Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION

v3.2.0.727
INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION
 6 Months Ended
Jun. 30, 2015
Real Estate [Abstract]  
INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION


7. INVESTMENTS IN OTHER REAL ESTATE, NET OF ACCUMULATED DEPRECIATION

The following table summarizes Newcastle’s investments in real estate related to its Golf business:
 
 
June 30, 2015
 
December 31, 2014
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
 
Gross Carrying Amount
 
Accumulated Depreciation
 
Net Carrying Value
Golf
 
 
 
 
 
 
 
 
 
 
 
Land
$
90,324

 
$
—

 
$
90,324

 
$
90,324

 
$
—

 
$
90,324

Buildings and improvements
141,256

 
(21,891
)
 
119,365

 
139,949

 
(17,729
)
 
122,220

Furniture, fixtures and equipment
24,534

 
(12,911
)
 
11,623

 
23,621

 
(5,544
)
 
18,077

Capital leases - equipment
8,929

 
(989
)
 
7,940

 
6,528

 
(547
)
 
5,981

Construction in progress
1,923

 
—

 
1,923

 
2,681

 
—

 
2,681

Investments in Other Real Estate
$
266,966

 
$
(35,791
)
 
$
231,175

 
$
263,103

 
$
(23,820
)
 
$
239,283

 
 
 
 
 
 
 
 
 
 
 
 

In March 2015, Golf entered into a lease for a 27-hole municipal golf property owned by Los Angeles County, California. The lease is for a term of 21 years and encompasses the golf course, a driving range, food and beverage facilities and a pro shop.