XML 57 R94.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Reporting (Schedule of Segments) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
segments
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Segment Reporting          
Number of reportable segments | segments     4    
Operating lease income $ 55,699 $ 60,691 $ 170,990 $ 183,766  
Interest income 33,599 31,098 102,224 94,139  
Other income 16,888 18,407 40,214 62,253  
Land development revenue 14,301 3,290 29,101 11,920  
Earnings (loss) from equity method investments 10,572 49,578 25,904 76,848  
Income from sales of real estate 26,511 27,791 66,021 61,465  
Total revenue and other earnings 157,570 190,855 434,454 490,391  
Real estate expense (35,154) (41,285) (111,143) (124,452)  
Land development cost of sales (10,686) (2,763) (22,828) (10,028)  
Other expense (3,334) 285 (6,345) (4,626)  
Allocated interest expense (56,880) (55,424) (167,336) (169,410)  
Allocated general and administrative [1] (18,300) (20,104) (52,454) (61,244)  
Segment profit (loss) 33,216 71,564 [2] 74,348 [2] 120,631 [2]  
Provision for (recovery of) loan losses [3] 7,500 (673) 30,944 (6,865)  
Impairment of assets 3,916 15,462 5,590 21,741  
Depreciation and amortization 15,787 17,722 49,804 55,157  
Capitalized expenditures 45,840 46,805 129,642 105,853  
Real estate, net 2,490,538   2,490,538   $ 2,676,714
Real estate available and held for sale [4] 296,591   296,591   285,982
Total real estate 2,787,129   2,787,129   2,962,696
Loans receivable and other lending investments, net [5] 1,585,399   1,585,399   1,377,843
Other investments 290,519   290,519   354,119
Total portfolio assets 4,663,047   4,663,047   4,694,658
Cash and other assets 979,748   979,748   768,475
Total assets 5,642,795   5,642,795   5,463,133
Operating Segments | Real Estate Finance          
Segment Reporting          
Operating lease income 0 0 0 0  
Interest income 33,599 31,098 102,224 94,139  
Other income 7,988 885 8,834 20,327  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 0 0 0 0  
Income from sales of real estate 0 0 0 0  
Total revenue and other earnings 41,587 31,983 111,058 114,466  
Real estate expense 0 0 0 0  
Land development cost of sales 0 0 0 0  
Other expense (2,039) (283) (2,259) (1,016)  
Allocated interest expense (14,030) (14,187) (42,828) (45,497)  
Allocated general and administrative [1] (3,527) (3,492) (9,750) (11,026)  
Segment profit (loss) [2] 21,991 14,021 56,221 56,927  
Provision for (recovery of) loan losses 7,500 (673) 30,944 (6,865)  
Impairment of assets 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Capitalized expenditures 0 0 0 0  
Real estate, net 0   0   0
Real estate available and held for sale 0   0   0
Total real estate 0   0   0
Loans receivable and other lending investments, net 1,585,399   1,585,399   1,377,843
Other investments 0   0   0
Total portfolio assets 1,585,399   1,585,399   1,377,843
Operating Segments | Net Lease          
Segment Reporting          
Operating lease income 37,379 36,947 111,500 113,502  
Interest income 0 0 0 0  
Other income 8 3,573 133 4,306  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 971 349 4,270 1,497  
Income from sales of real estate 6,931 0 15,584 0  
Total revenue and other earnings 45,289 40,869 131,487 119,305  
Real estate expense (5,473) (6,059) (16,266) (17,253)  
Land development cost of sales 0 0 0 0  
Other expense 0 0 0 0  
Allocated interest expense (16,358) (18,156) (50,126) (54,775)  
Allocated general and administrative [1] (4,209) (4,610) (11,646) (13,592)  
Segment profit (loss) [2] 19,249 12,044 53,449 33,685  
Provision for (recovery of) loan losses 0 0 0 0  
Impairment of assets 0 231 0 3,210  
Depreciation and amortization 9,522 9,522 28,380 29,332  
Capitalized expenditures 1,439 595 3,553 169  
Real estate, net 1,150,797   1,150,797   1,188,160
Real estate available and held for sale 1,953   1,953   4,521
Total real estate 1,152,750   1,152,750   1,192,681
Loans receivable and other lending investments, net 0   0   0
Other investments 68,719   68,719   125,360
Total portfolio assets 1,221,469   1,221,469   1,318,041
Operating Segments | Operating Properties          
Segment Reporting          
Operating lease income 18,125 23,513 58,855 69,631  
Interest income 0 0 0 0  
Other income 7,602 11,795 27,069 32,335  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 469 177 1,302 1,125  
Income from sales of real estate 19,580 27,791 50,437 61,465  
Total revenue and other earnings 45,776 63,276 137,663 164,556  
Real estate expense (22,448) (28,795) (73,812) (86,338)  
Land development cost of sales 0 0 0 0  
Other expense 0 0 0 0  
Allocated interest expense (6,724) (10,169) (21,449) (30,657)  
Allocated general and administrative [1] (1,841) (2,699) (5,298) (7,966)  
