Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Segment Reporting) (Details)

v3.7.0.1
SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Revenues          
Golf course operations $ 60,639 $ 62,872 $ 106,935 $ 111,469  
Sales of food and beverages 20,721 21,612 33,566 35,173  
Total revenues 81,360 84,484 140,501 146,642  
Operating costs          
Operating expenses 65,914 68,200 120,345 126,419  
Cost of sales - food and beverages 6,009 6,516 10,041 11,113  
General and administrative expense 1,954 2,489 3,865 5,250  
General and administrative expense - acquisition and transaction expenses 1,268 1,234 2,922 1,410  
Management fee to affiliate 2,677 2,676 5,354 5,351  
Depreciation and amortization 5,972 6,484 11,765 12,515  
Impairment 32 645 32 2,953  
Realized and unrealized loss on investments 3,287 1,462 6,676 3,469  
Total operating costs 87,113 89,706 161,000 168,480  
Operating loss (5,753) (5,222) (20,499) (21,838)  
Other income (expenses)          
Interest and investment income 6,395 20,421 14,283 41,460  
Interest expense (5,131) (12,417) (10,565) (25,951)  
Gain on deconsolidation 0 0 0 82,130  
Other (loss) income, net 293 514 170 834  
Total other income (expenses) 1,557 8,518 3,888 98,473  
Income tax expense 510 138 1,049 182  
Net (Loss) Income (4,706) 3,158 (17,660) 76,453  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net (income) loss attributable to noncontrolling interest 0 (112) 0 12  
(Loss) Income Applicable to Common Stockholders (6,101) 1,651 (20,450) 73,675  
Investments 684,034   684,034    
Cash and restricted cash 123,368   123,368    
Other assets 41,041   41,041    
Total Assets 848,443   848,443   $ 1,171,958
Debt, net 475,032   475,032    
Other liabilities 174,151   174,151    
Total Liabilities 649,183   649,183   953,891
Preferred stock 61,583   61,583   $ 61,583
Noncontrolling interest 0   0    
Equity attributable to common stockholders 137,677   137,677    
Additions to investments in real estate during the six months ended June 30, 2017     9,088    
Traditional Golf | Operating Segments          
Revenues          
Golf course operations 60,639 62,872 106,935 111,469  
Sales of food and beverages 20,721 21,612 33,566 35,173  
Total revenues 81,360 84,484 140,501 146,642  
Operating costs          
Operating expenses 65,864 68,200 120,295 126,419  
Cost of sales - food and beverages 6,009 6,516 10,041 11,113  
General and administrative expense 744 705 1,444 1,544  
General and administrative expense - acquisition and transaction expenses 210 884 486 1,011  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 5,972 6,484 11,765 12,515  
Impairment 0 0 0 0  
Realized and unrealized loss on investments 165 19 285 19  
Total operating costs 78,964 82,808 144,316 152,621  
Operating loss 2,396 1,676 (3,815) (5,979)  
Other income (expenses)          
Interest and investment income 33 36 72 77  
Interest expense (3,853) (2,698) (7,670) (5,363)  
Gain on deconsolidation       0  
Other (loss) income, net (210) 11 (834) (273)  
Total other income (expenses) (4,030) (2,651) (8,432) (5,559)  
Income tax expense 0 138 0 182  
Net (Loss) Income (1,634) (1,113) (12,247) (11,720)  
Preferred dividends 0 0 0 0  
Net (income) loss attributable to noncontrolling interest   (112)   12  
(Loss) Income Applicable to Common Stockholders (1,634) (1,225) (12,247) (11,708)  
Investments 276,759   276,759    
Cash and restricted cash 14,483   14,483    
Other assets 34,562   34,562    
Total Assets 325,804   325,804    
Debt, net 116,131   116,131    
Other liabilities 166,453   166,453    
Total Liabilities 282,584   282,584    
Preferred stock 0   0    
Noncontrolling interest 0   0    
Equity attributable to common stockholders 43,220   43,220    
Additions to investments in real estate during the six months ended June 30, 2017     6,834    
Entertainment Golf | Operating Segments          
Revenues          
Golf course operations 0 0 0 0  
Sales of food and beverages 0 0 0 0  
Total revenues 0 0 0 0  
Operating costs          
Operating expenses 50 0 50 0  
Cost of sales - food and beverages 0 0 0 0  
General and administrative expense 77 1 143 2  
General and administrative expense - acquisition and transaction expenses 1,058 216 2,319 228  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Impairment 0 0 0 0  
Realized and unrealized loss on investments 0 0 0 0  
Total operating costs 1,185 217 2,512 230  
