Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 16, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 325,182,969 | ||
Entity Public Float | $ 1.7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate investment properties, net (including $58,832 and $67,789 related to consolidated variable interest entities, respectively) | $ 712,589 | $ 882,089 |
Assets held for sale, net (including $0 and $103,753 related to consolidated variable interest entities, respectively) | 42,719 | 968,641 |
Investments in and advances to unconsolidated entities | 73,434 | 127,102 |
Cash | 83,544 | 136,985 |
Deferred rent and lease incentives | 43,992 | 47,307 |
Restricted cash | 28,025 | 35,227 |
Other assets | 18,176 | 29,091 |
Intangibles, net | 16,487 | 18,011 |
Accounts and other receivables, net | 11,893 | 20,398 |
Mortgages and other notes receivable, net | 0 | 19,361 |
Total Assets | 1,030,859 | 2,284,212 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgages and other notes payable (including $19,677 and $30,412 related to non-recourse debt of consolidated variable interest entities, respectively) | 185,739 | 397,849 |
Senior notes, net of discount | 316,846 | |
Liabilities related to assets held for sale | 171,745 | |
Line of credit | 152,500 | |
Other liabilities | 27,160 | 41,388 |
Accounts payable and accrued expenses | 11,361 | 46,005 |
Due to affiliates | 420 | 489 |
Total Liabilities | $ 224,680 | $ 1,126,822 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value per share 200 million shares authorized and unissued | ||
Excess shares, $.01 par value per share 120 million shares authorized and unissued | $ 0 | $ 0 |
Common stock, $.01 par value per share One billion shares authorized; 349,084 shares issued and 325,183 and 325,184 shares outstanding as of December 31, 2015 and 2014, respectively | 3,252 | 3,252 |
Capital in excess of par value | 2,863,833 | 2,863,839 |
Accumulated deficit | (352,974) | (494,129) |
Accumulated distributions | (1,699,076) | (1,211,302) |
Accumulated other comprehensive loss | (8,856) | (4,270) |
Total Stockholders' Equity | 806,179 | 1,157,390 |
Total Liabilities and Stockholders' Equity | $ 1,030,859 | $ 2,284,212 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate investment properties, net, variable interest entities | $ 58,832 | $ 67,789 |
Asset held for sale net, variable interest entities | 0 | 103,753 |
Mortgages and other notes payable, variable interest entities | $ 19,677 | $ 30,412 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares unissued | 200,000,000 | 200,000,000 |
Excess shares, par value | $ 0.01 | $ 0.01 |
Excess shares, shares authorized | 120,000,000 | 120,000,000 |
Excess shares, shares unissued | 120,000,000 | 120,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 349,084,000 | 349,084,000 |
Common stock, shares outstanding | 325,183,000 | 325,184,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income from operating leases | $ 125,239 | $ 128,023 | $ 115,414 |
Property operating revenues | 211,104 | 236,860 | 233,956 |
Interest income on mortgages and other notes receivable | 1,322 | 8,412 | 13,120 |
Total revenues | 337,665 | 373,295 | 362,490 |
Expenses: | |||
Property operating expenses | 172,627 | 190,165 | 187,581 |
Asset management fees to advisor | 15,666 | 18,651 | 23,060 |
General and administrative | 15,635 | 17,136 | 17,233 |
Ground lease and permit fees | 10,341 | 10,162 | 9,838 |
Acquisition fees and costs | 664 | 2,467 | |
Other operating expenses | 6,878 | 5,328 | 4,471 |
Bad debt expense | 8,536 | 291 | 54 |
Loan loss provision | 9,319 | 3,270 | 3,104 |
(Gain) loss on lease terminations | 8,914 | (3,850) | |
Impairment provisions | 124,873 | 30,428 | 50,033 |
Depreciation and amortization | 83,481 | 98,664 | 94,459 |
Total expenses | 447,356 | 383,673 | 388,450 |
Operating loss | (109,691) | (10,378) | (25,960) |
Other income (expense): | |||
Interest and other income | 2,172 | 838 | 559 |
Interest expense and loan cost amortization | (26,931) | (57,260) | (55,769) |
Loss on extinguishment of debt | (21,065) | (1,391) | |
Bargain purchase gain | 2,653 | ||
Equity in earnings of unconsolidated entities | 6,153 | 7,753 | 11,701 |
Total other expense | (39,671) | (50,060) | (40,856) |
Loss from continuing operations | (149,362) | (60,438) | (66,816) |
Income (loss) from discontinued operations (includes $3,027 and $1,655 amortization of loss and loss on termination of cash flow hedge for the years ended December 31, 2014 and 2013, respectively) | 204,671 | (31,706) | (241,117) |
Net income (loss) before gain on sale of real estate and unconsolidated entities | 55,309 | (92,144) | (307,933) |
Gain on sale of real estate | 46,594 | ||
Gain from sale of unconsolidated entities | 39,252 | 55,394 | |
Net income (loss) | $ 141,155 | $ (92,144) | $ (252,539) |
Net income (loss) per share of common stock (basic and diluted) | |||
Continuing operations | $ (0.20) | $ (0.18) | $ (0.03) |
Discontinued operations | 0.63 | (0.10) | (0.76) |
Net income (loss) per share | $ 0.43 | $ (0.28) | $ (0.79) |
Weighted average number of shares of common stock outstanding (basic and diluted) | 325,183 | 324,451 | 318,742 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of loss and loss on termination of cash flow hedges | $ 3,486 | $ 1,655 |
Discontinued Operations | ||
Amortization of loss and loss on termination of cash flow hedges | $ 3,027 | $ 1,655 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 141,155 | $ (92,144) | $ (252,539) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (4,970) | (2,933) | (1,563) |
Changes in fair value of cash flow hedges: | |||
Amortization of loss and loss on termination of cash flow hedges | 180 | 3,486 | 1,655 |
Unrealized gain arising during the period | 204 | 883 | 1,863 |
Total other comprehensive (loss) income | (4,586) | 1,436 | 1,955 |
Total comprehensive income (loss) | $ 136,569 | $ (90,708) | $ (250,584) |
CONSOLIDATED STATEMENTS OF STOC
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 Income (Loss) |
Balance at Dec. 31, 2012 | $ 1,711,431 | $ 3,164 | $ 2,803,346 | $ (149,446) | $ (937,972) | $ (7,661) |
Balance at Dec. 31, 2012 | 316,371 | |||||
Subscriptions received for stock through public offering reinvestment plan (in shares) | 7,901 | |||||
Subscriptions received for stock through public offering reinvestment plan | 54,936 | $ 79 | 54,857 | |||
Redemption of common stock (in shares) | (1,645) | |||||
Redemption of common stock | (11,955) | $ (17) | (11,938) | |||
Net income (loss) | (252,539) | (252,539) | ||||
Distributions, declared and paid ($0.4252 per share for 2013, $0.4252 per share for 2014 and $1.5000 per share for 2015) | (135,450) | (135,450) | ||||
Foreign currency translation adjustment | (1,563) | (1,563) | ||||
Amortization of loss on termination of cash flow hedge | 1,655 | 1,655 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges (Note 11) | 1,863 | 1,863 | ||||
Balance 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 2013, $0.4252 per share for 2014 and $1.5000 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 (Note 11) | $ 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) | 141,155 | 141,155 | ||||
Distributions, declared and paid ($0.4252 per share for 2013, $0.4252 per share for 2014 and $1.5000 per share for 2015) | (487,774) | (487,774) | ||||
Foreign currency translation adjustment | (4,970) | (4,970) | ||||
Amortization of loss on termination of cash flow hedge | 180 | 180 | ||||
Current period adjustment to recognize changes in fair value of cash flow hedges (Note 11) | $ 204 | 204 | ||||
Balance at Dec. 31, 2015 | 325,183 | 325,183 | ||||
Balance at Dec. 31, 2015 | $ 806,179 | $ 3,252 | $ 2,863,833 | $ (352,974) | $ (1,699,076) | $ (8,856) |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Declared and paid distributions, per share | $ 1.5000 | $ 0.4252 | $ 0.4252 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 141,155 | $ (92,144) | $ (252,539) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation and amortization | 83,481 | 135,373 | 150,311 |
Amortization of loan costs and lease costs (including above- and below-market leases) | 3,846 | 12,310 | 9,165 |
Accretion and amortization of fair value measures | (89) | 305 | 422 |
Gain on sale of properties and disposal of fixed assets | (246,837) | (4,073) | (2,241) |
Gain on sale of unconsolidated entities | (39,252) | (55,394) | |
Bargain purchase gain | (2,653) | ||
Loss on extinguishment of debt | 23,107 | 6,209 | |
Write-off intangible assets from sale of properties | 93 | ||
Amortization of terminated hedge | 180 | 3,486 | 1,655 |
Swap termination fees | (184) | (1,904) | |
(Gain) loss on lease termination | 8,174 | (2,705) | |
Gain from insurance proceeds | (2,914) | (4,916) | |
Impairment provision | 132,622 | 68,295 | 269,535 |
Loan loss provision | 9,319 | 3,270 | 3,104 |
Bad debt expense | 10,298 | 2,309 | 6,323 |
Prepayment penalties on loans | (1,277) | (7,047) | |
Premium paid on senior notes | (11,537) | (2,500) | |
Equity in earnings net of distributions from unconsolidated entities | 6,934 | 5,744 | 15,068 |
Changes in assets and liabilities: | |||
Other assets | (146) | 467 | (283) |
Deferred rent and lease incentives | (4,214) | (982) | (8,056) |
Accounts and other receivables | 499 | (7,401) | (3,237) |
Accounts payable, accrued expenses and other liabilities | (43,336) | 3,017 | 6,977 |
Due to affiliates | 988 | (1,058) | (65) |
Net cash provided by operating activities | 62,643 | 126,934 | 135,480 |
Investing activities: | |||
Proceeds from sale of real estate | 992,738 | 384,293 | 12,401 |
Acquisition of properties | (128,390) | (244,859) | |
Capital expenditures | (49,272) | (79,115) | (70,156) |
Contributions to unconsolidated entities | (54,572) | ||
Proceeds from sale of unconsolidated entities | 139,501 | 195,446 | |
Proceeds from release (payment) of collateral on loan payable | 11,167 | ||
Proceeds from insurance | 4,674 | 10,187 | |
Proceeds from short-term investment | 1,169 | ||
Principal payments received on mortgage loans receivable | 9,828 | 83,468 | 4,282 |
Changes in restricted cash | 14,317 | 1,394 | (10,357) |
Other | 980 | (854) | |
Net cash provided by (used in) investing activities | 1,057,214 | 273,986 | (102,930) |
Financing activities: | |||
Redemptions of common stock | (6) | (9,609) | (11,955) |
Distributions to stockholders, net of reinvestments | (487,774) | (110,671) | (80,514) |
Borrowings under line of credit | 232,500 | 100,000 | |
Proceeds from mortgages and other notes payable | 57,790 | 131,298 | |
Principal payments on line of credit | (152,500) | (130,000) | (145,000) |
Principal payments on mortgages, notes payable and senior notes | (529,893) | (365,224) | (18,800) |
Principal payments on capital leases | (2,834) | (4,863) | (4,152) |
Payments of entrance fee refunds | (1,845) | ||
Payment of loan costs | (239) | (3,536) | (5,017) |
Net cash used in financing activities | (1,173,246) | (335,458) | (34,140) |
Effect of exchange rate fluctuations on cash | (52) | (51) | (60) |
Net increase (decrease) in cash | (53,441) | 65,411 | (1,650) |
Cash at beginning of period | 136,985 | 71,574 | 73,224 |
Cash at end of period | 83,544 | 136,985 | 71,574 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 35,030 | 68,536 | 63,628 |
Supplemental disclosure of non-cash investing activities: | |||
Assumption of debts | 27,398 | ||
Assumption of capital leases | 2,761 | 4,004 | 10,732 |
Assumption of entrance fee liabilities | 13,810 | ||
Change in accounts payable related to capital expenditures | 5,898 | 4,192 | 6,069 |
Property assumed in connection with foreclosure | $ 8,729 | ||
Supplemental disclosure of non-cash financing activities: | |||
Seller financing provided upon sale of real estate assets | $ 325 | ||
Assumption of mortgage loans by third party | $ 151,478 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Nature of Business | 1. Organization and Nature of Business: CNL Lifestyle Properties, Inc. (the “Company”), was organized in Maryland on August 11, 2003. The Company operates and has elected to be taxed as a real estate investment trust (a “REIT”) for federal income tax. 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 December 31, 2015, the Company owned 49 lifestyle properties directly and indirectly within the following asset classes: ski and mountain lifestyle, attractions, marinas and other lifestyle properties. Seven of these 49 properties are owned through an unconsolidated joint venture, and three are located in Canada. In March 2014, the Company engaged Jefferies LLC (“Jefferies”), 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. During 2015, the Company sold its 81.98% interest in the DMC Partnership for net sales proceeds of approximately $139.5 million to its co-venture partner, and it sold all 38 of its senior housing properties, 12 of its 17 marinas properties, four attractions properties and one ski and mountain lifestyle property for aggregate net sales proceeds of approximately $992.7 million. Additionally, the Company has a purchase and sale agreement for the sale of its remaining five marina properties. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation and Basis of Presentation — In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. Allocation of Purchase Price for Real Estate Acquisitions — The fair value of the tangible assets of an acquired leased property is determined by various factors including the comparable land sale method and cost approach method which estimates the replacement cost new less depreciation and a go dark income approach on the building in which the building is assumed to be vacant. The purchase price is allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses. The Company may also enter into yield guarantees in connection with an acquisition, whereby the seller agrees to hold a portion of the purchase price in escrow that may be repaid to the Company in the event certain thresholds are not met. In calculating the estimated fair value of the yield guarantee, the Company considers information obtained about each property during the due diligence and budget process as well as discount rates to determine the fair value. The Company periodically evaluates the fair value of the yield guarantee and records any adjustments to the fair value as a component of other income (expense) in the accompanying consolidated statements of operations. Depreciation and Amortization — Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life. The capitalized above-market or below-market lease intangible is amortized to rental income over the estimated remaining term of the respective leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs related to the lease would be written off. Intangible assets with indefinite lives are not amortized, and like all intangibles, are evaluated for impairment on an annual basis or upon a trigger event. Investment in Unconsolidated Entities — Acquisition Fees and Expenses — Impairment of Real Estate Assets — For real estate the Company indirectly owns through an investment in a joint venture, tenant-in-common interest or other similar investment structure which is accounted for under the equity method, when impairment indicators are present, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of its investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline. The estimated fair values of unconsolidated entities are based upon a discounted cash flow model that includes all estimated cash inflows and outflows over the expected holding period. The capitalization rates and discounted rates utilized in the model are based upon rates that the Company believes to be within a reasonable range of current market rates for the underlying properties. Bargain Purchase Gain — Assets Held for Sale, net and Discontinued Operations — Real Estate Dispositions — Real Estate Sales Mortgages and Other Notes Receivables — The Company evaluates impairment on its mortgages and other notes receivable on an individual loan basis which includes, current information and events, periodic visits and quarterly discussions on the financial results of the properties being collateralized and the financial stability of the borrowers who are also tenants or third-party managers for certain properties in the Company’s real estate portfolio. The Company reviews each loan to determine the risk of loss and whether the individual loan is impaired and whether an allowance is necessary. If allowance is necessary, the Company will reduce the carrying value of the loan accordingly and record a corresponding charge to net income (loss). The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and, as such, the Company does not assign its mortgages and other note receivable in credit quality categories. Cash — Restricted Cash — Derivative Instruments and Hedging Activities — Fair Value of Financial Instruments — Fair Value Measurements • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Deferred Financing Costs — Foreign Currency Translation — Revenue Recognition — Capital Improvement Reserve Income — Mortgages and Other Notes Payable — Income Taxes — Under the provisions of the Internal Revenue Code and applicable state laws, each TRS entity of the Company is subject to taxation of income on the profits and losses from its operations. The Company accounts for federal and state income taxes with respect to its TRS entities using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Earnings (loss) Per Share — Use of Estimates — Segment Information — 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). In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date” which defers the original effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company has determined that it will not early adopt ASU 2014-09 and is still evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements — In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The FASB subsequently issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which clarifies that, given the absence of authoritative guidance in ASU 2015-03 regarding presentation and subsequent measurement of loan costs related to line-of-credit arrangements, the SEC Staff would not object to an entity deferring and presenting loan costs as an asset and subsequently amortizing the loan costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this ASU effective January 1, 2016, and has determined that the adoption of this ASU will not have a significant effect on its consolidated financial position, results of operations or cash flows. 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 adopted this ASU effective January 1, 2016, and has determined that the adoption of this ASU will not have a significant effect on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company is currently evaluating the impact of this ASU, however its adoption is expected to have a significant effect on the Company’s consolidated financial position, results of operations and cash flows. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions | 3. Acquisitions: Consolidated Entities. Product/Description Location Date of (1) Purchase Pacifica Senior Living Victoria Court – One senior housing property Rhode Island 1/15/2014 $ 15,250 Pacifica Senior Living Northridge – One senior housing property California 6/6/2014 25,250 La Conner Retirement Inn – One senior housing property Washington 6/2/2014 8,250 South Pointe Assisted Living – One senior housing property Washington 6/2/2014 4,300 Pacifica Senior Living Modesto – One senior housing property California 7/24/2014 16,250 (2) Pacifica Senior Living Bakersfield – One senior housing property California 7/25/2014 28,750 (2) Pacifica Senior Living Wilmington – One senior housing property North Carolina 7/25/2014 22,250 (2) The Oaks at Braselton – One senior housing property Georgia 9/22/2014 15,000 The Oaks at Post Road – One senior housing property Georgia 9/22/2014 18,600 $ 153,900 FOOTNOTES: (1) These properties were subject to long-term triple-net leases with an initial term of 10 years with renewal options at the time of acquisition. All of these properties were sold in 2015. (2) In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. “Indebtedness” for additional information. These acquisitions were not considered material to the Company as such no pro forma information was included. The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): Total Purchase Land and land improvements $ 25,213 Buildings 120,059 Equipment 5,127 In-place lease intangibles (1) 1,723 Other intangibles 4,566 Assumed mortgages (27,398 ) Other liabilities (900 ) Total purchase price consideration $ 128,390 FOOTNOTE: (1) The weighted-average amortization period for intangible in-place leases acquired were 10 years as of the date of acquisition. |
Real Estate Investment Properti
Real Estate Investment Properties, net | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investment Properties, net | 4. Real Estate Investment Properties, net: As of December 31, 2015 and 2014, real estate investment properties consisted of the following (in thousands): 2015 2014 Land and land improvements $ 369,902 $ 415,968 Leasehold interests and improvements 170,970 180,514 Building and building improvements 245,372 273,210 Equipment 506,935 520,060 Less: accumulated depreciation and amortization (580,590 ) (507,663 ) Total $ 712,589 $ 882,089 For the years ended December 31, 2015, 2014 and 2013, the Company had depreciation and amortization expenses of approximately $82.8 million, $98.0 million and $93.9 million, respectively, excluding properties that the Company classified as discontinued operations. The Company evaluates its properties on an ongoing basis, including any changes to intended use of the properties, operating performance of its properties or plans to dispose of assets to determine if the carrying value is recoverable. As described above in Note 1. “Organization and Nature of Business,” management and its board of directors have been actively evaluating various strategic alternatives to provide liquidity to the Company’s stockholders. As part of this process, management reviewed the operating performance for each property, developed projected cash flows and revised its cash flow assumptions to include projected capital improvement costs to remain competitive, and to retain and enhance visitations and attendance at our ski and attractions properties. The Company evaluated these revised cash flow projections and reviewed materials provided by its global investment banking and advisory firm, including revised market assumptions and other indications of value received in connection with the Company’s strategic alternatives process from several potential buyers, to determine whether it was likely that their carrying value would be recoverable. The revised cash flows also reflected the proposed restructure of our leases with one tenant on three attractions properties. As a result of this analysis and in consideration of the potential for disposal of the properties in the near term, the Company recorded impairment provisions of approximately $123.1 million related primarily to several attractions properties to write down their book values to estimated fair values based on discounted cash flows and residual values. During the year ended December 31, 2013, the Company recorded impairments of approximately $7.5 million related to a few of its smaller, non-core attractions properties to write down their book values to estimated sales prices from third party buyers less costs to sell. These properties were classified as held for sale during 2013, but were subsequently reclassified to held and used. The Company did not record an impairment provision related to real estate investment properties excluding assets held for sale during the year ended December 31, 2014. |
