SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of realized/unrealized loss on investments and other income (loss), net |
These items are comprised of the following:
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Loss on settlement of real estate securities |
$ |
— |
|
|
$ |
2,803 |
|
Unrealized loss on securities, intent-to-sell |
— |
|
|
558 |
|
Realized (gain) on settlement of TBAs, net |
— |
|
|
(2,474 |
) |
Unrealized (gain) loss on non-hedge derivative instruments |
(242 |
) |
|
2,502 |
|
Realized and unrealized (gain) loss on investments |
$ |
(242 |
) |
|
$ |
3,389 |
|
|
|
|
|
Loss on lease modifications and terminations |
$ |
(771 |
) |
|
$ |
(158 |
) |
Loss on extinguishment of debt, net |
(52 |
) |
|
(146 |
) |
Collateral management fee income, net |
154 |
|
|
122 |
|
Equity in earnings of equity method investments |
379 |
|
|
379 |
|
(Loss) gain on disposal of long-lived assets |
(206 |
) |
|
26 |
|
Other income (loss) |
90 |
|
|
(346 |
) |
Other loss, net |
$ |
(406 |
) |
|
$ |
(123 |
) |
|
| 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 |
|
| Schedule of amortization period |
Amortization of all intangible assets is calculated using the straight-line method based on the following estimated useful lives:
|
|
|
Trade name |
30 years |
Leasehold intangibles |
1-26 years |
Management contracts |
1-26 years |
Internally-developed software |
5 years |
Membership base |
7 years |
|
| Schedule of other current assets |
The following table summarizes the Company's other current assets:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
Loans, held-for-sale, net (A) |
|
$ |
— |
|
|
$ |
147 |
|
Prepaid expenses |
|
4,906 |
|
|
3,081 |
|
Deposits |
|
5,337 |
|
|
3,469 |
|
Inventory |
|
5,302 |
|
|
4,722 |
|
Miscellaneous current assets, net |
|
10,270 |
|
|
10,149 |
|
Other current assets |
|
$ |
25,815 |
|
|
$ |
21,568 |
|
|
|
(A) |
During the three months ended March 31, 2018, the Company recorded an impairment of $0.2 million on a corporate loan.
|
|
| Schedule of other assets |
The following table summarizes the Company's other assets:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
Prepaid expenses |
|
$ |
5 |
|
|
$ |
6 |
|
Deposits |
|
2,126 |
|
|
2,213 |
|
Derivative assets |
|
528 |
|
|
286 |
|
Miscellaneous assets, net |
|
5,783 |
|
|
6,144 |
|
Other assets |
|
$ |
8,442 |
|
|
$ |
8,649 |
|
|
| Schedule of other current liabilities |
The following table summarizes the Company's other current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
Security deposits payable |
|
$ |
7,894 |
|
|
$ |
6,602 |
|
Accrued rent |
|
2,548 |
|
|
2,160 |
|
Due to affiliates |
|
— |
|
|
1,786 |
|
Dividends payable |
|
930 |
|
|
930 |
|
Miscellaneous current liabilities |
|
5,160 |
|
|
11,118 |
|
Other current liabilities |
|
$ |
16,532 |
|
|
$ |
22,596 |
|
|
| Schedule of other liabilities |
The following table summarizes the Company's other liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018 |
|
December 31, 2017 |
Security deposits payable |
|
$ |
302 |
|
|
$ |
66 |
|
Unfavorable leasehold interests |
|
3,066 |
|
|
3,374 |
|
Accrued rent |
|
1,057 |
|
|
1,057 |
|
Miscellaneous liabilities |
|
354 |
|
|
349 |
|
Other liabilities |
|
$ |
4,779 |
|
|
$ |
4,846 |
|
|