Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

v3.20.1
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
PROPERTY AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION

The following table summarizes the Company’s property and equipment:
 
 
March 31, 2020
 
December 31, 2019
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
Land
$
6,770

 
$
—

 
$
6,770

 
$
6,770

 
$
—

 
$
6,770

Buildings and improvements
146,474

 
(38,359
)
 
108,115

 
147,146

 
(36,349
)
 
110,797

Furniture, fixtures and equipment
53,459

 
(21,317
)
 
32,142

 
52,327

 
(19,484
)
 
32,843

Finance leases - equipment
34,107

 
(14,893
)
 
19,214

 
36,166

 
(16,047
)
 
20,119

Construction in progress
17,978

 
—

 
17,978

 
9,112

 
—

 
9,112

Total Property and Equipment
$
258,788

 
$
(74,569
)
 
$
184,219

 
$
251,521

 
$
(71,880
)
 
$
179,641



On March 7, 2018, the Company announced it was actively pursuing the sale of 26 owned Traditional Golf properties in order to generate capital for reinvestment in the Entertainment Golf business. As of March 31, 2020, the Company continues to present one golf property as held-for-sale. The assets and associated liabilities are reported on the Consolidated Balance Sheets as “Real estate assets, held-for-sale, net” and “Real estate liabilities, held-for-sale,” respectively.
 
The real estate assets, held-for-sale, net are reported at a carrying value of $17.0 million and include $12.6 million of land, $4.0 million of buildings and improvements, $0.2 million of furniture, fixtures and equipment, and $0.2 million of other related assets, partially offset by accumulated impairment.

During the three months ended March 31, 2019, the Company sold two public golf properties in Georgia and a private golf property in California for an aggregate sale price of $28.7 million, resulting in net proceeds of $25.5 million, inclusive of transaction costs of $0.5 million. 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. The golf properties had a carrying value of $20.3 million and resulted in a gain on sale of $5.2 million. The gain on sale is recorded in other income (loss), net on the Consolidated Statement of Operations. Subsequent to the completion of the sale, the Company entered into a management agreement on the California golf property.

No golf properties were sold during the three months ended March 31, 2020.