|12 Months Ended|
Dec. 31, 2020
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS||SUBSEQUENT EVENTS
Preferred Dividends in Arrears - No dividends on Drive Shack Inc.'s cumulative preferred stock were declared during the year ended December 31, 2020 and $5.6 million of dividends on Drive Shack Inc.'s cumulative preferred stock were unpaid and in arrears.
On February 2, 2021, the Company completed the sale of 23,958,333 shares of its common stock in an underwritten public offering at a price of $2.40 per share, including 672,780 shares of its common stock sold directly to Mr. Wesley R. Edens at the public offering price of $2.40 per shares. The net proceeds from the sale resulted in proceeds, net of transactions fees, of $54.6 million.
The Company declared dividends on the Company’s preferred stock for the period beginning February 1, 2021 and ending April 30, 2021. The dividends are payable on April 30, 2021, to holders of record of preferred stock on April 1, 2021, in an amount equal to $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef