Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ck0001261159 | |
Entity Registrant Name | CNL LIFESTYLE PROPERTIES INC | |
Entity Central Index Key | 1261159 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 325,184,227 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Real estate investment properties, net (including $153,515 and $158,589 related to consolidated variable interest entities, respectively) | $1,005,962 | $1,022,648 | ||
Assets held for sale, net (including $13,685 and $12,953 related to consolidated variable interest entities, respectively) | 823,588 | 821,681 | ||
Investments in unconsolidated entities | 143,594 | 127,102 | ||
Cash | 75,855 | 136,985 | 86,490 | 71,574 |
Deferred rent and lease incentives | 49,189 | 47,303 | ||
Restricted cash | 40,581 | 35,962 | ||
Other assets | 34,213 | 34,541 | ||
Intangibles, net | 17,822 | 18,026 | ||
Accounts and other receivables, net | 16,917 | 20,603 | ||
Mortgages and other notes receivable, net | 15,404 | 19,361 | ||
Total Assets | 2,223,125 | 2,284,212 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable (including $30,175 and $30,412 related to non-recourse debt of consolidated variable interest entities, respectively) | 392,124 | 397,849 | ||
Senior notes, net of discount | 316,920 | 316,846 | ||
Liabilities related to assets held for sale | 158,722 | 159,267 | ||
Line of credit | 112,500 | 152,500 | ||
Other liabilities | 64,746 | 53,866 | ||
Accounts payable and accrued expenses | 46,411 | 46,005 | ||
Due to affiliates | 574 | 489 | ||
Total Liabilities | 1,091,997 | 1,126,822 | ||
Commitments and contingencies (Note 13) | ||||
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 shares issued and 325,184 shares outstanding as of March 31, 2015 and December 31, 2014, respectively | 3,252 | 3,252 | ||
Capital in excess of par value | 2,863,839 | 2,863,839 | ||
Accumulated deficit | -501,684 | -494,129 | ||
Accumulated distributions | -1,227,561 | -1,211,302 | ||
Accumulated other comprehensive loss | -6,718 | -4,270 | ||
Total Stockholders' Equity | 1,131,128 | 1,157,390 | 1,368,378 | |
Total Liabilities and Stockholders' Equity | $2,223,125 | $2,284,212 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate investment properties, net | $153,515 | $158,589 |
Asset held for sale net, variable interest entities | 13,685 | 12,953 |
Mortgages and other notes payable | $30,175 | $30,412 |
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 | 349,084,000 |
Common stock, shares outstanding | 325,184,000 | 325,184,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income from operating leases | $36,007 | $36,532 |
Property operating revenues | 35,082 | 32,715 |
Interest income on mortgages and other notes receivable | 903 | 3,133 |
Total revenues | 71,992 | 72,380 |
Expenses: | ||
Property operating expenses | 37,038 | 36,694 |
Asset management fees to advisor | 4,434 | 5,198 |
General and administrative | 3,982 | 3,955 |
Ground lease and permit fees | 3,434 | 3,319 |
Acquisition fees and costs | 613 | |
Other operating expenses | 619 | 579 |
Bad debt expense | 2,540 | 4 |
Loan loss provision | 3,940 | |
Depreciation and amortization | 23,112 | 24,202 |
Total expenses | 79,099 | 74,564 |
Operating loss | -7,107 | -2,184 |
Other income (expense): | ||
Interest and other income | 948 | 167 |
Interest expense and loan cost amortization | -12,009 | -14,164 |
Equity in earnings of unconsolidated entities | 3,561 | 4,299 |
Total other income (expense) | -7,500 | -9,698 |
Income (loss) from continuing operations | -14,607 | -11,882 |
Income (loss) from discontinued operations (includes $414 amortization of loss on termination of cash flow hedges for the quarter ended March 31, 2014) | 7,052 | -8,471 |
Net loss | ($7,555) | ($20,353) |
Net income (loss) per share of common stock (basic and diluted) | ||
Continuing operations | ($0.04) | ($0.04) |
Discontinued operations | $0.02 | ($0.02) |
Net loss per share | ($0.02) | ($0.06) |
Weighted average number of shares of common stock outstanding (basic and diluted) | 325,184 | 322,639 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Amortization of loss on termination of cash flow hedges | $414 |
Discontinued Operations | |
Amortization of loss on termination of cash flow hedges | $414 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Losses (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Net loss | ($7,555) | ($20,353) | ($92,144) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -2,472 | -689 | -2,933 |
Changes in fair value of cash flow hedges: | |||
Amortization of loss on termination of cash flow hedges | 414 | 3,486 | |
Unrealized gain arising during the period | 24 | 322 | |
Total other comprehensive (loss) income | -2,448 | 47 | |
Net loss | ($10,003) | ($20,306) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Distributions | Accumulated Other Comprehensive Loss |
In Thousands | ||||||
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 stock through public offering reinvestment plan (in shares) | 3,970 | |||||
Subscriptions received for stock through public offering 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 ($0.4252 per share for 2014 and $0.0500 per share for 2015) | -137,880 | -137,880 | ||||
Foreign currency translation adjustment | -2,933 | -2,933 | ||||
Amortization of loss on cash flow hedges | 3,486 | 3,486 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassification (Note 9) | 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 | |||||
Net loss | -7,555 | -7,555 | ||||
Distributions, declared and paid ($0.4252 per share for 2014 and $0.0500 per share for 2015) | -16,259 | -16,259 | ||||
Foreign currency translation adjustment | -2,472 | -2,472 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassification (Note 9) | 24 | 24 | ||||
Balance at Mar. 31, 2015 | $1,131,128 | $3,252 | $2,863,839 | ($501,684) | ($1,227,561) | ($6,718) |
Balance (in shares) at Mar. 31, 2015 | 325,184 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Distributions, declared and paid | $0.11 | $0.05 | $0.11 | $0.43 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net cash provided by operating activities | $36,075 | $37,560 |
Investing activities: | ||
Acquisition of property | -15,250 | |
Capital expenditures | -12,388 | -19,244 |
Contribution to unconsolidated entity | -19,429 | |
Proceeds from insurance | 955 | |
Deposits on real estate investments | -1,238 | |
Changes in restricted cash | -2,902 | -3,503 |
Other | 59 | 98 |
Net cash provided by (used in) investing activities | -33,705 | -39,137 |
Financing activities: | ||
Redemption of common stock | -2,978 | |
Distributions to stockholders, net of reinvestments in 2014 | -16,259 | -20,651 |
Proceeds from mortgage loans and other notes payable | 50,702 | |
Principal payments on line of credit | -40,000 | |
Principal payments on mortgage loans and senior notes | -6,464 | -6,817 |
Principal payments on capital leases | -541 | -584 |
Payments of entrance fee refunds | -274 | -1,030 |
Payment of loan costs | -2,140 | |
Net cash (used in) provided by financing activities | -63,538 | 16,502 |
Effect of exchange rate fluctuations on cash | 38 | -9 |
Net (decrease) increase in cash | -61,130 | 14,916 |
Cash at beginning of period | 136,985 | 71,574 |
Cash at end of period | $75,855 | $86,490 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 3 Months Ended | |
Mar. 31, 2015 | ||
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 purposes. 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. We have engaged CNL Lifestyle Advisor Corporation (the “Advisor”) as our Advisor to provide management, acquisition, disposition, advisory and administrative services. | ||
As of March 31, 2015, 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 properties. Eight of these 105 properties were owned through unconsolidated joint ventures and three were 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 leading global investment banking and advisory firm, to assist the Company’s management and its board of directors in actively evaluating various strategic alternatives to provide liquidity to the Company’s 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. In the first quarter of 2015, the Company (i) entered into an agreement to sell its 81.98% interest in the DMC Partnership, an unconsolidated joint venture, for $140 million to its co-venture partner, (ii) entered into an agreement to sell one of its attractions properties for $140 million, which exceeds the carrying value of the asset, and (iii) entered into a letter of intent to sell its unimproved land for its carrying value of $5.5 million. Refer to Note 14, “Subsequent Events” for additional information on transactions related to evaluating strategic alternatives. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Significant Accounting Policies | 2 | Significant Accounting Policies: |
Principles of Consolidation and Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015. Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | ||
The accompanying unaudited condensed 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 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. | ||
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 impairments. Actual results could differ from those estimates. | ||
Reclassifications — Certain prior period amounts in the unaudited condensed 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 April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 that has (or will have) a major effect on an entity’s operations and financial results, 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 after the effective date. As a result, no changes were made for properties classified as held for sale prior to January 1, 2015. Effective January 1, 2015, the Company adopted this ASU. The adoption of this update impacts the Company’s determinations of which future property disposals qualify as discontinued operations and requires additional disclosures about discontinued operations. | ||
Recent Accounting Pronouncements — In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. 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 ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company will not early adopt ASU 2015-03 and has determined that the amendments will impact the Company’s presentation of its consolidated financial position but will not have a material impact on the Company’s consolidated results of operations or cash flows. |
Real_Estate_Investment_Propert
Real Estate Investment Properties, net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Real Estate Investment Properties, net | 3 | Real Estate Investment Properties, net: | |||||||
As of March 31, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 448,751 | $ | 450,757 | |||||
Leasehold interests and improvements | 179,513 | 180,551 | |||||||
Buildings | 398,309 | 398,811 | |||||||
Equipment | 592,907 | 585,258 | |||||||
Less: accumulated depreciation and amortization | (613,518 | ) | (592,729 | ) | |||||
$ | 1,005,962 | $ | 1,022,648 | ||||||
For the three months ended March 31, 2015 and 2014, the Company had depreciation and amortization expenses of approximately $22.9 million and $24.1 million, respectively, excluding properties that the Company classified as assets held for sale. |
Assets_and_Associated_Liabilit
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations | 4 | Assets and Associated Liabilities Held for Sale, net and Discontinued Operations: | |||||||
Assets Held for Sale, net — The Company had classified 57 properties as assets held for sale for all periods presented. The following table presents the net carrying value of the properties classified as held for sale (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 188,008 | $ | 184,879 | |||||
Leasehold interests and improvements | 52,671 | 52,571 | |||||||
Building and building improvements | 506,361 | 507,324 | |||||||
Equipment, net | 41,811 | 39,654 | |||||||
Deferred rent and lease incentives | 5,012 | 4,835 | |||||||
Other assets | 5,453 | 5,470 | |||||||
Restricted cash | 12,263 | 13,979 | |||||||
Intangibles, net | 10,487 | 10,487 | |||||||
Accounts and other receivables, net | 1,522 | 2,482 | |||||||
Total | $ | 823,588 | $ | 821,681 | |||||
Associated Liabilities Held for Sale — The following table presents the liabilities associated with the assets held for sale related to the senior housing properties (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Mortgages and other notes payable | $ | 151,819 | $ | 152,655 | |||||
Other liabilities | 6,903 | 6,612 | |||||||
Total | $ | 158,722 | $ | 159,267 | |||||
In May 2015, the Company sold 37 of its 38 senior housing properties, as described further in Note 14. “Subsequent Events.” | |||||||||
Discontinued Operations — The Company classified the revenues and expenses related to all real estate properties sold during 2014 and the 55 senior housing and marinas real estate properties classified as assets held for sale, which were not accounted for under the equity method of accounting, as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. The Company accounted for the revenues and expenses related to one attractions property and one undeveloped land classified as held for sale as income from continuing operations because the proposed sale of these two properties would not cause a strategic shift in the Company nor are they considered to have a major impact on the Company’s business; therefore, they do not qualify as discontinued operations under ASU 2014-08. | |||||||||
The following table is a summary of income (loss) from discontinued operations for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 30,281 | $ | 43,033 | |||||
Expenses | (19,821 | ) | (28,641 | ) | |||||
Impairment provision | — | (3,314 | ) | ||||||
Depreciation and amortization | — | (12,657 | ) | ||||||
Operating income (loss) | 10,460 | (1,579 | ) | ||||||
Other expense | (3,408 | ) | (6,892 | ) | |||||
Income (loss) from discontinued operations | $ | 7,052 | $ | (8,471 | ) | ||||
Intangibles_net
Intangibles, net | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Intangibles, net | 5 | Intangibles, net: | |||||||||||
The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||||||
Intangible Assets | Gross | Accumulated | March 31, 2015 | ||||||||||
Carrying | Amortization | Net Book Value | |||||||||||
Amount | |||||||||||||
In place leases | $ | 12,231 | $ | (5,250 | ) | $ | 6,981 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,072 | $ | (5,250 | ) | $ | 17,822 | ||||||
Intangible Assets | Gross | Accumulated | December 31, 2014 | ||||||||||
Carrying | Amortization | Net Book Value | |||||||||||
Amount | |||||||||||||
In place leases | $ | 12,295 | $ | (5,110 | ) | $ | 7,185 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,136 | $ | (5,110 | ) | $ | 18,026 | ||||||
For each of the three months ended March 31, 2015 and 2014, the Company had amortization expense of approximately $0.2 million, excluding properties that the Company classified as assets held for sale. |
Unconsolidated_Entities
Unconsolidated Entities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Unconsolidated Entities | 6 | Unconsolidated Entities: | |||||||||||
As of March 31, 2015 and December 31, 2014, the Company held ownership interests in two ventures, the DMC Partnership and the Intrawest Venture. As of March 31, 2015, the Company’s investments in the DMC Partnership and Intrawest Venture were $104.3 million and $39.3 million, respectively and as of December 31, 2014, the investment in the DMC Partnership and Intrawest Venture were $104.4 million and $22.7 million, respectively. In January 2015, the Company contributed $19.4 million to the Intrawest Venture and the Intrawest Venture repaid a $19.4 mortgage loan that matured in January 2015. As of March 31, 2015 and December 31, 2014, the Company’s share of partners’ capital determined under HLBV was approximately $136.3 million and $119.6 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 $7.3 million and $7.5 million, respectively. | |||||||||||||
The Intrawest Venture is working with the Canada Revenue Agency to resolve matters related to one of its entities. The Intrawest Venture’s maximum exposure relating to these matters is approximately $13.0 million. However, the Intrawest Venture 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 of the Intrawest Venture. | |||||||||||||
During the three months ended March 31, 2015, the Company entered into an agreement to sell its 81.98% interest in the DMC Partnership for approximately $140 million. In April 2015, the Company sold its interest in the DMC Partnership for approximately $140 million, which exceeded the Company’s investment in the unconsolidated joint venture, as described further in Note 14. “Subsequent Events.” | |||||||||||||
The following tables present financial information for the Company’s unconsolidated entities for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||
Summarized operating data: | |||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||
DMC | Intrawest | Total | |||||||||||
Partnership | Venture | ||||||||||||
Revenues | $ | 8,453 | $ | 4,295 | $ | 12,748 | |||||||
Property operating expenses | (155 | ) | (2,273 | ) | (2,428 | ) | |||||||
Depreciation and amortization | (2,284 | ) | (689 | ) | (2,973 | ) | |||||||
Interest expense | (1,328 | ) | (1,045 | ) | (2,373 | ) | |||||||
Income from continuing operations | 4,686 | 288 | 4,974 | ||||||||||
Discontinued operations (3) | — | 154 | 154 | ||||||||||
Net income | $ | 4,686 | $ | 442 | $ | 5,128 | |||||||
Income (loss) allocable to other venture partners (1) | $ | 1,901 | $ | (397 | )(2) | $ | 1,504 | ||||||
Income allocable to the Company (1) | $ | 2,785 | $ | 839 | $ | 3,624 | |||||||
Amortization of capitalized costs | (18 | ) | (45 | ) | (63 | ) | |||||||
Equity in earnings of unconsolidated entities | $ | 2,767 | $ | 794 | $ | 3,561 | |||||||
Distribution declared to the Company | $ | 2,797 | $ | 3,479 | $ | 6,276 | |||||||
Distributions received by the Company | $ | 2,860 | $ | 2,710 | $ | 5,570 | |||||||
Three Months Ended March 31, 2014 | |||||||||||||
DMC | Intrawest | Total | |||||||||||
Partnership | Venture | ||||||||||||
Revenues | $ | 7,910 | $ | 4,449 | $ | 12,359 | |||||||
Property operating expenses | (171 | ) | (2,242 | ) | (2,413 | ) | |||||||
Depreciation and amortization | (2,202 | ) | — | (2,202 | ) | ||||||||
Interest expense | (1,916 | ) | (1,099 | ) | (3,015 | ) | |||||||
Income from continuing operations | 3,621 | 1,108 | 4,729 | ||||||||||
Discontinued operations (3) | — | 158 | 158 | ||||||||||
Net income | $ | 3,621 | $ | 1,266 | $ | 4,887 | |||||||
Income (loss) allocable to other venture partners (1) | $ | 824 | $ | (397 | )(2) | $ | 427 | ||||||
Income allocable to the Company (1) | $ | 2,797 | $ | 1,663 | $ | 4,460 | |||||||
Amortization of capitalized costs | (108 | ) | (53 | ) | (161 | ) | |||||||
Equity in earnings of unconsolidated entities | $ | 2,689 | $ | 1,610 | $ | 4,299 | |||||||
Distribution declared to the Company | $ | 2,797 | $ | 658 | $ | 3,455 | |||||||
Distributions received by the Company | $ | 2,859 | $ | 261 | $ | 3,120 | |||||||
FOOTNOTES: | |||||||||||||
(1) | Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. | ||||||||||||
(2) | This amount includes 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. | ||||||||||||
(3) | This amount represents the one village retail property classified as an asset held for sale. |
Mortgages_and_Other_Notes_Rece
Mortgages and Other Notes Receivable, net | 3 Months Ended | |
Mar. 31, 2015 | ||
Mortgages and Other Notes Receivable, net | 7 | Mortgages and Other Notes Receivable, net: |
During the three months ended March 31, 2015, the borrower relating to one mortgage receivable, for which the Company restructured the mortgage loan during 2014, continued to experience financial difficulties. As a result of monitoring the borrower’s credit and the borrower having missed payments subsequent to March 31, 2015, the Company recorded the loan at its net realizable value at March 31, 2015 and in conjunction therewith, recorded a loan loss provision of $3.9 million. | ||
The estimated fair market value of the Company’s two mortgages and other notes receivable was approximately $15.4 million and $16.6 million as of March 31, 2015 and December 31, 2014, respectively, based on the fair value of the collateral on one loan and discounted cash flows on the other loan based on market interest rates as of March 31, 2015 and both were based on discounted cash flows at December 31, 2014. 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 estimated fair value of accounts and other receivables approximates the carrying value as of March 31, 2015 and December 31, 2014 because of the relatively short maturities of the receivables. |
Indebtedness
Indebtedness | 3 Months Ended | |
Mar. 31, 2015 | ||
Indebtedness | 8 | Indebtedness: |
Line of Credit — During the three months ended March 31, 2015, the Company repaid $40.0 million. As of March 31, 2015, Company’s revolving line of credit had an outstanding principal balance of $112.5 million. The Company repaid the revolving line of credit in full in May 2015 as described further in Note 14. “Subsequent Events”. | ||
Certain of the Company’s loans require the Company to meet certain customary financial covenants and ratios including fixed charge coverage ratio, leverage ratio, interest coverage ratio, debt to total assets ratio and limitations on distributions except as required to maintain the Company’s REIT status. In addition, under the terms of the indenture governing the senior notes which place certain limitations on the Company and certain of its subsidiaries, cash distributions may not exceed 95% of the adjusted funds from operations as defined in the indenture. The Company was in compliance with all applicable provisions as of March 31, 2015 other than for one loan with an outstanding principal balance of approximately $43 million as to which the Company had not met a minimum tangible net worth calculation requirement as of March 31, 2015. The Company repaid this loan in full in May 2015, as described further in Note 14. “Subsequent Events.” | ||
The estimated fair values of mortgages and other notes payable, including those related to assets held for sale, and the line of credit were approximately $658.6 million and $707.3 million as of March 31, 2015 and December 31, 2014, 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 senior notes was approximately $326.3 million and $325.4 million as of March 31, 2015 and December 31, 2014, 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. The estimated fair value of accounts payable and accrued expenses approximates the carrying value as of March 31, 2015 and December 31, 2014 because of the relatively short maturities of the obligations. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements | 9 | Fair Value Measurements: | |||||||||||||||
The Company had 57 investment properties that were classified as assets held for sale at March 31, 2015 and December 31, 2014, respectively, and carried at fair value less estimated costs to sell for each period presented. The Level 3 unobservable inputs used in determining the fair value of the real estate properties include negotiated sales prices with third party buyers, comparable sales transactions and information from potential buyers. | |||||||||||||||||
As of March 31, 2015 and December 31, 2014, the Company’s two 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. In May 2015, the Company terminated one of its hedges, as described further in Note 14. “Subsequent Events.” | |||||||||||||||||
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 unaudited condensed consolidated balance sheets. | |||||||||||||||||
The following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of March 31, 2015 and December 31, 2014, as follows (in thousands): | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Measurement as | |||||||||||||||||
of March 31, | |||||||||||||||||
2015 | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 823,588 | $ | — | $ | — | $ | 823,588 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 978 | $ | — | $ | 978 | $ | — | |||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 821,681 | $ | — | $ | — | $ | 821,681 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 1,002 | $ | — | $ | 1,002 | $ | — |
Related_Party_Arrangements
Related Party Arrangements | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Arrangements | 10 | 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. | |||||||||
For the three months ended March 31, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Acquisition fees: | |||||||||
Acquisition fees from distribution reinvestment plan (1) | $ | — | $ | 319 | |||||
