Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 18, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Real estate investment properties, net (including $57,213 and $58,832 related to consolidated variable interest entities, respectively) | $ 686,423 | $ 712,589 |
Assets held for sale, net | 105,354 | 42,719 |
Investment in unconsolidated entity | 0 | 73,434 |
Cash | 132,231 | 83,544 |
Deferred rent and lease incentives | 27,592 | 43,992 |
Restricted cash | 25,325 | 28,025 |
Other assets | 16,945 | 16,778 |
Intangibles, net | 16,042 | 16,487 |
Accounts and other receivables, net | 9,310 | 11,893 |
Total Assets | 1,019,222 | 1,029,461 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Mortgages and other notes payable (including $18,924 and $19,677 related to consolidated variable interest entities, respectively) | 147,737 | 184,341 |
Liabilities related to assets held for sale | 7,382 | 0 |
Other liabilities | 26,118 | 27,160 |
Accounts payable and accrued expenses | 13,072 | 12,845 |
Income tax liabilities | 12,849 | 9,778 |
Due to affiliates | 357 | 420 |
Total Liabilities | 207,515 | 234,544 |
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 September 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 | (299,818) | (364,236) |
Accumulated distributions | (1,747,854) | (1,699,076) |
Accumulated other comprehensive loss | (7,706) | (8,856) |
Total Stockholders’ Equity | 811,707 | 794,917 |
Total Liabilities and Stockholders’ Equity | $ 1,019,222 | $ 1,029,461 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Real estate investment properties, net | $ 686,423 | $ 712,589 |
Liabilities: | ||
Mortgages and other notes payable | $ 147,737 | $ 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 entities | ||
ASSETS | ||
Real estate investment properties, net | $ 57,213 | $ 58,832 |
Liabilities: | ||
Mortgages and other notes payable | $ 18,924 | $ 19,677 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Rental income from operating leases | $ 33,669 | $ 29,574 | $ 105,645 | $ 92,625 |
Property operating revenues | 62,713 | 97,901 | 96,074 | 191,145 |
Interest income on mortgages and other notes receivable | 0 | 125 | 0 | 1,481 |
Total revenues | 96,382 | 127,600 | 201,719 | 285,251 |
Expenses: | ||||
Property operating expenses | 33,389 | 56,531 | 72,032 | 146,525 |
Asset management fees to advisor | 3,003 | 3,665 | 9,069 | 12,193 |
General and administrative | 2,889 | 2,984 | 10,770 | 11,467 |
Ground lease and permit fees | 2,315 | 2,426 | 8,668 | 7,819 |
Other operating expenses | 4,054 | 1,731 | 10,058 | 4,875 |
Bad debt (recovery) expense | (227) | 3,256 | (18) | 8,092 |
Loan loss provision | 0 | 21 | 0 | 9,369 |
Impairment Provisions | 8,142 | 1,428 | 8,142 | 1,428 |
Depreciation and amortization | 16,237 | 19,807 | 49,694 | 63,463 |
Total expenses | 69,802 | 91,849 | 168,415 | 265,231 |
Operating income | 26,580 | 35,751 | 33,304 | 20,020 |
Other income (expense): | ||||
Interest and other (expense) income | (83) | 309 | 978 | 1,066 |
Interest expense and loan cost amortization | (2,701) | (3,202) | (8,436) | (23,946) |
Loss on extinguishment of debt | (25) | 0 | (25) | (21,065) |
Equity in earnings (loss) of unconsolidated entities | 0 | 1,162 | 1,290 | 3,940 |
Gain on purchase of controlling interest of investment in unconsolidated entity | 0 | 0 | 30,025 | 0 |
Total other (expense) income | (2,809) | (1,731) | 23,832 | (40,005) |
Income tax provision | (3,070) | (8,449) | (3,070) | (9,115) |
Income (loss) from continuing operations | 20,701 | 25,571 | 54,066 | (29,100) |
Income from discontinued operations | 0 | 7,614 | 9,441 | 214,386 |
Net income before gain on sale of real estate and unconsolidated entity | 20,701 | 33,185 | 63,507 | 185,286 |
Gain (loss) on sale of real estate | 0 | (1,064) | 911 | 26,528 |
Gain from sale of unconsolidated entity | 0 | 0 | 0 | 39,252 |
Net income | $ 20,701 | $ 32,121 | $ 64,418 | $ 251,066 |
Net income per share of common stock (basic and diluted) | ||||
Continuing operations (in dollars per share) | $ 0.06 | $ 0.08 | $ 0.17 | $ 0.11 |
Discontinued operations (in dollars per share) | 0 | 0.02 | 0.03 | 0.66 |
Net income per share (in dollars per share) | $ 0.06 | $ 0.10 | $ 0.20 | $ 0.77 |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,701 | $ 32,121 | $ 64,418 | $ 251,066 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (761) | (2,254) | 1,094 | (4,084) |
Changes in fair value of cash flow hedges: | ||||
Amortization of loss and loss on termination of cash flow hedges | 0 | 0 | 0 | 180 |
Unrealized gain (loss) arising during the period | 84 | (53) | 56 | 99 |
Total other comprehensive income (loss) | (677) | (2,307) | 1,150 | (3,805) |
Net comprehensive income | $ 20,024 | $ 29,814 | $ 65,568 | $ 247,261 |
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 | 129,893 | 129,893 | ||||
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 | $ 794,917 | $ 3,252 | 2,863,833 | (364,236) | (1,699,076) | (8,856) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 64,418 | |||||
Distributions, declared and paid ($1.5000 per share for 2015 and $0.1000 per share for 2016) | (48,778) | (48,778) | ||||
Foreign currency translation adjustment | 1,094 | 1,094 | ||||
Amortization of loss on termination of cash flow hedges | 0 | |||||
Current period adjustment to recognize changes in fair value of cash flow hedges | $ 56 | 56 | ||||
Balance (in shares) at Sep. 30, 2016 | 325,183 | 325,183 | ||||
Balance at Sep. 30, 2016 | $ 811,707 | $ 3,252 | $ 2,863,833 | $ (299,818) | $ (1,747,854) | $ (7,706) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Declared and paid distributions, per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 1.5 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net cash provided by operating activities | $ 95,031 | $ 80,940 |
Investing activities: | ||
Capital expenditures | (21,802) | (35,787) |
Proceeds from sale of real estate | 50,456 | 757,944 |
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 | 1,700 | 3,907 |
Principal payments received on mortgage loans receivable | 0 | 2,258 |
Changes in restricted cash | 5,816 | 11,671 |
Net cash provided by investing activities | 42,192 | 824,922 |
Financing activities: | ||
Redemption of common stock | 0 | (6) |
Distributions to stockholders | (48,778) | (48,777) |
Principal payments on line of credit | 0 | (152,500) |
Principal payments on mortgage loans and senior notes | (37,514) | (527,975) |
Principal payments on capital leases | (2,233) | (2,539) |
Payments of loan costs | 0 | (239) |
Net cash used in financing activities | (88,525) | (732,036) |
Effect of exchange rate fluctuations on cash | (11) | (85) |
Net increase in cash | 48,687 | 173,741 |
Cash at beginning of period | 83,544 | 136,985 |
Cash at end of period | 132,231 | 310,726 |
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 | $ 151,478 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 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 believes it has operated and has elected to be taxed as a real estate investment trust (a “REIT”) for federal income tax. In November 2016, the Company determined it needed to accrue a provision for income tax in connection with retaining its REIT status, as described further in Note 2, "Significant Accounting Policies." 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 September 30, 2016 , the Company owned 43 lifestyle properties directly within the following asset classes: ski and mountain lifestyle and attractions. Seven 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 nine 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 September 30, 2016 had contracts in place to sell seven ski and mountain lifestyle properties which were classified as held for sale. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 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 nine months ended September 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. Revision of Previously Issued Financial Statement — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2004. As a REIT, the Company generally is not subject to federal corporate income taxes provided it distributes at least 100% of its REIT taxable income and capital gains and meets certain other requirements for qualifying as a REIT. Subject to compliance with applicable tax law, certain properties may be operated using an eligible third-party manager. In those cases, taxable income from those operations may be subject to federal income tax. During the fourth quarter of 2016, the Company determined that five tenants from whom it received leasehold income may be viewed for federal income tax purposes as the same party who also serves as an eligible third-party manager, also known as an “independent contractor” (within the meaning of section 856(d)(3) of the Code) on behalf of the Company with respect to two properties for which the Company previously made an election pursuant to applicable Treasury Regulations to treat such properties as “foreclosure property.” If, because of the relationship between the tenant entities and the independent contractor entities, the Company is viewed as deriving or receiving income from the independent contractor, it could affect the Company's compliance with the federal income tax rules applicable to REITs. The “foreclosure property” elections would have terminated and, as of the first day following such terminations, the gross income the Company derived from such properties would not be qualifying income under the gross income tests that are applicable to REITs. In order to maintain qualification as a REIT, the Company annually must satisfy certain tests regarding the source of its gross income. The applicable federal income tax rules provide a “savings clause” for REITs that fail to satisfy the REIT gross income tests if such failure is due to reasonable cause and not due to willful neglect and the REIT complies with certain disclosure and filing requirements. A REIT that qualifies for the savings clause will retain its REIT status but may be required to pay a tax under section 857(b)(5) of the Code and related interest. As a result of not being able to satisfy the gross income test described above throughout 2015, the Company's previously issued financial statements did not appropriately reflect tax expense associated with unqualified gross income in the periods in which such income was earned. The impact of this misstatement was approximately $0.7 million for the three months ended June 30, 2015, an additional $8.4 million for the three months ended September 30, 2015, and an additional $0.7 million for the three months ended December 31, 2015. There was no impact to the three months ended March 31, 2015 related to this misstatement due to the timing of the period in which the income was earned. Additionally, the Company has self-insured retention amounts for certain properties. Accordingly, under GAAP, the Company should establish a liability for both known claims and claims that are incurred but not reported ("IBNR"). The Company determined that the methodology utilized to establish its IBNR did not appropriately consider all costs to settle its claims related to IBNR claims. The impact of this misstatement was approximately $0.7 million for the quarter ended March 31, 2015 and approximately $0.3 million for each of the quarters ended June 30, 2015, September 30, 2015 and December 31, 2015. Management evaluated the impact of the above misstatements on all previously issued financial statements and concluded that the previously issued financial statements were not materially misstated. However, the impact of recording the misstatements in the current period would be material to the quarter ended September 30, 2016 and the estimated results for the year ended December 31, 2016. Accordingly, the Company has revised its condensed consolidated financial statements as of and for the year ended December 31, 2015, for the interim periods of 2015 for the quarter ended March 31, 2015, for the quarter and six months ended June 30, 2015, and for the quarter and nine months ended September 30, 2015 presented in this Report on Form 10-Q. The following changes have been made to the Company's previously issued consolidated balance sheet, statements of operations and statements of comprehensive income (in thousands, except per share amounts). No changes were made to the consolidated statement of cash flows. 2. Significant Accounting Policies (Continued) : December 31, 2015 As Reported Adjustment As Revised Accounts payable and accrued expenses $ 11,361 $ 1,484 $ 12,845 Income tax liabilities — 9,778 9,778 Total Liabilities 223,282 11,262 234,544 Accumulated deficit (352,974 ) (11,262 ) (364,236 ) Total Stockholders’ Equity 806,179 (11,262 ) 794,917 The following changes have been made to the Company's unaudited condensed consolidated statements of operations (in thousands, except per share amounts): Quarter Ended March 31, 2015 As Reported Adjustment As Revised Expenses Property operating expenses $ 37,038 $ 660 $ 37,698 Income from continuing operations (14,607 ) (660 ) (15,267 ) Net income $ (7,555 ) $ (660 ) $ (8,215 ) Net income per share of common stock (basic and diluted): Continuing operations $ (0.04 ) $ (0.01 ) $ (0.05 ) Net income per share $ (0.02 ) $ (0.01 ) $ (0.03 ) Quarter Ended June 30, 2015 Six Months Ended June 30, 2015 As Reported Adjustment As Revised As Reported Adjustment As Revised Expenses Property operating expenses $ 52,021 $ 275 $ 52,296 $ 89,059 $ 935 $ 89,994 Other income (expense) Income tax provision — (666 ) (666 ) — (666 ) (666 ) Income from continuing operations (38,208 ) (941 ) (39,149 ) (52,815 ) (1,601 ) (54,416 ) Net income before gain on sale of real estate and unconsolidated entity 161,512 (941 ) 160,571 153,957 (1,601 ) 152,356 Net income $ 228,101 $ (941 ) $ 227,160 $ 220,546 $ (1,601 ) $ 218,945 Net income per share of common stock (basic and diluted): Continuing operations $ 0.09 $ — $ 0.09 $ 0.04 $ (0.01 ) $ 0.03 Net income per share $ 0.70 $ — $ 0.70 $ 0.68 $ (0.01 ) $ 0.67 2. Significant Accounting Policies (Continued) : Quarter Ended September 30, 2015 Nine Months Ended September 30, 2015 As Reported Adjustment As Revised As Reported Adjustment As Revised Expenses Property operating expenses $ 56,256 $ 275 $ 56,531 $ 145,315 $ 1,210 $ 146,525 Other income (expense) Income tax provision — (8,449 ) (8,449 ) — (9,115 ) (9,115 ) Income from continuing operations 34,295 (8,724 ) 25,571 (18,775 ) (10,325 ) (29,100 ) Net income before gain on sale of real estate and unconsolidated entity 41,909 (8,724 ) 33,185 195,611 (10,325 ) 185,286 Net income $ 40,845 $ (8,724 ) $ 32,121 $ 261,391 $ (10,325 ) $ 251,066 Net income per share