CNL Lifestyle Properties (CLLY) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate investment properties, net (including $60,763 and $67,789 related to consolidated variable interest entities, respectively)	$ 841,576	$ 882,089
Assets held for sale, net (including $89,811 and $103,753 related to consolidated variable interest entities, respectively)	259,285	968,641
Investments in unconsolidated entities	72,679	127,102
Cash	310,726	136,985
Deferred rent and lease incentives	41,758	47,307
Restricted cash	28,565	35,227
Other assets	17,461	29,091
Intangibles, net	17,448	18,011
Accounts and other receivables, net	21,450	20,398
Mortgages and other notes receivable, net	7,570	19,361
Total Assets	1,618,518	2,284,212
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgages and other notes payable (including $19,923 and $20,642 related to non-recourse debt of consolidated variable interest entities, respectively)	187,643	397,849
Senior notes, net of discount		316,846
Liabilities related to assets held for sale		171,745
Line of credit	0	152,500
Other liabilities	40,318	41,388
Accounts payable and accrued expenses	23,949	46,005
Due to affiliates	415	489
Total Liabilities	$ 252,325	$ 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 September 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	(232,738)	(494,129)
Accumulated distributions	(1,260,079)	(1,211,302)
Accumulated other comprehensive loss	(8,075)	(4,270)
Total Stockholders' Equity	1,366,193	1,157,390
Total Liabilities and Stockholders' Equity	$ 1,618,518	$ 2,284,212

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate investment properties, net, variable interest entities	$ 60,763	$ 67,789
Asset held for sale net, variable interest entities	89,811	103,753
Mortgages and other notes payable, variable interest entities	$ 19,923	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income from operating leases	$ 29,574	$ 31,720	$ 92,625	$ 97,634
Property operating revenues	97,901	110,866	191,145	205,910
Interest income on mortgages and other notes receivable	125	1,965	1,481	8,044
Total revenues	127,600	144,551	285,251	311,588
Expenses:
Property operating expenses	56,256	62,450	145,315	153,609
Asset management fees to advisor	3,665	4,394	12,193	14,173
General and administrative	2,984	4,320	11,467	13,172
Ground lease and permit fees	2,426	2,192	7,819	7,843
Acquisition fees and costs		(237)		519
Other operating expenses	1,731	1,878	4,875	3,858
Bad debt expense	3,256	26	8,092	34
Loan loss provision	21	750	9,369	3,270
Impairment provisions	1,428		1,428
Depreciation and amortization	19,807	25,389	63,463	73,179
Total expenses	91,574	101,162	264,021	269,657
Operating income	36,026	43,389	21,230	41,931
Other income (expense):
Interest and other income	309	153	1,066	449
Interest expense and loan cost amortization	(3,202)	(15,012)	(23,946)	(44,380)
Loss on extinguishment of debt		(1,620)	(21,065)	(1,816)
Equity in earnings of unconsolidated entities	1,162	3,176	3,940	6,949
Total other expense	(1,731)	(13,303)	(40,005)	(38,798)
(Loss) income from continuing operations	34,295	30,086	(18,775)	3,133
Income (loss) from discontinued operations (includes $57 and $460 amortization of loss and loss on termination of cash flow hedge for the quarter and nine months ended September 30, 2014, respectively)	7,614	537	214,386	(1,368)
Net income before gain on sale of real estate and unconsolidated entity	41,909	30,623	195,611	1,765
Gain (loss) on sale of real estate	(1,064)		26,528
Gain from sale of unconsolidated entity			39,252
Net income	$ 40,845	$ 30,623	$ 261,391	$ 1,765
Net income per share of common stock (basic and diluted)
Continuing operations	$ 0.11	$ 0.09	$ 0.14	$ 0.01
Discontinued operations	0.02	0	0.66	0
Net income per share	$ 0.13	$ 0.09	$ 0.80	$ 0.01
Weighted average number of shares of common stock outstanding (basic and diluted)	325,183	325,707	325,183	324,194

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Amortization of loss and loss on termination of cash flow hedges	$ 56	$ 3,487
Discontinued Operations
Amortization of loss and loss on termination of cash flow hedges	$ 57	$ 460

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 40,845	$ 30,623	$ 261,391	$ 1,765
Other comprehensive income (loss):
Foreign currency translation adjustments	(2,254)	(1,478)	(4,084)	(1,383)
Changes in fair value of cash flow hedges:
Amortization of loss and loss on termination of cash flow hedges		56	180	3,487
Unrealized gain (loss) arising during the period	(53)	204	99	816
Total other comprehensive income (loss)	(2,307)	(1,218)	(3,805)	2,920
Total comprehensive income	$ 38,538	$ 29,405	$ 257,586	$ 4,685

