Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ck0001261159 | ||
Entity Registrant Name | CNL LIFESTYLE PROPERTIES INC | ||
Entity Central Index Key | 1261159 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 325,184,227 | ||
Entity Public Float | $2,200,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Real estate investment properties, net (including $158,589 and $184,306 related to consolidated variable interest entities, respectively) | $1,136,451 | $2,068,973 | ||
Assets held for sale, net (including $12,953 and $0 related to consolidated variable interest entities, respectively) | 699,816 | 90,794 | ||
Cash | 136,985 | 71,574 | 73,224 | 162,839 |
Investments in unconsolidated entities | 127,102 | 132,324 | ||
Deferred rent and lease incentives | 47,649 | 57,378 | ||
Restricted cash | 39,097 | 51,335 | ||
Other assets | 36,639 | 52,310 | ||
Accounts and other receivables, net | 23,086 | 21,080 | ||
Mortgages and other notes receivable, net | 19,361 | 117,963 | ||
Intangibles, net | 18,026 | 36,922 | ||
Total Assets | 2,284,212 | 2,700,653 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable (including $30,412 and $87,095 related to non-recourse debt of consolidated variable interest entities, respectively) | 550,504 | 760,192 | ||
Senior notes, net of discount | 316,846 | 394,419 | ||
Line of credit | 152,500 | 50,000 | ||
Other liabilities | 60,478 | 76,816 | ||
Accounts payable and accrued expenses | 46,005 | 49,823 | ||
Due to affiliates | 489 | 1,025 | ||
Total Liabilities | 1,126,822 | 1,332,275 | ||
Commitments and contingencies (Note 17) | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share 200 million shares authorized and unissued | ||||
Excess shares, $.01 par value per share 120 million shares authorized and unissued | 0 | 0 | ||
Common stock, $.01 par value per share One billion shares authorized; 349,084 and 345,114 shares issued and 325,184 and 322,627 shares outstanding as of December 31, 2014 and 2013, respectively | 3,252 | 3,226 | ||
Capital in excess of par value | 2,863,839 | 2,846,265 | ||
Accumulated deficit | -494,129 | -401,985 | ||
Accumulated distributions | -1,211,302 | -1,073,422 | ||
Accumulated other comprehensive loss | -4,270 | -5,706 | ||
Total Stockholders' Equity | 1,157,390 | 1,368,378 | 1,711,431 | 1,889,980 |
Total Liabilities and Stockholders' Equity | $2,284,212 | $2,700,653 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate investment properties, net | $158,589 | $184,306 |
Asset held for sale net, variable interest entities | 12,953 | 0 |
Mortgages and other notes payable | $30,412 | $87,095 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares unissued | 200,000,000 | 200,000,000 |
Excess shares, par value | $0.01 | $0.01 |
Excess shares, shares authorized | 120,000,000 | 120,000,000 |
Excess shares, shares unissued | 120,000,000 | 120,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 349,084,000 | 345,114,000 |
Common stock, shares outstanding | 325,184,000 | 322,627,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental income from operating leases | $128,023 | $115,414 | $108,462 |
Property operating revenues | 236,860 | 233,956 | 228,068 |
Interest income on mortgages and other notes receivable | 8,412 | 13,120 | 12,997 |
Total revenues | 373,295 | 362,490 | 349,527 |
Expenses: | |||
Property operating expenses | 190,165 | 187,581 | 185,538 |
Asset management fees to advisor | 18,651 | 23,060 | 25,009 |
General and administrative | 17,136 | 17,233 | 17,678 |
Ground lease and permit fees | 10,162 | 9,838 | 8,938 |
Acquisition fees and costs | 664 | 2,467 | 3,224 |
Other operating expenses | 5,328 | 4,471 | 6,496 |
Bad debt expense | 291 | 54 | 228 |
Impairment provision | 30,428 | 50,033 | 10 |
(Gain) loss on lease terminations | 8,914 | -3,850 | 1,560 |
Loan loss provision | 3,270 | 3,104 | 1,699 |
Depreciation and amortization | 98,664 | 94,459 | 87,479 |
Total expenses | 383,673 | 388,450 | 337,859 |
Operating income (loss) | -10,378 | -25,960 | 11,668 |
Other income (expense): | |||
Interest and other income | 838 | 559 | 850 |
Interest expense and loan cost amortization (includes $460 loss on termination of cash flow hedges for the year ended December 31, 2014) | -57,260 | -55,769 | -55,094 |
Loss on extinguishment of debt | -1,391 | -4 | |
Bargain purchase gain | 2,653 | ||
Gain from sale of unconsolidated entities | 55,394 | ||
Equity in earnings of unconsolidated entities | 7,753 | 11,701 | 5,521 |
Total other income (expense) | -50,060 | 14,538 | -48,727 |
Income (loss) from continuing operations | -60,438 | -11,422 | -37,059 |
Loss from discontinued operations (includes $3,027, $1,655, and $1,655 amortization of loss on termination of cash flow hedges for the years ended December 31, 2014, 2013 and 2012, respectively) | -31,706 | -241,117 | -39,014 |
Net income (loss) | ($92,144) | ($252,539) | ($76,073) |
Loss per share of common stock (basic and diluted): | |||
Continuing operations | ($0.18) | ($0.03) | ($0.12) |
Discontinued operations | ($0.10) | ($0.76) | ($0.12) |
Earnings (loss) per share of common stock (basic and diluted) | ($0.28) | ($0.79) | ($0.24) |
Weighted average number of shares of common stock outstanding (basic and diluted) | 324,451 | 318,742 | 312,309 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss on termination of cash flow hedge | $460 | ||
Amortization of loss on termination of cash flow hedges | 3,486 | 1,655 | 1,655 |
Discontinued Operations | |||
Amortization of loss on termination of cash flow hedges | $3,027 | $1,655 | $1,655 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net loss | ($93,909) | $30,623 | ($8,505) | ($20,353) | ($252,329) | $78,293 | [1] | ($55,204) | ($23,299) | ($92,144) | ($252,539) | ($76,073) |
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | -2,933 | -1,563 | 531 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | 1,655 | 1,655 | |||||||||
Unrealized loss arising during the period | 883 | 1,863 | -395 | |||||||||
Total other comprehensive income (loss) | 1,436 | 1,955 | 1,791 | |||||||||
Total comprehensive loss | ($90,708) | ($250,584) | ($74,282) | |||||||||
[1] | Includes impact from out of period adjustments as described in "Footnote 2 - Significant Accounting Policies". |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Accumulated (Deficit) | Accumulated Distributions | Accumulated Comprehensive Income (Loss) |
In Thousands | ||||||
Balance at Dec. 31, 2011 | $1,889,980 | $3,092 | $2,743,972 | ($73,373) | ($774,259) | ($9,452) |
Balance (in shares) at Dec. 31, 2011 | 309,215 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan (in shares) | 8,329 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan | 69,036 | 83 | 68,953 | |||
Redemption of common stock (in shares) | -1,173 | |||||
Redemption of common stock | -9,590 | -11 | -9,579 | |||
Net loss | -76,073 | -76,073 | ||||
Distributions, declared and paid ($0.5252 per share for 2012, $0.4252 per share for 2013 and $0.4252 per share for 2014) | -163,713 | -163,713 | ||||
Foreign currency translation adjustment | 531 | 531 | ||||
Amortization of loss on termination of cash flow hedges | 1,655 | 1,655 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassifications (Note 11) | -395 | -395 | ||||
Balance at Dec. 31, 2012 | 1,711,431 | 3,164 | 2,803,346 | -149,446 | -937,972 | -7,661 |
Balance (in shares) at Dec. 31, 2012 | 316,371 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan (in shares) | 7,901 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan | 54,936 | 79 | 54,857 | |||
Redemption of common stock (in shares) | -1,645 | |||||
Redemption of common stock | -11,955 | -17 | -11,938 | |||
Net loss | -252,539 | -252,539 | ||||
Distributions, declared and paid ($0.5252 per share for 2012, $0.4252 per share for 2013 and $0.4252 per share for 2014) | -135,450 | -135,450 | ||||
Foreign currency translation adjustment | -1,563 | -1,563 | ||||
Amortization of loss on termination of cash flow hedges | 1,655 | 1,655 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassifications (Note 11) | 1,863 | 1,863 | ||||
Balance at Dec. 31, 2013 | 1,368,378 | 3,226 | 2,846,265 | -401,985 | -1,073,422 | -5,706 |
Balance (in shares) at Dec. 31, 2013 | 322,627 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan (in shares) | 3,970 | |||||
Subscriptions received for common stock through public offering and distribution reinvestment plan | 27,209 | 40 | 27,169 | |||
Redemption of common stock (in shares) | -1,413 | |||||
Redemption of common stock | -9,609 | -14 | -9,595 | |||
Net loss | -92,144 | -92,144 | ||||
Distributions, declared and paid ($0.5252 per share for 2012, $0.4252 per share for 2013 and $0.4252 per share for 2014) | -137,880 | -137,880 | ||||
Foreign currency translation adjustment | -2,933 | -2,933 | ||||
Amortization of loss on termination of cash flow hedges | 3,486 | 3,486 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassifications (Note 11) | 883 | 883 | ||||
Balance at Dec. 31, 2014 | $1,157,390 | $3,252 | $2,863,839 | ($494,129) | ($1,211,302) | ($4,270) |
Balance (in shares) at Dec. 31, 2014 | 325,184 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distributions, declared and paid | $0.43 | $0.43 | $0.53 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net loss | ($92,144) | ($252,539) | ($76,073) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation and amortization | 135,373 | 150,311 | 135,557 |
Amortization of loan costs and lease costs (including above-and-below market leases) | 12,310 | 9,165 | 8,555 |
Accretion of note origination costs | -40 | ||
Accretion and amortization of fair value measures | 305 | 422 | 59 |
(Gain) loss on sale of properties and disposal of fixed assets | -4,073 | -2,241 | 141 |
Gain on sale of unconsolidated entities | -55,394 | ||
Bargain purchase gain | -2,653 | ||
Loss on extinguishment of debt | 6,209 | ||
Write-off intangible assets from sale of properties | 93 | ||
Amortization of terminated hedge | 3,486 | 1,655 | 1,655 |
Swap termination fees | -1,904 | ||
(Gain) loss on lease termination | 8,174 | -2,705 | 25,387 |
Gain from insurance proceeds | -4,916 | ||
Impairment provision | 68,295 | 269,535 | 680 |
Loan loss provision | 3,270 | 3,104 | 1,699 |
Bad debt expense | 2,309 | 6,323 | 5,510 |
Prepayment penalties on loans | -7,047 | ||
Premium paid on senior notes | -2,500 | ||
Equity in earnings net of distributions from unconsolidated entities | 5,744 | 15,068 | 31,223 |
Changes in assets and liabilities: | |||
Other assets | 467 | -283 | -6,527 |
Deferred rent and lease incentives | -982 | -8,056 | -36,663 |
Accounts and other receivables | -7,401 | -3,237 | -11,984 |
Accounts payable, accrued expenses and other liabilities | 3,017 | 6,977 | 8,895 |
Due to affiliates | -1,058 | -65 | -181 |
Net cash provided by operating activities | 126,934 | 135,480 | 87,893 |
Investing activities: | |||
Acquisition of properties | -128,390 | -244,859 | -190,150 |
Capital expenditures | -79,115 | -70,156 | -69,675 |
Investments in and contributions to unconsolidated entities | -3,776 | ||
Distributions from unconsolidated entities | 3,445 | ||
Proceeds from sale of unconsolidated entites | 195,446 | ||
Proceeds from release (payment) of collateral on loan payable | 11,167 | -11,167 | |
Proceeds from insurance | 10,187 | ||
Proceeds from short-term investment | 1,169 | ||
Principal payments received on mortgage loans receivable | 83,468 | 4,282 | 4,790 |
Proceeds from sale of properties | 384,293 | 12,401 | 1,500 |
Changes in restricted cash | 1,394 | -10,357 | -5,632 |
Other | 980 | -854 | -799 |
Net cash provided by (used in) investing activities | 273,986 | -102,930 | -271,464 |
Financing activities: | |||
Redemptions of common stock | -9,609 | -11,955 | -9,590 |
Distributions to stockholders, net of reinvestments | -110,671 | -80,514 | -94,677 |
Borrowings under line of credit | 232,500 | 100,000 | 170,000 |
Payments of entrance fee refunds | -1,845 | ||
Proceeds from mortgages and other notes payable | 57,790 | 131,298 | 152,300 |
Principal payments on line of credit | -130,000 | -145,000 | -75,000 |
Principal payments on mortgages, notes payable and senior notes | -365,224 | -18,800 | -34,666 |
Principal payments on capital leases | -4,863 | -4,152 | -4,107 |
Payment of loan costs | -3,536 | -5,017 | -10,305 |
Net cash (used in) provided by financing activities | -335,458 | -34,140 | 93,955 |
Effect of exchange rate fluctuations on cash | -51 | -60 | 1 |
Net increase (decrease) in cash | 65,411 | -1,650 | -89,615 |
Cash at beginning of period | 71,574 | 73,224 | 162,839 |
Cash at end of period | 136,985 | 71,574 | 73,224 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 68,536 | 63,628 | 59,331 |
Supplemental disclosure of non-cash investing activities: | |||
Assumption of debts | 27,398 | ||
Assumption of capital leases | 4,004 | 10,732 | 4,650 |
Assumption of entrance fee liabilities | 13,810 | ||
Change in accounts payable related to capital expenditures | 4,192 | 6,069 | 1,143 |
Property assumed in connection with foreclosure | 8,729 | ||
Supplemental disclosure of non-cash financing activities: | |||
Seller financing provided upon sale of real estate assets | $325 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization and Nature of Business | 1 | Organization and Nature of Business: |
CNL Lifestyle Properties, Inc. (the “Company”), was organized in Maryland on August 11, 2003. The Company operates and has elected to be taxed as a real estate investment trust (a “REIT”) for federal income tax. Various wholly-owned subsidiaries have been and will be formed by the Company for the purpose of acquiring and owning direct or indirect interests in real estate. The Company generally invests in lifestyle properties in the United States that are primarily leased on a long-term (generally five to 20-years, plus multiple renewal options), triple-net or gross basis to tenants or operators that the Company considers to be industry leading. The Company also leases properties to taxable REIT subsidiary (“TRS”) tenants and engages independent third-party managers to operate those properties. In the event of certain tenant defaults, the Company has also engaged third-party managers to operate properties on its behalf until they are re-leased. | ||
As of December 31, 2014, the Company owned 105 lifestyle properties directly and indirectly within the following asset classes: ski and mountain lifestyle, senior housing, attractions, marinas and other lifestyle assets. Eight of these 105 properties are owned through unconsolidated joint ventures and three are located in Canada. Although these are the asset classes in which the Company has invested and are most likely to invest in the future should it make additional acquisitions, it may acquire or invest in any type of property that it believes has the potential for long-term growth and income generation. | ||
In March 2014, the Company engaged Jefferies LLC, a lead investment banking and advisory firm to assist it and its Board of Directors in evaluating various options to provide liquidity to its shareholders. In connection with this process, during 2014, the Company sold its entire golf portfolio (consisting of 48 properties) and its multi-family development property, entered into an agreement to sell its entire 38 property senior housing portfolio for $790 million and agreed on a plan to sell its marinas portfolio consisting of 17 properties. Refer to Note 20, “Subsequent Events” for additional information on additional transactions related to evaluating strategic alternatives. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Significant Accounting Policies | 2 | Significant Accounting Policies: | ||
Principles of Consolidation and Basis of Presentation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. | ||||
In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. | ||||
Allocation of Purchase Price for Real Estate Acquisitions — Upon the acquisition of real estate properties, the Company records the fair value of the tangible assets (consisting of land, buildings, improvements and equipment), intangible assets (consisting of in-place leases and above or below market lease values), assumed liabilities and any contingent liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is determined based on incorporating market participant assumptions, discounted cash flow models using appropriate capitalization rates, and the Company’s estimates reflecting the facts and circumstances of each acquisition. Acquisition fees and costs are expensed for acquisitions that are considered a business combination. | ||||
The fair value of the tangible assets of an acquired leased property is determined by various factors including the comparable land sale method and cost approach method which estimates the replacement cost new less depreciation and a go dark income approach on the building in which the building is assumed to be vacant. | ||||
The purchase price is allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses. | ||||
The Company may also enter into yield guarantees in connection with an acquisition, whereby the seller agrees to hold a portion of the purchase price in escrow that may be repaid to the Company in the event certain thresholds are not met. In calculating the estimated fair value of the yield guarantee, the Company considers information obtained about each property during the due diligence and budget process as well as discount rates to determine the fair value. The Company periodically evaluates the fair value of the yield guarantee and records any adjustments to the fair value as a component of other income (expense) in the accompanying consolidated statements of operations. | ||||
Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated over the lesser of 39 years or the remaining life of the ground lease including renewal options and leasehold and permit interests. | ||||
Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life. The capitalized above-market or below-market lease intangible is amortized to rental income over the estimated remaining term of the respective leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs related to the lease would be written off. Intangible assets with indefinite lives are not amortized, and like all intangibles, are evaluated for impairment on an annual basis or upon a trigger event. | ||||
Investment in Unconsolidated Entities —The Company accounts for its investment in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not maintain a controlling financial interest over these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entities. Based on the respective venture structures and preferences the Company receives on distributions and liquidation, the Company records its equity in earnings of the entities under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognizes income or loss in each period as if the net book value of the assets in the ventures were hypothetically liquidated at the end of each reporting period following the provisions of the joint venture agreements. In any given period, the Company could be recording more or less income than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. The Company’s investment in unconsolidated entities is accounted for as an asset acquisition in which acquisition fees and expenses are capitalized as part of the basis in the investment in unconsolidated entities. The acquisition fees and expenses create an outside basis difference that are allocated to the assets of the investee and, if assigned to depreciable or amortizable assets, the basis differences are then amortized as a component of equity in earnings (loss) of unconsolidated entities. | ||||
Acquisition Fees and Expenses — The Company incurs acquisition fees and expenses in connection with the selection and acquisition of properties, including expenses on properties it determines not to acquire. The Company immediately expenses all acquisition costs and fees associated with transactions deemed to be business combinations, but capitalizes these costs for transactions deemed to be acquisitions of an asset or equity method investment. | ||||
Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any indicators, including property operating performance, general market conditions and significant changes in the manner of use or estimated holding period of the Company’s real estate assets or the strategy of its overall business, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. To assess if a property value is potentially impaired, management compares the estimated current and projected undiscounted operating cash flows, including estimated net sales proceeds, of the property over its remaining useful life to the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would record an impairment provision to adjust the carrying value of the asset group to the estimated fair value of the property. | ||||
For real estate the Company indirectly owns through an investment in a joint venture, tenant-in-common interest or other similar investment structure which is accounted for under the equity method, when impairment indicators are present, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of its investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline. | ||||
The estimated fair values of unconsolidated entities are based upon a discounted cash flow model that includes all estimated cash inflows and outflows over the expected holding period. The capitalization rates and discounted rates utilized in the model are based upon rates that the Company believes to be within a reasonable range of current market rates for the underlying properties. | ||||
Bargain Purchase Gain — A bargain purchase gain is recorded as a gain in earnings in the period of acquisition when the fair value of assets acquired net of liabilities assumed is greater than the consideration transferred. | ||||
Assets Held for Sale, net and Discontinued Operations — Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. The Company classifies assets as held for sale once management has the authority to approve and commits to a plan to sell, the assets are available for immediate sale, an active program to locate a buyer and the sale of the assets are probable and transfer of the assets are expected to occur within one year. Subsequent to classification of an asset as held for sale, no further depreciation, amortization or straight-line rent adjustments relating to the asset are recorded. The related operations of assets held for sale are reported as discontinued if such operations and cash flows can be clearly distinguished both operationally and financially from the ongoing operations, such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and if the Company will not have any significant continuing involvement subsequent to the sale. | ||||
Real Estate Dispositions — When real estate is disposed of, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases are removed from the accounts and gains and losses from the disposition are reflected in the consolidated statements of operations. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Real Estate Sales, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains may be deferred in whole or in part until the sales satisfy the requirements of gain recognition on sale of real estate. As of December 31, 2014, the Company has a deferred gain on one of its real estate dispositions as a result of making a loan to the buyer financing a substantial portion of the sales price. | ||||
Mortgages and Other Notes Receivables — Mortgages and other notes receivable are stated at the principal amount outstanding, net of deferred loan origination costs or fees. Loan origination and other fees received by the Company in connection with making the loans are recorded as reduction of the note receivable and amortized into interest income, using the effective interest method, over the term of the loan. Acquisition fees and costs in connection with making the loans are capitalized and recorded as part of the mortgages and other notes receivable balance and amortized as a reduction of interest income over the term of the notes. | ||||
The Company evaluates impairment on its mortgages and other notes receivable on an individual loan basis which includes, current information and events, periodic visits and quarterly discussions on the financial results of the properties being collateralized and the financial stability of the borrowers who are also tenants or third-party managers for certain properties in the Company’s real estate portfolio. The Company reviews each loan to determine the risk of loss and whether the individual loan is impaired and whether an allowance is necessary. If allowance is necessary, the Company will reduce the carrying value of the loan accordingly and record a corresponding charge to net income (loss). The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and, as such, the Company does not assign its mortgages and other note receivable in credit quality categories. | ||||
Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less during the year. As of December 31, 2014, cash deposits exceeded federally insured amounts. However, the Company has not experienced any losses on such accounts. Management continues to monitor third-party depository institutions that hold the Company’s cash, primarily with the goal of safety of principal and secondarily on maximizing yield on those funds. To that end, the Company has diversified its cash among several banking institutions in an attempt to minimize exposure to any one of these entities. Management has attempted to select institutions that it believes are strong based on an evaluation of their financial stability and exposure to poor performing assets. | ||||
Restricted Cash — Certain amounts of cash are restricted to fund capital expenditures for the Company’s real estate investment properties or represent certain tenant security deposits. | ||||
Derivative Instruments and Hedging Activities — The Company utilizes derivative instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. The Company follows established risk management policies and procedures in its use of derivatives and does not enter into or hold derivatives for trading or speculative purposes. The Company records all derivative instruments on the balance sheet at fair value. On the date the Company enters into a derivative contract, the derivative is designated as a hedge of the exposure to variable cash flows of a forecasted transaction. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently recognized in the statement of operations in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. Any ineffective portion of the gain or loss is reflected in interest expense in the statement of operations. As of December 31, 2014 and 2013, the Company’s hedges qualified as highly effective and, accordingly, all of the change in value is reflected in other comprehensive income (loss). | ||||
Fair Value of Financial Instruments — The estimated fair value of cash, accounts receivable, accounts payable and accrued expenses approximates carrying value as of December 31, 2014 and 2013, because of the liquid nature of the assets and relatively short maturities of the obligations. See Footnote 9. “Mortgages and other Notes Receivable, net” and Footnote 10. “Indebtedness” for the Company’s estimates of the fair value of its mortgages and other notes receivable and its indebtedness as of December 31, 2014 and 2013. | ||||
Fair Value Measurements – Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels of fair value inputs: | ||||
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||
• | Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. | |||
• | Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. | |||
When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||
Deferred Financing Costs — Financing costs paid in connection with obtaining long-term debt are deferred and amortized over the life of the debt using the effective interest method. As of December 31, 2014 and 2013, the accumulated amortization of loan costs was approximately $30.9 million and $22.9 million, respectively. | ||||
Foreign Currency Translation — The accounting records for the Company’s one consolidated foreign location, in Vancouver, British Columbia, are maintained in the local currency and revenues and expenses are translated using the average exchange rates during the period. Assets and liabilities are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in stockholders’ equity as a cumulative foreign currency translation adjustment, a component of accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in the accompanying consolidated statements of operations. | ||||
Revenue Recognition — For properties subject to operating leases, rental revenue is recorded on a straight-line basis over the terms of the leases. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Property operating revenues from managed properties, which are not subject to leasing arrangements, are derived from room rentals, food and beverage sales, ski and spa operations, golf operations, membership dues, ticket sales, concessions, waterpark and theme park operations, resident rental fees, assistance services, and other service revenues. Such revenues, excluding membership dues, are recognized when rooms are occupied, when services have been performed, and when products are delivered. Membership dues are recognized ratably over the term of the membership period. For mortgages and other notes receivable, interest income is recognized on an accrual basis when earned, except for loans placed on non-accrual status, for which interest income is recognized when received. Any deferred portion of contractual interest is recognized on a straight-line basis over the term of the corresponding note. Loan origination fees charged and acquisition fees incurred in connection with the making of loans are recognized as interest income, and a reduction in interest income, respectively over the term of the notes. | ||||
Capital Improvement Reserve Income — The Company’s leases require the tenants to pay certain contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time that they are earned and are included in rental income from operating leases in the accompanying consolidated statements of operations. | ||||
Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s lifestyle properties with monthly interest only and/or principal payments. A loan that is accounted for as a troubled debt restructure is recorded at the present value of the future cash payments, principal and interest, specified by the new terms. The Company may undergo a troubled debt restructuring if management determines that the underlying collateralized properties are not performing to meet debt service. In order to qualify as a troubled debt restructure the following must apply: (i) the underlying collateralized property value decreased as a result of the economic environment, (ii) transfer of asset (cash) to partially satisfy the loan has occurred and (iii) new loan terms decrease the effective interest rate and extend the maturity date. The difference between the future cash payments specified by the new terms and the carrying value immediately preceding the restructure is recorded as gain on extinguishment of debt. | ||||
Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2004. As a REIT, the Company generally is not subject to federal corporate income taxes provided it distributes at least 100% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT. Subject to compliance with applicable tax law, certain properties may be operated using an eligible third-party manager. In those cases, taxable income from those operations may be subject to federal income tax. Management believes that the Company was organized and operated in a manner that enabled the Company to continue to qualify for treatment as a REIT for federal income tax purposes for the years ended December 31, 2014, 2013 and 2012. | ||||
Under the provisions of the Internal Revenue Code and applicable state laws, each TRS entity of the Company is subject to taxation of income on the profits and losses from its operations. The Company accounts for federal and state income taxes with respect to its TRS entities using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards. | ||||
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | ||||
Earnings (loss) Per Share — Earnings (loss) per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. | ||||
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant estimates and assumptions are made in connection with the allocation of purchase price and the analysis of real estate, equity method investments and for impairments. Actual results could differ from those estimates. | ||||
Out of Period Adjustments — During the fourth quarter of 2012, the Company identified errors in the consolidated financial statements relating to prior years. The Company understated expenses related to the transition of certain properties from leased to managed structure which resulted in an understatement of loss on lease terminations by $1.6 million and an understatement of other operating expenses by $2.2 million. The Company concluded these adjustments were not material, individually or in the aggregate, to its results for this or any of the prior periods and, as such, the Company recorded out of period adjustments to increase its net loss during the fourth quarter of 2012 by $3.8 million. | ||||
In July 2013, the Company completed the sale of 42 senior housing properties held through three unconsolidated joint ventures. In connection with the transaction, the Company received aggregate net sales proceeds of approximately $195.4 million and recorded an aggregate gain of approximately $55.4 million. The carrying amounts of the investments relating to the unconsolidated joint ventures were understated prior to disposition as a result of acquisition fees and costs that were incorrectly expensed in prior years. The Company concluded these adjustments were not material, individually or in the aggregate, to its results for this or any of the prior periods and, as such, the Company recorded out of period adjustments that increased the gain on sale in the third quarter of 2013 by approximately $1.9 million. See “Footnote 8. Variable Interest and Unconsolidated Entities” for additional information. | ||||
Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker currently evaluates the Company’s operations from a number of different operational perspectives including but not limited to a property-by-property basis and by tenant and operator. The Company derives all significant revenues from a single reportable operating segment of business, lifestyle real estate regardless of the type (ski, attractions, senior housing, etc.) or ownership structure (leased or managed). In addition, the Company evaluated each individual property and determined they were individually less than 10% of the combined revenue for the year ended December 31, 2014. Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. | ||||
Reclassifications — Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported total assets and total liabilities, net loss or stockholders’ equity. The results of operations of the real estate properties that are classified as held for sale, along with properties sold during the period, are reflected in discontinued operations for all periods presented. | ||||
Adopted Accounting Pronouncements — In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a similar Tax Loss, or a Tax Credit Carryforward Exists.” This update clarified the guidance in subtopic 740 and requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward to the extent one is available. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows. | ||||
Recent Accounting Pronouncements — In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update changes the criteria for reporting discontinued operations where only disposals representing a strategic shift, such as a major line of business or geographical area, should be presented as a discontinued operation. This ASU is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company will adopt ASU No. 2014-08 commencing January 1, 2015. This ASU is expected to impact the determination of which future property disposals qualify as discontinued operations, as well as, require additional disclosures about discontinued operations. | ||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standards Codification (“ASC”) topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the amendments of ASU 2014-09; however, these amendments could potentially have a significant impact on its consolidated financial position, results of operations or cash flows. | ||||
In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Acquisitions | 3 | Acquisitions: | |||||||||
Consolidated Entities. During the year ended December 31, 2014, the Company acquired the following properties (in thousands): | |||||||||||
Date of | Purchase | ||||||||||
Product/Description | Location | Acquisition (2) | Price | ||||||||
Pacifica Senior Living Victoria Court - One senior housing property | Rhode Island | 1/15/14 | $ | 15,250 | |||||||
Pacifica Senior Living Northridge - One senior housing property | California | 6/6/14 | 25,250 | ||||||||
La Conner Retirement Inn - One senior housing property | Washington | 6/2/14 | 8,250 | ||||||||
South Pointe Assisted Living - One senior housing property | Washington | 6/2/14 | 4,300 | ||||||||
Pacifica Senior Living Modesto - One senior housing property | California | 7/24/14 | 16,250 | (1) | |||||||
Pacifica Senior Living Bakersfield - One senior housing property | California | 7/25/14 | 28,750 | (1) | |||||||
Pacifica Senior Living Wilmington - One senior housing property | North Carolina | 7/25/14 | 22,250 | (1) | |||||||
The Oaks at Braselton - One senior housing property | Georgia | 9/22/14 | 15,000 | ||||||||
The Oaks at Post Road - One senior housing property | Georgia | 9/22/14 | 18,600 | ||||||||
$ | 153,900 | ||||||||||
FOOTNOTES: | |||||||||||
(1) | In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. “Indebtedness” for additional information. | ||||||||||
(2) | These properties are subject to long-term triple-net leases with an initial term of 10 years with renewal options. | ||||||||||
These acquisitions are not considered material to the Company as such no pro forma information has been included. | |||||||||||
The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): | |||||||||||
Total Purchase | |||||||||||
Price Allocation | |||||||||||
Land and land improvements | $ | 25,213 | |||||||||
Buildings | 120,059 | ||||||||||
Equipment | 5,127 | ||||||||||
In-place lease intangibles (1) | 1,723 | ||||||||||
Other intangibles | 4,566 | ||||||||||
Assumed mortgages | (27,398 | ) | |||||||||
Other liabilities | (900 | ) | |||||||||
Total purchase price consideration | $ | 128,390 | |||||||||
FOOTNOTE: | |||||||||||
-1 | The weighted-average amortization period for intangible in-place leases acquired are 10 years as of the date of acquisition. | ||||||||||
During the year ended December 31, 2013, the Company acquired the following properties (in thousands): | |||||||||||
Date of | Purchase | ||||||||||
Product/Description | Location | Acquisition | Price | ||||||||
The Stratford Continuing Care Retirement Community — One senior housing property | Indiana | 6/28/13 | $ | 22,000 | (1) | ||||||
Pioneer Village — One senior housing property | Oregon | 7/31/13 | 14,850 | ||||||||
Bozeman Lodge — One senior housing property | Montana | 8/9/13 | 31,000 | ||||||||
Wet ’n’ Wild Palm Springs — One attractions property | California | 8/12/13 | 15,601 | (2) | |||||||
Wet ’n’ Wild Phoenix — One attractions property | Arizona | 11/26/13 | 33,000 | ||||||||
MorningStar at Dayton Place — One senior housing property | Colorado | 12/13/13 | 29,908 | ||||||||
Chateau Vestavia — One senior housing property | Alabama | 12/20/13 | 18,500 | ||||||||
Pacifica Peoria— One senior housing property | Arizona | 12/20/13 | 13,250 | ||||||||
Pacifica Portland — One senior housing property | Oregon | 12/20/13 | 27,250 | ||||||||
Pacifica Santa Clarita — One senior housing property | California | 12/20/13 | 19,250 | ||||||||
Pacifica Sun City — One senior housing property | Florida | 12/20/13 | 20,250 | ||||||||
$ | 244,859 | ||||||||||
FOOTNOTES: | |||||||||||
-1 | Amount shown is net of the present value of entrance fee liabilities assumed on date of acquisition of approximately $13.8 million. | ||||||||||
-2 | In connection with the acquisition, the Company recorded approximately $2.7 million in bargain purchase gain as a result of the fair value of the net assets acquired exceeding the consideration transferred. The excess resulted from the fact that the seller did not widely market the property for sale and was motivated to sell because the property was deemed an outlier from the other investments owned by the seller. | ||||||||||
These acquisitions are not considered material to the Company as such no pro forma information has been included. | |||||||||||
The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): | |||||||||||
Total Purchase | |||||||||||
Price Allocation | |||||||||||
Land and land improvements | $ | 32,998 | |||||||||
Leasehold interests and improvements | 8,715 | ||||||||||
Buildings | 184,131 | ||||||||||
Equipment | 27,343 | ||||||||||
In-place lease intangibles (1) | 5,141 | ||||||||||
Trade name intangibles | 2,291 | ||||||||||
Other assets | 703 | ||||||||||
Other liabilities | (13,810 | ) | |||||||||
Net assets acquired | 247,512 | ||||||||||
Bargain purchase gain | (2,653 | ) | |||||||||
Total purchase price consideration | $ | 244,859 | |||||||||
FOOTNOTE: | |||||||||||
-1 | The weighted-average amortization period for intangible in-place leases acquired range between 2.5 years to 15 years as of the date of acquisition. |
Real_Estate_Investment_Propert
Real Estate Investment Properties, net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Investment Properties, net | 4 | Real Estate Investment Properties, net: | |||||||
As of December 31, 2014 and 2013, real estate investment properties consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 550,776 | $ | 904,409 | |||||
Leasehold interests and improvements | 180,551 | 311,560 | |||||||
Building and building improvements | 406,781 | 926,098 | |||||||
Equipment | 614,300 | 692,854 | |||||||
Less: accumulated depreciation and amortization | (615,957 | ) | (765,948 | ) | |||||
Total | $ | 1,136,451 | $ | 2,068,973 | |||||
For the years ended December 31, 2014, 2013 and 2012, the Company had depreciation and amortization expenses of approximately $98.0 million, $93.9 million and $86.9 million, respectively, excluding properties that the Company classified as assets held for sale. | |||||||||
The Company evaluates its properties on an ongoing basis, including any changes to intended use of the properties, operating performance of its properties or plans to dispose of assets to determine if the carrying value is recoverable. During 2014, the Company sold several properties, including its 48-property golf portfolio, entered into a contract to sell its senior housing portfolio and approved a plan to market and sell the Company’s marinas portfolio. The Company also recorded impairment provisions of approximately $25.4 million and $5.0 million related to one of its attractions properties and its unimproved land, respectively, as of December 31, 2014 to write down the book values related to these properties to estimated sales prices from third party buyers less costs to sell. See Note 5. “Assets Held for Sale, net and Discontinued Operations” for additional information. |
Assets_Held_for_Sale_net_and_D
Assets Held for Sale, net and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Assets Held for Sale, net and Discontinued Operations | 5 | Assets Held for Sale, net and Discontinued Operations: | |||||||||||