of common stock (basic and diluted): Continuing operations $ 0.11 $ (0.03 ) $ 0.08 $ 0.14 $ (0.03 ) $ 0.11 Net income per share $ 0.13 $ (0.03 ) $ 0.10 $ 0.80 $ (0.03 ) $ 0.77 Quarter Ended December 31, 2015 Year Ended December 31, 2015 As Reported Adjustment As Revised As Reported Adjustment As Revised Expenses Property operating expenses $ 27,312 $ 274 $ 27,586 $ 172,627 $ 1,484 $ 174,111 Other income (expense) Income tax provision — (663 ) (663 ) — (9,778 ) (9,778 ) Income from continuing operations (130,842 ) (937 ) (131,779 ) (149,362 ) (11,262 ) (160,624 ) Net income before gain on sale of real estate and unconsolidated entity (140,302 ) (937 ) (141,239 ) 55,309 (11,262 ) 44,047 Net income $ (120,236 ) $ (937 ) $ (121,173 ) $ 141,155 $ (11,262 ) $ 129,893 Net income per share of common stock (basic and diluted): Continuing operations $ (0.34 ) $ — $ (0.34 ) $ (0.20 ) $ (0.03 ) $ (0.23 ) Net income per share $ (0.37 ) $ — $ (0.37 ) $ 0.43 $ (0.03 ) $ 0.40 The following changes have been made to the Company's unaudited condensed consolidated statements of comprehensive income (in thousands): Quarter Ended March 31, 2015 As Reported Adjustment As Revised Net loss $ (7,555 ) $ (660 ) $ (8,215 ) Net comprehensive income (2,448 ) (660 ) (3,108 ) 2. Significant Accounting Policies (Continued) : Quarter Ended June 30, 2015 Six Months Ended June 30, 2015 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 228,101 $ (941 ) $ 227,160 $ 220,546 $ (1,601 ) $ 218,945 Net comprehensive income 229,051 (941 ) 228,110 219,048 (1,601 ) 217,447 Quarter Ended September 30, 2015 Nine Months Ended September 30, 2015 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 40,845 $ (8,724 ) $ 32,121 $ 261,391 $ (10,325 ) $ 251,066 Net comprehensive income 38,538 (8,724 ) 29,814 257,586 (10,325 ) 247,261 Year Ended December 31, 2015 As Reported Adjustment As Revised Net income 141,155 (11,262 ) 129,893 Net comprehensive income 136,569 (11,262 ) 125,307 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): 2. Significant Accounting Policies (Continued) : 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 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 | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Investment Property, Net [Abstract] | |
Real Estate Investment Properties, net | Real Estate Investment Properties, net: As of September 30, 2016 and December 31, 2015 , real estate investment properties consisted of the following (in thousands): September 30, December 31, Land and land improvements $ 376,944 $ 369,902 Leasehold interests and improvements 171,305 170,970 Buildings 249,422 245,372 Equipment 516,287 506,935 Less: accumulated depreciation and amortization (627,535 ) (580,590 ) $ 686,423 $ 712,589 For the quarter and nine months ended September 30, 2016 , the Company had depreciation and amortization expense of approximately $16.0 million and $ 49.2 million , respectively, as compared to approximately $19.6 million and $63.0 million , respectively, for the quarter and nine months ended September 30, 2015 . 3. Real Estate Investment Properties, net (continued) : The Company evaluates its properties on an ongoing basis, including any changes to intended use of the properties, operating performance of its properties or plans to dispose of assets to determine if the carrying value is recoverable. As described above in Note 1. “Organization and Nature of Business,” management and its board of directors have been actively evaluating various strategic alternatives to provide liquidity to the Company’s stockholders. On November 2, 2016, as further described below in Note 12. "Subsequent Events," the Company entered into a purchase and sale agreement for the sale of its remaining 36 properties. The Company determined that the book value of certain of its ski and mountain lifestyle properties exceeded the estimated sales price less estimated costs to sell and as a result recorded an impairment provision of approximately $8.1 million as of September 30, 2016 . |
Assets Held for Sale, net and D
Assets Held for Sale, net and Discontinued Operations | 9 Months Ended |
Sep. 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 seven and six properties as assets held for sale as of September 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): September 30, December 31, Land and land improvements, net $ 14,191 $ 5,673 Leasehold interests and improvements, net — 27,184 Building and building improvements, net 74,118 6,352 Equipment, net 222 1,378 Intangibles, net 16,823 — Restricted cash — 1,408 Accounts and other receivables, net — 699 Other Assets — 25 Total $ 105,354 $ 42,719 Associated Liabilities Held for Sale — As of September 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 six properties classified as held for sale. During the nine months ended September 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 September 30, 2016 , had seven properties classified as held for sale. The Company accounted for the revenues and expenses related to seven ski and mountain lifestyle properties classified as held for sale (effective April 2016, when they became wholly-owned), and one undeveloped land sold during 2016 as income from continuing operations because the sale of these properties did not cause a strategic shift in the Company nor were the sales considered to have a major impact on the Company’s business. Accordingly, they did not qualify as discontinued operations under ASU 2014-08, which the Company adopted 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. 4. Assets Held for Sale, net and Discontinued Operations (Continued) : The following table is a summary of income from discontinued operations for the quarter and nine months ended September 30, 2016 and 2015 (in thousands): Quarter Ended Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ — $ 12,482 $ 3,838 $ 60,496 Expenses — (10,286 ) (3,189 ) (43,774 ) Impairment provision — — — (7,749 ) Operating income — 2,196 649 8,973 Gain on sale of real estate — 4,266 9,687 210,891 Gain (loss) on extinguishment of debt — 486 (308 ) (2,042 ) Gain (loss) on retirement of fixed assets — 1,024 (1,000 ) 1,492 Other income (expense) — (358 ) 413 (4,928 ) Income from discontinued operations $ — $ 7,614 $ 9,441 $ 214,386 |
Intangibles, net
Intangibles, net | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015 are as follows (in thousands): Gross Accumulated September 30, 2016 Net Book Value In place leases $ 11,240 $ (5,495 ) $ 5,745 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,537 $ (5,495 ) $ 16,042 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 nine months ended September 30, 2016 and 2015 , the Company had amortization expense of approximately $ 0.2 million and $0.5 million , respectively, excluding properties that the Company classified as discontinued operations. |
Unconsolidated Entities
Unconsolidated Entities | 9 Months Ended |
