Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 01, 2021 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31458 | |
Entity Registrant Name | Drive Shack Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 81-0559116 | |
Entity Address, Street | 10670 N. Central Expressway | |
Entity Address, Suite | Suite 700 | |
Entity Address, City | Dallas | |
Entity Address, State | TX | |
Entity Address, Postal Zip Code | 75231 | |
City Area Code | 646 | |
Local Phone Number | 585-5591 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 92,070,177 | |
Entity Central Index Key | 0001175483 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Common Stock | ||
Document Information | ||
Title of each class | Common Stock, $0.01 par value per share | |
Trading Symbols(s) | DS | |
Name of each exchange on which registered | NYSE | |
Series B Cumulative Redeemable Preferred Stock | ||
Document Information | ||
Title of each class | 9.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbols(s) | DS-PB | |
Name of each exchange on which registered | NYSE | |
Series C Cumulative Redeemable Preferred Stock | ||
Document Information | ||
Title of each class | 8.05% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbols(s) | DS-PC | |
Name of each exchange on which registered | NYSE | |
Series D Cumulative Redeemable Preferred Stock | ||
Document Information | ||
Title of each class | 8.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbols(s) | DS-PD | |
Name of each exchange on which registered | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 85,936 | $ 47,786 |
Restricted cash | 2,852 | 2,252 |
Accounts receivable, net | 5,143 | 4,446 |
Real estate securities, available-for-sale | 3,271 | 3,223 |
Other current assets | 17,754 | 14,410 |
Total current assets | 114,956 | 72,117 |
Restricted cash, noncurrent | 795 | 795 |
Property and equipment, net of accumulated depreciation | 167,663 | 169,425 |
Operating lease right-of-use assets | 195,280 | 192,828 |
Intangibles, net of accumulated amortization | 14,574 | 15,124 |
Other assets | 6,593 | 6,765 |
Total assets | 499,861 | 457,054 |
Current liabilities | ||
Obligations under finance leases | 6,180 | 6,470 |
Membership deposit liabilities | 14,748 | 14,692 |
Accounts payable and accrued expenses | 26,308 | 29,596 |
Deferred revenue | 20,079 | 23,010 |
Other current liabilities | 27,504 | 28,217 |
Total current liabilities | 94,819 | 101,985 |
Credit facilities and obligations under finance leases - noncurrent | 11,653 | 12,751 |
Operating lease liabilities - noncurrent | 173,528 | 167,837 |
Junior subordinated notes payable | 51,180 | 51,182 |
Membership deposit liabilities, noncurrent | 101,853 | 99,862 |
Deferred revenue, noncurrent | 10,983 | 9,953 |
Other liabilities | 3,463 | 3,447 |
Total liabilities | 447,479 | 447,017 |
Commitments and contingencies | ||
Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of March 31, 2021 and December 31, 2020 | 61,583 | 61,583 |
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 92,027,806 and 67,323,592 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 919 | 673 |
Additional paid-in capital | 3,232,713 | 3,178,704 |
Accumulated deficit | (3,244,225) | (3,232,391) |
Accumulated other comprehensive income | 1,392 | 1,468 |
Total equity | 52,382 | 10,037 |
Total liabilities and equity | $ 499,861 | $ 457,054 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25 | $ 25 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 92,027,806 | 67,323,592 |
Common stock, shares outstanding (in shares) | 92,027,806 | 67,323,592 |
Series B Cumulative Redeemable Preferred Stock | ||
Preferred stock, shares issued (in shares) | 1,347,321 | 1,347,321 |
Preferred stock, shares outstanding (in shares) | 1,347,321 | 1,347,321 |
Preferred stock, dividend rate | 9.75% | 9.75% |
Series C Cumulative Redeemable Preferred Stock | ||
Preferred stock, shares issued (in shares) | 496,000 | 496,000 |
Preferred stock, shares outstanding (in shares) | 496,000 | 496,000 |
Preferred stock, dividend rate | 8.05% | 8.05% |
Series D Cumulative Redeemable Preferred Stock | ||
Preferred stock, shares issued (in shares) | 620,000 | 620,000 |
Preferred stock, shares outstanding (in shares) | 620,000 | 620,000 |
Preferred stock, dividend rate | 8.375% | 8.375% |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 61,091 | $ 61,135 |
Operating costs | ||
Operating expenses | 48,870 | 54,367 |
Cost of sales - food and beverages | 2,104 | 3,655 |
General and administrative expense | 7,982 | 9,818 |
Depreciation and amortization | 6,245 | 6,794 |
Pre-opening costs | 556 | 552 |
Loss on lease terminations and impairment | 3,209 | 792 |
Total operating costs | 68,966 | 75,978 |
Operating loss | (7,875) | (14,843) |
Other income (expenses) | ||
Interest and investment income | 153 | 130 |
Interest expense, net | (2,626) | (2,745) |
Other income (loss), net | (61) | 367 |
Total other income (expenses) | (2,534) | (2,248) |
Loss before income tax | (10,409) | (17,091) |
Income tax expense | 495 | 271 |
Net loss | (10,904) | (17,362) |
Preferred dividends | (1,395) | (1,395) |
Loss applicable to common stockholders | $ (12,299) | $ (18,757) |
Loss applicable to common stock, per share | ||
Basic (in dollars per share) | $ (0.15) | $ (0.28) |
Diluted (in dollars per share) | $ (0.15) | $ (0.28) |
Weighted average number of shares of common stock outstanding | ||
Basic (in shares) | 82,558,881 | 67,069,534 |
Diluted (in shares) | 82,558,881 | 67,069,534 |
Golf operations | ||
Revenues | ||
Total revenues | $ 53,161 | $ 48,625 |
Sales of food and beverages | ||
Revenues | ||
Total revenues | $ 7,930 | $ 12,510 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (10,904) | $ (17,362) |
Other comprehensive loss: | ||
Net unrealized loss on available-for-sale securities | (76) | (38) |
Other comprehensive loss | (76) | (38) |
Total comprehensive loss | (10,980) | (17,400) |
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity | $ (10,980) | $ (17,400) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comp. Income |
Equity (deficit), beginning at Dec. 31, 2019 | $ 65,575 | $ 61,583 | $ 671 | $ 3,177,183 | $ (3,175,572) | $ 1,710 |
Equity (deficit), beginning (in shares) at Dec. 31, 2019 | 2,463,321 | 67,068,751 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Dividends declared | (465) | (465) | ||||
Stock-based compensation | 201 | 201 | ||||
Shares issued from restricted stock units (in shares) | 1,762 | |||||
Comprehensive income (loss) | ||||||
Net loss | (17,362) | (17,362) | ||||
Other comprehensive (loss) income | (38) | (38) | ||||
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity | (17,400) | |||||
Equity (deficit), ending (in shares) at Mar. 31, 2020 | 2,463,321 | 67,070,513 | ||||
Equity (deficit), ending at Mar. 31, 2020 | 47,911 | $ 61,583 | $ 671 | 3,177,384 | (3,193,399) | 1,672 |
Equity (deficit), beginning at Dec. 31, 2020 | 10,037 | $ 61,583 | $ 673 | 3,178,704 | (3,232,391) | 1,468 |
Equity (deficit), beginning (in shares) at Dec. 31, 2020 | 2,463,321 | 67,323,592 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Dividends declared | (930) | (930) | ||||
Stock-based compensation | 350 | 350 | ||||
Shares issued from options and restricted stock units | 0 | $ 7 | (7) | |||
Shares issued from restricted stock units (in shares) | 745,881 | |||||
Shares issued from equity raise | 53,905 | $ 239 | 53,666 | |||
Shares issued from equity raise (in shares) | 23,958,333 | |||||
Comprehensive income (loss) | ||||||
Net loss | (10,904) | (10,904) | ||||
Other comprehensive (loss) income | (76) | (76) | ||||
Comprehensive loss attributable to Drive Shack Inc. stockholders’ equity | (10,980) | |||||
Equity (deficit), ending (in shares) at Mar. 31, 2021 | 2,463,321 | 92,027,806 | ||||
Equity (deficit), ending at Mar. 31, 2021 | $ 52,382 | $ 61,583 | $ 919 | $ 3,232,713 | $ (3,244,225) | $ 1,392 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities | ||
Net loss | $ (10,904) | $ (17,362) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,245 | 6,794 |
Amortization of discount and premium | (126) | (91) |
Other amortization | 2,000 | 1,904 |
Amortization of revenue on golf membership deposit liabilities | (564) | (364) |
Amortization of prepaid golf membership dues | (6,467) | (4,076) |
Non-cash operating lease expense | 107 | 958 |
Stock-based compensation | 349 | 201 |
Loss on lease terminations and impairment | 3,209 | 792 |
Equity in earnings, net of impairment from equity method investments | 0 | (344) |
Other losses, net | 182 | 46 |
Change in: | ||
Accounts receivable, net, other current assets and other assets - noncurrent | (3,868) | 3,913 |
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent | 2,281 | 5,052 |
Net cash used in operating activities | (7,556) | (2,577) |
Cash Flows From Investing Activities | ||
Proceeds from sale of property and equipment | 0 | 91 |
Acquisition and additions of property and equipment and intangibles | (6,542) | (6,573) |
Net cash used in investing activities | (6,542) | (6,482) |
Cash Flows From Financing Activities | ||
Repayments of debt obligations | (1,685) | (1,484) |
Golf membership deposits received | 815 | 489 |
Proceeds from issuance of common stock | 53,905 | 0 |
Preferred stock dividends paid | 0 | (1,395) |
Other financing activities | (187) | (176) |
Net cash provided by (used in) financing activities | 52,848 | (2,566) |
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent | 38,750 | (11,625) |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period | 50,833 | 31,964 |
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period | 89,583 | 20,339 |
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||
Preferred stock dividends declared but not paid | 930 | 0 |
Additions to finance lease assets and liabilities | 298 | 1,028 |
(Decreases)/increases in accounts payable and accrued expenses related to the purchase of property and equipment | $ (1,916) | $ 3,771 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Drive Shack Inc., a Maryland corporation, was formed in 2002, and its common stock is traded on the NYSE under the symbol “DS.” Drive Shack Inc., together with its subsidiaries, is referenced herein as "Drive Shack Inc.", "the Company", "we", or "our". The Company owns and operates golf-related leisure and entertainment venues and courses focused on bringing people together through competitive socializing, by combining sports and entertainment with elevated food and beverage offerings. The Company conducts its business through the following segments: (i) Entertainment Golf, (ii) Traditional Golf and (iii) corporate. For a further discussion of the reportable segments, see Note 4. As of March 31, 2021, the Company's Entertainment Golf segment was comprised of four owned or leased entertainment golf venues across three states with locations in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia. This segment also includes the Company's newest entertainment golf brand, Puttery, which is currently under development with the first two venues expected to debut in summer 2021. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COVID-19 — In March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”). In response to the rapid spread of COVID-19, authorities around the world implemented numerous measures to contain the virus, such as travel bans and restrictions, quarantines, "stay-at-home" or "shelter-in-place" orders and business shutdowns. Many jurisdictions in which we operate required mandatory store closures or imposed capacity limitations and other restrictions affecting our operations. As a result, during March 2020, we temporarily closed all of our Entertainment Golf venues and substantially all of our Traditional Golf courses and furloughed a substantial majority of our employees. In response to the uncertainty caused by the pandemic, we took several actions after we suspended operations to preserve our liquidity position and prepare for multiple contingencies. Following the temporary closure of our venues in March 2020 in response to the COVID-19 pandemic, three of our four Drive Shack Entertainment Golf venues and all of our Traditional Golf properties were reopened by the end of the second quarter, subject to locally mandated capacity limitations and operational restrictions. Our Entertainment Golf venue in Orlando, Florida re-opened in December 2020. Restrictions on large group gatherings remain in effect in the majority of the jurisdictions in which we operate, which has resulted in the postponement or cancellation of the substantial majority of events, banquets, and other large group gatherings. The extended length of the COVID-19 pandemic and the related government response have caused, and are continuing to cause, prolonged periods of various operational restrictions and capacity limitations impacting our business operations. In addition, the duration and intensity of the pandemic may result in changes in customer behaviors or preferences. These may lead to increased asset recovery and valuation risks, such as impairment of long-lived and other assets. The extent to which COVID-19 ultimately impacts our business will depend on future developments, which remain highly uncertain and cannot be predicted, including additional actions taken by various governmental bodies and private enterprises to contain COVID-19 or mitigate its impact, among others. The Company currently expects these developments to have a material adverse impact on its revenues, results of operations and cash flows in future periods. Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2020. There have been no significant changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The Company’s significant accounting policies for these financial statements as of March 31, 2021 are summarized below and should be read in conjunction with the Summary of Significant Accounting Policies detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates – Our estimates are based on information available to management at the time of preparation of the Consolidated Financial Statements, including the result of historical analysis, our understanding and experience of the Company’s operations, our knowledge of the industry and market-participant data available to us. Actual results have historically been in line with management’s estimates and judgments used in applying each of the accounting policies and management periodically re-evaluates accounting estimates and assumptions. Actual results could differ from these estimates and materially impact our Consolidated Financial Statements. However, the Company does not expect our assessments and assumptions to materially change in the future. Real Estate, Held-for-Sale — Long-lived assets to be disposed of by sale, which meet certain criteria, are reclassified to real estate held-for-sale and measured at the lower of their carrying amount or fair value less costs to sell. The Company suspends depreciation and amortization for assets held-for-sale. Subsequent changes to the estimated fair value less costs to sell could impact the measurement of assets held-for-sale. Decreases below carrying value are recognized as an impairment loss and recorded in "Loss on lease terminations and impairment" on the Consolidated Statements of Operations. To the extent the fair value increases, any previously reported impairment is reversed to the extent of the impairment taken. On March 7, 2018, the Company announced it was actively pursuing the sale of 26 owned Traditional Golf properties in order to generate capital for reinvestment in the Entertainment Golf business. On October 16, 2020, the Company completed the sale of that remaining held-for-sale Traditional Golf property for a sale price of $34.5 million and received net cash proceeds of approximately $33.6 million. As of March 31, 2021, the Company does not have any properties classified as held-for-sale. Leasing Arrangements — The Company evaluates at lease inception whether an arrangement is or contains a lease by providing the Company with the right to control an asset. Operating leases are accounted for on balance sheet with the Right of Use (“ROU”) assets and lease liabilities recognized in "Operating lease right-of-use assets," "Other current liabilities" and "Operating lease liabilities - noncurrent" in the Consolidated Balance Sheets. Finance lease ROU assets, current lease liabilities and noncurrent lease liabilities are recognized in "Property and equipment, net of accumulated depreciation," and "Obligations under finance leases" and "Credit facilities and obligations under finance leases - noncurrent" in the Consolidated Balance Sheets, respectively. All lease liabilities are measured at the present value of the associated payments, discounted using the Company’s incremental borrowing rate determined using a portfolio approach based on the rate of interest that the Company would pay to borrow an amount equal to the lease payments for a similar term and in a similar economic environment on a collateralized basis. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for initial direct costs, prepaid rent, and lease incentives received. Operating leases are subsequently amortized into lease cost on a straight-line basis. Depreciation of the finance lease ROU assets is subsequently calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms and recorded in "Depreciation and amortization" on the Consolidated Statements of Operations. In addition to the fixed minimum payments required under the lease arrangements, certain leases require variable lease payments, which are payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments as well as payment of taxes assessed against the leased property. The leases generally also require the payment for the cost of insurance and maintenance. Variable lease payments are recognized when the associated activity occurs and contingency is resolved. The Company has elected to combine lease and non-lease components for all lease contracts. Other Investments — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity in a commercial real estate project. The Company accounts for this investment as an equity method investment. The Company evaluates its equity method investment for other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near-term prospects of the commercial real estate project, the length of time and the extent to which the market value of the investment has been less than cost, availability and cost of financing, demand for space, competition for tenants, changes in market rental rates, and operating results. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its recoverability analyses may not be realized, and actual losses or impairment may be realized in the future. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investment fall within Level 3 for fair value reporting. The operations and ongoing construction at the commercial real estate project halted due to the COVID-19 pandemic in mid-March 2020 and the Company recorded an other-than-temporary impairment charge of $24.7 million during the three months ended June 30, 2020. The other-than-temporary impairment charge was recorded in "Other income (loss), net" on the Consolidated Statements of Operations. The property reopened to the public with additional entertainment venues and retail shops in October 2020 while following COVID-19 related operational restrictions and capacity limitations, and implementing social distancing measures. However, the ability of the commercial real estate project to obtain additional funding to complete the construction and attain the financial results needed to recover any of our investment remains highly uncertain. The carrying value of the investment was zero as of both March 31, 2021, and December 31, 2020. Impairment of Long-lived Assets — The Company periodically reviews the carrying amounts of its long-lived assets, including real estate held-for-use and held-for-sale, as well as finite-lived intangible assets and right-of-use assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset, or other appropriate grouping of assets, to its carrying value to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount is greater than the expected undiscounted cash flows, the asset is considered impaired and an impairment is recognized to the extent the carrying value of such asset exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Other Current Assets The following table summarizes the Company's other current assets: March 31, 2021 December 31, 2020 Managed property receivables $ 4,638 $ 3,236 Prepaid expenses 3,048 3,158 Deposits 1,223 767 Inventory 2,012 1,950 Miscellaneous current assets, net 6,833 5,299 Other current assets $ 17,754 $ 14,410 Other Assets The following table summarizes the Company's other assets: March 31, 2021 December 31, 2020 Prepaid expenses $ 701 $ 2,154 Deposits 3,908 2,504 Miscellaneous assets, net 1,984 2,107 Other assets $ 6,593 $ 6,765 Other Current Liabilities The following table summarizes the Company's other current liabilities: March 31, 2021 December 31, 2020 Operating lease liabilities $ 19,062 $ 19,894 Accrued rent 3,122 4,318 Dividends payable 930 — Miscellaneous current liabilities 4,390 4,005 Other current liabilities $ 27,504 $ 28,217 Membership Deposit Liabilities - Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as members to their respective country clubs. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into Golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. Other Income (Loss), Net — These items are comprised of the following: Three Months Ended March 31, 2021 2020 Collateral management fee income, net $ 56 $ 72 Equity in earnings, net of impairment from equity method investments — 344 Gain (loss) on sale of long-lived assets and intangibles (15) 48 Other loss (102) (97) Other income (loss), net $ (61) $ 367 Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. The effective date of the standard is for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in the standard are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. The Company adopted ASU 2019-12 as of the fiscal year beginning January 1, 2021. The adoption of ASU 2019-12 had no material impact on the Company's financial statements. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The majority of the Company’s revenue is recognized at the time of sale to customers at the Company’s Entertainment Golf venues and Traditional Golf properties, including green fees, cart rentals, bay play, events and sales of food, beverages and merchandise. Revenue from membership dues is recognized in the month earned. Membership dues received in advance are included in deferred revenue and recognized as revenue ratably over the appropriate period, which is generally twelve months or less for private club members and the following month for The Players Club members. The Company’s revenues are generated within the Entertainment Golf and Traditional Golf segments. The following tables disaggregate revenue by category: entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Three Months Ended March 31, 2021 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 3,421 $ 19,172 $ 14,719 $ 15,849 $ 53,161 Sales of food and beverages 4,802 1,855 1,273 — 7,930 Total revenues $ 8,223 $ 21,027 $ 15,992 $ 15,849 $ 61,091 Three Months Ended March 31, 2020 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 3,910 $ 16,023 $ 13,655 $ 15,037 $ 48,625 Sales of food and beverages 6,207 4,285 2,018 — 12,510 Total revenues $ 10,117 $ 20,308 $ 15,673 $ 15,037 $ 61,135 (A) Includes $13.8 million for the three months ended March 31, 2021, and $13.3 million for the three months ended March 31, 2020, respectively, related to management contract reimbursements reported under ASC 606. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company currently has three reportable segments: (i) Entertainment Golf, (ii) Traditional Golf and (iii) corporate. The Company has determined that its chief operating decision maker (“CODM”) is the Chief Executive Officer and President, who reviews discrete financial information, including resource allocation and performance assessment, for each reportable segment to manage the Company. The Company's Entertainment Golf segment, launched in 2018, is comprised of Drive Shack venues that feature tech-enabled hitting bays with in-bay dining, full-service restaurants, bars, and event spaces and the Company's new Puttery sites. As of March 31, 2021, the Company operated four Drive Shack venues across three states which are located in Orlando, Florida; West Palm Beach, Florida; Raleigh, North Carolina; and Richmond, Virginia. Puttery remains under development and the first two venues are expected to debut in Dallas and Charlotte in summer 2021. The Company's Traditional Golf business is one of the largest operators of golf courses and country clubs in the United States. As of March 31, 2021, the Company owned, leased or managed 60 Traditional Golf properties across nine states. Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole: Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2021 Revenues Golf operations $ 3,421 $ 49,740 $ — $ 53,161 Sales of food and beverages 4,802 3,128 — 7,930 Total revenues 8,223 52,868 — 61,091 Operating costs Operating expenses 5,133 43,737 — 48,870 Cost of sales - food and beverages 1,085 1,019 — 2,104 General and administrative expense (A) 2,198 2,378 3,210 7,786 General and administrative expense - acquisition and transaction expenses (B) 192 — 4 196 Depreciation and amortization 2,952 3,221 72 6,245 Pre-opening costs (C) 556 — — 556 Loss on lease terminations and impairment 22 — 3,187 3,209 Total operating costs 12,138 50,355 6,473 68,966 Operating (loss) income (3,915) 2,513 (6,473) (7,875) Other income (expenses) Interest and investment income — 20 133 153 Interest expense (D) (82) (2,251) (316) (2,649) Capitalized interest (D) — 8 15 23 Other income (loss), net — (114) 53 (61) Total other income (expenses) (82) (2,337) (115) (2,534) Income tax expense — — 495 495 Net income (loss) (3,997) 176 (7,083) (10,904) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (3,997) $ 176 $ (8,478) $ (12,299) Entertainment Golf Traditional Golf Corporate Total March 31, 2021 Total assets 176,618 261,310 61,933 499,861 Total liabilities 44,951 339,447 63,081 447,479 Preferred stock — — 61,583 61,583 Equity $ 131,667 $ (78,137) $ (62,731) $ (9,201) Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 $ 3,789 $ 1,135 $ — $ 4,924 Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2020 Revenues Golf operations $ 3,910 $ 44,715 $ — $ 48,625 Sales of food and beverages 6,207 6,303 — 12,510 Total revenues 10,117 51,018 — 61,135 Operating costs Operating expenses 8,172 46,195 — 54,367 Cost of sales - food and beverages 1,610 2,045 — 3,655 General and administrative expense (A) 3,169 3,093 2,378 8,640 General and administrative expense - acquisition and transaction expenses (B) 34 122 1,022 1,178 Depreciation and amortization 3,020 3,703 71 6,794 Pre-opening costs (C) 552 — — 552 Loss on lease terminations and impairment — 792 — 792 Total operating costs 16,557 55,950 3,471 75,978 Operating (loss) income (6,440) (4,932) (3,471) (14,843) Other income (expenses) Interest and investment income 1 15 114 130 Interest expense (D) (105) (2,147) (526) (2,778) Capitalized interest (D) — 9 24 33 Other income (loss), net — (46) 413 367 Total other income (expenses) (104) (2,169) 25 (2,248) Income tax expense — — 271 271 Net loss (6,544) (7,101) (3,717) (17,362) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (6,544) $ (7,101) $ (5,112) $ (18,757) (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees. (C) Pre-opening costs are expensed as incurred and consist primarily of venue-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an Entertainment Golf venue. |
