Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN OTHER REAL ESTATE (Tables)

v2.4.1.9
INVESTMENTS IN OTHER REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2014
Real Estate [Abstract]  
Schedule of investments in other real estate
The following table summarizes the balances of other real estate assets at December 31, 2014.
 
 
 
 
 
 
Initial Cost
 
 
 
Gross Carrying Amount (A) (C)
 
 
 
 
 
 
 
 
 
 
Land and Improvements
 
Buildings and Improvements
 
Furniture, Fixtures and Equipment
 
Construction In-Progress
 
Costs Capitalized Subsequent to Acquisition
 
Land and Improvements
 
Buildings and Improvements
 
Furniture, Fixtures and Equipment
 
Construction In-Progress
 
 
 
Accumulated Depreciation (A)(B)
 
Net Book Value
Property Name
 
City
 
State
 
 
 
 
 
 
 
 
 
 
Total
 
 
Owned Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bear Creek
 
Woodinville
 
WA
 
$
3,573

 
$
2,178

 
$
179

 
$
28

 
$
114

 
$
3,573

 
$
2,198

 
$
287

 
$
14

 
$
6,072

 
$
(290
)
 
$
5,782

Bradshaw Farm
 
Woodstock
 
GA
 
773

 
1,962

 
92

 
—

 
42

 
773

 
1,978

 
118

 
—

 
2,869

 
(256
)
 
2,613

Brookstone
 
Acworth
 
GA
 
579

 
2,448

 
200

 
—

 
702

 
579

 
2,916

 
434

 
—

 
3,929

 
(315
)
 
3,614

Canyon Oaks
 
Chico
 
CA
 
1,545

 
4,127

 
205

 
13

 
110

 
1,545

 
4,161

 
288

 
6

 
6,000

 
(507
)
 
5,493

Casta Del Sol
 
Mission Viejo
 
CA
 
5,794

 
—

 
—

 
—

 
118

 
5,794

 
—

 
118

 
—

 
5,912

 
—

 
5,912

El Camino
 
Oceanside
 
CA
 
4,635

 
2,960

 
158

 
80

 
277

 
4,635

 
3,182

 
254

 
39

 
8,110

 
(346
)
 
7,764

Forrest Crossing
 
Franklin
 
TN
 
3,187

 
807

 
76

 
55

 
20

 
3,187

 
814

 
117

 
27

 
4,145

 
(126
)
 
4,019

Gettysvue
 
Knoxville
 
TN
 
2,994

 
1,428

 
235

 
181

 
281

 
2,994

 
1,619

 
417

 
89

 
5,119

 
(273
)
 
4,846

Lomas Santa Fe (Executive)
 
Solana Beach
 
CA
 
3,766

 
—

 
—

 
—

 
48

 
3,766

 
24

 
24

 
—

 
3,814

 
—

 
3,814

Marbella
 
SJ Capistrano
 
CA
 
5,794

 
9,114

 
410

 
—

 
425

 
5,794

 
9,248

 
701

 
—

 
15,743

 
62

 
15,805

Monterey
 
Palm Desert
 
CA
 
5,698

 
3,004

 
202

 
19

 
337

 
5,698

 
3,170

 
383

 
9

 
9,260

 
(430
)
 
8,830

Oakhurst
 
Clayton
 
CA
 
1,449

 
2,575

 
428

 
1,645

 
(427
)
 
1,449

 
2,636

 
599

 
986

 
5,670

 
(2,297
)
 
3,373

Oregon Golf Club
 
West Linn
 
OR
 
4,828

 
8,011

 
416

 
51

 
364

 
4,828

 
8,085

 
732

 
25

 
13,670

 
(889
)
 
12,781

Palm Valley
 
Palm Desert
 
CA
 
7,531

 
8,864

 
379

 
56

 
494

 
7,531

 
9,144

 
621

 
28

 
17,324

 
(962
)
 
16,362

Plantation
 
Boise
 
ID
 
2,607

 
2,236

 
262

 
13

 
202

 
2,607

 
2,262

 
445

 
6

 
5,320

 
(336
)
 
4,984

Rancho San Joaquin
 
Irvine
 
CA
 
12,650

 
3,775

 
279

 
1,366

 
199

 
12,650

 
4,336

 
609

 
674

 
18,269

 
(458
)
 
17,811

Seascape
 
Aptos
 
CA
 
2,897

 
4,944

 
108

 
67

 
103

 
2,897

 
4,985

 
204

 
33

 
8,119

 
(457
)
 
7,662

Summitpointe
 
Milpitas
 
CA
 
2,511

 
3,271

 
128

 
8

 
132

 
2,511

 
3,330

 
205

 
4

 
6,050

 
(344
)
 
5,706

Sunset Hills
 
Thousand Oaks
 
CA
 
2,125

 
5,447

 
383

 
—

 
249

 
2,125

 
5,506

 
573

 
—

 
8,204

 
(674
)
 
7,530

Tanoan
 
Albuquerque
 
NM
 
1,642

 
7,600

 
431

 
364

 
419

 
1,642

 
7,982

 
652

 
180

 
10,456

 
(1,025
)
 
9,431

Trophy Club of Apalachee
 
Dacula
 
GA
 
483

 
640

 
55

 
—

 
163

 
483

 
781

 
77

 
—

 
1,341

 
(98
)
 