Segment profit (loss) [2] 14,763 21,613 37,104 39,595  
Provision for (recovery of) loan losses 0 0 0 0  
Impairment of assets 3,916 4,231 5,590 8,131  
Depreciation and amortization 5,610 7,606 19,400 23,838  
Capitalized expenditures 26,358 20,555 58,201 46,973  
Real estate, net 474,727   474,727   628,271
Real estate available and held for sale 136,945   136,945   162,782
Total real estate 611,672   611,672   791,053
Loans receivable and other lending investments, net 0   0   0
Other investments 11,472   11,472   13,220
Total portfolio assets 623,144   623,144   804,273
Operating Segments | Land          
Segment Reporting          
Operating lease income 195 231 635 633  
Interest income 0 0 0 0  
Other income 376 496 1,163 865  
Land development revenue 14,301 3,290 29,101 11,920  
Earnings (loss) from equity method investments 6,647 123 13,719 (286)  
Income from sales of real estate 0 0 0 0  
Total revenue and other earnings 21,519 4,140 44,618 13,132  
Real estate expense (7,233) (6,431) (21,065) (20,861)  
Land development cost of sales (10,686) (2,763) (22,828) (10,028)  
Other expense 0 0 0 0  
Allocated interest expense (8,265) (7,490) (23,685) (21,943)  
Allocated general and administrative [1] (3,233) (3,566) (8,759) (10,839)  
Segment profit (loss) [2] (7,898) (16,110) (31,719) (50,539)  
Provision for (recovery of) loan losses 0 0 0 0  
Impairment of assets 0 11,000 0 10,400  
Depreciation and amortization 380 320 1,160 1,114  
Capitalized expenditures 18,043 25,655 67,888 58,711  
Real estate, net 865,014   865,014   860,283
Real estate available and held for sale 157,693   157,693   118,679
Total real estate 1,022,707   1,022,707   978,962
Loans receivable and other lending investments, net 0   0   0
Other investments 120,269   120,269   106,155
Total portfolio assets 1,142,976   1,142,976   1,085,117
Corporate, Non-Segment | Corporate/Other          
Segment Reporting          
Operating lease income [6] 0 0 0 0  
Interest income [6] 0 0 0 0  
Other income [6] 914 1,658 3,015 4,420  
Land development revenue [6] 0 0 0 0  
Earnings (loss) from equity method investments [6] 2,485 48,929 6,613 74,512  
Income from sales of real estate [6] 0 0 0 0  
Total revenue and other earnings [6] 3,399 50,587 9,628 78,932  
Real estate expense [6] 0 0 0 0  
Land development cost of sales [6] 0 0 0 0  
Other expense [6] (1,295) 568 (4,086) (3,610)  
Allocated interest expense [6] (11,503) (5,422) (29,248) (16,538)  
Allocated general and administrative [1],[6] (5,490) (5,737) (17,001) (17,821)  
Segment profit (loss) [2],[6] (14,889) 39,996 (40,707) 40,963  
Provision for (recovery of) loan losses [6] 0 0 0 0  
Impairment of assets [6] 0 0 0 0  
Depreciation and amortization [6] 275 274 864 873  
Capitalized expenditures [6] 0 $ 0 0 $ 0  
Real estate, net [6] 0   0   0
Real estate available and held for sale [6] 0   0   0
Total real estate [6] 0   0   0
Loans receivable and other lending investments, net [6] 0   0   0
Other investments [6] 90,059   90,059   109,384
Total portfolio assets [6] $ 90,059   $ 90,059   $ 109,384
[1] General and administrative excludes stock-based compensation expense of $2.9 million and $10.1 million for the three and nine months ended September 30, 2015 and $3.3 million and $8.5 million for the three and nine months ended September 30, 2014, respectively.
[2] The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014Segment profit$33,216 $71,564 $74,348 $120,631Less: (Provision for) recovery of loan losses(7,500) 673 (30,944) 6,865Less: Impairment of assets(3,916) (15,462) (5,590) (21,741)Less: Stock-based compensation expense(2,881) (3,273) (10,066) (8,544)Less: Depreciation and amortization(15,787) (17,722) (49,804) (55,157)Less: Income tax (expense) benefit2,893 (103) (3,796) 619Less: Loss on early extinguishment of debt, net(67) (186) (279) (24,953)Net income (loss)$5,958 $35,491 $(26,131) $17,720
[3] For the three and nine months ended September 30, 2015, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.1 million and $0.6 million, respectively. For the three and nine months ended September 30, 2014, the provision for loan losses includes recoveries of previously recorded loan loss reserves of $0.9 million and $8.5 million, respectively.
[4] As of September 30, 2015 and December 31, 2014, the Company had $132.8 million and $155.8 million, respectively, of residential properties available for sale in its operating properties portfolio.
[5] The Company's recorded investment in loans as of September 30, 2015 and December 31, 2014 includes accrued interest of $8.9 million and $7.0 million, respectively, which are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets.
[6] 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.