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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2019:
Operating lease income	$	—			$	38,006			$	6,034			$	70			$	—			$	44,110
Interest income	18,912				789				—				—				—				19,701
Interest income from sales-type leases	—				8,339				—				—				—				8,339
Other income	115				6,347				7,611				2,124				2,073				18,270
Land development revenue	—				—				—				54,918				—				54,918
Earnings (losses) from equity method investments	—				2,848				4,875				(301		)		195				7,617
Income from sales of real estate	—				3,458				18				—				—				3,476
Total revenue and other earnings	19,027				59,787				18,538				56,811				2,268				156,431
Real estate expense	—				(6,460		)		(9,314		)		(7,413		)		—				(23,187		)
Land development cost of sales	—				—				—				(48,101		)		—				(48,101		)
Other expense	(49		)		—				—				—				(358		)		(407		)
Allocated interest expense	(6,902		)		(25,176		)		(2,393		)		(5,268		)		(6,783		)		(46,522		)
Allocated general and administrative(2)	(2,035		)		(6,887		)		(727		)		(3,019		)		(4,702		)		(17,370		)
Segment profit (loss)(3)	$	10,041			$	21,264			$	6,104			$	(6,990	)		$	(9,575	)		$	20,844
Other significant items:
Recovery of loan losses	$	(3,805	)		$	—			$	—			$	—			$	—			$	(3,805	)
Depreciation and amortization	—				12,409				1,244				243				303				14,199
Capitalized expenditures	—				7,846				2,816				20,536				—				31,198
Three Months Ended September 30, 2018:
Operating lease income	$	—			$	45,204			$	13,803			$	102			$	—			$	59,109
Interest income	22,915				—				—				—				—				22,915
Other income	753				1,008				21,253				857				3,937				27,808
Land development revenue	—				—				—				12,309				—				12,309
Earnings (losses) from equity method investments	—				775				(2,223		)		161				652				(635		)
Income from sales of real estate	—				—				5,409				—				—				5,409
Total revenue and other earnings	23,668				46,987				38,242				13,429				4,589				126,915
Real estate expense	—				(4,774		)		(18,649		)		(8,864		)		—				(32,287		)
Land development cost of sales	—				—				—				(12,114		)		—				(12,114		)
Other expense	(179		)		—				—				—				(119		)		(298		)
Allocated interest expense	(9,558		)		(16,454		)		(4,547		)		(5,014		)		(11,646		)		(47,219		)
Allocated general and administrative(2)	(2,693		)		(5,740		)		(1,429		)		(3,576		)		(4,524		)		(17,962		)
Segment profit (loss)(3)	$	11,238			$	20,019			$	13,617			$	(16,139	)		$	(11,700	)		$	17,035
Other significant items:
Provision for loan losses	$	200			$	—			$	—			$	—			$	—			$	200
Impairment of assets	—				—				989				—				—				989
Depreciation and amortization	—				12,554				6,857				263				305				19,979
Capitalized expenditures	—				28,315				5,860				33,608				—				67,783

