Investments (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
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| Summary of Real Estate and Loan Activity, Net of Accumulated Depreciation and Amortization |
During the six months ended June 30, 2015, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization: | | | | | | | | | | | | | | | | | | | | | | | Number of Properties | | Dollar Amount of Investments, net | | Owned (4) | | Financed | | Total | | Owned | | Financed | | Total | | | | | | | | (In Thousands) | Gross balance, December 31, 2014 | 2,364 |
| | 145 |
| | 2,509 |
| | $ | 7,934,938 |
| | $ | 109,425 |
| | $ | 8,044,363 |
| Acquisitions/improvements (1) (3) | 148 |
| | — |
| | 148 |
| | 550,662 |
| | 4,000 |
| | 554,662 |
| Dispositions of real estate (2) (3) | (57 | ) | | — |
| | (57 | ) | | (349,362 | ) | | — |
| | (349,362 | ) | Principal payments and payoffs | — |
| | — |
| | — |
| | — |
| | (2,811 | ) | | (2,811 | ) | Impairments | — |
| | — |
| | — |
| | (35,328 | ) | | — |
| | (35,328 | ) | Write off of gross lease intangibles | — |
| | — |
| | — |
| | (2,382 | ) | | — |
| | (2,382 | ) | Loan premium amortization and other | — |
| | — |
| | — |
| | (113 | ) | | (1,237 | ) | | (1,350 | ) | Gross balance, June 30, 2015 | 2,455 |
| | 145 |
| | 2,600 |
| | $ | 8,098,415 |
| | $ | 109,377 |
| | $ | 8,207,792 |
| Accumulated depreciation and amortization | | | | | | | (983,229 | ) | | — |
| | (983,229 | ) | Other non-real estate assets held for sale | | | | | | | 1,316 |
| | — |
| | 1,316 |
| Net balance, June 30, 2015 | | | | | | | $ | 7,116,502 |
| | $ | 109,377 |
| | $ | 7,225,879 |
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(1) Includes investments of $2.6 million in revenue producing capitalized expenditures, as well as $0.6 million of non-revenue producing capitalized maintenance expenditures. Capitalized maintenance expenditures are not included in the Company's investment in real estate disclosed elsewhere. (2) The total accumulated depreciation and amortization associated with these dispositions of real estate was $73.7 million. (3) During the six months ended June 30, 2015, pursuant to 1031 Exchanges, the Company sold 23 properties for $212.1 million and used $172.1 million of this amount to partially fund 62 property acquisitions. (4) At June 30, 2015 and December 31, 2014, 33 and 37, respectively, of the Company's properties were vacant and in the Company’s possession; of these amounts, 11 and 8, respectively, were held for sale. |
| Schedule of Minimum Future Contractual Rent to be Received |
Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases at June 30, 2015 (in thousands): | | | | | Remainder of 2015 | $ | 308,950 |
| 2016 | 608,206 |
| 2017 | 594,922 |
| 2018 | 580,686 |
| 2019 | 561,657 |
| Thereafter | 4,526,522 |
| Total future minimum rentals | $ | 7,180,943 |
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| Schedule of Loans Receivable, Net of Premium |
The following table details loans receivable, net of premium (in thousands): | | | | | | | | | | June 30,
2015 | | December 31,
2014 | Mortgage - principal | $ | 93,810 |
| | $ | 96,594 |
| Mortgage - premium | 11,215 |
| | 12,452 |
| Mortgages, net | 105,025 |
| | 109,046 |
| Other notes - principal | 4,352 |
| | 379 |
| Total loans receivable, net | $ | 109,377 |
| | $ | 109,425 |
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| Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization |
The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): | | | | | | | | | | June 30,
2015 | | December 31,
2014 | In-place leases | $ | 661,206 |
| | $ | 676,665 |
| Above-market leases | 99,760 |
| | 100,568 |
| Less: accumulated amortization | (203,752 | ) | | (187,160 | ) | Intangible lease assets, net | $ | 557,214 |
| | $ | 590,073 |
| | | | | Below-market leases | $ | 240,437 |
| | $ | 237,593 |
| Less: accumulated amortization | (38,416 | ) | | (31,625 | ) | Intangible lease liabilities, net | $ | 202,021 |
| | $ | 205,968 |
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| Schedule of Components of Real Estate Investments Held Under Direct Financing Leases |
