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 |