XML 53 R44.htm IDEA: XBRL DOCUMENT
v3.20.2

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease income |  |  | $ | 41,144 |  |  | $ | — |  |  | $ | 5,137 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 46,370 |  |
Interest income |  |  | 911 |  |  | 13,359 |  |  | — |  |  | — |  |  | — |  |  | 14,270 |  |
Interest income from sales-type leases |  |  | 8,360 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,360 |  |
Other income |  |  | 4,554 |  |  | 104 |  |  | 2,956 |  |  | 3,831 |  |  | 14,107 |  |  | 25,552 |  |
Land development revenue |  |  | — |  |  | — |  |  | — |  |  | 20,502 |  |  | — |  |  | 20,502 |  |
Earnings (losses) from equity method investments |  |  | 10,141 |  |  | — |  |  | (4,134) |  |  | 592 |  |  | 206 |  |  | 6,805 |  |
Income from sales of real estate |  |  | 6,055 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,055 |  |
Total revenue and other earnings |  |  | 71,165 |  |  | 13,463 |  |  | 3,959 |  |  | 25,014 |  |  | 14,313 |  |  | 127,914 |  |
Real estate expense |  |  | (7,136) |  |  | — |  |  | (4,428) |  |  | (5,371) |  |  | — |  |  | (16,935) |  |
Land development cost of sales |  |  | — |  |  | — |  |  | — |  |  | (21,358) |  |  | — |  |  | (21,358) |  |
Other expense |  |  | — |  |  | (37) |  |  | — |  |  | — |  |  | (36) |  |  | (73) |  |
Allocated interest expense |  |  | (26,049) |  |  | (5,831) |  |  | (2,289) |  |  | (4,606) |  |  | (3,632) |  |  | (42,407) |  |
Allocated general and administrative(2) |  |  | (5,161) |  |  | (1,451) |  |  | (582) |  |  | (2,320) |  |  | (4,693) |  |  | (14,207) |  |
Segment profit (loss)(3) |  |  | $ | 32,819 |  |  | $ | 6,144 |  |  | $ | (3,340) |  |  | $ | (8,641) |  |  | $ | 5,952 |  |  | $ | 32,934 |  |
Other significant items: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (recovery of) loan losses |  |  | $ | 19 |  |  | $ | (1,995) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,976) |  |
Provision for losses on net investment in leases |  |  | 175 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 175 |  |
Depreciation and amortization |  |  | 12,781 |  |  | — |  |  | 1,287 |  |  | 243 |  |  | 310 |  |  | 14,621 |  |
Capitalized expenditures |  |  | 1,896 |  |  | — |  |  | 84 |  |  | 5,170 |  |  | — |  |  | 7,150 |  |
Three Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease income |  |  | $ | 38,006 |  |  | $ | — |  |  | $ | 6,034 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 44,110 |  |
Interest income |  |  | 789 |  |  | 18,912 |  |  | — |  |  | — |  |  | — |  |  | 19,701 |  |
Interest income from sales-type leases |  |  | 8,339 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,339 |  |
Other income |  |  | 6,347 |  |  | 115 |  |  | 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 |  |  | 59,787 |  |  | 19,027 |  |  | 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 |  |  | (25,176) |  |  | (6,902) |  |  | (2,393) |  |  | (5,268) |  |  | (6,783) |  |  | (46,522) |  |
Allocated general and administrative(2) |  |  | (6,887) |  |  | (2,035) |  |  | (727) |  |  | (3,019) |  |  | (4,702) |  |  | (17,370) |  |
Segment profit (loss)(3) |  |  | $ | 21,264 |  |  | $ | 10,041 |  |  | $ | 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 |  |
|  |  | Net Lease |  | Real Estate Finance |  | Operating Properties |  | Land and Development |  | Corporate/Other(1) |  | Company Total |
