Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details)

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES - Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Interest income, net $ 27,544 $ 47,486 $ 103,889 $ 171,642  
Interest expense, net (32,549) (20,555) (102,340) (65,263)  
Net interest income (expense) (5,005) 26,931 1,549 106,379  
Impairment (reversal) (4,015) (12,998) (1,243) (7,024)  
Operating revenues 148,750 24,370 411,627 50,880  
Other income, net 14,099 6,710 71,590 20,570  
Loan and security servicing expense 159 908 1,424 2,963  
Property operating expenses 26,519 15,542 74,092 31,827  
Operating expenses - golf 64,984 [1]   183,925 [1]    
Repairs and maintenance expenses - golf 2,592   7,194    
Cost of sales - golf 8,420   23,183    
General and administrative expense 5,231 9,350 12,986 23,495  
Acquisition and transaction expenses 3,308 [2]   14,394 [2]    
Management fee to affiliate 8,106 7,166 23,618 24,879  
Depreciation and amortization 37,023 7,678 97,812 15,717  
Income tax expense 334   1,169    
Income from continuing operations 5,183 30,365 46,212 85,972  
Loss from discontinued operations, net of tax 127 (1,121) (4,748) 35,008  
Net Income 5,310 29,244 41,464 120,980  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Net loss attributable to noncontrolling interests 21   711    
Income Applicable to Common Stockholders 3,936 27,849 37,990 116,795  
Investments, net 3,002,236 [3]   3,002,236 [3]    
Cash and restricted cash 262,208   262,208    
Other assets 111,996   111,996    
Assets of discontinued operations 6,863   6,863   697,572
Total Assets 3,383,303   3,383,303   4,837,635
Debt, net 2,142,875 [3]   2,142,875 [3]    
Other liabilities 289,835   289,835    
Liabilities of discontinued operations 412   412   295,680
Total Liabilities 2,433,122   2,433,122   3,611,511
Preferred Stock 61,583   61,583   61,583
Noncontrolling interests 176   176   61,279
Equity attributable to common stockholders 888,422   888,422    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     267,077    
Inter-segment Elimination [Member]
          
Interest income, net (1,564) (1,524) (6,001) (3,455)  
Interest expense, net 1,564 1,524 6,001 3,455  
Investments, net 39,700   39,700    
Debt, net 39,700   39,700    
Discontinued Operations [Member]
          
Loss from discontinued operations, net of tax 127 (1,121) (4,748) 35,008  
Net Income 127 (1,121) (4,748) 35,008  
Net loss attributable to noncontrolling interests     522    
Income Applicable to Common Stockholders 127 (1,121) (4,226) 35,008  
Assets of discontinued operations 6,863   6,863    
Total Assets 6,863   6,863    
Liabilities of discontinued operations 412   412    
Total Liabilities 412   412    
Equity attributable to common stockholders 6,451   6,451    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     638    
Senior Housing [Member]
          
Interest income, net   2 [4]   2 [4]  
Interest expense, net (14,138) [4] (2,880) [4] (41,429) [4] (5,358) [4]  
Net interest income (expense) (14,138) [4] (2,878) [4] (41,429) [4] (5,356) [4]  
Operating revenues 67,256 [4] 24,370 [4] 184,763 [4] 50,880 [4]  
Other income, net 1,481 [4] (74) [4] 1,457 [4] 46 [4]  
Property operating expenses 26,519 [4] 15,542 [4] 74,092 [4] 31,827 [4]  
General and administrative expense 1,415 [4] 6,095 [4] 3,116 [4] 9,591 [4]  
Acquisition and transaction expenses 3,992 [2],[4]   12,800 [2],[4]    
Management fee to affiliate 2,442 [4] 1,450 [4] 6,766 [4] 3,028 [4]  
Depreciation and amortization 28,648 [4] 7,676 [4] 74,672 [4] 15,715 [4]  
Income tax expense 334 [4]   1,025 [4]    
Income from continuing operations (8,751) [4] (9,345) [4] (27,680) [4] (14,591) [4]  
Net Income (8,751) [4] (9,345) [4] (27,680) [4] (14,591) [4]  
Income Applicable to Common Stockholders (8,751) [4] (9,345) [4] (27,680) [4] (14,591) [4]  
Investments, net 1,696,999 [3],[4]   1,696,999 [3],[4]    
Cash and restricted cash 42,549 [4]   42,549 [4]    
Other assets 76,851 [4]   76,851 [4]    
Total Assets 1,816,399 [4]   1,816,399 [4]    
Debt, net 1,148,008 [3],[4]   1,148,008 [3],[4]    
Other liabilities 82,580 [4]   82,580 [4]    
Total Liabilities 1,230,588 [4]   1,230,588 [4]    
Equity attributable to common stockholders 585,811 [4]   585,811 [4]    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     253,606 [4]    
CDOs [Member]
          
