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Segment Reporting (Tables) | 12 Months Ended
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Dec. 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
Year Ended December 31, 2014: |  |  |  |  |  |  |  |  |  |
Operating lease income | $ | — |  |  | $ | 151,934 |  |  | $ | 90,331 |  |  | $ | 835 |  |  | $ | — |  |  | $ | 243,100 |
Interest income | 122,704 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 122,704 |
Other income | 21,217 |  |  | 4,437 |  |  | 42,000 |  |  | 3,327 |  |  | 10,052 |  |  | 81,033 |
Land sales revenue | — |  |  | — |  |  | — |  |  | 15,191 |  |  | — |  |  | 15,191 |
Total revenue | 143,921 |  |  | 156,371 |  |  | 132,331 |  |  | 19,353 |  |  | 10,052 |  |  | 462,028 |
Earnings (loss) from equity method investments | — |  |  | 3,260 |  |  | 1,669 |  |  | 14,966 |  |  | 75,010 |  |  | 94,905 |
Income from sales of real estate | — |  |  | 6,206 |  |  | 83,737 |  |  | — |  |  | — |  |  | 89,943 |
Revenue and other earnings | 143,921 |  |  | 165,837 |  |  | 217,737 |  |  | 34,319 |  |  | 85,062 |  |  | 646,876 |
Real estate expense | — |  |  | (22,967 | ) |  | (113,504 | ) |  | (26,918 | ) |  | — |  |  | (163,389 | )
Land cost of sales | — |  |  | — |  |  | — |  |  | (12,840 | ) |  | — |  |  | (12,840 | )
Other expense | (243 | ) |  | — |  |  | — |  |  | — |  |  | (5,578 | ) |  | (5,821 | )
Allocated interest expense | (58,043 | ) |  | (72,089 | ) |  | (39,535 | ) |  | (29,432 | ) |  | (25,384 | ) |  | (224,483 | )
Allocated general and administrative(2) | (13,314 | ) |  | (16,736 | ) |  | (9,684 | ) |  | (13,170 | ) |  | (22,588 | ) |  | (75,492 | )
Segment profit (loss)(3) | $ | 72,321 |  |  | $ | 54,045 |  |  | $ | 55,014 |  |  | $ | (48,041 | ) |  | $ | 31,512 |  |  | $ | 164,851 |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses | $ | (1,714 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,714 | )
Impairment of assets | — |  |  | 3,689 |  |  | 8,131 |  |  | 22,814 |  |  | — |  |  | 34,634 |
Depreciation and amortization | — |  |  | 38,841 |  |  | 32,142 |  |  | 1,440 |  |  | 1,148 |  |  | 73,571 |
Capitalized expenditures | — |  |  | 3,933 |  |  | 61,186 |  |  | 80,119 |  |  | — |  |  | 145,238 |
| Real Estate Finance |  | Net Lease |  | Operating Properties |  | Land |  | Corporate/Other(1) |  | Company Total
Year Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |
Operating lease income | $ | — |  |  | $ | 147,313 |  |  | $ | 86,352 |  |  | $ | 902 |  |  | $ | — |  |  | $ | 234,567 |
Interest income | 108,015 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 108,015 |
Other income | 4,748 |  |  | 250 |  |  | 38,164 |  |  | 1,474 |  |  | 3,572 |  |  | 48,208 |
Total revenue | 112,763 |  |  | 147,563 |  |  | 124,516 |  |  | 2,376 |  |  | 3,572 |  |  | 390,790 |
Earnings (loss) from equity method investments | — |  |  | 2,699 |  |  | 5,546 |  |  | (5,331 | ) |  | 38,606 |  |  | 41,520 |
Income from sales of real estate | — |  |  | — |  |  | 82,603 |  |  | 4,055 |  |  | — |  |  | 86,658 |
Income (loss) from discontinued operations(4) | — |  |  | 1,484 |  |  | 1,251 |  |  | — |  |  | — |  |  | 2,735 |
Gain from discontinued operations | — |  |  | 3,395 |  |  | 18,838 |  |  | — |  |  | — |  |  | 22,233 |
Revenue and other earnings | 112,763 |  |  | 155,141 |  |  | 232,754 |  |  | 1,100 |  |  | 42,178 |  |  | 543,936 |
Real estate expense | — |  |  | (22,565 | ) |  | (101,044 | ) |  | (33,832 | ) |  | — |  |  | (157,441 | )
Other expense | (1,625 | ) |  | — |  |  | — |  |  | — |  |  | (6,425 | ) |  | (8,050 | )
Allocated interest expense(5) | (74,377 | ) |  | (80,034 | ) |  | (49,114 | ) |  | (30,368 | ) |  | (32,332 | ) |  | (266,225 | )
Allocated general and administrative(2) | (13,186 | ) |  | (14,330 | ) |  | (9,189 | ) |  | (12,365 | ) |  | (23,783 | ) |  | (72,853 | )
Segment profit (loss)(3) | $ | 23,575 |  |  | $ | 38,212 |  |  | $ | 73,407 |  |  | $ | (75,465 | ) |  | $ | (20,362 | ) |  | $ | 39,367 |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses | $ | 5,489 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,489 |
Impairment of assets(5) | — |  |  | 1,176 |  |  | 12,449 |  |  | 728 |  |  | — |  |  | 14,353 |
Loss on transfer of interest to unconsolidated subsidiary | — |  |  | — |  |  | — |  |  | 7,373 |  |  | — |  |  | 7,373 |
Depreciation and amortization(5) | — |  |  | 38,582 |  |  | 30,599 |  |  | 1,105 |  |  | 1,244 |  |  | 71,530 |
Capitalized expenditures | — |  |  | 34,076 |  |  | 41,131 |  |  | 36,346 |  |  | — |  |  | 111,553 |
