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Investments and Dispositions
6 Months Ended
Jun. 30, 2016
Investments [Abstract]  
Investments
Investments and Dispositions

The Company's investment spending during the six months ended June 30, 2016 totaled $371.8 million, and included investments in each of its four operating segments.

Entertainment investment spending during the six months ended June 30, 2016 totaled $164.3 million, of which $94.8 million related to the acquisition of a portfolio of six megaplex theatres located in Pennsylvania, Alabama, Tennessee, Texas and Washington. All of these properties are subject to long-term, triple-net leases. In addition, entertainment investment spending related to the acquisition of one family entertainment center located in Georgia, which is subject to a long-term, triple net lease, an additional investment in a mortgage note secured by an entertainment retail center located in North Carolina that was subsequently paid off, as well as investments in the development or redevelopment of ten megaplex theatres, three family entertainment centers and four entertainment retail centers.

Education investment spending during the six months ended June 30, 2016 totaled $116.2 million, and was related to investments in the development or expansion of 25 public charter schools, three private schools, and 18 early childhood education centers.
 
Recreation investment spending during the six months ended June 30, 2016 totaled $91.1 million, and was related to build-to-suit construction of 13 Topgolf golf entertainment facilities, the investment in one ski resort located in Hunter, New York, which is subject to a long-term mortgage agreement, as well as additional improvements at Camelback Mountain Resort and the Adelaar waterpark project.

Other investment spending during the six months ended June 30, 2016 totaled $0.2 million, and was related to the Adelaar casino and resort project in Sullivan County, New York.

On January 5, 2016, the Company received prepayment on one mortgage note receivable of $19.3 million that was secured by a public charter school located in Washington D.C. In connection with the full payoff of this note, the Company received a prepayment fee of $3.6 million, which is included in mortgage and other financing income. Additionally, $80 thousand of prepaid mortgage fees were expensed and are included in costs associated with loan refinancing or payoff.

On February 26, 2016, the Company completed the sale of a land parcel at Adelaar for net proceeds of $1.5 million and no gain or loss was recognized.

On April 6, 2016, pursuant to a tenant purchase option, the Company completed the sale of a public charter school located in Colorado for net proceeds of $11.2 million. In connection with this sale, the Company recognized a gain on sale of $2.3 million during the six months ended June 30, 2016.

On April 22, 2016, the Company received prepayment in full on one mortgage note receivable of $44.3 million that was secured by an entertainment retail center located in North Carolina. In conjunction with this payoff, the Company wrote off $335 thousand of prepaid mortgage fees to costs associated with loan refinancing or payoff.