Schedule of investments in real estate |
The following table summarizes the balances of real estate assets in the Traditional and Entertainment Golf businesses at December 31, 2016.
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Initial Cost |
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Gross Carrying Amount (A) (C) |
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|
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Date of Acquisition |
|
Land |
|
Buildings and Improvements |
|
Furniture, Fixtures and Equipment |
|
Construction-In-Progress |
|
Costs Capitalized Subsequent to Acquisition |
|
Land |
|
Buildings and Improvements |
|
Furniture, Fixtures and Equipment |
|
Construction-In-Progress |
|
|
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Accumulated Depreciation (A)(B) |
|
Net Book Value |
Property Name |
|
City |
|
State |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Owned Properties |
|
|
|
|
|
|
|
|
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|
|
|
|
|
Bear Creek |
|
Woodinville |
|
WA |
|
12/30/13 |
|
$ |
3,573 |
|
|
$ |
2,178 |
|
|
$ |
179 |
|
|
$ |
28 |
|
|
$ |
907 |
|
|
$ |
3,573 |
|
|
$ |
2,302 |
|
|
$ |
457 |
|
|
$ |
533 |
|
|
$ |
6,865 |
|
|
$ |
(783 |
) |
|
$ |
6,082 |
|
Bradshaw Farm |
|
Woodstock |
|
GA |
|
12/30/13 |
|
773 |
|
|
1,962 |
|
|
92 |
|
|
— |
|
|
656 |
|
|
773 |
|
|
2,131 |
|
|
579 |
|
|
— |
|
|
3,483 |
|
|
(813 |
) |
|
2,670 |
|
Brookstone |
|
Acworth |
|
GA |
|
12/30/13 |
|
579 |
|
|
2,448 |
|
|
200 |
|
|
— |
|
|
1,110 |
|
|
579 |
|
|
2,976 |
|
|
675 |
|
|
107 |
|
|
4,337 |
|
|
(966 |
) |
|
3,371 |
|
Canyon Oaks |
|
Chico |
|
CA |
|
12/30/13 |
|
1,545 |
|
|
4,127 |
|
|
205 |
|
|
13 |
|
|
189 |
|
|
1,545 |
|
|
4,162 |
|
|
367 |
|
|
5 |
|
|
6,079 |
|
|
(1,322 |
) |
|
4,757 |
|
Casta Del Sol |
|
Mission Viejo |
|
CA |
|
12/30/13 |
|
5,794 |
|
|
— |
|
|
— |
|
|
— |
|
|
307 |
|
|
5,794 |
|
|
74 |
|
|
218 |
|
|
15 |
|
|
6,101 |
|
|
(77 |
) |
|
6,024 |
|
El Camino |
|
Oceanside |
|
CA |
|
12/30/13 |
|
4,635 |
|
|
2,960 |
|
|
158 |
|
|
80 |
|
|
950 |
|
|
4,635 |
|
|
3,806 |
|
|
342 |
|
|
— |
|
|
8,783 |
|
|
(961 |
) |
|
7,822 |
|
Forrest Crossing |
|
Franklin |
|
TN |
|
12/30/13 |
|
3,187 |
|
|
807 |
|
|
76 |
|
|
55 |
|
|
336 |
|
|
3,187 |
|
|
850 |
|
|
423 |
|
|
1 |
|
|
4,461 |
|
|
(377 |
) |
|
4,084 |
|
Gettysvue |
|
Knoxville |
|
TN |
|
12/30/13 |
|
2,994 |
|
|
1,428 |
|
|
235 |
|
|
181 |
|
|
336 |
|
|
2,994 |
|
|
1,647 |
|
|
533 |
|
|
— |
|
|
5,174 |
|
|
(728 |
) |
|
4,446 |
|
Lomas Santa Fe (Executive) |
|
Solana Beach |
|
CA |
|
12/30/13 |
|
3,766 |
|
|
— |
|
|
— |
|
|
— |
|
|
158 |
|
|
3,766 |
|
|
102 |
|
|
56 |
|
|
— |
|
|
3,924 |
|
|
(29 |
) |
|
3,895 |