Assets and Associated Liabiliti
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations | 5. Assets and Associated Liabilities Held for Sale, net and Discontinued Operations: Assets Held for Sale, net 2015 2014 Land and land improvements $ 5,673 $ 213,129 Leasehold interests and improvements 27,184 52,589 Building and building improvements 6,352 599,923 Equipment, net 1,378 59,345 Deferred rent and lease incentives — 4,832 Other assets 25 10,919 Restricted cash 1,408 14,714 Intangibles, net — 10,503 Accounts and other receivables 699 2,687 Total $ 42,719 $ 968,641 Associated Liabilities Held for Sale 2015 2014 Mortgages and other notes payable $ — $ 152,655 Other liabilities — 19,090 Total $ — $ 171,745 During the year ended December 31, 2015, the Company sold all 38 senior housing properties, 12 of its 17 marinas properties, four attractions properties and one ski and mountain lifestyle property. No disposition fee was payable to the Advisor on the sale of these properties. The third party buyer of the properties assumed approximately $151.5 million of outstanding principal indebtedness collateralized by the senior housing properties that were sold. In connection with these transactions, the Company received aggregate net sales proceeds of approximately $992.7 million and recorded net gains of approximately $246.8 million for financial reporting purposes. Of the net gains recorded, approximately $46.6 million related to the sale of four attractions properties and one ski and mountain lifestyle property were recorded as gain on sale of real estate from continuing operations, and $200.2 million related to the sale of the 38 senior housing properties and 12 marinas were recorded in income (loss) from discontinued operations. The Company accounted for the revenues and expenses related to one unimproved land held for sale at December 31, 2015, and the four attractions properties and one ski and mountain lifestyle property sold in 2015, including net gains of approximately $46.6 million for the sale of real estate, as income from continuing operations because the sale of these properties did not cause a strategic shift in the Company and they did not have a major impact on the Company’s business. Therefore, they did not qualify as discontinued operations under ASU 2014-08. However, the proposed disposition of the one ski and mountain lifestyle property represented an individually significant component. The Company recorded net income (loss) from continuing operations of approximately $19.8 million (which includes approximately $13.5 million of gain on sale of real estate), $(1.2) million, and $(2.4) million for the years ended December 31, 2015, 2014 and 2013, respectively, related to the one ski and mountain lifestyle property classified as held for sale. The Company recorded approximately $1.8 million, $30.4 million and $42.5 million in impairment provisions during the years ended December 31, 2015, 2014 and 2013, respectively, related to its unimproved land classified as held for sale and one attractions property, to adjust their net carrying values to revised estimated sale prices, less closing costs. Impairment provisions related to its unimproved land and one attractions property were recorded in net income (loss) from continuing operations. During the year ended December 31, 2014, the Company sold its golf portfolio (consisting of 48 properties) and one multi-family residential property. In connection with these transactions, the Company received aggregate net sales proceeds of approximately $384.3 million and recorded a net gain of approximately $4.1 million. During the year ended December 31, 2014, the Company approved a plan to market and sell the Company’s marinas portfolio (consisting of 17 marinas properties) and entered into a purchase and sale agreement during the year ended December 31, 2015 for these properties. The Company determined that the carrying values of these properties were not recoverable based on expected sales proceeds, less costs to sell, and recorded approximately $7.7 million and $33.4 million in impairment provisions during the years ended December 31, 2015 and 2014, respectively. During the year ended December 31, 2013, the Company determined that the carrying value of the golf portfolio and its multi-family property were not recoverable and recorded approximately $219.5 million in impairment provision. Discontinued Operations 2015 2014 2013 Revenues $ 65,796 $ 178,887 $ 160,604 Expenses (49,251 ) (115,773 ) (111,807 ) Depreciation and amortization — (36,709 ) (55,852 ) Impairment provision (7,749 ) (37,867 ) (219,502 ) Operating income (loss) 8,796 (11,462 ) (226,557 ) Net gain from sale of real estate 200,243 4,144 2,408 Loss on extinguishment of debt (1) (2,042 ) (4,818 ) — Gain on insurance and retirements 2,816 4,791 — Other income (expense) (2) (5,142 ) (24,361 ) (16,968 ) Income (loss) from discontinued operations $ 204,671 $ (31,706 ) $ (241,117 ) FOOTNOTES (1) During the year ended December 31, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of the 38 senior housing properties. During the year ended December 31, 2014, the Company recorded loss on extinguishment of debt from the sale of its 48 golf properties and its multi-family residential property. (2) Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively. There was no amortization of loss and loss on termination of cash flow hedge for the year ended December 31, 2015. |
Intangible Assets, net
Intangible Assets, net | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, net | 6. Intangible Assets, net: The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2015 and 2014 are as follows (in thousands): Intangible Assets Gross Carrying Accumulated 2015 Net Book In place leases $ 11,203 $ (5,013 ) $ 6,190 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,500 $ (5,013 ) $ 16,487 Intangible Assets Gross Carrying Accumulated 2014 Net Book In place leases $ 11,584 $ (4,399 ) $ 7,185 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,410 $ (4,399 ) $ 18,011 Amortization expense (excluding properties classified as discontinued operations) was approximately $0.7 million, $0.7 million and $0.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company wrote off approximately $0.8 million and $0.1 million of in-place lease intangibles for the years ended December 31, 2015 and 2013, respectively, which are included as part of impairment provisions and (gain) loss on lease terminations, respectively, in the accompanying consolidated statements of operations. The Company did not have any write offs of in-place lease intangibles for the year ended December 31, 2014. The estimated future amortization expense for the Company’s finite-lived intangible assets as of December 31, 2015 is as follows (in thousands): Total 2016 $ 640 2017 623 2018 552 2019 552 2020 552 Thereafter 3,271 Total $ 6,190 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases | 7. Operating Leases: As of December 31, 2015, the Company leased 24 properties under long-term, triple-net leases to third-parties. The following is a schedule of future minimum lease payments to be received under the non-cancellable operating leases with third-parties at December 31, 2015 (in thousands): 2016 $ 96,447 2017 98,721 2018 99,747 2019 100,298 2020 100,765 Thereafter 820,487 Total $ 1,316,465 Under a triple-net lease, the tenant is responsible for paying percentage rent and capital improvement reserve rent. Capital improvement reserves are generally based on a percentage of gross revenue of the property and are set aside by the Company for capital improvements including replacements, from time to time, of furniture, fixtures and equipment and totaled approximately $21.9 million, $23.9 million and $21.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. Percentage rent is generally based on a percentage of gross revenue after it exceeds a certain threshold. Total percentage rent recorded was approximately $3.3 million, $2.9 million and $2.5 million the years ended December 31, 2015, 2014 and 2013, respectively. In addition, substantially all of the property expenses are required to be paid directly by the tenants, including real estate taxes which the tenants pay directly to the taxing authorities. The total annualized property taxes assessed on these properties and paid directly by tenants, were approximately $6.4 million, $8.6 million and $11.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Variable Interest and Unconsoli
Variable Interest and Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest and Unconsolidated Entities | 8. Variable Interest and Unconsolidated Entities: Consolidated VIEs — The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company are as follows (in thousands): December 31, 2015 2014 Assets Real estate investment properties, net $ 58,832 $ 67,789 Assets held for sale — 103,753 Other assets 6,752 26,376 Liabilities Mortgages and other notes payable 19,677 30,412 Other liabilities 792 15,695 The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its net investment in these entities which totaled approximately $45.1 million and $151.8 million as of December 31, 2015 and 2014, respectively. The Company’s exposure is limited because of the non-recourse nature of the borrowings of the VIEs. Unconsolidated Entities — As of December 31, 2014, the Company held an 80% ownership interest in the Intrawest Venture. During the year ended December 31, 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 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 $1.1 million. However, the Intrawest Venture believes the more likely than not resolution will be approximately $0.3 million. As such, an accrual of $0.3 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 years ended December 31, 2015, 2014 and 2013 (in thousands): Summarized operating data: Year Ended December 31, 2015 DMC Partnership (1) Intrawest Total Revenues $ 10,743 $ 18,778 $ 29,521 Property operating expenses (173 ) (11,114 ) (11,287 ) Depreciation and amortization (3,038 ) (4,160 ) (7,198 ) Interest expense (1,555 ) (1,328 ) (2,883 ) Net income $ 5,977 $ 2,176 $ 8,153 Income (loss) allocable to other venture partners (2) $ 3,477 $ (1,611 ) (3) $ 1,866 Income (loss) allocable to the Company (2) $ 2,500 $ 3,787 $ 6,287 Amortization of capitalized costs (25 ) (109 ) (134 ) Equity in earnings (loss) on unconsolidated entities $ 2,475 $ 3,678 $ 6,153 Distribution declared to the Company $ 3,698 $ 7,218 $ 10,916 Distributions received by the Company $ 6,558 $ 6,529 $ 13,087 Summarized operating data: Year Ended December 31, 2014 DMC Partnership Intrawest Total Revenues $ 28,519 $ 19,856 $ 48,375 Property operating expenses (776 ) (10,744 ) (11,520 ) Depreciation and amortization (9,114 ) (6,005 ) (15,119 ) Interest expense (8,175 ) (5,408 ) (13,583 ) Interest and other income (expense) (35 ) 132 97 Net income (loss) $ 10,419 $ (2,169 ) $ 8,250 Income (loss) allocable to other venture partners (2) $ 1,602 $ (1,612 ) (3) $ (10 ) Income (loss) allocable to the Company (2) $ 8,817 $ (557 ) $ 8,260 Amortization of capitalized costs (298 ) (209 ) (507 ) Equity in earnings (loss) on unconsolidated entities $ 8,519 $ (766 ) $ 7,753 Distribution declared to the Company $ 11,345 $ 2,277 $ 13,622 Distributions received by the Company $ 11,345 $ 2,152 $ 13,497 Summarized operating data: Year Ended December 31, 2013 DMC Intrawest CNLSun I (4) CNLSun II (4) CNLSun III (4) Total Revenues $ 28,062 $ 19,416 $ 71,287 $ 19,654 $ 21,549 $ 159,968 Property operating expenses (796 ) (10,492 ) (45,999 ) (15,439 ) (14,609 ) (87,335 ) Depreciation and amortization (9,182 ) — (10,994 ) (2,244 ) (2,874 ) (25,294 ) Interest expense (7,908 ) (6,411 ) (16,154 ) (2,057 ) (2,928 ) (35,458 ) Interest and other income (expense) 3 33 20 — — 56 Total $ 10,179 $ 2,546 $ (1,840 ) $ (86 ) $ 1,138 $ 11,937 Income (loss) allocable to other venture partners (1) $ (1,166 ) $ (1,611 ) (3) $ (1,341 ) $ (8 ) $ 1,788 $ (2,338 ) Income (loss) allocable to the Company (1) $ 11,345 $ 4,157 $ (499 ) $ (78 ) $ (650 ) 14,275 Amortization of capitalized costs (433 ) (233 ) (1,305 ) (431 ) (172 ) (2,574 ) Equity in earnings (loss) on unconsolidated entities $ 10,912 $ 3,924 $ (1,804 ) $ (509 ) $ (822 ) $ 11,701 Distribution declared to the Company $ 11,345 $ 1,998 $ 7,797 $ 1,039 $ 1,660 $ 23,839 Distributions received by the Company $ 11,337 $ 2,427 $ 11,750 (5) $ 1,567 (5) $ 4,965 (5) $ 32,046 FOOTNOTES: (1) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, the summarized operating data for the partnership is reported through April 29, 2015. (2) Income is allocated between the Company and its venture partners using the hypothetical liquidation book value (“HLBV”) method of accounting. (3) This amount represents the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (4) On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. (5) For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. Summarized balance sheet data As of December 31, Intrawest Venture Real estate assets, net $ 66,493 Other assets 15,495 Mortgages and other notes payable 11,100 Other liabilities 16,552 Partners’ capital 54,336 Carrying amount of investment (1) 73,434 Company’s ownership percentage (1) 80.0 % As of December 31, 2014 DMC (2) Intrawest Total Real estate assets, net $ 221,986 $ 74,131 $ 296,117 Other assets 15,642 16,412 32,054 Mortgages and other notes payable 131,500 66,690 198,190 Other liabilities 6,795 18,537 25,332 Partners’ capital 99,333 5,316 104,649 Carrying amount of investment (1) 104,402 22,700 127,102 Company’s ownership percentage (1) 81.98 % 80.0 % FOOTNOTES: (1) As of December 31, 2015 and 2014, the Company’s share of partners’ capital determined under HLBV was approximately $71.4 million and $119.6 million, respectively, and the total difference between the carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $2.0 million and $7.5 million, respectively. (2) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership, as described above. The Company’s maximum exposure to loss is primarily limited to the carrying amount of its investment in the Intrawest Venture. The unconsolidated entities have debt obligations totaling approximately $11.1 million and $198.2 million as of December 31, 2015 and 2014, respectively. In 2015, the Intrawest Venture paid off two of its mortgage loans of approximately $54.6 million, which were scheduled to mature in January and June 2015. |
Mortgages and Other Notes Recei
Mortgages and Other Notes Receivable, net | 12 Months Ended |
Dec. 31, 2015 | |
Mortgages and Other Notes Receivable, net | 9. Mortgages and Other Notes Receivable, net: As of December 31, 2015 and 2014, mortgages and other notes receivable consisted of the following (in thousands): Borrower Date of Loan Maturity Interest Accrued Loan Principal Balance As of December 31, (Description of Collateral Property) Agreement(s) Date Rate Interest 2015 2014 CMR Properties, LLC and CM Resort, LLC 6/15/2010 (1) 9.0%-11.0% $ — $ — $ 16,620 Grand Prix Tampa, LLC 7/31/2011 (1) 8.5% — — 3,395 Total $ — — 20,015 Accrued interest — 864 Acquisition fees, net — 46 Loan loss provision — (1,564 ) Total carrying amount $ — $ 19,361 FOOTNOTES: (1) The Company collected the mortgage receivable in 2015. During the year ended December 31, 2015, the Company entered into agreements to receive early repayment of its two outstanding mortgage receivables at discounted amounts and as a result recorded loan loss provisions of approximately $9.3 million to reduce the mortgage receivables to realizable value. The Company collected its outstanding two mortgage and other notes receivable during 2015 and did not have any mortgages and other notes receivable outstanding as of December 31, 2015. During the year ended December 31, 2014, the Company collected approximately $83.5 million in repayment of mortgage receivables, mostly related to loans which matured during 2014. The Company recorded loan provisions of approximately $3.3 million and $3.1 million during the years ended December 31, 2014 and 2013, respectively, to reduce the net carrying values of certain loans to net realizable value (based on future cash flows discounted at the original loan’s effective interest rate) due to financial challenges experienced by the borrowers The estimated fair market value of the Company’s mortgages and other notes receivable was approximately $16.6 million as of December 31, 2014, based on discounted cash flows for each individual instrument based on market interest rates as of 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. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2015 | |
Indebtedness | 10. Indebtedness: Mortgages and Other Notes Payable Collateral and Approximate Carrying Value of Collateral at December 31, 2015 Interest Rate Maturity Principal Balance as of 2015 2014 Variable rate debt: Mortgage debt 1 ski and mountain lifestyle property, 30-day LIBOR + 3.3% (1)(2) 9/1/2019 $ 8,037 $ 8,402 $18.3 million Mortgage debt 1 ski and mountain lifestyle property 30-day LIBOR + 4.5% (1)(2) (3) — (3) 14,550 Mortgage debt 1 attractions property, 30-day LIBOR + 3.0% (1) 11/30/2017 (4) 18,156 20,781 $44.6 million Mortgage debt 5 senior housing properties 30-day LIBOR + 3.5% (1) (5) — (5) 30,000 Mortgage debt 8 senior housing properties 30-day LIBOR + 2.5% (1) (5) — (5) 105,000 Mortgage debt 4 ski and mountain lifestyle property, 30-day LIBOR + 1.5%-3.5% (1) 4/5/2017 37,847 39,077 $145.4 million Total variable rate debt $ 64,040 $ 217,810 Fixed rate debt: Mortgage debt 8 senior housing properties 4.35% - 4.5% (5) $ — (5) $ 57,711 Mortgage debt 1 attractions lifestyle property, 6.8% 9/28/2016 18,552 18,939 $29.0 million Mortgage debt 6 ski and mountain lifestyle properties, 6.1% 4/5/2017 90,799 95,908 $194.3 million Mortgage debt 3 marina properties, 6.3% - 6.5% 9/1/2016- 10,696 11,358 $23.1 million 12/1/2016 Mortgage debt 3 senior housing properties 4.40% (5) — (5) 16,368 Mortgage debt 1 attraction property 6.0% (3) — (3) 42,859 Mortgage debt 4 senior housing properties 3.79% (5) — (5) 46,165 Mortgage debt 1 attractions property 6.1% - 6.4% (3) — (3) 7,395 Mortgage debt 3 senior housing properties 4.75% - 6.9% (5) — (5) 32,411 Other debt — (6) 12/1/2020 1,705 1,989 Senior notes (7) 7.3% (7) — (7) 318,250 Total fixed rate debt $ 121,752 $ 649,353 Total debt $ 185,792 $ 867,163 Premium (discount) $ (53 ) $ 187 Total $ 185,739 $ 867,350 FOOTNOTES: (1) The 30-day LIBOR rate was approximately 0.43% and 0.17% as of December 31, 2015 and 2014, respectively. (2) The Company entered into interest rate swaps for these variable rate debts. See Note 11. “Derivative instruments and Hedging Activities” for additional information. (3) The Company repaid the debt in 2015. (4) This loan was amended in November 2015 to extend the maturity date to November 30, 2017. All other terms remained the same. (5) The Company sold the properties in 2015. A portion of the outstanding debt was repaid using proceeds from the sale of the properties, while the remaining debt was assumed by the third-party buyer of the properties. (6) The $1.7 million loan is non-interest bearing. (7) The Company issued $400.0 million senior notes which were guaranteed by certain of its properties. The senior notes were paid in full in June 2015. Senior Unsecured Notes — Line of Credit The following is a schedule of future principal payments and maturities for all indebtedness (in thousands): 2016 $ 38,921 2017 137,929 2018 438 2019 6,799 2020 1,705 Thereafter — $ 185,792 The estimated fair values of mortgages and other notes payable and the line of credit were approximately $185.4 million and $707.3 million as of December 31, 2015 and 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 value of the Company’s 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 was categorized as level 2 on the three-level valuation hierarchy. Capital Lease Obligations |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities | 11. Derivative Instruments and Hedging Activities: The Company utilizes derivative instruments to offset partially the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. The Company follows established risk management policies and procedures in its use of derivatives and does not enter into or hold derivatives for trading or speculative purposes. The Company records all derivative instruments on its balance sheet at fair value. On the date the Company enters into a derivative contract, the derivative is designated as a hedge of the exposure to variable cash flows of a forecasted transaction. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income (loss) and subsequently recognized in the statements of operations in the periods in which earnings are impacted by the variability of the cash flows of the hedged item. Any ineffective portion of the gain or loss is reflected in interest expense in the statements of operations. The Company is making an accounting policy election to use the exception in ASU 820-10-35-18D with respect to measuring fair value of a group of financial assets and financial liabilities entered into with a particular counterparty, where the Company reports the net exposure to the credit risk of that counterparty. During the year ended December 31, 2015, one of the loans was paid in full and the corresponding interest rate swap with a 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 hedges included in the accompanying consolidated balance sheets were reclassified to interest expense and loan cost amortization in the accompanying consolidated statements of operations in income (loss) from continuing operations for the year ended December 31, 2015. As of December 31, 2015, the Company had one interest rate swap that was designated as a cash flow hedge of interest payments from its inception. The fair value of the Company’s derivative financial instruments is included in other liabilities in the accompanying consolidated balance sheets as of December 31, 2015 and 2014. The following table summarizes the terms and fair values of the Company’s derivative financial instruments (in thousands): Fair Value Liability Notional Strike (1) Credit (1) Trade Maturity December 31, 2015 2014 $ 8,037 3.6% 3.3% 9/28/09 9/1/19 $ (618 ) $ (719 ) $ 14,175 2.2% 4.5% 1/13/11 12/31/15 $ — $ (283 ) FOOTNOTE: (1) The strike rate does not include the credit spread on each of the notional amounts. The following table summarizes the gross and net amounts of the Company’s derivative financial instruments (in thousands): As of December 31, 2015 Notional Gross Gross Net Amounts of Liabilities Gross Amounts Not Offset in the Balance Sheets Cash Flow Recognized Offset in the Presented in the Financial Cash Net $ 8,037 $ (618 ) $ — $ (618 ) $ (618 ) $ — $ (618 ) As of December 31, 2014 Notional Gross Gross Net Amounts of Liabilities Gross Amounts Not Offset in the Balance Sheets Cash Flow Recognized Offset in the Presented in the Financial Cash Net $ 8,402 $ (719 ) $ — $ (719 ) $ (719 ) $ — $ (719 ) $ 14,550 $ (283 ) — (283 ) (283 ) $ — (283 ) As of December 31, 2015, the Company’s remaining hedge qualified as highly effective and, accordingly, all of the change in value is reflected in other comprehensive income (loss). Determining fair value and testing effectiveness of these financial instruments requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values and measured effectiveness of such instruments could, in turn, impact the Company’s results of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements | 12. Fair Value Measurements: The Company had 14 real estate investment properties that were carried at fair value as of December 31, 2015, as a result of writing down the book values of these properties to their estimated fair values based on estimated discounted cash flows and residual values during 2015. Additionally, the Company had six and 19 investment properties that were classified as assets held for sale and carried at fair value as of December 31, 2015 and 2014, respectively. The Level 3 unobservable inputs used in determining the fair value of the real estate properties include, but are not limited to, appraisal information from an independent appraisal firm affiliated with the independent investment banking firm engaged as our valuation advisor, comparable sales transactions and other information from brokers and potential buyers, as applicable. The Company’s derivative instruments are valued primarily based on inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, volatilities, and credit risks) and are classified as Level 2 in the fair value hierarchy. The valuation of derivative instruments also includes a credit value adjustment which is a Level 3 input. However, the impact of the assumption is not significant to its overall valuation calculation, and therefore the Company considers its derivative instruments to be classified as Level 2. The fair value of such instruments is included in other liabilities in the accompanying consolidated balance sheets. The following tables show the Company’s financial assets and liabilities carried at fair value as of December 31, 2015 and 2014, as follows (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 184,061 $ — $ — $ 184,061 Assets held for sale, net 40,588 — — 40,588 $ 224,649 $ — $ — $ 224,649 Liabilities: Derivative instruments $ 618 $ — $ 618 $ — Fair Value Level 1 Level 2 Level 3 Assets: Assets held for sale $ 122,126 $ — $ — $ 122,126 Liabilities: Derivative instruments $ 1,002 $ — $ 1,002 $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes | 13. Income Taxes: As of December 31, 2015 and 2014, the Company recorded net current and long-term deferred tax assets related to depreciation differences, deferred income, and net operating losses at its TRS subsidiaries and properties under foreclosure elections as a result of certain tenant defaults and lease terminations. Because there are no historical earnings and no certainty that such deferred tax assets will be available to offset future tax liabilities, the Company has established a full valuation allowance as of December 31, 2015 and 2014. The components of the deferred taxes recognized in the accompanying consolidated balance sheets at December 31, 2015 and 2014 are as follows (in thousands): Year Ended December 31, 2015 2014 Net operating losses $ 107,655 $ 107,494 Book/tax differences in deferred income 5,302 4,175 Book/tax differences in acquired assets (36,732 ) (53,428 ) Total deferred tax asset 76,225 58,241 Valuation allowance (76,225 ) (58,241 ) $ — $ — The Company’s TRS subsidiaries had net operating loss carry-forwards for federal and state purposes of approximately $269.0 million and $262.2 million as of December 31, 2015 and 2014, respectively, to offset future taxable income. The estimated net operating loss carry-forwards will expire between 2025 and 2035. The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions. In addition, the Company has determined that no significant differences exist between the total income tax expense or benefit and the amount computed by applying the statutory federal income rate to its TRS income before taxes without record to the impact of the valuation allowance. |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Arrangements | 14. Related Party Arrangements: In March 2014, the Company’s Advisor amended its advisory agreement, effective April 1, 2014, to eliminate all acquisition fees on equity, performance fees, debt acquisition fees and disposition fees, and to reduce asset management fees to 0.075% monthly (or 0.90% annually) of invested assets. In April 2013, the Company paid an affiliate, CNL Commercial Real Estate, Inc., a sales commission totaling approximately $0.2 million in connection with the sale of one of its properties under the terms of an exclusive right of sale listing agreement. For the years ended December 31, 2015, 2014 and 2013, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Year Ended December 31, 2015 2014 2013 Acquisition fees: Acquisition fees from offering proceeds (1) $ — $ 319 $ 1,286 Acquisition fees from debt proceeds (2) — 1,521 3,273 Total — 1,840 4,559 Asset management fees (3) 19,726 29,863 34,683 Reimbursable expenses: (4) Acquisition costs (5) — 248 299 Operating expenses (6) 5,451 6,680 7,092 Total 5,451 6,928 7,391 Total fees earned and reimbursable expenses $ 25,177 $ 38,631 $ 46,633 FOOTNOTES: (1) Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company’s common stock including proceeds from shares sold under its distribution reinvestment plan (“DRP”). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. (2) Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company’s pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. (3) Amounts recorded as asset management fees to Advisor include fees of $4.1 million, $11.2 million and $11.6 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. (4) The Advisor and its affiliates are entitled to reimbursement of certain expenses incurred on behalf of the Company in connection with the Company’s organization, offering, acquisitions, and operating activities. Pursuant to the advisory agreement, the Company will not reimburse the Advisor for any amount by which total operating expenses paid or incurred by the Company exceed the greater of 2.0% of average invested assets or 25.0% of net income (the “Expense Cap”) in any expense year, as defined in the advisory agreement. For the expense years ended December 31, 2015, 2014 and 2013, operating expenses did not exceed the Expense Cap. Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying consolidated statements of operations. (5) Includes approximately $0.04 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. There were no such expenses recorded in acquisition costs during the year ended December 31, 2015. (6) Includes approximately $0.4 million, $0.4 million and $0.6 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2015, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. Amounts due to affiliates for fees and expenses described above are as follows (in thousands): As of December 31, 2015 2014 Due to the Advisor and its affiliates: Operating expenses $ 420 $ 476 Acquisition fees and expenses — 13 Total $ 420 $ 489 The Company also maintains accounts at a bank in which the Company’s chairman and vice-chairman previously served as directors. The Company had deposits at that bank of approximately $15.2 million as of December 31, 2014. The Company did not have any deposits at that bank as of December 31, 2015. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity | 15. Stockholders’ Equity: Distribution Reinvestment Plan Distributions The tax composition of distributions declared for years ended December 31, 2015, 2014 and 2013 were as follows: December 31, Distribution Type 2015 2014 2013 Taxable as ordinary income 28.0 % 0.0 % 0.0 % Taxable as capital gain 18.3 % 0.0 % 29.3 % Return of capital 53.7 % 100.0 % 70.7 % No amounts distributed to stockholders for the years ended December 31, 2015, 2014 and 2013 were required to be or have been treated as a return of capital for purposes of calculating the stockholders’ return on their invested capital as described in the advisory agreement. Redemption of Shares In September 2014, the Company’s Board approved the suspension of the Company’s redemption plan effective as of September 26, 2014. Pursuant to the redemption plan, all redemption requests received in good order by September 26, 2014, were processed and those deemed priority requests and all approved qualified hardship requests were redeemed as of September 30, 2014, subject to the limitations of the redemption plan. All other redemption requests received by September 26, 2014, were placed in the redemption queue. However, the Company did not accept or otherwise process any additional redemption requests after September 26, 2014. The following details the Company’s redemptions for the year ended December 31, 2014 (in thousands except per share data). First Second Third Fourth Full Year 2014 Quarters Requests in queue 10,547 10,798 10,809 11,572 10,547 Redemptions requested 778 864 1,355 — 2,997 Shares redeemed: Prior period requests (135 ) (80 ) (60 ) — (275 ) Current period request (300 ) (369 ) (439 ) — (1,108 ) Adjustments (1) (92 ) (404 ) (93 ) — (589 ) Pending redemption requests (2) 10,798 10,809 11,572 11,572 11,572 Average price paid per share $ 6.85 $ 6.85 $ 6.81 $ — $ 6.84 FOOTNOTES: (1) This amount represents redemption request cancellations and other adjustments. (2) Requests that were not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds were made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2015 | |
Concentrations of Risk | 16. Concentrations of Risk: The Company’s real estate investment portfolio is geographically diversified with properties in 19 states and Canada. The Company owns ski and mountain lifestyle properties in nine states and Canada with a majority of those properties located in the northeast, California and Canada. The Company’s attractions properties are located in 11 states with a majority located in the Southern and Western United States. During the year ended December 31, 2015, we had one tenant who generated revenues greater than 10% of total revenues from continuing operations. This tenant operates seven of our ski and mountain lifestyle properties and represented approximately $39.9 million of our consolidated revenues from continuing operations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies | 17. Commitments and Contingencies: The Company acquired certain properties that are on land owned by a governmental entity or other third party where the Company owns a leasehold interest which requires payment of ground lease and permit fees in accordance with the lease agreement. For properties that are subject to a leasing arrangement, ground leases and permit fees are paid by the tenants and the Company records the corresponding equivalent revenue in rental income from operating leases. For properties that are on a managed structure, ground leases and permit fees are paid by the Company. The following is a schedule of future obligations under ground leases and land permits (in thousands): 2016 $ 12,733 2017 12,733 2018 12,718 2019 12,626 2020 12,626 Thereafter 171,651 Total $ 235,087 From time to time the Company may be exposed to litigation arising from operations of its business in the ordinary course of business. Management is not aware of any litigation that it believes will have a material adverse impact on the Company’s financial condition or results of operations. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Data | 18. Selected Quarterly Financial Data (Unaudited): First Second Third Fourth Full Year 2015 Quarters Total revenues $ 71,992 $ 85,659 $ 127,600 $ 52,414 $ 337,665 Operating income (loss) (7,107 ) (7,689 ) 36,026 (130,921 ) (109,691 ) Equity in earnings (loss) of unconsolidated entities 3,561 (783 ) 1,162 2,213 6,153 Income (loss) from continuing operations (14,607 ) (38,208 ) 34,295 (130,842 ) (149,362 ) Discontinued operations (1) 7,052 199,720 7,614 (9,715 ) 204,671 Gain (loss) on sale of real estate — 27,337 (1,064 ) 20,321 46,594 Gain from sale of unconsolidated entities — 39,252 — — 39,252 Net income (loss) (7,555 ) 228,101 40,845 (120,236 ) 141,155 Weighted average number of shares outstanding (basic and diluted) 325,183 325,183 325,183 325,183 325,183 Earnings (loss) per share of common stock (basic and diluted) $ (0.02 ) $ 0.70 $ 0.13 $ (0.38 ) $ 0.43 First Second Third Fourth Full Year 2014 Quarters Total revenues $ 72,380 $ 94,657 $ 144,551 $ 61,707 $ 373,295 Operating income (loss) (2,185 ) 726 43,389 (52,308 ) (10,378 ) Equity in earnings (loss) of unconsolidated entities 4,299 (526 ) 3,176 804 7,753 Income (loss) from continuing operations (11,882 ) (15,071 ) 30,086 (63,571 ) (60,438 ) Discontinued operations (1) (8,471 ) 6,566 537 (30,338 ) (31,706 ) Net income (loss) (20,353 ) (8,505 ) 30,623 (93,909 ) (92,144 ) Weighted average number of shares outstanding (basic and diluted) 322,639 324,197 325,707 325,214 324,451 Earnings (loss) per share of common stock (basic and diluted) $ (0.06 ) $ (0.03 ) $ 0.09 $ (0.29 ) $ (0.28 ) FOOTNOTES: (1) The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. |
Supplemental Consolidating Fina
Supplemental Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Consolidating Financial Statements | 19. Supplemental Consolidating Financial Statements: 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 10, “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%. |
SCHEDULE II-Valuation and Quali
SCHEDULE II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE II-Valuation and Qualifying Accounts | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE II—Valuation and Qualifying Accounts Years ended December 31, 2015, 2014 and 2013 (in thousands) Year Description Balance at Charged to Charged to Deemed Collected/ Balance at 2013 Deferred tax asset valuation allowance $ 48,458 $ — $ 2,241 $ — $ — $ 50,699 Allowance for loan losses 1,699 3,104 — — — 4,803 $ 50,157 $ 3,104 $ 2,241 $ — $ — $ 55,502 2014 Deferred tax asset valuation allowance $ 50,699 $ — $ 7,542 $ — $ — $ 58,241 Allowance for loan losses 4,803 3,270 (285 ) (6,224 ) — 1,564 $ 55,502 $ 3,270 $ 7,257 $ (6,224 ) $ — $ 59,805 2015 Deferred tax asset valuation allowance $ 58,241 $ — $ 17,984 $ — $ — $ 76,225 Allowance for loan losses 1,564 9,319 (530 ) (10,353 ) — — Allowance for doubtful accounts — 8,536 3,996 — — 12,532 $ 59,805 $ 17,855 $ 21,450 $ (10,353 ) $ — $ 88,757 |
SCHEDULE III-Real Estate and Ac
SCHEDULE III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE III-Real Estate and Accumulated Depreciation | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2015 (in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (3) (5) Life on which ciation in latest income state- ments is computed Property/Location (6) En- ances Land & Land Improve- ments Lease- hold Interests and ments Buildings Improve- ments Carrying Land & Land ments Lease- hold Interests and ments Buildings Total Accumu- lated Depre- ciation Date of tion Date Gatlinburg Sky Lift $ — $ 19,154 $ 175 $ 32 $ — $ — $ 19,186 $ 175 $ 19,361 $ (4,060 ) In 1953 12/22/2005 (2) Hawaiian Falls Waterparks $ 3,123 $ 3,663 $ 758 $ 2,111 $ — $ 5,024 $ 3,812 $ 819 $ 9,655 $ (4,403 ) In 2004 4/21/2006 (2) Cypress Mountain $ 161 $ 19,001 $ 735 $ 4,713 $ — $ 993 $ 13,437 $ 10,180 $ 24,610 $ (8,160 ) In 1975 5/30/2006 (2) Funtasticks Fun Center $ 3,038 $ — $ 1,413 $ 1,870 $ — $ 2,389 $ — $ 1,108 $ 3,497 $ (1,296 ) In 1993 10/6/2006 (2) Camelot Park $ 179 $ — $ 70 $ 807 $ — $ 178 $ — $ 72 $ 250 $ (251 ) In 1994 10/6/2006 (2) Zuma Fun Center $ 3,646 $ — $ 1,072 $ 2,590 $ — $ 2,245 $ — $ 718 $ 2,963 $ (1,223 ) In 1991 10/6/2006 (2) Mountasia Family Fun Center $ 1,152 $ — $ 635 $ 83 $ — $ 821 $ — $ 424 $ 1,245 $ (443 ) In 1994 10/6/2006 (2) Zuma Fun Center $ 1,551 $ — $ 558 $ 2,865 $ — $ 961 $ — $ 404 $ 1,365 $ (632 ) In 1990 10/6/2006 (2) Brighton Ski Resort $ 11,809 $ 2,123 $ 11,233 $ 3,010 $ — $ 12,824 $ 2,123 $ 13,228 $ 28,175 $ (9,815 ) In 1949 1/8/2007 (2) Northstar-at-Tahoe Resort $ 60,790 $ — $ 8,534 $ 11,441 $ — $ 64,931 $ — $ 15,834 $ 80,765 $ (24,542 ) In 1972 1/19/2007 (2) Sierra-at-Tahoe Resort $ 19,875 $ 800 $ 8,574 $ 3,242 $ — $ 22,214 $ 800 $ 9,477 $ 32,491 $ (14,373 ) In 1968 1/19/2007 (2) Loon Mountain Resort $ 9,226 $ 346 $ 4,673 $ 7,297 $ — $ 15,124 $ 347 $ 6,071 $ 21,542 $ (8,434 ) In 1966 1/19/2007 (2) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (3) (5) Life on which ciation in latest income state- ments is computed Property/Location (6) En- ances Land & Land Improve- ments Lease- Hold Interests And ments Buildings Improve- ments Carrying Land & Land ments Lease- hold Interests and ments Buildings Total Accumu- lated Depre- ciation Date of tion Date Summit-at-Snoqualmie Resort (1) $ 20,122 $ 792 $ 8,802 $ 4,419 $ — $ 22,259 $ 792 $ 11,084 $ 34,135 $ (12,627 ) In 1945 1/19/2007 (2) White Water Bay $ 10,720 $ — $ 5,461 $ 683 $ — $ 10,729 $ — $ 6,135 $ 16,864 $ (4,237 ) In 1981 4/6/2007 (2) Splashtown $ 10,817 $ — $ 1,609 $ 8,594 $ — $ 15,939 $ — $ 5,082 $ 21,021 $ (2,268 ) In 1981 4/6/2007 (2) Waterworld $ 1,733 $ 7,841 $ 728 $ 563 $ — $ 2,105 $ 7,841 $ 922 $ 10,868 $ (4,819 ) In 1995 4/6/2007 (2) Darien Lake $ 60,993 $ — $ 21,967 $ 3,142 $ — $ 48,752 $ — $ 14,212 $ 62,964 $ (36,503 ) In 1955 4/6/2007 (2) Frontier City $ 7,265 $ — $ 7,518 $ 1,962 $ — $ 6,592 $ — $ 6,601 $ 13,193 $ (4,728 ) In 1958 4/6/2007 (2) Wild Waves & Enchanted $ 19,200 $ — $ 2,837 $ 5,269 $ — $ 12,448 $ — $ 891 $ 13,339 $ (12,365 ) In 1977 4/6/2007 (2) Magic Springs & Crystal Falls $ 4,237 $ 8 $ 10,409 $ 5,139 $ — $ 4,238 $ — $ 5,303 $ 9,541 $ (4,364 ) In 1977 4/16/2007 (2) Mountain High Resort $ 14,272 $ 14,022 $ 7,571 $ 971 $ — $ 12,494 $ 10,268 $ 5,944 $ 28,706 $ (13,143 ) In 1930’s 6/29/2007 (2) Sugarloaf Mountain Resort $ 15,408 $ — $ 5,658 $ 3,637 $ — $ 14,720 $ 2,000 $ 7,983 $ 24,703 $ (7,928 ) In 1962 8/7/2007 (2) Sunday River Resort $ 32,698 $ — $ 12,256 $ 5,358 $ — $ 36,498 $ — $ 13,814 $ 50,312 $ (14,097 ) In 1959 8/7/2007 (2) The Northstar Commercial $ 2,354 $ — $ 33,932 $ 4,178 $ — $ 2,759 $ — $ 37,705 $ 40,464 $ (11,889 ) In 2005 11/15/2007 (2) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (3) (5) Life on which ciation in latest income state- ments is computed Property/Location (6) En- ances Land & Land Improve- ments Lease- Hold Interests And ments Buildings Improve- ments Carrying Land & Land ments Lease- hold Interests and ments Buildings Total Accumu- lated Depre- ciation Date of tion Date Myrtle Waves $ — $ — $ 5,875 $ 419 $ — $ 170 $ — $ 2,402 $ 2,572 $ (538 ) In 1985 (4) (2) Mount Sunapee (1) $ — $ 6,727 $ 5,253 $ 538 $ — $ 112 $ 6,909 $ 5,497 $ 12,518 $ (4,101 ) In 1960 12/5/2008 (2) Okemo Mountain (1) $ 17,566 $ 25,086 $ 16,684 $ 1,297 $ — $ 18,265 $ 25,144 $ 17,224 $ 60,633 $ (13,329 ) In 1963 12/5/2008 (2) Crested Butte (1) $ 1,305 $ 18,843 $ 11,188 $ 2,341 $ — $ 1,314 $ 19,798 $ 12,565 $ 33,677 $ (10,278 ) In 1960’s 12/5/2008 (2) Jiminy Peak Mountain Resort (1) $ 7,802 $ — $ 8,164 $ 818 $ — $ 8,345 $ — $ 8,439 $ 16,784 $ (4,132 ) In 1948 1/27/2009 (2) Hawaiian Waters $ — $ 13,399 $ 3,458 $ 765 $ — $ 391 $ 11,163 $ 3,078 $ 14,632 $ (3,285 ) In 1998 5/6/2009 (2) Pacific Park (1) $ — $ 25,046 $ 1,575 $ 867 $ — $ — $ 25,252 $ 2,236 $ 27,488 $ (4,489 ) In 1996 12/29/2010 (2) Stevens Pass $ 62 $ 13,084 $ 5,280 $ 1,523 $ — $ 808 $ 14,524 $ 4,617 $ 19,949 $ (3,244 ) 1945-2000 11/17/2011 (2) Rapids Waterpark (1) $ 11,041 $ — $ 9,044 $ 6,688 $ — $ 16,647 $ — $ 9,405 $ 26,052 $ (2,820 ) 1979 and 6/29/2012 (2) Soak City $ 12,516 $ — $ 3,259 $ 1 $ — $ 6,613 $ — $ 1,635 $ 8,248 $ (1,596 ) In 2001 8/12/2013 (2) Phoenix Wet n Wild $ — $ 8,715 $ 4,748 $ 325 $ — $ — $ 7,574 $ 4,088 $ 11,662 $ (1,471 ) In 2009 11/26/2013 (2) Total $ 364,661 $ 178,650 $ 231,706 $ 99,558 $ — $ 369,902 $ 170,970 $ 245,372 $ 786,244 $ (255,883 ) A summary of transactions in real estate and accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 are as follows: Balance at December 31, 2012 $ 2,216,709 2013 Acquisitions 249,136 2013 Dispositions and assets held for sale (181,424 ) 2013 Impairment provision (142,354 ) Balance at December 31, 2013 $ 2,142,067 2014 Acquisitions 169,417 2014 Dispositions and assets held for sale (1,108,581 ) 2014 Impairment provision (64,795 ) Balance at December 31, 2014 $ 1,138,108 2015 Acquisitions — 2015 Dispositions and assets held for sale (271,464 ) 2015 Impairment provision (80,400 ) Balance at December 31, 2015 $ 786,244 Balance at December 31, 2012 $ (355,891 ) 2013 Depreciation (77,484 ) 2013 Accumulated depreciation on dispositions and assets held for sale 18,159 Balance at December 31, 2013 $ (415,216 ) 2014 Depreciation (64,652 ) 2014 Accumulated depreciation on dispositions and assets held for sale 200,327 Balance at December 31, 2014 $ (279,541 ) 2015 Depreciation (36,866 ) 2015 Accumulated depreciation on dispositions and assets held for sale 60,524 Balance at December 31, 2015 $ (255,883 ) FOOTNOTES: (1) The property is encumbered at December 31, 2015. (2) Buildings and improvements are depreciated over 39 years. Leasehold improvements are depreciation over their estimated useful lives. (3) The aggregate cost for federal income tax purposes is approximately $998.9 million. (4) We foreclosed on this property during the year ended December 31, 2014, as a result of default of the borrower. (5) Gross amounts are net of cumulative impairments recorded. Refer to Note 4. “Real Estate Investment Properties, net” in Item 8. “Financial Statements and Supplementary Data” for additional information. (6) Excludes properties classified as held for sale as of December 31, 2015. |
