Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 12, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ck0001261159 | |
Entity Registrant Name | CNL LIFESTYLE PROPERTIES INC | |
Entity Central Index Key | 1,261,159 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 325,183,002 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate investment properties, net (including $63,974 and $67,789 related to consolidated variable interest entities, respectively) | $ 856,632 | $ 882,089 |
Assets held for sale, net (including $89,254 and $103,753 related to consolidated variable interest entities, respectively) | 282,549 | 968,641 |
Investments in unconsolidated entities | 72,239 | 127,102 |
Cash | 278,303 | 136,985 |
Deferred rent and lease incentives | 51,845 | 47,307 |
Restricted cash | 29,825 | 35,227 |
Other assets | 19,228 | 29,091 |
Intangibles, net | 17,647 | 18,011 |
Accounts and other receivables, net | 19,743 | 20,398 |
Mortgages and other notes receivable, net | 10,325 | 19,361 |
Total Assets | 1,638,336 | 2,284,212 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgages and other notes payable (including $20,165 and $20,642 related to non-recourse debt of consolidated variable interest entities, respectively) | 189,528 | 397,849 |
Senior notes, net of discount | 316,846 | |
Liabilities related to assets held for sale | 14,510 | 171,745 |
Line of credit | 0 | 152,500 |
Other liabilities | 59,162 | 41,388 |
Accounts payable and accrued expenses | 30,567 | 46,005 |
Due to affiliates | 655 | 489 |
Total Liabilities | $ 294,422 | $ 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 325,183 and 325,184 shares outstanding as of June 30, 2015 and December 31, 2014, respectively | 3,252 | 3,252 |
Capital in excess of par value | 2,863,833 | 2,863,839 |
Accumulated deficit | (273,583) | (494,129) |
Accumulated distributions | (1,243,820) | (1,211,302) |
Accumulated other comprehensive loss | (5,768) | (4,270) |
Total Stockholders' Equity | 1,343,914 | 1,157,390 |
Total Liabilities and Stockholders' Equity | $ 1,638,336 | $ 2,284,212 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate investment properties, net | $ 63,974 | $ 67,789 |
Asset held for sale net, variable interest entities | 89,254 | 103,753 |
Mortgages and other notes payable | $ 20,165 | $ 20,642 |
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 | 325,183,000 | 325,184,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Rental income from operating leases | $ 27,044 | $ 29,382 | $ 63,051 | $ 65,914 |
Property operating revenues | 58,162 | 62,329 | 93,244 | 95,044 |
Interest income on mortgages and other notes receivable | 453 | 2,946 | 1,356 | 6,079 |
Total revenues | 85,659 | 94,657 | 157,651 | 167,037 |
Expenses: | ||||
Property operating expenses | 52,021 | 54,465 | 89,059 | 91,159 |
Asset management fees to advisor | 4,094 | 4,581 | 8,528 | 9,779 |
General and administrative | 4,501 | 4,897 | 8,483 | 8,852 |
Ground lease and permit fees | 1,959 | 2,332 | 5,393 | 5,651 |
Acquisition fees and costs | 143 | 756 | ||
Other operating expenses | 2,525 | 1,401 | 3,144 | 1,980 |
Bad debt expense | 2,296 | 4 | 4,836 | 8 |
Loan loss provision | 5,408 | 2,520 | 9,348 | 2,520 |
Depreciation and amortization | 20,544 | 23,588 | 43,656 | 47,790 |
Total expenses | 93,348 | 93,931 | 172,447 | 168,495 |
Operating income (loss) | (7,689) | 726 | (14,796) | (1,458) |
Other income (expense): | ||||
Interest and other income | 64 | 129 | 1,012 | 296 |
Interest expense and loan cost amortization | (8,735) | (15,204) | (20,744) | (29,368) |
Loss on extinguishment of debt | (21,065) | (196) | (21,065) | (196) |
Equity in earnings (loss) of unconsolidated entities | (783) | (526) | 2,778 | 3,773 |
Total other expense | (30,519) | (15,797) | (38,019) | (25,495) |
Loss from continuing operations | (38,208) | (15,071) | (52,815) | (26,953) |
Income (loss) from discontinued operations (includes $2,613 and $3,027 amortization of loss and loss on termination of cash flow hedge for the quarter and six months ended June 30, 2014, respectively) | 199,720 | 6,566 | 206,772 | (1,905) |
Net income (loss) before gain on sale of real estate and unconsolidated entity | 161,512 | (8,505) | 153,957 | (28,858) |
Gain on sale of real estate | 27,337 | 27,337 | ||
Gain from sale of unconsolidated entity | 39,252 | 39,252 | ||
Net income (loss) | $ 228,101 | $ (8,505) | $ 220,546 | $ (28,858) |
Net income (loss) per share of common stock (basic and diluted) | ||||
Continuing operations | $ 0.09 | $ (0.05) | $ 0.04 | $ (0.08) |
Discontinued operations | 0.61 | 0.02 | 0.64 | (0.01) |
Net income (loss) per share | $ 0.70 | $ (0.03) | $ 0.68 | $ (0.09) |
Weighted average number of shares of common stock outstanding (basic and diluted) | 325,183 | 324,197 | 325,183 | 323,424 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Amortization of loss on termination of cash flow hedges | $ 3,017 | $ 3,431 |
Discontinued Operations | ||
Amortization of loss on termination of cash flow hedges | $ 2,613 | $ 3,027 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Losses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ 228,101 | $ (8,505) | $ 220,546 | $ (28,858) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 642 | 784 | (1,830) | 95 |
Changes in fair value of cash flow hedges: | ||||
Amortization of loss and loss on termination of cash flow hedges | 180 | 3,017 | 180 | 3,431 |
Unrealized gain arising during the period | 128 | 290 | 152 | 612 |
Total other comprehensive income (loss) | 950 | 4,091 | (1,498) | 4,138 |
Total comprehensive income (loss) | $ 229,051 | $ (4,414) | $ 219,048 | $ (24,720) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Distributions | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2013 | 322,627 | |||||
Balance at Dec. 31, 2013 | $ 1,368,378 | $ 3,226 | $ 2,846,265 | $ (401,985) | $ (1,073,422) | $ (5,706) |
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 income (loss) | (92,144) | (92,144) | ||||
Distributions, declared and paid ($0.4252 per share for 2014 and $0.1000 per share for 2015) | (137,880) | (137,880) | ||||
Foreign currency translation adjustment | (2,933) | (2,933) | ||||
Amortization of loss and loss on termination of cash flow hedges | 3,486 | 3,486 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassification (Note 9) | 883 | 883 | ||||