1,243

Trophy Club of Atlanta
 
Alpharetta
 
GA
 
483

 
3,898

 
60

 
—

 
93

 
483

 
3,966

 
85

 
—

 
4,534

 
(342
)
 
4,192

Vista Valencia
 
Valencia
 
CA
 
1,352

 
5,199

 
91

 
—

 
249

 
1,352

 
5,411

 
128

 
—

 
6,891

 
(503
)
 
6,388

Wood Ranch
 
Simi Valley
 
CA
 
2,125

 
1,951

 
239

 
416

 
723

 
2,125

 
2,302

 
822

 
205

 
5,454

 
(339
)
 
5,115

Other
 
N/A
 
N/A
 
9,303

 
—

 
—

 
—

 
332

 
9,303

 
175

 
157

 
—

 
9,635

 
—

 
9,635

Total Owned Properties
 
 
 
$
90,324

 
$
86,439

 
$
5,016

 
$
4,362

 
$
5,769

 
$
90,324

 
$
90,211

 
$
9,050

 
$
2,325

 
$
191,910

 
$
(11,205
)
 
$
180,705

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Managed Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Candler Park
 
Atlanta
 
GA
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

El Cariso
 
Sylmar
 
CA
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Fullerton
 
Fullerton
 
CA
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

John A White
 
Atlanta
 
GA
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Lomas Santa Fe
 
Solana Beach
 
CA
 
—

 
—

 
8

 
—

 
2

 
—

 
—

 
10

 
—

 
10

 
(2
)
 
8

Paradise Knolls
 
Riverside
 
CA
 
—

 
—

 
46

 
—

 
13

 
—

 
—

 
59

 
—

 
59

 
(26
)
 
33

Pumpkin Ridge
 
North Plains
 
OR
 
—

 
—

 
—

 
—

 
193

 
—

 
186

 
7

 
—

 
193

 
—

 
193

Santa Clara
 
Santa Clara
 
CA
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Westchester
 
Los Angeles
 
CA
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Woodlands
 
Wayne
 
MI
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Yorba Linda
 
Yorba Linda
 
CA
 
—

 
—

 
5

 
—

 
1

 
—

 
—

 
6

 
—

 
6

 
(3
)
 
3

Total Managed Properties
 
 
 
$
—

 
$
—

 
$
59

 
$
—

 
$
209

 
$
—

 
$
186

 
$
82

 
$
—

 
$
268

 
$
(31
)
 
$
237

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Leased Properties
 
 
 
—

 
50,062

 
9,429

 
1,298

 
4,054

 
—

 
50,341

 
13,874

 
628

 
64,843

 
(12,048
)
 
52,795

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
N/A
 
N/A
 
—

 
—

 
3,219

 
—

 
3,783

 
—

 
418

 
6,584

 
—

 
7,002

 
(1,456
)
 
5,546

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties
 
 
 
$
90,324

 
$
136,501

 
$
17,723

 
$
5,660

 
$
13,815

 
$
90,324

 
$
141,156

 
$
29,590

 
$
2,953

 
$
264,023

 
$
(24,740
)
 
$
239,283

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.
 
Year ended December 31, 2014
 
Year ended December 31, 2013
Gross Carrying Amount
 
 
 
Balance at beginning of year
$
250,208

 
$
—

Additions:
 
 
 
Acquisitions of other real estate
—

 
250,208

Improvements
16,035

 
—

Transferred from operating real estate held for sale
—

 
—

Disposals:
 
 
 
Disposal of long-lived assets
(2,220
)
 
—

Balance at end of year
$
264,023

 
$
250,208

 
 
 
 
Accumulated Depreciation
 
 
 
Balance at beginning of year
$
—

 
$
—

Additions:
 
 
 
Depreciation expense
(25,666
)
 
—

Transferred from assets held-for-sale
—

 
—

Disposals:
 
 
 
Disposal of long-lived assets
926

 
—

Balance at end of year
$
(24,740
)
 
$
—


(B)
Depreciation is calculated on a straight line basis using the estimated useful lives detailed in Note 2.
(C)
The aggregate United States federal income tax basis for Newcastle’s other operating real estate, including furniture, fixtures and equipment at December 31, 2014 was approximately $300.2 million.
Schedule of the rollforward of the gross carrying amount and accumulated depreciation of other real estate
The following is a rollforward of the gross carrying amount and accumulated depreciation of other real estate for the years ended December 31, 2014 and 2013.

 
Year ended December 31, 2014
 
Year ended December 31, 2013
Gross Carrying Amount
 
 
 
Balance at beginning of year
$
250,208

 
$
—

Additions:
 
 
 
Acquisitions of other real estate
—

 
250,208

Improvements
16,035

 
—

Transferred from operating real estate held for sale
—

 
—

Disposals:
 
 
 
Disposal of long-lived assets
(2,220
)
 
—

Balance at end of year
$
264,023

 
$
250,208

 
 
 
 
Accumulated Depreciation
 
 
 
Balance at beginning of year
$
—

 
$
—

Additions:
 
 
 
Depreciation expense
(25,666
)
 
—

Transferred from assets held-for-sale
—

 
—

Disposals:
 
 
 
Disposal of long-lived assets
926

 
—

Balance at end of year
$
(24,740
)
 
$
—