CNL Lifestyle Properties (CLLY) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001261159
Entity Registrant Name	CNL LIFESTYLE PROPERTIES INC
Entity Central Index Key	1,261,159
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		325,182,969

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Real estate investment properties, net (including $59,421 and $58,832 related to consolidated variable interest entities, respectively)	$ 702,495	$ 711,857
Assets held for sale, net	42,266	43,451
Investments in unconsolidated entity	73,640	73,434
Cash	84,018	83,544
Deferred rent and lease incentives	42,033	43,992
Restricted cash	33,176	28,025
Other assets	18,112	16,778
Intangibles, net	16,354	16,487
Accounts and other receivables, net	8,693	11,893
Total Assets	1,020,787	1,029,461
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgages and other notes payable (including $19,429 and $19,677 related to non-recourse debt of consolidated variable interest entities, respectively)	179,633	184,341
Other liabilities	37,544	27,160
Accounts payable and accrued expenses	10,746	11,361
Due to affiliates	537	420
Total Liabilities	$ 228,460	$ 223,282
Commitments and contingencies (Note 11)
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 shares outstanding as of March 31, 2016 and December 31, 2015, respectively	3,252	3,252
Capital in excess of par value	2,863,833	2,863,833
Accumulated deficit	(352,320)	(352,974)
Accumulated distributions	(1,715,335)	(1,699,076)
Accumulated other comprehensive loss	(7,103)	(8,856)
Total Stockholders' Equity	792,327	806,179
Total Liabilities and Stockholders' Equity	$ 1,020,787	$ 1,029,461

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate investment properties, net, variable interest entities	$ 59,421	$ 58,832
Mortgages and other notes payable, variable interest entities	$ 19,429	$ 19,677
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	325,183,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income from operating leases	$ 39,400	$ 36,007
Property operating revenues	2,381	35,082
Interest income on mortgages and other notes receivable		903
Total revenues	41,781	71,992
Expenses:
Property operating expenses	9,916	37,038
Asset management fees to advisor	3,031	4,434
General and administrative	3,459	3,982
Ground lease and permit fees	3,779	3,434
Other operating expenses	2,308	619
Bad debt expense	65	2,540
Loan loss provision		3,940
Depreciation and amortization	16,822	23,112
Total expenses	39,380	79,099
Operating income (loss)	2,401	(7,107)
Other income (expense):
Interest and other income	444	948
Interest expense and loan cost amortization	(2,958)	(12,009)
Equity in earnings of unconsolidated entities	1,290	3,561
Total other expense	(1,224)	(7,500)
Income (loss) from continuing operations	1,177	(14,607)
(Loss) income from discontinued operations	(523)	7,052
Net income (loss)	$ 654	$ (7,555)
Net income (loss) per share of common stock (basic and diluted)
Continuing operations	$ 0	$ (0.04)
Discontinued operations	0	0.02
Net loss per share	$ 0	$ (0.02)
Weighted average number of shares of common stock outstanding (basic and diluted)	325,183	325,184

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSES - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss)	$ 654	$ (7,555)
Other comprehensive income (loss):
Foreign currency translation adjustments	1,790	(2,472)
Changes in fair value of cash flow hedges:
Unrealized (loss) gain arising during the period	(37)	24
Total other comprehensive income (loss)	1,753	(2,448)
Net comprehensive income (loss)	$ 2,407	$ (10,003)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Distributions	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2014	$ 1,157,390	$ 3,252	$ 2,863,839	$ (494,129)	$ (1,211,302)	$ (4,270)
Balance at Dec. 31, 2014		325,184
Net income	141,155			141,155
Redemption of common stock (in shares)		(1)
Redemption of common stock	(6)		(6)
Distributions, declared and paid ($1.5000 per share for 2015 and $0.0500 per share for 2016)	(487,774)				(487,774)
Foreign currency translation adjustment	(4,970)					(4,970)
Amortization of loss on termination of cash flow hedges	180					180
Current period adjustment to recognize changes in fair value of cash flow hedges (Note 8)	$ 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)
Net income	654			654
Distributions, declared and paid ($1.5000 per share for 2015 and $0.0500 per share for 2016)	(16,259)				(16,259)
Foreign currency translation adjustment	1,790					1,790
Current period adjustment to recognize changes in fair value of cash flow hedges (Note 8)	$ (37)					(37)
Balance at Mar. 31, 2016	325,183	325,183
Balance at Mar. 31, 2016	$ 792,327	$ 3,252	$ 2,863,833	$ (352,320)	$ (1,715,335)	$ (7,103)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Declared and paid distributions, per share	$ 0.05	$ 0.05	$ 1.5