Acquisition fees from debt proceeds (2) | — | 1,521 | |||||||
Total | — | 1,840 | |||||||
Asset management fees (3) | 6,242 | 8,571 | |||||||
Reimbursable expenses: (4) | |||||||||
Acquisition costs | — | 77 | |||||||
Operating expenses | 1,406 | 1,712 | |||||||
Total | 1,406 | 1,789 | |||||||
Total fees earned and reimbursable expenses | $ | 7,648 | $ | 12,200 | |||||
FOOTNOTES: | |||||||||
(1) | Amounts are recorded as acquisition fees and costs in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the Advisor eliminated this fee going forward. | ||||||||
(2) | Amounts are recorded as loan costs and are included as part of other assets in the accompanying unaudited condensed consolidated balance sheets. Effective April 1, 2014, the Advisor eliminated this fee going forward. | ||||||||
(3) | Amounts are recorded as asset management fees to Advisor including fees 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) | Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying condensed consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. | ||||||||
Amounts due to affiliates for fees and expenses described above are as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Due to the Advisor and its affiliates: | |||||||||
Operating expenses | $ | 574 | $ | 476 | |||||
Acquisition fees and expenses | — | 13 | |||||||
Total | $ | 574 | $ | 489 | |||||
The Company also maintains accounts at a bank in which the Company’s chairman serves as a director. The Company had deposits at that bank of approximately $14.4 million and $15.2 million as of March 31, 2015 and December 31, 2014, respectively. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |
Mar. 31, 2015 | ||
Stockholders' Equity | 11 | Stockholders’ Equity: |
Distribution Reinvestment Plan — For the three months ended March 31, 2014, the Company received aggregate proceeds of approximately $13.6 million (representing 2.0 million shares) through its 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. The Company did not receive any proceeds through its DRP for the three months ended March 31, 2015. | ||
Distributions — In March 2015, the Company’s board of directors reduced the quarterly distributions from $0.1063 per share to $0.05 per share to stockholders of record at the close of business on March 9, 2015. For the three months ended March 31, 2015 and 2014, the Company declared and paid distributions of approximately $16.3 million ($0.05 per share) and $34.3 million ($0.1063 per share), respectively. | ||
Redemption of Shares — Prior to September 2014, the Company’s redemption plan provided for redemptions of its common stock at certain prices as set forth in the redemption plan. In September 2014, the Company’s Board approved the suspension of the Company’s redemption plan effective as of September 26, 2014. For the three months ended March 31, 2014, the Company redeemed 435 shares of its common stock ($3.0 million). No shares were redeemed during the three months ended March 31, 2015. |
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Statements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Statements | 12 | Supplemental Condensed Consolidating Financial Statements: | |||||||||||||||||||
The Company has senior notes outstanding 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 unaudited condensed consolidating balance sheets as of March 31, 2015 and December 31, 2014, statement of operations, statement of comprehensive income (loss) and statement of cash flows for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||||||||||
Condensed Consolidating Balance Sheet: | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 340,425 | $ | 665,537 | $ | — | $ | 1,005,962 | |||||||||||
Assets held for sale, net | — | 181,298 | 642,290 | — | 823,588 | ||||||||||||||||
Investment in unconsolidated entities | — | 143,594 | — | — | 143,594 | ||||||||||||||||
Cash | 26,307 | 19,558 | 29,990 | — | 75,855 | ||||||||||||||||
Investment in subsidiaries | 1,428,143 | 1,099,148 | 1,322,231 | (3,849,522 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 26,897 | 22,292 | — | 49,189 | ||||||||||||||||
Restricted cash | 61 | 24,241 | 16,279 | — | 40,581 | ||||||||||||||||
Other assets | 6,385 | 12,993 | 14,835 | — | 34,213 | ||||||||||||||||
Intangibles, net | — | 3,895 | 13,927 | — | 17,822 | ||||||||||||||||
Accounts and other receivables, net | — | 9,093 | 7,824 | — | 16,917 | ||||||||||||||||
Mortgages and other notes receivable, net | 48,700 | 11,999 | (45,295 | ) | 15,404 | ||||||||||||||||
Total Assets | $ | 1,460,896 | $ | 1,909,842 | $ | 2,747,204 | $ | (3,894,817 | ) | $ | 2,223,125 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 189,503 | $ | 246,122 | $ | (43,501 | ) | $ | 392,124 | ||||||||||
Senior notes, net of discount | 316,920 | — | — | — | 316,920 | ||||||||||||||||
Liabilities related to assets held for sale | — | — | 158,722 | — | 158,722 | ||||||||||||||||
Line of credit | — | 112,500 | — | — | 112,500 | ||||||||||||||||
Other liabilities | 8 | 18,889 | 45,849 | — | 64,746 | ||||||||||||||||
Accounts payable and accrued expenses | 12,286 | 12,976 | 22,943 | (1,794 | ) | 46,411 | |||||||||||||||
Due to affiliates | 554 | 7 | 13 | — | 574 | ||||||||||||||||
Total Liabilities | 329,768 | 333,875 | 473,649 | (45,295 | ) | 1,091,997 | |||||||||||||||
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 | 6,533,509 | 9,239,488 | (15,772,997 | ) | 2,863,839 | |||||||||||||||
Accumulated deficit | (501,684 | ) | 69,307 | (12,892 | ) | (56,415 | ) | (501,684 | ) | ||||||||||||
Accumulated distributions | (1,227,561 | ) | (5,026,849 | ) | (6,946,323 | ) | 11,973,172 | (1,227,561 | ) | ||||||||||||
Accumulated other comprehensive loss | (6,718 | ) | — | (6,718 | ) | 6,718 | (6,718 | ) | |||||||||||||
Total Stockholders’ Equity | 1,131,128 | 1,575,967 | 2,273,555 | (3,849,522 | ) | 1,131,128 | |||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,460,896 | $ | 1,909,842 | $ | 2,747,204 | $ | (3,894,817 | ) | $ | 2,223,125 | ||||||||||
Condensed Consolidating Balance Sheet: | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 346,178 | $ | 676,470 | $ | — | $ | 1,022,648 | |||||||||||
Assets held for sale, net | — | 181,279 | 640,402 | — | 821,681 | ||||||||||||||||
Investments in unconsolidated entities | — | 127,102 | — | — | 127,102 | ||||||||||||||||
Cash | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Investments in subsidiaries | 1,388,842 | 1,132,409 | 1,306,559 | (3,827,810 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 28,249 | 19,054 | — | 47,303 | ||||||||||||||||
Restricted cash | 127 | 21,418 | 14,417 | — | 35,962 | ||||||||||||||||
Other assets | 6,978 | 12,474 | 15,089 | — | 34,541 | ||||||||||||||||
Intangibles, net | — | 3,976 | 14,050 | — | 18,026 | ||||||||||||||||
Accounts and other receivables, net | — | 8,457 | 12,146 | — | 20,603 | ||||||||||||||||
Mortgages and other notes receivable, net | — | 47,367 | 15,942 | (43,948 | ) | 19,361 | |||||||||||||||
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 | $ | 246,949 | $ | (42,997 | ) | $ | 397,849 | ||||||||||
Senior notes, net of discount | 316,846 | — | — | — | 316,846 | ||||||||||||||||
Liabilities related to assets held for sale | — | — | 159,267 | — | 159,267 | ||||||||||||||||
Line of credit | — | 152,500 | — | — | 152,500 | ||||||||||||||||
Other liabilities | — | 14,919 | 38,947 | — | 53,866 | ||||||||||||||||
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 | ) | |||||||||||||
Total Stockholders’ Equity | 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 | ||||||||||
Condensed Consolidating Statement of Operations: | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 16,038 | $ | 19,969 | $ | — | $ | 36,007 | |||||||||||
Property operating revenues | — | 2,121 | 32,961 | — | 35,082 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 1,235 | 794 | (1,126 | ) | 903 | |||||||||||||||
Total revenues | — | 19,394 | 53,724 | (1,126 | ) | 71,992 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 7,894 | 29,144 | — | 37,038 | ||||||||||||||||
Asset management fees to advisor | 4,434 | — | — | — | 4,434 | ||||||||||||||||
General and administrative | 3,538 | 525 | (81 | ) | — | 3,982 | |||||||||||||||
Ground lease and permit fees | — | 2,068 | 1,366 | — | 3,434 | ||||||||||||||||
Other operating expenses | 146 | (438 | ) | 911 | — | 619 | |||||||||||||||
Bad debt expense | — | — | 2,540 | — | 2,540 | ||||||||||||||||
Loan loss provision | — | — | 3,940 | — | 3,940 | ||||||||||||||||
Depreciation and amortization | — | 8,214 | 14,898 | — | 23,112 | ||||||||||||||||
Total expenses | 8,118 | 18,263 | 52,718 | — | 79,099 | ||||||||||||||||
Operating loss | (8,118 | ) | 1,131 | 1,006 | (1,126 | ) | (7,107 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 5 | 542 | 401 | — | 948 | ||||||||||||||||
Interest expense and loan cost amortization | (6,297 | ) | (4,723 | ) | (2,115 | ) | 1,126 | (12,009 | ) | ||||||||||||
Equity in earnings of unconsolidated entities | — | 3,561 | — | — | 3,561 | ||||||||||||||||
Equity in earnings (loss), intercompany | 6,855 | 8,985 | (2,683 | ) | (13,157 | ) | — | ||||||||||||||
Total other income (expense) | 563 | 8,365 | (4,397 | ) | (12,031 | ) | (7,500 | ) | |||||||||||||
Income (loss) from continuing operations | (7,555 | ) | 9,496 | (3,391 | ) | (13,157 | ) | (14,607 | ) | ||||||||||||
Income (loss) from discontinued operations | — | (236 | ) | 7,288 | — | 7,052 | |||||||||||||||
Net income (loss) | $ | (7,555 | ) | $ | 9,260 | $ | 3,897 | $ | (13,157 | ) | $ | (7,555 | ) | ||||||||
Condensed Consolidating Statement of Operations: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 16,168 | $ | 20,364 | $ | — | $ | 36,532 | |||||||||||
Property operating revenues | — | 2,123 | 30,592 | — | 32,715 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 1,185 | 3,060 | (1,112 | ) | 3,133 | |||||||||||||||
Total revenues | — | 19,476 | 54,016 | (1,112 | ) | 72,380 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 7,240 | 29,454 | — | 36,694 | ||||||||||||||||
Asset management fees to advisor | 5,198 | — | — | — | 5,198 | ||||||||||||||||
General and administrative | 3,378 | 186 | 391 | — | 3,955 | ||||||||||||||||
Ground lease and permit fees | — | 1,987 | 1,332 | — | 3,319 | ||||||||||||||||
Acquisition fees and costs | 613 | — | — | — | 613 | ||||||||||||||||
Other operating expenses | 11 | 193 | 375 | — | 579 | ||||||||||||||||
Bad debt expense | — | — | 4 | — | 4 | ||||||||||||||||
Depreciation and amortization | — | 8,844 | 15,358 | — | 24,202 | ||||||||||||||||
Total expenses | 9,200 | 18,450 | 46,914 | — | 74,564 | ||||||||||||||||
Operating income (loss) | (9,200 | ) | 1,026 | 7,102 | (1,112 | ) | (2,184 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 7 | 80 | 80 | — | 167 | ||||||||||||||||
Interest expense and loan cost amortization (includes $414 loss on termination of cash flow hedges) | (7,903 | ) | (3,722 | ) | (3,651 | ) | 1,112 | (14,164 | ) | ||||||||||||
Equity in earnings of unconsolidated entities | — | 4,299 | — | — | 4,299 | ||||||||||||||||
Equity in earnings (loss), intercompany | (3,257 | ) | 2,738 | (4,539 | ) | 5,058 | — | ||||||||||||||
Total other income (expense) | (11,153 | ) | 3,395 | (8,110 | ) | 6,170 | (9,698 | ) | |||||||||||||
Income (loss) from continuing operations | (20,353 | ) | 4,421 | (1,008 | ) | 5,058 | (11,882 | ) | |||||||||||||
Discontinued operations | — | (4,959 | ) | (3,512 | ) | — | (8,471 | ) | |||||||||||||
Net income (loss) | $ | (20,353 | ) | $ | (538 | ) | $ | (4,520 | ) | $ | 5,058 | $ | (20,353 | ) | |||||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss): | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Net income (loss) | $ | (7,555 | ) | $ | 9,260 | $ | 3,897 | $ | (13,157 | ) | $ | (7,555 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (2,472 | ) | — | (2,472 | ) | 2,472 | (2,472 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Unrealized gain arising during the period | 24 | — | 24 | (24 | ) | 24 | |||||||||||||||
Total other comprehensive income | (2,448 | ) | — | (2,448 | ) | 2,448 | (2,448 | ) | |||||||||||||
Comprehensive income (loss) | $ | (10,003 | ) | $ | 9,260 | $ | 1,449 | $ | (10,709 | ) | $ | (10,003 | ) | ||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Net income (loss) | $ | (20,353 | ) | $ | (538 | ) | $ | (4,520 | ) | $ | 5,058 | $ | (20,353 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (689 | ) | — | (689 | ) | 689 | (689 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 414 | — | 414 | (414 | ) | 414 | |||||||||||||||
