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
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Interest income $ 46,452 $ 61,332  
Interest expense 35,855 22,710  
Net interest income 10,597 38,622  
Impairment (reversal) 1,246 2,773  
Operating revenues 121,629 13,500  
Other income (loss) 15,806 5,770  
Property operating expenses 23,804 8,670  
Operating expenses - golf 58,338    
Cost of sales - golf 5,956    
Depreciation and amortization 30,359 4,079  
Other operating expenses 18,106 14,505  
Income tax expense 295    
Income from continuing operations 9,928 27,865  
Income (loss) from discontinued operations, net of tax (5,305) 10,148  
Net Income 4,623 38,013  
Preferred dividends (1,395) (1,395)  
Net loss attributable to noncontrolling interests 661    
Income (loss) applicable to common stockholders 3,889 36,618  
Investments 3,256,798    
Cash and restricted cash 126,367    
Other assets 137,444    
Total assets 3,520,609   4,852,563
Debt 2,407,218    
Other liabilities 307,916    
Total liabilities 2,715,134   3,626,439
Preferred Stock 61,583   61,583
Noncontrolling interests 227   61,279
GAAP book value 743,665    
Additions to investments in real estate 26,565    
Senior Housing [Member]
      
Interest expense 13,701 [1] 1,232 [1]  
Net interest income (13,701) [1] (1,232) [1]  
Operating revenues 57,810 [1] 12,997 [1]  
Other income (loss) (2) [1] 8 [1]  
Property operating expenses 23,520 [1] 8,423 [1]  
Depreciation and amortization 22,835 [1] 4,022 [1]  
Other operating expenses 7,792 [1] 2,081 [1]  
Income tax expense 155 [1]    
Income from continuing operations (10,195) [1] (2,753) [1]  
Net Income (10,195) [1] (2,753) [1]  
Income (loss) applicable to common stockholders (10,195) [1] (2,753) [1]  
Investments 1,465,735 [1]    
Cash and restricted cash 36,095 [1]    
Other assets 63,969 [1]    
Total assets 1,565,799 [1]    
Debt 1,091,823 [1]    
Other liabilities 69,440 [1]    
Total liabilities 1,161,263 [1]    
GAAP book value 404,536    
Additions to investments in real estate 24,640    
CDOs [Member]
      
Interest income 30,722 [1] 31,828 [1]  
Interest expense 6,128 [1] 7,135 [1]  
Net interest income 24,594 [1] 24,693 [1]  
Impairment (reversal) 432 [1] 3,182 [1]  
Other income (loss) 13,610 [1] 4,572 [1]  
Other operating expenses 156 [1] 194 [1]  
Income from continuing operations 37,616 [1] 25,889 [1]  
Net Income 37,616 [1] 25,889 [1]  
Income (loss) applicable to common stockholders 37,616 [1] 25,889 [1]  
Investments 807,388 [1]    
Cash and restricted cash 1,304 [1]    
Other assets 36,733 [1]    
Total assets 845,425 [1]    
Debt 543,859 [1]    
Other liabilities 10,918 [1]    
Total liabilities 554,777 [1]    
GAAP book value 290,648    
Other Debt [Member]
      
Interest income 16,952 [1],[2] 30,298 [1],[2]  
Interest expense 12,663 [1],[2] 14,257 [1],[2]  
Net interest income 4,289 [1],[2] 16,041 [1],[2]  
Impairment (reversal) 814 [1],[2] (409) [1],[2]  
Operating revenues 541 [1],[2] 503 [1],[2]  
Other income (loss) 2,198 [1],[2] 1,190 [1],[2]  
Property operating expenses 284 [1],[2] 247 [1],[2]  
Depreciation and amortization 57 [1],[2] 57 [1],[2]  
Other operating expenses 702 [1],[2] 855 [1],[2]  
Income from continuing operations 5,171 [1],[2] 16,984 [1],[2]  
Net Income 5,171 [1],[2] 16,984 [1],[2]  
Income (loss) applicable to common stockholders 5,171 [1],[2] 16,984 [1],[2]  
Investments 718,082 [1],[2]    
Cash and restricted cash 752 [1],[2]    
Other assets 1,350 [1],[2]    
Total assets 720,184 [1],[2]    
Debt 624,240 [1],[2],[3]    
Other liabilities 2,123 [1],[2]    
Total liabilities 626,363 [1],[2]    
GAAP book value 93,821    
Additions to investments in real estate 33 [1],[2]    
Golf [Member]
      
Interest income 41    
Interest expense 3,682    
Net interest income (3,641)    
Operating revenues 63,278    
Operating expenses - golf 58,338    
Cost of sales - golf 5,956    
Depreciation and amortization 7,430    
Other operating expenses 1,081    
Income tax expense 140    
Income from continuing operations (13,308)    
Net Income (13,308)    
Net loss attributable to noncontrolling interests 139    
Income (loss) applicable to common stockholders (13,169)    
Investments 351,906    
Cash and restricted cash 12,916    
Other assets 34,455    
Total assets 399,277    
Debt 182,373    
Other liabilities 181,165    
Total liabilities 363,538    
Noncontrolling interests 227    
GAAP book value 35,512    
Additions to investments in real estate 1,892    
Corporate [Member]
      
Interest income 11 72  
Interest expense 955 952  
Net interest income (944) (880)  
Depreciation and amortization 37    
Other operating expenses 8,375 11,375  
Income from continuing operations (9,356) (12,255)  
Net Income (9,356) (12,255)  
Preferred dividends (1,395) (1,395)  
Income (loss) applicable to common stockholders (10,751) (13,650)  
Cash and restricted cash 75,300    
Other assets 1,089    
Total assets 76,389    
Debt 51,236    
Other liabilities 44,422    
Total liabilities 95,658    
Preferred Stock 61,583    
GAAP book value (80,852)    
Intersegment Elimination and Discontinued Operations [Member]
      
Interest income (1,274) [4] (866) [4]  
Interest expense (1,274) [4] (866) [4]  
Income (loss) from discontinued operations, net of tax (5,305) [4] 10,148 [4]  
Net Income (5,305) [4] 10,148 [4]  
Net loss attributable to noncontrolling interests 522 [4]    
Income (loss) applicable to common stockholders (4,783) [4] 10,148 [4]  
Investments (86,313) [4]    
Other assets (152) [4]    
Total assets (86,465) [4]    
Debt (86,313) [4]    
Other liabilities (152) [4]    
Total liabilities $ (86,465) [4]    
[1] 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.
[2] The following table summarizes the investments and debt in the other debt segment (See Schedule of other debt segment investments and debt).
[3] An aggregate face amount of $133.6 million (carrying values of $86.3 million) of debt represents intersegment financing, which is eliminated upon consolidation.
[4] Represents the elimination of investments and financings and their related income and expenses between the CDO segment, the other debt segment and the golf segment as the corresponding inter-segment investments and financings are presented on a gross basis within each of these segments. In addition, includes the results of discontinued segments.