PROPERTY AND EQUIPMENT, NET OF
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION | PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION The following table summarizes the Company’s property and equipment: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,770 $ — $ 6,770 Buildings and improvements 144,134 (42,391) 101,743 142,635 (40,198) 102,437 Furniture, fixtures and equipment 51,422 (26,220) 25,202 51,622 (24,422) 27,200 Finance leases - equipment 32,661 (14,920) 17,741 34,339 (15,296) 19,043 Construction in progress 16,207 — 16,207 13,975 — 13,975 Total Property and Equipment $ 251,194 $ (83,531) $ 167,663 $ 249,341 $ (79,916) $ 169,425 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company's commitments under lease arrangements are primarily ground leases for Entertainment Golf venues and Traditional Golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our Entertainment Golf venues and Traditional Golf properties and related facilities initially range from 10 to 20 years, and include up to eight 5-year renewal options (see Note 13 for additional detail). Equipment and golf cart leases initially range between 24 to 66 months and typically contain renewal options which may be on a month-to-month basis. An option to renew a lease is included in the determination of the ROU asset and lease liability when it is reasonably certain that the renewal option will be exercised. Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2021, and March 31, 2020, are as follows: Three Months Ended March 31, 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,467 1,532 Interest on lease liabilities 325 341 Total finance lease cost 1,792 1,873 Operating lease cost Operating lease cost 8,904 9,267 Short-term lease cost 340 428 Variable lease cost 4,008 2,788 Total operating lease cost 13,252 12,483 Total lease cost $ 15,044 14,356 Other information related to leases included on the Consolidated Balance Sheet as of and for the three months ended March 31, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets 195,280 17,741 Lease liabilities 192,590 17,633 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 8,954 325 Financing cash flows — 1,685 Right-of-use assets obtained in exchange for lease liabilities 9,765 298 Weighted average remaining lease term 14.0 years 3.7 years Weighted average discount rate 8.2 % 6.4 % Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Financing Leases April 1, 2021 - December 31, 2021 26,156 5,241 2022 30,662 5,721 2023 30,514 4,665 2024 24,536 2,481 2025 21,555 1,240 Thereafter 183,074 318 Total minimum lease payments 316,497 19,666 Less: imputed interest 123,907 2,033 Total lease liabilities $ 192,590 $ 17,633 |
LEASES | LEASES The Company's commitments under lease arrangements are primarily ground leases for Entertainment Golf venues and Traditional Golf properties and related facilities, office leases and leases for golf carts and equipment. The majority of lease terms for our Entertainment Golf venues and Traditional Golf properties and related facilities initially range from 10 to 20 years, and include up to eight 5-year renewal options (see Note 13 for additional detail). Equipment and golf cart leases initially range between 24 to 66 months and typically contain renewal options which may be on a month-to-month basis. An option to renew a lease is included in the determination of the ROU asset and lease liability when it is reasonably certain that the renewal option will be exercised. Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2021, and March 31, 2020, are as follows: Three Months Ended March 31, 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,467 1,532 Interest on lease liabilities 325 341 Total finance lease cost 1,792 1,873 Operating lease cost Operating lease cost 8,904 9,267 Short-term lease cost 340 428 Variable lease cost 4,008 2,788 Total operating lease cost 13,252 12,483 Total lease cost $ 15,044 14,356 Other information related to leases included on the Consolidated Balance Sheet as of and for the three months ended March 31, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets 195,280 17,741 Lease liabilities 192,590 17,633 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 8,954 325 Financing cash flows — 1,685 Right-of-use assets obtained in exchange for lease liabilities 9,765 298 Weighted average remaining lease term 14.0 years 3.7 years Weighted average discount rate 8.2 % 6.4 % Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Financing Leases April 1, 2021 - December 31, 2021 26,156 5,241 2022 30,662 5,721 2023 30,514 4,665 2024 24,536 2,481 2025 21,555 1,240 Thereafter 183,074 318 Total minimum lease payments 316,497 19,666 Less: imputed interest 123,907 2,033 Total lease liabilities $ 192,590 $ 17,633 |
INTANGIBLES, NET OF ACCUMULATED
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION | INTANGIBLES, NET OF ACCUMULATED AMORTIZATION The following table summarizes the Company’s intangible assets: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (169) $ 531 $ 700 $ (163) $ 537 Management contracts 31,043 (18,920) 12,123 31,043 (18,427) 12,616 Internally-developed software 314 (94) 220 314 (79) 235 Membership base 5,944 (5,250) 694 5,944 (5,236) 708 Nonamortizable liquor licenses 1,006 — 1,006 1,028 — 1,028 Total Intangibles $ 39,007 $ (24,433) $ 14,574 $ 39,029 $ (23,905) $ 15,124 |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS The following table presents certain information regarding the Company’s debt obligations at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.43% 2.43 % 22.7 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Mar 2021 17,633 17,633 Mar 2021 - Sep 2026 3.00% to 15.00% 6.37 % 3.5 — 19,021 19,021 17,833 17,833 6.33 % 3.7 — 19,221 19,221 Less current portion of obligations under finance leases 6,180 6,180 6,470 6,470 Credit facilities and obligations under finance leases - noncurrent 11,653 11,653 12,751 12,751 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,180 Apr 2035 LIBOR+2.25% 2.43 % 14.1 51,004 51,004 51,182 Total debt obligations $ 68,837 $ 69,013 3.69 % 11.6 $ 51,004 $ 70,225 $ 70,403 (B) Interest rate based on 3 month LIBOR plus 2.25%. Collateral for this obligation is the Company's general credit. |
REAL ESTATE SECURITIES
REAL ESTATE SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
REAL ESTATE SECURITIES | REAL ESTATE SECURITIES The following is a summary of the Company’s real estate securities at March 31, 2021, which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) March 31, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,400 $ (1,521) $ 1,879 $ 1,392 $ — $ 3,271 1 CCC 0.71 % 29.16 % 2.4 55.2 % December 31, 2020 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,276 $ (1,521) $ 1,755 $ 1,468 $ — $ 3,223 1 CCC 0.73 % 29.14 % 2.6 52.2 % (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Ratings provided were determined by third-party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to the Company’s investment. (E) The ABS - Non-Agency RMBS is a floating rate security and the collateral securing it is located in various geographic regions in the U.S. The Company does not have significant investments in any one geographic region. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Summary Table The following table summarizes the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2021: March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 3,271 $ 3,027 Pricing models - Level 3 $ 3,223 $ 3,223 Cash and cash equivalents 85,936 85,936 47,786 47,786 Restricted cash, current and noncurrent 3,647 3,647 3,047 3,047 Liabilities Junior subordinated notes payable 51,180 25,774 Pricing models - Level 3 51,182 18,591 Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including • quoted prices for similar assets or liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. The Company’s real estate securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, the Company has estimated the fair value of these illiquid instruments based on internal pricing models subject to the Company’s controls described below. The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. With respect to broker and pricing service quotations, and in order to ensure these quotes represent a reasonable estimate of fair value, the Company’s quarterly procedures include a comparison of such quotations to quotations from different sources, outputs generated from its internal pricing models and transactions completed, as well as on its knowledge and experience of these markets. With respect to fair value estimates generated based on the Company’s internal pricing models, the Company’s management validates the inputs and outputs of the internal pricing models by comparing them to available independent third-party market parameters and models, where available, for reasonableness. The Company believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For the Company’s investments in real estate securities categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Significant Unobservable Inputs The following table provides quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,879 $ 3,271 10.0 % 7.5 % 2.7 % 65.0 % All of the inputs used have some degree of market observability, based on the Company’s knowledge of the market, relationships with market participants, and use of common market data sources. Collateral prepayment, default and loss severity projections are in the form of “curves” or “vectors” that vary for each monthly collateral cash flow projection. Methods used to develop these projections vary by asset class but conform to industry conventions. The Company uses assumptions that generate its best estimate of future cash flows of each respective security. Real estate securities measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended March 31, 2021 as follows: ABS - Non-Agency RMBS Balance at December 31, 2020 $ 3,223 Total gains (losses) (A) Included in other comprehensive income (loss) (76) Amortization included in interest income 131 Purchases, sales and repayments (A) Proceeds (7) Balance at March 31, 2021 $ 3,271 (A) None of the gains (losses) recorded in earnings during the period are attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. There were no purchases or sales during the three months ended March 31, 2021. Liabilities for Which Fair Value is Only Disclosed The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company |
EQUITY AND EARNINGS PER SHARE
EQUITY AND EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
