v3.20.2

Investment in Rental Property and Lease Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Rental Property Subject to Non-cancelable Operating Leases | Rental property subject to non-cancelable operating leases with tenants was as follows:
(in thousands) |  | June 30, 2020 |  |  | December 31, 2019 |
Land |  | $ | 545,984 |  |  | $ | 548,911 |
Land improvements |  |  | 276,542 |  |  |  | 275,470 |
Buildings and improvements |  |  | 2,825,327 |  |  |  | 2,850,571 |
Equipment |  |  | 11,873 |  |  |  | 11,492 |
|  |  | 3,659,726 |  |  |  | 3,686,444 |
Less accumulated depreciation |  |  | (312,934 | ) |  |  | (271,044 | )
|  | $ | 3,346,792 |  |  | $ | 3,415,400 |
Depreciation expense on investment in rental property was as follows:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Depreciation |  | $ | 23,560 |  |  | $ | 19,532 |  |  | $ | 47,075 |  |  | $ | 38,285 |
Estimated Lease Payments to be Received under Non-cancelable Operating Leases | Estimated lease payments to be received under non-cancelable operating leases with tenants at June 30, 2020 are as follows:
(in thousands) |  |  |  |
Remainder of 2020 |  | $ | 142,216 |
2021 |  |  | 289,046 |
2022 |  |  | 291,422 |
2023 |  |  | 294,357 |
2024 |  |  | 290,202 |
Thereafter |  |  | 2,229,760 |
|  | $ | 3,537,003 |
Net Investment in Direct Financing Leases | The Company’s net investment in direct financing leases was comprised of the following:
(in thousands) |  | June 30, 2020 |  |  | December 31, 2019 |
Undiscounted estimated lease payments to be received |  | $ | 49,524 |  |  | $ | 72,753 |
Estimated unguaranteed residual values |  |  | 16,049 |  |  |  | 20,358 |
Unearned income |  |  | (34,424 | ) |  |  | (51,221 | )
Reserve for credit losses |  |  | (196 | ) |  |  | — |
Net investment in direct financing leases |  | $ | 30,953 |  |  | $ | 41,890 |
Direct Financing Leases, Lease Receivable Maturity | Undiscounted estimated lease payments to be received under non-cancelable direct financing leases with tenants at June 30, 2020 are as follows:
(in thousands) |  |  |  |
Remainder of 2020 |  | $ | 1,622 |
2021 |  |  | 3,304 |
2022 |  |  | 3,368 |
2023 |  |  | 3,433 |
2024 |  |  | 3,493 |
Thereafter |  |  | 34,304 |
|  | $ | 49,524 |
Summary of Amounts Reported as Lease Revenues Net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) | The following table summarizes amounts reported as Lease revenues, net on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss):
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Contractual rental amounts billed for operating leases |  | $ | 67,342 |  |  | $ | 60,294 |  |  | $ | 140,170 |  |  | $ | 118,713 |
Adjustment to recognize contractual operating lease billings on a straight-line basis |  |  | 8,276 |  |  |  | 5,269 |  |  |  | 9,941 |  |  |  | 10,440 |
Variable rental amounts earned |  |  | 51 |  |  |  | — |  |  |  | 74 |  |  |  | — |
Adjustment to revenue recognized for uncollectible rental amounts billed |  |  | (1,190 | ) |  |  | — |  |  |  | (2,223 | ) |  |  | (440 | )
Total operating lease rental revenues |  |  | 74,479 |  |  |  | 65,563 |  |  |  | 147,962 |  |  |  | 128,713 |
Earned income from direct financing leases |  |  | 855 |  |  |  | 1,004 |  |  |  | 1,842 |  |  |  | 2,009 |
Operating expenses billed to tenants |  |  | 4,335 |  |  |  | 2,486 |  |  |  | 8,067 |  |  |  | 6,761 |
Other income from real estate transactions |  |  | 702 |  |  |  | — |  |  |  | 731 |  |  |  | — |
Total Lease revenues, net |  | $ | 80,371 |  |  | $ | 69,053 |  |  | $ | 158,602 |  |  | $ | 137,483 |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=119202524&loc=SL77919396-209981 + Details
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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://fasb.org/us-gaap/role/ref/otherTransitionRef -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 + Details
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