CNL Lifestyle Properties (CLLY) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	ck0001261159
Entity Registrant Name	CNL LIFESTYLE PROPERTIES INC
Entity Central Index Key	1,261,159
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		325,182,969

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Real estate investment properties, net (including $58,746 and $58,832 related to consolidated variable interest entities, respectively)	$ 690,106	$ 711,857
Assets held for sale, net	106,886	43,451
Investment in unconsolidated entity	0	73,434
Cash	132,839	83,544
Deferred rent and lease incentives	44,393	43,992
Restricted cash	29,240	28,025
Other assets	20,736	16,778
Intangibles, net	16,201	16,487
Accounts and other receivables, net	11,913	11,893
Total Assets	1,052,314	1,029,461
Liabilities:
Mortgages and other notes payable (including $19,178 and $19,677 related to consolidated variable interest entities, respectively)	167,494	184,341
Liabilities related to assets held for sale	7,420	0
Other liabilities	42,675	27,160
Accounts payable and accrued expenses	14,934	11,361
Due to affiliates	587	420
Total Liabilities	233,110	223,282
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.01 par value per share 200 million shares authorized and unissued	0	0
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 June 30, 2016 and December 31, 2015, respectively)	3,252	3,252
Capital in excess of par value	2,863,833	2,863,833
Accumulated deficit	(309,257)	(352,974)
Accumulated distributions	(1,731,595)	(1,699,076)
Accumulated other comprehensive loss	(7,029)	(8,856)
Total Stockholders’ Equity	819,204	806,179
Total Liabilities and Stockholders’ Equity	$ 1,052,314	$ 1,029,461

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Real estate investment properties, net	$ 690,106	$ 711,857
Liabilities:
Mortgages and other notes payable	$ 167,494	$ 184,341
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares unissued (in shares)	200,000,000	200,000,000
Excess shares, par value (in dollars per share)	$ 0.01	$ 0.01
Excess shares, shares authorized (in shares)	120,000,000	120,000,000
Excess shares, shares unissued (in shares)	120,000,000	120,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	349,084,000	349,084,000
Common stock, shares outstanding (in shares)	325,183,000	325,183,000
Variable Interest Entity
ASSETS
Real estate investment properties, net	$ 58,746	$ 58,832
Liabilities:
Mortgages and other notes payable	$ 19,178	$ 19,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income from operating leases	$ 32,576	$ 27,044	$ 71,976	$ 63,051
Property operating revenues	30,980	58,162	33,361	93,244
Interest income on mortgages and other notes receivable	0	453	0	1,356
Total revenues	63,556	85,659	105,337	157,651
Expenses:
Property operating expenses	28,727	52,021	38,643	89,059
Asset management fees to advisor	3,035	4,094	6,066	8,528
General and administrative	4,422	4,501	7,881	8,483
Ground lease and permit fees	2,574	1,959	6,353	5,393
Other operating expenses	3,696	2,525	6,004	3,144
Bad debt expense	144	2,296	209	4,836
Loan loss provision	0	5,408	0	9,348
Depreciation and amortization	16,635	20,544	33,457	43,656
Total expenses	59,233	93,348	98,613	172,447
Operating income (loss)	4,323	(7,689)	6,724	(14,796)
Other income (expense):
Interest and other income	617	64	1,061	1,012
Interest expense and loan cost amortization	(2,777)	(8,735)	(5,735)	(20,744)
Loss on extinguishment of debt	0	(21,065)	0	(21,065)
Equity in earnings (loss) of unconsolidated entities	0	(783)	1,290	2,778
Gain on purchase of controlling interest of investment in unconsolidated entity	30,025	0	30,025	0
Total other expense	27,865	(30,519)	26,641	(38,019)
Income (loss) from continuing operations	32,188	(38,208)	33,365	(52,815)
Income from discontinued operations	9,964	199,720	9,441	206,772
Net income before gain on sale of real estate and unconsolidated entity	42,152	161,512	42,806	153,957
Gain on sale of real estate	911	27,337	911	27,337
Gain from sale of unconsolidated entity	0	39,252	0	39,252
Net income	$ 43,063	$ 228,101	$ 43,717	$ 220,546
Net income per share of common stock (basic and diluted)
Continuing operations (in dollars per share)	$ 0.10	$ 0.09	$ 0.10	$ 0.04
Discontinued operations (in dollars per share)	0.03	0.61	0.03	0.64
Net income per share (in dollars per share)	$ 0.13	$ 0.70	$ 0.13	$ 0.68
Weighted average number of shares of common stock outstanding (basic and diluted) (in shares)	325,183	325,183	325,183	325,183

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 43,063	$ 228,101	$ 43,717	$ 220,546
Other comprehensive income (loss):
Foreign currency translation adjustments	65	642	1,855	(1,830)
Changes in fair value of cash flow hedges:
Amortization of loss and loss on termination of cash flow hedges	0	180	0	180
Unrealized gain (loss) arising during the period	9	128	(28)	152
Total other comprehensive income (loss)	74	950	1,827	(1,498)
Net comprehensive income	$ 43,137	$ 229,051	$ 45,544	$ 219,048

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 Loss
Balance (in shares) at Dec. 31, 2014		325,184
Balance at Dec. 31, 2014	$ 1,157,390	$ 3,252	$ 2,863,839	$ (494,129)	$ (1,211,302)	$ (4,270)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 $0.1000 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	$ 204					204
Balance (in shares) 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,717
Distributions, declared and paid ($1.5000 per share for 2015 and $0.1000 per share for 2016)	(32,519)				(32,519)
Foreign currency translation adjustment	1,855					1,855
Amortization of loss on termination of cash flow hedges	0
Current period adjustment to recognize changes in fair value of cash flow hedges	$ (28)					(28)
Balance (in shares) at Jun. 30, 2016	325,183	325,183
Balance at Jun. 30, 2016	$ 819,204	$ 3,252	$ 2,863,833	$ (309,257)	$ (1,731,595)	$ (7,029)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Declared and paid distributions, per share (in dollars per share)	$ 0.1	$ 0.1	$ 1.5

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net cash provided by operating activities	$ 50,289	$ 42,149
Investing activities:
Capital expenditures	(9,241)	(27,894)
Proceeds from sale of real estate	50,416	743,110
Proceeds from sale of unconsolidated entity	0	139,501
Contribution to unconsolidated entity	(5,839)	(54,572)
Cash assumed through purchase of controlling interest of investment in unconsolidated entity	11,861	0
Proceeds from insurance	1,480	1,710
Principal payments received on mortgage loans receivable	0	28
Changes in restricted cash	1,901	10,641
Net cash provided by investing activities	50,578	812,524
Financing activities:
Redemption of common stock	0	(6)
Distributions to stockholders	(32,519)	(32,518)
Principal payments on line of credit	0	(152,500)
Principal payments on mortgage loans and senior notes	(17,482)	(526,032)
Principal payments on capital leases	(1,680)	(2,303)
Payments of entrance fee refunds	0	0
Net cash used in financing activities	(51,681)	(713,359)
Effect of exchange rate fluctuations on cash	109	4
Net increase in cash	49,295	141,318
Cash at beginning of period	83,544	136,985
Cash at end of period	132,839	278,303
Supplemental disclosure of non-cash investing activities:
Net increase in real estate and other working capital due to consolidation of unconsolidated entity	18,164	0
Supplemental disclosure of non-cash financing activities:
Assumption of mortgage loans by third party	$ 0	$ 139,181

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	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 June 30, 2016 , the Company owned 43 lifestyle properties directly within the following asset classes: ski and mountain lifestyle and attractions. Eight of these properties were held for sale 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. Additionally, during the first six months of 2016, the Company (i) sold its remaining five marina properties and its unimproved land for aggregate net sales proceeds of approximately $50.4 million , (ii) acquired the remaining 20% interest in the Intrawest Venture from its co-venture partner, and (iii) as of June 30, 2016 had contracts in place to sell one attraction property and seven ski and mountain lifestyle properties.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies : Principles of Consolidation and Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the quarter and six months ended June 30, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016 . Amounts as of December 31, 2015 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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. 2. Significant Accounting Policies (Continued) : Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant estimates and assumptions are made in connection with the allocation of purchase price and the analysis of real estate, equity method investments and impairments. Actual results could differ from those estimates. Reclassifications — Certain amounts in the prior year’s condensed consolidated financial statements have been reclassified to conform to current year presentation with no effect on previously reported net loss or equity. See "Adopted Accounting Pronouncements" below and Note 4. “Assets Held for Sale, net and Discontinued Operations” for additional information. Adopted Accounting Pronouncements — In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which requires amendments to both the VIE and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company adopted this ASU effective January 1, 2016. The adoption of this ASU did not result in any changes to conclusions about whether the Company’s three wholly-owned entities with purchase options were VIEs or whether the Company was the primary beneficiary of these entities. Additionally, it did not result in any changes to conclusions in relation to its investment in the Intrawest Venture, its unconsolidated joint venture. In April 2016, the Company acquired the remaining 20% interest in the Intrawest Venture from its co-venture partner. The Company's acquisition of the 20% interest was deemed a reconsideration event and the Company determined that this now wholly-owned entity was no longer a VIE. Refer to Note 6, "Unconsolidated Entities" for additional information. 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, 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, 2015 Adjustments Adjusted December 31, 2015 Other assets $ 18,176 $ (1,398 ) $ 16,778 Mortgages and other notes payable $ 185,739 $ (1,398 ) $ 184,341 Recent Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date” which defers the original effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted only as of annual 2. Significant Accounting Policies (Continued) : reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company has determined that it will not early adopt ASU 2014-09 and is still evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. 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	6 Months Ended
	Jun. 30, 2016
Real Estate Investment Property, Net [Abstract]
Real Estate Investment Properties, net	Real Estate Investment Properties, net: As of June 30, 2016 and December 31, 2015 , real estate investment properties consisted of the following (in thousands): June 30, December 31, Land and land improvements $ 369,473 $ 368,941 Leasehold interests and improvements 171,550 170,970 Buildings 248,269 244,968 Equipment 514,075 506,935 Less: accumulated depreciation and amortization (613,261 ) (579,957 ) $ 690,106 $ 711,857 For the quarter and six months ended June 30, 2016 , the Company had depreciation and amortization expenses of approximately $16.4 million and $ 33.2 million , respectively, as compared to approximately $20.3 million and $43.4 million , respectively, for the quarter and six months ended June 30, 2015 .

Assets Held for Sale, net and D

Assets Held for Sale, net and Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale, net and Discontinued Operations	Assets Held for Sale, net and Discontinued Operations: Assets Held for Sale, net — The Company had classified eight and seven properties as assets held for sale as of June 30, 2016 and December 31, 2015 , respectively. The following table presents the net carrying value of the properties classified as held for sale (in thousands): June 30, December 31, Land and land improvements, net $ 14,805 $ 6,248 Leasehold interests and improvements, net — 27,184 Building and building improvements, net 74,476 6,509 Equipment, net — 1,378 Intangibles, net 16,875 25 Restricted cash — 1,408 Accounts and other receivables, net 730 699 Total $ 106,886 $ 43,451 4. Assets Held for Sale, net and Discontinued Operations (Continued) : Associated Liabilities Held for Sale — As of June 30, 2016 , the Company had below market lease intangibles of approximately $7.4 million associated with the assets of its seven ski and mountain lifestyle properties held for sale. There were no associated liabilities held for sale as of December 31, 2015 . As of December 31, 2015, the Company had seven properties classified as held for sale. During the six months ended June 30, 2016 , the Company sold its remaining five marina properties and its unimproved land. The Company received aggregate sales proceeds net of closing costs for the sale of these properties of approximately $50.4 million , which resulted in aggregate gains of approximately $10.6 million for financial reporting purposes, of which approximately $0.9 million and $9.7 million was recorded in continuing operations and discontinued operations, respectively. No disposition fee was payable to the Advisor on the sale of the five marina properties or the unimproved land. On April 1, 2016, as described in Note 6, "Unconsolidated Entities," the Company acquired the remaining 20% interest in the Intrawest Venture, from its co-venture partner and held a combined 100% controlling interest in the Intrawest Venture entities that owned seven ski and mountain lifestyle properties. In addition, upon acquisition the Company agreed to sell these seven properties and as of June 30, 2016, had eight properties classified as held for sale. The Company accounted for the revenues and expenses related to seven ski and mountain lifestyle properties (effective April 2016, when they became wholly-owned) and one attractions property which were held for sale as of June 30, 2016, and one undeveloped land sold during 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, which became effective on January 1, 2015. Discontinued Operations — The Company classified the revenues and expenses related to the 38 senior housing and 17 marina properties, originally identified as held for sale in 2014, as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. The following table is a summary of income from discontinued operations for the quarter and six months ended June 30, 2016 and 2015 (in thousands): Quarter ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 838 $ 17,733 $ 3,838 $ 48,014 Expenses (780 ) (13,667 ) (3,189 ) (33,488 ) Impairment provision — (7,749 ) — (7,749 ) Operating income (loss) 58 (3,683 ) 649 6,777 Gain on sale of real estate 9,687 206,625 9,687 206,625 Loss on extinguishment of debt (308 ) (2,528 ) (308 ) (2,528 ) Loss (gain) on retirement — 329 (1,000 ) 468 Other income (expense) 527 (1,023 ) 413 (4,570 ) Income from discontinued operations $ 9,964 $ 199,720 $ 9,441 $ 206,772