During the year ended December 31, 2013, the Company sold five properties that were deemed non-core to its ongoing operations as assets held for sale. In connection with the transaction, the Company received aggregate net sales proceeds of approximately $12.4 million and a note for approximately $0.3 million and recorded aggregate gain of approximately $2.4 million. As of December 31, 2013, the Company had five properties classified as held for sale. | |||||||||||||
During the year ended December 31, 2014, the following transactions occurred: | |||||||||||||
• | The Company approved a plan to sell and sold its golf portfolio (consisting of 48 properties) and one multi-family residential property. In connection with these transactions, the Company received aggregate net sales proceeds of approximately $384.3 million and recorded a net gain of approximately $4.1 million. The Company decided to discontinue marketing the sale of four properties which were previously classified as assets held for sale as of December 31, 2013. The Company reclassified the properties as held and used, and recorded an adjustment representing the catch up in depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used. | ||||||||||||
• | The Company entered into a contract to sell its senior housing portfolio consisting of 38 senior housing properties for $790 million. The sale is subject to certain customary closing conditions and there is no guarantee that these conditions will be met and that the sale will occur. | ||||||||||||
• | The Company also approved a plan to market and sell the Company’s marinas portfolio (consisting of 17 marina properties). The Company determined that the carrying values of these properties were not recoverable and recorded approximately $33.4 million in impairment provisions at December 31, 2014. The impairment was recorded to write down the book values of these properties to their estimated sales prices based on interests from third parties less costs to sell. | ||||||||||||
The following table presents the net carrying value of the properties classified as assets held for sale (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Land and land improvements | $ | 91,726 | $ | 40,097 | |||||||||
Leasehold interests and improvements | 52,571 | — | |||||||||||
Building and building improvements | 500,946 | 47,989 | |||||||||||
Equipment, net | 25,380 | 2,708 | |||||||||||
Deferred rent and lease incentives | 4,490 | — | |||||||||||
Other assets | 3,372 | — | |||||||||||
Restricted cash | 10,844 | — | |||||||||||
Intangibles, net | 10,487 | — | |||||||||||
Total | $ | 699,816 | $ | 90,794 | |||||||||
As a result of the above transactions, the Company recorded the 38 senior housing properties and the 17 marinas properties as assets held for sale as of December 31, 2014. The Company classified the revenues and expenses related to all real estate properties sold and all real estate properties considered as assets held for sale, which were not accounted for under the equity method of accounting, as discontinued operations in the accompanying consolidated statements of operations. The following table is a summary of loss from discontinued operations for the years ended December 31, (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 178,887 | $ | 160,604 | $ | 133,818 | |||||||
Expenses | (115,773 | ) | (111,807 | ) | (111,224 | ) | |||||||
Depreciation and amortization | (36,709 | ) | (55,852 | ) | (48,077 | ) | |||||||
Impairment provision | (37,867 | ) | (219,502 | ) | (670 | ) | |||||||
Operating loss | (11,462 | ) | (226,557 | ) | (26,153 | ) | |||||||
Gain from sale of properties | 4,144 | 2,408 | 288 | ||||||||||
Loss on extinguishment of debt | (4,818 | ) | — | — | |||||||||
Other expense | (19,570 | ) | (16,968 | ) | (13,149 | ) | |||||||
Loss from discontinued operations | $ | (31,706 | ) | $ | (241,117 | ) | $ | (39,014 | ) |
Intangible_Assets_net
Intangible Assets, net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Intangible Assets, net | 6 | Intangible Assets, net: | |||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||
Gross Carrying | Accumulated | 2014 Net Book | |||||||||||
Intangible Assets | Amount | Amortization | Value | ||||||||||
In place leases | $ | 12,295 | $ | (5,110 | ) | $ | 7,185 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,136 | $ | (5,110 | ) | $ | 18,026 | ||||||
Gross Carrying | Accumulated | 2013 Net Book | |||||||||||
Intangible Assets | Amount | Amortization | Value | ||||||||||
In place leases | $ | 34,745 | $ | (17,513 | ) | $ | 17,232 | ||||||
Trade name (finited-lived) | 9,060 | (1,789 | ) | 7,271 | |||||||||
Trade name (infinite-lived) | 12,419 | — | 12,419 | ||||||||||
Total | $ | 56,224 | $ | (19,302 | ) | $ | 36,922 | ||||||
FOOTNOTE: | |||||||||||||
-1 | In connection with the sale of the golf properties, the Company disposed of the above intangible assets. | ||||||||||||
During the year ended December 31, 2013, in connection with terminating leases on one of the Company’s attractions tenants, the Company acquired an intangible trade name asset of $4.2 million. | |||||||||||||
Amortization expense (excluding properties held for sale) was approximately $0.7 million, $0.6 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company wrote off approximately $0.1 million and $2.5 million of in-place lease intangibles related to lease terminations for the years ended December 31, 2013 and 2012, respectively, which are included as part of (gain) loss on lease terminations in the accompanying consolidated statements of operations. The Company did not have any write offs of in-place lease intangibles related to lease terminations for the year ended December 31, 2014. | |||||||||||||
The estimated future amortization expense for the Company’s finite-lived intangible assets as of December 31, 2014 is as follows (in thousands): | |||||||||||||
Total | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
2015 | $ | 666 | |||||||||||
2016 | 666 | ||||||||||||
2017 | 645 | ||||||||||||
2018 | 551 | ||||||||||||
2019 | 567 | ||||||||||||
Thereafter | 4,090 | ||||||||||||
Total | $ | 7,185 |
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Leases | 7 | Operating Leases: | |||
As of December 31, 2014, the Company leased 42 properties under long-term, triple-net leases to third-parties. The following is a schedule of future minimum lease payments to be received under the non-cancellable operating leases with third-parties at December 31, 2014 (in thousands): | |||||
2015 | $ | 120,612 | |||
2016 | 122,632 | ||||
2017 | 124,719 | ||||
2018 | 126,368 | ||||
2019 | 127,461 | ||||
Thereafter | 1,066,109 | ||||
Total | $ | 1,687,901 | |||
Under a triple-net lease, the tenant is responsible for paying percentage rent and capital improvement reserve rent. Capital improvement reserve is generally based on a percentage of gross revenue of the property and are set aside by the Company for capital improvements including replacements, from time to time, of furniture, fixtures and equipment and totaled approximately $23.9 million, $21.0 million and $19.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. Percentage rent is generally based on a percentage of gross revenue after it exceeds a certain threshold. Total percentage rent recorded was approximately $2.9 million, $2.5 million and $1.8 million the years ended December 31, 2014, 2013 and 2012, respectively. In addition, substantially all of the property expenses are required to be paid directly by the tenants, including real estate taxes which the tenants pay directly to the taxing authorities. The total annualized property taxes assessed on these properties, and paid directly by tenants, were approximately $8.6 million, $11.9 million and $12.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Variable_Interest_and_Unconsol
Variable Interest and Unconsolidated Entities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Variable Interest and Unconsolidated Entities | 8 | Variable Interest and Unconsolidated Entities: | |||||||||||||||||||||||
Consolidated VIEs – As of December 31, 2013, the Company had four wholly-owned subsidiaries, designed as single property entities to own and lease their respective properties to single tenant operators, which are VIEs due to future buy-out options held by the respective tenants and of which three tenants can exercise but have not elected to do so. The remaining tenant’s buy-out option will be exercisable in July 2018. The four buy-out options expire between 2020 and 2030. In addition, two other entities that hold the properties in which service providers have a significant variable interest were also determined to be VIEs. The Company determined it is the primary beneficiary and holds a controlling financial interest in each of these entities due to the Company’s power to direct the activities that most significantly impact the economic performance of the entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements. During the year ended December 31, 2014, the Company had no change to its four wholly-owned subsidiaries that were deemed to be VIEs and no impact to its primary beneficiary position. | |||||||||||||||||||||||||
The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company are as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate investment properties, net | $ | 158,589 | $ | 184,306 | |||||||||||||||||||||
Assets held for sale | $ | 12,953 | $ | — | |||||||||||||||||||||
Other assets | $ | 26,376 | $ | 29,075 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Mortgages and other notes payable | $ | 30,412 | $ | 87,095 | |||||||||||||||||||||
Other liabilities | $ | 15,695 | $ | 13,214 | |||||||||||||||||||||
The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $151.8 million and $113.1 million as of December 31, 2014 and 2013, respectively. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. | |||||||||||||||||||||||||
Unconsolidated Entities—As of December 31, 2012, the Company held ownership in five ventures, the DMC Partnership, the Intrawest Venture, the CNLSun I, the CNLSun II and the CNLSun III ventures. In July 2013, the Company completed the sale of its interest in 42 senior housing properties held through the CNLSun I, CNLSun II and CNLSun III ventures as a result of Sunrise Living Investments, Inc. (“Sunrise”), the Company’s venture partner, exercising its purchase option in the aforementioned ventures. In connection with the transaction, the Company received aggregate sales proceeds of approximately $195.4 million, net of transaction costs, and recorded aggregate gains of approximately $55.4 million. As of December 31, 2014 and 2013, the Company held ownership in the two remaining unconsolidated ventures. Of these, the Intrawest Venture was deemed a VIE in which the Company is not the primary beneficiary. While several significant decisions are shared between the Company and its joint venture partner in the Intrawest Joint Venture, the Company does not direct the activities that most significantly impact the venture’s performance and has not consolidated the activities of the venture. The Company’s maximum exposure to loss as a result of its interest in the Intrawest Venture is limited to the carrying amount of its investment in the venture, which totaled approximately $22.7 million and $25.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
During 2014, the Intrawest Venture decided to discontinue marketing for sale six of its seven village retail properties. As a result, the properties no longer met the asset held for sale criteria and the Intrawest Venture recorded an adjustment representing the catch up in depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used. As of December 31, 2014, the Intrawest Venture continues to pursue the sale of the seventh village retail property and expects to complete the sale during 2015. | |||||||||||||||||||||||||
In March 2015, the Company entered into an agreement to sell its 81.98% interest in DMC Partnership to its co-venture partner. Refer to Note 20, “Subsequent Events” for additional information. | |||||||||||||||||||||||||
The Intrawest Venture is working with the Canada Revenue Authority to resolve an assessment and other matters related to one of its entities. The Intrawest Venture’s maximum exposure relating to these matters is approximately $14.0 million, however, it believes the more likely than not resolution will be approximately $1.5 million. As such, an accrual of $1.5 million has been reflected in the financial information for the Intrawest Venture. | |||||||||||||||||||||||||
The following tables present financial information for the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Summarized operating data: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Revenues | $ | 28,519 | $ | 17,454 | $ | 45,973 | |||||||||||||||||||
Property operating expenses (4) | (776 | ) | (9,802 | ) | (10,578 | ) | |||||||||||||||||||
Depreciation and amortization | (9,114 | ) | (6,005 | ) | (15,119 | ) | |||||||||||||||||||
Interest expense | (8,175 | ) | (4,891 | ) | (13,066 | ) | |||||||||||||||||||
Interest and other income (expense) | (35 | ) | 88 | 53 | |||||||||||||||||||||
Income (loss) from continuing operations | 10,419 | (3,156 | ) | 7,263 | |||||||||||||||||||||
Discontinued operations | — | 987 | 987 | ||||||||||||||||||||||
Net income (loss) | $ | 10,419 | $ | (2,169 | ) | $ | 8,250 | ||||||||||||||||||
Income (loss) allocable to other venture partners (1) | $ | 1,602 | $ | (1,612 | )(3) | $ | (10 | ) | |||||||||||||||||
Income (loss) allocable to the Company (1) | $ | 8,817 | $ | (557 | ) | 8,260 | |||||||||||||||||||
Amortization of capitalized costs | (298 | ) | (209 | ) | (507 | ) | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 8,519 | $ | (766 | ) | $ | 7,753 | ||||||||||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 2,277 | $ | 13,622 | |||||||||||||||||||
Distributions received by the Company | $ | 11,345 | $ | 2,152 | $ | 13,497 | |||||||||||||||||||
Summarized operating data: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
DMC | Intrawest | CNLSun I | CNLSun II | CNLSun III | |||||||||||||||||||||
Partnership | Venture | Venture (6) | Venture (6) | Venture (6) | Total | ||||||||||||||||||||
Revenues | $ | 28,062 | $ | 17,054 | $ | 71,287 | $ | 19,654 | $ | 21,549 | $ | 157,606 | |||||||||||||
Property operating expenses | (796 | ) | (9,744 | ) | (45,999 | ) | (15,439 | ) | (14,609 | ) | (86,587 | ) | |||||||||||||
Depreciation and amortization | (9,182 | ) | — | (10,994 | ) | (2,244 | ) | (2,874 | ) | (25,294 | ) | ||||||||||||||
Interest expense | (7,908 | ) | (5,874 | ) | (16,154 | ) | (2,057 | ) | (2,928 | ) | (34,921 | ) | |||||||||||||
Interest and other income | 3 | 9 | 20 | — | — | 32 | |||||||||||||||||||
Income (loss) from continuing operations | 10,179 | 1,445 | (1,840 | ) | (86 | ) | 1,138 | 10,836 | |||||||||||||||||
Discontinued operations (4) | — | 1,101 | — | — | — | 1,101 | |||||||||||||||||||
Net income (loss) | $ | 10,179 | $ | 2,546 | $ | (1,840 | ) | $ | (86 | ) | $ | 1,138 | $ | 11,937 | |||||||||||
Income (loss) allocable to other venture partners (1) | $ | (1,166 | ) | $ | (1,611 | )(3) | $ | (1,341 | ) | $ | (8 | ) | $ | 1,788 | $ | (2,338 | ) | ||||||||
Income (loss) allocable to the Company (1) | $ | 11,345 | $ | 4,157 | $ | (499 | ) | $ | (78 | ) | $ | (650 | ) | 14,275 | |||||||||||
Amortization of capitalized costs | (433 | ) | (233 | ) | (1,305 | ) | (431 | ) | (172 | ) | (2,574 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 10,912 | $ | 3,924 | $ | (1,804 | ) | $ | (509 | ) | $ | (822 | ) | $ | 11,701 | ||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 1,998 | $ | 7,797 | $ | 1,039 | $ | 1,660 | $ | 23,839 | |||||||||||||
Distributions received by the Company | $ | 11,337 | $ | 2,427 | $ | 11,750 | (2) | $ | 1,567 | (2) | $ | 4,965 | (2) | $ | 32,046 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
DMC | Intrawest | CNLSun I | CNLSun II | CNLSun III | |||||||||||||||||||||
Partnership | Venture | Venture | Venture | Venture | Total | ||||||||||||||||||||
Revenues | $ | 27,858 | $ | 16,874 | $ | 137,897 | $ | 37,301 | $ | 43,087 | $ | 263,017 | |||||||||||||
Property operating expenses | (2,963 | )(5) | (14,679 | ) | (87,910 | ) | (27,525 | ) | (29,131 | ) | (162,208 | ) | |||||||||||||
Depreciation and amortization | (9,040 | ) | (3,342 | ) | (23,154 | ) | (4,991 | ) | (6,457 | ) | (46,984 | ) | |||||||||||||
Interest expense | (8,260 | ) | (4,833 | ) | (32,615 | ) | (4,899 | ) | (5,858 | ) | (56,465 | ) | |||||||||||||
Interest and other income (expense) | 28 | 102 | 372 | (368 | ) | 28 | 162 | ||||||||||||||||||
Income (loss) from continuing operations | 7,623 | (5,878 | ) | (5,410 | ) | (482 | ) | 1,669 | (2,478 | ) | |||||||||||||||
Discontinued operations (4) | — | 310 | — | — | — | 310 | |||||||||||||||||||
Net income (loss) | $ | 7,623 | $ | (5,568 | ) | $ | (5,410 | ) | $ | (482 | ) | $ | 1,669 | $ | (2,168 | ) | |||||||||
Loss allocable to other venture partners (1) | $ | (1,810 | ) | $ | (1,564 | )(3) | $ | (7,084 | ) | $ | (407 | ) | $ | (1,346 | ) | $ | (12,211 | ) | |||||||
Income (loss) allocable to the Company (1) | $ | 9,433 | $ | (4,004 | ) | $ | 1,674 | $ | (75 | ) | $ | 3,015 | 10,043 | ||||||||||||
Amortization of capitalized costs | (471 | ) | (234 | ) | (2,610 | ) | (862 | ) | (345 | ) | (4,522 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 8,962 | $ | (4,238 | ) | $ | (936 | ) | $ | (937 | ) | $ | 2,670 | $ | 5,521 | ||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 3,096 | $ | 15,709 | $ | 5,094 | $ | 7,776 | $ | 43,020 | |||||||||||||
Distributions received by the Company | $ | 11,353 | $ | 2,725 | $ | 15,665 | $ | 5,189 | (2) | $ | 5,256 | (2) | $ | 40,188 | |||||||||||
FOOTNOTES: | |||||||||||||||||||||||||
-1 | Income is allocated between the Company and its venture partners using the hypothetical liquidation book value (“HLBV”) method of accounting. | ||||||||||||||||||||||||
-2 | For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. For the year ended December 31, 2012, distributions received by the Company includes approximately $1.5 million and $1.9 million in return of capital on the CNLSun II and CNLSun III ventures, respectively. | ||||||||||||||||||||||||
-3 | This amount represents the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. | ||||||||||||||||||||||||
-4 | During the year ended December 31, 2012, the venture recorded an impairment of $4.5 million when it determined that the carrying value of one of its properties was higher than the net realizable value. No impairments were recorded for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
-5 | During the year ended December 31, 2012, the DMC Partnership incurred approximately $2.3 million in acquisition costs relating to a potential acquisition that was ultimately not pursued. | ||||||||||||||||||||||||
-6 | On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. | ||||||||||||||||||||||||
Summarized balance sheet data | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Real estate assets, net | $ | 221,986 | $ | 61,936 | $ | 283,922 | |||||||||||||||||||
Assets held for sale | — | 14,050 | 14,050 | ||||||||||||||||||||||
Other assets | 15,642 | 14,557 | 30,199 | ||||||||||||||||||||||
Mortgages and other notes payable | 131,500 | 66,690 | 198,190 | ||||||||||||||||||||||
Other liabilities | 6,795 | 18,537 | 25,332 | ||||||||||||||||||||||
Partners’ capital | 99,333 | 5,316 | 104,649 | ||||||||||||||||||||||
Carrying amount of investment (1) | 104,402 | 22,700 | 127,102 | ||||||||||||||||||||||
Company’s ownership percentage (1) | 81.98 | % | 80 | % | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Real estate assets, net | $ | 228,755 | $ | — | $ | 228,755 | |||||||||||||||||||
Asset held for sale | — | 81,661 | 81,661 | ||||||||||||||||||||||
Other assets | 13,297 | 15,799 | 29,096 | ||||||||||||||||||||||
Mortgages and other notes payable | 131,860 | 70,292 | 202,152 | ||||||||||||||||||||||
Other liabilities | 5,551 | 17,075 | 22,626 | ||||||||||||||||||||||
Partners’ capital | 104,641 | 10,093 | 114,734 | ||||||||||||||||||||||
Carrying amount of investment (1) | 107,162 | 25,162 | 132,324 | ||||||||||||||||||||||
Company’s ownership percentage (1) | 81.98 | % | 80 | % | |||||||||||||||||||||
FOOTNOTE: | |||||||||||||||||||||||||
-1 | As of December 31, 2014 and 2013, the Company’s share of partners’ capital determined under HLBV was approximately $119.6 million and $124.9 million, respectively, and the total difference between the carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $7.5 million and $7.4 million, respectively. | ||||||||||||||||||||||||
The Company’s maximum exposure to loss is primarily limited to the carrying amount of its investment in each of the unconsolidated entities. The unconsolidated entities have debt obligations totaling approximately $198.2 million and $202.2 million as of December 31, 2014 and 2013, respectively. If the Company engages in certain prohibited activities, there are circumstances which could trigger an obligation on the part of the Company with respect to a portion of this debt. | |||||||||||||||||||||||||
In January 2015, the Intrawest Venture paid off its mortgage loan of approximately $20.0 million, which was scheduled to mature in January 2015. |
Mortgages_and_Other_Notes_Rece
Mortgages and Other Notes Receivable, net | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Mortgages and Other Notes Receivable, net | 9 | Mortgages and Other Notes Receivable, net: | |||||||||||||||||||
During the year ended December 31, 2014, the Company received approximately $83.5 million in repayment of loans, mostly related to loans which matured during 2014. | |||||||||||||||||||||
As of December 31, 2014 and 2013, mortgages and other notes receivable consisted of the following (in thousands): | |||||||||||||||||||||
Loan Principal Balance | |||||||||||||||||||||
Borrower | Date of Loan | Maturity | Interest | Accrued | as of December 31, | ||||||||||||||||
(Description of Collateral Property) | Agreement(s) | Date | Rate | Interest | 2014 | 2013 | |||||||||||||||
Big Sky Resort (one ski resort) | 9/23/08 | -4 | 12.00% | $ | — | $ | — | $ | 68,000 | ||||||||||||
CMR Properties, LLC and CM Resort, LLC (one ski property) (2) | 6/15/10 | 9/30/22 | 9.0% - 11.0% | 840 | 16,620 | 16,620 | |||||||||||||||
Boyne USA, Inc. (four ski resorts) | 8/10/09 | -4 | 6.3% - 15.0% | — | — | 13,896 | |||||||||||||||
Evergreen Alliance Golf Limited, L.P. (1) | 11/12/10 | -1 | LIBOR + 4.0% | — | — | 5,781 | |||||||||||||||
PARC Myrtle Waves, LLC (3) (one attractions property) | 2/10/11 | -3 | 7.50% | — | — | 9,000 | |||||||||||||||
Grand Prix Tampa, LLC (one attractions property) | 7/31/11 | 7/31/16 | 8.50% | 24 | 3,395 | 3,442 | |||||||||||||||
RSA Properties – Misson Hills (one golf facility) | 3/28/13 | -4 | 9.00% | — | — | 275 | |||||||||||||||
Total | $ | 864 | 20,015 | 117,014 | |||||||||||||||||
Accrued interest | 864 | 5,655 | |||||||||||||||||||
Acquisition fees, net | 46 | 97 | |||||||||||||||||||
Loan loss provision (1) (2) | (1,564 | ) | (4,803 | ) | |||||||||||||||||
Total carrying amount | $ | 19,361 | $ | 117,963 | |||||||||||||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. | ||||||||||||||||||||
-2 | In December 2013, one of the Company’s borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan’s effective interest rate and the net carrying value of the loan. | ||||||||||||||||||||
-3 | During the year ended December 31, 2013, the Company recorded an additional loan loss provision of approximately $1.3 million in anticipation of the foreclosure of an attractions property that served as collateral on one of its other existing loans. The estimated fair value of the collateral was $7.9 million, which approximated the carrying value of the loan. The attractions property was foreclosed during the year ended December 31, 2014. | ||||||||||||||||||||
-4 | The Company collected the outstanding balances during the year ended December 31, 2014. | ||||||||||||||||||||
The estimated fair market value of the Company’s mortgages and other notes receivable was approximately $16.6 million and $112.2 million as of December 31, 2014 and 2013, respectively, based on discounted cash flows for each individual instrument based on market interest rates as of December 31, 2014 and 2013, respectively. Because this methodology includes inputs that are not observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage and other notes receivable is categorized as Level 3 on the three-level valuation hierarchy. | |||||||||||||||||||||
The following is a schedule of future principal maturities for all mortgages and other notes receivable (in thousands): | |||||||||||||||||||||
2015 | $ | 57 | |||||||||||||||||||
2016 | 3,338 | ||||||||||||||||||||
2017 | — | ||||||||||||||||||||
2018 | — | ||||||||||||||||||||
2019 | — | ||||||||||||||||||||
Thereafter | 16,620 | ||||||||||||||||||||
Total | $ | 20,015 | |||||||||||||||||||
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Indebtedness | 10 | Indebtedness: | |||||||||||||
Mortgages and Other Notes Payable—As of December 31, 2014 and 2013, the Company had the following indebtedness (in thousands): | |||||||||||||||
Collateral and | Principal Balance as of | ||||||||||||||
Approximate Carrying Value of | Interest | Maturity | December 31, | ||||||||||||
Collateral at December 31, 2014 | Rate | Date | 2014 | 2013 | |||||||||||
Variable rate debt: | |||||||||||||||
Mortgage debt | 1 multi-family residential property | 30-day LIBOR + 1.3% (1) | -6 | $ | — | (6) | $ | 61,042 | |||||||
Mortgage debt | 1 hotel property | 30-day LIBOR + 3.0% (1) | -7 | — | (7) | 24,811 | |||||||||
Mortgage debt | 1 ski and mountain lifestyle property, $19.7 million | 30-day LIBOR + 3.3% (1)(2) | 9/1/19 | 8,402 | 8,746 | ||||||||||
Mortgage debt | 1 ski and mountain lifestyle property | CDOR + 3.8% (1) | -7 | — | (7) | 16,603 | (5) | ||||||||
Mortgage debt | 1 ski and mountain lifestyle property, $29.6 million | 30-day LIBOR + 4.5% (1)(2) | 12/31/15 | 14,550 | 15,450 | ||||||||||
Mortgage debt | 1 attractions property, $47.9 million | 30-day LIBOR + 3.0% (1) | 11/30/15 | 20,781 | 21,000 | ||||||||||
Mortgage debt | 5 senior housing properties, $39.1 million | 30-day LIBOR + 3.5% (1) | 4/1/16 | 30,000 | 30,000 | ||||||||||
Mortgage debt | 8 senior housing properties, $135.8 million | 30-day LIBOR + 2.5% (1)(4) | 6/20/15 | 105,000 | 101,298 | ||||||||||
Mortgage debt | 4 ski and mountain lifestyle property, $154.3 million | 30-day LIBOR + 1.5%-3.5% (1) | 4/5/17 | 39,077 | — | ||||||||||
Total variable rate debt | $ | 217,810 | $ | 278,950 | |||||||||||
Collateral and | Principal Balance as of | ||||||||||||||
Approximate Carrying Value of | Interest | Maturity | December 31, | ||||||||||||
Collateral at December 31, 2014 | Rate | Date | 2014 | 2013 | |||||||||||
Fixed rate debt: | |||||||||||||||
Mortgage debt | 1 golf property | 7.30% | -6 | $ | — | (6) | $ | 5,281 | |||||||
Mortgage debt | 19 golf properties and 1 ski lift attraction property, $16.1 million | 6.10% | -6 | — | (6) | 84,993 | |||||||||
Mortgage debt | 8 senior housing properties, $88.4 million | 4.35% - 4.5% | 10/5/18 | 57,711 | 59,212 | ||||||||||
Mortgage debt | 1 attractions lifestyle property, $29.4 million | 6.80% | 9/28/16 | 18,939 | 19,301 | ||||||||||
Mortgage debt | 6 ski and mountain lifestyle properties, $207.0 million | 6.10% | 4/5/17 | 95,908 | 100,715 | ||||||||||
Mortgage debt | 2 hotel properties | 6.10% | -7 | — | (7) | 48,090 | |||||||||
Mortgage debt | 3 marina properties, $24.9 million | 6.3% - 6.5% | 9/1/2016-12/1/2016 | 11,358 | 11,980 | ||||||||||
Mortgage debt | 3 senior housing properties, $26.8 million | 4.40% | 10/5/18 | 16,368 | 16,795 | ||||||||||
Mortgage debt | 1 attraction property, $108.6 million | 6.00% | 4/30/18 | 42,859 | 43,731 | ||||||||||
Mortgage debt | 4 senior housing properties, $67.9 million | 3.79% | 7/1/19 | 46,165 | 46,499 | ||||||||||
Seller financing | 3 ski and mountain lifestyle properties | 8.0% - 9.5% | -7 | — | (7) | 34,600 | |||||||||
Mortgage debt | 1 attractions property, $24.9 million | 6.1% - 6.4% | 11/1/2013-4/1/2025 | 9,384 | 10,219 | ||||||||||
Mortgage debt | 3 senior housing properties, $67.9 million | 4.75% - 6.9% | 10/1/18 | 32,411 | — | ||||||||||
Senior notes | $318.25 million (3) | 7.30% | 4/15/19 | 318,250 | 396,550 | ||||||||||
Total fixed rate debt | $ | 649,353 | $ | 877,966 | |||||||||||
Total debt | $ | 867,163 | $ | 1,156,916 | |||||||||||
Premium (discount) | $ | 187 | $ | (2,305 | ) | ||||||||||
Total | $ | 867,350 | $ | 1,154,611 | |||||||||||
FOOTNOTES: | |||||||||||||||
-1 | The 30-day LIBOR rate was approximately 0.17% and 0.20% as of December 31, 2014 and 2013, respectively. The 30-day CDOR rate was approximately 1.2% as of December 31, 2013. | ||||||||||||||
-2 | The Company entered into interest rate swaps for these variable rate debts. See Note 11. “Derivative instruments and Hedging Activities” for additional information | ||||||||||||||
-3 | The Company issued $400.0 million senior notes which are guaranteed by certain of its properties. See “Item 2 – Properties” for additional information. | ||||||||||||||
-4 | In December 2013, the Company entered into a collateralized bridge loan agreement with a third-party lender that matured in June 2014 with two extension options. The Company exercised its options to extend the bridge loan through June 2015. In connection with obtaining the bridge loan, the Company incurred loan origination costs and exit fees. | ||||||||||||||
-5 | Converted from Canadian dollars to U.S. dollars at the exchange rate in place as of the end of the year. | ||||||||||||||
-6 | The Company sold the properties in 2014 and paid off the associated debt. | ||||||||||||||
-7 | The Company prepaid the debt in 2014. | ||||||||||||||
Line of Credit –In July 2013, the Company’s borrowing capacity in its revolving line of credit was reduced from $125.0 million to approximately $119.7 million as a result of the operator transition relating to three marina properties. In December 2013, the Company modified its revolving line of credit and added additional assets to the collateral pool increasing the total borrowing capacity to $160.0 million, of which $152.5 million was drawn as of December 31, 2014. This revolving line of credit facility bears interest at (a) between LIBOR plus 3.0% and LIBOR plus 3.75% or (b) between a base rate (the greater of the prime rate and the federal funds rate) plus 2.0% and a base rate plus 2.75%; (both LIBOR and base rate pricing are contingent upon certain leverage ratios). This revolving credit facility matures in August 2015 and is collateralized by certain of the Company’s properties. The facility contains customary affirmative financial covenants and ratios including fixed charge coverage ratio, leverage ratio, interest coverage ratio, debt to total asset ratio and limitations on distributions. As of December 31, 2014, the Company was in compliance with the aforementioned financial covenants and ratios. | |||||||||||||||
The following is a schedule of future principal payments and maturities for all indebtedness (in thousands): | |||||||||||||||
2015 | $ | 307,196 | |||||||||||||
2016 | 70,234 | ||||||||||||||
2017 | 128,075 | ||||||||||||||
2018 | 140,877 | ||||||||||||||
2019 | 50,482 | ||||||||||||||
Thereafter | 322,799 | ||||||||||||||
Total | $ | 1,019,663 | |||||||||||||
As of December 31, 2014, certain loans required the Company to meet certain customary financial covenants and ratios including fixed charge coverage ratio, leverage ratio, interest coverage ratio, debt to total asset ratio and limitations on distributions, with which the Company was in compliance other than for one loan whereby in March 2015, the Company became aware that it had not met a minimum tangible net worth calculation requirement under one of its mortgage loans with an outstanding principal balance of approximately $43 million and is in discussions with its lender regarding a waiver of this requirement for all applicable periods. The Company expects to repay this loan in full during the second quarter of 2015 with the proceeds from the sale of the asset which serves as collateral for the loan and does not expect material adverse consequences to result from failing to meet this requirement. | |||||||||||||||
In addition, under the terms of the indenture governing the Company’s senior notes, among other things, place certain limitations on the Company’s and certain of its subsidiaries, ability to (i) transfer and sell assets; (ii) pay dividends not exceeding 95% of the adjusted funds from operations as defined under, or make certain distributions, buy subordinated indebtedness or securities or make certain other restricted payments; (iii) incur or guarantee additional indebtedness or issue preferred stock; (iv) incur dividend or other payment restrictions affecting restricted subsidiaries; (v) merge, consolidate or sell all or substantially all of the Company’s assets; (vi) enter into certain transactions with affiliates; or (vii) engage in business other than a business that is the same or similar to the Company’s current business or a reasonably related extension thereof. These covenants are subject to a number of limitations and exceptions that are described in the indenture. Additionally, the indenture requires the Company to maintain, at all times, total unencumbered assets of not less than 150% of the aggregate principal amount of our consolidated unsecured indebtedness. As of December 31, 2014, the Company was in compliance with the senior notes covenants. | |||||||||||||||
The estimated fair values of mortgages and other notes payable and the line of credit were approximately $707.3 million and $803.7 million as of December 31, 2014 and 2013, respectively, based on rates and spreads the Company would expect to obtain for similar borrowings with similar loan terms. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. The estimated fair values of the Company’s senior notes was approximately $325.4 million and $410.4 million as of December 31, 2014 and 2013, respectively, based on prices traded for similar or identical instruments in active or inactive markets and is categorized as level 2 on the three-level valuation hierarchy. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | 11 | Derivative Instruments and Hedging Activities: | |||||||||||||||||||||||||
The Company utilizes derivative instruments to offset partially the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. The Company follows established risk management policies and procedures in its use of derivatives and does not enter into or hold derivatives for trading or speculative purposes. The Company records all derivative instruments on its balance sheet at fair value. On the date the Company enters into a derivative contract, the derivative is designated as a hedge of the exposure to variable cash flows of a forecasted transaction. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently recognized in the statements of operations in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. Any ineffective portion of the gain or loss is reflected in interest expense in the statements of operations. | |||||||||||||||||||||||||||
The Company is making an accounting policy election to use the exception in ASU 820-10-35-18D with respect to measuring fair value of a group of financial assets and financial liabilities entered into with a particular counterparty, where the Company reports the net exposure to the credit risk of that counterparty. | |||||||||||||||||||||||||||
During the year ended December 31, 2014, three of the loans were paid in full and the corresponding interest rate swaps with an aggregate notional amount of approximately $97.7 million were terminated. As a result, the ineffective portion of the change in fair value resulting from the termination of hedges included in the accompanying consolidated balance sheets were reclassified to interest expense and loan cost amortization in the accompanying consolidated statements of operations in both income (loss) from continuing and discontinued operations for the year ended December 31, 2014. As of December 31, 2014, the Company had two interest rate swaps that were designated as cash flow hedges of interest payments from their inception. The fair value of the Company’s derivative financial instruments is included in other liabilities in the accompanying consolidated balance sheets as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||
The following table summarizes the terms and fair values of the Company’s derivative financial instruments (in thousands): | |||||||||||||||||||||||||||
Fair Value Liability | |||||||||||||||||||||||||||
Notional | Credit | Trade | Maturity | December 31, | |||||||||||||||||||||||
Amount | Strike (1) | Spread (1) | Date | Date | 2014 | 2013 | |||||||||||||||||||||
$ | 61,042 | 1.9 | % | 1.3 | % | 12/6/10 | 1/2/16 | $ | — | $ | (1,748 | ) | |||||||||||||||
$ | 8,746 | 3.6 | % | 3.3 | % | 9/28/09 | 9/1/19 | $ | (719 | ) | $ | (743 | ) | ||||||||||||||
$ | 16,603 | (2) | 2.7 | %(2) | 3.8 | % | 12/1/09 | 12/1/14 | $ | — | $ | (233 | ) | ||||||||||||||
$ | 15,450 | 2.2 | % | 4.5 | % | 1/13/11 | 12/31/15 | $ | (283 | ) | $ | (524 | ) | ||||||||||||||
$ | 24,811 | 1.3 | % | 3 | % | 8/30/11 | 8/28/16 | $ | — | $ | (446 | ) | |||||||||||||||
The following table summarizes the gross and net amounts of the Company’s derivative financial instruments (in thousands): | |||||||||||||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||
As of December 31, 2014 | in the Balance Sheets | ||||||||||||||||||||||||||
Notional | Gross | Gross | Net Amounts of | Financial | Cash | Net | |||||||||||||||||||||
Amount of | Amounts of | Amounts | Liabilities | Instruments | Collateral | Amount | |||||||||||||||||||||
Cash Flow | Recognized | Offset in the | Presented in the | ||||||||||||||||||||||||
Hedges | Liabilities | Balance Sheets | Balance Sheets | ||||||||||||||||||||||||
$ | 8,402 | $ | (719 | ) | $ | — | $ | (719 | ) | $ | (719 | ) | $ | — | $ | (719 | ) | ||||||||||
$ | 14,550 | $ | (283 | ) | $ | — | $ | (283 | ) | $ | (283 | ) | $ | — | $ | (283 | ) | ||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||
As of December 31, 2013 | in the Balance Sheets | ||||||||||||||||||||||||||
Notional | Gross Amounts of | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Amount of | Recognized | Offset in the | of Liabilities | Instruments | |||||||||||||||||||||||
Cash Flow | Liabilities | Balance Sheets | Presented in the | ||||||||||||||||||||||||
Hedges | Balance Sheets | ||||||||||||||||||||||||||
$ | 61,042 | $ | (1,748 | ) | $ | — | $ | (1,748 | ) | $ | (1,748 | ) | $ | — | $ | (1,748 | ) | ||||||||||
$ | 8,746 | $ | (743 | ) | $ | — | $ | (743 | ) | $ | (743 | ) | $ | — | $ | (743 | ) | ||||||||||
$ | 16,603 | (2) | $ | (233 | ) | $ | — | $ | (233 | ) | $ | (233 | ) | $ | — | $ | (233 | ) | |||||||||
$ | 15,450 | $ | (524 | ) | $ | — | $ | (524 | ) | $ | (524 | ) | $ | — | $ | (524 | ) | ||||||||||
$ | 24,811 | $ | (446 | ) | $ | — | $ | (446 | ) | $ | (446 | ) | $ | — | $ | (446 | ) | ||||||||||
FOOTNOTES: | |||||||||||||||||||||||||||
-1 | The strike rate does not include the credit spread on each of the notional amounts. | ||||||||||||||||||||||||||
-2 | The Company swapped the interest rate on its $20.0 million loan denominated in Canadian dollars to a fixed interest rate of 6.4%. The notional amount was converted from Canadian dollars to U.S. dollars at an exchange rate of 0.94 Canadian dollars for $1.00 U.S. dollar on December 31, 2013. | ||||||||||||||||||||||||||
As of December 31, 2014, the Company’s two remaining hedges qualified as highly effective and, accordingly, all of the change in value is reflected in other comprehensive income (loss). Determining fair value and testing effectiveness of these financial instruments requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values and measured effectiveness of such instruments could, in turn, impact the Company’s results of operations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Measurements | 12 | Fair Value Measurements: | |||||||||||||||
The Company had 55 and five investment properties that were classified as assets held for sale and carried at fair value as of December 31, 2014 and 2013, respectively. The Level 3 unobservable inputs used in determining the fair value of the real estate properties include, but are not limited to, comparable sales transactions and other information from brokers and potential buyers, as applicable. | |||||||||||||||||
The Company’s derivative instruments are valued primarily based on inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, volatilities, and credit risks) and are classified as Level 2 in the fair value hierarchy. The valuation of derivative instruments also includes a credit value adjustment which is a Level 3 input. However, the impact of the assumption is not significant to its overall valuation calculation, and therefore the Company considers its derivative instruments to be classified as Level 2. The fair value of such instruments is included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||
The following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of December 31, 2014 and 2013, as follows (in thousands): | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 699,816 | $ | — | $ | — | $ | 699,816 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 1,002 | $ | — | $ | 1,002 | $ | — | |||||||||
Fair Value | |||||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 90,794 | $ | — | $ | — | $ | 90,794 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 3,694 | $ | — | $ | 3,694 | $ | — | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes | 13 | Income Taxes: | |||||||
As of December 31, 2014 and 2013, the Company recorded net current and long-term deferred tax assets related to depreciation differences, deferred income, and net operating losses at its TRS subsidiaries and properties under foreclosure elections as a result of certain tenant defaults and lease terminations. Because there are no historical earnings and no certainty that such deferred tax assets will be available to offset future tax liabilities, the Company has established a full valuation allowance as of December 31, 2014 and 2013. The components of the deferred taxes recognized in the accompanying consolidated balance sheets at December 31, 2014 and 2013 are as follows (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating losses | $ | 107,494 | $ | 101,277 | |||||
Book/tax differences in deferred income | 4,175 | 2,834 | |||||||
Book/tax differences in acquired assets | (53,428 | ) | (53,412 | ) | |||||
Total deferred tax asset | 58,241 | 50,699 | |||||||
Valuation allowance | (58,241 | ) | (50,699 | ) | |||||
$ | — | $ | — | ||||||
The Company’s TRS subsidiaries had net operating loss carry-forwards for federal and state purposes of approximately $265.7 million and $253.9 million as of December 31, 2014 and 2013, respectively, to offset future taxable income. The estimated net operating loss carry-forwards will expire as follows (in thousands): | |||||||||
Net | |||||||||
Expiration | Operating | ||||||||
Year | Loss | ||||||||
2025 | $ | 1,600 | |||||||
2026 | $ | 5,600 | |||||||
2027 | $ | 26,700 | |||||||
2028 | $ | 44,900 | |||||||
2029 | $ | 48,000 | |||||||
2030 | $ | 39,700 | |||||||
2031 | $ | 32,100 | |||||||
2032 | $ | 34,600 | |||||||
2033 | $ | 20,700 | |||||||
2034 | $ | 11,800 | |||||||
The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions. In addition, the Company has determined that no significant differences exist between the total income tax expense or benefit and the amount computed by applying the statutory federal income rate to its TRS income before taxes without record to the impact of the valuation allowance. |
Related_Party_Arrangements
Related Party Arrangements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Arrangements | 14 | Related Party Arrangements: | |||||||||||
In March 2014, the Company’s Advisor amended its advisory agreement, effective April 1, 2014, to eliminate all acquisition fees on equity, performance fees, debt acquisition fees and disposition fees, and to reduce asset management fees to 0.075% monthly (or 0.90% annually) of invested assets. | |||||||||||||
In April 2013, the Company paid an affiliate, CNL Commercial Real Estate, Inc., a sales commission totaling approximately $0.2 million in connection with the sale of one of its properties under the terms of an exclusive right of sale listing agreement. | |||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Acquisition fees: | |||||||||||||
Acquisition fees from offering proceeds (1) | $ | 319 | $ | 1,286 | $ | 1,785 | |||||||
Acquisition fees from debt proceeds (2) | 1,521 | 3,273 | 5,235 | ||||||||||
Total | 1,840 | 4,559 | 7,020 | ||||||||||
Asset management fees (3) | 29,863 | 34,683 | 35,725 | ||||||||||
Reimbursable expenses: (4) | |||||||||||||
Acquisition costs (5) | 248 | 299 | 409 | ||||||||||
Operating expenses (6) | 6,680 | 7,092 | 8,002 | ||||||||||
Total | 6,928 | 7,391 | 8,411 | ||||||||||
Total fees earned and reimbursable expenses | $ | 38,631 | $ | 46,633 | $ | 51,156 | |||||||
FOOTNOTES: | |||||||||||||
-1 | Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company’s common stock including proceeds from shares sold under its distribution reinvestment plan (“DRP”). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. | ||||||||||||
-2 | Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company’s pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. | ||||||||||||
-3 | Amounts recorded as asset management fees to Advisor, include fees of $11.2 million, $11.6 million and $10.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. | ||||||||||||
-4 | The Advisor and its affiliates are entitled to reimbursement of certain expenses incurred on behalf of the Company in connection with the Company’s organization, offering, acquisitions, and operating activities. Pursuant to the advisory agreement, the Company will not reimburse the Advisor for any amount by which total operating expenses paid or incurred by the Company exceed the greater of 2.0% of average invested assets or 25.0% of net income (the “Expense Cap”) in any expense year, as defined in the advisory agreement. For the expense years ended December 31, 2014, 2013 and 2012, operating expenses did not exceed the Expense Cap. Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||||
-5 | Includes approximately $0.04 million, $0.1 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | ||||||||||||
-6 | Includes approximately $0.4 million, $0.6 million and $0.5 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | ||||||||||||
Amounts due to affiliates for fees and expenses described above are as follows (in thousands): | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Due to the Advisor and its affiliates: | |||||||||||||
Operating expenses | $ | 476 | $ | 671 | |||||||||
Acquisition fees and expenses | 13 | 354 | |||||||||||
Total | $ | 489 | $ | 1,025 | |||||||||
The Company also maintains accounts at a bank in which the Company’s chairman and vice-chairman serve as directors. The Company had deposits at that bank of approximately $15.2 million and $8.6 million as of December 31, 2014 and 2013, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity | 15 | Stockholders’ Equity: | |||||||||||||||||||
Distribution Reinvestment Plan —In 2011 the Company completed its final offering and filed a registration statement on Form S-3 under the Security Exchange Act of 1933, as amended, to register the sale shares of common stock under its DRP. In May 2014, the Company filed a registration statement on Form S-3 with the SEC for the purpose of registering additional shares of its common stock to be offered for sale pursuant to the DRP. On September 4, 2014, the Company’s Board of Directors approved the suspension of its DRP, effective as of September 26, 2014. As a result of the suspension of the DRP, beginning with the September 2014 quarterly distributions, stockholders who were participants in the DRP received cash distributions instead of additional shares in the Company. For the years ended December 31, 2014, 2013 and 2012, the Company received aggregate proceeds of approximately $27.2 million, $54.9 million and $69.0 million, respectively, (representing 4.0 million, 7.9 million and 8.3 million shares, respectively,) through its DRP. | |||||||||||||||||||||
Distributions- In order to qualify as a REIT for federal income tax purposes, the Company must, among other things, make distributions each taxable year equal to at least 90.0% of its REIT taxable income. The Company intends to make regular distributions, and the Board of Directors currently intends to declare and pay distributions on a quarterly basis. For the years ended December 31, 2014, 2013 and 2012, the Company declared and paid distributions of approximately $137.9 million ($0.4252 per share), $135.5 million ($0.4252 per share) and $163.7 million ($0.5252 per share), respectively. | |||||||||||||||||||||
For the years ended December 31, 2014 and 2012, none of the distributions paid to stockholders were considered ordinary income and approximately 100% were considered a return of capital to stockholders for federal income tax purposes. For the year ended December 31, 2013, approximately 29.3% of the distributions paid to stockholders were considered capital gain as a result of the gain on the sale of the Company’s three unconsolidated senior housing joint ventures and approximately 70.7% were considered a return of capital to stockholders for federal income tax purposes. No amounts distributed to stockholders for the years ended December 31, 2014, 2013 and 2012 were required to be or have been treated as a return of capital for purposes of calculating the stockholders’ return on their invested capital as described in the advisory agreement. | |||||||||||||||||||||
Redemption of Shares — The aggregate amount of funds under the redemption plan was determined on a quarterly basis in the sole discretion of the Company’s Board of Directors. Refer to Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” — “Redemption of Shares” for additional information on how amounts were determined as available for redemption under our redemption plan. | |||||||||||||||||||||
In September 2014, the Company’s Board approved the suspension of the Company’s redemption plan effective as of September 26, 2014. Pursuant to the redemption plan, all redemption requests received in good order by September 26, 2014, were processed and those deemed priority requests and all approved qualified hardship requests were redeemed as of September 30, 2014, subject to the limitations of the redemption plan. All other redemption requests received by September 26, 2014, were placed in the redemption queue. However, the Company will not accept or otherwise process any additional redemption requests after September 26, 2014 unless the redemption plan is reinstated by the Board, which is not expected at this time. | |||||||||||||||||||||
The following details the Company’s redemptions for the years ended December 31, 2014 and 2013 (in thousands except per share data). | |||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Year | |||||||||||||||||||||
2014 Quarters | |||||||||||||||||||||
Requests in queue | 10,547 | 10,798 | 10,809 | 11,572 | 10,547 | ||||||||||||||||
Redemptions requested | 778 | 864 | 1,355 | — | 2,997 | ||||||||||||||||
Shares redeemed: | |||||||||||||||||||||
Prior period requests | (135 | ) | (80 | ) | (60 | ) | — | (275 | ) | ||||||||||||
Current period requests | (300 | ) | (369 | ) | (439 | ) | — | (1,108 | ) | ||||||||||||
Adjustments (1) | (92 | ) | (404 | ) | (93 | ) | — | (589 | ) | ||||||||||||
Pending redemption requests (2) | 10,798 | 10,809 | 11,572 | 11,572 | 11,572 | ||||||||||||||||
Average price paid per share | $ | 6.85 | $ | 6.85 | $ | 6.81 | $ | — | $ | 6.84 | |||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Year | |||||||||||||||||||||
2013 Quarters | |||||||||||||||||||||
Requests in queue | 9,726 | 9,962 | 10,109 | 10,312 | 9,726 | ||||||||||||||||
Redemptions requested | 716 | 825 | 685 | 696 | 2,922 | ||||||||||||||||
Shares redeemed: | |||||||||||||||||||||
Prior period requests | (213 | ) | (70 | ) | (77 | ) | (190 | ) | (550 | ) | |||||||||||
Current period requests | (192 | ) | (351 | ) | (329 | ) | (223 | ) | (1,095 | ) | |||||||||||
Adjustments (1) | (75 | ) | (257 | ) | (76 | ) | (48 | ) | (456 | ) | |||||||||||
Pending redemption requests (2) | 9,962 | 10,109 | 10,312 | 10,547 | 10,547 | ||||||||||||||||
Average price paid per share | $ | 7.31 | $ | 7.3 | $ | 7.29 | $ | 7.26 | $ | 7.29 | |||||||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | This amount represents redemption request cancellations and other adjustments. | ||||||||||||||||||||
-2 | Requests that are not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds are made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Concentrations_of_Risk
Concentrations of Risk | 12 Months Ended | |
Dec. 31, 2014 | ||
Concentrations of Risk | 16 | Concentrations of Risk: |
The Company’s real estate investment portfolio is geographically diversified with properties in 34 states and Canada. The Company owns ski and mountain lifestyle properties in eight states and Canada with a majority of those properties located in the northeast, California and Canada. The Company’s attractions properties are located in 13 states with a majority located in the Southern and Western United States. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies | 17 | Commitments and Contingencies: | |||
The Company acquired certain properties that are on land owned by a governmental entity or other third party where the Company owns a leasehold interest which requires payment of ground lease and permit fees in accordance with the lease agreement. For properties that are subject to a leasing arrangement, ground leases and permit fees are paid by the tenants and the Company records the corresponding equivalent revenue in rental income from operating leases. For properties that are on a managed structure, ground leases and permit fees are paid by the Company. | |||||
The following is a schedule of future obligations under ground leases and land permits (in thousands): | |||||
2015 | $ | 12,570 | |||
2016 | 12,570 | ||||
2017 | 12,570 | ||||
2018 | 12,570 | ||||
2019 | 12,570 | ||||
Thereafter | 168,948 | ||||
Total | $ | 231,798 | |||
From time to time the Company may be exposed to litigation arising from operations of its business in the ordinary course of business. Management is not aware of any litigation that it believes will have a material adverse impact on the Company’s financial condition or results of operations. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Selected Quarterly Financial Data | 18 | Selected Quarterly Financial Data (Unaudited): | |||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
2014 Quarters | |||||||||||||||||||||
Total revenues | $ | 72,380 | $ | 94,657 | $ | 144,551 | $ | 61,707 | $ | 373,295 | |||||||||||
Operating income (loss) | (2,185 | ) | 726 | 43,389 | (52,308 | ) | (10,378 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | 4,299 | (526 | ) | 3,176 | 804 | 7,753 | |||||||||||||||
Income (loss) from continuing operations | (11,882 | ) | (15,071 | ) | 30,086 | (63,571 | ) | (60,438 | ) | ||||||||||||
Discontinued operations (1) | (8,471 | ) | 6,566 | 537 | (30,338 | ) | (31,706 | ) | |||||||||||||
Net income (loss) | (20,353 | ) | (8,505 | ) | 30,623 | (93,909 | ) | (92,144 | ) | ||||||||||||
Weighted average number of shares outstanding (basic and diluted) | 322,639 | 324,197 | 325,707 | 325,214 | 324,451 | ||||||||||||||||
Earnings (loss) per share of common stock (basic and diluted) | $ | (0.06 | ) | $ | (0.03 | ) | $ | 0.09 | $ | (0.29 | ) | $ | (0.28 | ) | |||||||
First | Second | Third (2) | Fourth | Full Year | |||||||||||||||||
2013 Quarters | |||||||||||||||||||||
Total revenues | $ | 70,004 | $ | 93,375 | $ | 137,766 | $ | 61,345 | $ | 362,490 | |||||||||||
Operating income (loss) | (4,999 | ) | (43,004 | ) | 36,200 | (14,157 | ) | (25,960 | ) | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | (1,123 | ) | 6,159 | 4,147 | 2,518 | 11,701 | |||||||||||||||
Income (loss) from continuing operations | (20,406 | ) | (50,864 | ) | 84,846 | (24,998 | ) | (11,422 | ) | ||||||||||||
Discontinued operations (1) | (2,893 | ) | (4,340 | ) | (6,553 | ) | (227,331 | ) | (241,117 | ) | |||||||||||
Net income (loss) | (23,299 | ) | (55,204 | ) | 78,293 | (252,329 | ) | (252,539 | ) | ||||||||||||
Weighted average number of shares outstanding (basic and diluted) | 316,382 | 317,959 | 319,507 | 321,063 | 318,742 | ||||||||||||||||
Earnings (loss) per share of common stock (basic and diluted) | $ | (0.07 | ) | $ | (0.17 | ) | $ | 0.24 | $ | (0.79 | ) | $ | (0.79 | ) | |||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. | ||||||||||||||||||||
-2 | Includes impact from out of period adjustments as described in “Footnote 2 – Significant Accounting Policies”. |
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Statements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Supplemental Consolidating Financial Statements | 19 | Supplemental Consolidating Financial Statements: | |||||||||||||||||||
The Company had issued senior obligations which are guaranteed by certain of the Company’s consolidated subsidiaries (the “Guarantor Subsidiaries”). The guarantees are joint and several, full and unconditional. The following summarizes the Company’s consolidated balance sheet as of December 31, 2014 and 2013, statement of operations, statement of comprehensive income (loss) and statement of cash flows for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 459,981 | $ | 676,470 | $ | — | $ | 1,136,451 | |||||||||||
Assets held for sale, net | — | 61,897 | 637,919 | — | 699,816 | ||||||||||||||||
Cash | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Investments in unconsolidated entities | — | 127,102 | — | — | 127,102 | ||||||||||||||||
Investments in subsidiaries | 1,388,842 | 1,132,409 | 1,306,559 | (3,827,810 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 28,595 | 19,054 | — | 47,649 | ||||||||||||||||
Restricted cash | 127 | 24,553 | 14,417 | — | 39,097 | ||||||||||||||||
Other assets | 6,978 | 14,572 | 15,089 | — | 36,639 | ||||||||||||||||
Accounts and other receivables, net | — | 8,457 | 14,629 | — | 23,086 | ||||||||||||||||
Mortgages and other notes receivable, net | — | 47,367 | 15,942 | (43,948 | ) | 19,361 | |||||||||||||||
Intangibles, net | — | 3,976 | 14,050 | — | 18,026 | ||||||||||||||||
Total Assets | $ | 1,481,064 | $ | 1,933,321 | $ | 2,741,585 | $ | (3,871,758 | ) | $ | 2,284,212 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 193,897 | $ | 399,604 | $ | (42,997 | ) | $ | 550,504 | ||||||||||
Senior notes, net of discount | 316,846 | — | — | — | 316,846 | ||||||||||||||||
Line of credit | — | 152,500 | — | — | 152,500 | ||||||||||||||||
Other liabilities | — | 14,919 | 45,559 | — | 60,478 | ||||||||||||||||
Accounts payable and accrued expenses | 6,339 | 16,359 | 24,257 | (950 | ) | 46,005 | |||||||||||||||
Due to affiliates | 489 | — | — | — | 489 | ||||||||||||||||
Total Liabilities | 323,674 | 377,675 | 469,420 | (43,947 | ) | 1,126,822 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Preferred stock, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Excess shares, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Common stock, $.01 par value per share | 3,252 | — | — | — | 3,252 | ||||||||||||||||
Capital in excess of par value | 2,863,839 | 6,448,172 | 9,130,959 | (15,579,131 | ) | 2,863,839 | |||||||||||||||
Accumulated earnings (deficit) | (494,129 | ) | 60,047 | (16,789 | ) | (43,258 | ) | (494,129 | ) | ||||||||||||
Accumulated distributions | (1,211,302 | ) | (4,952,573 | ) | (6,837,735 | ) | 11,790,308 | (1,211,302 | ) | ||||||||||||
Accumulated other comprehensive loss | (4,270 | ) | — | (4,270 | ) | 4,270 | (4,270 | ) | |||||||||||||
1,157,390 | 1,555,646 | 2,272,165 | (3,827,811 | ) | 1,157,390 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,481,064 | $ | 1,933,321 | $ | 2,741,585 | $ | (3,871,758 | ) | $ | 2,284,212 | ||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 846,914 | $ | 1,222,059 | $ | — | $ | 2,068,973 | |||||||||||
Investments in unconsolidated entities | — | 132,324 | — | — | 132,324 | ||||||||||||||||
Investments in subsidiaries | 1,726,328 | 1,150,443 | 1,865,714 | (4,742,485 | ) | — | |||||||||||||||
Mortgages and other notes receivable, net | — | 45,947 | 114,469 | (42,453 | ) | 117,963 | |||||||||||||||
Assets held for sale, net | — | 6,106 | 84,688 | — | 90,794 | ||||||||||||||||
Cash | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Deferred rent and lease incentives | — | 29,839 | 27,539 | — | 57,378 | ||||||||||||||||
Other assets | 11,355 | 15,829 | 25,126 | — | 52,310 | ||||||||||||||||
Restricted cash | 33 | 26,595 | 24,707 | — | 51,335 | ||||||||||||||||
Intangibles, net | — | 18,094 | 18,828 | — | 36,922 | ||||||||||||||||
Accounts and other receivables, net | — | 12,241 | 8,839 | — | 21,080 | ||||||||||||||||
Total Assets | $ | 1,775,384 | $ | 2,300,003 | $ | 3,410,204 | $ | (4,784,938 | ) | $ | 2,700,653 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 246,295 | $ | 555,433 | $ | (41,536 | ) | $ | 760,192 | ||||||||||
Senior notes, net of discount | 394,419 | — | — | — | 394,419 | ||||||||||||||||
Other liabilities | — | 33,447 | 43,369 | — | 76,816 | ||||||||||||||||
Line of credit | — | 50,000 | — | — | 50,000 | ||||||||||||||||
Accounts payable and accrued expenses | 11,584 | 13,526 | 25,630 | (917 | ) | 49,823 | |||||||||||||||
Due to affiliates | 1,003 | 8 | 14 | — | 1,025 | ||||||||||||||||
Total Liabilities | 407,006 | 343,276 | 624,446 | (42,453 | ) | 1,332,275 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Preferred stock, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Excess shares, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Common stock, $.01 par value per share | 3,226 | — | — | — | 3,226 | ||||||||||||||||
Capital in excess of par value | 2,846,265 | 6,027,607 | 8,700,131 | (14,727,738 | ) | 2,846,265 | |||||||||||||||
Accumulated earnings (deficit) | (401,985 | ) | 58,777 | 9,853 | (68,630 | ) | (401,985 | ) | |||||||||||||
Accumulated distributions | (1,073,422 | ) | (4,129,657 | ) | (5,918,520 | ) | 10,048,177 | (1,073,422 | ) | ||||||||||||
Accumulated other comprehensive loss | (5,706 | ) | — | (5,706 | ) | 5,706 | (5,706 | ) | |||||||||||||
1,368,378 | 1,956,727 | 2,785,758 | (4,742,485 | ) | 1,368,378 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,775,384 | $ | 2,300,003 | $ | 3,410,204 | $ | (4,784,938 | ) | $ | 2,700,653 | ||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 57,021 | $ | 71,002 | $ | — | $ | 128,023 | |||||||||||
Property operating revenues | — | 70,670 | 166,190 | — | 236,860 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 4,833 | 8,073 | (4,494 | ) | 8,412 | |||||||||||||||
Total revenues | — | 132,524 | 245,265 | (4,494 | ) | 373,295 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 53,050 | 137,115 | — | 190,165 | ||||||||||||||||
Asset management fees to advisor | 18,651 | — | — | — | 18,651 | ||||||||||||||||
General and administrative | 15,217 | 428 | 1,491 | — | 17,136 | ||||||||||||||||
Ground lease and permit fees | — | 6,530 | 3,632 | — | 10,162 | ||||||||||||||||
Acquisition fees and costs | 660 | — | 4 | — | 664 | ||||||||||||||||
Other operating expenses | 713 | 1,855 | 2,760 | — | 5,328 | ||||||||||||||||
Bad debt expense | — | 34 | 257 | — | 291 | ||||||||||||||||
Impairment provision | — | 5,005 | 25,423 | — | 30,428 | ||||||||||||||||
(Gain) loss on lease terminations | — | — | 8,914 | — | 8,914 | ||||||||||||||||
Loan loss provision | — | — | 3,270 | — | 3,270 | ||||||||||||||||
Depreciation and amortization | — | 35,916 | 62,748 | — | 98,664 | ||||||||||||||||
Total expenses | 35,241 | 102,818 | 245,614 | — | 383,673 | ||||||||||||||||
Operating income (loss) | (35,241 | ) | 29,706 | (349 | ) | (4,494 | ) | (10,378 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 20 | (101 | ) | 919 | — | 838 | |||||||||||||||
Interest expense and loan cost amortization (includes $460 loss on termination of cash flow hedge relating to a non-guarantor subsidiary) | (30,380 | ) | (17,812 | ) | (13,562 | ) | 4,494 | (57,260 | ) | ||||||||||||
Loss on extinguishment of debt | (4,685 | ) | 3,294 | (1,391 | ) | ||||||||||||||||
Equity in earnings of unconsolidated entities | — | 7,753 | — | — | 7,753 | ||||||||||||||||
Equity in earnings, intercompany | (21,858 | ) | (6,609 | ) | 3,095 | 25,372 | — | ||||||||||||||
Total other income (expense) | (56,903 | ) | (16,769 | ) | (6,254 | ) | 29,866 | (50,060 | ) | ||||||||||||
Income (loss) from continuing operations | (92,144 | ) | 12,937 | (6,603 | ) | 25,372 | (60,438 | ) | |||||||||||||
Income (loss) from discontinued operations (includes $3,027 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (11,668 | ) | (20,038 | ) | — | (31,706 | ) | |||||||||||||
Net income (loss) | $ | (92,144 | ) | $ | 1,269 | $ | (26,641 | ) | $ | 25,372 | $ | (92,144 | ) | ||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 54,737 | $ | 60,677 | $ | — | $ | 115,414 | |||||||||||
Property operating revenues | — | 65,074 | 168,882 | — | 233,956 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 4,497 | 12,826 | (4,203 | ) | 13,120 | |||||||||||||||
Total revenues | — | 124,308 | 242,385 | (4,203 | ) | 362,490 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 51,856 | 135,725 | — | 187,581 | ||||||||||||||||
Asset management fees to advisor | 23,060 | — | — | — | 23,060 | ||||||||||||||||
General and administrative | 15,359 | 647 | 1,227 | — | 17,233 | ||||||||||||||||
Ground lease and permit fees | — | 6,453 | 3,385 | — | 9,838 | ||||||||||||||||
Acquisition fees and costs | 3,141 | — | (674 | ) | — | 2,467 | |||||||||||||||
Other operating expenses | 947 | 279 | 3,245 | — | 4,471 | ||||||||||||||||
Bad debt expense | — | 29 | 25 | — | 54 | ||||||||||||||||
Impairment provision | — | 50,033 | — | — | 50,033 | ||||||||||||||||
(Gain) loss on lease terminations | — | (4,517 | ) | 667 | — | (3,850 | ) | ||||||||||||||
Loan loss provision | — | — | 3,104 | — | 3,104 | ||||||||||||||||
Depreciation and amortization | — | 35,389 | 59,070 | — | 94,459 | ||||||||||||||||
Total expenses | 42,507 | 140,169 | 205,774 | — | 388,450 | ||||||||||||||||
Operating income (loss) | (42,507 | ) | (15,861 | ) | 36,611 | (4,203 | ) | (25,960 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 211 | 398 | (50 | ) | — | 559 | |||||||||||||||
Interest expense and loan cost amortization | (31,727 | ) | (14,235 | ) | (14,010 | ) | 4,203 | (55,769 | ) | ||||||||||||
Bargain purchase gain | — | — | 2,653 | — | 2,653 | ||||||||||||||||
Gain from sale of unconsolidated entities | — | 55,394 | — | — | 55,394 | ||||||||||||||||
Equity in earnings of unconsolidated entities | — | 11,701 | — | — | 11,701 | ||||||||||||||||
Equity in earnings, intercompany | (178,516 | ) | (93,522 | ) | (311,252 | ) | 583,290 | — | |||||||||||||
Total other income (expense) | (210,032 | ) | (40,264 | ) | (322,659 | ) | 587,493 | 14,538 | |||||||||||||
Income (loss) from continuing operations | (252,539 | ) | (56,125 | ) | (286,048 | ) | 583,290 | (11,422 | ) | ||||||||||||
Income (loss) from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (198,133 | ) | (42,984 | ) | — | (241,117 | ) | |||||||||||||
Net income (loss) | $ | (252,539 | ) | $ | (254,258 | ) | $ | (329,032 | ) | $ | 583,290 | $ | (252,539 | ) | |||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 52,517 | $ | 55,945 | $ | — | $ | 108,462 | |||||||||||
Property operating revenues | — | 62,712 | 165,356 | — | 228,068 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 10,031 | 12,699 | (9,733 | ) | 12,997 | |||||||||||||||
Total revenues | — | 125,260 | 234,000 | (9,733 | ) | 349,527 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 52,453 | 133,085 | — | 185,538 | ||||||||||||||||
Asset management fees to advisor | 25,009 | — | — | — | 25,009 | ||||||||||||||||
General and administrative | 15,672 | (376 | ) | 2,382 | — | 17,678 | |||||||||||||||
Ground lease and permit fees | — | 5,792 | 3,146 | — | 8,938 | ||||||||||||||||
Acquisition fees and costs | 4,450 | — | (1,226 | ) | — | 3,224 | |||||||||||||||
Other operating expenses | 424 | 3,431 | 2,641 | — | 6,496 | ||||||||||||||||
Bad debt expense | — | 80 | 148 | — | 228 | ||||||||||||||||
Impairment provision | — | 10 | — | — | 10 | ||||||||||||||||
Loss on lease termination | — | 1,634 | (74 | ) | — | 1,560 | |||||||||||||||
Loan loss provision | — | — | 1,699 | — | 1,699 | ||||||||||||||||
Depreciation and amortization | — | 33,593 | 53,886 | — | 87,479 | ||||||||||||||||
Total expenses | 45,555 | 96,617 | 195,687 | — | 337,859 | ||||||||||||||||
Operating income (loss) | (45,555 | ) | 28,643 | 38,313 | (9,733 | ) | 11,668 | ||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income (expense) | 104 | 768 | (22 | ) | — | 850 | |||||||||||||||
Interest expense and loan cost amortization | (31,607 | ) | (13,744 | ) | (19,476 | ) | 9,733 | (55,094 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
Equity in earnings of unconsolidated entities | — | 5,521 | — | — | 5,521 | ||||||||||||||||
Equity in earnings, intercompany | 985 | 22,372 | 24,694 | (48,051 | ) | — | |||||||||||||||
Total other income (expense) | (30,518 | ) | 14,917 | 5,192 | (38,318 | ) | (48,727 | ) | |||||||||||||
Income (loss) from continuing operations | (76,073 | ) | 43,560 | 43,505 | (48,051 | ) | (37,059 | ) | |||||||||||||
Loss from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (23,166 | ) | (15,848 | ) | — | (39,014 | ) | |||||||||||||
Net income (loss) | $ | (76,073 | ) | $ | 20,394 | $ | 27,657 | $ | (48,051 | ) | $ | (76,073 | ) | ||||||||
Consolidating Statement of Comprehensive Income (Loss): | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (92,144 | ) | $ | 1,269 | $ | (26,641 | ) | $ | 25,372 | $ | (92,144 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (2,933 | ) | — | (2,933 | ) | 2,933 | (2,933 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | — | 3,486 | (3,486 | ) | 3,486 | |||||||||||||||
Unrealized loss arising during the period | 883 | — | 883 | (883 | ) | 883 | |||||||||||||||
Total other comprehensive income | 1,436 | — | 1,436 | (1,436 | ) | 1,436 | |||||||||||||||
Comprehensive income (loss) | $ | (90,708 | ) | $ | 1,269 | $ | (25,205 | ) | $ | 23,936 | $ | (90,708 | ) | ||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (252,539 | ) | $ | (254,258 | ) | $ | (329,032 | ) | $ | 583,290 | $ | (252,539 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (1,563 | ) | — | (1,563 | ) | 1,563 | (1,563 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 1,655 | — | 1,655 | (1,655 | ) | 1,655 | |||||||||||||||
Unrealized loss arising during the period | 1,863 | — | 1,863 | (1,863 | ) | 1,863 | |||||||||||||||
Total other comprehensive income | 1,955 | — | 1,955 | (1,955 | ) | 1,955 | |||||||||||||||
Comprehensive income (loss) | $ | (250,584 | ) | $ | (254,258 | ) | $ | (327,077 | ) | $ | 581,335 | $ | (250,584 | ) | |||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (76,073 | ) | $ | 20,394 | $ | 27,657 | $ | (48,051 | ) | $ | (76,073 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | 531 | — | 531 | (531 | ) | 531 | |||||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 1,655 | — | 1,655 | (1,655 | ) | 1,655 | |||||||||||||||
Unrealized loss arising during the period | (395 | ) | — | (395 | ) | 395 | (395 | ) | |||||||||||||
Total other comprehensive income | 1,791 | — | 1,791 | (1,791 | ) | 1,791 | |||||||||||||||
Comprehensive income (loss) | $ | (74,282 | ) | $ | 20,394 | $ | 29,448 | $ | (49,842 | ) | $ | (74,282 | ) | ||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (71,856 | ) | $ | 79,586 | $ | 119,204 | $ | — | $ | 126,934 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (128,390 | ) | — | (128,390 | ) | ||||||||||||||
Capital expenditures | — | (36,538 | ) | (42,577 | ) | — | (79,115 | ) | |||||||||||||
Proceeds from insurance | — | 7,462 | 2,725 | — | 10,187 | ||||||||||||||||
Proceeds from short-term investment | — | — | 1,169 | — | 1,169 | ||||||||||||||||
Principal payments received on mortgage loans receivable | — | — | 83,468 | — | 83,468 | ||||||||||||||||
Proceeds from sale of properties | — | 305,138 | 79,155 | — | 384,293 | ||||||||||||||||
Changes in restricted cash | (94 | ) | (3,538 | ) | 5,026 | — | 1,394 | ||||||||||||||
Other | 614 | 143 | 223 | — | 980 | ||||||||||||||||
Intercompany financing | 317,365 | — | — | (317,365 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 317,885 | 272,667 | 799 | (317,365 | ) | 273,986 | |||||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (9,609 | ) | — | — | — | (9,609 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (110,671 | ) | — | — | — | (110,671 | ) | ||||||||||||||
Proceeeds from line of credit | — | 232,500 | — | — | 232,500 | ||||||||||||||||
Payment of entrance fee | — | — | (1,845 | ) | — | (1,845 | ) | ||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 40,000 | 17,790 | — | 57,790 | ||||||||||||||||
Principal payments on line of credit | — | (130,000 | ) | — | — | (130,000 | ) | ||||||||||||||
Principal payments on mortgage loans and senior notes | (78,300 | ) | (91,563 | ) | (195,361 | ) | — | (365,224 | ) | ||||||||||||
Principal payments on capital leases | — | (3,102 | ) | (1,761 | ) | — | (4,863 | ) | |||||||||||||
Payment of loan costs | — | (2,084 | ) | (1,452 | ) | — | (3,536 | ) | |||||||||||||
Intercompany financing | — | (389,263 | ) | 71,898 | 317,365 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (198,580 | ) | (343,512 | ) | (110,731 | ) | 317,365 | (335,458 | ) | ||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Net increase in cash | 47,449 | 8,741 | 9,221 | 65,411 | |||||||||||||||||
Cash at beginning of period | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Cash at end of period | $ | 85,117 | $ | 24,412 | $ | 27,456 | $ | — | $ | 136,985 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (78,930 | ) | $ | 108,523 | $ | 105,887 | $ | — | $ | 135,480 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (244,859 | ) | — | (244,859 | ) | ||||||||||||||
Capital expenditures | — | (27,462 | ) | (42,694 | ) | — | (70,156 | ) | |||||||||||||
Proceeds from sale unconsolidated entities | — | 195,446 | — | — | 195,446 | ||||||||||||||||
Proceeds from release of collateral on loan payable | — | — | 11,167 | — | 11,167 | ||||||||||||||||
Issuance of mortgage loans receivable | — | — | (83 | ) | — | (83 | ) | ||||||||||||||
Principal payments received on mortgage loans receivable | — | (83 | ) | 4,365 | — | 4,282 | |||||||||||||||
Proceeds from sale of properties | — | 12,726 | (325 | ) | — | 12,401 | |||||||||||||||
Changes in restricted cash | 13 | (6,196 | ) | (4,174 | ) | — | (10,357 | ) | |||||||||||||
Other | — | 23 | (794 | ) | — | (771 | ) | ||||||||||||||
Intercompany financing | 169,835 | — | — | (169,835 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 169,848 | 174,454 | (277,397 | ) | (169,835 | ) | (102,930 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (11,955 | ) | — | — | — | (11,955 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (80,514 | ) | — | — | — | (80,514 | ) | ||||||||||||||
Borrowings under line of credit | — | 100,000 | — | — | 100,000 | ||||||||||||||||
Proceeds from mortgage loans and other notes payable | — | — | 131,298 | — | 131,298 | ||||||||||||||||
Principal payments on line of credit | — | (145,000 | ) | — | — | (145,000 | ) | ||||||||||||||
Principal payments on mortgage loans | — | (8,263 | ) | (10,537 | ) | — | (18,800 | ) | |||||||||||||
Principal payments on capital leases | — | (2,372 | ) | (1,780 | ) | — | (4,152 | ) | |||||||||||||
Payment of loan costs | — | (307 | ) | (4,710 | ) | — | (5,017 | ) | |||||||||||||
Intercompany financing | — | (225,489 | ) | 55,654 | 169,835 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (92,469 | ) | (281,431 | ) | 169,925 | 169,835 | (34,140 | ) | |||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (60 | ) | — | (60 | ) | ||||||||||||||
Net increase (decrease) in cash | (1,551 | ) | 1,546 | (1,645 | ) | — | (1,650 | ) | |||||||||||||
Cash at beginning of period | 39,219 | 14,125 | 19,880 | — | 73,224 | ||||||||||||||||
Cash at end of period | $ | 37,668 | $ | 15,671 | $ | 18,235 | $ | — | $ | 71,574 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries (as | Adjustments | |||||||||||||||||||
revised see | |||||||||||||||||||||
Note 2) | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (84,363 | ) | $ | 90,996 | $ | 81,260 | $ | — | $ | 87,893 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (190,150 | ) | — | (190,150 | ) | ||||||||||||||
Capital expenditures | — | (25,427 | ) | (44,248 | ) | — | (69,675 | ) | |||||||||||||
Investments in and contributions to unconsolidated entities | — | (3,776 | ) | — | — | (3,776 | ) | ||||||||||||||
Distributions from unconsolidated entities | — | 3,445 | — | — | 3,445 | ||||||||||||||||
Payment of collateral on loan payable | (11,167 | ) | — | (11,167 | ) | ||||||||||||||||
Issuance of mortgage loans receivable | — | — | (869 | ) | — | (869 | ) | ||||||||||||||
Principal payments received on mortgage loans receivable | — | — | 4,790 | — | 4,790 | ||||||||||||||||
Proceeds from sale of properties | — | 1,500 | — | — | 1,500 | ||||||||||||||||
Other | — | 63 | 7 | — | 70 | ||||||||||||||||
Changes in restricted cash | 46 | (2,892 | ) | (2,786 | ) | — | (5,632 | ) | |||||||||||||
Intercompany financing | 93,222 | — | — | (93,222 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 93,268 | (27,087 | ) | (244,423 | ) | (93,222 | ) | (271,464 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (9,590 | ) | — | — | — | (9,590 | ) | ||||||||||||||
Distributions to stockholders, net of distribution reinvestments | (94,677 | ) | — | — | — | (94,677 | ) | ||||||||||||||
Proceeeds under line of credit | — | 170,000 | — | — | 170,000 | ||||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 45,000 | 107,300 | — | 152,300 | ||||||||||||||||
Principal payments on line of credit | — | (75,000 | ) | — | — | (75,000 | ) | ||||||||||||||
Principal payments on mortgage loans | — | (7,830 | ) | (26,836 | ) | — | (34,666 | ) | |||||||||||||
Principal payments on capital leases | — | (1,483 | ) | (2,624 | ) | — | (4,107 | ) | |||||||||||||
Payment of loan costs | (27 | ) | (4,341 | ) | (5,937 | ) | — | (10,305 | ) | ||||||||||||
Intercompany financing | — | (187,398 | ) | 94,176 | 93,222 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (104,294 | ) | (61,052 | ) | 166,079 | 93,222 | 93,955 | ||||||||||||||
Effect of exchange rate fluctuation on cash | — | — | 1 | — | 1 | ||||||||||||||||
Net increase (decrease) in cash | (95,389 | ) | 2,857 | 2,917 | — | (89,615 | ) | ||||||||||||||
Cash at beginning of period | 134,608 | 11,268 | 16,963 | — | 162,839 | ||||||||||||||||
Cash at end of period | $ | 39,219 | $ | 14,125 | $ | 19,880 | $ | — | $ | 73,224 | |||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events | 20 | Subsequent Events: |
In February 2015, in connection with the continued strategic alternatives, the Company entered into an agreement to sell one attractions property for $140 million, which exceeds the carrying value. In addition, in March 2015, the Company entered into an agreement to sell its 81.98% interest in DMC Partnership , to its co-venture partner for $140 million. The expected net sales proceeds exceed the Company’s investment in the unconsolidated joint venture. In February 2015, the Company entered into a letter of intent to sell the unimproved land property for $5.5 million. | ||
On March 9, 2015, the Company’s Board of Directors reduced the quarterly distributions to $0.05 per share to stockholders of record at the close of business on March 9, 2015. | ||
On March 6, 2015, the Company’s Board of Directors unanimously approved $5.20 as the 2014 NAV. Refer to Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.” |
SCHEDULE_IIValuation_and_Quali
SCHEDULE II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
SCHEDULE II-Valuation and Qualifying Accounts | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
SCHEDULE II—Valuation and Qualifying Accounts | |||||||||||||||||||||||||||
Years ended December 31, 2014, 2013 and 2012 (in thousands) | |||||||||||||||||||||||||||
Balance at | Charged to | Charged to | Balance at | ||||||||||||||||||||||||
Beginning of | Costs and | Other | Deemed | Collected/ | End of | ||||||||||||||||||||||
Year | Description | Year | Expenses | Accounts | Uncollectible | Recovered | Year | ||||||||||||||||||||
2012 | Deferred tax asset valuation allowance | $ | 40,830 | $ | — | $ | 7,628 | $ | — | $ | — | $ | 48,458 | ||||||||||||||
Allowance for loan losses | — | 1,699 | — | — | — | 1,699 | |||||||||||||||||||||
$ | 40,830 | $ | 1,699 | $ | 7,628 | $ | — | $ | — | $ | 50,157 | ||||||||||||||||
2013 | Deferred tax asset valuation allowance | $ | 48,458 | $ | — | $ | 2,241 | $ | — | $ | — | $ | 50,699 | ||||||||||||||
Allowance for loan losses | 1,699 | 3,104 | — | — | — | 4,803 | |||||||||||||||||||||
$ | 50,157 | $ | 3,104 | $ | 2,241 | $ | — | $ | — | $ | 55,502 | ||||||||||||||||
2014 | Deferred tax asset valuation allowance | $ | 50,699 | $ | — | $ | 7,542 | $ | — | $ | — | $ | 58,241 | ||||||||||||||
Allowance for loan losses | 4,803 | 3,270 | (285 | ) | (6,224 | ) | — | 1,564 | |||||||||||||||||||
$ | 55,502 | $ | 3,270 | $ | 7,257 | $ | (6,224 | ) | $ | — | $ | 59,805 | |||||||||||||||
SCHEDULE_IIIReal_Estate_and_Ac
SCHEDULE III-Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III-Real Estate and Accumulated Depreciation | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | Life on | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amounts at which | which | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Acquisition | Carried at Close of Period(3) | depre- | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease- | Lease- | ciation in | |||||||||||||||||||||||||||||||||||||||||||||||||||
hold | hold | latest | |||||||||||||||||||||||||||||||||||||||||||||||||||
Land & | Interests | Land & | Interests | Accumu- | income | ||||||||||||||||||||||||||||||||||||||||||||||||
En- | Land | and | Land | and | lated | Date of | state- | ||||||||||||||||||||||||||||||||||||||||||||||
cumber- | Improve- | Improve- | Improve- | Carrying | Improve- | Improve- | Depre- | Construc- | Date | ments is | |||||||||||||||||||||||||||||||||||||||||||
Property/Location | ances | ments | ments | Buildings | ments | Costs | ments | ments | Buildings | Total | ciation | tion | Acquired | computed | |||||||||||||||||||||||||||||||||||||||
Gatlinburg Sky Lift Gatlinburg, Tennessee | $ | — | $ | 19,154 | $ | 175 | $ | 32 | $ | — | $ | — | $ | 19,186 | $ | 175 | $ | 19,361 | $ | (3,655 | ) | In 1953 | 12/22/05 | (2 | ) | ||||||||||||||||||||||||||||
Hawaiian Falls Waterparks Garland and The Colony, Texas | $ | 3,123 | $ | 3,663 | $ | 758 | $ | 2,082 | $ | — | $ | 5,016 | $ | 3,812 | $ | 798 | $ | 9,626 | $ | (3,925 | ) | In 2004 | 4/21/06 | (2 | ) | ||||||||||||||||||||||||||||
Cypress Mountain Vancouver, British Columbia | $ | 161 | $ | 19,001 | $ | 735 | $ | 9,427 | $ | — | $ | 1,180 | $ | 16,032 | $ | 12,112 | $ | 29,324 | $ | (8,571 | ) | In 1975 | 5/30/06 | (2 | ) | ||||||||||||||||||||||||||||
The Omni Mount Washington Resort and Bretton Woods Ski Area Bretton Woods, New Hampshire | $ | 21,216 | $ | 10 | $ | 28,114 | $ | 37,488 | $ | — | $ | 24,004 | $ | 10 | $ | 62,814 | $ | 86,828 | $ | (22,009 | ) | In 1902 | -4 | (2 | ) | ||||||||||||||||||||||||||||
Funtasticks Fun Center Tucson, Arizona | $ | 3,038 | $ | — | $ | 1,413 | $ | 44 | $ | — | $ | 3,057 | $ | — | $ | 1,438 | $ | 4,495 | $ | (1,203 | ) | In 1993 | 10/6/06 | (2 | ) | ||||||||||||||||||||||||||||
Camelot Park Bakersfield, California | $ | 179 | $ | — | $ | 70 | $ | 5 | $ | — | $ | 182 | $ | — | $ | 72 | $ | 254 | $ | (251 | ) | In 1994 | 10/6/06 | (2 | ) | ||||||||||||||||||||||||||||
Zuma Fun Center Charlotte, North Carolina | $ | 3,646 | $ | — | $ | 1,072 | $ | – | $ | — | $ | 3,646 | $ | — | $ | 1,072 | $ | 4,718 | $ | (1,141 | ) | In 1991 | 10/6/06 | (2 | ) | ||||||||||||||||||||||||||||
Mountasia Family Fun Center North Richland Hills, Texas | $ | 1,152 | $ | — | $ | 635 | $ | 41 | $ | — | $ | 1,193 | $ | — | $ | 635 | $ | 1,828 | $ | (395 | ) | In 1994 | 10/6/06 | (2 | ) | ||||||||||||||||||||||||||||
Zuma Fun Center South Houston, Texas | $ | 1,551 | $ | — | $ | 558 | $ | 78 | $ | — | $ | 1,610 | $ | — | $ | 577 | $ | 2,187 | $ | (603 | ) | In 1990 | 10/6/06 | (2 | ) | ||||||||||||||||||||||||||||
Brighton Ski Resort Brighton, Utah | $ | 11,809 | $ | 2,123 | $ | 11,233 | $ | 3,030 | $ | — | $ | 12,850 | $ | 2,123 | $ | 13,222 | $ | 28,195 | $ | (8,698 | ) | In 1949 | 1/8/07 | (2 | ) | ||||||||||||||||||||||||||||
Northstar-at-Tahoe Resort Lake Tahoe, California | $ | 60,790 | $ | — | $ | 8,534 | $ | 11,108 | $ | — | $ | 64,612 | $ | — | $ | 15,820 | $ | 80,432 | $ | (21,519 | ) | In 1972 | 1/19/07 | (2 | ) | ||||||||||||||||||||||||||||
Sierra-at-Tahoe Resort South Lake Tahoe, California | $ | 19,875 | $ | 800 | $ | 8,574 | $ | 3,174 | $ | — | $ | 22,329 | $ | 800 | $ | 9,294 | $ | 32,423 | $ | (12,638 | ) | In 1968 | 1/19/07 | (2 | ) | ||||||||||||||||||||||||||||
Loon Mountain Resort Lincoln, New Hampshire | $ | 9,226 | $ | 346 | $ | 4,673 | $ | 7,355 | $ | — | $ | 15,164 | $ | 347 | $ | 6,089 | $ | 21,600 | $ | (7,359 | ) | In 1966 | 1/19/07 | ||||||||||||||||||||||||||||||
Summit-at-Snoqualmie Resort Snoqualmie Pass, Washington | (1 | ) | $ | 20,122 | $ | 792 | $ | 8,802 | $ | 5,108 | $ | — | $ | 22,861 | $ | 792 | $ | 11,171 | $ | 34,824 | $ | (11,129 | ) | In 1945 | 1/19/07 | (2 | ) | ||||||||||||||||||||||||||
White Water Bay Oklahoma City, Oklahoma | $ | 10,720 | $ | — | $ | 5,461 | $ | 603 | $ | — | $ | 10,729 | $ | — | $ | 6,055 | $ | 16,784 | $ | (3,742 | ) | In 1981 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Splashtown Houston, Texas | $ | 10,817 | $ | — | $ | 1,609 | $ | 8,481 | $ | — | $ | 15,825 | $ | — | $ | 5,082 | $ | 20,907 | $ | (1,683 | ) | In 1981 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Waterworld Concord, California | $ | 1,733 | $ | 7,841 | $ | 728 | $ | 417 | $ | — | $ | 1,956 | $ | 7,841 | $ | 922 | $ | 10,719 | $ | (4,249 | ) | In 1995 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Elitch Gardens Denver, Colorado | $ | 93,796 | $ | — | $ | 7,480 | $ | 1,480 | $ | — | $ | 94,786 | $ | — | $ | 7,970 | $ | 102,756 | $ | (8,462 | ) | In 1890 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Darien Lake Buffalo, New York | $ | 60,993 | $ | — | $ | 21,967 | $ | 5,512 | $ | — | $ | 66,597 | $ | — | $ | 21,875 | $ | 88,472 | $ | (32,112 | ) | In 1955 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Frontier City Oklahoma City, Oklahoma | $ | 7,265 | $ | — | $ | 7,518 | $ | 1,545 | $ | — | $ | 8,104 | $ | — | $ | 8,224 | $ | 16,328 | $ | (4,101 | ) | In 1958 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Wild Waves & Enchanted Village Seattle, Washington | $ | 19,200 | $ | — | $ | 2,837 | $ | 4,516 | $ | — | $ | 23,418 | $ | — | $ | 3,135 | $ | 26,553 | $ | (10,693 | ) | In 1977 | 4/6/07 | (2 | ) | ||||||||||||||||||||||||||||
Magic Springs & Crystal Falls Hot Springs, Arkansas | $ | 4,237 | $ | 8 | $ | 10,409 | $ | 4,706 | $ | — | $ | 8,670 | $ | — | $ | 10,690 | $ | 19,360 | $ | (3,837 | ) | In 1977 | 4/16/07 | (2 | ) | ||||||||||||||||||||||||||||
