SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Accounting Policies [Abstract] |
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| Schedule of realized/unrealized loss on investments and other income (loss), net |
These items are comprised of the following:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Loss on settlement of real estate securities |
— |
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|
— |
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$ |
— |
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$ |
2,803 |
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Unrealized loss on securities, intent-to-sell |
— |
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|
— |
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— |
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|
558 |
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(Gain) on settlement of loans held-for-sale |
— |
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|
(12 |
) |
|
— |
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|
(12 |
) |
Realized loss on settlement of TBAs, net |
— |
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|
6,915 |
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|
— |
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|
4,441 |
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Unrealized (gain) on non-hedge derivative instruments |
(89 |
) |
|
(3,616 |
) |
|
(331 |
) |
|
(1,114 |
) |
Realized and unrealized (gain) loss on investments |
$ |
(89 |
) |
|
$ |
3,287 |
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|
$ |
(331 |
) |
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$ |
6,676 |
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Loss on lease modifications and terminations |
$ |
(25 |
) |
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$ |
(2 |
) |
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$ |
(796 |
) |
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$ |
(160 |
) |
Loss on extinguishment of debt, net |
(89 |
) |
|
(36 |
) |
|
(141 |
) |
|
(182 |
) |
Collateral management fee income, net |
146 |
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|
126 |
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|
301 |
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|
248 |
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Equity in earnings of equity method investments |
387 |
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|
383 |
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|
766 |
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|
762 |
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Gain on disposal of long-lived assets |
882 |
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|
— |
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|
676 |
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|
26 |
|
Other (loss) income (A) |
(5,000 |
) |
|
(178 |
) |
|
(4,911 |
) |
|
(524 |
) |
Other (loss) income, net |
$ |
(3,699 |
) |
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$ |
293 |
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|
$ |
(4,105 |
) |
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$ |
170 |
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(A) |
During the three months ended June 30, 2018, the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Notes 13 and 15 for additional information.
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| Schedule of useful lives of property, plant, and equipment |
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
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Buildings and improvements |
10-30 years |
Capital leases - equipment |
3-7 years |
Furniture, fixtures and equipment |
2-7 years |
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| Schedule of amortization period |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
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Trade name |
30 years |
Leasehold intangibles |
2-26 years |
Management contracts |
2-26 years |
Internally-developed software |
5-10 years |
Membership base |
7 years |
Liquor licenses |
Nonamortizable |
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| Schedule of other current assets |
The following table summarizes the Company's other current assets:
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June 30, 2018 |
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December 31, 2017 |
Loans, held-for-sale, net (A) |
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$ |
— |
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$ |
147 |
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Prepaid expenses |
|
4,280 |
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|
3,081 |
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Deposits |
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6,850 |
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|
3,469 |
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Inventory |
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4,986 |
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|
4,722 |
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Miscellaneous current assets, net |
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9,055 |
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|
10,149 |
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Other current assets |
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$ |
25,171 |
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$ |
21,568 |
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(A) |
During the six months ended June 30, 2018, the Company recorded an impairment of $0.2 million on a corporate loan.
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| Schedule of other assets |
The following table summarizes the Company's other assets:
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June 30, 2018 |
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December 31, 2017 |
Prepaid expenses |
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$ |
7 |
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$ |
6 |
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Deposits |
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2,114 |
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|
2,213 |
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Derivative assets |
|
617 |
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|
286 |
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Miscellaneous assets, net |
|
6,303 |
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|
6,144 |
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Other assets |
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$ |
9,041 |
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$ |
8,649 |
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| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
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June 30, 2018 |
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December 31, 2017 |
Security deposits payable |
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$ |
7,068 |
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$ |
6,602 |
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Accrued rent |
|
2,950 |
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|
2,160 |
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Due to affiliates |
|
— |
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|
1,786 |
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Dividends payable |
|
930 |
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|
930 |
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Miscellaneous current liabilities |
|
4,197 |
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|
11,118 |
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Other current liabilities |
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$ |
15,145 |
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$ |
22,596 |
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| Schedule of other liabilities |
The following table summarizes the Company's other liabilities:
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June 30, 2018 |
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December 31, 2017 |
Security deposits payable |
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$ |
238 |
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$ |
66 |
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Unfavorable leasehold interests |
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2,963 |
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|
3,374 |
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Accrued rent |
|
1,057 |
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|
1,057 |
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Miscellaneous liabilities |
|
1,222 |
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|
349 |
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Other liabilities |
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$ |
5,480 |
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$ |
4,846 |
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