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 and Development			Corporate/Other⁽¹⁾			Company Total
Year Ended December 31, 2015
Operating lease income	$	—		$	151,481		$	77,454		$	785		$	—		$	229,720
Interest income	134,687			—			—			—			—			134,687
Other income	9,737			357			34,637			1,219			3,981			49,931
Land development revenue	—			—			—			100,216			—			100,216
Earnings (loss) from equity method investments	—			5,221			1,663			16,683			8,586			32,153
Income from sales of real estate	—			40,082			53,734			—			—			93,816
Total revenue and other earnings	144,424			197,141			167,488			118,903			12,567			640,523
Real estate expense	—			(21,855		)	(95,888		)	(29,007		)	—			(146,750		)
Land development cost of sales	—			—			—			(67,382		)	—			(67,382		)
Other expense	(2,291		)	—			—			—			(4,083		)	(6,374		)
Allocated interest expense	(57,109		)	(66,504		)	(28,014		)	(32,087		)	(40,925		)	(224,639		)
Allocated general and administrative⁽²⁾	(13,128		)	(15,569		)	(6,988		)	(11,488		)	(22,091		)	(69,264		)
Segment profit (loss) ⁽³⁾	$	71,896		$	93,213		$	36,598		$	(21,061	)	$	(54,532	)	$	126,114
Other significant non-cash items:
Provision for loan losses	$	36,567		$	—		$	—		$	—		$	—		$	36,567
Impairment of assets	—			—			5,935			4,589			—			10,524
Depreciation and amortization	—			38,138			24,548			1,422			1,139			65,247
Capitalized expenditures	—			4,195			84,103			94,971			—			183,269



	Real Estate Finance			Net Lease			Operating Properties			Land and Development			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 development revenue	—			—			—			15,191			—			15,191
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
Total 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 development cost of sales	—			—			—			(12,840		)	—			(12,840		)
Other expense	(243		)	—			—			—			(6,097		)	(6,340		)
Allocated interest expense	(58,043		)	(72,089		)	(39,535		)	(29,432		)	(25,384		)	(224,483		)
Allocated general and administrative⁽²⁾	(13,211		)	(16,603		)	(9,608		)	(13,062		)	(22,489		)	(74,973		)
Segment profit (loss) ⁽³⁾	$	72,424		$	54,178		$	55,090		$	(47,933	)	$	31,092		$	164,851
Other significant non-cash items:
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 and Development			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
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
Total 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 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



	Real Estate Finance		Net Lease		Operating Properties		Land and Development		Corporate/Other⁽¹⁾		Company Total
As of December 31, 2015
Real estate
Real estate, net	—		1,112,479		481,504		—		—		1,593,983
Real estate available and held for sale	—		—		137,274		—		—		137,274
Total real estate	—		1,112,479		618,778		—		—		1,731,257
Land and development	—		—		—		1,001,963		—		1,001,963
Loans receivable and other lending investments, net	1,601,985		—		—		—		—		1,601,985
Other investments	—		69,096		11,124		100,419		73,533		254,172
Total portfolio assets	$	1,601,985	$	1,181,575	$	629,902	$	1,102,382	$	73,533	4,589,377
Cash and other assets											1,033,515
Total assets											$	5,622,892

As of December 31, 2014
Real estate, net	—		1,188,160		628,271		—		—		1,816,431
Real estate available and held for sale	—		4,521		162,782		—		—		167,303
Total real estate	—		1,192,681		791,053		—		—		1,983,734
Land and development	—		—		—		978,962		—		978,962
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

_______________________________________________________________________________


(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 $12.0 million, $13.3 million and $19.3 million for the years ended December 31, 2015, 2014 and 2013, respectively.


(3)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands):



	For the Years Ended December 31,
	2015			2014			2013
Segment profit	$	126,114		$	164,851		$	39,367
Less: (Provision for) recovery of loan losses	(36,567		)	1,714			(5,489		)
Less: Impairment of assets⁽⁴⁾	(10,524		)	(34,634		)	(14,353		)
Less: Loss on transfer of interest to unconsolidated subsidiary	—			—			(7,373		)
Less: Depreciation and amortization⁽⁴⁾	(65,247		)	(73,571		)	(71,530		)
Less: Stock-based compensation expense	(12,013		)	(13,314		)	(19,261		)
Less: Income tax (expense) benefit⁽⁴⁾	(7,639		)	(3,912		)	596
Less: Loss on early extinguishment of debt, net	(281		)	(25,369		)	(33,190		)
Net income (loss)	$	(6,157	)	$	15,765		$	(111,233	)


(4)	For the year ended December 31, 2013 excludes certain amounts reclassified to discontinued operations in the Company's consolidated statements of operations.


(5)	For the year ended December 31, 2013 includes related amounts reclassified to discontinued operations in the Company's consolidated statements of operations.