Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment results for the two and eight months ended August 31, 2019 and the three and nine months ended September 30, 2018 are as follows (in thousands):

	Two Months Ended August 31, 2019									Three Months Ended September 30, 2018
	Master Trust 2014			Other Properties			Total			Master Trust 2014			Other Properties			Total
Segment Results:
Rental income	$	28,783		$	2,464		$	31,247		$	45,317		$	14,970		$	60,287
Interest income on loans receivable		43			497			540			72			1,059			1,131
Other income		265			529			794			785			208			993
Property Management and Servicing Fees ⁽¹⁾		(1,294	)		—			(1,294	)		(1,750	)		—			(1,750	)
Property expenses (including reimbursable)		(1,111	)		(315	)		(1,426	)		(765	)		(1,144	)		(1,909	)
Depreciation and amortization		(10,476	)		(206	)		(10,682	)		(15,782	)		(5,187	)		(20,969	)
Impairments, net of recoveries for loan losses		—			(295	)		(295	)		(4,113	)		(5,230	)		(9,343	)
Interest expense		(17,598	)		(746	)		(18,344	)		(26,551	)		(1,121	)		(27,672	)
Loss on debt extinguishment		(144	)		—			(144	)		—			—			—
Gain (loss) on disposition of assets		256			(35	)		221			1,386			2,824			4,210
Segment (loss) income	$	(1,276	)	$	1,893		$	617		$	(1,401	)	$	6,379		$	4,978
Non-allocated expenses								(2,628	)								(8,552	)
Net loss							$	(2,011	)							$	(3,574	)


	Eight Months Ended August 31, 2019									Nine Months Ended September 30, 2018
	Master Trust 2014			Other Properties			Total			Master Trust 2014			Other Properties			Total
Segment Results:
Rental income	$	118,204		$	14,608		$	132,812		$	134,323		$	45,216		$	179,539
Interest income on loans receivable		179			2,490			2,669			224			1,740			1,964
Other income		949			1,967			2,916			1,623			311			1,934
Property Management and Servicing Fees ⁽¹⁾		(5,070	)		—			(5,070	)		(5,164	)		—			(5,164	)
Property expenses (including reimbursable)		(3,541	)		(1,346	)		(4,887	)		(2,998	)		(2,575	)		(5,573	)
Depreciation and amortization		(42,386	)		(4,992	)		(47,378	)		(46,805	)		(16,266	)		(63,071	)
Impairments, net of recoveries for loan losses		(5,959	)		1,090			(4,869	)		(9,118	)		(6,297	)		(15,415	)
Interest expense		(70,628	)		(7,626	)		(78,254	)		(80,348	)		(3,079	)		(83,427	)
Loss on debt extinguishment		(144	)		(21,267	)		(21,411	)		(363	)		—			(363	)
Gain (loss) on disposition of assets		1,626			114			1,740			(757	)		8,221			7,464
Segment (loss) income	$	(6,770	)	$	(14,962	)	$	(21,732	)	$	(9,383	)	$	27,271		$	17,888
Non-allocated expenses								(35,115	)								(28,062	)
Net loss							$	(56,847	)							$	(10,174	)

⁽¹⁾	Property Management and Servicing Fees are included in related party fees in the consolidated statements of operations and comprehensive loss. Asset Management Fees, the other component of related party fees, are included in non-allocated expenses.

Other Information by Reportable Segment

Dispositions by reportable segment are as follows (dollars in thousands):

	Nine Months Ended September 30, 2019				Nine Months Ended September 30, 2018
	Properties		Gross Proceeds		Properties		Gross Proceeds
Master Trust 2014 ⁽¹⁾		784	$	2,416,445		29	$	31,796
Other Properties ⁽²⁾		87		112,805		10		44,022
Total		871	$	2,529,250		39	$	75,818

⁽¹⁾

^{Includes 769 owned and financed properties disposed on September 20, 2019 in the Master Trust 2014 Sale. See Note 7 for further discussion.}

⁽²⁾

^{Includes 83 properties disposed during the nine months ended September 30, 2019, which relieved Shopko CMBS debt in lieu of generating cash proceeds. See Note 7 for further discussion.}