Unrealized gain arising during the period | 322 | — | 322 | (322 | ) | 322 | |||||||||||||||
Total other comprehensive income | 47 | — | 47 | (47 | ) | 47 | |||||||||||||||
Comprehensive income (loss) | $ | (20,306 | ) | $ | (538 | ) | $ | (4,473 | ) | $ | 5,011 | $ | (20,306 | ) | |||||||
Condensed Consolidating Statement of Cash Flows: | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7,684 | ) | $ | 12,660 | $ | 31,099 | $ | — | $ | 36,075 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | — | (4,830 | ) | (7,558 | ) | — | (12,388 | ) | |||||||||||||
Investment in and contributions to unconsolidated entities | — | (19,429 | ) | — | — | (19,429 | ) | ||||||||||||||
Proceeds from insurance | — | 168 | 787 | — | 955 | ||||||||||||||||
Changes in restricted cash | 66 | (911 | ) | (2,057 | ) | — | (2,902 | ) | |||||||||||||
Other | — | 59 | — | — | 59 | ||||||||||||||||
Intercompany investing | (34,933 | ) | — | — | 34,933 | — | |||||||||||||||
Net cash provided by (used in) investing activities | (34,867 | ) | (24,943 | ) | (8,828 | ) | 34,933 | (33,705 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Distributions to stockholders, net of reinvestments | (16,259 | ) | — | — | — | (16,259 | ) | ||||||||||||||
Principal payments of line of credit | — | (40,000 | ) | — | — | (40,000 | ) | ||||||||||||||
Principal payments on mortgage loans and senior notes | — | (3,905 | ) | (2,559 | ) | — | (6,464 | ) | |||||||||||||
Principal payments on capital leases | — | (140 | ) | (401 | ) | — | (541 | ) | |||||||||||||
Payment of entrance fee refunds | — | — | (274 | ) | — | (274 | ) | ||||||||||||||
Intercompany financing | — | 51,474 | (16,541 | ) | (34,933 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | (16,259 | ) | 7,429 | (19,775 | ) | (34,933 | ) | (63,538 | ) | ||||||||||||
Effect of exchange rate fluctuation on cash | — | — | 38 | — | 38 | ||||||||||||||||
Net increase (decrease) in cash | (58,810 | ) | (4,854 | ) | 2,534 | — | (61,130 | ) | |||||||||||||
Cash at beginning of period | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Cash at end of period | $ | 26,307 | $ | 19,558 | $ | 29,990 | $ | — | $ | 75,855 | |||||||||||
Condensed Consolidating Statement of Cash Flows: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (17,264 | ) | $ | 23,527 | $ | 31,297 | $ | — | $ | 37,560 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of property | — | — | (15,250 | ) | — | (15,250 | ) | ||||||||||||||
Capital expenditures | — | (8,714 | ) | (10,530 | ) | — | (19,244 | ) | |||||||||||||
Deposits on real estate investments | (1,238 | ) | — | — | — | (1,238 | ) | ||||||||||||||
Changes in restricted cash | (12 | ) | 298 | (3,789 | ) | — | (3,503 | ) | |||||||||||||
Other | — | 17 | 81 | — | 98 | ||||||||||||||||
Intercompany investing | 54,508 | — | — | (54,508 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 53,258 | (8,399 | ) | (29,488 | ) | (54,508 | ) | (39,137 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Redemption of common stock | (2,978 | ) | — | — | — | (2,978 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (20,651 | ) | — | — | — | (20,651 | ) | ||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 40,000 | 10,702 | — | 50,702 | ||||||||||||||||
Principal payments on mortgage loans and senior notes | — | (4,403 | ) | (2,414 | ) | — | (6,817 | ) | |||||||||||||
Principal payments on capital leases | — | (261 | ) | (323 | ) | — | (584 | ) | |||||||||||||
Payment of entrance fee refunds | — | — | (1,030 | ) | — | (1,030 | ) | ||||||||||||||
Payment of loan costs | — | (2,103 | ) | (37 | ) | — | (2,140 | ) | |||||||||||||
Intercompany financing | — | (51,359 | ) | (3,149 | ) | 54,508 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (23,629 | ) | (18,126 | ) | 3,749 | 54,508 | 16,502 | ||||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (9 | ) | — | (9 | ) | ||||||||||||||
Net increase (decrease) in cash | 12,365 | (2,998 | ) | 5,549 | — | 14,916 | |||||||||||||||
Cash at beginning of period | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Cash at end of period | $ | 50,033 | $ | 12,673 | $ | 23,784 | $ | — | $ | 86,490 | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies | 13 | Commitments and Contingencies: |
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. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events | 14 | Subsequent Events: |
In April 2015, the Company sold its 81.98% interest in the DMC Partnership for $140 million, which exceeded the Company’s investment in the unconsolidated joint venture. No disposition fee was payable to the Advisor on the sale of the DMC Partnership. Refer to Note 6, “Unconsolidated Entities” for additional information. | ||
In April 2015, the Company entered into a purchase and sale agreement for the sale of its unimproved land for $5.5 million. The Company also agreed to a plan to sell three attractions and a ski and mountain lifestyle property. In May 2015, the Company entered into a purchase and sale agreement for the sale of its marinas portfolio for approximately the carrying value of the assets. | ||
In May 2015, the Company sold 37 of its 38 senior housing properties. The aggregate sales price for the sale of these properties was approximately $762.6 million, which exceeded the Company’s net carrying value of the properties. No disposition fee was payable to the Advisor on the sale of the 37 senior housing properties. Refer to Note 4, “Assets and Associated Liabilities Held for Sale, net and Discontinued Operations” for additional information. The Company also repaid $135.0 million of outstanding indebtedness collateralized by the senior housing properties that were sold. | ||
In May 2015, the Company repaid the outstanding principal balance of $112.5 million on its revolving line of credit. Additionally, in May 2015, the Company repaid $56.6 million of outstanding indebtedness collateralized by one of its attractions properties and one of its ski and mountain lifestyle properties. The Company also terminated a hedge related to the indebtedness for one of these properties. Refer to Note 8, “Indebtedness” for additional information. | ||
In May 2015, the Company initiated a process to call all of its senior unsecured notes with an outstanding principal amount of $318.3 million at a premium of 103.625%. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015. Amounts as of December 31, 2014 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
The accompanying unaudited condensed 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 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. | |
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 impairments. Actual results could differ from those estimates. |
Reclassifications | Reclassifications — Certain prior period amounts in the unaudited condensed 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 April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 that has (or will have) a major effect on an entity’s operations and financial results, 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 after the effective date. As a result, no changes were made for properties classified as held for sale prior to January 1, 2015. Effective January 1, 2015, the Company adopted this ASU. The adoption of this update impacts the Company’s determinations of which future property disposals qualify as discontinued operations and requires additional disclosures about discontinued operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. 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 ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The Company will not early adopt ASU 2015-03 and has determined that the amendments will impact the Company’s presentation of its consolidated financial position but will not have a material impact on the Company’s consolidated results of operations or cash flows. |
Real_Estate_Investment_Propert1
Real Estate Investment Properties, net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Schedule of Real Estate Investment Properties | As of March 31, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 448,751 | $ | 450,757 | |||||
Leasehold interests and improvements | 179,513 | 180,551 | |||||||
Buildings | 398,309 | 398,811 | |||||||
Equipment | 592,907 | 585,258 | |||||||
Less: accumulated depreciation and amortization | (613,518 | ) | (592,729 | ) | |||||
$ | 1,005,962 | $ | 1,022,648 | ||||||
Assets_and_Associated_Liabilit1
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Carrying Value of Assets Held for Sale | The following table presents the net carrying value of the properties classified as held for sale (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 188,008 | $ | 184,879 | |||||
Leasehold interests and improvements | 52,671 | 52,571 | |||||||
Building and building improvements | 506,361 | 507,324 | |||||||
Equipment, net | 41,811 | 39,654 | |||||||
Deferred rent and lease incentives | 5,012 | 4,835 | |||||||
Other assets | 5,453 | 5,470 | |||||||
Restricted cash | 12,263 | 13,979 | |||||||
Intangibles, net | 10,487 | 10,487 | |||||||
Accounts and other receivables, net | 1,522 | 2,482 | |||||||
Total | $ | 823,588 | $ | 821,681 | |||||
Liabilities Held for Sale | The following table presents the liabilities associated with the assets held for sale related to the senior housing properties (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Mortgages and other notes payable | $ | 151,819 | $ | 152,655 | |||||
Other liabilities | 6,903 | 6,612 | |||||||
Total | $ | 158,722 | $ | 159,267 | |||||
Summary of Income (Loss) from Discontinued Operations | The following table is a summary of income (loss) from discontinued operations for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 30,281 | $ | 43,033 | |||||
Expenses | (19,821 | ) | (28,641 | ) | |||||
Impairment provision | — | (3,314 | ) | ||||||
Depreciation and amortization | — | (12,657 | ) | ||||||
Operating income (loss) | 10,460 | (1,579 | ) | ||||||
Other expense | (3,408 | ) | (6,892 | ) | |||||
Income (loss) from discontinued operations | $ | 7,052 | $ | (8,471 | ) | ||||
Intangibles_net_Tables
Intangibles, net (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | ||||||||||||
Intangible Assets | Gross | Accumulated | March 31, 2015 | ||||||||||
Carrying | Amortization | Net Book Value | |||||||||||
Amount | |||||||||||||
In place leases | $ | 12,231 | $ | (5,250 | ) | $ | 6,981 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,072 | $ | (5,250 | ) | $ | 17,822 | ||||||
Intangible Assets | Gross | Accumulated | December 31, 2014 | ||||||||||
Carrying | Amortization | Net Book Value | |||||||||||
Amount | |||||||||||||
In place leases | $ | 12,295 | $ | (5,110 | ) | $ | 7,185 | ||||||
Trade name (infinite-lived) | 10,841 | — | 10,841 | ||||||||||
Total | $ | 23,136 | $ | (5,110 | ) | $ | 18,026 | ||||||
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Summarized Operating Data of Unconsolidated Entities | The following tables present financial information for the Company’s unconsolidated entities for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||
Summarized operating data: | |||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||
DMC | Intrawest | Total | |||||||||||
Partnership | Venture | ||||||||||||
Revenues | $ | 8,453 | $ | 4,295 | $ | 12,748 | |||||||
Property operating expenses | (155 | ) | (2,273 | ) | (2,428 | ) | |||||||
Depreciation and amortization | (2,284 | ) | (689 | ) | (2,973 | ) | |||||||
Interest expense | (1,328 | ) | (1,045 | ) | (2,373 | ) | |||||||
Income from continuing operations | 4,686 | 288 | 4,974 | ||||||||||
Discontinued operations (3) | — | 154 | 154 | ||||||||||
Net income | $ | 4,686 | $ | 442 | $ | 5,128 | |||||||
Income (loss) allocable to other venture partners (1) | $ | 1,901 | $ | (397 | )(2) | $ | 1,504 | ||||||
Income allocable to the Company (1) | $ | 2,785 | $ | 839 | $ | 3,624 | |||||||
Amortization of capitalized costs | (18 | ) | (45 | ) | (63 | ) | |||||||
Equity in earnings of unconsolidated entities | $ | 2,767 | $ | 794 | $ | 3,561 | |||||||
Distribution declared to the Company | $ | 2,797 | $ | 3,479 | $ | 6,276 | |||||||
Distributions received by the Company | $ | 2,860 | $ | 2,710 | $ | 5,570 | |||||||
Three Months Ended March 31, 2014 | |||||||||||||
DMC | Intrawest | Total | |||||||||||