The components of real estate investments held under direct financing leases were as follows (in thousands): | | | | | | | | | | June 30,
2015 | | December 31,
2014 | Minimum lease payments receivable | $ | 14,210 |
| | $ | 15,897 |
| Estimated residual value of leased assets | 43,789 |
| | 55,858 |
| Unearned income | (13,617 | ) | | (15,191 | ) | Real estate assets under direct financing leases, net | $ | 44,382 |
| | $ | 56,564 |
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| Schedule of Activity in Real Estate Assets Held for Sale |
The following table shows the activity in real estate assets held for sale, for continuing and discontinued operations, for the six months ended June 30, 2015: | | | | | | | | | | | | | | | | | | | | | | | Number of Properties | | Carrying Value | | Continuing Operations | | Discontinued Operations | | Total | | Continuing Operations | | Discontinued Operations | | Total | | | | | | | | (In Thousands) | Balance, December 31, 2014 | 19 |
| | 5 |
| | 24 |
| | $ | 110,918 |
| | $ | 8,994 |
| | $ | 119,912 |
| Transfers from real estate investments | 33 |
| | — |
| | 33 |
| | 140,060 |
| | (34 | ) | | 140,026 |
| Sales | (28 | ) | | (2 | ) | | (30 | ) | | (147,124 | ) | | (4,475 | ) | | (151,599 | ) | Balance, June 30, 2015 | 24 |
| | 3 |
| | 27 |
| | $ | 103,854 |
| | $ | 4,485 |
| | $ | 108,339 |
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| Schedule of Reconciliation of Major Classes of Assets and Liabilities from Discontinued 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 accompanying consolidated balance sheets (in thousands): | | | | | | | | | | June 30,
2015 | | December 31,
2014 | Assets | | | | Land and improvements | $ | 2,922 |
| | $ | 5,351 |
| Buildings and improvements | 2,916 |
| | 5,798 |
| Total real estate investments | 5,838 |
| | 11,149 |
| Less: accumulated depreciation | (1,202 | ) | | (2,167 | ) | Intangible lease assets, net | 297 |
| | 460 |
| Total assets | $ | 4,933 |
| | $ | 9,442 |
| | | | | Liabilities | | | | Intangible lease liabilities, net | $ | 448 |
| | $ | 448 |
| Total liabilities | $ | 448 |
| | $ | 448 |
| | | | | Net assets | $ | 4,485 |
| | $ | 8,994 |
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The following sets forth the results of discontinued operations (dollars in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2015 | | 2014 | | 2015 | | 2014 | Revenues: | | | | | | | | Rent | $ | 25 |
| | $ | 309 |
| | $ | 335 |
| | $ | 617 |
| Non-cash rent | — |
| | 2 |
| | — |
| | (27 | ) | Other | 3 |
| | 33 |
| | 16 |
| | 2,950 |
| Total revenues | 28 |
| | 344 |
| | 351 |
| | 3,540 |
| Expenses: | | | | | | | | General and administrative | 1 |
| | 9 |
| | 2 |
| | 12 |
| Property costs | 123 |
| | 56 |
| | 184 |
| | 195 |
| Impairments | — |
| | — |
| | 34 |
| | — |
| Total expenses | 124 |
| | 65 |
| | 220 |
| | 207 |
| Income from discontinued operations | (96 | ) | | 279 |
| | 131 |
| | 3,333 |
| Gain on dispositions of assets | 590 |
| | 92 |
| | 590 |
| | 85 |
| Total discontinued operations | $ | 494 |
| | $ | 371 |
| | $ | 721 |
| | $ | 3,418 |
| Number of properties disposed of during period | 2 |
| | 3 |
| | 2 |
| | 5 |
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| Summary of Total Impairment Losses Recognized |
The following table summarizes total impairment losses recognized in continuing and discontinued operations on the accompanying consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2015 | | 2014 | | 2015 | | 2014 | Real estate and intangible asset impairment | $ | 33,730 |
| | $ | 24,610 |
| | $ | 34,773 |
| | $ | 26,247 |
| Write-off of lease intangibles due to lease terminations, net | 43 |
| | 2,529 |
| | 555 |
| | 2,599 |
| Total impairments from real estate investment net assets | 33,773 |
| | 27,139 |
| | 35,328 |
| | 28,846 |
| Other impairment | (7 | ) | | 488 |
| | 96 |
| | 488 |
| Total impairment loss in continuing and discontinued operations | $ | 33,766 |
| | $ | 27,627 |
| | $ | 35,424 |
| | $ | 29,334 |
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