 ) Costs associated with loan refinancing or payoff (1,549 ) Gain on early extinguishment of debt 977 Interest expense, net (133,461 ) Transaction costs (523 ) Impairment charges (1,902 ) Depreciation and amortization (121,357 ) Equity in income from joint ventures 72 Gain on sale of real estate 41,942 Income tax expense (2,399 ) Discontinued operations: Income from discontinued operations before other items 46,093 Impairment charges (8,293 ) Net income 262,968 Preferred dividend requirements (24,293 ) Preferred share redemption costs (4,457 ) Net income available to common shareholders of EPR Properties $ 234,218 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)segmentproperties | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Current Expected Credit Loss Amount, Minimum | $ 2,000,000 | ||
Deferred financing costs, net | $ 37,165,000 | $ 33,941,000 | |
Number of Reportable Operating Segments | segment | 2 | ||
Accounting for Acquisitions [Abstract] | |||
Transaction costs | $ 23,789,000 | 3,698,000 | $ 523,000 |
Goodwill | 693,000 | 693,000 | |
Intangible Assets, Net (Including Goodwill) | 44,692,000 | 42,491,000 | |
Amortization of above/below market leases and tenant allowances, net | 343,000 | 581,000 | 107,000 |
Below Market Lease, Net | 8,934,000 | 8,100,000 | |
Revenue Recognition [Abstract] | |||
Straight Line Rent | 13,600,000 | 10,200,000 | 4,300,000 |
Percentage rents | 15,000,000 | 10,700,000 | 7,800,000 |
Participating interest income | 600,000 | 0 | 700,000 |
prepayment fee | $ 2,700,000 | 74,700,000 | 800,000 |
Income Tax Disclosure [Abstract] | |||
Percent of taxable income distributed to shareholders annually | 90.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Current Federal Tax Expense (Benefit) | $ 0 | ||
Deferred TRS Income Tax Expense (Benefit) | $ (3,719,000) | $ (319,000) | $ (137,000) |
Effective Income Tax Rate Reconciliation, Percent | 1.50% | 0.80% | 0.90% |
Other | $ 15,390,000 | $ 10,760,000 | |
Enacted Corporate tax rate, percent | 21.00% | ||
Deferred Tax Assets, Gross | $ 19,253,000 | 14,111,000 | |
Deferred Tax Liabilities, Gross | 3,863,000 | 3,351,000 | |
Deferred Tax Liabilities | 4,500,000 | ||
Current Income and Withholding Tax Expense | (1,100,000) | 1,700,000 | $ 1,600,000 |
Provision for income tax expense | 0 | 0 | 0 |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Rental revenue | 593,022,000 | 509,086,000 | 441,187,000 |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation | 13,180,000 | 15,111,000 | 14,142,000 |
Share-based compensation expense included in severance expense | 580,000 | 3,218,000 | 0 |
Severance expense | $ 2,364,000 | $ 5,938,000 | $ 0 |
Impaired notes receivable | 0 | 0 | 0 |
Current Expected Credit Loss Amount, Maximum | $ 2,500,000 | ||
Straight line rent write off | 1,400,000 | $ 0 | $ 9,000,000 |
Recovery of Direct Costs | 16,000,000 | 15,300,000 | 15,500,000 |
American Multi-Cinema, Inc. [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Rental revenue | $ 123,792,000 | $ 115,805,000 | $ 114,374,000 |
Percentage of lease revenue in total revenue | 17.60% | 16.50% | 19.90% |
TopGolf [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Rental revenue | $ 78,962,000 | $ 64,459,000 | $ 53,369,000 |
Percentage of lease revenue in total revenue | 11.20% | 9.20% | 9.30% |
Regal [Member] | |||
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Rental revenue | $ 75,784,000 | $ 57,614,000 | $ 49,433,000 |
Percentage of lease revenue in total revenue | 10.80% | 8.20% | 8.60% |
Leases, Acquired-in-Place [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Intangible assets, accumulated amortization | $ 10,800,000 | $ 7,700,000 | |
Weighted average useful life for in-place leases | 11 years 10 months 24 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | $ 3,348,000 | ||
2021 | 2,959,000 | ||
2022 | 2,334,000 | ||
2023 | 2,305,000 | ||
2024 | 2,247,000 | ||
Thereafter | 11,335,000 | ||
Total | 24,528,000 | 21,749,000 | |
Lease Agreements [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Amortization | 3,700,000 | 2,900,000 | $ 2,000,000 |
Above Market Leases [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Intangible assets, accumulated amortization | $ 1,100,000 | 1,000,000 | |
Weighted average useful life for in-place leases | 6 years 10 months 24 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | $ 20,000 | ||
2021 | 10,000 | ||
2022 | 6,000 | ||
2023 | 6,000 | ||
2024 | 6,000 | ||
Thereafter | 23,000 | ||
Total | 71,000 | 154,000 | |
Trade Names [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Intangible assets, accumulated amortization | 184,000 | 53,000 | |
Non-amortizing indefinite lived trade names | $ 5,400,000 | 5,400,000 | |
Weighted average useful life for in-place leases | 28 years 2 months 12 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | $ 133,000 | ||
2021 | 133,000 | ||
2022 | 133,000 | ||
2023 | 133,000 | ||
2024 | 133,000 | ||
Thereafter | 2,960,000 | ||
Total | 3,625,000 | ||
Indefinite and Finite-lived Intangible Assets, net | 8,980,000 | 9,110,000 | |
Below market leases [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Intangible assets, accumulated amortization | $ 1,100,000 | 700,000 | |
Weighted average useful life for in-place leases | 30 years 3 months 18 days | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | $ 503,000 | ||
2021 | 473,000 | ||
2022 | 438,000 | ||
2023 | 415,000 | ||
2024 | 400,000 | ||
Thereafter | 6,705,000 | ||
Total | 8,934,000 | ||
Contract Value, intangible [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Intangible assets, accumulated amortization | $ 500,000 | 183,000 | |
Weighted average useful life for in-place leases | 28 years 6 months | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | $ 365,000 | ||
2021 | 365,000 | ||
2022 | 365,000 | ||
2023 | 365,000 | ||
2024 | 365,000 | ||
Thereafter | 8,595,000 | ||
Total | 10,420,000 | 10,785,000 | |
CANADA | |||
Income Tax Disclosure [Abstract] | |||
Other | 10,900,000 | ||
Segment, Continuing Operations [Member] | |||
Accounting for Acquisitions [Abstract] | |||
Amortization of above/below market leases and tenant allowances, net | 400,000 | 600,000 | 100,000 |
Discontinued Operations, Disposed of by Sale [Member] | |||
Revenue Recognition [Abstract] | |||
Straight Line Rent | 3,000,000 | 5,500,000 | 6,700,000 |
prepayment fee | 1,800,000 | ||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Straight line rent write off | $ 1,200,000 | ||
Minimum [Member] | Building [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 30 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 3 years | ||
Minimum [Member] | Building Improvements [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 10 years | ||
Maximum [Member] | Building [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 40 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 25 years | ||
Maximum [Member] | Building Improvements [Member] | |||
Rental Properties [Abstract] | |||
Estimated useful live of buildings (in years) | 20 years | ||
Stock Options [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Stock or Unit Option Plan Expense | $ 10,000 | 300,000 | 700,000 |
Restricted Stock [Member] | Employee [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation expense related to employees and trustees | $ 11,300,000 | 13,500,000 | 12,200,000 |
Restricted Stock [Member] | Minimum [Member] | Employee [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | Employee [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation, future vesting period minimum (in years) | 4 years | ||
Restricted Stock Units (RSUs) [Member] | Non-Employee Trustees [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Share based compensation expense related to employees and trustees | $ 1,900,000 | 1,300,000 | $ 1,300,000 |
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Nonvested Shares [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Severance expense | $ 600,000 | ||
Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | Nonvested Shares [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Severance expense | 3,200,000 | ||
Theatre Project China Member | CHINA | |||
Income Tax Disclosure [Abstract] | |||
Number of Real Estate Properties | properties | 4 | ||
Payments Related to Tax Withholding for Repatriation of Foreign Earnings | $ 13,000 | 62,000 | |
Revolving Credit Facility [Member] | |||
Deferred financing costs, net | 3,500,000 | $ 5,000,000 | |
triple-net lessor costs [Member] | |||
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Recovery of Direct Costs | $ 6,900,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Fixed assets | $ 14,462 | $ 12,948 | |
Net operating losses | 1,656 | 359 | |
Deferred Tax Asset, Start-up Costs | 2,768 | 347 | |
Start-up costs | 367 | 457 | |
Total deferred tax assets | 19,253 | 14,111 | |
Deferred Tax Liabilities, Capital Improvements | (2,765) | (2,079) | |
Straight-line receivable | (1,097) | (1,271) | |
Other | (1) | (1) | |
Total deferred tax liabilities | (3,863) | (3,351) | |
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract] | |||
Current TRS Tax Expense (benefit) | 376 | (221) | $ (163) |
Current state income tax expense | (405) | (422) | (360) |
Current foreign income tax | 0 | 0 | (36) |
Current foreign withholding tax | (1,051) | (1,069) | (1,071) |
Deferred TRS Income Tax Expense (Benefit) | 3,719 | 319 | 137 |
Deferred foreign withholding tax | 0 | 0 | 43 |
Deferred income tax benefit (expense) | 396 | (892) | (949) |
Income tax benefit (expense) | 3,035 | (2,285) | $ (2,399) |
Deferred Tax Assets, Net | $ 15,390 | $ 10,760 |
Rental Properties Summary Of Ca
Rental Properties Summary Of Carrying Amounts Of Rental Properties (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | $ 6,186,562,000 | $ 5,907,231,000 | |
Gain (Loss) on Disposition of Assets | 4,174,000 | 3,037,000 | $ 41,942,000 |
Accumulated depreciation | (989,254,000) | (883,174,000) | |
Total | 5,197,308,000 | 5,024,057,000 | |
Depreciation expense on rental properties | 153,200,000 | 133,700,000 | $ 117,600,000 |
Building and Building Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 4,747,101,000 | 4,593,159,000 | |
Adelaar Infrastructure [Member] | |||
Real Estate Properties [Line Items] | |||
Reimbursement received from payment of economic development revenue bonds | 11,500,000 | 74,200,000 | |
Special Assessment Bond | 110,000,000 | ||
Furniture and Fixtures [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 123,239,000 | 97,463,000 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | 1,290,181,000 | 1,190,568,000 | |
Leaseholds and Leasehold Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, at Cost | $ 26,041,000 | $ 26,041,000 | |
Theatre Properties Member | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 26 | 2 | |
Payments to Acquire Property, Plant, and Equipment | $ 426,500,000 | $ 22,400,000 | |
Fitness & Wellness Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 7,800,000 | ||
Eat & Play Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 1 | ||
Payments to Acquire Property, Plant, and Equipment | $ 1,400,000 | ||
Cultural Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties acquired | 2 | ||
Payments to Acquire Property, Plant, and Equipment | $ 24,000,000 | 50,300,000 | |
Experiential Lodging Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | $ 36,600,000 | ||
early childhood education center [Member] | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 1 | 2 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 2,500,000 | ||
Gain (Loss) on Disposition of Assets | $ 0 | ||
Number of properties acquired | 2 | 4 | |
Payments to Acquire Property, Plant, and Equipment | $ 17,700,000 | ||
Experiential Reportable Operating Segment [Member] | |||
Real Estate Properties [Line Items] | |||
number of properties sold | 4 | 4 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 21,900,000 | $ 7,300,000 | |
Gain (Loss) on Disposition of Assets | 4,200,000 | 1,200,000 | |
Investment Building and Building Improvements | 146,200,000 | 288,100,000 | |
Payments to Acquire Property, Plant, and Equipment | 451,900,000 | ||
Education Reportable Operating Segment [Member] | |||
Real Estate Properties [Line Items] | |||
Investment Building and Building Improvements | 38,600,000 | $ 49,700,000 | |
Payments to Acquire Property, Plant, and Equipment | $ 5,900,000 |
Rental Properties Disposition (
Rental Properties Disposition (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Acquisitions and Disposals [Line Items] | |||
Impairment charges | $ 2,206 | $ 27,283 | $ 1,902 |
Gain (Loss) on Disposition of Assets | 4,174 | 3,037 | 41,942 |
Education Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 5,900 | ||
Investment Building and Building Improvements | 38,600 | 49,700 | |
Experiential Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Payments to Acquire Property, Plant, and Equipment | 451,900 | ||
Investment Building and Building Improvements | $ 146,200 | $ 288,100 | |
number of properties sold | 4 | 4 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 21,900 | $ 7,300 | |
Gain (Loss) on Disposition of Assets | $ 4,200 | $ 1,200 | |
Education Property [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold pursuant to tenant purchase option | 10 | 1 | |
Education Property [Member] | Education Reportable Operating Segment [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Proceeds from sale of property, plant, and equipment tenant purchase option | $ 138,500 | $ 12,000 | |
Gain (Loss) on disposition of assets from tenant purchase option | $ 30,000 | $ 1,900 | |
Theatre Properties Member | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of properties acquired | 26 | 2 | |
Payments to Acquire Property, Plant, and Equipment | $ 426,500 | $ 22,400 | |
early childhood education center [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Number of properties acquired | 2 | 4 | |
Payments to Acquire Property, Plant, and Equipment | $ 17,700 | ||
number of properties sold | 1 | 2 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 2,500 | ||
Gain (Loss) on Disposition of Assets | $ 0 | ||
Public charter school properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 7 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 44,400 | ||
Gain (Loss) on Disposition of Assets | $ 1,900 | ||
Attraction Properties [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 1 | ||
Mortgage Note Receivable from Property Sale | $ 27,400 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 11,000 | ||
Imagine Schools [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
number of properties sold | 2 | 4 | |
Impairment charges | $ 9,600 | ||
Public Charter School Portfolio Sale [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Non-cash write off | $ 24,800 | ||
number of properties sold | 47 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600 | ||
Impairment charges | $ 21,400 |
Impairment Charges (Details)
Impairment Charges (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment charges | $ 2,206,000 | $ 27,283,000 | $ 1,902,000 |
Number of economic development bonds | $ 2 | ||
Public Charter School Portfolio Sale [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
number of properties sold | 47 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600,000 | ||
Impairment charges | 21,400,000 | ||
Non-cash write off | 24,800,000 | ||
Michigan Theatre Property [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 6,200,000 | ||
Impairment charges | $ 2,200,000 | ||
Children's Learning Adventure USA, LLC [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 9,800,000 | ||
Impairment charges | $ 16,500,000 | ||
land held for development [Member] | Children's Learning Adventure USA, LLC [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
number of properties in land held for development | properties | 4 | ||
Imagine Schools [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
number of properties sold | 2 | 4 | |
Impairment charges | 9,600,000 | ||
Tangible Asset Impairment Charges | 2,300,000 | ||
Louisiana Theatre Properties [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment charges | $ 10,700,000 | ||
Number of economic development bonds | 2 | ||
Tangible Asset Impairment Charges | 7,800,000 | ||
Loss Contingency Accrual | $ 2,900,000 | ||
Direct Financing Lease [Member] | Imagine Schools [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment charges | $ 10,200,000 |
Accounts Receivable, Net (Sched
Accounts Receivable, Net (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Bond Receivable | $ 0 | $ 11,500 | ||
Straight-Line Rent Receivable | 73,382 | [1] | 73,332 | |
Total | 86,858 | 98,369 | ||
Tenants [Member] | ||||
Total | 11,373 | 12,158 | ||
Non-Tenants [Member] | ||||
Accounts receivable, gross | 2,103 | 1,379 | ||
Ground Lease Arrangement [Member] | ||||
Straight-Line Rent Receivable | $ 24,454 | $ 0 | $ 0 | |
[1] | (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. |
Investment in Mortgage Notes (D
Investment in Mortgage Notes (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)loansmortgagenotes | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 357,391 | $ 517,467 | ||
Mortgage notes and related accrued interest receivable, net | 356,183 | |||
Proceeds from mortgage note receivable paydown | $ 217,459 | 335,168 | $ 21,784 | |
Number Of Mortgage Notes Receivable | mortgagenotes | 2 | |||
Mortgage Receivable [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of properties securing debt | 14 | |||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 0 | |||
Number Of Mortgage Notes Receivable | 7 | |||
Mortgage Receivable [Member] | mortgage note paid in full July 1, 2019 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [1] | $ 0 | 179,846 | |
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Number of properties securing debt | 3 | |||
Mortgage Receivable [Member] | Mortgage Note paid in full July 10, 2019 [Member] | Public charter school properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [2] | $ 0 | 15,652 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.00% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Proceeds from mortgage note receivable paydown | 17,800 | |||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | 1,800 | |||
Mortgage Receivable [Member] | Mortgage Note paid in full November 1, 2019 [Member] | Public charter school properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [3] | $ 0 | 9,839 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.95% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Proceeds from mortgage note receivable paydown | 9,800 | |||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.00% due December 20, 2021 [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 54,535 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.00% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Number of properties securing debt | 8 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.93% to 9.38%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 8,835 | |
Mortgage notes and related accrued interest receivable, net | 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 10.35%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 6,383 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.35% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 9.10%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 4,165 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.10% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.84%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 4,236 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.84% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.75%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 23,718 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 9.02%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | [4] | $ 0 | 14,325 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.02% | |||
Mortgage notes and related accrued interest receivable, net | $ 0 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.75%, due June 30, 2025 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 27,423 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 27,423 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85%, due December 28, 2018 | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 5,803 | 5,803 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 5,766 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85%, due January 3, 2027 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 10,977 | 10,977 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 10,905 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.55%, due July 31, 2029 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 5,985 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.55% | |||
Mortgage notes and related accrued interest receivable, net | $ 5,950 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.25%, December 31, 2029 [Member] | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 37,000 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 37,000 | |||
Mortgage Receivable [Member] | Mortgage Note, 6.99%, due September 30, 2031 [Member] | Experiential Lodging Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 70,396 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 6.99% | |||
Mortgage notes and related accrued interest receivable, net | $ 70,000 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.31%, due June 1, 2033 [Member] | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 11,582 | 11,934 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.31% | |||
Mortgage notes and related accrued interest receivable, net | $ 11,582 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.61%, due December 1, 2034 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 51,050 | 51,050 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.61% | |||
Mortgage notes and related accrued interest receivable, net | $ 51,050 | |||
Mortgage Receivable [Member] | Mortgage note, 10.75%, due December 1, 2034 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 37,562 | 37,562 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 37,562 | |||
Mortgage Receivable [Member] | Mortgage Note, 11.21%, due December 1, 2034 [Member] | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,550 | 4,550 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 11.21% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,550 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.43%, due January 5, 2036 | Ski Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 21,000 | 21,000 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.43% | |||
Mortgage notes and related accrued interest receivable, net | $ 21,000 | |||
Mortgage Receivable [Member] | Mortgage Note, due May 31, 2036 | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 17,505 | 17,505 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 17,505 | |||
Mortgage Receivable [Member] | Mortgage Note, 9.75% due August 1, 2036 | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 18,068 | 18,068 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 18,068 | |||
Mortgage Receivable [Member] | Mortgage Notes, 8.67%, due April 30, 2037 [Member] | Education Property [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 5,048 | 4,952 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.84% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,674 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.85% due January 31, 2038 [Member] | Fitness & Wellness Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 10,360 | 10,360 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.85% | |||
Mortgage notes and related accrued interest receivable, net | $ 10,292 | |||
Mortgage Receivable [Member] | Mortgage Note, 7.75%, due May 9, 2039 [Member] | early childhood education center [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,258 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.75% | |||
Mortgage notes and related accrued interest receivable, net | $ 4,200 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.125%, due June 17, 2039 [Member] | Eat & Play Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 14,800 | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.125% | |||
Mortgage notes and related accrued interest receivable, net | $ 14,700 | |||
Mortgage Receivable [Member] | Mortgage Note, 8.25%, due October 31, 2019 [Member] | early childhood education center [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 4,024 | $ 2,172 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.25% | |||
Mortgage notes and related accrued interest receivable, net | $ 3,956 | |||
Minimum [Member] | Mortgage Receivable [Member] | mortgage note paid in full July 1, 2019 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 7.00% | |||
Minimum [Member] | Mortgage Receivable [Member] | Mortgage Note, 8.93% to 9.38%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 8.93% | |||
Maximum [Member] | Mortgage Receivable [Member] | mortgage note paid in full July 1, 2019 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 10.00% | |||
Maximum [Member] | Mortgage Receivable [Member] | Mortgage Note, 8.93% to 9.38%, sold [Member] | Public Charter School Portfolio Sale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 9.38% | |||
Experiential Reportable Operating Segment [Member] | mortgage note paid in full July 1, 2019 [Member] | Attraction Properties [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of properties securing debt | loans | 3 | |||
Proceeds from mortgage note receivable paydown | $ 189,800 | |||
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | $ 0 | |||
[1] | On July 1, 2019, the Company received $189.8 million in proceeds representing payment in full on mortgage notes receivable from SVVI, LLC (Schlitterbahn Group) that were secured by three attraction properties. There were no prepayment fees received in connection with these note payoffs. | |||
[2] | On July 10, 2019, the Company received $17.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Jersey City, New Jersey. In connection with the prepayment of this note, the Company recognized a prepayment fee of $1.8 million that is included in mortgage and other financing income in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019 . | |||
[3] | On November 1, 2019, the Company received $9.8 million in proceeds representing prepayment in full on a mortgage note receivable that was secured by one public charter school located in Vineland, New Jersey. No prepayment fee was received in connection with this note payoff. | |||
[4] | On November 22, 2019, the Company completed the sale of substantially all of its public charter school portfolio which included seven mortgage notes receivable that were secured by 14 public charter school properties. No prepayment fees were received in connection with the sale of these notes. See Note 3 for additional information related to the sale and Note 4 for additional information related to the impairment recognized related to this sale. |
Investments In Direct Financi_3
Investments In Direct Financing Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)properties | Dec. 31, 2017USD ($) | Jul. 26, 2018USD ($) | |
Initial direct costs | $ 300 | |||
Investment in direct financing leases, net | $ 0 | 20,558 | $ 37,900 | |
Impairment charges | 2,206 | 27,283 | $ 1,902 | |
gain on sale of investment in direct financing lease | $ 0 | $ 5,514 | 0 | |
Imagine Schools [Member] | ||||
Number of public charter school properties | properties | 2 | |||
Allowance for lease losses | $ 7,300 | |||
number of properties sold | 2 | 4 | ||