Sep. 30, 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 with a carrying value 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. See Note 12, "Subsequent Events" for additional information. 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. 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 nine months ended September 30, 2016 (in thousands): 6. Unconsolidated Entities (Continued) : 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 $4.0 million and $1.4 million , respectively, for the quarter ended September 30, 2016 and approximately $7.9 million and $3.9 million , respectively, for the nine months ended September 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 Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 96,382 $ 132,103 $ 206,462 $ 299,060 Net income $ 20,701 $ 32,990 $ 65,697 $ 255,520 Income per share of common stock (basic and diluted) $ 0.06 $ 0.10 $ 0.20 $ 0.79 Weighted average number of shares of common stock outstanding (basic and diluted) 325,183 325,183 325,183 325,183 The following tables present financial information for the Company’s investment in the Intrawest Venture, its unconsolidated entity, for the nine months ended September 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 and nine months ended September 30, 2015 (in thousands): Nine Months Ended September 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 6. Unconsolidated Entities (Continued) : Quarter Ended September 30, 2015 Intrawest Revenues $ 4,503 Property operating expenses (2,449 ) Depreciation and amortization (807 ) Interest expense and other income (expense) (476 ) Net income (loss) $ 771 Income (loss) allocable to other venture partners (2) $ (408 ) (3) Income allocable to the Company (2) $ 1,179 Amortization of capitalized costs (17 ) Equity in earnings of unconsolidated entities $ 1,162 Distribution declared to the Company $ 1,592 Distributions received by the Company $ 918 Nine Months Ended September 30, 2015 DMC Partnership (4) Intrawest Venture Total Revenues $ 10,743 $ 13,809 $ 24,552 Property operating expenses (173 ) (7,788 ) (7,961 ) Depreciation and amortization (3,038 ) (3,375 ) (6,413 ) Interest expense and other income (expense) (1,555 ) (2,294 ) (3,849 ) Net income $ 5,977 $ 352 $ 6,329 Income (loss) allocable to other venture partners (2) $ 3,477 $ (1,204 ) (3) $ 2,273 Income allocable to the Company (2) $ 2,500 $ 1,556 $ 4,056 Amortization of capitalized costs (25 ) (91 ) (116 ) Equity in earnings of unconsolidated entities $ 2,475 $ 1,465 $ 3,940 Distribution declared to the Company $ 3,698 $ 6,142 $ 9,840 Distributions received by the Company $ 6,558 $ 5,093 $ 11,651 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 | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness : Line of Credit — In August 2016, the Company terminated its $100.0 million revolving line of credit. Mortgages and Other Notes Payable — During the nine months ended September 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 repaid outstanding indebtedness of approximately $18.2 million collaterialized by one attractions property which was scheduled to mature in September 2016 and $8.8 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 $ 148.3 million and $ 148.3 million , respectively, as of September 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 September 30, 2016 because of the relatively short maturities of the obligations. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: As of September 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. 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 seven properties classified as assets held for sale as of September 30, 2016 , which were carried at fair value, based on estimated sales price, less costs to sell. The Company had 14 real estate investment properties that were carried at fair value as of December 31, 2015 , as a result of writing down the book values of these properties to their estimated fair values based on estimated discounted cash flows and residual values during 2015. 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 September 30, 2016 and December 31, 2015 , as follows (in thousands): 8. Fair Value Measurements (Continued) : Fair Value Measurement as of September 30, 2016 Level 1 Level 2 Level 3 Assets: Assets held for sale $ 105,354 $ — $ — $ 105,354 Liabilities: Liabilities related to assets held for sale $ 7,382 $ — $ — $ 7,382 Derivative instrument 562 — 562 — $ 7,944 $ — $ 562 $ 7,382 Fair Value Measurement as of December 31, 2015 Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 184,061 $ — $ — $ 184,061 Assets held for sale, net 40,588 — — 40,588 $ 224,649 $ 224,649 Liabilities: Derivative instrument $ 618 $ — $ 618 $ — |
Related Party Arrangements
Related Party Arrangements | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements: For the quarter and nine months ended September 30, 2016 and 2015 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter Ended Nine Months Ended September 30, 2016 2015 2016 2015 Asset management fees (1) $ 3,003 $ 3,702 $ 9,292 $ 15,853 Reimbursable expenses: (2) Operating expenses 1,111 1,157 3,957 4,286 Total fees earned and reimbursable expenses $ 4,114 $ 4,859 $ 13,249 $ 20,139 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 $0.4 million as of September 30, 2016 and December 31, 2015 . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity: For each of the nine months ended September 30, 2016 and 2015 , the Company declared and paid distributions of approximately $ 48.8 million ($ 0.15 per share). |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events: In October 2016, the Company sold the seven ski and mountain lifestyle properties that were classified as held for sale as of September 30, 2016 . The net sales proceeds, after the payment of closing costs, for these properties was approximately $98.0 million , which approximated the net carrying value of the properties. No disposition fee was payable to the Advisor on the sale of these seven properties. On November 2, 2016, the Company entered into a purchase and sale agreement for the sale of its remaining 36 properties (the "Sale Agreement") for approximately $830.0 million , as previously disclosed on Form 8-K filed on November 2, 2016 . In connection with the transaction contemplated by the Sale Agreement, on November 1, 2016, the Company's board approved a plan of liquidation and dissolution (the "Plan of Dissolution"). The Sale Agreement and the Plan of Dissolution will be subject to approval by the Company's stockholders to be held in accordance with the Company's bylaws upon approval by the U.S. Securities and Exchange Commission of a joint prospectus proxy statement relating thereto. The board also declared a special cash distribution of $162.6 million , or $0.50 per share. In addition, in light of the Plan of Dissolution, the Board also approved the suspension of the Company's quarterly cash distribution on its common stock effective as of the fourth quarter distribution. |
Significant Accounting Polici21
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 nine months ended September 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 May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date” which defers the original effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU 2014-09 can be adopted using one of two retrospective application methods: 1) retrospectively to each prior reporting period presented or 2) as a cumulative-effect adjustment as of the date of adoption. The Company has determined that it will not early adopt ASU 2014-09 and is still evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial position, results of operations or cash flows. 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. 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. |
