Investment in Unconsolidated Entities (Tables)
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9 Months Ended |
Sep. 30, 2015 |
PIM Highland JV [Member] |
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Schedule of Equity Method Investments [Line Items] |
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Summary of Preliminary Balance Sheet |
The following tables summarize the consolidated balance sheet as of December 31, 2014 and the consolidated statements of operations for the period from January 1, 2015 through March 5, 2015 and the three and nine months ended September 30, 2014 of the PIM Highland JV (in thousands): PIM Highland JV Condensed Consolidated Balance Sheet | | | | | | December 31, 2014 | Total assets | $ | 1,394,806 |
| Total liabilities | 1,166,682 |
| Members’ equity | 228,124 |
| Total liabilities and members’ equity | $ | 1,394,806 |
| | | Our ownership interest in PIM Highland JV | $ | 144,784 |
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Summary of Preliminary Statement of Operations |
PIM Highland JV Condensed Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Period from January 1 to March 5, | | Nine Months Ended September 30, | | 2015 | | 2014 | | 2015 | | 2014 | Total revenue | $ | — |
| | $ | 118,659 |
| | $ | 76,695 |
| | $ | 353,562 |
| Total operating expenses | — |
| | (99,074 | ) | | (69,949 | ) | | (294,740 | ) | Operating income | — |
| | 19,585 |
| | 6,746 |
| | 58,822 |
| Interest income and other | — |
| | 17 |
| | 17 |
| | 43 |
| Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees | — |
| | (14,570 | ) | | (10,212 | ) | | (44,904 | ) | Other expenses | — |
| | — |
| | — |
| | (44 | ) | Income tax expense | — |
| | (1,163 | ) | | (1,222 | ) | | (2,816 | ) | Net income (loss) | $ | — |
| | $ | 3,869 |
| | $ | (4,671 | ) | | $ | 11,101 |
| Our equity in earnings (loss) of PIM Highland JV | $ | — |
| | $ | 2,128 |
| | $ | (3,836 | ) | | $ | 6,102 |
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Ashford Prime OP [Member] |
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Schedule of Equity Method Investments [Line Items] |
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Summary of Preliminary Balance Sheet |
The following tables summarize the condensed consolidated balance sheets as of December 31, 2014 and the condensed consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014, of Ashford Prime OP (in thousands): Ashford Hospitality Prime Limited Partnership Condensed Consolidated Balance Sheet | | | | | | December 31, 2014 | Total assets | $ | 1,229,508 |
| Total liabilities | 805,510 |
| Partners’ capital | 423,998 |
| Total liabilities and partners’ capital | $ | 1,229,508 |
| Our ownership interest in Ashford Prime OP | $ | 54,907 |
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Summary of Preliminary Statement of Operations |
Ashford Hospitality Prime Limited Partnership Condensed Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2015 | | 2014 | | 2015 | | 2014 | Total revenue | $ | 90,759 |
| | $ | 84,784 |
| | $ | 261,385 |
| | $ | 230,557 |
| Total operating expenses | (77,503 | ) | | (70,086 | ) | | (220,796 | ) | | (196,270 | ) | Operating income | 13,256 |
| | 14,698 |
| | 40,589 |
| | 34,287 |
| Equity in loss of unconsolidated entity | (3,399 | ) | | — |
| | (4,219 | ) | | — |
| Interest income | 12 |
| | 10 |
| | 21 |
| | 20 |
| Other income (expense) | (59 | ) | | — |
| | 1,233 |
| | — |
| Interest expense and amortization and write-offs of loan costs | (9,348 | ) | | (10,137 | ) | | (28,114 | ) | | (29,159 | ) | Unrealized loss on investments | (5,621 | ) | | — |
| | (5,621 | ) | | — |
| Unrealized gain (loss) on derivatives | (2,061 | ) | | 3 |
| | (2,101 | ) | | (63 | ) | Income tax expense | (62 | ) | | (185 | ) | | (371 | ) | | (622 | ) | Net income (loss) | (7,282 | ) | | 4,389 |
| | 1,417 |
| | 4,463 |
| (Income) loss from consolidated entities attributable to noncontrolling interests | (1,090 | ) | | 154 |
| | (1,068 | ) | | 741 |
| Net income (loss) attributable to Ashford Prime OP | $ | (8,372 | ) | | $ | 4,543 |
| | $ | 349 |
| | $ | 5,204 |
