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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31. 2019:
Operating lease income	$	—			$	49,482			$	9,356			$	77			$	—			$	58,915
Interest income	20,375				—				—				—				—				20,375
Other income	2,189				3,420				2,375				3,447				3,382				14,813
Land development revenue	—				—				—				12,699				—				12,699
Earnings (losses) from equity method investments	—				7,230				(2,410		)		287				202				5,309
Income from sales of real estate	—				—				9,407				—				—				9,407
Total revenue and other earnings	22,564				60,132				18,728				16,510				3,584				121,518
Real estate expense	—				(6,106		)		(11,033		)		(8,801		)		—				(25,940		)
Land development cost of sales	—				—				—				(14,449		)		—				(14,449		)
Other expense	(265		)		—				—				—				(243		)		(508		)
Allocated interest expense	(8,413		)		(21,766		)		(2,918		)		(5,127		)		(8,353		)		(46,577		)
Allocated general and administrative(2)	(2,209		)		(5,678		)		(761		)		(3,257		)		(4,945		)		(16,850		)
Segment profit (loss)(3)	$	11,677			$	26,582			$	4,016			$	(15,124	)		$	(9,957	)		$	17,194
Other significant items:
Recovery of loan losses	$	(97	)		$	—			$	—			$	—			$	—			$	(97	)
Impairment of assets	—				—				3,851				—				—				3,851
Depreciation and amortization	—				13,561				1,557				247				303				15,668
Capitalized expenditures	—				2,756				416				36,079				—				39,251

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
Three Months Ended March 31, 2018:
Operating lease income	$	—			$	29,727			$	15,817			$	255			$	—			$	45,799
Interest income	26,697				—				—				—				—				26,697
Other income	384				1,049				12,144				471				1,272				15,320
Land development revenue	—				—				—				276,429				—				276,429
Earnings from equity method investments	—				3,556				(1,275		)		1,545				(494		)		3,332
Income from sales of real estate	—				414				16,634				—				—				17,048
Total revenue and other earnings	27,081				34,746				43,320				278,700				778				384,625
Real estate expense	—				(3,948		)		(21,626		)		(10,606		)		—				(36,180		)
Land development cost of sales	—				—				—				(223,407		)		—				(223,407		)
Other expense	(400		)		—				—				—				(766		)		(1,166		)
Allocated interest expense	(11,765		)		(14,201		)		(5,528		)		(6,473		)		(7,215		)		(45,182		)
Allocated general and administrative(2)	(3,969		)		(4,586		)		(2,043		)		(3,805		)		(5,320		)		(19,723		)
Segment profit (loss)(3)	$	10,947			$	12,011			$	14,123			$	34,409			$	(12,523	)		$	58,967
Other significant items:
Recovery of loan losses	$	(855	)		$	—			$	—			$	—			$	—			$	(855	)
Impairment of assets	—				—				4,100				—				—				4,100
Depreciation and amortization	—				6,309				3,926				515				360				11,110
Capitalized expenditures	—				478				7,700				31,447				—				39,625
As of March 31, 2019
Real estate
Real estate, net	$	—			$	1,449,845			$	171,159			$	—			$	—			$	1,621,004
Real estate available and held for sale	—				219,184				34,152				—				—				253,336
Total real estate	—				1,669,029				205,311				—				—				1,874,340
Land and development, net	—				—				—				616,350				—				616,350
Loans receivable and other lending investments, net	894,846				—				—				—				—				894,846
Other investments	—				407,682				62,434				44,656				7,227				521,999
Total portfolio assets	$	894,846			$	2,076,711			$	267,745			$	661,006			$	7,227			3,907,535
Cash and other assets																					763,878
Total assets																					$	4,671,413
As of December 31, 2018
Real estate
Real estate, net	$	—			$	1,536,494			$	234,525			$	—			$	—			$	1,771,019
Real estate available and held for sale	—				1,055				21,496				—				—				22,551
Total real estate	—				1,537,549				256,021				—				—				1,793,570
Land and development, net	—				—				—				598,218				—				598,218
Loans receivable and other lending investments, net	988,224				—				—				—				—				988,224
Other investments	—				165,804				65,643				65,312				7,516				304,275
Total portfolio assets	$	988,224			$	1,703,353			$	321,664			$	663,530			$	7,516			3,684,287
Cash and other assets																					1,329,990
Total assets																					$	5,014,277

_______________________________________________________________________________

(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 $4.2 million and $9.1 million for the three months ended March 31, 2019 and 2018, respectively.

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

	For the Three Months Ended March 31,
	2019				2018
Segment profit	$	17,194			$	58,967
Add: Recovery of loan losses	97				855
Less: Impairment of assets	(3,851		)		(4,100		)
Less: Stock-based compensation expense	(4,249		)		(9,091		)
Less: Depreciation and amortization	(15,668		)		(11,110		)
Less: Income tax expense	(25		)		(121		)
Less: Loss on early extinguishment of debt, net	(468		)		(372		)
Net income (loss)	$	(6,970	)		$	35,028

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,
	2019				2018
Segment profit	$	17,194			$	58,967
Add: Recovery of loan losses	97				855
Less: Impairment of assets	(3,851		)		(4,100		)
Less: Stock-based compensation expense	(4,249		)		(9,091		)
Less: Depreciation and amortization	(15,668		)		(11,110		)
Less: Income tax expense	(25		)		(121		)
Less: Loss on early extinguishment of debt, net	(468		)		(372		)
Net income (loss)	$	(6,970	)		$	35,028

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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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.

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