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Investments and Dispositions | 6 Months Ended
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Jun. 30, 2018
Investments [Abstract] |
Investments | Investments and Dispositions The Company's investment spending during the six months ended June 30, 2018 totaled $238.5 million, and included investments in each of its primary operating segments. Entertainment investment spending during the six months ended June 30, 2018 totaled $49.3 million, including spending on build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and family entertainment centers, as well as a $7.5 million megaplex theatre acquisition. Recreation investment spending during the six months ended June 30, 2018 totaled $150.6 million, including spending on build-to-suit development of golf entertainment complexes and attractions, redevelopment of ski areas, a $7.8 million acquisition of a recreation facility, an investment of $10.3 million in a mortgage note secured by one other recreation facility and the acquisition of one attraction property described below. On June 22, 2018, the Company acquired one attraction property located in Pagosa Springs, Colorado for approximately $36.4 million. The property is a natural hot springs resort and spa on approximately eight acres and is subject to a long-term, triple-net lease. Education investment spending during the six months ended June 30, 2018 totaled $38.6 million, including spending on build-to-suit development and redevelopment of public charter schools, early education centers and private schools, as well as $8.4 million on two early education center acquisitions. Mortgage Notes On February 16, 2018, a borrower exercised its put option to convert its mortgage note agreement, totaling $142.9 million and secured by 28 education facilities including both early education and private school properties, to a lease agreement. As a result, the Company recorded the rental property at the carrying value, which approximated fair value, of the mortgage note on the conversion date and allocated this cost on a relative fair value basis. The properties are leased pursuant to a triple-net master lease with a 23-year remaining term. On March 11, 2018, the Company received payment in full on one mortgage note receivable of $1.5 million that was secured by land located in California. Additionally, on March 26, 2018, the Company received payment in full on one mortgage note receivable of $9.0 million that was secured by real estate in Washington. There were no prepayment fees received in connection with these note payoffs. On May 7, 2018, Boyne USA, Inc. (Boyne) purchased seven ski properties from Och-Ziff Real Estate (OZRE) that partially secured the Company's mortgage note receivable due from OZRE. Following the acquisition by Boyne, OZRE made a partial prepayment to the Company of $175.4 million on this mortgage note receivable, leaving a carrying value of $74.6 million at June 30, 2018 that is secured by the remaining six ski properties. In connection with the partial prepayment of this note, the Company recognized a prepayment fee totaling $45.9 million that is included in mortgage and other financing income in the accompanying consolidated statements of income for the three and six months ended June 30, 2018. On May 29, 2018, the Company received a partial prepayment of $8.0 million on one mortgage note receivable that is secured by the observation deck of the John Hancock Tower in Chicago, Illinois. In connection with the partial prepayment of this note, the Company recognized a prepayment fee of $1.4 million that is included in mortgage and other financing income in the accompanying consolidated statements of income for the three and six months ended June 30, 2018. Dispositions During the six months ended June 30, 2018, the Company completed the sales of two entertainment parcels located in Illinois for net proceeds totaling $4.2 million. In connection with these sales, the Company recognized a gain on sale of $0.5 million during the six months ended June 30, 2018. Additionally, the Company completed the sale of one early education center for net proceeds of $1.6 million. No gain or loss was recognized on this sale. Subsequent to June 30, 2018, pursuant to a tenant purchase option, the Company completed the sale of one public charter school located in California for net proceeds totaling $11.9 million. In connection with this sale, the Company will recognize a gain on sale of $1.9 million during the third quarter of 2018.

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- Definition This element may be used to capture disclosure pertaining to acquisitions and dispositions. For acquisitions, description of business combinations or asset acquisitions completed during the period, including background, timing, and allocation of acquisition costs. For dispositions, disclosure includes details related to the disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss. + References No definition available. + Details
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- References No definition available. + Details
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