Intangibles, net

Intangibles, net	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles, net	Intangibles, net: The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Gross Accumulated June 30, 2016 Net Book Value In place leases $ 11,250 $ (5,346 ) $ 5,904 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,547 $ (5,346 ) $ 16,201 Gross Accumulated December 31, 2015 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 quarter and six months ended June 30, 2016 and 2015 , the Company had amortization expense of approximately $ 0.2 million and $0.3 million , respectively, excluding properties that the Company classified as discontinued operations.

Unconsolidated Entities

Unconsolidated Entities	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Business Combination [Abstract]
Unconsolidated Entities	Unconsolidated Entities: As of December 31, 2015, the Company held an 80% ownership interest in the Intrawest Venture of approximately $73.4 million . The Company had classified its investment in the Intrawest Venture, an unconsolidated entity, as a VIE and concluded it was not the primary beneficiary. As part of the Company's evaluation of strategic alternatives to provide stockholders with liquidity of their investment, as described further in Note 1, "Organization and Nature of Business," the Company initiated the buy-sell process permitted under the partnership agreement of 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% non-controlling interest in the Intrawest Venture in accordance with the buy-sell provisions of the Intrawest Venture partnership agreement, subject to satisfaction of certain terms and conditions. Effective April 1, 2016, the Company satisfied the terms and conditions under the buy-sell provisions of the partnership agreement and acquired its co-venture partner's 20% interest in the Intrawest Venture for a nominal amount. In conjunction with the acquisition of the remaining 20% interest, in April 2016, the Company contributed $5.8 million to the Intrawest Venture and the Intrawest Venture used the proceeds and repaid a mezzanine loan from its joint venture partner and related accrued interest of 5.8 million . The acquisition of the co-venture partner’s 20% non-controlling interest, which resulted in the Company owning a combined 100% controlling interest in the Intrawest Venture, was deemed a VIE reconsideration event and the Company determined that the Intrawest Venture was no longer a VIE. As a result of the Company’s 100% controlling interest in the Intrawest Venture, which owned seven ski and mountain lifestyle properties, the Company began consolidating all of the assets, liabilities and results of operations in the Company's consolidated financial statements effective April 1, 2016. In addition, as part of the Company's evaluation of strategic alternatives, upon acquiring the 20% interest, the Company agreed to sell the seven ski and mountain lifestyle properties, classified them as held for sale and the entities that owned these properties ceased recording depreciation on these seven properties. In May and June 2016, the Company entered into purchase and sale agreements for the sale of the seven ski and mountain lifestyle properties owned by the Intrawest Venture. The expected sales proceeds, net of expected closing costs, approximated the carrying value of the properties. On April 1, 2016, the nominal consideration paid to acquire the remaining 20% interest, along with the approximate $79.5 million carrying value of the Company’s investment in the unconsolidated entity, was less than the fair value of the net assets acquired, which resulted in a gain of approximately $30.0 million in connection with this transaction. The Company determined the fair values of the real estate based on anticipated sales proceeds from the anticipated sale of the seven ski and mountain lifestyle properties, less costs to sell. The Company determined that the fair value of cash, trade receivables and trade payable (“Working Capital, net”) approximated their carrying values. 6. Unconsolidated Entities (Continued) : The following summarizes the allocation of the estimated fair values of the assets acquired and liabilities assumed as of April 1, 2016 (in thousands): Land and land improvements $ 14,208 Buildings and building improvements 74,253 Intangibles (1) 9,449 Cash assumed 11,861 Working capital, net (267 ) Net assets upon acquisitions of 20% non-controlling interest and consolidation $ 109,504 FOOTNOTES: (1) Intangibles were comprised of approximately $13.7 million , $3.1 million and $(7.4) million of in-place lease, above-market lease and below-market lease intangible assets (liabilities), respectively. The following summarizes the gain that resulted from the change of control in the unconsolidated equity method investment for the quarter and six months ended June 30, 2016 (in thousands): Fair value of new assets upon acquisition of 20% non-controlling interest and consolidation $ 109,504 Less: Investment in unconsolidated entity (79,479 ) Gain on purchase of controlling interest of investment in unconsolidated entity $ 30,025 The revenues and net income attributable to the Company's acquisition of the Intrawest Venture were approximately $3.9 million and $2.5 million , respectively, for each of the quarter and six months ended June 30, 2016 . There were no acquisitions in 2015 . The following table presents the unaudited pro forma results of operations for the Company as if the April 1, 2016 acquisition of the remaining 20% interest in the Intrawest Venture was acquired as of January 1, 2015 (in thousands except per share data): (Unaudited) (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 63,556 $ 90,123 $ 110,080 $ 166,957 Net income $ 43,063 $ 230,366 $ 44,996 $ 224,131 Income per share of common stock (basic and diluted) $ 0.13 $ 0.71 $ 0.14 $ 0.69 Weighted average number of shares of common stock outstanding (basic and diluted) 325,183 325,183 325,183 325,183 6. Unconsolidated Entities (Continued) : The following tables present financial information for the Company’s investment in the Intrawest Venture, its unconsolidated entity, for the six months ended June 30, 2016 (which effective April 1, 2016, the Intrawest Venture became wholly-owned by the Company) and for the Company's investments in the Intrawest Venture and DMC Partnership for the quarter ended and six months ended June 30, 2015 (in thousands): Six Months Ended June 30, 2016 Intrawest (1) 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 (2) $ (410 ) (3) Income allocable to the Company (2) $ 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 Quarter Ended June 30, 2015 DMC (4) Intrawest Total Revenues $ 2,290 $ 4,464 $ 6,754 Property operating expenses (18 ) (2,713 ) (2,731 ) Depreciation and amortization (754 ) (1,879 ) (2,633 ) Interest expense and other income (expense) (227 ) (733 ) (960 ) Net income (loss) $ 1,291 $ (861 ) $ 430 Income (loss) allocable to other venture partners (2) $ 1,576 $ (399 ) (3) $ 1,177 Income allocable to the Company (2) $ (285 ) $ (462 ) $ (747 ) Amortization of capitalized costs (7 ) (29 ) (36 ) Equity in loss of unconsolidated entities $ (292 ) $ (491 ) $ (783 ) Distribution declared to the Company $ 901 $ 1,072 $ 1,973 Distributions received by the Company $ 3,698 $ 1,466 $ 5,164 6. Unconsolidated Entities (Continued) : Six Months Ended June 30, 2015 DMC Partnership (4) Intrawest Venture Total Revenues $ 10,743 $ 9,306 $ 20,049 Property operating expenses (173 ) (5,339 ) (5,512 ) Depreciation and amortization (3,038 ) (2,568 ) (5,606 ) Interest expense and other income (expense) (1,555 ) (1,818 ) (3,373 ) Net income $ 5,977 $ (419 ) $ 5,558 Income (loss) allocable to other venture partners (2) $ 3,477 $ (796 ) (3) $ 2,681 Income allocable to the Company (2) $ 2,500 $ 377 $ 2,877 Amortization of capitalized costs (25 ) (74 ) (99 ) Equity in earnings of unconsolidated entities $ 2,475 $ 303 $ 2,778 Distribution declared to the Company $ 3,698 $ 4,551 $ 8,249 Distributions received by the Company $ 6,558 $ 4,176 $ 10,734 FOOTNOTES : (1) In April 2016, the Company acquired its co-venture partner's 20% interest in the Intrawest Venture. (2) Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. (3) This amount includes the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (4) The Company sold its 81.98% interest in the DMC Partnership in April 2015.