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Net Investment in Direct Financing Leases (Tables) | 12 Months Ended
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Dec. 31, 2013
Net Investment in Direct Financing Leases |
Schedule of components of net investment in DFLs | The components of net investment in DFLs consisted of the following (dollars in thousands):
|  | December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Minimum lease payments receivable(1) |  | $ | 24,808,386 |  | $ | 25,217,520 |
Estimated residual values |  |  | 4,134,405 |  |  | 4,010,514 |
Less unearned income |  |  | (21,789,392 | ) |  | (22,346,641 | )
Net investment in direct financing leases |  | $ | 7,153,399 |  | $ | 6,881,393 |
Properties subject to direct financing leases |  |  | 364 |  |  | 361 |
(1) The minimum lease payments receivable are primarily attributable to HCR ManorCare, Inc. ("HCR ManorCare") ($23.5 billion and $24.0 billion at December 31, 2013 and 2012, respectively). The triple-net master lease with HCR ManorCare provides for annual rent of $506 million beginning April 1, 2013 (prior to April 1, 2013, annual rent was $489 million). The rent increases by 3.5% per year over the next three years and by 3% for the remaining portion of the initial lease term. The properties are grouped into four pools, and HCR ManorCare has a one-time extension option for each pool with rent increased for the first year of the extension option to the greater of fair market rent or a 3% increase over the rent for the prior year. Including the extension options, which the Company determined to be bargain renewal options, the four leased pools had total initial available terms ranging from 23 to 35 years.
Future minimum lease payments contractually due under DFLs | Future minimum lease payments contractually due under DFLs at December 31, 2013, were as follows (in thousands):
Year |  | Amount |
--- | --- | --- | ---
2014 |  | $ | 594,270 |
2015 |  |  | 606,618 |
2016 |  |  | 626,713 |
2017 |  |  | 638,775 |
2018 |  |  | 656,263 |
Thereafter |  |  | 21,685,747 |
|  | $ | 24,808,386 |

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- Definition Tabular disclosure of the components of the net amount due as of the balance sheet date consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments. + References No definition available. + Details
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- Details
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- Definition Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables. + References No definition available. + Details
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