SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2018 |
|---|
| Accounting Policies [Abstract] |
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| Schedule of accumulated other comprehensive income |
The following table summarizes the Company’s accumulated other comprehensive income:
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December 31, |
|
2018 |
|
2017 |
Net unrealized gain on securities |
$ |
1,878 |
|
|
$ |
1,370 |
|
Accumulated other comprehensive income |
$ |
1,878 |
|
|
$ |
1,370 |
|
|
| Schedule of realized/unrealized (gain) loss on investments and other income (loss), net |
Realized and Unrealized (Gain) Loss on Investments and Other Income (Loss), Net — These items are comprised of the following:
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Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
(Gain) on settlement of real estate securities |
$ |
— |
|
|
$ |
(2,345 |
) |
|
$ |
(19,129 |
) |
Loss on settlement of real estate securities |
— |
|
|
2,803 |
|
|
16,178 |
|
Realized (gain) loss on settlement of non-hedge derivatives, net |
(227 |
) |
|
4,669 |
|
|
(18,318 |
) |
(Gain) loss on settlement of loans held-for-sale |
— |
|
|
(12 |
) |
|
48 |
|
Unrealized loss on securities, intent-to-sell |
— |
|
|
558 |
|
|
23,128 |
|
Unrealized loss (gain) on non-hedge derivative instruments |
96 |
|
|
570 |
|
|
(1,222 |
) |
Realized and unrealized loss (gain) on investments |
$ |
(131 |
) |
|
$ |
6,243 |
|
|
$ |
685 |
|
|
|
|
|
|
|
(Loss) on lease modifications and terminations |
$ |
(939 |
) |
|
$ |
(161 |
) |
|
$ |
(62 |
) |
(Loss) on extinguishment of debt, net |
(1,542 |
) |
|
(294 |
) |
|
(780 |
) |
Collateral management fee income, net |
575 |
|
|
387 |
|
|
592 |
|
Equity in earnings (losses) of equity method investments |
1,471 |
|
|
1,536 |
|
|
(1,338 |
) |
Gain (loss) on disposal of long-lived assets and intangibles |
8,704 |
|
|
(295 |
) |
|
(22 |
) |
Other (loss) (A) |
(5,389 |
) |
|
(1,079 |
) |
|
(2,244 |
) |
Other income (loss), net |
$ |
2,880 |
|
|
$ |
94 |
|
|
$ |
(3,854 |
) |
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|
(A) |
During the year ended December 31, 2018, the Company recorded a net loss of approximately $4.9 million related to the settlement of a legal dispute and a related discharge of liabilities assumed by the counterparty to the settlement. See Note 13 for additional information.
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| Schedule of reclassification from accumulated other comprehensive income into net income |
The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income. There were no reclassifications from AOCI into net income during the year ended December 31, 2018.
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Year Ended December 31, |
Accumulated Other Comprehensive
Income or AOCI Components |
|
Income Statement
Location |
|
2017 |
|
2016 |
Net realized (gain) loss on securities |
|
|
|
|
|
|
Impairment |
|
Impairment |
|
$ |
— |
|
|
$ |
54 |
|
(Gain) on settlement of real estate securities |
|
Realized and unrealized (gain) loss on investments |
|
(2,345 |
) |
|
(19,129 |
) |
Loss on settlement of real estate securities |
|
Realized and unrealized (gain) loss on investments |
|
— |
|
|
16,178 |
|
Realized (gain) on deconsolidation of CDO VI |
|
Gain on deconsolidation |
|
— |
|
|
(20,682 |
) |
Unrealized loss on real estate securities, intent-to-sell, reclassified from AOCI into income |
|
Realized and unrealized (gain) loss on investments |
|
— |
|
|
23,128 |
|
|
|
|
|
$ |
(2,345 |
) |
|
$ |
(451 |
) |
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|
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|
Net realized (gain) on derivatives designated as cash flow hedges |
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|
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|
Amortization of deferred hedge (gain) |
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Interest expense, net |
|
— |
|
|
(20 |
) |
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|
|
|
$ |
— |
|
|
$ |
(20 |
) |
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|
|
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Total reclassifications |
|
|
|
$ |
(2,345 |
) |
|
$ |
(471 |
) |
|
| Schedule of useful lives of property, plant, and equipment |
