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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

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
Three Months Ended September 30, 2017:
Operating lease income	$	—			$	31,503			$	16,048			$	255			$	—			$	47,806
Interest income	25,442				—				—				—				—				25,442
Other income	1,298				953				14,097				1,174				3,140				20,662
Land development revenue	—				—				—				25,962				—				25,962
Earnings from equity method investments	—				1,302				(399		)		948				610				2,461
Income from sales of real estate	—				18,765				548				—				—				19,313
Total revenue and other earnings	26,740				52,523				30,294				28,339				3,750				141,646
Real estate expense	—				(4,423		)		(23,185		)		(8,672		)		—				(36,280		)
Land development cost of sales	—				—				—				(27,512		)		—				(27,512		)
Other expense	(261		)		—				—				—				(2,443		)		(2,704		)
Allocated interest expense	(9,165		)		(12,255		)		(4,860		)		(6,529		)		(15,923		)		(48,732		)
Allocated general and administrative(2)	(3,334		)		(4,315		)		(1,866		)		(3,706		)		(4,800		)		(18,021		)
Segment profit (loss)(3)	$	13,980			$	31,530			$	383			$	(18,080	)		$	(19,416	)		$	8,397
Other significant items:
Recovery of loan losses	$	(2,600	)		$	—			$	—			$	—			$	—			$	(2,600	)
Impairment of assets	—				—				595				—				—				595
Depreciation and amortization	—				6,623				4,343				546				334				11,846
Capitalized expenditures	—				2,384				7,644				33,788				—				43,816
Three Months Ended September 30, 2016:
Operating lease income	$	—			$	32,287			$	14,407			$	106			$	—			$	46,800
Interest income	32,258				—				—				—				—				32,258
Other income	1,052				412				10,793				658				527				13,442
Land development revenue	—				—				—				31,554				—				31,554
Earnings from equity method investments	—				723				630				21,841				3,346				26,540
Income from discontinued operations	—				3,721				—				—				—				3,721
Income from sales of real estate	—				6,629				27,815				—				—				34,444
Total revenue and other earnings	33,310				43,772				53,645				54,159				3,873				188,759
Real estate expense	—				(4,707		)		(21,129		)		(9,407		)		—				(35,243		)
Land development cost of sales	—				—				—				(22,004		)		—				(22,004		)
Other expense	(794		)		—				—				—				(25		)		(819		)
Allocated interest expense	(14,544		)		(16,330		)		(5,110		)		(9,013		)		(10,108		)		(55,105		)
Allocated general and administrative(2)	(3,995		)		(4,526		)		(1,502		)		(3,495		)		(4,714		)		(18,232		)
Segment profit (loss)(3)	$	13,977			$	18,209			$	25,904			$	10,240			$	(10,974	)		$	57,356
Other significant items:
Recovery of loan losses	$	(14,955	)		$	—			$	—			$	—			$	—			$	(14,955	)
Impairment of assets	—				4,829				112				3,800				—				8,741
Depreciation and amortization	—				7,829				3,798				298				276				12,201
Capitalized expenditures	—				934				15,902				25,938				—				42,774

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
Nine Months Ended September 30, 2017:
Operating lease income	$	—			$	93,606			$	47,977			$	572			$	—			$	142,155
Interest income	83,145				—				—				—				—				83,145
Other income	1,854				2,009				37,720				125,430				5,024				172,037
Land development revenue	—				—				—				178,722				—				178,722
Earnings from equity method investments	—				3,363				702				8,396				1,216				13,677
Income from discontinued operations	—				4,939				—				—				—				4,939
Gain from discontinued operations	—				123,418				—				—				—				123,418
Income from sales of real estate	—				24,977				3,290				—				—				28,267
Total revenue and other earnings	84,999				252,312				89,689				313,120				6,240				746,360
Real estate expense	—				(13,062		)		(67,356		)		(26,136		)		—				(106,554		)
Land development cost of sales	—				—				—				(165,888		)		—				(165,888		)
Other expense	(1,263		)		—				—				—				(19,586		)		(20,849		)
Allocated interest expense	(31,561		)		(41,659		)		(15,472		)		(21,769		)		(38,223		)		(148,684		)
Allocated general and administrative(2)	(11,621		)		(14,878		)		(5,985		)		(12,636		)		(15,497		)		(60,617		)
Segment profit (loss)(3)	$	40,554			$	182,713			$	876			$	86,691			$	(67,066	)		$	243,768
Other significant non-cash items:
Recovery of loan losses	$	(8,128	)		$	—			$	—			$	—			$	—			$	(8,128	)
Impairment of assets	—				219				5,009				10,064				—				15,292
Depreciation and amortization	—				21,662				13,305				1,337				993				37,297
Capitalized expenditures	—				4,071				24,210				90,666				—				118,947
Nine Months Ended September 30, 2016:
Operating lease income	$	—			$	95,636			$	51,317			$	317			$	—			$	147,270
Interest income	99,877				—				—				—				—				99,877
Other income	2,672				924				25,351				2,889				3,243				35,079
Land development revenue	—				—				—				74,389				—				74,389
Earnings from equity method investments	—				2,613				31,564				31,189				8,888				74,254
Income from discontinued operations	—				10,934				—				—				—				10,934
Income from sales of real estate	—				15,896				72,491				—				—				88,387
Total revenue and other earnings	102,549				126,003				180,723				108,784				12,131				530,190
Real estate expense	—				(13,770		)		(63,046		)		(27,999		)		—				(104,815		)
Land development cost of sales	—				—				—				(50,842		)		—				(50,842		)
Other expense	(1,634		)		—				—				—				(3,107		)		(4,741		)
Allocated interest expense	(43,877		)		(49,030		)		(17,579		)		(26,040		)		(31,647		)		(168,173		)
Allocated general and administrative(2)	(11,612		)		(13,135		)		(5,010		)		(10,092		)		(14,940		)		(54,789		)
Segment profit (loss)(3)	$	45,426			$	50,068			$	95,088			$	(6,189	)		$	(37,563	)		$	146,830
Other significant non-cash items:
Recovery of loan losses	$	(12,749	)		$	—			$	—			$	—			$	—			$	(12,749	)
Impairment of assets	—				4,829				3,124				3,800				—				11,753
Depreciation and amortization	—				23,857				14,103				997				824				39,781
Capitalized expenditures	—				3,410				44,145				92,212				—				139,767

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
As of September 30, 2017
Real estate
Real estate, net	$	—			$	844,493			$	479,369			$	—			$	—			$	1,323,862
Real estate available and held for sale	—				—				65,658				—				—				65,658
Total real estate	—				844,493				545,027				—				—				1,389,520
Land and development, net	—				—				—				861,507				—				861,507
Loans receivable and other lending investments, net	1,109,442				—				—				—				—				1,109,442
Other investments	—				185,176				21,828				63,308				18,725				289,037
Total portfolio assets	$	1,109,442			$	1,029,669			$	566,855			$	924,815			$	18,725			3,649,506
Cash and other assets																					2,145,713
Total assets																					$	5,795,219
As of December 31, 2016
Real estate
Real estate, net	$	—			$	911,112			$	476,162			$	—			$	—			$	1,387,274
Real estate available and held for sale	—				155,051				82,480				—				—				237,531
Total real estate	—				1,066,163				558,642				—				—				1,624,805
Land and development, net	—				—				—				945,565				—				945,565
Loans receivable and other lending investments, net	1,450,439				—				—				—				—				1,450,439
Other investments	—				92,669				3,583				84,804				33,350				214,406
Total portfolio assets	$	1,450,439			$	1,158,832			$	562,225			$	1,030,369			$	33,350			4,235,215
Cash and other assets																					590,299
Total assets																					$	4,825,514

_______________________________________________________________________________

(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 $2.9 million and $12.7 million for the three and nine months ended September 30, 2017 respectively, and $1.4 million and $7.6 million for the three and nine months ended September 30, 2016, respectively.

(3) 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,
	2017				2016				2017				2016
Segment profit	$	8,397			$	57,356			$	243,768			$	146,830
Less: Recovery of (provision for) loan losses	2,600				14,955				8,128				12,749
Less: Impairment of assets	(595		)		(8,741		)		(15,292		)		(11,753		)
Less: Stock-based compensation expense	(2,934		)		(1,434		)		(12,730		)		(7,644		)
Less: Depreciation and amortization	(11,846		)		(12,201		)		(37,297		)		(39,781		)
Less: Income tax (expense) benefit	1,278				8,256				(972		)		9,859
Less: Income tax expense from discontinued operations	—				—				(4,545		)		—
Less: Loss on early extinguishment of debt, net	(616		)		(36		)		(4,142		)		(1,618		)
Net income (loss)	$	(3,716	)		$	58,155			$	176,918			$	108,642

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 September 30,								For the Nine Months Ended September 30,
	2017				2016				2017				2016
Segment profit	$	8,397			$	57,356			$	243,768			$	146,830
Less: Recovery of (provision for) loan losses	2,600				14,955				8,128				12,749
Less: Impairment of assets	(595		)		(8,741		)		(15,292		)		(11,753		)
Less: Stock-based compensation expense	(2,934		)		(1,434		)		(12,730		)		(7,644		)
Less: Depreciation and amortization	(11,846		)		(12,201		)		(37,297		)		(39,781		)
Less: Income tax (expense) benefit	1,278				8,256				(972		)		9,859
Less: Income tax expense from discontinued operations	—				—				(4,545		)		—
Less: Loss on early extinguishment of debt, net	(616		)		(36		)		(4,142		)		(1,618		)
Net income (loss)	$	(3,716	)		$	58,155			$	176,918			$	108,642

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (b)
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599

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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599

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