|
Marbella |
|
SJ Capistrano |
|
CA |
|
12/30/13 |
|
5,794 |
|
|
9,114 |
|
|
410 |
|
|
— |
|
|
4,657 |
|
|
5,794 |
|
|
11,586 |
|
|
1,835 |
|
|
760 |
|
|
19,975 |
|
|
(2,931 |
) |
|
17,044 |
|
Monterey |
|
Palm Desert |
|
CA |
|
12/30/13 |
|
5,698 |
|
|
3,004 |
|
|
202 |
|
|
19 |
|
|
1,094 |
|
|
5,698 |
|
|
3,471 |
|
|
831 |
|
|
17 |
|
|
10,017 |
|
|
(1,266 |
) |
|
8,751 |
|
Oakhurst |
|
Clayton |
|
CA |
|
12/30/13 |
|
1,449 |
|
|
2,575 |
|
|
428 |
|
|
1,645 |
|
|
(1,100 |
) |
|
1,449 |
|
|
2,714 |
|
|
818 |
|
|
16 |
|
|
4,997 |
|
|
(1,206 |
) |
|
3,791 |
|
Oregon Golf Club |
|
West Linn |
|
OR |
|
12/30/13 |
|
4,828 |
|
|
8,011 |
|
|
416 |
|
|
51 |
|
|
681 |
|
|
4,828 |
|
|
8,187 |
|
|
969 |
|
|
3 |
|
|
13,987 |
|
|
(2,393 |
) |
|
11,594 |
|
Palm Valley |
|
Palm Desert |
|
CA |
|
12/30/13 |
|
7,531 |
|
|
8,864 |
|
|
379 |
|
|
56 |
|
|
770 |
|
|
7,531 |
|
|
8,822 |
|
|
1,228 |
|
|
19 |
|
|
17,600 |
|
|
(2,603 |
) |
|
14,997 |
|
Plantation |
|
Boise |
|
ID |
|
12/30/13 |
|
2,607 |
|
|
2,236 |
|
|
262 |
|
|
13 |
|
|
558 |
|
|
2,607 |
|
|
2,326 |
|
|
742 |
|
|
1 |
|
|
5,676 |
|
|
(876 |
) |
|
4,800 |
|
Rancho San Joaquin |
|
Irvine |
|
CA |
|
12/30/13 |
|
12,650 |
|
|
3,775 |
|
|
279 |
|
|
1,366 |
|
|
980 |
|
|
12,650 |
|
|
5,005 |
|
|
1,116 |
|
|
279 |
|
|
19,050 |
|
|
(1,444 |
) |
|
17,606 |
|
Seascape |
|
Aptos |
|
CA |
|
12/30/13 |
|
2,897 |
|
|
4,944 |
|
|
108 |
|
|
67 |
|
|
534 |
|
|
2,897 |
|
|
5,225 |
|
|
420 |
|
|
8 |
|
|
8,550 |
|
|
(1,303 |
) |
|
7,247 |
|
Summitpointe |
|
Milpitas |
|
CA |
|
12/30/13 |
|
2,511 |
|
|
3,271 |
|
|
128 |
|
|
8 |
|
|
820 |
|
|
2,511 |
|
|
3,580 |
|
|
647 |
|
|
— |
|
|
6,738 |
|
|
(1,069 |
) |
|
5,669 |
|
Sunset Hills |
|
Thousand Oaks |
|
CA |
|
12/30/13 |
|
2,125 |
|
|
5,447 |
|
|
383 |
|
|
— |
|
|
893 |
|
|
2,125 |
|
|
5,713 |
|
|
1,010 |
|
|
— |
|
|
8,848 |
|
|
(1,798 |
) |
|
7,050 |
|
Tanoan |
|
Albuquerque |
|
NM |
|
12/30/13 |
|
1,642 |
|
|
7,600 |
|
|
431 |
|
|
364 |
|
|
478 |
|
|
1,642 |
|
|
8,031 |
|
|
822 |
|
|
20 |
|
|
10,515 |
|
|
(2,684 |
) |
|
7,831 |
|
Trophy Club of Apalachee |
|
Dacula |
|
GA |
|
12/30/13 |
|
483 |
|
|
640 |
|
|
55 |
|
|
— |
|
|
885 |
|
|
483 |
|
|
1,046 |
|
|
534 |
|
|
— |
|
|
2,063 |
|
|
(351 |
) |
|
1,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost |
|
|
|
Gross Carrying Amount (A) (C) |
|
|
|
|
|
|
|
|
|
|
Date of Acquisition |
|
Land |
|
Buildings and Improvements |
|
Furniture, Fixtures and Equipment |
|
Construction-In-Progress |
|
Costs Capitalized Subsequent to Acquisition |
|
Land |
|
Buildings and Improvements |
|
Furniture, Fixtures and Equipment |
|
Construction-In-Progress |
|
|
|
Accumulated Depreciation (A)(B) |
|
Net Book Value |
