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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2014
Segment Reporting [Abstract] |
Schedule of financial measures for each segment based on which performance is evaluated | The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):
| Real Estate Finance |  | Net Lease |  | Operating Properties |  | Land |  | Corporate/Other(1) |  | Company Total
For the three months ended March 31, 2014 |  |  |  |  |  |  |  |  |  |
Operating lease income | $ | — |  |  | $ | 38,881 |  |  | $ | 23,001 |  |  | $ | 226 |  |  | $ | — |  |  | $ | 62,108 |
Interest income | 27,914 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,914 |
Other income | 399 |  |  | 214 |  |  | 12,666 |  |  | 226 |  |  | 1,079 |  |  | 14,584 |
Land sales revenue | — |  |  | — |  |  | — |  |  | 4,143 |  |  | — |  |  | 4,143 |
Total revenue | $ | 28,313 |  |  | $ | 39,095 |  |  | $ | 35,667 |  |  | $ | 4,595 |  |  | $ | 1,079 |  |  | $ | 108,749 |
Earnings (loss) from equity method investments | — |  |  | 286 |  |  | 217 |  |  | (258 | ) |  | 2,932 |  |  | 3,177 |
Income from sales of residential property | — |  |  | — |  |  | 16,494 |  |  | — |  |  | — |  |  | 16,494 |
Revenue and other earnings | $ | 28,313 |  |  | $ | 39,381 |  |  | $ | 52,378 |  |  | $ | 4,337 |  |  | $ | 4,011 |  |  | $ | 128,420 |
Real estate expense | — |  |  | (5,674 | ) |  | (28,614 | ) |  | (8,325 | ) |  | — |  |  | (42,613 | )
Land cost of sales | — |  |  | — |  |  | — |  |  | (3,654 | ) |  | — |  |  | (3,654 | )
Other expense | (430 | ) |  | — |  |  | — |  |  | — |  |  | 209 |  |  | (221 | )
Allocated interest expense | (15,452 | ) |  | (18,610 | ) |  | (10,259 | ) |  | (7,159 | ) |  | (5,976 | ) |  | (57,456 | )
Allocated general and administrative(2) | (3,090 | ) |  | (3,799 | ) |  | (2,189 | ) |  | (3,049 | ) |  | (5,586 | ) |  | (17,713 | )
Segment profit (loss)(4) | $ | 9,341 |  |  | $ | 11,298 |  |  | $ | 11,316 |  |  | $ | (17,850 | ) |  | $ | (7,342 | ) |  | $ | 6,763 |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses | $ | (3,400 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,400 | )
Impairment of assets | $ | — |  |  | $ | 2,979 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,979 |
Depreciation and amortization | $ | — |  |  | $ | 10,128 |  |  | $ | 7,864 |  |  | $ | 304 |  |  | $ | 317 |  |  | $ | 18,613 |
Capitalized expenditures | $ | — |  |  | $ | 504 |  |  | $ | 12,854 |  |  | $ | 14,683 |  |  | $ | — |  |  | $ | 28,041 |
As of March 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate, at cost | $ | — |  |  | $ | 1,611,246 |  |  | $ | 726,356 |  |  | $ | 809,517 |  |  | $ | — |  |  | $ | 3,147,119 |
Less: accumulated depreciation | — |  |  | (343,294 | ) |  | (86,173 | ) |  | (3,682 | ) |  | — |  |  | (433,149 | )
Real estate, net | $ | — |  |  | $ | 1,267,952 |  |  | $ | 640,183 |  |  | $ | 805,835 |  |  | $ | — |  |  | $ | 2,713,970 |
Real estate available and held for sale | — |  |  | — |  |  | 204,653 |  |  | 130,038 |  |  | — |  |  | 334,691 |
Total real estate | $ | — |  |  | $ | 1,267,952 |  |  | $ | 844,836 |  |  | $ | 935,873 |  |  | $ | — |  |  | $ | 3,048,661 |
Loans receivable and other lending investments, net | 1,476,490 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,476,490 |
Other investments | — |  |  | 33,441 |  |  | 15,794 |  |  | 33,312 |  |  | 122,550 |  |  | 205,097 |
Total portfolio assets | $ | 1,476,490 |  |  | $ | 1,301,393 |  |  | $ | 860,630 |  |  | $ | 969,185 |  |  | $ | 122,550 |  |  | $ | 4,730,248 |
Cash and other assets |  |  |  |  |  |  |  |  |  |  | 757,467 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,487,715 |
| Real Estate Finance |  | Net Lease |  | Operating Properties |  | Land |  | Corporate/Other(1) |  | Company Total
For the three months ended March 31, 2013 |  |  |  |  |  |  |  |  |  |
Operating lease income | $ | — |  |  | $ | 36,651 |  |  | $ | 21,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,015 |
Interest income | 24,667 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,667 |
Other income | 2,208 |  |  | — |  |  | 8,112 |  |  | 500 |  |  | 573 |  |  | 11,393 |
Total revenue | $ | 26,875 |  |  | $ | 36,651 |  |  | $ | 29,476 |  |  | $ | 500 |  |  | $ | 573 |  |  | $ | 94,075 |
Earnings (loss) from equity method investments | — |  |  | 686 |  |  | 2,657 |  |  | (1,579 | ) |  | 19,914 |  |  | 21,678 |
Income from sales of residential property | — |  |  | — |  |  | 23,697 |  |  | — |  |  | — |  |  | 23,697 |