Operating loss (1,185) (217) (2,512) (230)  
Other income (expenses)          
Interest and investment income 0 0 0 0  
Interest expense 0 0 0 0  
Gain on deconsolidation       0  
Other (loss) income, net 0 0 0 0  
Total other income (expenses) 0 0 0 0  
Income tax expense 0 0 0 0  
Net (Loss) Income (1,185) (217) (2,512) (230)  
Preferred dividends 0 0 0 0  
Net (income) loss attributable to noncontrolling interest   0   0  
(Loss) Income Applicable to Common Stockholders (1,185) (217) (2,512) (230)  
Investments 3,250   3,250    
Cash and restricted cash 3,928   3,928    
Other assets 3,012   3,012    
Total Assets 10,190   10,190    
Debt, net 0   0    
Other liabilities 2,777   2,777    
Total Liabilities 2,777   2,777    
Preferred stock 0   0    
Noncontrolling interest 0   0    
Equity attributable to common stockholders 7,413   7,413    
Additions to investments in real estate during the six months ended June 30, 2017     2,254    
Debt Investments          
Other income (expenses)          
Investments 404,025   404,025    
Debt Investments | Operating Segments          
Revenues          
Golf course operations 0 0 0 0  
Sales of food and beverages 0 0 0 0  
Total revenues 0 0 0 0  
Operating costs          
Operating expenses 0 0 0 0  
Cost of sales - food and beverages 0 0 0 0  
General and administrative expense 0 1 0 38  
General and administrative expense - acquisition and transaction expenses 0 0 0 0  
Management fee to affiliate 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Impairment 32 645 32 2,953  
Realized and unrealized loss on investments 3,122 1,443 6,391 3,450  
Total operating costs 3,154 2,089 6,423 6,441  
Operating loss (3,154) (2,089) (6,423) (6,441)  
Other income (expenses)          
Interest and investment income 6,250 20,382 14,052 41,375  
Interest expense (844) (9,153) (2,050) (19,077)  
Gain on deconsolidation       82,130  
Other (loss) income, net 503 503 1,004 1,107  
Total other income (expenses) 5,909 11,732 13,006 105,535  
Income tax expense 0 0 0 0  
Net (Loss) Income 2,755 9,643 6,583 99,094  
Preferred dividends 0 0 0 0  
Net (income) loss attributable to noncontrolling interest   0   0  
(Loss) Income Applicable to Common Stockholders 2,755 9,643 6,583 99,094  
Investments 404,025   404,025    
Cash and restricted cash 409   409    
Other assets 2,972   2,972    
Total Assets 407,406   407,406    
Debt, net 307,689   307,689    
Other liabilities 1,164   1,164    
Total Liabilities 308,853   308,853    
Preferred stock 0   0    
Noncontrolling interest 0   0    
Equity attributable to common stockholders 98,553   98,553    
Additions to investments in real estate during the six months ended June 30, 2017     0    
Corporate | Operating Segments          
Revenues          
Golf course operations 0 0 0 0  
Sales of food and beverages 0 0 0 0  
Total revenues 0 0 0 0  
Operating costs          
Operating expenses 0 0 0 0  
Cost of sales - food and beverages 0 0 0 0  
General and administrative expense 1,133 1,782 2,278 3,666  
General and administrative expense - acquisition and transaction expenses 0 134 117 171  
Management fee to affiliate 2,677 2,676 5,354 5,351  
Depreciation and amortization 0 0 0 0  
Impairment 0 0 0 0  
Realized and unrealized loss on investments 0 0 0 0  
Total operating costs 3,810 4,592 7,749 9,188  
Operating loss (3,810) (4,592) (7,749) (9,188)  
Other income (expenses)          
Interest and investment income 112 3 159 8  
Interest expense (434) (566) (845) (1,511)  
Gain on deconsolidation       0  
Other (loss) income, net 0 0 0 0  
Total other income (expenses) (322) (563) (686) (1,503)  
Income tax expense 510 0 1,049 0  
Net (Loss) Income (4,642) (5,155) (9,484) (10,691)  
Preferred dividends (1,395) (1,395) (2,790) (2,790)  
Net (income) loss attributable to noncontrolling interest   0   0  
(Loss) Income Applicable to Common Stockholders (6,037) $ (6,550) (12,274) $ (13,481)  
Investments 0   0    
Cash and restricted cash 104,548   104,548    
Other assets 495   495    
Total Assets 105,043   105,043    
Debt, net 51,212   51,212    
Other liabilities 3,757   3,757    
Total Liabilities 54,969   54,969    
Preferred stock 61,583   61,583    
Noncontrolling interest 0   0    
Equity attributable to common stockholders $ (11,509)   (11,509)    
Additions to investments in real estate during the six months ended June 30, 2017     $ 0