Mountain High Resort Wrightwood, California | (1 | ) | $ | 14,272 | $ | 14,022 | $ | 7,571 | $ | 768 | $ | — | $ | 14,518 | $ | 14,061 | $ | 8,054 | $ | 36,633 | $ | (11,581 | ) | In 1930’s | 6/29/07 | (2 | ) | ||||||||||||||||||||||||||
Sugarloaf Mountain Resort Carrabassett Valley, Maine | $ | 15,408 | $ | — | $ | 5,658 | $ | 3,407 | $ | — | $ | 14,619 | $ | 2,000 | $ | 7,854 | $ | 24,473 | $ | (6,885 | ) | In 1962 | 8/7/07 | (2 | ) | ||||||||||||||||||||||||||||
Sunday River Resort Newry, Maine | $ | 32,698 | $ | — | $ | 12,256 | $ | 5,391 | $ | — | $ | 36,632 | $ | — | $ | 13,713 | $ | 50,345 | $ | (12,262 | ) | In 1959 | 8/7/07 | (2 | ) | ||||||||||||||||||||||||||||
The Northstar Commercial Village Lake Tahoe, California | $ | 2,354 | $ | — | $ | 33,932 | $ | 4,178 | $ | — | $ | 2,759 | $ | — | $ | 37,705 | $ | 40,464 | $ | (10,537 | ) | In 2005 | 11/15/07 | (2 | ) | ||||||||||||||||||||||||||||
Coco Key Water Resort Orlando, Florida | $ | 8,131 | $ | — | $ | 777 | $ | 9,582 | $ | — | $ | 6,207 | $ | — | $ | 12,282 | $ | 18,489 | $ | (7,795 | ) | 1970’s | 5/28/08 | (2 | ) | ||||||||||||||||||||||||||||
Myrtle Waves Myrtle Beach, S. Carolina | $ | — | $ | — | $ | 5,875 | $ | — | $ | — | $ | — | $ | — | $ | 5,875 | $ | 5,875 | $ | (217 | ) | In 1985 | -5 | (2 | ) | ||||||||||||||||||||||||||||
Mount Sunapee Newbury, New Hampshire | (1 | ) | $ | — | $ | 6,727 | $ | 5,253 | $ | 451 | $ | — | $ | 100 | $ | 6,909 | $ | 5,422 | $ | 12,431 | $ | (3,502 | ) | In 1960 | 12/5/08 | (2 | ) | ||||||||||||||||||||||||||
Okemo Mountain Ludlow, Vermont | (1 | ) | $ | 17,566 | $ | 25,086 | $ | 16,684 | $ | 1,255 | $ | — | $ | 18,256 | $ | 25,144 | $ | 17,191 | $ | 60,591 | $ | (11,390 | ) | In 1963 | 12/5/08 | (2 | ) | ||||||||||||||||||||||||||
Crested Butte Mt. Crested Butte, CO | (1 | ) | $ | 1,305 | $ | 18,843 | $ | 11,188 | $ | 1,968 | $ | — | $ | 1,314 | $ | 19,431 | $ | 12,559 | $ | 33,304 | $ | (8,785 | ) | In 1960’s | 12/5/08 | (2 | ) | ||||||||||||||||||||||||||
Jiminy Peak Mountain Resort Hancock, Massachusetts | (1 | ) | $ | 7,802 | $ | — | $ | 8,164 | $ | 553 | $ | — | $ | 8,088 | $ | — | $ | 8,431 | $ | 16,519 | $ | (3,529 | ) | In 1948 | 1/27/09 | (2 | ) | ||||||||||||||||||||||||||
Hawaiian Waters Kapolei, Hawaii | $ | — | $ | 13,399 | $ | 3,458 | $ | 497 | $ | — | $ | 190 | $ | 13,425 | $ | 3,739 | $ | 17,354 | $ | (2,768 | ) | In 1998 | 5/6/09 | (2 | ) | ||||||||||||||||||||||||||||
Great Wolf Lodge- Wisconsin Dells Wisconsin Dells, Wisconsin | (1 | ) | $ | 3,433 | $ | — | $ | 17,632 | $ | 550 | $ | — | $ | 2,110 | $ | — | $ | 19,509 | $ | 21,619 | $ | (8,664 | ) | In 1997 | 8/6/09 | (2 | ) | ||||||||||||||||||||||||||
Great Wolf Lodge- Sandusky Sandusky, Ohio | (1 | ) | $ | 2,772 | $ | — | $ | 30,061 | $ | 658 | $ | — | $ | 2,466 | $ | 26 | $ | 30,995 | $ | 33,487 | $ | (9,978 | ) | In 2001 | 8/6/09 | (2 | ) | ||||||||||||||||||||||||||
Granby Development Lands Granby, Colorado | (1 | ) | $ | 5,235 | $ | — | $ | — | $ | — | $ | — | $ | 5,235 | $ | — | $ | — | $ | 5,235 | $ | — | N/A | 10/29/09 | |||||||||||||||||||||||||||||
Pacific Park Santa Monica, California | (1 | ) | $ | — | $ | 25,046 | $ | 1,575 | $ | 635 | $ | — | $ | — | $ | 25,226 | $ | 2,030 | $ | 27,256 | $ | (3,564 | ) | In 1996 | 12/29/10 | (2 | ) | ||||||||||||||||||||||||||
Stevens Pass Skykomish, King and Chelan County, WA | $ | 62 | $ | 13,084 | $ | 5,280 | $ | 1,634 | $ | — | $ | 906 | $ | 14,485 | $ | 4,669 | $ | 20,060 | $ | (2,398 | ) | 1945-2000 | 11/17/11 | (2 | ) | ||||||||||||||||||||||||||||
Rapids Waterpark West Palm Beach, Florida | $ | 11,041 | $ | — | $ | 9,044 | $ | 6,389 | $ | — | $ | 17,071 | $ | — | $ | 9,403 | $ | 26,474 | $ | (2,009 | ) | 1979 and 2007 | 6/29/12 | (2 | ) | ||||||||||||||||||||||||||||
Soak City Palm Springs, California | $ | 12,516 | $ | — | $ | 3,259 | $ | — | $ | — | $ | 12,516 | $ | — | $ | 3,259 | $ | 15,775 | $ | (924 | ) | In 2001 | 8/12/13 | (2 | ) | ||||||||||||||||||||||||||||
Phoenix Wet n Wild Waterpark Phoenix, Arizona | $ | — | $ | 8,715 | $ | 4,748 | $ | 287 | $ | — | $ | — | $ | 8,901 | $ | 4,849 | $ | 13,750 | $ | (778 | ) | In 2009 | 11/26/13 | (2 | ) | ||||||||||||||||||||||||||||
Total | $ | 499,244 | $ | 178,600 | $ | 315,770 | $ | 144,435 | $ | — | $ | 550,776 | $ | 180,551 | $ | 406,781 | $ | 1,138,108 | $ | (279,541 | ) | ||||||||||||||||||||||||||||||||
A summary of transactions in real estate and accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,044,936 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Acquisitions | 190,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Dispositions and assets held for sale | (18,334 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Impairment provision | (680 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 2,216,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Acquisitions | 249,136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Dispositions and assets held for sale | (181,424 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Impairment provision | (142,354 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,142,067 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Acquisitions | 169,417 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Dispositions and assets held for sale | (1,108,581 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Impairment provision | (64,795 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,138,108 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | (282,937 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Depreciation | (73,055 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Accumulated depreciation on dispositions and assets held for sale | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | (355,891 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Depreciation | (77,484 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Accumulated depreciation on dispositions and assets held for sale | 18,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (415,216 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Depreciation | (59,109 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Accumulated depreciation on dispositions and assets held for sale | 194,784 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | (279,541 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
FOOTNOTES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | The property is encumbered at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Buildings and improvements are depreciated over 39 years. Leasehold improvements are depreciation over their estimated useful lives. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost for federal income tax purposes is approximately $1.8 billion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | The initial purchase price includes the original purchase price of $45.0 million, acquired July 23, 2006. On August 12, 2011, the Company purchased the golf facility, resort amenities and development land at this property for an additional $10.5 million. See Item 2. “Properties” for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | We foreclosed on this property during the year ended December 31, 2014, as a result of default of the borrower. |
SCHEDULE_IVMortgage_Loans_on_R
SCHEDULE IV-Mortgage Loans on Real Estate | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
SCHEDULE IV-Mortgage Loans on Real Estate | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||
December 31, 2014 (in thousands) | |||||||||||||||||||||
As of December 31, 2014 and 2013, mortgages and other notes receivable consisted of the following (in thousands): | |||||||||||||||||||||
Borrower | Date of Loan | Maturity | Interest | Accrued | Loan Principal | ||||||||||||||||
Balance | |||||||||||||||||||||
as of December 31, | |||||||||||||||||||||
(Description of Collateral Property) | Agreement(s) | Date | Rate | Interest | 2014 | 2013 | |||||||||||||||
Big Sky Resort (one ski resort) | 9/23/08 | -4 | 12.00% | $ | — | $ | — | $ | 68,000 | ||||||||||||
CMR Properties, LLC and CM Resort, LLC (one ski property) (2) | 6/15/10 | 9/30/22 | 9.0% - 11.0% | 840 | 16,620 | 16,620 | |||||||||||||||
Boyne USA, Inc. (four ski resorts) | 8/10/09 | -4 | 6.3% - 15.0% | — | — | 13,896 | |||||||||||||||
Evergreen Alliance Golf Limited, L.P. (1) | 11/12/10 | -1 | LIBOR + 4.0% | — | — | 5,781 | |||||||||||||||
PARC Myrtle Waves, LLC (3) (one attractions property) | 2/10/11 | -3 | 7.50% | — | — | 9,000 | |||||||||||||||
Grand Prix Tampa, LLC (one attractions property) | 7/31/11 | 7/31/16 | 8.50% | 24 | 3,395 | 3,442 | |||||||||||||||
RSA Properties – Misson Hills (one golf facility) | 3/28/13 | -4 | 9.00% | — | — | 275 | |||||||||||||||
Total | $ | 864 | 20,015 | 117,014 | |||||||||||||||||
Accrued interest | 864 | 5,655 | |||||||||||||||||||
Acquisition fees, net | 46 | 97 | |||||||||||||||||||
Loan loss provision (1) (2) | (1,564 | ) | (4,803 | ) | |||||||||||||||||
Total carrying amount | $ | 19,361 | $ | 117,963 | |||||||||||||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. | ||||||||||||||||||||
-2 | In December 2013, one of the Company’s borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan’s effective interest rate and the net carrying value of the loan. | ||||||||||||||||||||
-3 | During the year ended December 31, 2013, the Company recorded an additional loan loss provision of approximately $1.3 million in anticipation of the foreclosure of an attractions property that served as collateral on one of its other existing loans. The estimated fair value of the collateral was $7.9 million, which approximated the carrying value of the loan. The attractions property was foreclosed during the year ended December 31, 2014. | ||||||||||||||||||||
-4 | The Company collected the outstanding balances during the year ended December 31, 2014. | ||||||||||||||||||||
CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||
SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||
December 31, 2014 (in thousands) | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | 117,963 | $ | 124,730 | |||||||||||||||||
New mortgage loans | — | 408 | |||||||||||||||||||
Principal reduction | (83,468 | ) | (4,413 | ) | |||||||||||||||||
Foreclosed and converted to real estate | (7,745 | ) | — | ||||||||||||||||||
Loan loss provision | (3,270 | ) | (3,104 | ) | |||||||||||||||||
Write off of loan loss provision | 1,008 | — | |||||||||||||||||||
Accrued and deferred interest | (4,791 | ) | 354 | ||||||||||||||||||
Acquisition fees allocated, net | (51 | ) | (12 | ) | |||||||||||||||||
Other | (285 | ) | — | ||||||||||||||||||
$ | 19,361 | $ | 117,963 | ||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. | |||
In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. | ||||
Allocation of Purchase Price for Real Estate Acquisitions | Allocation of Purchase Price for Real Estate Acquisitions — Upon the acquisition of real estate properties, the Company records the fair value of the tangible assets (consisting of land, buildings, improvements and equipment), intangible assets (consisting of in-place leases and above or below market lease values), assumed liabilities and any contingent liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is determined based on incorporating market participant assumptions, discounted cash flow models using appropriate capitalization rates, and the Company’s estimates reflecting the facts and circumstances of each acquisition. Acquisition fees and costs are expensed for acquisitions that are considered a business combination. | |||
The fair value of the tangible assets of an acquired leased property is determined by various factors including the comparable land sale method and cost approach method which estimates the replacement cost new less depreciation and a go dark income approach on the building in which the building is assumed to be vacant. | ||||
The purchase price is allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses. | ||||
The Company may also enter into yield guarantees in connection with an acquisition, whereby the seller agrees to hold a portion of the purchase price in escrow that may be repaid to the Company in the event certain thresholds are not met. In calculating the estimated fair value of the yield guarantee, the Company considers information obtained about each property during the due diligence and budget process as well as discount rates to determine the fair value. The Company periodically evaluates the fair value of the yield guarantee and records any adjustments to the fair value as a component of other income (expense) in the accompanying consolidated statements of operations. | ||||
Depreciation and Amortization | Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated over the lesser of 39 years or the remaining life of the ground lease including renewal options and leasehold and permit interests. | |||
Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life. The capitalized above-market or below-market lease intangible is amortized to rental income over the estimated remaining term of the respective leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs related to the lease would be written off. Intangible assets with indefinite lives are not amortized, and like all intangibles, are evaluated for impairment on an annual basis or upon a trigger event. | ||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities —The Company accounts for its investment in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not maintain a controlling financial interest over these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entities. Based on the respective venture structures and preferences the Company receives on distributions and liquidation, the Company records its equity in earnings of the entities under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognizes income or loss in each period as if the net book value of the assets in the ventures were hypothetically liquidated at the end of each reporting period following the provisions of the joint venture agreements. In any given period, the Company could be recording more or less income than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. The Company’s investment in unconsolidated entities is accounted for as an asset acquisition in which acquisition fees and expenses are capitalized as part of the basis in the investment in unconsolidated entities. The acquisition fees and expenses create an outside basis difference that are allocated to the assets of the investee and, if assigned to depreciable or amortizable assets, the basis differences are then amortized as a component of equity in earnings (loss) of unconsolidated entities. | |||
Acquisition Fees and Expenses | Acquisition Fees and Expenses — The Company incurs acquisition fees and expenses in connection with the selection and acquisition of properties, including expenses on properties it determines not to acquire. The Company immediately expenses all acquisition costs and fees associated with transactions deemed to be business combinations, but capitalizes these costs for transactions deemed to be acquisitions of an asset or equity method investment. | |||
Impairment of Real Estate Assets | Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any indicators, including property operating performance, general market conditions and significant changes in the manner of use or estimated holding period of the Company’s real estate assets or the strategy of its overall business, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. To assess if a property value is potentially impaired, management compares the estimated current and projected undiscounted operating cash flows, including estimated net sales proceeds, of the property over its remaining useful life to the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would record an impairment provision to adjust the carrying value of the asset group to the estimated fair value of the property. | |||
For real estate the Company indirectly owns through an investment in a joint venture, tenant-in-common interest or other similar investment structure which is accounted for under the equity method, when impairment indicators are present, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of its investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline. | ||||
The estimated fair values of unconsolidated entities are based upon a discounted cash flow model that includes all estimated cash inflows and outflows over the expected holding period. The capitalization rates and discounted rates utilized in the model are based upon rates that the Company believes to be within a reasonable range of current market rates for the underlying properties. | ||||
Bargain Purchase Gain | Bargain Purchase Gain — A bargain purchase gain is recorded as a gain in earnings in the period of acquisition when the fair value of assets acquired net of liabilities assumed is greater than the consideration transferred. | |||
Assets Held for Sale, net and Discontinued Operations | Assets Held for Sale, net and Discontinued Operations — Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. The Company classifies assets as held for sale once management has the authority to approve and commits to a plan to sell, the assets are available for immediate sale, an active program to locate a buyer and the sale of the assets are probable and transfer of the assets are expected to occur within one year. Subsequent to classification of an asset as held for sale, no further depreciation, amortization or straight-line rent adjustments relating to the asset are recorded. The related operations of assets held for sale are reported as discontinued if such operations and cash flows can be clearly distinguished both operationally and financially from the ongoing operations, such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and if the Company will not have any significant continuing involvement subsequent to the sale. | |||
Real Estate Dispositions | Real Estate Dispositions — When real estate is disposed of, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases are removed from the accounts and gains and losses from the disposition are reflected in the consolidated statements of operations. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Real Estate Sales, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains may be deferred in whole or in part until the sales satisfy the requirements of gain recognition on sale of real estate. As of December 31, 2014, the Company has a deferred gain on one of its real estate dispositions as a result of making a loan to the buyer financing a substantial portion of the sales price. | |||
Mortgages and Other Notes Receivables | Mortgages and Other Notes Receivables — Mortgages and other notes receivable are stated at the principal amount outstanding, net of deferred loan origination costs or fees. Loan origination and other fees received by the Company in connection with making the loans are recorded as reduction of the note receivable and amortized into interest income, using the effective interest method, over the term of the loan. Acquisition fees and costs in connection with making the loans are capitalized and recorded as part of the mortgages and other notes receivable balance and amortized as a reduction of interest income over the term of the notes. | |||
The Company evaluates impairment on its mortgages and other notes receivable on an individual loan basis which includes, current information and events, periodic visits and quarterly discussions on the financial results of the properties being collateralized and the financial stability of the borrowers who are also tenants or third-party managers for certain properties in the Company’s real estate portfolio. The Company reviews each loan to determine the risk of loss and whether the individual loan is impaired and whether an allowance is necessary. If allowance is necessary, the Company will reduce the carrying value of the loan accordingly and record a corresponding charge to net income (loss). The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and, as such, the Company does not assign its mortgages and other note receivable in credit quality categories. | ||||
Cash | Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less during the year. As of December 31, 2014, cash deposits exceeded federally insured amounts. However, the Company has not experienced any losses on such accounts. Management continues to monitor third-party depository institutions that hold the Company’s cash, primarily with the goal of safety of principal and secondarily on maximizing yield on those funds. To that end, the Company has diversified its cash among several banking institutions in an attempt to minimize exposure to any one of these entities. Management has attempted to select institutions that it believes are strong based on an evaluation of their financial stability and exposure to poor performing assets. | |||
Restricted Cash | Restricted Cash — Certain amounts of cash are restricted to fund capital expenditures for the Company’s real estate investment properties or represent certain tenant security deposits. | |||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities — The Company utilizes derivative instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. The Company follows established risk management policies and procedures in its use of derivatives and does not enter into or hold derivatives for trading or speculative purposes. The Company records all derivative instruments on the balance sheet at fair value. On the date the Company enters into a derivative contract, the derivative is designated as a hedge of the exposure to variable cash flows of a forecasted transaction. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently recognized in the statement of operations in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. Any ineffective portion of the gain or loss is reflected in interest expense in the statement of operations. As of December 31, 2014 and 2013, the Company’s hedges qualified as highly effective and, accordingly, all of the change in value is reflected in other comprehensive income (loss). | |||
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The estimated fair value of cash, accounts receivable, accounts payable and accrued expenses approximates carrying value as of December 31, 2014 and 2013, because of the liquid nature of the assets and relatively short maturities of the obligations. See Footnote 9. “Mortgages and other Notes Receivable, net” and Footnote 10. “Indebtedness” for the Company’s estimates of the fair value of its mortgages and other notes receivable and its indebtedness as of December 31, 2014 and 2013. | |||
Fair Value Measurements | Fair Value Measurements – Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels of fair value inputs: | |||
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | |||
• | Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. | |||
• | Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. | |||
When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. | ||||
Deferred Financing Costs | Deferred Financing Costs — Financing costs paid in connection with obtaining long-term debt are deferred and amortized over the life of the debt using the effective interest method. As of December 31, 2014 and 2013, the accumulated amortization of loan costs was approximately $30.9 million and $22.9 million, respectively. | |||
Foreign Currency Translation | Foreign Currency Translation — The accounting records for the Company’s one consolidated foreign location, in Vancouver, British Columbia, are maintained in the local currency and revenues and expenses are translated using the average exchange rates during the period. Assets and liabilities are translated to U.S. dollars using the exchange rate in effect at the balance sheet date. The resulting translation adjustments are reflected in stockholders’ equity as a cumulative foreign currency translation adjustment, a component of accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions are included in the accompanying consolidated statements of operations. | |||
Revenue Recognition | Revenue Recognition — For properties subject to operating leases, rental revenue is recorded on a straight-line basis over the terms of the leases. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Property operating revenues from managed properties, which are not subject to leasing arrangements, are derived from room rentals, food and beverage sales, ski and spa operations, golf operations, membership dues, ticket sales, concessions, waterpark and theme park operations, resident rental fees, assistance services, and other service revenues. Such revenues, excluding membership dues, are recognized when rooms are occupied, when services have been performed, and when products are delivered. Membership dues are recognized ratably over the term of the membership period. For mortgages and other notes receivable, interest income is recognized on an accrual basis when earned, except for loans placed on non-accrual status, for which interest income is recognized when received. Any deferred portion of contractual interest is recognized on a straight-line basis over the term of the corresponding note. Loan origination fees charged and acquisition fees incurred in connection with the making of loans are recognized as interest income, and a reduction in interest income, respectively over the term of the notes. | |||
Capital Improvement Reserve Income | Capital Improvement Reserve Income — The Company’s leases require the tenants to pay certain contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time that they are earned and are included in rental income from operating leases in the accompanying consolidated statements of operations. | |||
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s lifestyle properties with monthly interest only and/or principal payments. A loan that is accounted for as a troubled debt restructure is recorded at the present value of the future cash payments, principal and interest, specified by the new terms. The Company may undergo a troubled debt restructuring if management determines that the underlying collateralized properties are not performing to meet debt service. In order to qualify as a troubled debt restructure the following must apply: (i) the underlying collateralized property value decreased as a result of the economic environment, (ii) transfer of asset (cash) to partially satisfy the loan has occurred and (iii) new loan terms decrease the effective interest rate and extend the maturity date. The difference between the future cash payments specified by the new terms and the carrying value immediately preceding the restructure is recorded as gain on extinguishment of debt. | |||
Income Taxes | Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2004. As a REIT, the Company generally is not subject to federal corporate income taxes provided it distributes at least 100% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT. Subject to compliance with applicable tax law, certain properties may be operated using an eligible third-party manager. In those cases, taxable income from those operations may be subject to federal income tax. Management believes that the Company was organized and operated in a manner that enabled the Company to continue to qualify for treatment as a REIT for federal income tax purposes for the years ended December 31, 2014, 2013 and 2012. | |||
Under the provisions of the Internal Revenue Code and applicable state laws, each TRS entity of the Company is subject to taxation of income on the profits and losses from its operations. The Company accounts for federal and state income taxes with respect to its TRS entities using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards. | ||||
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | ||||
Earnings (loss) Per Share | Earnings (loss) Per Share — Earnings (loss) per share is calculated based upon the weighted-average number of shares of common stock outstanding during the period. | |||
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant estimates and assumptions are made in connection with the allocation of purchase price and the analysis of real estate, equity method investments and for impairments. Actual results could differ from those estimates. | |||
Out of Period Adjustments | Out of Period Adjustments — During the fourth quarter of 2012, the Company identified errors in the consolidated financial statements relating to prior years. The Company understated expenses related to the transition of certain properties from leased to managed structure which resulted in an understatement of loss on lease terminations by $1.6 million and an understatement of other operating expenses by $2.2 million. The Company concluded these adjustments were not material, individually or in the aggregate, to its results for this or any of the prior periods and, as such, the Company recorded out of period adjustments to increase its net loss during the fourth quarter of 2012 by $3.8 million. | |||
In July 2013, the Company completed the sale of 42 senior housing properties held through three unconsolidated joint ventures. In connection with the transaction, the Company received aggregate net sales proceeds of approximately $195.4 million and recorded an aggregate gain of approximately $55.4 million. The carrying amounts of the investments relating to the unconsolidated joint ventures were understated prior to disposition as a result of acquisition fees and costs that were incorrectly expensed in prior years. The Company concluded these adjustments were not material, individually or in the aggregate, to its results for this or any of the prior periods and, as such, the Company recorded out of period adjustments that increased the gain on sale in the third quarter of 2013 by approximately $1.9 million. See “Footnote 8. Variable Interest and Unconsolidated Entities” for additional information. | ||||
Segment Information | Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker currently evaluates the Company’s operations from a number of different operational perspectives including but not limited to a property-by-property basis and by tenant and operator. The Company derives all significant revenues from a single reportable operating segment of business, lifestyle real estate regardless of the type (ski, attractions, senior housing, etc.) or ownership structure (leased or managed). In addition, the Company evaluated each individual property and determined they were individually less than 10% of the combined revenue for the year ended December 31, 2014. Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. | |||
Reclassifications | Reclassifications — Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported total assets and total liabilities, net loss or stockholders’ equity. The results of operations of the real estate properties that are classified as held for sale, along with properties sold during the period, are reflected in discontinued operations for all periods presented. | |||
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements — In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a similar Tax Loss, or a Tax Credit Carryforward Exists.” This update clarified the guidance in subtopic 740 and requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward to the extent one is available. Effective January 1, 2014, the Company adopted this ASU. The adoption of this update did not have a material impact on the Company’s financial position, results of operations or cash flows. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update changes the criteria for reporting discontinued operations where only disposals representing a strategic shift, such as a major line of business or geographical area, should be presented as a discontinued operation. This ASU is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014 with early adoption permitted. The Company will adopt ASU No. 2014-08 commencing January 1, 2015. This ASU is expected to impact the determination of which future property disposals qualify as discontinued operations, as well as, require additional disclosures about discontinued operations. | |||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new Accounting Standards Codification (“ASC”) topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the amendments of ASU 2014-09; however, these amendments could potentially have a significant impact on its consolidated financial position, results of operations or cash flows. | ||||
In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Schedule of Acquired Properties | Consolidated Entities. During the year ended December 31, 2014, the Company acquired the following properties (in thousands): | ||||||||||
Date of | Purchase | ||||||||||
Product/Description | Location | Acquisition (2) | Price | ||||||||
Pacifica Senior Living Victoria Court - One senior housing property | Rhode Island | 1/15/14 | $ | 15,250 | |||||||
Pacifica Senior Living Northridge - One senior housing property | California | 6/6/14 | 25,250 | ||||||||
La Conner Retirement Inn - One senior housing property | Washington | 6/2/14 | 8,250 | ||||||||
South Pointe Assisted Living - One senior housing property | Washington | 6/2/14 | 4,300 | ||||||||
Pacifica Senior Living Modesto - One senior housing property | California | 7/24/14 | 16,250 | (1) | |||||||
Pacifica Senior Living Bakersfield - One senior housing property | California | 7/25/14 | 28,750 | (1) | |||||||
Pacifica Senior Living Wilmington - One senior housing property | North Carolina | 7/25/14 | 22,250 | (1) | |||||||
The Oaks at Braselton - One senior housing property | Georgia | 9/22/14 | 15,000 | ||||||||
The Oaks at Post Road - One senior housing property | Georgia | 9/22/14 | 18,600 | ||||||||
$ | 153,900 | ||||||||||
FOOTNOTES: | |||||||||||
(1) | In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. “Indebtedness” for additional information. | ||||||||||
(2) | These properties are subject to long-term triple-net leases with an initial term of 10 years with renewal options. | ||||||||||
These acquisitions are not considered material to the Company as such no pro forma information has been included. | |||||||||||
During the year ended December 31, 2013, the Company acquired the following properties (in thousands): | |||||||||||
Date of | Purchase | ||||||||||
Product/Description | Location | Acquisition | Price | ||||||||
The Stratford Continuing Care Retirement Community — One senior housing property | Indiana | 6/28/13 | $ | 22,000 | (1) | ||||||
Pioneer Village — One senior housing property | Oregon | 7/31/13 | 14,850 | ||||||||
Bozeman Lodge — One senior housing property | Montana | 8/9/13 | 31,000 | ||||||||
Wet ’n’ Wild Palm Springs — One attractions property | California | 8/12/13 | 15,601 | (2) | |||||||
Wet ’n’ Wild Phoenix — One attractions property | Arizona | 11/26/13 | 33,000 | ||||||||
MorningStar at Dayton Place — One senior housing property | Colorado | 12/13/13 | 29,908 | ||||||||
Chateau Vestavia — One senior housing property | Alabama | 12/20/13 | 18,500 | ||||||||
Pacifica Peoria— One senior housing property | Arizona | 12/20/13 | 13,250 | ||||||||
Pacifica Portland — One senior housing property | Oregon | 12/20/13 | 27,250 | ||||||||
Pacifica Santa Clarita — One senior housing property | California | 12/20/13 | 19,250 | ||||||||
Pacifica Sun City — One senior housing property | Florida | 12/20/13 | 20,250 | ||||||||
$ | 244,859 | ||||||||||
FOOTNOTES: | |||||||||||
-1 | Amount shown is net of the present value of entrance fee liabilities assumed on date of acquisition of approximately $13.8 million. | ||||||||||
-2 | In connection with the acquisition, the Company recorded approximately $2.7 million in bargain purchase gain as a result of the fair value of the net assets acquired exceeding the consideration transferred. The excess resulted from the fact that the seller did not widely market the property for sale and was motivated to sell because the property was deemed an outlier from the other investments owned by the seller. | ||||||||||
These acquisitions are not considered material to the Company as such no pro forma information has been included. | |||||||||||
Allocation of Purchase Price | The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): | ||||||||||
Total Purchase | |||||||||||
Price Allocation | |||||||||||
Land and land improvements | $ | 25,213 | |||||||||
Buildings | 120,059 | ||||||||||
Equipment | 5,127 | ||||||||||
In-place lease intangibles (1) | 1,723 | ||||||||||
Other intangibles | 4,566 | ||||||||||
Assumed mortgages | (27,398 | ) | |||||||||
Other liabilities | (900 | ) | |||||||||
Total purchase price consideration | $ | 128,390 | |||||||||
FOOTNOTE: | |||||||||||
-1 | The weighted-average amortization period for intangible in-place leases acquired are 10 years as of the date of acquisition. | ||||||||||
The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): | |||||||||||
Total Purchase | |||||||||||
Price Allocation | |||||||||||
Land and land improvements | $ | 32,998 | |||||||||
Leasehold interests and improvements | 8,715 | ||||||||||
Buildings | 184,131 | ||||||||||
Equipment | 27,343 | ||||||||||
In-place lease intangibles (1) | 5,141 | ||||||||||
Trade name intangibles | 2,291 | ||||||||||
Other assets | 703 | ||||||||||
Other liabilities | (13,810 | ) | |||||||||
Net assets acquired | 247,512 | ||||||||||
Bargain purchase gain | (2,653 | ) | |||||||||
Total purchase price consideration | $ | 244,859 | |||||||||
FOOTNOTE: | |||||||||||
-1 | The weighted-average amortization period for intangible in-place leases acquired range between 2.5 years to 15 years as of the date of acquisition. |
Real_Estate_Investment_Propert1
Real Estate Investment Properties, net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Schedule of Real Estate Investment Properties | As of December 31, 2014 and 2013, real estate investment properties consisted of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 550,776 | $ | 904,409 | |||||
Leasehold interests and improvements | 180,551 | 311,560 | |||||||
Building and building improvements | 406,781 | 926,098 | |||||||
Equipment | 614,300 | 692,854 | |||||||
Less: accumulated depreciation and amortization | (615,957 | ) | (765,948 | ) | |||||
Total | $ | 1,136,451 | $ | 2,068,973 | |||||
Assets_Held_for_Sale_net_and_D1
Assets Held for Sale, net and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Net Carrying Value of Assets Held for Sale | The following table presents the net carrying value of the properties classified as assets held for sale (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Land and land improvements | $ | 91,726 | $ | 40,097 | |||||||||
Leasehold interests and improvements | 52,571 | — | |||||||||||
Building and building improvements | 500,946 | 47,989 | |||||||||||
Equipment, net | 25,380 | 2,708 | |||||||||||
Deferred rent and lease incentives | 4,490 | — | |||||||||||
Other assets | 3,372 | — | |||||||||||
Restricted cash | 10,844 | — | |||||||||||
Intangibles, net | 10,487 | — | |||||||||||
Total | $ | 699,816 | $ | 90,794 | |||||||||
Summary of Loss from Discontinued Operations | The following table is a summary of loss from discontinued operations for the years ended December 31, (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | 178,887 | $ | 160,604 | $ | 133,818 | |||||||
Expenses | (115,773 | ) | (111,807 | ) | (111,224 | ) | |||||||
Depreciation and amortization | (36,709 | ) | (55,852 | ) | (48,077 | ) | |||||||
Impairment provision | (37,867 | ) | (219,502 | ) | (670 | ) | |||||||
Operating loss | (11,462 | ) | (226,557 | ) | (26,153 | ) | |||||||
Gain from sale of properties | 4,144 | 2,408 | 288 | ||||||||||
Loss on extinguishment of debt | (4,818 | ) | — | — | |||||||||
Other expense | (19,570 | ) | (16,968 | ) | (13,149 | ) | |||||||
Loss from discontinued operations | $ | (31,706 | ) | $ | (241,117 | ) | $ | (39,014 | ) | ||||
Intangible_Assets_net_Tables
Intangible Assets, net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||
Gross Carrying | Accumulated | 2014 Net Book | |||||||||||
Intangible Assets | Amount | Amortization | Value | ||||||||||
In place leases | $ | 12,295 | $ | (5,110 | ) | $ | 7,185 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,136 | $ | (5,110 | ) | $ | 18,026 | ||||||
Gross Carrying | Accumulated | 2013 Net Book | |||||||||||
Intangible Assets | Amount | Amortization | Value | ||||||||||
In place leases | $ | 34,745 | $ | (17,513 | ) | $ | 17,232 | ||||||
Trade name (finited-lived) | 9,060 | (1,789 | ) | 7,271 | |||||||||
Trade name (infinite-lived) | 12,419 | — | 12,419 | ||||||||||
Total | $ | 56,224 | $ | (19,302 | ) | $ | 36,922 | ||||||
FOOTNOTE: | |||||||||||||
-1 | In connection with the sale of the golf properties, the Company disposed of the above intangible assets. | ||||||||||||
Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense for the Company’s finite-lived intangible assets as of December 31, 2014 is as follows (in thousands): | ||||||||||||
Total | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
2015 | $ | 666 | |||||||||||
2016 | 666 | ||||||||||||
2017 | 645 | ||||||||||||
2018 | 551 | ||||||||||||
2019 | 567 | ||||||||||||
Thereafter | 4,090 | ||||||||||||
Total | $ | 7,185 | |||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Future Minimum Lease Payments to be Received under Non-Cancellable Operating Leases | The following is a schedule of future minimum lease payments to be received under the non-cancellable operating leases with third-parties at December 31, 2014 (in thousands): | ||||
2015 | $ | 120,612 | |||
2016 | 122,632 | ||||
2017 | 124,719 | ||||
2018 | 126,368 | ||||
2019 | 127,461 | ||||
Thereafter | 1,066,109 | ||||
Total | $ | 1,687,901 | |||
Variable_Interest_and_Unconsol1
Variable Interest and Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities | The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company are as follows (in thousands): | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate investment properties, net | $ | 158,589 | $ | 184,306 | |||||||||||||||||||||
Assets held for sale | $ | 12,953 | $ | — | |||||||||||||||||||||
Other assets | $ | 26,376 | $ | 29,075 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Mortgages and other notes payable | $ | 30,412 | $ | 87,095 | |||||||||||||||||||||
Other liabilities | $ | 15,695 | $ | 13,214 | |||||||||||||||||||||
Summarized Operating Data of Unconsolidated Entities | The following tables present financial information for the Company’s unconsolidated entities for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
Summarized operating data: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Revenues | $ | 28,519 | $ | 17,454 | $ | 45,973 | |||||||||||||||||||
Property operating expenses (4) | (776 | ) | (9,802 | ) | (10,578 | ) | |||||||||||||||||||
Depreciation and amortization | (9,114 | ) | (6,005 | ) | (15,119 | ) | |||||||||||||||||||
Interest expense | (8,175 | ) | (4,891 | ) | (13,066 | ) | |||||||||||||||||||
Interest and other income (expense) | (35 | ) | 88 | 53 | |||||||||||||||||||||
Income (loss) from continuing operations | 10,419 | (3,156 | ) | 7,263 | |||||||||||||||||||||
Discontinued operations | — | 987 | 987 | ||||||||||||||||||||||
Net income (loss) | $ | 10,419 | $ | (2,169 | ) | $ | 8,250 | ||||||||||||||||||
Income (loss) allocable to other venture partners (1) | $ | 1,602 | $ | (1,612 | )(3) | $ | (10 | ) | |||||||||||||||||
Income (loss) allocable to the Company (1) | $ | 8,817 | $ | (557 | ) | 8,260 | |||||||||||||||||||
Amortization of capitalized costs | (298 | ) | (209 | ) | (507 | ) | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 8,519 | $ | (766 | ) | $ | 7,753 | ||||||||||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 2,277 | $ | 13,622 | |||||||||||||||||||
Distributions received by the Company | $ | 11,345 | $ | 2,152 | $ | 13,497 | |||||||||||||||||||
