XML 45 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
Real Estate Owned and Related Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Schedule of Business Acquisitions On May 24, 2021, in accordance with ASC 805, "Business Combinations," we allocated the fair value of the hotel’s acquired assets and assumed debt. On June 29, 2021, we repaid the $110.0 million mortgage loan against the property. Below are the hotel's acquired assets and assumed debt as of May 24 and December 31, 2021, which are designated as real estate owned on our consolidated balance sheet ($ in thousands):
December 31, 2021May 24, 2021
Assets:
Cash$4,881 $4,148 
Land58,742 58,742 
Buildings86,973 86,871 
Furniture, fixtures, and equipment8,718 8,687 
Other Assets3,141 1,555 
Accumulated depreciation(2,645)— 
Total Assets$159,810 $160,003 
Liabilities:
Debt related to real estate owned(1)
$— $110,073 
Accounts payable, accrued expenses and other liabilities7,195 4,641 
Total Liabilities$7,195 $114,714 
Net Real Estate Assets$152,615 $45,289 
———————
(1)$110 million first mortgage loan was repaid on June 29, 2021. Upon consolidation we assumed the other hotel assets and liabilities such as cash, operating receivables, accrued operating expenses, and unearned revenue, which have been recorded on our consolidated balance sheet within cash, other assets, and accounts payable, accrued expenses and other liabilities.
Real Estate Investment Financial Statements, Disclosure
For the year ended December 31, 2021, we recorded the operating revenue, expenses and fixed asset depreciation and amortization in its consolidated income statement as shown below ($ in thousands):
2021
Operations related to real estate owned:
Revenue from operations$18,917 
Operating expenses(19,923)
Depreciation and amortization(2,645)
Net loss from real estate owned$(3,651)