EQUITY AND EARNINGS PER SHARE | EQUITY AND EARNINGS PER SHARE A. Stock Options The following is a summary of the changes in the Company’s outstanding options for the three months ended March 31, 2021: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2020 4,935,732 $ 2.57 Exercised (1,048,652) 1.00 Balance at March 31, 2021 3,887,080 $ 3.00 2.24 Exercisable at March 31, 2021 2,704,738 $ 3.13 2.34 As of March 31, 2021, the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 2,578,593 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,308,154 Issued to the independent directors 333 Total 3,887,080 Weighted average strike price $ 3.00 (A) The Company and the former Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. In 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager. The Company reversed $1.2 million in stock compensation expense related to these options. For the three months ending March 31, 2021, the former Manager exercised 1,048,652 options at a weighted average strike price of $1.00 resulting in common shares issued of 736,551. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the options. Stock-based compensation expense related to the employee options was $0.2 million during the three months ended March 31, 2021, and $(0.1) million during the three months ended March 31, 2020, respectively, and was recorded in general and administrative expense on the Consolidated Statements of Operations. The unrecognized stock-based compensation expense related to the unvested options was $0.9 million as of March 31, 2021 and will be expensed over a weighted average of 1.6 years. B. Restricted Stock Units ("RSUs") The following is a summary of the changes in the Company’s RSUs for the three months ended March 31, 2021. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2020 259,238 $ 3.72 Vested / Released (12,538) $ 4.19 Forfeited (11,777) $ 4.67 Balance at March 31, 2021 234,923 $ 3.64 The Company grants RSUs to the non-employee directors as part of their annual compensation. The RSUs are subject to a one year vesting period. During the three months ended March 31, 2021, the Company granted no RSUs to non-employee directors and 5,423 RSUs granted to non-employee directors vested. The Company also grants RSUs to employees as part of their annual compensation. The RSUs vest in equal annual installments on each of the first three anniversaries of the grant date. During the three months ended March 31, 2021, the Company granted no RSUs to employees and 7,115 RSUs granted to employees vested. Stock-based compensation expense is recognized on a straight-line basis through the vesting date of the RSUs. Stock-based compensation expense related to RSUs was $0.1 million during the three months ended March 31, 2021, and $0.3 million for the three months ended March 31, 2020. Stock-based compensation expense was recorded in general and administrative expense on the Consolidated Statements of Operations. The unrecognized stock-based compensation expense related to the unvested RSUs was $0.5 million as of March 31, 2021 and will be expensed over a weighted average of 1 year. C. Dividends No dividends were declared during the three months ended March 31, 2020 on the 9.750% Series B, 8.050% Series C or 8.375% Series D preferred stock, for the twelve-month period beginning February 1, 2020 and ending January 31, 2021. On March 12, 2021 the board of directors declared dividends on the Company’s preferred stock for the period beginning February 1, 2021 and ending April 30, 2021, payable on April 30, 2021 to holders of record of preferred stock on April 1, 2021, in an amount equal to $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively. Dividends totaling $1.4 million were paid on April 29, 2021. D. Earnings Per Share The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2021 2020 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends $ (12,299) $ (18,757) Loss Applicable to Common Stockholders $ (12,299) $ (18,757) Denominator: Denominator for basic earnings per share - weighted average shares 82,558,881 67,069,534 Effect of dilutive securities Options — — RSUs — — Denominator for diluted earnings per share - adjusted weighted average shares 82,558,881 67,069,534 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28) Loss Applicable to Common Stock, per share $ (0.15) $ (0.28) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28) Loss Applicable to Common Stock, per share $ (0.15) $ (0.28) The Company’s dilutive securities are outstanding stock options and RSUs. During the three months ended March 31, 2021, based on the treasury stock method, the Company had 881,911 outstanding stock options and RSUs, respectively, which were excluded due to the Company's loss position. During the three months ended March 31, 2020, based on the treasury stock method, the Company had 964,335 potentially dilutive securities. |
TRANSACTIONS WITH AFFILIATES AN
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES | 3 Months Ended |
Mar. 31, 2021 | |
Transactions With Affiliates And Affiliated Entity [Abstract] | |
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES | TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES Other Affiliated EntitiesThe Company incurred expenses for services of of a Company executive prior to execution of an employment agreement, which will be reimbursed to an affiliate of a member of the Board of Directors, subject to Board approval. The Company accrued $0.2 million in compensation expense for the year ended December 31, 2019, and an additional $0.1 million during 2020. The amounts were repaid as of March 31, 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Contingencies - The Company is and may become, from time to time, involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental, personal injury and other claims. Although management is unable to predict with certainty the eventual outcome of any legal action, management believes the ultimate liability arising from such actions, individually and in the aggregate, which existed at March 31, 2021, will not materially affect the Company’s consolidated results of operations, financial position or cash flow. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on our financial results. Commitments - As of March 31, 2021, the Company had future payments for additional operating leases that had not yet commenced of $19.0 million. The leases are expected to commence over the next 12 - 24 months with lease terms of approximately 10 to 15 years. These leases are primarily real estate leases for future Puttery venues and the recognition of these leases on our balance sheet generally occurs when the Company takes possession of the underlying property. Preferred Dividends in Arrears - As of March 31, 2021, $5.6 million of dividends on the Company's cumulative preferred stock were unpaid and in arrears. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's income tax provision (benefit) for interim periods is determined using an estimate of the Company's annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. The Company's income tax provision was $0.5 million and $0.3 million for the three months ended March 31, 2021, and 2020 respectively. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company recorded a valuation allowance against its deferred tax assets as of March 31, 2021 as management does not believe that it is more likely than not that the deferred tax assets will be realized. The Company and its subsidiaries file U.S. federal and state income tax returns in various jurisdictions. As of March 31, 2021, the Company is not subject to examination by the IRS for the tax years prior to 2017 and is not currently under examination in any state jurisdictions for open tax years 2017 and after. At December 31, 2020 and March 31, 2021, the Company reported a total liability for unrecognized tax benefits of $1.2 million. The Company does not anticipate any significant increases or decreases to the balance of unrecognized tax benefits during the next 12 months. |
LOSS ON LEASE TERMINATIONS AND
LOSS ON LEASE TERMINATIONS AND IMPAIRMENT | 3 Months Ended |
Mar. 31, 2021 | |
Other than Temporary Impairment Losses, Investments [Abstract] | |
LOSS ON LEASE TERMINATIONS AND IMPAIRMENT | LOSS ON LEASE TERMINATIONS AND IMPAIRMENT The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Three Months Ended March 31, 2021 2020 Impairment on corporate office assets (held-for-use) $ 3,209 $ — Impairment on traditional golf properties (held-for-use) — 792 Total (gain) loss on lease terminations and impairment $ 3,209 $ 792 Held-for-Use Impairment - During the three months ended March 31, 2021, the Company recorded impairment charges of $3.2 million related to right-of-use and other lease related assets of our former headquarters office in New York given the relocation of the Company’s headquarters to Dallas, TX. This includes impairment of leasehold improvements of $0.3 million, furniture fixtures, and equipment of $0.6 million, and ROU assets of $2.3 million. The Company evaluated the recoverability of the carrying value of these assets using the income approach based on future assumptions of cash flows. The development of discounted cash flow models used to estimate the fair value of the asset groups required the application of significant judgement in determining market participant assumptions, including the projected sublease income over the remaining lease terms, expected downtime prior to the commencement of future subleases, expected lease incentives offered to future tenants, and discount rates that reflected the level of risk associated with these future cash flows. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties fall within Level 3 for fair value reporting. Held-for-Use Impairment: During the three months ended March 31, 2020, the Company recorded impairment charges totaling $0.8 million for one traditional golf property. The Company evaluated the recoverability of the carrying value of these assets using the income approach based on future assumptions of cash flows. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties fall within Level 3 for fair value reporting. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSFollowing the close of business on March 31, 2021, management agreements expired for the Lomas Santa Fe Country Club, Tustin Ranch Golf Club, and Yorba Linda Country Club, reducing the total number of courses managed in our traditional golf business to 22. In May 2021, the SeaCliff Country Club lease expired, reducing the total number of leased courses in our traditional golf business to 33. The total annual revenue generated by the four properties during fiscal year ended December 31, 2020 and the quarter ended March 31, 2021 was $22.4 million and $6.6 million, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The accompanying Consolidated Financial Statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared under U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2021. Capitalized terms used herein, and not otherwise defined, are defined in the Company’s Consolidated Financial Statements for the year ended December 31, 2020. There have been no |
Use of Estimates | Use of Estimates – Our estimates are based on information available to management at the time of preparation of the Consolidated Financial Statements, including the result of historical analysis, our understanding and experience of the Company’s operations, our knowledge of the industry and market-participant data available to us. Actual results have historically been in line with management’s estimates and judgments used in applying each of the accounting policies and management periodically re-evaluates accounting estimates and assumptions. Actual results could differ from these estimates and materially impact our Consolidated Financial Statements. However, the Company does not expect our assessments and assumptions to materially change in the future. |
Real Estate, Held-for-Sale | Real Estate, Held-for-Sale — |
Leasing Arrangements | Leasing Arrangements — The Company evaluates at lease inception whether an arrangement is or contains a lease by providing the Company with the right to control an asset. Operating leases are accounted for on balance sheet with the Right of Use (“ROU”) assets and lease liabilities recognized in "Operating lease right-of-use assets," "Other current liabilities" and "Operating lease liabilities - noncurrent" in the Consolidated Balance Sheets. Finance lease ROU assets, current lease liabilities and noncurrent lease liabilities are recognized in "Property and equipment, net of accumulated depreciation," and "Obligations under finance leases" and "Credit facilities and obligations under finance leases - noncurrent" in the Consolidated Balance Sheets, respectively. All lease liabilities are measured at the present value of the associated payments, discounted using the Company’s incremental borrowing rate determined using a portfolio approach based on the rate of interest that the Company would pay to borrow an amount equal to the lease payments for a similar term and in a similar economic environment on a collateralized basis. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for initial direct costs, prepaid rent, and lease incentives received. Operating leases are subsequently amortized into lease cost on a straight-line basis. Depreciation of the finance lease ROU assets is subsequently calculated using the straight-line method over the shorter of the estimated useful lives or the expected lease terms and recorded in "Depreciation and amortization" on the Consolidated Statements of Operations. In addition to the fixed minimum payments required under the lease arrangements, certain leases require variable lease payments, which are payment of the excess of various percentages of gross revenue or net operating income over the minimum rental payments as well as payment of taxes assessed against the leased property. The leases generally also require the payment for the cost of insurance and maintenance. Variable lease payments are recognized when the associated activity occurs and contingency is resolved. |
