Investments
 3 Months Ended
Mar. 31, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investments
Investments
Real Estate Investments

As of March 31, 2017, the Company's gross investment in real estate properties and loans totaled approximately $8.2 billion, representing investments in 2,588 properties, including 74 properties or other related assets securing mortgage loans. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and the carrying amount of loans receivable, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with only one state, Texas, with a real estate investment of 12.6%, accounting for more than 10% of the total dollar amount of the Company’s real estate investment portfolio.
During the three months ended March 31, 2017, the Company had the following real estate and loan activity, net of accumulated depreciation and amortization:
 
Number of Properties
 
Dollar Amount of Investments
 
Owned
 
Financed
 
Total
 
Owned
 
Financed
 
Total
 
 
 
 
 
 
 
(In Thousands)
Gross balance, December 31, 2016
2,541

 
74

 
2,615

 
$
8,181,076

 
$
66,578

 
$
8,247,654

Acquisitions/improvements (1)
30

 
—

 
30

 
148,644

 
3,000

 
151,644

Dispositions of real estate (2)
(57
)
 
—

 
(57
)
 
(172,585
)
 
—

 
(172,585
)
Principal payments and payoffs
—

 
—

 
—

 
—

 
(1,151
)
 
(1,151
)
Impairments
—

 
—

 
—

 
(34,376
)
 
—

 
(34,376
)
Write-off of gross lease intangibles
—

 
—

 
—

 
(14,467
)
 
—

 
(14,467
)
Loan premium amortization and other
—

 
—

 
—

 
(5
)
 
(547
)
 
(552
)
Gross balance, March 31, 2017
2,514

 
74

 
2,588

 
8,108,287

 
67,880

 
8,176,167

Accumulated depreciation and amortization
 
 
 
 
 
 
(1,186,594
)
 
—

 
(1,186,594
)
Net balance, March 31, 2017
 
 
 
 
 
 
$
6,921,693

 
$
67,880

 
$
6,989,573


(1) Includes investments of $12.6 million in revenue producing capitalized expenditures, as well as $0.7 million of non-revenue producing capitalized expenditures as of March 31, 2017.
(2) The total accumulated depreciation and amortization associated with dispositions of real estate was $20.6 million as of March 31, 2017.
Scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases (including realized rent increases occurring after April 1, 2017) at March 31, 2017 (in thousands):
 
March 31,
2017
Remainder of 2017
$
460,417

2018
603,955

2019
587,767

2020
569,364

2021
540,081

Thereafter
4,127,461

Total future minimum rentals
$
6,889,045


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 CPI or other stipulated reference rate.

Loans Receivable
The following table details loans receivable, net of premium and allowance for loan losses (in thousands):
 
March 31,
2017
 
December 31,
2016
Mortgage loans - principal
$
54,332

 
$
55,410

Mortgage loans - premium, net of amortization
6,647

 
7,194

Mortgages loans, net
60,979

 
62,604

Other note receivables - principal
7,401

 
4,474

Allowance for loan losses
(500
)
 
(500
)
Other note receivables
6,901

 
3,974

Total loans receivable, net
$
67,880

 
$
66,578


The mortgage loans are secured by single-tenant commercial properties and generally have fixed interest rates over the term of the loans. There are four other notes receivable, of which two notes totaling $6.7 million are secured by tenant assets and stock and the remaining two notes are unsecured.
Lease Intangibles, Net
The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):
 
March 31,
2017
 
December 31,
2016
In-place leases
$
621,372

 
$
624,723

Above-market leases
87,255

 
88,873

Less: accumulated amortization
(248,828
)
 
(243,320
)
Intangible lease assets, net
$
459,799

 
$
470,276

 
 
 
 
Below-market leases
$
230,396

 
$
236,008

Less: accumulated amortization
(55,135
)
 
(53,688
)
Intangible lease liabilities, net
$
175,261

 
$
182,320


The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases were $1.8 million and $1.5 million for the three months ended March 31, 2017 and 2016, respectively. The value of in-place leases amortized and included in depreciation and amortization expense was $11.2 million and $11.9 million for the three months ended March 31, 2017 and 2016, respectively.
Real Estate Assets Under Direct Financing Leases
The components of real estate investments held under direct financing leases were as follows (in thousands):
 
March 31,
2017
 
December 31,
2016
Minimum lease payments receivable
$
8,837

 
$
9,456

Estimated residual value of leased assets
27,027

 
35,640

Unearned income
(8,478
)
 
(9,091
)
Real estate assets under direct financing leases, net
$
27,386

 
$
36,005


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, 2017 (dollars in thousands):
 
Number of Properties
 
Carrying
Value
Balance, December 31, 2016
44

 
$
160,570

Transfers from real estate investments held and used
27

 
59,015

Sales
(12
)
 
(34,619
)
Transfers to real estate investments held and used
(6
)
 
(42,644
)
Impairments
 
 
(11,616
)
Balance, March 31, 2017
53

 
$
130,706


Impairments

The following table summarizes total impairment losses recognized on the accompanying consolidated statements of operations (in thousands):
 
Three Months Ended 
 March 31,
 
2017
 
2016
Real estate and intangible asset impairment
$
35,220

 
$
12,630

Write-off of lease intangibles, net
(844
)
 
309

Loans receivable recovery
—

 
(324
)
Total impairments from real estate investment net assets
34,376

 
12,615

Other impairment
—

 
3

Total impairment loss
$
34,376

 
$
12,618