XML 83 R85.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Reporting (Schedule of Segments) (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2014
segments
Mar. 31, 2013
Dec. 31, 2013
Mar. 31, 2014
LNR Property LLC (LNR)
Mar. 31, 2013
LNR Property LLC (LNR)
Dec. 31, 2012
LNR Property LLC (LNR)
Mar. 31, 2014
Operating Segments
Real Estate Finance
Mar. 31, 2013
Operating Segments
Real Estate Finance
Dec. 31, 2013
Operating Segments
Real Estate Finance
Mar. 31, 2014
Operating Segments
Net Lease
Mar. 31, 2013
Operating Segments
Net Lease
Dec. 31, 2013
Operating Segments
Net Lease
Mar. 31, 2014
Operating Segments
Operating Properties
Mar. 31, 2013
Operating Segments
Operating Properties
Dec. 31, 2013
Operating Segments
Operating Properties
Mar. 31, 2014
Operating Segments
Land
Mar. 31, 2013
Operating Segments
Land
Dec. 31, 2013
Operating Segments
Land
Mar. 31, 2014
Corporate, Non-Segment
Corporate/Other
Mar. 31, 2013
Corporate, Non-Segment
Corporate/Other
Dec. 31, 2013
Corporate, Non-Segment
Corporate/Other
Segment Reporting                                          
Number of reportable segments 4                                        
Operating lease income $ 62,108 $ 58,015         $ 0 $ 0   $ 38,881 $ 36,651   $ 23,001 $ 21,364   $ 226 $ 0   $ 0 [1] $ 0 [1]  
Interest income 27,914 24,667         27,914 24,667   0 0   0 0   0 0   0 [1] 0 [1]  
Other income 14,584 11,393         399 2,208   214 0   12,666 8,112   226 500   1,079 [1] 573 [1]  
Land sales revenue 4,143 0         0     0     0     4,143     0 [1]    
Total revenues 108,749 94,075         28,313 26,875   39,095 36,651   35,667 29,476   4,595 500   1,079 [1] 573 [1]  
Earnings (loss) from equity method investments 3,177 21,678   0   45,375 [2],[3] 0 0   286 686   217 2,657   (258) (1,579)   2,932 [1] 19,914 [1]  
Income from sales of residential property 16,494 23,697         0 0   0 0   16,494 23,697   0 0   0 [1] 0 [1]  
Net operating income from discontinued operations(2)   1,344 [4]           0 [4]     610 [4]     734 [4]     0 [4]     0 [1],[4]  
Gain from discontinued operations 0 5,044           0     29     5,015     0     0 [1]  
Revenue and other earnings 128,420 145,838         28,313 26,875   39,381 37,976   52,378 61,579   4,337 (1,079)   4,011 [1] 20,487 [1]  
Real estate expense (42,613) (37,808)         0 0   (5,674) (5,569)   (28,614) (25,736)   (8,325) (6,503)   0 [1] 0 [1]  
Land cost of sales (3,654) 0         0     0     0     (3,654)     0 [1]    
Other expense (221) (5,625)         (430) (1,444)   0 0   0 0   0 0   209 [1] (4,181) [1]  
Allocated interest expense (57,456) (71,566) [4]         (15,452) (19,952) [4]   (18,610) (20,745) [4]   (10,259) (14,622) [4]   (7,159) (9,288) [4]   (5,976) [1] (6,959) [1],[4]  
Allocated general and administrative(2) (17,713) [5] (16,646) [5]         (3,090) [5] (3,074) [5]   (3,799) [5] (3,052) [5]   (2,189) [5] (2,231) [5]   (3,049) [5] (1,849) [5]   (5,586) [1],[5] (6,440) [1],[5]  
Segment profit (loss)(4) 6,763 [6] 14,193 [6]         9,341 [6] 2,405 [6]   11,298 [6] 8,610 [6]   11,316 [6] 18,990 [6]   (17,850) [6] (18,719) [6]   (7,342) [1],[6] 2,907 [1],[6]  
Provision for (recovery of) loan losses (3,400) [7] 10,206 [7]         (3,400) 10,206   0 0   0 0   0 0   0 [1] 0 [1]  
Impairment of assets 2,979 (32) [4]         0 0 [4]   2,979 0 [4]   0 (32) [4]   0 0 [4]   0 [1] 0 [1],[4]  
Depreciation and amortization 18,613 17,454 [4]         0 0 [4]   10,128 9,642 [4]   7,864 7,206 [4]   304 264 [4]   317 [1] 342 [1],[4]  
Capitalized expenditures 28,041 16,314         0 0   504 3,766   12,854 4,921   14,683 7,627   0 [1] 0 [1]  
Real estate, at cost 3,147,119   3,220,634       0   0 1,611,246   1,696,888 726,356   720,508 809,517   803,238 0 [1]   0 [1]
Less: accumulated depreciation (433,149)   (424,453)       0   0 (343,294)   (338,640) (86,173)   (82,420) (3,682)   (3,393) 0 [1]   0 [1]
Real estate, net 2,713,970   2,796,181       0   0 1,267,952   1,358,248 640,183   638,088 805,835   799,845 0 [1]   0 [1]
Real estate available and held for sale 334,691   360,517       0   0 0   0 204,653   228,328 130,038   132,189 0 [1]   0 [1]
Total real estate 3,048,661   3,156,698       0   0 1,267,952   1,358,248 844,836   866,416 935,873   932,034 0 [1]   0 [1]
Loans receivable and other lending investments, net 1,476,490 [8]   1,370,109 [8]       1,476,490   1,370,109 0   0 0   0 0   0 0 [1]   0 [1]
Other investments 205,097   207,209       0   0 33,441   16,408 15,794   16,032 33,312   29,765 122,550 [1]   145,004 [1]
Total portfolio assets 4,730,248   4,734,016       1,476,490   1,370,109 1,301,393   1,374,656 860,630   882,448 969,185   961,799 122,550 [1]   145,004 [1]
Cash and other assets 757,467   907,995                                    
Total assets 5,487,715   5,642,011                                    
Income (loss) from equity method investments, net of OTTI         14,746                                
Stock-based compensation expense $ 2,075 $ 5,202                                      
[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] During the three months ended March 31, 2013, the Company recorded an other than temporary impairment of $30.9 million.
[3] The Company recorded its investment in LNR, which was sold in April 2013, on a one quarter lag. Therefore, the amounts in the Company's financial statements for the three months ended March 31, 2013 were based on balances and results from LNR for the three months ended December 31, 2012.
[4] Includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
[5] General and administrative excludes stock-based compensation expense of $2.1 million and $5.2 million for the three months ended March 31, 2014 and 2013, respectively.
[6] The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands): For the Three Months Ended March 31, 2014 2013Segment profit (loss)$6,763 $14,193Less: (Provision for) recovery of loan losses3,400 (10,206)Less: Impairment of assets(3)(2,979) 32Less: Stock-based compensation expense(2,075) (5,202)Less: Depreciation and amortization(3)(18,613) (17,454)Less: Income tax (expense) benefit(3)507 (4,075)Add: Gain (loss) on early extinguishment of debt, net(1,180) (9,541)Net income (loss)$(14,177) $(32,253)
[7] For the three months ended March 31, 2014 and 2013, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $5.2 million and $4.6 million, respectively.
[8] The Company's recorded investment in loans as of March 31, 2014 and December 31, 2013 also includes accrued interest of $7.6 million and $6.5 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's Consolidated Balance Sheets.