|12 Months Ended|
Dec. 31, 2016
|Discontinued Operations and Disposal Groups [Abstract]|
On February 13, 2014, Drive Shack Inc. completed the spin-off of New Media Investment Group Inc. (“New Media”) from Drive Shack Inc.
On November 6, 2014, Drive Shack Inc. completed the spin-off of New Senior Investment Group Inc. (“New Senior”) from Drive Shack Inc.
In April 2015, Drive Shack Inc. closed the sale of its commercial real estate properties in Beavercreek, OH for $7.0 million, net of closing costs, and recognized a net gain on the sale of these assets of approximately $0.3 million. In addition, Drive Shack Inc. repaid the related debt on this property of $6.0 million held within CDO IX, which was eliminated in consolidation.
As a result of the spin-offs and the sale of the commercial real estate properties in Beavercreek, OH (which was initially reported as held-for-sale as of September 30, 2014), the assets, liabilities and results of operations of those components of Drive Shack Inc.’s operations that (i) were part of the spin-offs and/or (ii) represent operations Drive Shack Inc. plans to sell in which it has no significant continuing involvement, are presented separately in discontinued operations in the Company’s Consolidated Financial Statements for all periods presented.
There were no assets and liabilities of discontinued operations as of December 31, 2016 and 2015.
Results of operations from discontinued operations were as follows:
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef