Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 28,423 $ 79,235
Restricted cash 3,103 3,326
Accounts receivable, net 5,249 7,518
Real estate assets, held-for-sale, net 16,948 75,862
Real estate securities, available-for-sale 3,052 2,953
Other current assets 17,521 20,505
Total Current Assets 74,296 189,399
Restricted cash, noncurrent 438 258
Property and equipment, net of accumulated depreciation 179,641 132,605
Operating lease right-of-use assets 215,308  
Intangibles, net of accumulated amortization 17,565 48,388
Other investments 24,020 22,613
Other assets 4,723 8,684
Total Assets 515,991 401,947
Current Liabilities    
Obligations under finance leases 6,154 5,489
Membership deposit liabilities 10,791 8,861
Accounts payable and accrued expenses 25,877 45,284
Deferred revenue 26,268 18,793
Real estate liabilities, held-for-sale 4 2,947
Other current liabilities 23,964 22,285
Total Current Liabilities 93,058 103,659
Credit facilities and obligations under finance leases - noncurrent 13,125 10,489
Operating lease liabilities - noncurrent 187,675  
Junior subordinated notes payable 51,192 51,200
Membership deposit liabilities, noncurrent 95,805 90,684
Deferred revenue, noncurrent 6,283 6,016
Other liabilities 3,278 5,232
Total Liabilities 450,416 267,280
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, 2019 and 2018 61,583 61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,068,751 and 67,027,104 shares issued and outstanding at December 31, 2019 and 2018, respectively 671 670
Additional paid-in capital 3,177,183 3,175,843
Accumulated deficit (3,175,572) (3,105,307)
Accumulated other comprehensive income 1,710 1,878
Total Equity 65,575 134,667
Total Liabilities and Equity $ 515,991 $ 401,947