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Indebtedness	Indebtedness : Line of Credit — As of June 30, 2016 , the Company’s revolving line of credit, which had available capacity of $ 100 million , did not have an outstanding principal balance and was collateralized by certain of the Company’s properties. In August 2016, the Company terminated its revolving line of credit. Mortgages and Other Notes Payable — During the six months ended June 30, 2016, the Company sold its remaining five marinas properties and used a portion of the net sales proceeds to repay approximately $10.5 million of outstanding indebtedness collateralized by three of the marina properties. In addition, the Company paid $7.0 million in scheduled principal payments under its mortgage loans. The estimated fair market value and carrying value of the Company’s mortgages and other notes payable were approximately $ 168.5 million and $ 168.3 million , respectively, as of June 30, 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 June 30, 2016 because of the relatively short maturities of the obligations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements: As of June 30, 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. 8. Fair Value Measurements (Continued) : 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 eight properties classified as assets held for sale as of June 30, 2016 , of which seven were carried at fair value based on estimated sales price less costs to sell. The Company had 13 real estate investment properties and one property that was classified as held for sale that were carried at fair value as of December 31, 2015 , as a result of writing down the book values of these properties to their estimated fair values based on estimated discounted cash flows and residual values during 2015. The Company had six additional properties that were classified as assets held for sale that were carried at fair value at December 31, 2015 , based on estimated sales price less costs to sell. 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 June 30, 2016 and December 31, 2015 , as follows (in thousands): Fair Value Measurement as of June 30, 2016 Level 1 Level 2 Level 3 Assets: Assets held for sale $ 105,411 $ — $ — $ 105,411 Liabilities: Liabilities related to assets held for sale $ 7,420 $ — $ — $ 7,420 Derivative instrument 646 — 646 — $ 8,066 $ — $ 646 $ 7,420 Fair Value Measurement as of December 31, 2015 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	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements: For the quarter and six months ended June 30, 2016 and 2015 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Asset management fees (1) $ 3,099 $ 5,909 $ 6,289 $ 12,151 Reimbursable expenses: (2) Operating expenses 1,489 1,723 2,846 3,129 Total fees earned and reimbursable expenses $ 4,588 $ 7,632 $ 9,135 $ 15,280 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 $0.6 million and $0.4 million as of June 30, 2016 and December 31, 2015 , respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity: For each of the six months ended June 30, 2016 and 2015 , the Company declared and paid distributions of approximately $ 32.5 million ($ 0.10 per share).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: In August 2016, the Company terminated its revolving line of credit.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the quarter and six months ended June 30, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016 . Amounts as of December 31, 2015 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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.
Principles of 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	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant estimates and assumptions are made in connection with the allocation of purchase price and the analysis of real estate, equity method investments and impairments. Actual results could differ from those estimates.
Reclassifications	Certain amounts in the prior year’s condensed consolidated financial statements have been reclassified to conform to current year presentation with no effect on previously reported net loss or equity. See "Adopted Accounting Pronouncements" below and Note 4. “Assets Held for Sale, net and Discontinued Operations” for additional information.
Adopted Accounting Pronouncements and Recent Accounting Pronouncements	In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which requires amendments to both the VIE and voting models. The amendments (i) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (ii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company adopted this ASU effective January 1, 2016. The adoption of this ASU did not result in any changes to conclusions about whether the Company’s three wholly-owned entities with purchase options were VIEs or whether the Company was the primary beneficiary of these entities. Additionally, it did not result in any changes to conclusions in relation to its investment in the Intrawest Venture, its unconsolidated joint venture. In April 2016, the Company acquired the remaining 20% interest in the Intrawest Venture from its co-venture partner. The Company's acquisition of the 20% interest was deemed a reconsideration event and the Company determined that this now wholly-owned entity was no longer a VIE. Refer to Note 6, "Unconsolidated Entities" for additional information. 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, 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. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date” which defers the original effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted only as of annual 2. Significant Accounting Policies (Continued) : reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company has determined that it will not early adopt ASU 2014-09 and is still evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. 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)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
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, 2015 Adjustments Adjusted December 31, 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)	6 Months Ended
	Jun. 30, 2016
Real Estate Investment Property, Net [Abstract]
Schedule of Real Estate Investment Properties	As of June 30, 2016 and December 31, 2015 , real estate investment properties consisted of the following (in thousands): June 30, December 31, Land and land improvements $ 369,473 $ 368,941 Leasehold interests and improvements 171,550 170,970 Buildings 248,269 244,968 Equipment 514,075 506,935 Less: accumulated depreciation and amortization (613,261 ) (579,957 ) $ 690,106 $ 711,857

