v3.8.0.1

Investment in Rental Property and Lease Arrangements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2017 and 2016:

		December 31,
(in thousands)		2017				2016
Land		$	348,940			$	288,276
Land improvements			211,674				162,341
Buildings			1,754,796				1,283,322
Tenant improvements			11,425				8,665
Equipment			7,689				799
			2,334,524				1,743,403
Less accumulated depreciation			(148,383	)			(105,703	)
		$	2,186,141			$	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 December 31, 2017 are as follows:

(in thousands)
2018		$	188,519
2019			192,387
2020			195,455
2021			198,379
2022			200,765
Thereafter			1,848,237
		$	2,823,742

Net Investment in Direct Financing Leases

The Company’s net investment in direct financing leases is as follows as of December 31:

		December 31,
(in thousands)		2017				2016
Minimum lease payments to be received		$	77,889			$	90,447
Estimated unguaranteed residual values			19,758				22,335
Less unearned revenue			(56,030	)			(65,511	)
Net investment in direct financing leases		$	41,617			$	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 December 31, 2017 are as follows:

(in thousands)
2018		$	3,857
2019			3,931
2020			4,037
2021			4,126
2022			4,211
Thereafter			57,727
		$	77,889

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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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