Depreciation is calculated using the straight-line method based on the lesser of the following estimated useful lives or the lease term:
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|
|
Buildings and improvements |
10-30 years |
Capital leases - equipment |
3-7 years |
Furniture, fixtures, and equipment |
2-7 years |
|
| Schedule of amortization period for intangible assets |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
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|
|
Trade name |
30 years |
Leasehold intangibles |
2 - 26 years |
Management contracts |
2 - 26 years |
Internally-developed software |
3 - 5 years |
Membership base |
7 years |
Liquor licenses |
Nonamortizable |
|
| Schedule of restricted cash from continuing operations |
Restricted cash consisted of:
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|
December 31, |
|
2018 |
|
2017 |
CDO trustee accounts |
$ |
127 |
|
|
$ |
170 |
|
Restricted cash for construction-in-progress |
2,008 |
|
|
2,282 |
|
Restricted cash - Traditional Golf |
1,266 |
|
|
3,362 |
|
Restricted cash - Entertainment Golf |
183 |
|
|
182 |
|
Restricted cash, current and noncurrent |
$ |
3,584 |
|
|
$ |
5,996 |
|
|
| Schedule of other current assets |
The following table summarizes the Company's other current assets:
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|
December 31, |
|
2018 |
|
2017 |
Loans, held-for-sale, net (A) |
$ |
— |
|
|
$ |
147 |
|
Prepaid expenses |
2,651 |
|
|
3,081 |
|
Deposits |
2,494 |
|
|
3,469 |
|
Inventory |
2,855 |
|
|
4,722 |
|
Miscellaneous current assets, net |
12,505 |
|
|
10,149 |
|
Other current assets |
$ |
20,505 |
|
|
$ |
21,568 |
|
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|
(A) |
During the year ended December 31, 2018, the Company recorded an impairment of $0.2 million on a corporate loan.
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| Schedule of other assets |
The following table summarizes the Company's other assets:
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December 31, |
|
2018 |
|
2017 |
Prepaid expenses |
$ |
277 |
|
|
$ |
6 |
|
Deposits |
2,140 |
|
|
2,213 |
|
Derivative assets |
— |
|
|
286 |
|
Miscellaneous assets, net |
6,267 |
|
|
6,144 |
|
Other assets |
$ |
8,684 |
|
|
$ |
8,649 |
|
|
| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
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|
December 31, |
|
2018 |
|
2017 |
Security deposits payable |
$ |
14,188 |
|
|
$ |
6,602 |
|
Accrued rent |
2,885 |
|
|
2,160 |
|
Due to affiliates |
— |
|
|
1,786 |
|
Dividends payable |
930 |
|
|
930 |
|
Miscellaneous current liabilities |
4,282 |
|
|
11,118 |
|
Other current liabilities |
$ |
22,285 |
|
|
$ |
22,596 |
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|
| Schedule of other liabilities |
The following table summarizes the Company's other liabilities:
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|
December 31, |
|
2018 |
|
2017 |
Security deposits payable |
$ |
91 |
|
|
$ |
66 |
|
Unfavorable leasehold interests |
2,759 |
|
|
3,374 |
|
Accrued rent |
1,617 |
|
|
1,057 |
|
Miscellaneous liabilities |
765 |
|
|
349 |
|
Other liabilities |
$ |
5,232 |
|
|
$ |
4,846 |
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| Schedule of amortization of discount and premium and other amortization |
Amortization of Discount and Premium and Other Amortization — As reflected in the Consolidated Statements of Cash Flows, these items are comprised of the following:
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Year Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Accretion of net discount on securities, loans and other investments |
$ |
(151 |
) |
|
$ |
(4,698 |
) |
|
$ |
(7,926 |
) |
Amortization of net discount on debt obligations and deferred financing costs |
1,310 |
|
|
1,241 |
|
|
1,501 |
|
Amortization of net deferred hedge gains – debt
|
— |
|
|
— |
|
|
(20 |
) |
Amortization of discount and premium |
$ |
1,159 |
|
|
$ |
(3,457 |
) |
|
$ |
(6,445 |
) |
|
|
|
|
|
|
Amortization of leasehold intangibles |
$ |
4,093 |
|
|
$ |
4,111 |
|
|
$ |
4,451 |
|
Accretion of membership deposit liability |
6,872 |
|
|
6,453 |
|
|
5,803 |
|
Other amortization |
$ |
10,965 |
|
|
$ |
10,564 |
|
|
$ |
10,254 |
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