Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Summary of Accrued Revenues and Expenses Expected to Incur During Liquidation

Upon transition to the liquidation basis of accounting on August 1, 2014, the Trust accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands):

	Amount
Rents and reimbursements	$	81,975
Interest and dividends		23,349
Property operating expenses		(31,583	)
Interest expense		(30,216	)
General and administrative expenses		(45,160	)
Capital expenditures		(9,785	)
Sales costs		(15,805	)
Liability for estimated costs in excess of estimated receipts during liquidation	$	(27,225	)

Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2015 is as follows (in thousands):

							Remeasurement
	December 31,			Cash Payments			of Assets and					December 31,
	2014			(Receipts)			Liabilities			Deconsolidation (1)		2015
Assets:
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable	$	25,169		$	(12,551	)	$	(2,149	)	$	54	$	10,523
Liabilities:
Sales costs		(11,840	)		1,012			423			4,419		(5,986	)
Corporate expenditures		(44,582	)		12,471			(1,723	)		—		(33,834	)
		(56,422	)		13,483			(1,300	)		4,419		(39,820	)
Total liability for estimated costs in excess of estimated receipts during liquidation	$	(31,253	)	$	932		$	(3,449	)	$	4,473	$	(29,297	)

(1) Due to a change in exit strategy, the venture that owns the property located at 450 W 14^th Street, New York, New York is no longer consolidated. See Note 3 – Basis of Presentation for the Trust’s policy on accounting for joint ventures.

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2014 is as follows (in thousands):

							Remeasurement
				Cash Payments			of Assets and
	August 1, 2014			(Receipts)			Liabilities			December 31, 2014
Assets:
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable	$	38,400		$	(5,183	)	$	(8,048	)	$	25,169
Liabilities:
Sales costs		(15,805	)		3,965			—			(11,840	)
Corporate expenditures		(49,820	)		6,679			(1,441	)		(44,582	)
		(65,625	)		10,644			(1,441	)		(56,422	)
Total liability for estimated costs in excess of estimated receipts during liquidation	$	(27,225	)	$	5,461		$	(9,489	)	$	(31,253	)