CNL Lifestyle Properties (CLLY) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

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