Real Estate Investment Properties, net

12 Months Ended

Dec. 31, 2016

Banking and Thrift [Abstract]

Real Estate Investment Properties, net

Real Estate Investment Properties, net:

As of December 31, 2016 and 2015, real estate investment properties consisted of the following (in thousands):

	2016			2015
Land and land improvements	$	377,684		$	369,902
Leasehold interests and improvements	170,962			170,970
Building and building improvements	249,824			245,372
Equipment	522,194			506,935
Less: accumulated depreciation and amortization	(642,623		)	(580,590		)
Total	$	678,041		$	712,589

For the years ended December 31, 2016, 2015 and 2014, the Company had depreciation and amortization expenses of approximately $66.2 million, $82.8 million and $98.0 million, respectively, excluding properties that the Company classified as discontinued operations.

The Company evaluates its properties on an ongoing basis, including any changes to intended use of the properties, operating performance of its properties or plans to dispose of assets to determine if the carrying value is recoverable. As described above in Note 1. “Organization and Nature of Business,” management and its board of directors have been actively evaluating various strategic alternatives to provide liquidity to the Company’s stockholders. As part of this process, management reviewed the operating performance for each property, developed projected cash flows and revised its cash flow assumptions to include projected capital improvement costs to remain competitive, and to retain and enhance visitations and attendance at our ski and attractions properties. The Company evaluated these revised cash flow projections and reviewed materials provided by its global investment banking and advisory firm, including revised market assumptions and other indications of value received in connection with the Company’s strategic alternatives process from several potential buyers, to determine whether it was likely that their carrying value would be recoverable. During the year ended December 31, 2015, the revised cash flows also reflected the proposed restructure of our leases with one tenant on three attractions properties. As a result of this analysis and in consideration of the potential for disposal of the properties in the near term, the Company recorded impairment provisions of approximately $123.1 million related primarily to several attractions properties to write down their book values to estimated fair values based on discounted cash flows and residual values.

In November 2016, the Company entered into a purchase and sale agreement for the sale of its remaining 36 properties. The Company determined that the book value of certain of its ski and mountain lifestyle properties exceeded the estimated sales price less estimated costs to sell and as a result recorded an impairment provision of approximately $8.1 million during the year ended December 31, 2016.

The Company did not record an impairment provision related to real estate investment properties excluding assets held for sale during the year ended December 31, 2014.