SCHEDULE IV-Mortgage Loans on R
SCHEDULE IV-Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE IV-Mortgage Loans on Real Estate | CNL LIFESTYLE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (in thousands) As of December 31, 2015 and 2014, mortgages and other notes receivable consisted of the following (in thousands): Borrower Date of Loan Maturity Interest Accrued Loan Principal Balance As of December 31, (Description of Collateral Property) Agreement(s) Date Rate Interest 2015 2014 CMR Properties, LLC and CM Resort, LLC 6/15/2010 9/30/2022 9.0%-11.0% $ — $ — $ 16,620 Grand Prix Tampa, LLC 7/31/2011 7/31/2016 8.5% — — 3,395 Total $ — — 20,015 Accrued interest — 864 Acquisition fees, net — 46 Loan loss provision — (1,564 ) Total carrying amount $ — $ 19,361 During the year ended December 31, 2015, the Company entered into agreements to receive early repayment of its two outstanding mortgage receivables at discounted amounts and as a result recorded loan loss provisions of approximately $9.3 million to reduce the mortgage receivables to realizable value. The Company collected its outstanding two mortgage and other notes receivable during 2015 and did not have any mortgages and other notes receivable outstanding as of December 31, 2015. 2015 2014 Balance at beginning of period $ 19,361 $ 117,963 Principal reduction (9,828 ) (83,468 ) Foreclosed and converted to real estate — (7,745 ) Loan loss provision (9,319 ) (3,270 ) Write off of loan loss provision — 1,008 Accrued and deferred interest 317 (4,791 ) Acquisition fees allocated, net (1 ) (51 ) Other (530 ) (285 ) $ — $ 19,361 |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation — In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a variable interest entity (“VIE”). The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity, and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. |
Allocation of Purchase Price for Real Estate Acquisitions | Allocation of Purchase Price for Real Estate Acquisitions — The fair value of the tangible assets of an acquired leased property is determined by various factors including the comparable land sale method and cost approach method which estimates the replacement cost new less depreciation and a go dark income approach on the building in which the building is assumed to be vacant. The purchase price is allocated to in-place lease intangibles based on management’s evaluation of the specific characteristics of the acquired lease. Factors considered include estimates of carrying costs during hypothetical expected lease up periods, including estimates of lost rental income during the expected lease up periods, and costs to execute similar leases such as leasing commissions, legal and other related expenses. The Company may also enter into yield guarantees in connection with an acquisition, whereby the seller agrees to hold a portion of the purchase price in escrow that may be repaid to the Company in the event certain thresholds are not met. In calculating the estimated fair value of the yield guarantee, the Company considers information obtained about each property during the due diligence and budget process as well as discount rates to determine the fair value. The Company periodically evaluates the fair value of the yield guarantee and records any adjustments to the fair value as a component of other income (expense) in the accompanying consolidated statements of operations. |
Depreciation and Amortization | Depreciation and Amortization — Amortization of intangible assets is computed using the straight-line method of accounting over the respective lease term or estimated useful life. The capitalized above-market or below-market lease intangible is amortized to rental income over the estimated remaining term of the respective leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs related to the lease would be written off. Intangible assets with indefinite lives are not amortized, and like all intangibles, are evaluated for impairment on an annual basis or upon a trigger event. |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities — |
Acquisition Fees and Expenses | Acquisition Fees and Expenses — |
Impairment of Real Estate Assets | Impairment of Real Estate Assets — For real estate the Company indirectly owns through an investment in a joint venture, tenant-in-common interest or other similar investment structure which is accounted for under the equity method, when impairment indicators are present, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of its investment is less than the carrying amount and the decline in value is determined to be other than a temporary decline. The estimated fair values of unconsolidated entities are based upon a discounted cash flow model that includes all estimated cash inflows and outflows over the expected holding period. The capitalization rates and discounted rates utilized in the model are based upon rates that the Company believes to be within a reasonable range of current market rates for the underlying properties. |
Bargain Purchase Gain | Bargain Purchase Gain — |
Assets Held for Sale, net and Discontinued Operations | Assets Held for Sale, net and Discontinued Operations — |
Real Estate Dispositions | Real Estate Dispositions — Real Estate Sales |
Mortgages and Other Notes Receivables | Mortgages and Other Notes Receivables — The Company evaluates impairment on its mortgages and other notes receivable on an individual loan basis which includes, current information and events, periodic visits and quarterly discussions on the financial results of the properties being collateralized and the financial stability of the borrowers who are also tenants or third-party managers for certain properties in the Company’s real estate portfolio. The Company reviews each loan to determine the risk of loss and whether the individual loan is impaired and whether an allowance is necessary. If allowance is necessary, the Company will reduce the carrying value of the loan accordingly and record a corresponding charge to net income (loss). The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and, as such, the Company does not assign its mortgages and other note receivable in credit quality categories. |
Cash | Cash — |
Restricted Cash | Restricted Cash — |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities — |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — |
Fair Value Measurements | Fair Value Measurements • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
Deferred Financing Costs | Deferred Financing Costs — |
Foreign Currency Translation | Foreign Currency Translation — |
Revenue Recognition | Revenue Recognition — |
Capital Improvement Reserve Income | Capital Improvement Reserve Income — |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable — |
Income Taxes | Income Taxes — Under the provisions of the Internal Revenue Code and applicable state laws, each TRS entity of the Company is subject to taxation of income on the profits and losses from its operations. The Company accounts for federal and state income taxes with respect to its TRS entities using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and respective tax bases and operating losses and tax-credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. |
Earnings (loss) Per Share | Earnings (loss) Per Share — |
Use of Estimates | Use of Estimates — |
Segment Information | Segment Information — |
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). In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date” which defers the original effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company has determined that it will not early adopt ASU 2014-09 and is still evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that loan costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts or premiums. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The ASU is to be applied retrospectively for each period presented. Upon adoption, an entity is required to comply with the applicable disclosures for a change in an accounting principle. The FASB subsequently issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which clarifies that, given the absence of authoritative guidance in ASU 2015-03 regarding presentation and subsequent measurement of loan costs related to line-of-credit arrangements, the SEC Staff would not object to an entity deferring and presenting loan costs as an asset and subsequently amortizing the loan costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this ASU effective January 1, 2016, and has determined that the adoption of this ASU will not have a significant effect on its consolidated financial position, results of operations or cash flows. 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 adopted this ASU effective January 1, 2016, and has determined that the adoption of this ASU will not have a significant effect on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company is currently evaluating the impact of this ASU, however its adoption is expected to have a significant effect on the Company’s consolidated financial position, results of operations and cash flows. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Acquired Properties | Consolidated Entities. Product/Description Location Date of (1) Purchase Pacifica Senior Living Victoria Court – One senior housing property Rhode Island 1/15/2014 $ 15,250 Pacifica Senior Living Northridge – One senior housing property California 6/6/2014 25,250 La Conner Retirement Inn – One senior housing property Washington 6/2/2014 8,250 South Pointe Assisted Living – One senior housing property Washington 6/2/2014 4,300 Pacifica Senior Living Modesto – One senior housing property California 7/24/2014 16,250 (2) Pacifica Senior Living Bakersfield – One senior housing property California 7/25/2014 28,750 (2) Pacifica Senior Living Wilmington – One senior housing property North Carolina 7/25/2014 22,250 (2) The Oaks at Braselton – One senior housing property Georgia 9/22/2014 15,000 The Oaks at Post Road – One senior housing property Georgia 9/22/2014 18,600 $ 153,900 FOOTNOTES: (1) These properties were subject to long-term triple-net leases with an initial term of 10 years with renewal options at the time of acquisition. All of these properties were sold in 2015. (2) In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. “Indebtedness” for additional information. |
Allocation of Purchase Price | The following summarizes the allocation of the purchase price for the above properties and the estimated fair values of the assets acquired and liabilities assumed (in thousands): Total Purchase Land and land improvements $ 25,213 Buildings 120,059 Equipment 5,127 In-place lease intangibles (1) 1,723 Other intangibles 4,566 Assumed mortgages (27,398 ) Other liabilities (900 ) Total purchase price consideration $ 128,390 FOOTNOTE: (1) The weighted-average amortization period for intangible in-place leases acquired were 10 years as of the date of acquisition. |
Real Estate Investment Proper34
Real Estate Investment Properties, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Real Estate Investment Properties | As of December 31, 2015 and 2014, real estate investment properties consisted of the following (in thousands): 2015 2014 Land and land improvements $ 369,902 $ 415,968 Leasehold interests and improvements 170,970 180,514 Building and building improvements 245,372 273,210 Equipment 506,935 520,060 Less: accumulated depreciation and amortization (580,590 ) (507,663 ) Total $ 712,589 $ 882,089 |
Assets and Associated Liabili35
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Carrying Value of Assets Held for Sale | The following table presents the net carrying value of the properties classified as held for sale (in thousands): 2015 2014 Land and land improvements $ 5,673 $ 213,129 Leasehold interests and improvements 27,184 52,589 Building and building improvements 6,352 599,923 Equipment, net 1,378 59,345 Deferred rent and lease incentives — 4,832 Other assets 25 10,919 Restricted cash 1,408 14,714 Intangibles, net — 10,503 Accounts and other receivables 699 2,687 Total $ 42,719 $ 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): 2015 2014 Mortgages and other notes payable $ — $ 152,655 Other liabilities — 19,090 Total $ — $ 171,745 |
Summary of Loss from Discontinued Operations | The following table is a summary of loss from discontinued operations for the years ended December 31, (in thousands): 2015 2014 2013 Revenues $ 65,796 $ 178,887 $ 160,604 Expenses (49,251 ) (115,773 ) (111,807 ) Depreciation and amortization — (36,709 ) (55,852 ) Impairment provision (7,749 ) (37,867 ) (219,502 ) Operating income (loss) 8,796 (11,462 ) (226,557 ) Net gain from sale of real estate 200,243 4,144 2,408 Loss on extinguishment of debt (1) (2,042 ) (4,818 ) — Gain on insurance and retirements 2,816 4,791 — Other income (expense) (2) (5,142 ) (24,361 ) (16,968 ) Income (loss) from discontinued operations $ 204,671 $ (31,706 ) $ (241,117 ) FOOTNOTES (1) During the year ended December 31, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of the 38 senior housing properties. During the year ended December 31, 2014, the Company recorded loss on extinguishment of debt from the sale of its 48 golf properties and its multi-family residential property. (2) Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively. There was no amortization of loss and loss on termination of cash flow hedge for the year ended December 31, 2015. |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2015 and 2014 are as follows (in thousands): Intangible Assets Gross Carrying Accumulated 2015 Net Book In place leases $ 11,203 $ (5,013 ) $ 6,190 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,500 $ (5,013 ) $ 16,487 Intangible Assets Gross Carrying Accumulated 2014 Net Book In place leases $ 11,584 $ (4,399 ) $ 7,185 Trade name (infinite-lived) 10,826 — 10,826 Total $ 22,410 $ (4,399 ) $ 18,011 |
Estimated Future Amortization Expense of Intangible Assets | The estimated future amortization expense for the Company’s finite-lived intangible assets as of December 31, 2015 is as follows (in thousands): Total 2016 $ 640 2017 623 2018 552 2019 552 2020 552 Thereafter 3,271 Total $ 6,190 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Future Minimum Lease Payments to be Received under Non-Cancellable Operating Leases | The following is a schedule of future minimum lease payments to be received under the non-cancellable operating leases with third-parties at December 31, 2015 (in thousands): 2016 $ 96,447 2017 98,721 2018 99,747 2019 100,298 2020 100,765 Thereafter 820,487 Total $ 1,316,465 |
Variable Interest and Unconso38
Variable Interest and Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities | The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company are as follows (in thousands): December 31, 2015 2014 Assets Real estate investment properties, net $ 58,832 $ 67,789 Assets held for sale — 103,753 Other assets 6,752 26,376 Liabilities Mortgages and other notes payable 19,677 30,412 Other liabilities 792 15,695 |
Summarized Operating Data of Unconsolidated Entities | The following tables present financial information for the Company’s unconsolidated entities for the years ended December 31, 2015, 2014 and 2013 (in thousands): Summarized operating data: Year Ended December 31, 2015 DMC Partnership (1) Intrawest Total Revenues $ 10,743 $ 18,778 $ 29,521 Property operating expenses (173 ) (11,114 ) (11,287 ) Depreciation and amortization (3,038 ) (4,160 ) (7,198 ) Interest expense (1,555 ) (1,328 ) (2,883 ) Net income $ 5,977 $ 2,176 $ 8,153 Income (loss) allocable to other venture partners (2) $ 3,477 $ (1,611 ) (3) $ 1,866 Income (loss) allocable to the Company (2) $ 2,500 $ 3,787 $ 6,287 Amortization of capitalized costs (25 ) (109 ) (134 ) Equity in earnings (loss) on unconsolidated entities $ 2,475 $ 3,678 $ 6,153 Distribution declared to the Company $ 3,698 $ 7,218 $ 10,916 Distributions received by the Company $ 6,558 $ 6,529 $ 13,087 Summarized operating data: Year Ended December 31, 2014 DMC Partnership Intrawest Total Revenues $ 28,519 $ 19,856 $ 48,375 Property operating expenses (776 ) (10,744 ) (11,520 ) Depreciation and amortization (9,114 ) (6,005 ) (15,119 ) Interest expense (8,175 ) (5,408 ) (13,583 ) Interest and other income (expense) (35 ) 132 97 Net income (loss) $ 10,419 $ (2,169 ) $ 8,250 Income (loss) allocable to other venture partners (2) $ 1,602 $ (1,612 ) (3) $ (10 ) Income (loss) allocable to the Company (2) $ 8,817 $ (557 ) $ 8,260 Amortization of capitalized costs (298 ) (209 ) (507 ) Equity in earnings (loss) on unconsolidated entities $ 8,519 $ (766 ) $ 7,753 Distribution declared to the Company $ 11,345 $ 2,277 $ 13,622 Distributions received by the Company $ 11,345 $ 2,152 $ 13,497 Summarized operating data: Year Ended December 31, 2013 DMC Intrawest CNLSun I (4) CNLSun II (4) CNLSun III (4) Total Revenues $ 28,062 $ 19,416 $ 71,287 $ 19,654 $ 21,549 $ 159,968 Property operating expenses (796 ) (10,492 ) (45,999 ) (15,439 ) (14,609 ) (87,335 ) Depreciation and amortization (9,182 ) — (10,994 ) (2,244 ) (2,874 ) (25,294 ) Interest expense (7,908 ) (6,411 ) (16,154 ) (2,057 ) (2,928 ) (35,458 ) Interest and other income (expense) 3 33 20 — — 56 Total $ 10,179 $ 2,546 $ (1,840 ) $ (86 ) $ 1,138 $ 11,937 Income (loss) allocable to other venture partners (1) $ (1,166 ) $ (1,611 ) (3) $ (1,341 ) $ (8 ) $ 1,788 $ (2,338 ) Income (loss) allocable to the Company (1) $ 11,345 $ 4,157 $ (499 ) $ (78 ) $ (650 ) 14,275 Amortization of capitalized costs (433 ) (233 ) (1,305 ) (431 ) (172 ) (2,574 ) Equity in earnings (loss) on unconsolidated entities $ 10,912 $ 3,924 $ (1,804 ) $ (509 ) $ (822 ) $ 11,701 Distribution declared to the Company $ 11,345 $ 1,998 $ 7,797 $ 1,039 $ 1,660 $ 23,839 Distributions received by the Company $ 11,337 $ 2,427 $ 11,750 (5) $ 1,567 (5) $ 4,965 (5) $ 32,046 FOOTNOTES: (1) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, the summarized operating data for the partnership is reported through April 29, 2015. (2) Income is allocated between the Company and its venture partners using the hypothetical liquidation book value (“HLBV”) method of accounting. (3) This amount represents the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (4) On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. (5) For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. |
Summarized Balance Sheet Data of Unconsolidated Entities | Summarized balance sheet data As of December 31, Intrawest Venture Real estate assets, net $ 66,493 Other assets 15,495 Mortgages and other notes payable 11,100 Other liabilities 16,552 Partners’ capital 54,336 Carrying amount of investment (1) 73,434 Company’s ownership percentage (1) 80.0 % As of December 31, 2014 DMC (2) Intrawest Total Real estate assets, net $ 221,986 $ 74,131 $ 296,117 Other assets 15,642 16,412 32,054 Mortgages and other notes payable 131,500 66,690 198,190 Other liabilities 6,795 18,537 25,332 Partners’ capital 99,333 5,316 104,649 Carrying amount of investment (1) 104,402 22,700 127,102 Company’s ownership percentage (1) 81.98 % 80.0 % FOOTNOTES: (1) As of December 31, 2015 and 2014, the Company’s share of partners’ capital determined under HLBV was approximately $71.4 million and $119.6 million, respectively, and the total difference between the carrying amount of the investment and the Company’s share of partners’ capital determined under HLBV was approximately $2.0 million and $7.5 million, respectively. (2) On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership, as described above. |
Mortgages and Other Notes Rec39
Mortgages and Other Notes Receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mortgages and Other Notes Receivable | As of December 31, 2015 and 2014, mortgages and other notes receivable consisted of the following (in thousands): Borrower Date of Loan Maturity Interest Accrued Loan Principal Balance As of December 31, (Description of Collateral Property) Agreement(s) Date Rate Interest 2015 2014 CMR Properties, LLC and CM Resort, LLC 6/15/2010 (1) 9.0%-11.0% $ — $ — $ 16,620 Grand Prix Tampa, LLC 7/31/2011 (1) 8.5% — — 3,395 Total $ — — 20,015 Accrued interest — 864 Acquisition fees, net — 46 Loan loss provision — (1,564 ) Total carrying amount $ — $ 19,361 FOOTNOTES: (1) The Company collected the mortgage receivable in 2015. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Future Principal Payments and Maturities for indebtedness | Mortgages and Other Notes Payable Collateral and Approximate Carrying Value of Collateral at December 31, 2015 Interest Rate Maturity Principal Balance as of 2015 2014 Variable rate debt: Mortgage debt 1 ski and mountain lifestyle property, 30-day LIBOR + 3.3% (1)(2) 9/1/2019 $ 8,037 $ 8,402 $18.3 million Mortgage debt 1 ski and mountain lifestyle property 30-day LIBOR + 4.5% (1)(2) (3) — (3) 14,550 Mortgage debt 1 attractions property, 30-day LIBOR + 3.0% (1) 11/30/2017 (4) 18,156 20,781 $44.6 million Mortgage debt 5 senior housing properties 30-day LIBOR + 3.5% (1) (5) — (5) 30,000 Mortgage debt 8 senior housing properties 30-day LIBOR + 2.5% (1) (5) — (5) 105,000 Mortgage debt 4 ski and mountain lifestyle property, 30-day LIBOR + 1.5%-3.5% (1) 4/5/2017 37,847 39,077 $145.4 million Total variable rate debt $ 64,040 $ 217,810 Fixed rate debt: Mortgage debt 8 senior housing properties 4.35% - 4.5% (5) $ — (5) $ 57,711 Mortgage debt 1 attractions lifestyle property, 6.8% 9/28/2016 18,552 18,939 $29.0 million Mortgage debt 6 ski and mountain lifestyle properties, 6.1% 4/5/2017 90,799 95,908 $194.3 million Mortgage debt 3 marina properties, 6.3% - 6.5% 9/1/2016- 10,696 11,358 $23.1 million 12/1/2016 Mortgage debt 3 senior housing properties 4.40% (5) — (5) 16,368 Mortgage debt 1 attraction property 6.0% (3) — (3) 42,859 Mortgage debt 4 senior housing properties 3.79% (5) — (5) 46,165 Mortgage debt 1 attractions property 6.1% - 6.4% (3) — (3) 7,395 Mortgage debt 3 senior housing properties 4.75% - 6.9% (5) — (5) 32,411 Other debt — (6) 12/1/2020 1,705 1,989 Senior notes (7) 7.3% (7) — (7) 318,250 Total fixed rate debt $ 121,752 $ 649,353 Total debt $ 185,792 $ 867,163 Premium (discount) $ (53 ) $ 187 Total $ 185,739 $ 867,350 FOOTNOTES: (1) The 30-day LIBOR rate was approximately 0.43% and 0.17% as of December 31, 2015 and 2014, respectively. (2) The Company entered into interest rate swaps for these variable rate debts. See Note 11. “Derivative instruments and Hedging Activities” for additional information. (3) The Company repaid the debt in 2015. (4) This loan was amended in November 2015 to extend the maturity date to November 30, 2017. All other terms remained the same. (5) The Company sold the properties in 2015. A portion of the outstanding debt was repaid using proceeds from the sale of the properties, while the remaining debt was assumed by the third-party buyer of the properties. (6) The $1.7 million loan is non-interest bearing. (7) The Company issued $400.0 million senior notes which were guaranteed by certain of its properties. The senior notes were paid in full in June 2015. |