Partnership | Venture | ||||||||||||
Revenues | $ | 7,910 | $ | 4,449 | $ | 12,359 | |||||||
Property operating expenses | (171 | ) | (2,242 | ) | (2,413 | ) | |||||||
Depreciation and amortization | (2,202 | ) | — | (2,202 | ) | ||||||||
Interest expense | (1,916 | ) | (1,099 | ) | (3,015 | ) | |||||||
Income from continuing operations | 3,621 | 1,108 | 4,729 | ||||||||||
Discontinued operations (3) | — | 158 | 158 | ||||||||||
Net income | $ | 3,621 | $ | 1,266 | $ | 4,887 | |||||||
Income (loss) allocable to other venture partners (1) | $ | 824 | $ | (397 | )(2) | $ | 427 | ||||||
Income allocable to the Company (1) | $ | 2,797 | $ | 1,663 | $ | 4,460 | |||||||
Amortization of capitalized costs | (108 | ) | (53 | ) | (161 | ) | |||||||
Equity in earnings of unconsolidated entities | $ | 2,689 | $ | 1,610 | $ | 4,299 | |||||||
Distribution declared to the Company | $ | 2,797 | $ | 658 | $ | 3,455 | |||||||
Distributions received by the Company | $ | 2,859 | $ | 261 | $ | 3,120 | |||||||
FOOTNOTES: | |||||||||||||
(1) | Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. | ||||||||||||
(2) | This amount includes 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. | ||||||||||||
(3) | This amount represents the one village retail property classified as an asset held for sale. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, as follows (in thousands): | ||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Measurement as | |||||||||||||||||
of March 31, | |||||||||||||||||
2015 | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 823,588 | $ | — | $ | — | $ | 823,588 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 978 | $ | — | $ | 978 | $ | — | |||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Measurement as | |||||||||||||||||
of December 31, | |||||||||||||||||
2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Assets held for sale carried at fair value | $ | 821,681 | $ | — | $ | — | $ | 821,681 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | 1,002 | $ | — | $ | 1,002 | $ | — |
Related_Party_Arrangements_Tab
Related Party Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earned Acquisition Fees and Incurred Reimbursable Expenses | For the three months ended March 31, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Acquisition fees: | |||||||||
Acquisition fees from distribution reinvestment plan (1) | $ | — | $ | 319 | |||||
Acquisition fees from debt proceeds (2) | — | 1,521 | |||||||
Total | — | 1,840 | |||||||
Asset management fees (3) | 6,242 | 8,571 | |||||||
Reimbursable expenses: (4) | |||||||||
Acquisition costs | — | 77 | |||||||
Operating expenses | 1,406 | 1,712 | |||||||
Total | 1,406 | 1,789 | |||||||
Total fees earned and reimbursable expenses | $ | 7,648 | $ | 12,200 | |||||
FOOTNOTES: | |||||||||
(1) | Amounts are recorded as acquisition fees and costs in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the Advisor eliminated this fee going forward. | ||||||||
(2) | Amounts are recorded as loan costs and are included as part of other assets in the accompanying unaudited condensed consolidated balance sheets. Effective April 1, 2014, the Advisor eliminated this fee going forward. | ||||||||
(3) | Amounts are recorded as asset management fees to Advisor including fees 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) | Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying condensed consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. | ||||||||
Amounts Due to Affiliates for Fees and Expense | Amounts due to affiliates for fees and expenses described above are as follows (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Due to the Advisor and its affiliates: | |||||||||
Operating expenses | $ | 574 | $ | 476 | |||||
Acquisition fees and expenses | — | 13 | |||||||
Total | $ | 574 | $ | 489 | |||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet: | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 340,425 | $ | 665,537 | $ | — | $ | 1,005,962 | |||||||||||
Assets held for sale, net | — | 181,298 | 642,290 | — | 823,588 | ||||||||||||||||
Investment in unconsolidated entities | — | 143,594 | — | — | 143,594 | ||||||||||||||||
Cash | 26,307 | 19,558 | 29,990 | — | 75,855 | ||||||||||||||||
Investment in subsidiaries | 1,428,143 | 1,099,148 | 1,322,231 | (3,849,522 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 26,897 | 22,292 | — | 49,189 | ||||||||||||||||
Restricted cash | 61 | 24,241 | 16,279 | — | 40,581 | ||||||||||||||||
Other assets | 6,385 | 12,993 | 14,835 | — | 34,213 | ||||||||||||||||
Intangibles, net | — | 3,895 | 13,927 | — | 17,822 | ||||||||||||||||
Accounts and other receivables, net | — | 9,093 | 7,824 | — | 16,917 | ||||||||||||||||
Mortgages and other notes receivable, net | 48,700 | 11,999 | (45,295 | ) | 15,404 | ||||||||||||||||
Total Assets | $ | 1,460,896 | $ | 1,909,842 | $ | 2,747,204 | $ | (3,894,817 | ) | $ | 2,223,125 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Mortgages and other notes payable | $ | — | $ | 189,503 | $ | 246,122 | $ | (43,501 | ) | $ | 392,124 | ||||||||||
Senior notes, net of discount | 316,920 | — | — | — | 316,920 | ||||||||||||||||
Liabilities related to assets held for sale | — | — | 158,722 | — | 158,722 | ||||||||||||||||
Line of credit | — | 112,500 | — | — | 112,500 | ||||||||||||||||
Other liabilities | 8 | 18,889 | 45,849 | — | 64,746 | ||||||||||||||||
Accounts payable and accrued expenses | 12,286 | 12,976 | 22,943 | (1,794 | ) | 46,411 | |||||||||||||||
Due to affiliates | 554 | 7 | 13 | — | 574 | ||||||||||||||||
Total Liabilities | 329,768 | 333,875 | 473,649 | (45,295 | ) | 1,091,997 | |||||||||||||||
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 | 6,533,509 | 9,239,488 | (15,772,997 | ) | 2,863,839 | |||||||||||||||
Accumulated deficit | (501,684 | ) | 69,307 | (12,892 | ) | (56,415 | ) | (501,684 | ) | ||||||||||||
Accumulated distributions | (1,227,561 | ) | (5,026,849 | ) | (6,946,323 | ) | 11,973,172 | (1,227,561 | ) | ||||||||||||
Accumulated other comprehensive loss | (6,718 | ) | — | (6,718 | ) | 6,718 | (6,718 | ) | |||||||||||||
Total Stockholders’ Equity | 1,131,128 | 1,575,967 | 2,273,555 | (3,849,522 | ) | 1,131,128 | |||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,460,896 | $ | 1,909,842 | $ | 2,747,204 | $ | (3,894,817 | ) | $ | 2,223,125 | ||||||||||
Condensed Consolidating Balance Sheet: | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Real estate investment properties, net | $ | — | $ | 346,178 | $ | 676,470 | $ | — | $ | 1,022,648 | |||||||||||
Assets held for sale, net | — | 181,279 | 640,402 | — | 821,681 | ||||||||||||||||
Investments in unconsolidated entities | — | 127,102 | — | — | 127,102 | ||||||||||||||||
Cash | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Investments in subsidiaries | 1,388,842 | 1,132,409 | 1,306,559 | (3,827,810 | ) | — | |||||||||||||||
Deferred rent and lease incentives | — | 28,249 | 19,054 | — | 47,303 | ||||||||||||||||
Restricted cash | 127 | 21,418 | 14,417 | — | 35,962 | ||||||||||||||||
Other assets | 6,978 | 12,474 | 15,089 | — | 34,541 | ||||||||||||||||
Intangibles, net | — | 3,976 | 14,050 | — | 18,026 | ||||||||||||||||
Accounts and other receivables, net | — | 8,457 | 12,146 | — | 20,603 | ||||||||||||||||
Mortgages and other notes receivable, net | — | 47,367 | 15,942 | (43,948 | ) | 19,361 | |||||||||||||||
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 | $ | 246,949 | $ | (42,997 | ) | $ | 397,849 | ||||||||||
Senior notes, net of discount | 316,846 | — | — | — | 316,846 | ||||||||||||||||
Liabilities related to assets held for sale | — | — | 159,267 | — | 159,267 | ||||||||||||||||
Line of credit | — | 152,500 | — | — | 152,500 | ||||||||||||||||
Other liabilities | — | 14,919 | 38,947 | — | 53,866 | ||||||||||||||||
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 | ) | |||||||||||||
Total Stockholders’ Equity | 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 | ||||||||||
Condensed Consolidating Statement of Operations | Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 16,038 | $ | 19,969 | $ | — | $ | 36,007 | |||||||||||
Property operating revenues | — | 2,121 | 32,961 | — | 35,082 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 1,235 | 794 | (1,126 | ) | 903 | |||||||||||||||
Total revenues | — | 19,394 | 53,724 | (1,126 | ) | 71,992 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 7,894 | 29,144 | — | 37,038 | ||||||||||||||||
Asset management fees to advisor | 4,434 | — | — | — | 4,434 | ||||||||||||||||
General and administrative | 3,538 | 525 | (81 | ) | — | 3,982 | |||||||||||||||
Ground lease and permit fees | — | 2,068 | 1,366 | — | 3,434 | ||||||||||||||||
Other operating expenses | 146 | (438 | ) | 911 | — | 619 | |||||||||||||||
Bad debt expense | — | — | 2,540 | — | 2,540 | ||||||||||||||||
Loan loss provision | — | — | 3,940 | — | 3,940 | ||||||||||||||||
Depreciation and amortization | — | 8,214 | 14,898 | — | 23,112 | ||||||||||||||||
Total expenses | 8,118 | 18,263 | 52,718 | — | 79,099 | ||||||||||||||||
Operating loss | (8,118 | ) | 1,131 | 1,006 | (1,126 | ) | (7,107 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 5 | 542 | 401 | — | 948 | ||||||||||||||||
Interest expense and loan cost amortization | (6,297 | ) | (4,723 | ) | (2,115 | ) | 1,126 | (12,009 | ) | ||||||||||||
Equity in earnings of unconsolidated entities | — | 3,561 | — | — | 3,561 | ||||||||||||||||
Equity in earnings (loss), intercompany | 6,855 | 8,985 | (2,683 | ) | (13,157 | ) | — | ||||||||||||||
Total other income (expense) | 563 | 8,365 | (4,397 | ) | (12,031 | ) | (7,500 | ) | |||||||||||||
Income (loss) from continuing operations | (7,555 | ) | 9,496 | (3,391 | ) | (13,157 | ) | (14,607 | ) | ||||||||||||
Income (loss) from discontinued operations | — | (236 | ) | 7,288 | — | 7,052 | |||||||||||||||
Net income (loss) | $ | (7,555 | ) | $ | 9,260 | $ | 3,897 | $ | (13,157 | ) | $ | (7,555 | ) | ||||||||
Condensed Consolidating Statement of Operations: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Revenues: | |||||||||||||||||||||
Rental income from operating leases | $ | — | $ | 16,168 | $ | 20,364 | $ | — | $ | 36,532 | |||||||||||
Property operating revenues | — | 2,123 | 30,592 | — | 32,715 | ||||||||||||||||
Interest income on mortgages and other notes receivable | — | 1,185 | 3,060 | (1,112 | ) | 3,133 | |||||||||||||||
Total revenues | — | 19,476 | 54,016 | (1,112 | ) | 72,380 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Property operating expenses | — | 7,240 | 29,454 | — | 36,694 | ||||||||||||||||
Asset management fees to advisor | 5,198 | — | — | — | 5,198 | ||||||||||||||||
General and administrative | 3,378 | 186 | 391 | — | 3,955 | ||||||||||||||||
Ground lease and permit fees | — | 1,987 | 1,332 | — | 3,319 | ||||||||||||||||
Acquisition fees and costs | 613 | — | — | — | 613 | ||||||||||||||||
Other operating expenses | 11 | 193 | 375 | — | 579 | ||||||||||||||||
Bad debt expense | — | — | 4 | — | 4 | ||||||||||||||||
Depreciation and amortization | — | 8,844 | 15,358 | — | 24,202 | ||||||||||||||||
Total expenses | 9,200 | 18,450 | 46,914 | — | 74,564 | ||||||||||||||||
Operating income (loss) | (9,200 | ) | 1,026 | 7,102 | (1,112 | ) | (2,184 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest and other income | 7 | 80 | 80 | — | 167 | ||||||||||||||||
Interest expense and loan cost amortization (includes $414 loss on termination of cash flow hedges) | (7,903 | ) | (3,722 | ) | (3,651 | ) | 1,112 | (14,164 | ) | ||||||||||||
Equity in earnings of unconsolidated entities | — | 4,299 | — | — | 4,299 | ||||||||||||||||
Equity in earnings (loss), intercompany | (3,257 | ) | 2,738 | (4,539 | ) | 5,058 | — | ||||||||||||||
Total other income (expense) | (11,153 | ) | 3,395 | (8,110 | ) | 6,170 | (9,698 | ) | |||||||||||||
Income (loss) from continuing operations | (20,353 | ) | 4,421 | (1,008 | ) | 5,058 | (11,882 | ) | |||||||||||||
Discontinued operations | — | (4,959 | ) | (3,512 | ) | — | (8,471 | ) | |||||||||||||
Net income (loss) | $ | (20,353 | ) | $ | (538 | ) | $ | (4,520 | ) | $ | 5,058 | $ | (20,353 | ) | |||||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) | Condensed Consolidating Statement of Other Comprehensive Income (Loss): | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Net income (loss) | $ | (7,555 | ) | $ | 9,260 | $ | 3,897 | $ | (13,157 | ) | $ | (7,555 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (2,472 | ) | — | (2,472 | ) | 2,472 | (2,472 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Unrealized gain arising during the period | 24 | — | 24 | (24 | ) | 24 | |||||||||||||||
Total other comprehensive income | (2,448 | ) | — | (2,448 | ) | 2,448 | (2,448 | ) | |||||||||||||
Comprehensive income (loss) | $ | (10,003 | ) | $ | 9,260 | $ | 1,449 | $ | (10,709 | ) | $ | (10,003 | ) | ||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Net income (loss) | $ | (20,353 | ) | $ | (538 | ) | $ | (4,520 | ) | $ | 5,058 | $ | (20,353 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | (689 | ) | — | (689 | ) | 689 | (689 | ) | |||||||||||||
Changes in fair value of cash flow hedges: | |||||||||||||||||||||
Amortization of loss on termination of cash flow hedges | 414 | — | 414 | (414 | ) | 414 | |||||||||||||||
Unrealized gain arising during the period | 322 | — | 322 | (322 | ) | 322 | |||||||||||||||
Total other comprehensive income | 47 | — | 47 | (47 | ) | 47 | |||||||||||||||
Comprehensive income (loss) | $ | (20,306 | ) | $ | (538 | ) | $ | (4,473 | ) | $ | 5,011 | $ | (20,306 | ) | |||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows: | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (7,684 | ) | $ | 12,660 | $ | 31,099 | $ | — | $ | 36,075 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | — | (4,830 | ) | (7,558 | ) | — | (12,388 | ) | |||||||||||||
Investment in and contributions to unconsolidated entities | — | (19,429 | ) | — | — | (19,429 | ) | ||||||||||||||
Proceeds from insurance | — | 168 | 787 | — | 955 | ||||||||||||||||
Changes in restricted cash | 66 | (911 | ) | (2,057 | ) | — | (2,902 | ) | |||||||||||||
Other | — | 59 | — | — | 59 | ||||||||||||||||
Intercompany investing | (34,933 | ) | — | — | 34,933 | — | |||||||||||||||
Net cash provided by (used in) investing activities | (34,867 | ) | (24,943 | ) | (8,828 | ) | 34,933 | (33,705 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Distributions to stockholders, net of reinvestments | (16,259 | ) | — | — | — | (16,259 | ) | ||||||||||||||
Principal payments of line of credit | — | (40,000 | ) | — | — | (40,000 | ) | ||||||||||||||
Principal payments on mortgage loans and senior notes | — | (3,905 | ) | (2,559 | ) | — | (6,464 | ) | |||||||||||||
Principal payments on capital leases | — | (140 | ) | (401 | ) | — | (541 | ) | |||||||||||||
Payment of entrance fee refunds | — | — | (274 | ) | — | (274 | ) | ||||||||||||||
Intercompany financing | — | 51,474 | (16,541 | ) | (34,933 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | (16,259 | ) | 7,429 | (19,775 | ) | (34,933 | ) | (63,538 | ) | ||||||||||||
Effect of exchange rate fluctuation on cash | — | — | 38 | — | 38 | ||||||||||||||||
Net increase (decrease) in cash | (58,810 | ) | (4,854 | ) | 2,534 | — | (61,130 | ) | |||||||||||||
Cash at beginning of period | 85,117 | 24,412 | 27,456 | — | 136,985 | ||||||||||||||||
Cash at end of period | $ | 26,307 | $ | 19,558 | $ | 29,990 | $ | — | $ | 75,855 | |||||||||||
Condensed Consolidating Statement of Cash Flows: | |||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Issuer | Guarantor | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (17,264 | ) | $ | 23,527 | $ | 31,297 | $ | — | $ | 37,560 | ||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of property | — | — | (15,250 | ) | — | (15,250 | ) | ||||||||||||||
Capital expenditures | — | (8,714 | ) | (10,530 | ) | — | (19,244 | ) | |||||||||||||
Deposits on real estate investments | (1,238 | ) | — | — | — | (1,238 | ) | ||||||||||||||
Changes in restricted cash | (12 | ) | 298 | (3,789 | ) | — | (3,503 | ) | |||||||||||||
Other | — | 17 | 81 | — | 98 | ||||||||||||||||
Intercompany investing | 54,508 | — | — | (54,508 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | 53,258 | (8,399 | ) | (29,488 | ) | (54,508 | ) | (39,137 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Redemption of common stock | (2,978 | ) | — | — | — | (2,978 | ) | ||||||||||||||
Distributions to stockholders, net of reinvestments | (20,651 | ) | — | — | — | (20,651 | ) | ||||||||||||||
Proceeds from mortgage loans and other notes payable | — | 40,000 | 10,702 | — | 50,702 | ||||||||||||||||
Principal payments on mortgage loans and senior notes | — | (4,403 | ) | (2,414 | ) | — | (6,817 | ) | |||||||||||||
Principal payments on capital leases | — | (261 | ) | (323 | ) | — | (584 | ) | |||||||||||||
Payment of entrance fee refunds | — | — | (1,030 | ) | — | (1,030 | ) | ||||||||||||||
Payment of loan costs | — | (2,103 | ) | (37 | ) | — | (2,140 | ) | |||||||||||||
Intercompany financing | — | (51,359 | ) | (3,149 | ) | 54,508 | — | ||||||||||||||
Net cash provided by (used in) financing activities | (23,629 | ) | (18,126 | ) | 3,749 | 54,508 | 16,502 | ||||||||||||||
Effect of exchange rate fluctuation on cash | — | — | (9 | ) | — | (9 | ) | ||||||||||||||
Net increase (decrease) in cash | 12,365 | (2,998 | ) | 5,549 | — | 14,916 | |||||||||||||||
Cash at beginning of period | 37,668 | 15,671 | 18,235 | — | 71,574 | ||||||||||||||||
Cash at end of period | $ | 50,033 | $ | 12,673 | $ | 23,784 | $ | — | $ | 86,490 | |||||||||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property | ||
Organization And Nature Of Business [Line Items] | ||
Number of real estate properties | 105 | |
Number of properties held for sale | 57 | 57 |
Sale of properties | $140 | |
DMC Partnership | ||
Organization And Nature Of Business [Line Items] | ||
Company's ownership percentage | 81.98% | |
Company's ownership to be sold | 140 | |
Unimproved Land | ||
Organization And Nature Of Business [Line Items] | ||
Sale of properties | 5.5 | |
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 |
Schedule_of_Real_Estate_Invest
Schedule of Real Estate Investment Properties (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ||
Less: accumulated depreciation and amortization | ($613,518) | ($592,729) |
Real estate investment properties, net | 1,005,962 | 1,022,648 |
Land and land improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 448,751 | 450,757 |
Leasehold interests and improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 179,513 | 180,551 |
Buildings | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 398,309 | 398,811 |
Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | $592,907 | $585,258 |
Real_Estate_Investment_Propert2
Real Estate Investment Properties Net - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Depreciation and amortization expenses | $22.90 | $24.10 |
Assets_and_Associated_Liabilit2
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations - Additional Information (Detail) | Mar. 31, 2015 | Dec. 31, 2014 | 15-May-15 |
Property | Property | Property | |
Assets Held for Sale and Discontinued Operations [Line Items] | |||
Number of properties held for sale | 57 | 57 | |
Senior Housing Property | |||
Assets Held for Sale and Discontinued Operations [Line Items] | |||
Number of properties held for sale | 55 | ||
Senior Housing Property | Subsequent Event | |||
Assets Held for Sale and Discontinued Operations [Line Items] | |||
Number of properties held for sale | 38 | ||
Number of properties sold | 37 | ||
Marinas Property | |||
Assets Held for Sale and Discontinued Operations [Line Items] | |||
Number of properties held for sale | 55 |
Properties_Classified_as_Asset
Properties Classified as Assets Held for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $823,588 | $821,681 |
Land and land improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 188,008 | 184,879 |
Leasehold interests and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 52,671 | 52,571 |
Building and Building Improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 506,361 | 507,324 |
Equipment | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 41,811 | 39,654 |
Deferred Rent And Lease Incentives | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 5,012 | 4,835 |
Other Assets | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 5,453 | 5,470 |
Restricted cash | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 12,263 | 13,979 |
Intangibles, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 10,487 | 10,487 |
Accounts and other receivables, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $1,522 | $2,482 |
Liabilities_Held_for_Sale_Deta
Liabilities Held for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities Held for Sale [Line Items] | ||
Mortgages and other notes payable | $151,819 | $152,655 |
Other liabilities | 6,903 | 6,612 |
Total | $158,722 | $159,267 |
Summary_of_Income_or_Loss_from
Summary of Income or Loss from Discontinued Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | $30,281 | $43,033 |
Expenses | -19,821 | -28,641 |
Impairment provision | -3,314 | |
Depreciation and amortization | -12,657 | |
Operating income (loss) | 10,460 | -1,579 |
Other expense | -3,408 | -6,892 |
Income (loss) from discontinued operations | $7,052 | ($8,471) |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $23,072 | $23,136 |
Accumulated Amortization | -5,250 | -5,110 |
Net Book Value | 17,822 | 18,026 |
In place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,231 | 12,295 |
Accumulated Amortization | -5,250 | -5,110 |
Net Book Value | 6,981 | 7,185 |
Trade name (infinite-lived) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,841 | 10,841 |
Net Book Value | $10,841 | $10,841 |
Intangibles_Net_Additional_Inf
Intangibles Net - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Intangible Assets Disclosure [Line Items] | ||
Amortization of intangible assets | $0.20 | $0.20 |
Unconsolidated_Entities_Additi
Unconsolidated Entities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2015 | 15-May-15 | Apr. 30, 2015 | |
Entity | ||||||
Variable Interest Entity [Line Items] | ||||||
Investments in unconsolidated entities | $143,594,000 | 127,102,000 | ||||
Payment of mortgage loan | 6,464,000 | 6,817,000 | ||||
Sale of properties | 140,000,000 | |||||
Joint Venture Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity ownership in number of companies | 2 | 2 | ||||
DMC Partnership | ||||||
Variable Interest Entity [Line Items] | ||||||
Company's ownership percentage | 81.98% | |||||
Company's ownership sold | 140,000,000 | |||||
DMC Partnership | Joint Venture Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Investments in unconsolidated entities | 104,300,000 | 104,400,000 | ||||
Intrawest Venture | Joint Venture Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Investments in unconsolidated entities | 39,300,000 | 22,700,000 | ||||
Payment of mortgage loan | 19,400,000 | |||||
HLBV | ||||||
Variable Interest Entity [Line Items] | ||||||
Share of partners capital | 136,300,000 | 119,600,000 | ||||
Difference between carrying amount of the investment and partners capital | 7,300,000 | 7,500,000 | ||||
Subsequent Event | ||||||
Variable Interest Entity [Line Items] | ||||||
Payment of mortgage loan | 56,600,000 | |||||
Subsequent Event | DMC Partnership | ||||||
Variable Interest Entity [Line Items] | ||||||
Company's ownership percentage | 81.98% | |||||
Sale of properties | 140,000,000 | |||||
Canada Revenue Agency | ||||||
Variable Interest Entity [Line Items] | ||||||
Maximum exposure to loss on investment | 13,000,000 | |||||
Accruals for loss on investment | $1,500,000 |
Summary_of_Financial_Informati
Summary of Financial Information of Unconsolidated Entities (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Schedule of Unconsolidated Entities [Line Items] | ||||
Revenues | $71,992 | $72,380 | ||
Property operating expenses | -37,038 | -36,694 | ||
Depreciation and amortization | -23,112 | -24,202 | ||
Income (loss) from continuing operations | -14,607 | -11,882 | ||
Discontinued operations | 7,052 | -8,471 | ||
Equity in earnings of unconsolidated entities | 3,561 | 4,299 | ||
DMC Partnership | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Revenues | 8,453 | 7,910 | ||
Property operating expenses | -155 | -171 | ||
Depreciation and amortization | -2,284 | -2,202 | ||
Interest expense | -1,328 | -1,916 | ||
Income (loss) from continuing operations | 4,686 | 3,621 | ||
Net income | 4,686 | 3,621 | ||
Income (loss) allocable to other venture partners | 1,901 | [1] | 824 | [1] |
Income allocable to the Company | 2,785 | [1] | 2,797 | [1] |
Amortization of capitalized costs | -18 | -108 | ||
Equity in earnings of unconsolidated entities | 2,767 | 2,689 | ||