Proceeds from Sale of Finance Receivables | $ 43,400 | |||
Number of properties subject to lease amendment | 6 | |||
Impairment charges | $ 9,600 | |||
Tangible Asset Impairment Charges | 2,300 | |||
original acquisition cost | 31,600 | |||
gain on sale of investment in direct financing lease | $ 5,500 | |||
Imagine Madison Avenue [Member] | Imagine Schools [Member] | ||||
Tangible Asset Impairment Charges | 600 | |||
Discontinued Operations, Disposed of by Sale [Member] | Imagine Schools [Member] | ||||
Impairment charges | $ 8,300 |
Investments In Direct Financi_4
Investments In Direct Financing Leases (Summary Of Carrying Amounts Of Investment In Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 26, 2018 | |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||||
Total minimum lease payments receivable | $ 36,352 | |||
Estimated unguaranteed residual value of leased assets | 16,509 | |||
Less deferred income | [1] | (32,303) | ||
Investment in direct financing leases, net | $ 0 | 20,558 | $ 37,900 | |
Initial direct costs | $ 300 | |||
[1] | Deferred income is net of $0.3 million of initial direct costs at December 31, 2018 |
Unconsolidated Real Estate Jo_2
Unconsolidated Real Estate Joint Ventures (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)properties | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019USD ($) | |
Income from investments in unconsolidated real estate joint venture | $ (381,000) | $ (22,000) | $ 72,000 | |
Distributions from joint ventures | $ 112,000 | 567,000 | 442,000 | |
Document Period End Date | Dec. 31, 2019 | |||
St. Petersburg Joint Venture [Member] | ||||
Number of unconsolidated real estate joint ventures | properties | 2 | |||
Carrying Amount Joint Venture Mortgage Loan | $ 61,200,000 | $ 60,000,000 | ||
Maximum Availability Joint Venture Mortgage Loan | $ 85,000,000 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.75% | |||
Payments to Acquire Real Estate and Real Estate Joint Ventures | 29,500,000 | |||
Equity Method Investment, Ownership Percentage | 65.00% | |||
Equity Method Investment, Partner's Ownership Percentage | 35.00% | |||
Income from investments in unconsolidated real estate joint venture | $ 140,000 | 52,000 | ||
Distributions from joint ventures | 0 | |||
Remaining Availability Joint Venture Mortgage Loan | 23,800,000 | |||
Long Term Funding Commitment For Project Development | $ 24,300,000 | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | |||
Theatre Project China Member | ||||
Number of unconsolidated real estate joint ventures | properties | 3 | |||
Income from investments in unconsolidated real estate joint venture | $ 241,000 | 74,000 | 72,000 | |
Distributions from joint ventures | 112,000 | 567,000 | $ 442,000 | |
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 4,600,000 | 5,000,000 | ||
Experiential Lodging Properties [Member] | St. Petersburg Joint Venture [Member] | ||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | $ 29,700,000 | $ 29,500,000 | ||
Interest Rate Swap [Member] | St. Petersburg Joint Venture [Member] | ||||
Derivative, Fixed Interest Rate | 3.00% |
Debt Schedule of Long-term De_2
Debt Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 16, 2018 | ||
Debt Instrument [Line Items] | |||||
Document Period End Date | Dec. 31, 2019 | ||||
Derivative, Notional Amount | $ 25,000 | ||||
Proceeds from Issuance of Long-term Debt | 962,000 | $ 908,000 | $ 1,371,000 | ||
Costs associated with loan refinancing or payoff | 38,269 | 31,958 | 1,549 | ||
Long-term Debt, by Maturity [Abstract] | |||||
2020 | 0 | ||||
2021 | 0 | ||||
2022 | 0 | ||||
2023 | 675,000 | ||||
2024 | 148,000 | ||||
Thereafter | 2,316,995 | ||||
Deferred financing costs, net | (37,165) | (33,941) | |||
Total | 3,102,830 | 2,986,054 | |||
Interest Expense, Debt [Abstract] | |||||
Amortization of deferred financing costs | 6,192 | 5,797 | 6,167 | ||
Credit facility and letter of credit fees | 2,265 | 2,411 | 2,005 | ||
Interest costs capitalized | (4,975) | (9,541) | (9,542) | ||
Interest expense, net | 142,002 | 135,870 | 133,461 | ||
Segment, Continuing Operations [Member] | |||||
Interest Expense, Debt [Abstract] | |||||
Interest on loans and capital lease obligation | 140,697 | 137,570 | 135,023 | ||
Amortization of deferred financing costs | 6,192 | 5,797 | 6,167 | ||
Interest income | $ (2,177) | (367) | $ (192) | ||
Term loan payable, due February 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, basis spread on variable rate | 1.10% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.81% | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.10% | ||||
Mortgages [Member] | Senior unsecured notes payable, 5.75%, prepaid in full during the three months ended September 30, 2019 (1) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.75% | ||||
Senior unsecured notes payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Covenants, Debt to Adjusted Total Assets | 60.00% | ||||
Debt Covenants, Secured Debt to Adjusted Total Assets | 40.00% | ||||
Debt Covenants, Debt Service Coverage Ratio | 1.5 | ||||
Debt Covenants, Unencumbered Assets | 150.00% | ||||
Senior unsecured notes payable [Member] | Senior unsecured note payable, 5.75 percent, due August 15, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt tendered | $ 219,400 | ||||
Debt initial balance | $ 350,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.75% | ||||
Costs associated with loan refinancing or payoff | $ 1,400 | ||||
Debt Instrument, Unamortized Premium | 38,300 | ||||
Debt Instrument, Increase, Accrued Interest | $ 600 | ||||
Senior unsecured notes payable [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.00% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [1] | $ 0 | 30,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.75%, prepaid in full during the three months ended September 30, 2019 (1) | |||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [2] | $ 0 | 350,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 5.25%, due July 15, 2023 (3) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.25% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3] | $ 275,000 | 275,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.35%, due August 22, 2024 (4) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.35% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [4] | $ 148,000 | 148,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.50%, due April 1, 2025 (3) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.50% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3] | $ 300,000 | 300,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.56%, due August 22, 2026 (4) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.56% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [4] | $ 192,000 | 192,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured notes payable, 4.75%, due December 15, 2026 (3) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3] | $ 450,000 | 450,000 | ||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.50 Percent, Due June 1, 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.50% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3] | $ 450,000 | 450,000 | ||
Senior unsecured notes payable [Member] | Senior Unsecured Notes Payable, 4.95 Percent, Due April 15, 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt initial balance | $ 400,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.95% | 4.95% | |||
Senior unsecured note payable, percentage of principal amount issued | 98.883% | ||||
Proceeds from Issuance of Long-term Debt | $ 391,800 | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3],[5] | 400,000 | 400,000 | ||
Senior unsecured notes payable [Member] | Senior unsecured note payable, 3.75 percent, due August 15, 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt initial balance | $ 500,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.75% | ||||
Senior unsecured note payable, percentage of principal amount issued | 99.168% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [3],[6] | $ 500,000 | 0 | ||
Line of Credit [Member] | Unsecured Revolving Variable Rate Credit Facility, Variable Rate, Due February 27, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||
Line of credit facility, basis spread on variable rate | 1.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.88% | ||||
Line of credit facility, amount outstanding | $ 0 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,000,000 | ||||
Line of Credit [Member] | Combined unsecured revolving credit and term loan facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, current borrowing capacity | 1,400,000 | ||||
Line of credit facility, maximum borrowing capacity | 2,400,000 | ||||
Unsecured term loan [Member] | Term loan payable, due February 27, 2023 [Member] | |||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | [1] | $ 400,000 | 400,000 | ||
Bond payable, variable rate [Member] | Bonds payable, variable rate, fixed at 1.39% through September 30, 2024, due August 1, 2047 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.39% | ||||
Long-term Debt, by Maturity [Abstract] | |||||
Total | $ 24,995 | $ 24,995 | |||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 400,000 | ||||
Maximum [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 400,000 | ||||
Maximum [Member] | Interest Rate Swap [Member] | Term loan payable, due February 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 350,000 | ||||
Minimum [Member] | Interest Rate Swap [Member] | Term loan payable, due February 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 50,000 | ||||
interest rate swap 3.15percent [Member] | Minimum [Member] | Interest Rate Swap [Member] | Term loan payable, due February 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Fixed Interest Rate | 3.15% | ||||
interest rate swap 3.35 percent [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 50,000 | ||||
Derivative, Fixed Interest Rate | 3.345% | ||||
interest rate swap 3.35 percent [Member] | Maximum [Member] | Interest Rate Swap [Member] | Term loan payable, due February 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Fixed Interest Rate | 3.35% | ||||
Debt Tendered [Member] | Senior unsecured notes payable [Member] | Senior unsecured note payable, 5.75 percent, due August 15, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Premium | $ 23,600 | ||||
Debt Redeemed [Member] | Senior unsecured notes payable [Member] | Senior unsecured note payable, 5.75 percent, due August 15, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Premium | $ 13,300 | ||||
[1] | The Company's unsecured revolving credit facility (the facility) bears interest at LIBOR plus 1.00% , which was 2.88% on December 31, 2019 . Interest is payable monthly. As of December 31, 2019 , the Company had no outstanding balance under the facility and total availability under the facility was $1.0 billion . The Company's unsecured term loan payable bears interest at LIBOR plus 1.10% , which was 2.81% on December 31, 2019 . Interest is payable monthly. In addition, there is a $1.0 billion accordion feature on the combined unsecured revolving credit and term loan facility (the combined facility) that increases the maximum borrowing amount available under the combined facility, subject to lender approval, from $1.4 billion to $2.4 billion . If the Company exercises all or any portion of the accordion feature, the resulting increase in the combined facility may have a shorter or longer maturity date and different pricing terms. The combined facility contains financial covenants or restrictions that limit the Company's levels of consolidated debt, secured debt, investment levels outside certain categories and dividend distributions, and require the Company to maintain a minimum consolidated tangible net worth and meet certain coverage levels for fixed charges and debt service. | ||||
[2] | On August 19, 2019, $219.4 million of the $350.0 million aggregate principal amount of 5.75% Senior Notes due August 15, 2022 were validly tendered and delivered for consideration of the principal amount outstanding plus a premium of $23.6 million . On September 16, 2019, the Company redeemed all of the remaining outstanding notes that were not validly tendered. The notes were redeemed at a price equal to the principal amount outstanding plus a premium calculated pursuant to the terms of the indenture of $13.3 million , together with accrued and unpaid interest of $0.6 million . In connection with the tender offer and the redemption, the Company recorded a non-cash write off of $1.4 million in deferred financing costs. The premiums paid and the non-cash write off, totaling $38.3 million , were recognized as costs associated with loan refinancing or payoff in the accompanying consolidated statements of income and comprehensive income for the year ended December 31, 2019. | ||||
[3] | These notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the ratio of the Company’s debt to adjusted total assets to exceed 60% ; (ii) a limitation on incurrence of any secured debt which would cause the ratio of the Company’s secured debt to adjusted total assets to exceed 40% ; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of the Company's total unencumbered assets such that they are not less than 150% of the Company’s outstanding unsecured debt. | ||||
[4] | These notes (i) contain certain financial and other covenants that generally conform to the combined credit facility described above; (ii) provide investors thereunder certain additional guaranty and lien rights, in the event that certain subsequent events occur; (iii) contain certain "most favored lender" provisions and (iv) impose restrictions on debt that can be incurred by certain subsidiaries of the Company. | ||||
[5] | On April 16, 2018, the Company issued $400.0 million in aggregate principal amount of senior notes due April 15, 2028, pursuant to an underwritten public offering. The notes bear interest at an annual rate of 4.95% . Interest is payable on April 15 and October 15 of each year beginning on October 15, 2018 until the stated maturity date of April 15, 2028. The notes were issued at 98.883% of their face value and are unsecured. Net proceeds from the note offering of $391.8 million were used to pay down the Company's unsecured revolving credit facility. | ||||
[6] | On August 15, 2019, the Company issued $500.0 million in aggregate principal amount of senior notes due August 15, 2029 pursuant to an underwritten public offering. The notes bear interest at an annual rate of 3.75% . Interest is payable on February 15 and August 15 of each year beginning on February 15, 2020 until the stated maturity date of August 15, 2029. The notes were issued at 99.168% of their face value and are unsecured. Net proceeds from the note offering were used for the tender offer and redemption of notes due in 2022 discussed above and to pay down the Company's unsecured revolving credit facility. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019CAD ($)propertiesswap_agreements | Jan. 10, 2020USD ($)$ / $ | Jan. 10, 2020CAD ($)$ / $ | Dec. 31, 2019USD ($)$ / $ | Dec. 31, 2019CAD ($)$ / $ | Dec. 31, 2018USD ($) | |
Derivative Liability, Fair Value, Gross Liability | $ 4,500,000 | $ 0 | ||||
Derivative Asset, Fair Value, Gross Asset | 1,100,000 | $ 10,600,000 | ||||
Derivative, Notional Amount | 25,000,000 | |||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 4,000,000 | |||||
Net Investment Hedging [Member] | ||||||
Derivative, Notional Amount | 200 | |||||
Cash Flow Hedging [Member] | ||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | 200,000 | |||||
Interest Rate Swap [Member] | ||||||
Derivative, Notional Amount | 400,000,000 | |||||
Interest Rate Risk [Member] | ||||||
Estimated amount to be reclassified from accumulated other comprehensive income to other expense in the next twelve months | $ 1,800,000 | |||||
Cross Currency Swaps 2020 [Member] | ||||||
Derivative, Forward Exchange Rate | $ / $ | 1.26 | 1.26 | ||||
Cross Currency Swap 2023 [Member] | ||||||
Number of Canadian properties exposed to foreign currency exchange risk | properties | 4 | |||||
Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | ||||||
Derivative, Notional Amount | $ 100 | |||||
Description of Foreign Currency Exposure | $ 4.5 | |||||
Maximum [Member] | ||||||
credit risk related contingent features default on debt amount | 50,000,000 | |||||
Maximum [Member] | Interest Rate Swap [Member] | ||||||
Number of entered into interest rate swap agreements | swap_agreements | 4 | |||||
Derivative, Notional Amount | 400,000,000 | |||||
Canada, Dollars | Cross Currency Swaps 2020 [Member] | ||||||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 13,500,000 | |||||
Derivative, Notional Amount | $ 100 | |||||
Canada, Dollars | Cross Currency Swap 2023 [Member] | Net Investment Hedging [Member] | ||||||
Derivative, Forward Exchange Rate | 1.32 | 1.32 | ||||
United States of America, Dollars | Cross Currency Swaps 2020 [Member] | ||||||
Derivative, Notional Amount | $ 79,500,000 | |||||
interest rate swap 3.1450 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 3.145% | 3.145% | ||||
Derivative, Notional Amount | $ 116,700,000 | |||||
interest rate swap 1.3925 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 1.3925% | 1.3925% | ||||
Derivative, Notional Amount | $ 25,000,000 | |||||
interest rate swap 3.1575 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 3.1575% | 3.1575% | ||||
Derivative, Notional Amount | $ 116,700,000 | |||||
interest rate swap 3.1580 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 3.158% | 3.158% | ||||
Derivative, Notional Amount | $ 116,600,000 | |||||
interest rate swap 3.35 percent [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 3.345% | 3.345% | ||||
Derivative, Notional Amount | $ 50,000,000 | |||||
Subsequent Event [Member] | Cross Currency Swaps 2022 [Member] | ||||||
Derivative, Forward Exchange Rate | $ / $ | 1.31 | 1.31 | ||||
Subsequent Event [Member] | Canada, Dollars | Cross Currency Swaps 2022 [Member] | ||||||
Monthly CAD Denominated Cash Flows Properties Under Hedges of Foreign Exchange Risk | $ 7,200,000 | |||||
Derivative, Notional Amount | $ 100 | |||||
Subsequent Event [Member] | United States of America, Dollars | Cross Currency Swaps 2022 [Member] | ||||||
Derivative, Notional Amount | $ 76,600,000 |
Derivative Instruments (Summary
Derivative Instruments (Summary Of The Effect Of Derivative Instruments On The Consolidated Statements Of Changes In Equity And Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest Expense | $ 142,002 | $ 135,870 | $ 133,461 | |
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (12,380) | 18,529 | (7,861) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 556 | 271 | 0 | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | 1,683 | 2,750 | (41) | |
Other income | 25,920 | 2,076 | 3,095 | |
Interest Rate Swap [Member] | ||||
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [1] | 1,138 | 1,324 | (2,498) |
Cross Currency Swaps | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (450) | 1,689 | (793) | |
Amount of Income (Expense) Reclassified from AOCI into Earnings (Effective Portion) | [2] | 545 | 1,426 | 2,457 |
Cross Currency Swap 2023 [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (4,454) | 5,108 | 0 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2],[3] | 556 | 271 | 0 |
Currency Forward Agreements Member | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 0 | 8,560 | (9,547) | |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ (7,476) | $ 3,172 | $ 2,479 | |
[1] | Included in “Interest expense, net” in accompanying consolidated statements of income and comprehensive income. | |||
[2] | Included in "Other income" in the accompanying consolidated statements of income and comprehensive income. | |||
[3] | Amounts represent derivative gains excluded from the effectiveness testing. |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 26, 2018 | |
Impairment charges | $ 2,206 | $ 27,283 | $ 1,902 | |
Mortgage Notes and Related Accrued Interest Receivable, Net | 357,391 | 517,467 | ||
Investment in direct financing leases, net | 0 | $ 20,558 | $ 37,900 | |
Finance lease investment weighted average interest rate | 12.04% | |||
Minimum interest on investments in direct finance lease | 11.93% | |||
Maximum interest on investments in direct finance lease | 12.38% | |||
Debt | 3,102,830 | $ 2,986,054 | ||
Fixed Rate Mortgage Notes Receivable [Member] | ||||
Mortgage Notes and Related Accrued Interest Receivable, Net | $ 357,400 | $ 517,500 | ||
Weighted average interest rate of mortgage notes receivable | 8.98% | 8.67% | ||
Receivable interest rate minimum | 6.99% | 7.00% | ||
Receivable interest rate maximum | 11.61% | 11.43% | ||
Fair value of notes receivable | $ 395,600 | $ 544,600 | ||
Weighted market rate used for determining future cash flow for notes receivable | 7.76% | 8.68% | ||
Variable Rate Debt [Member] | ||||
Debt | $ 425,000 | $ 455,000 | ||
Long-term debt, weighted average interest rate | 2.75% | 2.84% | ||
Variable Rate Converted to Fixed Rate [Member] | ||||
Debt | $ 425,000 | $ 350,000 | ||
Fixed Rate Debt [Member] | ||||
Long-term Debt, Fair Value | 2,870,000 | 2,570,000 | ||
Debt | $ 2,720,000 | $ 2,570,000 | ||
Long-term debt, weighted average interest rate | 4.54% | 4.86% | ||
Weighted market rate for determining fair value of debt | 3.51% | 4.69% | ||
Minimum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 6.99% | 7.50% | ||
Minimum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 2.87% | 3.48% | ||
Maximum [Member] | Fixed Rate Mortgage Notes Receivable [Member] | ||||
market rate used as discount factor to determine fair value of notes | 9.25% | 10.00% | ||
Maximum [Member] | Fixed Rate Debt [Member] | ||||
market rate used as discount factor to determine fair value of debt | 4.56% | 4.99% | ||
Michigan Theatre Property [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 6,200 | |||
Impairment charges | 2,200 | |||
Children's Learning Adventure USA, LLC [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 9,800 | |||
Impairment charges | 16,500 | |||
Fair Value, Nonrecurring [Member] | Michigan Theatre Property [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 6,160 | |||
Fair Value, Nonrecurring [Member] | Children's Learning Adventure USA, LLC [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 9,805 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | Michigan Theatre Property [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 6,160 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Children's Learning Adventure USA, LLC [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 9,805 |
Fair Value Disclosures (Assets
Fair Value Disclosures (Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 26, 2018 | |
Net Investment in Direct Financing and Sales Type Leases | $ 0 | $ 20,558 | $ 37,900 | |
Derivative Liability, Fair Value, Gross Liability | (4,500) | 0 | ||
Derivative Asset, Fair Value, Gross Asset | (1,100) | (10,600) | ||
Cross Currency Swaps | Fair Value, Inputs, Level 1 | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Cross Currency Swaps | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value, Recurring [Member] | Cross Currency Swaps | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | (828) | (6,278) | |
Fair Value, Recurring [Member] | Cross Currency Swaps | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | (828) | (6,278) | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | [2] | 225 | ||
Derivative Asset, Fair Value, Gross Asset | [1] | (4,495) | 4,344 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | [2] | 225 | ||
Derivative Asset, Fair Value, Gross Asset | [1] | $ (4,495) | $ 4,344 | |
[1] | Included in "Other assets" in the accompanying consolidated balance sheet. | |||
[2] | Included in "Accounts payable and accrued liabilities" in the accompanying consolidated balance sheets. |
Common and Preferred Shares Com
Common and Preferred Shares Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | |
Cash Dividends Paid [Line Items] | |||
shelf registration effective term | 3 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 15,000,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.50 | $ 4.32 | $ 4.08 |
Common Stock, Shares, Issued | shares | 81,588,489 | 77,226,443 | |
Net proceeds from issuance of common shares | $ | $ 305,556 | $ 956 | $ 99,069 |
Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common stock declared dividends per share | $ 4.50 | $ 4.32 | |
Total Cash Distribution Per Share [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 4.4850 | 4.3000 | |
Taxable Ordinary Income [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 2.7411 | 4.1253 | |
Return of Capital [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 1.3966 | 0 | |
Long-term Capital Gain [Member] | Common Stock [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | 0.3473 | 0.1747 | |
Unrecaptured Section 1250 gain | $ 0.3473 | $ 0.0102 | |
direct share purchase plan [Member] | |||
Cash Dividends Paid [Line Items] | |||
Common Stock, Shares, Issued | shares | 4,007,113 | ||
Net proceeds from issuance of common shares | $ | $ 305,900 |
Common and Preferred Shares Pre
Common and Preferred Shares Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Preferred Stock [Line Items] | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 0 | $ 144,490 |
Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 5,394,050 | 5,394,050 | |
Preferred share dividend percentage | 5.75% | ||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||
Per share liquidation preference | 25 | ||
Preferred shares conversion rate | 0.4049 | ||
Preferred shares conversion price | 61.74 | ||
Common shares quarterly dividend per share threshold, minimum | $ 0.6875 | ||
Common share closing price percent of preferred share prevailing conversion price, minimum | 135.00% | ||
Preferred Shares declared dividends per share | $ 1.4375 | $ 1.4375 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | $ 1.4375 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.6822 | $ 0.6205 | |
Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 3,400,000 | 3,447,381 | |
Preferred share dividend percentage | 9.00% | ||
Preferred share dividend rate (in dollars per share) | $ 2.25 | ||
Per share liquidation preference | 25 | ||
Preferred shares conversion rate | 0.4759 | ||
Preferred shares conversion price | 52.53 | ||
Common shares quarterly dividend per share threshold, minimum | $ 0.84 | ||
Common share closing price percent of preferred share prevailing conversion price, minimum | 150.00% | ||
Preferred Shares declared dividends per share | $ 2.25 | $ 2.25 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 2.25 | 2.25 | $ 2.25 |
Preferred Shares, Convertible, Conversion Adjustment | $ 0.6024 | $ 0.5308 | |
Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Shares Issued | 6,000,000 | 6,000,000 | |
Preferred share dividend percentage | 5.75% | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 144,490 | ||
Preferred share dividend rate (in dollars per share) | $ 1.4375 | ||
Per share liquidation preference | 25 | ||
Preferred Shares declared dividends per share | $ 1.4375 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | $ 0.183681 |
Taxable Ordinary Income [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.1050 | 0.5953 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2758 | 1.3791 | |
Taxable Ordinary Income [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0 | 0.5092 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 1.9970 | 2.1586 | |
Taxable Ordinary Income [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.2758 | 1.2105 | |
