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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2020

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):

									Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/Other(1)						Company Total
Three Months Ended June 30, 2020:
Operating lease income									$	41,500					$	—					$	5,242					$	70					$	—					$	46,812
Interest income									860						14,579						—						—						—						15,439
Interest income from sales-type leases									8,295						—						—						—						—						8,295
Other income									4,621						3,839						492						1,103						237						10,292
Land development revenue									—						—						—						15,577						—						15,577
Earnings (losses) from equity method investments									8,800						—						(4,941)						48						(1,321)						2,586
Income from sales of real estate									—						—						62						—						—						62
Total revenue and other earnings									64,076						18,418						855						16,798						(1,084)						99,063
Real estate expense									(6,134)						—						(4,509)						(3,633)						—						(14,276)
Land development cost of sales									—						—						—						(16,287)						—						(16,287)
Other expense									—						(21)						—						—						(182)						(203)
Allocated interest expense									(24,388)						(5,959)						(2,183)						(4,422)						(4,998)						(41,950)
Allocated general and administrative(2)									(5,177)						(1,575)						(595)						(2,385)						(4,522)						(14,254)
Segment profit (loss)(3)									$	28,377					$	10,863					$	(6,432)					$	(9,929)					$	(10,786)					$	12,093
Other significant items:
Provision for loan losses									$	57					$	2,010					$	—					$	—					$	—					$	2,067
Provision for losses on net investment in leases									534						—						—						—						—						534
Impairment of assets									328						—						2,983						1,472						—						4,783
Depreciation and amortization									12,487						—						1,271						243						299						14,300
Capitalized expenditures									5,171						—						421						8,026						—						13,618
Three Months Ended June 30, 2019:
Operating lease income									$	48,660					$	—					$	6,455					$	70					$	—					$	55,185
Interest income									408						19,933						—						—						—						20,341
Interest income from sales-type leases									3,817						—						—						—						—						3,817
Other income									2,937						532						3,974						1,311						1,296						10,050
Land development revenue									—						—						—						9,075						—						9,075
Earnings (losses) from equity method investments									3,582						—						(2,630)						2,924						(236)						3,640
Selling profit from sales-type leases									180,416						—						—						—						—						180,416
Income from sales of real estate									219,742						—						781						—						—						220,523
Total revenue and other earnings									459,562						20,465						8,580						13,380						1,060						503,047
Real estate expense									(5,769)						—						(8,288)						(7,981)						—						(22,038)
Land development cost of sales									—						—						—						(9,236)						—						(9,236)
Other expense									—						(47)						—						—						(11,836)						(11,883)
Allocated interest expense									(23,606)						(7,936)						(2,548)						(5,493)						(4,169)						(43,752)
Allocated general and administrative(2)									(6,734)						(2,279)						(726)						(2,923)						(4,936)						(17,598)
Segment profit (loss)(3)									$	423,453					$	10,203					$	(2,982)					$	(12,253)					$	(19,881)					$	398,540
Other significant items:
Provision for loan losses									$	—					$	110					$	—					$	—					$	—					$	110
Impairment of assets									—						—						2						1,100						—						1,102
Depreciation and amortization									12,272						—						900						244						302						13,718
Capitalized expenditures									2,105						—						1,646						29,414						—						33,165

									Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/Other(1)						Company Total
Six Months Ended June 30, 2020:
Operating lease income									$	82,965					$	—					$	11,015					$	178					$	—					$	94,158
Interest income									1,683						30,972						—						—						—						32,655
Interest income from sales-type leases									16,650						—						—						—						—						16,650
Other income									8,913						4,145						3,650						1,727						12,225						30,660
Land development revenue									—						—						—						95,752						—						95,752
Earnings (losses) from equity method investments									28,332						—						(7,608)						632						(2,158)						19,198
Income from sales of real estate									—						—						62						—						—						62
Total revenue and other earnings									138,543						35,117						7,119						98,289						10,067						289,135
Real estate expense									(12,361)						—						(12,173)						(12,240)						—						(36,774)
Land development cost of sales									—						—						—						(93,346)						—						(93,346)
Other expense									—						(41)						—						—						(236)						(277)
Allocated interest expense									(48,866)						(12,158)						(4,442)						(8,992)						(10,883)						(85,341)
Allocated general and administrative(2)									(12,166)						(3,672)						(1,384)						(5,204)						(9,830)						(32,256)
Segment profit (loss)(3)									$	65,150					$	19,246					$	(10,880)					$	(21,493)					$	(10,882)					$	41,141
Other significant non-cash items:
Provision for loan losses									$	—					$	6,070					$	—					$	—					$	—					$	6,070
Provision for losses on net investment in leases									1,826						—						—						—						—						1,826
Impairment of assets									2,036						—						2,983						1,472						—						6,491
Depreciation and amortization									25,143						—						2,556						486						601						28,786
Capitalized expenditures									7,017						—						1,338						20,052						—						28,407
Six Months Ended June 30, 2019:
Operating lease income									$	98,143					$	—					$	15,810					$	147					$	—					$	114,100
Interest income									408						40,308						—						—						—						40,716
Interest income from sales-type leases									3,817						—						—						—						—						3,817
Other income									6,358						2,721						6,349						4,755						4,680						24,863
Land development revenue									—						—						—						21,774						—						21,774
Earnings (losses) from equity method investments									10,812						—						(5,040)						3,211						(34)						8,949
Selling profit from sales-type leases									180,416						—						—						—						—						180,416
Income from sales of real estate									219,742						—						10,188						—						—						229,930
Total revenue and other earnings									519,696						43,029						27,307						29,887						4,646						624,565
Real estate expense									(11,874)						—						(19,321)						(16,783)						—						(47,978)
Land development cost of sales									—						—						—						(23,684)						—						(23,684)
Other expense									—						(311)						—						—						(12,080)						(12,391)
Allocated interest expense									(45,372)						(16,349)						(5,466)						(10,620)						(12,522)						(90,329)
Allocated general and administrative(2)									(12,412)						(4,488)						(1,487)						(6,180)						(9,881)						(34,448)
Segment profit (loss)(3)									$	450,038					$	21,881					$	1,033					$	(27,380)					$	(29,837)					$	415,735
Other significant non-cash items:
Provision for loan losses									$	—					$	13					$	—					$	—					$	—					$	13
Impairment of assets									—						—						3,853						1,100						—						4,953
Depreciation and amortization									25,832						—						2,457						490						607						29,386
Capitalized expenditures									4,861						—						2,063						65,493						—						72,417

									Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/Other(1)						Company Total
As of June 30, 2020
Real estate, net									$	1,296,853					$	—					$	199,215					$	—					$	—					$	1,496,068
Real estate available and held for sale									26,644						—						5,519						—						—						32,163
Total real estate									1,323,497						—						204,734						—						—						1,528,231
Net investment in leases									413,736						—						—						—						—						413,736
Land and development, net									—						—						—						504,577						—						504,577
Loans receivable and other lending investments, net									43,874						757,833						—						—						—						801,707
Other investments									898,390						—						57,623						37,079						56,838						1,049,930
Total portfolio assets									$	2,679,497					$	757,833					$	262,357					$	541,656					$	56,838					4,298,181
Cash and other assets																																							584,419
Total assets																																							$	4,882,600
As of December 31, 2019
Real estate, net									$	1,327,082					$	—					$	200,137					$	—					$	—					$	1,527,219
Real estate available and held for sale									—						—						8,650						—						—						8,650
Total real estate									1,327,082						—						208,787						—						—						1,535,869
Net investment in leases									418,915						—						—						—						—						418,915
Land and development, net									—						—						—						580,545						—						580,545
Loans receivable and other lending investments, net									44,339						783,522						—						—						—						827,861
Other investments									760,068						—						61,686						42,866						43,255						907,875
Total portfolio assets									$	2,550,404					$	783,522					$	270,473					$	623,411					$	43,255					4,271,065
Cash and other assets																																							814,044
Total assets																																							$	5,085,109

_______________________________________________________________________________

(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 $4.7 million and $21.0 million for the three and six months ended June 30, 2020, respectively, and $9.7 million and $14.0 million for the three and six months ended June 30, 2019, respectively.

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

			For the Three Months Ended June 30,																		For the Six Months Ended June 30,
			2020						2019						2020						2019
Segment profit			$	12,093					$	398,540					$	41,141					$	415,735
Less: Provision for loan losses			(2,067)						(110)						(6,070)						(13)
Less: Provision for losses on net investment in leases			(534)						—						(1,826)						—
Less: Impairment of assets			(4,783)						(1,102)						(6,491)						(4,953)
Less: Stock-based compensation expense			(4,744)						(9,705)						(21,014)						(13,954)
Less: Depreciation and amortization			(14,300)						(13,718)						(28,786)						(29,386)
Less: Income tax expense			(28)						(214)						(88)						(240)
Less: Loss on early extinguishment of debt, net			—						—						(4,115)						(468)
Net income (loss)			$	(14,363)					$	373,691					$	(27,249)					$	366,721

Schedule of 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 June 30,																		For the Six Months Ended June 30,
			2020						2019						2020						2019
Segment profit			$	12,093					$	398,540					$	41,141					$	415,735
Less: Provision for loan losses			(2,067)						(110)						(6,070)						(13)
Less: Provision for losses on net investment in leases			(534)						—						(1,826)						—
Less: Impairment of assets			(4,783)						(1,102)						(6,491)						(4,953)
Less: Stock-based compensation expense			(4,744)						(9,705)						(21,014)						(13,954)
Less: Depreciation and amortization			(14,300)						(13,718)						(28,786)						(29,386)
Less: Income tax expense			(28)						(214)						(88)						(240)
Less: Loss on early extinguishment of debt, net			—						—						(4,115)						(468)
Net income (loss)			$	(14,363)					$	373,691					$	(27,249)					$	366,721

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://fasb.org/us-gaap/role/ref/legacyRef
-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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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