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 at Dec. 31, 2013	$ 1,368,378	$ 3,226	$ 2,846,265	$ (401,985)	$ (1,073,422)	$ (5,706)
Balance 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 income (loss)	(92,144)			(92,144)
Distributions, declared and paid ($0.4252 per share for 2014 and $0.1500 per share for 2015)	(137,880)				(137,880)
Foreign currency translation adjustment	(2,933)					(2,933)
Amortization of loss on termination of cash flow hedge	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	325,184	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)	261,391			261,391
Distributions, declared and paid ($0.4252 per share for 2014 and $0.1500 per share for 2015)	(48,777)				(48,777)
Foreign currency translation adjustment	(4,084)					(4,084)
Amortization of loss on termination of cash flow hedge	180					180
Current period adjustment to recognize changes in fair value of cash flow hedges, net of reclassification (Note 9)	$ 99					99
Balance at Sep. 30, 2015	325,183	325,183
Balance at Sep. 30, 2015	$ 1,366,193	$ 3,252	$ 2,863,833	$ (232,738)	$ (1,260,079)	$ (8,075)

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Declared and paid distributions, per share	$ 0.1500	$ 0.3189	$ 0.4252

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net cash provided by operating activities	$ 80,940	$ 132,818
Investing activities:
Acquisition of property		(128,390)
Capital expenditures	(35,787)	(55,888)
Proceeds from sale of real estate	757,944	370,774
Proceeds from sale of unconsolidated entity	139,501
Contribution to unconsolidated entity	(54,572)
Proceeds from insurance	3,907
Principal payments received on mortgage loans receivable	2,258	83,459
Changes in restricted cash	11,671	(1,876)
Other		823
Net cash provided by investing activities	824,922	268,902
Financing activities:
Redemption of common stock	(6)	(9,412)
Distributions to stockholders, net of reinvestments in 2014	(48,777)	(76,119)
Proceeds under line of credit		102,500
Proceeds from mortgage loans and other notes payable		57,790
Principal payments on line of credit	(152,500)	(30,000)
Principal payments on mortgage loans and senior notes	(527,975)	(231,846)
Principal payments on capital leases	(2,539)	(4,545)
Payments of entrance fee refunds		(1,257)
Payment of loan costs	(239)	(3,204)
Net cash (used in) provided by financing activities	(732,036)	(196,093)
Effect of exchange rate fluctuations on cash	(85)	(79)
Net increase in cash	173,741	205,548
Cash at beginning of period	136,985	71,574
Cash at end of period	310,726	$ 277,122
Supplemental disclosure of non-cash financing activities:
Assumption of mortgage loans by third party	$ 151,478

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 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 September 30, 2015, the Company owned 65 lifestyle properties directly and indirectly within the following asset classes: ski and mountain lifestyle, attractions, marinas and other lifestyle properties. Seven of these 65 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 nine 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 all 38 of its senior housing properties and one of its attractions properties for aggregate net sales proceeds of approximately $757.9 million, which resulted in aggregate gains of approximately $236.3 million, (iii) entered into a purchase and sale agreement for the sale of the marinas portfolio for approximately its carrying value, and (iv) as of September 30, 2015, had a contract in place to sell one attraction property, a letter of intent to sell two attraction properties, a plan to sell a ski and mountain lifestyle property, and a plan to sell its undeveloped land. See Note 14. “Subsequent Events” for additional information.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 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 In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer to recognize provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. 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 Company has determined that it will not early adopt this ASU and does not expect that adopting this guidance will have a material impact on its consolidated financial position, results of operations or cash flows.