Balance (in shares) at Dec. 31, 2014 | 325,184 | |||||
Balance at Dec. 31, 2014 | 1,157,390 | $ 3,252 | 2,863,839 | (494,129) | (1,211,302) | (4,270) |
Redemption of common stock (in shares) | (1) | |||||
Redemption of common stock | (6) | (6) | ||||
Net income (loss) | 220,546 | 220,546 | ||||
Distributions, declared and paid ($0.4252 per share for 2014 and $0.1000 per share for 2015) | (32,518) | (32,518) | ||||
Foreign currency translation adjustment | (1,830) | (1,830) | ||||
Amortization of loss and loss on termination of cash flow hedges | 180 | 180 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassification (Note 9) | 152 | 152 | ||||
Balance (in shares) at Jun. 30, 2015 | 325,183 | |||||
Balance at Jun. 30, 2015 | $ 1,343,914 | $ 3,252 | $ 2,863,833 | $ (273,583) | $ (1,243,820) | $ (5,768) |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Distributions, declared and paid | $ 0.1000 | $ 0.2126 | $ 0.4252 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net cash provided by operating activities | $ 42,149 | $ 76,757 |
Investing activities: | ||
Acquisition of property | (53,050) | |
Capital expenditures | (27,894) | (44,065) |
Proceeds from sale of real estate | 743,110 | 73,453 |
Proceeds from sale of unconsolidated entity | 139,501 | |
Contribution to unconsolidated entity | (54,572) | |
Proceeds from insurance | 1,710 | |
Principal payments received on mortgage loans receivable | 28 | 2,374 |
Changes in restricted cash | 10,641 | (4,434) |
Other | (450) | |
Net cash provided by (used in) investing activities | 812,524 | (26,172) |
Financing activities: | ||
Redemption of common stock | (6) | (5,977) |
Distributions to stockholders, net of reinvestments in 2014 | (32,518) | (41,544) |
Proceeds under line of credit | 102,500 | |
Proceeds from mortgage loans and other notes payable | 50,702 | |
Principal payments on line of credit | (152,500) | |
Principal payments on mortgage loans and senior notes | (526,032) | (100,145) |
Principal payments on capital leases | (2,303) | (2,342) |
Payments of entrance fee refunds | (1,257) | |
Payment of loan costs | (2,884) | |
Net cash (used in) provided by financing activities | (713,359) | (947) |
Effect of exchange rate fluctuations on cash | 4 | 89 |
Net increase in cash | 141,318 | 49,727 |
Cash at beginning of period | 136,985 | 71,574 |
Cash at end of period | 278,303 | $ 121,301 |
Supplemental disclosure of non-cash financing activities: | ||
Assumption of mortgage loans by third party | $ 139,181 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 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. The Company has engaged CNL Lifestyle Advisor Corporation (the “Advisor”) as its Advisor to provide management, acquisition, disposition, advisory and administrative services. As of June 30, 2015, the Company owned 66 lifestyle properties directly and indirectly within the following asset classes: ski and mountain lifestyle, senior housing, attractions, marinas and other lifestyle properties. Seven of these 66 properties were owned through one unconsolidated joint venture and three were located in Canada. 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. Additionally, during the first six months of 2015, the Company (i) sold its 81.98% interest in the DMC Partnership for net sales proceeds of approximately $139.5 million to its co-venture partner, for a gain of approximately $39.3 million, (ii) sold 37 of its 38 senior housing properties and one of its attractions properties for aggregate net sales proceeds of approximately $743.1 million, which resulted in aggregate gains of approximately $233.5 million, (iii) entered into a purchase and sale agreement for the sale of the marinas portfolio for approximately its carrying value, (iv) entered into a letter of intent to sell its unimproved land, and (v) as of June 30, 2015, had a contract in place to sell its one remaining senior housing property and had a plan to sell three attraction properties and a ski and mountain lifestyle property. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation and Basis of Presentation 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 Reclassifications Adopted Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, expected to be deferred one year, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements — |
Real Estate Investment Properti
Real Estate Investment Properties, net | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate Investment Properties, net | 3. Real Estate Investment Properties, net As of June 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): June 30, December 31, Land and land improvements $ 415,743 $ 415,968 Leasehold interests and improvements 179,678 180,514 Buildings 273,651 273,210 Equipment 532,072 520,060 Less: accumulated depreciation and amortization (544,512 ) (507,663 ) Total $ 856,632 $ 882,089 For the quarter and six months ended June 30, 2015, the Company had depreciation and amortization expenses of approximately $20.3 million and $43.4 million, respectively, as compared to approximately $23.4 million and $47.4 million, respectively, for the quarter and six months ended June 30, 2014, excluding properties that the Company classified as discontinued operations. |
Assets and Associated Liabiliti
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations | 6 Months Ended |
Jun. 30, 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 — June 30, December 31, Land and land improvements $ 61,847 $ 213,129 Leasehold interests and improvements 48,910 52,589 Building and building improvements 125,905 599,923 Equipment, net 31,357 59,345 Deferred rent and lease incentives 202 4,832 Other assets 6,464 10,919 Restricted cash 6,125 14,714 Intangibles, net 1,258 10,503 Accounts and other receivables, net 481 2,687 Total $ 282,549 $ 968,641 Associated Liabilities Held for Sale June 30, December 31, Mortgages and other notes payable $ 13,002 $ 152,655 Other liabilities 1,508 19,090 Total $ 14,510 $ 171,745 During the six months ended June 30, 2015, the Company sold 37 of its 38 senior housing properties and received aggregate net sales proceeds of approximately $608.6 million, which resulted in a gain of approximately $206.2 million for financial reporting purposes. No disposition fee was payable to the Advisor on the sale of the senior housing properties. The third party