| Our equity in earnings (loss) of Ashford Prime OP | $ | (453 | ) | | $ | 703 |
| | $ | 874 |
| | $ | 692 |
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Ashford Inc. [Member] |
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Schedule of Equity Method Investments [Line Items] |
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Summary of Preliminary Balance Sheet |
The following tables summarize the condensed balance sheets as of September 30, 2015 and December 31, 2014 and the condensed statements of operations for the three and nine months ended September 30, 2015 and 2014 of Ashford Inc. (in thousands): Ashford Inc. Condensed Balance Sheets | | | | | | | | | | September 30, 2015 | | December 31, 2014 | Total assets | $ | 173,821 |
| | $ | 49,230 |
| Total liabilities | 45,444 |
| | 33,912 |
| Redeemable noncontrolling interests in Ashford LLC | 286 |
| | 424 |
| Total stockholders’ equity of Ashford Inc. | 26,091 |
| | 14,981 |
| Noncontrolling interests in consolidated entities | 102,000 |
| | (87 | ) | Total equity | 128,091 |
| | 14,894 |
| Total liabilities and equity | $ | 173,821 |
| | $ | 49,230 |
| Our ownership interest in Ashford Inc. | $ | 5,857 |
| | $ | 7,099 |
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Summary of Preliminary Statement of Operations |
Ashford Inc. Condensed Statements of Operations | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2015 | | 2014 | | 2015 | | 2014 | Total revenue | $ | 14,496 |
| | $ | 3,020 |
| | $ | 42,103 |
| | $ | 9,245 |
| Total operating expenses | (13,219 | ) | | (11,882 | ) | | (45,600 | ) | | (40,360 | ) | Operating income (loss) | 1,277 |
| | (8,862 | ) | | (3,497 | ) | | (31,115 | ) | Unrealized loss on investment in unconsolidated entity | (1,954 | ) | | — |
| | (3,020 | ) | | — |
| Unrealized loss on investments | (7,861 | ) | | — |
| | (10,851 | ) | | — |
| Realized gain on investments | 35 |
| | — |
| | 1,070 |
| | — |
| Other | 385 |
| | — |
| | 599 |
| | — |
| Income tax expense | (1,036 | ) | | (9 | ) | | (1,500 | ) | | (44 | ) | Net loss | (9,154 | ) | | (8,871 | ) | | (17,199 | ) | | (31,159 | ) | Loss from consolidated entities attributable to noncontrolling interests | 9,208 |
| | 170 |
| | 13,323 |
| | 170 |
| Net loss attributable to redeemable noncontrolling interests in Ashford LLC | — |
| | — |
| | 10 |
| | — |
| Net income (loss) attributable to Ashford Inc. | $ | 54 |
| | $ | (8,701 | ) | | $ | (3,866 | ) | | $ | (30,989 | ) | Our equity in earnings (loss) of Ashford Inc. | $ | 16 |
| | $ | — |
| | $ | (1,242 | ) | | $ | — |
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AIM REHE Fund [Member] |
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Schedule of Equity Method Investments [Line Items] |
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Summary of Preliminary Balance Sheet |
The following tables summarize the consolidated balance sheet as of September 30, 2015 and the consolidated statements of operations for the three and nine months ended September 30, 2015 of the REHE Fund (in thousands): AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Balance Sheet | | | | | | | | September 30, 2015 | Total assets | | $ | 103,954 |
| Total liabilities | | 11 |
| Partners’ capital | | 103,943 |
| Total liabilities and partners’ capital | | $ | 103,954 |
| Our ownership interest in the AIM REHE Fund | | $ | 54,458 |
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Summary of Preliminary Statement of Operations |
AIM Real Estate Hedged Equity (U.S.) Fund, LP Condensed Statements of Operations | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2015 | | 2015 | Total investment income | | $ | 508 |
| | $ | 732 |
| Net expenses | | (205 | ) | | (235 | ) | Net investment income | | 303 |
| | 497 |
| Net unrealized loss on investments | | (7,839 | ) | | (10,829 | ) | Net realized gain on investments | | 29 |
| | 1,064 |
| Net loss attributable to the REHE Fund | | $ | (7,507 | ) | | $ | (9,268 | ) | Our equity in loss of the REHE Fund | | $ | (3,932 | ) | | $ | (4,880 | ) |
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