Significant Accounting Polici22
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 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): 2. Significant Accounting Policies (Continued) : 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) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Investment Property, Net [Abstract] | |
Schedule of Real Estate Investment Properties | As of September 30, 2016 and December 31, 2015 , real estate investment properties consisted of the following (in thousands): September 30, December 31, Land and land improvements $ 376,944 $ 369,902 Leasehold interests and improvements 171,305 170,970 Buildings 249,422 245,372 Equipment 516,287 506,935 Less: accumulated depreciation and amortization (627,535 ) (580,590 ) $ 686,423 $ 712,589 |
Assets Held for Sale, net and24
Assets Held for Sale, net and Discontinued Operations (Tables) | 9 Months Ended |
Sep. 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): September 30, December 31, Land and land improvements, net $ 14,191 $ 5,673 Leasehold interests and improvements, net — 27,184 Building and building improvements, net 74,118 6,352 Equipment, net 222 1,378 Intangibles, net 16,823 — Restricted cash — 1,408 Accounts and other receivables, net — 699 Other Assets — 25 Total $ 105,354 $ 42,719 |
Summary of Income from Discontinued Operations | The following table is a summary of income from discontinued operations for the quarter and nine months ended September 30, 2016 and 2015 (in thousands): Quarter Ended Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ — $ 12,482 $ 3,838 $ 60,496 Expenses — (10,286 ) (3,189 ) (43,774 ) Impairment provision — — — (7,749 ) Operating income — 2,196 649 8,973 Gain on sale of real estate — 4,266 9,687 210,891 Gain (loss) on extinguishment of debt — 486 (308 ) (2,042 ) Gain (loss) on retirement of fixed assets — 1,024 (1,000 ) 1,492 Other income (expense) — (358 ) 413 (4,928 ) Income from discontinued operations $ — $ 7,614 $ 9,441 $ 214,386 |
Intangibles, net (Tables)
Intangibles, net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets, Finite-Lived | The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of September 30, 2016 and December 31, 2015 are as follows (in thousands): Gross Accumulated September 30, 2016 Net Book Value In place leases $ 11,240 $ (5,495 ) $ 5,745 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,537 $ (5,495 ) $ 16,042 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 |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets, Indefinite-Lived | The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of September 30, 2016 and December 31, 2015 are as follows (in thousands): Gross Accumulated September 30, 2016 Net Book Value In place leases $ 11,240 $ (5,495 ) $ 5,745 Trade name (infinite-lived) 10,297 — 10,297 Total $ 21,537 $ (5,495 ) $ 16,042 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) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2016 (in thousands): 6. Unconsolidated Entities (Continued) : 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 Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 96,382 $ 132,103 $ 206,462 $ 299,060 Net income $ 20,701 $ 32,990 $ 65,697 $ 255,520 Income per share of common stock (basic and diluted) $ 0.06 $ 0.10 $ 0.20 $ 0.79 Weighted average number of shares of common stock outstanding (basic and diluted) 325,183 325,183 325,183 325,183 |
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 nine months ended September 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 and nine months ended September 30, 2015 (in thousands): Nine Months Ended September 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 6. Unconsolidated Entities (Continued) : Quarter Ended September 30, 2015 Intrawest Revenues $ 4,503 Property operating expenses (2,449 ) Depreciation and amortization (807 ) Interest expense and other income (expense) (476 ) Net income (loss) $ 771 Income (loss) allocable to other venture partners (2) $ (408 ) (3) Income allocable to the Company (2) $ 1,179 Amortization of capitalized costs (17 ) Equity in earnings of unconsolidated entities $ 1,162 Distribution declared to the Company $ 1,592 Distributions received by the Company $ 918 Nine Months Ended September 30, 2015 DMC Partnership (4) Intrawest Venture Total Revenues $ 10,743 $ 13,809 $ 24,552 Property operating expenses (173 ) (7,788 ) (7,961 ) Depreciation and amortization (3,038 ) (3,375 ) (6,413 ) Interest expense and other income (expense) (1,555 ) (2,294 ) (3,849 ) Net income $ 5,977 $ 352 $ 6,329 Income (loss) allocable to other venture partners (2) $ 3,477 $ (1,204 ) (3) $ 2,273 Income allocable to the Company (2) $ 2,500 $ 1,556 $ 4,056 Amortization of capitalized costs (25 ) (91 ) (116 ) Equity in earnings of unconsolidated entities $ 2,475 $ 1,465 $ 3,940 Distribution declared to the Company $ 3,698 $ 6,142 $ 9,840 Distributions received by the Company $ 6,558 $ 5,093 $ 11,651 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) | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015 , as follows (in thousands): 8. Fair Value Measurements (Continued) : Fair Value Measurement as of September 30, 2016 Level 1 Level 2 Level 3 Assets: Assets held for sale $ 105,354 $ — $ — $ 105,354 Liabilities: Liabilities related to assets held for sale $ 7,382 $ — $ — $ 7,382 Derivative instrument 562 — 562 — $ 7,944 $ — $ 562 $ 7,382 Fair Value Measurement as of December 31, 2015 Level 1 Level 2 Level 3 Assets: Real estate investment properties, net $ 184,061 $ — $ — $ 184,061 Assets held for sale, net 40,588 — — 40,588 $ 224,649 $ 224,649 Liabilities: Derivative instrument $ 618 $ — $ 618 $ — |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Earned Acquisition Fees and Incurred Reimbursable Expenses | For the quarter and nine months ended September 30, 2016 and 2015 , the Advisor earned fees and incurred reimbursable expenses as follows (in thousands): Quarter Ended Nine Months Ended September 30, 2016 2015 2016 2015 Asset management fees (1) $ 3,003 $ 3,702 $ 9,292 $ 15,853 Reimbursable expenses: (2) Operating expenses 1,111 1,157 3,957 4,286 Total fees earned and reimbursable expenses $ 4,114 $ 4,859 $ 13,249 $ 20,139 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 | 9 Months Ended | 24 Months Ended | ||
Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Dec. 31, 2015Property | Apr. 01, 2016Property | |
Organization And Nature Of Business [Line Items] | ||||
Number of real estate properties | 43 | |||
Number of properties held for sale | 7 | |||
Number of properties sold | 104 | |||
Proceeds from sale of real estate | $ | $ 50,456 | $ 757,944 | ||
Intrawest Venture | ||||
Organization And Nature Of Business [Line Items] | ||||
Percentage of ownership interest acquired (as a percent) | 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 | |||
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 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 | |||
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% | |||
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 | Sep. 30, 2016USD ($)Entity | Apr. 01, 2016 | Dec. 31, 2015USD ($) |
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 | $ 16,945 | $ 16,778 | |
Mortgages and other notes payable | $ 147,737 | 184,341 | |
Intrawest Venture | |||
Business Acquisition [Line Items] | |||
