v3.7.0.1

Investment in Rental Property and Lease Arrangements (Tables)

6 Months Ended

Jun. 30, 2017

Leases [Abstract]

Rental Property Subject to Non-cancelable Operating Leases

Rental property subject to non-cancelable operating leases with tenants are as follows at June 30, 2017 and December 31, 2016:

(in thousands)		June 30, 2017				December 31, 2016
Land		$	296,873			$	288,276
Land improvements			176,383				162,341
Buildings			1,419,241				1,283,322
Tenant improvements			8,656				8,665
Equipment			772				799
			1,901,925				1,743,403
Less accumulated depreciation			(126,632	)			(105,703	)
		$	1,775,293			$	1,637,700

Minimum Future Rental Receipts Required under Non-cancelable Operating Leases

Estimated minimum future rental receipts required under non-cancelable operating leases with tenants at June 30, 2017 are as follows:

(in thousands)
Remainder of 2017		$	151,428
2018			154,538
2019			157,708
2020			160,199
2021			162,270
Thereafter			1,655,872
		$	2,442,015

Net Investment in Direct Financing Leases

The Company’s net investment in direct financing leases is as follows at June 30, 2017 and December 31, 2016:

(in thousands)		June 30, 2017				December 31, 2016
Minimum lease payments to be received		$	79,784			$	90,447
Estimated unguaranteed residual values			19,758				22,335
Less unearned revenue			57,935				65,511
Net investment in direct financing leases		$	41,607			$	47,271

Minimum Future Rental Receipts Required under Non-cancelable Direct Financing Leases

Minimum future rental receipts required under non-cancelable direct financing leases with tenants at June 30, 2017 are as follows:

(in thousands)
Remainder of 2017		$	1,894
2018			3,857
2019			3,931
2020			4,037
2021			4,126
Thereafter			61,939
		$	79,784

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- Definition

Direct financing lease, net investment in leases.

+ References

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- Definition

Direct financing leases, lease receivable maturity.

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- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919396-209981

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- Definition

Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=84164653&loc=d3e41551-112718

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