Summary of Significant Accounting Policies (Details)
|
|
12 Months Ended |
|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
mortgagenotes
segment
$ / shares
|
Dec. 31, 2020
USD ($)
mortgagenotes
|
Dec. 31, 2019
USD ($)
|
| Deferred financing costs, net |
|
$ 36,864,000
|
$ 35,552,000
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Transaction costs |
|
3,402,000
|
5,436,000
|
$ 23,789,000
|
| Goodwill |
|
693,000
|
693,000
|
|
| Intangible Assets, Net (Including Goodwill) |
|
37,799,000
|
41,632,000
|
|
| Below Market Lease, Accumulated Amortization |
|
2,000,000.0
|
1,500,000
|
|
| Amortization of above/below market leases and tenant allowances, net |
|
385,000
|
480,000
|
343,000
|
| Below Market Lease, Net |
|
7,941,000
|
8,397,000
|
|
| Revenue Recognition [Abstract] |
|
|
|
|
| Straight Line Rent |
|
5,700,000
|
|
13,600,000
|
| Participating interest income |
|
0
|
0
|
600,000
|
| prepayment fee |
|
$ 0
|
0
|
2,700,000
|
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Percent of taxable income distributed to shareholders annually |
|
90.00%
|
|
|
| Current Federal Tax Expense (Benefit) |
|
$ 0
|
|
|
| Deferred TRS Income Tax Expense (Benefit) |
|
$ 0
|
$ 4,448,000
|
$ (3,719,000)
|
| Effective Income Tax Rate Reconciliation, Percent |
|
2.10%
|
13.50%
|
1.50%
|
| Other |
|
$ 0
|
$ 0
|
|
| Deferred Tax Assets, Gross |
|
35,917,000
|
28,510,000
|
|
| Deferred Tax Liabilities, Gross |
|
4,582,000
|
3,603,000
|
|
| Deferred Tax Liabilities |
|
8,800,000
|
|
|
| Current Income and Withholding Tax Expense |
|
(1,600,000)
|
1,500,000
|
$ 1,100,000
|
| Provision for income tax expense |
|
0
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Severance expense |
|
0
|
2,868,000
|
2,364,000
|
| Straight line rent write off |
|
200,000
|
38,000,000
|
1,400,000
|
| Recovery of Direct Costs |
|
15,200,000
|
12,900,000
|
16,000,000
|
| Rent Abatements |
|
11,000,000
|
|
|
| Loans and Leases Receivable, Deferred Income |
|
$ 400,000
|
|
|
| Number of Reportable Segments | segment |
|
2
|
|
|
| Rental Revenue Reduction from Straight Line Rent |
|
|
24,500,000
|
|
| Variable Percentage Rent |
|
$ 16,200,000
|
5,200,000
|
|
| Financing Receivable, Credit Loss, Expense (Reversal) |
|
21,972,000
|
(30,695,000)
|
0
|
| Deferred Tax Assets, Valuation Allowance |
|
$ 31,335,000
|
24,907,000
|
|
| Properties Closed | segment |
|
0
|
|
|
| Number of Theatres in Entertainment DIstricts | segment |
|
7
|
|
|
| Common stock declared dividends per share | $ / shares |
|
$ 1.50
|
|
|
| Collections, Deferred Rent, Cash Basis Tenants |
|
$ 7,000,000
|
|
|
| Collections, Deferred Rent, Accrual Basis Tenants |
|
63,800,000
|
|
|
| Deferred Rent Receivables, Net |
|
$ 27,300,000
|
76,000,000
|
|
| Principles of Consolidation |
|
Variable Interest Entities The Company consolidates certain entities when it is deemed to be the primary beneficiary in a variable interest entity (VIE) in which it has a controlling financial interest in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The equity method of accounting is applied to entities in which the Company is not the primary beneficiary as defined in the FASB ASC Topic on Consolidation (Topic 810), but can exercise significant influence over the entity with respect to its operations and major decisions. The Company’s variable interest in VIEs currently are in the form of equity ownership and loans provided by the Company to a VIE or other partner. The Company examines specific criteria and uses its judgment when determining if the Company is the primary beneficiary of a VIE. The primary beneficiary generally is defined as the party with the controlling financial interest. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. As of December 31, 2021 and 2020, the Company does not have any investments in consolidated VIEs.