buyer of the properties assumed $139.2 million of outstanding principal indebtedness collateralized by the senior housing properties that were sold. In June 2015, the Company sold one of its attractions properties and received net sales proceeds of approximately $134.5 million, which resulted in a gain of approximately $27.3 million for financial reporting purposes. The Company did not pay the Advisor a disposition fee. During the quarter and six months ended June 30 2015, the Company recorded approximately $7.7 million in impairment provisions related to the marinas properties to adjust their net carrying value to their revised estimated sales price, less closing costs. Discontinued Operations — The following table is a summary of income (loss) from discontinued operations for the quarter and six months ended June 30, 2015 and 2014 (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 17,733 $ 51,816 $ 48,014 $ 94,849 Expenses (13,667 ) (31,399 ) (33,488 ) (60,041 ) Impairment provision (7,749 ) (129 ) (7,749 ) (3,442 ) Depreciation and amortization — (7,510 ) — (20,167 ) Operating income (loss) (3,683 ) 12,778 6,777 11,199 Gain (loss) from sale of real estate 206,625 (73 ) 206,625 (70 ) Gain (loss) on extinguishment of debt (2,528 ) 2,603 (2,528 ) 2,603 Gain on insurance and retirements 329 — 468 — Other expense (1,023 ) (8,742 ) (4,570 ) (15,637 ) Income (loss) from discontinued operations $ 199,720 $ 6,566 $ 206,772 $ (1,905 ) The Company accounted for the revenues and expenses related to one attractions property sold in June 2015, one undeveloped land, one ski and mountain lifestyle, and three attractions properties classified as held for sale, as income from continuing operations because the sale of these 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. However, the proposed disposition of the one ski and mountain lifestyle property will represent an individually significant disposition. The Company recorded net income (loss) from continuing operations of approximately $(1.5) million and $2.9 million for the quarter and six months ended June 30, 2015, respectively, and a net loss from continuing operations of $(4.4) million and $(2.1) million for the quarter and six months ended June 30, 2014, respectively, related to the one ski and mountain lifestyle property classified as held for sale. |
Intangibles, net
Intangibles, net | 6 Months Ended |
Jun. 30, 2015 | |
Intangibles, net | 5. Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets as of June 30, 2015 and December 31, 2014 are as follows (in thousands): Intangible Assets Gross Accumulated June 30, 2015 In place leases $ 11,537 $ (4,716 ) $ 6,821 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,363 $ (4,716 ) $ 17,647 Intangible Assets Gross Accumulated December 31, Net Book Value In place leases $ 11,584 $ (4,399 ) $ 7,185 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,410 $ (4,399 ) $ 18,011 For the quarter and six months ended June 30, 2015, the Company had amortization expense of approximately $0.2 million and $0.3 million, respectively, as compared to approximately $0.2 million and $0.4 million for the quarter and six months ended June 30, 2014, respectively, excluding properties that the Company classified as discontinued operations. |
Unconsolidated Entities
Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2015 | |
Unconsolidated Entities | 6. Unconsolidated Entities As of December 31, 2014, the Company held an ownership interest in the DMC Partnership of $104.4 million. The Company sold its 81.98% interest in the DMC Partnership in April 2015 and received net sales proceeds of approximately $139.5 million from its co-venture partner, which resulted in a gain of approximately $39.3 million for financial reporting purposes. No disposition fee was paid to the Advisor on the sale of the DMC Partnership. The Company accounted for its pro-rata share of the net earnings of its investment in the DMC Partnership as continuing operations because although the properties owned by the DMC Partnership were outliers compared to the other assets invested in by the Company, the sale of the Company’s interest in the DMC Partnership did not cause a strategic shift in the Company, and it was not considered to have a major impact on the Company’s business; therefore, it did not qualify as discontinued operations under ASU 2014-08. As of December 31, 2014, the Company also held an 80% ownership interest in the Intrawest Venture. During the six months ended June 30, 2015, the Company contributed approximately $54.6 million to the Intrawest Venture and the Intrawest Venture repaid mortgage loans of approximately $54.6 million. In July 2015, the co-venture partner of the Intrawest Venture accepted the Company’s offer to acquire the co-venture partner’s 20% interest in the Intrawest Venture in accordance with the buy-sell provisions of the Intrawest Venture partnership agreement. The Company will own a 100% controlling interest in the Intrawest Venture once it acquires the remaining 20% interest from the co-venture partner. The Intrawest Venture is working with the Canada Revenue Agency to resolve matters related to its entities. The Intrawest Venture’s maximum exposure relating to these matters is approximately $12.9 million. However, the Intrawest Venture believes the more likely than not resolution will be approximately $1.6 million. As such, an accrual of $1.6 million has been reflected in the financial information of the Intrawest Venture. The following tables present financial information for the Company’s unconsolidated entities for the quarters and six months ended June 30, 2015 and 2014 (in thousands): Summarized operating data Quarter Ended June 30, 2015 DMC (3) Intrawest Total Revenues $ 2,290 $ 4,464 $ 6,754 Property operating expenses (18 ) (2,713 ) (2,731 ) Depreciation and amortization (754 ) (1,879 ) (2,633 ) Interest expense (227 ) (733 ) (960 ) Net income (loss) $ 1,291 $ (861 ) $ 430 Income (loss) allocable to other venture partners (1) $ 1,576 $ (399 ) (2) $ 1,177 Loss allocable to the Company (1) $ (285 ) $ (462 ) $ (747 ) Amortization of capitalized costs (7 ) (29 ) (36 ) Equity in loss of unconsolidated entities $ (292 ) $ (491 ) $ (783 ) Distribution declared to the Company $ 901 $ 1,072 $ 1,973 Distributions received by the Company $ 3,698 $ 1,466 $ 5,164 Quarter