Other Investments | Other Investments — The Company owns an approximately 22% economic interest in a limited liability company which owns preferred equity in a commercial real estate project. The Company accounts for this investment as an equity method investment. The Company evaluates its equity method investment for other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The evaluation of recoverability is based on management’s assessment of the financial condition and near-term prospects of the commercial real estate project, the length of time and the extent to which the market value of the investment has been less than cost, availability and cost of financing, demand for space, competition for tenants, changes in market rental rates, and operating results. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its recoverability analyses may not be realized, and actual losses or impairment may be realized in the future. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value this real estate investment fall within Level 3 for fair value reporting. The operations and ongoing construction at the commercial real estate project halted due to the COVID-19 pandemic in mid-March 2020 and the Company recorded an other-than-temporary impairment charge of $24.7 million during the three months ended June 30, 2020. The other-than-temporary impairment charge was recorded in "Other income (loss), net" on the Consolidated Statements of Operations. The property reopened to the public with additional entertainment venues and retail shops in October 2020 while following COVID-19 related operational restrictions and capacity limitations, and implementing social distancing measures. However, the ability of the commercial real estate project to obtain additional funding to complete the construction and attain the financial results needed to recover any of our investment remains highly uncertain. The carrying value of the investment was zero as of both March 31, 2021, and December 31, 2020. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets — |
Impairment of Long-lived Assets | Impairment of Long-lived Assets — |
Membership Deposit Liabilities | Membership Deposit Liabilities - Private country club members in our Traditional Golf business generally pay an advance initiation fee deposit upon their acceptance as members to their respective country clubs. Initiation fee deposits are refundable 30 years after the date of acceptance as a member. The difference between the initiation fee deposit paid by the member and the present value of the refund obligation is deferred and recognized into Golf operations revenue in the Consolidated Statements of Operations on a straight-line basis over the expected life of an active membership, which is estimated to be seven years. The present value of the refund obligation is recorded as a membership deposit liability in the Consolidated Balance Sheets and accretes over a 30-year nonrefundable term using the effective interest method. This accretion is recorded as interest expense in the Consolidated Statements of Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions for investments, intraperiod allocations and interim tax calculations and adds guidance to reduce complexity in accounting for income taxes. The effective date of the standard is for annual periods beginning after December 15, 2020, with early adoption permitted. The various amendments in the standard are applied on a retrospective basis, modified retrospective basis and prospective basis, depending on the amendment. The Company adopted ASU 2019-12 as of the fiscal year beginning January 1, 2021. The adoption of ASU 2019-12 had no material impact on the Company's financial statements. |
Fair Value Measurements | Fair Value Measurements Valuation Hierarchy The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company follows this hierarchy for its financial instruments measured at fair value. Level 1 - Quoted prices in active markets for identical instruments. Level 2 - Valuations based principally on observable market parameters, including • quoted prices for similar assets or liabilities in active markets, • inputs other than quoted prices that are observable for the asset or liability (such as interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads), and • market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 - Valuations determined using unobservable inputs that are supported by little or no market activity, and that are significant to the overall fair value measurement. The Company’s real estate securities and debt obligations are currently not traded in active markets and therefore have little or no price transparency. As a result, the Company has estimated the fair value of these illiquid instruments based on internal pricing models subject to the Company’s controls described below. The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. With respect to broker and pricing service quotations, and in order to ensure these quotes represent a reasonable estimate of fair value, the Company’s quarterly procedures include a comparison of such quotations to quotations from different sources, outputs generated from its internal pricing models and transactions completed, as well as on its knowledge and experience of these markets. With respect to fair value estimates generated based on the Company’s internal pricing models, the Company’s management validates the inputs and outputs of the internal pricing models by comparing them to available independent third-party market parameters and models, where available, for reasonableness. The Company believes its valuation methods and the assumptions used are appropriate and consistent with other market participants. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodologies used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For the Company’s Liabilities for Which Fair Value is Only Disclosed The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company |
Income Taxes | In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of other current assets | The following table summarizes the Company's other current assets: March 31, 2021 December 31, 2020 Managed property receivables $ 4,638 $ 3,236 Prepaid expenses 3,048 3,158 Deposits 1,223 767 Inventory 2,012 1,950 Miscellaneous current assets, net 6,833 5,299 Other current assets $ 17,754 $ 14,410 |
Schedule of other assets | The following table summarizes the Company's other assets: March 31, 2021 December 31, 2020 Prepaid expenses $ 701 $ 2,154 Deposits 3,908 2,504 Miscellaneous assets, net 1,984 2,107 Other assets $ 6,593 $ 6,765 |
Schedule of other current liabilities | The following table summarizes the Company's other current liabilities: March 31, 2021 December 31, 2020 Operating lease liabilities $ 19,062 $ 19,894 Accrued rent 3,122 4,318 Dividends payable 930 — Miscellaneous current liabilities 4,390 4,005 Other current liabilities $ 27,504 $ 28,217 |
Schedule of other income (loss), net | These items are comprised of the following: Three Months Ended March 31, 2021 2020 Collateral management fee income, net $ 56 $ 72 Equity in earnings, net of impairment from equity method investments — 344 Gain (loss) on sale of long-lived assets and intangibles (15) 48 Other loss (102) (97) Other income (loss), net $ (61) $ 367 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following tables disaggregate revenue by category: entertainment golf venues, public and private golf properties (owned and leased) and managed golf properties. Three Months Ended March 31, 2021 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 3,421 $ 19,172 $ 14,719 $ 15,849 $ 53,161 Sales of food and beverages 4,802 1,855 1,273 — 7,930 Total revenues $ 8,223 $ 21,027 $ 15,992 $ 15,849 $ 61,091 Three Months Ended March 31, 2020 Ent. golf venues Public golf properties Private golf properties Managed golf properties (A) Total Golf operations $ 3,910 $ 16,023 $ 13,655 $ 15,037 $ 48,625 Sales of food and beverages 6,207 4,285 2,018 — 12,510 Total revenues $ 10,117 $ 20,308 $ 15,673 $ 15,037 $ 61,135 (A) Includes $13.8 million for the three months ended March 31, 2021, and $13.3 million for the three months ended March 31, 2020, respectively, related to management contract reimbursements reported under ASC 606. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting | Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole: Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2021 Revenues Golf operations $ 3,421 $ 49,740 $ — $ 53,161 Sales of food and beverages 4,802 3,128 — 7,930 Total revenues 8,223 52,868 — 61,091 Operating costs Operating expenses 5,133 43,737 — 48,870 Cost of sales - food and beverages 1,085 1,019 — 2,104 General and administrative expense (A) 2,198 2,378 3,210 7,786 General and administrative expense - acquisition and transaction expenses (B) 192 — 4 196 Depreciation and amortization 2,952 3,221 72 6,245 Pre-opening costs (C) 556 — — 556 Loss on lease terminations and impairment 22 — 3,187 3,209 Total operating costs 12,138 50,355 6,473 68,966 Operating (loss) income (3,915) 2,513 (6,473) (7,875) Other income (expenses) Interest and investment income — 20 133 153 Interest expense (D) (82) (2,251) (316) (2,649) Capitalized interest (D) — 8 15 23 Other income (loss), net — (114) 53 (61) Total other income (expenses) (82) (2,337) (115) (2,534) Income tax expense — — 495 495 Net income (loss) (3,997) 176 (7,083) (10,904) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (3,997) $ 176 $ (8,478) $ (12,299) Entertainment Golf Traditional Golf Corporate Total March 31, 2021 Total assets 176,618 261,310 61,933 499,861 Total liabilities 44,951 339,447 63,081 447,479 Preferred stock — — 61,583 61,583 Equity $ 131,667 $ (78,137) $ (62,731) $ (9,201) Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 $ 3,789 $ 1,135 $ — $ 4,924 Entertainment Golf Traditional Golf Corporate Total Three Months Ended March 31, 2020 Revenues Golf operations $ 3,910 $ 44,715 $ — $ 48,625 Sales of food and beverages 6,207 6,303 — 12,510 Total revenues 10,117 51,018 — 61,135 Operating costs Operating expenses 8,172 46,195 — 54,367 Cost of sales - food and beverages 1,610 2,045 — 3,655 General and administrative expense (A) 3,169 3,093 2,378 8,640 General and administrative expense - acquisition and transaction expenses (B) 34 122 1,022 1,178 Depreciation and amortization 3,020 3,703 71 6,794 Pre-opening costs (C) 552 — — 552 Loss on lease terminations and impairment — 792 — 792 Total operating costs 16,557 55,950 3,471 75,978 Operating (loss) income (6,440) (4,932) (3,471) (14,843) Other income (expenses) Interest and investment income 1 15 114 130 Interest expense (D) (105) (2,147) (526) (2,778) Capitalized interest (D) — 9 24 33 Other income (loss), net — (46) 413 367 Total other income (expenses) (104) (2,169) 25 (2,248) Income tax expense — — 271 271 Net loss (6,544) (7,101) (3,717) (17,362) Preferred dividends — — (1,395) (1,395) Loss applicable to common stockholders $ (6,544) $ (7,101) $ (5,112) $ (18,757) (B) Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees. (C) Pre-opening costs are expensed as incurred and consist primarily of venue-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an Entertainment Golf venue. |
PROPERTY AND EQUIPMENT, NET O_2
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | The following table summarizes the Company’s property and equipment: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 6,770 $ — $ 6,770 $ 6,770 $ — $ 6,770 Buildings and improvements 144,134 (42,391) 101,743 142,635 (40,198) 102,437 Furniture, fixtures and equipment 51,422 (26,220) 25,202 51,622 (24,422) 27,200 Finance leases - equipment 32,661 (14,920) 17,741 34,339 (15,296) 19,043 Construction in progress 16,207 — 16,207 13,975 — 13,975 Total Property and Equipment $ 251,194 $ (83,531) $ 167,663 $ 249,341 $ (79,916) $ 169,425 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease related costs | Lease related costs recognized in the Consolidated Statements of Operations for the three months ended March 31, 2021, and March 31, 2020, are as follows: Three Months Ended March 31, 2021 2020 Finance lease cost Amortization of right-of-use assets $ 1,467 1,532 Interest on lease liabilities 325 341 Total finance lease cost 1,792 1,873 Operating lease cost Operating lease cost 8,904 9,267 Short-term lease cost 340 428 Variable lease cost 4,008 2,788 Total operating lease cost 13,252 12,483 Total lease cost $ 15,044 14,356 |
Lease, other information | Other information related to leases included on the Consolidated Balance Sheet as of and for the three months ended March 31, 2021 are as follows: Operating Leases Financing Leases Right-of-use assets 195,280 17,741 Lease liabilities 192,590 17,633 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows 8,954 325 Financing cash flows — 1,685 Right-of-use assets obtained in exchange for lease liabilities 9,765 298 Weighted average remaining lease term 14.0 years 3.7 years Weighted average discount rate 8.2 % 6.4 % |
Schedule of future minimum lease payments, operating lease | Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Financing Leases April 1, 2021 - December 31, 2021 26,156 5,241 2022 30,662 5,721 2023 30,514 4,665 2024 24,536 2,481 2025 21,555 1,240 Thereafter 183,074 318 Total minimum lease payments 316,497 19,666 Less: imputed interest 123,907 2,033 Total lease liabilities $ 192,590 $ 17,633 |
Schedule of future minimum lease payments, finance lease | Future minimum lease payments under non-cancellable leases as of March 31, 2021 are as follows: Operating Leases Financing Leases April 1, 2021 - December 31, 2021 26,156 5,241 2022 30,662 5,721 2023 30,514 4,665 2024 24,536 2,481 2025 21,555 1,240 Thereafter 183,074 318 Total minimum lease payments 316,497 19,666 Less: imputed interest 123,907 2,033 Total lease liabilities $ 192,590 $ 17,633 |
INTANGIBLES, NET OF ACCUMULAT_2
