SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of realized/unrealized loss on investments and other income (loss), net |
These items are comprised of the following:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
(Gain) on settlement of real estate securities |
$ |
(2,345 |
) |
|
$ |
(10,080 |
) |
|
$ |
(2,345 |
) |
|
$ |
(18,560 |
) |
Loss on settlement of real estate securities |
— |
|
|
— |
|
|
2,803 |
|
|
— |
|
Unrealized loss on securities, intent-to-sell |
— |
|
|
— |
|
|
558 |
|
|
— |
|
(Gain) loss on settlement of loans held-for-sale |
— |
|
|
— |
|
|
(12 |
) |
|
47 |
|
Realized loss on settlement of TBAs, net |
228 |
|
|
3,730 |
|
|
4,669 |
|
|
13,675 |
|
Unrealized loss (gain) on non-hedge derivative instruments |
1,802 |
|
|
(255 |
) |
|
688 |
|
|
1,702 |
|
Realized and unrealized (gain) loss on investments |
$ |
(315 |
) |
|
$ |
(6,605 |
) |
|
$ |
6,361 |
|
|
$ |
(3,136 |
) |
|
|
|
|
|
|
|
|
(Loss) gain on lease modifications and terminations |
$ |
(1 |
) |
|
$ |
2 |
|
|
$ |
(161 |
) |
|
$ |
(75 |
) |
Loss on extinguishment of debt, net |
(145 |
) |
|
(227 |
) |
|
(327 |
) |
|
(607 |
) |
Collateral management fee income, net |
92 |
|
|
119 |
|
|
341 |
|
|
481 |
|
Equity in earnings of equity method investees |
387 |
|
|
384 |
|
|
1,149 |
|
|
1,129 |
|
(Loss) gain on disposal of long-lived assets |
(3 |
) |
|
— |
|
|
23 |
|
|
24 |
|
Other (loss) income |
(128 |
) |
|
227 |
|
|
(653 |
) |
|
387 |
|
Other income, net |
$ |
202 |
|
|
$ |
505 |
|
|
$ |
372 |
|
|
$ |
1,339 |
|
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| Schedule of reclassification from accumulated other comprehensive income into net (loss) income |
The following table summarizes the amounts reclassified out of accumulated other comprehensive income into net income:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Accumulated Other Comprehensive Income ("AOCI") Components |
|
Income Statement Location |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net realized (gain) loss on securities: |
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Impairment |
|
Impairment |
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
54 |
|
(Gain) on settlement of real estate securities |
|
Realized and unrealized (gain) loss on investments |
|
(2,345 |
) |
|
(10,080 |
) |
|
(2,345 |
) |
|
(18,560 |
) |
Realized (gain) on deconsolidation of CDO VI |
|
Gain on deconsolidation |
|
— |
|
|
— |
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|
— |
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|
(20,682 |
) |
|
|
|
|
$ |
(2,345 |
) |
|
$ |
(10,080 |
) |
|
$ |
(2,345 |
) |
|
$ |
(39,188 |
) |
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Net realized (gain) on derivatives designated as cash flow hedges: |
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Amortization of deferred hedge (gain) |
|
Interest expense, net |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(20 |
) |
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|
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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$ |
(20 |
) |
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Total reclassifications |
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|
$ |
(2,345 |
) |
|
$ |
(10,080 |
) |
|
$ |
(2,345 |
) |
|
$ |
(39,208 |
) |
|
| Schedule of useful lives of property, plant, and equipment |
Depreciation is calculated using the straight-line method based on the following estimated useful lives:
|
|
|
Buildings and improvements |
10-30 years |
Capital leases - equipment |
3-7 years |
Furniture, fixtures and equipment |
3-7 years |
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| Schedule of amortization period |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
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|
Trade name |
30 years |
Leasehold intangibles |
1-26 years |
Management contracts |
1-26 years |
Internally-developed software |
5 years |
Membership base |
7 years |
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| Schedule of other current assets |
The following table summarizes the Company's other current assets:
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September 30, 2017 |
|
December 31, 2016 |
Real estate related and other loans, held-for-sale, net |
|
$ |
147 |
|
|
$ |
55,612 |
|
Prepaid expenses |
|
3,428 |
|
|
3,580 |
|
Interest receivable |
|
— |
|
|
1,697 |
|
Deposits |
|
3,002 |
|
|
1,314 |
|
Inventory |
|
5,003 |
|
|
4,496 |
|
Derivative assets |
|
— |
|
|
371 |
|
Residential mortgage loans, held-for-sale, net |
|
— |
|
|
231 |
|
Receivables from brokers, dealers and clearing organizations |
|
— |
|
|
552 |
|
Miscellaneous assets, net (A)
|
|
10,960 |
|
|
10,834 |
|
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|
$ |
22,540 |
|
|
$ |
78,687 |
|
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(A) |
Includes one owned property in Annandale, New Jersey in the Traditional Golf segment classified as held-for-sale. The Company expects to close on this property within the next 12 months.
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| Schedule of other assets |
The following table summarizes the Company's other assets:
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September 30, 2017 |
|
December 31, 2016 |
Prepaid expenses |
|
$ |
28 |
|
|
$ |
74 |
|
Deposits |
|
2,353 |
|
|
2,791 |
|
Derivative assets |
|
167 |
|
|
485 |
|
Miscellaneous assets, net |
|
5,885 |
|
|
4,097 |
|
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|
$ |
8,433 |
|
|
$ |
7,447 |
|
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| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
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|
September 30, 2017 |
|
December 31, 2016 |
Security deposits payable |
|
$ |
7,939 |
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$ |
5,978 |
|
Accrued rent |
|
2,289 |
|
|
1,930 |
|
Due to affiliates |
|
893 |
|
|
892 |
|
Dividends payable |
|
930 |
|
|
8,949 |
|
Miscellaneous liabilities |
|
9,702 |
|
|
11,219 |
|
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|
$ |
21,753 |
|
|
$ |
28,968 |
|
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| Schedule of other liabilities |
The following table summarizes the Company's other liabilities:
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September 30, 2017 |
|
December 31, 2016 |
Security deposits payable |
|
$ |
196 |
|
|
$ |
95 |
|
Unfavorable leasehold interests |
|
3,587 |
|
|
4,225 |
|
Accrued rent |
|
1,004 |
|
|
683 |
|
Miscellaneous liabilities |
|
937 |
|
|
1,059 |
|
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|
$ |
5,724 |
|
|
$ |
6,062 |
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