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INVESTMENTS IN OTHER REAL ESTATE (Tables)

v2.4.0.8
INVESTMENTS IN OTHER REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2013
Investments In Other Real Estate Tables  
Schedule of investments in other real estate

The following table summarizes the balances of other real estate assets at December 31, 2013.

 

                                                                                       
                Initial Cost         Gross Carrying Amount (B) (F)        
                                        Costs                                            
                            Furniture,         Capitalized                     Furniture,               Accumulated  
Property                     Building   Fixtures and   Construction   Subsequent to               Building   Fixtures and   Construction         Depreciation  
Type (A)   City, State   Land   Building   Improvements   Equipment   In-Progress   Acquisition   Land   Building   Improvements   Equipment   In-Progress   Total   (B),(C)  
GC     California   $ 62,000   $ 21,185   $ 59,116   $ 12,461   $ 4,766   $ —   $ 62,000   $ 21,185   $ 59,116   $ 12,461   $ 4,766   $ 159,528   $ —  
GC     Florida     —     406     759     822     35     —     —     406     759     822     35     2,022     —  
GC     Georgia     2,400     1,635     8,055     729     —     —     2,400     1,635     8,055     729     —     12,819     —  
GC     Hawaii     —     17     192     135     —     —     —     17     192     135     —     344     —  
GC     Idaho     2,700     321     1,995     271     13     —     2,700     321     1,995     271     13     5,300     —  
GC     New Jersey     7,733     —     —     —     —     —     7,733     —     —     —     —     7,733     —  
GC     New Mexico     1,700     1,171     6,703     447     359     —     1,700     1,171     6,703     447     359     10,380     —  
GC     New York     —     22,818     2,168     2,219     48     —     —     22,818     2,168     2,219     48     27,253     —  
GC     Oklahoma     —     761     294     344     68     —     —     761     294     344     68     1,467     —  
GC     Oregon     6,900     1,540     7,166     457     50     —     6,900     1,540     7,166     457     50     16,113     —  
GC     Tennessee     6,400     297     2,018     322     233     —     6,400     297     2,018     322     233     9,270     —  
GC     Texas     —     166     276     569     59     —     —     166     276     569     59     1,070     —  
GC     Virginia     —     33     1     66     —     —     —     33     1     66     —     100     —  
GC     Washington     3,701     265     1,993     186     29     —     3,701     265     1,993     186     29     6,174     —  
          $ 93,534   $ 50,615   $ 90,736   $ 19,028   $ 5,660   $ —   $ 93,534   $ 50,615   $ 90,736   $ 19,028   $ 5,660   $ 259,573   $ —  
                                                                                       
Other Operating Real Estate (E):                                                                            
OB     Beavercreek, OH   $ 386   $ 2,287   $ —   $ —   $ —   $ 413   $ 364   $ 2,170   $ 390   $ —   $ —   $ 2,924   $ (779 )
OB     Beavercreek, OH     401     2,326     —     —     —     175     381     2,268     92     —     —     2,741     (547 )
OB     Beavercreek, OH     382     2,242     —     —     —     587     361     2,150     488     —     —     2,999     (741 )
          $ 1,169   $ 6,855   $ —   $ —   $ —   $ 1,175   $ 1,106   $ 6,588   $ 970   $ —   $ —   $ 8,664   $ (2,067 )
        $ 94,703   $ 57,470   $ 90,736   $ 19,028   $ 5,660   $ 1,175   $ 94,640   $ 57,203   $ 91,706   $ 19,028   $ 5,660   $ 268,237   $ (2,067 )

 

          Year   Year         Ending
Property         Acquired   Constructed/   Net Rentable   Occupancy
Type (A)   City, State   (D)   Renovated (D)   Sq. Ft. (D)   (D)
                                 
Other Operating Real Estate (E):                          
OB     Beavercreek, OH     2006     1984/2006     55,024 Sq. Ft.     84.40 %
OB     Beavercreek, OH     2006     1985/2006     29,916 Sq. Ft.     100.00 %
OB     Beavercreek, OH     2006     1987/2006     45,500 Sq. Ft.     100.00 %

        (A)    OB represents office building. GC represents golf course.

 

(B) The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2013 and 2012.

               
    Year ended
December 31, 2013 		  Year ended
December 31, 2012 		 
Gross Carrying Amount              
Balance at beginning of year   $ 8,520   $ —  
Additions:              
Acquisitions of other real estate     259,573     —  
Improvements     144     —  
Transferred from operating real estate held for sale     —     8,520  
Disposals:              
Disposal of long-lived assets     —     —  
Balance at end of year   $ 268,237   $ 8,520  
               
Accumulated Depreciation              
Balance at beginning of year   $ (1,848 ) $ —  
Additions:              
Depreciation expense     (219 )   (1,191 )
Transferred from assets held-for-sale     —     (657 )
Disposals:              
Disposal of long-lived assets     —     —  
Balance at end of year   $ (2,067 ) $ (1,848 )
     
  (C) Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
  (D) Unaudited.
  (E) The other operating real estate assets were pledged as collateral in one of Newcastle’s non-recourse financing structures at December 31, 2013.
  (F) The aggregate United States federal income tax basis for Newcastle’s other operating real estate at December 31, 2013 was approximately $266.6 million.