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Segment Reporting
 3 Months Ended
Mar. 31, 2015
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
Three Months Ended March 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
Operating lease income
$
—

 
$
36,339

 
$
22,614

 
$
186

 
$
—

 
$
59,139

Interest income
34,896

 
—

 
—

 
—

 
—

 
34,896

Other income
48

 
3

 
8,876

 
633

 
1,004

 
10,564

Land development revenue
—

 
—

 
—

 
8,258

 
—

 
8,258

Earnings (loss) from equity method investments
—

 
1,633

 
535

 
2,609

 
1,770

 
6,547

Income from sales of real estate
—

 
3,527

 
17,629

 
—

 
—

 
21,156

Total revenue and other earnings
34,944

 
41,502

 
49,654

 
11,686

 
2,774

 
140,560

Real estate expense
—

 
(5,270
)
 
(27,424
)
 
(6,940
)
 
—

 
(39,634
)
Land development cost of sales
—

 
—

 
—

 
(6,891
)
 
—

 
(6,891
)
Other expense
1

 
—

 
—

 
—

 
(2,124
)
 
(2,123
)
Allocated interest expense
(14,235
)
 
(16,835
)
 
(7,668
)
 
(7,544
)
 
(8,350
)
 
(54,632
)
Allocated general and administrative(2)
(3,094
)
 
(3,761
)
 
(1,828
)
 
(2,793
)
 
(6,039
)
 
(17,515
)
Segment profit (loss)(3)
$
17,616

 
$
15,636

 
$
12,734

 
$
(12,482
)
 
$
(13,739
)
 
$
19,765

Other significant non-cash items:
 
 
 
 
 
 
 
 
 
 
 
Provision for (recovery of) loan losses
$
4,293

 
$
—

 
$
—

 
$
—

 
$
—

 
$
4,293

Depreciation and amortization
—

 
9,449

 
8,344

 
390

 
318

 
18,501

Capitalized expenditures
—

 
345

 
10,094

 
22,380

 
—

 
32,819

 
 
 
 
 
 
 
 
 
 
 
 
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 development revenue
—

 
—

 
—

 
4,143

 
—

 
4,143

Earnings (loss) from equity method investments
—

 
286

 
217

 
(258
)
 
2,932

 
3,177

Income from sales of real estate
—

 
—

 
16,494

 
—

 
—

 
16,494

Total 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 development 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)(3)
$
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
—

 
(627
)
 
12,854

 
14,683

 
—

 
26,910

 
Real Estate Finance
 
Net Lease
 
Operating Properties
 
Land
 
Corporate/Other(1)
 
Company Total
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 

Real estate
 

 
 

 
 

 
 

 
 

 
 
Real estate, net
—

 
1,177,437

 
506,690

 
852,146

 
—

 
2,536,273

Real estate available and held for sale
—

 
11,307

 
139,853

 
141,448

 
—

 
292,608

Total real estate
—

 
1,188,744

 
646,543

 
993,594

 
—

 
2,828,881

Loans receivable and other lending investments, net
1,537,846

 
—

 
—

 
—

 
—

 
1,537,846

Other investments
—

 
124,464

 
12,291

 
108,892

 
95,902

 
341,549

Total portfolio assets
$
1,537,846

 
$
1,313,208

 
$
658,834

 
$
1,102,486

 
$
95,902

 
4,708,276

Cash and other assets
 
 
 
 
 
 
 
 
 
 
944,304

Total assets


 


 


 


 


 
$
5,652,580

 
 
 
 
 
 
 
 
 
 
 
 
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


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 $3.2 million and $2.1 million for the three months ended March 31, 2015 and 2014, respectively.
(3)
The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):
 
For the Three Months Ended March 31,
 
2015
 
2014
Segment profit (loss)
$
19,765

 
$
6,763

Less: (Provision for) recovery of loan losses
(4,293
)
 
3,400

Less: Impairment of assets
—

 
(2,979
)
Less: Stock-based compensation expense
(3,238
)
 
(2,075
)
Less: Depreciation and amortization
(18,501
)
 
(18,613
)
Less: Income tax (expense) benefit
(5,878
)
 
507

Less: Loss on early extinguishment of debt, net
(168
)
 
(1,180
)
Net income (loss)
$
(12,313
)
 
$
(14,177
)