Property Name |
|
City |
|
State |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Trophy Club of Atlanta |
|
Alpharetta |
|
GA |
|
12/30/13 |
|
483 |
|
|
3,898 |
|
|
60 |
|
|
— |
|
|
519 |
|
|
483 |
|
|
4,148 |
|
|
327 |
|
|
2 |
|
|
4,960 |
|
|
(994 |
) |
|
3,966 |
|
Vista Valencia |
|
Valencia |
|
CA |
|
12/30/13 |
|
1,352 |
|
|
5,199 |
|
|
91 |
|
|
— |
|
|
479 |
|
|
1,352 |
|
|
5,441 |
|
|
323 |
|
|
5 |
|
|
7,121 |
|
|
(1,402 |
) |
|
5,719 |
|
Wood Ranch |
|
Simi Valley |
|
CA |
|
12/30/13 |
|
2,125 |
|
|
1,951 |
|
|
239 |
|
|
416 |
|
|
903 |
|
|
2,125 |
|
|
2,339 |
|
|
1,041 |
|
|
129 |
|
|
5,634 |
|
|
(1,074 |
) |
|
4,560 |
|
Other |
|
N/A |
|
N/A |
|
12/30/13 |
|
3,960 |
|
|
— |
|
|
— |
|
|
— |
|
|
(128 |
) |
|
3,298 |
|
|
238 |
|
|
285 |
|
|
11 |
|
|
3,832 |
|
|
(100 |
) |
|
3,732 |
|
Total Owned Properties |
|
|
|
|
|
$ |
84,981 |
|
|
$ |
86,439 |
|
|
$ |
5,016 |
|
|
$ |
4,362 |
|
|
$ |
17,972 |
|
|
$ |
84,319 |
|
|
$ |
95,922 |
|
|
$ |
16,598 |
|
|
$ |
1,931 |
|
|
$ |
198,770 |
|
|
$ |
(29,550 |
) |
|
$ |
169,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Cariso |
|
Sylmar |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
32 |
|
|
(6 |
) |
|
26 |
|
Fullerton |
|
Fullerton |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
373 |
|
|
— |
|
|
— |
|
|
373 |
|
|
— |
|
|
373 |
|
|
(103 |
) |
|
270 |
|
John A White |
|
Atlanta |
|
GA |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Lomas Santa Fe |
|
Solana Beach |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
500 |
|
|
— |
|
|
— |
|
|
508 |
|
|
— |
|
|
508 |
|
|
(93 |
) |
|
415 |
|
Paradise Knolls |
|
Riverside |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
46 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
46 |
|
|
— |
|
|
46 |
|
|
(46 |
) |
|
— |
|
Santa Clara |
|
Santa Clara |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Tustin Ranch |
|
Tustin |
|
CA |
|
10/01/16 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Westchester |
|
Los Angeles |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
|
— |
|
|
— |
|
|
53 |
|
|
— |
|
|
53 |
|
|
(10 |
) |
|
43 |
|
Woodlands |
|
Wayne |
|
MI |
|
12/30/13 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
8 |
|
|
(2 |
) |
|
6 |
|
Yorba Linda |
|
Yorba Linda |
|
CA |
|
12/30/13 |
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
673 |
|
|
— |
|
|
— |
|
|
678 |
|
|
— |
|
|
678 |
|
|
(64 |
) |
|
614 |
|
Total Managed Properties |
|
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
1,639 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,698 |
|
|
$ |
— |
|
|
$ |
1,698 |
|
|
$ |
(324 |
) |
|
$ |
1,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Leased Properties (D) |