Assets Held for Sale, net and24

Assets Held for Sale, net and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Net Carrying Value of Assets Held for Sale	The following table presents the net carrying value of the properties classified as held for sale (in thousands): June 30, December 31, Land and land improvements, net $ 14,805 $ 6,248 Leasehold interests and improvements, net — 27,184 Building and building improvements, net 74,476 6,509 Equipment, net — 1,378 Intangibles, net 16,875 25 Restricted cash — 1,408 Accounts and other receivables, net 730 699 Total $ 106,886 $ 43,451
Summary of Income from Discontinued Operations	The following table is a summary of income from discontinued operations for the quarter and six months ended June 30, 2016 and 2015 (in thousands): Quarter ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 838 $ 17,733 $ 3,838 $ 48,014 Expenses (780 ) (13,667 ) (3,189 ) (33,488 ) Impairment provision — (7,749 ) — (7,749 ) Operating income (loss) 58 (3,683 ) 649 6,777 Gain on sale of real estate 9,687 206,625 9,687 206,625 Loss on extinguishment of debt (308 ) (2,528 ) (308 ) (2,528 ) Loss (gain) on retirement — 329 (1,000 ) 468 Other income (expense) 527 (1,023 ) 413 (4,570 ) Income from discontinued operations $ 9,964 $ 199,720 $ 9,441 $ 206,772

Intangibles, net (Tables)