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net cash provided by operating activities	$ 31,215	$ 36,075
Investing activities:
Capital expenditures	(4,024)	(12,388)
Contribution to unconsolidated entity		(19,429)
Proceeds from insurance	148	955
Changes in restricted cash	(5,266)	(2,902)
Other	81	59
Net cash used in investing activities	(9,061)	(33,705)
Financing activities:
Distributions to stockholders	(16,259)	(16,259)
Principal payments on line of credit		(40,000)
Principal payments on mortgage loans and senior notes	(5,002)	(6,464)
Principal payments on capital leases	(487)	(541)
Payments of entrance fee refunds		(274)
Net cash used in financing activities	(21,748)	(63,538)
Effect of exchange rate fluctuations on cash	68	38
Net increase (decrease) in cash	474	(61,130)
Cash at beginning of period	83,544	136,985
Cash at end of period	$ 84,018	$ 75,855

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2016
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. 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. In the event of certain tenant defaults, the Company has 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 March 31, 2016, 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 properties were held for sale and seven of these 49 properties were 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 and 2015, the Company sold 104 properties and an interest in one unconsolidated joint venture, which included its entire golf portfolio (consisting of 48 properties), its multi-family development property, its 81.98% interest in the DMC Partnership to its co-venture partner, its senior housing portfolio (consisting of 38 properties), 12 of its 17 marinas properties, four attractions properties and one ski and mountain lifestyle property. The Company used the net sales proceeds from the sale of these properties to repay indebtedness during 2014 and 2015 and also provided stockholders with partial liquidity when it made a special distribution to stockholders during December 2015. As of March 31, 2016, the Company had purchase and sale agreements for the sale of its remaining five marina properties and its unimproved land, as well as a letter of intent to sell one attraction property. See Note 12. “Subsequent Events” for additional information.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Significant Accounting Policies	2. Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a VIE. The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements. Use of Estimates Reclassifications Adopted Accounting Pronouncements — During 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” and also issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The Company adopted ASU 2015-03 and ASU 2015-15 on January 1, 2016; the adoption of which impacted the Company’s presentation of loan costs related to its borrowings and line of credit arrangement on its consolidated financial position but did not have a material impact on the Company’s consolidated results of operations or cash flows. As permitted by ASU 2015-03, the Company has retrospectively adjusted the presentation of loan costs related to its mortgage and notes payables and presented these loan costs as a direct deduction from the carrying amount of the debt payable for all periods presented. As permitted by ASU 2015-15, the Company did not change the presentation of loan costs related to its line of credit arrangement and continued to present these loan costs as Other Assets on the statement of financial position. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed December 31, Adjusted 2015 Adjustments 2015 Other assets $ 18,176 $ (1,398 ) $ 16,778 Mortgages and other notes payable $ 185,739 $ (1,398 ) $ 184,341 Recent Accounting Pronouncements 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.

Real Estate Investment Properti

Real Estate Investment Properties, net	3 Months Ended
	Mar. 31, 2016
Real Estate Investment Properties, net	3. Real Estate Investment Properties, net: As of March 31, 2016 and December 31, 2015, real estate investment properties consisted of the following (in thousands): March 31, December 31, Land and land improvements $ 371,697 $ 368,941 Leasehold interests and improvements 171,539 170,970 Buildings 246,145 244,968 Equipment 510,423 506,935 Less: accumulated depreciation and amortization (597,309 ) (579,957 ) $ 702,495 $ 711,857 For the three months ended March 31, 2016 and 2015, the Company had depreciation and amortization expenses of approximately $16.6 million and $22.9 million, respectively.