Real Estate Investment Properti

Real Estate Investment Properties, net	9 Months Ended
	Sep. 30, 2015
Real Estate Investment Properties, net	3. Real Estate Investment Properties, net As of September 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): September 30, December 31, Land and land improvements $ 415,783 $ 415,968 Leasehold interests and improvements 178,511 180,514 Buildings 272,917 273,210 Equipment 536,433 520,060 Less: accumulated depreciation and amortization (562,068 ) (507,663 ) Total $ 841,576 $ 882,089 For the quarter and nine months ended September 30, 2015, the Company had depreciation and amortization expenses of approximately $19.6 million and $63.0 million, respectively, as compared to approximately $25.2 million and 72.7 million, respectively, for the quarter and nine months ended September 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	9 Months Ended
	Sep. 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 — September 30, December 31, Land and land improvements $ 57,711 $ 213,129 Leasehold interests and improvements 48,910 52,589 Building and building improvements 106,510 599,923 Equipment, net 31,312 59,345 Deferred rent and lease incentives — 4,832 Other assets 7,426 10,919 Restricted cash 5,938 14,714 Intangibles, net 1,027 10,503 Accounts and other receivables, net 451 2,687 Total $ 259,285 $ 968,641 Associated Liabilities Held for Sale September 30, December 31, 2015 2014 Mortgages and other notes payable $ — $ 152,655 Other liabilities — 19,090 Total $ — $ 171,745 During the nine months ended September 30, 2015, the Company sold all 38 of its senior housing properties and received aggregate net sales proceeds of approximately $623.4 million, which resulted in a gain of approximately $210.6 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 $151.5 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 $25.7 million for financial reporting purposes. The Company did not pay the Advisor a disposition fee. During the nine months ended September 30, 2015, the Company recorded approximately $7.7 million in impairment provisions related to the marinas properties (recorded as part of discontinued operations) and recorded $1.4 million in impairment provisions related to its undeveloped land, to adjust their net carrying value to their revised estimated sale price, less closing costs. Discontinued Operations — The following table is a summary of income (loss) from discontinued operations for the quarter and nine months ended September 30, 2015 and 2014 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 12,482 $ 51,619 $ 60,496 $ 146,468 Expenses (10,286 ) (34,256 ) (43,774 ) (94,297 ) Impairment provision — — (7,749 ) (3,442 ) Depreciation and amortization — (8,233 ) — (28,403 ) Operating income 2,196 9,130 8,973 20,326 Gain from sale of real estate 4,266 3,953 210,891 3,883 Gain (loss) on extinguishment of debt (1) 486 (8,293 ) (2,042 ) (5,690 ) Gain on insurance and retirements 1,024 — 1,492 — Other expense (2) (358 ) (4,253 ) (4,928 ) (19,887 ) Income (loss) from discontinued operations $ 7,614 $ 537 $ 214,386 $ (1,368 ) FOOTNOTES: (1) During the quarter and nine months ended September 30, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of one and 38 senior housing properties, respectively. During the quarter and nine months ended September 30, 2014, the Company recorded loss on extinguishment of debt from the sale of its 46 golf properties. In addition, during the nine months ended September 30, 2014, the Company recorded gain on extinguishment of debt from the sale of its multi-family residential property. (2) Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million for the nine months ended September 30, 2014. 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 component. The Company recorded net income from continuing operations of approximately $4.0 million and $6.9 million for the quarter and nine months ended September 30, 2015, respectively, and a net income (loss) from continuing operations of $1.9 million and $(0.1) million for the quarter and nine months ended September 30, 2014, respectively, related to the one ski and mountain lifestyle property classified as held for sale.

Intangibles, net

Intangibles, net	9 Months Ended
	Sep. 30, 2015
Intangibles, net	5. Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2015 and December 31, 2014 are as follows (in thousands): Intangible Assets Gross Accumulated September 30, In place leases $ 11,479 $ (4,857 ) $ 6,622 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,305 $ (4,857 ) $ 17,448 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 each of the quarters and nine months ended September 30, 2015 and 2014, the Company had amortization expense of approximately $0.2 million and $0.5 million, respectively, excluding properties that the Company classified as discontinued operations.

