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Segment Reporting
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes all of the Company's activities related to the ownership and leasing of corporate facilities. The Operating Properties segment includes all of the Company's activities and operations related to its commercial and residential properties. The Land segment includes the Company's activities related to its developable land portfolio.
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 $15.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.
(3)
The following is a reconciliation of segment profit (loss) to net income (loss) ($ 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.