Interest income, net 19,316 [4] 27,027 [4] 70,635 [4] 95,254 [4]  
Interest expense, net (4,823) [4] (5,051) [4] (16,932) [4] (19,013) [4]  
Inter-segment eliminations (1,564) [4] (1,524) [4] (6,001) [4] (3,455) [4]  
Net interest income (expense) 12,929 [4] 20,452 [4] 47,702 [4] 72,786 [4]  
Impairment (reversal) (4,143) [4] (12,375) [4] (2,185) [4] (389) [4]  
Other income, net 1,822 [4] 4,821 [4] 34,717 [4] 16,496 [4]  
Loan and security servicing expense 157 [4] 179 [4] 466 [4] 563 [4]  
Income from continuing operations 18,737 [4] 37,469 [4] 84,138 [4] 89,108 [4]  
Net Income 18,737 [4] 37,469 [4] 84,138 [4] 89,108 [4]  
Income Applicable to Common Stockholders 18,737 [4] 37,469 [4] 84,138 [4] 89,108 [4]  
Investments, net 547,654 [3],[4]   547,654 [3],[4]    
Cash and restricted cash 1,672 [4]   1,672 [4]    
Other assets 1,731 [4]   1,731 [4]    
Total Assets 551,057 [4]   551,057 [4]    
Debt, net 376,725 [3],[4]   376,725 [3],[4]    
Other liabilities 4,845 [4]   4,845 [4]    
Total Liabilities 381,570 [4]   381,570 [4]    
Equity attributable to common stockholders 169,487 [4]   169,487 [4]    
Other Debt [Member]
          
Interest income, net 9,749 [4],[5] 21,942 [4],[5] 39,102 [4],[5] 79,700 [4],[5]  
Interest expense, net (9,343) [4],[5] (13,190) [4],[5] (32,344) [4],[5] (41,483) [4],[5]  
Inter-segment eliminations 112 [4],[5] 1,524 [4],[5] 1,748 [4],[5] 3,455 [4],[5]  
Net interest income (expense) 518 [4],[5] 10,276 [4],[5] 8,506 [4],[5] 41,672 [4],[5]  
Impairment (reversal) 128 [4],[5] (623) [4],[5] 942 [4],[5] (6,635) [4],[5]  
Other income, net 8,067 [4],[5] 1,963 [4],[5] 32,698 [4],[5] 4,028 [4],[5]  
Loan and security servicing expense 2 [4],[5] 726 [4],[5] 958 [4],[5] 2,397 [4],[5]  
General and administrative expense 1,051 [4],[5]   2,921 [4],[5] 18 [4],[5]  
Income from continuing operations 7,404 [4],[5] 12,136 [4],[5] 36,383 [4],[5] 49,920 [4],[5]  
Net Income 7,404 [4],[5] 12,136 [4],[5] 36,383 [4],[5] 49,920 [4],[5]  
Income Applicable to Common Stockholders 7,404 [4],[5] 12,136 [4],[5] 36,383 [4],[5] 49,920 [4],[5]  
Investments, net 424,686 [3],[4],[5]   424,686 [3],[4],[5]    
Other assets 1,138 [4],[5]   1,138 [4],[5]    
Total Assets 425,824 [4],[5]   425,824 [4],[5]    
Debt, net 406,217 [3],[4],[5]   406,217 [3],[4],[5]    
Other liabilities 1,253 [4],[5]   1,253 [4],[5]    
Total Liabilities 407,470 [4],[5]   407,470 [4],[5]    
Equity attributable to common stockholders 18,354 [4],[5]   18,354 [4],[5]    
Golf [Member]
          
