Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2017

Subsequent Event [Line Items]

Subsequent Event, Pro Forma Business Combinations or Disposals [Text Block]

Subsequent Event

On April 6, 2017, the Company completed the acquisition with CNL Lifestyle Properties, Inc. (CNL Lifestyle). The Company acquired the Northstar California Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at $455.5 million. Additionally, the Company provided $251.0 million of five-year, 8.5% secured debt financing to funds affiliated with Och-Ziff Real Estate (OZRE) for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million. Immediately following the acquisition, the Company sold the five family entertainment centers for approximately $6.8 million.

The Company’s aggregate initial investment in this transaction at closing, excluding capitalized transaction costs, was $706.5 million and was funded with $647.4 million of the Company’s common shares, consisting of 8,851,264 newly issued, registered common shares, and $59.1 million of cash, before purchase price adjustments. Calculation of final purchase price adjustments is expected to be completed during the second quarter of 2017 and will adjust the cash portion of the purchase price paid to CNL Lifestyle and the amount advanced to OZRE, which final adjustments are not expected to be material.

The number of common shares issued was determined based on a price of $73.1421 per share, which was the volume weighted average price per common share on the New York Stock Exchange for the ten business days ending on April 4, 2017. CNL Lifestyle subsequently distributed the common shares to its stockholders on April 20, 2017. The Company recorded the investment based on the April 6, 2017 closing price of $74.28. The Company's portion of the cash purchase price was funded with borrowings under its unsecured revolving credit facility.

This transaction was previously announced as a business combination and, accordingly, related expenses were recognized as transaction costs through December 31, 2016. In connection with the adoption of ASU No. 2017-01 on January 1, 2017, this transaction was determined to be an asset acquisition. As such, transaction costs related to this asset acquisition incurred in 2017 have been and will be capitalized.