XML 114 R99.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Reporting - Schedule of Segments (Details)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
segments
Sep. 30, 2018
USD ($)
May 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Segment Reporting [Abstract]                
Number of reportable segments | segments         4      
Segment Reporting                
Revenues     $ 145,338 $ 122,141 $ 350,608 $ 657,956    
Earnings (losses) from equity method investments     7,617 (635) 16,566 (4,581)    
Selling profit from sales-type leases     0   180,416      
Gain from consolidation of equity method investment $ 67,900   0 0 0 67,877    
Income from sales of real estate   $ 24,500 3,476 5,409 233,406 79,353    
Total revenue and other earnings     156,431 126,915 780,996 800,605    
Other expense     (407) (298) (12,798) (5,180)    
Allocated interest expense     (46,522) (47,219) (136,851) (135,572)    
Allocated general and administrative     (17,370) (17,962) (51,818) (57,410)    
Segment profit (loss)     20,844 17,035 436,579 178,051    
Other significant items:                
(Recovery of) provision for loan losses     (3,805) 200 (3,792) 18,237    
Impairment of assets     0 989 4,953 11,177    
Depreciation and amortization     14,199 19,979 43,586 41,857    
Capitalized expenditures     31,198 67,783 103,614 155,356    
Segment assets                
Real estate, net     1,530,116   1,530,116     $ 1,771,019
Real estate available and held for sale     12,688   12,688     22,551
Total real estate     1,542,804   1,542,804     1,793,570
Net investment in leases     421,252   421,252   $ 424,100  
Land and development, net     610,380   610,380     598,218
Loans receivable and other lending investments, net     808,289   808,289     988,224
Other investments     733,793   733,793     304,275
Total portfolio assets     4,116,518   4,116,518     3,684,287
Cash and other assets     1,463,440   1,463,440     1,329,990
Total assets     5,579,958   5,579,958     5,014,277
Stock-based compensation expense     6,740 3,651 20,694 16,245    
Operating lease income                
Segment Reporting                
Revenues     44,110 59,109 158,210 149,516    
Interest income                
Segment Reporting                
Revenues     19,701 22,915 60,417 74,824    
Interest income from sales-type leases                
Segment Reporting                
Revenues     8,339 0 12,157 0    
Other income                
Segment Reporting                
Revenues     18,270 27,808 43,133 63,951    
Land development                
Segment Reporting                
Revenues     54,918 12,309 76,691 369,665    
Cost of sales expense     (48,101) (12,114) (71,785) (318,881)    
Real estate                
Segment Reporting                
Cost of sales expense     (23,187) (32,287) (71,165) (105,511)    
Operating Segments | Real Estate Finance                
Segment Reporting                
Earnings (losses) from equity method investments     0 0 0 0    
Selling profit from sales-type leases         0      
Gain from consolidation of equity method investment           0    
Income from sales of real estate     0 0 0 0    
Total revenue and other earnings     19,027 23,668 62,056 79,095    
Other expense     (49) (179) (359) (869)    
Allocated interest expense     (6,902) (9,558) (23,251) (31,971)    
Allocated general and administrative     (2,035) (2,693) (6,523) (10,514)    
Segment profit (loss)     10,041 11,238 31,923 35,741    
Other significant items:                
(Recovery of) provision for loan losses     (3,805) 200 (3,792) 18,237    
Impairment of assets       0 0 0    
Depreciation and amortization     0 0 0 0    
Capitalized expenditures     0 0 0 0    
Segment assets                
Real estate, net     0   0     0
Real estate available and held for sale     0   0     0
Total real estate     0   0     0
Net investment in leases     0   0      
Land and development, net     0   0     0
Loans receivable and other lending investments, net     764,055   764,055     988,224
Other investments     0   0     0
Total portfolio assets     764,055   764,055     988,224
Operating Segments | Real Estate Finance | Operating lease income                
Segment Reporting                
Revenues     0 0 0 0    
Operating Segments | Real Estate Finance | Interest income                
Segment Reporting                
Revenues     18,912 22,915 59,220 74,824    
Operating Segments | Real Estate Finance | Interest income from sales-type leases                
Segment Reporting                
Revenues     0   0      
Operating Segments | Real Estate Finance | Other income                
