SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Accounting Policies [Abstract] |
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| Schedule of realized/unrealized (gain) loss on investments and other income (loss), net |
Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following:
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Year Ended December 31, |
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2019 |
|
2018 |
|
2017 |
(Gain) on settlement of real estate securities |
$ |
— |
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|
$ |
— |
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|
$ |
(2,345 |
) |
Loss on settlement of real estate securities |
— |
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|
— |
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|
2,803 |
|
Realized (gain) loss on settlement of non-hedge derivatives, net |
— |
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|
(227 |
) |
|
4,669 |
|
(Gain) loss on settlement of loans held-for-sale |
— |
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|
— |
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|
(12 |
) |
Unrealized loss on securities, intent-to-sell |
— |
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|
— |
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|
558 |
|
Unrealized loss (gain) on non-hedge derivative instruments |
— |
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|
96 |
|
|
570 |
|
Realized and unrealized loss (gain) on investments |
$ |
— |
|
|
$ |
(131 |
) |
|
$ |
6,243 |
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Gain (loss) on sale of long-lived assets and intangibles |
$ |
19,338 |
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|
$ |
8,704 |
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|
$ |
(295 |
) |
(Loss) on lease modifications and terminations |
— |
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|
(939 |
) |
|
(161 |
) |
(Loss) on extinguishment of debt, net |
(230 |
) |
|
(1,542 |
) |
|
(294 |
) |
Collateral management fee income, net |
440 |
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|
575 |
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|
387 |
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Equity in earnings of equity method investments |
1,381 |
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|
1,471 |
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|
1,536 |
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Other (loss) (A) |
(53 |
) |
|
(5,389 |
) |
|
(1,079 |
) |
Other income, net |
$ |
20,876 |
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|
$ |
2,880 |
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|
$ |
94 |
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(A) |
During the year ended December 31, 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 Note 13 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 lesser of the following estimated useful lives or the lease term:
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Buildings and improvements |
10-40 years |
Finance leases - equipment |
2-6 years |
Furniture, fixtures, and equipment |
2-7 years |
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| Schedule of amortization period for intangible assets |
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 |
Management contracts |
2 - 26 years |
Internally-developed software |
3 - 5 years |
Membership base |
7 years |
Liquor licenses |
Nonamortizable |
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| Schedule of restricted cash from continuing operations |
Restricted cash consisted of:
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December 31, |
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2019 |
|
2018 |
CDO trustee accounts |
$ |
114 |
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|
$ |
127 |
|
Restricted cash for construction-in-progress |
1,536 |
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|
2,008 |
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Restricted cash - Traditional Golf |
1,656 |
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|
1,266 |
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Restricted cash - Entertainment Golf |
235 |
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|
183 |
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Restricted cash, current and noncurrent |
$ |
3,541 |
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|
$ |
3,584 |
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| Schedule of other current assets |
The following table summarizes the Company's other current assets:
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December 31, |
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2019 |
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2018 |
Managed property receivables |
5,426 |
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|
4,225 |
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Prepaid expenses |
3,608 |
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|
2,651 |
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Deposits |
1,374 |
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|
2,494 |
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Inventory |
2,762 |
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|
2,855 |
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Miscellaneous current assets, net |
4,351 |
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|
8,280 |
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Other current assets |
$ |
17,521 |
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|
$ |
20,505 |
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| Schedule of other assets |
The following table summarizes the Company's other assets:
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December 31, |
|
2019 |
|
2018 |
Prepaid expenses |
$ |
317 |
|
|
$ |
277 |
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Deposits |
2,123 |
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|
2,140 |
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Miscellaneous assets, net |
2,283 |
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|
6,267 |
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Other assets |
$ |
4,723 |
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|
$ |
8,684 |
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| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
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December 31, |
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2019 |
|
2018 |
Security deposits payable |
$ |
— |
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$ |
14,188 |
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Operating lease liabilities |
16,922 |
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|
— |
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Accrued rent |
2,769 |
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|
2,885 |
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Dividends payable |
930 |
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|
930 |
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Miscellaneous current liabilities |
3,343 |
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|
4,282 |
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Other current liabilities |
$ |
23,964 |
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|
$ |
22,285 |
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| Schedule of other liabilities |
The following table summarizes the Company's other liabilities:
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December 31, |
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2019 |
|
2018 |
Service obligation intangible |
$ |
1,776 |
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$ |
2,759 |
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Accrued rent |
— |
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|
1,617 |
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Miscellaneous liabilities |
1,502 |
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|
856 |
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Other liabilities |
$ |
3,278 |
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|
$ |
5,232 |
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| Schedule of amortization of discount and premium and other amortization |
Amortization of Discount and Premium and Other Amortization — As reflected in the Consolidated Statements of Cash Flows, these items are comprised of the following:
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Year Ended December 31, |
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2019 |
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2018 |
|
2017 |
Accretion of net discount on securities, loans and other investments |
$ |
(267 |
) |
|
$ |
(151 |
) |
|
$ |
(4,698 |
) |
Amortization of net discount on debt obligations and deferred financing costs |
(8 |
) |
|
1,310 |
|
|
1,241 |
|
Amortization of discount and premium |
$ |
(275 |
) |
|
$ |
1,159 |
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|
$ |
(3,457 |
) |
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Amortization of leasehold intangibles |
$ |
— |
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$ |
4,093 |
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$ |
4,111 |
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Accretion of membership deposit liability |
7,225 |
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|
6,872 |
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|
6,453 |
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Other amortization |
$ |
7,225 |
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$ |
10,965 |
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$ |
10,564 |
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