Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 12,638,000 $ 28,423,000
Restricted cash 2,974,000 3,103,000
Accounts receivable, net of allowance of $967 and $1,082, respectively 3,651,000 5,249,000
Real estate assets, held-for-sale, net 16,975,000 16,948,000
Real estate securities, available-for-sale 2,985,000 3,052,000
Other current assets 13,977,000 17,521,000
Total current assets 53,200,000 74,296,000
Restricted cash, noncurrent 267,000 438,000
Property and equipment, net of accumulated depreciation 178,732,000 179,641,000
Operating lease right-of-use assets 203,359,000 215,308,000
Intangibles, net of accumulated amortization 16,039,000 17,565,000
Other investments 0 24,020,000
Other assets 5,476,000 4,723,000
Total assets 457,073,000 515,991,000
Current liabilities    
Obligations under finance leases 5,860,000 6,154,000
Membership deposit liabilities 14,457,000 10,791,000
Accounts payable and accrued expenses 34,374,000 25,877,000
Deferred revenue 23,633,000 26,268,000
Real estate liabilities, held-for-sale 5,000 4,000
Other current liabilities 27,375,000 23,964,000
Total current liabilities 105,704,000 93,058,000
Credit facilities and obligations under finance leases - noncurrent 12,061,000 13,125,000
Operating lease liabilities - noncurrent 175,048,000 187,675,000
Junior subordinated notes payable 51,187,000 51,192,000
Membership deposit liabilities, noncurrent 95,913,000 95,805,000
Deferred revenue, noncurrent 6,783,000 6,283,000
Other liabilities 1,709,000 3,278,000
Total liabilities 448,405,000 450,416,000
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 June 30, 2020 and December 31, 2019 61,583,000 61,583,000
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,212,362 and 67,068,751 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 672,000 671,000
Additional paid-in capital 3,177,883,000 3,177,183,000
Accumulated deficit (3,232,925,000) (3,175,572,000)
Accumulated other comprehensive income 1,455,000 1,710,000
Total equity 8,668,000 65,575,000
Total liabilities and equity $ 457,073,000 $ 515,991,000