Segment Reporting                
Revenues     115 753 2,836 4,271    
Operating Segments | Real Estate Finance | Land development                
Segment Reporting                
Revenues     0 0 0 0    
Cost of sales expense     0 0 0 0    
Operating Segments | Real Estate Finance | Real estate                
Segment Reporting                
Cost of sales expense     0 0 0 0    
Operating Segments | Net Lease                
Segment Reporting                
Earnings (losses) from equity method investments     2,848 775 13,660 7,028    
Selling profit from sales-type leases         180,416      
Gain from consolidation of equity method investment           67,877    
Income from sales of real estate     3,458 0 223,200 24,907    
Total revenue and other earnings     59,787 46,987 579,485 206,808    
Other expense     0 0 0 0    
Allocated interest expense     (25,176) (16,454) (70,548) (44,246)    
Allocated general and administrative     (6,887) (5,740) (19,299) (15,179)    
Segment profit (loss)     21,264 20,019 471,303 135,197    
Other significant items:                
(Recovery of) provision for loan losses     0 0 0 0    
Impairment of assets       0 0 4,342    
Depreciation and amortization     12,409 12,554 38,242 25,205    
Capitalized expenditures     7,846 28,315 12,707 29,512    
Segment assets                
Real estate, net     1,329,896   1,329,896     1,536,494
Real estate available and held for sale     0   0     1,055
Total real estate     1,329,896   1,329,896     1,537,549
Net investment in leases     421,252   421,252      
Land and development, net     0   0     0
Loans receivable and other lending investments, net     44,234   44,234     0
Other investments     586,358   586,358     165,804
Total portfolio assets     2,381,740   2,381,740     1,703,353
Operating Segments | Net Lease | Operating lease income                
Segment Reporting                
Revenues     38,006 45,204 136,150 104,241    
Operating Segments | Net Lease | Interest income                
Segment Reporting                
Revenues     789 0 1,197 0    
Operating Segments | Net Lease | Interest income from sales-type leases                
Segment Reporting                
Revenues     8,339   12,157      
Operating Segments | Net Lease | Other income                
Segment Reporting                
Revenues     6,347 1,008 12,705 2,755    
Operating Segments | Net Lease | Land development                
Segment Reporting                
Revenues     0 0 0 0    
Cost of sales expense     0 0 0 0    
Operating Segments | Net Lease | Real estate                
Segment Reporting                
Cost of sales expense     (6,460) (4,774) (18,335) (12,186)    
Operating Segments | Operating Properties                
Segment Reporting                
Earnings (losses) from equity method investments     4,875 (2,223) (166) (4,814)    
Selling profit from sales-type leases         0      
Gain from consolidation of equity method investment           0    
Income from sales of real estate     18 5,409 10,206 54,446    
Total revenue and other earnings     18,538 38,242 45,844 141,198    
Other expense     0 0 0 0    
Allocated interest expense     (2,393) (4,547) (7,859) (14,653)    
Allocated general and administrative     (727) (1,429) (2,214) (5,447)    
Segment profit (loss)     6,104 13,617 7,125 57,007    
Other significant items:                
(Recovery of) provision for loan losses     0 0 0 0    
Impairment of assets       989 3,853 5,535    
Depreciation and amortization     1,244 6,857 3,701 14,522    
Capitalized expenditures     2,816 5,860 4,878 18,186    
Segment assets                
Real estate, net     200,220   200,220     234,525
Real estate available and held for sale     12,688   12,688     21,496
Total real estate     212,908   212,908     256,021
Net investment in leases     0   0      
Land and development, net     0   0     0
Loans receivable and other lending investments, net     0   0     0
Other investments     60,347   60,347     65,643
Total portfolio assets     273,255   273,255     321,664
Operating Segments | Operating Properties | Operating lease income                
Segment Reporting                
Revenues     6,034 13,803 21,844 44,818    
Operating Segments | Operating Properties | Interest income                
Segment Reporting                
Revenues     0 0 0 0    
Operating Segments | Operating Properties | Interest income from sales-type leases                
Segment Reporting                
Revenues     0   0      
Operating Segments | Operating Properties | Other income                
Segment Reporting                
Revenues     7,611 21,253 13,960 46,748    