Interest income, net 37   112    
Interest expense, net (4,847)   (14,764)    
Inter-segment eliminations 1,452   4,253    
Net interest income (expense) (3,358)   (10,399)    
Operating revenues 81,494   226,864    
Other income, net 2,729   2,718    
Operating expenses - golf 64,984 [1]   183,925 [1]    
Repairs and maintenance expenses - golf 2,592   7,194    
Cost of sales - golf 8,420   23,183    
General and administrative expense 527   986    
Acquisition and transaction expenses 27 [2]   1,530 [2]    
Depreciation and amortization 8,362   23,053    
Income tax expense     144    
Income from continuing operations (4,047)   (20,832)    
Net Income (4,047)   (20,832)    
Net loss attributable to noncontrolling interests 21   189    
Income Applicable to Common Stockholders (4,026)   (20,643)    
Investments, net 332,897 [3]   332,897 [3]    
Cash and restricted cash 10,786   10,786    
Other assets 32,099   32,099    
Total Assets 375,782   375,782    
Debt, net 160,692 [3]   160,692 [3]    
Other liabilities 154,207   154,207    
Total Liabilities 314,899   314,899    
Noncontrolling interests 176   176    
Equity attributable to common stockholders 60,707   60,707    
Additions to investments in real estate excluding intangibles and other liabilities, net of other assets acquired     12,833    
Corporate [Member]
          
Interest income, net 6 39 41 141  
Interest expense, net (962) (958) (2,872) (2,864)  
Net interest income (expense) (956) (919) (2,831) (2,723)  
Loan and security servicing expense   3   3  
General and administrative expense 2,238 3,255 5,963 13,886  
Acquisition and transaction expenses (711) [2]   64 [2]    
Management fee to affiliate 5,664 5,716 16,852 21,851  
Depreciation and amortization 13 2 87 2  
Income from continuing operations (8,160) (9,895) (25,797) (38,465)  
Net Income (8,160) (9,895) (25,797) (38,465)  
Preferred dividends (1,395) (1,395) (4,185) (4,185)  
Income Applicable to Common Stockholders (9,555) (11,290) (29,982) (42,650)  
Cash and restricted cash 207,201   207,201    
Other assets 177   177    
Total Assets 207,378   207,378    
Debt, net 51,233 [3]   51,233 [3]    
Other liabilities 46,950   46,950    
Total Liabilities 98,183   98,183    
Preferred Stock 61,583   61,583    
Equity attributable to common stockholders $ 47,612   $ 47,612    
[1] Operating expenses-golf includes rental expenses recorded under operating leases for carts and equipment in the amount of $1.2 million and $3.9 million for the three and nine months ended September 30, 2014, respectively.
[2] Includes all transaction related and spin-off related expenses.
[3] Net of $39.7 million of inter-segment eliminations.
[4] Assets held within non-recourse structures, including all of the assets in the senior housing and CDO segments, are not available to satisfy obligations outside of such financings, except to the extent net cash flow distributions are received from such structures. Furthermore, creditors or beneficial interest holders of these structures generally have no recourse to the general credit of Newcastle. Therefore, the exposure to the economic losses from such structures generally is limited to invested equity in them and economically their book value cannot be less than zero. Therefore, impairment recorded in excess of Newcastle?s investment, which results in negative GAAP book value for a given non-recourse financing structure, cannot economically be incurred and will eventually be reversed through amortization, sales at gains, or as gains at the deconsolidation or termination of such non-recourse financing structure.
[5] The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).