Intangibles, net (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount and Accumulated Amortization of Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of June 30, 2016 and December 31, 2015 are as follows (in thousands): Gross Accumulated June 30, 2016 Net Book Value In place leases $ 11,250 $ (5,346 ) $ 5,904 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,547 $ (5,346 ) $ 16,201 Gross Accumulated December 31, 2015 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)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Business Combination [Abstract]
Allocation of Purchase Price and Estimated Fair Values of the Assets Acquired and Liabilities Assumed	The following summarizes the allocation of the estimated fair values of the assets acquired and liabilities assumed as of April 1, 2016 (in thousands): Land and land improvements $ 14,208 Buildings and building improvements 74,253 Intangibles (1) 9,449 Cash assumed 11,861 Working capital, net (267 ) Net assets upon acquisitions of 20% non-controlling interest and consolidation $ 109,504 FOOTNOTES: (1) Intangibles were comprised of approximately $13.7 million , $3.1 million and $(7.4) million of in-place lease, above-market lease and below-market lease intangible assets (liabilities), respectively.
Gain from Change of Control in the Equity Method Investment	The following summarizes the gain that resulted from the change of control in the unconsolidated equity method investment for the quarter and six months ended June 30, 2016 (in thousands): Fair value of new assets upon acquisition of 20% non-controlling interest and consolidation $ 109,504 Less: Investment in unconsolidated entity (79,479 ) Gain on purchase of controlling interest of investment in unconsolidated entity $ 30,025
Schedule of Pro Forma Information	The following table presents the unaudited pro forma results of operations for the Company as if the April 1, 2016 acquisition of the remaining 20% interest in the Intrawest Venture was acquired as of January 1, 2015 (in thousands except per share data): (Unaudited) (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 63,556 $ 90,123 $ 110,080 $ 166,957 Net income $ 43,063 $ 230,366 $ 44,996 $ 224,131 Income per share of common stock (basic and diluted) $ 0.13 $ 0.71 $ 0.14 $ 0.69 Weighted average number of shares of common stock outstanding (basic and diluted) 325,183 325,183 325,183 325,183 6. Unconsolidated Entities (Continued) :
Summarized Operating Data of Unconsolidated Entities	The following tables present financial information for the Company’s investment in the Intrawest Venture, its unconsolidated entity, for the six months ended June 30, 2016 (which effective April 1, 2016, the Intrawest Venture became wholly-owned by the Company) and for the Company's investments in the Intrawest Venture and DMC Partnership for the quarter ended and six months ended June 30, 2015 (in thousands): Six Months Ended June 30, 2016 Intrawest (1) 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 (2) $ (410 ) (3) Income allocable to the Company (2) $ 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 Quarter Ended June 30, 2015 DMC (4) Intrawest Total Revenues $ 2,290 $ 4,464 $ 6,754 Property operating expenses (18 ) (2,713 ) (2,731 ) Depreciation and amortization (754 ) (1,879 ) (2,633 ) Interest expense and other income (expense) (227 ) (733 ) (960 ) Net income (loss) $ 1,291 $ (861 ) $ 430 Income (loss) allocable to other venture partners (2) $ 1,576 $ (399 ) (3) $ 1,177 Income allocable to the Company (2) $ (285 ) $ (462 ) $ (747 ) Amortization of capitalized costs (7 ) (29 ) (36 ) Equity in loss of unconsolidated entities $ (292 ) $ (491 ) $ (783 ) Distribution declared to the Company $ 901 $ 1,072 $ 1,973 Distributions received by the Company $ 3,698 $ 1,466 $ 5,164 6. Unconsolidated Entities (Continued) : Six Months Ended June 30, 2015 DMC Partnership (4) Intrawest Venture Total Revenues $ 10,743 $ 9,306 $ 20,049 Property operating expenses (173 ) (5,339 ) (5,512 ) Depreciation and amortization (3,038 ) (2,568 ) (5,606 ) Interest expense and other income (expense) (1,555 ) (1,818 ) (3,373 ) Net income $ 5,977 $ (419 ) $ 5,558 Income (loss) allocable to other venture partners (2) $ 3,477 $ (796 ) (3) $ 2,681 Income allocable to the Company (2) $ 2,500 $ 377 $ 2,877 Amortization of capitalized costs (25 ) (74 ) (99 ) Equity in earnings of unconsolidated entities $ 2,475 $ 303 $ 2,778 Distribution declared to the Company $ 3,698 $ 4,551 $ 8,249 Distributions received by the Company $ 6,558 $ 4,176 $ 10,734 FOOTNOTES : (1) In April 2016, the Company acquired its co-venture partner's 20% interest in the Intrawest Venture. (2) Income (loss) is allocated between the Company and its venture partner using the hypothetical liquidation book value (“HLBV”) method of accounting. (3) This amount includes the venture partner’s portion of interest expense on a loan which the partners made to the venture. These amounts are treated as distributions for the purposes of the HLBV calculation. (4) The Company sold its 81.98% interest in the DMC Partnership in April 2015.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Carried at Fair Value	The following tables show the fair value of the Company’s financial assets and liabilities carried at fair value as of June 30, 2016 and December 31, 2015 , as follows (in thousands): Fair Value Measurement as of June 30, 2016 Level 1 Level 2 Level 3 Assets: Assets held for sale $ 105,411 $ — $ — $ 105,411 Liabilities: Liabilities related to assets held for sale $ 7,420 $ — $ — $ 7,420 Derivative instrument 646 — 646 — $ 8,066 $ — $ 646 $ 7,420 Fair Value Measurement as of December 31, 2015 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)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Earned Acquisition Fees and Incurred Reimbursable Expenses	For the quarter and six months ended June 30, 2016 and 2015 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Asset management fees (1) $ 3,099 $ 5,909 $ 6,289 $ 12,151 Reimbursable expenses: (2) Operating expenses 1,489 1,723 2,846 3,129 Total fees earned and reimbursable expenses $ 4,588 $ 7,632 $ 9,135 $ 15,280 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) $ in Thousands	6 Months Ended		12 Months Ended	24 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Dec. 31, 2015Property	Dec. 31, 2015Property	Apr. 30, 2016	Apr. 01, 2016Property
Organization And Nature Of Business [Line Items]
Number of real estate properties	43
Number of properties held for sale	8		7	7
Number of properties sold				104
Proceeds from sale of real estate | $	$ 50,416	$ 743,110
Intrawest Venture
Organization And Nature Of Business [Line Items]
Percentage of ownership interest acquired (as a percent)	20.00%				20.00%	20.00%
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
Marinas Property
Organization And Nature Of Business [Line Items]
Number of properties held for sale			17	17
Number of properties sold				12
Proceeds from sale of real estate | $	$ 50,400
Marinas Property | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization And Nature Of Business [Line Items]
Number of properties sold	5
Attractions properties
Organization And Nature Of Business [Line Items]
Number of properties held for sale	1
Number of properties sold				4
Attractions properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization And Nature Of Business [Line Items]
Number of properties sold			4
Ski and Mountain Lifestyle Properties
Organization And Nature Of Business [Line Items]
Number of properties held for sale	7					7
Number of properties sold				1
Ski and Mountain Lifestyle Properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization And Nature Of Business [Line Items]
Number of properties sold			1
Unconsolidated Joint Ventures
Organization And Nature Of Business [Line Items]
Number of properties sold				1
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated
Organization And Nature Of Business [Line Items]
Company's ownership percentage sold (as a percent)			81.98%	81.98%
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 (in years)	5 years
Maximum
Organization And Nature Of Business [Line Items]
Long-term lease (in years)	20 years

Significant Accounting Polici30

Significant Accounting Policies - Additional Details of Adjustments to Financial Statements (Details) $ in Thousands	Jun. 30, 2016USD ($)Entity	Apr. 30, 2016	Apr. 01, 2016	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Number of wholly owned entities with purchase options | Entity	3
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 20,736			$ 16,778
Mortgages and other notes payable	$ 167,494			184,341
Intrawest Venture
Business Acquisition [Line Items]
Percentage of ownership interest acquired (as a percent)	20.00%	20.00%	20.00%
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
Accounting Standards Update 2015-03 | As Filed
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets				18,176
Mortgages and other notes payable				185,739
Accounting Standards Update 2015-03 | Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets				(1,398)
Mortgages and other notes payable				$ (1,398)

Real Estate Investment Proper31

Real Estate Investment Properties, net - Schedule of Real Estate Investment Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Less: accumulated depreciation and amortization	$ (613,261)	$ (579,957)
Real estate investment properties, net	690,106	711,857
Land and land improvements, net
Real Estate Properties [Line Items]
Real estate investment properties, at cost	369,473	368,941
Leasehold interests and improvements, net
Real Estate Properties [Line Items]
Real estate investment properties, at cost	171,550	170,970
Buildings
Real Estate Properties [Line Items]
Real estate investment properties, at cost	248,269	244,968
Equipment, net
Real Estate Properties [Line Items]
Real estate investment properties, at cost	$ 514,075	$ 506,935

Real Estate Investment Proper32

Real Estate Investment Properties, net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate Properties [Line Items]
Depreciation and amortization expenses	$ 16,635	$ 20,544	$ 33,457	$ 43,656
Continuing Operations
Real Estate Properties [Line Items]
Depreciation and amortization expenses	$ 16,400	$ 20,300	$ 33,200	$ 43,400

