XML 107 R97.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Reporting (Schedule of Segments) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2016
USD ($)
segments
Sep. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Segment Reporting [Abstract]          
Number of reportable segments | segments     4    
Segment Reporting          
Operating lease income $ 51,414 $ 55,699 $ 160,869 $ 170,990  
Interest income 32,258 33,599 99,877 102,224  
Other income 13,442 16,888 35,080 40,214  
Land development revenue 31,554 14,301 74,389 29,101  
Earnings (loss) from equity method investments 26,540 10,572 74,254 25,904  
Income from sales of real estate 34,444 26,511 88,387 66,021  
Total revenue and other earnings 189,652 157,570 532,856 434,454  
Real estate expense (35,335) (35,154) (105,078) (111,143)  
Land development cost of sales (22,004) (10,686) (50,842) (22,828)  
Other expense (819) (3,334) (4,741) (6,345)  
Allocated interest expense (55,105) (56,880) (168,173) (167,336)  
Allocated general and administrative (18,232) (18,300) (54,789) (52,454)  
Segment profit (loss) 58,157 33,216 149,233 74,348  
Other significant items:          
(Recovery of) provision for loan losses (14,955) 7,500 (12,749) 30,944  
Impairment of assets 8,741 3,916 11,753 5,590  
Depreciation and amortization 13,002 15,787 42,184 49,804  
Capitalized expenditures 42,774 45,840 139,767 129,642  
Real estate, net 1,374,610   1,374,610   $ 1,593,983
Real estate available and held for sale 101,488   101,488   137,274
Total real estate 1,476,098   1,476,098   1,731,257
Land and development 1,022,106   1,022,106   1,001,963
Loans receivable and other lending investments, net 1,632,186   1,632,186   1,601,985
Other investments 262,496   262,496   254,172
Total portfolio assets 4,392,886   4,392,886   4,589,377
Cash and other assets 845,128   845,128   1,008,415
Total assets 5,238,014   5,238,014   5,597,792
Stock-based compensation expense 1,434 2,881 7,644 10,066  
Land and Development          
Segment Reporting          
Income from sales of real estate     23,547 6,273  
Operating Segments | Real Estate Finance          
Segment Reporting          
Operating lease income 0 0 0 0  
Interest income 32,258 33,599 99,877 102,224  
Other income 1,052 7,988 2,672 8,834  
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 33,310 41,587 102,549 111,058  
Real estate expense 0 0 0 0  
Land development cost of sales 0 0 0 0  
Other expense (794) (2,039) (1,634) (2,259)  
Allocated interest expense (14,544) (14,030) (43,877) (42,828)  
Allocated general and administrative (3,995) (3,527) (11,612) (9,750)  
Segment profit (loss) 13,977 21,991 45,426 56,221  
Other significant items:          
(Recovery of) provision for loan losses (14,955) 7,500 (12,749) 30,944  
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
Land and development 0   0   0
Loans receivable and other lending investments, net 1,632,186   1,632,186   1,601,985
Other investments 0   0   0
Total portfolio assets 1,632,186   1,632,186   1,601,985
Operating Segments | Net Lease          
Segment Reporting          
Operating lease income 36,901 37,379 109,235 111,500  
Interest income 0 0 0 0  
Other income 412 8 925 133  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 723 971 2,613 4,270  
Income from sales of real estate 6,629 6,931 15,896 15,584  
Total revenue and other earnings 44,665 45,289 128,669 131,487  
Real estate expense (4,799) (5,473) (14,033) (16,266)  
Land development cost of sales 0 0 0 0  
Other expense 0 0 0 0  
Allocated interest expense (16,330) (16,358) (49,030) (50,126)  
Allocated general and administrative (4,526) (4,209) (13,135) (11,646)  
Segment profit (loss) 19,010 19,249 52,471 53,449  
Other significant items:          
(Recovery of) provision for loan losses 0 0 0 0  
Impairment of assets 4,829 0 4,829 0  
Depreciation and amortization 8,630 9,522 26,260 28,380  
Capitalized expenditures 934 1,439 3,410 3,553  
Real estate, net 1,001,776   1,001,776   1,112,479
Real estate available and held for sale 0   0   0
Total real estate 1,001,776   1,001,776   1,112,479
Land and development 0   0   0
Loans receivable and other lending investments, net 0   0   0
Other investments 103,468   103,468   69,096
Total portfolio assets 1,105,244   1,105,244   1,181,575
Operating Segments | Operating Properties          
Segment Reporting          
Operating lease income 14,407 18,125 51,317 58,855  
Interest income 0 0 0 0  
Other income 10,793 7,602 25,351 27,069  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 630 469 31,564 1,302  
Income from sales of real estate 27,815 19,580 72,491 50,437  
Total revenue and other earnings 53,645 45,776 180,723 137,663  
Real estate expense (21,129) (22,448) (63,046) (73,812)  
Land development cost of sales 0 0 0 0  
Other expense 0 0 0 0  
Allocated interest expense (5,110) (6,724) (17,579) (21,449)  
Allocated general and administrative (1,502) (1,841) (5,010) (5,298)  
Segment profit (loss) 25,904 14,763 95,088 37,104  
Other significant items:          
(Recovery of) provision for loan losses 0 0 0 0  
Impairment of assets 112 3,916 3,124 5,590  
Depreciation and amortization 3,798 5,610 14,103 19,400  
Capitalized expenditures 15,902 26,358 44,145 58,201  
Real estate, net 372,834   372,834   481,504
Real estate available and held for sale 101,488   101,488   137,274
Total real estate 474,322   474,322   618,778
Land and development 0   0   0
Loans receivable and other lending investments, net 0   0   0
Other investments 12,747   12,747   11,124
Total portfolio assets 487,069   487,069   629,902
Operating Segments | Land and Development          
Segment Reporting          
Operating lease income 106 195 317 635  
Interest income 0 0 0 0  
Other income 658 376 2,889 1,163  
Land development revenue 31,554 14,301 74,389 29,101  
Earnings (loss) from equity method investments 21,841 6,647 31,189 13,719  
Income from sales of real estate 0 0 0 0  
Total revenue and other earnings 54,159 21,519 108,784 44,618  
Real estate expense (9,407) (7,233) (27,999) (21,065)  
Land development cost of sales (22,004) (10,686) (50,842) (22,828)  
Other expense 0 0 0 0  
Allocated interest expense (9,013) (8,265) (26,040) (23,685)  
Allocated general and administrative (3,495) (3,233) (10,092) (8,759)  
Segment profit (loss) 10,240 (7,898) (6,189) (31,719)  
Other significant items:          
(Recovery of) provision for loan losses 0 0 0 0  
Impairment of assets 3,800 0 3,800 0  
Depreciation and amortization 298 380 997 1,160  
Capitalized expenditures 25,938 18,043 92,212 67,888  
Real estate, net 0   0   0
Real estate available and held for sale 0   0   0
Total real estate 0   0   0
Land and development 1,022,106   1,022,106   1,001,963
Loans receivable and other lending investments, net 0   0   0
Other investments 92,885   92,885   100,419
Total portfolio assets 1,114,991   1,114,991   1,102,382
Corporate/Other          
Segment Reporting          
Operating lease income 0 0 0 0  
Interest income 0 0 0 0  
Other income 527 914 3,243 3,015  
Land development revenue 0 0 0 0  
Earnings (loss) from equity method investments 3,346 2,485 8,888 6,613  
Income from sales of real estate 0 0 0 0  
Total revenue and other earnings 3,873 3,399 12,131 9,628  
Real estate expense 0 0 0 0  
Land development cost of sales 0 0 0 0  
Other expense (25) (1,295) (3,107) (4,086)  
Allocated interest expense (10,108) (11,503) (31,647) (29,248)  
Allocated general and administrative (4,714) (5,490) (14,940) (17,001)  
Segment profit (loss) (10,974) (14,889) (37,563) (40,707)  
Other significant items:          
(Recovery of) provision for loan losses 0 0 0 0  
Impairment of assets 0 0 0 0  
Depreciation and amortization 276 275 824 864  
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
Land and development 0   0   0
Loans receivable and other lending investments, net 0   0   0
Other investments 53,396   53,396   73,533
Total portfolio assets $ 53,396   $ 53,396   $ 73,533