Unconsolidated Entities

Unconsolidated Entities	9 Months Ended
	Sep. 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 held an 80% ownership interest in the Intrawest Venture. During the nine months ended September 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 $12.1 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. The following tables present financial information for the Company’s unconsolidated entities for the quarters and nine months ended September 30, 2015 and 2014 (in thousands): Summarized operating data Quarter Ended September 30, 2015 DMC (3) Intrawest Total Revenues $ — $ 4,503 $ 4,503 Property operating expenses — (2,449 ) (2,449 ) Depreciation and amortization — (807 ) (807 ) Interest expense — (476 ) (476 ) Net income $ — $ 771 $ 771 Loss allocable to other venture partners (1) $ — $ (408 ) (2) $ (408 ) Income allocable to the Company (1) $ — $ 1,179 $ 1,179 Amortization of capitalized costs — (17 ) (17 ) Equity in earnings of unconsolidated entities $ — $ 1,162 $ 1,162 Distribution declared to the Company $ — $ 1,592 $ 1,592 Distributions received by the Company $ — $ 918 $ 918 Quarter Ended September 30, 2014 DMC Intrawest Total Revenues $ 6,870 $ 4,856 $ 11,726 Property operating expenses (305 ) (2,472 ) (2,777 ) Depreciation and amortization (2,327 ) (1,118 ) (3,445 ) Interest expense (1,909 ) (1,241 ) (3,150 ) Net income $ 2,329 $ 25 $ 2,354 Loss allocable to other venture partners (1) $ (532 ) $ (406 ) (2) $ (938 ) Income allocable to the Company (1) $ 2,861 $ 431 $ 3,292 Amortization of capitalized costs (64 ) (52 ) (116 ) Equity in earnings of unconsolidated entities $ 2,797 $ 379 $ 3,176 Distribution declared to the Company $ 2,859 $ 742 $ 3,601 Distributions received by the Company $ 2,829 $ 492 $ 3,321 Nine Months Ended September 30, 2015 DMC (3) Intrawest Total Revenues $ 10,743 $ 13,809 $ 24,552 Property operating expenses (173 ) (7,788 ) (7,961 ) Depreciation and amortization (3,038 ) (3,375 ) (6,413 ) Interest expense (1,555 ) (2,294 ) (3,849 ) Net income $ 5,977 $ 352 $ 6,329 Income (loss) allocable to other venture partners (1) $ 3,477 $ (1,204 ) (2) $ 2,273 Income allocable to the Company (1) $ 2,500 $ 1,556 $ 4,056 Amortization of capitalized costs (25 ) (91 ) (116 ) Equity in earnings of unconsolidated entities $ 2,475 $ 1,465 $ 3,940 Distribution declared to the Company $ 3,698 $ 6,142 $ 9,840 Distributions received by the Company $ 6,558 $ 5,093 $ 11,651 Nine Months Ended September 30, 2014 DMC Intrawest Total Revenues $ 21,649 $ 14,694 $ 36,343 Property operating expenses (569 ) (7,654 ) (8,223 ) Depreciation and amortization (6,779 ) (5,455 ) (12,234 ) Interest expense (5,743 ) (3,889 ) (9,632 ) Net income (loss) $ 8,558 $ (2,304 ) $ 6,254 Income (loss) allocable to other venture partners (1) $ 72 $ (1,205 ) (2) $ (1,133 ) Income (loss) allocable to the Company (1) $ 8,486 $ (1,099 ) $ 7,387 Amortization of capitalized costs (280 ) (158 ) (438 ) Equity in earnings (loss) of unconsolidated entities $ 8,206 $ (1,257 ) $ 6,949 Distribution declared to the Company $ 8,485 $ 1,892 $ 10,377 Distributions received by the Company $ 8,485 $ 1,411 $ 9,896 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	9 Months Ended
	Sep. 30, 2015
Mortgages and Other Notes Receivable, net	7. Mortgages and Other Notes Receivable, net During the nine months ended September 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, during the nine months ended September 30, 2015, the Company entered into an agreement to receive an early repayment of its other mortgage receivable at a discounted amount. The Company recorded both mortgage receivables at their net realizable value during the nine months ended September 30, 2015 and in conjunction therewith, recorded loan loss provisions of approximately $9.4 million during the nine months ended September 30, 2015. During the nine months ended September 30, 2015, the Company collected the discounted amount for one of its mortgage receivable. In October 2015, the Company collected its other mortgage receivable at a discounted amount as further described below in Note 14. “Subsequent Events.” The estimated fair market value of the Company’s one mortgage and other notes receivable was approximately $7.6 million as of September 30, 2015, and $16.6 million as of December 31, 2014 for the two mortgages and other notes receivable, respectively, based on the fair value of the collateral or expected collectible amount as of September 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 September 30, 2015 and December 31, 2014 because of the relatively short maturities of the receivables.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 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 September 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 $194.2 million and $707.3 million as of September 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 September 30, 2015 and December 31, 2014 because of the relatively short maturities of the obligations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements	9. Fair Value Measurements The Company had 19 investment properties that were classified as assets held for sale at September 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 nine months ended September 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 nine months ended September 30, 2015. As of September 30, 2015, the Company had one interest rate swap with a notional amount of approximately $8.1 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 September 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 $ 116,489 $ — $ — $ 116,489 Liabilities: Derivative instruments $ 724 $ — $ 724 $ — 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Quarters Ended September 30, Nine Months Ended September 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) 3,702 7,506 15,853 23,584 Reimbursable expenses: (4) Acquisition costs — 64 — 202 Operating expenses 1,157 1,710 4,286 5,213 Total 1,157 1,774 4,286 5,415 Total fees earned and reimbursable expenses $ 4,859 $ 9,280 $ 20,139 $ 30,839 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): September 30, December 31, Due to the Advisor and its affiliates: Operating expenses $ 415 $ 476 Acquisition fees and expenses — 13 Total $ 415 $ 489

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity	11. Stockholders’ Equity Distribution Reinvestment Plan Distributions

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events	14. Subsequent Events In October 2015, the Company entered into a purchase and sale agreement for two of its attraction properties for $62.0 million, which exceeds the carrying value of the properties. In October 2015, the Company collected its only outstanding mortgage receivable. In November 2015, we entered into a purchase and sale agreement for one of our ski and mountain lifestyle properties for $90.5 million, which exceeds the carrying value of the property.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer to recognize provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. 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 Company has determined that it will not early adopt this ASU and does not expect that adopting this guidance will have a material impact on its consolidated financial position, results of operations or cash flows.

Real Estate Investment Proper25

Real Estate Investment Properties, net (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Real Estate Investment Properties	As of September 30, 2015 and December 31, 2014, real estate investment properties consisted of the following (in thousands): September 30, December 31, Land and land improvements $ 415,783 $ 415,968 Leasehold interests and improvements 178,511 180,514 Buildings 272,917 273,210 Equipment 536,433 520,060 Less: accumulated depreciation and amortization (562,068 ) (507,663 ) Total $ 841,576 $ 882,089