Distribution declared to the Company | 2,797 | 2,797 | ||
Distributions received by the Company | 2,860 | 2,859 | ||
Intrawest Venture | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Revenues | 4,295 | 4,449 | ||
Property operating expenses | -2,273 | -2,242 | ||
Depreciation and amortization | -689 | |||
Interest expense | -1,045 | -1,099 | ||
Income (loss) from continuing operations | 288 | 1,108 | ||
Discontinued operations | 154 | [2] | 158 | [2] |
Net income | 442 | 1,266 | ||
Income (loss) allocable to other venture partners | -397 | [1],[3] | -397 | [1],[3] |
Income allocable to the Company | 839 | [1] | 1,663 | [1] |
Amortization of capitalized costs | -45 | -53 | ||
Equity in earnings of unconsolidated entities | 794 | 1,610 | ||
Distribution declared to the Company | 3,479 | 658 | ||
Distributions received by the Company | 2,710 | 261 | ||
Total | ||||
Schedule of Unconsolidated Entities [Line Items] | ||||
Revenues | 12,748 | 12,359 | ||
Property operating expenses | -2,428 | -2,413 | ||
Depreciation and amortization | -2,973 | -2,202 | ||
Interest expense | -2,373 | -3,015 | ||
Income (loss) from continuing operations | 4,974 | 4,729 | ||
Discontinued operations | 154 | [2] | 158 | [2] |
Net income | 5,128 | 4,887 | ||
Income (loss) allocable to other venture partners | 1,504 | [1] | 427 | [1] |
Income allocable to the Company | 3,624 | [1] | 4,460 | [1] |
Amortization of capitalized costs | -63 | -161 | ||
Equity in earnings of unconsolidated entities | 3,561 | 4,299 | ||
Distribution declared to the Company | 6,276 | 3,455 | ||
Distributions received by the Company | $5,570 | $3,120 | ||
[1] | Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value ("HLBV") method of accounting. | |||
[2] | This amount represents the one village retail property classified as an asset held for sale. | |||
[3] | This amount includes 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. |
Mortgages_and_Other_Notes_Rece1
Mortgages and Other Notes Receivable, Net - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Estimated fair market value of company's mortgages and other notes receivable | $15.40 | $16.60 |
Mortgage and Other Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss provision | $3.90 |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Line of Credit repaid | $40,000,000 | |
Line of credit | 112,500,000 | 152,500,000 |
Outstanding principal balance of loans repaid | 43,000,000 | |
Maturity date of mortgage loan | May-15 | |
Maximum | ||
Debt Instrument [Line Items] | ||
Distribution from operations | 95.00% | |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Debt Instrument [Line Items] | ||
Estimated fair values of mortgages and other notes payable, including those related to assets held for sale and line of credit | 658,600,000 | 707,300,000 |
Estimated fair values of Senior notes | $326,300,000 | $325,400,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Property | Property | |
Fair Value Measurements Disclosure [Line Items] | ||
Number of investment properties Held for Sale | 57 | 57 |
Interest Rate Swap | ||
Fair Value Measurements Disclosure [Line Items] | ||
Remaining hedges qualified as highly effective | 2 | 2 |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Assets held for sale carried at fair value | $823,588 | $821,681 |
Liabilities: | ||
Derivative instruments | 978 | 1,002 |
Level 2 | ||
Liabilities: | ||
Derivative instruments | 978 | 1,002 |
Level 3 | ||
Assets: | ||
Assets held for sale carried at fair value | $823,588 | $821,681 |
Related_Party_Arrangements_Add
Related Party Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Deposits at bank | 14.4 | $15.20 |
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% |
Adviser_and_Former_Adviser_Ear
Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Acquisition fees: | ||||
Acquisition fees from distribution reinvestment plan | $319 | [1] | ||
Acquisition fees from debt proceeds | 1,521 | [2] | ||
Total | 1,840 | |||
Asset management fees | 6,242 | [3] | 8,571 | [3] |
Reimbursable expenses: | ||||
Acquisition costs | 77 | |||
Operating expenses | 1,406 | 1,712 | ||
Total | 1,406 | [4] | 1,789 | [4] |
Total fees earned and reimbursable expenses | $7,648 | $12,200 | ||
[1] | Amounts are recorded as acquisition fees and costs in the accompanying unaudited condensed consolidated statements of operations. Effective April 1, 2014, the Advisor eliminated this fee going forward. | |||
[2] | Amounts are recorded as loan costs and are included as part of other assets in the accompanying unaudited condensed consolidated balance sheets. Effective April 1, 2014, the Advisor eliminated this fee going forward. | |||
[3] | Amounts are recorded as asset management fees to Advisor including fees 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] | Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying condensed consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. |
Amounts_Due_to_Affiliates_for_
Amounts Due to Affiliates for Fees and Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $574 | $489 |
Operating expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 574 | 476 |
Acquisition fees and expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $13 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Stockholders Equity Note [Line Items] | |||||
Declared and paid distributions | $50,000 | $16,300,000 | $34,300,000 | ||
Declared and paid distributions, per share | $0.11 | $0.05 | $0.11 | $0.43 | |
Redemption of shares | 435 | 0 | |||
Shares redeemed, amount | 3,000,000 | ||||
Reinvestment Plan | |||||
Stockholders Equity Note [Line Items] | |||||
Offering proceeds | $0 | 13,600,000 | |||
Shares subscribed, shares | 2,000,000 |
Consolidating_Balance_Sheet_De
Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Real estate investment properties, net | $1,005,962 | $1,022,648 | ||
Assets held for sale, net | 823,588 | 821,681 | ||
Investment in unconsolidated entities | 143,594 | 127,102 | ||
Cash | 75,855 | 136,985 | 86,490 | 71,574 |
Deferred rent and lease incentives | 49,189 | 47,303 | ||
Restricted cash | 40,581 | 35,962 | ||
Other assets | 34,213 | 34,541 | ||
Intangibles, net | 17,822 | 18,026 | ||
Accounts and other receivables, net | 16,917 | 20,603 | ||
Mortgages and other notes receivable, net | 15,404 | 19,361 | ||
Total Assets | 2,223,125 | 2,284,212 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 392,124 | 397,849 | ||
Senior notes, net of discount | 316,920 | 316,846 | ||
Liabilities related to assets held for sale | 158,722 | 159,267 | ||
Line of credit | 112,500 | 152,500 | ||
Other liabilities | 64,746 | 53,866 | ||
Accounts payable and accrued expenses | 46,411 | 46,005 | ||
Due to affiliates | 574 | 489 | ||
Total Liabilities | 1,091,997 | 1,126,822 | ||
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 | 3,252 | ||
Capital in excess of par value | 2,863,839 | 2,863,839 | ||
Accumulated earnings (deficit) | -501,684 | -494,129 | ||
Accumulated distributions | -1,227,561 | -1,211,302 | ||
Accumulated other comprehensive loss | -6,718 | -4,270 | ||
Total Stockholders' Equity | 1,131,128 | 1,157,390 | 1,368,378 | |
Total Liabilities and Stockholders' Equity | 2,223,125 | 2,284,212 | ||
Consolidating Adjustments | ||||
ASSETS | ||||
Investment in subsidiaries | -3,849,522 | -3,827,810 | ||
Mortgages and other notes receivable, net | -45,295 | -43,948 | ||
Total Assets | -3,894,817 | -3,871,758 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | -43,501 | -42,997 | ||
Accounts payable and accrued expenses | -1,794 | -950 | ||
Total Liabilities | -45,295 | -43,947 | ||
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 | -15,772,997 | -15,579,131 | ||
Accumulated earnings (deficit) | -56,415 | -43,258 | ||
Accumulated distributions | 11,973,172 | 11,790,308 | ||
Accumulated other comprehensive loss | 6,718 | 4,270 | ||
Total Stockholders' Equity | -3,849,522 | -3,827,811 | ||
Total Liabilities and Stockholders' Equity | -3,894,817 | -3,871,758 | ||
Issuer | ||||
ASSETS | ||||
Cash | 26,307 | 85,117 | 50,033 | 37,668 |
Investment in subsidiaries | 1,428,143 | 1,388,842 | ||
Restricted cash | 61 | 127 | ||
Other assets | 6,385 | 6,978 | ||
Total Assets | 1,460,896 | 1,481,064 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Senior notes, net of discount | 316,920 | 316,846 | ||
Other liabilities | 8 | |||
Accounts payable and accrued expenses | 12,286 | 6,339 | ||
Due to affiliates | 554 | 489 | ||
Total Liabilities | 329,768 | 323,674 | ||
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 | 3,252 | ||
Capital in excess of par value | 2,863,839 | 2,863,839 | ||
Accumulated earnings (deficit) | -501,684 | -494,129 | ||
Accumulated distributions | -1,227,561 | -1,211,302 | ||
Accumulated other comprehensive loss | -6,718 | -4,270 | ||
Total Stockholders' Equity | 1,131,128 | 1,157,390 | ||
Total Liabilities and Stockholders' Equity | 1,460,896 | 1,481,064 | ||
Guarantor Subsidiaries | ||||
ASSETS | ||||
Real estate investment properties, net | 340,425 | 346,178 | ||
Assets held for sale, net | 181,298 | 181,279 | ||
Investment in unconsolidated entities | 143,594 | 127,102 | ||
Cash | 19,558 | 24,412 | 12,673 | 15,671 |
Investment in subsidiaries | 1,099,148 | 1,132,409 | ||
Deferred rent and lease incentives | 26,897 | 28,249 | ||
Restricted cash | 24,241 | 21,418 | ||
Other assets | 12,993 | 12,474 | ||
Intangibles, net | 3,895 | 3,976 | ||
Accounts and other receivables, net | 9,093 | 8,457 | ||
Mortgages and other notes receivable, net | 48,700 | 47,367 | ||
Total Assets | 1,909,842 | 1,933,321 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 189,503 | 193,897 | ||
Line of credit | 112,500 | 152,500 | ||
Other liabilities | 18,889 | 14,919 | ||
Accounts payable and accrued expenses | 12,976 | 16,359 | ||
Due to affiliates | 7 | |||
Total Liabilities | 333,875 | 377,675 | ||
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 | 6,533,509 | 6,448,172 | ||
Accumulated earnings (deficit) | 69,307 | 60,047 | ||
Accumulated distributions | -5,026,849 | -4,952,573 | ||
Total Stockholders' Equity | 1,575,967 | 1,555,646 | ||
Total Liabilities and Stockholders' Equity | 1,909,842 | 1,933,321 | ||
Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Real estate investment properties, net | 665,537 | 676,470 | ||
Assets held for sale, net | 642,290 | 640,402 | ||
Cash | 29,990 | 27,456 | 23,784 | 18,235 |
Investment in subsidiaries | 1,322,231 | 1,306,559 | ||
Deferred rent and lease incentives | 22,292 | 19,054 | ||
Restricted cash | 16,279 | 14,417 | ||
Other assets | 14,835 | 15,089 | ||
Intangibles, net | 13,927 | 14,050 | ||
Accounts and other receivables, net | 7,824 | 12,146 | ||
Mortgages and other notes receivable, net | 11,999 | 15,942 | ||
Total Assets | 2,747,204 | 2,741,585 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Mortgages and other notes payable | 246,122 | 246,949 | ||
Liabilities related to assets held for sale | 158,722 | 159,267 | ||
Other liabilities | 45,849 | 38,947 | ||
Accounts payable and accrued expenses | 22,943 | 24,257 | ||
Due to affiliates | 13 | |||
Total Liabilities | 473,649 | 469,420 | ||
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 | 9,239,488 | 9,130,959 | ||
Accumulated earnings (deficit) | -12,892 | -16,789 | ||
Accumulated distributions | -6,946,323 | -6,837,735 | ||
Accumulated other comprehensive loss | -6,718 | -4,270 | ||
Total Stockholders' Equity | 2,273,555 | 2,272,165 | ||
Total Liabilities and Stockholders' Equity | $2,747,204 | $2,741,585 |
Consolidating_Statement_of_Ope
Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues: | |||
Rental income from operating leases | $36,007 | $36,532 | |
Property operating revenues | 35,082 | 32,715 | |
Interest income on mortgages and other notes receivable | 903 | 3,133 | |
Total revenues | 71,992 | 72,380 | |
Expenses: | |||
Property operating expenses | 37,038 | 36,694 | |
Asset management fees to advisor | 4,434 | 5,198 | |
General and administrative | 3,982 | 3,955 | |
Ground lease and permit fees | 3,434 | 3,319 | |
Acquisition fees and costs | 613 | ||
Other operating expenses | 619 | 579 | |
Bad debt expense | 2,540 | 4 | |
Loan loss provision | 3,940 | ||
Depreciation and amortization | 23,112 | 24,202 | |
Total expenses | 79,099 | 74,564 | |
Operating income (loss) | -7,107 | -2,184 | |
Other income (expense): | |||
Interest and other income | 948 | 167 | |