Assets Held for Sale, net and33

Assets Held for Sale, net and Discontinued Operations - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended	24 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)Property	Dec. 31, 2015USD ($)Property	May 31, 2016Property	Apr. 30, 2016	Apr. 01, 2016Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	8		8		7	7
Liabilities related to assets held for sale | $	$ 7,420,000		$ 7,420,000		$ 0	$ 0
Number of properties sold						104
Proceeds from sale of real estate | $			$ 50,416,000	$ 743,110,000
Intrawest Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest acquired (as a percent)	20.00%		20.00%					20.00%	20.00%
Percentage of ownership by parent									100.00%
Ski and Mountain Lifestyle Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	7		7						7
Number of properties sold						1
Ski and Mountain Lifestyle Properties | Intrawest Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties acquired									7
Marinas Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale					17	17
Number of properties sold						12
Proceeds from sale of real estate | $			$ 50,400,000
Attractions Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	1		1
Number of properties sold						4
Senior Housing Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold						38
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	8		8		7	7
Below market lease intangibles | $	$ 7,400,000		$ 7,400,000
Liabilities related to assets held for sale | $					$ 0	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Ski and Mountain Lifestyle Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	7		7				7		7
Disposal Group, Held-for-sale, Not Discontinued Operations | Marinas Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate | $			$ 50,400,000
Disposition fee | $			$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Attractions Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale	1		1
Disposal Group, Held-For-Sale, Including Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate | $			$ 10,598,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ski and Mountain Lifestyle Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold					1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marinas Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold			5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Attractions Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold					4
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Undeveloped Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold			1
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate | $	$ 9,687,000	$ 206,625,000	$ 9,687,000	$ 206,625,000
Discontinued Operations, Held-for-sale | Marinas Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold			17
Discontinued Operations, Held-for-sale | Senior Housing Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold			38
Continuing Operations | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate | $			$ 911,000
Discontinued Operations | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate | $			$ 9,687,000

Assets Held for Sale, net and34

Assets Held for Sale, net and Discontinued Operations - Net Carrying Value of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 106,886	$ 43,451
Land and land improvements, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	14,805	6,248
Leasehold interests and improvements, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	0	27,184
Building and building improvements, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	74,476	6,509
Equipment, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	0	1,378
Intangibles, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	16,875	25
Restricted cash
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	0	1,408
Accounts and other receivables, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 730	$ 699

Assets Held for Sale, net and35

Assets Held for Sale, net and Discontinued Operations - Summary of Income from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 9,964	$ 199,720	$ 9,441	$ 206,772
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	838	17,733	3,838	48,014
Expenses	(780)	(13,667)	(3,189)	(33,488)
Impairment provision	0	(7,749)	0	(7,749)
Operating income (loss)	58	(3,683)	649	6,777
Gain on sale of real estate	9,687	206,625	9,687	206,625
Loss on extinguishment of debt	(308)	(2,528)	(308)	(2,528)
Loss (gain) on retirement	0	329	(1,000)	468
Other income (expense)	527	(1,023)	413	(4,570)
Income from discontinued operations	$ 9,964	$ 199,720	$ 9,441	$ 206,772

Intangibles, net - Gross Carryi

Intangibles, net - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (5,346)	$ (5,013)
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	21,547	21,500
Net Book Value	16,201	16,487
Trade name (infinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	10,297	10,297
Net Book Value	10,297	10,297
In place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,250	11,203
Accumulated Amortization	(5,346)	(5,013)
June 30, 2016 Net Book Value	$ 5,904	$ 6,190

Intangible Assets, net - Additi

Intangible Assets, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.2	$ 0.3	$ 0.2	$ 0.3

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	May 31, 2016Property	Apr. 30, 2016	Apr. 01, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entity	$ 0		$ 0				$ 79,479	$ 73,434
Repayments of debt			17,482	$ 526,032
Contribution to unconsolidated entity			$ 5,839	54,572
Number of properties held for sale | Property	8		8					7
Gain on purchase of controlling interest of investment in unconsolidated entity	$ 30,025	$ 0	$ 30,025	0
Revenues	63,556	85,659	105,337	157,651
Operating income (loss)	$ 4,323	(7,689)	$ 6,724	(14,796)
Ski and Mountain Lifestyle Properties
Schedule of Equity Method Investments [Line Items]
Number of properties held for sale | Property	7		7				7
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage								80.00%
Revenues		$ 4,464	$ 4,743	$ 9,306
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Percentage of ownership by parent							100.00%
Percentage of ownership interest acquired (as a percent)	20.00%		20.00%			20.00%	20.00%
Revenues	$ 3,900		$ 3,900
Operating income (loss)	$ 2,500		$ 2,500
Intrawest Venture | Ski and Mountain Lifestyle Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties acquired | Property							7
Disposal Group, Held-for-sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Number of properties held for sale | Property	8		8					7
Disposal Group, Held-for-sale, Not Discontinued Operations | Ski and Mountain Lifestyle Properties
Schedule of Equity Method Investments [Line Items]
Number of properties held for sale | Property	7		7		7		7
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Repayments of debt			$ 5,800

Unconsolidated Entities - Alloc

Unconsolidated Entities - Allocation of the Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Apr. 30, 2016	Apr. 01, 2016
Business Acquisition [Line Items]
Net assets acquired			$ 109,504
Intrawest Venture
Business Acquisition [Line Items]
Land and land improvements			14,208
Buildings and building improvements			74,253
Intangibles			9,449
Cash assumed			11,861
Working Capital, net			(267)
Net assets acquired			$ 109,504
Percentage of ownership interest acquired (as a percent)	20.00%	20.00%	20.00%
Below market leases acquired		$ (7,400)
Intrawest Venture | In-Place Leases
Business Acquisition [Line Items]
Intangibles		13,700
Intrawest Venture | Above Market Leases
Business Acquisition [Line Items]
Intangibles		$ 3,100

Unconsolidated Entities - Gain

Unconsolidated Entities - Gain from Change of Control in the Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 30, 2016	Apr. 01, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Fair value of new assets upon acquisition of 20% non-controlling interest and consolidation						$ 109,504
Less: Previous investment in Intrawest Venture	$ 0		$ 0			(79,479)	$ (73,434)
Gain on purchase of controlling interest of investment in unconsolidated entity	$ 30,025	$ 0	$ 30,025	$ 0
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Fair value of new assets upon acquisition of 20% non-controlling interest and consolidation						$ 109,504
Percentage of ownership interest acquired (as a percent)	20.00%		20.00%		20.00%	20.00%