|
|
|
|
|
— |
|
|
46,067 |
|
|
8,067 |
|
|
1,228 |
|
|
20,119 |
|
|
— |
|
|
48,768 |
|
|
25,976 |
|
|
737 |
|
|
75,481 |
|
|
(29,823 |
) |
|
45,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
N/A |
|
N/A |
|
|
|
— |
|
|
— |
|
|
3,219 |
|
|
— |
|
|
3,179 |
|
|
— |
|
|
— |
|
|
5,704 |
|
|
694 |
|
|
6,398 |
|
|
(5,039 |
) |
|
1,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Properties |
|
|
|
|
|
$ |
84,981 |
|
|
$ |
132,506 |
|
|
$ |
16,361 |
|
|
$ |
5,590 |
|
|
$ |
42,909 |
|
|
$ |
84,319 |
|
|
$ |
144,690 |
|
|
$ |
49,976 |
|
|
$ |
3,362 |
|
|
$ |
282,347 |
|
|
$ |
(64,736 |
) |
|
$ |
217,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
The following is a rollforward of the gross carrying amount and accumulated depreciation of real estate for the years ended December 31, 2016, 2015 and 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Gross Carrying Amount |
|
|
|
|
|
Balance at beginning of year |
$ |
276,119 |
|
|
$ |
263,103 |
|
|
$ |
250,208 |
|
Additions: |
|
|
|
|
|
Acquisitions of real estate |
— |
|
|
— |
|
|
— |
|
Improvements |
20,982 |
|
|
14,970 |
|
|
15,109 |
|
Disposals: |
|
|
|
|
|
Disposal of long-lived assets |
(5,500 |
) |
|
(1,954 |
) |
|
(2,214 |
) |
Impairments (E) |
(7,196 |
) |
|
— |
|
|
— |
|
Transferred to assets held-for-sale (F) |
(2,058 |
) |
|
— |
|
|
— |
|
Balance at end of year |
$ |
282,347 |
|
|
$ |
276,119 |
|
|
$ |
263,103 |
|
|
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
|
Balance at beginning of year |
$ |
(48,212 |
) |
|
$ |
(23,820 |
) |
|
$ |
— |
|
Additions: |
|
|
|
|
|
Depreciation expense |
(23,351 |
) |
|
(24,943 |
) |
|
(24,740 |
) |
Disposals: |
|
|
|
|
|
Disposal of long-lived assets |
5,319 |
|
|
551 |
|
|
920 |
|
Impairments |
1,443 |
|
|
— |
|
|
— |
|
Transferred to assets held-for-sale |
65 |
|
|
— |
|
|
— |
|
Balance at end of year |
$ |
(64,736 |
) |
|
$ |
(48,212 |
) |
|
$ |
(23,820 |
) |
|
|
(B) |
Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2. |
|
|
(C) |
The aggregate United States federal income tax basis for Drive Shack Inc.’s operating real estate, including furniture, fixtures and equipment at December 31, 2016 was approximately $337.8 million.
|
|
|
(D) |
Total leased properties includes $0.7 million of construction-in-progress for Entertainment Golf.
|
|
|
(E) |
Impairments include a property in Annandale, New Jersey, a property in Gresham, Oregon and a property in San Leandro, California. |
|
|
(F) |
Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale as of December 31, 2016. Assets held-for-sale are recorded in receivables and other assets in the Consolidated Balance Sheets. See Note 2 for additional information.
|
|