Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2016

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 and Development			Corporate/Other⁽¹⁾			Company Total
For the Three Months Ended March 31, 2016
Operating lease income	$	—		$	35,750		$	19,081		$	106		$	—		$	54,937
Interest income	33,219			—			—			—			—			33,219
Other income	1,297			80			7,344			1,065			1,755			11,541
Land development revenue	—			—			—			14,947			—			14,947
Earnings (loss) from equity method investments	—			946			(142		)	6,661			802			8,267
Income from sales of real estate	—			4,928			5,530			—			—			10,458
Total revenue and other earnings	34,516			41,704			31,813			22,779			2,557			133,369
Real estate expense	—			(4,508		)	(21,120		)	(8,677		)	—			(34,305		)
Land development cost of sales	—			—			—			(11,575		)	—			(11,575		)
Other expense	86			—			—			—			(826		)	(740		)
Allocated interest expense	(14,702		)	(16,236		)	(6,620		)	(8,359		)	(11,104		)	(57,021		)
Allocated general and administrative⁽²⁾	(3,831		)	(4,296		)	(1,870		)	(3,270		)	(5,258		)	(18,525		)
Segment profit (loss)⁽³⁾	$	16,069		$	16,664		$	2,203		$	(9,102	)	$	(14,631	)	$	11,203
Other significant items:
Provision for loan losses	$	1,506		$	—		$	—		$	—		$	—		$	1,506
Depreciation and amortization	—			8,851			5,283			300			274			14,708
Capitalized expenditures	—			851			15,797			34,268			—			50,916

For the 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 items:
Provision for 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



	Real Estate Finance		Net Lease		Operating Properties		Land and Development		Corporate/Other⁽¹⁾		Company Total

As of March 31, 2016
Real estate
Real estate, net	$	—	$	1,099,488	$	479,112	$	—	$	—	$	1,578,600
Real estate available and held for sale	—		717		131,678		—		—		132,395
Total real estate	—		1,100,205		610,790		—		—		1,710,995
Land and development	—		—		—		1,024,434		—		1,024,434
Loans receivable and other lending investments, net	1,637,387		—		—		—		—		1,637,387
Other investments	—		68,043		12,033		96,173		57,741		233,990
Total portfolio assets	$	1,637,387	$	1,168,248	$	622,823	$	1,120,607	$	57,741	4,606,806
Cash and other assets											885,372
Total assets											$	5,492,178

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											1,008,415
Total assets											$	5,597,792

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(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 $4.6 million and $3.2 million for the three months ended March 31, 2016 and 2015, respectively.


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



	For the Three Months Ended March 31,
	2016			2015
Segment profit	$	11,203		$	19,765
Less: (Provision for) loan losses	(1,506		)	(4,293		)
Less: Stock-based compensation expense	(4,577		)	(3,238		)
Less: Depreciation and amortization	(14,708		)	(18,501		)
Less: Income tax (expense) benefit	414			(5,878		)
Less: Loss on early extinguishment of debt, net	(125		)	(168		)
Net income (loss)	$	(9,299	)	$	(12,313	)

Reconciliation of segment profit to income (loss)

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



	For the Three Months Ended March 31,
	2016			2015
Segment profit	$	11,203		$	19,765
Less: (Provision for) loan losses	(1,506		)	(4,293		)
Less: Stock-based compensation expense	(4,577		)	(3,238		)
Less: Depreciation and amortization	(14,708		)	(18,501		)
Less: Income tax (expense) benefit	414			(5,878		)
Less: Loss on early extinguishment of debt, net	(125		)	(168		)
Net income (loss)	$	(9,299	)	$	(12,313	)