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | The following table summarizes the Company’s intangible assets: March 31, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade name $ 700 $ (169) $ 531 $ 700 $ (163) $ 537 Management contracts 31,043 (18,920) 12,123 31,043 (18,427) 12,616 Internally-developed software 314 (94) 220 314 (79) 235 Membership base 5,944 (5,250) 694 5,944 (5,236) 708 Nonamortizable liquor licenses 1,006 — 1,006 1,028 — 1,028 Total Intangibles $ 39,007 $ (24,433) $ 14,574 $ 39,029 $ (23,905) $ 15,124 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | The following table presents certain information regarding the Company’s debt obligations at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Debt Obligation/Collateral Month Issued Outstanding Carrying Final Stated Maturity Weighted Weighted Average Weighted Average Life (Years) Face Amount of Outstanding Face Amount Carrying Value Credit Facilities and Finance Leases Vineyard II Dec 1993 $ 200 $ 200 Dec 2043 2.43% 2.43 % 22.7 $ — $ 200 $ 200 Finance leases (Equipment) Jul 2014 - Mar 2021 17,633 17,633 Mar 2021 - Sep 2026 3.00% to 15.00% 6.37 % 3.5 — 19,021 19,021 17,833 17,833 6.33 % 3.7 — 19,221 19,221 Less current portion of obligations under finance leases 6,180 6,180 6,470 6,470 Credit facilities and obligations under finance leases - noncurrent 11,653 11,653 12,751 12,751 Corporate Junior subordinated notes payable (B) Mar 2006 51,004 51,180 Apr 2035 LIBOR+2.25% 2.43 % 14.1 51,004 51,004 51,182 Total debt obligations $ 68,837 $ 69,013 3.69 % 11.6 $ 51,004 $ 70,225 $ 70,403 (B) Interest rate based on 3 month LIBOR plus 2.25%. Collateral for this obligation is the Company's general credit. |
REAL ESTATE SECURITIES (Tables)
REAL ESTATE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of real estate securities holdings | The following is a summary of the Company’s real estate securities at March 31, 2021, which are classified as available-for-sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income, except for securities that are other-than-temporarily impaired. Amortized Cost Basis Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Before Impairment Other-Than- Temporary Impairment After Impairment Gains Losses Carrying Number of Securities Rating (B) Coupon Yield Life Principal Subordination (D) March 31, 2021 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,400 $ (1,521) $ 1,879 $ 1,392 $ — $ 3,271 1 CCC 0.71 % 29.16 % 2.4 55.2 % December 31, 2020 ABS - Non-Agency RMBS (E) $ 4,000 $ 3,276 $ (1,521) $ 1,755 $ 1,468 $ — $ 3,223 1 CCC 0.73 % 29.14 % 2.6 52.2 % (A) See Note 10 regarding the estimation of fair value, which is equal to carrying value for all securities. (B) Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the lowest rating is used. Ratings provided were determined by third-party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current. (C) The weighted average life is based on the timing of expected cash flows on the assets. (D) Percentage of the outstanding face amount of securities and residual interests that is subordinate to the Company’s investment. (E) The ABS - Non-Agency RMBS is a floating rate security and the collateral securing it is located in various geographic regions in the U.S. The Company does not have significant investments in any one geographic region. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying value and estimated fair value of assets and liabilities | The following table summarizes the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2021: March 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Fair Value Method (A) Carrying Value Estimated Fair Value Assets Real estate securities, available-for-sale $ 3,271 $ 3,027 Pricing models - Level 3 $ 3,223 $ 3,223 Cash and cash equivalents 85,936 85,936 47,786 47,786 Restricted cash, current and noncurrent 3,647 3,647 3,047 3,047 Liabilities Junior subordinated notes payable 51,180 25,774 Pricing models - Level 3 51,182 18,591 |
Schedule of quantitative information regarding significant unobservable inputs | The following table provides quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of March 31, 2021: Significant Inputs Asset Type Amortized Cost Basis Fair Value Discount Prepayment Cumulative Default Rate Loss ABS - Non-Agency RMBS $ 1,879 $ 3,271 10.0 % 7.5 % 2.7 % 65.0 % |
Schedule of change in fair value of level 3 investments | Real estate securities measured at fair value on a recurring basis using Level 3 inputs changed during the three months ended March 31, 2021 as follows: ABS - Non-Agency RMBS Balance at December 31, 2020 $ 3,223 Total gains (losses) (A) Included in other comprehensive income (loss) (76) Amortization included in interest income 131 Purchases, sales and repayments (A) Proceeds (7) Balance at March 31, 2021 $ 3,271 (A) None of the gains (losses) recorded in earnings during the period are attributable to the change in unrealized gains (losses) relating to Level 3 assets still held at the reporting dates. There were no purchases or sales during the three months ended March 31, 2021. |
Summary of liabilities for which fair value is only disclosed | The following table summarizes the level of the fair value hierarchy, valuation techniques and inputs used for estimating each class of liabilities not measured at fair value in the statement of financial position but for which fair value is disclosed: Type of Liabilities Not Measured At Fair Value for Which Fair Value Is Disclosed Fair Value Hierarchy Valuation Techniques and Significant Inputs Junior subordinated notes payable Level 3 Valuation technique is based on discounted cash flows. Significant inputs include: l Amount and timing of expected future cash flows l Interest rates l Market yields and the credit spread of the Company |
EQUITY AND EARNINGS PER SHARE (
EQUITY AND EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of outstanding options | The following is a summary of the changes in the Company’s outstanding options for the three months ended March 31, 2021: Number of Options Weighted Average Strike Price Weighted Average Life Remaining (in years) Balance at December 31, 2020 4,935,732 $ 2.57 Exercised (1,048,652) 1.00 Balance at March 31, 2021 3,887,080 $ 3.00 2.24 Exercisable at March 31, 2021 2,704,738 $ 3.13 2.34 |
Schedule of outstanding options summary | As of March 31, 2021, the Company’s outstanding options were summarized as follows: Number of Options Held by the former Manager 2,578,593 Issued to the former Manager and subsequently transferred to certain of the Manager’s employees (A) 1,308,154 Issued to the independent directors 333 Total 3,887,080 Weighted average strike price $ 3.00 (A) The Company and the former Manager agreed that options held by certain employees formerly employed by the Manager will not terminate or be forfeited as a result of the Termination and Cooperation Agreement, and the vesting of such options will relate to the relevant holder’s employment with the Company and its affiliates following January 1, 2018. In both February 2017 and April 2018, the former Manager issued 1,152,495 options to certain employees formerly employed by the Manager as part of their compensation. The options fully vest and are exercisable one year prior to the option expiration date, beginning March 2020 through January 2024. In 2019, a certain employee was terminated by the Company and 921,992 options reverted back to the former Manager. The Company reversed $1.2 million in stock compensation expense related to these options. For the three months ending March 31, 2021, the former Manager exercised 1,048,652 options at a weighted average strike price of $1.00 resulting in common shares issued of 736,551. |
Summary of changes in RSUs | The following is a summary of the changes in the Company’s RSUs for the three months ended March 31, 2021. Number of RSUs Weighted Average Grant Date Fair Value (per unit) Balance at December 31, 2020 259,238 $ 3.72 Vested / Released (12,538) $ 4.19 Forfeited (11,777) $ 4.67 Balance at March 31, 2021 234,923 $ 3.64 |
Schedule of amounts used in computing basic and diluted EPS | The following table shows the Company's basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2021 2020 Numerator for basic and diluted earnings per share: Loss from continuing operations after preferred dividends $ (12,299) $ (18,757) Loss Applicable to Common Stockholders $ (12,299) $ (18,757) Denominator: Denominator for basic earnings per share - weighted average shares 82,558,881 67,069,534 Effect of dilutive securities Options — — RSUs — — Denominator for diluted earnings per share - adjusted weighted average shares 82,558,881 67,069,534 Basic earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28) Loss Applicable to Common Stock, per share $ (0.15) $ (0.28) Diluted earnings per share: Loss from continuing operations per share of common stock after preferred dividends $ (0.15) $ (0.28) Loss Applicable to Common Stock, per share $ (0.15) $ (0.28) |
LOSS ON LEASE TERMINATIONS AN_2
LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other than Temporary Impairment Losses, Investments [Abstract] | |
Summary of impairment (reversal) | The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations: Three Months Ended March 31, 2021 2020 Impairment on corporate office assets (held-for-use) $ 3,209 $ — Impairment on traditional golf properties (held-for-use) — 792 Total (gain) loss on lease terminations and impairment $ 3,209 $ 792 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Mar. 31, 2021stateproperty |
Entertainment Golf | |
Segment Reporting Information | |
Number of properties (property) | property | 4 |
Number of states in which properties owned | state | 3 |
Traditional Golf | |
Segment Reporting Information | |
Number of properties (property) | property | 60 |
Number of states in which properties owned | state | 9 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Oct. 16, 2020USD ($) | Mar. 07, 2018property | Mar. 31, 2021USD ($)property | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)property | Dec. 31, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle | ||||||
Proceeds from sale of property and equipment | $ 0 | $ 91,000 | ||||
Ownership in equity investment (as percent) | 22.00% | |||||
Other-than-temporary impairment charge | $ 24,700,000 | |||||
Other investments | $ 0 | $ 0 | ||||
Deposit refundable period (in years) | 30 years | |||||
Weighted average life (in years) | 7 years | |||||
Entertainment Golf | ||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||
Number of properties (property) | property | 3 | |||||
Number of properties (property) | property | 4 | |||||
Golf Properties | Held-for-sale | ||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||
Number of properties held for sale | property | 26 | |||||
Golf Properties | Disposed of by sale | ||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||
Sale price on sale of property | $ 34,500,000 | |||||
Proceeds from sale of property and equipment | $ 33,600,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Managed property receivables | $ 4,638 | $ 3,236 |
Prepaid expenses | 3,048 | 3,158 |
Deposits | 1,223 | 767 |
Inventory | 2,012 | 1,950 |
Miscellaneous current assets, net | 6,833 | 5,299 |
Other current assets | $ 17,754 | $ 14,410 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Prepaid expenses | $ 701 | $ 2,154 |
Deposits | 3,908 | 2,504 |
Miscellaneous assets, net | 1,984 | 2,107 |
Other assets | $ 6,593 | $ 6,765 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Operating lease liabilities | $ 19,062 | $ 19,894 |
Accrued rent | 3,122 | 4,318 |
Dividends payable | 930 | 0 |
Miscellaneous current liabilities | 4,390 | 4,005 |
Other current liabilities | $ 27,504 | $ 28,217 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Income, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other income (loss), net | ||
Collateral management fee income, net | $ 56 | $ 72 |
Equity in earnings, net of impairment from equity method investments | 0 | 344 |
Gain (loss) on sale of long-lived assets and intangibles | (15) | 48 |
Other loss | (102) | (97) |
Other income (loss), net | $ (61) | $ 367 |
REVENUES (Disaggregation of Rev
REVENUES (Disaggregation of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue | ||
Total revenues | $ 61,091 | $ 61,135 |
Golf operations | ||
Disaggregation of Revenue | ||
Total revenues | 53,161 | 48,625 |
Golf operations, ent. golf venues | ||
Disaggregation of Revenue | ||
Total revenues | 3,421 | 3,910 |
Golf operations, public golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 19,172 | 16,023 |
Golf operations, private golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 14,719 | 13,655 |
Golf operations, managed golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 15,849 | 15,037 |
Sales of food and beverages | ||
Disaggregation of Revenue | ||
Total revenues | 7,930 | 12,510 |
Food and beverage, ent. golf venues | ||
Disaggregation of Revenue | ||
Total revenues | 4,802 | 6,207 |
Food and beverage, public golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 1,855 | 4,285 |
Food and beverage, private golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 1,273 | 2,018 |
Food and beverage, managed golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 0 | 0 |
