Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 79,235 $ 167,692
Restricted cash 3,326 5,178
Accounts receivable, net 7,518 8,780
Real estate assets, held-for-sale, net 75,862 2,000
Real estate securities, available-for-sale 2,953 2,294
Other current assets 20,505 21,568
Total Current Assets 189,399 207,512
Restricted cash, noncurrent 258 818
Property and equipment, net of accumulated depreciation 132,605 241,258
Intangibles, net of accumulated amortization 48,388 57,276
Other investments 22,613 21,135
Other assets 8,684 8,649
Total Assets 401,947 536,648
Current Liabilities    
Obligations under capital leases 5,489 4,652
Membership deposit liabilities 8,861 8,733
Accounts payable and accrued expenses 45,284 36,797
Deferred revenue 18,793 31,207
Real estate liabilities, held-for-sale 2,947 0
Other current liabilities 22,285 22,596
Total Current Liabilities 103,659 103,985
Credit facilities and obligations under capital leases 10,489 112,105
Junior subordinated notes payable 51,200 51,208
Membership deposit liabilities, noncurrent 90,684 86,523
Deferred revenue, noncurrent 6,016 6,930
Other liabilities 5,232 4,846
Total Liabilities 267,280 365,597
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 December 31, 2018 and 2017 61,583 61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,027,104 and 66,977,104 shares issued and outstanding at December 31, 2018 and 2017, respectively 670 670
Additional paid-in capital 3,175,843 3,173,281
Accumulated deficit (3,105,307) (3,065,853)
Accumulated other comprehensive income 1,878 1,370
Total Equity 134,667 171,051
Total Liabilities and Equity $ 401,947 $ 536,648