Ended June 30, 2014 DMC Intrawest Total Revenues $ 6,869 $ 4,856 $ 11,725 Property operating expenses (93 ) (2,696 ) (2,789 ) Depreciation and amortization (2,250 ) (4,337 ) (6,587 ) Interest expense (1,918 ) (1,418 ) (3,336 ) Net income (loss) $ 2,608 $ (3,595 ) $ (987 ) Loss allocable to other venture partners (1) $ (220 ) $ (402 ) (2) $ (622 ) Income (loss) allocable to the Company (1) $ 2,828 $ (3,193 ) $ (365 ) Amortization of capitalized costs (108 ) (53 ) (161 ) Equity in earnings (loss) of unconsolidated entities $ 2,720 $ (3,246 ) $ (526 ) Distribution declared to the Company $ 2,829 $ 492 $ 3,321 Distributions received by the Company $ 2,797 $ 658 $ 3,455 Six Months Ended June 30, 2015 DMC (3) Intrawest Total Revenues $ 10,743 $ 9,306 $ 20,049 Property operating expenses (173 ) (5,339 ) (5,512 ) Depreciation and amortization (3,038 ) (2,568 ) (5,606 ) Interest expense (1,555 ) (1,818 ) (3,373 ) Net income (loss) $ 5,977 $ (419 ) $ 5,558 Income (loss) allocable to other venture partners (1) $ 3,477 $ (796 ) (2) $ 2,681 Income allocable to the Company (1) $ 2,500 $ 377 $ 2,877 Amortization of capitalized costs (25 ) (74 ) (99 ) Equity in earnings of unconsolidated entities $ 2,475 $ 303 $ 2,778 Distribution declared to the Company $ 3,698 $ 4,551 $ 8,249 Distributions received by the Company $ 6,558 $ 4,176 $ 10,734 Six Months Ended June 30, 2014 DMC Intrawest Total Revenues $ 14,779 $ 9,838 $ 24,617 Property operating expenses (264 ) (5,182 ) (5,446 ) Depreciation and amortization (4,452 ) (4,337 ) (8,789 ) Interest expense (3,834 ) (2,648 ) (6,482 ) Net income (loss) $ 6,229 $ (2,329 ) $ 3,900 Income (loss) allocable to other venture partners (1) $ 604 $ (799 ) (2) $ (195 ) Income (loss) allocable to the Company (1) $ 5,625 $ (1,530 ) $ 4,095 Amortization of capitalized costs (216 ) (106 ) (322 ) Equity in earnings (loss) of unconsolidated entities $ 5,409 $ (1,636 ) $ 3,773 Distribution declared to the Company $ 5,626 $ 1,150 $ 6,776 Distributions received by the Company $ 5,656 $ 919 $ 6,575 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) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, summarized operating data for the partnership is reported through April 29, 2015. |
Mortgages and Other Notes Recei
Mortgages and Other Notes Receivable, net | 6 Months Ended |
Jun. 30, 2015 | |
Mortgages and Other Notes Receivable, net | 7. Mortgages and Other Notes Receivable, net During the six months ended June 30, 2015, the borrower relating to one mortgage receivable, for which the Company restructured the mortgage loan during 2014, continued to experience financial difficulties. Additionally, in July 2015, the Company entered into an agreement to receive an early repayment of one of its mortgage receivables at a discounted amount. The Company recorded the mortgage receivables at their net realizable values at June 30, 2015 and in conjunction therewith, recorded loan loss provisions of approximately $9.3 million during the six months ended June 30, 2015. The estimated fair market value of the Company’s two mortgages and other notes receivable was approximately $10.3 million and $16.6 million as of June 30, 2015 and December 31, 2014, respectively, based on the fair value of the collateral or expected collectible amount as of June 30, 2015 and 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 June 30, 2015 and December 31, 2014 because of the relatively short maturities of the receivables. |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2015 | |
Indebtedness | 8. Indebtedness Line of Credit — Senior Unsecured Notes Fixed and Variable Rate Debt 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 and limitations on distributions except as required to maintain the Company’s REIT status. The Company was in compliance with all applicable provisions as of June 30, 2015. 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 $205.1 million and $707.3 million as of June 30, 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 $325.4 million as of December 31, 2014, based on prices traded for similar or identical instruments in active or inactive markets and were categorized as Level 2 on the three-level valuation hierarchy. The senior notes were repaid in June 2015 as described above. The estimated fair value of accounts payable and accrued expenses approximates the carrying value as of June 30, 2015 and December 31, 2014 because of the relatively short maturities of the obligations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements | 9. Fair Value Measurements The Company had 19 investment properties that were classified as assets held for sale at June 30, 2015 and December 31, 2014, respectively, that were recorded 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 included negotiated sales prices with third party buyers, comparable sales transactions and information from potential buyers. As of December 31, 2014, the Company had two hedges that qualified as highly effective and, accordingly, all of the change in value was reflected in other comprehensive income (loss). During the six months ended June 30, 2015, one of the loans was paid in full and the corresponding interest rate swap with an aggregate notional amount of approximately $14.2 million was terminated. As a result, the ineffective portion of the change in fair value resulting from the termination of the hedge included in other comprehensive loss in the accompanying condensed consolidated balance sheets was reclassified to interest expense and loan cost amortization in the accompanying condensed consolidated statements of operations in income (loss) from continuing operations for the quarter and six months ended June 30, 2015. As of June 30, 2015, the Company had one interest rate swap with a notional amount of approximately $8.2 million. Determining fair value and testing effectiveness of this financial instrument 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. 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 June 30, 2015 and December 31, 2014, as follows (in thousands): Fair Value 2015 Level 1 Level 2 Level 3 Assets: Assets held for sale carried at fair value $ 118,113 $ — $ — $ 118,113 Liabilities: Derivative instruments $ 671 $ — $ 671 $ — Fair Value Level 1 Level 2 Level 3 Assets: Assets held for sale carried at fair value $ 122,126 $ — $ — $ 122,126 Liabilities: Derivative instruments $ 1,002 $ — $ 1,002 $ — |
