Drive Shack Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA (Tables)

SPIN-OFF OF NEW RESIDENTIAL AND NEW MEDIA (Tables)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of carrying value of assets and liabilities immediately preceding the spin-off

The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off.



Assets
Property, plant and equipment, net	$	266,385
Intangibles, net	144,664
Goodwill	126,686
Cash and cash equivalents	23,845
Restricted cash	6,477
Receivables and other assets	101,940
Total Assets	$	669,997

Liabilities
Credit facilities - media	$	177,955
Accounts payable, accrued expenses and other liabilities	100,695
Total Liabilities	$	278,650

Net Assets	$	391,347

Schedule of results of operations from discontinued operations

Results from discontinued operations related to New Media and New Residential were as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014			2013
Interest Income	$	—	$	5,060		$	—		$	15,095
Interest Expense	—		—			2,096			—
Net interest income (loss)	—		5,060			(2,096		)	15,095

Media income	—		—			68,213			—
Other income (loss)	—		(2		)	—			(2		)
Change in fair value of investments in excess mortgage servicing rights	—		2,036			—			3,894
Change in fair value of investments in equity method investees	—		(84		)	—			885
Earnings from investments in equity method investees	—		18,286			—			18,286
Total other income	—		20,236			—			23,063

Media operating expenses	—		—			65,826			—
Property operating costs	—		5			—			12
General and administrative expenses	—		(290		)	1,904			2,417
Depreciation and amortization	—		—			4,596			—
Income tax (benefit) expense	—		—			(915		)	—
Total expenses	—		(285		)	71,411			2,429

Income (loss) from discontinued operations	$	—	$	25,581		$	(5,294	)	$	35,729

Net income attributable to noncontrolling interest	$	—	$	—		$	522		$	—

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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