| Property and Equipment, Net of Accumulated Depreciation |
The following table summarizes the Company's property and equipment:
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December 31, 2019 |
|
December 31, 2018 |
|
Gross Carrying Amount |
|
Accumulated Depreciation |
|
Net Carrying Value |
|
Gross Carrying Amount |
|
Accumulated Depreciation |
|
Net Carrying Value |
Land |
$ |
6,770 |
|
|
$ |
— |
|
|
$ |
6,770 |
|
|
$ |
6,747 |
|
|
$ |
— |
|
|
$ |
6,747 |
|
Buildings and improvements |
147,146 |
|
|
(36,349 |
) |
|
110,797 |
|
|
78,833 |
|
|
(30,540 |
) |
|
48,293 |
|
Furniture, fixtures and equipment |
52,327 |
|
|
(19,484 |
) |
|
32,843 |
|
|
26,726 |
|
|
(16,729 |
) |
|
9,997 |
|
Finance leases - equipment |
36,166 |
|
|
(16,047 |
) |
|
20,119 |
|
|
28,745 |
|
|
(12,843 |
) |
|
15,902 |
|
Construction in progress |
9,112 |
|
|
— |
|
|
9,112 |
|
|
51,666 |
|
|
— |
|
|
51,666 |
|
Total Property and Equipment |
$ |
251,521 |
|
|
$ |
(71,880 |
) |
|
$ |
179,641 |
|
|
$ |
192,717 |
|
|
$ |
(60,112 |
) |
|
$ |
132,605 |
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Below is a summary of the Traditional Golf properties sold during 2018 and 2019 (in millions).
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During the three months ended |
|
Number of Golf Properties Sold |
|
Sale Price |
|
Net Proceeds (A) |
|
Transaction Costs |
|
Carrying Value |
|
Gain (Loss) (B) |
|
Management Agreements Executed Subsequent to Sale |
September 30, 2018 |
|
1 |
|
|
$ |
3.5 |
|
|
$ |
3.2 |
|
|
$ |
— |
|
|
$ |
3.3 |
|
|
$ |
(0.1 |
) |
|
— |
|
December 31, 2018 (C) |
|
12 |
|
|
$ |
86.2 |
|
|
$ |
73.5 |
|
|
$ |
1.2 |
|
|
$ |
62.7 |
|
|
$ |
10.8 |
|
|
8 |
|
March 31, 2019 (D) |
|
3 |
|
|
$ |
28.7 |
|
|
$ |
25.5 |
|
|
$ |
0.5 |
|
|
$ |
20.3 |
|
|
$ |
5.2 |
|
|
1 |
|
June 30, 2019 (E) |
|
4 |
|
|
$ |
19.7 |
|
|
$ |
17.9 |
|
|
$ |
0.8 |
|
|
$ |
18.3 |
|
|
$ |
(0.4 |
) |
|
1 |
|
September 30, 2019 |
|
1 |
|
|
$ |
12.5 |
|
|
$ |
12.3 |
|
|
$ |
0.2 |
|
|
$ |
5.2 |
|
|
$ |
7.0 |
|
|
1 |
|
December 31, 2019 |
|
3 |
|
|
$ |
19.1 |
|
|
$ |
18.6 |
|
|
$ |
0.4 |
|
|
$ |
10.9 |
|
|
$ |
7.7 |
|
|
2 |
|
|
|
(A) |
Net proceeds are inclusive of transaction costs. |
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|
(B) |
The gain (loss) on sale is recorded in other income (loss), net on the Consolidated Statements of Operations. |
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(C) |
The difference between the sales price and the net proceeds was primarily due to prepaid membership dues that we are obligated to remit to the buyer. The Company received proceeds of $75.7 million as of December 31, 2018 and recorded $2.2 million of net payables related to the sales, which was settled in the first quarter of 2019.
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(D) |
The Company received sale proceeds of $17.7 million during the three months ended March 31, 2019, consisting of $18.2 million for the golf properties sold during the three months ended March 31, 2019, and $2.2 million for golf properties that were sold during December 2018, less $2.7 million that was remitted to buyers for golf properties that were sold during December 2018. The Company previously received a $9.4 million cash deposit in 2018 related to a golf property that was sold in 2019. The difference between the sales price and the net proceeds was primarily due to prepaid membership dues that we are obligated to remit to the buyer, including $2.1 million payable to the buyer of a golf property sold during the three months ended March 31, 2019.
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(E) |
The Company received sale proceeds of $14.9 million during the three months ended June 30, 2019, consisting of $18.4 million for the golf properties sold during the three months ended June 30, 2019, less $3.5 million that was remitted to buyers for golf properties that were sold in 2018 and the first quarter of 2019.
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Below is a summary of the activity related to leased and managed Traditional Golf properties.
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Date |
|
Location |
|
Leased or Managed Property |
|
Description |
February 2018 |
|
Oklahoma |
|
Leased |
|
agreement terminated |
June 2018 |
|
California |
|
Leased |
|
agreement terminated, 10 year management agreement executed |
September 2018 |
|
Texas |
|
Leased |
|
agreement terminated |
November 2018 |
|
California |
|
Leased |
|
agreement expired |
December 2018 |
|
Michigan |
|
Managed |
|
agreement terminated, course closing |
July 2019 |
|
California |
|
Managed |
|
agreement executed |
October 2019 |
|
California |
|
Managed |
|
agreement terminated, course closing |
December 2019 |
|
California |
|
Managed |
|
agreement terminated, course closing |
|