Assets and Associated Liabili26

Assets and Associated Liabilities Held for Sale, net and Discontinued Operations (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Land and land improvements $ 57,711 $ 213,129 Leasehold interests and improvements 48,910 52,589 Building and building improvements 106,510 599,923 Equipment, net 31,312 59,345 Deferred rent and lease incentives — 4,832 Other assets 7,426 10,919 Restricted cash 5,938 14,714 Intangibles, net 1,027 10,503 Accounts and other receivables, net 451 2,687 Total $ 259,285 $ 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): September 30, December 31, 2015 2014 Mortgages and other notes payable $ — $ 152,655 Other liabilities — 19,090 Total $ — $ 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 nine months ended September 30, 2015 and 2014 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 12,482 $ 51,619 $ 60,496 $ 146,468 Expenses (10,286 ) (34,256 ) (43,774 ) (94,297 ) Impairment provision — — (7,749 ) (3,442 ) Depreciation and amortization — (8,233 ) — (28,403 ) Operating income 2,196 9,130 8,973 20,326 Gain from sale of real estate 4,266 3,953 210,891 3,883 Gain (loss) on extinguishment of debt (1) 486 (8,293 ) (2,042 ) (5,690 ) Gain on insurance and retirements 1,024 — 1,492 — Other expense (2) (358 ) (4,253 ) (4,928 ) (19,887 ) Income (loss) from discontinued operations $ 7,614 $ 537 $ 214,386 $ (1,368 ) FOOTNOTES: (1) During the quarter and nine months ended September 30, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of one and 38 senior housing properties, respectively. During the quarter and nine months ended September 30, 2014, the Company recorded loss on extinguishment of debt from the sale of its 46 golf properties. In addition, during the nine months ended September 30, 2014, the Company recorded gain on extinguishment of debt from the sale of its multi-family residential property. (2) Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million for the nine months ended September 30, 2014.

Intangibles, net (Tables)

Intangibles, net (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 are as follows (in thousands): Intangible Assets Gross Accumulated September 30, In place leases $ 11,479 $ (4,857 ) $ 6,622 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,305 $ (4,857 ) $ 17,448 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
Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of September 30, 2015 and December 31, 2014 are as follows (in thousands): Intangible Assets Gross Accumulated September 30, In place leases $ 11,479 $ (4,857 ) $ 6,622 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,305 $ (4,857 ) $ 17,448 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)	9 Months Ended
	Sep. 30, 2015
Summarized Operating Data of Unconsolidated Entities	The following tables present financial information for the Company’s unconsolidated entities for the quarters and nine months ended September 30, 2015 and 2014 (in thousands): Summarized operating data Quarter Ended September 30, 2015 DMC (3) Intrawest Total Revenues $ — $ 4,503 $ 4,503 Property operating expenses — (2,449 ) (2,449 ) Depreciation and amortization — (807 ) (807 ) Interest expense — (476 ) (476 ) Net income $ — $ 771 $ 771 Loss allocable to other venture partners (1) $ — $ (408 ) (2) $ (408 ) Income allocable to the Company (1) $ — $ 1,179 $ 1,179 Amortization of capitalized costs — (17 ) (17 ) Equity in earnings of unconsolidated entities $ — $ 1,162 $ 1,162 Distribution declared to the Company $ — $ 1,592 $ 1,592 Distributions received by the Company $ — $ 918 $ 918 Quarter Ended September 30, 2014 DMC Intrawest Total Revenues $ 6,870 $ 4,856 $ 11,726 Property operating expenses (305 ) (2,472 ) (2,777 ) Depreciation and amortization (2,327 ) (1,118 ) (3,445 ) Interest expense (1,909 ) (1,241 ) (3,150 ) Net income $ 2,329 $ 25 $ 2,354 Loss allocable to other venture partners (1) $ (532 ) $ (406 ) (2) $ (938 ) Income allocable to the Company (1) $ 2,861 $ 431 $ 3,292 Amortization of capitalized costs (64 ) (52 ) (116 ) Equity in earnings of unconsolidated entities $ 2,797 $ 379 $ 3,176 Distribution declared to the Company $ 2,859 $ 742 $ 3,601 Distributions received by the Company $ 2,829 $ 492 $ 3,321 Nine Months Ended September 30, 2015 DMC (3) Intrawest Total Revenues $ 10,743 $ 13,809 $ 24,552 Property operating expenses (173 ) (7,788 ) (7,961 ) Depreciation and amortization (3,038 ) (3,375 ) (6,413 ) Interest expense (1,555 ) (2,294 ) (3,849 ) Net income $ 5,977 $ 352 $ 6,329 Income (loss) allocable to other venture partners (1) $ 3,477 $ (1,204 ) (2) $ 2,273 Income allocable to the Company (1) $ 2,500 $ 1,556 $ 4,056 Amortization of capitalized costs (25 ) (91 ) (116 ) Equity in earnings of unconsolidated entities $ 2,475 $ 1,465 $ 3,940 Distribution declared to the Company $ 3,698 $ 6,142 $ 9,840 Distributions received by the Company $ 6,558 $ 5,093 $ 11,651 Nine Months Ended September 30, 2014 DMC Intrawest Total Revenues $ 21,649 $ 14,694 $ 36,343 Property operating expenses (569 ) (7,654 ) (8,223 ) Depreciation and amortization (6,779 ) (5,455 ) (12,234 ) Interest expense (5,743 ) (3,889 ) (9,632 ) Net income (loss) $ 8,558 $ (2,304 ) $ 6,254 Income (loss) allocable to other venture partners (1) $ 72 $ (1,205 ) (2) $ (1,133 ) Income (loss) allocable to the Company (1) $ 8,486 $ (1,099 ) $ 7,387 Amortization of capitalized costs (280 ) (158 ) (438 ) Equity in earnings (loss) of unconsolidated entities $ 8,206 $ (1,257 ) $ 6,949 Distribution declared to the Company $ 8,485 $ 1,892 $ 10,377 Distributions received by the Company $ 8,485 $ 1,411 $ 9,896 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)	9 Months Ended
	Sep. 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 September 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 $ 116,489 $ — $ — $ 116,489 Liabilities: Derivative instruments $ 724 $ — $ 724 $ — 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)	9 Months Ended
	Sep. 30, 2015
Earned Acquisition Fees and Incurred Reimbursable Expenses	For the quarters and nine months ended September 30, 2015 and 2014, respectively, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Quarters Ended September 30, Nine Months Ended September 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) 3,702 7,506 15,853 23,584 Reimbursable expenses: (4) Acquisition costs — 64 — 202 Operating expenses 1,157 1,710 4,286 5,213 Total 1,157 1,774 4,286 5,415 Total fees earned and reimbursable expenses $ 4,859 $ 9,280 $ 20,139 $ 30,839 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): September 30, December 31, Due to the Advisor and its affiliates: Operating expenses $ 415 $ 476 Acquisition fees and expenses — 13 Total $ 415 $ 489

Organization and Nature of Bu31

Organization and Nature of Business - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2015USD ($)Property	Apr. 30, 2015USD ($)	Sep. 30, 2015Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)
Organization And Nature Of Business [Line Items]
Number of real estate properties | Property			65	65
Aggregate net sales proceeds from sale of properties				$ 757,944	$ 370,774
Attractions properties
Organization And Nature Of Business [Line Items]
Number of properties sold | Property	1			1
Gain or loss on sale of properties	$ 25,700
Aggregate net sales proceeds from sale of properties	$ 134,500
Unconsolidated Joint Ventures
Organization And Nature Of Business [Line Items]
Number of real estate properties | Property			7	7
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated
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
Golf Facilities
Organization And Nature Of Business [Line Items]
Number of properties sold | Property				48
Senior Housing Property
Organization And Nature Of Business [Line Items]
Number of properties sold | Property			1	38
Senior Housing and Attraction Properties
Organization And Nature Of Business [Line Items]
Gain or loss on sale of properties				$ 236,300
Aggregate net sales proceeds from sale of properties				$ 757,944
Canada
Organization And Nature Of Business [Line Items]
Number of real estate properties | Property			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	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Less: accumulated depreciation and amortization	$ (562,068)	$ (507,663)
Real estate investment properties, net	841,576	882,089
Land and land improvements
Real Estate Properties [Line Items]
Real estate investment properties, Total	415,783	415,968
Leasehold interests and improvements
Real Estate Properties [Line Items]
Real estate investment properties, Total	178,511	180,514
Buildings
Real Estate Properties [Line Items]
Real estate investment properties, Total	272,917	273,210
Equipment
Real Estate Properties [Line Items]
Real estate investment properties, Total	$ 536,433	$ 520,060

Real Estate Investment Proper33

Real Estate Investment Properties, net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation and amortization expenses	$ 19,807	$ 25,389	$ 63,463	$ 73,179
Continuing Operations
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation and amortization expenses	$ 19,600	$ 25,200	$ 63,000	$ 72,700

Assets and Associated Liabili34

Assets and Associated Liabilities Held for Sale, net and Discontinued Operations - Additional Information (Detail)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015Property	Jun. 30, 2015USD ($)Property	May. 31, 2015Property	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Property
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale | Property	22			22		22		61
Net proceeds from sale of real estate investments						$ 757,944,000	$ 370,774,000
Sale of properties, outstanding principal indebtedness assumed						527,975,000	231,846,000
Impairment provisions related to real state properties						7,749,000	3,442,000
Impairment provisions				$ 1,428,000		1,428,000
Net income (Loss) from continuing operations				40,845,000	$ 30,623,000	261,391,000	1,765,000	$ (92,144,000)
Property Held For Sale
Assets Held for Sale and Discontinued Operations [Line Items]
Net income (Loss) from continuing operations				$ 4,000,000	$ 1,900,000	$ 6,900,000	$ (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		25,700,000
Disposition fee		$ 0
Senior Housing Property
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties sold | Property	1		37			38
Net proceeds from sale of real estate investments						$ 623,400,000
Gain or loss on sale of properties						210,600,000
Disposition fee						0
Sale of properties, outstanding principal indebtedness assumed						$ 151,500,000
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	Sep. 30, 2015	Dec. 31, 2014
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 259,285	$ 968,641
Land and land improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	57,711	213,129
Leasehold interests and improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	48,910	52,589
Building and Building Improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	106,510	599,923
Equipment
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	31,312	59,345
Deferred Rent And Lease Incentives
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net		4,832
Other Assets
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	7,426	10,919
Restricted cash
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	5,938	14,714
Intangibles, net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	1,027	10,503
Accounts and other receivables, net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 451	$ 2,687

Liabilities Held for Sale (Deta

Liabilities Held for Sale (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Assets and Liabilities Held for Sale [Line Items]
Mortgages and other notes payable	$ 152,655
Other liabilities	19,090
Total	$ 171,745

Summary of Income or Loss from

Summary of Income or Loss from Discontinued Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 12,482	$ 51,619	$ 60,496	$ 146,468
Expenses		(10,286)	(34,256)	(43,774)	(94,297)
Impairment provision				(7,749)	(3,442)
Depreciation and amortization			(8,233)		(28,403)
Operating income		2,196	9,130	8,973	20,326
Gain from sale of real estate		4,266	3,953	210,891	3,883
Gain (loss) on extinguishment of debt	[1]	486	(8,293)	(2,042)	(5,690)
Gain on insurance and retirements		1,024		1,492
Other expense	[2]	(358)	(4,253)	(4,928)	(19,887)
Income (loss) from discontinued operations		$ 7,614	$ 537	$ 214,386	$ (1,368)
[1]	During the quarter and nine months ended September 30, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of one and 38 senior housing properties, respectively. During the quarter and nine months ended September 30, 2014, the Company recorded loss on extinguishment of debt from the sale of its 46 golf properties. In addition, during the nine months ended September 30, 2014, the Company recorded gain on extinguishment of debt from the sale of its multi-family residential property.
[2]	Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million for the nine months ended September 30, 2014.

Summary of Income or Loss fro38

Summary of Income or Loss from Discontinued Operations (Parenthetical) (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015Property	Sep. 30, 2014Property	Sep. 30, 2015Property	Sep. 30, 2014USD ($)Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amortization of loss and loss on termination of cash flow hedges | $				$ 3
Senior Housing Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	1		38
Golf Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold		46		46

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 22,305	$ 22,410
Accumulated Amortization	(4,857)	(4,399)
Net Book Value	17,448	18,011
In place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,479	11,584
Accumulated Amortization	(4,857)	(4,399)
Net Book Value	6,622	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 I

Intangibles, net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets Disclosure [Line Items]
Amortization of intangible assets	$ 0.2	$ 0.2	$ 0.5	$ 0.5

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 72,679,000		$ 127,102,000
Payment of mortgage loan		527,975,000	$ 231,846,000
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated
Variable Interest Entity [Line Items]
Investments in unconsolidated entities				$ 104,400,000
Proceed from sale of interest in joint venture	$ 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
Intrawest Venture | Majority-Owned Subsidiary, Unconsolidated
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		$ 12,100,000
Accruals for loss on investment		$ 1,500,000

Summary of Financial Informatio

Summary of Financial Information of Unconsolidated Entities (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Schedule of Unconsolidated Entities [Line Items]
Revenues		$ 127,600	$ 144,551	$ 285,251		$ 311,588
Property operating expenses		(56,256)	(62,450)	(145,315)		(153,609)
Depreciation and amortization		(19,807)	(25,389)	(63,463)		(73,179)
Equity in earnings (loss) of unconsolidated entities		1,162	3,176	3,940		6,949
Intrawest Venture
Schedule of Unconsolidated Entities [Line Items]
Revenues		4,503	4,856	13,809		14,694
Property operating expenses		(2,449)	(2,472)	(7,788)		(7,654)
Depreciation and amortization		(807)	(1,118)	(3,375)		(5,455)
Interest income (expense)		(476)	(1,241)	(2,294)		(3,889)
Net income (loss)		771	25	352		(2,304)
Income (loss) allocable to other venture partners	[1],[2]	(408)	(406)	(1,204)		(1,205)
Income (loss) allocable to the Company	[1]	1,179	431	1,556		(1,099)
Amortization of capitalized costs		(17)	(52)	(91)		(158)
Equity in earnings (loss) of unconsolidated entities		1,162	379	1,465		(1,257)
Distribution declared to the Company		1,592	742	6,142		1,892
Distributions received by the Company		918	492	5,093		1,411
Majority-Owned Subsidiary, Unconsolidated
Schedule of Unconsolidated Entities [Line Items]
Revenues		4,503	11,726	24,552		36,343
Property operating expenses		(2,449)	(2,777)	(7,961)		(8,223)
Depreciation and amortization		(807)	(3,445)	(6,413)		(12,234)
Interest income (expense)		(476)	(3,150)	(3,849)		(9,632)
Net income (loss)		771	2,354	6,329		6,254
Income (loss) allocable to other venture partners	[1]	(408)	(938)	2,273		(1,133)
Income (loss) allocable to the Company	[1]	1,179	3,292	4,056		7,387
Amortization of capitalized costs		(17)	(116)	(116)		(438)
Equity in earnings (loss) of unconsolidated entities		1,162	3,176	3,940		6,949
Distribution declared to the Company		1,592	3,601	9,840		10,377
Distributions received by the Company		$ 918	3,321	11,651		9,896
Majority-Owned Subsidiary, Unconsolidated | DMC Partnership
Schedule of Unconsolidated Entities [Line Items]
Revenues			6,870	10,743	[3]	21,649
Property operating expenses			(305)	(173)	[3]	(569)
Depreciation and amortization			(2,327)	(3,038)	[3]	(6,779)
Interest income (expense)			(1,909)	(1,555)	[3]	(5,743)
Net income (loss)			2,329	5,977	[3]	8,558
Income (loss) allocable to other venture partners	[1]		(532)	3,477	[3]	72
Income (loss) allocable to the Company	[1]		2,861	2,500	[3]	8,486
Amortization of capitalized costs			(64)	(25)	[3]	(280)
Equity in earnings (loss) of unconsolidated entities			2,797	2,475	[3]	8,206
Distribution declared to the Company			2,859	3,698	[3]	8,485
Distributions received by the Company			$ 2,829	$ 6,558	[3]	$ 8,485
[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 Rec43

