Exhibit 99.1

		Three Months Ended March 31,
		2019				2018
Total revenues		$	53,952			$	66,660
Loss applicable to common stockholders		$	(15,995	)		$	(17,690	)
Basic		$	(0.24	)		$	(0.26	)
Diluted		$	(0.24	)		$	(0.26	)

		(Unaudited) March 31, 2019				December 31, 2018
Assets
Current assets
Cash and cash equivalents		$	49,599			$	79,235
Restricted cash			3,365				3,326
Accounts receivable, net			5,635				7,518
Real estate assets, held-for-sale, net			51,931				75,862
Real estate securities, available-for-sale			3,007				2,953
Other current assets			20,331				20,505
Total current assets			133,868				189,399
Restricted cash, noncurrent			258				258
Property and equipment, net of accumulated depreciation			157,636				132,605
Operating lease right-of-use assets			223,278				—
Intangibles, net of accumulated amortization			20,952				48,388
Other investments			22,956				22,613
Other assets			5,043				8,684
Total assets		$	563,991			$	401,947
Liabilities and Equity
Current liabilities
Obligations under finance leases		$	6,790			$	5,489
Membership deposit liabilities			8,834				8,861
Accounts payable and accrued expenses			37,740				45,284
Deferred revenue			14,738				18,793
Real estate liabilities, held-for-sale			813				2,947
Other current liabilities			29,277				22,285
Total current liabilities			98,192				103,659
Credit facilities and obligations under finance leases - noncurrent			13,185				10,489
Operating lease liabilities - noncurrent			190,229				—
Junior subordinated notes payable			51,198				51,200
Membership deposit liabilities, noncurrent			92,603				90,684
Deferred revenue, noncurrent			5,445				6,016
Other liabilities			3,076				5,232
Total liabilities		$	453,928			$	267,280
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of March 31, 2019 and December 31, 2018			61,583				61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,027,104 and 67,027,104 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively			670				670
Additional paid-in capital			3,177,065				3,175,843
Accumulated deficit			(3,131,133	)			(3,105,307	)
Accumulated other comprehensive income			1,878				1,878
Total equity		$	110,063			$	134,667
Total liabilities and equity		$	563,991			$	401,947

		Three Months Ended March 31,
		2019				2018
Revenues
Golf operations		$	44,706			$	53,554
Sales of food and beverages			9,246				13,106
Total revenues			53,952				66,660
Operating costs
Operating expenses			47,723				57,379
Cost of sales - food and beverages			2,698				4,040
General and administrative expense			11,619				9,192
Depreciation and amortization			4,924				5,548
Pre-opening costs			1,179				1,556
Impairment			4,088				1,473
Realized and unrealized (gain) on investments			—				(242	)
Total operating costs			72,231				78,946
Operating loss			(18,279	)			(12,286	)
Other income (expenses)
Interest and investment income			344				446
Interest expense, net			(2,153	)			(4,049	)
Other income (loss), net			5,488				(406	)
Total other income (expenses)			3,679				(4,009	)
Loss before income tax			(14,600	)			(16,295	)
Income tax expense			—				—
Net Loss			(14,600	)			(16,295	)
Preferred dividends			(1,395	)			(1,395	)
Loss Applicable to Common Stockholders		$	(15,995	)		$	(17,690	)
Loss Applicable to Common Stock, per share
Basic		$	(0.24	)		$	(0.26	)
Diluted		$	(0.24	)		$	(0.26	)
Weighted Average Number of Shares of Common Stock Outstanding
Basic			67,027,104				66,977,104
Diluted			67,027,104				66,977,104

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