Return of Capital [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.5639 | 0 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Return of Capital [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.6024 | 0 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Return of Capital [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 0 | 0 | |
Long-term Capital Gain [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.0133 | 0.0252 | |
Unrecaptured Section 1250 gain | 0.1617 | 0.0034 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.0133 | 0.0015 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1617 | 0.0584 | |
Long-term Capital Gain [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0 | 0.0216 | |
Unrecaptured Section 1250 gain | 0.2530 | 0.0053 | |
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0 | 0.0013 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.2530 | 0.0914 | |
Long-term Capital Gain [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Dividends, Per Share, Non-cash Distributions, Unrecaptured Section 1250 Gain | 0.1617 | 0.0030 | |
Preferred Stock, Dividends, Per Share, Cash Paid | 0.1617 | 0.0513 | |
Total Cash Distribution Per Share [Member] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.4375 | |
Total Cash Distribution Per Share [Member] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 2.2500 | 2.2500 | |
Total Cash Distribution Per Share [Member] | Series G Preferred Stock [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.4375 | 1.2618 | |
Total non-cash Distributions Per Share [Domain] | Series C Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | 0.6822 | 0.6205 | |
Total non-cash Distributions Per Share [Domain] | Series E Preferred Shares [Member] | |||
Schedule of Preferred Stock [Line Items] | |||
Preferred Stock, Dividends, Per Share, Non-cash Distributions | $ 0.6024 | $ 0.5308 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Exercise price range, lower limit | $ 73.84 | $ 61.79 | $ 61.79 |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 |
Series C Preferred Shares [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,200 | 2,100 | 2,100 |
Preferred share dividend percentage | 5.75% | ||
Series E Preferred Shares [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,600 | 1,600 | 1,600 |
Preferred share dividend percentage | 9.00% | ||
Stock Options [Member] | |||
Anitidlutive securities exluded from computation of earnings per share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4 | 26 | 7 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 154,556 | $ 221,947 | $ 225,168 | ||||||||
Less: preferred dividend requirements and redemption costs | (24,136) | (24,142) | (28,750) | ||||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | 130,420 | 197,805 | 196,418 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 47,687 | $ 45,036 | $ 37,800 | ||||||||
Weighted average number of shares outstanding, basic | 76,746 | 74,292 | 71,191 | ||||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | $ 130,420 | $ 197,805 | $ 196,418 | ||||||||
Earnings Per Share, Basic | $ 0.39 | $ 0.36 | $ 0.80 | $ 0.79 | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 2.32 | $ 3.27 | $ 3.29 |
Net income available to common shareholders of EPR Properties | $ 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | $ 47,997 | $ 85,797 | $ 85,545 | $ 23,502 | $ 178,107 | $ 242,841 | $ 234,218 |
Earnings per share, basic (in dollars per share) | $ 0.62 | $ 0.61 | $ 0.53 | ||||||||
Share options, shares | 36 | 45 | 63 | ||||||||
Weighted average number of shares outstanding, diluted | 76,782 | 74,337 | 71,254 | ||||||||
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Diluted | $ 47,687 | $ 45,036 | $ 37,800 | ||||||||
Earnings per share, diluted (in dollars per share) | $ 0.39 | $ 0.36 | $ 0.79 | $ 0.79 | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 2.32 | $ 3.27 | $ 3.29 |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 73.84 | 61.79 | 61.79 | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 76.63 | $ 76.63 | $ 76.63 |
Severance Expense (Details)
Severance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Severance expense | $ 2,364 | $ 5,938 | $ 0 |
Severance [Text Block] | Severance Expense During the year ended December 31, 2019, the Company recorded severance expense related to various employees totaling $2.4 million . For the year ended December 31, 2019, severance expense includes cash payments totaling $1.8 million , and accelerated vesting of nonvested shares totaling $0.6 million . On April 5, 2018, the Company and Mr. Earnest, its then Senior Vice President and Chief Investment Officer, entered into an Amended and Restated Employment Agreement, effective March 31, 2018, to reflect the changes in connection with Mr. Earnest's transition to Executive Advisor of the Company. As the Company determined that such services were no longer needed, on December 27, 2018, the Company gave notice that the agreement was going to be terminated pursuant to the provisions of the Amended and Restated Employment Agreement. As a result, during the year ended December 31, 2018, the Company recorded severance expense related to Mr. Earnest, as well as another employee terminated under a similar such agreement, totaling $5.9 million . For the year ended December 31, 2018, severance expense includes cash payments totaling $2.6 million , accelerated vesting of nonvested shares totaling $3.2 million and $0.1 million of related taxes and other expenses. | ||
Employee Severance [Member] | Expected Cash Payment [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 1,800 | ||
Employee Severance [Member] | Expected Cash Payment [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 2,600 | ||
Employee Severance [Member] | Taxes and Other Expenses [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | 100 | ||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 600 | ||
Nonvested Shares [Member] | Employee Severance [Member] | Accelerated Vesting of Shares [Member] | Chief Investment Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Severance expense | $ 3,200 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary Of Share Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 12, 2016 | |
Maximum term of options granted, years | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Outstanding at Beginning of Period | 234,875 | 257,606 | 285,986 | |
Number of Shares, Exercised | (118,786) | (25,721) | (29,253) | |
Number of Shares, Granted | 1,941 | 3,835 | 2,215 | |
Number of Shares, Forfeited | (845) | (1,342) | ||
Number of Shares, Outstanding at End of Period | 118,030 | 234,875 | 257,606 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Average Exercise Price, Outstanding at Beginning of Period | $ 51.98 | $ 51.81 | $ 51.93 | |
Average Exercise Price, Exercised | 48.71 | 50.68 | 54.54 | |
Average Exercise Price, Granted | 73.84 | 56.94 | 76.63 | |
Average Exercise Price, Forfeited | 61.12 | 59.52 | ||
Average Exercise Price, Outstanding at End of Period | 55.63 | 51.98 | 51.81 | |
Weighted average fair value of options granted | $ 4.64 | $ 3.03 | $ 7.91 | |
Intrinsic value of stock options exercised | $ 2,800 | $ 400 | $ 500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Shares | 90,873 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Repurchase of Treasury Value | $ 6,500 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Option Price Per Share [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | $ 19.02 | $ 19.02 | $ 19.02 | |
Option Price Per Share, Exercised | 19.02 | 45.20 | 46.86 | |
Option Price Per Share, Granted | 73.84 | 56.94 | 76.63 | |
Option Price Per Share, Forfeited | 51.64 | 51.64 | ||
Option Price Per Share, Outstanding at End of Period | 44.62 | 19.02 | 19.02 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Option Price Per Share [Roll Forward] | ||||
Option Price Per Share, Outstanding at Beginning of Period | 76.63 | 76.63 | 61.79 | |
Option Price Per Share, Exercised | 61.79 | 61.79 | 61.79 | |
Option Price Per Share, Granted | 73.84 | 56.94 | 76.63 | |
Option Price Per Share, Forfeited | 61.79 | 61.79 | ||
Option Price Per Share, Outstanding at End of Period | $ 76.63 | $ 76.63 | $ 76.63 | |
2016 Equity Incentive Plan [Member] | ||||
Common shares, options to purchase common shares and restricted share units, expected to granted | 1,950,000 | |||
Number of shares available for grant | 1,091,880 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Stock or Unit Option Plan Expense | $ 10 | $ 300 | $ 700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.40% | 2.70% | 2.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.70% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 19.10% | 18.90% | 22.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 0.75% | 0.74% | 0.74% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 7.60% | 5.40% |
Equity Incentive Plans (Schedul
Equity Incentive Plans (Schedule of Stock-option Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock option expense to be recognized in 2020 | $ 9 |
Stock option expense to be recognized in 2021 | 5 |
Stock option expense to be recognized in 2022 | 2 |
Total Compensation Cost To Be Recognized, Stock Options | $ 16 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary Of Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exercise price range, lower limit | $ 73.84 | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 | |
Options outstanding | 118,030 | 234,875 | 257,606 | 285,986 |
Weighted avg. life remaining | 4 years 3 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 112,106 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | |||
Weighted avg. exercise price | $ 55.63 | $ 51.98 | $ 51.81 | $ 51.93 |
Aggregate intrinsic value | $ 1,791 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 55.08 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,751 | |||
44.62-49.99 [Member] | ||||
Exercise price range, lower limit | $ 44.62 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 31,445 | |||
Weighted avg. life remaining | 2 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 31,445 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | |||
50.00 - 59.99 [Member] | ||||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 31,710 | |||
Weighted avg. life remaining | 4 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 28,834 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |||
60.00 - 69.99 [Member] | ||||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 69.99 | |||
Options outstanding | 50,719 | |||
Weighted avg. life remaining | 5 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 50,719 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 6 days | |||
70.00 - 76.63 [Member] | ||||
Exercise price range, lower limit | $ 70 | |||
Exercise price range, upper limit | $ 76.63 | |||
Options outstanding | 4,156 | |||
Weighted avg. life remaining | 8 years 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,108 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days |
Equity Incentive Plans (Summa_3
Equity Incentive Plans (Summary Of Exercisable Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 118,030 | 234,875 | 257,606 | 285,986 |
Exercise price range, lower limit | $ 73.84 | $ 61.79 | $ 61.79 | |
Exercise price range, upper limit | $ 76.63 | $ 76.63 | $ 76.63 | |
Options outstanding | 112,106 | |||
Weighted avg. life remaining | 4 years | |||
Weighted avg. exercise price | $ 55.08 | |||
Aggregate intrinsic value | $ 1,751 | |||
44.62-49.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 31,445 | |||
Exercise price range, lower limit | $ 44.62 | |||
Exercise price range, upper limit | $ 49.99 | |||
Options outstanding | 31,445 | |||
Weighted avg. life remaining | 2 years 1 month 6 days | |||
50.00 - 59.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 31,710 | |||
Exercise price range, lower limit | $ 50 | |||
Exercise price range, upper limit | $ 59.99 | |||
Options outstanding | 28,834 | |||
Weighted avg. life remaining | 4 years 1 month 6 days | |||
60.00 - 69.99 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 50,719 | |||
Exercise price range, lower limit | $ 60 | |||
Exercise price range, upper limit | $ 69.99 | |||
Options outstanding | 50,719 | |||
Weighted avg. life remaining | 5 years 1 month 6 days | |||
70.00 - 76.63 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,156 | |||
Exercise price range, lower limit | $ 70 | |||
Exercise price range, upper limit | $ 76.63 | |||
Options outstanding | 1,108 | |||
Weighted avg. life remaining | 7 years 1 month 6 days |
Equity Incentive Plans (Summa_4
Equity Incentive Plans (Summary Of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Document Period End Date | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 66.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Number of Shares, Outstanding at December 31, 2018 | 655,056 | ||
Number of Shares, Granted | 208,755 | ||
Number of Shares, Vested | (346,145) | ||
Number of Shares, Outstanding at December 31, 2019 | 509,338 | 655,056 | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ 64.16 | ||
Weighted Average Grant Date Fair Value, Granted | 74.13 | ||
Weighted Average Grant Date Fair Value, Vested | $ 64.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 8,328 | ||
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ 67.88 | $ 64.16 | |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 26 days | ||
Fair value of non-vested shares | $ 22,700 | $ 16,000 | $ 15,100 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 15,303 |
Equity Incentive Plans Equity I
Equity Incentive Plans Equity Incentive Plans (Schedule of Nonvested Shares Unamortized Share-based Compensation Expense to be Recognized in the Future) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares unamortized share-based compensation expense to be recognized in 2020 | $ 8,187 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2021 | 5,243 |
Nonvested shares unamortized share-based compensation expense to be recognized in 2022 | 1,873 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $ 15,303 |
Equity Incentive Plans (Summa_5
Equity Incentive Plans (Summary Of Restricted Share Unit Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |
Number of Shares, Outstanding at December 31, 2018 | shares | 655,056 |
Number of Shares, Granted | shares | 208,755 |
Number of Shares, Vested | shares | (346,145) |
Number of Shares, Outstanding at December 31, 2019 | shares | 509,338 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 64.16 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 74.13 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 64.66 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ / shares | $ 67.88 |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 26 days |
Restricted Stock Units (RSUs) [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, 2018 | shares | 23,571 |
Number of Shares, Granted | shares | 27,392 |
Number of Shares, Vested | shares | (24,727) |
Number of Shares, Outstanding at December 31, 2019 | shares | 26,236 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2018 | $ / shares | $ 61.25 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 77.19 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 61.62 |
Weighted Average Grant Date Fair Value, Outstanding at December 31, 2019 | $ / shares | $ 77.54 |
Weighted Average Life Remaining, Outstanding at December 31, 2019 | 12 days |
Unamortized share-based compensation expense | $ | $ 848 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Property operating expense | $ 60,739 | $ 29,654 | $ 31,327 | |||
Operating Lease, Right-of-Use Asset | $ 211,187 | $ 0 | ||||
Number of Properties Subject to Ground Leases | 58 | 57 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
2020 | $ 549,277 | |||||
2021 | 542,453 | |||||
2022 | 527,410 | |||||
2023 | 497,498 | |||||
2024 | 475,239 | |||||
Thereafter | 3,933,476 | |||||
Total | 6,525,353 | |||||
Operating Lease, Liability | 235,650 | $ 0 | ||||
Straight-Line Rent Receivable | 73,382 | [1] | 73,332 | |||
Total Operating Leased Assets | 235,756 | |||||
General and Administrative Expense | 46,371 | 48,889 | 43,383 | |||
Operating Leases, Income Statement, Lease Revenue | (593,022) | (509,086) | (441,187) | |||
Lease, Cost | 2,073 | |||||
operating leases [Member] | ||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
2020 | [2] | 525,809 | 520,139 | [3] | ||
2021 | [2] | 518,590 | 503,344 | [3] | ||
2022 | [2] | 504,119 | 492,165 | [3] | ||
2023 | [2] | 474,889 | 477,671 | [3] | ||
2024 | [2] | 453,043 | 449,686 | [3] | ||
Thereafter | [2] | 3,707,326 | 3,953,717 | [3] | ||
Total | [2] | $ 6,183,776 | 6,396,722 | [3] | ||
Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 16 years | |||||
Property operating expense | $ 24,656 | |||||
Operating Lease, Right-of-Use Asset | 205,997 | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 24,085 | [4] | 22,867 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 24,529 | [4] | 23,236 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 23,961 | [4] | 23,600 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 23,283 | [4] | 22,996 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 22,871 | [4] | 22,303 | [5] | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 243,411 | [4] | 257,446 | [5] | ||
Operating Leases, Future Minimum Payments Due | 362,140 | [4] | 372,448 | [5] | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
2020 | [2] | 23,468 | ||||
2021 | [2] | 23,863 | ||||
2022 | [2] | 23,291 | ||||
2023 | [2] | 22,609 | ||||
2024 | [2] | 22,196 | ||||
Thereafter | [2] | 226,150 | ||||
Total | [2] | 341,577 | ||||
Receivable with Imputed Interest, Discount | [4] | 131,901 | ||||
Operating Lease, Liability | [4] | $ 230,239 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.96% | |||||
Office Lease [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 18 days | |||||
Operating Lease, Right-of-Use Asset | $ 5,190 | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | [6] | 856 | 856 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Two Years | [6] | 884 | 856 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Three Years | [6] | 967 | 884 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Four Years | [6] | 967 | 967 | [5] | ||
Operating Leases, Future Minimum Payments, Due in Five Years | [6] | 967 | 967 | [5] | ||
Operating Leases, Future Minimum Payments, Due Thereafter | [6] | 1,691 | 2,658 | [5] | ||
Operating Leases, Future Minimum Payments Due | [6] | 6,332 | 7,188 | [5] | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
Receivable with Imputed Interest, Discount | [6] | 921 | ||||
Operating Lease, Liability | [6] | 5,411 | ||||
General and Administrative Expense | $ 909 | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 4.62% | |||||
sublease [Member] | ||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
Operating Leases, Income Statement, Lease Revenue | $ (23,492) | |||||
Maximum [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 30 years | |||||
Maximum [Member] | Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 47 years | |||||
Minimum [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 1 year | |||||
Minimum [Member] | Ground Lease Arrangement [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Lessee, Operating Lease, Term of Contract | 1 year | |||||
Ground Lease Arrangement [Member] | ||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
Straight-Line Rent Receivable | $ 24,454 | $ 0 | $ 0 | |||
Ground Lease Arrangement [Member] | sub-lessor [Member] | ||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||||
Straight-Line Rent Receivable | $ 24,569 | |||||
[1] | (1) At December 31, 2019, includes $24.6 million in sub-lessor straight-line rent receivables. Sub-lessor straight-line receivables relate to the Company's operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these leases. See Note 16 for information related to the Company's leases. | |||||
[2] | Included in rental revenue | |||||
[3] | Balances as of December 31, 2018 are prior to the adoption of Topic 842. | |||||
[4] | Included in property operating expense | |||||
[5] | Balances as of December 31, 2018 are prior to the adoption of Topic 842. | |||||
[6] | Included in general and administrative expense. |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | $ 150,917 | $ 160,993 | $ 188,060 | $ 139,951 | $ 651,969 | $ 639,921 | $ 518,320 |
Net income available to common shareholders of EPR Properties | 36,297 | 34,003 | 66,594 | 65,349 | 54,031 | 91,833 | 91,581 | 29,538 | 202,243 | 266,983 | 262,968 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | $ 47,997 | $ 85,797 | $ 85,545 | $ 23,502 | $ 178,107 | $ 242,841 | $ 234,218 |
Basic net income per common share | $ 0.39 | $ 0.36 | $ 0.80 | $ 0.79 | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 2.32 | $ 3.27 | $ 3.29 |
Diluted net income per common share | $ 0.39 | $ 0.36 | $ 0.79 | $ 0.79 | $ 0.65 | $ 1.15 | $ 1.15 | $ 0.32 | $ 2.32 | $ 3.27 | $ 3.29 |
Discontinued Operations (Operat
Discontinued Operations (Operating Results Relating To Assets Disposed) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | $ 593,022 | $ 509,086 | $ 441,187 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,027 | 128,759 | 74,038 | ||||||||
Revenues | $ 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | $ 150,917 | $ 160,993 | $ 188,060 | $ 139,951 | 651,969 | 639,921 | 518,320 |
Property operating expense | 60,739 | 29,654 | 31,327 | ||||||||
Write off of Deferred Debt Issuance Cost | 38,269 | 31,958 | 1,549 | ||||||||
Interest Expense | (142,002) | (135,870) | (133,461) | ||||||||
Income from discontinued operations before other items | 37,241 | 45,036 | 46,093 | ||||||||
Impairment Charges, Discontinued Operations | 0 | 0 | (8,293) | ||||||||
Impairment on public charter school portfolio sale | (21,433) | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 31,879 | 0 | 0 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 47,687 | 45,036 | 37,800 | ||||||||
Depreciation and amortization | 158,834 | 138,395 | 121,357 | ||||||||
Payments to Acquire Productive Assets | (500,629) | (187,460) | (397,556) | ||||||||
Proceeds from Sale of Real Estate | 216,020 | 22,134 | 191,569 | ||||||||
Proceeds from sale of public charter school portfolio | 449,555 | 0 | 0 | ||||||||
Payments to Acquire Mortgage Notes Receivable | (142,456) | (36,105) | (133,697) | ||||||||
Proceeds from mortgage note receivable paydown | 217,459 | 335,168 | 21,784 | ||||||||
Payments to Develop Real Estate Assets | (134,586) | (274,956) | (384,449) | ||||||||
Transfer of property under development to rental property | 354,568 | 228,572 | 408,593 | ||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 155,185 | 9,237 | ||||||||
Transfer of investment in a direct financing lease to rental properties | 0 | 0 | 35,807 | ||||||||
Interest Paid, Capitalized, Investing Activities | $ 5,326 | 9,903 | 9,879 | ||||||||
Public Charter School Portfolio Sale [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
number of properties sold | 47 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 449,600 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Public Charter School Portfolio Sale [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Operating Leases, Income Statement, Lease Revenue | 36,289 | 47,277 | 43,016 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 14,284 | 13,533 | 14,655 | ||||||||
Revenues | 50,573 | 60,810 | 57,671 | ||||||||
Property operating expense | 573 | 1,102 | 326 | ||||||||
Write off of Deferred Debt Issuance Cost | 181 | 0 | 0 | ||||||||
Interest Expense | (351) | (363) | (337) | ||||||||
Income from discontinued operations before other items | 37,241 | 45,036 | 46,093 | ||||||||
Impairment Charges, Discontinued Operations | 0 | 0 | (8,293) | ||||||||
Impairment on public charter school portfolio sale | (21,433) | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 31,879 | 0 | 0 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 47,687 | 45,036 | 37,800 | ||||||||
Depreciation and amortization | 12,929 | 15,035 | 11,589 | ||||||||
Payments to Acquire Productive Assets | (6,968) | (5,956) | (28,731) | ||||||||
Proceeds from Sale of Real Estate | 182,934 | 0 | 0 | ||||||||
Proceeds from sale of public charter school portfolio | 449,555 | 0 | 0 | ||||||||
Payments to Acquire Mortgage Notes Receivable | (5,115) | (17,933) | (38,802) | ||||||||
Proceeds from mortgage note receivable paydown | 28,662 | 3,355 | 12,413 | ||||||||
Payments to Develop Real Estate Assets | (22,981) | (31,036) | (22,912) | ||||||||
Transfer of property under development to rental property | 28,099 | 24,900 | 31,749 | ||||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 12,013 | 0 | ||||||||
Transfer of investment in a direct financing lease to rental properties | 0 | 0 | 35,807 | ||||||||
Interest Paid, Capitalized, Investing Activities | $ 351 | $ 363 | $ 337 |
Other Commitments And Conting_2
Other Commitments And Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)mortgagenotes | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number Of Mortgage Notes Receivable | mortgagenotes | 2 | ||
Mortgage Note and Notes Receivable Commitments | $ 23,100,000 | ||
Deferred liabilities related to guarantee | $ 16,100,000 | ||
Number of economic development bonds | 2 | ||
Litigation settlement expense | $ 0 | 2,090,000 | $ 0 |
Number of Surety Bonds | 4 | ||
Surety bonds | $ 32,000,000 | ||
Transaction costs | $ 23,789,000 | 3,698,000 | $ 523,000 |
Experiential Reportable Operating Segment [Member] | |||
Development Project In Process | 9 | ||
Other Commitment | $ 79,300,000 | ||
Louisiana Theatre Properties [Member] | |||
Deferred assets related to guarantee | 5,300,000 | ||
Number of economic development bonds | $ 2 | ||
Amounts paid on economic revenue bonds | 24,800,000 | ||
Securities Received as Collateral, Amount Repledged and Sold | 14,000,000 | ||
Litigation settlement expense | $ 0 | ||
Children's Learning Adventure USA, LLC [Member] | |||
Property Subject to or Available for Operating Lease, Number of Units | 21 | ||
Settlement Consideration | $ 15,300,000 | ||
Payments to Acquire Furniture and Fixtures | 3,200,000 | ||
Transaction costs | $ 12,100,000 | ||
Triple net lease term | 20 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Operating Segments | segment | 2 | ||||||||||
Total assets | $ 6,577,511 | $ 6,131,390 | $ 6,577,511 | $ 6,131,390 | |||||||
Rental revenue | 593,022 | 509,086 | $ 441,187 | ||||||||
Other income (loss) | 25,920 | 2,076 | 3,095 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 33,027 | 128,759 | 74,038 | ||||||||
Revenues | 170,346 | $ 169,356 | $ 161,740 | $ 150,527 | 150,917 | $ 160,993 | $ 188,060 | $ 139,951 | 651,969 | 639,921 | 518,320 |
Property operating expense | 60,739 | 29,654 | 31,327 | ||||||||
Other expense | 29,667 | 443 | 242 | ||||||||
Investment Income, Investment Expense | 90,406 | 30,097 | 31,569 | ||||||||
Net Operating Income Before Unallocated Items | 561,563 | 609,824 | 486,751 | ||||||||
General and Administrative Expense | (46,371) | (48,889) | (43,383) | ||||||||
Severance Costs | (2,364) | (5,938) | 0 | ||||||||
Litigation settlement expense | 0 | (2,090) | 0 | ||||||||
Costs associated with loan refinancing or payoff | (38,269) | (31,958) | (1,549) | ||||||||
Gain on Extinguishment of Debt | 0 | 0 | 977 | ||||||||
Interest Expense | (142,002) | (135,870) | (133,461) | ||||||||
Transaction costs | (23,789) | (3,698) | (523) | ||||||||
Impairment charges | (2,206) | (27,283) | (1,902) | ||||||||
Depreciation and amortization | (158,834) | (138,395) | (121,357) | ||||||||
Equity in (loss) income from joint ventures | (381) | (22) | 72 | ||||||||