Schedule of Future Principal Payments and Maturities for Indebtedness | The following is a schedule of future principal payments and maturities for all indebtedness (in thousands): 2016 $ 38,921 2017 137,929 2018 438 2019 6,799 2020 1,705 Thereafter — $ 185,792 |
Derivative Instruments and He41
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Terms and Fair Values of Derivative Financial Instruments | The following table summarizes the terms and fair values of the Company’s derivative financial instruments (in thousands): Fair Value Liability Notional Strike (1) Credit (1) Trade Maturity December 31, 2015 2014 $ 8,037 3.6% 3.3% 9/28/09 9/1/19 $ (618 ) $ (719 ) $ 14,175 2.2% 4.5% 1/13/11 12/31/15 $ — $ (283 ) FOOTNOTE: (1) The strike rate does not include the credit spread on each of the notional amounts. |
Summary of Terms and Fair Values of Derivative Financial Instruments | The following table summarizes the gross and net amounts of the Company’s derivative financial instruments (in thousands): As of December 31, 2015 Notional Gross Gross Net Amounts of Liabilities Gross Amounts Not Offset in the Balance Sheets Cash Flow Recognized Offset in the Presented in the Financial Cash Net $ 8,037 $ (618 ) $ — $ (618 ) $ (618 ) $ — $ (618 ) As of December 31, 2014 Notional Gross Gross Net Amounts of Liabilities Gross Amounts Not Offset in the Balance Sheets Cash Flow Recognized Offset in the Presented in the Financial Cash Net $ 8,402 $ (719 ) $ — $ (719 ) $ (719 ) $ — $ (719 ) $ 14,550 $ (283 ) — (283 ) (283 ) $ — (283 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Assets and Liabilities Carried at Fair Value | The following tables show the Company’s financial assets and liabilities carried at fair value as of December 31, 2015 and 2014, as follows (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 184,061 $ — $ — $ 184,061 Assets held for sale, net 40,588 — — 40,588 $ 224,649 $ — $ — $ 224,649 Liabilities: Derivative instruments $ 618 $ — $ 618 $ — Fair Value Level 1 Level 2 Level 3 Assets: Assets held for sale $ 122,126 $ — $ — $ 122,126 Liabilities: Derivative instruments $ 1,002 $ — $ 1,002 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Deferred Taxes | The components of the deferred taxes recognized in the accompanying consolidated balance sheets at December 31, 2015 and 2014 are as follows (in thousands): Year Ended December 31, 2015 2014 Net operating losses $ 107,655 $ 107,494 Book/tax differences in deferred income 5,302 4,175 Book/tax differences in acquired assets (36,732 ) (53,428 ) Total deferred tax asset 76,225 58,241 Valuation allowance (76,225 ) (58,241 ) $ — $ — |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earned Acquisition Fees and Incurred Reimbursable Expenses | For the years ended December 31, 2015, 2014 and 2013, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands): Year Ended December 31, 2015 2014 2013 Acquisition fees: Acquisition fees from offering proceeds (1) $ — $ 319 $ 1,286 Acquisition fees from debt proceeds (2) — 1,521 3,273 Total — 1,840 4,559 Asset management fees (3) 19,726 29,863 34,683 Reimbursable expenses: (4) Acquisition costs (5) — 248 299 Operating expenses (6) 5,451 6,680 7,092 Total 5,451 6,928 7,391 Total fees earned and reimbursable expenses $ 25,177 $ 38,631 $ 46,633 FOOTNOTES: (1) Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company’s common stock including proceeds from shares sold under its distribution reinvestment plan (“DRP”). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. (2) Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company’s pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. (3) Amounts recorded as asset management fees to Advisor include fees of $4.1 million, $11.2 million and $11.6 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. (4) The Advisor and its affiliates are entitled to reimbursement of certain expenses incurred on behalf of the Company in connection with the Company’s organization, offering, acquisitions, and operating activities. Pursuant to the advisory agreement, the Company will not reimburse the Advisor for any amount by which total operating expenses paid or incurred by the Company exceed the greater of 2.0% of average invested assets or 25.0% of net income (the “Expense Cap”) in any expense year, as defined in the advisory agreement. For the expense years ended December 31, 2015, 2014 and 2013, operating expenses did not exceed the Expense Cap. Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying consolidated statements of operations. (5) Includes approximately $0.04 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. There were no such expenses recorded in acquisition costs during the year ended December 31, 2015. (6) Includes approximately $0.4 million, $0.4 million and $0.6 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2015, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. |
Amounts Due to Affiliates for Fees and Expense | Amounts due to affiliates for fees and expenses described above are as follows (in thousands): As of December 31, 2015 2014 Due to the Advisor and its affiliates: Operating expenses $ 420 $ 476 Acquisition fees and expenses — 13 Total $ 420 $ 489 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tax Composition of Distributions Declared | The tax composition of distributions declared for years ended December 31, 2015, 2014 and 2013 were as follows: December 31, Distribution Type 2015 2014 2013 Taxable as ordinary income 28.0 % 0.0 % 0.0 % Taxable as capital gain 18.3 % 0.0 % 29.3 % Return of capital 53.7 % 100.0 % 70.7 % |
Schedule of Redemption Requests | The following details the Company’s redemptions for the year ended December 31, 2014 (in thousands except per share data). First Second Third Fourth Full Year 2014 Quarters Requests in queue 10,547 10,798 10,809 11,572 10,547 Redemptions requested 778 864 1,355 — 2,997 Shares redeemed: Prior period requests (135 ) (80 ) (60 ) — (275 ) Current period request (300 ) (369 ) (439 ) — (1,108 ) Adjustments (1) (92 ) (404 ) (93 ) — (589 ) Pending redemption requests (2) 10,798 10,809 11,572 11,572 11,572 Average price paid per share $ 6.85 $ 6.85 $ 6.81 $ — $ 6.84 FOOTNOTES: (1) This amount represents redemption request cancellations and other adjustments. (2) Requests that were not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds were made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Future Obligations under Ground Leases and Land Permits | The following is a schedule of future obligations under ground leases and land permits (in thousands): 2016 $ 12,733 2017 12,733 2018 12,718 2019 12,626 2020 12,626 Thereafter 171,651 Total $ 235,087 |
Selected Quarterly Financial 47
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data | First Second Third Fourth Full Year 2015 Quarters Total revenues $ 71,992 $ 85,659 $ 127,600 $ 52,414 $ 337,665 Operating income (loss) (7,107 ) (7,689 ) 36,026 (130,921 ) (109,691 ) Equity in earnings (loss) of unconsolidated entities 3,561 (783 ) 1,162 2,213 6,153 Income (loss) from continuing operations (14,607 ) (38,208 ) 34,295 (130,842 ) (149,362 ) Discontinued operations (1) 7,052 199,720 7,614 (9,715 ) 204,671 Gain (loss) on sale of real estate — 27,337 (1,064 ) 20,321 46,594 Gain from sale of unconsolidated entities — 39,252 — — 39,252 Net income (loss) (7,555 ) 228,101 40,845 (120,236 ) 141,155 Weighted average number of shares outstanding (basic and diluted) 325,183 325,183 325,183 325,183 325,183 Earnings (loss) per share of common stock (basic and diluted) $ (0.02 ) $ 0.70 $ 0.13 $ (0.38 ) $ 0.43 First Second Third Fourth Full Year 2014 Quarters Total revenues $ 72,380 $ 94,657 $ 144,551 $ 61,707 $ 373,295 Operating income (loss) (2,185 ) 726 43,389 (52,308 ) (10,378 ) Equity in earnings (loss) of unconsolidated entities 4,299 (526 ) 3,176 804 7,753 Income (loss) from continuing operations (11,882 ) (15,071 ) 30,086 (63,571 ) (60,438 ) Discontinued operations (1) (8,471 ) 6,566 537 (30,338 ) (31,706 ) Net income (loss) (20,353 ) (8,505 ) 30,623 (93,909 ) (92,144 ) Weighted average number of shares outstanding (basic and diluted) 322,639 324,197 325,707 325,214 324,451 Earnings (loss) per share of common stock (basic and diluted) $ (0.06 ) $ (0.03 ) $ 0.09 $ (0.29 ) $ (0.28 ) FOOTNOTES: (1) The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. |
Organization and Nature of Bu48
Organization and Nature of Business - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2015USD ($) | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | Dec. 31, 2013USD ($) | |
Organization And Nature Of Business [Line Items] | ||||
Number of properties held for sale | 49 | |||
Aggregate net sales proceeds from sale of properties | $ | $ 992,738 | $ 384,293 | $ 12,401 | |
Number of properties held for sale | 6 | 61 | ||
Marinas Property | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties held for sale | 5 | |||
Number of properties sold | 12 | |||
Number of properties held for sale | 17 | |||
Ski and Mountain Lifestyle Properties | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties sold | 1 | |||
Number of properties held for sale | 1 | |||
Attractions properties | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties sold | 4 | |||
Unconsolidated Joint Ventures | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties held for sale | 7 | |||
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated | ||||
Organization And Nature Of Business [Line Items] | ||||
Company's ownership percentage sold | 81.98% | 81.98% | ||
Proceed from sale of interest in joint venture | $ | $ 139,500 | $ 139,500 | ||
Golf Facilities | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties sold | 48 | 48 | ||
Senior Housing Property | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties sold | 38 | |||
Aggregate net sales proceeds from sale of properties | $ | $ 992,700 | |||
Canada | ||||
Organization And Nature Of Business [Line Items] | ||||
Number of properties held for sale | 3 | |||
Minimum | ||||
Organization And Nature Of Business [Line Items] | ||||
Long-term lease | 5 years | |||
Maximum | ||||
Organization And Nature Of Business [Line Items] | ||||
Long-term lease | 20 years |
Significant Accounting Polici49
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Accumulated amortization of long-term debt financing costs | $ 6.9 | $ 30.9 |
Minimum | ||
Accounting Policies [Line Items] | ||
Percentage of taxable income and capital gains required to be distributed not to be subjected to federal corporate income taxes | 100.00% | |
Building and Building Improvements | Maximum | ||
Accounting Policies [Line Items] | ||
Depreciation period for property | 39 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Property | |
Business Combination, Transactions [Line Items] | |
Number of properties acquired | 0 |
Schedule of Acquired Properties
Schedule of Acquired Properties (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($) | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 153,900 | |
Pacifica Senior Living Victoria Court - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | Pacifica Senior Living Victoria Court-One senior housing property | |
Location | Rhode Island | |
Date of Acquisition | Jan. 15, 2014 | [1] |
Purchase Price | $ 15,250 | |
Pacifica Senior Living Northridge - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | Pacifica Senior Living Northridge-One senior housing property | |
Location | California | |
Date of Acquisition | Jun. 6, 2014 | [1] |
Purchase Price | $ 25,250 | |
La Conner Retirement Inn - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | La Conner Retirement Inn-One senior housing property | |
Location | Washington | |
Date of Acquisition | Jun. 2, 2014 | [1] |
Purchase Price | $ 8,250 | |
South Pointe Assisted Living - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | South Pointe Assisted Living-One senior housing property | |
Location | Washington | |
Date of Acquisition | Jun. 2, 2014 | [1] |
Purchase Price | $ 4,300 | |
Pacifica Senior Living Modesto - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | Pacifica Senior Living Modesto-One senior housing property | |
Location | California | |
Date of Acquisition | Jul. 24, 2014 | [1] |
Purchase Price | $ 16,250 | [2] |
Pacifica Senior Living Bakersfield - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | Pacifica Senior Living Bakersfield-One senior housing property | |
Location | California | |
Date of Acquisition | Jul. 25, 2014 | [1] |
Purchase Price | $ 28,750 | [2] |
Pacifica Senior Living Wilmington - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | Pacifica Senior Living Wilmington-One senior housing property | |
Location | North Carolina | |
Date of Acquisition | Jul. 25, 2014 | [1] |
Purchase Price | $ 22,250 | [2] |
The Oaks at Braselton - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | The Oaks at Braselton-One senior housing property | |
Location | Georgia | |
Date of Acquisition | Sep. 22, 2014 | [1] |
Purchase Price | $ 15,000 | |
The Oaks at Post Road - One senior housing property | ||
Business Acquisition [Line Items] | ||
Product/Description | The Oaks at Post Road-One senior housing property | |
Location | Georgia | |
Date of Acquisition | Sep. 22, 2014 | [1] |
Purchase Price | $ 18,600 | |
[1] | These properties were subject to long-term triple-net leases with an initial term of 10 years with renewal options at the time of acquisition. All of these properties were sold in 2015. | |
[2] | In connection with acquiring these properties the Company assumed the fair value of loans with an aggregate principal outstanding balance of approximately $25.5 million. See Note 10. "Indebtedness" for additional information. |
Schedule of Acquired Properti52
Schedule of Acquired Properties (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |
Long-term triple-net lease inclusive of renewal options, initial term | 10 years |
Senior Housing Properties | |
Business Acquisition [Line Items] | |
Principal outstanding balance of loans assumed through acquisition | $ 25.5 |
Summary of Purchase Price Alloc
Summary of Purchase Price Allocation (Detail) $ in Thousands | Dec. 31, 2014USD ($) | |
Business Combination, Transactions [Line Items] | ||
In-place lease intangibles | $ 1,723 | [1] |
Other liabilities | (900) | |
Total purchase price consideration | 128,390 | |
Other intangibles | ||
Business Combination, Transactions [Line Items] | ||
Intangibles | 4,566 | |
Land and land improvements | ||
Business Combination, Transactions [Line Items] | ||
Net assets acquired | 25,213 | |
Buildings | ||
Business Combination, Transactions [Line Items] | ||
Net assets acquired | 120,059 | |
Equipment | ||
Business Combination, Transactions [Line Items] | ||
Net assets acquired | 5,127 | |
Repossessed And Foreclosed Asset | ||
Business Combination, Transactions [Line Items] | ||
Assumed mortgages | $ (27,398) | |
[1] | The weighted-average amortization period for intangible in-place leases acquired were 10 years as of the date of acquisition. |
Summary of Purchase Price All54
Summary of Purchase Price Allocation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
In place leases | |
Business Combination, Transactions [Line Items] | |
Weighted-average amortization period for intangible lease | 10 years |
Schedule of Real Estate Investm
Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Less: accumulated depreciation and amortization | $ (580,590) | $ (507,663) |
Real estate investment properties, net | 712,589 | 882,089 |
Land and land improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 369,902 | 415,968 |
Leasehold interests and improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 170,970 | 180,514 |
Building and Building Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | 245,372 | 273,210 |
Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, Total | $ 506,935 | $ 520,060 |
Real Estate Investment Proper56
Real Estate Investment Properties, net - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)PropertyTenant | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciation and amortization expenses | $ 83,481 | $ 98,664 | $ 94,459 |
Impairment provisions | $ 124,873 | 30,428 | 50,033 |
Number of tenants | Tenant | 1 | ||
Number of real estate properties | Property | 49 | ||
Attractions Properties | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Impairment provisions | $ 123,100 | ||
Number of real estate properties | Property | 3 | ||
Non Core Attractions Properties | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Impairment provisions | 7,500 | ||
Real Estate investment properties, net | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Impairment provisions | 0 | ||
Continuing Operations | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Depreciation and amortization expenses | $ 82,800 | $ 98,000 | $ 93,900 |
Assets and Associated Liabili57
Assets and Associated Liabilities Held for Sale, net and Discontinued Operations - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Property | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)Property | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | Dec. 31, 2013USD ($) | |
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties held for sale | Property | 6 | 61 | 6 | 61 | |||||||
Gain or loss on sale of properties | $ 246,800,000 | $ 4,100,000 | |||||||||
Sale of properties, outstanding principal indebtedness assumed | 529,893,000 | 365,224,000 | $ 18,800,000 | ||||||||
Net proceeds from sale of real estate investments | 992,738,000 | 384,293,000 | 12,401,000 | ||||||||
Net income (Loss) from continuing operations | $ (120,236,000) | $ 40,845,000 | $ 228,101,000 | $ (7,555,000) | $ (93,909,000) | $ 30,623,000 | $ (8,505,000) | $ (20,353,000) | 141,155,000 | (92,144,000) | (252,539,000) |
Impairment provisions | 124,873,000 | 30,428,000 | 50,033,000 | ||||||||
Impairment provisions related to real state properties | $ 7,749,000 | $ 37,867,000 | 219,502,000 | ||||||||
Attractions properties | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties sold | Property | 4 | ||||||||||
Gain or loss on sale of properties | $ 46,600,000 | ||||||||||
Golf Facilities | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties sold | Property | 48 | 48 | |||||||||
Impairment provisions related to real state properties | 219,500,000 | ||||||||||
Multi Family Residential | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties sold | Property | 1 | ||||||||||
Unimproved Land | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Impairment provisions | $ 1,800,000 | $ 30,400,000 | 42,500,000 | ||||||||
Senior Housing Property | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties sold | Property | 38 | ||||||||||
Gain or loss on sale of properties | $ 200,200,000 | ||||||||||
Sale of properties, outstanding principal indebtedness assumed | 151,500,000 | ||||||||||
Disposition fee | 0 | ||||||||||
Net proceeds from sale of real estate investments | $ 992,700,000 | ||||||||||
Marinas Property | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties held for sale | Property | 17 | 17 | |||||||||
Number of properties sold | Property | 12 | ||||||||||
Gain or loss on sale of properties | $ 200,200,000 | ||||||||||
Impairment provisions related to real state properties | $ 7,700,000 | 33,400,000 | |||||||||
Ski and Mountain Lifestyle Properties | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Number of properties held for sale | Property | 1 | 1 | |||||||||
Number of properties sold | Property | 1 | ||||||||||
Gain or loss on sale of properties | $ 46,600,000 | ||||||||||
Ski and Mountain Lifestyle Properties | Assets Held-for-sale | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Net income (Loss) from continuing operations | 19,800,000 | $ (1,200,000) | $ (2,400,000) | ||||||||
Ski and Mountain Lifestyle Properties | (Loss) income from continuing operations | |||||||||||
Assets Held for Sale and Discontinued Operations [Line Items] | |||||||||||
Gain or loss on sale of properties | $ 13,500,000 |
Properties Classified as Assets
Properties Classified as Assets Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | $ 42,719 | $ 968,641 |
Land and land improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 5,673 | 213,129 |
Leasehold interests and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 27,184 | 52,589 |
Building and Building Improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 6,352 | 599,923 |
Equipment | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 1,378 | 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 | 25 | 10,919 |
Restricted cash | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 1,408 | 14,714 |
Intangibles, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | 10,503 | |
Accounts and other receivables, net | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale, net | $ 699 | $ 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 Loss from Discontinu
Summary of Loss from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 65,796 | $ 178,887 | $ 160,604 | |
Expenses | (49,251) | (115,773) | (111,807) | |
Depreciation and amortization | (36,709) | (55,852) | ||
Impairment provision | (7,749) | (37,867) | (219,502) | |
Operating income (loss) | 8,796 | (11,462) | (226,557) | |
Net gain from sale of real estate | 200,243 | 4,144 | 2,408 | |
Loss on extinguishment of debt | [1] | (2,042) | (4,818) | |
Gain on insurance and retirements | 2,816 | 4,791 | ||
Other income (expense) | [2] | (5,142) | (24,361) | (16,968) |
Income (loss) from discontinued operations | $ 204,671 | $ (31,706) | $ (241,117) | |
[1] | During the year ended December 31, 2015, the Company recorded gain (loss) on extinguishment of debt from the sale of the 38 senior housing properties. During the year ended December 31, 2014, the Company recorded loss on extinguishment of debt from the sale of its 48 golf properties and its multi-family residential property. | |||
[2] | Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively. There was no amortization of loss and loss on termination of cash flow hedge for the year ended December 31, 2015. |
Summary of Income or Loss from
Summary of Income or Loss from Discontinued Operations (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | Dec. 31, 2013USD ($) | |
