Investments and Dispositions

6 Months Ended

Jun. 30, 2019

Investments [Abstract]

Investments

Investments and Dispositions

The Company's investment spending during the six months ended June 30, 2019 totaled $566.5 million and included investments in each of its operating segments.

Entertainment investment spending during the six months ended June 30, 2019 totaled $429.5 million, including spending on the acquisition of 24 megaplex theatres totaling $377.8 million, and build-to-suit development and redevelopment of megaplex theatres, entertainment retail centers and other entertainment properties.

Recreation investment spending during the six months ended June 30, 2019 totaled $101.0 million, including spending on the acquisition of two attractions totaling $24.0 million, and build-to-suit development of golf entertainment complexes and attractions.

Education investment spending during the six months ended June 30, 2019 totaled $35.8 million, including spending on the acquisition of one early education center for $2.6 million, and build-to-suit development and redevelopment of public charter schools, early education centers and private schools.

Other investment spending during the six months ended June 30, 2019 totaled $0.2 million and was related to the Resorts World Catskills project in Sullivan County, New York.

During the six months ended June 30, 2019, the Company completed the construction of the Kartrite Resort and Indoor Waterpark in Sullivan County, New York. The indoor waterpark resort is being operated under a traditional REIT lodging structure and facilitated by a management agreement with an eligible independent contractor. The related operating revenue and expense are included in other income and other expense in the accompanying consolidated statements of income for the six months ended June 30, 2019. Additionally, during the year ended December 31, 2018, the Company completed the construction of the Resorts World Catskills common infrastructure. In June 2016, the Sullivan County Infrastructure Local Development Corporation issued $110.0 million of Series 2016 Revenue Bonds which funded a substantial portion of such construction costs. For the years ended December 31, 2016, 2017 and 2018, the Company received total reimbursements of $74.2 million of construction costs. During the six months ended June 30, 2019, the Company received an additional reimbursement of $11.5 million.

Property Dispositions

During the six months ended June 30, 2019, pursuant to tenant purchase options, the Company completed the sale of six public charter schools for net proceeds totaling $70.0 million and recognized a combined gain on sale of $13.6 million.

During the six months ended June 30, 2019, the Company also completed the sale of one recreation property, five additional education properties and a land parcel for net proceeds totaling $25.9 million and recognized a combined gain on sale of $2.5 million.