Year Ended December 31, 2012 |  |  |  |  |  |  |  |  |  |
Operating lease income | $ | — |  |  | $ | 149,058 |  |  | $ | 65,706 |  |  | $ | 1,527 |  |  | $ | — |  |  | $ | 216,291 |
Interest income | 133,410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 133,410 |
Other income | 8,613 |  |  | — |  |  | 32,615 |  |  | 2,635 |  |  | 3,975 |  |  | 47,838 |
Total revenue | 142,023 |  |  | 149,058 |  |  | 98,321 |  |  | 4,162 |  |  | 3,975 |  |  | 397,539 |
Earnings (loss) from equity method investments | — |  |  | 2,632 |  |  | 25,142 |  |  | (6,138 | ) |  | 81,373 |  |  | 103,009 |
Income from sales of real estate | — |  |  | — |  |  | 63,472 |  |  | — |  |  | — |  |  | 63,472 |
Income (loss) from discontinued operations(4) | — |  |  | 7,289 |  |  | 886 |  |  | — |  |  | — |  |  | 8,175 |
Gain from discontinued operations | — |  |  | 27,257 |  |  | — |  |  | — |  |  | — |  |  | 27,257 |
Revenue and other earnings | 142,023 |  |  | 186,236 |  |  | 187,821 |  |  | (1,976 | ) |  | 85,348 |  |  | 599,452 |
Real estate expense | — |  |  | (23,886 | ) |  | (100,258 | ) |  | (27,314 | ) |  | — |  |  | (151,458 | )
Other expense | (4,775 | ) |  | — |  |  | — |  |  | — |  |  | (12,491 | ) |  | (17,266 | )
Allocated interest expense(5) | (111,898 | ) |  | (92,579 | ) |  | (69,259 | ) |  | (44,125 | ) |  | (38,300 | ) |  | (356,161 | )
Allocated general and administrative(2) | (14,263 | ) |  | (10,618 | ) |  | (7,572 | ) |  | (7,405 | ) |  | (25,705 | ) |  | (65,563 | )
Segment profit (loss)(3) | $ | 11,087 |  |  | $ | 59,153 |  |  | $ | 10,732 |  |  | $ | (80,820 | ) |  | $ | 8,852 |  |  | $ | 9,004 |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses | $ | 81,740 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 81,740 |
Impairment of assets(5) | — |  |  | 6,670 |  |  | 28,501 |  |  | 205 |  |  | 978 |  |  | 36,354 |
Depreciation and amortization(5) | — |  |  | 39,250 |  |  | 28,450 |  |  | 1,276 |  |  | 1,810 |  |  | 70,786 |
Capitalized expenditures | — |  |  | 10,994 |  |  | 51,579 |  |  | 20,497 |  |  | — |  |  | 83,070 |
| Real Estate Finance |  | Net Lease |  | Operating Properties |  | Land |  | Corporate/Other(1) |  | Company Total
As of December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate, net | — |  |  | 1,188,160 |  |  | 628,271 |  |  | 860,283 |  |  | — |  |  | 2,676,714 |
Real estate available and held for sale | — |  |  | 4,521 |  |  | 162,782 |  |  | 118,679 |  |  | — |  |  | 285,982 |
Total real estate | — |  |  | 1,192,681 |  |  | 791,053 |  |  | 978,962 |  |  | — |  |  | 2,962,696 |
Loans receivable and other lending investments, net | 1,377,843 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,377,843 |
Other investments | — |  |  | 125,360 |  |  | 13,220 |  |  | 106,155 |  |  | 109,384 |  |  | 354,119 |
Total portfolio assets | $ | 1,377,843 |  |  | $ | 1,318,041 |  |  | $ | 804,273 |  |  | $ | 1,085,117 |  |  | $ | 109,384 |  |  | 4,694,658 |
Cash and other assets |  |  |  |  |  |  |  |  |  |  | 768,475 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,463,133 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 included in the other reportable segments above.
(2) | General and administrative excludes stock-based compensation expense of $13.3 million, $19.3 million and $15.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Reconciliation of segment profit (loss) to income (loss) from continuing operations | The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):
| For the Years Ended December 31,
| 2014 |  | 2013 |  | 2012
Segment profit (loss) | $ | 164,851 |  |  | $ | 39,367 |  |  | $ | 9,004 |
Less: (Provision for) recovery of loan losses | 1,714 |  |  | (5,489 | ) |  | (81,740 | )
Less: Impairment of assets(4) | (34,634 | ) |  | (14,353 | ) |  | (36,354 | )
Less: Loss on transfer of interest to unconsolidated subsidiary | — |  |  | (7,373 | ) |  | — |
Less: Stock-based compensation expense | (13,314 | ) |  | (19,261 | ) |  | (15,293 | )
Less: Depreciation and amortization(4) | (73,571 | ) |  | (71,530 | ) |  | (70,786 | )
Less: Income tax (expense) benefit(4) | (3,912 | ) |  | 596 |  |  | (8,445 | )
Less: Loss on early extinguishment of debt, net | (25,369 | ) |  | (33,190 | ) |  | (37,816 | )
Net income (loss) | $ | 15,765 |  |  | $ | (111,233 | ) |  | $ | (241,430 | )
(4) | For the years ended December 31, 2013 and 2012, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.
(5) | For the years ended December 31, 2013 and 2012, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.

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