XML 47 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of unfunded commitments
As of June 30, 2020, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):
Loans and Other Lending Investments(1)
Real Estate(2)
Other
Investments		Total
Performance-Based Commitments$117,988  $70,131  $42,250  $230,369  
Strategic Investments—  —  11,601  11,601  
Total$117,988  $70,131  $53,851  $241,970  
_______________________________________________________________________________
(1)Excludes $9.8 million of commitments on loan participations sold that are not the obligation of the Company.
(2)Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5).
Schedule of future minimum lease obligations - operating leases Future minimum lease obligations under operating and finance leases as of June 30, 2020 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2020 (remaining six months)$2,107  $2,709  
20213,624  5,494  
20226,561  5,604  
20236,190  5,716  
20246,080  5,830  
Thereafter6,576  1,573,773  
Total undiscounted cash flows31,138  1,599,126  
Present value discount(1)
(4,427) (1,449,995) 
Other adjustments(2)
24,619  —  
Lease liabilities$51,330  $149,131  
_______________________________________________________________________________
(1)During the three months ended June 30, 2020 and 2019, the Company made payments of $1.1 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $0.7 million, respectively, related to its finance leases. During the six months ended June 30, 2020 and 2019, the Company made payments of $2.1 million and $2.0 million, respectively, related to its operating leases and $2.7 million and $0.9 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.0 years and the weighted average discount rate was 5.0%. The weighted average lease term for the Company's finance leases was 97.5 years and the weighted average discount rate was 5.5%.
(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2020$4,167  $5,386  
20211,803  5,494  
20221,098  5,604  
2023728  5,716  
2024617  5,830  
Thereafter1,447  1,573,824  
Total undiscounted cash flows9,860  1,601,854  
Present value discount(1)
(1,057) (1,454,105) 
Other adjustments(2)
25,379  —  
Lease liabilities$34,182  $147,749  
_______________________________________________________________________________
(1)The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.
(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Schedule of future minimum lease obligations - finance leases Future minimum lease obligations under operating and finance leases as of June 30, 2020 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2020 (remaining six months)$2,107  $2,709  
20213,624  5,494  
20226,561  5,604  
20236,190  5,716  
20246,080  5,830  
Thereafter6,576  1,573,773  
Total undiscounted cash flows31,138  1,599,126  
Present value discount(1)
(4,427) (1,449,995) 
Other adjustments(2)
24,619  —  
Lease liabilities$51,330  $149,131  
_______________________________________________________________________________
(1)During the three months ended June 30, 2020 and 2019, the Company made payments of $1.1 million and $1.0 million, respectively, related to its operating leases and $1.3 million and $0.7 million, respectively, related to its finance leases. During the six months ended June 30, 2020 and 2019, the Company made payments of $2.1 million and $2.0 million, respectively, related to its operating leases and $2.7 million and $0.9 million, respectively, related to its finance leases. The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 6.0 years and the weighted average discount rate was 5.0%. The weighted average lease term for the Company's finance leases was 97.5 years and the weighted average discount rate was 5.5%.
(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.
Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2019 are as follows ($ in thousands):
Operating(1)(2)
Finance(1)
2020$4,167  $5,386  
20211,803  5,494  
20221,098  5,604  
2023728  5,716  
2024617  5,830  
Thereafter1,447  1,573,824  
Total undiscounted cash flows9,860  1,601,854  
Present value discount(1)
(1,057) (1,454,105) 
Other adjustments(2)
25,379  —  
Lease liabilities$34,182  $147,749  
_______________________________________________________________________________
(1)The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. The weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.
(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.