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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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
Year Ended December 31, 2017
Operating lease income	$	—			$	123,685			$	63,159			$	840			$	—			$	187,684
Interest income	106,548				—				—				—				—				106,548
Other income	2,633				2,603				49,641				126,259				6,955				188,091
Land development revenue	—				—				—				196,879				—				196,879
Earnings (loss) from equity method investments	—				5,086				(772		)		7,292				1,409				13,015
Income from discontinued operations	—				4,939				—				—				—				4,939
Gain from discontinued operations	—				123,418				—				—				—				123,418
Income from sales of real estate	—				87,512				4,537				—				—				92,049
Total revenue and other earnings	109,181				347,243				116,565				331,270				8,364				912,623
Real estate expense	—				(16,742		)		(89,725		)		(41,150		)		—				(147,617		)
Land development cost of sales	—				—				—				(180,916		)		—				(180,916		)
Other expense	(1,413		)		—				—				—				(19,541		)		(20,954		)
Allocated interest expense	(40,359		)		(53,710		)		(20,171		)		(28,033		)		(52,413		)		(194,686		)
Allocated general and administrative(2)	(15,223		)		(19,563		)		(8,075		)		(16,483		)		(20,726		)		(80,070		)
Segment profit (loss) (3)	$	52,186			$	257,228			$	(1,406	)		$	64,688			$	(84,316	)		$	288,380
Other significant non-cash items:
Recovery of loan losses	$	(5,828	)		$	—			$	—			$	—			$	—			$	(5,828	)
Impairment of assets	—				5,486				6,358				20,535				—				32,379
Depreciation and amortization	—				28,132				17,684				1,896				1,321				49,033
Capitalized expenditures	—				4,838				35,754				125,744				—				166,336

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
Year Ended December 31, 2016
Operating lease income	$	—			$	126,164			$	64,593			$	423			$	—			$	191,180
Interest income	129,153				—				—				—				—				129,153
Other income	4,658				1,632				33,216				3,170				3,838				46,514
Land development revenue	—				—				—				88,340				—				88,340
Earnings (loss) from equity method investments	—				3,567				33,863				30,012				9,907				77,349
Income from discontinued operations	—				18,270				—				—				—				18,270
Income from sales of real estate	—				21,138				75,357				8,801				—				105,296
Total revenue and other earnings	133,811				170,771				207,029				130,746				13,745				656,102
Real estate expense	—				(18,158		)		(82,401		)		(36,963		)		—				(137,522		)
Land development cost of sales	—				—				—				(62,007		)		—				(62,007		)
Other expense	(2,719		)		—				—				—				(3,164		)		(5,883		)
Allocated interest expense	(57,787		)		(65,880		)		(23,156		)		(34,888		)		(39,687		)		(221,398		)
Allocated general and administrative(2)	(15,311		)		(17,585		)		(6,574		)		(13,693		)		(19,975		)		(73,138		)
Segment profit (loss) (3)	$	57,994			$	69,148			$	94,898			$	(16,805	)		$	(49,081	)		$	156,154
Other significant non-cash items:
Recovery of loan losses	$	(12,514	)		$	—			$	—			$	—			$	—			$	(12,514	)
Impairment of assets	—				4,829				5,855				3,800				—				14,484
Depreciation and amortization	—				31,380				17,887				1,296				1,097				51,660
Capitalized expenditures	—				3,667				56,784				109,548				—				169,999

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
Year Ended December 31, 2015
Operating lease income	$	—			$	132,968			$	77,454			$	785			$	—			$	211,207
Interest income	134,687				—				—				—				—				134,687
Other income	9,737				350				34,637				1,219				3,981				49,924
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 discontinued operations	—				15,077				—				—				—				15,077
Income from sales of real estate	—				40,082				53,734				—				—				93,816
Total revenue and other earnings	144,424				193,698				167,488				118,903				12,567				637,080
Real estate expense	—				(21,614		)		(95,888		)		(29,007		)		—				(146,509		)
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			$	90,011			$	36,598			$	(21,061	)		$	(54,532	)		$	122,912
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	—				34,936				24,548				1,422				1,139				62,045
Capitalized expenditures	—				4,195				84,103				94,971				—				183,269
As of December 31, 2017
Real estate
Real estate, net	$	—			$	815,783			$	466,248			$	—			$	—			$	1,282,031
Real estate available and held for sale	—				—				68,588				—				—				68,588
Total real estate	—				815,783				534,836				—				—				1,350,619
Land and development, net	—				—				—				860,311				—				860,311
Loans receivable and other lending investments, net	1,300,655				—				—				—				—				1,300,655
Other investments	—				205,007				38,761				63,855				13,618				321,241
Total portfolio assets	$	1,300,655			$	1,020,790			$	573,597			$	924,166			$	13,618			3,832,826
Cash and other assets																					898,252
Total assets																					$	4,731,078
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 $18.8 million, $10.9 million and $12.0 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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

	For the Years Ended December 31,
	2017				2016				2015
Segment profit	$	288,380			$	156,154			$	122,912
Less: Recovery of (provision for) loan losses	5,828				12,514				(36,567		)
Less: Impairment of assets	(32,379		)		(14,484		)		(10,524		)
Less: Depreciation and amortization	(49,033		)		(51,660		)		(62,045		)
Less: Stock-based compensation expense	(18,812		)		(10,889		)		(12,013		)
Less: Income tax benefit (expense)	948				10,166				(7,639		)
Less: Loss on early extinguishment of debt, net	(14,724		)		(1,619		)		(281		)
Net income (loss)	$	180,208			$	100,182			$	(6,157	)

Reconciliation of segment profit to income (loss) from continuing operations

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

	For the Years Ended December 31,
	2017				2016				2015
Segment profit	$	288,380			$	156,154			$	122,912
Less: Recovery of (provision for) loan losses	5,828				12,514				(36,567		)
Less: Impairment of assets	(32,379		)		(14,484		)		(10,524		)
Less: Depreciation and amortization	(49,033		)		(51,660		)		(62,045		)
Less: Stock-based compensation expense	(18,812		)		(10,889		)		(12,013		)
Less: Income tax benefit (expense)	948				10,166				(7,639		)
Less: Loss on early extinguishment of debt, net	(14,724		)		(1,619		)		(281		)
Net income (loss)	$	180,208			$	100,182			$	(6,157	)

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

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- Definition

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-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
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599

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