Percentage of ownership interest acquired (as a percent) | 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) |
Significant Accounting Polici31
Significant Accounting Policies - Revision of Previously Issued Financial Statement (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Nov. 21, 2016PropertyTenant | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Income tax provision | $ 3,070 | $ 663 | $ 8,449 | $ 666 | $ 666 | $ 3,070 | $ 9,115 | $ 9,778 | ||
Property operating expenses | $ 33,389 | 27,586 | 56,531 | 52,296 | $ 37,698 | 89,994 | $ 72,032 | 146,525 | 174,111 | |
Subsequent Event | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Number of tenants | Tenant | 5 | |||||||||
Number of properties treated as foreclosure properties | Property | 2 | |||||||||
2015 Insurance Reserve | Adjustment | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Income tax provision | 663 | 8,449 | 666 | 0 | 666 | 9,115 | 9,778 | |||
Property operating expenses | $ 274 | $ 275 | $ 275 | $ 660 | $ 935 | $ 1,210 | $ 1,484 |
Significant Accounting Polici32
Significant Accounting Policies - Revision of Previously Issued Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Accounts payable and accrued expenses | $ 13,072 | $ 12,845 | |
Income tax liabilities | 12,849 | 9,778 | |
Total Liabilities | 207,515 | 234,544 | |
Accumulated deficit | (299,818) | (364,236) | |
Total Stockholders’ Equity | $ 811,707 | 794,917 | $ 1,157,390 |
As Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Accounts payable and accrued expenses | 11,361 | ||
Income tax liabilities | 0 | ||
Total Liabilities | 223,282 | ||
Accumulated deficit | (352,974) | ||
Total Stockholders’ Equity | 806,179 | ||
2015 Insurance Reserve | Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Accounts payable and accrued expenses | 1,484 | ||
Income tax liabilities | 9,778 | ||
Total Liabilities | 11,262 | ||
Accumulated deficit | (11,262) | ||
Total Stockholders’ Equity | $ (11,262) |
Significant Accounting Polici33
Significant Accounting Policies - Revision of Previously Issued Financial Statements - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Expenses: | |||||||||
Property operating expenses | $ 33,389 | $ 27,586 | $ 56,531 | $ 52,296 | $ 37,698 | $ 89,994 | $ 72,032 | $ 146,525 | $ 174,111 |
Other income (expense): | |||||||||
Income tax provision | (3,070) | (663) | (8,449) | (666) | (666) | (3,070) | (9,115) | (9,778) | |
Loss from continuing operations | 20,701 | (131,779) | 25,571 | (39,149) | (15,267) | (54,416) | 54,066 | (29,100) | (160,624) |
Net income before gain on sale of real estate and unconsolidated entity | 20,701 | (141,239) | 33,185 | 160,571 | 152,356 | 63,507 | 185,286 | 44,047 | |
Net income | $ 20,701 | $ (121,173) | $ 32,121 | $ 227,160 | $ (8,215) | $ 218,945 | $ 64,418 | $ 251,066 | $ 129,893 |
Net income per share of common stock (basic and diluted) | |||||||||
Continuing operations (in dollars per share) | $ 0.06 | $ (0.34) | $ 0.08 | $ 0.09 | $ (0.05) | $ 0.03 | $ 0.17 | $ 0.11 | $ (0.23) |
Net income per share (in dollars per share) | $ 0.06 | $ (0.37) | $ 0.10 | $ 0.70 | $ (0.03) | $ 0.67 | $ 0.20 | $ 0.77 | $ 0.40 |
As Reported | |||||||||
Expenses: | |||||||||
Property operating expenses | $ 27,312 | $ 56,256 | $ 52,021 | $ 37,038 | $ 89,059 | $ 145,315 | $ 172,627 | ||
Other income (expense): | |||||||||
Income tax provision | 0 | 0 | 0 | 0 | 0 | 0 | |||
Loss from continuing operations | (130,842) | 34,295 | (38,208) | (14,607) | (52,815) | (18,775) | (149,362) | ||
Net income before gain on sale of real estate and unconsolidated entity | (140,302) | 41,909 | 161,512 | 153,957 | 195,611 | 55,309 | |||
Net income | $ (120,236) | $ 40,845 | $ 228,101 | $ (7,555) | $ 220,546 | $ 261,391 | $ 141,155 | ||
Net income per share of common stock (basic and diluted) | |||||||||
Continuing operations (in dollars per share) | $ (0.34) | $ 0.11 | $ 0.09 | $ (0.04) | $ 0.04 | $ 0.14 | $ (0.20) | ||
Net income per share (in dollars per share) | $ (0.37) | $ 0.13 | $ 0.70 | $ (0.02) | $ 0.68 | $ 0.80 | $ 0.43 | ||
2015 Insurance Reserve | Adjustment | |||||||||
Expenses: | |||||||||
Property operating expenses | $ 274 | $ 275 | $ 275 | $ 660 | $ 935 | $ 1,210 | $ 1,484 | ||
Other income (expense): | |||||||||
Income tax provision | (663) | (8,449) | (666) | 0 | (666) | (9,115) | (9,778) | ||
Loss from continuing operations | (937) | (8,724) | (941) | (660) | (1,601) | (10,325) | (11,262) | ||
Net income before gain on sale of real estate and unconsolidated entity | (937) | (8,724) | (941) | (1,601) | (10,325) | (11,262) | |||
Net income | $ (937) | $ (8,724) | $ (941) | $ (660) | $ (1,601) | $ (10,325) | $ (11,262) | ||
Net income per share of common stock (basic and diluted) | |||||||||
Continuing operations (in dollars per share) | $ 0 | $ (0.03) | $ 0 | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) | ||
Net income per share (in dollars per share) | $ 0 | $ (0.03) | $ 0 | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Significant Accounting Polici34
Significant Accounting Policies - Revision of Previously Issued Financial Statements - Comprehensive Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Net income | $ 20,701 | $ (121,173) | $ 32,121 | $ 227,160 | $ (8,215) | $ 218,945 | $ 64,418 | $ 251,066 | $ 129,893 |
Net comprehensive income | $ 20,024 | 29,814 | 228,110 | (3,108) | 217,447 | $ 65,568 | 247,261 | 125,307 | |
As Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Net income | (120,236) | 40,845 | 228,101 | (7,555) | 220,546 | 261,391 | 141,155 | ||
Net comprehensive income | 38,538 | 229,051 | (2,448) | 219,048 | 257,586 | 136,569 | |||
2015 Insurance Reserve | Adjustment | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Net income | $ (937) | (8,724) | (941) | (660) | (1,601) | (10,325) | (11,262) | ||
Net comprehensive income | $ (8,724) | $ (941) | $ (660) | $ (1,601) | $ (10,325) | $ (11,262) |
Real Estate Investment Proper35
Real Estate Investment Properties, net - Schedule of Real Estate Investment Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Less: accumulated depreciation and amortization | $ (627,535) | $ (580,590) |
Real estate investment properties, net | 686,423 | 712,589 |
Land and land improvements, net | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, at cost | 376,944 | 369,902 |
Leasehold interests and improvements, net | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, at cost | 171,305 | 170,970 |
Buildings | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, at cost | 249,422 | 245,372 |
Equipment, net | ||
Real Estate Properties [Line Items] | ||
Real estate investment properties, at cost | $ 516,287 | $ 506,935 |
Real Estate Investment Proper36
Real Estate Investment Properties, net - Additional Information (Details) $ in Thousands | Nov. 02, 2016Property | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015Property |
Real Estate Properties [Line Items] | ||||||
Depreciation and amortization expenses | $ 16,237 | $ 19,807 | $ 49,694 | $ 63,463 | ||
Number of properties sold | Property | 104 | |||||
Impairment Provisions | 8,142 | 1,428 | 8,142 | 1,428 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment Provisions | 8,100 | |||||
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Real Estate Properties [Line Items] | ||||||
Number of properties sold | Property | 36 | |||||
Continuing Operations | ||||||