Assets Held for Sale, net and D

Assets Held for Sale, net and Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Assets Held for Sale, net and Discontinued Operations	4. Assets Held for Sale, net and Discontinued Operations: Assets Held for Sale, net — March 31, December 31, Land and land improvements, net $ 5,629 $ 6,248 Leasehold interests and improvements, net 26,184 27,184 Building and building improvements, net 6,478 6,509 Equipment, net 2,144 1,378 Other assets 27 25 Restricted cash 1,524 1,408 Accounts and other receivables, net 280 699 Total $ 42,266 $ 43,451 The Company accounted for the revenues and expenses related to one attractions property and one undeveloped land classified as held for sale at March 31, 2016, and the four attractions properties and one ski and mountain lifestyle property sold in 2015 as income from continuing operations because the sale of these properties did not cause a strategic shift in the Company nor are the sales considered to have a major impact on the Company’s business. Accordingly, they do not qualify as discontinued operations under ASU 2014-08. Discontinued Operations — The following table is a summary of income from discontinued operations for the three months ended March 31, 2016 and 2015 (in thousands): March 31, 2016 2015 Revenues $ 3,000 $ 30,281 Expenses (2,409 ) (19,821 ) Operating income 591 10,460 Loss on retirement (1,000 ) — Other expense (114 ) (3,408 ) (Loss) income from discontinued operations $ (523 ) $ 7,052

Intangibles, net

Intangibles, net	3 Months Ended
	Mar. 31, 2016
Intangibles, net	5. Intangibles, net: The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Intangible Assets Gross Accumulated March 31, 2016 In place leases $ 11,502 $ (5,445 ) $ 6,057 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,799 $ (5,445 ) $ 16,354 Intangible Assets Gross Accumulated December 31, Net Book Value In place leases $ 11,203 $ (5,013 ) $ 6,190 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,500 $ (5,013 ) $ 16,487 For each of the three months ended March 31, 2016 and 2015, the Company had amortization expense of approximately $0.2 million, excluding properties that the Company classified as discontinued operations.

Unconsolidated Entities

Unconsolidated Entities	3 Months Ended
	Mar. 31, 2016
Unconsolidated Entities	6. Unconsolidated Entities: As of December 31, 2015, the Company held an 80% ownership interest in the Intrawest Venture. 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. On April 1, 2016, the Company acquired the remaining 20% interest in the Intrawest Venture from its joint venture partner. See Note 12. “Subsequent Events” for additional information. The following tables present financial information for the Company’s unconsolidated entities for the three months ended March 31, 2016 and 2015 (in thousands): Summarized operating data Three Months March 31, Intrawest (4) Revenues $ 4,743 Property operating expenses (2,683 ) Depreciation and amortization (784 ) Interest expense and other income (expense) (379 ) Net income $ 897 Loss allocable to other venture partners (1) $ (410 ) (2) Income allocable to the Company (1) $ 1,307 Amortization of capitalized costs (17 ) Equity in earnings of unconsolidated entities $ 1,290 Distribution declared to the Company $ 1,423 Distributions received by the Company $ 1,074 Three Months Ended March 31, 2015 DMC (3) Intrawest Total Revenues $ 8,453 $ 4,842 $ 13,295 Property operating expenses (155 ) (2,626 ) (2,781 ) Depreciation and amortization (2,284 ) (689 ) (2,973 ) Interest expense and other income (expense) (1,328 ) (1,085 ) (2,413 ) Net income $ 4,686 $ 442 $ 5,128 Income (loss) allocable to other venture partners (1) $ 1,901 $ (397 ) (2) $ 1,504 Income allocable to the Company (1) $ 2,785 $ 839 $ 3,624 Amortization of capitalized costs (18 ) (45 ) (63 ) Equity in earnings of unconsolidated entities $ 2,767 $ 794 $ 3,561 Distribution declared to the Company $ 2,797 $ 3,479 $ 6,276 Distributions received by the Company $ 2,860 $ 2,710 $ 5,570 FOOTNOTES (1) Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. (2) This amount includes the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (3) The Company sold its 81.98% interest in the DMC Partnership in April 2015. (4) The Company acquired the remaining 20% interest from its joint venture partner in April 2016.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Indebtedness	7. Indebtedness Line of Credit — The estimated fair market value and carrying value of the Company’s mortgages and other notes payable were approximately $180.4 million and $180.8 million, respectively, as of March 31, 2016. The estimated fair market value of the Company’s debt was determined 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 accounts payable and accrued expenses approximates the carrying value as of March 31, 2016 because of the relatively short maturities of the obligations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements	8. Fair Value Measurements: As of March 31, 2016 and December 31, 2015, the Company’s one 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. The Company’s derivative instrument is 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 is classified as Level 2 in the fair value hierarchy. The valuation of the derivative instrument 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 instrument to be classified as Level 2. The fair value of the derivative instrument is included in other liabilities in the accompanying unaudited condensed consolidated balance sheets. The Company had 13 real estate investment properties and seven properties that were classified as assets held for sale that were carried at fair value at December 31, 2015. 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 following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of March 31, 2016 and December 31, 2015, as follows (in thousands): Fair Value Level 1 Level 2 Level 3 Liabilities: Derivative instrument $ 656 $ — $ 656 $ — Fair Value Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 183,329 $ — $ — $ 183,329 Assets held for sale, net 41,320 — — 41,320 $ 224,649 $ — $ — $ 224,649 Liabilities: Derivative instrument $ 618 $ — $ 618 $ —

