| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash Flows From Operating Activities | ||||||
Net income (loss) | ||||||
2,014 | -159,355 | 12,208 | -72,249 | -82,425 | -46,403 | -30,046 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||
Depreciation of tangible assets and amortization of intangible assets | ||||||
68,806 | 80,165 | 120,916 | 184,689 | 160,460 | 103,398 | 26,933 |
Amortization of deferred financing costs | ||||||
2,500 | 9,700 | 8,300 | 9,600 | 9,320 | 8,331 | 896 |
Amortization of deferred revenue, net | ||||||
1,768 | 2,795 | -173 | 1,903 | 1,591 | - | - |
Amortization of deferred community fees | ||||||
- | - | - | - | - | 1,420 | 404 |
Amortization of premium on mortgage notes payable | ||||||
0 | 0 | -512 | -603 | 77 | 850 | 344 |
Non-cash straight-line rental revenue | ||||||
590 | 5,365 | 17,865 | 21,842 | 25,462 | 25,932 | 522 |
Non-cash adjustment on lease termination | ||||||
0 | 29,910 | 0 | 0 | - | - | - |
Non-cash adjustment on lease termination (A) | ||||||
0 | 29,910 | 0 | 0 | - | - | - |
Change in fair value of contingent consideration | ||||||
- | - | - | - | - | -1,500 | 0 |
Loss on extinguishment of debt | ||||||
-300 | -64,746 | -3,607 | -245 | -5,091 | 0 | 0 |
Non-cash termination fee to affiliate | ||||||
0 | 40,000 | 0 | 0 | - | - | - |
Impairment of real estate held for sale | ||||||
0 | 8,700 | 0 | 0 | - | - | - |
Equity-based compensation | ||||||
- | - | - | - | 17 | 0 | 0 |
Provision for bad debt | ||||||
0 | 1,699 | 1,614 | 2,150 | 2,105 | 922 | 314 |
Amortization of equity-based compensation | ||||||
3,488 | 0 | 0 | 139 | 316 | - | - |
Gain (Loss) on Sale of Properties | ||||||
-122 | 0 | 71,763 | -13,356 | 0 | - | - |
Remeasurement of deferred tax assets | ||||||
0 | 0 | 3,625 | 0 | 0 | - | - |
Non-cash valuation allowance on deferred tax assets, net | ||||||
0 | -4,715 | 0 | - | - | - | - |
Other non-cash expense | ||||||
- | - | - | 846 | - | 0 | 0 |
Other non-cash expense | ||||||
1,564 | 4,418 | 471 | - | 964 | - | - |
Changes in: | ||||||
Receivables and other assets, net | ||||||
876 | 5,107 | 378 | 23 | 7,404 | 6,053 | 9,087 |
Due to affiliates | ||||||
-22,520 | 16,371 | -2,107 | 1,979 | 2,762 | 989 | 4,011 |
Accrued expenses and other liabilities | ||||||
4,937 | 9,717 | -15,995 | 9,024 | 9,870 | 13,429 | 50,093 |
Net cash provided by (used in) operating activities - continuing operations | ||||||
61,498 | 103,159 | 41,983 | 102,345 | 76,966 | 46,611 | 42,532 |
Net cash provided by (used in) operating activities - discontinued operations | ||||||
13,913 | 17,918 | 18,462 | - | - | - | - |
Net cash provided by (used in) operating activities | ||||||
75,411 | 121,077 | 60,445 | - | - | - | - |
Cash Flows From Investing Activities | ||||||
Proceeds from the sale of real estate, net | ||||||
13,086 | 0 | 339,624 | 22,711 | 0 | 0 | - |
Reimbursements (escrows) for capital expenditures, net | ||||||
- | - | - | - | - | 3,530 | 0 |
Capital expenditures | ||||||
21,131 | 14,155 | 13,690 | -21,151 | 11,411 | -8,538 | 3,502 |
Insurance proceeds | ||||||
1,423 | 971 | 922 | - | - | - | - |
Net cash provided by (used in) investing activities - continuing operations | ||||||
-6,622 | -13,184 | 326,856 | - | - | - | - |
Net cash provided by (used in) investing activities - discontinued operations | ||||||
-8,387 | -5,978 | -6,961 | - | - | - | - |
Deposits refunded (paid) for real estate investments | ||||||
- | - | - | -584 | 11,355 | - | - |
Cash paid for acquisitions, net of deposits | ||||||
- | - | - | - | 1,251,343 | 314,935 | 1,249,167 |
Deposits refunded (paid) for real estate investments | ||||||
- | - | - | - | - | 4,855 | 505 |