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
Nine Months Ended September 30, 2019:
Operating lease income	$	—			$	136,150			$	21,844			$	216			$	—			$	158,210
Interest income	59,220				1,197				—				—				—				60,417
Interest income from sales-type leases	—				12,157				—				—				—				12,157
Other income	2,836				12,705				13,960				6,877				6,755				43,133
Land development revenue	—				—				—				76,691				—				76,691
Earnings (losses) from equity method investments	—				13,660				(166		)		2,910				162				16,566
Selling profit from sales-type leases	—				180,416				—				—				—				180,416
Income from sales of real estate	—				223,200				10,206				—				—				233,406
Total revenue and other earnings	62,056				579,485				45,844				86,694				6,917				780,996
Real estate expense	—				(18,335		)		(28,646		)		(24,184		)		—				(71,165		)
Land development cost of sales	—				—				—				(71,785		)		—				(71,785		)
Other expense	(359		)		—				—				—				(12,439		)		(12,798		)
Allocated interest expense	(23,251		)		(70,548		)		(7,859		)		(15,888		)		(19,305		)		(136,851		)
Allocated general and administrative(2)	(6,523		)		(19,299		)		(2,214		)		(9,199		)		(14,583		)		(51,818		)
Segment profit (loss)(3)	$	31,923			$	471,303			$	7,125			$	(34,362	)		$	(39,410	)		$	436,579
Other significant non-cash items:
Recovery of loan losses	$	(3,792	)		$	—			$	—			$	—			$	—			$	(3,792	)
Impairment of assets	—				—				3,853				1,100				—				4,953
Depreciation and amortization	—				38,242				3,701				733				910				43,586
Capitalized expenditures	—				12,707				4,878				86,029				—				103,614
Nine Months Ended September 30, 2018:
Operating lease income	$	—			$	104,241			$	44,818			$	457			$	—			$	149,516
Interest income	74,824				—				—				—				—				74,824
Other income	4,271				2,755				46,748				2,640				7,537				63,951
Land development revenue	—				—				—				369,665				—				369,665
Earnings (losses) from equity method investments	—				7,028				(4,814		)		2,726				(9,521		)		(4,581		)
Gain from consolidation of equity method investment	—				67,877				—				—				—				67,877
Income from sales of real estate	—				24,907				54,446				—				—				79,353
Total revenue and other earnings	79,095				206,808				141,198				375,488				(1,984		)		800,605
Real estate expense	—				(12,186		)		(64,091		)		(29,234		)		—				(105,511		)
Land development cost of sales	—				—				—				(318,881		)		—				(318,881		)
Other expense	(869		)		—				—				—				(4,311		)		(5,180		)
Allocated interest expense	(31,971		)		(44,246		)		(14,653		)		(16,795		)		(27,907		)		(135,572		)
Allocated general and administrative(2)	(10,514		)		(15,179		)		(5,447		)		(11,128		)		(15,142		)		(57,410		)
Segment profit (loss)(3)	$	35,741			$	135,197			$	57,007			$	(550	)		$	(49,344	)		$	178,051
Other significant non-cash items:
Provision for loan losses	$	18,237			$	—			$	—			$	—			$	—			$	18,237
Impairment of assets	—				4,342				5,535				1,300				—				11,177
Depreciation and amortization	—				25,205				14,522				1,095				1,035				41,857
Capitalized expenditures	—				29,512				18,186				107,658				—				155,356

	Real Estate Finance				Net Lease				Operating Properties				Land and Development				Corporate/Other(1)				Company Total
As of September 30, 2019
Real estate
Real estate, net	$	—			$	1,329,896			$	200,220			$	—			$	—			$	1,530,116
Real estate available and held for sale	—				—				12,688				—				—				12,688
Total real estate	—				1,329,896				212,908				—				—				1,542,804
Net investment in leases	—				421,252				—				—				—				421,252
Land and development, net	—				—				—				610,380				—				610,380
Loans receivable and other lending investments, net	764,055				44,234				—				—				—				808,289
Other investments	—				586,358				60,347				42,675				44,413				733,793
Total portfolio assets	$	764,055			$	2,381,740			$	273,255			$	653,055			$	44,413			4,116,518
Cash and other assets																					1,463,440
Total assets																					$	5,579,958
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 $6.7 million and $20.7 million for the three and nine months ended September 30, 2019, respectively, and $3.7 million and $16.2 million for the three and nine months ended September 30, 2018, 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,
	2019				2018				2019				2018
Segment profit	$	20,844			$	17,035			$	436,579			$	178,051
Add/Less: Recovery of (provision for) loan losses	3,805				(200		)		3,792				(18,237		)
Less: Impairment of assets	—				(989		)		(4,953		)		(11,177		)
Less: Stock-based compensation expense	(6,740		)		(3,651		)		(20,694		)		(16,245		)
Less: Depreciation and amortization	(14,199		)		(19,979		)		(43,586		)		(41,857		)
Less: Income tax expense	(84		)		(137		)		(323		)		(386		)
Less: Loss on early extinguishment of debt, net	—				(911		)		(468		)		(3,447		)
Net income (loss)	$	3,626			$	(8,832	)		$	370,347			$	86,702

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,
	2019				2018				2019				2018
Segment profit	$	20,844			$	17,035			$	436,579			$	178,051
Add/Less: Recovery of (provision for) loan losses	3,805				(200		)		3,792				(18,237		)
Less: Impairment of assets	—				(989		)		(4,953		)		(11,177		)
Less: Stock-based compensation expense	(6,740		)		(3,651		)		(20,694		)		(16,245		)
Less: Depreciation and amortization	(14,199		)		(19,979		)		(43,586		)		(41,857		)
Less: Income tax expense	(84		)		(137		)		(323		)		(386		)
Less: Loss on early extinguishment of debt, net	—				(911		)		(468		)		(3,447		)
Net income (loss)	$	3,626			$	(8,832	)		$	370,347			$	86,702

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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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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