Summarized operating data: | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
DMC | Intrawest | CNLSun I | CNLSun II | CNLSun III | |||||||||||||||||||||
Partnership | Venture | Venture (6) | Venture (6) | Venture (6) | Total | ||||||||||||||||||||
Revenues | $ | 28,062 | $ | 17,054 | $ | 71,287 | $ | 19,654 | $ | 21,549 | $ | 157,606 | |||||||||||||
Property operating expenses | (796 | ) | (9,744 | ) | (45,999 | ) | (15,439 | ) | (14,609 | ) | (86,587 | ) | |||||||||||||
Depreciation and amortization | (9,182 | ) | — | (10,994 | ) | (2,244 | ) | (2,874 | ) | (25,294 | ) | ||||||||||||||
Interest expense | (7,908 | ) | (5,874 | ) | (16,154 | ) | (2,057 | ) | (2,928 | ) | (34,921 | ) | |||||||||||||
Interest and other income | 3 | 9 | 20 | — | — | 32 | |||||||||||||||||||
Income (loss) from continuing operations | 10,179 | 1,445 | (1,840 | ) | (86 | ) | 1,138 | 10,836 | |||||||||||||||||
Discontinued operations (4) | — | 1,101 | — | — | — | 1,101 | |||||||||||||||||||
Net income (loss) | $ | 10,179 | $ | 2,546 | $ | (1,840 | ) | $ | (86 | ) | $ | 1,138 | $ | 11,937 | |||||||||||
Income (loss) allocable to other venture partners (1) | $ | (1,166 | ) | $ | (1,611 | )(3) | $ | (1,341 | ) | $ | (8 | ) | $ | 1,788 | $ | (2,338 | ) | ||||||||
Income (loss) allocable to the Company (1) | $ | 11,345 | $ | 4,157 | $ | (499 | ) | $ | (78 | ) | $ | (650 | ) | 14,275 | |||||||||||
Amortization of capitalized costs | (433 | ) | (233 | ) | (1,305 | ) | (431 | ) | (172 | ) | (2,574 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 10,912 | $ | 3,924 | $ | (1,804 | ) | $ | (509 | ) | $ | (822 | ) | $ | 11,701 | ||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 1,998 | $ | 7,797 | $ | 1,039 | $ | 1,660 | $ | 23,839 | |||||||||||||
Distributions received by the Company | $ | 11,337 | $ | 2,427 | $ | 11,750 | (2) | $ | 1,567 | (2) | $ | 4,965 | (2) | $ | 32,046 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
DMC | Intrawest | CNLSun I | CNLSun II | CNLSun III | |||||||||||||||||||||
Partnership | Venture | Venture | Venture | Venture | Total | ||||||||||||||||||||
Revenues | $ | 27,858 | $ | 16,874 | $ | 137,897 | $ | 37,301 | $ | 43,087 | $ | 263,017 | |||||||||||||
Property operating expenses | (2,963 | )(5) | (14,679 | ) | (87,910 | ) | (27,525 | ) | (29,131 | ) | (162,208 | ) | |||||||||||||
Depreciation and amortization | (9,040 | ) | (3,342 | ) | (23,154 | ) | (4,991 | ) | (6,457 | ) | (46,984 | ) | |||||||||||||
Interest expense | (8,260 | ) | (4,833 | ) | (32,615 | ) | (4,899 | ) | (5,858 | ) | (56,465 | ) | |||||||||||||
Interest and other income (expense) | 28 | 102 | 372 | (368 | ) | 28 | 162 | ||||||||||||||||||
Income (loss) from continuing operations | 7,623 | (5,878 | ) | (5,410 | ) | (482 | ) | 1,669 | (2,478 | ) | |||||||||||||||
Discontinued operations (4) | — | 310 | — | — | — | 310 | |||||||||||||||||||
Net income (loss) | $ | 7,623 | $ | (5,568 | ) | $ | (5,410 | ) | $ | (482 | ) | $ | 1,669 | $ | (2,168 | ) | |||||||||
Loss allocable to other venture partners (1) | $ | (1,810 | ) | $ | (1,564 | )(3) | $ | (7,084 | ) | $ | (407 | ) | $ | (1,346 | ) | $ | (12,211 | ) | |||||||
Income (loss) allocable to the Company (1) | $ | 9,433 | $ | (4,004 | ) | $ | 1,674 | $ | (75 | ) | $ | 3,015 | 10,043 | ||||||||||||
Amortization of capitalized costs | (471 | ) | (234 | ) | (2,610 | ) | (862 | ) | (345 | ) | (4,522 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | $ | 8,962 | $ | (4,238 | ) | $ | (936 | ) | $ | (937 | ) | $ | 2,670 | $ | 5,521 | ||||||||||
Distribution declared to the Company | $ | 11,345 | $ | 3,096 | $ | 15,709 | $ | 5,094 | $ | 7,776 | $ | 43,020 | |||||||||||||
Distributions received by the Company | $ | 11,353 | $ | 2,725 | $ | 15,665 | $ | 5,189 | (2) | $ | 5,256 | (2) | $ | 40,188 | |||||||||||
FOOTNOTES: | |||||||||||||||||||||||||
-1 | Income is allocated between the Company and its venture partners using the hypothetical liquidation book value (“HLBV”) method of accounting. | ||||||||||||||||||||||||
-2 | For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. For the year ended December 31, 2012, distributions received by the Company includes approximately $1.5 million and $1.9 million in return of capital on the CNLSun II and CNLSun III ventures, respectively. | ||||||||||||||||||||||||
-3 | This amount represents the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. | ||||||||||||||||||||||||
-4 | During the year ended December 31, 2012, the venture recorded an impairment of $4.5 million when it determined that the carrying value of one of its properties was higher than the net realizable value. No impairments were recorded for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
-5 | During the year ended December 31, 2012, the DMC Partnership incurred approximately $2.3 million in acquisition costs relating to a potential acquisition that was ultimately not pursued. | ||||||||||||||||||||||||
-6 | On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. | ||||||||||||||||||||||||
Summarized Balance Sheet Data of Unconsolidated Entities | Summarized balance sheet data | ||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Real estate assets, net | $ | 221,986 | $ | 61,936 | $ | 283,922 | |||||||||||||||||||
Assets held for sale | — | 14,050 | 14,050 | ||||||||||||||||||||||
Other assets | 15,642 | 14,557 | 30,199 | ||||||||||||||||||||||
Mortgages and other notes payable | 131,500 | 66,690 | 198,190 | ||||||||||||||||||||||
Other liabilities | 6,795 | 18,537 | 25,332 | ||||||||||||||||||||||
Partners’ capital | 99,333 | 5,316 | 104,649 | ||||||||||||||||||||||
Carrying amount of investment (1) | 104,402 | 22,700 | 127,102 | ||||||||||||||||||||||
Company’s ownership percentage (1) | 81.98 | % | 80 | % | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
DMC | Intrawest | ||||||||||||||||||||||||
Partnership | Venture | Total | |||||||||||||||||||||||
Real estate assets, net | $ | 228,755 | $ | — | $ | 228,755 | |||||||||||||||||||
Asset held for sale | — | 81,661 | 81,661 | ||||||||||||||||||||||
Other assets | 13,297 | 15,799 | 29,096 | ||||||||||||||||||||||
Mortgages and other notes payable | 131,860 | 70,292 | 202,152 | ||||||||||||||||||||||
Other liabilities | 5,551 | 17,075 | 22,626 | ||||||||||||||||||||||
Partners’ capital | 104,641 | 10,093 | 114,734 | ||||||||||||||||||||||
Carrying amount of investment (1) | 107,162 | 25,162 | 132,324 | ||||||||||||||||||||||
Company’s ownership percentage (1) | 81.98 | % | 80 | % | |||||||||||||||||||||
FOOTNOTE: | |||||||||||||||||||||||||
-1 | As of December 31, 2014 and 2013, the Company’s share of partners’ capital determined under HLBV was approximately $119.6 million and $124.9 million, respectively, and the total difference between the carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $7.5 million and $7.4 million, respectively. |
Mortgages_and_Other_Notes_Rece1
Mortgages and Other Notes Receivable, net (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Mortgages and Other Notes Receivable | As of December 31, 2014 and 2013, mortgages and other notes receivable consisted of the following (in thousands): | ||||||||||||||||||||
Loan Principal Balance | |||||||||||||||||||||
Borrower | Date of Loan | Maturity | Interest | Accrued | as of December 31, | ||||||||||||||||
(Description of Collateral Property) | Agreement(s) | Date | Rate | Interest | 2014 | 2013 | |||||||||||||||
Big Sky Resort (one ski resort) | 9/23/08 | -4 | 12.00% | $ | — | $ | — | $ | 68,000 | ||||||||||||
CMR Properties, LLC and CM Resort, LLC (one ski property) (2) | 6/15/10 | 9/30/22 | 9.0% - 11.0% | 840 | 16,620 | 16,620 | |||||||||||||||
Boyne USA, Inc. (four ski resorts) | 8/10/09 | -4 | 6.3% - 15.0% | — | — | 13,896 | |||||||||||||||
Evergreen Alliance Golf Limited, L.P. (1) | 11/12/10 | -1 | LIBOR + 4.0% | — | — | 5,781 | |||||||||||||||
PARC Myrtle Waves, LLC (3) (one attractions property) | 2/10/11 | -3 | 7.50% | — | — | 9,000 | |||||||||||||||
Grand Prix Tampa, LLC (one attractions property) | 7/31/11 | 7/31/16 | 8.50% | 24 | 3,395 | 3,442 | |||||||||||||||
RSA Properties – Misson Hills (one golf facility) | 3/28/13 | -4 | 9.00% | — | — | 275 | |||||||||||||||
Total | $ | 864 | 20,015 | 117,014 | |||||||||||||||||
Accrued interest | 864 | 5,655 | |||||||||||||||||||
Acquisition fees, net | 46 | 97 | |||||||||||||||||||
Loan loss provision (1) (2) | (1,564 | ) | (4,803 | ) | |||||||||||||||||
Total carrying amount | $ | 19,361 | $ | 117,963 | |||||||||||||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. | ||||||||||||||||||||
-2 | In December 2013, one of the Company’s borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan’s effective interest rate and the net carrying value of the loan. | ||||||||||||||||||||
-3 | During the year ended December 31, 2013, the Company recorded an additional loan loss provision of approximately $1.3 million in anticipation of the foreclosure of an attractions property that served as collateral on one of its other existing loans. The estimated fair value of the collateral was $7.9 million, which approximated the carrying value of the loan. The attractions property was foreclosed during the year ended December 31, 2014. | ||||||||||||||||||||
-4 | The Company collected the outstanding balances during the year ended December 31, 2014. | ||||||||||||||||||||
Future Principal Maturities for Mortgages and Other Notes Receivable | The following is a schedule of future principal maturities for all mortgages and other notes receivable (in thousands): | ||||||||||||||||||||
2015 | $ | 57 | |||||||||||||||||||
2016 | 3,338 | ||||||||||||||||||||
2017 | — | ||||||||||||||||||||
2018 | — | ||||||||||||||||||||
2019 | — | ||||||||||||||||||||
Thereafter | 16,620 | ||||||||||||||||||||
Total | $ | 20,015 | |||||||||||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Schedule of Future Principal Payments and Maturities for indebtedness | Mortgages and Other Notes Payable—As of December 31, 2014 and 2013, the Company had the following indebtedness (in thousands): | ||||||||||||||
Collateral and | Principal Balance as of | ||||||||||||||
Approximate Carrying Value of | Interest | Maturity | December 31, | ||||||||||||
Collateral at December 31, 2014 | Rate | Date | 2014 | 2013 | |||||||||||
Variable rate debt: | |||||||||||||||
Mortgage debt | 1 multi-family residential property | 30-day LIBOR + 1.3% (1) | -6 | $ | — | (6) | $ | 61,042 | |||||||
Mortgage debt | 1 hotel property | 30-day LIBOR + 3.0% (1) | -7 | — | (7) | 24,811 | |||||||||
Mortgage debt | 1 ski and mountain lifestyle property, $19.7 million | 30-day LIBOR + 3.3% (1)(2) | 9/1/19 | 8,402 | 8,746 | ||||||||||
Mortgage debt | 1 ski and mountain lifestyle property | CDOR + 3.8% (1) | -7 | — | (7) | 16,603 | (5) | ||||||||
Mortgage debt | 1 ski and mountain lifestyle property, $29.6 million | 30-day LIBOR + 4.5% (1)(2) | 12/31/15 | 14,550 | 15,450 | ||||||||||
Mortgage debt | 1 attractions property, $47.9 million | 30-day LIBOR + 3.0% (1) | 11/30/15 | 20,781 | 21,000 | ||||||||||
Mortgage debt | 5 senior housing properties, $39.1 million | 30-day LIBOR + 3.5% (1) | 4/1/16 | 30,000 | 30,000 | ||||||||||
Mortgage debt | 8 senior housing properties, $135.8 million | 30-day LIBOR + 2.5% (1)(4) | 6/20/15 | 105,000 | 101,298 | ||||||||||
Mortgage debt | 4 ski and mountain lifestyle property, $154.3 million | 30-day LIBOR + 1.5%-3.5% (1) | 4/5/17 | 39,077 | — | ||||||||||
Total variable rate debt | $ | 217,810 | $ | 278,950 | |||||||||||
Collateral and | Principal Balance as of | ||||||||||||||
Approximate Carrying Value of | Interest | Maturity | December 31, | ||||||||||||
Collateral at December 31, 2014 | Rate | Date | 2014 | 2013 | |||||||||||
Fixed rate debt: | |||||||||||||||
Mortgage debt | 1 golf property | 7.30% | -6 | $ | — | (6) | $ | 5,281 | |||||||
Mortgage debt | 19 golf properties and 1 ski lift attraction property, $16.1 million | 6.10% | -6 | — | (6) | 84,993 | |||||||||
Mortgage debt | 8 senior housing properties, $88.4 million | 4.35% - 4.5% | 10/5/18 | 57,711 | 59,212 | ||||||||||
Mortgage debt | 1 attractions lifestyle property, $29.4 million | 6.80% | 9/28/16 | 18,939 | 19,301 | ||||||||||
Mortgage debt | 6 ski and mountain lifestyle properties, $207.0 million | 6.10% | 4/5/17 | 95,908 | 100,715 | ||||||||||
Mortgage debt | 2 hotel properties | 6.10% | -7 | — | (7) | 48,090 | |||||||||
Mortgage debt | 3 marina properties, $24.9 million | 6.3% - 6.5% | 9/1/2016-12/1/2016 | 11,358 | 11,980 | ||||||||||
Mortgage debt | 3 senior housing properties, $26.8 million | 4.40% | 10/5/18 | 16,368 | 16,795 | ||||||||||
Mortgage debt | 1 attraction property, $108.6 million | 6.00% | 4/30/18 | 42,859 | 43,731 | ||||||||||
Mortgage debt | 4 senior housing properties, $67.9 million | 3.79% | 7/1/19 | 46,165 | 46,499 | ||||||||||
Seller financing | 3 ski and mountain lifestyle properties | 8.0% - 9.5% | -7 | — | (7) | 34,600 | |||||||||
Mortgage debt | 1 attractions property, $24.9 million | 6.1% - 6.4% | 11/1/2013-4/1/2025 | 9,384 | 10,219 | ||||||||||
Mortgage debt | 3 senior housing properties, $67.9 million | 4.75% - 6.9% | 10/1/18 | 32,411 | — | ||||||||||
Senior notes | $318.25 million (3) | 7.30% | 4/15/19 | 318,250 | 396,550 | ||||||||||
Total fixed rate debt | $ | 649,353 | $ | 877,966 | |||||||||||
Total debt | $ | 867,163 | $ | 1,156,916 | |||||||||||
Premium (discount) | $ | 187 | $ | (2,305 | ) | ||||||||||
Total | $ | 867,350 | $ | 1,154,611 | |||||||||||
FOOTNOTES: | |||||||||||||||
-1 | The 30-day LIBOR rate was approximately 0.17% and 0.20% as of December 31, 2014 and 2013, respectively. The 30-day CDOR rate was approximately 1.2% as of December 31, 2013. | ||||||||||||||
-2 | The Company entered into interest rate swaps for these variable rate debts. See Note 11. “Derivative instruments and Hedging Activities” for additional information | ||||||||||||||
-3 | The Company issued $400.0 million senior notes which are guaranteed by certain of its properties. See “Item 2 – Properties” for additional information. | ||||||||||||||
-4 | In December 2013, the Company entered into a collateralized bridge loan agreement with a third-party lender that matured in June 2014 with two extension options. The Company exercised its options to extend the bridge loan through June 2015. In connection with obtaining the bridge loan, the Company incurred loan origination costs and exit fees. | ||||||||||||||
-5 | Converted from Canadian dollars to U.S. dollars at the exchange rate in place as of the end of the year. | ||||||||||||||
-6 | The Company sold the properties in 2014 and paid off the associated debt. | ||||||||||||||
-7 | The Company prepaid the debt in 2014. | ||||||||||||||
Schedule of Future Principal Payments and Maturities for Indebtedness | The following is a schedule of future principal payments and maturities for all indebtedness (in thousands): | ||||||||||||||
2015 | $ | 307,196 | |||||||||||||
2016 | 70,234 | ||||||||||||||
2017 | 128,075 | ||||||||||||||
2018 | 140,877 | ||||||||||||||
2019 | 50,482 | ||||||||||||||
Thereafter | 322,799 | ||||||||||||||
Total | $ | 1,019,663 | |||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Summary of Terms and Fair Values of Derivative Financial Instruments | The following table summarizes the terms and fair values of the Company’s derivative financial instruments (in thousands): | ||||||||||||||||||||||||||
Fair Value Liability | |||||||||||||||||||||||||||
Notional | Credit | Trade | Maturity | December 31, | |||||||||||||||||||||||
Amount | Strike (1) | Spread (1) | Date | Date | 2014 | 2013 | |||||||||||||||||||||
$ | 61,042 | 1.9 | % | 1.3 | % | 12/6/10 | 1/2/16 | $ | — | $ | (1,748 | ) | |||||||||||||||
$ | 8,746 | 3.6 | % | 3.3 | % | 9/28/09 | 9/1/19 | $ | (719 | ) | $ | (743 | ) | ||||||||||||||
$ | 16,603 | (2) | 2.7 | %(2) | 3.8 | % | 12/1/09 | 12/1/14 | $ | — | $ | (233 | ) | ||||||||||||||
$ | 15,450 | 2.2 | % | 4.5 | % | 1/13/11 | 12/31/15 | $ | (283 | ) | $ | (524 | ) | ||||||||||||||
$ | 24,811 | 1.3 | % | 3 | % | 8/30/11 | 8/28/16 | $ | — | $ | (446 | ) | |||||||||||||||
Summary of Terms and Fair Values of Derivative Financial Instruments | The following table summarizes the gross and net amounts of the Company’s derivative financial instruments (in thousands): | ||||||||||||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||
As of December 31, 2014 | in the Balance Sheets | ||||||||||||||||||||||||||
Notional | Gross | Gross | Net Amounts of | Financial | Cash | Net | |||||||||||||||||||||
Amount of | Amounts of | Amounts | Liabilities | Instruments | Collateral | Amount | |||||||||||||||||||||
Cash Flow | Recognized | Offset in the | Presented in the | ||||||||||||||||||||||||
Hedges | Liabilities | Balance Sheets | Balance Sheets | ||||||||||||||||||||||||
$ | 8,402 | $ | (719 | ) | $ | — | $ | (719 | ) | $ | (719 | ) | $ | — | $ | (719 | ) | ||||||||||
$ | 14,550 | $ | (283 | ) | $ | — | $ | (283 | ) | $ | (283 | ) | $ | — | $ | (283 | ) | ||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||
As of December 31, 2013 | in the Balance Sheets | ||||||||||||||||||||||||||
Notional | Gross Amounts of | Gross Amounts | Net Amounts | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Amount of | Recognized | Offset in the | of Liabilities | Instruments | |||||||||||||||||||||||
Cash Flow | Liabilities | Balance Sheets | Presented in the | ||||||||||||||||||||||||
Hedges | Balance Sheets | ||||||||||||||||||||||||||
$ | 61,042 | $ | (1,748 | ) | $ | — | $ | (1,748 | ) | $ | (1,748 | ) | $ | — | $ | (1,748 | ) | ||||||||||
$ | 8,746 | $ | (743 | ) | $ | — | $ | (743 | ) | $ | (743 | ) | $ | — | $ | (743 | ) | ||||||||||
$ | 16,603 | (2) | $ | (233 | ) | $ | — | $ | (233 | ) | $ | (233 | ) | $ | — | $ | (233 | ) | |||||||||
$ | 15,450 | $ | (524 | ) | $ | — | $ | (524 | ) | $ | (524 | ) | $ | — | $ | (524 | ) | ||||||||||
$ | 24,811 | $ | (446 | ) | $ | — | $ | (446 | ) | $ | (446 | ) | $ | — | $ | (446 | ) | ||||||||||
FOOTNOTES: | |||||||||||||||||||||||||||
-1 | The strike rate does not include the credit spread on each of the notional amounts. | ||||||||||||||||||||||||||
-2 | The Company swapped the interest rate on its $20.0 million loan denominated in Canadian dollars to a fixed interest rate of 6.4%. The notional amount was converted from Canadian dollars to U.S. dollars at an exchange rate of 0.94 Canadian dollars for $1.00 U.S. dollar on December 31, 2013. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value of Financial Assets and Liabilities Carried at Fair Value | The following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of December 31, 2014 and 2013, as follows (in thousands): | ||||||||||||||||
Fair Value | |||||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 699,816 | $ | — | $ | — | $ | 699,816 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 1,002 | $ | — | $ | 1,002 | $ | — | |||||||||
Fair Value | |||||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 90,794 | $ | — | $ | — | $ | 90,794 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 3,694 | $ | — | $ | 3,694 | $ | — | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Components of Deferred Taxes | The components of the deferred taxes recognized in the accompanying consolidated balance sheets at December 31, 2014 and 2013 are as follows (in thousands): | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating losses | $ | 107,494 | $ | 101,277 | |||||
Book/tax differences in deferred income | 4,175 | 2,834 | |||||||
Book/tax differences in acquired assets | (53,428 | ) | (53,412 | ) | |||||
Total deferred tax asset | 58,241 | 50,699 | |||||||
Valuation allowance | (58,241 | ) | (50,699 | ) | |||||
$ | — | $ | — | ||||||
Estimated Net Operating Loss Carry-Forwards | The estimated net operating loss carry-forwards will expire as follows (in thousands): | ||||||||
Net | |||||||||
Expiration | Operating | ||||||||
Year | Loss | ||||||||
2025 | $ | 1,600 | |||||||
2026 | $ | 5,600 | |||||||
2027 | $ | 26,700 | |||||||
2028 | $ | 44,900 | |||||||
2029 | $ | 48,000 | |||||||
2030 | $ | 39,700 | |||||||
2031 | $ | 32,100 | |||||||
2032 | $ | 34,600 | |||||||
2033 | $ | 20,700 | |||||||
2034 | $ | 11,800 |
Related_Party_Arrangements_Tab
Related Party Arrangements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earned Acquisition Fees and Incurred Reimbursable Expenses | For the years ended December 31, 2014, 2013 and 2012, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Acquisition fees: | |||||||||||||
Acquisition fees from offering proceeds (1) | $ | 319 | $ | 1,286 | $ | 1,785 | |||||||
Acquisition fees from debt proceeds (2) | 1,521 | 3,273 | 5,235 | ||||||||||
Total | 1,840 | 4,559 | 7,020 | ||||||||||
Asset management fees (3) | 29,863 | 34,683 | 35,725 | ||||||||||
Reimbursable expenses: (4) | |||||||||||||
Acquisition costs (5) | 248 | 299 | 409 | ||||||||||
Operating expenses (6) | 6,680 | 7,092 | 8,002 | ||||||||||
Total | 6,928 | 7,391 | 8,411 | ||||||||||
Total fees earned and reimbursable expenses | $ | 38,631 | $ | 46,633 | $ | 51,156 | |||||||
FOOTNOTES: | |||||||||||||
-1 | Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company’s common stock including proceeds from shares sold under its distribution reinvestment plan (“DRP”). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. | ||||||||||||
-2 | Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company’s pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. | ||||||||||||
-3 | Amounts recorded as asset management fees to Advisor, include fees of $11.2 million, $11.6 million and $10.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. | ||||||||||||
-4 | The Advisor and its affiliates are entitled to reimbursement of certain expenses incurred on behalf of the Company in connection with the Company’s organization, offering, acquisitions, and operating activities. Pursuant to the advisory agreement, the Company will not reimburse the Advisor for any amount by which total operating expenses paid or incurred by the Company exceed the greater of 2.0% of average invested assets or 25.0% of net income (the “Expense Cap”) in any expense year, as defined in the advisory agreement. For the expense years ended December 31, 2014, 2013 and 2012, operating expenses did not exceed the Expense Cap. Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying consolidated statements of operations. | ||||||||||||
-5 | Includes approximately $0.04 million, $0.1 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | ||||||||||||
-6 | Includes approximately $0.4 million, $0.6 million and $0.5 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | ||||||||||||
Amounts Due to Affiliates for Fees and Expense | Amounts due to affiliates for fees and expenses described above are as follows (in thousands): | ||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Due to the Advisor and its affiliates: | |||||||||||||
Operating expenses | $ | 476 | $ | 671 | |||||||||
Acquisition fees and expenses | 13 | 354 | |||||||||||
Total | $ | 489 | $ | 1,025 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Schedule of Redemption Requests | The following details the Company’s redemptions for the years ended December 31, 2014 and 2013 (in thousands except per share data). | ||||||||||||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Year | |||||||||||||||||||||
2014 Quarters | |||||||||||||||||||||
Requests in queue | 10,547 | 10,798 | 10,809 | 11,572 | 10,547 | ||||||||||||||||
Redemptions requested | 778 | 864 | 1,355 | — | 2,997 | ||||||||||||||||
Shares redeemed: | |||||||||||||||||||||
Prior period requests | (135 | ) | (80 | ) | (60 | ) | — | (275 | ) | ||||||||||||
Current period requests | (300 | ) | (369 | ) | (439 | ) | — | (1,108 | ) | ||||||||||||
Adjustments (1) | (92 | ) | (404 | ) | (93 | ) | — | (589 | ) | ||||||||||||
Pending redemption requests (2) | 10,798 | 10,809 | 11,572 | 11,572 | 11,572 | ||||||||||||||||
Average price paid per share | $ | 6.85 | $ | 6.85 | $ | 6.81 | $ | — | $ | 6.84 | |||||||||||
First | Second | Third | Fourth | Full | |||||||||||||||||
Year | |||||||||||||||||||||
2013 Quarters | |||||||||||||||||||||
Requests in queue | 9,726 | 9,962 | 10,109 | 10,312 | 9,726 | ||||||||||||||||
Redemptions requested | 716 | 825 | 685 | 696 | 2,922 | ||||||||||||||||
Shares redeemed: | |||||||||||||||||||||
Prior period requests | (213 | ) | (70 | ) | (77 | ) | (190 | ) | (550 | ) | |||||||||||
Current period requests | (192 | ) | (351 | ) | (329 | ) | (223 | ) | (1,095 | ) | |||||||||||
Adjustments (1) | (75 | ) | (257 | ) | (76 | ) | (48 | ) | (456 | ) | |||||||||||
Pending redemption requests (2) | 9,962 | 10,109 | 10,312 | 10,547 | 10,547 | ||||||||||||||||
Average price paid per share | $ | 7.31 | $ | 7.3 | $ | 7.29 | $ | 7.26 | $ | 7.29 | |||||||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | This amount represents redemption request cancellations and other adjustments. | ||||||||||||||||||||
-2 | Requests that are not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds are made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Schedule of Future Obligations under Ground Leases and Land Permits | The following is a schedule of future obligations under ground leases and land permits (in thousands): | ||||
2015 | $ | 12,570 | |||
2016 | 12,570 | ||||
2017 | 12,570 | ||||
2018 | 12,570 | ||||
2019 | 12,570 | ||||
Thereafter | 168,948 | ||||
Total | $ | 231,798 | |||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Data | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
2014 Quarters | |||||||||||||||||||||
Total revenues | $ | 72,380 | $ | 94,657 | $ | 144,551 | $ | 61,707 | $ | 373,295 | |||||||||||
Operating income (loss) | (2,185 | ) | 726 | 43,389 | (52,308 | ) | (10,378 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities | 4,299 | (526 | ) | 3,176 | 804 | 7,753 | |||||||||||||||
Income (loss) from continuing operations | (11,882 | ) | (15,071 | ) | 30,086 | (63,571 | ) | (60,438 | ) | ||||||||||||
Discontinued operations (1) | (8,471 | ) | 6,566 | 537 | (30,338 | ) | (31,706 | ) | |||||||||||||
Net income (loss) | (20,353 | ) | (8,505 | ) | 30,623 | (93,909 | ) | (92,144 | ) | ||||||||||||
Weighted average number of shares outstanding (basic and diluted) | 322,639 | 324,197 | 325,707 | 325,214 | 324,451 | ||||||||||||||||
Earnings (loss) per share of common stock (basic and diluted) | $ | (0.06 | ) | $ | (0.03 | ) | $ | 0.09 | $ | (0.29 | ) | $ | (0.28 | ) | |||||||
First | Second | Third (2) | Fourth | Full Year | |||||||||||||||||
2013 Quarters | |||||||||||||||||||||
Total revenues | $ | 70,004 | $ | 93,375 | $ | 137,766 | $ | 61,345 | $ | 362,490 | |||||||||||
Operating income (loss) | (4,999 | ) | (43,004 | ) | 36,200 | (14,157 | ) | (25,960 | ) | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | (1,123 | ) | 6,159 | 4,147 | 2,518 | 11,701 | |||||||||||||||
Income (loss) from continuing operations | (20,406 | ) | (50,864 | ) | 84,846 | (24,998 | ) | (11,422 | ) | ||||||||||||
Discontinued operations (1) | (2,893 | ) | (4,340 | ) | (6,553 | ) | (227,331 | ) | (241,117 | ) | |||||||||||
Net income (loss) | (23,299 | ) | (55,204 | ) | 78,293 | (252,329 | ) | (252,539 | ) | ||||||||||||
Weighted average number of shares outstanding (basic and diluted) | 316,382 | 317,959 | 319,507 | 321,063 | 318,742 | ||||||||||||||||
Earnings (loss) per share of common stock (basic and diluted) | $ | (0.07 | ) | $ | (0.17 | ) | $ | 0.24 | $ | (0.79 | ) | $ | (0.79 | ) | |||||||
FOOTNOTES: | |||||||||||||||||||||
-1 | The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. | ||||||||||||||||||||
-2 | Includes impact from out of period adjustments as described in “Footnote 2 – Significant Accounting Policies”. |
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 459,981 | $ | 676,470 | $ | — | $ | 1,136,451 | |||||||||||
Assets held for sale, net | — | 61,897 | 637,919 | — | 699,816 | ||||||||||||||||
Cash | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Investments in unconsolidated entities | — | 127,102 | — | — | 127,102 | ||||||||||||||||
Investments in subsidiaries | 1,388,842 | 1,132,409 | 1,306,559 | (3,827,810 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 28,595 | 19,054 | — | 47,649 | ||||||||||||||||
Restricted cash | 127 | 24,553 | 14,417 | — | 39,097 | ||||||||||||||||
Other assets | 6,978 | 14,572 | 15,089 | — | 36,639 | ||||||||||||||||
Accounts and other receivables, net | — | 8,457 | 14,629 | — | 23,086 | ||||||||||||||||
Mortgages and other notes receivable, net | — | 47,367 | 15,942 | (43,948 | ) | 19,361 | |||||||||||||||
Intangibles, net | — | 3,976 | 14,050 | — | 18,026 | ||||||||||||||||
Total Assets | $ | 1,481,064 | $ | 1,933,321 | $ | 2,741,585 | $ | (3,871,758 | ) | $ | 2,284,212 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 193,897 | $ | 399,604 | $ | (42,997 | ) | $ | 550,504 | ||||||||||
Senior notes, net of discount | 316,846 | — | — | — | 316,846 | ||||||||||||||||
Line of credit | — | 152,500 | — | — | 152,500 | ||||||||||||||||
Other liabilities | — | 14,919 | 45,559 | — | 60,478 | ||||||||||||||||
Accounts payable and accrued expenses | 6,339 | 16,359 | 24,257 | (950 | ) | 46,005 | |||||||||||||||
Due to affiliates | 489 | — | — | — | 489 | ||||||||||||||||
Total Liabilities | 323,674 | 377,675 | 469,420 | (43,947 | ) | 1,126,822 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Preferred stock, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Excess shares, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Common stock, $.01 par value per share | 3,252 | — | — | — | 3,252 | ||||||||||||||||
Capital in excess of par value | 2,863,839 | 6,448,172 | 9,130,959 | (15,579,131 | ) | 2,863,839 | |||||||||||||||
Accumulated earnings (deficit) | (494,129 | ) | 60,047 | (16,789 | ) | (43,258 | ) | (494,129 | ) | ||||||||||||
Accumulated distributions | (1,211,302 | ) | (4,952,573 | ) | (6,837,735 | ) | 11,790,308 | (1,211,302 | ) | ||||||||||||
Accumulated other comprehensive loss | (4,270 | ) | — | (4,270 | ) | 4,270 | (4,270 | ) | |||||||||||||
1,157,390 | 1,555,646 | 2,272,165 | (3,827,811 | ) | 1,157,390 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,481,064 | $ | 1,933,321 | $ | 2,741,585 | $ | (3,871,758 | ) | $ | 2,284,212 | ||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 846,914 | $ | 1,222,059 | $ | — | $ | 2,068,973 | |||||||||||
Investments in unconsolidated entities | — | 132,324 | — | — | 132,324 | ||||||||||||||||
Investments in subsidiaries | 1,726,328 | 1,150,443 | 1,865,714 | (4,742,485 | ) | — | |||||||||||||||
Mortgages and other notes receivable, net | — | 45,947 | 114,469 | (42,453 | ) | 117,963 | |||||||||||||||
Assets held for sale, net | — | 6,106 | 84,688 | — | 90,794 | ||||||||||||||||
Cash | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Deferred rent and lease incentives | — | 29,839 | 27,539 | — | 57,378 | ||||||||||||||||
Other assets | 11,355 | 15,829 | 25,126 | — | 52,310 | ||||||||||||||||
Restricted cash | 33 | 26,595 | 24,707 | — | 51,335 | ||||||||||||||||
Intangibles, net | — | 18,094 | 18,828 | — | 36,922 | ||||||||||||||||
Accounts and other receivables, net | — | 12,241 | 8,839 | — | 21,080 | ||||||||||||||||
Total Assets | $ | 1,775,384 | $ | 2,300,003 | $ | 3,410,204 | $ | (4,784,938 | ) | $ | 2,700,653 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 246,295 | $ | 555,433 | $ | (41,536 | ) | $ | 760,192 | ||||||||||
Senior notes, net of discount | 394,419 | — | — | — | 394,419 | ||||||||||||||||
Other liabilities | — | 33,447 | 43,369 | — | 76,816 | ||||||||||||||||
Line of credit | — | 50,000 | — | — | 50,000 | ||||||||||||||||
Accounts payable and accrued expenses | 11,584 | 13,526 | 25,630 | (917 | ) | 49,823 | |||||||||||||||
Due to affiliates | 1,003 | 8 | 14 | — | 1,025 | ||||||||||||||||
Total Liabilities | 407,006 | 343,276 | 624,446 | (42,453 | ) | 1,332,275 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||
Preferred stock, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Excess shares, $.01 par value per share | — | — | — | — | — | ||||||||||||||||
Common stock, $.01 par value per share | 3,226 | — | — | — | 3,226 | ||||||||||||||||
Capital in excess of par value | 2,846,265 | 6,027,607 | 8,700,131 | (14,727,738 | ) | 2,846,265 | |||||||||||||||
Accumulated earnings (deficit) | (401,985 | ) | 58,777 | 9,853 | (68,630 | ) | (401,985 | ) | |||||||||||||
Accumulated distributions | (1,073,422 | ) | (4,129,657 | ) | (5,918,520 | ) | 10,048,177 | (1,073,422 | ) | ||||||||||||
Accumulated other comprehensive loss | (5,706 | ) | — | (5,706 | ) | 5,706 | (5,706 | ) | |||||||||||||
1,368,378 | 1,956,727 | 2,785,758 | (4,742,485 | ) | 1,368,378 | ||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,775,384 | $ | 2,300,003 | $ | 3,410,204 | $ | (4,784,938 | ) | $ | 2,700,653 | ||||||||||
Consolidating Statement of Operations | CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 57,021 | $ | 71,002 | $ | — | $ | 128,023 | |||||||||||
Property operating revenues | — | 70,670 | 166,190 | — | 236,860 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 4,833 | 8,073 | (4,494 | ) | 8,412 | |||||||||||||||
Total revenues | — | 132,524 | 245,265 | (4,494 | ) | 373,295 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 53,050 | 137,115 | — | 190,165 | ||||||||||||||||
Asset management fees to advisor | 18,651 | — | — | — | 18,651 | ||||||||||||||||
General and administrative | 15,217 | 428 | 1,491 | — | 17,136 | ||||||||||||||||
Ground lease and permit fees | — | 6,530 | 3,632 | — | 10,162 | ||||||||||||||||
Acquisition fees and costs | 660 | — | 4 | — | 664 | ||||||||||||||||
Other operating expenses | 713 | 1,855 | 2,760 | — | 5,328 | ||||||||||||||||
Bad debt expense | — | 34 | 257 | — | 291 | ||||||||||||||||
Impairment provision | — | 5,005 | 25,423 | — | 30,428 | ||||||||||||||||
(Gain) loss on lease terminations | — | — | 8,914 | — | 8,914 | ||||||||||||||||
Loan loss provision | — | — | 3,270 | — | 3,270 | ||||||||||||||||
Depreciation and amortization | — | 35,916 | 62,748 | — | 98,664 | ||||||||||||||||
Total expenses | 35,241 | 102,818 | 245,614 | — | 383,673 | ||||||||||||||||
Operating income (loss) | (35,241 | ) | 29,706 | (349 | ) | (4,494 | ) | (10,378 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 20 | (101 | ) | 919 | — | 838 | |||||||||||||||
Interest expense and loan cost amortization (includes $460 loss on termination of cash flow hedge relating to a non-guarantor subsidiary) | (30,380 | ) | (17,812 | ) | (13,562 | ) | 4,494 | (57,260 | ) | ||||||||||||
Loss on extinguishment of debt | (4,685 | ) | 3,294 | (1,391 | ) | ||||||||||||||||
Equity in earnings of unconsolidated entities | — | 7,753 | — | — | 7,753 | ||||||||||||||||
Equity in earnings, intercompany | (21,858 | ) | (6,609 | ) | 3,095 | 25,372 | — | ||||||||||||||
Total other income (expense) | (56,903 | ) | (16,769 | ) | (6,254 | ) | 29,866 | (50,060 | ) | ||||||||||||
Income (loss) from continuing operations | (92,144 | ) | 12,937 | (6,603 | ) | 25,372 | (60,438 | ) | |||||||||||||
Income (loss) from discontinued operations (includes $3,027 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (11,668 | ) | (20,038 | ) | — | (31,706 | ) | |||||||||||||
Net income (loss) | $ | (92,144 | ) | $ | 1,269 | $ | (26,641 | ) | $ | 25,372 | $ | (92,144 | ) | ||||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 54,737 | $ | 60,677 | $ | — | $ | 115,414 | |||||||||||
Property operating revenues | — | 65,074 | 168,882 | — | 233,956 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 4,497 | 12,826 | (4,203 | ) | 13,120 | |||||||||||||||
Total revenues | — | 124,308 | 242,385 | (4,203 | ) | 362,490 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 51,856 | 135,725 | — | 187,581 | ||||||||||||||||
Asset management fees to advisor | 23,060 | — | — | — | 23,060 | ||||||||||||||||
General and administrative | 15,359 | 647 | 1,227 | — | 17,233 | ||||||||||||||||
Ground lease and permit fees | — | 6,453 | 3,385 | — | 9,838 | ||||||||||||||||
Acquisition fees and costs | 3,141 | — | (674 | ) | — | 2,467 | |||||||||||||||
Other operating expenses | 947 | 279 | 3,245 | — | 4,471 | ||||||||||||||||
Bad debt expense | — | 29 | 25 | — | 54 | ||||||||||||||||
Impairment provision | — | 50,033 | — | — | 50,033 | ||||||||||||||||
(Gain) loss on lease terminations | — | (4,517 | ) | 667 | — | (3,850 | ) | ||||||||||||||
Loan loss provision | — | — | 3,104 | — | 3,104 | ||||||||||||||||
Depreciation and amortization | — | 35,389 | 59,070 | — | 94,459 | ||||||||||||||||
Total expenses | 42,507 | 140,169 | 205,774 | — | 388,450 | ||||||||||||||||
Operating income (loss) | (42,507 | ) | (15,861 | ) | 36,611 | (4,203 | ) | (25,960 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 211 | 398 | (50 | ) | — | 559 | |||||||||||||||
Interest expense and loan cost amortization | (31,727 | ) | (14,235 | ) | (14,010 | ) | 4,203 | (55,769 | ) | ||||||||||||
Bargain purchase gain | — | — | 2,653 | — | 2,653 | ||||||||||||||||
Gain from sale of unconsolidated entities | — | 55,394 | — | — | 55,394 | ||||||||||||||||
Equity in earnings of unconsolidated entities | — | 11,701 | — | — | 11,701 | ||||||||||||||||
Equity in earnings, intercompany | (178,516 | ) | (93,522 | ) | (311,252 | ) | 583,290 | — | |||||||||||||
Total other income (expense) | (210,032 | ) | (40,264 | ) | (322,659 | ) | 587,493 | 14,538 | |||||||||||||
Income (loss) from continuing operations | (252,539 | ) | (56,125 | ) | (286,048 | ) | 583,290 | (11,422 | ) | ||||||||||||
Income (loss) from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (198,133 | ) | (42,984 | ) | — | (241,117 | ) | |||||||||||||
Net income (loss) | $ | (252,539 | ) | $ | (254,258 | ) | $ | (329,032 | ) | $ | 583,290 | $ | (252,539 | ) | |||||||
CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 52,517 | $ | 55,945 | $ | — | $ | 108,462 | |||||||||||
Property operating revenues | — | 62,712 | 165,356 | — | 228,068 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 10,031 | 12,699 | (9,733 | ) | 12,997 | |||||||||||||||
Total revenues | — | 125,260 | 234,000 | (9,733 | ) | 349,527 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 52,453 | 133,085 | — | 185,538 | ||||||||||||||||
Asset management fees to advisor | 25,009 | — | — | — | 25,009 | ||||||||||||||||
General and administrative | 15,672 | (376 | ) | 2,382 | — | 17,678 | |||||||||||||||
Ground lease and permit fees | — | 5,792 | 3,146 | — | 8,938 | ||||||||||||||||
Acquisition fees and costs | 4,450 | — | (1,226 | ) | — | 3,224 | |||||||||||||||
Other operating expenses | 424 | 3,431 | 2,641 | — | 6,496 | ||||||||||||||||
Bad debt expense | — | 80 | 148 | — | 228 | ||||||||||||||||
Impairment provision | — | 10 | — | — | 10 | ||||||||||||||||
Loss on lease termination | — | 1,634 | (74 | ) | — | 1,560 | |||||||||||||||
Loan loss provision | — | — | 1,699 | — | 1,699 | ||||||||||||||||
Depreciation and amortization | — | 33,593 | 53,886 | — | 87,479 | ||||||||||||||||
Total expenses | 45,555 | 96,617 | 195,687 | — | 337,859 | ||||||||||||||||
Operating income (loss) | (45,555 | ) | 28,643 | 38,313 | (9,733 | ) | 11,668 | ||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income (expense) | 104 | 768 | (22 | ) | — | 850 | |||||||||||||||
Interest expense and loan cost amortization | (31,607 | ) | (13,744 | ) | (19,476 | ) | 9,733 | (55,094 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
Equity in earnings of unconsolidated entities | — | 5,521 | — | — | 5,521 | ||||||||||||||||
Equity in earnings, intercompany | 985 | 22,372 | 24,694 | (48,051 | ) | — | |||||||||||||||
Total other income (expense) | (30,518 | ) | 14,917 | 5,192 | (38,318 | ) | (48,727 | ) | |||||||||||||
Income (loss) from continuing operations | (76,073 | ) | 43,560 | 43,505 | (48,051 | ) | (37,059 | ) | |||||||||||||
Loss from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | — | (23,166 | ) | (15,848 | ) | — | (39,014 | ) | |||||||||||||
Net income (loss) | $ | (76,073 | ) | $ | 20,394 | $ | 27,657 | $ | (48,051 | ) | $ | (76,073 | ) | ||||||||
Consolidating Statement of Comprehensive Income (Loss) | Consolidating Statement of Comprehensive Income (Loss): | ||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (92,144 | ) | $ | 1,269 | $ | (26,641 | ) | $ | 25,372 | $ | (92,144 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (2,933 | ) | — | (2,933 | ) | 2,933 | (2,933 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | — | 3,486 | (3,486 | ) | 3,486 | |||||||||||||||
Unrealized loss arising during the period | 883 | — | 883 | (883 | ) | 883 | |||||||||||||||
Total other comprehensive income | 1,436 | — | 1,436 | (1,436 | ) | 1,436 | |||||||||||||||
Comprehensive income (loss) | $ | (90,708 | ) | $ | 1,269 | $ | (25,205 | ) | $ | 23,936 | $ | (90,708 | ) | ||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (252,539 | ) | $ | (254,258 | ) | $ | (329,032 | ) | $ | 583,290 | $ | (252,539 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (1,563 | ) | — | (1,563 | ) | 1,563 | (1,563 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 1,655 | — | 1,655 | (1,655 | ) | 1,655 | |||||||||||||||
Unrealized loss arising during the period | 1,863 | — | 1,863 | (1,863 | ) | 1,863 | |||||||||||||||
Total other comprehensive income | 1,955 | — | 1,955 | (1,955 | ) | 1,955 | |||||||||||||||
Comprehensive income (loss) | $ | (250,584 | ) | $ | (254,258 | ) | $ | (327,077 | ) | $ | 581,335 | $ | (250,584 | ) | |||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Net income (loss) | $ | (76,073 | ) | $ | 20,394 | $ | 27,657 | $ | (48,051 | ) | $ | (76,073 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | 531 | — | 531 | (531 | ) | 531 | |||||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 1,655 | — | 1,655 | (1,655 | ) | 1,655 | |||||||||||||||
Unrealized loss arising during the period | (395 | ) | — | (395 | ) | 395 | (395 | ) | |||||||||||||
Total other comprehensive income | 1,791 | — | 1,791 | (1,791 | ) | 1,791 | |||||||||||||||
Comprehensive income (loss) | $ | (74,282 | ) | $ | 20,394 | $ | 29,448 | $ | (49,842 | ) | $ | (74,282 | ) | ||||||||
Consolidating Statement of Cash Flows | CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the year ended December 31, 2014 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (71,856 | ) | $ | 79,586 | $ | 119,204 | $ | — | $ | 126,934 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (128,390 | ) | — | (128,390 | ) | ||||||||||||||
Capital expenditures | — | (36,538 | ) | (42,577 | ) | — | (79,115 | ) | |||||||||||||
Proceeds from insurance | — | 7,462 | 2,725 | — | 10,187 | ||||||||||||||||
Proceeds from short-term investment | — | — | 1,169 | — | 1,169 | ||||||||||||||||
Principal payments received on mortgage loans receivable | — | — | 83,468 | — | 83,468 | ||||||||||||||||
Proceeds from sale of properties | — | 305,138 | 79,155 | — | 384,293 | ||||||||||||||||
Changes in restricted cash | (94 | ) | (3,538 | ) | 5,026 | — | 1,394 | ||||||||||||||
Other | 614 | 143 | 223 | — | 980 | ||||||||||||||||
Intercompany financing | 317,365 | — | — | (317,365 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 317,885 | 272,667 | 799 | (317,365 | ) | 273,986 | |||||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (9,609 | ) | — | — | — | (9,609 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (110,671 | ) | — | — | — | (110,671 | ) | ||||||||||||||
Proceeeds from line of credit | — | 232,500 | — | — | 232,500 | ||||||||||||||||
Payment of entrance fee | — | — | (1,845 | ) | — | (1,845 | ) | ||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 40,000 | 17,790 | — | 57,790 | ||||||||||||||||
Principal payments on line of credit | — | (130,000 | ) | — | — | (130,000 | ) | ||||||||||||||
Principal payments on mortgage loans and senior notes | (78,300 | ) | (91,563 | ) | (195,361 | ) | — | (365,224 | ) | ||||||||||||
Principal payments on capital leases | — | (3,102 | ) | (1,761 | ) | — | (4,863 | ) | |||||||||||||
Payment of loan costs | — | (2,084 | ) | (1,452 | ) | — | (3,536 | ) | |||||||||||||