Real Estate Properties [Line Items] | ||||||
Depreciation and amortization expenses | $ 16,000 | $ 19,600 | $ 49,200 | $ 63,000 |
Assets Held for Sale, net and37
Assets Held for Sale, net and Discontinued Operations - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 24 Months Ended | ||||
Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Property | Jun. 30, 2016Property | Apr. 01, 2016Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties held for sale | 7 | 7 | |||||
Liabilities related to assets held for sale | $ | $ 7,382,000 | $ 7,382,000 | $ 0 | ||||
Number of properties sold | 104 | ||||||
Proceeds from sale of real estate | $ | $ 50,456,000 | $ 757,944,000 | |||||
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% | ||||
Percentage of ownership by parent (as a percent) | 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 | ||||||
Number of properties sold | 12 | ||||||
Proceeds from sale of real estate | $ | $ 50,400,000 | ||||||
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 | 6 | ||||||
Below market lease intangibles | $ | $ 7,400,000 | 7,400,000 | |||||
Liabilities related to assets held for sale | $ | $ 0 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Continuing Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of real estate | $ | $ 900,000 | ||||||
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, 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 | Undeveloped Land | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties sold | 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 | $ | $ 10,600,000 | ||||||
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 | $ | $ 0 | $ 4,266,000 | 9,687,000 | $ 210,891,000 | |||
Discontinued Operations, Held-for-sale | Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of real estate | $ | $ 9,700,000 | ||||||
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 |
Assets Held for Sale, net and38
Assets Held for Sale, net and Discontinued Operations - Net Carrying Value of Assets Held for Sale (Details) - USD ($) $ in Thousands | Sep. 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 | $ 105,354 | $ 42,719 |
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 | 14,191 | 5,673 |
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 | 74,118 | 6,352 |
Equipment, net | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | 222 | 1,378 |
Intangibles, net | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | 16,823 | 0 |
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 | 0 | 699 |
Other Assets | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | $ 0 | $ 25 |
Assets Held for Sale, net and39
Assets Held for Sale, net and Discontinued Operations - Summary of Income from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations | $ 0 | $ 7,614 | $ 9,441 | $ 214,386 |
Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 0 | 12,482 | 3,838 | 60,496 |
Expenses | 0 | (10,286) | (3,189) | (43,774) |
Impairment provision | 0 | 0 | 0 | (7,749) |
Operating income | 0 | 2,196 | 649 | 8,973 |
Gain on sale of real estate | 0 | 4,266 | 9,687 | 210,891 |
Gain (loss) on extinguishment of debt | 0 | 486 | (308) | (2,042) |
Gain (loss) on retirement of fixed assets | 0 | 1,024 | (1,000) | 1,492 |
Other income (expense) | 0 | (358) | 413 | (4,928) |
Income from discontinued operations | $ 0 | $ 7,614 | $ 9,441 | $ 214,386 |
Intangibles, net - Gross Carryi
Intangibles, net - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (5,495) | $ (5,013) |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,537 | 21,500 |
Net Book Value | 16,042 | 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 | 11,240 | 11,203 |
Accumulated Amortization | (5,495) | (5,013) |
Net Book Value | $ 5,745 | $ 6,190 |
Intangibles, net - Additional I
Intangibles, net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 0.2 | $ 0.5 | $ 0.2 | $ 0.5 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) $ in Thousands | Apr. 01, 2016USD ($)Property | Apr. 30, 2016USD ($) | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Jun. 30, 2016Property | Dec. 31, 2015USD ($)Property |
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in unconsolidated entity | $ 79,479 | $ 0 | $ 0 | $ 73,434 | ||||
Contribution to unconsolidated entity | $ 5,800 | 5,839 | $ 54,572 | |||||
Repayments of debt | $ 37,514 | 527,975 | ||||||
Number of properties held for sale | Property | 7 | 7 | ||||||
Gain on purchase of controlling interest of investment in unconsolidated entity | $ 0 | $ 0 | $ 30,025 | 0 | ||||
Revenues | 96,382 | 127,600 | 201,719 | 285,251 | ||||
Operating income (loss) | $ 26,580 | 35,751 | $ 33,304 | 20,020 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties held for sale | Property | 6 | |||||||
Ski and Mountain Lifestyle Properties | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties held for sale | Property | 7 | 7 | 7 | |||||
Ski and Mountain Lifestyle Properties | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||
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 | |||||||
Intrawest Venture | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership interest acquired (as a percent) | 20.00% | 20.00% | 20.00% | |||||
Percentage of ownership by parent (as a percent) | 100.00% | |||||||
Revenues | $ 4,000 | $ 7,900 | ||||||
Operating income (loss) | $ 1,400 | 3,900 | ||||||
Intrawest Venture | Ski and Mountain Lifestyle Properties | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of real estate properties acquired | Property | 7 | |||||||
Intrawest Venture | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment ownership percentage | 80.00% | |||||||
Revenues | $ 4,503 | $ 4,743 | $ 13,809 |
Unconsolidated Entities - Alloc
Unconsolidated Entities - Allocation of the Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 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% |
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 | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | 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: Investment in unconsolidated entity | $ 0 | $ 0 | (79,479) | $ (73,434) | ||
Gain on purchase of controlling interest of investment in unconsolidated entity | $ 0 | $ 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% |
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Revenues | $ 96,382 | $ 132,103 | $ 206,462 | $ 299,060 |
Net income | $ 20,701 | $ 32,990 | $ 65,697 | $ 255,520 |
Income per share of common stock, basic (in dollars per share) | $ 0.06 | $ 0.10 | $ 0.20 | $ 0.79 |
Income per share of common stock, diluted (in dollars per share) | $ 0.07 | $ 0.13 | $ 0.21 | $ 0.82 |
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 - Sum46
Unconsolidated Entities - Summarized Financial Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Apr. 01, 2016 | Apr. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | $ 96,382 | $ 127,600 | $ 201,719 | $ 285,251 | |||||||
Property operating expenses | (33,389) | $ (27,586) | (56,531) | $ (52,296) | $ (37,698) | $ (89,994) | (72,032) | (146,525) | $ (174,111) | ||
Depreciation and amortization | (16,237) | (19,807) | (49,694) | (63,463) | |||||||
Equity in earnings of unconsolidated entities | 0 | 1,162 | 1,290 | 3,940 | |||||||
Intrawest Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | $ 4,000 | $ 7,900 | |||||||||
Percentage of ownership interest acquired (as a percent) | 20.00% | 20.00% | 20.00% | ||||||||