|
|
|
| Operating Lease, Percentage Revenue |
|
$ 14,000,000
|
8,600,000
|
15,000,000
|
| Operating Lease, Lease Income |
|
$ 478,882,000
|
$ 372,176,000
|
$ 593,022,000
|
| Short-term Debt |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Number of agreements | segment |
|
10
|
|
|
| London Interbank Offered Rate (LIBOR) | Short-term Debt |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Number of agreements | segment |
|
2
|
|
|
| Retained Earnings |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Financing Receivable, Credit Loss, Expense (Reversal) |
$ (2,200,000)
|
|
|
|
| Notes Receivable | Retained Earnings |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Financing Receivable, Credit Loss, Expense (Reversal) |
(100,000)
|
|
|
|
| Mortgage Receivable [Member] | Retained Earnings |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Financing Receivable, Credit Loss, Expense (Reversal) |
$ (2,100,000)
|
|
|
|
| Note, 8.0%, due May 2, 2024 |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Number Of Notes Receivable | mortgagenotes |
|
1
|
1
|
|
| Note, 8.0%, due May 2, 2024 | Notes Receivable |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Financing Receivable, Accrued Interest, Writeoff |
|
|
$ 300,000
|
|
| unsecured revolving variable rate credit facility, variable rate, due October 6, 2025 |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Debt Instrument, Periodic Payment |
|
$ 590,000,000
|
|
|
| American Multi-Cinema, Inc. [Member] |
|
|
|
|
| Concentration Risks, Types, No Concentration Percentage [Abstract] |
|
|
|
|
| Percentage of lease revenue in total revenue |
|
17.80%
|
7.20%
|
17.60%
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Operating Lease, Lease Income |
|
$ 94,405,000
|
$ 29,964,000
|
$ 123,792,000
|
| TopGolf [Member] |
|
|
|
|
| Concentration Risks, Types, No Concentration Percentage [Abstract] |
|
|
|
|
| Percentage of lease revenue in total revenue |
|
16.30%
|
19.50%
|
11.20%
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Operating Lease, Lease Income |
|
$ 86,470,000
|
$ 80,714,000
|
$ 78,962,000
|
| Regal [Member] |
|
|
|
|
| Concentration Risks, Types, No Concentration Percentage [Abstract] |
|
|
|
|
| Percentage of lease revenue in total revenue |
|
8.40%
|
3.10%
|
10.80%
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Operating Lease, Lease Income |
|
$ 44,576,000
|
$ 13,056,000
|
$ 75,784,000
|
| Cinemark |
|
|
|
|
| Concentration Risks, Types, No Concentration Percentage [Abstract] |
|
|
|
|
| Percentage of lease revenue in total revenue |
|
8.00%
|
10.10%
|
5.50%
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Operating Lease, Lease Income |
|
$ 42,417,000
|
$ 42,065,000
|
$ 38,927,000
|
| Leases, Acquired-in-Place [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Weighted average useful life for in-place leases |
|
11 years 1 month 6 days
|
|
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] |
|
|
|
|
| 2022 |
|
$ 2,658,000
|
|
|
| 2023 |
|
2,540,000
|
|
|
| 2024 |
|
1,863,000
|
|
|
| 2025 |
|
1,755,000
|
|
|
| 2026 |
|
1,629,000
|
|
|
| Thereafter |
|
7,956,000
|
|
|
| Total |
|
18,401,000
|
21,684,000
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Intangible assets, accumulated amortization |
|
17,200,000
|
13,900,000
|
|
| Lease Agreements [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Amortization |
|
$ 3,800,000
|
5,600,000
|
3,700,000
|
| Above Market Leases [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Weighted average useful life for in-place leases |
|
6 years 6 months
|
|
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] |
|
|
|
|
| 2022 |
|
$ 46,000
|
|
|
| 2023 |
|
46,000
|
|
|
| 2024 |
|
46,000
|
|
|
| 2025 |
|
46,000
|
|
|
| 2026 |
|
46,000
|
|
|
| Thereafter |
|
73,000
|
|
|
| Total |
|
303,000
|
354,000
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Intangible assets, accumulated amortization |
|
1,200,000
|
1,200,000
|
|
| Trade Names [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Non-amortizing indefinite lived trade names |
|
$ 5,400,000
|
5,400,000
|
|
| Weighted average useful life for in-place leases |
|
26 years 3 months 18 days
|
|
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] |
|
|
|
|
| 2022 |
|
$ 133,000
|
|
|
| 2023 |
|
133,000
|
|
|
| 2024 |
|
133,000
|
|
|
| 2025 |
|
133,000
|
|
|
| 2026 |
|
133,000
|
|
|
| Thereafter |
|
2,693,000
|
|
|
| Total |
|
3,358,000
|
|
|
| Indefinite and Finite-lived Intangible Assets, net |
|
8,713,000
|
8,847,000
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Intangible assets, accumulated amortization |