Intercompany financing | — | (389,263 | ) | 71,898 | 317,365 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (198,580 | ) | (343,512 | ) | (110,731 | ) | 317,365 | (335,458 | ) | ||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (51 | ) | — | (51 | ) | ||||||||||||||
Net increase in cash | 47,449 | 8,741 | 9,221 | 65,411 | |||||||||||||||||
Cash at beginning of period | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Cash at end of period | $ | 85,117 | $ | 24,412 | $ | 27,456 | $ | — | $ | 136,985 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidating | |||||||||||||||||||
Issuer | Subsidiaries | Subsidiaries | Adjustments | Consolidated | |||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (78,930 | ) | $ | 108,523 | $ | 105,887 | $ | — | $ | 135,480 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (244,859 | ) | — | (244,859 | ) | ||||||||||||||
Capital expenditures | — | (27,462 | ) | (42,694 | ) | — | (70,156 | ) | |||||||||||||
Proceeds from sale unconsolidated entities | — | 195,446 | — | — | 195,446 | ||||||||||||||||
Proceeds from release of collateral on loan payable | — | — | 11,167 | — | 11,167 | ||||||||||||||||
Issuance of mortgage loans receivable | — | — | (83 | ) | — | (83 | ) | ||||||||||||||
Principal payments received on mortgage loans receivable | — | (83 | ) | 4,365 | — | 4,282 | |||||||||||||||
Proceeds from sale of properties | — | 12,726 | (325 | ) | — | 12,401 | |||||||||||||||
Changes in restricted cash | 13 | (6,196 | ) | (4,174 | ) | — | (10,357 | ) | |||||||||||||
Other | — | 23 | (794 | ) | — | (771 | ) | ||||||||||||||
Intercompany financing | 169,835 | — | — | (169,835 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 169,848 | 174,454 | (277,397 | ) | (169,835 | ) | (102,930 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (11,955 | ) | — | — | — | (11,955 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (80,514 | ) | — | — | — | (80,514 | ) | ||||||||||||||
Borrowings under line of credit | — | 100,000 | — | — | 100,000 | ||||||||||||||||
Proceeds from mortgage loans and other notes payable | — | — | 131,298 | — | 131,298 | ||||||||||||||||
Principal payments on line of credit | — | (145,000 | ) | — | — | (145,000 | ) | ||||||||||||||
Principal payments on mortgage loans | — | (8,263 | ) | (10,537 | ) | — | (18,800 | ) | |||||||||||||
Principal payments on capital leases | — | (2,372 | ) | (1,780 | ) | — | (4,152 | ) | |||||||||||||
Payment of loan costs | — | (307 | ) | (4,710 | ) | — | (5,017 | ) | |||||||||||||
Intercompany financing | — | (225,489 | ) | 55,654 | 169,835 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (92,469 | ) | (281,431 | ) | 169,925 | 169,835 | (34,140 | ) | |||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (60 | ) | — | (60 | ) | ||||||||||||||
Net increase (decrease) in cash | (1,551 | ) | 1,546 | (1,645 | ) | — | (1,650 | ) | |||||||||||||
Cash at beginning of period | 39,219 | 14,125 | 19,880 | — | 73,224 | ||||||||||||||||
Cash at end of period | $ | 37,668 | $ | 15,671 | $ | 18,235 | $ | — | $ | 71,574 | |||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries (as | Adjustments | |||||||||||||||||||
revised see | |||||||||||||||||||||
Note 2) | |||||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (84,363 | ) | $ | 90,996 | $ | 81,260 | $ | — | $ | 87,893 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of properties | — | — | (190,150 | ) | — | (190,150 | ) | ||||||||||||||
Capital expenditures | — | (25,427 | ) | (44,248 | ) | — | (69,675 | ) | |||||||||||||
Investments in and contributions to unconsolidated entities | — | (3,776 | ) | — | — | (3,776 | ) | ||||||||||||||
Distributions from unconsolidated entities | — | 3,445 | — | — | 3,445 | ||||||||||||||||
Payment of collateral on loan payable | (11,167 | ) | — | (11,167 | ) | ||||||||||||||||
Issuance of mortgage loans receivable | — | — | (869 | ) | — | (869 | ) | ||||||||||||||
Principal payments received on mortgage loans receivable | — | — | 4,790 | — | 4,790 | ||||||||||||||||
Proceeds from sale of properties | — | 1,500 | — | — | 1,500 | ||||||||||||||||
Other | — | 63 | 7 | — | 70 | ||||||||||||||||
Changes in restricted cash | 46 | (2,892 | ) | (2,786 | ) | — | (5,632 | ) | |||||||||||||
Intercompany financing | 93,222 | — | — | (93,222 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 93,268 | (27,087 | ) | (244,423 | ) | (93,222 | ) | (271,464 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Redemptions of common stock | (9,590 | ) | — | — | — | (9,590 | ) | ||||||||||||||
Distributions to stockholders, net of distribution reinvestments | (94,677 | ) | — | — | — | (94,677 | ) | ||||||||||||||
Proceeeds under line of credit | — | 170,000 | — | — | 170,000 | ||||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 45,000 | 107,300 | — | 152,300 | ||||||||||||||||
Principal payments on line of credit | — | (75,000 | ) | — | — | (75,000 | ) | ||||||||||||||
Principal payments on mortgage loans | — | (7,830 | ) | (26,836 | ) | — | (34,666 | ) | |||||||||||||
Principal payments on capital leases | — | (1,483 | ) | (2,624 | ) | — | (4,107 | ) | |||||||||||||
Payment of loan costs | (27 | ) | (4,341 | ) | (5,937 | ) | — | (10,305 | ) | ||||||||||||
Intercompany financing | — | (187,398 | ) | 94,176 | 93,222 | — | |||||||||||||||
Net cash provided by (used in) financing activities | (104,294 | ) | (61,052 | ) | 166,079 | 93,222 | 93,955 | ||||||||||||||
Effect of exchange rate fluctuation on cash | — | — | 1 | — | 1 | ||||||||||||||||
Net increase (decrease) in cash | (95,389 | ) | 2,857 | 2,917 | — | (89,615 | ) | ||||||||||||||
Cash at beginning of period | 134,608 | 11,268 | 16,963 | — | 162,839 | ||||||||||||||||
Cash at end of period | $ | 39,219 | $ | 14,125 | $ | 19,880 | $ | — | $ | 73,224 | |||||||||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Property | Property | |
Organization And Nature Of Business [Line Items] | ||
Number of real estate properties | 105 | |
Number of properties sold | 5 | |
Number of properties held for sale | 5 | 55 |
Unconsolidated Joint Ventures | ||
Organization And Nature Of Business [Line Items] | ||
Number of real estate properties | 8 | |
Golf Facilities | ||
Organization And Nature Of Business [Line Items] | ||
Number of properties sold | 48 | |
Senior Housing Property | ||
Organization And Nature Of Business [Line Items] | ||
Number of properties held for sale | 38 | |
Sale of properties | 790 | |
Marinas Property | ||
Organization And Nature Of Business [Line Items] | ||
Number of properties held for sale | 17 | |
Canada | ||
Organization And Nature Of Business [Line Items] | ||
Number of real estate properties | 3 | |
Minimum | ||
Organization And Nature Of Business [Line Items] | ||
Long-term lease | 5 years | |
Maximum | ||
Organization And Nature Of Business [Line Items] | ||
Long-term lease | 20 years |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | |
Segment | Property | Property | ||||
Accounting Policies [Line Items] | ||||||
Accumulated amortization of long-term debt financing costs | $30,900,000 | $22,900,000 | ||||
Amount of understatement in the prior period consolidated financial statements of other operating expenses expenses | 2,200,000 | 5,328,000 | 4,471,000 | 6,496,000 | ||
Out of period adjustments to increase net loss | -3,800,000 | |||||
Number of properties sold | 5 | |||||
Gain (loss) of unconsolidated entities | 55,394,000 | |||||
Number of reportable segments | 1 | |||||
Percentage of net revenue | 10.00% | |||||
Joint Venture Agreement | ||||||
Accounting Policies [Line Items] | ||||||
Number of properties sold | 42 | |||||
Aggregate proceed from sale of interest in joint venture | 195,400,000 | |||||
Gain (loss) of unconsolidated entities | 55,400,000 | 1,900,000 | ||||
Lease Termination Costs | ||||||
Accounting Policies [Line Items] | ||||||
Quantifying misstatement in Current year financial statements, amount | $1,600,000 | |||||
Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of taxable income and capital gains required to be distributed not to be subjected to federal corporate income taxes | 100.00% | |||||
Building and Building Improvements | Maximum | ||||||
Accounting Policies [Line Items] | ||||||
Depreciation period for property | 39 years |
Schedule_of_Acquired_Propertie
Schedule of Acquired Properties (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 12, 2011 | Jul. 23, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||
Purchase Price | $10,500 | $45,000 | $153,900 | $244,859 | ||
Pacifica Senior Living Victoria Court - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Senior Living Victoria Court-One senior housing property | |||||
Location | Rhode Island | |||||
Date of Acquisition | 15-Jan-14 | [1] | ||||
Purchase Price | 15,250 | |||||
Pacifica Senior Living Northridge - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Senior Living Northridge-One senior housing property | |||||
Location | California | |||||
Date of Acquisition | 6-Jun-14 | [1] | ||||
Purchase Price | 25,250 | |||||
La Conner Retirement Inn - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | La Conner Retirement Inn-One senior housing property | |||||
Location | Washington | |||||
Date of Acquisition | 2-Jun-14 | [1] | ||||
Purchase Price | 8,250 | |||||
South Pointe Assisted Living - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | South Pointe Assisted Living-One senior housing property | |||||
Location | Washington | |||||
Date of Acquisition | 2-Jun-14 | [1] | ||||
Purchase Price | 4,300 | |||||
Pacifica Senior Living Modesto - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Senior Living Modesto-One senior housing property | |||||
Location | California | |||||
Date of Acquisition | 24-Jul-14 | [1] | ||||
Purchase Price | 16,250 | [2] | ||||
Pacifica Senior Living Bakersfield - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Senior Living Bakersfield-One senior housing property | |||||
Location | California | |||||
Date of Acquisition | 25-Jul-14 | [1] | ||||
Purchase Price | 28,750 | [2] | ||||
Pacifica Senior Living Wilmington - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Senior Living Wilmington-One senior housing property | |||||
Location | North Carolina | |||||
Date of Acquisition | 25-Jul-14 | [1] | ||||
Purchase Price | 22,250 | [2] | ||||
The Oaks at Braselton - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | The Oaks at Braselton-One senior housing property | |||||
Location | Georgia | |||||
Date of Acquisition | 22-Sep-14 | [1] | ||||
Purchase Price | 15,000 | |||||
The Oaks at Post Road - One senior housing property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | The Oaks at Post Road-One senior housing property | |||||
Location | Georgia | |||||
Date of Acquisition | 22-Sep-14 | [1] | ||||
Purchase Price | 18,600 | |||||
The Stratford Continuing Care Retirement Community - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | The Stratford Continuing Care Retirement Community - One senior housing property | |||||
Location | Indiana | |||||
Date of Acquisition | 28-Jun-13 | |||||
Purchase Price | 22,000 | [3] | ||||
Pioneer Village - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pioneer Village - One senior housing property | |||||
Location | Oregon | |||||
Date of Acquisition | 31-Jul-13 | |||||
Purchase Price | 14,850 | |||||
Bozeman Lodge - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Bozeman Lodge - One senior housing property | |||||
Location | Montana | |||||
Date of Acquisition | 9-Aug-13 | |||||
Purchase Price | 31,000 | |||||
Wet n Wild Palm Springs One Attractions Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Wet 'n' Wild Palm Springs - One attractions property | |||||
Location | California | |||||
Date of Acquisition | 12-Aug-13 | |||||
Purchase Price | 15,601 | [4] | ||||
Wet n Wild Phoenix - One Attractions Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Wet 'n' Wild Phoenix - One attractions property | |||||
Location | Arizona | |||||
Date of Acquisition | 26-Nov-13 | |||||
Purchase Price | 33,000 | |||||
Morning Star at Dayton Place - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | MorningStar at Dayton Place - One senior housing property | |||||
Location | Colorado | |||||
Date of Acquisition | 13-Dec-13 | |||||
Purchase Price | 29,908 | |||||
Chateau Vestavia - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Chateau Vestavia - One senior housing property | |||||
Location | Alabama | |||||
Date of Acquisition | 20-Dec-13 | |||||
Purchase Price | 18,500 | |||||
Pacifica Peoria- One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Peoria - One senior housing property | |||||
Location | Arizona | |||||
Date of Acquisition | 20-Dec-13 | |||||
Purchase Price | 13,250 | |||||
Pacifica Portland - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Portland - One senior housing propert | |||||
Location | Oregon | |||||
Date of Acquisition | 20-Dec-13 | |||||
Purchase Price | 27,250 | |||||
Pacifica Santa Clarita - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Santa Clarita - One senior housing property | |||||
Location | California | |||||
Date of Acquisition | 20-Dec-13 | |||||
Purchase Price | 19,250 | |||||
Pacifica Sun City - One Senior Housing Property | ||||||
Business Acquisition [Line Items] | ||||||
Product/Description | Pacifica Sun City - One senior housing property | |||||
Location | Florida | |||||
Date of Acquisition | 20-Dec-13 | |||||
Purchase Price | $20,250 | |||||
[1] | These properties are subject to long-term triple-net leases with an initial term of 10 years with renewal options. | |||||
[2] | In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. "Indebtedness" for additional information. | |||||
[3] | Amount shown is net of the present value of entrance fee liabilities assumed on date of acquisition of approximately $13.8 million. | |||||
[4] | In connection with the acquisition, the Company recorded approximately $2.7 million in bargain purchase gain as a result of the fair value of the net assets acquired exceeding the consideration transferred. The excess resulted from the fact that the seller did not widely market the property for sale and was motivated to sell because the property was deemed an outlier from the other investments owned by the seller. |
Schedule_of_Acquired_Propertie1
Schedule of Acquired Properties (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||
Long-term triple-net lease inclusive of renewal options, initial term | 10 years | |
Assumption of entrance fee liabilities | $13,810,000 | |
Bargain purchase gain recognized | 2,653,000 | |
Senior Housing Properties | ||
Business Acquisition [Line Items] | ||
Principal outstanding balance of loans assumed through acquisition | 25,500,000 | |
The Stratford Continuing Care Retirement Community - One Senior Housing Property | ||
Business Acquisition [Line Items] | ||
Assumption of entrance fee liabilities | $13,810,000 |
Summary_of_Purchase_Price_Allo
Summary of Purchase Price Allocation (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 12, 2011 | Jul. 23, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Combination, Transactions [Line Items] | ||||||
In-place lease intangibles | $1,723 | [1] | $5,141 | [2] | ||
Other liabilities | -900 | -13,810 | ||||
Net assets acquired | 128,390 | 247,512 | ||||
Other assets | 703 | |||||
Bargain purchase gain | -2,653 | |||||
Total purchase price consideration | 10,500 | 45,000 | 153,900 | 244,859 | ||
Trade name intangibles | ||||||
Business Combination, Transactions [Line Items] | ||||||
Intangibles | 2,291 | |||||
Other intangibles | ||||||
Business Combination, Transactions [Line Items] | ||||||
Intangibles | 4,566 | |||||
Land and land improvements | ||||||
Business Combination, Transactions [Line Items] | ||||||
Net assets acquired | 25,213 | 32,998 | ||||
Leasehold interests and improvements | ||||||
Business Combination, Transactions [Line Items] | ||||||
Net assets acquired | 8,715 | |||||
Buildings | ||||||
Business Combination, Transactions [Line Items] | ||||||
Net assets acquired | 120,059 | 184,131 | ||||
Equipment | ||||||
Business Combination, Transactions [Line Items] | ||||||
Net assets acquired | 5,127 | 27,343 | ||||
Repossessed And Foreclosed Asset | ||||||
Business Combination, Transactions [Line Items] | ||||||
Assumed mortgages | ($27,398) | |||||
[1] | The weighted-average amortization period for intangible in-place leases acquired are 10 years as of the date of acquisition. | |||||
[2] | The weighted-average amortization period for intangible in-place leases acquired range between 2.5 years to 15 years as of the date of acquisition. |
Summary_of_Purchase_Price_Allo1
Summary of Purchase Price Allocation (Parenthetical) (Detail) (In place leases) | 12 Months Ended |
Dec. 31, 2014 | |
Business Combination, Transactions [Line Items] | |
Weighted-average amortization period for intangible lease | 10 years |
Minimum | |
Business Combination, Transactions [Line Items] | |
Weighted-average amortization period for intangible lease | 2 years 6 months |
Maximum | |
Business Combination, Transactions [Line Items] | |
Weighted-average amortization period for intangible lease | 15 years |
Schedule_of_Real_Estate_Invest
Schedule of Real Estate Investment Properties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ||
Less: accumulated depreciation and amortization | ($615,957) | ($765,948) |
Real estate investment properties, net | 1,136,451 | 2,068,973 |
Land and land improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 550,776 | 904,409 |
Leasehold interests and improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 180,551 | 311,560 |
Building and Building Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 406,781 | 926,098 |
Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | $614,300 | $692,854 |
Real_Estate_Investment_Propert2
Real Estate Investment Properties Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciation and amortization expenses | $98 | $93.90 | $86.90 |
Impairment Provision of discontinued operations | 25.4 | ||
Number of properties sold | 5 | ||
Unimproved Land | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Impairment Provision of discontinued operations | $5 | ||
Golf Facilities | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of properties sold | 48 |
Recovered_Sheet1
Assets Held for Sale, Net and Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property | Property | |
Assets Held for Sale and Discontinued Operations [Line Items] | ||
Number of properties sold | 5 | |
Aggregate net sales proceeds from sale of properties | $384.30 | $12.40 |
Aggregate gain of properties sold | 2.4 | |
Note received from the sale | 0.3 | |
Number of properties held for sale | 55 | 5 |
Gain or loss on sale of properties | 4.1 | |
Number of properties previously classified as held for sale reclassified as held and used | 4 | |
Impairment provision of properties held for sale | 25.4 | |
Senior Housing Property | ||
Assets Held for Sale and Discontinued Operations [Line Items] | ||
Number of properties held for sale | 38 | |
Sale of properties | 790 | |
Marinas Property | ||
Assets Held for Sale and Discontinued Operations [Line Items] | ||
Number of properties held for sale | 17 | |
Impairment provision of properties held for sale | $33.40 | |
Golf Facilities | ||
Assets Held for Sale and Discontinued Operations [Line Items] | ||
Number of properties sold | 48 | |
Multi Family Residential | ||
Assets Held for Sale and Discontinued Operations [Line Items] | ||
Number of properties sold | 1 |
Properties_Classified_as_Asset
Properties Classified as Assets Held for Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $699,816 | $90,794 |
Land and land improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 91,726 | 40,097 |
Leasehold interests and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 52,571 | |
Building and Building Improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 500,946 | 47,989 |
Equipment | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 25,380 | 2,708 |
Deferred Rent And Lease Incentives | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 4,490 | |
Other Assets | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 3,372 | |
Restricted cash | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 10,844 | |
Intangibles, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $10,487 |
Summary_of_Income_or_Loss_from
Summary of Income or Loss from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $178,887 | $160,604 | $133,818 |
Expenses | -115,773 | -111,807 | -111,224 |
Depreciation and amortization | -36,709 | -55,852 | -48,077 |
Impairment provision | -37,867 | -219,502 | -670 |
Operating loss | -11,462 | -226,557 | -26,153 |
Gain from sale of properties | 4,144 | 2,408 | 288 |
Loss on extinguishment of debt | -4,818 | ||
Other expense | -19,570 | -16,968 | -13,149 |
Loss from discontinued operations | ($31,706) | ($241,117) | ($39,014) |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $23,136 | $56,224 |
Accumulated Amortization | -5,110 | -19,302 |
Net Book Value | 18,026 | 36,922 |
In place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,295 | 34,745 |
Accumulated Amortization | -5,110 | -17,513 |
Net Book Value | 7,185 | 17,232 |
Trade name (infinite-lived) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,841 | 12,419 |
Net Book Value | 10,841 | 12,419 |
Trade name (finite-lived) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,060 | |
Accumulated Amortization | -1,789 | |
Net Book Value | $7,271 |
Intangible_Assets_Net_Addition
Intangible Assets Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets Disclosure [Line Items] | |||
Trade name intangibles | $4,200,000 | ||
Amortization of intangible assets | 700,000 | 600,000 | 600,000 |
Write off lease intangibles related to lease terminations | -93,000 | ||
Lease termination | |||
Intangible Assets Disclosure [Line Items] | |||
Write off lease intangibles related to lease terminations | $0 | $100,000 | $2,500,000 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items] | |
2015 | $666 |
2016 | 666 |
2017 | 645 |
2018 | 551 |
2019 | 567 |
Thereafter | 4,090 |
Total | $7,185 |
Operating_Leases_Additional_In
Operating Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Operating Leases [Line Items] | |||
Triple-net lease, total percentage rent | $2.90 | $2.50 | $1.80 |
Triple-net lease, capital improvement reserve rent | 23.9 | 21 | 19.9 |
Total annualized property taxes | $8.60 | $11.90 | $12.70 |
Long-Term Triple Net Lease Agreements | |||
Schedule of Operating Leases [Line Items] | |||
Properties leased under long-term, triple-net leases to third-parties | 42 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $120,612 |
2016 | 122,632 |
2017 | 124,719 |
2018 | 126,368 |
2019 | 127,461 |
Thereafter | 1,066,109 |
Total | $1,687,901 |
Variable_Interest_and_Unconsol2
Variable Interest and Unconsolidated Entities - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2015 | Mar. 25, 2015 | |||
Property | Property | Property | |||||||
Entity | |||||||||
Option | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of wholly-owned subsidiaries | 4 | ||||||||
Number of buy out options exercisable | 3 | ||||||||
Number of remaining buy out options exercisable | 4 | ||||||||
Remaining buy-out options become exercisable in year | 2018-07 | ||||||||
Maximum exposure to loss on investment | $151,800,000 | $113,100,000 | |||||||
Number of properties sold | 5 | ||||||||
Gain (loss) of unconsolidated entities | 55,394,000 | ||||||||
Number of properties held for sale reclassified to be held and used | 105 | ||||||||
Total Debt Obligation | 198,200,000 | 202,200,000 | |||||||
Payment of mortgage loan | 365,224,000 | 18,800,000 | 34,666,000 | ||||||
Joint Venture Agreement | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties sold | 42 | ||||||||
Aggregate proceed from sale of interest in joint venture | 195,400,000 | ||||||||
Gain (loss) of unconsolidated entities | 55,400,000 | 1,900,000 | |||||||
Equity ownership in number of companies | 2 | 2 | 5 | ||||||
Intrawest Venture | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Payment of mortgage loan | 20,000,000 | ||||||||
Mortgage loan maturity date | 2015-01 | ||||||||
Intrawest Venture | Joint Venture Agreement | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Maximum exposure to loss on investment | 22,700,000 | 25,200,000 | |||||||
DMC Partnership | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Company's ownership percentage | 81.98% | [1] | 81.98% | [1] | |||||
DMC Partnership | Subsequent Event | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Company's ownership percentage | 81.98% | ||||||||
Minimum | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Remaining four buy-out options expiration year | 2020 | ||||||||
Minimum | Intrawest Venture | Joint Venture Agreement | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties held for sale reclassified to be held and used | 6 | ||||||||
Maximum | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Remaining four buy-out options expiration year | 2030 | ||||||||
Maximum | Intrawest Venture | Joint Venture Agreement | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties held for sale reclassified to be held and used | 7 | ||||||||
Canada Revenue Agency | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Maximum exposure to loss on investment | 14,000,000 | ||||||||
Accruals for loss on investment | $1,500,000 | ||||||||
[1] | As of December 31, 2014 and 2013, the Company's share of partners' capital determined under HLBV was approximately $119.6 million and $124.9 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $7.5 million and $7.4 million, respectively. |
Aggregate_Carrying_Amount_and_
Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Real estate investment properties, net | $158,589 | $184,306 |
Assets held for sale | 12,953 | |
Other assets | 26,376 | 29,075 |
Liabilities | ||
Mortgages and other notes payable | 30,412 | 87,095 |
Other liabilities | $15,695 | $13,214 |
Summary_of_Financial_Informati
Summary of Financial Information of Unconsolidated Entities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | $61,707 | $144,551 | $94,657 | $72,380 | $61,345 | $137,766 | [1] | $93,375 | $70,004 | $373,295 | $362,490 | $349,527 | |||
Property operating expenses | -190,165 | -187,581 | -185,538 | ||||||||||||
Depreciation and amortization | -98,664 | -94,459 | -87,479 | ||||||||||||
Interest and other income (expense) | 838 | 559 | 850 | ||||||||||||
Income (loss) from continuing operations | -63,571 | 30,086 | -15,071 | -11,882 | -24,998 | 84,846 | [1] | -50,864 | -20,406 | -60,438 | -11,422 | -37,059 | |||
Discontinued operations | -31,706 | -241,117 | -39,014 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | 804 | 3,176 | -526 | 4,299 | 2,518 | 4,147 | [1] | 6,159 | -1,123 | 7,753 | 11,701 | 5,521 | |||
CNLSun I Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 71,287 | [2] | 137,897 | ||||||||||||
Property operating expenses | -45,999 | [2] | -87,910 | ||||||||||||
Depreciation and amortization | -10,994 | [2] | -23,154 | ||||||||||||
Interest expense | -16,154 | [2] | -32,615 | ||||||||||||
Interest and other income (expense) | 20 | [2] | 372 | ||||||||||||
Income (loss) from continuing operations | -1,840 | [2] | -5,410 | ||||||||||||
Net income (loss) | -1,840 | [2] | -5,410 | ||||||||||||
Income (loss) allocable to other venture partners | -1,341 | [2],[3] | -7,084 | [3] | |||||||||||
Income (loss) allocable to the Company | -499 | [2],[3] | 1,674 | [3] | |||||||||||
Amortization of capitalized costs | -1,305 | [2] | -2,610 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | -1,804 | [2] | -936 | ||||||||||||
Distribution declared to the Company | 7,797 | [2] | 15,709 | ||||||||||||
Distributions received by the Company | 11,750 | [2],[4] | 15,665 | ||||||||||||
CNLSun II Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 19,654 | [2] | 37,301 | ||||||||||||
Property operating expenses | -15,439 | [2] | -27,525 | ||||||||||||
Depreciation and amortization | -2,244 | [2] | -4,991 | ||||||||||||
Interest expense | -2,057 | [2] | -4,899 | ||||||||||||
Interest and other income (expense) | -368 | ||||||||||||||
Income (loss) from continuing operations | -86 | [2] | -482 | ||||||||||||
Net income (loss) | -86 | [2] | -482 | ||||||||||||
Income (loss) allocable to other venture partners | -8 | [2],[3] | -407 | [3] | |||||||||||
Income (loss) allocable to the Company | -78 | [2],[3] | -75 | [3] | |||||||||||
Amortization of capitalized costs | -431 | [2] | -862 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | -509 | [2] | -937 | ||||||||||||
Distribution declared to the Company | 1,039 | [2] | 5,094 | ||||||||||||
Distributions received by the Company | 1,567 | [2],[4] | 5,189 | [4] | |||||||||||
CNLSun III Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 21,549 | [2] | 43,087 | ||||||||||||
Property operating expenses | -14,609 | [2] | -29,131 | ||||||||||||
Depreciation and amortization | -2,874 | [2] | -6,457 | ||||||||||||
Interest expense | -2,928 | [2] | -5,858 | ||||||||||||
Interest and other income (expense) | 28 | ||||||||||||||
Income (loss) from continuing operations | 1,138 | [2] | 1,669 | ||||||||||||
Net income (loss) | 1,138 | [2] | 1,669 | ||||||||||||
Income (loss) allocable to other venture partners | 1,788 | [2],[3] | -1,346 | [3] | |||||||||||
Income (loss) allocable to the Company | -650 | [2],[3] | 3,015 | [3] | |||||||||||
Amortization of capitalized costs | -172 | [2] | -345 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | -822 | [2] | 2,670 | ||||||||||||
Distribution declared to the Company | 1,660 | [2] | 7,776 | ||||||||||||
Distributions received by the Company | 4,965 | [2],[4] | 5,256 | [4] | |||||||||||
DMC Partnership | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 28,519 | 28,062 | 27,858 | ||||||||||||
Property operating expenses | -776 | [5] | -796 | -2,963 | [6] | ||||||||||
Depreciation and amortization | -9,114 | -9,182 | -9,040 | ||||||||||||
Interest expense | -8,175 | -7,908 | -8,260 | ||||||||||||
Interest and other income (expense) | -35 | 3 | 28 | ||||||||||||
Income (loss) from continuing operations | 10,419 | 10,179 | 7,623 | ||||||||||||
Net income (loss) | 10,419 | 10,179 | 7,623 | ||||||||||||
Income (loss) allocable to other venture partners | 1,602 | [3] | -1,166 | [3] | -1,810 | [3] | |||||||||
Income (loss) allocable to the Company | 8,817 | [3] | 11,345 | [3] | 9,433 | [3] | |||||||||
Amortization of capitalized costs | -298 | -433 | -471 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | 8,519 | 10,912 | 8,962 | ||||||||||||
Distribution declared to the Company | 11,345 | 11,345 | 11,345 | ||||||||||||
Distributions received by the Company | 11,345 | 11,337 | 11,353 | ||||||||||||
Intrawest Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 17,454 | 17,054 | 16,874 | ||||||||||||
Property operating expenses | -9,802 | [5] | -9,744 | -14,679 | |||||||||||
Depreciation and amortization | -6,005 | -3,342 | |||||||||||||
Interest expense | -4,891 | -5,874 | -4,833 | ||||||||||||
Interest and other income (expense) | 88 | 9 | 102 | ||||||||||||
Income (loss) from continuing operations | -3,156 | 1,445 | -5,878 | ||||||||||||
Discontinued operations | 987 | 1,101 | [5] | 310 | [5] | ||||||||||
Net income (loss) | -2,169 | 2,546 | -5,568 | ||||||||||||
Income (loss) allocable to other venture partners | -1,612 | [3],[7] | -1,611 | [3],[7] | -1,564 | [3],[7] | |||||||||
Income (loss) allocable to the Company | -557 | [3] | 4,157 | [3] | -4,004 | [3] | |||||||||
Amortization of capitalized costs | -209 | -233 | -234 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | -766 | 3,924 | -4,238 | ||||||||||||
Distribution declared to the Company | 2,277 | 1,998 | 3,096 | ||||||||||||
Distributions received by the Company | 2,152 | 2,427 | 2,725 | ||||||||||||
Total | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 45,973 | 157,606 | 263,017 | ||||||||||||
Property operating expenses | -10,578 | [5] | -86,587 | -162,208 | |||||||||||
Depreciation and amortization | -15,119 | -25,294 | -46,984 | ||||||||||||
Interest expense | -13,066 | -34,921 | -56,465 | ||||||||||||
Interest and other income (expense) | 53 | 32 | 162 | ||||||||||||
Income (loss) from continuing operations | 7,263 | 10,836 | -2,478 | ||||||||||||
Discontinued operations | 987 | 1,101 | [5] | 310 | [5] | ||||||||||
Net income (loss) | 8,250 | 11,937 | -2,168 | ||||||||||||
Income (loss) allocable to other venture partners | -10 | [3] | -2,338 | [3] | -12,211 | [3] | |||||||||
Income (loss) allocable to the Company | 8,260 | [3] | 14,275 | [3] | 10,043 | [3] | |||||||||
Amortization of capitalized costs | -507 | -2,574 | -4,522 | ||||||||||||
Equity in earnings (loss) of unconsolidated entities | 7,753 | 11,701 | 5,521 | ||||||||||||
Distribution declared to the Company | 13,622 | 23,839 | 43,020 | ||||||||||||
Distributions received by the Company | $13,497 | $32,046 | $40,188 | ||||||||||||
[1] | Includes impact from out of period adjustments as described in "Footnote 2 - Significant Accounting Policies". | ||||||||||||||
[2] | On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. | ||||||||||||||
[3] | Income is allocated between the Company and its venture partners using the hypothetical liquidation book value ("HLBV") method of accounting. | ||||||||||||||
[4] | For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. For the year ended December 31, 2012, distributions received by the Company includes approximately $1.5 million and $1.9 million in return of capital on the CNLSun II and CNLSun III ventures, respectively. | ||||||||||||||
[5] | During the year ended December 31, 2012, the venture recorded an impairment of $4.5 million when it determined that the carrying value of one of its properties was higher than the net realizable value. No impairments were recorded for the years ended December 31, 2014 and 2013. | ||||||||||||||
[6] | During the year ended December 31, 2012, the DMC Partnership incurred approximately $2.3 million in acquisition costs relating to a potential acquisition that was ultimately not pursued. | ||||||||||||||
[7] | This amount represents the venture partner's portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. |
Summary_of_Financial_Informati1
Summary of Financial Information of Unconsolidated Entities (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 01, 2013 | |
Property | Property | Property | Property | ||
Schedule of Unconsolidated Entities [Line Items] | |||||
Distributions received by the Company | $3,445,000 | ||||
Number of properties held for sale | 55 | 5 | |||
Acquisition fees and costs | 664,000 | 2,467,000 | 3,224,000 | ||
Number of properties sold | 5 | ||||
Joint Venture Agreement | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Number of properties sold | 42 | ||||
CNLSun I Venture | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Distributions received by the Company | 4,000,000 | ||||
CNLSun II Venture | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Distributions received by the Company | 500,000 | ||||
Distribution representing return of capital | 1,500,000 | ||||
CNLSun III Venture | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Distributions received by the Company | 800,000 | ||||
Distribution representing return of capital | 1,900,000 | ||||
DMC Partnership | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Acquisition fees and costs | 2,300,000 | ||||
Intrawest Venture | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Impairment loss | $0 | $0 | $4,500,000 | ||
Number of properties held for sale | 1 | ||||
Unconsolidated Properties | Joint Venture Agreement | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||
Number of properties sold | 42 |
Summarized_Balance_Sheet_Data_
Summarized Balance Sheet Data of Unconsolidated Entities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Real estate assets, net | $1,136,451 | $2,068,973 | ||
Assets held for sale | 12,953 | |||
Other assets | 36,639 | 52,310 | ||
Mortgages and other notes payable | 550,504 | 760,192 | ||
Other liabilities | 60,478 | 76,816 | ||
Carrying amount of investment | 127,102 | 132,324 | ||
DMC Partnership | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Real estate assets, net | 221,986 | 228,755 | ||
Other assets | 15,642 | 13,297 | ||
Mortgages and other notes payable | 131,500 | 131,860 | ||
Other liabilities | 6,795 | 5,551 | ||
Partners' capital | 99,333 | 104,641 | ||
Carrying amount of investment | 104,402 | [1] | 107,162 | [1] |
Company's ownership percentage | 81.98% | [1] | 81.98% | [1] |
Intrawest Venture | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Real estate assets, net | 61,936 | |||
Assets held for sale | 14,050 | 81,661 | ||
Other assets | 14,557 | 15,799 | ||
Mortgages and other notes payable | 66,690 | 70,292 | ||
Other liabilities | 18,537 | 17,075 | ||
Partners' capital | 5,316 | 10,093 | ||
Carrying amount of investment | 22,700 | [1] | 25,162 | [1] |
Company's ownership percentage | 80.00% | [1] | 80.00% | [1] |
Total | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Real estate assets, net | 283,922 | 228,755 | ||
Assets held for sale | 14,050 | 81,661 | ||
Other assets | 30,199 | 29,096 | ||
Mortgages and other notes payable | 198,190 | 202,152 | ||
Other liabilities | 25,332 | 22,626 | ||
Partners' capital | 104,649 | 114,734 | ||
Carrying amount of investment | $127,102 | [1] | $132,324 | [1] |
[1] | As of December 31, 2014 and 2013, the Company's share of partners' capital determined under HLBV was approximately $119.6 million and $124.9 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $7.5 million and $7.4 million, respectively. |
Summarized_Balance_Sheet_Data_1
Summarized Balance Sheet Data of Unconsolidated Entities (Parenthetical) (Detail) (HLBV, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
HLBV | ||
Schedule of Unconsolidated Entities [Line Items] | ||
Share of partners capital | $119,600,000 | $124,900,000 |
Difference between carrying amount of the investment and partners capital | $7,500,000 | $7,400,000 |
Mortgages_and_Other_Notes_Rece2
Mortgages and Other Notes Receivable, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds in repayment of loans | $83.50 | |
Estimated fair market value of company's mortgages and other notes receivable | $16.60 | $112.20 |
Mortgages_and_Other_Notes_Rece3
Mortgages and Other Notes Receivable (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest | $864 | $5,655 | ||
Loan Principal Balance | 20,015 | 117,014 | ||
Acquisition fees, net | 46 | 97 | ||
Loan loss provision | -1,564 | [1],[2] | -4,803 | [1],[2] |
Loan Principal Balance, total carrying amount | 19,361 | 117,963 | ||
Interest Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest | 864 | |||
Big Sky Resort | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 23-Sep-08 | |||
Loan receivable, maturity date | NaN, NaN | [3] | ||
Interest Rate | 12.00% | |||
Loan Principal Balance | 68,000 | |||
CMR Properties, LLC and CM Resort, LLC (one ski property) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 15-Jun-10 | [2] | ||
Loan receivable, maturity date | 30-Sep-22 | [2] | ||
Loan Principal Balance | 16,620 | [2] | 16,620 | [2] |
CMR Properties, LLC and CM Resort, LLC (one ski property) | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Rate | 9.00% | [2] | ||
CMR Properties, LLC and CM Resort, LLC (one ski property) | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Rate | 11.00% | [2] | ||
CMR Properties, LLC and CM Resort, LLC (one ski property) | Interest Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest | 840 | [2] | ||
Boyne USA, Inc. (four ski resorts) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 10-Aug-09 | |||
Loan receivable, maturity date | NaN, NaN | [3] | ||
Loan Principal Balance | 13,896 | |||
Boyne USA, Inc. (four ski resorts) | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Rate | 6.30% | |||
Boyne USA, Inc. (four ski resorts) | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest Rate | 15.00% | |||
Evergreen Alliance Golf Limited, L.P. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 12-Nov-10 | [1] | ||
Loan receivable, maturity date | NaN, NaN | [1] | ||
Loan Principal Balance | 5,781 | [1] | ||
Evergreen Alliance Golf Limited, L.P. | LIBOR | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Term loan receivable, interest rate above LIBOR | 4.00% | [1] | ||
PARC Myrtle Waves, LLC (one attractions property) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 10-Feb-11 | [4] | ||
Loan receivable, maturity date | NaN, NaN | [4] | ||
Interest Rate | 7.50% | [4] | ||
Loan Principal Balance | 9,000 | [4] | ||
Loan loss provision | -1,300 | |||
Grand Prix Tampa, LLC (one attractions property) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 31-Jul-11 | |||
Loan receivable, maturity date | 31-Jul-16 | |||
Interest Rate | 8.50% | |||
Loan Principal Balance | 3,395 | 3,442 | ||
Grand Prix Tampa, LLC (one attractions property) | Interest Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest | 24 | |||
RSA Properties, Misson Hills (one golf facility) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Date of Loan Agreement(s) | 28-Mar-13 | |||
Loan receivable, maturity date | NaN, NaN | [3] | ||
Interest Rate | 9.00% | |||
Loan Principal Balance | $275 | |||
[1] | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. | |||
[2] | In December 2013, one of the Company's borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan's effective interest rate and the net carrying value of the loan. | |||
[3] | The Company collected the outstanding balances during the year ended December 31, 2014. | |||
[4] | During the year ended December 31, 2013, the Company recorded an additional loan loss provision of approximately $1.3 million in anticipation of the foreclosure of an attractions property that served as collateral on one of its other existing loans. The estimated fair value of the collateral was $7.9 million, which approximated the carrying value of the loan. The attractions property was foreclosed during the year ended December 31, 2014. |
Mortgages_and_Other_Notes_Rece4
Mortgages and Other Notes Receivable (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan loss provision under troubled debt restructure | $3,300,000 | |||
Proceed from mortgage loan receivable | 1,300,000 | |||
Loan loss provision | 1,564,000 | [1],[2] | 4,803,000 | [1],[2] |
Estimated fair value of collateral | 7,900,000 | |||
Borrowers Experiencing Financial Difficulties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan loss provision | 1,800,000 | |||
Other Existing loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loan loss provision | $1,300,000 | |||
[1] | In December 2013, one of the Company's borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan's effective interest rate and the net carrying value of the loan. | |||
[2] | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. |
Future_Principal_Maturities_fo
Future Principal Maturities for Mortgages and other Notes Receivable (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2015 | $57 |
2016 | 3,338 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 16,620 |
Total | $20,015 |
Schedule_of_Mortgages_and_Othe
Schedule of Mortgages and Other Notes Payable (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2011 | |||
Debt Instrument [Line Items] | |||||
Mortgage debt | $550,504,000 | $760,192,000 | |||
Senior notes | 400,000,000 | ||||
Mortgage debt, Gross | 867,163,000 | 1,156,916,000 | |||
Mortgage debt, Premium (Discount) | 187,000 | -2,305,000 | |||
Mortgage debt, net | 867,350,000 | 1,154,611,000 | |||
Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 217,810,000 | 278,950,000 | |||
Variable Rate Debt | Mortgage Debt One | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 61,042,000 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 1.3% | [1] | |||
Mortgage Debt, interest rate basis point above reference rate | 1.30% | [1] | |||
Collateral | 1 multi-family residential property | ||||