Net cash provided by (used in) investing activities | ||||||
-15,009 | -19,162 | 319,895 | 2,144 | -1,274,109 | -331,858 | -1,253,174 |
Cash Flows From Financing Activities | ||||||
Principal payments of mortgage notes payable and capital lease obligations | ||||||
6,748 | 13,343 | 21,916 | 16,240 | 15,599 | 13,736 | 746 |
Proceeds from mortgage notes payable | ||||||
0 | 1,440,000 | 0 | 0 | 1,248,252 | 195,144 | 904,509 |
Repayments of mortgage notes payable | ||||||
13,272 | 1,383,785 | 187,904 | 13,725 | 304,484 | 0 | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | ||||||
206 | 51,908 | 3,264 | 189 | 1,499 | 0 | 0 |
Cash returned from (escrowed with) lender | ||||||
- | - | - | - | - | 0 | - |
Repurchase of common stock | ||||||
- | - | - | 30,913 | 10,273 | 0 | 0 |
Payment of deferred financing costs | ||||||
349 | 23,992 | 0 | 0 | 13,065 | 2,557 | 40,625 |
Purchase of interest rate caps | ||||||
35 | 2,746 | 0 | 0 | 1,247 | 0 | 0 |
Payment of common stock dividend | ||||||
42,749 | 64,081 | 85,432 | 85,412 | 70,318 | 0 | 0 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | ||||||
1,901 | 0 | 0 | - | - | - | - |
Proceeds from issuance of common stock and exercise of options | ||||||
- | - | - | - | 276,569 | 142 | 0 |
Costs related to issuance of common stock | ||||||
- | - | - | - | 10,056 | 0 | 0 |
Contributions from Drive Shack | ||||||
- | - | - | - | - | 461,218 | 397,015 |
Distributions to Drive Shack | ||||||
- | - | - | - | - | 158,980 | 28,838 |
Net cash provided by (used in) financing activities - continuing operations | ||||||
-65,260 | -99,855 | -298,516 | -146,479 | 1,098,280 | 481,231 | 1,231,315 |
Net cash provided by (used in) financing activities - discontinued operations | ||||||
-23,969 | -66,889 | -21,856 | - | - | - | - |
Net cash provided by (used in financing activities | ||||||
-89,229 | -166,744 | -320,372 | - | - | - | - |
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||
-28,827 | -64,829 | 59,968 | -41,990 | -98,863 | - | - |
Supplemental Disclosure of Cash Flow Information | ||||||
Cash paid during the period for interest expense | ||||||
87,454 | 89,505 | 85,373 | 82,557 | 62,870 | 45,026 | 9,252 |
Cash paid during the year for income taxes | ||||||
349 | 326 | 274 | 266 | 190 | 1,357 | 899 |
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||
Issuance of common stock and exercise of options | ||||||
- | - | - | - | - | 23 | 0 |
Common stock dividend declared but not paid | ||||||
- | - | - | - | - | 15,276 | 0 |
Recognized contingent consideration at fair value | ||||||
- | - | - | - | - | 50 | 1,500 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||
Stock Issued During Period, Value, Issued for Services | ||||||
275 | 0 | 214 | - | - | - | - |
Issuance of Redeemable Preferred Stock | ||||||
0 | 40,000 | 0 | 0 | - | - | - |
Capital lease obligations | ||||||
764 | 569 | 0 | 0 | - | - | - |
Furniture, fixtures, equipment and other improvements | ||||||
0 | 10,065 | 0 | 0 | - | - | - |
Other liabilities assumed with acquisitions | ||||||
- | - | - | - | 651 | 0 | - |
Net decrease in cash and cash equivalents | ||||||
- | - | - | - | - | 195,984 | 20,673 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||||
Other liabilities assumed with acquisitions | ||||||
- | - | - | - | - | - | 0 |
Assumption of mortgage notes payable at fair value | ||||||
- | - | - | - | - | - | 43,128 |
Issuance of seller financing for acquisition at fair value | ||||||
- | - | - | - | - | - | 9,407 |
Revolving Credit Facility [Member] | ||||||
Principal payments of mortgage notes payable | ||||||
- | - | - | 0 | - | - | - |
Proceeds from Notes Payable | ||||||
- | - | - | 0 | - | - | - |