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Rental Properties | 12 Months Ended
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Dec. 31, 2018
Real Estate [Abstract] |
Rental Properties | Rental Properties The following table summarizes the carrying amounts of rental properties as of December 31, 2018 and 2017 (in thousands):
| 2018 |  | 2017
Buildings and improvements | $ | 4,593,159 |  |  | $ | 4,123,356 |
Furniture, fixtures & equipment | 97,463 |  |  | 87,630 |
Land | 1,190,568 |  |  | 1,108,805 |
Leasehold interests | 26,041 |  |  | 25,774 |
| 5,907,231 |  |  | 5,345,565 |
Accumulated depreciation | (883,174 | ) |  | (741,334 | )
Total | $ | 5,024,057 |  |  | $ | 4,604,231 |
Depreciation expense on rental properties was $148.7 million, $129.1 million and $103.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. Acquisitions During the year ended December 31, 2018, the Company completed the acquisitions of two megaplex theatres for approximately $22.4 million, a recreation facility for $7.8 million, an attraction property for $50.3 million, one other recreation property for $36.4 million and four early education centers for $17.7 million. During the year ended December 31, 2017, the Company completed a transaction with CNL Lifestyle Properties Inc. (CNL Lifestyle) and funds affiliated with Och-Ziff Real Estate (OZRE). The Company acquired the Northstar California Resort, 15 attraction properties (waterparks and amusement parks), five small family entertainment centers and certain related working capital for aggregate consideration valued at $479.8 million, including final purchase price adjustments. Additionally, the Company provided $251.0 million of secured debt financing to OZRE for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million. Subsequent to the transaction, the Company sold the five family entertainment centers for approximately $6.8 million and one waterpark for approximately $2.5 million. No gain or loss was recognized on these sales. The Company’s aggregate investment in this transaction was $730.8 million and was funded with $657.5 million of the Company’s common shares, consisting of 8,851,264 newly issued registered common shares valued at $74.28 per share, $61.2 million of cash and assumed working capital liabilities (net of assumed accounts receivable) of $12.1 million. The aggregate investment of $730.8 million in this transaction was recorded as follows (in thousands):
|  | April 6, 2017 |
Rental properties, net |  | $ | 481,006 |
Mortgage notes and related accrued interest receivable |  | 251,038 |
Tradenames (included in other assets) |  | 6,355 |
Below-market leases (included in accounts payable and accrued liabilities) |  | (7,611 | )
Total investment |  | $ | 730,788 |
In addition, during the year ended December 31, 2017, the Company completed the acquisition of six megaplex theatres for approximately $154.1 million, six other recreation facilities for approximately $62.7 million, and seven early education centers and two public charter schools for approximately $38.5 million. Dispositions During the year ended December 31, 2018, the Company completed the sale of four entertainment parcels located in West Virginia, Illinois and Kansas 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 located in California 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 education centers for net proceeds of $2.5 million. No gain or loss was recognized on these sales. During the year ended December 31, 2017, the Company completed the sale of four entertainment properties for net proceeds totaling $72.4 million. In connection with these sales, the Company recognized a gain on sale of $19.4 million. During the year ended December 31, 2017, pursuant to tenant purchase options, the Company completed the sale of eight public charter schools located in Colorado, Arizona and Utah for net proceeds totaling $97.3 million. In connection with these sales, the Company recognized a gain on sale of $20.7 million. Additionally, the Company completed the sale of three other education facilities for net proceeds of $10.5 million. In connection with these sales, the Company recognized a gain on sale of $1.8 million. As further discussed in Note 7, during the years ended December 31, 2018 and 2017, the Company also completed the sales of 13 public charter school properties leased to Imagine Schools, Inc. (Imagine).

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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