Investments
 9 Months Ended
Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investments
Investments
Real Estate Investments
At September 30, 2014 and December 31, 2013, the Company’s gross investment in real estate properties and loans, including real estate assets held for sale, totaled approximately $7.71 billion and $7.24 billion, respectively. These investments are comprised of 2,408 and 2,186, respectively, owned or financed properties that are geographically dispersed throughout 49 states. Only one state, Texas, with a 12.9% investment, accounted for more than 10% of the total dollar amount of the Company’s investment portfolio. At September 30, 2014 and December 31, 2013, respectively, the Company’s gross investment portfolio was comprised of 2,263 and 2,041 owned properties. The Company also held mortgage loans receivable secured by 145 properties with aggregate carrying amounts of $111.0 million and $117.3 million as of September 30, 2014 and December 31, 2013, respectively. Other unsecured loans receivable with aggregate carrying amounts of $0.4 million were also held as of September 30, 2014 and December 31, 2013.
During the nine months ended September 30, 2014, the Company had the following gross real estate and loan activity:
 
Number of
Properties
Owned or
Financed
 
Dollar
Amount of
Investments (1)
 
 
 
(In Thousands)
Balance, December 31, 2013
2,186

 
$
7,235,732

Acquisitions/improvements
241

 
573,050

Dispositions of real estate(2) (Note 11)
(19
)
 
(46,744
)
Principal payments and payoffs
—

 
(4,416
)
Impairments
—

 
(41,539
)
Write off of gross lease intangibles
—

 
(8,472
)
Loan premium amortization and other
—

 
(2,121
)
Balance, September 30, 2014
2,408

 
$
7,705,490

(1) 
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.
(2) The total accumulated depreciation and amortization associated with dispositions of real estate was $6.7 million for the nine months ended September 30, 2014.

The properties that the Company owns are leased to tenants under long-term operating leases that typically include one or more renewal options. The leases are generally triple-net, which provides that the lessee is responsible for the payment of all property operating expenses, including property taxes, maintenance and repairs, and insurance costs; therefore, the Company is generally not responsible for repairs or other capital expenditures related to its properties, unless the property is not subject to a lease agreement. At September 30, 2014, 40 of the Company’s properties were vacant, not subject to a lease and in the Company’s possession; seven of these properties were held for sale. At December 31, 2013, 21 properties were vacant, not subject to a lease and in the Company’s possession; six of these properties were held for sale.
Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of operating leases at September 30, 2014 (in thousands):
Scheduled Future Rental Payments
September 30,
2014
Remainder of 2014
$
143,982

2015
570,225

2016
553,461

2017
538,290

2018
523,022

Thereafter
3,820,618

Total future minimum rentals
$
6,149,598


Because lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees' gross sales or lease escalations based on future changes in the consumer price index ("CPI").
Certain of the Company’s leases contain tenant purchase options. Most of these options are at or above fair market value at the time the option is exercisable, and none of these purchase options represent bargain purchase options under GAAP.
Loans Receivable
The following table details loans receivable, net of premium, as of September 30, 2014 and December 31, 2013 (in thousands):
 
September 30,
2014
 
December 31,
2013
Mortgage - principal
$
97,935

 
$
102,315

Mortgage - premium
13,081

 
14,976

    Mortgages, net
111,016

 
117,291

Other notes - principal
393

 
430

Total loans receivable, net
$
111,409

 
$
117,721


Real Estate Assets Under Direct Financing Leases
The components of investment assets held under direct financing leases as of September 30, 2014 and December 31, 2013 were as follows (in thousands):
 
September 30,
2014
 
December 31,
2013
Minimum lease payments receivable
$
16,809

 
$
19,555

Estimated residual value of leased assets
55,858

 
57,739

Unearned income
(16,013
)
 
(18,534
)
Total
$
56,654

 
$
58,760


Real Estate Assets Held for Sale
The following table shows the activity in real estate assets held for sale for the nine months ended September 30, 2014:
 
Number of
Properties
 
Carrying
Value
 
 
 
(In Thousands)
Balance, December 31, 2013
11

 
$
19,611

Transfers from real estate investments
19

 
59,372

Sales (Note 11)
(10
)
 
(24,863
)
Balance, September 30, 2014 (a)
20

 
$
54,120

(a) Includes 15 properties with a net carrying amount of $44.6 million in which its operating results are reported in continuing operations.

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 sheets as of September 30, 2014 and December 31, 2013 (in thousands):
 
September 30,
2014
 
December 31,
2013
Assets
 
 
 
Land and improvements
$
5,557

 
$
10,003

Buildings and improvements
6,009

 
14,178

Total real estate investments
11,566

 
24,181

Less: Accumulated depreciation
(2,167
)
 
(4,819
)
Intangible lease assets, net
460

 
697

  Other
86

 
—

Total assets
$
9,945

 
$
20,059

 
 
 
 
Liabilities
 
 
 
Intangible lease liabilities, net
$
448

 
$
448

Total liabilities
$
448

 
$
448


Impairments
The following table summarizes total impairment losses recognized for the three and nine months ended September 30, 2014 and 2013 (in thousands): 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Real estate and intangible asset impairment
$
10,783

 
$
1,963

 
$
37,030

 
$
5,547

Write-off of lease intangibles due to lease terminations
1,910

 
—

 
4,509

 
488

Loans receivable recovery
—

 
—

 
—

 
(367
)
Other impairment
34

 
—

 
522

 
—

Total impairment loss continuing and discontinued operations
$
12,727

 
$
1,963

 
$
42,061

 
$
5,668