Operating Segments | Operating Properties | Land development                
Segment Reporting                
Revenues     0 0 0 0    
Cost of sales expense     0 0 0 0    
Operating Segments | Operating Properties | Real estate                
Segment Reporting                
Cost of sales expense     (9,314) (18,649) (28,646) (64,091)    
Operating Segments | Land and Development                
Segment Reporting                
Earnings (losses) from equity method investments     (301) 161 2,910 2,726    
Selling profit from sales-type leases         0      
Gain from consolidation of equity method investment           0    
Income from sales of real estate     0 0 0 0    
Total revenue and other earnings     56,811 13,429 86,694 375,488    
Other expense     0 0 0 0    
Allocated interest expense     (5,268) (5,014) (15,888) (16,795)    
Allocated general and administrative     (3,019) (3,576) (9,199) (11,128)    
Segment profit (loss)     (6,990) (16,139) (34,362) (550)    
Other significant items:                
(Recovery of) provision for loan losses     0 0 0 0    
Impairment of assets       0 1,100 1,300    
Depreciation and amortization     243 263 733 1,095    
Capitalized expenditures     20,536 33,608 86,029 107,658    
Segment assets                
Real estate, net     0   0     0
Real estate available and held for sale     0   0     0
Total real estate     0   0     0
Net investment in leases     0   0      
Land and development, net     610,380   610,380     598,218
Loans receivable and other lending investments, net     0   0     0
Other investments     42,675   42,675     65,312
Total portfolio assets     653,055   653,055     663,530
Operating Segments | Land and Development | Operating lease income                
Segment Reporting                
Revenues     70 102 216 457    
Operating Segments | Land and Development | Interest income                
Segment Reporting                
Revenues     0 0 0 0    
Operating Segments | Land and Development | Interest income from sales-type leases                
Segment Reporting                
Revenues     0   0      
Operating Segments | Land and Development | Other income                
Segment Reporting                
Revenues     2,124 857 6,877 2,640    
Operating Segments | Land and Development | Land development                
Segment Reporting                
Revenues     54,918 12,309 76,691 369,665    
Cost of sales expense     (48,101) (12,114) (71,785) (318,881)    
Operating Segments | Land and Development | Real estate                
Segment Reporting                
Cost of sales expense     (7,413) (8,864) (24,184) (29,234)    
Corporate/Other                
Segment Reporting                
Earnings (losses) from equity method investments     195 652 162 (9,521)    
Selling profit from sales-type leases         0      
Gain from consolidation of equity method investment           0    
Income from sales of real estate     0 0 0 0    
Total revenue and other earnings     2,268 4,589 6,917 (1,984)    
Other expense     (358) (119) (12,439) (4,311)    
Allocated interest expense     (6,783) (11,646) (19,305) (27,907)    
Allocated general and administrative     (4,702) (4,524) (14,583) (15,142)    
Segment profit (loss)     (9,575) (11,700) (39,410) (49,344)    
Other significant items:                
(Recovery of) provision for loan losses     0 0 0 0    
Impairment of assets       0 0 0    
Depreciation and amortization     303 305 910 1,035    
Capitalized expenditures     0 0 0 0    
Segment assets                
Real estate, net     0   0     0
Real estate available and held for sale     0   0     0
Total real estate     0   0     0
Net investment in leases     0   0      
Land and development, net     0   0     0
Loans receivable and other lending investments, net     0   0     0
Other investments     44,413   44,413     7,516
Total portfolio assets     44,413   44,413     $ 7,516
Corporate/Other | Operating lease income                
Segment Reporting                
Revenues     0 0 0 0    
Corporate/Other | Interest income                
Segment Reporting                
Revenues     0 0 0 0    
Corporate/Other | Interest income from sales-type leases                
Segment Reporting                
Revenues     0   0      
Corporate/Other | Other income                
Segment Reporting                
Revenues     2,073 3,937 6,755 7,537    
Corporate/Other | Land development                
Segment Reporting                
Revenues     0 0 0 0    
Cost of sales expense     0 0 0 0    
Corporate/Other | Real estate                
Segment Reporting                
Cost of sales expense     $ 0 $ 0 $ 0 $ 0