Related Party Arrangements
Related Party Arrangements | 6 Months Ended |
Jun. 30, 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 quarters and six months ended June 30, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Quarters Ended June 30, Six Months Ended June 30, 2015 2014 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) 5,909 7,507 12,151 16,078 Reimbursable expenses: (4) Acquisition costs — 61 — 138 Operating expenses 1,723 1,791 3,129 3,503 Total 1,723 1,852 3,129 3,641 Total fees earned and reimbursable expenses $ 7,632 $ 9,359 $ 15,280 $ 21,559 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): June 30, December 31, Due to the Advisor and its affiliates: Operating expenses $ 655 $ 476 Acquisition fees and expenses — 13 Total $ 655 $ 489 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity | 11. Stockholders’ Equity Distribution Reinvestment Plan Distributions |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Guarantor Information | 12. Supplemental Guarantor Information As of December 31, 2014, the Company had senior notes outstanding which were guaranteed by certain of the Company’s consolidated subsidiaries (the “Guarantor Subsidiaries”). As described in Note 8, “Indebtedness,” in June 2015, the Company repaid all of its senior unsecured notes with an outstanding principal amount of $318.3 million at a premium of 103.625%. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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. |
Significant Accounting Polici23
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation 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 |
Reclassifications | Reclassifications |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). This ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, expected to be deferred one year, including interim periods within that reporting period, with earlier adoption not permitted. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The adoption of ASU 2014-09 will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — |
Real Estate Investment Proper24
Real Estate Investment Properties, net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Real Estate Investment Properties | As of June 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): June 30, December 31, Land and land improvements $ 415,743 $ 415,968 Leasehold interests and improvements 179,678 180,514 Buildings 273,651 273,210 Equipment 532,072 520,060 Less: accumulated depreciation and amortization (544,512 ) (507,663 ) Total $ 856,632 $ 882,089 |
Assets and Associated Liabili25
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, Land and land improvements $ 61,847 $ 213,129 Leasehold interests and improvements 48,910 52,589 Building and building improvements 125,905 599,923 Equipment, net 31,357 59,345 Deferred rent and lease incentives 202 4,832 Other assets 6,464 10,919 Restricted cash 6,125 14,714 Intangibles, net 1,258 10,503 Accounts and other receivables, net 481 2,687 Total $ 282,549 $ 968,641 |
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): June 30, December 31, Mortgages and other notes payable $ 13,002 $ 152,655 Other liabilities 1,508 19,090 Total $ 14,510 $ 171,745 |
Summary of Income (Loss) from Discontinued Operations | The following table is a summary of income (loss) from discontinued operations for the quarter and six months ended June 30, 2015 and 2014 (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 17,733 $ 51,816 $ 48,014 $ 94,849 Expenses (13,667 ) (31,399 ) (33,488 ) (60,041 ) Impairment provision (7,749 ) (129 ) (7,749 ) (3,442 ) Depreciation and amortization — (7,510 ) — (20,167 ) Operating income (loss) (3,683 ) 12,778 6,777 11,199 Gain (loss) from sale of real estate 206,625 (73 ) 206,625 (70 ) Gain (loss) on extinguishment of debt (2,528 ) 2,603 (2,528 ) 2,603 Gain on insurance and retirements 329 — 468 — Other expense (1,023 ) (8,742 ) (4,570 ) (15,637 ) Income (loss) from discontinued operations $ 199,720 $ 6,566 $ 206,772 $ (1,905 ) |
Intangibles, net (Tables)
Intangibles, net (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 are as follows (in thousands): Intangible Assets Gross Accumulated June 30, 2015 In place leases $ 11,537 $ (4,716 ) $ 6,821 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,363 $ (4,716 ) $ 17,647 Intangible Assets Gross Accumulated December 31, Net Book Value In place leases $ 11,584 $ (4,399 ) $ 7,185 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,410 $ (4,399 ) $ 18,011 |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Summarized Operating Data of Unconsolidated Entities | The following tables present financial information for the Company’s unconsolidated entities for the quarters and six months ended June 30, 2015 and 2014 (in thousands): Summarized operating data Quarter Ended June 30, 2015 DMC (3) Intrawest Total Revenues $ 2,290 $ 4,464 $ 6,754 Property operating expenses (18 ) (2,713 ) (2,731 ) Depreciation and amortization (754 ) (1,879 ) (2,633 ) Interest expense (227 ) (733 ) (960 ) Net income (loss) $ 1,291 $ (861 ) $ 430 Income (loss) allocable to other venture partners (1) $ 1,576 $ (399 ) (2) $ 1,177 Loss allocable to the Company (1) $ (285 ) $ (462 ) $ (747 ) Amortization of capitalized costs (7 ) (29 ) (36 ) Equity in loss of unconsolidated entities $ (292 ) $ (491 ) $ (783 ) Distribution declared to the Company $ 901 $ 1,072 $ 1,973 Distributions received by the Company $ 3,698 $ 1,466 $ 5,164 Quarter Ended June 30, 2014 DMC Intrawest Total Revenues $ 6,869 $ 4,856 $ 11,725 Property operating expenses (93 ) (2,696 ) (2,789 ) Depreciation and amortization (2,250 ) (4,337 ) (6,587 ) Interest expense (1,918 ) (1,418 ) (3,336 ) Net income (loss) $ 2,608 $ (3,595 ) $ (987 ) Loss allocable to other venture partners (1) $ (220 ) $ (402 ) (2) $ (622 ) Income (loss) allocable to the Company (1) $ 2,828 $ (3,193 ) $ (365 ) Amortization of capitalized costs (108 ) (53 ) (161 ) Equity in earnings (loss) of unconsolidated entities $ 2,720 $ (3,246 ) $ (526 ) Distribution declared to the Company $ 2,829 $ 492 $ 3,321 Distributions received by the Company $ 2,797 $ 658 $ 3,455 Six Months Ended June 30, 2015 DMC (3) Intrawest Total Revenues $ 10,743 $ 9,306 $ 20,049 Property operating expenses (173 ) (5,339 ) (5,512 ) Depreciation and amortization (3,038 ) (2,568 ) (5,606 ) Interest expense (1,555 ) (1,818 ) (3,373 ) Net income (loss) $ 5,977 $ (419 ) $ 5,558 Income (loss) allocable to other venture partners (1) $ 3,477 $ (796 ) (2) $ 2,681 Income allocable to the Company (1) $ 2,500 $ 377 $ 2,877 Amortization of capitalized costs (25 ) (74 ) (99 ) Equity in earnings of unconsolidated entities $ 2,475 $ 303 $ 2,778 Distribution declared to the Company $ 3,698 $ 4,551 $ 8,249 Distributions received by the Company $ 6,558 $ 4,176 $ 10,734 Six Months Ended June 30, 2014 DMC Intrawest Total Revenues $ 14,779 $ 9,838 $ 24,617 Property operating expenses (264 ) (5,182 ) (5,446 ) Depreciation and amortization (4,452 ) (4,337 ) (8,789 ) Interest expense (3,834 ) (2,648 ) (6,482 ) Net income (loss) $ 6,229 $ (2,329 ) $ 3,900 Income (loss) allocable to other venture partners (1) $ 604 $ (799 ) (2) $ (195 ) Income (loss) allocable to the Company (1) $ 5,625 $ (1,530 ) $ 4,095 Amortization of capitalized costs (216 ) (106 ) (322 ) Equity in earnings (loss) of unconsolidated entities $ 5,409 $ (1,636 ) $ 3,773 Distribution declared to the Company $ 5,626 $ 1,150 $ 6,776 Distributions received by the Company $ 5,656 $ 919 $ 6,575 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) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, summarized operating data for the partnership is reported through April 29, 2015. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014, as follows (in thousands): Fair Value 2015 Level 1 Level 2 Level 3 Assets: Assets held for sale carried at fair value $ 118,113 $ — $ — $ 118,113 Liabilities: Derivative instruments $ 671 $ — $ 671 $ — Fair Value Level 1 Level 2 Level 3 Assets: Assets held for sale carried at fair value $ 122,126 $ — $ — $ 122,126 Liabilities: Derivative instruments $ 1,002 $ — $ 1,002 $ — |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earned Acquisition Fees and Incurred Reimbursable Expenses | For the quarters and six months ended June 30, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Quarters Ended June 30, Six Months Ended June 30, 2015 2014 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) 5,909 7,507 12,151 16,078 Reimbursable expenses: (4) Acquisition costs — 61 — 138 Operating expenses 1,723 1,791 3,129 3,503 Total 1,723 1,852 3,129 3,641 Total fees earned and reimbursable expenses $ 7,632 $ 9,359 $ 15,280 $ 21,559 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): June 30, December 31, Due to the Advisor and its affiliates: Operating expenses $ 655 $ 476 Acquisition fees and expenses — 13 Total $ 655 $ 489 |
Organization and Nature of Bu30
Organization and Nature of Business - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Property | Apr. 30, 2015USD ($) | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Dec. 31, 2014Property | |
Organization And Nature Of Business [Line Items] | |||||
Number of real estate properties | 66 | 66 | |||
Number of properties held for sale | 23 | 23 | 61 | ||
Aggregate net sales proceeds from sale of properties | $ | $ 743,110 | $ 73,453 | |||
Attractions properties | |||||
Organization And Nature Of Business [Line Items] | |||||
Number of properties sold | 1 | 1 | |||
Gain or loss on sale of properties | $ | $ 27,300 | ||||
Aggregate net sales proceeds from sale of properties | $ | $ 134,500 | ||||
DMC Partnership | |||||
Organization And Nature Of Business [Line Items] | |||||
Company's ownership percentage sold | 81.98% | 81.98% | 81.98% | ||
Proceed from sale of interest in joint venture | $ | $ 139,500 | $ 139,500 | |||
Gain or loss on sale of properties | $ | $ 39,300 | ||||
Unconsolidated Joint Ventures | |||||
Organization And Nature Of Business [Line Items] | |||||
Number of real estate properties | 7 | 7 | |||
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 sold | 37 | ||||
Number of properties held for sale | 38 | 38 | |||
Senior Housing and Attraction Properties | |||||
Organization And Nature Of Business [Line Items] | |||||
Gain or loss on sale of properties | $ | $ 233,500 | ||||
Aggregate net sales proceeds from sale of properties | $ | $ 743,100 | ||||
Canada | |||||
Organization And Nature Of Business [Line Items] | |||||
Number of real estate properties | 3 | 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 Investm
Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Less: accumulated depreciation and amortization | $ (544,512) | $ (507,663) |
Real estate investment properties, net | 856,632 | 882,089 |
Land and land improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 415,743 | 415,968 |
Leasehold interests and improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 179,678 | 180,514 |
Buildings | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 273,651 | 273,210 |
Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | $ 532,072 | $ 520,060 |
Real Estate Investment Proper32
Real Estate Investment Properties Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation and amortization expenses | $ 20.3 | $ 23.4 | $ 43.4 | $ 47.4 |
Assets and Associated Liabili33
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($)Property | May. 31, 2015Property | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Property | |
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||
Number of properties held for sale | Property | 23 | 23 | 23 | 61 | |||
Net proceeds from sale of real estate investments | $ 743,110,000 | $ 73,453,000 | |||||
Sale of properties, outstanding principal indebtedness assumed | 526,032,000 | 100,145,000 | |||||
Impairment provisions related to real state properties | 7,700,000 | ||||||
Net income from continuing operations | $ 228,101,000 | $ (8,505,000) | 220,546,000 | (28,858,000) | $ (92,144,000) | ||
Property Held For Sale | |||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||
Net income from continuing operations | $ (1,500,000) | $ (4,400,000) | $ 2,900,000 | $ (2,100,000) | |||
Attractions properties | |||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||
Number of properties sold | Property | 1 | 1 | |||||
Net proceeds from sale of real estate investments | $ 134,500,000 | ||||||
Gain or loss on sale of properties | 27,300,000 | ||||||
Disposition fee | $ 0 | ||||||
Senior Housing Property | |||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||
Number of properties held for sale | Property | 38 | 1 | 38 | 38 | |||
Number of properties sold | Property | 37 | 37 | |||||
Net proceeds from sale of real estate investments | $ 608,600,000 | ||||||
Gain or loss on sale of properties | 206,200,000 | ||||||
Disposition fee | 0 | ||||||
Sale of properties, outstanding principal indebtedness assumed | $ 139,200,000 | ||||||
Marinas Property | |||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||
Number of properties held for sale | Property | 17 |
Properties Classified as Assets
Properties Classified as Assets Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $ 282,549 | $ 968,641 |
Land and land improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 61,847 | 213,129 |
Leasehold interests and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 48,910 | 52,589 |
Building and Building Improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 125,905 | 599,923 |
Equipment | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 31,357 | 59,345 |
Deferred Rent And Lease Incentives | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 202 | 4,832 |
Other Assets | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 6,464 | 10,919 |
Restricted cash | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 6,125 | 14,714 |
Intangibles, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | 1,258 | 10,503 |
Accounts and other receivables, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate investment properties, net | $ 481 | $ 2,687 |
Liabilities Held for Sale (Deta
Liabilities Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets and Liabilities Held for Sale [Line Items] | ||
Mortgages and other notes payable | $ 13,002 | $ 152,655 |
Other liabilities | 1,508 | 19,090 |
Total | $ 14,510 | $ 171,745 |
Summary of Income or Loss from
Summary of Income or Loss from Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 17,733 | $ 51,816 | $ 48,014 | $ 94,849 |
Expenses | (13,667) | (31,399) | (33,488) | (60,041) |
Impairment provision | (7,749) | (129) | (7,749) | (3,442) |
Depreciation and amortization | (7,510) | (20,167) | ||
Operating income (loss) | (3,683) | 12,778 | 6,777 | 11,199 |
Gain (loss) from sale of real estate | 206,625 | (73) | 206,625 | (70) |
Gain (loss) on extinguishment of debt | (2,528) | 2,603 | (2,528) | 2,603 |
Gain on insurance and retirements | 329 | 468 | ||
Other expense | (1,023) | (8,742) | (4,570) | (15,637) |
Income (loss) from discontinued operations | $ 199,720 | $ 6,566 | $ 206,772 | $ (1,905) |
Gross Carrying Amount and Accum
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,363 | $ 22,410 |
Accumulated Amortization | (4,716) | (4,399) |
Net Book Value | 17,647 | 18,011 |
In place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,537 | 11,584 |
Accumulated Amortization | (4,716) | (4,399) |
Net Book Value | 6,821 | 7,185 |
Trade name (infinite-lived) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,826 | 10,826 |
Net Book Value | $ 10,826 | $ 10,826 |
Intangibles Net - Additional In
Intangibles Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets Disclosure [Line Items] | ||||
Amortization of intangible assets | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.4 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Apr. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||||
Investments in unconsolidated entities | $ 72,239,000 | $ 127,102,000 | ||
Payment of mortgage loan | 526,032,000 | $ 100,145,000 | ||
DMC Partnership | ||||
Variable Interest Entity [Line Items] | ||||
Sale of properties | $ 139,500,000 | $ 139,500,000 | ||
Company's ownership percentage sold | 81.98% | 81.98% | ||
Gain on Disposal of Discontinued Operations | $ 39,300,000 | |||
Disposition fee | $ 0 | |||
DMC Partnership | Joint Venture Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Investments in unconsolidated entities | $ 104,400,000 | |||
Intrawest Venture | Joint Venture Agreement | ||||
Variable Interest Entity [Line Items] | ||||
Payment of mortgage loan | $ 54,600,000 | |||
Percentage of ownership by parent | 100.00% | 80.00% | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | |||
Canada Revenue Agency | ||||
Variable Interest Entity [Line Items] | ||||
Maximum exposure to loss on investment | $ 12,900,000 | |||
Accruals for loss on investment | $ 1,600,000 |
Summary of Financial Informatio
Summary of Financial Information of Unconsolidated Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Schedule of Unconsolidated Entities [Line Items] | |||||||
Revenues | $ 85,659 | $ 94,657 | $ 157,651 | $ 167,037 | |||
Property operating expenses | (52,021) | (54,465) | (89,059) | (91,159) | |||
Depreciation and amortization | (20,544) | (23,588) | (43,656) | (47,790) | |||
Equity in earnings (loss) of unconsolidated entities | (783) | (526) | 2,778 | 3,773 | |||
DMC Partnership | |||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||
Revenues | 2,290 | [1] | 6,869 | 10,743 | [1] | 14,779 | |
Property operating expenses | (18) | [1] | (93) | (173) | [1] | (264) | |
Depreciation and amortization | (754) | [1] | (2,250) | (3,038) | [1] | (4,452) | |
Interest expense | (227) | [1] | (1,918) | (1,555) | [1] | (3,834) | |
Net income (loss) | 1,291 | [1] | 2,608 | 5,977 | [1] | 6,229 | |
Income (loss) allocable to other venture partners | [2] | 1,576 | [1] | (220) | 3,477 | [1] | 604 |
Income (loss) allocable to the Company | [2] | (285) | [1] | 2,828 | 2,500 | [1] | 5,625 |
Amortization of capitalized costs | (7) | [1] | (108) | (25) | [1] | (216) | |
Equity in earnings (loss) of unconsolidated entities | (292) | [1] | 2,720 | 2,475 | [1] | 5,409 | |
Distribution declared to the Company | 901 | [1] | 2,829 | 3,698 | [1] | 5,626 | |
Distributions received by the Company | 3,698 | [1] | 2,797 | 6,558 | [1] | 5,656 | |
Intrawest Venture | |||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||
Revenues | 4,464 | 4,856 | 9,306 | 9,838 | |||
Property operating expenses | (2,713) | (2,696) | (5,339) | (5,182) | |||
Depreciation and amortization | (1,879) | (4,337) | (2,568) | (4,337) | |||
Interest expense | (733) | (1,418) | (1,818) | (2,648) | |||
Net income (loss) | (861) | (3,595) | (419) | (2,329) | |||
Income (loss) allocable to other venture partners | [2],[3] | (399) | (402) | (796) | (799) | ||
Income (loss) allocable to the Company | [2] | (462) | (3,193) | 377 | (1,530) | ||