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Pro Forma Information (Details) - Intrawest Venture - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Revenues	$ 63,556	$ 90,123	$ 110,080	$ 166,957
Net income	$ 43,063	$ 230,366	$ 44,996	$ 224,131
Income per share of common stock, basic (in dollars per share)	$ 0.13	$ 0.71	$ 0.14	$ 0.69
Income per share of common stock, diluted (in dollars per share)	$ 0.13	$ 0.70	$ 0.13	$ 0.68
Weighted average number of shares of common stock outstanding, basic (in shares)	325,183	325,183	325,183	325,183
Weighted average number of shares of common stock outstanding, diluted (in shares)	325,183	325,183	325,183	325,183

Unconsolidated Entities - Sum42

Unconsolidated Entities - Summarized Financial Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 30, 2016	Apr. 01, 2016	Apr. 30, 2015
Schedule of Equity Method Investments [Line Items]
Revenues	$ 63,556	$ 85,659	$ 105,337	$ 157,651
Property operating expenses	(28,727)	(52,021)	(38,643)	(89,059)
Depreciation and amortization	(16,635)	(20,544)	(33,457)	(43,656)
Equity in loss of unconsolidated entities	0	(783)	1,290	2,778
DMC Partnership
Schedule of Equity Method Investments [Line Items]
Revenues		2,290		10,743
Property operating expenses		(18)		(173)
Depreciation and amortization		(754)		(3,038)
Interest expense and other income (expense)		(227)		(1,555)
Net income		1,291		5,977
Income (loss) allocable to other venture partners		1,576		3,477
Income allocable to the Company		(285)		2,500
Amortization of capitalized costs		(7)		(25)
Equity in loss of unconsolidated entities		(292)		2,475
Distribution declared to the Company		901		3,698
Distributions received by the Company		3,698		6,558
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Revenues		4,464	4,743	9,306
Property operating expenses		(2,713)	(2,683)	(5,339)
Depreciation and amortization		(1,879)	(784)	(2,568)
Interest expense and other income (expense)		(733)	(379)	(1,818)
Net income		(861)	897	(419)
Income (loss) allocable to other venture partners		(399)	(410)	(796)
Income allocable to the Company		(462)	1,307	377
Amortization of capitalized costs		(29)	(17)	(74)
Equity in loss of unconsolidated entities		(491)	1,290	303
Distribution declared to the Company		1,072	1,423	4,551
Distributions received by the Company		1,466	1,074	4,176
Majority-Owned Subsidiary, Unconsolidated
Schedule of Equity Method Investments [Line Items]
Revenues		6,754		20,049
Property operating expenses		(2,731)		(5,512)
Depreciation and amortization		(2,633)		(5,606)
Interest expense and other income (expense)		(960)		(3,373)
Net income		430		5,558
Income (loss) allocable to other venture partners		1,177		2,681
Income allocable to the Company		(747)		2,877
Amortization of capitalized costs		(36)		(99)
Equity in loss of unconsolidated entities		(783)		2,778
Distribution declared to the Company		1,973		8,249
Distributions received by the Company		$ 5,164		$ 10,734
Majority-Owned Subsidiary, Unconsolidated | DMC Partnership
Schedule of Equity Method Investments [Line Items]
Company's ownership percentage sold (as a percent)							81.98%
Intrawest Venture
Schedule of Equity Method Investments [Line Items]
Revenues	$ 3,900		$ 3,900
Percentage of ownership interest acquired (as a percent)	20.00%		20.00%		20.00%	20.00%

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Thousands	6 Months Ended		24 Months Ended
	Jun. 30, 2016USD ($)Property	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)Property
Debt Instrument [Line Items]
Line of credit, available capacity	$ 100,000
Number of properties sold | Property			104
Principal payments on mortgage loans and senior notes	17,482	$ 526,032
Mortgages and other notes payable	167,494		$ 184,341
Estimate of Fair Value, Fair Value Disclosure
Debt Instrument [Line Items]
Mortgages and other notes payable	168,500
Carrying (Reported) Amount, Fair Value Disclosure
Debt Instrument [Line Items]
Mortgages and other notes payable	168,300
Other Notes Payable
Debt Instrument [Line Items]
Principal payments on mortgage loans and senior notes	10,500
Mortgages
Debt Instrument [Line Items]
Principal payments on mortgage loans and senior notes	$ 7,000
Marinas Property
Debt Instrument [Line Items]
Number of properties sold | Property			12
Number of Real Estate Properties Pledged as Collateral | Property	3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marinas Property
Debt Instrument [Line Items]
Number of properties sold | Property	5

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2016PropertyDerivative	Dec. 31, 2015PropertyDerivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining hedges qualified as highly effective | Derivative	1	1
Number of properties held for sale	8	7
Number real estate properties held for sale carried at fair value	7	6
Number of real estate investment properties held for sale carried at fair value		13
Number of real estate properties held for sale carried at fair value due to write-down		1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Level 2
Liabilities:
Derivative instrument	$ 646	$ 618
Liabilities, fair value disclosure, total	646
Level 3
Assets:
Real estate investment properties, net		183,329
Assets held for sale, net	105,411	41,320
Assets, fair value disclosure, total		224,649
Liabilities:
Liabilities related to assets held for sale	7,420
Liabilities, fair value disclosure, total	7,420
Fair Value Measurement
Assets:
Real estate investment properties, net		183,329
Assets held for sale, net	105,411	41,320
Assets, fair value disclosure, total		224,649
Liabilities:
Liabilities related to assets held for sale	7,420
Derivative instrument	646	$ 618
Liabilities, fair value disclosure, total	$ 8,066

Related Party Transactions - Ad

Related Party Transactions - Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Asset management fees	$ 3,099	$ 5,909	$ 6,289	$ 12,151
Reimbursable expenses:
Operating expenses	1,489	1,723	2,846	3,129
Total fees earned and reimbursable expenses	4,588	$ 7,632	9,135	$ 15,280
Due to affiliates	587		587		$ 420
Operating expenses
Reimbursable expenses:
Due to affiliates	$ 600		$ 600		$ 400

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Equity [Abstract]
Declared and paid distributions	$ 32.5	$ 32.5
Declared and paid distributions, per share (in dollars per share)	$ 0.1	$ 0.1	$ 1.5