Variable Rate Debt | Mortgage Debt Two | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 24,811,000 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 3.0% | [1] | |||
Mortgage Debt, interest rate basis point above reference rate | 3.00% | [1] | |||
Collateral | 1 hotel property | ||||
Variable Rate Debt | Mortgage Debt Three | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 8,402,000 | 8,746,000 | |||
Mortgage debt, Maturity Date | 1-Sep-19 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 3.3% | [1],[2] | |||
Mortgage Debt, interest rate basis point above reference rate | 3.30% | [1],[2] | |||
Collateral | 1 ski and mountain lifestyle property | ||||
Approximate Carrying Value of Collateral | 19,700,000 | ||||
Variable Rate Debt | Mortgage Debt Four | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 16,603,000 | [3] | |||
Mortgage Debt, interest rate terms | CDOR + 3.8% | [1] | |||
Mortgage Debt, interest rate basis point above reference rate | 3.80% | [1] | |||
Collateral | 1 ski and mountain lifestyle property | ||||
Variable Rate Debt | Mortgage Debt Five | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 14,550,000 | 15,450,000 | |||
Mortgage debt, Maturity Date | 31-Dec-15 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 4.5% | [1],[2] | |||
Mortgage Debt, interest rate basis point above reference rate | 4.50% | [1],[2] | |||
Collateral | 1 ski and mountain lifestyle property | ||||
Approximate Carrying Value of Collateral | 29,600,000 | ||||
Variable Rate Debt | Mortgage Debt Six | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 20,781,000 | 21,000,000 | |||
Mortgage debt, Maturity Date | 30-Nov-15 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 3.0% | [1] | |||
Mortgage Debt, interest rate basis point above reference rate | 3.00% | [1] | |||
Collateral | 1 attractions property | ||||
Approximate Carrying Value of Collateral | 47,900,000 | ||||
Variable Rate Debt | Mortgage Debt Seven | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 30,000,000 | 30,000,000 | |||
Mortgage debt, Maturity Date | 1-Apr-16 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 3.5% | [1] | |||
Mortgage Debt, interest rate basis point above reference rate | 3.50% | [1] | |||
Collateral | 5 senior housing properties | ||||
Approximate Carrying Value of Collateral | 39,100,000 | ||||
Variable Rate Debt | Mortgage Debt Eight | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 105,000,000 | 101,298,000 | |||
Mortgage debt, Maturity Date | 20-Jun-15 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 2.5% | [1],[4] | |||
Mortgage Debt, interest rate basis point above reference rate | 2.50% | [1],[4] | |||
Collateral | 8 senior housing properties | ||||
Approximate Carrying Value of Collateral | 135,800,000 | ||||
Variable Rate Debt | Mortgage Debt Nine | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 39,077,000 | ||||
Mortgage debt, Maturity Date | 5-Apr-17 | ||||
Mortgage Debt, interest rate terms | 30-day LIBOR + 1.5%-3.5% | [1] | |||
Collateral | 4 ski and mountain lifestyle property | ||||
Approximate Carrying Value of Collateral | 154,300,000 | ||||
Variable Rate Debt | Mortgage Debt Nine | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, interest rate basis point above reference rate | 1.50% | ||||
Variable Rate Debt | Mortgage Debt Nine | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, interest rate basis point above reference rate | 3.50% | ||||
Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Total fixed rate debt | 649,353,000 | 877,966,000 | |||
Fixed Rate Debt | Mortgage Debt One | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 5,281,000 | ||||
Mortgage Debt, stated interest rate | 7.30% | ||||
Collateral | 1 golf property | ||||
Fixed Rate Debt | Mortgage Debt Two | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 84,993,000 | ||||
Mortgage Debt, stated interest rate | 6.10% | ||||
Collateral | 19 golf properties and 1 ski lift attraction property | ||||
Approximate Carrying Value of Collateral | 16,100,000 | ||||
Fixed Rate Debt | Mortgage Debt Three | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 57,711,000 | 59,212,000 | |||
Mortgage debt, Maturity Date | 15-Oct-18 | ||||
Collateral | 8 senior housing properties | ||||
Approximate Carrying Value of Collateral | 88,400,000 | ||||
Fixed Rate Debt | Mortgage Debt Three | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 4.35% | ||||
Fixed Rate Debt | Mortgage Debt Three | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 4.50% | ||||
Fixed Rate Debt | Mortgage Debt Four | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 18,939,000 | 19,301,000 | |||
Mortgage debt, Maturity Date | 28-Sep-16 | ||||
Mortgage Debt, stated interest rate | 6.80% | ||||
Collateral | 1 attractions lifestyle property | ||||
Approximate Carrying Value of Collateral | 29,400,000 | ||||
Fixed Rate Debt | Mortgage Debt Five | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 95,908,000 | 100,715,000 | |||
Mortgage debt, Maturity Date | 5-Apr-17 | ||||
Mortgage Debt, stated interest rate | 6.10% | ||||
Collateral | 6 ski and mountain lifestyle properties | ||||
Approximate Carrying Value of Collateral | 207,000,000 | ||||
Fixed Rate Debt | Mortgage Debt Six | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 48,090,000 | ||||
Mortgage Debt, stated interest rate | 6.10% | ||||
Collateral | 2 hotel properties | ||||
Fixed Rate Debt | Mortgage Debt Seven | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 11,358,000 | 11,980,000 | |||
Collateral | 3 marina properties | ||||
Approximate Carrying Value of Collateral | 24,900,000 | ||||
Fixed Rate Debt | Mortgage Debt Seven | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt, Maturity Date | 1-Sep-16 | ||||
Mortgage Debt, stated interest rate | 6.30% | ||||
Fixed Rate Debt | Mortgage Debt Seven | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt, Maturity Date | 1-Dec-16 | ||||
Mortgage Debt, stated interest rate | 6.50% | ||||
Fixed Rate Debt | Mortgage Debt Eight | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 16,368,000 | 16,795,000 | |||
Mortgage debt, Maturity Date | 5-Oct-18 | ||||
Mortgage Debt, stated interest rate | 4.40% | ||||
Collateral | 3 senior housing properties | ||||
Approximate Carrying Value of Collateral | 26,800,000 | ||||
Fixed Rate Debt | Mortgage Debt Nine | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 42,859,000 | 43,731,000 | |||
Mortgage debt, Maturity Date | 30-Apr-18 | ||||
Mortgage Debt, stated interest rate | 6.00% | ||||
Collateral | 1 attraction property | ||||
Approximate Carrying Value of Collateral | 108,600,000 | ||||
Fixed Rate Debt | Mortgage Debt Ten | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 46,165,000 | 46,499,000 | |||
Mortgage debt, Maturity Date | 1-Jul-19 | ||||
Mortgage Debt, stated interest rate | 3.79% | ||||
Collateral | 4 senior housing properties | ||||
Approximate Carrying Value of Collateral | 67,900,000 | ||||
Fixed Rate Debt | Mortgage Debt Eleven | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 34,600,000 | ||||
Collateral | 3 ski and mountain lifestyle properties | ||||
Fixed Rate Debt | Mortgage Debt Eleven | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 8.00% | ||||
Fixed Rate Debt | Mortgage Debt Eleven | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 9.50% | ||||
Fixed Rate Debt | Mortgage Debt Twelve | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 9,384,000 | 10,219,000 | |||
Collateral | 1 attractions property | ||||
Approximate Carrying Value of Collateral | 24,900,000 | ||||
Fixed Rate Debt | Mortgage Debt Twelve | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt, Maturity Date | 1-Nov-13 | ||||
Mortgage Debt, stated interest rate | 6.10% | ||||
Fixed Rate Debt | Mortgage Debt Twelve | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt, Maturity Date | 1-Apr-25 | ||||
Mortgage Debt, stated interest rate | 6.40% | ||||
Fixed Rate Debt | Mortgage Debt Thirteen | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt | 32,411,000 | ||||
Mortgage debt, Maturity Date | 1-Oct-18 | ||||
Collateral | 3 senior housing properties | ||||
Approximate Carrying Value of Collateral | 67,900,000 | ||||
Fixed Rate Debt | Mortgage Debt Thirteen | Minimum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 4.75% | ||||
Fixed Rate Debt | Mortgage Debt Thirteen | Maximum | |||||
Debt Instrument [Line Items] | |||||
Mortgage Debt, stated interest rate | 6.90% | ||||
Fixed Rate Debt | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes | 318,250,000 | 396,550,000 | |||
Mortgage debt, Maturity Date | 15-Apr-19 | ||||
Mortgage Debt, stated interest rate | 7.30% | ||||
Approximate Carrying Value of Collateral | $318,250,000 | [5] | |||
[1] | The 30-day LIBOR rate was approximately 0.17% and 0.20% as of December 31, 2014 and 2013, respectively. The 30-day CDOR rate was approximately 1.2% as of December 31, 2013. | ||||
[2] | The Company entered into interest rate swaps for these variable rate debts. See Note 11. "Derivative instruments and Hedging Activities" for additional information | ||||
[3] | Converted from Canadian dollars to U.S. dollars at the exchange rate in place as of the end of the year. | ||||
[4] | In December 2013, the Company entered into a collateralized bridge loan agreement with a third-party lender that matured in June 2014 with two extension options. The Company exercised its options to extend the bridge loan through June 2015. In connection with obtaining the bridge loan, the Company incurred loan origination costs and exit fees. | ||||
[5] | The Company issued $400.0 million senior notes which are guaranteed by certain of its properties. See "Item 2 - Properties" for additional information. |
Schedule_of_Mortgages_and_Othe1
Schedule of Mortgages and Other Notes Payable (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2014 |
Option | |||
Debt Instrument [Line Items] | |||
Senior notes issued | $400,000 | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.20% | 0.17% | |
Canadian Dealer Offered Rate | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.20% | ||
Bridge Loan | |||
Debt Instrument [Line Items] | |||
Collateralized loan maturity date | 2014-06 | ||
Number of extension options | 2 | ||
Extended collateralized loan maturity date | 2015-06 |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | |
Debt Instrument [Line Items] | |||
Revolving line of credit borrowing capacity | $160,000,000 | $125,000,000 | |
Remaining line of credit borrowing capacity | 119,700,000 | ||
Line of credit outstanding | 152,500,000 | 50,000,000 | |
Line of credit, maturity date | 2015-08 | ||
Mortgage debt | 550,504,000 | 760,192,000 | |
Senior notes covenant terms | 150.00% | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Mortgage debt | 43,000,000 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Distribution from operations | 95.00% | ||
Maximum | LIBOR | |||
Debt Instrument [Line Items] | |||
Line of credit, margin added over variable interest rate | 3.75% | ||
Maximum | Base Rate | |||
Debt Instrument [Line Items] | |||
Line of credit, margin added over variable interest rate | 2.75% | ||
Minimum | LIBOR | |||
Debt Instrument [Line Items] | |||
Line of credit, margin added over variable interest rate | 3.00% | ||
Minimum | Base Rate | |||
Debt Instrument [Line Items] | |||
Line of credit, margin added over variable interest rate | 2.00% | ||
Carrying (Reported) Amount, Fair Value Disclosure | |||
Debt Instrument [Line Items] | |||
Estimated fair values of mortgages, other notes payable and line of credit | 707,300,000 | 803,700,000 | |
Estimated fair values of Senior notes | $325,400,000 | $410,400,000 |
Schedule_of_Future_Principal_P
Schedule of Future Principal Payments and Maturities for indebtedness (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $307,196 |
2016 | 70,234 |
2017 | 128,075 |
2018 | 140,877 |
2019 | 50,482 |
Thereafter | 322,799 |
Total | $1,019,663 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (Interest Rate Swap, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Derivative |
Derivative [Line Items] | |
Number of interest rate swaps Suspended | 3 |
Number of interest rate swaps | 2 |
Suspended Interest Rate Contracts | |
Derivative [Line Items] | |
Notional amount of Cash Flow Hedges | 97,700 |
Summary_of_Terms_and_Fair_Valu
Summary of Terms and Fair Values of Derivative Financial Instruments (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 03, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | |||||
Strike | 6.40% | ||||
Net Amount | ($1,002) | ($3,694) | |||
Interest Rate Swap | Derivative Instrument 1 | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Notional amount of Cash Flow Hedges | 61,042 | 61,042 | |||
Strike | 1.90% | [1] | |||
Spread | 1.30% | [1] | |||
Trade Date | 6-Dec-10 | ||||
Maturity Date | 2-Jan-16 | ||||
Net Amount | -1,748 | ||||
Interest Rate Swap | Derivative Instrument 2 | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Notional amount of Cash Flow Hedges | 8,746 | 8,746 | |||
Strike | 3.60% | [1] | |||
Spread | 3.30% | [1] | |||
Trade Date | 28-Sep-09 | ||||
Maturity Date | 1-Sep-19 | ||||
Net Amount | -719 | -743 | |||
Interest Rate Swap | Derivative Instrument 3 | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Notional amount of Cash Flow Hedges | 16,603 | [2] | 16,603 | [2] | |
Strike | 2.70% | [1],[2] | |||
Spread | 3.80% | [1] | |||
Trade Date | 1-Dec-09 | ||||
Maturity Date | 1-Dec-14 | ||||
Net Amount | -233 | ||||
Interest Rate Swap | Derivative Instrument 4 | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Notional amount of Cash Flow Hedges | 15,450 | 15,450 | |||
Strike | 2.20% | [1] | |||
Spread | 4.50% | [1] | |||
Trade Date | 13-Jan-11 | ||||
Maturity Date | 31-Dec-15 | ||||
Net Amount | -283 | -524 | |||
Interest Rate Swap | Derivative Instrument 5 | Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Notional amount of Cash Flow Hedges | 24,811 | 24,811 | |||
Strike | 1.30% | [1] | |||
Spread | 3.00% | [1] | |||
Trade Date | 30-Aug-11 | ||||
Maturity Date | 28-Aug-16 | ||||
Net Amount | ($446) | ||||
[1] | The strike rate does not include the credit spread on each of the notional amounts. | ||||
[2] | The Company swapped the interest rate on its $20.0 million loan denominated in Canadian dollars to a fixed interest rate of 6.4%. The notional amount was converted from Canadian dollars to U.S. dollars at an exchange rate of 0.94 Canadian dollars for $1.00 U.S. dollar on December 31, 2013. |
Summary_of_Gross_and_Net_Amoun
Summary of Gross and Net Amounts of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ||||
Net Amount | ($1,002) | ($3,694) | ||
Interest Rate Swap | Derivative Instrument Six | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 8,402 | |||
Gross Amounts of Recognized Liabilities | -719 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -719 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -719 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -719 | |||
Interest Rate Swap | Derivative Instrument Seven | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 14,550 | |||
Gross Amounts of Recognized Liabilities | -283 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -283 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -283 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -283 | |||
Interest Rate Swap | Derivative Instrument 1 | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 61,042 | 61,042 | ||
Gross Amounts of Recognized Liabilities | -1,748 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -1,748 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -1,748 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -1,748 | |||
Interest Rate Swap | Derivative Instrument 2 | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 8,746 | 8,746 | ||
Gross Amounts of Recognized Liabilities | -743 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -743 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -743 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -719 | -743 | ||
Interest Rate Swap | Derivative Instrument 3 | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 16,603 | [1] | 16,603 | [1] |
Gross Amounts of Recognized Liabilities | -233 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -233 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -233 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -233 | |||
Interest Rate Swap | Derivative Instrument 4 | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 15,450 | 15,450 | ||
Gross Amounts of Recognized Liabilities | -524 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -524 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -524 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | -283 | -524 | ||
Interest Rate Swap | Derivative Instrument 5 | Cash Flow Hedges | ||||
Derivative [Line Items] | ||||
Notional amount of Cash Flow Hedges | 24,811 | 24,811 | ||
Gross Amounts of Recognized Liabilities | -446 | |||
Gross Amounts Offset in the Balance Sheets | 0 | |||
Net Amounts of Liabilities Presented in the Balance Sheets | -446 | |||
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | -446 | |||
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |||
Net Amount | ($446) | |||
[1] | The Company swapped the interest rate on its $20.0 million loan denominated in Canadian dollars to a fixed interest rate of 6.4%. The notional amount was converted from Canadian dollars to U.S. dollars at an exchange rate of 0.94 Canadian dollars for $1.00 U.S. dollar on December 31, 2013. |
Summary_of_Gross_and_Net_Amoun1
Summary of Gross and Net Amounts of Derivative Financial Instruments (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative [Line Items] | |
Loan denominated in Canadian dollars | $20,000,000 |
Fixed interest rate | 6.40% |
U.S. exchange rate for Canadian dollars | 0.94 |
Foreign currency exchange rate conversion to dollars | $1 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Property | Property | |
Fair Value Measurements Disclosure [Line Items] | ||
Number of investment properties Held for Sale | 55 | 5 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Assets held for sale carried at fair value | $699,816 | $90,794 |
Liabilities: | ||
Derivative instruments | 1,002 | 3,694 |
Level 2 | ||
Liabilities: | ||
Derivative instruments | 1,002 | 3,694 |
Level 3 | ||
Assets: | ||
Assets held for sale carried at fair value | $699,816 | $90,794 |
Components_of_Deferred_Taxes_D
Components of Deferred Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Asset [Line Items] | ||
Net operating losses | $107,494 | $101,277 |
Book/tax differences in deferred income | 4,175 | 2,834 |
Book/tax differences in acquired assets | -53,428 | -53,412 |
Total deferred tax asset | 58,241 | 50,699 |
Valuation allowance | -58,241 | -50,699 |
Total deferred tax asset, net | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax [Line Items] | ||
Net operating loss carry-forwards | $265.70 | $253.90 |
Estimated_Net_Operating_Loss_C
Estimated Net Operating Loss Carry-Forwards (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | $265,700 | $253,900 |
2025 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 1,600 | |
2026 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 5,600 | |
2027 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 26,700 | |
2028 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 44,900 | |
2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 48,000 | |
2030 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 39,700 | |
2031 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 32,100 | |
2032 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 34,600 | |
2033 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | 20,700 | |
2034 | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards | $11,800 |
Related_Party_Arrangements_Add
Related Party Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Apr. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | |||
Deposits at bank | 15.2 | $8.60 | |
Monthly | |||
Related Party Transaction [Line Items] | |||
Asset management fee as a percentage of real estate asset value | 0.08% | ||
Annually | |||
Related Party Transaction [Line Items] | |||
Asset management fee as a percentage of real estate asset value | 0.90% | ||
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Commission paid on sale of property | $0.20 |
Adviser_and_Former_Adviser_Ear
Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Acquisition fees: | ||||||
Acquisition fees from offering proceeds | $319 | [1] | $1,286 | [1] | $1,785 | [1] |
Acquisition fees from debt proceeds | 1,521 | [2] | 3,273 | [2] | 5,235 | [2] |
Total | 1,840 | 4,559 | 7,020 | |||
Asset management fees | 29,863 | [3] | 34,683 | [3] | 35,725 | [3] |
Reimbursable expenses: | ||||||
Acquisition costs | 248 | [4] | 299 | [4] | 409 | [4] |
Operating expenses | 6,680 | [5] | 7,092 | [5] | 8,002 | [5] |
Total | 6,928 | 7,391 | 8,411 | |||
Total fees earned and reimbursable expenses | $38,631 | $46,633 | $51,156 | |||
[1] | Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company's common stock including proceeds from shares sold under its distribution reinvestment plan ("DRP"). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. | |||||
[2] | Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company's pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. | |||||
[3] | Amounts recorded as asset management fees to Advisor, include fees of $11.2 million, $11.6 million and $10.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. | |||||
[4] | Includes approximately $0.04 million, $0.1 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | |||||
[5] | Includes approximately $0.4 million, $0.6 million and $0.5 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. |
Adviser_and_Former_Adviser_Ear1
Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Related Party Transaction [Line Items] | ||||||
Acquisition fee as a percentage of offering proceeds | 3.00% | |||||
Acquisition fee as a percentage of loan proceeds | 3.00% | |||||
Asset management fees to advisor | $18,651 | $23,060 | $25,009 | |||
Acquisition costs | 248 | [1] | 299 | [1] | 409 | [1] |
Operating expenses | 6,680 | [2] | 7,092 | [2] | 8,002 | [2] |
Advisor | ||||||
Related Party Transaction [Line Items] | ||||||
Acquisition costs | 40 | 100 | 100 | |||
Operating expenses | 400 | 600 | 500 | |||
Assets Held-for-sale | ||||||
Related Party Transaction [Line Items] | ||||||
Asset management fees to advisor | $11,200 | $11,600 | $10,700 | |||
As percentage of average invested assets | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum reimbursement of expenses, percent | 2.00% | |||||
As percentage of net income | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum reimbursement of expenses, percent | 25.00% | |||||
[1] | Includes approximately $0.04 million, $0.1 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. | |||||
[2] | Includes approximately $0.4 million, $0.6 million and $0.5 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014, 2013 and 2012, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. |
Amounts_Due_to_Affiliates_for_
Amounts Due to Affiliates for Fees and Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $489 | $1,025 |
Operating expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 476 | 671 |
Acquisition fees and expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $13 | $354 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders Equity Note [Line Items] | |||
Minimum distribution as a percentage of REIT taxable income | 90.00% | 90.00% | 90.00% |
Declared and paid distributions | $137.90 | $135.50 | $163.70 |
Declared and paid distributions, per share | $0.43 | $0.43 | $0.53 |
Distributions paid, percentage taxable | 0.00% | 29.30% | 0.00% |
Return of capital ,percentage | 100.00% | 70.70% | 100.00% |
Reinvestment Plan | |||
Stockholders Equity Note [Line Items] | |||
Offering proceeds | $27.20 | $54.90 | $69 |
Shares subscribed, shares | 4,000 | 7,900 | 8,300 |
Schedule_of_Pending_Redemption
Schedule of Pending Redemption Request (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||
Requests in queue | 11,572 | 10,809 | 10,798 | 10,547 | 10,312 | 10,109 | 9,962 | 9,726 | 10,547 | 9,726 | ||||||||||
Redemptions requested | 1,355 | 864 | 778 | 696 | 685 | 825 | 716 | 2,997 | 2,922 | |||||||||||
Shares redeemed: | ||||||||||||||||||||
Prior period requests | -60 | -80 | -135 | -190 | -77 | -70 | -213 | -275 | -550 | |||||||||||
Current period requests | -439 | -369 | -300 | -223 | -329 | -351 | -192 | -1,108 | -1,095 | |||||||||||
Adjustments | -93 | [1] | -404 | [1] | -92 | [1] | -48 | [1] | -76 | [1] | -257 | [1] | -75 | [1] | -589 | [1] | -456 | [1] | ||
Pending redemption requests | 11,572 | [2] | 11,572 | [2] | 10,809 | [2] | 10,798 | [2] | 10,547 | [2] | 10,312 | [2] | 10,109 | [2] | 9,962 | [2] | 11,572 | [2] | 10,547 | [2] |
Average price paid per share | $6.81 | $6.85 | $6.85 | $7.26 | $7.29 | $7.30 | $7.31 | $6.84 | $7.29 | |||||||||||
[1] | This amount represents redemption request cancellations and other adjustments. | |||||||||||||||||||
[2] | Requests that are not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds are made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Schedule_of_Future_Obligations
Schedule of Future Obligations under Ground Leases and Land Permits (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Line Items] | |
2015 | $12,570 |
2016 | 12,570 |
2017 | 12,570 |
2018 | 12,570 |
2019 | 12,570 |
Thereafter | 168,948 |
Total | $231,798 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||||
Total revenues | $61,707 | $144,551 | $94,657 | $72,380 | $61,345 | $137,766 | [1] | $93,375 | $70,004 | $373,295 | $362,490 | $349,527 | |||||||||
Operating income (loss) | -52,308 | 43,389 | 726 | -2,185 | -14,157 | 36,200 | [1] | -43,004 | -4,999 | -10,378 | -25,960 | 11,668 | |||||||||
Equity in earnings (loss) of unconsolidated entities | 804 | 3,176 | -526 | 4,299 | 2,518 | 4,147 | [1] | 6,159 | -1,123 | 7,753 | 11,701 | 5,521 | |||||||||
Income (loss) from continuing operations | -63,571 | 30,086 | -15,071 | -11,882 | -24,998 | 84,846 | [1] | -50,864 | -20,406 | -60,438 | -11,422 | -37,059 | |||||||||
Discontinued operations | -30,338 | [2] | 537 | [2] | 6,566 | [2] | -8,471 | [2] | -227,331 | [2] | -6,553 | [1],[2] | -4,340 | [2] | -2,893 | [2] | -31,706 | [2] | -241,117 | [2] | -39,014 |
Net income (loss) | ($93,909) | $30,623 | ($8,505) | ($20,353) | ($252,329) | $78,293 | [1] | ($55,204) | ($23,299) | ($92,144) | ($252,539) | ($76,073) | |||||||||
Weighted average number of shares outstanding (basic and diluted) | 325,214 | 325,707 | 324,197 | 322,639 | 321,063 | 319,507 | [1] | 317,959 | 316,382 | 324,451 | 318,742 | ||||||||||
Earnings (loss) per share of common stock (basic and diluted) | ($0.29) | $0.09 | ($0.03) | ($0.06) | ($0.79) | $0.24 | [1] | ($0.17) | ($0.07) | ($0.28) | ($0.79) | ($0.24) | |||||||||
[1] | Includes impact from out of period adjustments as described in "Footnote 2 - Significant Accounting Policies". | ||||||||||||||||||||
[2] | The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. |
Consolidating_Balance_Sheet_De
Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Real estate investment properties, net | $1,136,451 | $2,068,973 | ||
Assets held for sale, net | 699,816 | 90,794 | ||
Cash | 136,985 | 71,574 | 73,224 | 162,839 |
Investments in unconsolidated entities | 127,102 | 132,324 | ||
Deferred rent and lease incentives | 47,649 | 57,378 | ||
Restricted cash | 39,097 | 51,335 | ||
Other assets | 36,639 | 52,310 | ||
Accounts and other receivables, net | 23,086 | 21,080 | ||
Mortgages and other notes receivable, net | 19,361 | 117,963 | ||
Intangibles, net | 18,026 | 36,922 | ||
Total Assets | 2,284,212 | 2,700,653 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 550,504 | 760,192 | ||
Senior notes, net of discount | 316,846 | 394,419 | ||
Line of credit | 152,500 | 50,000 | ||
Other liabilities | 60,478 | 76,816 | ||
Accounts payable and accrued expenses | 46,005 | 49,823 | ||
Due to affiliates | 489 | 1,025 | ||
Total Liabilities | 1,126,822 | 1,332,275 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share | ||||
Excess shares, $.01 par value per share | 0 | 0 | ||
Common stock, $.01 par value per share | 3,252 | 3,226 | ||
Capital in excess of par value | 2,863,839 | 2,846,265 | ||
Accumulated earnings (deficit) | -494,129 | -401,985 | ||
Accumulated distributions | -1,211,302 | -1,073,422 | ||
Accumulated other comprehensive loss | -4,270 | -5,706 | ||
Total Stockholders' Equity | 1,157,390 | 1,368,378 | 1,711,431 | 1,889,980 |
Total Liabilities and Stockholders' Equity | 2,284,212 | 2,700,653 | ||
Consolidating Adjustments | ||||
Assets | ||||
Investments in subsidiaries | -3,827,810 | -4,742,485 | ||
Mortgages and other notes receivable, net | -43,948 | -42,453 | ||
Total Assets | -3,871,758 | -4,784,938 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | -42,997 | -41,536 | ||
Accounts payable and accrued expenses | -950 | -917 | ||
Total Liabilities | -43,947 | -42,453 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share | ||||
Excess shares, $.01 par value per share | 0 | 0 | ||
Capital in excess of par value | -15,579,131 | -14,727,738 | ||
Accumulated earnings (deficit) | -43,258 | -68,630 | ||
Accumulated distributions | 11,790,308 | 10,048,177 | ||
Accumulated other comprehensive loss | 4,270 | 5,706 | ||
Total Stockholders' Equity | -3,827,811 | -4,742,485 | ||
Total Liabilities and Stockholders' Equity | -3,871,758 | -4,784,938 | ||
Issuer | ||||
Assets | ||||
Cash | 85,117 | 37,668 | 39,219 | 134,608 |
Investments in subsidiaries | 1,388,842 | 1,726,328 | ||
Restricted cash | 127 | 33 | ||
Other assets | 6,978 | 11,355 | ||
Total Assets | 1,481,064 | 1,775,384 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Senior notes, net of discount | 316,846 | 394,419 | ||
Accounts payable and accrued expenses | 6,339 | 11,584 | ||
Due to affiliates | 489 | 1,003 | ||
Total Liabilities | 323,674 | 407,006 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share | ||||
Excess shares, $.01 par value per share | 0 | 0 | ||
Common stock, $.01 par value per share | 3,252 | 3,226 | ||
Capital in excess of par value | 2,863,839 | 2,846,265 | ||
Accumulated earnings (deficit) | -494,129 | -401,985 | ||
Accumulated distributions | -1,211,302 | -1,073,422 | ||
Accumulated other comprehensive loss | -4,270 | -5,706 | ||
Total Stockholders' Equity | 1,157,390 | 1,368,378 | ||
Total Liabilities and Stockholders' Equity | 1,481,064 | 1,775,384 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Real estate investment properties, net | 459,981 | 846,914 | ||
Assets held for sale, net | 61,897 | 6,106 | ||
Cash | 24,412 | 15,671 | 14,125 | 11,268 |
Investments in unconsolidated entities | 127,102 | 132,324 | ||
Investments in subsidiaries | 1,132,409 | 1,150,443 | ||
Deferred rent and lease incentives | 28,595 | 29,839 | ||
Restricted cash | 24,553 | 26,595 | ||
Other assets | 14,572 | 15,829 | ||
Accounts and other receivables, net | 8,457 | 12,241 | ||
Mortgages and other notes receivable, net | 47,367 | 45,947 | ||
Intangibles, net | 3,976 | 18,094 | ||
Total Assets | 1,933,321 | 2,300,003 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 193,897 | 246,295 | ||
Line of credit | 152,500 | 50,000 | ||
Other liabilities | 14,919 | 33,447 | ||
Accounts payable and accrued expenses | 16,359 | 13,526 | ||
Due to affiliates | 8 | |||
Total Liabilities | 377,675 | 343,276 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share | ||||
Excess shares, $.01 par value per share | 0 | 0 | ||
Capital in excess of par value | 6,448,172 | 6,027,607 | ||
Accumulated earnings (deficit) | 60,047 | 58,777 | ||
Accumulated distributions | -4,952,573 | -4,129,657 | ||
Total Stockholders' Equity | 1,555,646 | 1,956,727 | ||
Total Liabilities and Stockholders' Equity | 1,933,321 | 2,300,003 | ||
Non-Guarantor Subsidiaries | ||||
Assets | ||||
Real estate investment properties, net | 676,470 | 1,222,059 | ||
Assets held for sale, net | 637,919 | 84,688 | ||
Cash | 27,456 | 18,235 | 19,880 | 16,963 |
Investments in subsidiaries | 1,306,559 | 1,865,714 | ||
Deferred rent and lease incentives | 19,054 | 27,539 | ||
Restricted cash | 14,417 | 24,707 | ||
Other assets | 15,089 | 25,126 | ||
Accounts and other receivables, net | 14,629 | 8,839 | ||
Mortgages and other notes receivable, net | 15,942 | 114,469 | ||
Intangibles, net | 14,050 | 18,828 | ||
Total Assets | 2,741,585 | 3,410,204 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 399,604 | 555,433 | ||
Other liabilities | 45,559 | 43,369 | ||
Accounts payable and accrued expenses | 24,257 | 25,630 | ||
Due to affiliates | 14 | |||
Total Liabilities | 469,420 | 624,446 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value per share | ||||
Excess shares, $.01 par value per share | 0 | 0 | ||
Capital in excess of par value | 9,130,959 | 8,700,131 | ||
Accumulated earnings (deficit) | -16,789 | 9,853 | ||
Accumulated distributions | -6,837,735 | -5,918,520 | ||
Accumulated other comprehensive loss | -4,270 | -5,706 | ||
Total Stockholders' Equity | 2,272,165 | 2,785,758 | ||
Total Liabilities and Stockholders' Equity | $2,741,585 | $3,410,204 |
Consolidating_Statement_of_Ope
Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Revenues: | ||||||||||||||||||||||
Rental income from operating leases | $128,023 | $115,414 | $108,462 | |||||||||||||||||||
Property operating revenues | 236,860 | 233,956 | 228,068 | |||||||||||||||||||
Interest income on mortgages and other notes receivable | 8,412 | 13,120 | 12,997 | |||||||||||||||||||
Total revenues | 61,707 | 144,551 | 94,657 | 72,380 | 61,345 | 137,766 | [1] | 93,375 | 70,004 | 373,295 | 362,490 | 349,527 | ||||||||||
Expenses: | ||||||||||||||||||||||
Property operating expenses | 190,165 | 187,581 | 185,538 | |||||||||||||||||||
Asset management fees to advisor | 18,651 | 23,060 | 25,009 | |||||||||||||||||||
General and administrative | 17,136 | 17,233 | 17,678 | |||||||||||||||||||
Ground lease and permit fees | 10,162 | 9,838 | 8,938 | |||||||||||||||||||
Acquisition fees and costs | 664 | 2,467 | 3,224 | |||||||||||||||||||
Other operating expenses | 2,200 | 5,328 | 4,471 | 6,496 | ||||||||||||||||||
Bad debt expense (recovery) | 291 | 54 | 228 | |||||||||||||||||||
Impairment provision | 30,428 | 50,033 | 10 | |||||||||||||||||||
(Gain) loss on lease terminations | 8,914 | -3,850 | 1,560 | |||||||||||||||||||
Loan loss provision | 3,270 | 3,104 | 1,699 | |||||||||||||||||||
Loan loss provision | 3,270 | 3,104 | 1,699 | |||||||||||||||||||
Depreciation and amortization | 98,664 | 94,459 | 87,479 | |||||||||||||||||||
Total expenses | 383,673 | 388,450 | 337,859 | |||||||||||||||||||
Operating income (loss) | -52,308 | 43,389 | 726 | -2,185 | -14,157 | 36,200 | [1] | -43,004 | -4,999 | -10,378 | -25,960 | 11,668 | ||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest and other income (expense) | 838 | 559 | 850 | |||||||||||||||||||
Interest expense and loan cost amortization | -57,260 | -55,769 | -55,094 | |||||||||||||||||||
Bargain purchase gain | 2,653 | |||||||||||||||||||||
Loss on extinguishment of debt | -1,391 | -4 | ||||||||||||||||||||
Gain from sale of unconsolidated entities | 55,394 | |||||||||||||||||||||
Equity in earnings of unconsolidated entities | 804 | 3,176 | -526 | 4,299 | 2,518 | 4,147 | [1] | 6,159 | -1,123 | 7,753 | 11,701 | 5,521 | ||||||||||
Total other income (expense) | -50,060 | 14,538 | -48,727 | |||||||||||||||||||
Income (loss) from continuing operations | -63,571 | 30,086 | -15,071 | -11,882 | -24,998 | 84,846 | [1] | -50,864 | -20,406 | -60,438 | -11,422 | -37,059 | ||||||||||
Income (loss) from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | -30,338 | [2] | 537 | [2] | 6,566 | [2] | -8,471 | [2] | -227,331 | [2] | -6,553 | [1],[2] | -4,340 | [2] | -2,893 | [2] | -31,706 | [2] | -241,117 | [2] | -39,014 | |
Net income (loss) | -93,909 | 30,623 | -8,505 | -20,353 | -252,329 | 78,293 | [1] | -55,204 | -23,299 | -92,144 | -252,539 | -76,073 | ||||||||||
Consolidating Adjustments | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Interest income on mortgages and other notes receivable | -4,494 | -4,203 | -9,733 | |||||||||||||||||||
Total revenues | -4,494 | -4,203 | -9,733 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Operating income (loss) | -4,494 | -4,203 | -9,733 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest expense and loan cost amortization | 4,494 | 4,203 | 9,733 | |||||||||||||||||||
Equity in earnings, intercompany | 25,372 | 583,290 | -48,051 | |||||||||||||||||||
Total other income (expense) | 29,866 | 587,493 | -38,318 | |||||||||||||||||||
Income (loss) from continuing operations | 25,372 | 583,290 | -48,051 | |||||||||||||||||||
Net income (loss) | 25,372 | 583,290 | -48,051 | |||||||||||||||||||
Issuer | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Asset management fees to advisor | 18,651 | 23,060 | 25,009 | |||||||||||||||||||
General and administrative | 15,217 | 15,359 | 15,672 | |||||||||||||||||||
Acquisition fees and costs | 660 | 3,141 | 4,450 | |||||||||||||||||||
Other operating expenses | 713 | 947 | 424 | |||||||||||||||||||
Total expenses | 35,241 | 42,507 | 45,555 | |||||||||||||||||||
Operating income (loss) | -35,241 | -42,507 | -45,555 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest and other income (expense) | 20 | 211 | 104 | |||||||||||||||||||
Interest expense and loan cost amortization | -30,380 | -31,727 | -31,607 | |||||||||||||||||||
Loss on extinguishment of debt | -4,685 | |||||||||||||||||||||
Equity in earnings, intercompany | -21,858 | -178,516 | 985 | |||||||||||||||||||
Total other income (expense) | -56,903 | -210,032 | -30,518 | |||||||||||||||||||
Income (loss) from continuing operations | -92,144 | -252,539 | -76,073 | |||||||||||||||||||
Net income (loss) | -92,144 | -252,539 | -76,073 | |||||||||||||||||||
Guarantor Subsidiaries | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Rental income from operating leases | 57,021 | 54,737 | 52,517 | |||||||||||||||||||
Property operating revenues | 70,670 | 65,074 | 62,712 | |||||||||||||||||||
Interest income on mortgages and other notes receivable | 4,833 | 4,497 | 10,031 | |||||||||||||||||||
Total revenues | 132,524 | 124,308 | 125,260 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Property operating expenses | 53,050 | 51,856 | 52,453 | |||||||||||||||||||
General and administrative | 428 | 647 | -376 | |||||||||||||||||||
Ground lease and permit fees | 6,530 | 6,453 | 5,792 | |||||||||||||||||||
Other operating expenses | 1,855 | 279 | 3,431 | |||||||||||||||||||
Bad debt expense (recovery) | 34 | 29 | 80 | |||||||||||||||||||
Impairment provision | 5,005 | 50,033 | 10 | |||||||||||||||||||
(Gain) loss on lease terminations | -4,517 | 1,634 | ||||||||||||||||||||
Depreciation and amortization | 35,916 | 35,389 | 33,593 | |||||||||||||||||||
Total expenses | 102,818 | 140,169 | 96,617 | |||||||||||||||||||
Operating income (loss) | 29,706 | -15,861 | 28,643 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest and other income (expense) | -101 | 398 | 768 | |||||||||||||||||||
Interest expense and loan cost amortization | -17,812 | -14,235 | -13,744 | |||||||||||||||||||
Gain from sale of unconsolidated entities | 55,394 | |||||||||||||||||||||
Equity in earnings of unconsolidated entities | 7,753 | 11,701 | 5,521 | |||||||||||||||||||
Equity in earnings, intercompany | -6,609 | -93,522 | 22,372 | |||||||||||||||||||
Total other income (expense) | -16,769 | -40,264 | 14,917 | |||||||||||||||||||
Income (loss) from continuing operations | 12,937 | -56,125 | 43,560 | |||||||||||||||||||
Income (loss) from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | -11,668 | -198,133 | -23,166 | |||||||||||||||||||
Net income (loss) | 1,269 | -254,258 | 20,394 | |||||||||||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Rental income from operating leases | 71,002 | 60,677 | 55,945 | |||||||||||||||||||
Property operating revenues | 166,190 | 168,882 | 165,356 | |||||||||||||||||||
Interest income on mortgages and other notes receivable | 8,073 | 12,826 | 12,699 | |||||||||||||||||||
Total revenues | 245,265 | 242,385 | 234,000 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||
Property operating expenses | 137,115 | 135,725 | 133,085 | |||||||||||||||||||
General and administrative | 1,491 | 1,227 | 2,382 | |||||||||||||||||||
Ground lease and permit fees | 3,632 | 3,385 | 3,146 | |||||||||||||||||||
Acquisition fees and costs | 4 | -674 | -1,226 | |||||||||||||||||||
Other operating expenses | 2,760 | 3,245 | 2,641 | |||||||||||||||||||
Bad debt expense (recovery) | 257 | 25 | 148 | |||||||||||||||||||
Impairment provision | 25,423 | |||||||||||||||||||||
(Gain) loss on lease terminations | 8,914 | 667 | -74 | |||||||||||||||||||
Loan loss provision | 3,104 | |||||||||||||||||||||
Loan loss provision | 3,270 | 1,699 | ||||||||||||||||||||
Depreciation and amortization | 62,748 | 59,070 | 53,886 | |||||||||||||||||||
Total expenses | 245,614 | 205,774 | 195,687 | |||||||||||||||||||
Operating income (loss) | -349 | 36,611 | 38,313 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest and other income (expense) | 919 | -50 | -22 | |||||||||||||||||||
Interest expense and loan cost amortization | -13,562 | -14,010 | -19,476 | |||||||||||||||||||
Bargain purchase gain | 2,653 | |||||||||||||||||||||
Loss on extinguishment of debt | 3,294 | -4 | ||||||||||||||||||||
Equity in earnings, intercompany | 3,095 | -311,252 | 24,694 | |||||||||||||||||||
Total other income (expense) | -6,254 | -322,659 | 5,192 | |||||||||||||||||||
Income (loss) from continuing operations | -6,603 | -286,048 | 43,505 | |||||||||||||||||||
Income (loss) from discontinued operations (includes $1,655 amortization of loss on termination of cash flow hedges relating to a non-guarantor subsidiary) | -20,038 | -42,984 | -15,848 | |||||||||||||||||||
Net income (loss) | ($26,641) | ($329,032) | $27,657 | |||||||||||||||||||
[1] | Includes impact from out of period adjustments as described in "Footnote 2 - Significant Accounting Policies". | |||||||||||||||||||||
[2] | The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. |
Consolidating_Statement_of_Ope1
Consolidating Statement of Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Loss on termination of cash flow hedge | $460 | ||
Termination of cash flow hedges | 3,027 | 1,655 | 1,655 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Loss on termination of cash flow hedge | 460 | ||
Termination of cash flow hedges | $3,027 | $1,655 | $1,655 |
Consolidating_Statement_of_Com
Consolidating Statement of Comprehensive Income (loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | ($93,909) | $30,623 | ($8,505) | ($20,353) | ($252,329) | $78,293 | [1] | ($55,204) | ($23,299) | ($92,144) | ($252,539) | ($76,073) |
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | -2,933 | -1,563 | 531 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | 1,655 | 1,655 | |||||||||
Unrealized loss arising during the period | 883 | 1,863 | -395 | |||||||||
Total other comprehensive income | 1,436 | 1,955 | 1,791 | |||||||||
Comprehensive income (loss) | -90,708 | -250,584 | -74,282 | |||||||||
Consolidating Adjustments | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | 25,372 | 583,290 | -48,051 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | 2,933 | 1,563 | -531 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Amortization of loss on termination of cash flow hedges | -3,486 | -1,655 | -1,655 | |||||||||
Unrealized loss arising during the period | -883 | -1,863 | 395 | |||||||||
Total other comprehensive income | -1,436 | -1,955 | -1,791 | |||||||||
Comprehensive income (loss) | 23,936 | 581,335 | -49,842 | |||||||||
Issuer | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | -92,144 | -252,539 | -76,073 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | -2,933 | -1,563 | 531 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | 1,655 | 1,655 | |||||||||