|
$ 450,000,000
|
317,000,000
|
|
| Below market leases [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Weighted average useful life for in-place leases |
|
29 years 9 months 18 days
|
|
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] |
|
|
|
|
| 2022 |
|
$ 437,000
|
|
|
| 2023 |
|
415,000
|
|
|
| 2024 |
|
396,000
|
|
|
| 2025 |
|
387,000
|
|
|
| 2026 |
|
302,000
|
|
|
| Thereafter |
|
6,004,000
|
|
|
| Total |
|
$ 7,941,000
|
|
|
| Contract Value, intangible [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Weighted average useful life for in-place leases |
|
26 years 6 months
|
|
|
| Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] |
|
|
|
|
| 2022 |
|
$ 365,000
|
|
|
| 2023 |
|
365,000
|
|
|
| 2024 |
|
365,000
|
|
|
| 2025 |
|
365,000
|
|
|
| 2026 |
|
365,000
|
|
|
| Thereafter |
|
7,864,000
|
|
|
| Total |
|
9,689,000
|
10,054,000
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Intangible assets, accumulated amortization |
|
1,300,000
|
914,000
|
|
| Segment, Continuing Operations [Member] |
|
|
|
|
| Accounting for Acquisitions [Abstract] |
|
|
|
|
| Amortization of above/below market leases and tenant allowances, net |
|
$ 400,000
|
500,000
|
400,000
|
| Discontinued Operations, Disposed of by Sale [Member] |
|
|
|
|
| Revenue Recognition [Abstract] |
|
|
|
|
| Straight Line Rent |
|
|
|
3,000,000
|
| prepayment fee |
|
|
|
1,800,000
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Straight line rent write off |
|
|
|
1,200,000
|
| Stock Options [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation, future vesting period minimum (in years) |
|
4 years
|
|
|
| Stock or Unit Option Plan Expense |
|
$ 17,000
|
12,000
|
10,000
|
| Restricted Stock [Member] | Employee [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation expense related to employees and trustees |
|
$ 8,800,000
|
10,600,000
|
11,300,000
|
| Restricted Stock [Member] | Minimum [Member] | Employee [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation, future vesting period minimum (in years) |
|
3 years
|
|
|
| Restricted Stock [Member] | Maximum [Member] | Employee [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation, future vesting period minimum (in years) |
|
4 years
|
|
|
| Restricted Stock Units (RSUs) [Member] | Non-Employee Trustees [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation expense related to employees and trustees |
|
$ 2,200,000
|
2,200,000
|
1,900,000
|
| Performance Shares |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Share based compensation, future vesting period minimum (in years) |
|
3 years
|
|
|
| Share based compensation expense related to employees and trustees |
|
$ 3,900,000
|
1,000,000
|
|
| Accelerated Vesting of Shares [Member] | Nonvested Shares [Member] | Employee Severance [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Severance expense |
|
|
1,000,000
|
600,000
|
| Accelerated Vesting of Shares [Member] | Nonvested Shares [Member] | Chief Investment Officer [Member] | Employee Severance [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Severance expense |
|
|
|
600,000
|
| Accelerated Vesting of Shares [Member] | Performance Shares | Employee Severance [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Severance expense |
|
|
261,000
|
|
| Revolving Credit Facility [Member] |
|
|
|
|
| Deferred financing costs, net |
|
$ 8,700,000
|
4,800,000
|
|
| Building [Member] | Minimum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
30 years
|
|
|
| Building [Member] | Maximum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
40 years
|
|
|
| Furniture and Fixtures [Member] | Minimum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
3 years
|
|
|
| Furniture and Fixtures [Member] | Maximum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
25 years
|
|
|
| Building Improvements [Member] | Minimum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
10 years
|
|
|
| Building Improvements [Member] | Maximum [Member] |
|
|
|
|
| Rental Properties [Abstract] |
|
|
|
|
| Estimated useful live of buildings (in years) |
|
20 years
|
|
|
| triple-net lessor costs [Member] |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Recovery of Direct Costs |
|
$ 3,500,000
|
$ 2,200,000
|
$ 6,900,000
|
| CANADA |
|
|
|
|
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Other |
|
22,500,000
|
|
|
| COVID-19 Deferred Receivable |
|
|
|
|
| Share-based Payment Arrangement, Noncash Expense [Abstract] |
|
|
|
|
| Deferred Rent Receivables, Net |
|
$ 27,300,000
|
|
|