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2016
Related Party Arrangements	9. Related Party Arrangements: For the three months ended March 31, 2016 and 2015, the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Three Months Ended March 31, 2016 2015 Asset management fees (1) $ 3,190 $ 6,242 Reimbursable expenses: (2) Operating expenses 1,356 1,406 Total fees earned and reimbursable expenses $ 4,546 $ 7,648 FOOTNOTES: (1) Amounts recorded as asset management fees to Advisor include fees related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. (2) Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Amounts due to affiliates for operating expenses described above were approximately $0.5 million and $0.4 million as of March 31, 2016 and December 31, 2015, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity	10. Stockholders’ Equity: For each of the three months ended March 31, 2016 and 2015, the Company declared and paid distributions of approximately $16.3 million ($0.05 per share).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies	11. Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events	12. Subsequent Events In April and May 2016, the Company sold its remaining five marina properties. The aggregate sales price for the sale of these properties was approximately $50.7 million, which exceeded the Company’s net carrying value of the properties. No disposition fee was payable to the Advisor on the sale of the five marina properties. The Company also repaid approximately $10.5 million of outstanding indebtedness collateralized by three of the marina properties that were sold. In April 2016, the Company acquired its co-venture partner’s 20% interest in the Intrawest Venture for a nominal amount in accordance with the buy-sell provisions of the partnership agreement. Upon acquisition of the co-venture partner’s 20% interest, the Company owns 100% of the controlling interest in the entities that own seven ski and mountain lifestyle properties. Upon acquisition of the remaining 20% interest, the Company entered into a plan to sell the properties and classified the properties as held for sale. The Company recorded the properties at their estimated fair value less costs to sell, which exceeded the Company’s investment in the entities prior to consolidation, resulting in a gain for financial reporting purposes.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of VIEs, the Company analyzes its variable interests, including loans, leases, guarantees, and equity investments, to determine if the entity in which it has a variable interest is a VIE. The Company’s analysis includes both quantitative and qualitative reviews. The Company bases its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and financial agreements. The Company also uses its quantitative and qualitative analyses to determine if it is the primary beneficiary of the VIE, and if such determination is made, it includes the accounts of the VIE in its consolidated financial statements.
Use of Estimates	Use of Estimates
Reclassifications	Reclassifications
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — During 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” and also issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The Company adopted ASU 2015-03 and ASU 2015-15 on January 1, 2016; the adoption of which impacted the Company’s presentation of loan costs related to its borrowings and line of credit arrangement on its consolidated financial position but did not have a material impact on the Company’s consolidated results of operations or cash flows. As permitted by ASU 2015-03, the Company has retrospectively adjusted the presentation of loan costs related to its mortgage and notes payables and presented these loan costs as a direct deduction from the carrying amount of the debt payable for all periods presented. As permitted by ASU 2015-15, the Company did not change the presentation of loan costs related to its line of credit arrangement and continued to present these loan costs as Other Assets on the statement of financial position. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed December 31, Adjusted 2015 Adjustments 2015 Other assets $ 18,176 $ (1,398 ) $ 16,778 Mortgages and other notes payable $ 185,739 $ (1,398 ) $ 184,341
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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.