Interest expense and loan cost amortization | -12,009 | -14,164 | |
Equity in earnings of unconsolidated entities | 3,561 | 4,299 | |
Total other income (expense) | -7,500 | -9,698 | |
Income (loss) from continuing operations | -14,607 | -11,882 | |
Discontinued operations | 7,052 | -8,471 | |
Net income (loss) | -7,555 | -20,353 | -92,144 |
Consolidating Adjustments | |||
Revenues: | |||
Interest income on mortgages and other notes receivable | -1,126 | -1,112 | |
Total revenues | -1,126 | -1,112 | |
Expenses: | |||
Operating income (loss) | -1,126 | -1,112 | |
Other income (expense): | |||
Interest expense and loan cost amortization | 1,126 | 1,112 | |
Equity in earnings (loss), intercompany | -13,157 | 5,058 | |
Total other income (expense) | -12,031 | 6,170 | |
Income (loss) from continuing operations | -13,157 | 5,058 | |
Net income (loss) | -13,157 | 5,058 | |
Issuer | |||
Expenses: | |||
Asset management fees to advisor | 4,434 | 5,198 | |
General and administrative | 3,538 | 3,378 | |
Acquisition fees and costs | 613 | ||
Other operating expenses | 146 | 11 | |
Total expenses | 8,118 | 9,200 | |
Operating income (loss) | -8,118 | -9,200 | |
Other income (expense): | |||
Interest and other income | 5 | 7 | |
Interest expense and loan cost amortization | -6,297 | -7,903 | |
Equity in earnings (loss), intercompany | 6,855 | -3,257 | |
Total other income (expense) | 563 | -11,153 | |
Income (loss) from continuing operations | -7,555 | -20,353 | |
Net income (loss) | -7,555 | -20,353 | |
Guarantor Subsidiaries | |||
Revenues: | |||
Rental income from operating leases | 16,038 | 16,168 | |
Property operating revenues | 2,121 | 2,123 | |
Interest income on mortgages and other notes receivable | 1,235 | 1,185 | |
Total revenues | 19,394 | 19,476 | |
Expenses: | |||
Property operating expenses | 7,894 | 7,240 | |
General and administrative | 525 | 186 | |
Ground lease and permit fees | 2,068 | 1,987 | |
Other operating expenses | -438 | 193 | |
Depreciation and amortization | 8,214 | 8,844 | |
Total expenses | 18,263 | 18,450 | |
Operating income (loss) | 1,131 | 1,026 | |
Other income (expense): | |||
Interest and other income | 542 | 80 | |
Interest expense and loan cost amortization | -4,723 | -3,722 | |
Equity in earnings of unconsolidated entities | 3,561 | 4,299 | |
Equity in earnings (loss), intercompany | 8,985 | 2,738 | |
Total other income (expense) | 8,365 | 3,395 | |
Income (loss) from continuing operations | 9,496 | 4,421 | |
Discontinued operations | -236 | -4,959 | |
Net income (loss) | 9,260 | -538 | |
Non-Guarantor Subsidiaries | |||
Revenues: | |||
Rental income from operating leases | 19,969 | 20,364 | |
Property operating revenues | 32,961 | 30,592 | |
Interest income on mortgages and other notes receivable | 794 | 3,060 | |
Total revenues | 53,724 | 54,016 | |
Expenses: | |||
Property operating expenses | 29,144 | 29,454 | |
General and administrative | -81 | 391 | |
Ground lease and permit fees | 1,366 | 1,332 | |
Other operating expenses | 911 | 375 | |
Bad debt expense | 2,540 | 4 | |
Loan loss provision | 3,940 | ||
Depreciation and amortization | 14,898 | 15,358 | |
Total expenses | 52,718 | 46,914 | |
Operating income (loss) | 1,006 | 7,102 | |
Other income (expense): | |||
Interest and other income | 401 | 80 | |
Interest expense and loan cost amortization | -2,115 | -3,651 | |
Equity in earnings (loss), intercompany | -2,683 | -4,539 | |
Total other income (expense) | -4,397 | -8,110 | |
Income (loss) from continuing operations | -3,391 | -1,008 | |
Discontinued operations | 7,288 | -3,512 | |
Net income (loss) | $3,897 | ($4,520) |
Consolidating_Statement_of_Ope1
Consolidating Statement of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |
Loss on termination of cash flow heges | $414 |
Consolidating_Statement_of_Com
Consolidating Statement of Comprehensive Income (loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | ($7,555) | ($20,353) | ($92,144) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -2,472 | -689 | -2,933 |
Changes in fair value of cash flow hedges: | |||
Amortization of loss on termination of cash flow hedges | 414 | 3,486 | |
Unrealized gain arising during the period | 24 | 322 | |
Total other comprehensive income | -2,448 | 47 | |
Comprehensive income (loss) | -10,003 | -20,306 | |
Consolidating Adjustments | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | -13,157 | 5,058 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 2,472 | 689 | |
Changes in fair value of cash flow hedges: | |||
Amortization of loss on termination of cash flow hedges | -414 | ||
Unrealized gain arising during the period | -24 | -322 | |
Total other comprehensive income | 2,448 | -47 | |
Comprehensive income (loss) | -10,709 | 5,011 | |
Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | -7,555 | -20,353 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -2,472 | -689 | |
Changes in fair value of cash flow hedges: | |||
Amortization of loss on termination of cash flow hedges | 414 | ||
Unrealized gain arising during the period | 24 | 322 | |
Total other comprehensive income | -2,448 | 47 | |
Comprehensive income (loss) | -10,003 | -20,306 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 9,260 | -538 | |
Changes in fair value of cash flow hedges: | |||
Comprehensive income (loss) | 9,260 | -538 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 3,897 | -4,520 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -2,472 | -689 | |
Changes in fair value of cash flow hedges: | |||
Amortization of loss on termination of cash flow hedges | 414 | ||
Unrealized gain arising during the period | 24 | 322 | |
Total other comprehensive income | -2,448 | 47 | |
Comprehensive income (loss) | $1,449 | ($4,473) |
Consolidating_Statement_of_Cas
Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net cash provided by (used in) operating activities | $36,075 | $37,560 |
Investing activities: | ||
Acquisition of property | -15,250 | |
Capital expenditures | -12,388 | -19,244 |
Deposits on real estate investments | -1,238 | |
Investment in and contributions to unconsolidated entities | -19,429 | |
Proceeds from insurance | 955 | |
Changes in restricted cash | -2,902 | -3,503 |
Other | 59 | 98 |
Net cash provided by (used in) investing activities | -33,705 | -39,137 |
Financing activities: | ||
Redemption of common stock | -2,978 | |
Distributions to stockholders, net of distribution reinvestments | -16,259 | -20,651 |
Proceeds from mortgage loans and other notes payable | 50,702 | |
Principal payments of line of credit | -40,000 | |
Principal payments on mortgage loans and senior notes | -6,464 | -6,817 |
Principal payments on capital leases | -541 | -584 |
Payment of entrance fee refunds | -274 | -1,030 |
Payment of loan costs | -2,140 | |
Net cash (used in) provided by financing activities | -63,538 | 16,502 |
Effect of exchange rate fluctuation on cash | 38 | -9 |
Net increase (decrease) in cash | -61,130 | 14,916 |
Cash at beginning of period | 136,985 | 71,574 |
Cash at end of period | 75,855 | 86,490 |
Cash Flows from Investing Activities | ||
Investing activities: | ||
Other | 98 | |
Consolidating Adjustments | ||
Investing activities: | ||
Intercompany investing | 34,933 | -54,508 |
Net cash provided by (used in) investing activities | 34,933 | -54,508 |
Financing activities: | ||
Intercompany financing | -34,933 | 54,508 |
Net cash (used in) provided by financing activities | -34,933 | 54,508 |
Issuer | ||
Operating activities: | ||
Net cash provided by (used in) operating activities | -7,684 | -17,264 |
Investing activities: | ||
Deposits on real estate investments | -1,238 | |
Changes in restricted cash | 66 | -12 |
Intercompany investing | -34,933 | 54,508 |
Net cash provided by (used in) investing activities | -34,867 | 53,258 |
Financing activities: | ||
Redemption of common stock | -2,978 | |
Distributions to stockholders, net of distribution reinvestments | -16,259 | -20,651 |
Net cash (used in) provided by financing activities | -16,259 | -23,629 |
Net increase (decrease) in cash | -58,810 | 12,365 |
Cash at beginning of period | 85,117 | 37,668 |
Cash at end of period | 26,307 | 50,033 |
Guarantor Subsidiaries | ||
Operating activities: | ||
Net cash provided by (used in) operating activities | 12,660 | 23,527 |
Investing activities: | ||
Capital expenditures | -4,830 | -8,714 |
Investment in and contributions to unconsolidated entities | -19,429 | |
Proceeds from insurance | 168 | |
Changes in restricted cash | -911 | 298 |
Other | 59 | |
Net cash provided by (used in) investing activities | -24,943 | -8,399 |
Financing activities: | ||
Proceeds from mortgage loans and other notes payable | 40,000 | |
Principal payments of line of credit | -40,000 | |
Principal payments on mortgage loans and senior notes | -3,905 | -4,403 |
Principal payments on capital leases | -140 | -261 |
Payment of loan costs | -2,103 | |
Intercompany financing | 51,474 | -51,359 |
Net cash (used in) provided by financing activities | 7,429 | -18,126 |
Net increase (decrease) in cash | -4,854 | -2,998 |
Cash at beginning of period | 24,412 | 15,671 |
Cash at end of period | 19,558 | 12,673 |
Guarantor Subsidiaries | Cash Flows from Investing Activities | ||
Investing activities: | ||
Other | 17 | |
Non-Guarantor Subsidiaries | ||
Operating activities: | ||
Net cash provided by (used in) operating activities | 31,099 | 31,297 |
Investing activities: | ||
Acquisition of property | -15,250 | |
Capital expenditures | -7,558 | -10,530 |
Proceeds from insurance | 787 | |
Changes in restricted cash | -2,057 | -3,789 |
Net cash provided by (used in) investing activities | -8,828 | -29,488 |
Financing activities: | ||
Proceeds from mortgage loans and other notes payable | 10,702 | |
Principal payments on mortgage loans and senior notes | -2,559 | -2,414 |
Principal payments on capital leases | -401 | -323 |
Payment of entrance fee refunds | -274 | -1,030 |
Payment of loan costs | -37 | |
Intercompany financing | -16,541 | -3,149 |
Net cash (used in) provided by financing activities | -19,775 | 3,749 |
Effect of exchange rate fluctuation on cash | 38 | -9 |
Net increase (decrease) in cash | 2,534 | 5,549 |
Cash at beginning of period | 27,456 | 18,235 |
Cash at end of period | 29,990 | 23,784 |
Non-Guarantor Subsidiaries | Cash Flows from Investing Activities | ||
Investing activities: | ||
Other | $81 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 15-May-15 | Apr. 30, 2015 | Dec. 31, 2014 | |
Property | Property | Property | |||
Subsequent Event [Line Items] | |||||
Sale of properties | $140,000,000 | ||||
Number of properties held for sale | 57 | 57 | |||
Outstanding indebtedness repaid collateralized | 6,464,000 | 6,817,000 | |||
Line of Credit repaid | 40,000,000 | ||||
Unimproved Land | |||||
Subsequent Event [Line Items] | |||||
Sale of properties | 5,500,000 | ||||
Senior Housing Property | |||||
Subsequent Event [Line Items] | |||||
Number of properties held for sale | 55 | ||||
DMC Partnership | |||||
Subsequent Event [Line Items] | |||||
Company's ownership percentage | 81.98% | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Outstanding indebtedness repaid collateralized | 56,600,000 | ||||
Line of Credit repaid | 112,500,000 | ||||
Number of properties terminated the related hedges | 1 | ||||
Senior unsecured notes outstanding | 318,300,000 | ||||
Debt instrument, premium rate | 103.63% | ||||
Subsequent Event | Unimproved Land | |||||
Subsequent Event [Line Items] | |||||
Sale of properties | 5,500,000 | ||||
Subsequent Event | Attractions properties | |||||
Subsequent Event [Line Items] | |||||
Number of properties held for sale | 3 | ||||
Subsequent Event | Attractions properties | |||||
Subsequent Event [Line Items] | |||||
Number of properties kept as collateral | 1 | ||||
Subsequent Event | Ski and Mountain Lifestyle Properties | |||||
Subsequent Event [Line Items] | |||||
Number of properties kept as collateral | 1 | ||||
Subsequent Event | Senior Housing Property | |||||
Subsequent Event [Line Items] | |||||
Sale of properties | 762,600,000 | ||||
Disposition fee | 0 | ||||
Number of properties held for sale | 38 | ||||
Number of properties sold | 37 | ||||
Outstanding indebtedness repaid collateralized | 135,000,000 | ||||
Subsequent Event | DMC Partnership | |||||
Subsequent Event [Line Items] | |||||
Sale of properties | 140,000,000 | ||||
Company's ownership percentage | 81.98% | ||||
Disposition fee | $0 |