Ent. golf venues | ||
Disaggregation of Revenue | ||
Total revenues | 8,223 | 10,117 |
Public golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 21,027 | 20,308 |
Private golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 15,992 | 15,673 |
Managed golf properties | ||
Disaggregation of Revenue | ||
Total revenues | 15,849 | 15,037 |
Management contract reimbursements | ||
Disaggregation of Revenue | ||
Total revenues | $ 13,800 | $ 13,300 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021propertysegmentstate | |
Segment Reporting Information | |
Number of reportable segments | segment | 3 |
Traditional Golf | |
Segment Reporting Information | |
Number of golf properties | property | 60 |
Number of states in which properties owned | state | 9 |
SEGMENT REPORTING (Segment Repo
SEGMENT REPORTING (Segment Reporting) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 61,091 | $ 61,135 | |
Operating costs | |||
Operating expenses | 48,870 | 54,367 | |
Cost of sales - food and beverages | 2,104 | 3,655 | |
General and administrative expense | 7,786 | 8,640 | |
General and administrative expense - acquisition and transaction expenses | 196 | 1,178 | |
Depreciation and amortization | 6,245 | 6,794 | |
Pre-opening costs | 556 | 552 | |
Loss on lease terminations and impairment | 3,209 | 792 | |
Total operating costs | 68,966 | 75,978 | |
Operating loss | (7,875) | (14,843) | |
Other income (expenses) | |||
Interest and investment income | 153 | 130 | |
Interest expense | (2,649) | (2,778) | |
Capitalized interest | 23 | 33 | |
Other income (loss), net | (61) | 367 | |
Total other income (expenses) | (2,534) | (2,248) | |
Income tax expense | 495 | 271 | |
Net loss | (10,904) | (17,362) | |
Preferred dividends | (1,395) | (1,395) | |
Loss applicable to common stockholders | (12,299) | (18,757) | |
Total assets | 499,861 | $ 457,054 | |
Total liabilities | 447,479 | 447,017 | |
Preferred stock | 61,583 | $ 61,583 | |
Equity | (9,201) | ||
Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 | 4,924 | ||
Severance expenses | 100 | 700 | |
Accretion of membership deposit liabilities | 2,000 | 1,900 | |
Golf operations | |||
Revenues | |||
Total revenues | 53,161 | 48,625 | |
Sales of food and beverages | |||
Revenues | |||
Total revenues | 7,930 | 12,510 | |
Operating Segments | Entertainment Golf | |||
Revenues | |||
Total revenues | 8,223 | 10,117 | |
Operating costs | |||
Operating expenses | 5,133 | 8,172 | |
Cost of sales - food and beverages | 1,085 | 1,610 | |
General and administrative expense | 2,198 | 3,169 | |
General and administrative expense - acquisition and transaction expenses | 192 | 34 | |
Depreciation and amortization | 2,952 | 3,020 | |
Pre-opening costs | 556 | 552 | |
Loss on lease terminations and impairment | 22 | 0 | |
Total operating costs | 12,138 | 16,557 | |
Operating loss | (3,915) | (6,440) | |
Other income (expenses) | |||
Interest and investment income | 0 | 1 | |
Interest expense | (82) | (105) | |
Capitalized interest | 0 | 0 | |
Other income (loss), net | 0 | 0 | |
Total other income (expenses) | (82) | (104) | |
Income tax expense | 0 | 0 | |
Net loss | (3,997) | (6,544) | |
Preferred dividends | 0 | 0 | |
Loss applicable to common stockholders | (3,997) | (6,544) | |
Total assets | 176,618 | ||
Total liabilities | 44,951 | ||
Preferred stock | 0 | ||
Equity | 131,667 | ||
Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 | 3,789 | ||
Operating Segments | Entertainment Golf | Golf operations | |||
Revenues | |||
Total revenues | 3,421 | 3,910 | |
Operating Segments | Entertainment Golf | Sales of food and beverages | |||
Revenues | |||
Total revenues | 4,802 | 6,207 | |
Operating Segments | Traditional Golf | |||
Revenues | |||
Total revenues | 52,868 | 51,018 | |
Operating costs | |||
Operating expenses | 43,737 | 46,195 | |
Cost of sales - food and beverages | 1,019 | 2,045 | |
General and administrative expense | 2,378 | 3,093 | |
General and administrative expense - acquisition and transaction expenses | 0 | 122 | |
Depreciation and amortization | 3,221 | 3,703 | |
Pre-opening costs | 0 | 0 | |
Loss on lease terminations and impairment | 0 | 792 | |
Total operating costs | 50,355 | 55,950 | |
Operating loss | 2,513 | (4,932) | |
Other income (expenses) | |||
Interest and investment income | 20 | 15 | |
Interest expense | (2,251) | (2,147) | |
Capitalized interest | 8 | 9 | |
Other income (loss), net | (114) | (46) | |
Total other income (expenses) | (2,337) | (2,169) | |
Income tax expense | 0 | 0 | |
Net loss | 176 | (7,101) | |
Preferred dividends | 0 | 0 | |
Loss applicable to common stockholders | 176 | (7,101) | |
Total assets | 261,310 | ||
Total liabilities | 339,447 | ||
Preferred stock | 0 | ||
Equity | (78,137) | ||
Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 | 1,135 | ||
Operating Segments | Traditional Golf | Golf operations | |||
Revenues | |||
Total revenues | 49,740 | 44,715 | |
Operating Segments | Traditional Golf | Sales of food and beverages | |||
Revenues | |||
Total revenues | 3,128 | 6,303 | |
Operating Segments | Corporate | |||
Revenues | |||
Total revenues | 0 | 0 | |
Operating costs | |||
Operating expenses | 0 | 0 | |
Cost of sales - food and beverages | 0 | 0 | |
General and administrative expense | 3,210 | 2,378 | |
General and administrative expense - acquisition and transaction expenses | 4 | 1,022 | |
Depreciation and amortization | 72 | 71 | |
Pre-opening costs | 0 | 0 | |
Loss on lease terminations and impairment | 3,187 | 0 | |
Total operating costs | 6,473 | 3,471 | |
Operating loss | (6,473) | (3,471) | |
Other income (expenses) | |||
Interest and investment income | 133 | 114 | |
Interest expense | (316) | (526) | |
Capitalized interest | 15 | 24 | |
Other income (loss), net | 53 | 413 | |
Total other income (expenses) | (115) | 25 | |
Income tax expense | 495 | 271 | |
Net loss | (7,083) | (3,717) | |
Preferred dividends | (1,395) | (1,395) | |
Loss applicable to common stockholders | (8,478) | (5,112) | |
Total assets | 61,933 | ||
Total liabilities | 63,081 | ||
Preferred stock | 61,583 | ||
Equity | (62,731) | ||
Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 | 0 | ||
Operating Segments | Corporate | Golf operations | |||
Revenues | |||
Total revenues | 0 | 0 | |
Operating Segments | Corporate | Sales of food and beverages | |||
Revenues | |||
Total revenues | $ 0 | $ 0 |
PROPERTY AND EQUIPMENT, NET O_3
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | ||
Finance leases - equipment, Net Carrying Value | $ 17,741 | |
Gross Carrying Amount | 251,194 | $ 249,341 |
Accumulated Depreciation | (83,531) | (79,916) |
Net Carrying Value | 167,663 | 169,425 |
Land | ||
Property, Plant and Equipment | ||
Gross Carrying Amount | 6,770 | 6,770 |
Accumulated Depreciation | 0 | 0 |
Net Carrying Value | 6,770 | 6,770 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Gross Carrying Amount | 144,134 | 142,635 |
Accumulated Depreciation | (42,391) | (40,198) |
Net Carrying Value | 101,743 | 102,437 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment | ||
Gross Carrying Amount | 51,422 | 51,622 |
Accumulated Depreciation | (26,220) | (24,422) |
Net Carrying Value | 25,202 | 27,200 |
Finance leases - equipment | ||
Property, Plant and Equipment | ||
Finance leases - equipment, Gross Carrying Amount | 32,661 | 34,339 |
Finance leases - equipment, Accumulated Depreciation | (14,920) | (15,296) |
Finance leases - equipment, Net Carrying Value | 17,741 | 19,043 |
Construction in progress | ||
Property, Plant and Equipment | ||
Gross Carrying Amount | 16,207 | 13,975 |
Accumulated Depreciation | 0 | 0 |
Net Carrying Value | $ 16,207 | $ 13,975 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021renewal_option | |
Lessee, Lease, Description | |
Operating lease term (in years) | 10 years |
Number of renewal terms | 8 |
Renewal term (in years) | 5 years |
Upper Range | |
Lessee, Lease, Description | |
Operating lease term (in years) | 15 years |
Traditional Golf Properties and Related Facilities | Lower Range | |
Lessee, Lease, Description | |
Operating lease term (in years) | 10 years |
Traditional Golf Properties and Related Facilities | Upper Range | |
Lessee, Lease, Description | |
Operating lease term (in years) | 20 years |
Golf Carts and Equipment | Lower Range | |
Lessee, Lease, Description | |
Operating lease term (in years) | 24 months |
Golf Carts and Equipment | Upper Range | |
Lessee, Lease, Description | |
Operating lease term (in years) | 66 months |
LEASES (Lease Related Costs) (D
LEASES (Lease Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance lease cost | ||
Amortization of right-of-use assets | $ 1,467 | $ 1,532 |
Interest on lease liabilities | 325 | 341 |
Total finance lease cost | 1,792 | 1,873 |
Operating lease cost | ||
Operating lease cost | 8,904 | 9,267 |
Short-term lease cost | 340 | 428 |
Variable lease cost | 4,008 | 2,788 |
Total operating lease cost | 13,252 | 12,483 |
Total lease cost | $ 15,044 | $ 14,356 |
LEASES (Other Information) (Det
LEASES (Other Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 195,280 | $ 192,828 |
Right-of-use assets, financing leases | 17,741 | |
Lease liabilities, operating leases | 192,590 | |
Lease liabilities, financing leases | 17,633 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows, Operating Leases | 8,954 | |
Operating cash flows, Financing Leases | 325 | |
Financing cash flows, operating lease | 0 | |
Financing cash flows, Financing Leases | 1,685 | |
Right-of-use assets obtained in exchange for lease liabilities, operating leases | 9,765 | |
Right-of-use assets obtained in exchange for lease liabilities, financing leases | $ 298 | |
Weighted average remaining lease term, operating lease (in years) | 14 years | |
Weighted average remaining lease term, financing lease (in years) | 3 years 8 months 12 days | |
Weighted average discount rate, operating lease (in percent) | 8.20% | |
Weighted average discount rate, financing lease (in percent) | 6.40% |
LEASES (Schedule of Lease Matur
LEASES (Schedule of Lease Maturity) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Leases | |
April 1, 2021 - December 31, 2021 | $ 26,156 |
2022 | 30,662 |
2023 | 30,514 |
2024 | 24,536 |
2025 | 21,555 |
Thereafter | 183,074 |
Total minimum lease payments | 316,497 |
Less: imputed interest | 123,907 |
Total lease liabilities | 192,590 |
Financing Leases | |
April 1, 2021 - December 31, 2021 | 5,241 |
2022 | 5,721 |
2023 | 4,665 |
2024 | 2,481 |
2025 | 1,240 |
Thereafter | 318 |
Total minimum lease payments | 19,666 |
Less: imputed interest | 2,033 |
Total lease liabilities | $ 17,633 |
INTANGIBLES, NET OF ACCUMULAT_3
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets | ||
Accumulated Amortization | $ (24,433) | $ (23,905) |
Total Intangibles, Gross Carrying Amount | 39,007 | 39,029 |
Total Intangibles, Net Carrying Value | 14,574 | 15,124 |
Nonamortizable liquor licenses | ||
Finite-Lived Intangible Assets | ||
Nonamortizable liquor licenses | 1,006 | 1,028 |
Trade name | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 700 | 700 |
Accumulated Amortization | (169) | (163) |
Net Carrying Value | 531 | 537 |
Management contracts | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 31,043 | 31,043 |
Accumulated Amortization | (18,920) | (18,427) |
Net Carrying Value | 12,123 | 12,616 |
Internally-developed software | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 314 | 314 |
Accumulated Amortization | (94) | (79) |
Net Carrying Value | 220 | 235 |
Membership base | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 5,944 | 5,944 |
Accumulated Amortization | (5,250) | (5,236) |
Net Carrying Value | $ 694 | $ 708 |
DEBT OBLIGATIONS (Details)
DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument | ||
Less current portion of obligations under finance leases | $ 6,180 | $ 6,470 |
Total debt obligations | ||
Debt Instrument | ||
Outstanding Face Amount | 68,837 | 70,225 |
Carrying Value | $ 69,013 | 70,403 |
Weighted Average Funding Cost | 3.69% | |
DebtWeightedAverageRemainingLife | 11 years 7 months 6 days | |
Face Amount of Floating Rate Debt | $ 51,004 | |
Credit Facilities and Finance Leases | ||
Debt Instrument | ||
Outstanding Face Amount | 17,833 | 19,221 |
Carrying Value | $ 17,833 | 19,221 |
Weighted Average Funding Cost | 6.33% | |
DebtWeightedAverageRemainingLife | 3 years 8 months 12 days | |
Face Amount of Floating Rate Debt | $ 0 | |
Vineyard II | ||
Debt Instrument | ||
Outstanding Face Amount | 200 | 200 |
Carrying Value | $ 200 | 200 |
Weighted Average Coupon | 2.43% | |
Weighted Average Funding Cost | 2.43% | |
DebtWeightedAverageRemainingLife | 22 years 8 months 12 days | |
Face Amount of Floating Rate Debt | $ 0 | |
Finance leases (Equipment) | ||
Debt Instrument | ||
Outstanding Face Amount | 17,633 | 19,021 |
Carrying Value | $ 17,633 | 19,021 |
Weighted Average Funding Cost | 6.37% | |
DebtWeightedAverageRemainingLife | 3 years 6 months | |
Face Amount of Floating Rate Debt | $ 0 | |
Finance leases (Equipment) | Lower Range | ||
Debt Instrument | ||
Weighted Average Coupon | 3.00% | |
Finance leases (Equipment) | Upper Range | ||
Debt Instrument | ||
Weighted Average Coupon | 15.00% | |
Less current portion of obligations under finance leases | ||
Debt Instrument | ||
