Rental Properties

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Rental Properties

The following table summarizes the carrying amounts of real estate investments as of December 31, 2022 and 2021 (in thousands):

	2022		2021
Buildings and improvements	$	4,637,801	$	4,523,052
Furniture, fixtures & equipment	115,677		108,907
Land	1,236,358		1,222,149
Leasehold interests	26,940		26,717
	6,016,776		5,880,825
Accumulated depreciation	(1,302,640)		(1,167,734)
Total	$	4,714,136	$	4,713,091

Depreciation expense on real estate investments was $158.8 million, $158.3 million and $162.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Acquisitions and Development

During the year ended December 31, 2022, the Company completed asset acquisitions of two fitness and wellness properties for approximately $63.5 million, asset acquisitions of two attraction properties located in Canada for approximately $142.8 million and the acquisition of interests in joint ventures related to two experiential lodging properties for approximately $62.1 million. See Note 7 for further details on these joint ventures.

Additionally, during the year ended December 31, 2022, the Company had investment spending on build-to-suit development and redevelopment for experiential properties totaling $38.4 million.

During the year ended December 31, 2021, the Company completed asset acquisitions of real estate investments and lease related intangibles, as further discussed in Note 2, for experiential properties totaling $48.9 million, that consisted of two eat and play properties.

Additionally, during the year ended December 31, 2021, the Company had investment spending on build-to-suit development and redevelopment for experiential properties totaling $40.2 million.

Dispositions

During the year ended December 31, 2022, the Company completed the sale of three vacant theatre properties and a land parcel for net proceeds of $11.0 million and recognized a combined gain on sale of $0.7 million.

During the year ended December 31, 2021, the Company completed the sale of four theatre properties, two ski properties, one eat & play property and four land parcels for net proceeds totaling $96.1 million and recognized a combined gain on sale of $17.9 million.