Gain on sale of real estate | 4,174 | 3,037 | 41,942 | ||||||||
gain on sale of investment in direct financing lease | 0 | 5,514 | 0 | ||||||||
Income tax benefit (expense) | 3,035 | (2,285) | (2,399) | ||||||||
Income from discontinued operations before other items | 37,241 | 45,036 | 46,093 | ||||||||
Impairment on public charter school portfolio sale | (21,433) | 0 | 0 | ||||||||
Impairment Charges, Discontinued Operations | 0 | 0 | (8,293) | ||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 31,879 | 0 | 0 | ||||||||
Net income | 36,297 | 34,003 | 66,594 | 65,349 | 54,031 | 91,833 | 91,581 | 29,538 | 202,243 | 266,983 | 262,968 |
Dividends, Preferred Stock | (24,136) | (24,142) | (24,293) | ||||||||
Preferred Share Redemption Costs | 0 | 0 | 4,457 | ||||||||
Net income available to common shareholders of EPR Properties | 30,263 | $ 27,969 | $ 60,560 | $ 59,315 | 47,997 | $ 85,797 | $ 85,545 | $ 23,502 | 178,107 | 242,841 | 234,218 |
Experiential Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 5,307,295 | 4,740,387 | 5,307,295 | 4,740,387 | |||||||
Rental revenue | 525,085 | 453,721 | 405,172 | ||||||||
Other income (loss) | 24,818 | 332 | 614 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 31,594 | 117,171 | 53,147 | ||||||||
Revenues | 581,497 | 571,224 | 458,933 | ||||||||
Property operating expense | 56,369 | 26,168 | 24,699 | ||||||||
Other expense | 29,222 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 85,591 | 26,168 | 24,699 | ||||||||
Net Operating Income Before Unallocated Items | 495,906 | 545,056 | 434,234 | ||||||||
Gain on sale of real estate | 4,200 | 1,200 | |||||||||
Education Reportable Operating Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 730,165 | 1,366,278 | 730,165 | 1,366,278 | |||||||
Rental revenue | 67,937 | 55,365 | 36,015 | ||||||||
Other income (loss) | 0 | 0 | 1 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 1,433 | 11,588 | 20,891 | ||||||||
Revenues | 69,370 | 66,953 | 56,907 | ||||||||
Property operating expense | 3,481 | 2,831 | 5,988 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Investment Income, Investment Expense | 3,481 | 2,831 | 5,988 | ||||||||
Net Operating Income Before Unallocated Items | 65,889 | 64,122 | 50,919 | ||||||||
Corporate Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 540,051 | $ 24,725 | 540,051 | 24,725 | |||||||
Rental revenue | 0 | 0 | 0 | ||||||||
Other income (loss) | 1,102 | 1,744 | 2,480 | ||||||||
Interest and Fee Income, Loans, Commercial and Residential, Real Estate | 0 | 0 | 0 | ||||||||
Revenues | 1,102 | 1,744 | 2,480 | ||||||||
Property operating expense | 889 | 655 | 640 | ||||||||
Other expense | 445 | 443 | 242 | ||||||||
Investment Income, Investment Expense | 1,334 | 1,098 | 882 | ||||||||
Net Operating Income Before Unallocated Items | $ (232) | $ 646 | $ 1,598 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 633,000 | $ 2,851,000 | $ 7,256,000 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 2,899,000 | 7,485,000 | 871,000 |
Deductions | (3,125,000) | (7,437,000) | (642,000) |
Ending balance | 2,899,000 | 7,485,000 | |
Allowance for doubtful accounts | 407,000 | 2,899,000 | 7,485,000 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 0 | 0 | 0 |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 3,102,830 | |
Land, initial cost | 1,357,990 | |
Buildings, equipment & improvement, initial cost | 4,422,788 | |
Additions (dispositions) (impairments) subsequent to acquisition | 470,620 | |
Land, gross amount | 1,355,017 | |
Buildings, equipment & improvement, gross amount | 4,896,381 | |
Fair value of Concord resort land received | 6,251,398 | $ 6,228,954 |
Accumulated depreciation | (989,254) | (883,174) |
Deferred financing costs, net | (37,165) | $ (33,941) |
Omaha, NE | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 5,215 | |
Buildings, equipment & improvement, initial cost | 16,700 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,328 | |
Land, gross amount | 5,215 | |
Buildings, equipment & improvement, gross amount | 19,028 | |
Fair value of Concord resort land received | 24,243 | |
Accumulated depreciation | $ (9,327) | |
Depreciation life | 40 years | |
Sugar Land, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 19,100 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,152 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 23,252 | |
Fair value of Concord resort land received | 23,252 | |
Accumulated depreciation | $ (10,598) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,006 | |
Buildings, equipment & improvement, initial cost | 13,662 | |
Additions (dispositions) (impairments) subsequent to acquisition | 8,455 | |
Land, gross amount | 3,006 | |
Buildings, equipment & improvement, gross amount | 22,117 | |
Fair value of Concord resort land received | 25,123 | |
Accumulated depreciation | $ (9,159) | |
Depreciation life | 40 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,685 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,685 | |
Fair value of Concord resort land received | 12,685 | |
Accumulated depreciation | $ (6,818) | |
Depreciation life | 40 years | |
San Diego, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,028 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,028 | |
Fair value of Concord resort land received | 16,028 | |
Accumulated depreciation | $ (8,615) | |
Depreciation life | 40 years | |
Ontario, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,521 | |
Buildings, equipment & improvement, initial cost | 19,449 | |
Additions (dispositions) (impairments) subsequent to acquisition | 7,130 | |
Land, gross amount | 5,521 | |
Buildings, equipment & improvement, gross amount | 26,579 | |
Fair value of Concord resort land received | 32,100 | |
Accumulated depreciation | $ (11,202) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,023 | |
Buildings, equipment & improvement, initial cost | 20,037 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,023 | |
Buildings, equipment & improvement, gross amount | 20,037 | |
Fair value of Concord resort land received | 26,060 | |
Accumulated depreciation | $ (10,770) | |
Depreciation life | 40 years | |
Creve Coeur, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,985 | |
Buildings, equipment & improvement, initial cost | 12,601 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,075 | |
Land, gross amount | 4,985 | |
Buildings, equipment & improvement, gross amount | 16,676 | |
Fair value of Concord resort land received | 21,661 | |
Accumulated depreciation | $ (8,001) | |
Depreciation life | 33 years | |
Leawood, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,714 | |
Buildings, equipment & improvement, initial cost | 12,086 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,110 | |
Land, gross amount | 3,714 | |
Buildings, equipment & improvement, gross amount | 16,196 | |
Fair value of Concord resort land received | 19,910 | |
Accumulated depreciation | $ (7,196) | |
Depreciation life | 40 years | |
Dallas TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,060 | |
Buildings, equipment & improvement, initial cost | 15,281 | |
Additions (dispositions) (impairments) subsequent to acquisition | 19,104 | |
Land, gross amount | 3,060 | |
Buildings, equipment & improvement, gross amount | 34,385 | |
Fair value of Concord resort land received | 37,445 | |
Accumulated depreciation | $ (18,092) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,304 | |
Buildings, equipment & improvement, initial cost | 21,496 | |
Additions (dispositions) (impairments) subsequent to acquisition | 76 | |
Land, gross amount | 4,304 | |
Buildings, equipment & improvement, gross amount | 21,572 | |
Fair value of Concord resort land received | 25,876 | |
Accumulated depreciation | $ (11,820) | |
Depreciation life | 40 years | |
South Barrington, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,577 | |
Buildings, equipment & improvement, initial cost | 27,723 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,618 | |
Land, gross amount | 6,577 | |
Buildings, equipment & improvement, gross amount | 32,341 | |
Fair value of Concord resort land received | 38,918 | |
Accumulated depreciation | $ (15,869) | |
Depreciation life | 40 years | |
Mesquite, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,912 | |
Buildings, equipment & improvement, initial cost | 20,288 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,885 | |
Land, gross amount | 2,912 | |
Buildings, equipment & improvement, gross amount | 25,173 | |
Fair value of Concord resort land received | 28,085 | |
Accumulated depreciation | $ (12,126) | |
Depreciation life | 40 years | |
Hampton, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,822 | |
Buildings, equipment & improvement, initial cost | 24,678 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,510 | |
Land, gross amount | 3,822 | |
Buildings, equipment & improvement, gross amount | 29,188 | |
Fair value of Concord resort land received | 33,010 | |
Accumulated depreciation | $ (14,038) | |
Depreciation life | 40 years | |
Pompano Beach, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,771 | |
Buildings, equipment & improvement, initial cost | 9,899 | |
Additions (dispositions) (impairments) subsequent to acquisition | 10,984 | |
Land, gross amount | 6,771 | |
Buildings, equipment & improvement, gross amount | 20,883 | |
Fair value of Concord resort land received | 27,654 | |
Accumulated depreciation | $ (10,803) | |
Depreciation life | 24 years | |
Raleigh, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,919 | |
Buildings, equipment & improvement, initial cost | 5,559 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,492 | |
Land, gross amount | 2,919 | |
Buildings, equipment & improvement, gross amount | 9,051 | |
Fair value of Concord resort land received | 11,970 | |
Accumulated depreciation | $ (3,668) | |
Depreciation life | 40 years | |
Davie, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,000 | |
Buildings, equipment & improvement, initial cost | 13,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 11,512 | |
Land, gross amount | 2,000 | |
Buildings, equipment & improvement, gross amount | 24,512 | |
Fair value of Concord resort land received | 26,512 | |
Accumulated depreciation | $ (11,488) | |
Depreciation life | 40 years | |
Aliso Viejo, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,000 | |
Buildings, equipment & improvement, initial cost | 14,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,000 | |
Buildings, equipment & improvement, gross amount | 14,000 | |
Fair value of Concord resort land received | 22,000 | |
Accumulated depreciation | $ (7,350) | |
Depreciation life | 40 years | |
Boise, ID | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,003 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,003 | |
Fair value of Concord resort land received | 16,003 | |
Accumulated depreciation | $ (8,402) | |
Depreciation life | 40 years | |
Woodridge, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,926 | |
Buildings, equipment & improvement, initial cost | 8,968 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,926 | |
Buildings, equipment & improvement, gross amount | 8,968 | |
Fair value of Concord resort land received | 18,894 | |
Accumulated depreciation | $ (8,968) | |
Depreciation life | 18 years | |
Cary, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,352 | |
Buildings, equipment & improvement, initial cost | 11,653 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,091 | |
Land, gross amount | 3,352 | |
Buildings, equipment & improvement, gross amount | 14,744 | |
Fair value of Concord resort land received | 18,096 | |
Accumulated depreciation | $ (6,267) | |
Depreciation life | 40 years | |
Tampa, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,000 | |
Buildings, equipment & improvement, initial cost | 12,809 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,452 | |
Land, gross amount | 6,000 | |
Buildings, equipment & improvement, gross amount | 14,261 | |
Fair value of Concord resort land received | 20,261 | |
Accumulated depreciation | $ (7,883) | |
Depreciation life | 40 years | |
Metairie, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,740 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,049 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 14,789 | |
Fair value of Concord resort land received | 14,789 | |
Accumulated depreciation | $ (5,456) | |
Depreciation life | 40 years | |
Harahan, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,264 | |
Buildings, equipment & improvement, initial cost | 14,820 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,264 | |
Buildings, equipment & improvement, gross amount | 14,820 | |
Fair value of Concord resort land received | 20,084 | |
Accumulated depreciation | $ (6,607) | |
Depreciation life | 40 years | |
Hammond, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,404 | |
Buildings, equipment & improvement, initial cost | 6,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,607 | |
Land, gross amount | 1,839 | |
Buildings, equipment & improvement, gross amount | 8,952 | |
Fair value of Concord resort land received | 10,791 | |
Accumulated depreciation | $ (3,139) | |
Depreciation life | 40 years | |
Houma, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,404 | |
Buildings, equipment & improvement, initial cost | 6,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,404 | |
Buildings, equipment & improvement, gross amount | 6,780 | |
Fair value of Concord resort land received | 9,184 | |
Accumulated depreciation | $ (3,023) | |
Depreciation life | 40 years | |
Harvey, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,378 | |
Buildings, equipment & improvement, initial cost | 12,330 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,735 | |
Land, gross amount | 4,266 | |
Buildings, equipment & improvement, gross amount | 16,177 | |
Fair value of Concord resort land received | 20,443 | |
Accumulated depreciation | $ (5,778) | |
Depreciation life | 40 years | |
Greenville, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,660 | |
Buildings, equipment & improvement, initial cost | 7,570 | |
Additions (dispositions) (impairments) subsequent to acquisition | 247 | |
Land, gross amount | 1,660 | |
Buildings, equipment & improvement, gross amount | 7,817 | |
Fair value of Concord resort land received | 9,477 | |
Accumulated depreciation | $ (3,400) | |
Depreciation life | 40 years | |
Sterling Heights, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,975 | |
Buildings, equipment & improvement, initial cost | 17,956 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,400 | |
Land, gross amount | 5,975 | |
Buildings, equipment & improvement, gross amount | 21,356 | |
Fair value of Concord resort land received | 27,331 | |
Accumulated depreciation | $ (11,256) | |
Depreciation life | 40 years | |
Olathe, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,000 | |
Buildings, equipment & improvement, initial cost | 15,935 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,558 | |
Land, gross amount | 3,042 | |
Buildings, equipment & improvement, gross amount | 19,451 | |
Fair value of Concord resort land received | 22,493 | |
Accumulated depreciation | $ (8,513) | |
Depreciation life | 40 years | |
Livonia, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,500 | |
Buildings, equipment & improvement, initial cost | 17,525 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,500 | |
Buildings, equipment & improvement, gross amount | 17,525 | |
Fair value of Concord resort land received | 22,025 | |
Accumulated depreciation | $ (7,631) | |
Depreciation life | 40 years | |
Alexandria, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 22,035 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 22,035 | |
Fair value of Concord resort land received | 22,035 | |
Accumulated depreciation | $ (9,503) | |
Depreciation life | 40 years | |
Little Rock, AR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,858 | |
Buildings, equipment & improvement, initial cost | 7,990 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,858 | |
Buildings, equipment & improvement, gross amount | 7,990 | |
Fair value of Concord resort land received | 11,848 | |
Accumulated depreciation | $ (3,412) | |
Depreciation life | 40 years | |
Macon, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,982 | |
Buildings, equipment & improvement, initial cost | 5,056 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 5,056 | |
Fair value of Concord resort land received | 7,038 | |
Accumulated depreciation | $ (2,117) | |
Depreciation life | 40 years | |
Southfield, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,000 | |
Buildings, equipment & improvement, initial cost | 20,518 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,092 | |
Land, gross amount | 5,794 | |
Buildings, equipment & improvement, gross amount | 26,816 | |
Fair value of Concord resort land received | 32,610 | |
Accumulated depreciation | $ (26,817) | |
Depreciation life | 15 years | |
Lawrence, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,500 | |
Buildings, equipment & improvement, initial cost | 3,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,017 | |
Land, gross amount | 1,500 | |
Buildings, equipment & improvement, gross amount | 5,543 | |
Fair value of Concord resort land received | 7,043 | |
Accumulated depreciation | $ (1,708) | |
Depreciation life | 40 years | |
Columbia, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,000 | |
Buildings, equipment & improvement, initial cost | 10,534 | |
Additions (dispositions) (impairments) subsequent to acquisition | 339 | |
Land, gross amount | 1,000 | |
Buildings, equipment & improvement, gross amount | 10,873 | |
Fair value of Concord resort land received | 11,873 | |
Accumulated depreciation | $ (3,465) | |
Depreciation life | 40 years | |
Hialeah, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,985 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,985 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 7,985 | |
Accumulated depreciation | 0 | |
Phoenix, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 4,276 | |
Buildings, equipment & improvement, initial cost | 15,934 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,518 | |
Land, gross amount | 4,276 | |
Buildings, equipment & improvement, gross amount | 19,452 | |
Fair value of Concord resort land received | 23,728 | |
Accumulated depreciation | $ (6,642) | |
Depreciation life | 40 years | |
Hamilton, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,869 | |
Buildings, equipment & improvement, initial cost | 18,143 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,869 | |
Buildings, equipment & improvement, gross amount | 18,143 | |
Fair value of Concord resort land received | 23,012 | |
Accumulated depreciation | $ (7,144) | |
Depreciation life | 40 years | |
Mesa, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,446 | |
Buildings, equipment & improvement, initial cost | 16,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,263 | |
Land, gross amount | 4,446 | |
Buildings, equipment & improvement, gross amount | 19,828 | |
Fair value of Concord resort land received | 24,274 | |
Accumulated depreciation | $ (6,908) | |
Depreciation life | 40 years | |
Peoria, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,948 | |
Buildings, equipment & improvement, initial cost | 11,177 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,948 | |
Buildings, equipment & improvement, gross amount | 11,177 | |
Fair value of Concord resort land received | 14,125 | |
Accumulated depreciation | $ (4,308) | |
Depreciation life | 40 years | |
Lafayette, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,318 | |
Fair value of Concord resort land received | 10,318 | |
Accumulated depreciation | $ (3,993) | |
Depreciation life | 40 years | |
Hurst, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,000 | |
Buildings, equipment & improvement, initial cost | 11,729 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,015 | |
Land, gross amount | 5,000 | |
Buildings, equipment & improvement, gross amount | 12,744 | |
Fair value of Concord resort land received | 17,744 | |
Accumulated depreciation | $ (4,819) | |
Depreciation life | 40 years | |
Melbourne, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,817 | |
Buildings, equipment & improvement, initial cost | 8,830 | |
Additions (dispositions) (impairments) subsequent to acquisition | 320 | |
Land, gross amount | 3,817 | |
Buildings, equipment & improvement, gross amount | 9,150 | |
Fair value of Concord resort land received | 12,967 | |
Accumulated depreciation | $ (3,431) | |
Depreciation life | 40 years | |
D'Iberville, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 8,043 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,612 | |
Land, gross amount | 808 | |
Buildings, equipment & improvement, gross amount | 12,848 | |
Fair value of Concord resort land received | 13,656 | |
Accumulated depreciation | $ (4,071) | |
Depreciation life | 40 years | |
Wilmington, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,650 | |
Buildings, equipment & improvement, initial cost | 7,047 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,033 | |
Land, gross amount | 1,650 | |
Buildings, equipment & improvement, gross amount | 10,080 | |
Fair value of Concord resort land received | 11,730 | |
Accumulated depreciation | $ (2,885) | |
Depreciation life | 40 years | |
Chattanooga, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,799 | |
Buildings, equipment & improvement, initial cost | 11,467 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,799 | |
Buildings, equipment & improvement, gross amount | 11,467 | |
Fair value of Concord resort land received | 14,266 | |
Accumulated depreciation | $ (4,252) | |
Depreciation life | 40 years | |
Conroe, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,836 | |
Buildings, equipment & improvement, initial cost | 8,230 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,304 | |
Land, gross amount | 1,836 | |
Buildings, equipment & improvement, gross amount | 10,534 | |
Fair value of Concord resort land received | 12,370 | |
Accumulated depreciation | $ (3,020) | |
Depreciation life | 40 years | |
Indianapolis, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,481 | |
Buildings, equipment & improvement, initial cost | 4,565 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,375 | |
Land, gross amount | 1,481 | |
Buildings, equipment & improvement, gross amount | 6,940 | |
Fair value of Concord resort land received | 8,421 | |
Accumulated depreciation | $ (1,912) | |
Depreciation life | 40 years | |
Hattiesburg, MS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,978 | |
Buildings, equipment & improvement, initial cost | 7,733 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,720 | |
Land, gross amount | 1,978 | |
Buildings, equipment & improvement, gross amount | 12,453 | |
Fair value of Concord resort land received | 14,431 | |
Accumulated depreciation | $ (3,773) | |
Depreciation life | 40 years | |
Arroyo Grande, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,641 | |
Buildings, equipment & improvement, initial cost | 3,810 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,641 | |
Buildings, equipment & improvement, gross amount | 3,810 | |
Fair value of Concord resort land received | 6,451 | |
Accumulated depreciation | $ (1,342) | |
Depreciation life | 40 years | |
Auburn, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,178 | |
Buildings, equipment & improvement, initial cost | 6,185 | |
Additions (dispositions) (impairments) subsequent to acquisition | (65) | |
Land, gross amount | 2,113 | |
Buildings, equipment & improvement, gross amount | 6,185 | |
Fair value of Concord resort land received | 8,298 | |
Accumulated depreciation | $ (2,178) | |
Depreciation life | 40 years | |
Fresno, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,600 | |
Buildings, equipment & improvement, initial cost | 11,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,894 | |
Land, gross amount | 7,600 | |
Buildings, equipment & improvement, gross amount | 14,507 | |
Fair value of Concord resort land received | 22,107 | |
Accumulated depreciation | $ (5,465) | |
Depreciation life | 40 years | |
Modesto, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,542 | |
Buildings, equipment & improvement, initial cost | 3,910 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,889 | |
Land, gross amount | 2,542 | |
Buildings, equipment & improvement, gross amount | 5,799 | |
Fair value of Concord resort land received | 8,341 | |
Accumulated depreciation | $ (1,563) | |
Depreciation life | 40 years | |
Columbia, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,204 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,204 | |
Fair value of Concord resort land received | 12,204 | |
Accumulated depreciation | $ (4,195) | |
Depreciation life | 40 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,028 | |
Buildings, equipment & improvement, initial cost | 14,825 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,028 | |
Buildings, equipment & improvement, gross amount | 14,825 | |
Fair value of Concord resort land received | 22,853 | |
Accumulated depreciation | $ (5,096) | |
Depreciation life | 40 years | |
Garner, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,305 | |
Buildings, equipment & improvement, initial cost | 6,899 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,305 | |
Buildings, equipment & improvement, gross amount | 6,899 | |
Fair value of Concord resort land received | 8,204 | |
Accumulated depreciation | $ (2,357) | |
Depreciation life | 40 years | |
Winston Salem, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,153 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,188 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,341 | |
Fair value of Concord resort land received | 16,341 | |
Accumulated depreciation | $ (4,964) | |
Depreciation life | 40 years | |
Huntsville, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,508 | |
Buildings, equipment & improvement, initial cost | 14,802 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,508 | |
Buildings, equipment & improvement, gross amount | 14,802 | |
Fair value of Concord resort land received | 18,310 | |
Accumulated depreciation | $ (4,934) | |
Depreciation life | 40 years | |
Kalamazoo, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,125 | |
Buildings, equipment & improvement, initial cost | 12,216 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,950 | |
Land, gross amount | 5,125 | |
Buildings, equipment & improvement, gross amount | 18,166 | |
Fair value of Concord resort land received | 23,291 | |
Accumulated depreciation | $ (11,334) | |
Depreciation life | 17 years | |
Pensacola, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,316 | |
Buildings, equipment & improvement, initial cost | 15,099 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,316 | |
Buildings, equipment & improvement, gross amount | 15,099 | |
Fair value of Concord resort land received | 20,415 | |
Accumulated depreciation | $ (4,907) | |
Depreciation life | 40 years | |
Slidell, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 10,635 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,499 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,499 | |
Fair value of Concord resort land received | 11,499 | |
Accumulated depreciation | $ (3,737) | |
Depreciation life | 40 years | |
Panama City Beach, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,486 | |
Buildings, equipment & improvement, initial cost | 11,156 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,704 | |
Land, gross amount | 6,486 | |
Buildings, equipment & improvement, gross amount | 13,860 | |