Outstanding Face Amount | $ 6,180 | 6,470 |
Less current portion of obligations under finance leases | 6,180 | 6,470 |
Credit facilities and obligations under finance leases - noncurrent | ||
Debt Instrument | ||
Outstanding Face Amount | 11,653 | 12,751 |
Credit facilities and obligations under finance leases - noncurrent | 11,653 | 12,751 |
Junior subordinated notes payable | ||
Debt Instrument | ||
Outstanding Face Amount | 51,004 | 51,004 |
Carrying Value | $ 51,180 | $ 51,182 |
Weighted Average Funding Cost | 2.43% | |
DebtWeightedAverageRemainingLife | 14 years 1 month 6 days | |
Face Amount of Floating Rate Debt | $ 51,004 | |
Junior subordinated notes payable | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument | ||
Weighted Average Coupon | 2.25% |
REAL ESTATE SECURITIES (Real Es
REAL ESTATE SECURITIES (Real Estate Securities Holdings) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Debt Securities, Available-for-sale | ||
Carrying Value | $ 3,271 | $ 3,223 |
Weighted average life (in years) | 7 years | |
Securities in an unrealized loss position | security | 0 | |
ABS - Non-Agency RMBS | ||
Debt Securities, Available-for-sale | ||
Outstanding Face Amount | $ 4,000 | 4,000 |
Before Impairment - Amortized Cost Basis | 3,400 | 3,276 |
Other-Than-Temporary Impairment - Amortized Cost Basis | (1,521) | (1,521) |
After Impairment - Amortized Cost Basis | 1,879 | 1,755 |
Gross Unrealized Gains | 1,392 | 1,468 |
Gross Unrealized Losses | 0 | 0 |
Carrying Value | $ 3,271 | $ 3,223 |
Number of Securities | security | 1 | 1 |
Weighted Average Coupon (as percent) | 0.71% | 0.73% |
Weighted Average Yield (as percent) | 29.16% | 29.14% |
Weighted average life (in years) | 2 years 4 months 24 days | 2 years 7 months 6 days |
Weighted Average Principal Subordination (as percent) | 55.20% | 52.20% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Values and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 85,936 | $ 47,786 |
Carrying Value | ||
Assets | ||
Real estate securities, available-for-sale | 3,271 | 3,223 |
Cash and cash equivalents | 85,936 | 47,786 |
Restricted cash, current and noncurrent | 3,647 | 3,047 |
Liabilities | ||
Junior subordinated notes payable | 51,180 | 51,182 |
Estimated Fair Value | ||
Assets | ||
Real estate securities, available-for-sale | 3,027 | 3,223 |
Cash and cash equivalents | 85,936 | 47,786 |
Restricted cash, current and noncurrent | 3,647 | 3,047 |
Liabilities | ||
Junior subordinated notes payable | $ 25,774 | $ 18,591 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Unobservable Inputs) (Details) - ABS - Non-Agency RMBS $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Amortized Cost Basis | $ 1,879 | $ 1,755 |
Real Estate Securities Available For Sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Amortized Cost Basis | 1,879 | |
Fair Value | $ 3,271 | |
Real Estate Securities Available For Sale | Discount Rate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Debt securities, significant input (as percent) | 0.100 | |
Real Estate Securities Available For Sale | Prepayment Speed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Debt securities, significant input (as percent) | 0.075 | |
Real Estate Securities Available For Sale | Cumulative Default Rate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Debt securities, significant input (as percent) | 0.027 | |
Real Estate Securities Available For Sale | Loss Severity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Debt securities, significant input (as percent) | 0.650 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Change in Fair Value of Level 3 Investments) (Details) - Level 3 Market Quotations (Unobservable) - Measured on a Recurring Basis - ABS - Non-Agency RMBS | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 3,223,000 |
Total gains (losses) | |
Included in other comprehensive income (loss) | (76,000) |
Amortization included in interest income | 131,000 |
Purchases, sales and repayments | |
Proceeds | (7,000) |
Ending balance | 3,271,000 |
Purchases | 0 |
Sales | $ 0 |
EQUITY AND EARNINGS PER SHARE_2
EQUITY AND EARNINGS PER SHARE (Outstanding Options) (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Options | |
Balance, beginning balance (in shares) | shares | 4,935,732 |
Exercised (in shares) | shares | (1,048,652) |
Balance, ending balance (in shares) | shares | 3,887,080 |
Exercisable (in shares) | shares | 2,704,738 |
Weighted Average Strike Price | |
Beginning balance (in dollars per share) | $ / shares | $ 2.57 |
Exercised (in dollars per share) | $ / shares | 1 |
Ending balance (in dollars per share) | $ / shares | 3 |
Exercisable (in dollars per share) | $ / shares | $ 3.13 |
Weighted Average Life Remaining (in years) | |
Outstanding | 2 years 2 months 26 days |
Exercisable | 2 years 4 months 2 days |
EQUITY AND EARNINGS PER SHARE_3
EQUITY AND EARNINGS PER SHARE (Outstanding Options Summary) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 02, 2021 | Apr. 30, 2018 | Feb. 28, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Related Party Transaction | |||||||
Stock options outstanding (in shares) | 3,887,080 | 4,935,732 | |||||
Weighted average strike price (in dollars per share) | $ 3 | $ 2.57 | |||||
Number of options reverted (in shares) | 921,992 | ||||||
Stock-based compensation expense (adjustment) | $ (1.2) | ||||||
Exercised (in shares) | (1,048,652) | ||||||
Exercised (in dollars per share) | $ 1 | ||||||
Shares issued from equity raise (in shares) | 23,285,553 | ||||||
Held by the former Manager | |||||||
Related Party Transaction | |||||||
Stock options outstanding (in shares) | 2,578,593 | ||||||
Exercised (in shares) | (1,048,652) | ||||||
Exercised (in dollars per share) | $ 1 | ||||||
Shares issued from equity raise (in shares) | 736,551 | ||||||
Issued to the former Manager and subsequently transferred to certain of the Manager’s employees | |||||||
Related Party Transaction | |||||||
Stock options outstanding (in shares) | 1,308,154 | ||||||
Shares granted (shares) | 1,152,495 | 1,152,495 | |||||
Issued to the independent directors | |||||||
Related Party Transaction | |||||||
Stock options outstanding (in shares) | 333 | ||||||
Stock options | |||||||
Related Party Transaction | |||||||
Stock-based compensation expense (adjustment) | $ 0.2 | $ (0.1) | |||||
Unrecognized stock-based compensation expense | $ 0.9 | ||||||
Unrecognized stock-based compensation expense, period for recognition | 1 year 7 months 6 days |
EQUITY AND EARNINGS PER SHARE_4
EQUITY AND EARNINGS PER SHARE (Summary of RSUs) (Details) - RSUs | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of RSUs | |
Beginning balance (in shares) | shares | 259,238 |
Vested/Released (in shares) | shares | (12,538) |
Forfeited (in shares) | shares | (11,777) |
Ending balance (in shares) | shares | 234,923 |
Weighted Average Grant Date Fair Value (per unit) | |
Beginning balance (in dollars per share) | $ / shares | $ 3.72 |
Vested/Released (in dollars per share) | $ / shares | 4.19 |
Forfeited (in dollars per share) | $ / shares | 4.67 |
Ending balance (in dollars per share) | $ / shares | $ 3.64 |
EQUITY AND EARNINGS PER SHARE_5
EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($) | Apr. 29, 2021 | Mar. 12, 2021 | Feb. 02, 2021 | Nov. 11, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock | ||||||||
Stock-based compensation expense | $ (1,200,000) | |||||||
Dividends paid | $ 0 | |||||||
Shares issued (in shares) | 23,285,553 | |||||||
Proceeds from issuance of common stock | $ 54,600,000 | $ 53,905,000 | $ 0 | |||||
Underwriters discount | 2,900,000 | |||||||
Stock issuance cost | $ 600,000 | |||||||
Subsequent event | ||||||||
Class of Stock | ||||||||
Dividends paid | $ 1,400,000 | |||||||
Board of Directors Chairman | ||||||||
Class of Stock | ||||||||
Shares issued (in shares) | 672,780 | |||||||
Common stock equivalents | ||||||||
Class of Stock | ||||||||
Dilutive common stock equivalents (in shares) | 964,335 | |||||||
Series B Cumulative Redeemable Preferred Stock | ||||||||
Class of Stock | ||||||||
Preferred stock, dividend rate (as percent) | 9.75% | 9.75% | 9.75% | |||||
Dividends declared per share of preferred stock (in dollars per share) | $ 0.609375 | |||||||
Series C Cumulative Redeemable Preferred Stock | ||||||||
Class of Stock | ||||||||
Preferred stock, dividend rate (as percent) | 8.05% | 8.05% | 8.05% | |||||
Dividends declared per share of preferred stock (in dollars per share) | 0.503125 | |||||||
Series D Cumulative Redeemable Preferred Stock | ||||||||
Class of Stock | ||||||||
Preferred stock, dividend rate (as percent) | 8.375% | 8.375% | 8.375% | |||||
Dividends declared per share of preferred stock (in dollars per share) | $ 0.523438 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Class of Stock | ||||||||
Shares issued upon vesting (in shares) | 12,538 | |||||||
Stock-based compensation expense | $ 100,000 | $ 300,000 | ||||||
Unrecognized stock-based compensation expense | $ 500,000 | |||||||
Unrecognized stock-based compensation expense, period for recognition | 1 year | |||||||
Dilutive common stock equivalents (in shares) | 0 | 0 | ||||||
Restricted Stock Units (RSUs) | Common stock equivalents | ||||||||
Class of Stock | ||||||||
Dilutive common stock equivalents (in shares) | 881,911 | |||||||
Nonemployee | Restricted Stock Units (RSUs) | ||||||||
Class of Stock | ||||||||
Vesting period | 1 year | |||||||
Granted (in shares) | 0 | |||||||
Shares issued upon vesting (in shares) | 5,423 | |||||||
Employee | Restricted Stock Units (RSUs) | ||||||||
Class of Stock | ||||||||
Granted (in shares) | 0 | |||||||
Shares issued upon vesting (in shares) | 7,115 |
EQUITY AND EARNINGS PER SHARE_6
EQUITY AND EARNINGS PER SHARE (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator for basic and diluted earnings per share: | ||
Loss from continuing operations after preferred dividends | $ (12,299) | $ (18,757) |
Loss applicable to common stockholders | $ (12,299) | $ (18,757) |
Denominator: | ||
Denominator for basic earnings per share - weighted average shares (in shares) | 82,558,881 | 67,069,534 |
Effect of dilutive securities | ||
Denominator for diluted earnings per share - adjusted weighted average shares (in shares) | 82,558,881 | 67,069,534 |
Basic earnings per share: | ||
Loss Applicable to Common Stock, per share (in dollars per share) | $ (0.15) | $ (0.28) |
Diluted earnings per share: | ||
Loss from continuing operations per share of common stock, after preferred dividends and noncontrolling interests (in dollars per share) | (0.15) | (0.28) |
Loss Applicable to Common Stock, per share (in dollars per share) | $ (0.15) | $ (0.28) |
Options | ||
Effect of dilutive securities | ||
Effect of dilutive securities (in shares) | 0 | 0 |
RSUs | ||
Effect of dilutive securities | ||
Effect of dilutive securities (in shares) | 0 | 0 |
TRANSACTIONS WITH AFFILIATES _2
TRANSACTIONS WITH AFFILIATES AND AFFILIATED ENTITIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Affiliated Entity | ||
Related Party Transaction | ||
Compensation expense | $ 0.1 | $ 0.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Loss Contingencies | |
Operating lease not yet commenced | $ 19 |
Operating lease term (in years) | 10 years |
Cumulative preferred stock unpaid and in arrears | $ 5.6 |
Lower Range | |
Loss Contingencies | |
Operating leases commence (in months) | 12 months |
Upper Range | |
Loss Contingencies | |
Operating leases commence (in months) | 24 months |
Operating lease term (in years) | 15 years |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision | $ 495 | $ 271 | |
Unrecognized tax benefits | $ 1,200 | $ 1,200 |
LOSS ON LEASE TERMINATIONS AN_3
LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Summary of impairment and other losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other than Temporary Impairment Losses, Investments [Abstract] | ||
Impairment on corporate office assets (held-for-use) | $ 3,209 | $ 0 |
Impairment on traditional golf properties (held-for-use) | 0 | 792 |
Total (gain) loss on lease terminations and impairment | $ 3,209 | $ 792 |
LOSS ON LEASE TERMINATIONS AN_4
LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)property | |
Property, Plant and Equipment | ||
Impairment on corporate office assets (held-for-use) | $ 3,209 | $ 0 |
Held-for-use impairment | 0 | $ 792 |
Number of impaired properties held-for-use | property | 1 | |
Leasehold Improvements | ||
Property, Plant and Equipment | ||
Impairment on corporate office assets (held-for-use) | 300 | |
Furniture Fixtures and Equipment | ||
Property, Plant and Equipment | ||
Impairment on corporate office assets (held-for-use) | 600 | |
Right-of-Use Asset | ||
Property, Plant and Equipment | ||
Impairment on corporate office assets (held-for-use) | $ 2,300 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Apr. 01, 2021property | |
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | |||
Subsequent Event | |||
Revenue | $ | $ 6.6 | $ 22.4 | |
Traditional Golf | |||
Subsequent Event | |||
Number of properties (property) | 60 | ||
Subsequent event | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | |||
Subsequent Event | |||
Number of properties (property) | 4 | ||
Subsequent event | Traditional Golf | |||
Subsequent Event | |||
Number of properties (property) | 22 |