Three Months Ended
|
||||||||
March 31, 2020
|
March 31, 2019
|
|||||||
Total revenues
|
$
|
61,135
|
$
|
53,952
|
||||
Loss applicable to common stockholders
|
$
|
(18,757
|
)
|
$
|
(15,995
|
)
|
||
Loss applicable to Common Stock, per share
|
||||||||
Basic
|
$
|
(0.28
|
)
|
$
|
(0.24
|
)
|
||
Diluted
|
$
|
(0.28
|
)
|
$
|
(0.24
|
)
|
(dollars in thousands, except share data)
|
||||||||
(Unaudited)
March 31, 2020
|
December 31, 2019
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
16,785
|
$
|
28,423
|
||||
Restricted cash
|
3,041
|
3,103
|
||||||
Accounts receivable, net of allowance of $904 and $1,082, respectively
|
4,190
|
5,249
|
||||||
Real estate assets, held-for-sale, net
|
16,970
|
16,948
|
||||||
Real estate securities, available-for-sale
|
3,103
|
3,052
|
||||||
Other current assets
|
13,966
|
17,521
|
||||||
Total current assets
|
58,055
|
74,296
|
||||||
Restricted cash, noncurrent
|
513
|
438
|
||||||
Property and equipment, net of accumulated depreciation
|
184,219
|
179,641
|
||||||
Operating lease right-of-use assets
|
212,246
|
215,308
|
||||||
Intangibles, net of accumulated amortization
|
16,780
|
17,565
|
||||||
Other investments
|
24,365
|
24,020
|
||||||
Other assets
|
5,245
|
4,723
|
||||||
Total assets
|
$
|
501,423
|
$
|
515,991
|
||||
Liabilities and Equity
|
||||||||
Current liabilities
|
||||||||
Obligations under finance leases
|
$
|
6,004
|
$
|
6,154
|
||||
Membership deposit liabilities
|
10,784
|
10,791
|
||||||
Accounts payable and accrued expenses
|
31,242
|
25,877
|
||||||
Deferred revenue
|
25,118
|
26,268
|
||||||
Real estate liabilities, held-for-sale
|
4
|
4
|
||||||
Other current liabilities
|
23,367
|
23,964
|
||||||
Total current liabilities
|
96,519
|
93,058
|
||||||
Credit facilities and obligations under finance leases - noncurrent
|
12,468
|
13,125
|
||||||
Operating lease liabilities - noncurrent
|
185,802
|
187,675
|
||||||
Junior subordinated notes payable
|
51,190
|
51,192
|
||||||
Membership deposit liabilities, noncurrent
|
97,648
|
95,805
|
||||||
Deferred revenue, noncurrent
|
6,389
|
6,283
|
||||||
Other liabilities
|
3,496
|
3,278
|
||||||
Total liabilities
|
$
|
453,512
|
$
|
450,416
|
||||
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, 2020 and December 31, 2019
|
61,583
|
61,583
|
||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,070,513 and 67,068,751 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
|
671
|
671
|
||||||
Additional paid-in capital
|
3,177,384
|
3,177,183
|
||||||
Accumulated deficit
|
(3,193,399
|
)
|
(3,175,572
|
)
|
||||
Accumulated other comprehensive income
|
1,672
|
1,710
|
||||||
Total equity
|
$
|
47,911
|
$
|
65,575
|
||||
Total liabilities and equity
|
$
|
501,423
|
$
|
515,991
|
Three Months Ended March 31,
|
||||||||
2020
|
2019
|
|||||||
Revenues
|
||||||||
Golf operations
|
$
|
48,625
|
$
|
44,706
|
||||
Sales of food and beverages
|
12,510
|
9,246
|
||||||
Total revenues
|
61,135
|
53,952
|
||||||
Operating costs
|
||||||||
Operating expenses
|
54,367
|
47,723
|
||||||
Cost of sales - food and beverages
|
3,655
|
2,698
|
||||||
General and administrative expense
|
9,818
|
11,619
|
||||||
Depreciation and amortization
|
6,794
|
4,924
|
||||||
Pre-opening costs
|
552
|
1,179
|
||||||
Impairment and other losses
|
792
|
4,088
|
||||||
Total operating costs
|
75,978
|
72,231
|
||||||
Operating loss
|
(14,843
|
)
|
(18,279
|
)
|
||||
Other income (expenses)
|
||||||||
Interest and investment income
|
130
|
344
|
||||||
Interest expense, net
|
(2,745
|
)
|
(2,153
|
)
|
||||
Other income (loss), net
|
367
|
5,488
|
||||||
Total other income (expenses)
|
(2,248
|
)
|
3,679
|
|||||
Loss before income tax
|
(17,091
|
)
|
(14,600
|
)
|
||||
Income tax expense
|
271
|
—
|
||||||
Net Loss
|
(17,362
|
)
|
(14,600
|
)
|
||||
Preferred dividends
|
(1,395
|
)
|
(1,395
|
)
|
||||
Loss Applicable to Common Stockholders
|
$
|
(18,757
|
)
|
$
|
(15,995
|
)
|
||
Loss Applicable to Common Stock, per share
|
||||||||
Basic
|
$
|
(0.28
|
)
|
$
|
(0.24
|
)
|
||
Diluted
|
$
|
(0.28
|
)
|
$
|
(0.24
|
)
|
||
Weighted Average Number of Shares of Common Stock Outstanding
|
||||||||
Basic
|
67,069,534
|
67,027,104
|
||||||
Diluted
|
67,069,534
|
67,027,104
|