Amortization of capitalized costs | (29) | (53) | (74) | (106) | |||
Equity in earnings (loss) of unconsolidated entities | (491) | (3,246) | 303 | (1,636) | |||
Distribution declared to the Company | 1,072 | 492 | 4,551 | 1,150 | |||
Distributions received by the Company | 1,466 | 658 | 4,176 | 919 | |||
Total | |||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||
Revenues | 6,754 | 11,725 | 20,049 | 24,617 | |||
Property operating expenses | (2,731) | (2,789) | (5,512) | (5,446) | |||
Depreciation and amortization | (2,633) | (6,587) | (5,606) | (8,789) | |||
Interest expense | (960) | (3,336) | (3,373) | (6,482) | |||
Net income (loss) | 430 | (987) | 5,558 | 3,900 | |||
Income (loss) allocable to other venture partners | [2] | 1,177 | (622) | 2,681 | (195) | ||
Income (loss) allocable to the Company | [2] | (747) | (365) | 2,877 | 4,095 | ||
Amortization of capitalized costs | (36) | (161) | (99) | (322) | |||
Equity in earnings (loss) of unconsolidated entities | (783) | (526) | 2,778 | 3,773 | |||
Distribution declared to the Company | 1,973 | 3,321 | 8,249 | 6,776 | |||
Distributions received by the Company | $ 5,164 | $ 3,455 | $ 10,734 | $ 6,575 | |||
[1] | On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, summarized operating data for the partnership is reported through April 29, 2015. | ||||||
[2] | Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value ("HLBV") method of accounting. | ||||||
[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 Rec41
Mortgages and Other Notes Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Estimated fair market value of company's mortgages and other notes receivable | $ 10.3 | $ 16.6 |
Mortgage and Other Notes Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan loss provision | $ 9.3 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Property | May. 31, 2015Property | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)Property | |
Debt Instrument [Line Items] | |||||||
Line of Credit repaid | $ 152,500,000 | ||||||
Line of credit | $ 0 | $ 0 | $ 0 | $ 152,500,000 | |||
Debt instrument, maturity date | Aug. 31, 2016 | ||||||
Line of credit borrowing capacity | 100,000,000 | 100,000,000 | $ 100,000,000 | ||||
Senior unsecured notes outstanding | $ 318,300,000 | 318,300,000 | 318,300,000 | ||||
Debt instrument, premium rate | 103.625% | ||||||
Loss on extinguishment of debt | $ (21,065,000) | $ (196,000) | (21,065,000) | $ (196,000) | |||
Early repayment of senior unsecured notes | 207,700,000 | ||||||
Notes prepayment penalty | $ 1,300,000 | ||||||
Number of properties held for sale | Property | 23 | 23 | 23 | 61 | |||
Payment of mortgage loan | $ 526,032,000 | $ 100,145,000 | |||||
Senior Housing Property | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties sold | Property | 37 | 37 | |||||
Number of properties held for sale | Property | 38 | 1 | 38 | 38 | |||
Payment of mortgage loan | $ 139,200,000 | ||||||
Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (18,800,000) | (4,800,000) | |||||
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 | $ 205,100,000 | $ 205,100,000 | $ 205,100,000 | $ 707,300,000 | |||
Estimated fair values of Senior notes | $ 325,400,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | Jun. 30, 2015USD ($)Property | Dec. 31, 2014PropertyDerivative |
Fair Value Measurements Disclosure [Line Items] | ||
Number of investment properties Held for Sale | Property | 23 | 61 |
Level 3 | ||
Fair Value Measurements Disclosure [Line Items] | ||
Number of investment properties Held for Sale | Property | 19 | 19 |
Interest Rate Swap | ||
Fair Value Measurements Disclosure [Line Items] | ||
Remaining hedges qualified as highly effective | Derivative | 2 | |
Interest rate swap notional amount | $ 8.2 | |
Interest Rate Swap | Terminated Interest Rate Contracts | ||
Fair Value Measurements Disclosure [Line Items] | ||
Interest rate swap notional amount | $ 14.2 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Assets held for sale carried at fair value | $ 118,113 | $ 122,126 |
Liabilities: | ||
Derivative instruments | 671 | 1,002 |
Level 2 | ||
Liabilities: | ||
Derivative instruments | 671 | 1,002 |
Level 3 | ||
Assets: | ||
Assets held for sale carried at fair value | $ 118,113 | $ 122,126 |
Related Party Arrangements - Ad
Related Party Arrangements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Monthly | |
Related Party Transaction [Line Items] | |
Asset management fee as a percentage of real estate asset value | 0.075% |
Annually | |
Related Party Transaction [Line Items] | |
Asset management fee as a percentage of real estate asset value | 0.90% |
Adviser and Former Adviser Earn
Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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] | $ 5,909 | $ 7,507 | $ 12,151 | 16,078 |
Reimbursable expenses: | |||||
Acquisition costs | 61 | 138 | |||
Operating expenses | 1,723 | 1,791 | 3,129 | 3,503 | |
Total | 1,723 | 1,852 | 3,129 | 3,641 | |
Total fees earned and reimbursable expenses | $ 7,632 | $ 9,359 | $ 15,280 | $ 21,559 | |
[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. |
Amounts Due to Affiliates for F
Amounts Due to Affiliates for Fees and Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 655 | $ 489 |
Operating expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 655 | 476 |
Acquisition fees and expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 13 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Stockholders Equity Note [Line Items] | ||||
Declared and paid distributions | $ 32,500,000 | $ 68,700,000 | ||
Declared and paid distributions, per share | $ 0.1000 | $ 0.2126 | $ 0.4252 | |
Quarterly Dividend | Before Amendment | ||||
Stockholders Equity Note [Line Items] | ||||
Declared and paid distributions, per share | $ 0.1063 | |||
Quarterly Dividend | After Amendment | ||||
Stockholders Equity Note [Line Items] | ||||
Declared and paid distributions, per share | $ 0.0500 | |||
Reinvestment Plan | ||||
Stockholders Equity Note [Line Items] | ||||
Offering proceeds | $ 0 | $ 27,200,000 | ||
Shares subscribed, shares | 4 |
Supplemental Guarantor Inform49
Supplemental Guarantor Information - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Supplemental Guarantor Information [Line Items] | |
Senior unsecured notes outstanding | $ 318.3 |
Debt instrument, premium rate | 103.625% |