Majority-Owned Subsidiary, Unconsolidated | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 24,552 | ||||||||||
Property operating expenses | (7,961) | ||||||||||
Depreciation and amortization | (6,413) | ||||||||||
Interest expense and other income (expense) | (3,849) | ||||||||||
Net income | 6,329 | ||||||||||
Income (loss) allocable to other venture partners | 2,273 | ||||||||||
Income allocable to the Company | 4,056 | ||||||||||
Amortization of capitalized costs | (116) | ||||||||||
Equity in earnings of unconsolidated entities | 3,940 | ||||||||||
Distribution declared to the Company | 9,840 | ||||||||||
Distributions received by the Company | 11,651 | ||||||||||
DMC Partnership | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 10,743 | ||||||||||
Property operating expenses | (173) | ||||||||||
Depreciation and amortization | (3,038) | ||||||||||
Interest expense and other income (expense) | (1,555) | ||||||||||
Net income | 5,977 | ||||||||||
Income (loss) allocable to other venture partners | 3,477 | ||||||||||
Income allocable to the Company | 2,500 | ||||||||||
Amortization of capitalized costs | (25) | ||||||||||
Equity in earnings of unconsolidated entities | 2,475 | ||||||||||
Distribution declared to the Company | 3,698 | ||||||||||
Distributions received by the Company | 6,558 | ||||||||||
DMC Partnership | Majority-Owned Subsidiary, Unconsolidated | |||||||||||
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 | 4,503 | $ 4,743 | 13,809 | ||||||||
Property operating expenses | (2,449) | (2,683) | (7,788) | ||||||||
Depreciation and amortization | (807) | (784) | (3,375) | ||||||||
Interest expense and other income (expense) | (476) | (379) | (2,294) | ||||||||
Net income | 771 | 897 | 352 | ||||||||
Income (loss) allocable to other venture partners | (408) | (410) | (1,204) | ||||||||
Income allocable to the Company | 1,179 | 1,307 | 1,556 | ||||||||
Amortization of capitalized costs | (17) | (17) | (91) | ||||||||
Equity in earnings of unconsolidated entities | 1,162 | 1,290 | 1,465 | ||||||||
Distribution declared to the Company | 1,592 | 1,423 | 6,142 | ||||||||
Distributions received by the Company | $ 918 | $ 1,074 | $ 5,093 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 24 Months Ended | |
Aug. 31, 2016USD ($) | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Property | |
Debt Instrument [Line Items] | ||||
Number of properties sold | Property | 104 | |||
Principal payments on mortgage loans and senior notes | $ 37,514,000 | $ 527,975,000 | ||
Mortgages and other notes payable | 147,737,000 | $ 184,341,000 | ||
Estimate of Fair Value, Fair Value Disclosure | ||||
Debt Instrument [Line Items] | ||||
Mortgages and other notes payable | 148,300,000 | |||
Carrying (Reported) Amount, Fair Value Disclosure | ||||
Debt Instrument [Line Items] | ||||
Mortgages and other notes payable | 148,300,000 | |||
Other Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Principal payments on mortgage loans and senior notes | 10,500,000 | |||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Principal payments on mortgage loans and senior notes | $ 8,800,000 | |||
Marinas Property | ||||
Debt Instrument [Line Items] | ||||
Number of properties sold | Property | 12 | |||
Number of real estate properties pledged as collateral | Property | 3 | |||
Attractions Property | ||||
Debt Instrument [Line Items] | ||||
Principal payments on mortgage loans and senior notes | $ 18,200,000 | |||
Number of real estate properties pledged as collateral | Property | 1 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Marinas Property | ||||
Debt Instrument [Line Items] | ||||
Number of properties sold | Property | 5 | |||
$100 Million Revolving Line Of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | $ 100,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 30, 2016PropertyDerivative | Dec. 31, 2015PropertyDerivative |
Fair Value Disclosures [Abstract] | ||
Remaining hedges qualified as highly effective | Derivative | 1 | 1 |
Number of properties held for sale | 7 | |
Number of real estate investment properties held for sale carried at fair value | 14 | |
Number real estate properties held for sale carried at fair value | 6 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Level 1 | ||
Assets: | ||
Real estate investment properties, net | $ 0 | |
Assets held for sale, net | $ 0 | 0 |
Assets, fair value disclosure, total | ||
Liabilities: | ||
Liabilities related to assets held for sale | 0 | |
Derivative instrument | 0 | 0 |
Liabilities, fair value disclosure, total | 0 | |
Level 2 | ||
Assets: | ||
Real estate investment properties, net | 0 | |
Assets held for sale, net | 0 | 0 |
Assets, fair value disclosure, total | ||
Liabilities: | ||
Liabilities related to assets held for sale | 0 | |
Derivative instrument | 562 | 618 |
Liabilities, fair value disclosure, total | 562 | |
Level 3 | ||
Assets: | ||
Real estate investment properties, net | 184,061 | |
Assets held for sale, net | 105,354 | 40,588 |
Assets, fair value disclosure, total | 224,649 | |
Liabilities: | ||
Liabilities related to assets held for sale | 7,382 | |
Derivative instrument | 0 | 0 |
Liabilities, fair value disclosure, total | 7,382 | |
Fair Value Measurement | ||
Assets: | ||
Real estate investment properties, net | 184,061 | |
Assets held for sale, net | 105,354 | 40,588 |
Assets, fair value disclosure, total | 224,649 | |
Liabilities: | ||
Liabilities related to assets held for sale | 7,382 | |
Derivative instrument | 562 | $ 618 |
Liabilities, fair value disclosure, total | $ 7,944 |
Related Party Transactions - Ad
Related Party Transactions - Adviser and Former Adviser Earned Fees and Incurred Reimbursable Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||
Asset management fees | $ 3,003 | $ 3,702 | $ 9,292 | $ 15,853 | |
Reimbursable expenses: | |||||
Operating expenses | 1,111 | 1,157 | 3,957 | 4,286 | |
Total fees earned and reimbursable expenses | 4,114 | $ 4,859 | 13,249 | $ 20,139 | |
Due to affiliates | 357 | 357 | $ 420 | ||
Operating expenses | |||||
Reimbursable expenses: | |||||
Due to affiliates | $ 400 | $ 400 | $ 400 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Declared and paid distributions | $ 48.8 | $ 48.8 | |
Declared and paid distributions, per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 1.5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Nov. 02, 2016USD ($)Property$ / shares | Oct. 31, 2016USD ($)Property | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015Property |
Subsequent Event [Line Items] | |||||
Number of properties sold | Property | 104 | ||||
Proceeds from sale of real estate | $ 50,456,000 | $ 757,944,000 | |||
Ski and Mountain Lifestyle Properties | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | Property | 1 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared | $ 162,600,000 | ||||
Dividends declared per share (in dollars per share) | $ / shares | $ 0.50 | ||||
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | Property | 36 | ||||
Proceeds from sale of real estate | $ 830,000,000 | ||||
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ski and Mountain Lifestyle Properties | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | Property | 7 | ||||
Proceeds from sale of real estate | $ 98,000,000 | ||||
Disposition fee | $ 0 |