Net operating income from discontinued operations(2) | — |  |  | 610 |  |  | 734 |  |  | — |  |  | — |  |  | 1,344 |
Gain from discontinued operations | — |  |  | 29 |  |  | 5,015 |  |  | — |  |  | — |  |  | 5,044 |
Revenue and other earnings | $ | 26,875 |  |  | $ | 37,976 |  |  | $ | 61,579 |  |  | $ | (1,079 | ) |  | $ | 20,487 |  |  | $ | 145,838 |
Real estate expense | — |  |  | (5,569 | ) |  | (25,736 | ) |  | (6,503 | ) |  | — |  |  | (37,808 | )
Other expense | (1,444 | ) |  | — |  |  | — |  |  | — |  |  | (4,181 | ) |  | (5,625 | )
Allocated interest expense(3) | (19,952 | ) |  | (20,745 | ) |  | (14,622 | ) |  | (9,288 | ) |  | (6,959 | ) |  | (71,566 | )
Allocated general and administrative(2) | (3,074 | ) |  | (3,052 | ) |  | (2,231 | ) |  | (1,849 | ) |  | (6,440 | ) |  | (16,646 | )
Segment profit (loss)(4) | $ | 2,405 |  |  | $ | 8,610 |  |  | $ | 18,990 |  |  | $ | (18,719 | ) |  | $ | 2,907 |  |  | $ | 14,193 |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses | $ | 10,206 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,206 |
Impairment of assets(3) | $ | — |  |  | $ | — |  |  | $ | (32 | ) |  | $ | — |  |  | $ | — |  |  | $ | (32 | )
Depreciation and amortization(3) | $ | — |  |  | $ | 9,642 |  |  | $ | 7,206 |  |  | $ | 264 |  |  | $ | 342 |  |  | $ | 17,454 |
Capitalized expenditures | $ | — |  |  | $ | 3,766 |  |  | $ | 4,921 |  |  | $ | 7,627 |  |  | $ | — |  |  | $ | 16,314 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate, at cost | $ | — |  |  | $ | 1,696,888 |  |  | $ | 720,508 |  |  | $ | 803,238 |  |  | $ | — |  |  | $ | 3,220,634 |
Less: accumulated depreciation | — |  |  | (338,640 | ) |  | (82,420 | ) |  | (3,393 | ) |  | — |  |  | (424,453 | )
Real estate, net | $ | — |  |  | $ | 1,358,248 |  |  | $ | 638,088 |  |  | $ | 799,845 |  |  | $ | — |  |  | $ | 2,796,181 |
Real estate available and held for sale | — |  |  | — |  |  | 228,328 |  |  | 132,189 |  |  | — |  |  | 360,517 |
Total real estate | $ | — |  |  | $ | 1,358,248 |  |  | $ | 866,416 |  |  | $ | 932,034 |  |  | $ | — |  |  | $ | 3,156,698 |
Loans receivable and other lending investments, net | 1,370,109 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,370,109 |
Other investments | — |  |  | 16,408 |  |  | 16,032 |  |  | 29,765 |  |  | 145,004 |  |  | 207,209 |
Total portfolio assets | $ | 1,370,109 |  |  | $ | 1,374,656 |  |  | $ | 882,448 |  |  | $ | 961,799 |  |  | $ | 145,004 |  |  | $ | 4,734,016 |
Cash and other assets |  |  |  |  |  |  |  |  |  |  | 907,995 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,642,011 |
Explanatory Notes: _______________________________________________________________________________
(1) | Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's share of equity in earnings from LNR of $14.7 million for the three months ended March 31, 2013. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR.
(2) | General and administrative excludes stock-based compensation expense of $2.1 million and $5.2 million for the three months ended March 31, 2014 and 2013, respectively.
(3) | Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
(4) | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):
| For the Three Months Ended March 31,
| 2014 |  | 2013
Segment profit (loss) | $ | 6,763 |  |  | $ | 14,193 |
Less: (Provision for) recovery of loan losses | 3,400 |  |  | (10,206 | )
Less: Impairment of assets(3) | (2,979 | ) |  | 32 |
Less: Stock-based compensation expense | (2,075 | ) |  | (5,202 | )
Less: Depreciation and amortization(3) | (18,613 | ) |  | (17,454 | )
Less: Income tax (expense) benefit(3) | 507 |  |  | (4,075 | )
Add: Gain (loss) on early extinguishment of debt, net | (1,180 | ) |  | (9,541 | )
Net income (loss) | $ | (14,177 | ) |  | $ | (32,253 | )
Reconciliation of segment profit (loss) to income (loss) from continuing operations | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):
| For the Three Months Ended March 31,
| 2014 |  | 2013
Segment profit (loss) | $ | 6,763 |  |  | $ | 14,193 |
Less: (Provision for) recovery of loan losses | 3,400 |  |  | (10,206 | )
Less: Impairment of assets(3) | (2,979 | ) |  | 32 |
Less: Stock-based compensation expense | (2,075 | ) |  | (5,202 | )
Less: Depreciation and amortization(3) | (18,613 | ) |  | (17,454 | )
Less: Income tax (expense) benefit(3) | 507 |  |  | (4,075 | )
Add: Gain (loss) on early extinguishment of debt, net | (1,180 | ) |  | (9,541 | )
Net income (loss) | $ | (14,177 | ) |  | $ | (32,253 | )

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
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