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 | $ | $ 0 | $ 3,000,000 | $ 1,700,000 |
Senior Housing Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | 38 | ||
Golf Properties And Multi Family Residential Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold | 48 |
Gross Carrying Amount and Accum
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 21,500 | $ 22,410 |
Accumulated Amortization | (5,013) | (4,399) |
Net Book Value | 16,487 | 18,011 |
In place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,203 | 11,584 |
Accumulated Amortization | (5,013) | (4,399) |
Net Book Value | 6,190 | 7,185 |
Trade name (infinite-lived) | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,297 | 10,826 |
Net Book Value | $ 10,297 | $ 10,826 |
Intangible Assets Net - Additio
Intangible Assets Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets Disclosure [Line Items] | |||
Amortization of intangible assets | $ 700,000 | $ 700,000 | $ 600,000 |
Lease termination | |||
Intangible Assets Disclosure [Line Items] | |||
Write off lease intangibles related to lease terminations | $ 800,000 | $ 0 | $ 100,000 |
Estimated Future Amortization E
Estimated Future Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items] | |
2,016 | $ 640 |
2,017 | 623 |
2,018 | 552 |
2,019 | 552 |
2,020 | 552 |
Thereafter | 3,271 |
Total | $ 6,190 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Leases | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Operating Leases [Line Items] | |||
Triple-net lease, total percentage rent | $ 3.3 | $ 2.9 | $ 2.5 |
Triple-net lease, capital improvement reserve rent | 21.9 | 23.9 | 21 |
Total annualized property taxes | $ 6.4 | $ 8.6 | $ 11.9 |
Long-Term Triple Net Lease Agreements | |||
Schedule of Operating Leases [Line Items] | |||
Properties leased under long-term, triple-net leases to third-parties | Leases | 24 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 96,447 |
2,017 | 98,721 |
2,018 | 99,747 |
2,019 | 100,298 |
2,020 | 100,765 |
Thereafter | 820,487 |
Total | $ 1,316,465 |
Variable Interest and Unconso67
Variable Interest and Unconsolidated Entities - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2015USD ($) | Dec. 31, 2015USD ($)LoanEntityOption | Dec. 31, 2014USD ($)Entity | Dec. 31, 2013USD ($) | ||
Variable Interest Entity [Line Items] | |||||
Number of wholly-owned subsidiaries | Entity | 3 | 6 | |||
Number of buy out options exercisable | Option | 3 | ||||
Maximum exposure to loss on investment | $ 45,100,000 | $ 151,800,000 | |||
Investments in unconsolidated entities | 73,434,000 | 127,102,000 | |||
Payment of mortgage loan | 529,893,000 | 365,224,000 | $ 18,800,000 | ||
Total Debt Obligation | $ 11,100,000 | 198,200,000 | |||
Number of mortgage loans repaid | Loan | 2 | ||||
Fixed Asset Disposal | |||||
Variable Interest Entity [Line Items] | |||||
Number of wholly-owned subsidiaries | Entity | 3 | ||||
DMC Partnership | |||||
Variable Interest Entity [Line Items] | |||||
Investments in unconsolidated entities | [1],[2] | 104,402,000 | |||
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 | |||||
Variable Interest Entity [Line Items] | |||||
Investments in unconsolidated entities | [1] | $ 73,434,000 | $ 22,700,000 | ||
Payment of mortgage loan | 54,600,000 | ||||
Intrawest Venture | Majority-Owned Subsidiary, Unconsolidated | |||||
Variable Interest Entity [Line Items] | |||||
Payment of mortgage loan | $ 54,600,000 | ||||
Percentage of ownership by parent | 80.00% | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | ||||
Mature in January | Intrawest Venture | |||||
Variable Interest Entity [Line Items] | |||||
Mortgage loan maturity date | 2015-01 | ||||
Mature in June | Intrawest Venture | |||||
Variable Interest Entity [Line Items] | |||||
Mortgage loan maturity date | 2015-06 | ||||
Minimum | |||||
Variable Interest Entity [Line Items] | |||||
Remaining three buy-out options expiration year | 2,030 | ||||
Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Remaining three buy-out options expiration year | 2,032 | ||||
Canada Revenue Agency | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure to loss on investment | $ 1,100,000 | ||||
Accruals for loss on investment | $ 300,000 | ||||
[1] | As of December 31, 2015 and 2014, the Company's share of partners' capital determined under HLBV was approximately $71.4 million and $119.6 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $2.0 million and $7.5 million, respectively. | ||||
[2] | On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership, as described above. |
Aggregate Carrying Amount and M
Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate investment properties, net | $ 58,832 | $ 67,789 |
Assets held for sale | 103,753 | |
Other assets | 6,752 | 26,376 |
Liabilities | ||
Mortgages and other notes payable | 19,677 | 30,412 |
Other liabilities | $ 792 | $ 15,695 |
Summary of Financial Informatio
Summary of Financial Information of Unconsolidated Entities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | $ 52,414 | $ 127,600 | $ 85,659 | $ 71,992 | $ 61,707 | $ 144,551 | $ 94,657 | $ 72,380 | $ 337,665 | $ 373,295 | $ 362,490 | ||||
Property operating expenses | (172,627) | (190,165) | (187,581) | ||||||||||||
Depreciation and amortization | (83,481) | (98,664) | (94,459) | ||||||||||||
Equity in earnings (loss) on unconsolidated entities | $ 2,213 | $ 1,162 | $ (783) | $ 3,561 | $ 804 | $ 3,176 | $ (526) | $ 4,299 | 6,153 | 7,753 | 11,701 | ||||
DMC Partnership | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 10,743 | [1] | 28,519 | 28,062 | |||||||||||
Property operating expenses | (173) | [1] | (776) | (796) | |||||||||||
Depreciation and amortization | (3,038) | [1] | (9,114) | (9,182) | |||||||||||
Interest income (expense) | (1,555) | [1] | (8,175) | (7,908) | |||||||||||
Interest and other income (expense) | (35) | 3 | |||||||||||||
Net income (loss) | 5,977 | [1] | 10,419 | 10,179 | |||||||||||
Income (loss) allocable to other venture partners | 3,477 | [1],[2] | 1,602 | [2] | (1,166) | [1] | |||||||||
Income (loss) allocable to the Company | 2,500 | [1],[2] | 8,817 | [2] | 11,345 | [1] | |||||||||
Amortization of capitalized costs | (25) | [1] | (298) | (433) | |||||||||||
Equity in earnings (loss) on unconsolidated entities | 2,475 | [1] | 8,519 | 10,912 | |||||||||||
Distribution declared to the Company | 3,698 | [1] | 11,345 | 11,345 | |||||||||||
Distributions received by the Company | 6,558 | [1] | 11,345 | 11,337 | |||||||||||
Intrawest Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 18,778 | 19,856 | 19,416 | ||||||||||||
Property operating expenses | (11,114) | (10,744) | (10,492) | ||||||||||||
Depreciation and amortization | (4,160) | (6,005) | |||||||||||||
Interest income (expense) | (1,328) | (5,408) | (6,411) | ||||||||||||
Interest and other income (expense) | 132 | 33 | |||||||||||||
Net income (loss) | 2,176 | (2,169) | 2,546 | ||||||||||||
Income (loss) allocable to other venture partners | [3] | (1,611) | [2] | (1,612) | [2] | (1,611) | [1] | ||||||||
Income (loss) allocable to the Company | 3,787 | [2] | (557) | [2] | 4,157 | [1] | |||||||||
Amortization of capitalized costs | (109) | (209) | (233) | ||||||||||||
Equity in earnings (loss) on unconsolidated entities | 3,678 | (766) | 3,924 | ||||||||||||
Distribution declared to the Company | 7,218 | 2,277 | 1,998 | ||||||||||||
Distributions received by the Company | 6,529 | 2,152 | 2,427 | ||||||||||||
Majority-Owned Subsidiary, Unconsolidated | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | 29,521 | 48,375 | 159,968 | ||||||||||||
Property operating expenses | (11,287) | (11,520) | (87,335) | ||||||||||||
Depreciation and amortization | (7,198) | (15,119) | (25,294) | ||||||||||||
Interest income (expense) | (2,883) | (13,583) | (35,458) | ||||||||||||
Interest and other income (expense) | 97 | 56 | |||||||||||||
Net income (loss) | 8,153 | 8,250 | 11,937 | ||||||||||||
Income (loss) allocable to other venture partners | 1,866 | [2] | (10) | [2] | (2,338) | [1] | |||||||||
Income (loss) allocable to the Company | 6,287 | [2] | 8,260 | [2] | 14,275 | [1] | |||||||||
Amortization of capitalized costs | (134) | (507) | (2,574) | ||||||||||||
Equity in earnings (loss) on unconsolidated entities | 6,153 | 7,753 | 11,701 | ||||||||||||
Distribution declared to the Company | 10,916 | 13,622 | 23,839 | ||||||||||||
Distributions received by the Company | $ 13,087 | $ 13,497 | 32,046 | ||||||||||||
CNLSun I Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | [4] | 71,287 | |||||||||||||
Property operating expenses | [4] | (45,999) | |||||||||||||
Depreciation and amortization | [4] | (10,994) | |||||||||||||
Interest income (expense) | [4] | (16,154) | |||||||||||||
Interest and other income (expense) | [4] | 20 | |||||||||||||
Net income (loss) | [4] | (1,840) | |||||||||||||
Income (loss) allocable to other venture partners | [1],[4] | (1,341) | |||||||||||||
Income (loss) allocable to the Company | [1],[4] | (499) | |||||||||||||
Amortization of capitalized costs | [4] | (1,305) | |||||||||||||
Equity in earnings (loss) on unconsolidated entities | [4] | (1,804) | |||||||||||||
Distribution declared to the Company | [4] | 7,797 | |||||||||||||
Distributions received by the Company | [4],[5] | 11,750 | |||||||||||||
CNLSun II Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | [4] | 19,654 | |||||||||||||
Property operating expenses | [4] | (15,439) | |||||||||||||
Depreciation and amortization | [4] | (2,244) | |||||||||||||
Interest income (expense) | [4] | (2,057) | |||||||||||||
Net income (loss) | [4] | (86) | |||||||||||||
Income (loss) allocable to other venture partners | [1],[4] | (8) | |||||||||||||
Income (loss) allocable to the Company | [1],[4] | (78) | |||||||||||||
Amortization of capitalized costs | [4] | (431) | |||||||||||||
Equity in earnings (loss) on unconsolidated entities | [4] | (509) | |||||||||||||
Distribution declared to the Company | [4] | 1,039 | |||||||||||||
Distributions received by the Company | [4],[5] | 1,567 | |||||||||||||
CNLSun III Venture | |||||||||||||||
Schedule of Unconsolidated Entities [Line Items] | |||||||||||||||
Revenues | [4] | 21,549 | |||||||||||||
Property operating expenses | [4] | (14,609) | |||||||||||||
Depreciation and amortization | [4] | (2,874) | |||||||||||||
Interest income (expense) | [4] | (2,928) | |||||||||||||
Net income (loss) | [4] | 1,138 | |||||||||||||
Income (loss) allocable to other venture partners | [1],[4] | 1,788 | |||||||||||||
Income (loss) allocable to the Company | [1],[4] | (650) | |||||||||||||
Amortization of capitalized costs | [4] | (172) | |||||||||||||
Equity in earnings (loss) on unconsolidated entities | [4] | (822) | |||||||||||||
Distribution declared to the Company | [4] | 1,660 | |||||||||||||
Distributions received by the Company | [4],[5] | $ 4,965 | |||||||||||||
[1] | On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership as described above. As such, the summarized operating data for the partnership is reported through April 29, 2015. | ||||||||||||||
[2] | Income is allocated between the Company and its venture partners using the hypothetical liquidation book value ("HLBV") method of accounting. | ||||||||||||||
[3] | This amount represents the venture partner's portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. | ||||||||||||||
[4] | On July 1, 2013, the Company completed the sale of its interest in 42 senior housing properties held through CNLSun I, CNLSun II and CNLSun III ventures as discussed above. As such, summarized operating data for those ventures is reported through June 30, 2013. | ||||||||||||||
[5] | For the year ended December 31, 2013, distributions received by the Company includes approximately $4.0 million, $0.5 million and $0.8 million in return of capital on the CNLSun I, CNLSun II and CNLSun III ventures, respectively. |
Summary of Financial Informat70
Summary of Financial Information of Unconsolidated Entities (Parenthetical) (Detail) $ in Millions | Jul. 01, 2013Property | Dec. 31, 2013USD ($) |
CNLSun I Venture | ||
Schedule of Unconsolidated Entities [Line Items] | ||
Distributions received by the Company | $ 4 | |
CNLSun II Venture | ||
Schedule of Unconsolidated Entities [Line Items] | ||
Distributions received by the Company | 0.5 | |
CNLSun III Venture | ||
Schedule of Unconsolidated Entities [Line Items] | ||
Distributions received by the Company | $ 0.8 | |
Unconsolidated Properties | Joint Venture Agreement | ||
Schedule of Unconsolidated Entities [Line Items] | ||
Number of properties sold | Property | 42 |
Summarized Balance Sheet Data o
Summarized Balance Sheet Data of Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Unconsolidated Entities [Line Items] | |||
Real estate assets, net | $ 712,589 | $ 882,089 | |
Other assets | 18,176 | 29,091 | |
Mortgages and other notes payable | 185,739 | 397,849 | |
Other liabilities | 27,160 | 41,388 | |
Carrying amount of investment | 73,434 | 127,102 | |
DMC Partnership | |||
Schedule of Unconsolidated Entities [Line Items] | |||
Real estate assets, net | [1] | 221,986 | |
Other assets | [1] | 15,642 | |
Mortgages and other notes payable | [1] | 131,500 | |
Other liabilities | [1] | 6,795 | |
Partners' capital | [1] | 99,333 | |
Carrying amount of investment | [1],[2] | $ 104,402 | |
Company's ownership percentage | [1],[2] | 81.98% | |
Intrawest Venture | |||
Schedule of Unconsolidated Entities [Line Items] | |||
Real estate assets, net | 66,493 | $ 74,131 | |
Other assets | 15,495 | 16,412 | |
Mortgages and other notes payable | 11,100 | 66,690 | |
Other liabilities | 16,552 | 18,537 | |
Partners' capital | 54,336 | 5,316 | |
Carrying amount of investment | [2] | $ 73,434 | $ 22,700 |
Company's ownership percentage | [2] | 80.00% | 80.00% |
Total | |||
Schedule of Unconsolidated Entities [Line Items] | |||
Real estate assets, net | $ 296,117 | ||
Other assets | 32,054 | ||
Mortgages and other notes payable | 198,190 | ||
Other liabilities | 25,332 | ||
Partners' capital | 104,649 | ||
Carrying amount of investment | [2] | $ 127,102 | |
[1] | On April 29, 2015, the Company completed the sale of its interest in the DMC Partnership, as described above. | ||
[2] | As of December 31, 2015 and 2014, the Company's share of partners' capital determined under HLBV was approximately $71.4 million and $119.6 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital determined under HLBV was approximately $2.0 million and $7.5 million, respectively. |
Summarized Balance Sheet Data72
Summarized Balance Sheet Data of Unconsolidated Entities (Parenthetical) (Detail) - HLBV - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Unconsolidated Entities [Line Items] | ||
Share of partners capital | $ 71.4 | $ 119.6 |
Difference between carrying amount of the investment and partners capital | $ 2 | $ 7.5 |
Mortgages and Other Notes Rec73
Mortgages and Other Notes Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan Principal Balance | $ 20,015 | |
Accrued interest | 864 | |
Acquisition fees, net | 46 | |
Loan loss provision | (1,564) | |
Loan Principal Balance, total carrying amount | $ 0 | 19,361 |
CMR Properties, LLC and CM Resort, LLC (one ski property) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Date of Loan Agreement(s) | Jun. 15, 2010 | |
Loan receivable, maturity date | Sep. 30, 2022 | |
Loan Principal Balance | 16,620 | |
CMR Properties, LLC and CM Resort, LLC (one ski property) | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Rate | 9.00% | |
CMR Properties, LLC and CM Resort, LLC (one ski property) | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Rate | 11.00% | |
Grand Prix Tampa, LLC (one attractions property) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Date of Loan Agreement(s) | Jul. 31, 2011 | |
Loan receivable, maturity date | Jul. 31, 2016 | |
Interest Rate | 8.50% | |
Loan Principal Balance | $ 3,395 |
Mortgages and Other Notes Rec74
Mortgages and Other Notes Receivable, net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan loss provision | $ 1,564 | ||
Principal payments received on mortgage loans receivable | $ 9,828 | 83,468 | $ 4,282 |
Loan provisions | 9,319 | 3,270 | $ 3,104 |
Estimated fair market value of company's mortgages and other notes receivable | $ 16,600 | ||
Mortgage and Other Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan loss provision | $ 9,300 |
Schedule of Mortgages and Other
Schedule of Mortgages and Other Notes Payable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 185,739 | $ 397,849 | ||
Senior notes | $ 318,250 | |||
Mortgage debt, Gross | 185,792 | 867,163 | ||
Mortgage debt, Premium (Discount) | (53) | 187 | ||
Mortgage debt, net | 185,739 | 867,350 | ||
Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 64,040 | 217,810 | ||
Total fixed rate debt | 121,752 | 649,353 | ||
Variable Rate Debt | Mortgage Debt One | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 8,037 | 8,402 | ||
Mortgage debt, Maturity Date | Sep. 1, 2019 | |||
Mortgage Debt, interest rate terms | [1],[2] | 30-day LIBOR + 3.3% | ||
Mortgage Debt, interest rate basis point above reference rate | [1],[2] | 3.30% | ||
Collateral | 1 ski and mountain lifestyle property | |||
Approximate Carrying Value of Collateral | $ 18,300 | |||
Variable Rate Debt | Mortgage Debt Two | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 14,550 | |||
Mortgage Debt, interest rate terms | [1],[2] | 30-day LIBOR + 4.5% | ||
Mortgage Debt, interest rate basis point above reference rate | [1],[2] | 4.50% | ||
Collateral | 1 ski and mountain lifestyle property | |||
Variable Rate Debt | Mortgage Debt Three | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 18,156 | 20,781 | ||
Mortgage debt, Maturity Date | [3] | Nov. 30, 2017 | ||
Mortgage Debt, interest rate terms | [1] | 30-day LIBOR + 3.0% | ||
Mortgage Debt, interest rate basis point above reference rate | [1] | 3.00% | ||
Collateral | 1 attractions property | |||
Approximate Carrying Value of Collateral | $ 44,600 | |||
Variable Rate Debt | Mortgage Debt Four | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 30,000 | |||
Mortgage Debt, interest rate terms | [1] | 30-day LIBOR + 3.5% | ||
Mortgage Debt, interest rate basis point above reference rate | [1] | 3.50% | ||
Collateral | 5 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Five | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 105,000 | |||
Mortgage Debt, interest rate terms | [1] | 30-day LIBOR + 2.5% | ||
Mortgage Debt, interest rate basis point above reference rate | [1] | 2.50% | ||
Collateral | 8 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Six | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 37,847 | 39,077 | ||
Mortgage debt, Maturity Date | Apr. 5, 2017 | |||
Mortgage Debt, interest rate terms | [1] | 30-day LIBOR + 1.5%-3.5% | ||
Collateral | 4 ski and mountain lifestyle property | |||
Approximate Carrying Value of Collateral | $ 145,400 | |||
Variable Rate Debt | Mortgage Debt Six | Minimum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 1.50% | |||
Variable Rate Debt | Mortgage Debt Six | Maximum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 3.50% | |||
Variable Rate Debt | Mortgage Debt Seven | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 57,711 | |||
Collateral | 8 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Seven | Minimum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 4.35% | |||
Variable Rate Debt | Mortgage Debt Seven | Maximum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 4.50% | |||
Variable Rate Debt | Mortgage Debt Eight | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 18,552 | 18,939 | ||
Mortgage debt, Maturity Date | Sep. 28, 2016 | |||
Mortgage Debt, interest rate basis point above reference rate | 6.80% | |||
Collateral | 1 attractions lifestyle property | |||
Approximate Carrying Value of Collateral | $ 29,000 | |||
Variable Rate Debt | Mortgage Debt Nine | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 90,799 | 95,908 | ||
Mortgage debt, Maturity Date | Apr. 5, 2017 | |||
Mortgage Debt, interest rate basis point above reference rate | 6.10% | |||
Collateral | 6 ski and mountain lifestyle properties | |||
Approximate Carrying Value of Collateral | $ 194,300 | |||
Variable Rate Debt | Mortgage Debt Ten | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | $ 10,696 | 11,358 | ||
Collateral | 3 marina properties | |||
Approximate Carrying Value of Collateral | $ 23,100 | |||
Variable Rate Debt | Mortgage Debt Ten | Minimum | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt, Maturity Date | Sep. 1, 2016 | |||
Mortgage Debt, interest rate basis point above reference rate | 6.30% | |||
Variable Rate Debt | Mortgage Debt Ten | Maximum | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt, Maturity Date | Dec. 1, 2016 | |||
Mortgage Debt, interest rate basis point above reference rate | 6.50% | |||
Variable Rate Debt | Mortgage Debt Eleven | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 16,368 | |||
Mortgage Debt, interest rate basis point above reference rate | 4.40% | |||
Collateral | 3 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Twelve | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 42,859 | |||
Mortgage Debt, interest rate basis point above reference rate | 6.00% | |||
Collateral | 1 attraction property | |||
Variable Rate Debt | Mortgage Debt Thirteen | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 46,165 | |||
Mortgage Debt, interest rate basis point above reference rate | 3.79% | |||
Collateral | 4 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Fourteen | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 7,395 | |||
Collateral | 1 attractions property | |||
Variable Rate Debt | Mortgage Debt Fourteen | Minimum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 6.10% | |||
Variable Rate Debt | Mortgage Debt Fourteen | Maximum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 6.40% | |||
Variable Rate Debt | Mortgage Debt Fifteen | ||||
Debt Instrument [Line Items] | ||||
Mortgage debt | 32,411 | |||
Collateral | 3 senior housing properties | |||
Variable Rate Debt | Mortgage Debt Fifteen | Minimum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 4.75% | |||
Variable Rate Debt | Mortgage Debt Fifteen | Maximum | ||||
Debt Instrument [Line Items] | ||||
Mortgage Debt, interest rate basis point above reference rate | 6.90% | |||
Variable Rate Debt | Other Debt | ||||
Debt Instrument [Line Items] | ||||
Other debt | $ 1,705 | 1,989 | ||
Mortgage debt, Maturity Date | Dec. 1, 2020 | |||
Collateral | - | |||
Variable Rate Debt | Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 318,250 | |||
Mortgage Debt, interest rate basis point above reference rate | 7.30% | |||
[1] | The 30-day LIBOR rate was approximately 0.43% and 0.17% as of December 31, 2015 and 2014, respectively. | |||
[2] | The Company entered into interest rate swaps for these variable rate debts. See Note 11. "Derivative instruments and Hedging Activities" for additional information. | |||
[3] | This loan was amended in November 2015 to extend the maturity date to November 30, 2017. All other terms remained the same. |
Schedule of Mortgages and Oth76
Schedule of Mortgages and Other Notes Payable (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Senior notes issued | $ 318,250 | ||
LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.43% | 0.17% | |
Non Interest Bearing | |||
Debt Instrument [Line Items] | |||
Other debt | $ 1,705 | ||
Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Senior notes issued | $ 400,000 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Senior unsecured notes outstanding | $ 318,250,000 | |||
Debt instrument, premium rate | 103.625% | |||
Loss on extinguishment of debt | $ (21,065,000) | $ (1,391,000) | ||
Revolving line of credit borrowing capacity | 160,000,000 | |||
Principal payments on line of credit | 152,500,000 | 130,000,000 | $ 145,000,000 | |
Line of credit outstanding | 152,500,000 | |||
Other Liabilities | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligations | 4,000,000 | 5,000,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure | ||||
Debt Instrument [Line Items] | ||||
Estimated fair values of mortgages and other notes payable and line of credit | $ 185,400,000 | 707,300,000 | ||
Estimated fair values of Senior notes | $ 325,400,000 | |||
Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Line of credit, margin added over variable interest rate | 3.00% | |||
Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit, margin added over variable interest rate | 2.00% | |||
Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Line of credit, margin added over variable interest rate | 3.75% | |||
Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Line of credit, margin added over variable interest rate | 2.75% | |||
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (18,800,000) |
Schedule of Future Principal Pa
Schedule of Future Principal Payments and Maturities for indebtedness (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 38,921 |
2,017 | 137,929 |
2,018 | 438 |
2,019 | 6,799 |
2,020 | 1,705 |
Thereafter | 0 |
Total | $ 185,792 |
Derivative Instruments and He79
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Interest Rate Swap $ in Millions | Dec. 31, 2015USD ($)Derivative |
Derivative [Line Items] | |
Number of interest rate swaps Suspended | 1 |
Number of interest rate swaps | 1 |
Terminated Interest Rate Contracts | |
Derivative [Line Items] | |
Notional amount of Cash Flow Hedges | $ | $ 14.2 |
Summary of Terms and Fair Value
Summary of Terms and Fair Values of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | |||
Net Amount | $ (618) | $ (1,002) | |
Interest Rate Swap | Derivative Instrument 1 | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Notional amount of Cash Flow Hedges | $ 8,037 | 8,402 | |
Strike | [1] | 3.60% | |
Spread | [1] | 3.30% | |
Trade Date | Sep. 28, 2019 | ||
Maturity Date | Sep. 1, 2019 | ||
Net Amount | $ (618) | (719) | |
Interest Rate Swap | Derivative Instrument 2 | Cash Flow Hedges | |||
Derivative [Line Items] | |||
Notional amount of Cash Flow Hedges | $ 14,175 | 14,550 | |
Strike | [1] | 2.20% | |
Spread | [1] | 4.50% | |
Trade Date | Jan. 13, 2011 | ||
Maturity Date | Dec. 31, 2015 | ||
Net Amount | $ (283) | ||
[1] | The strike rate does not include the credit spread on each of the notional amounts. |
Summary of Gross and Net Amount
Summary of Gross and Net Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Net Amount | $ (618) | $ (1,002) |
Interest Rate Swap | Derivative Instrument Six | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional amount of Cash Flow Hedges | 8,037 | |
Gross Amounts of Recognized Liabilities | (618) | |
Gross Amounts Offset in the Balance Sheets | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheets | (618) | |
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | (618) | |
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |
Net Amount | (618) | |
Interest Rate Swap | Derivative Instrument 1 | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional amount of Cash Flow Hedges | 8,037 | 8,402 |
Gross Amounts of Recognized Liabilities | (719) | |
Gross Amounts Offset in the Balance Sheets | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheets | (719) | |
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | (719) | |
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |
Net Amount | (618) | (719) |
Interest Rate Swap | Derivative Instrument 2 | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional amount of Cash Flow Hedges | $ 14,175 | 14,550 |
Gross Amounts of Recognized Liabilities | (283) | |
Gross Amounts Offset in the Balance Sheets | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheets | (283) | |
Gross Amounts Not Offset in the Balance Sheet, Financial Instruments | (283) | |
Gross Amounts Not Offset in the Balance Sheet, Cash Collateral | 0 | |
Net Amount | $ (283) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Property | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements Disclosure [Line Items] | ||
Number of real estate properties | 49 | |
Number of investment properties Held for Sale | 6 | 61 |
Level 3 | ||
Fair Value Measurements Disclosure [Line Items] | ||
Number of real estate properties | 14 | |
Number of investment properties Held for Sale | 6 | 19 |
Financial Assets and Liabilitie
Financial Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Real estate investment properties, net | $ 184,061 | |
Assets held for sale | 40,588 | $ 122,126 |
Assets, Fair Value Disclosure, Total | 224,649 | |
Liabilities: | ||
Derivative instruments | 618 | 1,002 |
Level 2 | ||
Liabilities: | ||
Derivative instruments | 618 | 1,002 |
Level 3 | ||
Assets: | ||
Real estate investment properties, net | 184,061 | |
Assets held for sale | 40,588 | $ 122,126 |
Assets, Fair Value Disclosure, Total | $ 224,649 |
Components of Deferred Taxes (D
Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Income Tax Asset [Line Items] | ||
Net operating losses | $ 107,655 | $ 107,494 |
Book/tax differences in deferred income | 5,302 | 4,175 |
Book/tax differences in acquired assets | (36,732) | (53,428) |
Total deferred tax asset | 76,225 | 58,241 |
Valuation allowance | (76,225) | (58,241) |
Total deferred tax asset, net | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | ||
Net operating loss carry-forwards | $ 269 | $ 262.2 |
Operating loss carry-forwards expire year | 2,025 | |
Operating loss carry-forwards expire year | 2,035 |
Related Party Arrangements - Ad
Related Party Arrangements - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Deposits at bank | $ 0 | $ 15,200,000 | |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Commission paid on sale of property | $ 200,000 | ||
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 | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Acquisition fees: | ||||
Acquisition fees from offering proceeds | [1] | $ 319 | $ 1,286 | |
Acquisition fees from debt proceeds | [2] | 1,521 | 3,273 | |
Total | 1,840 | 4,559 | ||
Asset management fees | [3] | $ 19,726 | 29,863 | 34,683 |
Reimbursable expenses: | ||||
Acquisition costs | [4] | 248 | 299 | |
Operating expenses | [5] | 5,451 | 6,680 | 7,092 |
Total | 5,451 | 6,928 | 7,391 | |
Total fees earned and reimbursable expenses | $ 25,177 | $ 38,631 | $ 46,633 | |
[1] | Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company's common stock including proceeds from shares sold under its distribution reinvestment plan ("DRP"). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations. | |||
[2] | Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company's pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets. | |||
[3] | Amounts recorded as asset management fees to Advisor include fees of $4.1 million, $11.2 million and $11.6 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above. | |||
[4] | Includes approximately $0.04 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. There were no such expenses recorded in acquisition costs during the year ended December 31, 2015. | |||
[5] | Includes approximately $0.4 million, $0.4 million and $0.6 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2015, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. |
Adviser and Former Adviser Ea88
Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||
Acquisition fee as a percentage of offering proceeds | 3.00% | |||
Acquisition fee as a percentage of loan proceeds | 3.00% | |||
Asset management fees to advisor | $ 15,666,000 | $ 18,651,000 | $ 23,060,000 | |
Acquisition costs | [1] | 248,000 | 299,000 | |
Operating expenses | [2] | $ 5,451,000 | 6,680,000 | 7,092,000 |
As percentage of average invested assets | ||||
Related Party Transaction [Line Items] | ||||
Maximum reimbursement of expenses, percent | 2.00% | |||
As percentage of net income | ||||
Related Party Transaction [Line Items] | ||||
Maximum reimbursement of expenses, percent | 25.00% | |||
Advisor | ||||
Related Party Transaction [Line Items] | ||||
Acquisition costs | $ 0 | 40,000 | 100,000 | |
Operating expenses | 400,000 | 400,000 | 600,000 | |
Assets Held-for-sale | ||||
Related Party Transaction [Line Items] | ||||
Asset management fees to advisor | $ 4,100,000 | $ 11,200,000 | $ 11,600,000 | |
[1] | Includes approximately $0.04 million, and $0.1 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. There were no such expenses recorded in acquisition costs during the year ended December 31, 2015. | |||
[2] | Includes approximately $0.4 million, $0.4 million and $0.6 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2015, 2014 and 2013, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges. |
Amounts Due to Affiliates for F
Amounts Due to Affiliates for Fees and Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 420 | $ 489 |
Operating expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 420 | 476 |
Acquisition fees and expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 13 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Property$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | |
Stockholders Equity Note [Line Items] | |||
Minimum distribution as a percentage of REIT taxable income | 90.00% | 90.00% | 90.00% |
Declared and paid distributions | $ | $ 487,800,000 | $ 137,900,000 | $ 135,500,000 |
Declared and paid distributions, per share | $ / shares | $ 1.5000 | $ 0.4252 | $ 0.4252 |
Amounts distributed to stockholders | $ | $ 0 | $ 0 | $ 0 |
Senior Housing Properties | |||
Stockholders Equity Note [Line Items] | |||
Number of properties sold | Property | 38 | ||
Marinas Property | |||
Stockholders Equity Note [Line Items] | |||
Number of properties sold | Property | 12 | ||
Attractions Properties | |||
Stockholders Equity Note [Line Items] | |||
Number of properties sold | Property | 4 | ||
Ski and Mountain Lifestyle Properties | |||
Stockholders Equity Note [Line Items] | |||
Number of properties sold | Property | 1 | ||
Special cash distribution | |||
Stockholders Equity Note [Line Items] | |||
Declared and paid distributions | $ | $ 422,700,000 | ||
Declared and paid distributions, per share | $ / shares | $ 1.30 | ||
Reinvestment Plan | |||
Stockholders Equity Note [Line Items] | |||
Offering proceeds | $ | $ 0 | $ 27,200,000 | $ 54,900,000 |
Shares subscribed, shares | shares | 4 | 7.9 |
Tax Composition of Distribution
Tax Composition of Distributions Declared (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||
Taxable as ordinary income | 28.00% | 0.00% | 0.00% |
Taxable as capital gain | 18.30% | 0.00% | 29.30% |
Return of capital | 53.70% | 100.00% | 70.70% |
Schedule of Pending Redemption
Schedule of Pending Redemption Request (Detail) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Stockholders Equity Note [Line Items] | ||||||
Requests in queue | 11,572 | 10,809 | 10,798 | 10,547 | 10,547 | |
Redemptions requested | 1,355 | 864 | 778 | 2,997 | ||
Shares redeemed: | ||||||
Prior period requests | (60) | (80) | (135) | (275) | ||
Current period request | (439) | (369) | (300) | (1,108) | ||
Adjustments | [1] | (93) | (404) | (92) | (589) | |
Pending redemption requests | [2] | 11,572 | 11,572 | 10,809 | 10,798 | 11,572 |
Average price paid per share | $ 6.81 | $ 6.85 | $ 6.85 | $ 6.84 | ||
[1] | This amount represents redemption request cancellations and other adjustments. | |||||
[2] | Requests that were not fulfilled in whole during a particular quarter were redeemed on a pro rata basis to the extent funds were made available pursuant to the redemption plan. The redemption plan was suspended in September 2014. |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Tenant | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Concentration Risk [Line Items] | |||
Property operating revenues | $ 211,104 | $ 236,860 | $ 233,956 |
Ski and Mountain Lifestyle Properties | |||
Concentration Risk [Line Items] | |||
Property operating revenues | $ 39,900 | ||
Ski and Mountain Lifestyle Properties | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of tenants | Tenant | 1 |
Schedule of Future Obligations
Schedule of Future Obligations under Ground Leases and Land Permits (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Line Items] | |
2,016 | $ 12,733 |
2,017 | 12,733 |
2,018 | 12,718 |
2,019 | 12,626 |
2,020 | 12,626 |
Thereafter | 171,651 |
Total | $ 235,087 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Data [Line Items] | ||||||||||||
Total revenues | $ 52,414 | $ 127,600 | $ 85,659 | $ 71,992 | $ 61,707 | $ 144,551 | $ 94,657 | $ 72,380 | $ 337,665 | $ 373,295 | $ 362,490 | |
Operating income (loss) | (130,921) | 36,026 | (7,689) | (7,107) | (52,308) | 43,389 | 726 | (2,185) | (109,691) | (10,378) | (25,960) | |
Equity in earnings (loss) of unconsolidated entities | 2,213 | 1,162 | (783) | 3,561 | 804 | 3,176 | (526) | 4,299 | 6,153 | 7,753 | 11,701 | |
Income (loss) from continuing operations | (130,842) | 34,295 | (38,208) | (14,607) | (63,571) | 30,086 | (15,071) | (11,882) | (149,362) | (60,438) | (66,816) | |
Discontinued operations | [1] | (9,715) | 7,614 | 199,720 | 7,052 | (30,338) | 537 | 6,566 | (8,471) | 204,671 | (31,706) | |
Gain (loss) on sale of real estate | 20,321 | (1,064) | 27,337 | 46,594 | ||||||||
Gain from sale of unconsolidated entity | 39,252 | 39,252 | 55,394 | |||||||||
Net income (loss) | $ (120,236) | $ 40,845 | $ 228,101 | $ (7,555) | $ (93,909) | $ 30,623 | $ (8,505) | $ (20,353) | $ 141,155 | $ (92,144) | $ (252,539) | |
Weighted average number of shares outstanding (basic and diluted) | 325,183 | 325,183 | 325,183 | 325,183 | 325,214 | 325,707 | 324,197 | 322,639 | 325,183 | 324,451 | ||
Earnings (loss) per share of common stock (basic and diluted) | $ (0.38) | $ 0.13 | $ 0.70 | $ (0.02) | $ (0.29) | $ 0.09 | $ (0.03) | $ (0.06) | $ 0.43 | $ (0.28) | $ (0.79) | |
[1] | The Company classified certain properties as assets held for sale and reclassified the results related to those properties to discontinued operations for all periods presented. |
Supplemental Guarantor Informat
Supplemental Guarantor Information - Additional Information (Detail) $ in Thousands | 1 Months Ended |
Jun. 30, 2015USD ($) | |
Supplemental Guarantor Information [Line Items] | |
Senior unsecured notes outstanding | $ 318,250 |
Debt instrument, premium rate | 103.625% |
Schedule II-Valuation and Qua97
Schedule II-Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 59,805 | $ 55,502 | $ 50,157 |
Charged to Costs and Expenses | 17,855 | 3,270 | 3,104 |
Charged to Other Accounts | 21,450 | 7,257 | 2,241 |
Deemed Uncollectible | (10,353) | (6,224) | |
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | 88,757 | 59,805 | 55,502 |
Deferred tax asset valuation allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 58,241 | 50,699 | 48,458 |
Charged to Other Accounts | 17,984 | 7,542 | 2,241 |
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | 76,225 | 58,241 | 50,699 |
Allowance for loan losses | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,564 | 4,803 | 1,699 |
Charged to Costs and Expenses | 9,319 | 3,270 | 3,104 |
Charged to Other Accounts | (530) | (285) | |
Deemed Uncollectible | (10,353) | (6,224) | |
Collected/ Recovered | 0 | 0 | 0 |
Balance at End of Year | $ 1,564 | $ 4,803 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Charged to Costs and Expenses | 8,536 | ||
Charged to Other Accounts | 3,996 | ||
Collected/ Recovered | 0 | ||
Balance at End of Year | $ 12,532 |
Schedule III-Real Estate and 98
Schedule III-Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 364,661 | ||||
Improvements | [1] | 99,558 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 369,902 | ||||
Total | 786,244 | [1],[2],[3] | $ 1,138,108 | $ 2,142,067 | $ 2,216,709 | |
Accumulated Depreciation | $ (255,883) | [1] | $ (279,541) | $ (415,216) | $ (355,891) | |
Life on which depreciation in latest income statements is computed | 39 years | |||||
Gatlinburg Sky Lift Gatlinburg, Tennessee | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Improvements | [1] | $ 32 | ||||
Carrying Costs | [1] | 0 | ||||
Total | [1],[2],[3] | 19,361 | ||||
Accumulated Depreciation | [1] | $ (4,060) | ||||
Date of Construction | [1] | 1,953 | ||||
Date Acquired | [1] | Dec. 22, 2005 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Hawaiian Falls Waterparks Garland And The Colony, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 3,123 | ||||
Improvements | [1] | 2,111 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 5,024 | ||||
Total | [1],[2],[3] | 9,655 | ||||
Accumulated Depreciation | [1] | $ (4,403) | ||||
Date of Construction | [1] | 2,004 | ||||
Date Acquired | [1] | Apr. 21, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Cypress Mountain Vancouver, British Columbia | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 161 | ||||
Improvements | [1] | 4,713 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 993 | ||||
Total | [1],[2],[3] | 24,610 | ||||
Accumulated Depreciation | [1] | $ (8,160) | ||||
Date of Construction | [1] | 1,975 | ||||
Date Acquired | [1] | May 30, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Funtasticks Fun Center Tucson, Arizona | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 3,038 | ||||
Improvements | [1] | 1,870 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 2,389 | ||||
Total | [1],[2],[3] | 3,497 | ||||
Accumulated Depreciation | [1] | $ (1,296) | ||||
Date of Construction | [1] | 1,993 | ||||
Date Acquired | [1] | Oct. 6, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Camelot Park Bakersfield, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 179 | ||||
Improvements | [1] | 807 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 178 | ||||
Total | [1],[2],[3] | 250 | ||||
Accumulated Depreciation | [1] | $ (251) | ||||
Date of Construction | [1] | 1,994 | ||||
Date Acquired | [1] | Oct. 6, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Zuma Fun Center Charlotte, North Carolina | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 3,646 | ||||
Improvements | [1] | 2,590 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 2,245 | ||||
Total | [1],[2],[3] | 2,963 | ||||
Accumulated Depreciation | [1] | $ (1,223) | ||||
Date of Construction | [1] | 1,991 | ||||
Date Acquired | [1] | Oct. 6, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Mountasia Family Fun Center North Richland Hills, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 1,152 | ||||
Improvements | [1] | 83 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 821 | ||||
Total | [1],[2],[3] | 1,245 | ||||
Accumulated Depreciation | [1] | $ (443) | ||||
Date of Construction | [1] | 1,994 | ||||
Date Acquired | [1] | Oct. 6, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Zuma Fun Center South Houston, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 1,551 | ||||
Improvements | [1] | 2,865 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 961 | ||||
Total | [1],[2],[3] | 1,365 | ||||
Accumulated Depreciation | [1] | $ (632) | ||||
Date of Construction | [1] | 1,990 | ||||
Date Acquired | [1] | Oct. 6, 2006 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Brighton Ski Resort Brighton, Utah | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 11,809 | ||||
Improvements | [1] | 3,010 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 12,824 | ||||
Total | [1],[2],[3] | 28,175 | ||||
Accumulated Depreciation | [1] | $ (9,815) | ||||
Date of Construction | [1] | 1,949 | ||||
Date Acquired | [1] | Jan. 8, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Northstar At Tahoe Resort Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 60,790 | ||||
Improvements | [1] | 11,441 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 64,931 | ||||
Total | [1],[2],[3] | 80,765 | ||||
Accumulated Depreciation | [1] | $ (24,542) | ||||
Date of Construction | [1] | 1,972 | ||||
Date Acquired | [1] | Jan. 19, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Sierra At Tahoe Resort South Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 19,875 | ||||
Improvements | [1] | 3,242 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 22,214 | ||||
Total | [1],[2],[3] | 32,491 | ||||
Accumulated Depreciation | [1] | $ (14,373) | ||||
Date of Construction | [1] | 1,968 | ||||
Date Acquired | [1] | Jan. 19, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Loon Mountain Resort Lincoln, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 9,226 | ||||
Improvements | [1] | 7,297 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 15,124 | ||||
Total | [1],[2],[3] | 21,542 | ||||
Accumulated Depreciation | [1] | $ (8,434) | ||||
Date of Construction | [1] | 1,966 | ||||
Date Acquired | [1] | Jan. 19, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Summit-at-Snoqualmie Resort Snoqualmie Pass, Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Land & Land Improvement | [1] | $ 20,122 | ||||
Improvements | [1] | 4,419 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 22,259 | ||||
Total | [1],[2],[3] | 34,135 | ||||
Accumulated Depreciation | [1] | $ (12,627) | ||||
Date of Construction | [1] | 1,945 | ||||
Date Acquired | [1] | Jan. 19, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
White Water Bay Oklahoma City, Oklahoma | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 10,720 | ||||
Improvements | [1] | 683 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 10,729 | ||||
Total | [1],[2],[3] | 16,864 | ||||
Accumulated Depreciation | [1] | $ (4,237) | ||||
Date of Construction | [1] | 1,981 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Splashtown Houston, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 10,817 | ||||
Improvements | [1] | 8,594 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 15,939 | ||||
Total | [1],[2],[3] | 21,021 | ||||
Accumulated Depreciation | [1] | $ (2,268) | ||||
Date of Construction | [1] | 1,981 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Waterworld Concord California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 1,733 | ||||
Improvements | [1] | 563 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 2,105 | ||||
Total | [1],[2],[3] | 10,868 | ||||
Accumulated Depreciation | [1] | $ (4,819) | ||||
Date of Construction | [1] | 1,995 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Darien Lake Buffalo, New York | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 60,993 | ||||
Improvements | [1] | 3,142 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 48,752 | ||||
Total | [1],[2],[3] | 62,964 | ||||
Accumulated Depreciation | [1] | $ (36,503) | ||||
Date of Construction | [1] | 1,955 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Frontier City Oklahoma City, Oklahoma | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 7,265 | ||||
Improvements | [1] | 1,962 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 6,592 | ||||
Total | [1],[2],[3] | 13,193 | ||||
Accumulated Depreciation | [1] | $ (4,728) | ||||
Date of Construction | [1] | 1,958 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Wild Waves And Enchanted Village Seattle, Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 19,200 | ||||
Improvements | [1] | 5,269 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 12,448 | ||||
Total | [1],[2],[3] | 13,339 | ||||
Accumulated Depreciation | [1] | $ (12,365) | ||||
Date of Construction | [1] | 1,977 | ||||
Date Acquired | [1] | Apr. 6, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Magic Springs And Crystal Falls Hot Springs, Arkansas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 4,237 | ||||
Improvements | [1] | 5,139 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 4,238 | ||||
Total | [1],[2],[3] | 9,541 | ||||
Accumulated Depreciation | [1] | $ (4,364) | ||||
Date of Construction | [1] | 1,977 | ||||
Date Acquired | [1] | Apr. 16, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Mountain High Resort Wrightwood, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 14,272 | ||||
Improvements | [1] | 971 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 12,494 | ||||
Total | [1],[2],[3] | 28,706 | ||||
Accumulated Depreciation | [1] | $ (13,143) | ||||
Date of Construction | [1] | In 1930's | ||||
Date Acquired | [1] | Jun. 29, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Sugarloaf Mountain Resort Carrabassett Valley, Maine | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 15,408 | ||||
Improvements | [1] | 3,637 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 14,720 | ||||
Total | [1],[2],[3] | 24,703 | ||||
Accumulated Depreciation | [1] | $ (7,928) | ||||
Date of Construction | [1] | 1,962 | ||||
Date Acquired | [1] | Aug. 7, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Sunday River Resort Newry, Maine | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 32,698 | ||||
Improvements | [1] | 5,358 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 36,498 | ||||
Total | [1],[2],[3] | 50,312 | ||||
Accumulated Depreciation | [1] | $ (14,097) | ||||
Date of Construction | [1] | 1,959 | ||||
Date Acquired | [1] | Aug. 7, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
The Northstar Commercial Village Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 2,354 | ||||
Improvements | [1] | 4,178 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 2,759 | ||||
Total | [1],[2],[3] | 40,464 | ||||
Accumulated Depreciation | [1] | $ (11,889) | ||||
Date of Construction | [1] | 2,005 | ||||
Date Acquired | [1] | Nov. 15, 2007 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Myrtle Waves Myrtle Beach South Carolina | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Improvements | [1] | $ 419 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 170 | ||||
Total | [1],[2],[3] | 2,572 | ||||
Accumulated Depreciation | [1] | $ (538) | ||||
Date of Construction | [1] | 1,985 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Mount Sunapee Mountain Resort Newbury, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Improvements | [1] | $ 538 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 112 | ||||
Total | [1],[2],[3] | 12,518 | ||||
Accumulated Depreciation | [1] | $ (4,101) | ||||
Date of Construction | [1] | 1,960 | ||||
Date Acquired | [1] | Dec. 5, 2008 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Okemo Mountain Resort Ludlow, Vermont | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Land & Land Improvement | [1] | $ 17,566 | ||||
Improvements | [1] | 1,297 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 18,265 | ||||
Total | [1],[2],[3] | 60,633 | ||||
Accumulated Depreciation | [1] | $ (13,329) | ||||
Date of Construction | [1] | 1,963 | ||||
Date Acquired | [1] | Dec. 5, 2008 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Crested Butte Mountain Resort Mt Crested Butte, Colorado | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Land & Land Improvement | [1] | $ 1,305 | ||||
Improvements | [1] | 2,341 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 1,314 | ||||
Total | [1],[2],[3] | 33,677 | ||||
Accumulated Depreciation | [1] | $ (10,278) | ||||
Date of Construction | [1] | In 1960's | ||||
Date Acquired | [1] | Dec. 5, 2008 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Jiminy Peak Mountain Resort Hancock, Massachusetts | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Land & Land Improvement | [1] | $ 7,802 | ||||
Improvements | [1] | 818 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 8,345 | ||||
Total | [1],[2],[3] | 16,784 | ||||
Accumulated Depreciation | [1] | $ (4,132) | ||||
Date of Construction | [1] | 1,948 | ||||
Date Acquired | [1] | Jan. 27, 2009 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Hawaiian Waters Kapolei, Hawaii | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Improvements | [1] | $ 765 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 391 | ||||
Total | [1],[2],[3] | 14,632 | ||||
Accumulated Depreciation | [1] | $ (3,285) | ||||
Date of Construction | [1] | 1,998 | ||||
Date Acquired | [1] | May 6, 2009 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Pacific Park Santa Monica, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Improvements | [1] | $ 867 | ||||
Carrying Costs | [1] | 0 | ||||
Total | [1],[2],[3] | 27,488 | ||||
Accumulated Depreciation | [1] | $ (4,489) | ||||
Date of Construction | [1] | 1,996 | ||||
Date Acquired | [1] | Dec. 29, 2010 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Stevens Pass Skykomish, King And Chelan County, WA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 62 | ||||
Improvements | [1] | 1,523 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 808 | ||||
Total | [1],[2],[3] | 19,949 | ||||
Accumulated Depreciation | [1] | $ (3,244) | ||||
Date of Construction | [1] | 1945-2000 | ||||
Date Acquired | [1] | Nov. 17, 2011 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Rapids Waterpark West Palm Beach, Florida | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumberances | [1],[5] | |||||
Land & Land Improvement | [1] | $ 11,041 | ||||
Improvements | [1] | 6,688 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 16,647 | ||||
Total | [1],[2],[3] | 26,052 | ||||
Accumulated Depreciation | [1] | $ (2,820) | ||||
Date of Construction | [1] | 1979 and 2007 | ||||
Date Acquired | [1] | Jun. 29, 2012 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Soak City Palm Springs, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Land Improvement | [1] | $ 12,516 | ||||
Improvements | [1] | 1 | ||||
Carrying Costs | [1] | 0 | ||||
Land & Land Improvements | [1],[2],[3] | 6,613 | ||||
Total | [1],[2],[3] | 8,248 | ||||
Accumulated Depreciation | [1] | $ (1,596) | ||||
Date of Construction | [1] | 2,001 | ||||
Date Acquired | [1] | Aug. 12, 2013 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Phoenix Wet n Wild Waterpark Phoenix, Arizona | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Improvements | [1] | $ 325 | ||||
Carrying Costs | [1] | 0 | ||||
Total | [1],[2],[3] | 11,662 | ||||
Accumulated Depreciation | [1] | $ (1,471) | ||||
Date of Construction | [1] | 2,009 | ||||
Date Acquired | [1] | Nov. 26, 2013 | ||||
Life on which depreciation in latest income statements is computed | [1],[4] | |||||
Leaseholds and Leasehold Improvements | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | $ 178,650 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 170,970 | ||||
Leaseholds and Leasehold Improvements | Gatlinburg Sky Lift Gatlinburg, Tennessee | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 19,154 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 19,186 | ||||
Leaseholds and Leasehold Improvements | Hawaiian Falls Waterparks Garland And The Colony, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 3,663 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 3,812 | ||||
Leaseholds and Leasehold Improvements | Cypress Mountain Vancouver, British Columbia | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 19,001 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 13,437 | ||||
Leaseholds and Leasehold Improvements | Brighton Ski Resort Brighton, Utah | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 2,123 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 2,123 | ||||
Leaseholds and Leasehold Improvements | Sierra At Tahoe Resort South Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 800 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 800 | ||||
Leaseholds and Leasehold Improvements | Loon Mountain Resort Lincoln, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 346 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 347 | ||||
Leaseholds and Leasehold Improvements | Summit-at-Snoqualmie Resort Snoqualmie Pass, Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 792 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 792 | ||||
Leaseholds and Leasehold Improvements | Waterworld Concord California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 7,841 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 7,841 | ||||
Leaseholds and Leasehold Improvements | Magic Springs And Crystal Falls Hot Springs, Arkansas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8 | ||||
Leaseholds and Leasehold Improvements | Mountain High Resort Wrightwood, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 14,022 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 10,268 | ||||
Leaseholds and Leasehold Improvements | Sugarloaf Mountain Resort Carrabassett Valley, Maine | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 2,000 | ||||
Leaseholds and Leasehold Improvements | Mount Sunapee Mountain Resort Newbury, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 6,727 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 6,909 | ||||
Leaseholds and Leasehold Improvements | Okemo Mountain Resort Ludlow, Vermont | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 25,086 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 25,144 | ||||
Leaseholds and Leasehold Improvements | Crested Butte Mountain Resort Mt Crested Butte, Colorado | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 18,843 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 19,798 | ||||
Leaseholds and Leasehold Improvements | Hawaiian Waters Kapolei, Hawaii | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 13,399 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 11,163 | ||||
Leaseholds and Leasehold Improvements | Pacific Park Santa Monica, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 25,046 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 25,252 | ||||
Leaseholds and Leasehold Improvements | Stevens Pass Skykomish, King And Chelan County, WA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 13,084 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 14,524 | ||||
Leaseholds and Leasehold Improvements | Phoenix Wet n Wild Waterpark Phoenix, Arizona | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8,715 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 7,574 | ||||
Buildings | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 231,706 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 245,372 | ||||
Buildings | Gatlinburg Sky Lift Gatlinburg, Tennessee | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 175 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 175 | ||||
Buildings | Hawaiian Falls Waterparks Garland And The Colony, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 758 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 819 | ||||
Buildings | Cypress Mountain Vancouver, British Columbia | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 735 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 10,180 | ||||
Buildings | Funtasticks Fun Center Tucson, Arizona | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 1,413 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 1,108 | ||||
Buildings | Camelot Park Bakersfield, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 70 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 72 | ||||
Buildings | Zuma Fun Center Charlotte, North Carolina | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 1,072 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 718 | ||||
Buildings | Mountasia Family Fun Center North Richland Hills, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 635 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 424 | ||||
Buildings | Zuma Fun Center South Houston, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 558 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 404 | ||||
Buildings | Brighton Ski Resort Brighton, Utah | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 11,233 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 13,228 | ||||
Buildings | Northstar At Tahoe Resort Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8,534 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 15,834 | ||||
Buildings | Sierra At Tahoe Resort South Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8,574 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 9,477 | ||||
Buildings | Loon Mountain Resort Lincoln, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 4,673 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 6,071 | ||||
Buildings | Summit-at-Snoqualmie Resort Snoqualmie Pass, Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8,802 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 11,084 | ||||
Buildings | White Water Bay Oklahoma City, Oklahoma | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 5,461 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 6,135 | ||||
Buildings | Splashtown Houston, Texas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 1,609 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 5,082 | ||||
Buildings | Waterworld Concord California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 728 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 922 | ||||
Buildings | Darien Lake Buffalo, New York | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 21,967 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 14,212 | ||||
Buildings | Frontier City Oklahoma City, Oklahoma | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 7,518 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 6,601 | ||||
Buildings | Wild Waves And Enchanted Village Seattle, Washington | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 2,837 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 891 | ||||
Buildings | Magic Springs And Crystal Falls Hot Springs, Arkansas | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 10,409 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 5,303 | ||||
Buildings | Mountain High Resort Wrightwood, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 7,571 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 5,944 | ||||
Buildings | Sugarloaf Mountain Resort Carrabassett Valley, Maine | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 5,658 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 7,983 | ||||
Buildings | Sunday River Resort Newry, Maine | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 12,256 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 13,814 | ||||
Buildings | The Northstar Commercial Village Lake Tahoe, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 33,932 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 37,705 | ||||
Buildings | Myrtle Waves Myrtle Beach South Carolina | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 5,875 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 2,402 | ||||
Buildings | Mount Sunapee Mountain Resort Newbury, New Hampshire | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 5,253 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 5,497 | ||||
Buildings | Okemo Mountain Resort Ludlow, Vermont | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 16,684 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 17,224 | ||||
Buildings | Crested Butte Mountain Resort Mt Crested Butte, Colorado | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 11,188 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 12,565 | ||||
Buildings | Jiminy Peak Mountain Resort Hancock, Massachusetts | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 8,164 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 8,439 | ||||
Buildings | Hawaiian Waters Kapolei, Hawaii | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 3,458 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 3,078 | ||||
Buildings | Pacific Park Santa Monica, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 1,575 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 2,236 | ||||
Buildings | Stevens Pass Skykomish, King And Chelan County, WA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 5,280 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 4,617 | ||||
Buildings | Rapids Waterpark West Palm Beach, Florida | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 9,044 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 9,405 | ||||
Buildings | Soak City Palm Springs, California | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 3,259 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | 1,635 | ||||
Buildings | Phoenix Wet n Wild Waterpark Phoenix, Arizona | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Costs, Buildings and Lease-hold Interests and Improvements | [1] | 4,748 | ||||
Gross Amounts at which Carried at Close of Period, Buildings and Lease-hold Interests and Improvements | [1],[2],[3] | $ 4,088 | ||||
[1] | Excludes properties classified as held for sale as of December 31, 2015. | |||||
[2] | Gross amounts are net of cumulative impairments recorded. Refer to Note 4. "Real Estate Investment Properties, net" in Item 8. "Financial Statements and Supplementary Data" for additional information. | |||||
[3] | The aggregate cost for federal income tax purposes is approximately $998.9 million. | |||||
[4] | Buildings and improvements are depreciated over 39 years. Leasehold improvements are depreciation over their estimated useful lives. | |||||
[5] | The property is encumbered at December 31, 2015. |
Schedule III-Real Estate and 99
Schedule III-Real Estate and Accumulated Depreciation (Summary of Transactions in Real Estate and Accumulated Depreciation) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate gross carrying value, Beginning Balance | $ 1,138,108 | $ 2,142,067 | $ 2,216,709 | |
Acquisitions | 169,417 | 249,136 | ||
Dispositions and assets held for sale | (271,464) | (1,108,581) | (181,424) | |
Impairment provision | (80,400) | (64,795) | (142,354) | |
Real Estate gross carrying value, Ending Balance | 786,244 | [1],[2],[3] | 1,138,108 | 2,142,067 |
Real Estate accumulated depreciation, Beginning Balance | (279,541) | (415,216) | (355,891) | |
Depreciation | (36,866) | (64,652) | (77,484) | |
Accumulated depreciation on dispositions and assets held for sale | 60,524 | 200,327 | 18,159 | |
Real Estate accumulated depreciation, Ending Balance | $ (255,883) | [1] | $ (279,541) | $ (415,216) |
[1] | Excludes properties classified as held for sale as of December 31, 2015. | |||
[2] | Gross amounts are net of cumulative impairments recorded. Refer to Note 4. "Real Estate Investment Properties, net" in Item 8. "Financial Statements and Supplementary Data" for additional information. | |||
[3] | The aggregate cost for federal income tax purposes is approximately $998.9 million. |
Schedule III-Real Estate and100
Schedule III-Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Buildings and improvements useful life | 39 years |
Aggregate cost for federal income tax purpose | $ 998.9 |
Schedule IV-Mortgage Loans o101
Schedule IV-Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Loan Principal Balance | $ 20,015 | |
Accrued interest | 864 | |
Acquisition fees, net | 46 | |
Loan loss provision | (1,564) | |
Loan Principal Balance, total carrying amount | $ 0 | 19,361 |
Loan loss provision | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loan loss provision | (1,564) | |
CMR Properties, LLC and CM Resort, LLC (one ski property) | ||
Mortgage Loans on Real Estate [Line Items] | ||
Date of Loan Agreement(s) | Jun. 15, 2010 | |
Maturity date | Sep. 30, 2022 | |
Interest Rate, minimum | 9.00% | |
Interest Rate, maximum | 11.00% | |
Loan Principal Balance | 16,620 | |
Grand Prix Tampa, LLC (one attractions property) | ||
Mortgage Loans on Real Estate [Line Items] | ||
Date of Loan Agreement(s) | Jul. 31, 2011 | |
Maturity date | Jul. 31, 2016 | |
Interest Rate | 8.50% | |
Loan Principal Balance | 3,395 | |
Accruing Interest | ||
Mortgage Loans on Real Estate [Line Items] | ||
Accrued interest | $ 864 |
Schedule IV-Mortgage Loans o102
Schedule IV-Mortgage Loans on Real Estate (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | ||
Loan loss provision | $ 1,564 | |
Mortgages and other notes receivable, net | $ 0 | $ 19,361 |
Mortgage and Other Notes Receivable | ||
Mortgage Loans on Real Estate [Line Items] | ||
Loan loss provision | $ 9,300 |
Schedule IV-Mortgage Loans o103
Schedule IV-Mortgage Loans on Real Estate (Summary of Mortgage Loans on Real Estate) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Balance at beginning of period | $ 19,361 | $ 117,963 |
Principal reduction | (9,828) | (83,468) |
Foreclosed and converted to real estate | (7,745) | |
Loan loss provision | (9,319) | (3,270) |
Write off of loan loss provision | 1,008 | |
Accrued and deferred interest | 317 | (4,791) |
Acquisition fees allocated, net | (1) | (51) |
Other | $ (530) | (285) |
Mortgage Loans on Real Estate | $ 19,361 |