Significant Accounting Polici22

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Additional Details of Adjustments to Financial Statements	The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s condensed consolidated balance sheet as of December 31, 2015 (in thousands): As Filed December 31, Adjusted 2015 Adjustments 2015 Other assets $ 18,176 $ (1,398 ) $ 16,778 Mortgages and other notes payable $ 185,739 $ (1,398 ) $ 184,341

Real Estate Investment Proper23

Real Estate Investment Properties, net (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Real Estate Investment Properties	As of March 31, 2016 and December 31, 2015, real estate investment properties consisted of the following (in thousands): March 31, December 31, Land and land improvements $ 371,697 $ 368,941 Leasehold interests and improvements 171,539 170,970 Buildings 246,145 244,968 Equipment 510,423 506,935 Less: accumulated depreciation and amortization (597,309 ) (579,957 ) $ 702,495 $ 711,857

Assets Held for Sale, net and24

Assets Held for Sale, net and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Net Carrying Value of Assets Held for Sale	The following table presents the net carrying value of the properties classified as held for sale (in thousands): March 31, December 31, Land and land improvements, net $ 5,629 $ 6,248 Leasehold interests and improvements, net 26,184 27,184 Building and building improvements, net 6,478 6,509 Equipment, net 2,144 1,378 Other assets 27 25 Restricted cash 1,524 1,408 Accounts and other receivables, net 280 699 Total $ 42,266 $ 43,451
Summary of Income from Discontinued Operations	The following table is a summary of income from discontinued operations for the three months ended March 31, 2016 and 2015 (in thousands): March 31, 2016 2015 Revenues $ 3,000 $ 30,281 Expenses (2,409 ) (19,821 ) Operating income 591 10,460 Loss on retirement (1,000 ) — Other expense (114 ) (3,408 ) (Loss) income from discontinued operations $ (523 ) $ 7,052

Intangibles, net (Tables)

Intangibles, net (Tables)	3 Months Ended
	Mar. 31, 2016
Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2016 and December 31, 2015 are as follows (in thousands): Intangible Assets Gross Accumulated March 31, 2016 In place leases $ 11,502 $ (5,445 ) $ 6,057 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,799 $ (5,445 ) $ 16,354 Intangible Assets Gross Accumulated December 31, Net Book Value In place leases $ 11,203 $ (5,013 ) $ 6,190 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,500 $ (5,013 ) $ 16,487

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Summarized Operating Data of Unconsolidated Entities	The following tables present financial information for the Company’s unconsolidated entities for the three months ended March 31, 2016 and 2015 (in thousands): Summarized operating data Three Months March 31, Intrawest (4) Revenues $ 4,743 Property operating expenses (2,683 ) Depreciation and amortization (784 ) Interest expense and other income (expense) (379 ) Net income $ 897 Loss allocable to other venture partners (1) $ (410 ) (2) Income allocable to the Company (1) $ 1,307 Amortization of capitalized costs (17 ) Equity in earnings of unconsolidated entities $ 1,290 Distribution declared to the Company $ 1,423 Distributions received by the Company $ 1,074 Three Months Ended March 31, 2015 DMC (3) Intrawest Total Revenues $ 8,453 $ 4,842 $ 13,295 Property operating expenses (155 ) (2,626 ) (2,781 ) Depreciation and amortization (2,284 ) (689 ) (2,973 ) Interest expense and other income (expense) (1,328 ) (1,085 ) (2,413 ) Net income $ 4,686 $ 442 $ 5,128 Income (loss) allocable to other venture partners (1) $ 1,901 $ (397 ) (2) $ 1,504 Income allocable to the Company (1) $ 2,785 $ 839 $ 3,624 Amortization of capitalized costs (18 ) (45 ) (63 ) Equity in earnings of unconsolidated entities $ 2,767 $ 794 $ 3,561 Distribution declared to the Company $ 2,797 $ 3,479 $ 6,276 Distributions received by the Company $ 2,860 $ 2,710 $ 5,570 FOOTNOTES (1) Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. (2) This amount includes the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (3) The Company sold its 81.98% interest in the DMC Partnership in April 2015. (4) The Company acquired the remaining 20% interest from its joint venture partner in April 2016.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Assets and Liabilities Carried at Fair Value	The following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of March 31, 2016 and December 31, 2015, as follows (in thousands): Fair Value Level 1 Level 2 Level 3 Liabilities: Derivative instrument $ 656 $ — $ 656 $ — Fair Value Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 183,329 $ — $ — $ 183,329 Assets held for sale, net 41,320 — — 41,320 $ 224,649 $ — $ — $ 224,649 Liabilities: Derivative instrument $ 618 $ — $ 618 $ —

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	3 Months Ended
	Mar. 31, 2016
Earned Acquisition Fees and Incurred Reimbursable Expenses	For the three months ended March 31, 2016 and 2015, the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Three Months Ended March 31, 2016 2015 Asset management fees (1) $ 3,190 $ 6,242 Reimbursable expenses: (2) Operating expenses 1,356 1,406 Total fees earned and reimbursable expenses $ 4,546 $ 7,648 FOOTNOTES: (1) Amounts recorded as asset management fees to Advisor include fees related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations. (2) Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Organization and Nature of Bu29

Organization and Nature of Business - Additional Information (Detail) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Apr. 30, 2015
Organization And Nature Of Business [Line Items]
Number of real estate properties	49
Number of properties held for sale	7
Marinas Property
Organization And Nature Of Business [Line Items]
Number of real estate properties		5
Number of properties held for sale		17
Number of properties sold	17	12
Ski and Mountain Lifestyle Properties
Organization And Nature Of Business [Line Items]
Number of properties held for sale		1
Number of properties sold		1
Attractions properties
Organization And Nature Of Business [Line Items]
Number of properties held for sale	1
Number of properties sold		4
Unconsolidated Joint Ventures
Organization And Nature Of Business [Line Items]
Number of real estate properties	7
Number of properties sold		1
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated
Organization And Nature Of Business [Line Items]
Company's ownership percentage sold		81.98%	81.98%
Golf Facilities
Organization And Nature Of Business [Line Items]
Number of properties sold		104
Golf Facilities | Golf Portfolio
Organization And Nature Of Business [Line Items]
Number of properties sold		48
Senior Housing Property
Organization And Nature Of Business [Line Items]
Number of properties sold		38
Canada
Organization And Nature Of Business [Line Items]
Number of real estate properties	3
Minimum
Organization And Nature Of Business [Line Items]
Long-term lease	5 years
Maximum
Organization And Nature Of Business [Line Items]
Long-term lease	20 years

Additional Details of Adjustmen

Additional Details of Adjustments to Financial Statements (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 18,112	$ 16,778
Mortgages and other notes payable	$ 179,633	184,341
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		16,778
Mortgages and other notes payable		184,341
As Filed | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		18,176
Mortgages and other notes payable		185,739
Adjustments | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		(1,398)
Mortgages and other notes payable		$ (1,398)

Schedule of Real Estate Investm

Schedule of Real Estate Investment Properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Less: accumulated depreciation and amortization	$ (597,309)	$ (579,957)
Real estate investment properties, net	702,495	711,857
Land and land improvements
Real Estate Properties [Line Items]
Real estate investment properties, Total	371,697	368,941
Leasehold interests and improvements
Real Estate Properties [Line Items]
Real estate investment properties, Total	171,539	170,970
Buildings
Real Estate Properties [Line Items]
Real estate investment properties, Total	246,145	244,968
Equipment
Real Estate Properties [Line Items]
Real estate investment properties, Total	$ 510,423	$ 506,935

Real Estate Investment Proper32

Real Estate Investment Properties, net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation and amortization expenses	$ 16,822	$ 23,112
Continuing Operations
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciation and amortization expenses	$ 16,600	$ 22,900