Mortgages and Other Notes Receivable, net - Additional Information (Detail) - USD ($) $ in Millions	Sep. 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	$ 7.6	$ 16.6
Mortgage and Other Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan loss provision	$ 9.4

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)	1 Months Ended			3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)Property	Jun. 30, 2015USD ($)	May. 31, 2015Property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Line of Credit repaid					$ 152,500,000	$ 30,000,000
Line of credit	$ 0				$ 0		$ 152,500,000
Debt instrument, maturity date					Aug. 31, 2016
Additional extension option period					1 year
Line of credit borrowing capacity	$ 100,000,000				$ 100,000,000
Senior unsecured notes outstanding		$ 318,300,000
Debt instrument, premium rate		103.625%
Loss on extinguishment of debt				$ (1,620,000)	(21,065,000)	(1,816,000)
Early repayment of senior unsecured notes					209,700,000
Notes prepayment penalty					1,300,000
Payment of mortgage loan					$ 527,975,000	$ 231,846,000
Senior Housing Property
Debt Instrument [Line Items]
Number of properties sold | Property	1		37		38
Payment of mortgage loan					$ 151,500,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (18,800,000)			(4,300,000)
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	$ 194,200,000				$ 194,200,000		707,300,000
Estimated fair values of Senior notes							$ 325,400,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Millions	Sep. 30, 2015USD ($)PropertyDerivative	Dec. 31, 2014PropertyDerivative
Fair Value Measurements Disclosure [Line Items]
Number of investment properties Held for Sale	22	61
Level 3
Fair Value Measurements Disclosure [Line Items]
Number of investment properties Held for Sale	19	19
Interest Rate Swap
Fair Value Measurements Disclosure [Line Items]
Remaining hedges qualified as highly effective | Derivative	1	2
Interest rate swap notional amount | $	$ 8.1
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	Sep. 30, 2015	Dec. 31, 2014
Assets:
Assets held for sale carried at fair value	$ 116,489	$ 122,126
Liabilities:
Derivative instruments	724	1,002
Level 2
Liabilities:
Derivative instruments	724	1,002
Level 3
Assets:
Assets held for sale carried at fair value	$ 116,489	$ 122,126

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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]	$ 3,702	$ 7,506	$ 15,853	23,584
Reimbursable expenses:
Acquisition costs			64		202
Operating expenses		1,157	1,710	4,286	5,213
Total		1,157	1,774	4,286	5,415
Total fees earned and reimbursable expenses		$ 4,859	$ 9,280	$ 20,139	$ 30,839
[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	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates	$ 415	$ 489
Operating expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 415	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	9 Months Ended		12 Months Ended
	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stockholders Equity Note [Line Items]
Declared and paid distributions		$ 48,800,000	$ 103,300,000
Declared and paid distributions, per share		$ 0.1500	$ 0.3189	$ 0.4252
Quarterly Dividend Before Amendment Member
Stockholders Equity Note [Line Items]
Declared and paid distributions, per share	$ 0.1063
Quarterly Dividend After Amendment Member
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 Inform51

Supplemental Guarantor Information - Additional Information (Detail) $ in Millions	1 Months Ended
	Jun. 30, 2015USD ($)
Supplemental Guarantor Information [Line Items]
Senior unsecured notes outstanding	$ 318.3
Debt instrument, premium rate	103.625%

Subsequent Events - Additional

Subsequent Events - Additional information (Detail) $ in Millions	Nov. 13, 2015USD ($)Property	Oct. 31, 2015USD ($)Property	Sep. 30, 2015Property	Dec. 31, 2014Property
Subsequent Event [Line Items]
Number of properties held for sale			22	61
Subsequent Event | Attractions Properties
Subsequent Event [Line Items]
Sale of properties | $		$ 62
Number of properties held for sale		2
Subsequent Event | Ski and Mountain Lifestyle Properties
Subsequent Event [Line Items]
Sale of properties | $	$ 90.5
Number of properties held for sale	1