Nine Months Ended September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease income |  |  | $ | 124,109 |  |  | $ | — |  |  | $ | 16,153 |  |  | $ | 267 |  |  | $ | — |  |  | $ | 140,529 |  |
Interest income |  |  | 2,594 |  |  | 44,331 |  |  | — |  |  | — |  |  | — |  |  | 46,925 |  |
Interest income from sales-type leases |  |  | 25,010 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,010 |  |
Other income |  |  | 13,468 |  |  | 4,249 |  |  | 6,605 |  |  | 5,558 |  |  | 26,332 |  |  | 56,212 |  |
Land development revenue |  |  | — |  |  | — |  |  | — |  |  | 116,254 |  |  | — |  |  | 116,254 |  |
Earnings (losses) from equity method investments |  |  | 38,472 |  |  | — |  |  | (11,741) |  |  | 1,225 |  |  | (1,953) |  |  | 26,003 |  |
Income from sales of real estate |  |  | 6,056 |  |  | — |  |  | 62 |  |  | — |  |  | — |  |  | 6,118 |  |
Total revenue and other earnings |  |  | 209,709 |  |  | 48,580 |  |  | 11,079 |  |  | 123,304 |  |  | 24,379 |  |  | 417,051 |  |
Real estate expense |  |  | (19,497) |  |  | — |  |  | (16,600) |  |  | (17,611) |  |  | — |  |  | (53,708) |  |
Land development cost of sales |  |  | — |  |  | — |  |  | — |  |  | (114,704) |  |  | — |  |  | (114,704) |  |
Other expense |  |  | — |  |  | (80) |  |  | — |  |  | — |  |  | (271) |  |  | (351) |  |
Allocated interest expense |  |  | (74,915) |  |  | (17,989) |  |  | (6,731) |  |  | (13,598) |  |  | (14,515) |  |  | (127,748) |  |
Allocated general and administrative(2) |  |  | (17,327) |  |  | (5,123) |  |  | (1,966) |  |  | (7,524) |  |  | (14,523) |  |  | (46,463) |  |
Segment profit (loss)(3) |  |  | $ | 97,970 |  |  | $ | 25,388 |  |  | $ | (14,218) |  |  | $ | (30,133) |  |  | $ | (4,930) |  |  | $ | 74,077 |  |
Other significant non-cash items: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses |  |  | $ | 212 |  |  | $ | 3,881 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,093 |  |
Provision for losses on net investment in leases |  |  | 2,001 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,001 |  |
Impairment of assets |  |  | 2,036 |  |  | — |  |  | 2,983 |  |  | 1,472 |  |  | — |  |  | 6,491 |  |
Depreciation and amortization |  |  | 37,924 |  |  | — |  |  | 3,843 |  |  | 729 |  |  | 911 |  |  | 43,407 |  |
Capitalized expenditures |  |  | 8,913 |  |  | — |  |  | 1,421 |  |  | 25,222 |  |  | — |  |  | 35,556 |  |
Nine Months Ended September 30, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease income |  |  | $ | 136,150 |  |  | $ | — |  |  | $ | 21,844 |  |  | $ | 216 |  |  | $ | — |  |  | $ | 158,210 |  |
Interest income |  |  | 1,197 |  |  | 59,220 |  |  | — |  |  | — |  |  | — |  |  | 60,417 |  |
Interest income from sales-type leases |  |  | 12,157 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,157 |  |
Other income |  |  | 12,705 |  |  | 2,836 |  |  | 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 |  |  | 579,485 |  |  | 62,056 |  |  | 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 |  |  | (70,548) |  |  | (23,251) |  |  | (7,859) |  |  | (15,888) |  |  | (19,305) |  |  | (136,851) |  |
Allocated general and administrative(2) |  |  | (19,299) |  |  | (6,523) |  |  | (2,214) |  |  | (9,199) |  |  | (14,583) |  |  | (51,818) |  |
Segment profit (loss)(3) |  |  | $ | 471,303 |  |  | $ | 31,923 |  |  | $ | 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 |  |