Assets Held for Sale, net and33

Assets Held for Sale, net and Discontinued Operations - Additional Information (Detail) - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale	7
Attractions properties
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale	1
Number of properties sold		4
Undeveloped Land
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale	1
Senior Housing Property
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties sold	38
Marinas Property
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale		17
Number of properties sold	17	12
Ski and Mountain Lifestyle Properties
Assets Held for Sale and Discontinued Operations [Line Items]
Number of properties held for sale		1
Number of properties sold		1

Properties Classified as Assets

Properties Classified as Assets Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 42,266	$ 43,451
Land and land improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	5,629	6,248
Leasehold interests and improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	26,184	27,184
Building and Building Improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	6,478	6,509
Equipment
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	2,144	1,378
Other Assets
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	27	25
Restricted cash
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	1,524	1,408
Accounts and other receivables, net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 280	$ 699

Summary of Income from Disconti

Summary of Income from Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 3,000	$ 30,281
Expenses	(2,409)	(19,821)
Operating income	591	10,460
Loss on retirement	(1,000)
Other expense	(114)	(3,408)
(Loss) income from discontinued operations	$ (523)	$ 7,052

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,799	$ 21,500
Accumulated Amortization	(5,445)	(5,013)
Net Book Value	16,354	16,487
In place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,502	11,203
Accumulated Amortization	(5,445)	(5,013)
Net Book Value	6,057	6,190
Trade name (infinite-lived)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,297	10,297
Accumulated Amortization	0	0
Net Book Value	$ 10,297	$ 10,297

Intangible Assets Net - Additio

Intangible Assets Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible Assets Disclosure [Line Items]
Amortization of intangible assets	$ 0.2	$ 0.2

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Intrawest Venture - Majority-Owned Subsidiary, Unconsolidated	Apr. 01, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Percentage of ownership by parent		80.00%
Subsequent Event
Variable Interest Entity [Line Items]
Percentage of ownership by parent	100.00%
Percentage of ownership interest acquired	20.00%

Summary of Financial Informatio

Summary of Financial Information of Unconsolidated Entities (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Schedule of Unconsolidated Entities [Line Items]
Revenues		$ 41,781		$ 71,992
Property operating expenses		(9,916)		(37,038)
Depreciation and amortization		(16,822)		(23,112)
Equity in earnings of unconsolidated entities		1,290		3,561
DMC Partnership
Schedule of Unconsolidated Entities [Line Items]
Revenues	[1]			8,453
Property operating expenses	[1]			(155)
Depreciation and amortization	[1]			(2,284)
Interest expense and other income (expense)	[1]			(1,328)
Net income	[1]			4,686
Income (loss) allocable to other venture partners	[1],[2]			1,901
Income allocable to the Company	[1],[2]			2,785
Amortization of capitalized costs	[1]			(18)
Equity in earnings of unconsolidated entities	[1]			2,767
Distribution declared to the Company	[1]			2,797
Distributions received by the Company	[1]			2,860
Intrawest Venture
Schedule of Unconsolidated Entities [Line Items]
Revenues		4,743	[3]	4,842
Property operating expenses		(2,683)	[3]	(2,626)
Depreciation and amortization		(784)	[3]	(689)
Interest expense and other income (expense)		(379)	[3]	(1,085)
Net income		897	[3]	442
Income (loss) allocable to other venture partners	[2],[4]	(410)	[3]	(397)
Income allocable to the Company	[2]	1,307	[3]	839
Amortization of capitalized costs		(17)	[3]	(45)
Equity in earnings of unconsolidated entities		1,290	[3]	794
Distribution declared to the Company		1,423	[3]	3,479
Distributions received by the Company		$ 1,074	[3]	2,710
Majority-Owned Subsidiary, Unconsolidated
Schedule of Unconsolidated Entities [Line Items]
Revenues				13,295
Property operating expenses				(2,781)
Depreciation and amortization				(2,973)
Interest expense and other income (expense)				(2,413)
Net income				5,128
Income (loss) allocable to other venture partners	[2]			1,504
Income allocable to the Company	[2]			3,624
Amortization of capitalized costs				(63)
Equity in earnings of unconsolidated entities				3,561
Distribution declared to the Company				6,276
Distributions received by the Company				$ 5,570
[1]	The Company sold its 81.98% interest in the DMC Partnership in April 2015.
[2]	Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value ("HLBV") method of accounting.
[3]	The Company acquired the remaining 20% interest from its joint venture partner in April 2016.
[4]	This amount includes the venture partner's portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation.

Summary of Financial Informat40

Summary of Financial Information of Unconsolidated Entities (Parenthetical) (Detail) - Majority-Owned Subsidiary, Unconsolidated	Apr. 01, 2016	Dec. 31, 2015	Apr. 30, 2015
DMC Partnership
Schedule of Unconsolidated Entities [Line Items]
Company's ownership percentage sold		81.98%	81.98%
Subsequent Event | Intrawest Venture
Schedule of Unconsolidated Entities [Line Items]
Percentage of ownership interest acquired	20.00%

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Line of credit, available capacity	$ 100,000
Mortgages and other notes payable	179,633	$ 184,341
Estimate of Fair Value, Fair Value Disclosure
Debt Instrument [Line Items]
Mortgages and other notes payable	180,400
Carrying (Reported) Amount, Fair Value Disclosure
Debt Instrument [Line Items]
Mortgages and other notes payable	$ 180,800

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Mar. 31, 2016PropertyDerivative	Dec. 31, 2015PropertyDerivative
Fair Value Measurements Disclosure [Line Items]
Number of real estate properties	49
Number of investment properties Held for Sale	7
Interest Rate Swap
Fair Value Measurements Disclosure [Line Items]
Remaining hedges qualified as highly effective | Derivative	1	1
Level 3
Fair Value Measurements Disclosure [Line Items]
Number of real estate properties		13
Number of investment properties Held for Sale		7

Financial Assets and Liabilitie

Financial Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Real estate investment properties, net		$ 183,329
Assets held for sale, net		41,320
Assets, Fair Value Disclosure, Total		224,649
Liabilities:
Derivative instrument	$ 656	618
Level 2
Liabilities:
Derivative instrument	$ 656	618
Level 3
Assets:
Real estate investment properties, net		183,329
Assets held for sale, net		41,320
Assets, Fair Value Disclosure, Total		$ 224,649

Adviser and Former Adviser Earn

Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Asset management fees	[1]	$ 3,190	$ 6,242
Reimbursable expenses:
Operating expenses	[2]	1,356	1,406
Total fees earned and reimbursable expenses		$ 4,546	$ 7,648
[1]	Amounts recorded as asset management fees to Advisor include fees related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying unaudited condensed consolidated statements of operations.
[2]	Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to affiliates	$ 537	$ 420
Operating expenses
Related Party Transaction [Line Items]
Due to affiliates	$ 537	$ 420

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stockholders Equity Note [Line Items]
Declared and paid distributions	$ 16.3	$ 16.3
Declared and paid distributions, per share	$ 0.05	$ 0.05	$ 1.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Apr. 01, 2016	May. 13, 2016USD ($)Property	Mar. 31, 2016USD ($)Property	Mar. 31, 2015USD ($)	Dec. 31, 2015Property
Subsequent Event [Line Items]
Number of properties held for sale | Property			7
Repayment of Outstanding indebtedness collateralized			$ 5,002,000	$ 6,464,000
Intrawest Venture | Majority-Owned Subsidiary, Unconsolidated
Subsequent Event [Line Items]
Percentage of ownership by parent					80.00%
Marinas Property
Subsequent Event [Line Items]
Number of properties held for sale | Property					17
Subsequent Event | Intrawest Venture | Majority-Owned Subsidiary, Unconsolidated
Subsequent Event [Line Items]
Percentage of ownership interest acquired	20.00%
Percentage of ownership by parent	100.00%
Subsequent Event | Marinas Property
Subsequent Event [Line Items]
Number of properties held for sale | Property		5
Repayment of Outstanding indebtedness collateralized		$ 10,500,000
Disposition fee		0
Net proceeds from sale of real estate investments		$ 50,700,000