Fair value of Concord resort land received | 20,346 | |
Accumulated depreciation | $ (3,542) | |
Depreciation life | 40 years | |
Kalispell, MT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,505 | |
Buildings, equipment & improvement, initial cost | 7,323 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,505 | |
Buildings, equipment & improvement, gross amount | 7,323 | |
Fair value of Concord resort land received | 9,828 | |
Accumulated depreciation | $ (2,258) | |
Depreciation life | 40 years | |
Greensboro, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,606 | |
Additions (dispositions) (impairments) subsequent to acquisition | 914 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,520 | |
Fair value of Concord resort land received | 13,520 | |
Accumulated depreciation | $ (5,267) | |
Depreciation life | 40 years | |
Glendora, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,588 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,588 | |
Fair value of Concord resort land received | 10,588 | |
Accumulated depreciation | $ (2,956) | |
Depreciation life | 40 years | |
Ypsilanti, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,716 | |
Buildings, equipment & improvement, initial cost | 227 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,817 | |
Land, gross amount | 4,716 | |
Buildings, equipment & improvement, gross amount | 3,044 | |
Fair value of Concord resort land received | 7,760 | |
Accumulated depreciation | $ (246) | |
Depreciation life | 40 years | |
Manchester, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,628 | |
Buildings, equipment & improvement, initial cost | 11,474 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,315 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 13,789 | |
Fair value of Concord resort land received | 17,417 | |
Accumulated depreciation | $ (2,937) | |
Depreciation life | 40 years | |
Centreville, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,628 | |
Buildings, equipment & improvement, initial cost | 1,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,628 | |
Buildings, equipment & improvement, gross amount | 1,769 | |
Fair value of Concord resort land received | 5,397 | |
Accumulated depreciation | $ (442) | |
Depreciation life | 40 years | |
Davenport, IA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,599 | |
Buildings, equipment & improvement, initial cost | 6,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,265 | |
Land, gross amount | 3,564 | |
Buildings, equipment & improvement, gross amount | 8,368 | |
Fair value of Concord resort land received | 11,932 | |
Accumulated depreciation | $ (1,671) | |
Depreciation life | 40 years | |
Fairfax, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,630 | |
Buildings, equipment & improvement, initial cost | 11,791 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,000 | |
Land, gross amount | 2,630 | |
Buildings, equipment & improvement, gross amount | 13,791 | |
Fair value of Concord resort land received | 16,421 | |
Accumulated depreciation | $ (3,082) | |
Depreciation life | 40 years | |
Flint, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,270 | |
Buildings, equipment & improvement, initial cost | 1,723 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,270 | |
Buildings, equipment & improvement, gross amount | 1,723 | |
Fair value of Concord resort land received | 2,993 | |
Accumulated depreciation | $ (431) | |
Depreciation life | 40 years | |
Hazlet, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,719 | |
Buildings, equipment & improvement, initial cost | 4,716 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,719 | |
Buildings, equipment & improvement, gross amount | 4,716 | |
Fair value of Concord resort land received | 8,435 | |
Accumulated depreciation | $ (1,179) | |
Depreciation life | 40 years | |
Huber Heights, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 970 | |
Buildings, equipment & improvement, initial cost | 3,891 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 970 | |
Buildings, equipment & improvement, gross amount | 3,891 | |
Fair value of Concord resort land received | 4,861 | |
Accumulated depreciation | $ (973) | |
Depreciation life | 40 years | |
North Haven, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,442 | |
Buildings, equipment & improvement, initial cost | 1,061 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,000 | |
Land, gross amount | 3,458 | |
Buildings, equipment & improvement, gross amount | 5,045 | |
Fair value of Concord resort land received | 8,503 | |
Accumulated depreciation | $ (1,464) | |
Depreciation life | 40 years | |
Okolona, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,379 | |
Buildings, equipment & improvement, initial cost | 3,311 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,000 | |
Land, gross amount | 5,379 | |
Buildings, equipment & improvement, gross amount | 5,311 | |
Fair value of Concord resort land received | 10,690 | |
Accumulated depreciation | $ (887) | |
Depreciation life | 40 years | |
Voorhees, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,723 | |
Buildings, equipment & improvement, initial cost | 9,614 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,723 | |
Buildings, equipment & improvement, gross amount | 9,614 | |
Fair value of Concord resort land received | 11,337 | |
Accumulated depreciation | $ (2,404) | |
Depreciation life | 40 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,979 | |
Buildings, equipment & improvement, initial cost | 6,567 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,046) | |
Land, gross amount | 3,933 | |
Buildings, equipment & improvement, gross amount | 6,567 | |
Fair value of Concord resort land received | 10,500 | |
Accumulated depreciation | $ (1,642) | |
Depreciation life | 40 years | |
Beaver Creek, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,578 | |
Buildings, equipment & improvement, initial cost | 6,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,700 | |
Land, gross amount | 1,578 | |
Buildings, equipment & improvement, gross amount | 8,330 | |
Fair value of Concord resort land received | 9,908 | |
Accumulated depreciation | $ (1,721) | |
Depreciation life | 40 years | |
West Springfield, MA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,540 | |
Buildings, equipment & improvement, initial cost | 3,755 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,650 | |
Land, gross amount | 2,540 | |
Buildings, equipment & improvement, gross amount | 6,405 | |
Fair value of Concord resort land received | 8,945 | |
Accumulated depreciation | $ (1,017) | |
Depreciation life | 40 years | |
Cincinnati, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,361 | |
Buildings, equipment & improvement, initial cost | 1,741 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 635 | |
Buildings, equipment & improvement, gross amount | 2,467 | |
Fair value of Concord resort land received | 3,102 | |
Accumulated depreciation | $ (521) | |
Depreciation life | 40 years | |
Pasadena, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,951 | |
Buildings, equipment & improvement, initial cost | 10,684 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,759 | |
Land, gross amount | 2,951 | |
Buildings, equipment & improvement, gross amount | 12,443 | |
Fair value of Concord resort land received | 15,394 | |
Accumulated depreciation | $ (2,601) | |
Depreciation life | 40 years | |
Plano, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,052 | |
Buildings, equipment & improvement, initial cost | 1,968 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,052 | |
Buildings, equipment & improvement, gross amount | 1,968 | |
Fair value of Concord resort land received | 3,020 | |
Accumulated depreciation | $ (467) | |
Depreciation life | 40 years | |
McKinney, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,917 | |
Buildings, equipment & improvement, initial cost | 3,319 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,917 | |
Buildings, equipment & improvement, gross amount | 3,319 | |
Fair value of Concord resort land received | 5,236 | |
Accumulated depreciation | $ (788) | |
Depreciation life | 40 years | |
Mishawaka, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,399 | |
Buildings, equipment & improvement, initial cost | 5,454 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,383 | |
Land, gross amount | 2,399 | |
Buildings, equipment & improvement, gross amount | 6,837 | |
Fair value of Concord resort land received | 9,236 | |
Accumulated depreciation | $ (1,444) | |
Depreciation life | 40 years | |
Grand Prairie, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,873 | |
Buildings, equipment & improvement, initial cost | 3,245 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,104 | |
Land, gross amount | 1,873 | |
Buildings, equipment & improvement, gross amount | 5,349 | |
Fair value of Concord resort land received | 7,222 | |
Accumulated depreciation | $ (1,046) | |
Depreciation life | 40 years | |
Redding, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,044 | |
Buildings, equipment & improvement, initial cost | 4,500 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,177 | |
Land, gross amount | 2,044 | |
Buildings, equipment & improvement, gross amount | 5,677 | |
Fair value of Concord resort land received | 7,721 | |
Accumulated depreciation | $ (1,106) | |
Depreciation life | 40 years | |
Pueblo, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,238 | |
Buildings, equipment & improvement, initial cost | 5,162 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,265 | |
Land, gross amount | 2,238 | |
Buildings, equipment & improvement, gross amount | 6,427 | |
Fair value of Concord resort land received | 8,665 | |
Accumulated depreciation | $ (1,269) | |
Depreciation life | 40 years | |
Beaumont, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,065 | |
Buildings, equipment & improvement, initial cost | 11,669 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,644 | |
Land, gross amount | 1,065 | |
Buildings, equipment & improvement, gross amount | 13,313 | |
Fair value of Concord resort land received | 14,378 | |
Accumulated depreciation | $ (2,888) | |
Depreciation life | 40 years | |
Pflugerville, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,356 | |
Buildings, equipment & improvement, initial cost | 11,533 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,056 | |
Land, gross amount | 4,356 | |
Buildings, equipment & improvement, gross amount | 13,589 | |
Fair value of Concord resort land received | 17,945 | |
Accumulated depreciation | $ (2,876) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,109 | |
Buildings, equipment & improvement, initial cost | 9,739 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,617 | |
Land, gross amount | 4,109 | |
Buildings, equipment & improvement, gross amount | 12,356 | |
Fair value of Concord resort land received | 16,465 | |
Accumulated depreciation | $ (2,355) | |
Depreciation life | 40 years | |
El Paso, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,598 | |
Buildings, equipment & improvement, initial cost | 13,207 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,296 | |
Land, gross amount | 4,598 | |
Buildings, equipment & improvement, gross amount | 15,503 | |
Fair value of Concord resort land received | 20,101 | |
Accumulated depreciation | $ (3,250) | |
Depreciation life | 40 years | |
Colorado Springs, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,134 | |
Buildings, equipment & improvement, initial cost | 11,220 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,427 | |
Land, gross amount | 2,938 | |
Buildings, equipment & improvement, gross amount | 13,843 | |
Fair value of Concord resort land received | 16,781 | |
Accumulated depreciation | $ (2,858) | |
Depreciation life | 40 years | |
Virginia Beach, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 1,736 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,736 | |
Fair value of Concord resort land received | 1,736 | |
Accumulated depreciation | $ (1,736) | |
Depreciation life | 40 years | |
Hooksett, NH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,639 | |
Buildings, equipment & improvement, initial cost | 11,605 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,254 | |
Land, gross amount | 2,639 | |
Buildings, equipment & improvement, gross amount | 12,859 | |
Fair value of Concord resort land received | 15,498 | |
Accumulated depreciation | $ (2,595) | |
Depreciation life | 40 years | |
Saco, ME | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,508 | |
Buildings, equipment & improvement, initial cost | 3,826 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,124 | |
Land, gross amount | 1,508 | |
Buildings, equipment & improvement, gross amount | 4,950 | |
Fair value of Concord resort land received | 6,458 | |
Accumulated depreciation | $ (874) | |
Depreciation life | 40 years | |
Merrimack, NH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,160 | |
Buildings, equipment & improvement, initial cost | 5,642 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,160 | |
Buildings, equipment & improvement, gross amount | 5,642 | |
Fair value of Concord resort land received | 8,802 | |
Accumulated depreciation | $ (1,246) | |
Depreciation life | 40 years | |
Westbrook, ME | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,273 | |
Buildings, equipment & improvement, initial cost | 7,119 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,273 | |
Buildings, equipment & improvement, gross amount | 7,119 | |
Fair value of Concord resort land received | 9,392 | |
Accumulated depreciation | $ (1,572) | |
Depreciation life | 40 years | |
Twin Falls, ID | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 4,783 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 4,783 | |
Fair value of Concord resort land received | 4,783 | |
Accumulated depreciation | $ (907) | |
Depreciation life | 40 years | |
Dallas, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,146 | |
Additions (dispositions) (impairments) subsequent to acquisition | 750 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,896 | |
Fair value of Concord resort land received | 12,896 | |
Accumulated depreciation | $ (2,524) | |
Depreciation life | 40 years | |
Albuquerque, NM | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,733 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,733 | |
Fair value of Concord resort land received | 13,733 | |
Accumulated depreciation | $ (2,089) | |
Depreciation life | 40 years | |
Southern Pines, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,709 | |
Buildings, equipment & improvement, initial cost | 4,747 | |
Additions (dispositions) (impairments) subsequent to acquisition | 12 | |
Land, gross amount | 1,709 | |
Buildings, equipment & improvement, gross amount | 4,759 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (891) | |
Depreciation life | 40 years | |
Austin, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,608 | |
Buildings, equipment & improvement, initial cost | 6,373 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,608 | |
Buildings, equipment & improvement, gross amount | 6,373 | |
Fair value of Concord resort land received | 8,981 | |
Accumulated depreciation | $ (1,022) | |
Depreciation life | 40 years | |
Champaign, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 9,381 | |
Additions (dispositions) (impairments) subsequent to acquisition | 125 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,506 | |
Fair value of Concord resort land received | 9,506 | |
Accumulated depreciation | $ (1,446) | |
Depreciation life | 40 years | |
Gainesville, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,846 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,846 | |
Fair value of Concord resort land received | 10,846 | |
Accumulated depreciation | $ (1,650) | |
Depreciation life | 40 years | |
Lafayette, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 14,360 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,728 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,728 | |
Fair value of Concord resort land received | 12,728 | |
Accumulated depreciation | $ (1,989) | |
Depreciation life | 40 years | |
New Iberia, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 1,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 1,630 | |
Fair value of Concord resort land received | 1,630 | |
Accumulated depreciation | $ (255) | |
Depreciation life | 40 years | |
Tuscaloosa, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,287 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,815 | |
Buildings, equipment & improvement, gross amount | 9,472 | |
Fair value of Concord resort land received | 11,287 | |
Accumulated depreciation | $ (1,480) | |
Depreciation life | 40 years | |
Tampa, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,700 | |
Buildings, equipment & improvement, initial cost | 23,483 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,769 | |
Land, gross amount | 1,700 | |
Buildings, equipment & improvement, gross amount | 27,252 | |
Fair value of Concord resort land received | 28,952 | |
Accumulated depreciation | $ (5,411) | |
Depreciation life | 40 years | |
Warrenville, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 14,000 | |
Buildings, equipment & improvement, initial cost | 17,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,993 | |
Land, gross amount | 11,177 | |
Buildings, equipment & improvement, gross amount | 22,134 | |
Fair value of Concord resort land received | 33,311 | |
Accumulated depreciation | $ (4,563) | |
Depreciation life | 40 years | |
San Francisco, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,077 | |
Buildings, equipment & improvement, initial cost | 12,914 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,077 | |
Buildings, equipment & improvement, gross amount | 12,914 | |
Fair value of Concord resort land received | 14,991 | |
Accumulated depreciation | $ (1,291) | |
Depreciation life | 40 years | |
Opelika, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,314 | |
Buildings, equipment & improvement, initial cost | 8,951 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,314 | |
Buildings, equipment & improvement, gross amount | 8,951 | |
Fair value of Concord resort land received | 10,265 | |
Accumulated depreciation | $ (1,231) | |
Depreciation life | 40 years | |
Bedford, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 349 | |
Buildings, equipment & improvement, initial cost | 1,594 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 349 | |
Buildings, equipment & improvement, gross amount | 1,594 | |
Fair value of Concord resort land received | 1,943 | |
Accumulated depreciation | $ (259) | |
Depreciation life | 40 years | |
Seymour, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,028 | |
Buildings, equipment & improvement, initial cost | 2,291 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,028 | |
Buildings, equipment & improvement, gross amount | 2,291 | |
Fair value of Concord resort land received | 3,319 | |
Accumulated depreciation | $ (349) | |
Depreciation life | 40 years | |
Wilder, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 983 | |
Buildings, equipment & improvement, initial cost | 11,233 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,004 | |
Land, gross amount | 983 | |
Buildings, equipment & improvement, gross amount | 13,237 | |
Fair value of Concord resort land received | 14,220 | |
Accumulated depreciation | $ (1,838) | |
Depreciation life | 40 years | |
Bowling Green, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,241 | |
Buildings, equipment & improvement, initial cost | 10,222 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,241 | |
Buildings, equipment & improvement, gross amount | 10,222 | |
Fair value of Concord resort land received | 11,463 | |
Accumulated depreciation | $ (1,542) | |
Depreciation life | 40 years | |
New Albany, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,461 | |
Buildings, equipment & improvement, initial cost | 14,807 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,461 | |
Buildings, equipment & improvement, gross amount | 14,807 | |
Fair value of Concord resort land received | 17,268 | |
Accumulated depreciation | $ (2,189) | |
Depreciation life | 40 years | |
Clarksville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,764 | |
Buildings, equipment & improvement, initial cost | 16,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,706 | |
Land, gross amount | 3,764 | |
Buildings, equipment & improvement, gross amount | 21,475 | |
Fair value of Concord resort land received | 25,239 | |
Accumulated depreciation | $ (2,695) | |
Depreciation life | 40 years | |
Williamsport, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,243 | |
Buildings, equipment & improvement, initial cost | 6,684 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,243 | |
Buildings, equipment & improvement, gross amount | 6,684 | |
Fair value of Concord resort land received | 8,927 | |
Accumulated depreciation | $ (1,041) | |
Depreciation life | 40 years | |
Noblesville, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 886 | |
Buildings, equipment & improvement, initial cost | 7,453 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,019 | |
Land, gross amount | 886 | |
Buildings, equipment & improvement, gross amount | 9,472 | |
Fair value of Concord resort land received | 10,358 | |
Accumulated depreciation | $ (1,253) | |
Depreciation life | 40 years | |
Moline, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,963 | |
Buildings, equipment & improvement, initial cost | 10,183 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,963 | |
Buildings, equipment & improvement, gross amount | 10,183 | |
Fair value of Concord resort land received | 12,146 | |
Accumulated depreciation | $ (1,524) | |
Depreciation life | 40 years | |
O'Fallon, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,046 | |
Buildings, equipment & improvement, initial cost | 7,342 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,046 | |
Buildings, equipment & improvement, gross amount | 7,342 | |
Fair value of Concord resort land received | 8,388 | |
Accumulated depreciation | $ (1,092) | |
Depreciation life | 40 years | |
McDonough, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,235 | |
Buildings, equipment & improvement, initial cost | 16,842 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,235 | |
Buildings, equipment & improvement, gross amount | 16,842 | |
Fair value of Concord resort land received | 19,077 | |
Accumulated depreciation | $ (2,512) | |
Depreciation life | 40 years | |
Sterling Heights, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,849 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 258 | |
Land, gross amount | 10,919 | |
Buildings, equipment & improvement, gross amount | 188 | |
Fair value of Concord resort land received | 11,107 | |
Accumulated depreciation | $ (38) | |
Depreciation life | 15 years | |
Virginia Beach, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,544 | |
Buildings, equipment & improvement, initial cost | 6,478 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,544 | |
Buildings, equipment & improvement, gross amount | 6,478 | |
Fair value of Concord resort land received | 9,022 | |
Accumulated depreciation | $ (783) | |
Depreciation life | 40 years | |
Yulee, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,036 | |
Buildings, equipment & improvement, initial cost | 6,934 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,036 | |
Buildings, equipment & improvement, gross amount | 6,934 | |
Fair value of Concord resort land received | 7,970 | |
Accumulated depreciation | $ (838) | |
Depreciation life | 40 years | |
Jacksonville, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,080 | |
Buildings, equipment & improvement, initial cost | 22,064 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,080 | |
Buildings, equipment & improvement, gross amount | 22,064 | |
Fair value of Concord resort land received | 27,144 | |
Accumulated depreciation | $ (4,036) | |
Depreciation life | 25 years | |
Denham Springs, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 5,093 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,162 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,255 | |
Fair value of Concord resort land received | 9,255 | |
Accumulated depreciation | $ (767) | |
Depreciation life | 40 years | |
Crystal Lake, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,980 | |
Buildings, equipment & improvement, initial cost | 13,521 | |
Additions (dispositions) (impairments) subsequent to acquisition | 568 | |
Land, gross amount | 2,980 | |
Buildings, equipment & improvement, gross amount | 14,089 | |
Fair value of Concord resort land received | 17,069 | |
Accumulated depreciation | $ (2,550) | |
Depreciation life | 25 years | |
Laredo, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,353 | |
Buildings, equipment & improvement, initial cost | 7,886 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,353 | |
Buildings, equipment & improvement, gross amount | 7,886 | |
Fair value of Concord resort land received | 9,239 | |
Accumulated depreciation | $ (788) | |
Depreciation life | 40 years | |
Corpus, Christi, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,286 | |
Buildings, equipment & improvement, initial cost | 8,252 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,286 | |
Buildings, equipment & improvement, gross amount | 8,252 | |
Fair value of Concord resort land received | 9,538 | |
Accumulated depreciation | $ (602) | |
Depreciation life | 40 years | |
Delmont, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 673 | |
Buildings, equipment & improvement, initial cost | 621 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 673 | |
Buildings, equipment & improvement, gross amount | 621 | |
Fair value of Concord resort land received | 1,294 | |
Accumulated depreciation | $ (103) | |
Depreciation life | 25 years | |
Kennewick, WA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,484 | |
Buildings, equipment & improvement, initial cost | 4,901 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,484 | |
Buildings, equipment & improvement, gross amount | 4,901 | |
Fair value of Concord resort land received | 7,385 | |
Accumulated depreciation | $ (770) | |
Depreciation life | 25 years | |
Franklin, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,158 | |
Buildings, equipment & improvement, initial cost | 17,549 | |
Additions (dispositions) (impairments) subsequent to acquisition | 9,018 | |
Land, gross amount | 10,158 | |
Buildings, equipment & improvement, gross amount | 26,567 | |
Fair value of Concord resort land received | 36,725 | |
Accumulated depreciation | $ (3,511) | |
Depreciation life | 25 years | |
Mobile, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,116 | |
Buildings, equipment & improvement, initial cost | 16,657 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,116 | |
Buildings, equipment & improvement, gross amount | 16,657 | |
Fair value of Concord resort land received | 18,773 | |
Accumulated depreciation | $ (2,478) | |
Depreciation life | 25 years | |
El Paso, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,957 | |
Buildings, equipment & improvement, initial cost | 10,961 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,905 | |
Land, gross amount | 2,957 | |
Buildings, equipment & improvement, gross amount | 14,866 | |
Fair value of Concord resort land received | 17,823 | |
Accumulated depreciation | $ (1,883) | |
Depreciation life | 25 years | |
Edinburg, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,982 | |
Buildings, equipment & improvement, initial cost | 16,964 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,680 | |
Land, gross amount | 1,982 | |
Buildings, equipment & improvement, gross amount | 22,644 | |
Fair value of Concord resort land received | 24,626 | |
Accumulated depreciation | $ (2,975) | |
Depreciation life | 25 years | |
Hendersonville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,784 | |
Buildings, equipment & improvement, initial cost | 8,034 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,160 | |
Land, gross amount | 2,784 | |
Buildings, equipment & improvement, gross amount | 12,194 | |
Fair value of Concord resort land received | 14,978 | |
Accumulated depreciation | $ (1,150) | |
Depreciation life | 30 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 965 | |
Buildings, equipment & improvement, initial cost | 10,002 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 965 | |
Buildings, equipment & improvement, gross amount | 10,002 | |
Fair value of Concord resort land received | 10,967 | |
Accumulated depreciation | $ (666) | |
Depreciation life | 40 years | |
Detroit, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,299 | |
Buildings, equipment & improvement, initial cost | 13,810 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,299 | |
Buildings, equipment & improvement, gross amount | 13,810 | |
Fair value of Concord resort land received | 18,109 | |
Accumulated depreciation | $ (1,458) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 11,385 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,385 | |
Fair value of Concord resort land received | 11,385 | |
Accumulated depreciation | $ (451) | |
Depreciation life | 40 years | |
Fort Wayne, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,926 | |
Buildings, equipment & improvement, initial cost | 11,054 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,926 | |
Buildings, equipment & improvement, gross amount | 11,054 | |
Fair value of Concord resort land received | 12,980 | |
Accumulated depreciation | $ (1,156) | |
Depreciation life | 27 years | |
Wichita, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 267 | |
Buildings, equipment & improvement, initial cost | 7,535 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 267 | |
Buildings, equipment & improvement, gross amount | 7,535 | |
Fair value of Concord resort land received | 7,802 | |
Accumulated depreciation | $ (846) | |
Depreciation life | 23 years | |
Wichita, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,132 | |
Buildings, equipment & improvement, initial cost | 23,270 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,132 | |
Buildings, equipment & improvement, gross amount | 23,270 | |
Fair value of Concord resort land received | 26,402 | |
Accumulated depreciation | $ (2,729) | |
Depreciation life | 23 years | |
Richmond, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,251 | |
Buildings, equipment & improvement, initial cost | 36,534 | |
Additions (dispositions) (impairments) subsequent to acquisition | (27) | |
Land, gross amount | 7,251 | |
Buildings, equipment & improvement, gross amount | 36,507 | |
Fair value of Concord resort land received | 43,758 | |
Accumulated depreciation | $ (2,382) | |
Depreciation life | 40 years | |
Tomball, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,416 | |
Buildings, equipment & improvement, initial cost | 26,918 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,416 | |
Buildings, equipment & improvement, gross amount | 26,918 | |
Fair value of Concord resort land received | 30,334 | |
Accumulated depreciation | $ (1,712) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,671 | |
Buildings, equipment & improvement, initial cost | 17,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,671 | |
Buildings, equipment & improvement, gross amount | 17,526 | |
Fair value of Concord resort land received | 20,197 | |
Accumulated depreciation | $ (1,855) | |
Depreciation life | 25 years | |
Little Rock AR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,789 | |
Buildings, equipment & improvement, initial cost | 10,780 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,789 | |
Buildings, equipment & improvement, gross amount | 10,780 | |
Fair value of Concord resort land received | 12,569 | |
Accumulated depreciation | $ (592) | |
Depreciation life | 40 years | |
Conway, AR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,316 | |
Buildings, equipment & improvement, initial cost | 5,553 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,316 | |
Buildings, equipment & improvement, gross amount | 5,553 | |
Fair value of Concord resort land received | 6,869 | |
Accumulated depreciation | $ (371) | |
Depreciation life | 30 years | |
Lynbrook, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,753 | |
Buildings, equipment & improvement, initial cost | 28,400 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,753 | |
Buildings, equipment & improvement, gross amount | 28,400 | |
Fair value of Concord resort land received | 30,153 | |
Accumulated depreciation | $ (1,089) | |
Depreciation life | 40 years | |
Long Island, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,479 | |
Additions (dispositions) (impairments) subsequent to acquisition | 267 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,746 | |
Fair value of Concord resort land received | 12,746 | |
Accumulated depreciation | $ (572) | |
Depreciation life | 25 years | |
Brandywine, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,251 | |
Buildings, equipment & improvement, initial cost | 10,520 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 10,520 | |
Fair value of Concord resort land received | 15,771 | |
Accumulated depreciation | $ (273) | |
Depreciation life | 34 years | |
Cincinnati, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,831 | |
Buildings, equipment & improvement, initial cost | 11,430 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,831 | |
Buildings, equipment & improvement, gross amount | 11,430 | |
Fair value of Concord resort land received | 14,261 | |
Accumulated depreciation | $ (282) | |
Depreciation life | 35 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,726 | |
Buildings, equipment & improvement, initial cost | 27,312 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,726 | |
Buildings, equipment & improvement, gross amount | 27,312 | |
Fair value of Concord resort land received | 31,038 | |
Accumulated depreciation | $ (565) | |
Depreciation life | 40 years | |
Riverview, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,339 | |
Buildings, equipment & improvement, initial cost | 15,901 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,339 | |
Buildings, equipment & improvement, gross amount | 15,901 | |
Fair value of Concord resort land received | 18,240 | |
Accumulated depreciation | $ (361) | |
Depreciation life | 37 years | |
Savoy, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,938 | |
Buildings, equipment & improvement, initial cost | 10,554 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,938 | |
Buildings, equipment & improvement, gross amount | 10,554 | |
Fair value of Concord resort land received | 12,492 | |
Accumulated depreciation | $ (326) | |
Depreciation life | 25 years | |
Dublin, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 15,662 | |
Buildings, equipment & improvement, initial cost | 25,496 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 15,662 | |
Buildings, equipment & improvement, gross amount | 25,496 | |
Fair value of Concord resort land received | 41,158 | |
Accumulated depreciation | $ (581) | |
Depreciation life | 30 years | |
Ontario, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,019 | |
Buildings, equipment & improvement, initial cost | 15,708 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,019 | |
Buildings, equipment & improvement, gross amount | 15,708 | |
Fair value of Concord resort land received | 23,727 | |
Accumulated depreciation | $ (426) | |
Depreciation life | 24 years | |
Columbia, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,009 | |
Buildings, equipment & improvement, initial cost | 17,318 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,009 | |
Buildings, equipment & improvement, gross amount | 17,318 | |
Fair value of Concord resort land received | 24,327 | |
Accumulated depreciation | $ (282) | |
Depreciation life | 40 years | |
Columbia, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,642 | |
Buildings, equipment & improvement, initial cost | 14,152 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 12,642 | |
Buildings, equipment & improvement, gross amount | 14,152 | |
Fair value of Concord resort land received | 26,794 | |
Accumulated depreciation | $ (303) | |
Depreciation life | 34 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,257 | |
Buildings, equipment & improvement, initial cost | 15,121 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,257 | |
Buildings, equipment & improvement, gross amount | 15,121 | |
Fair value of Concord resort land received | 19,378 | |
Accumulated depreciation | $ (289) | |
Depreciation life | 35 years | |
Foothill Ranch, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,653 | |
Buildings, equipment & improvement, initial cost | 14,090 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,653 | |
Buildings, equipment & improvement, gross amount | 14,090 | |
Fair value of Concord resort land received | 21,743 | |
Accumulated depreciation | $ (396) | |
Depreciation life | 29 years | |
Wilsonville, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,742 | |
Buildings, equipment & improvement, initial cost | 1,301 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,742 | |
Buildings, equipment & improvement, gross amount | 1,301 | |
Fair value of Concord resort land received | 4,043 | |
Accumulated depreciation | $ (86) | |
Depreciation life | 23 years | |
Raleigh, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,376 | |
Buildings, equipment & improvement, initial cost | 12,516 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,376 | |
Buildings, equipment & improvement, gross amount | 12,516 | |
Fair value of Concord resort land received | 17,892 | |
Accumulated depreciation | $ (299) | |
Depreciation life | 30 years | |
Gastonia, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,039 | |
Buildings, equipment & improvement, initial cost | 9,199 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,039 | |
Buildings, equipment & improvement, gross amount | 9,199 | |
Fair value of Concord resort land received | 13,238 | |
Accumulated depreciation | $ (224) | |
Depreciation life | 30 years | |
Abingdon, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,613 | |
Buildings, equipment & improvement, initial cost | 6,171 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,613 | |
Buildings, equipment & improvement, gross amount | 6,171 | |
Fair value of Concord resort land received | 10,784 | |
Accumulated depreciation | $ (221) | |
Depreciation life | 24 years | |
Midland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,495 | |
Buildings, equipment & improvement, initial cost | 12,965 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,495 | |
Buildings, equipment & improvement, gross amount | 12,965 | |
Fair value of Concord resort land received | 15,460 | |
Accumulated depreciation | $ (257) | |
Depreciation life | 35 years | |
Port Richey, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,564 | |
Buildings, equipment & improvement, initial cost | 7,103 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,564 | |
Buildings, equipment & improvement, gross amount | 7,103 | |
Fair value of Concord resort land received | 8,667 | |
Accumulated depreciation | $ (221) | |
Depreciation life | 26 years | |
Hillsboro, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,392 | |
Buildings, equipment & improvement, initial cost | 5,697 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,392 | |
Buildings, equipment & improvement, gross amount | 5,697 | |
Fair value of Concord resort land received | 9,089 | |
Accumulated depreciation | $ (223) | |
Depreciation life | 23 years | |
Woodway, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,376 | |
Buildings, equipment & improvement, initial cost | 7,309 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,376 | |
Buildings, equipment & improvement, gross amount | 7,309 | |
Fair value of Concord resort land received | 9,685 | |
Accumulated depreciation | $ (239) | |
Depreciation life | 24 years | |
San Jacinto, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,960 | |
Buildings, equipment & improvement, initial cost | 5,073 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,960 | |
Buildings, equipment & improvement, gross amount | 5,073 | |
Fair value of Concord resort land received | 7,033 | |
Accumulated depreciation | $ (170) | |
Depreciation life | 23 years | |
Albany, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,049 | |
Buildings, equipment & improvement, initial cost | 3,920 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,049 | |
Buildings, equipment & improvement, gross amount | 3,920 | |
Fair value of Concord resort land received | 5,969 | |
Accumulated depreciation | $ (108) | |
Depreciation life | 30 years | |
Lake City, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,257 | |
Buildings, equipment & improvement, initial cost | 4,756 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,257 | |
Buildings, equipment & improvement, gross amount | 4,756 | |
Fair value of Concord resort land received | 6,013 | |
Accumulated depreciation | $ (134) | |
Depreciation life | 27 years | |
Anderson, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,554 | |
Buildings, equipment & improvement, initial cost | 3,948 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,554 | |
Buildings, equipment & improvement, gross amount | 3,948 | |
Fair value of Concord resort land received | 5,502 | |
Accumulated depreciation | $ (133) | |
Depreciation life | 24 years | |
New Hartford, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 946 | |
Buildings, equipment & improvement, initial cost | 11,985 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 946 | |
Buildings, equipment & improvement, gross amount | 11,985 | |
Fair value of Concord resort land received | 12,931 | |
Accumulated depreciation | $ (107) | |
Depreciation life | 31 years | |
Columbus, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,211 | |
Buildings, equipment & improvement, initial cost | 14,179 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,211 | |
Buildings, equipment & improvement, gross amount | 14,179 | |
Fair value of Concord resort land received | 19,390 | |
Accumulated depreciation | $ (97) | |
Depreciation life | 38 years | |
Kenner, LA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,299 | |
Buildings, equipment & improvement, initial cost | 14,000 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,299 | |
Buildings, equipment & improvement, gross amount | 14,000 | |
Fair value of Concord resort land received | 19,299 | |
Accumulated depreciation | $ (548) | |
Depreciation life | 34 years | |
Marana, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,384 | |
Buildings, equipment & improvement, initial cost | 5,438 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,384 | |
Buildings, equipment & improvement, gross amount | 5,438 | |
Fair value of Concord resort land received | 7,822 | |
Accumulated depreciation | $ (24) | |
Depreciation life | 28 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,205 | |
Buildings, equipment & improvement, initial cost | 12,600 | |
Additions (dispositions) (impairments) subsequent to acquisition | 22,680 | |
Land, gross amount | 6,205 | |
Buildings, equipment & improvement, gross amount | 35,280 | |
Fair value of Concord resort land received | 41,485 | |
Accumulated depreciation | $ (19,268) | |
Depreciation life | 40 years | |
Westminster, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,850 | |
Buildings, equipment & improvement, initial cost | 17,314 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,257 | |
Land, gross amount | 5,850 | |
Buildings, equipment & improvement, gross amount | 21,571 | |
Fair value of Concord resort land received | 27,421 | |
Accumulated depreciation | $ (8,140) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,653 | |
Buildings, equipment & improvement, initial cost | 1,365 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,531) | |
Land, gross amount | 3,408 | |
Buildings, equipment & improvement, gross amount | 79 | |
Fair value of Concord resort land received | 3,487 | |
Accumulated depreciation | $ (19) | |
Depreciation life | 40 years | |
New Rochelle, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,100 | |
Buildings, equipment & improvement, initial cost | 97,696 | |
Additions (dispositions) (impairments) subsequent to acquisition | 11,719 | |
Land, gross amount | 6,100 | |
Buildings, equipment & improvement, gross amount | 109,415 | |
Fair value of Concord resort land received | 115,515 | |
Accumulated depreciation | $ (44,695) | |
Depreciation life | 40 years | |
Kanata, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,044 | |
Buildings, equipment & improvement, initial cost | 36,630 | |
Additions (dispositions) (impairments) subsequent to acquisition | 31,564 | |
Land, gross amount | 9,701 | |
Buildings, equipment & improvement, gross amount | 68,537 | |
Fair value of Concord resort land received | 78,238 | |
Accumulated depreciation | $ (24,605) | |
Depreciation life | 40 years | |
Mississagua, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,221 | |
Buildings, equipment & improvement, initial cost | 17,593 | |
Additions (dispositions) (impairments) subsequent to acquisition | 22,768 | |
Land, gross amount | 11,712 | |
Buildings, equipment & improvement, gross amount | 37,870 | |
Fair value of Concord resort land received | 49,582 | |
Accumulated depreciation | $ (11,839) | |
Depreciation life | 40 years | |
Oakville, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,044 | |
Buildings, equipment & improvement, initial cost | 23,646 | |
Additions (dispositions) (impairments) subsequent to acquisition | 9,454 | |
Land, gross amount | 9,701 | |
Buildings, equipment & improvement, gross amount | 33,443 | |
Fair value of Concord resort land received | 43,144 | |
Accumulated depreciation | $ (12,550) | |
Depreciation life | 40 years | |
Whitby, ON | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 10,202 | |
Buildings, equipment & improvement, initial cost | 21,960 | |
Additions (dispositions) (impairments) subsequent to acquisition | 27,829 | |
Land, gross amount | 12,658 | |
Buildings, equipment & improvement, gross amount | 47,333 | |
Fair value of Concord resort land received | 59,991 | |
Accumulated depreciation | $ (16,555) | |
Depreciation life | 40 years | |
Burbank, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 16,584 | |
Buildings, equipment & improvement, initial cost | 35,016 | |
Additions (dispositions) (impairments) subsequent to acquisition | 12,618 | |
Land, gross amount | 16,584 | |
Buildings, equipment & improvement, gross amount | 47,634 | |
Fair value of Concord resort land received | 64,218 | |
Accumulated depreciation | $ (15,350) | |
Depreciation life | 40 years | |
Northbrook, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 7,025 | |
Additions (dispositions) (impairments) subsequent to acquisition | 586 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,611 | |
Fair value of Concord resort land received | 7,611 | |
Accumulated depreciation | $ (1,538) | |
Depreciation life | 40 years | |
Allen, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,007 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,151 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,158 | |
Fair value of Concord resort land received | 11,158 | |
Accumulated depreciation | $ (2,940) | |
Depreciation life | 29 years | |
Dallas, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,007 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,771 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 11,778 | |
Fair value of Concord resort land received | 11,778 | |
Accumulated depreciation | $ (2,978) | |
Depreciation life | 30 years | |
Oakbrook, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,068 | |
Additions (dispositions) (impairments) subsequent to acquisition | 536 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,604 | |
Fair value of Concord resort land received | 8,604 | |
Accumulated depreciation | $ (1,515) | |
Depreciation life | 40 years | |
Jacksonville, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,510 | |
Buildings, equipment & improvement, initial cost | 5,061 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,670 | |
Land, gross amount | 4,510 | |
Buildings, equipment & improvement, gross amount | 9,731 | |
Fair value of Concord resort land received | 14,241 | |
Accumulated depreciation | $ (2,827) | |
Depreciation life | 30 years | |
Indianapolis, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,298 | |
Buildings, equipment & improvement, initial cost | 6,320 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,454 | |
Land, gross amount | 4,377 | |
Buildings, equipment & improvement, gross amount | 11,695 | |
Fair value of Concord resort land received | 16,072 | |
Accumulated depreciation | $ (2,248) | |
Depreciation life | 40 years | |
Houston, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 12,403 | |
Additions (dispositions) (impairments) subsequent to acquisition | 394 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 12,797 | |
Fair value of Concord resort land received | 12,797 | |
Accumulated depreciation | $ (2,359) | |
Depreciation life | 40 years | |
Colony, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,004 | |
Buildings, equipment & improvement, initial cost | 13,665 | |
Additions (dispositions) (impairments) subsequent to acquisition | (240) | |
Land, gross amount | 4,004 | |
Buildings, equipment & improvement, gross amount | 13,425 | |
Fair value of Concord resort land received | 17,429 | |
Accumulated depreciation | $ (2,014) | |
Depreciation life | 40 years | |
Alpharetta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,608 | |
Buildings, equipment & improvement, initial cost | 16,616 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,608 | |
Buildings, equipment & improvement, gross amount | 16,616 | |
Fair value of Concord resort land received | 22,224 | |
Accumulated depreciation | $ (2,285) | |
Depreciation life | 40 years | |
Scottsdale, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,942 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,942 | |
Fair value of Concord resort land received | 16,942 | |
Accumulated depreciation | $ (2,329) | |
Depreciation life | 40 years | |
Spring, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,928 | |
Buildings, equipment & improvement, initial cost | 14,522 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,928 | |
Buildings, equipment & improvement, gross amount | 14,522 | |
Fair value of Concord resort land received | 19,450 | |
Accumulated depreciation | $ (2,057) | |
Depreciation life | 40 years | |
Warrenville, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 6,469 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,216 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 8,685 | |
Fair value of Concord resort land received | 8,685 | |
Accumulated depreciation | $ (1,773) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 15,976 | |
Additions (dispositions) (impairments) subsequent to acquisition | 79 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,055 | |
Fair value of Concord resort land received | 16,055 | |
Accumulated depreciation | $ (1,932) | |
Depreciation life | 40 years | |
Tampa, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 15,726 | |
Additions (dispositions) (impairments) subsequent to acquisition | (67) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,659 | |
Fair value of Concord resort land received | 15,659 | |
Accumulated depreciation | $ (2,065) | |
Depreciation life | 40 years | |
Gilbert, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,735 | |
Buildings, equipment & improvement, initial cost | 16,130 | |
Additions (dispositions) (impairments) subsequent to acquisition | (267) | |
Land, gross amount | 4,735 | |
Buildings, equipment & improvement, gross amount | 15,863 | |
Fair value of Concord resort land received | 20,598 | |
Accumulated depreciation | $ (1,983) | |
Depreciation life | 40 years | |
Overland Park, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,519 | |
Buildings, equipment & improvement, initial cost | 17,330 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,519 | |
Buildings, equipment & improvement, gross amount | 17,330 | |
Fair value of Concord resort land received | 22,849 | |
Accumulated depreciation | $ (1,942) | |
Depreciation life | 40 years | |
Centennial, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,013 | |
Buildings, equipment & improvement, initial cost | 19,106 | |
Additions (dispositions) (impairments) subsequent to acquisition | 403 | |
Land, gross amount | 3,013 | |
Buildings, equipment & improvement, gross amount | 19,509 | |
Fair value of Concord resort land received | 22,522 | |
Accumulated depreciation | $ (2,108) | |
Depreciation life | 40 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,143 | |
Buildings, equipment & improvement, initial cost | 17,289 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 8,143 | |
Buildings, equipment & improvement, gross amount | 17,289 | |
Fair value of Concord resort land received | 25,432 | |
Accumulated depreciation | $ (1,909) | |
Depreciation life | 40 years | |
Ashburn, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 16,873 | |
Additions (dispositions) (impairments) subsequent to acquisition | 101 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 16,974 | |
Fair value of Concord resort land received | 16,974 | |
Accumulated depreciation | $ (1,829) | |
Depreciation life | 40 years | |
Naperville, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,824 | |
Buildings, equipment & improvement, initial cost | 20,279 | |
Additions (dispositions) (impairments) subsequent to acquisition | (665) | |
Land, gross amount | 8,824 | |
Buildings, equipment & improvement, gross amount | 19,614 | |
Fair value of Concord resort land received | 28,438 | |
Accumulated depreciation | $ (2,125) | |
Depreciation life | 40 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,086 | |
Buildings, equipment & improvement, initial cost | 16,421 | |
Additions (dispositions) (impairments) subsequent to acquisition | (252) | |
Land, gross amount | 3,086 | |
Buildings, equipment & improvement, gross amount | 16,169 | |
Fair value of Concord resort land received | 19,255 | |
Accumulated depreciation | $ (1,819) | |
Depreciation life | 40 years | |
Webster, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,631 | |
Buildings, equipment & improvement, initial cost | 17,732 | |
Additions (dispositions) (impairments) subsequent to acquisition | 927 | |
Land, gross amount | 5,338 | |
Buildings, equipment & improvement, gross amount | 18,952 | |
Fair value of Concord resort land received | 24,290 | |
Accumulated depreciation | $ (1,953) | |
Depreciation life | 40 years | |
Virginia Beach, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,948 | |
Buildings, equipment & improvement, initial cost | 18,715 | |
Additions (dispositions) (impairments) subsequent to acquisition | (304) | |
Land, gross amount | 6,348 | |
Buildings, equipment & improvement, gross amount | 19,011 | |
Fair value of Concord resort land received | 25,359 | |
Accumulated depreciation | $ (1,898) | |
Depreciation life | 40 years | |
Edison, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 22,792 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,422 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 24,214 | |
Fair value of Concord resort land received | 24,214 | |
Accumulated depreciation | $ (1,811) | |
Depreciation life | 40 years | |
Schaumburg, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 598 | |
Buildings, equipment & improvement, initial cost | 5,372 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 598 | |
Buildings, equipment & improvement, gross amount | 5,372 | |
Fair value of Concord resort land received | 5,970 | |
Accumulated depreciation | $ (716) | |
Depreciation life | 30 years | |
Jacksonville, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,732 | |
Buildings, equipment & improvement, initial cost | 21,823 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,201) | |
Land, gross amount | 6,732 | |
Buildings, equipment & improvement, gross amount | 20,622 | |
Fair value of Concord resort land received | 27,354 | |
Accumulated depreciation | $ (1,661) | |
Depreciation life | 40 years | |
Roseville, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,868 | |
Buildings, equipment & improvement, initial cost | 23,959 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,928) | |
Land, gross amount | 6,868 | |
Buildings, equipment & improvement, gross amount | 22,031 | |
Fair value of Concord resort land received | 28,899 | |
Accumulated depreciation | $ (1,815) | |
Depreciation life | 30 years | |
Portland, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 23,466 | |
Additions (dispositions) (impairments) subsequent to acquisition | (541) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 22,925 | |
Fair value of Concord resort land received | 22,925 | |
Accumulated depreciation | $ (1,946) | |
Depreciation life | 40 years | |
Orlando, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,586 | |
Buildings, equipment & improvement, initial cost | 22,493 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,120 | |
Land, gross amount | 8,586 | |
Buildings, equipment & improvement, gross amount | 23,613 | |
Fair value of Concord resort land received | 32,199 | |
Accumulated depreciation | $ (1,379) | |
Depreciation life | 40 years | |
Marietta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,116 | |
Buildings, equipment & improvement, initial cost | 11,872 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,116 | |
Buildings, equipment & improvement, gross amount | 11,872 | |
Fair value of Concord resort land received | 14,988 | |
Accumulated depreciation | $ (1,680) | |
Depreciation life | 35 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,676 | |
Buildings, equipment & improvement, initial cost | 21,422 | |
Additions (dispositions) (impairments) subsequent to acquisition | (867) | |
Land, gross amount | 4,676 | |
Buildings, equipment & improvement, gross amount | 20,555 | |
Fair value of Concord resort land received | 25,231 | |
Accumulated depreciation | $ (1,380) | |
Depreciation life | 40 years | |
Orlando, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,382 | |
Buildings, equipment & improvement, initial cost | 16,225 | |
Additions (dispositions) (impairments) subsequent to acquisition | 58 | |
Land, gross amount | 9,382 | |
Buildings, equipment & improvement, gross amount | 16,283 | |
Fair value of Concord resort land received | 25,665 | |
Accumulated depreciation | $ (916) | |
Depreciation life | 40 years | |
Stapleton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,062 | |
Buildings, equipment & improvement, initial cost | 6,329 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,062 | |
Buildings, equipment & improvement, gross amount | 6,329 | |
Fair value of Concord resort land received | 7,391 | |
Accumulated depreciation | $ (407) | |
Depreciation life | 40 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,674 | |
Buildings, equipment & improvement, initial cost | 17,537 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,674 | |
Buildings, equipment & improvement, gross amount | 17,537 | |
Fair value of Concord resort land received | 22,211 | |
Accumulated depreciation | $ (1,169) | |
Depreciation life | 40 years | |
Nashville, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 26,685 | |
Additions (dispositions) (impairments) subsequent to acquisition | 136 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 26,821 | |
Fair value of Concord resort land received | 26,821 | |
Accumulated depreciation | $ (1,594) | |
Depreciation life | 40 years | |
Dallas, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,318 | |
Buildings, equipment & improvement, initial cost | 7,835 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4 | |
Land, gross amount | 3,318 | |
Buildings, equipment & improvement, gross amount | 7,839 | |
Fair value of Concord resort land received | 11,157 | |
Accumulated depreciation | $ (554) | |
Depreciation life | 40 years | |
San Antonio, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,502 | |
Buildings, equipment & improvement, initial cost | 15,338 | |
Additions (dispositions) (impairments) subsequent to acquisition | (628) | |
Land, gross amount | 6,502 | |
Buildings, equipment & improvement, gross amount | 14,710 | |
Fair value of Concord resort land received | 21,212 | |
Accumulated depreciation | $ (495) | |
Depreciation life | 40 years | |
Cleveland, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,389 | |
Buildings, equipment & improvement, initial cost | 3,546 | |
Additions (dispositions) (impairments) subsequent to acquisition | 294 | |
Land, gross amount | 2,389 | |
Buildings, equipment & improvement, gross amount | 3,840 | |
Fair value of Concord resort land received | 6,229 | |
Accumulated depreciation | $ (455) | |
Depreciation life | 25 years | |
Huntsville, AL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 53 | |
Buildings, equipment & improvement, initial cost | 17,595 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,938) | |
Land, gross amount | 53 | |
Buildings, equipment & improvement, gross amount | 15,657 | |
Fair value of Concord resort land received | 15,710 | |
Accumulated depreciation | $ (1,008) | |
Depreciation life | 40 years | |
El Paso, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,688 | |
Buildings, equipment & improvement, initial cost | 17,373 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,688 | |
Buildings, equipment & improvement, gross amount | 17,373 | |
Fair value of Concord resort land received | 20,061 | |
Accumulated depreciation | $ (1,056) | |
Depreciation life | 40 years | |
Pittsburgh, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,897 | |
Buildings, equipment & improvement, initial cost | 21,812 | |
Additions (dispositions) (impairments) subsequent to acquisition | (1,039) | |
Land, gross amount | 7,897 | |
Buildings, equipment & improvement, gross amount | 20,773 | |
Fair value of Concord resort land received | 28,670 | |
Accumulated depreciation | $ (828) | |
Depreciation life | 40 years | |
Philadelphia, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,484 | |
Buildings, equipment & improvement, initial cost | 25,211 | |
Additions (dispositions) (impairments) subsequent to acquisition | 97 | |
Land, gross amount | 5,484 | |
Buildings, equipment & improvement, gross amount | 25,308 | |
Fair value of Concord resort land received | 30,792 | |
Accumulated depreciation | $ (783) | |
Depreciation life | 40 years | |
Auburn HIlls, MI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,219 | |
Buildings, equipment & improvement, initial cost | 27,704 | |
Additions (dispositions) (impairments) subsequent to acquisition | (2,881) | |
Land, gross amount | 4,219 | |
Buildings, equipment & improvement, gross amount | 24,823 | |
Fair value of Concord resort land received | 29,042 | |
Accumulated depreciation | $ (713) | |
Depreciation life | 40 years | |
Greenville, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 6,272 | |
Buildings, equipment & improvement, initial cost | 18,240 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 6,272 | |
Buildings, equipment & improvement, gross amount | 18,240 | |
Fair value of Concord resort land received | 24,512 | |
Accumulated depreciation | $ (386) | |
Depreciation life | 40 years | |
Thornton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,419 | |
Buildings, equipment & improvement, initial cost | 23,635 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,419 | |
Buildings, equipment & improvement, gross amount | 23,635 | |
Fair value of Concord resort land received | 29,054 | |
Accumulated depreciation | $ (265) | |
Depreciation life | 40 years | |
Eugene, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,321 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,321 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 1,321 | |
Accumulated depreciation | 0 | |
Bellfontaine, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 5,108 | |
Buildings, equipment & improvement, initial cost | 5,994 | |
Additions (dispositions) (impairments) subsequent to acquisition | 8,327 | |
Land, gross amount | 5,251 | |
Buildings, equipment & improvement, gross amount | 14,178 | |
Fair value of Concord resort land received | 19,429 | |
Accumulated depreciation | $ (4,415) | |
Depreciation life | 40 years | |
Tannersville, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 34,940 | |
Buildings, equipment & improvement, initial cost | 34,629 | |
Additions (dispositions) (impairments) subsequent to acquisition | 4,377 | |
Land, gross amount | 34,940 | |
Buildings, equipment & improvement, gross amount | 39,006 | |
Fair value of Concord resort land received | 73,946 | |
Accumulated depreciation | $ (15,880) | |
Depreciation life | 40 years | |
McHenry, MD | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 8,394 | |
Buildings, equipment & improvement, initial cost | 15,910 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,207 | |
Land, gross amount | 9,708 | |
Buildings, equipment & improvement, gross amount | 17,803 | |
Fair value of Concord resort land received | 27,511 | |
Accumulated depreciation | $ (6,605) | |
Depreciation life | 40 years | |
Wintergreen, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,739 | |
Buildings, equipment & improvement, initial cost | 16,126 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,927 | |
Land, gross amount | 5,739 | |
Buildings, equipment & improvement, gross amount | 18,053 | |
Fair value of Concord resort land received | 23,792 | |
Accumulated depreciation | $ (4,661) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 48,178 | |
Buildings, equipment & improvement, initial cost | 88,532 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 48,178 | |
Buildings, equipment & improvement, gross amount | 88,532 | |
Fair value of Concord resort land received | 136,710 | |
Accumulated depreciation | $ (15,791) | |
Depreciation life | 40 years | |
Northstar, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,827 | |
Buildings, equipment & improvement, initial cost | 18,112 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,827 | |
Buildings, equipment & improvement, gross amount | 18,112 | |
Fair value of Concord resort land received | 25,939 | |
Accumulated depreciation | $ (1,422) | |
Depreciation life | 40 years | |
Denver, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 753 | |
Buildings, equipment & improvement, initial cost | 6,218 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 753 | |
Buildings, equipment & improvement, gross amount | 6,218 | |
Fair value of Concord resort land received | 6,971 | |
Accumulated depreciation | $ (604) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 824 | |
Buildings, equipment & improvement, initial cost | 7,066 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 824 | |
Buildings, equipment & improvement, gross amount | 7,066 | |
Fair value of Concord resort land received | 7,890 | |
Accumulated depreciation | $ (648) | |
Depreciation life | 30 years | |
Corfu, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 5,112 | |
Buildings, equipment & improvement, initial cost | 43,637 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,500 | |
Land, gross amount | 5,112 | |
Buildings, equipment & improvement, gross amount | 46,137 | |
Fair value of Concord resort land received | 51,249 | |
Accumulated depreciation | $ (6,069) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 7,976 | |
Buildings, equipment & improvement, initial cost | 17,624 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 7,976 | |
Buildings, equipment & improvement, gross amount | 17,624 | |
Fair value of Concord resort land received | 25,600 | |
Accumulated depreciation | $ (2,018) | |
Depreciation life | 30 years | |
Hot Springs, AR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,351 | |
Buildings, equipment & improvement, initial cost | 4,967 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,351 | |
Buildings, equipment & improvement, gross amount | 4,967 | |
Fair value of Concord resort land received | 8,318 | |
Accumulated depreciation | $ (562) | |
Depreciation life | 30 years | |
Riviera Beach, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 17,450 | |
Buildings, equipment & improvement, initial cost | 29,713 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 17,450 | |
Buildings, equipment & improvement, gross amount | 29,713 | |
Fair value of Concord resort land received | 47,163 | |
Accumulated depreciation | $ (3,402) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,423 | |
Buildings, equipment & improvement, initial cost | 18,097 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,423 | |
Buildings, equipment & improvement, gross amount | 18,097 | |
Fair value of Concord resort land received | 19,520 | |
Accumulated depreciation | $ (2,137) | |
Depreciation life | 30 years | |
Springs, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 18,776 | |
Buildings, equipment & improvement, initial cost | 31,402 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 18,776 | |
Buildings, equipment & improvement, gross amount | 31,402 | |
Fair value of Concord resort land received | 50,178 | |
Accumulated depreciation | $ (3,686) | |
Depreciation life | 30 years | |
Glendale, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 20,514 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,969 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 23,483 | |
Fair value of Concord resort land received | 23,483 | |
Accumulated depreciation | $ (2,885) | |
Depreciation life | 30 years | |
Kapolei, HI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,351 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,542 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 9,893 | |
Fair value of Concord resort land received | 9,893 | |
Accumulated depreciation | $ (1,114) | |
Depreciation life | 30 years | |
Federal Way, WA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,949 | |
Additions (dispositions) (impairments) subsequent to acquisition | (63) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 13,886 | |
Fair value of Concord resort land received | 13,886 | |
Accumulated depreciation | $ (2,107) | |
Depreciation life | 12 years | |
Colony, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 7,617 | |
Additions (dispositions) (impairments) subsequent to acquisition | (567) | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 7,050 | |
Fair value of Concord resort land received | 7,050 | |
Accumulated depreciation | $ (841) | |
Depreciation life | 30 years | |
Garland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 5,601 | |
Additions (dispositions) (impairments) subsequent to acquisition | 389 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 5,990 | |
Fair value of Concord resort land received | 5,990 | |
Accumulated depreciation | $ (710) | |
Depreciation life | 30 years | |
Santa Monica, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 13,874 | |
Additions (dispositions) (impairments) subsequent to acquisition | 15,717 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 29,591 | |
Fair value of Concord resort land received | 29,591 | |
Accumulated depreciation | $ (3,741) | |
Depreciation life | 30 years | |
Concord, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 9,808 | |
Additions (dispositions) (impairments) subsequent to acquisition | 5,787 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 15,595 | |
Fair value of Concord resort land received | 15,595 | |
Accumulated depreciation | $ (1,832) | |
Depreciation life | 30 years | |
Tampa, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 8,665 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,493 | |
Land, gross amount | 2,493 | |
Buildings, equipment & improvement, gross amount | 8,665 | |
Fair value of Concord resort land received | 11,158 | |
Accumulated depreciation | $ (674) | |
Depreciation life | 30 years | |
Fort Lauderdale, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 10,816 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 10,816 | |
Fair value of Concord resort land received | 10,816 | |
Accumulated depreciation | $ (781) | |
Depreciation life | 30 years | |
Tannersville, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 120,354 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,615 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 121,969 | |
Fair value of Concord resort land received | 121,969 | |
Accumulated depreciation | $ (13,411) | |
Depreciation life | 40 years | |
Pagosa Springs, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,791 | |
Buildings, equipment & improvement, initial cost | 15,635 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 9,791 | |
Buildings, equipment & improvement, gross amount | 15,635 | |
Fair value of Concord resort land received | 25,426 | |
Accumulated depreciation | $ (1,142) | |
Depreciation life | 30 years | |
Kiamesha Lake, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 34,897 | |
Buildings, equipment & improvement, initial cost | 228,462 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 34,897 | |
Buildings, equipment & improvement, gross amount | 228,462 | |
Fair value of Concord resort land received | 263,359 | |
Accumulated depreciation | $ (7,629) | |
Depreciation life | 30 years | |
Kiamesha Lake, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 155,658 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 19,581 | |
Land, gross amount | 156,785 | |
Buildings, equipment & improvement, gross amount | 18,454 | |
Fair value of Concord resort land received | 175,239 | |
Accumulated depreciation | (481) | |
St. Louis, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 5,481 | |
Buildings, equipment & improvement, initial cost | 41,951 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 5,481 | |
Buildings, equipment & improvement, gross amount | 41,951 | |
Fair value of Concord resort land received | 47,432 | |
Accumulated depreciation | $ (1,488) | |
Depreciation life | 40 years | |
Branson, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,847 | |
Buildings, equipment & improvement, initial cost | 7,599 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,847 | |
Buildings, equipment & improvement, gross amount | 7,599 | |
Fair value of Concord resort land received | 9,446 | |
Accumulated depreciation | $ (145) | |
Depreciation life | 40 years | |
Pigeon Forge, TN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 4,849 | |
Buildings, equipment & improvement, initial cost | 9,668 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 4,849 | |
Buildings, equipment & improvement, gross amount | 9,668 | |
Fair value of Concord resort land received | 14,517 | |
Accumulated depreciation | $ (186) | |
Depreciation life | 40 years | |
Olathe, KS | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,417 | |
Buildings, equipment & improvement, initial cost | 16,878 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,417 | |
Buildings, equipment & improvement, gross amount | 16,878 | |
Fair value of Concord resort land received | 19,295 | |
Accumulated depreciation | $ (1,547) | |
Depreciation life | 30 years | |
Roseville, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,807 | |
Buildings, equipment & improvement, initial cost | 6,082 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 6,082 | |
Fair value of Concord resort land received | 7,889 | |
Accumulated depreciation | $ (527) | |
Depreciation life | 30 years | |
Fort Collins, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,043 | |
Buildings, equipment & improvement, initial cost | 5,769 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,043 | |
Buildings, equipment & improvement, gross amount | 5,769 | |
Fair value of Concord resort land received | 7,812 | |
Accumulated depreciation | $ (430) | |
Depreciation life | 30 years | |
Lake Pleasant, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 986 | |
Buildings, equipment & improvement, initial cost | 3,524 | |
Additions (dispositions) (impairments) subsequent to acquisition | 35 | |
Land, gross amount | 986 | |
Buildings, equipment & improvement, gross amount | 3,559 | |
Fair value of Concord resort land received | 4,545 | |
Accumulated depreciation | $ (821) | |
Depreciation life | 30 years | |
Goodyear, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,308 | |
Buildings, equipment & improvement, initial cost | 7,275 | |
Additions (dispositions) (impairments) subsequent to acquisition | 11 | |
Land, gross amount | 1,308 | |
Buildings, equipment & improvement, gross amount | 7,286 | |
Fair value of Concord resort land received | 8,594 | |
Accumulated depreciation | $ (1,627) | |
Depreciation life | 30 years | |
Oklahoma City, OK | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,149 | |
Buildings, equipment & improvement, initial cost | 9,839 | |
Additions (dispositions) (impairments) subsequent to acquisition | 557 | |
Land, gross amount | 1,149 | |
Buildings, equipment & improvement, gross amount | 10,396 | |
Fair value of Concord resort land received | 11,545 | |
Accumulated depreciation | $ (1,919) | |
Depreciation life | 40 years | |
Coppell, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,547 | |
Buildings, equipment & improvement, initial cost | 10,168 | |
Additions (dispositions) (impairments) subsequent to acquisition | 17 | |
Land, gross amount | 1,547 | |
Buildings, equipment & improvement, gross amount | 10,185 | |
Fair value of Concord resort land received | 11,732 | |
Accumulated depreciation | $ (1,986) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 944 | |
Buildings, equipment & improvement, initial cost | 9,191 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 944 | |
Buildings, equipment & improvement, gross amount | 9,191 | |
Fair value of Concord resort land received | 10,135 | |
Accumulated depreciation | $ (1,937) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 985 | |
Buildings, equipment & improvement, initial cost | 6,721 | |
Additions (dispositions) (impairments) subsequent to acquisition | 145 | |
Land, gross amount | 985 | |
Buildings, equipment & improvement, gross amount | 6,866 | |
Fair value of Concord resort land received | 7,851 | |
Accumulated depreciation | $ (1,485) | |
Depreciation life | 30 years | |
Mesa, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 762 | |
Buildings, equipment & improvement, initial cost | 6,987 | |
Additions (dispositions) (impairments) subsequent to acquisition | 53 | |
Land, gross amount | 762 | |
Buildings, equipment & improvement, gross amount | 7,040 | |
Fair value of Concord resort land received | 7,802 | |
Accumulated depreciation | $ (1,708) | |
Depreciation life | 30 years | |
Gilbert, AZ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,295 | |
Buildings, equipment & improvement, initial cost | 9,192 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,295 | |
Buildings, equipment & improvement, gross amount | 9,192 | |
Fair value of Concord resort land received | 10,487 | |
Accumulated depreciation | $ (1,733) | |
Depreciation life | 30 years | |
Cedar Park, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,520 | |
Buildings, equipment & improvement, initial cost | 10,500 | |
Additions (dispositions) (impairments) subsequent to acquisition | (282) | |
Land, gross amount | 1,278 | |
Buildings, equipment & improvement, gross amount | 10,460 | |
Fair value of Concord resort land received | 11,738 | |
Accumulated depreciation | $ (1,791) | |
Depreciation life | 30 years | |
Thornton, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,384 | |
Buildings, equipment & improvement, initial cost | 10,542 | |
Additions (dispositions) (impairments) subsequent to acquisition | 96 | |
Land, gross amount | 1,384 | |
Buildings, equipment & improvement, gross amount | 10,638 | |
Fair value of Concord resort land received | 12,022 | |
Accumulated depreciation | $ (1,651) | |
Depreciation life | 30 years | |
Chicago, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,294 | |
Buildings, equipment & improvement, initial cost | 4,375 | |
Additions (dispositions) (impairments) subsequent to acquisition | 19 | |
Land, gross amount | 1,294 | |
Buildings, equipment & improvement, gross amount | 4,394 | |
Fair value of Concord resort land received | 5,688 | |
Accumulated depreciation | $ (464) | |
Depreciation life | 30 years | |
Centennial, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,249 | |
Buildings, equipment & improvement, initial cost | 10,771 | |
Additions (dispositions) (impairments) subsequent to acquisition | 441 | |
Land, gross amount | 1,249 | |
Buildings, equipment & improvement, gross amount | 11,212 | |
Fair value of Concord resort land received | 12,461 | |
Accumulated depreciation | $ (1,849) | |
Depreciation life | 30 years | |
McKinney, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,812 | |
Buildings, equipment & improvement, initial cost | 12,419 | |
Additions (dispositions) (impairments) subsequent to acquisition | 1,817 | |
Land, gross amount | 1,812 | |
Buildings, equipment & improvement, gross amount | 14,236 | |
Fair value of Concord resort land received | 16,048 | |
Accumulated depreciation | $ (2,481) | |
Depreciation life | 30 years | |
Lakewood, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 291 | |
Buildings, equipment & improvement, initial cost | 823 | |
Additions (dispositions) (impairments) subsequent to acquisition | 40 | |
Land, gross amount | 291 | |
Buildings, equipment & improvement, gross amount | 863 | |
Fair value of Concord resort land received | 1,154 | |
Accumulated depreciation | $ (157) | |
Depreciation life | 30 years | |
Castle Rock, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 250 | |
Buildings, equipment & improvement, initial cost | 1,646 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 250 | |
Buildings, equipment & improvement, gross amount | 1,646 | |
Fair value of Concord resort land received | 1,896 | |
Accumulated depreciation | $ (288) | |
Depreciation life | 30 years | |
Lafayette, CO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 293 | |
Buildings, equipment & improvement, initial cost | 663 | |
Additions (dispositions) (impairments) subsequent to acquisition | 57 | |
Land, gross amount | 293 | |
Buildings, equipment & improvement, gross amount | 720 | |
Fair value of Concord resort land received | 1,013 | |
Accumulated depreciation | $ (157) | |
Depreciation life | 25 years | |
Ashburn, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,289 | |
Buildings, equipment & improvement, initial cost | 14,748 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,289 | |
