Quarterly report pursuant to Section 13 or 15(d)

(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT

v3.20.2
(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT
 6 Months Ended
Jun. 30, 2020
Other than Temporary Impairment Losses, Investments [Abstract]  
(GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT (GAIN) LOSS ON LEASE TERMINATIONS AND IMPAIRMENT
The following table summarizes the amounts the Company recorded in the Consolidated Statements of Operations:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Gain on lease terminations $ (3,125)   $ —    $ (3,125)   $ —   
Impairment on traditional golf properties (held-for-sale) $ —    $ —    $ —    $ 952   
Impairment on traditional golf properties (held-for-use) —    —    792    3,136   
Other losses —    118    —    118   
Total (gain) loss on lease terminations and impairment $ (3,125)   $ 118    $ (2,333)   $ 4,206   

Gain on lease terminations - During the three and six months ended June 30, 2020, the Company recorded a gain of $3.1 million on the termination of two traditional golf course leases. The gain primarily related to the derecognition of long-lived asset, intangible, and ROU asset and liability balances.

Held-for-Sale Impairment: For the six months ended June 30, 2019, the Company recognized impairment losses and recorded accumulated impairment totaling approximately $1.0 million on two golf properties. The fair value measurements were based on expected selling prices, less costs to sell. The significant inputs used to value these real estate investments fall within Level 3 for fair value reporting.

Held-for-Use Impairment: For the six months ended June 30, 2020, the Company recorded impairment charges totaling $0.8 million for one property. For the six months ended June 30, 2019, the Company recorded impairment charges totaling $3.1 million for one golf property. The Company evaluated the recoverability of the carrying value of these assets using the income approach based on future assumptions of cash flows. As the fair value inputs utilized are unobservable, the Company determined that the significant inputs used to value these properties fall within Level 3 for fair value reporting.