| Schedule of carrying value of assets and liabilities immediately preceding the spin-off and at December 31, 2013 |
The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off and at December 31, 2013.
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February 13, 2014
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December 31, 2013
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Assets
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Property, plant and equipment, net
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$
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266,385
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$
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270,188
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Intangibles, net
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144,664
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145,400
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Goodwill
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126,686
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126,686
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Cash and cash equivalents
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23,845
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31,811
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Restricted cash
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6,477
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6,477
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Receivables and other assets
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101,940
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110,184
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Total assets
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$
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669,997
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$
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690,746
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Liabilities
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Credit facilities - media
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177,955
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182,016
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Accounts payable, accrued expenses and other liabilities
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100,695
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113,251
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Total liabilities
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278,650
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295,267
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Net Assets
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$
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391,347
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$
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395,479
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As previously discussed in Note 1, on November 6, 2014, Newcastle completed the spin-off of New Senior from Newcastle.
The following table presents the carrying value of the assets and liabilities of New Senior, immediately preceding the November 6, 2014 spin-off and at December 31, 2013.
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November 6, 2014
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December 31, 2013
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Assets
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Investment in senior housing real estate, net
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$
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1,574,048
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$
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1,362,900
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Intangibles, net
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107,658
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100,858
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Cash and cash equivalents
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245,246
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31,263
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Receivables and other assets
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95,942
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55,430
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Total assets
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$
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2,022,894
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$
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1,550,451
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Liabilities
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Mortgage notes payable
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$
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1,260,633
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$
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1,076,828
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Accounts payable, accrued expenses and other liabilities
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89,245
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61,886
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Total liabilities
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$
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1,349,878
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$
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1,138,714
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Net Assets
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$
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673,016
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$
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411,737
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| Schedule of results of operations from discontinued operations |
Results of operations from discontinued operations were as follows:
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Year Ended December 31,
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2014
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2013
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2012
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Interest income
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$
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—
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$
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15,098
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$
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27,508
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Interest expense
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49,705
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12,372
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1,688
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Net interest income (expense)
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(49,705
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)
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2,726
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25,820
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Operating Revenues
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Media income
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68,212
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61,637
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—
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Rental income
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194,729
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74,936
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17,081
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Care and ancillary income
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20,428
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12,387
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2,994
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Total operating revenues
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283,369
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148,960
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20,075
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Other Income
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Other income (loss)
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1,444
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(2,404
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)
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17,339
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Change in fair value of investments in excess mortgage servicing rights
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—
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3,894
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—
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Change in fair value of investments in equity method investees
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—
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885
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—
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Earnings from investments in equity method investees
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—
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20,156
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—
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Total other income
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1,444
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22,531
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17,339
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Expenses
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Property operating expenses
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152,896
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53,733
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12,969
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Media operating expenses
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—
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49,092
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—
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General and administrative expense
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20,096
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21,742
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11,743
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Depreciation and amortization
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90,627
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30,969
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6,975
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Management fee to affiliate
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7,789
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5,034
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1,082
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Income tax expense (benefit)
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(1,111
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)
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2,100
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—
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Total expenses
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270,297
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162,670
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32,769
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Income (loss) from discontinued operations, net of tax
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$
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(35,189
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)
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$
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11,547
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$
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30,465
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