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Investments (Tables)
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3 Months Ended |
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Mar. 31, 2014
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| Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
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| Gross Real Estate and Loan Activity |
March 31, 2014, the Company had the following gross real estate and loan activity: | | | | | | | | | Number of Properties Owned or Financed | | Dollar Amount of Investments (a) | | | | (In Thousands) | Balance, December 31, 2013 | 2,186 |
| | $ | 7,235,732 |
| Acquisitions/improvements | 104 |
| | 157,972 |
| Dispositions of real estate (b) (Note 11) | (3 | ) | | (6,219 | ) | Principal payments and payoffs | — |
| | (1,243 | ) | Impairments | — |
| | (1,707 | ) | Loan premium amortization and other | — |
| | (1,060 | ) | Balance, March 31, 2014 | 2,287 |
| | $ | 7,383,475 |
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| | (a) | The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable and real estate assets held under direct financing leases. |
| | (b) | The total accumulated depreciation and amortization associated with dispositions of real estate was $1.7 million for the three months ended March 31, 2014. |
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| Operating Leases of Lessee Disclosure |
Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of operating leases at March 31, 2014 (in thousands): | | | | | Scheduled Future Rental Payments | March 31,
2014 | Remainder of 2014 | $ | 407,977 |
| 2015 | 535,137 |
| 2016 | 520,326 |
| 2017 | 505,289 |
| 2018 | 489,417 |
| Thereafter | 3,377,651 |
| Total future minimum rentals | $ | 5,835,797 |
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| Schedule of Accounts, Notes, Loans and Financing Receivable |
The following table details loans receivable, net of premium, as of March 31, 2014 and December 31, 2013 (in thousands): | | | | | | | | | | March 31,
2014 | | December 31,
2013 | Mortgage - principal | $ | 101,083 |
| | $ | 102,315 |
| Mortgage - premium | 14,345 |
| | 14,976 |
| Mortgages, net | 115,428 |
| | 117,291 |
| Other notes - principal | 418 |
| | 430 |
| Total Loans receivable, net | $ | 115,846 |
| | $ | 117,721 |
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| Investments in Direct Financing Leases Schedule |
The components of investment assets held under direct financing leases as of March 31, 2014 and December 31, 2013 were as follows (in thousands): | | | | | | | | | | March 31,
2014 | | December 31,
2013 | Minimum lease payments receivable | $ | 18,633 |
| | $ | 19,555 |
| Estimated residual value of leased assets | 55,858 |
| | 57,739 |
| Unearned income | (17,688 | ) | | (18,534 | ) | Total | $ | 56,803 |
| | $ | 58,760 |
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| Activity in Real Estate Assets Held for Sale |
The following table shows the activity in real estate assets held for sale for the three months ended March 31, 2014: | | | | | | | | | Number of Properties | | Carrying Value | | | | (In Thousands) | Balance, December 31, 2013 | 11 |
| | $ | 19,611 |
| Transfers from real estate investments | 1 |
| | 8,611 |
| Sales (Note 11) | (2 | ) | | (3,135 | ) | Balance, March 31, 2014 (a) | 10 |
| | $ | 25,087 |
| (a) Includes a single property with a net carrying amount of $8.6 million in which its operating results are reported in continuing operations. |
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| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures |
The following table is a reconciliation of the major classes of assets and liabilities from discontinued operations included in real estate assets held for sale on the condensed consolidated balance sheet as of March 31, 2014 and December 31, 2013 (in thousands): | | | | | | | | | | March 31,
2014 | | December 31,
2013 | Assets | | | | Land and improvements | $ | 8,878 |
| | $ | 10,003 |
| Buildings and improvements | 11,135 |
| | 14,178 |
| Total real estate investments | 20,013 |
| | 24,181 |
| Less: Accumulated depreciation | (3,656 | ) | | (4,819 | ) | Intangible lease assets, net | 567 |
| | 697 |
| Total assets | $ | 16,924 |
| | $ | 20,059 |
| | | | | Liabilities | | | | Intangible lease liabilities, net | $ | 448 |
| | $ | 448 |
| Total liabilities | $ | 448 |
| | $ | 448 |
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net gains or losses from the disposition of these properties, as well as the current and prior period operations, of these properties will continue to be reclassified to discontinued operations. The results of discontinued operations for the three months ended March 31, 2014 and 2013, are summarized below (dollars in thousands): | | | | | | | | | | Three Months Ended
March 31, | | 2014 | | 2013 | Revenues: | | | | Rent | $ | 308 |
| | $ | 2,222 |
| Non-cash rent | (29 | ) | | 18 |
| Other | 2,917 |
| | — |
| Total revenues | 3,196 |
| | 2,240 |
| Expenses: | | | | General and administrative | 3 |
| | 9 |
| Property costs | 139 |
| | 74 |
| Interest | — |
| | 194 |
| Depreciation and amortization | — |
| | 1,377 |
| Impairments | — |
| | 2,103 |
| Total expenses | 142 |
| | 3,757 |
| Gain (loss) from discontinued operations before other income | 3,054 |
| | (1,517 | ) | Other income: | | | | Other | — |
| | 23 |
| Total other income | — |
| | 23 |
| Income (loss) from discontinued operations | 3,054 |
| | (1,494 | ) | (Loss) gain on dispositions of assets | (7 | ) | | 180 |
| Total discontinued operations | $ | 3,047 |
| | $ | (1,314 | ) | Number of properties disposed of during period (a) | 2 |
| | 6 |
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(a) During the three months ended March 31, 2014 three properties were disposed of, but only two of them were held for sale at December 31, 2013 and qualified for discontinued operations under ASU 2014-08. |
| Summary of Total Impairment Losses Recognized |
The following table summarizes total impairment losses recognized for the three months ended March 31, 2014 and 2013 (in thousands): | | | | | | | | | | Three Months Ended
March 31, | | 2014 | | 2013 | Real estate and intangible asset impairment | $ | 1,637 |
| | $ | 2,103 |
| Write-off of lease intangibles due to lease terminations | 70 |
| | — |
| Total impairment loss continuing and discontinued operations | $ | 1,707 |
| | $ | 2,103 |
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