Buildings, equipment & improvement, gross amount | 14,748 | |
Fair value of Concord resort land received | 17,037 | |
Accumulated depreciation | $ (1,930) | |
Depreciation life | 30 years | |
West Chester, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,807 | |
Buildings, equipment & improvement, initial cost | 12,913 | |
Additions (dispositions) (impairments) subsequent to acquisition | 234 | |
Land, gross amount | 1,807 | |
Buildings, equipment & improvement, gross amount | 13,147 | |
Fair value of Concord resort land received | 14,954 | |
Accumulated depreciation | $ (1,577) | |
Depreciation life | 30 years | |
Ellisville, MO | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,465 | |
Buildings, equipment & improvement, initial cost | 15,063 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,465 | |
Buildings, equipment & improvement, gross amount | 15,063 | |
Fair value of Concord resort land received | 17,528 | |
Accumulated depreciation | $ (1,510) | |
Depreciation life | 30 years | |
Chanhassen, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,603 | |
Buildings, equipment & improvement, initial cost | 15,613 | |
Additions (dispositions) (impairments) subsequent to acquisition | (34) | |
Land, gross amount | 2,603 | |
Buildings, equipment & improvement, gross amount | 15,579 | |
Fair value of Concord resort land received | 18,182 | |
Accumulated depreciation | $ (1,788) | |
Depreciation life | 30 years | |
Maple Grove, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,743 | |
Buildings, equipment & improvement, initial cost | 14,927 | |
Additions (dispositions) (impairments) subsequent to acquisition | 63 | |
Land, gross amount | 3,743 | |
Buildings, equipment & improvement, gross amount | 14,990 | |
Fair value of Concord resort land received | 18,733 | |
Accumulated depreciation | $ (2,415) | |
Depreciation life | 30 years | |
Carmel, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,567 | |
Buildings, equipment & improvement, initial cost | 12,854 | |
Additions (dispositions) (impairments) subsequent to acquisition | 193 | |
Land, gross amount | 1,561 | |
Buildings, equipment & improvement, gross amount | 13,053 | |
Fair value of Concord resort land received | 14,614 | |
Accumulated depreciation | $ (1,660) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 956 | |
Buildings, equipment & improvement, initial cost | 1,850 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 956 | |
Buildings, equipment & improvement, gross amount | 1,850 | |
Fair value of Concord resort land received | 2,806 | |
Accumulated depreciation | $ (262) | |
Depreciation life | 30 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,262 | |
Buildings, equipment & improvement, initial cost | 2,038 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,262 | |
Buildings, equipment & improvement, gross amount | 2,038 | |
Fair value of Concord resort land received | 3,300 | |
Accumulated depreciation | $ (289) | |
Depreciation life | 30 years | |
Fishers, IN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,226 | |
Buildings, equipment & improvement, initial cost | 13,144 | |
Additions (dispositions) (impairments) subsequent to acquisition | 632 | |
Land, gross amount | 1,226 | |
Buildings, equipment & improvement, gross amount | 13,776 | |
Fair value of Concord resort land received | 15,002 | |
Accumulated depreciation | $ (1,168) | |
Depreciation life | 30 years | |
Westerville, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,988 | |
Buildings, equipment & improvement, initial cost | 14,339 | |
Additions (dispositions) (impairments) subsequent to acquisition | 56 | |
Land, gross amount | 2,988 | |
Buildings, equipment & improvement, gross amount | 14,395 | |
Fair value of Concord resort land received | 17,383 | |
Accumulated depreciation | $ (1,498) | |
Depreciation life | 30 years | |
Las Vegas, NV | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,476 | |
Buildings, equipment & improvement, initial cost | 14,422 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,476 | |
Buildings, equipment & improvement, gross amount | 14,422 | |
Fair value of Concord resort land received | 15,898 | |
Accumulated depreciation | $ (1,623) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 377 | |
Buildings, equipment & improvement, initial cost | 1,526 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 377 | |
Buildings, equipment & improvement, gross amount | 1,526 | |
Fair value of Concord resort land received | 1,903 | |
Accumulated depreciation | $ (174) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 216 | |
Buildings, equipment & improvement, initial cost | 1,006 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 216 | |
Buildings, equipment & improvement, gross amount | 1,006 | |
Fair value of Concord resort land received | 1,222 | |
Accumulated depreciation | $ (115) | |
Depreciation life | 30 years | |
Cheshire, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 420 | |
Buildings, equipment & improvement, initial cost | 3,650 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 420 | |
Buildings, equipment & improvement, gross amount | 3,650 | |
Fair value of Concord resort land received | 4,070 | |
Accumulated depreciation | $ (336) | |
Depreciation life | 30 years | |
Edina, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,235 | |
Buildings, equipment & improvement, initial cost | 5,493 | |
Additions (dispositions) (impairments) subsequent to acquisition | (323) | |
Land, gross amount | 1,235 | |
Buildings, equipment & improvement, gross amount | 5,170 | |
Fair value of Concord resort land received | 6,405 | |
Accumulated depreciation | $ (403) | |
Depreciation life | 30 years | |
Eagan, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 783 | |
Buildings, equipment & improvement, initial cost | 4,833 | |
Additions (dispositions) (impairments) subsequent to acquisition | (286) | |
Land, gross amount | 783 | |
Buildings, equipment & improvement, gross amount | 4,547 | |
Fair value of Concord resort land received | 5,330 | |
Accumulated depreciation | $ (419) | |
Depreciation life | 30 years | |
Louisville, KY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 481 | |
Buildings, equipment & improvement, initial cost | 2,050 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 481 | |
Buildings, equipment & improvement, gross amount | 2,050 | |
Fair value of Concord resort land received | 2,531 | |
Accumulated depreciation | $ (211) | |
Depreciation life | 30 years | |
Bala Cynwyd, PA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,785 | |
Buildings, equipment & improvement, initial cost | 3,759 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,785 | |
Buildings, equipment & improvement, gross amount | 3,759 | |
Fair value of Concord resort land received | 5,544 | |
Accumulated depreciation | $ (386) | |
Depreciation life | 30 years | |
Schaumburg, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 642 | |
Buildings, equipment & improvement, initial cost | 4,962 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 642 | |
Buildings, equipment & improvement, gross amount | 4,962 | |
Fair value of Concord resort land received | 5,604 | |
Accumulated depreciation | $ (273) | |
Depreciation life | 30 years | |
Kennesaw, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 690 | |
Buildings, equipment & improvement, initial cost | 844 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 690 | |
Buildings, equipment & improvement, gross amount | 844 | |
Fair value of Concord resort land received | 1,534 | |
Accumulated depreciation | $ (84) | |
Depreciation life | 30 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,200 | |
Buildings, equipment & improvement, initial cost | 2,557 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,200 | |
Buildings, equipment & improvement, gross amount | 2,557 | |
Fair value of Concord resort land received | 3,757 | |
Accumulated depreciation | $ (153) | |
Depreciation life | 35 years | |
Charlotte, NC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,501 | |
Buildings, equipment & improvement, initial cost | 2,079 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,501 | |
Buildings, equipment & improvement, gross amount | 2,079 | |
Fair value of Concord resort land received | 4,580 | |
Accumulated depreciation | $ (125) | |
Depreciation life | 35 years | |
Richardson, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 474 | |
Buildings, equipment & improvement, initial cost | 2,046 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 474 | |
Buildings, equipment & improvement, gross amount | 2,046 | |
Fair value of Concord resort land received | 2,520 | |
Accumulated depreciation | $ (128) | |
Depreciation life | 35 years | |
Frisco, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 999 | |
Buildings, equipment & improvement, initial cost | 3,064 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 999 | |
Buildings, equipment & improvement, gross amount | 3,064 | |
Fair value of Concord resort land received | 4,063 | |
Accumulated depreciation | $ (188) | |
Depreciation life | 35 years | |
Allen, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 910 | |
Buildings, equipment & improvement, initial cost | 3,719 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 910 | |
Buildings, equipment & improvement, gross amount | 3,719 | |
Fair value of Concord resort land received | 4,629 | |
Accumulated depreciation | $ (233) | |
Depreciation life | 35 years | |
Southlake, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 920 | |
Buildings, equipment & improvement, initial cost | 2,766 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 920 | |
Buildings, equipment & improvement, gross amount | 2,766 | |
Fair value of Concord resort land received | 3,686 | |
Accumulated depreciation | $ (173) | |
Depreciation life | 35 years | |
Lewis Center, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 410 | |
Buildings, equipment & improvement, initial cost | 4,285 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 410 | |
Buildings, equipment & improvement, gross amount | 4,285 | |
Fair value of Concord resort land received | 4,695 | |
Accumulated depreciation | $ (249) | |
Depreciation life | 35 years | |
Dublin, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 581 | |
Buildings, equipment & improvement, initial cost | 4,223 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 581 | |
Buildings, equipment & improvement, gross amount | 4,223 | |
Fair value of Concord resort land received | 4,804 | |
Accumulated depreciation | $ (245) | |
Depreciation life | 35 years | |
Plano, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 400 | |
Buildings, equipment & improvement, initial cost | 2,647 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 400 | |
Buildings, equipment & improvement, gross amount | 2,647 | |
Fair value of Concord resort land received | 3,047 | |
Accumulated depreciation | $ (170) | |
Depreciation life | 35 years | |
Carrollton, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 329 | |
Buildings, equipment & improvement, initial cost | 1,389 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 329 | |
Buildings, equipment & improvement, gross amount | 1,389 | |
Fair value of Concord resort land received | 1,718 | |
Accumulated depreciation | $ (91) | |
Depreciation life | 35 years | |
Davenport, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,000 | |
Buildings, equipment & improvement, initial cost | 5,877 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,000 | |
Buildings, equipment & improvement, gross amount | 5,877 | |
Fair value of Concord resort land received | 8,877 | |
Accumulated depreciation | $ (353) | |
Depreciation life | 35 years | |
Tallahassee, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 952 | |
Buildings, equipment & improvement, initial cost | 3,205 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 952 | |
Buildings, equipment & improvement, gross amount | 3,205 | |
Fair value of Concord resort land received | 4,157 | |
Accumulated depreciation | $ (205) | |
Depreciation life | 35 years | |
Sunrise, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,400 | |
Buildings, equipment & improvement, initial cost | 1,856 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,400 | |
Buildings, equipment & improvement, gross amount | 1,856 | |
Fair value of Concord resort land received | 3,256 | |
Accumulated depreciation | $ (115) | |
Depreciation life | 35 years | |
Chaska, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 328 | |
Buildings, equipment & improvement, initial cost | 6,140 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 328 | |
Buildings, equipment & improvement, gross amount | 6,140 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (354) | |
Depreciation life | 35 years | |
Loretto, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 286 | |
Buildings, equipment & improvement, initial cost | 3,511 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 286 | |
Buildings, equipment & improvement, gross amount | 3,511 | |
Fair value of Concord resort land received | 3,797 | |
Accumulated depreciation | $ (209) | |
Depreciation life | 35 years | |
Minneapolis, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 920 | |
Buildings, equipment & improvement, initial cost | 3,700 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 920 | |
Buildings, equipment & improvement, gross amount | 3,700 | |
Fair value of Concord resort land received | 4,620 | |
Accumulated depreciation | $ (214) | |
Depreciation life | 35 years | |
Wayzata, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 810 | |
Buildings, equipment & improvement, initial cost | 1,962 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 810 | |
Buildings, equipment & improvement, gross amount | 1,962 | |
Fair value of Concord resort land received | 2,772 | |
Accumulated depreciation | $ (119) | |
Depreciation life | 35 years | |
Plymouth, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,563 | |
Buildings, equipment & improvement, initial cost | 4,905 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,563 | |
Buildings, equipment & improvement, gross amount | 4,905 | |
Fair value of Concord resort land received | 6,468 | |
Accumulated depreciation | $ (297) | |
Depreciation life | 35 years | |
Maple Grove, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 951 | |
Buildings, equipment & improvement, initial cost | 3,291 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 951 | |
Buildings, equipment & improvement, gross amount | 3,291 | |
Fair value of Concord resort land received | 4,242 | |
Accumulated depreciation | $ (196) | |
Depreciation life | 35 years | |
Chula Vista, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 210 | |
Buildings, equipment & improvement, initial cost | 2,186 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 210 | |
Buildings, equipment & improvement, gross amount | 2,186 | |
Fair value of Concord resort land received | 2,396 | |
Accumulated depreciation | $ (142) | |
Depreciation life | 35 years | |
Lincolnshire, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,006 | |
Buildings, equipment & improvement, initial cost | 4,799 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,006 | |
Buildings, equipment & improvement, gross amount | 4,799 | |
Fair value of Concord resort land received | 5,805 | |
Accumulated depreciation | $ (313) | |
Depreciation life | 30 years | |
New Berlin, WI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 368 | |
Buildings, equipment & improvement, initial cost | 1,704 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 368 | |
Buildings, equipment & improvement, gross amount | 1,704 | |
Fair value of Concord resort land received | 2,072 | |
Accumulated depreciation | $ (166) | |
Depreciation life | 30 years | |
Oak Creek, WI | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 283 | |
Buildings, equipment & improvement, initial cost | 1,690 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 283 | |
Buildings, equipment & improvement, gross amount | 1,690 | |
Fair value of Concord resort land received | 1,973 | |
Accumulated depreciation | $ (164) | |
Depreciation life | 30 years | |
Minnetonka, MN | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 911 | |
Buildings, equipment & improvement, initial cost | 4,833 | |
Additions (dispositions) (impairments) subsequent to acquisition | 659 | |
Land, gross amount | 931 | |
Buildings, equipment & improvement, gross amount | 5,472 | |
Fair value of Concord resort land received | 6,403 | |
Accumulated depreciation | $ (467) | |
Depreciation life | 30 years | |
Crowley, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,150 | |
Buildings, equipment & improvement, initial cost | 2,862 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,150 | |
Buildings, equipment & improvement, gross amount | 2,862 | |
Fair value of Concord resort land received | 4,012 | |
Accumulated depreciation | $ (257) | |
Depreciation life | 30 years | |
Fort Worth, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,927 | |
Buildings, equipment & improvement, initial cost | 2,077 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,927 | |
Buildings, equipment & improvement, gross amount | 2,077 | |
Fair value of Concord resort land received | 4,004 | |
Accumulated depreciation | $ (192) | |
Depreciation life | 30 years | |
Berlin, CT | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 494 | |
Buildings, equipment & improvement, initial cost | 2,958 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 494 | |
Buildings, equipment & improvement, gross amount | 2,958 | |
Fair value of Concord resort land received | 3,452 | |
Accumulated depreciation | $ (254) | |
Depreciation life | 30 years | |
Portland, OR | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,604 | |
Buildings, equipment & improvement, initial cost | 585 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,604 | |
Buildings, equipment & improvement, gross amount | 585 | |
Fair value of Concord resort land received | 3,189 | |
Accumulated depreciation | $ (38) | |
Depreciation life | 35 years | |
Orlando, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 955 | |
Buildings, equipment & improvement, initial cost | 4,273 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 955 | |
Buildings, equipment & improvement, gross amount | 4,273 | |
Fair value of Concord resort land received | 5,228 | |
Accumulated depreciation | $ (242) | |
Depreciation life | 35 years | |
McKinney, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,233 | |
Buildings, equipment & improvement, initial cost | 4,447 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,233 | |
Buildings, equipment & improvement, gross amount | 4,447 | |
Fair value of Concord resort land received | 5,680 | |
Accumulated depreciation | $ (44) | |
Depreciation life | 30 years | |
Fort Mill, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 629 | |
Buildings, equipment & improvement, initial cost | 3,957 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 629 | |
Buildings, equipment & improvement, gross amount | 3,957 | |
Fair value of Concord resort land received | 4,586 | |
Accumulated depreciation | $ (160) | |
Depreciation life | 35 years | |
Indian Land, SC | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 907 | |
Buildings, equipment & improvement, initial cost | 3,784 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 907 | |
Buildings, equipment & improvement, gross amount | 3,784 | |
Fair value of Concord resort land received | 4,691 | |
Accumulated depreciation | $ (163) | |
Depreciation life | 35 years | |
Sicklerville, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 694 | |
Buildings, equipment & improvement, initial cost | 1,876 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 694 | |
Buildings, equipment & improvement, gross amount | 1,876 | |
Fair value of Concord resort land received | 2,570 | |
Accumulated depreciation | $ (44) | |
Depreciation life | 30 years | |
Pennington, NJ | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,018 | |
Buildings, equipment & improvement, initial cost | 2,284 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,018 | |
Buildings, equipment & improvement, gross amount | 2,284 | |
Fair value of Concord resort land received | 3,302 | |
Accumulated depreciation | $ (67) | |
Depreciation life | 24 years | |
San Jose, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 9,966 | |
Buildings, equipment & improvement, initial cost | 25,535 | |
Additions (dispositions) (impairments) subsequent to acquisition | 2,407 | |
Land, gross amount | 9,966 | |
Buildings, equipment & improvement, gross amount | 27,942 | |
Fair value of Concord resort land received | 37,908 | |
Accumulated depreciation | $ (4,336) | |
Depreciation life | 40 years | |
Brooklyn, NY | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 46,440 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,255 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 49,695 | |
Fair value of Concord resort land received | 49,695 | |
Accumulated depreciation | $ (6,444) | |
Depreciation life | 40 years | |
Chicago, IL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 3,057 | |
Buildings, equipment & improvement, initial cost | 46,784 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 3,057 | |
Buildings, equipment & improvement, gross amount | 46,784 | |
Fair value of Concord resort land received | 49,841 | |
Accumulated depreciation | $ (5,263) | |
Depreciation life | 40 years | |
McLean, VA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 12,792 | |
Buildings, equipment & improvement, initial cost | 43,472 | |
Additions (dispositions) (impairments) subsequent to acquisition | 3,170 | |
Land, gross amount | 12,792 | |
Buildings, equipment & improvement, gross amount | 46,642 | |
Fair value of Concord resort land received | 59,434 | |
Accumulated depreciation | $ (4,256) | |
Depreciation life | 40 years | |
Mission Viejo, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,378 | |
Buildings, equipment & improvement, initial cost | 3,687 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,378 | |
Buildings, equipment & improvement, gross amount | 3,687 | |
Fair value of Concord resort land received | 5,065 | |
Accumulated depreciation | $ (410) | |
Depreciation life | 30 years | |
Cumming, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 500 | |
Buildings, equipment & improvement, initial cost | 6,892 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 500 | |
Buildings, equipment & improvement, gross amount | 6,892 | |
Fair value of Concord resort land received | 7,392 | |
Accumulated depreciation | $ (450) | |
Depreciation life | 35 years | |
Cumming, GA 2 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 325 | |
Buildings, equipment & improvement, initial cost | 4,898 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 325 | |
Buildings, equipment & improvement, gross amount | 4,898 | |
Fair value of Concord resort land received | 5,223 | |
Accumulated depreciation | $ (329) | |
Depreciation life | 35 years | |
Henderson, NV | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,400 | |
Buildings, equipment & improvement, initial cost | 6,914 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,400 | |
Buildings, equipment & improvement, gross amount | 6,914 | |
Fair value of Concord resort land received | 8,314 | |
Accumulated depreciation | $ (440) | |
Depreciation life | 35 years | |
Atlanta, GA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,001 | |
Buildings, equipment & improvement, initial cost | 5,989 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,001 | |
Buildings, equipment & improvement, gross amount | 5,989 | |
Fair value of Concord resort land received | 7,990 | |
Accumulated depreciation | $ (345) | |
Depreciation life | 35 years | |
Pearland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 2,360 | |
Buildings, equipment & improvement, initial cost | 9,292 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 2,360 | |
Buildings, equipment & improvement, gross amount | 9,292 | |
Fair value of Concord resort land received | 11,652 | |
Accumulated depreciation | $ (568) | |
Depreciation life | 35 years | |
Pearland, TX | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 372 | |
Buildings, equipment & improvement, initial cost | 2,568 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 372 | |
Buildings, equipment & improvement, gross amount | 2,568 | |
Fair value of Concord resort land received | 2,940 | |
Accumulated depreciation | $ (154) | |
Depreciation life | 35 years | |
Palm Harbor, FL | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 1,490 | |
Buildings, equipment & improvement, initial cost | 1,400 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 1,490 | |
Buildings, equipment & improvement, gross amount | 1,400 | |
Fair value of Concord resort land received | 2,890 | |
Accumulated depreciation | $ (89) | |
Depreciation life | 35 years | |
Mason, OH | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 975 | |
Buildings, equipment & improvement, initial cost | 11,243 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 975 | |
Buildings, equipment & improvement, gross amount | 11,243 | |
Fair value of Concord resort land received | 12,218 | |
Accumulated depreciation | $ (647) | |
Depreciation life | 35 years | |
San Francisco, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 2,842 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 2,842 | |
Fair value of Concord resort land received | 2,842 | |
Accumulated depreciation | $ (131) | |
Depreciation life | 40 years | |
San Francisco, CA | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 4,741 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 4,741 | |
Fair value of Concord resort land received | 4,741 | |
Accumulated depreciation | $ (157) | |
Depreciation life | 40 years | |
Property under development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | $ 0 | |
Land, initial cost | 36,756 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 36,756 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 36,756 | |
Accumulated depreciation | 0 | |
Land held for development | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 0 | |
Land, initial cost | 28,080 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 28,080 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 28,080 | |
Accumulated depreciation | 0 | |
Senior unsecured notes payable and term loan | ||
Real Estate and Accumulated Depreciation [Line Items] | ||
Encumbrance | 3,115,000 | |
Land, initial cost | 0 | |
Buildings, equipment & improvement, initial cost | 0 | |
Additions (dispositions) (impairments) subsequent to acquisition | 0 | |
Land, gross amount | 0 | |
Buildings, equipment & improvement, gross amount | 0 | |
Fair value of Concord resort land received | 0 | |
Accumulated depreciation | $ 0 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Balance at beginning of the year | $ 6,228,954 |
Acquistion and development of rental properties during the year | 617,018 |
Disposition of rental properties during the year | (577,457) |
Other Deductions during the year | (2,206) |
Balance at close of year | 6,251,398 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |
Balance at beginning of the year | 883,174 |
Depreciation during the year | 169,072 |
Disposition of rental properties during the year | (62,992) |
Balance at close of year | 989,254 |
Public charter school properties [Member] | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Other Deductions during the year | $ (14,911) |
Uncategorized Items - epr-12312
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 29,079,000 |