Unrealized loss arising during the period | 883 | 1,863 | -395 | |||||||||
Total other comprehensive income | 1,436 | 1,955 | 1,791 | |||||||||
Comprehensive income (loss) | -90,708 | -250,584 | -74,282 | |||||||||
Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | 1,269 | -254,258 | 20,394 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Comprehensive income (loss) | 1,269 | -254,258 | 20,394 | |||||||||
Non-Guarantor Subsidiaries | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) | -26,641 | -329,032 | 27,657 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation adjustments | -2,933 | -1,563 | 531 | |||||||||
Changes in fair value of cash flow hedges: | ||||||||||||
Amortization of loss on termination of cash flow hedges | 3,486 | 1,655 | 1,655 | |||||||||
Unrealized loss arising during the period | 883 | 1,863 | -395 | |||||||||
Total other comprehensive income | 1,436 | 1,955 | 1,791 | |||||||||
Comprehensive income (loss) | ($25,205) | ($327,077) | $29,448 | |||||||||
[1] | Includes impact from out of period adjustments as described in "Footnote 2 - Significant Accounting Policies". |
Consolidating_Statement_of_Cas
Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net cash provided by (used in) operating activities | $126,934 | $135,480 | $87,893 |
Investing activities: | |||
Acquisition of properties | -128,390 | -244,859 | -190,150 |
Capital expenditures | -79,115 | -70,156 | -69,675 |
Proceeds from insurance | 10,187 | ||
Investments in and contributions to unconsolidated entities | -3,776 | ||
Proceeds from sale unconsolidated entities | 195,446 | ||
Proceeds from short-term investment | 1,169 | ||
Distributions from unconsolidated entities | 3,445 | ||
Proceeds from release of collateral on loan payable | 11,167 | -11,167 | |
Payment of collateral on loan payable | -11,167 | ||
Issuance of mortgage loans receivable | -83 | -869 | |
Principal payments received on mortgage loans receivable | 83,468 | 4,282 | 4,790 |
Proceeds from sale of properties | 384,293 | 12,401 | 1,500 |
Changes in restricted cash | 1,394 | -10,357 | -5,632 |
Other | 980 | -854 | -799 |
Net cash provided by (used in) investing activities | 273,986 | -102,930 | -271,464 |
Financing activities: | |||
Redemptions of common stock | -9,609 | -11,955 | -9,590 |
Distributions to stockholders, net of distribution reinvestments | -110,671 | -80,514 | -94,677 |
Borrowings under line of credit | 232,500 | 100,000 | 170,000 |
Payment of entrance fee | -1,845 | ||
Proceeds from mortgage loans and other notes payable | 57,790 | 131,298 | 152,300 |
Principal payments on line of credit | -130,000 | -145,000 | -75,000 |
Principal payments on mortgage loans | -365,224 | -18,800 | -34,666 |
Principal payments on capital leases | -4,863 | -4,152 | -4,107 |
Payment of loan costs | -3,536 | -5,017 | -10,305 |
Net cash (used in) provided by financing activities | -335,458 | -34,140 | 93,955 |
Effect of exchange rate fluctuation on cash | -51 | -60 | 1 |
Net increase (decrease) in cash | 65,411 | -1,650 | -89,615 |
Cash at beginning of period | 71,574 | 73,224 | 162,839 |
Cash at end of period | 136,985 | 71,574 | 73,224 |
Cash Flows from Investing Activities | |||
Investing activities: | |||
Other | -771 | 70 | |
Issuer | |||
Operating activities: | |||
Net cash provided by (used in) operating activities | -71,856 | -78,930 | -84,363 |
Investing activities: | |||
Changes in restricted cash | -94 | 13 | 46 |
Other | 614 | ||
Intercompany financing | 317,365 | 169,835 | 93,222 |
Net cash provided by (used in) investing activities | 317,885 | 169,848 | 93,268 |
Financing activities: | |||
Redemptions of common stock | -9,609 | -11,955 | -9,590 |
Distributions to stockholders, net of distribution reinvestments | -110,671 | -80,514 | -94,677 |
Principal payments on mortgage loans | -78,300 | ||
Payment of loan costs | -27 | ||
Net cash (used in) provided by financing activities | -198,580 | -92,469 | -104,294 |
Net increase (decrease) in cash | 47,449 | -1,551 | -95,389 |
Cash at beginning of period | 37,668 | 39,219 | 134,608 |
Cash at end of period | 85,117 | 37,668 | 39,219 |
Guarantor Subsidiaries | |||
Operating activities: | |||
Net cash provided by (used in) operating activities | 79,586 | 108,523 | 90,996 |
Investing activities: | |||
Capital expenditures | -36,538 | -27,462 | -25,427 |
Proceeds from insurance | 7,462 | ||
Investments in and contributions to unconsolidated entities | -3,776 | ||
Proceeds from sale unconsolidated entities | 195,446 | ||
Distributions from unconsolidated entities | 3,445 | ||
Principal payments received on mortgage loans receivable | -83 | ||
Proceeds from sale of properties | 305,138 | 12,726 | 1,500 |
Changes in restricted cash | -3,538 | -6,196 | -2,892 |
Other | 143 | ||
Net cash provided by (used in) investing activities | 272,667 | 174,454 | -27,087 |
Financing activities: | |||
Borrowings under line of credit | 232,500 | 100,000 | 170,000 |
Proceeds from mortgage loans and other notes payable | 40,000 | 45,000 | |
Principal payments on line of credit | -130,000 | -145,000 | -75,000 |
Principal payments on mortgage loans | -91,563 | -8,263 | -7,830 |
Principal payments on capital leases | -3,102 | -2,372 | -1,483 |
Payment of loan costs | -2,084 | -307 | -4,341 |
Intercompany financing | -389,263 | -225,489 | -187,398 |
Net cash (used in) provided by financing activities | -343,512 | -281,431 | -61,052 |
Net increase (decrease) in cash | 8,741 | 1,546 | 2,857 |
Cash at beginning of period | 15,671 | 14,125 | 11,268 |
Cash at end of period | 24,412 | 15,671 | 14,125 |
Guarantor Subsidiaries | Cash Flows from Investing Activities | |||
Investing activities: | |||
Other | 23 | 63 | |
Non-Guarantor Subsidiaries | |||
Operating activities: | |||
Net cash provided by (used in) operating activities | 119,204 | 105,887 | 81,260 |
Investing activities: | |||
Acquisition of properties | -128,390 | -244,859 | -190,150 |
Capital expenditures | -42,577 | -42,694 | -44,248 |
Proceeds from insurance | 2,725 | ||
Proceeds from short-term investment | 1,169 | ||
Proceeds from release of collateral on loan payable | 11,167 | ||
Payment of collateral on loan payable | -11,167 | ||
Issuance of mortgage loans receivable | -83 | -869 | |
Principal payments received on mortgage loans receivable | 83,468 | 4,365 | 4,790 |
Proceeds from sale of properties | 79,155 | -325 | |
Changes in restricted cash | 5,026 | -4,174 | -2,786 |
Other | 223 | ||
Net cash provided by (used in) investing activities | 799 | -277,397 | -244,423 |
Financing activities: | |||
Payment of entrance fee | -1,845 | ||
Proceeds from mortgage loans and other notes payable | 17,790 | 131,298 | 107,300 |
Principal payments on mortgage loans | -195,361 | -10,537 | -26,836 |
Principal payments on capital leases | -1,761 | -1,780 | -2,624 |
Payment of loan costs | -1,452 | -4,710 | -5,937 |
Intercompany financing | 71,898 | 55,654 | 94,176 |
Net cash (used in) provided by financing activities | -110,731 | 169,925 | 166,079 |
Effect of exchange rate fluctuation on cash | -51 | -60 | 1 |
Net increase (decrease) in cash | 9,221 | -1,645 | 2,917 |
Cash at beginning of period | 18,235 | 19,880 | 16,963 |
Cash at end of period | 27,456 | 18,235 | 19,880 |
Non-Guarantor Subsidiaries | Cash Flows from Investing Activities | |||
Investing activities: | |||
Other | -794 | 7 | |
Consolidating Adjustments | |||
Investing activities: | |||
Intercompany financing | -317,365 | -169,835 | -93,222 |
Net cash provided by (used in) investing activities | -317,365 | -169,835 | -93,222 |
Financing activities: | |||
Intercompany financing | 317,365 | 169,835 | 93,222 |
Net cash (used in) provided by financing activities | $317,365 | $169,835 | $93,222 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | |||||||
Mar. 09, 2015 | Mar. 06, 2015 | Mar. 25, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2015 | |||
DMC Partnership | ||||||||
Subsequent Event [Line Items] | ||||||||
Company's ownership percentage | 81.98% | [1] | 81.98% | [1] | ||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of properties | $140,000,000 | |||||||
Quarterly distributions | $0.05 | |||||||
Quarterly distributions, record date | 9-Mar-15 | |||||||
2014 Net Asset Value | 5.2 | |||||||
Subsequent Event | Land and land improvements | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of properties | 5,500,000 | |||||||
Subsequent Event | DMC Partnership | ||||||||
Subsequent Event [Line Items] | ||||||||
Company's ownership to be sold | $140,000,000 | |||||||
Company's ownership percentage | 81.98% | |||||||
[1] | As of December 31, 2014 and 2013, the Company's share of partners' capital determined under HLBV was approximately $119.6 million and $124.9 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $7.5 million and $7.4 million, respectively. |
Recovered_Sheet2
Schedule II-Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $55,502 | $50,157 | $40,830 |
Charged to Costs and Expenses | 3,270 | 3,104 | 1,699 |
Charged to Other Accounts | 7,257 | 2,241 | 7,628 |
Deemed Uncollectible | -6,224 | ||
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | 59,805 | 55,502 | 50,157 |
Deferred tax asset valuation allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 50,699 | 48,458 | 40,830 |
Charged to Other Accounts | 7,542 | 2,241 | 7,628 |
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | 58,241 | 50,699 | 48,458 |
Allowance for loan losses | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 4,803 | 1,699 | |
Charged to Costs and Expenses | 3,270 | 3,104 | 1,699 |
Charged to Other Accounts | -285 | ||
Deemed Uncollectible | -6,224 | ||
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | $1,564 | $4,803 | $1,699 |
Recovered_Sheet3
Schedule III-Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Total | $1,138,108 | $2,142,067 | $2,216,709 | $2,044,936 | |
Accumulated Depreciation | 279,541 | 415,216 | 355,891 | -282,937 | |
Life on which depreciation in latest income statements is computed | 39 years | ||||
Subtotal | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 499,244 | ||||
Improvements | 144,435 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 550,776 | [1] | |||
Total | 1,138,108 | [1] | |||
Accumulated Depreciation | -279,541 | ||||
Summit At Snowqualmie Resort Snoqualmie Pass Washington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 20,122 | ||||
Improvements | 5,108 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 22,861 | [1] | |||
Total | 34,824 | [1] | |||
Accumulated Depreciation | -11,129 | ||||
Date of Construction | 1945 | ||||
Date Acquired | 19-Jan-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
White Water Bay Oklahoma City, Oklahoma | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 10,720 | ||||
Improvements | 603 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 10,729 | [1] | |||
Total | 16,784 | [1] | |||
Accumulated Depreciation | -3,742 | ||||
Date of Construction | 1981 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Splashtown Houston, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 10,817 | ||||
Improvements | 8,481 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 15,825 | [1] | |||
Total | 20,907 | [1] | |||
Accumulated Depreciation | -1,683 | ||||
Date of Construction | 1981 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Waterworld Concord California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 1,733 | ||||
Improvements | 417 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 1,956 | [1] | |||
Total | 10,719 | [1] | |||
Accumulated Depreciation | -4,249 | ||||
Date of Construction | 1995 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | |||||
Elitch Gardens Denver, Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 93,796 | ||||
Improvements | 1,480 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 94,786 | [1] | |||
Total | 102,756 | [1] | |||
Accumulated Depreciation | -8,462 | ||||
Date of Construction | 1890 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Darien Lake Buffalo, New York | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 60,993 | ||||
Improvements | 5,512 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 66,597 | [1] | |||
Total | 88,472 | [1] | |||
Accumulated Depreciation | -32,112 | ||||
Date of Construction | 1955 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | |||||
Frontier City Oklahoma City, Oklahoma | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 7,265 | ||||
Improvements | 1,545 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 8,104 | [1] | |||
Total | 16,328 | [1] | |||
Accumulated Depreciation | -4,101 | ||||
Date of Construction | 1958 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Wild Waves And Enchanted Village Seattle, Washington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 19,200 | ||||
Improvements | 4,516 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 23,418 | [1] | |||
Total | 26,553 | [1] | |||
Accumulated Depreciation | -10,693 | ||||
Date of Construction | 1977 | ||||
Date Acquired | 6-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Magic Springs And Crystal Falls Hot Springs, Arkansas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 4,237 | ||||
Improvements | 4,706 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 8,670 | [1] | |||
Total | 19,360 | [1] | |||
Accumulated Depreciation | -3,837 | ||||
Date of Construction | 1977 | ||||
Date Acquired | 16-Apr-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Mountain High Resort Wrightwood, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 14,272 | ||||
Improvements | 768 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 14,518 | [1] | |||
Total | 36,633 | [1] | |||
Accumulated Depreciation | -11,581 | ||||
Date of Construction | In 1930's | ||||
Date Acquired | 29-Jun-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Sugarloaf Mountain Resort Carrabassett Valley, Maine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 15,408 | ||||
Improvements | 3,407 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 14,619 | [1] | |||
Total | 24,473 | [1] | |||
Accumulated Depreciation | -6,885 | ||||
Date of Construction | 1962 | ||||
Date Acquired | 7-Aug-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Sunday River Resort Newry, Maine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 32,698 | ||||
Improvements | 5,391 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 36,632 | [1] | |||
Total | 50,345 | [1] | |||
Accumulated Depreciation | -12,262 | ||||
Date of Construction | 1959 | ||||
Date Acquired | 7-Aug-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
The Northstar Commercial Village Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 2,354 | ||||
Improvements | 4,178 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 2,759 | [1] | |||
Total | 40,464 | [1] | |||
Accumulated Depreciation | -10,537 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 15-Nov-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Coco Key Water Resort Orlando, Florida | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 8,131 | ||||
Improvements | 9,582 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 6,207 | [1] | |||
Total | 18,489 | [1] | |||
Accumulated Depreciation | -7,795 | ||||
Date of Construction | 1970's | ||||
Date Acquired | 28-May-08 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Myrtle Waves Myrtle Beach South Carolina | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 0 | ||||
Total | 5,875 | [1] | |||
Accumulated Depreciation | -217 | ||||
Date of Construction | 1985 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Mount Sunapee Mountain Resort Newbury, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Improvements | 451 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 100 | [1] | |||
Total | 12,431 | [1] | |||
Accumulated Depreciation | -3,502 | ||||
Date of Construction | 1960 | ||||
Date Acquired | 5-Dec-08 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Okemo Mountain Resort Ludlow, Vermont | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 17,566 | ||||
Improvements | 1,255 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 18,256 | [1] | |||
Total | 60,591 | [1] | |||
Accumulated Depreciation | -11,390 | ||||
Date of Construction | 1963 | ||||
Date Acquired | 5-Dec-08 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Crested Butte Mountain Resort Mt Crested Butte, Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 1,305 | ||||
Improvements | 1,968 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 1,314 | [1] | |||
Total | 33,304 | [1] | |||
Accumulated Depreciation | -8,785 | ||||
Date of Construction | 1960 | ||||
Date Acquired | 5-Dec-08 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Jiminy Peak Mountain Resort Hancock, Massachusetts | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 7,802 | ||||
Improvements | 553 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 8,088 | [1] | |||
Total | 16,519 | [1] | |||
Accumulated Depreciation | -3,529 | ||||
Date of Construction | 1948 | ||||
Date Acquired | 27-Jan-09 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Hawaiian Waters Kapolei, Hawaii | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Improvements | 497 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 190 | [1] | |||
Total | 17,354 | [1] | |||
Accumulated Depreciation | -2,768 | ||||
Date of Construction | 1998 | ||||
Date Acquired | 6-May-09 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Great Wolf Lodge Wisconsin Dells Wisconsin Dells, Wisconsin | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 3,433 | ||||
Improvements | 550 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 2,110 | [1] | |||
Total | 21,619 | [1] | |||
Accumulated Depreciation | -8,664 | ||||
Date of Construction | 1997 | ||||
Date Acquired | 6-Aug-09 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Great Wolf Lodge Sandusky Sandusky, Ohio | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 2,772 | ||||
Improvements | 658 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 2,466 | [1] | |||
Total | 33,487 | [1] | |||
Accumulated Depreciation | -9,978 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 6-Aug-09 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Granby Development Lands Granby Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Carrying Costs | 5,235 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 5,235 | [1] | |||
Total | 5,235 | [1] | |||
Date Acquired | 29-Oct-09 | ||||
Life on which depreciation in latest income statements is computed | |||||
Pacific Park Santa Monica, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | [2] | |||
Improvements | 635 | ||||
Carrying Costs | 0 | ||||
Total | 27,256 | [1] | |||
Accumulated Depreciation | -3,564 | ||||
Date of Construction | 1996 | ||||
Date Acquired | 29-Dec-10 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Stevens Pass Skykomish, King And Chelan County, WA | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 62 | ||||
Improvements | 1,634 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 906 | [1] | |||
Total | 20,060 | [1] | |||
Accumulated Depreciation | -2,398 | ||||
Date of Construction | 1945-2000 | ||||
Date Acquired | 17-Nov-11 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Rapids Waterpark West Palm Beach, Florida | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 11,041 | ||||
Improvements | 6,389 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 17,071 | [1] | |||
Total | 26,474 | [1] | |||
Accumulated Depreciation | -2,009 | ||||
Date of Construction | 1979 and 2007 | ||||
Date Acquired | 29-Jun-12 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Soak City Palm Springs, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Carrying Costs | 12,516 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 12,516 | [1] | |||
Total | 15,775 | [1] | |||
Accumulated Depreciation | -924 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 12-Aug-13 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Phoenix Wet n Wild Waterpark Phoenix, Arizona | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumberances | 0 | ||||
Improvements | 287 | ||||
Carrying Costs | 0 | ||||
Total | 13,750 | [1] | |||
Accumulated Depreciation | -778 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 26-Nov-13 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Gatlinburg Sky Lift Gatlinburg, Tennessee | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Improvements | 32 | ||||
Carrying Costs | 0 | ||||
Total | 19,361 | [1] | |||
Accumulated Depreciation | -3,655 | ||||
Date of Construction | 1953 | ||||
Date Acquired | 22-Dec-05 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Hawaiian Falls Waterparks Garland And The Colony, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 3,123 | ||||
Improvements | 2,082 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 5,016 | [1] | |||
Total | 9,626 | [1] | |||
Accumulated Depreciation | -3,925 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 21-Apr-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Cypress Mountain Vancouver, British Columbia | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 161 | ||||
Improvements | 9,427 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 1,180 | [1] | |||
Total | 29,324 | [1] | |||
Accumulated Depreciation | -8,571 | ||||
Date of Construction | 1975 | ||||
Date Acquired | 30-May-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
The Omni Mount Washington Resort and Bretton Woods Ski Area Bretton Woods, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 21,216 | ||||
Improvements | 37,488 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 24,004 | [1] | |||
Total | 86,828 | [1] | |||
Accumulated Depreciation | -22,009 | ||||
Date of Construction | 1902 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Funtasticks Fun Center Tucson, Arizona | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 3,038 | ||||
Improvements | 44 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 3,057 | [1] | |||
Total | 4,495 | [1] | |||
Accumulated Depreciation | -1,203 | ||||
Date of Construction | 1993 | ||||
Date Acquired | 6-Oct-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Camelot Park Bakersfield, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 179 | ||||
Improvements | 5 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 182 | [1] | |||
Total | 254 | [1] | |||
Accumulated Depreciation | -251 | ||||
Date of Construction | 1994 | ||||
Date Acquired | 6-Oct-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Zuma Fun Center Charlotte, North Carolina | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 3,646 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 3,646 | [1] | |||
Total | 4,718 | [1] | |||
Accumulated Depreciation | -1,141 | ||||
Date of Construction | 1991 | ||||
Date Acquired | 6-Oct-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Mountasia Family Fun Center North Richland Hills, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 1,152 | ||||
Improvements | 41 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 1,193 | [1] | |||
Total | 1,828 | [1] | |||
Accumulated Depreciation | -395 | ||||
Date of Construction | 1994 | ||||
Date Acquired | 6-Oct-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Zuma Fun Center South Houston, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 1,551 | ||||
Improvements | 78 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 1,610 | [1] | |||
Total | 2,187 | [1] | |||
Accumulated Depreciation | -603 | ||||
Date of Construction | 1990 | ||||
Date Acquired | 6-Oct-06 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Brighton Ski Resort Brighton, Utah | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 11,809 | ||||
Improvements | 3,030 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 12,850 | [1] | |||
Total | 28,195 | [1] | |||
Accumulated Depreciation | -8,698 | ||||
Date of Construction | 1949 | ||||
Date Acquired | 8-Jan-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Northstar At Tahoe Resort Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 60,790 | ||||
Improvements | 11,108 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 64,612 | [1] | |||
Total | 80,432 | [1] | |||
Accumulated Depreciation | -21,519 | ||||
Date of Construction | 1972 | ||||
Date Acquired | 19-Jan-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Sierra At Tahoe Resort South Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 19,875 | ||||
Improvements | 3,174 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 22,329 | [1] | |||
Total | 32,423 | [1] | |||
Accumulated Depreciation | -12,638 | ||||
Date of Construction | 1968 | ||||
Date Acquired | 19-Jan-07 | ||||
Life on which depreciation in latest income statements is computed | [3] | ||||
Loon Mountain Resort Lincoln, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Carrying Costs | 9,226 | ||||
Improvements | 7,355 | ||||
Carrying Costs | 0 | ||||
Land & Land Improvements | 15,164 | [1] | |||
Total | 21,600 | [1] | |||
Accumulated Depreciation | -7,359 | ||||
Date of Construction | 1966 | ||||
Date Acquired | 19-Jan-07 | ||||
Leaseholds and Leasehold Improvements | Subtotal | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 178,600 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 180,551 | [1] | |||
Leaseholds and Leasehold Improvements | Summit At Snowqualmie Resort Snoqualmie Pass Washington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 792 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 792 | [1] | |||
Leaseholds and Leasehold Improvements | Waterworld Concord California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 7,841 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 7,841 | [1] | |||
Leaseholds and Leasehold Improvements | Magic Springs And Crystal Falls Hot Springs, Arkansas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8 | ||||
Leaseholds and Leasehold Improvements | Mountain High Resort Wrightwood, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 14,022 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 14,061 | [1] | |||
Leaseholds and Leasehold Improvements | Sugarloaf Mountain Resort Carrabassett Valley, Maine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 2,000 | [1] | |||
Leaseholds and Leasehold Improvements | Mount Sunapee Mountain Resort Newbury, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 6,727 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 6,909 | [1] | |||
Leaseholds and Leasehold Improvements | Okemo Mountain Resort Ludlow, Vermont | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 25,086 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 25,144 | [1] | |||
Leaseholds and Leasehold Improvements | Crested Butte Mountain Resort Mt Crested Butte, Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 18,843 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 19,431 | [1] | |||
Leaseholds and Leasehold Improvements | Hawaiian Waters Kapolei, Hawaii | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 13,399 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 13,425 | [1] | |||
Leaseholds and Leasehold Improvements | Great Wolf Lodge Sandusky Sandusky, Ohio | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 26 | [1] | |||
Leaseholds and Leasehold Improvements | Pacific Park Santa Monica, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 25,046 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 25,226 | [1] | |||
Leaseholds and Leasehold Improvements | Stevens Pass Skykomish, King And Chelan County, WA | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 13,084 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 14,485 | [1] | |||
Leaseholds and Leasehold Improvements | Phoenix Wet n Wild Waterpark Phoenix, Arizona | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8,715 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 8,901 | [1] | |||
Leaseholds and Leasehold Improvements | Gatlinburg Sky Lift Gatlinburg, Tennessee | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 19,154 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 19,186 | [1] | |||
Leaseholds and Leasehold Improvements | Hawaiian Falls Waterparks Garland And The Colony, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 3,663 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 3,812 | [1] | |||
Leaseholds and Leasehold Improvements | Cypress Mountain Vancouver, British Columbia | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 19,001 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 16,032 | [1] | |||
Leaseholds and Leasehold Improvements | The Omni Mount Washington Resort and Bretton Woods Ski Area Bretton Woods, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 10 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 10 | [1] | |||
Leaseholds and Leasehold Improvements | Brighton Ski Resort Brighton, Utah | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 2,123 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 2,123 | [1] | |||
Leaseholds and Leasehold Improvements | Sierra At Tahoe Resort South Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 800 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 800 | [1] | |||
Leaseholds and Leasehold Improvements | Loon Mountain Resort Lincoln, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 346 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 347 | [1] | |||
Buildings | Subtotal | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 315,770 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 406,781 | [1] | |||
Buildings | Summit At Snowqualmie Resort Snoqualmie Pass Washington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8,802 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 11,171 | [1] | |||
Buildings | White Water Bay Oklahoma City, Oklahoma | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 5,461 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 6,055 | [1] | |||
Buildings | Splashtown Houston, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 1,609 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 5,082 | [1] | |||
Buildings | Waterworld Concord California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 728 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 922 | [1] | |||
Buildings | Elitch Gardens Denver, Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 7,480 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 7,970 | [1] | |||
Buildings | Darien Lake Buffalo, New York | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 21,967 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 21,875 | [1] | |||
Buildings | Frontier City Oklahoma City, Oklahoma | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 7,518 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 8,224 | [1] | |||
Buildings | Wild Waves And Enchanted Village Seattle, Washington | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 2,837 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 3,135 | [1] | |||
Buildings | Magic Springs And Crystal Falls Hot Springs, Arkansas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 10,409 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 10,690 | [1] | |||
Buildings | Mountain High Resort Wrightwood, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 7,571 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 8,054 | [1] | |||
Buildings | Sugarloaf Mountain Resort Carrabassett Valley, Maine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 5,658 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 7,854 | [1] | |||
Buildings | Sunday River Resort Newry, Maine | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 12,256 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 13,713 | [1] | |||
Buildings | The Northstar Commercial Village Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 33,932 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 37,705 | [1] | |||
Buildings | Coco Key Water Resort Orlando, Florida | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 777 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 12,282 | [1] | |||
Buildings | Myrtle Waves Myrtle Beach South Carolina | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 5,875 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 5,875 | [1] | |||
Buildings | Mount Sunapee Mountain Resort Newbury, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 5,253 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 5,422 | [1] | |||
Buildings | Okemo Mountain Resort Ludlow, Vermont | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 16,684 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 17,191 | [1] | |||
Buildings | Crested Butte Mountain Resort Mt Crested Butte, Colorado | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 11,188 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 12,559 | [1] | |||
Buildings | Jiminy Peak Mountain Resort Hancock, Massachusetts | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8,164 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 8,431 | [1] | |||
Buildings | Hawaiian Waters Kapolei, Hawaii | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 3,458 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 3,739 | [1] | |||
Buildings | Great Wolf Lodge Wisconsin Dells Wisconsin Dells, Wisconsin | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 17,632 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 19,509 | [1] | |||
Buildings | Great Wolf Lodge Sandusky Sandusky, Ohio | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 30,061 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 30,995 | [1] | |||
Buildings | Pacific Park Santa Monica, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 1,575 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 2,030 | [1] | |||
Buildings | Stevens Pass Skykomish, King And Chelan County, WA | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 5,280 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 4,669 | [1] | |||
Buildings | Rapids Waterpark West Palm Beach, Florida | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 9,044 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 9,403 | [1] | |||
Buildings | Soak City Palm Springs, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 3,259 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 3,259 | [1] | |||
Buildings | Phoenix Wet n Wild Waterpark Phoenix, Arizona | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 4,748 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 4,849 | [1] | |||
Buildings | Gatlinburg Sky Lift Gatlinburg, Tennessee | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 175 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 175 | [1] | |||
Buildings | Hawaiian Falls Waterparks Garland And The Colony, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 758 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 798 | [1] | |||
Buildings | Cypress Mountain Vancouver, British Columbia | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 735 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 12,112 | [1] | |||
Buildings | The Omni Mount Washington Resort and Bretton Woods Ski Area Bretton Woods, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 28,114 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 62,814 | [1] | |||
Buildings | Funtasticks Fun Center Tucson, Arizona | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 1,413 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 1,438 | [1] | |||
Buildings | Camelot Park Bakersfield, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 70 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 72 | [1] | |||
Buildings | Zuma Fun Center Charlotte, North Carolina | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 1,072 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 1,072 | [1] | |||
Buildings | Mountasia Family Fun Center North Richland Hills, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 635 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 635 | [1] | |||
Buildings | Zuma Fun Center South Houston, Texas | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 558 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 577 | [1] | |||
Buildings | Brighton Ski Resort Brighton, Utah | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 11,233 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 13,222 | [1] | |||
Buildings | Northstar At Tahoe Resort Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8,534 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 15,820 | [1] | |||
Buildings | Sierra At Tahoe Resort South Lake Tahoe, California | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 8,574 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | 9,294 | [1] | |||
Buildings | Loon Mountain Resort Lincoln, New Hampshire | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | 4,673 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | $6,089 | [1] | |||
[1] | The aggregate cost for federal income tax purposes is approximately $1.8 billion. | ||||
[2] | The property is encumbered at December 31, 2014. | ||||
[3] | Buildings and improvements are depreciated over 39 years. Leasehold improvements are depreciation over their estimated useful lives. |
Schedule_IIIReal_Estate_and_Ac1
Schedule III-Real Estate and Accumulated Depreciation (Summary of Transactions in Real Estate and Accumulated Depreciation) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate gross carrying value, Beginning Balance | $2,142,067 | $2,216,709 | $2,044,936 |
Acquisitions | 169,417 | 249,136 | 190,787 |
Dispositions and assets held for sale | -1,108,581 | -181,424 | -18,334 |
Impairment provision | -64,795 | -142,354 | -680 |
Real Estate gross carrying value, Ending Balance | 1,138,108 | 2,142,067 | 2,216,709 |
Real Estate accumulated depreciation, Beginning Balance | 415,216 | 355,891 | -282,937 |
Depreciation | -59,109 | -77,484 | -73,055 |
Accumulated depreciation on dispositions and assets held for sale | 194,784 | 18,159 | 101 |
Real Estate accumulated depreciation, Ending Balance | ($279,541) | ($415,216) | ($355,891) |
Schedule_IIIReal_Estate_and_Ac2
Schedule III-Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 12, 2011 | Jul. 23, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Buildings and improvements useful life | 39 years | |||
Aggregate cost for federal income tax purpose | $1,800,000,000 | |||
Purchase Price | $10,500,000 | $45,000,000 | $153,900,000 | $244,859,000 |
Recovered_Sheet4
Schedule IV-Mortgage Loans on Real Estate (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Accrued interest | $864 | $5,655 | ||
Loan Principal Balance | 20,015 | 117,014 | ||
Acquisition fees, net | 46 | 97 | ||
Loan loss provision | -1,564 | [1],[2] | -4,803 | [1],[2] |
Loan Principal Balance, total carrying amount | 19,361 | 117,963 | ||
Accrued interest | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Accrued interest | 864 | |||
Big Sky Resort | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 23-Sep-08 | |||
Maturity date | NaN, NaN | [3] | ||
Interest Rate | 12.00% | |||
Loan Principal Balance | 68,000 | |||
CMR Properties, LLC and CM Resort, LLC (one ski property) | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 15-Jun-10 | [2] | ||
Maturity date | 30-Sep-22 | [2] | ||
Interest Rate, minimum | 9.00% | [2] | ||
Interest Rate, maximum | 11.00% | [2] | ||
Loan Principal Balance | 16,620 | [2] | 16,620 | [2] |
CMR Properties, LLC and CM Resort, LLC (one ski property) | Accrued interest | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Accrued interest | 840 | [2] | ||
Boyne USA, Inc. (four ski resorts) | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 10-Aug-09 | |||
Maturity date | NaN, NaN | [3] | ||
Interest Rate, minimum | 6.30% | |||
Interest Rate, maximum | 15.00% | |||
Loan Principal Balance | 13,896 | |||
Evergreen Alliance Golf Limited, L.P. | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 12-Nov-10 | [1] | ||
Maturity date | NaN, NaN | [1] | ||
Loan Principal Balance | 5,781 | [1] | ||
Evergreen Alliance Golf Limited, L.P. | LIBOR | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Term loan receivable, interest rate above LIBOR | 4.00% | [1] | ||
PARC Myrtle Waves, LLC (one attractions property) | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 10-Feb-11 | [4] | ||
Maturity date | NaN, NaN | [4] | ||
Interest Rate | 7.50% | [4] | ||
Loan Principal Balance | 9,000 | [4] | ||
Loan loss provision | -1,300 | |||
Grand Prix Tampa, LLC (one attractions property) | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 31-Jul-11 | |||
Maturity date | 31-Jul-16 | |||
Interest Rate | 8.50% | |||
Loan Principal Balance | 3,395 | 3,442 | ||
Grand Prix Tampa, LLC (one attractions property) | Accrued interest | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Accrued interest | 24 | |||
RSA Properties, Misson Hills (one golf facility) | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Date of Loan Agreement(s) | 28-Mar-13 | |||
Maturity date | NaN, NaN | [3] | ||
Interest Rate | 9.00% | |||
Loan Principal Balance | 275 | |||
Accruing Interest | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Accrued interest | 864 | 5,655 | ||
Loan loss provision | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loan loss provision | ($1,564) | [1],[2] | ($4,803) | [1],[2] |
[1] | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. | |||
[2] | In December 2013, one of the Company's borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan's effective interest rate and the net carrying value of the loan. | |||
[3] | The Company collected the outstanding balances during the year ended December 31, 2014. | |||
[4] | During the year ended December 31, 2013, the Company recorded an additional loan loss provision of approximately $1.3 million in anticipation of the foreclosure of an attractions property that served as collateral on one of its other existing loans. The estimated fair value of the collateral was $7.9 million, which approximated the carrying value of the loan. The attractions property was foreclosed during the year ended December 31, 2014. |
Schedule_IVMortgage_Loans_on_R1
Schedule IV-Mortgage Loans on Real Estate (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan loss provision | $3,270,000 | $3,104,000 | $1,699,000 | ||
Proceed from mortgage loan receivable | 1,300,000 | ||||
Loan loss provision | 3,300,000 | ||||
Estimated fair value of collateral | 7,900,000 | ||||
Loan loss provision | 1,564,000 | [1],[2] | 4,803,000 | [1],[2] | |
CMR Properties, LLC and CM Resort, LLC (one ski property) | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan loss provision | 1,800,000 | ||||
PARC Myrtle Waves, LLC (one attractions property) | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan loss provision | $1,300,000 | ||||
[1] | In December 2013, one of the Company's borrowers approached the Company about modifying the terms of their debt service payments due to its current financial challenges. In anticipation of providing payment concessions to the borrower, the Company recorded a loan loss provision of approximately $1.8 million representing the difference between the expected future cash flows discounted at the original loan's effective interest rate and the net carrying value of the loan. | ||||
[2] | During 2014, the Company recorded a loan provision of $3.3 million and collected the remaining balance of $1.3 million relating to this loan. |
Schedule_IVMortgage_Loans_on_R2
Schedule IV-Mortgage Loans on Real Estate (Summary of Mortgage Loans on Real Estate) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||
Balance at beginning of period | $117,963 | $124,730 |
New mortgage loans | 408 | |
Principal reduction | -83,468 | -4,413 |
Foreclosed and converted to real estate | -7,745 | |
Loan loss provision | -3,270 | -3,104 |
Write off of loan loss provision | 1,008 | |
Accrued and deferred interest | -4,791 | 354 |
Acquisition fees allocated, net | -51 | -12 |
Other | -285 | |
Mortgage Loans on Real Estate | $19,361 | $117,963 |