|  |  | Net Lease |  | Real Estate Finance |  | Operating Properties |  | Land and Development |  | Corporate/Other(1) |  | Company Total |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate, net |  |  | $ | 1,288,931 |  |  | $ | — |  |  | $ | 198,164 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,487,095 |  |
Real estate available and held for sale |  |  | — |  |  | — |  |  | 5,519 |  |  | — |  |  | — |  |  | 5,519 |  |
Total real estate |  |  | 1,288,931 |  |  | — |  |  | 203,683 |  |  | — |  |  | — |  |  | 1,492,614 |  |
Net investment in leases |  |  | 420,417 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 420,417 |  |
Land and development, net |  |  | — |  |  | — |  |  | — |  |  | 488,916 |  |  | — |  |  | 488,916 |  |
Loans receivable and other lending investments, net |  |  | 44,528 |  |  | 720,545 |  |  | — |  |  | — |  |  | — |  |  | 765,073 |  |
Other investments |  |  | 959,201 |  |  | — |  |  | 61,315 |  |  | 30,357 |  |  | 72,220 |  |  | 1,123,093 |  |
Total portfolio assets |  |  | $ | 2,713,077 |  |  | $ | 720,545 |  |  | $ | 264,998 |  |  | $ | 519,273 |  |  | $ | 72,220 |  |  | 4,290,113 |  |
Cash and other assets |  |  |  |  |  |  |  |  |  |  |  |  | 598,010 |  |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,888,123 |  |
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 $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively, and $6.7 million and $20.7 million for the three and nine months ended September 30, 2019, respectively. (3)The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Segment profit | $ | 32,934 |  |  | $ | 20,844 |  |  | $ | 74,077 |  |  | $ | 436,579 |
Less: Recovery of (provision for) loan losses | 1,976 |  |  | 3,805 |  |  | (4,093) |  |  | 3,792 |
Less: Provision for losses on net investment in leases | (175) |  |  | — |  |  | (2,001) |  |  | — |
Less: Impairment of assets | — |  |  | — |  |  | (6,491) |  |  | (4,953) |
Less: Stock-based compensation expense | (5,661) |  |  | (6,740) |  |  | (26,675) |  |  | (20,694) |
Less: Depreciation and amortization | (14,621) |  |  | (14,199) |  |  | (43,407) |  |  | (43,586) |
Less: Income tax expense | (78) |  |  | (84) |  |  | (165) |  |  | (323) |
Less: Loss on early extinguishment of debt, net | (7,924) |  |  | — |  |  | (12,038) |  |  | (468) |
Net income (loss) | $ | 6,451 |  |  | $ | 3,626 |  |  | $ | (20,793) |  |  | $ | 370,347 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Segment profit | $ | 32,934 |  |  | $ | 20,844 |  |  | $ | 74,077 |  |  | $ | 436,579 |
Less: Recovery of (provision for) loan losses | 1,976 |  |  | 3,805 |  |  | (4,093) |  |  | 3,792 |
Less: Provision for losses on net investment in leases | (175) |  |  | — |  |  | (2,001) |  |  | — |
Less: Impairment of assets | — |  |  | — |  |  | (6,491) |  |  | (4,953) |
Less: Stock-based compensation expense | (5,661) |  |  | (6,740) |  |  | (26,675) |  |  | (20,694) |
Less: Depreciation and amortization | (14,621) |  |  | (14,199) |  |  | (43,407) |  |  | (43,586) |
Less: Income tax expense | (78) |  |  | (84) |  |  | (165) |  |  | (323) |
Less: Loss on early extinguishment of debt, net | (7,924) |  |  | — |  |  | (12,038) |  |  | (468) |
Net income (loss) | $ | 6,451 |  |  | $ | 3,626 |  |  | $ | (20,793) |  |  | $ | 370,347 |

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 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration