XML 110 R101.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Reporting - Schedule of Segments (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
segment
Sep. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
May 31, 2019
USD ($)
Segment Reporting [Abstract]            
Number of reportable segments | segment     4      
Segment Reporting            
Revenues $ 115,054 $ 145,338 $ 384,930 $ 350,608    
Earnings from equity method investments 6,805 7,617 26,003 16,566    
Selling profit from sales-type leases 0 0 0 180,416    
Income from sales of real estate 6,055 3,476 6,118 233,406    
Total revenue and other earnings 127,914 156,431 417,051 780,996    
Other expense (73) (407) (351) (12,798)    
Allocated interest expense (42,407) (46,522) (127,748) (136,851)    
Allocated general and administrative (14,207) (17,370) (46,463) (51,818)    
Segment profit (loss) 32,934 20,844 74,077 436,579    
Other significant items:            
(Recovery of) provision for loan losses (1,976) (3,805) 4,093 (3,792)    
Provision for losses on net investment in leases 175 0 2,001 0    
Impairment of assets 0 0 6,491 4,953    
Depreciation and amortization 14,621 14,199 43,407 43,586    
Capitalized expenditures 7,150 31,198 35,556 103,614    
Segment assets            
Real estate, net 1,487,095   1,487,095   $ 1,527,219  
Real estate available and held for sale 5,519   5,519   8,650  
Total real estate 1,492,614   1,492,614   1,535,869  
Net investment in leases 420,417   420,417   418,915 $ 424,100
Land and development, net 488,916   488,916   580,545  
Loans receivable and other lending investments, net 765,073   765,073   827,861  
Other investments 1,123,093   1,123,093   907,875  
Total portfolio assets 4,290,113   4,290,113   4,271,065  
Cash and other assets 598,010   598,010   814,044  
Total assets 4,888,123   4,888,123   5,085,109  
Stock-based compensation expense 5,661 6,740 26,675 20,694    
Operating lease income            
Segment Reporting            
Revenues 46,370 44,110 140,529 158,210    
Interest income            
Segment Reporting            
Revenues 14,270 19,701 46,925 60,417    
Interest income from sales-type leases            
Segment Reporting            
Revenues 8,360 8,339 25,010 12,157    
Other income            
Segment Reporting            
Revenues 25,552 18,270 56,212 43,133    
Real estate expense            
Segment Reporting            
Cost of sales expense (16,935) (23,187) (53,708) (71,165)    
Land development revenue            
Segment Reporting            
Revenues 20,502 54,918 116,254 76,691    
Cost of sales expense (21,358) (48,101) (114,704) (71,785)    
Operating Segments | Net Lease            
Segment Reporting            
Earnings from equity method investments 10,141 2,848 38,472 13,660    
Selling profit from sales-type leases       180,416    
Income from sales of real estate 6,055 3,458 6,056 223,200    
Total revenue and other earnings 71,165 59,787 209,709 579,485    
Other expense 0 0 0 0    
Allocated interest expense (26,049) (25,176) (74,915) (70,548)    
Allocated general and administrative (5,161) (6,887) (17,327) (19,299)    
Segment profit (loss) 32,819 21,264 97,970 471,303    
Other significant items:            
(Recovery of) provision for loan losses 19 0 212 0    
Provision for losses on net investment in leases 175   2,001      
Impairment of assets     2,036 0    
Depreciation and amortization 12,781 12,409 37,924 38,242    
Capitalized expenditures 1,896 7,846 8,913 12,707    
Segment assets            
Real estate, net 1,288,931   1,288,931   1,327,082  
Real estate available and held for sale 0   0   0  
Total real estate 1,288,931   1,288,931   1,327,082  
Net investment in leases 420,417   420,417   418,915  
Land and development, net 0   0   0  
Loans receivable and other lending investments, net 44,528   44,528   44,339  
Other investments 959,201   959,201   760,068  
Total portfolio assets 2,713,077   2,713,077   2,550,404  
Operating Segments | Net Lease | Operating lease income            
Segment Reporting            
Revenues 41,144 38,006 124,109 136,150    
Operating Segments | Net Lease | Interest income            
Segment Reporting            
Revenues 911 789 2,594 1,197    
Operating Segments | Net Lease | Interest income from sales-type leases            
Segment Reporting            
Revenues 8,360 8,339 25,010 12,157    
Operating Segments | Net Lease | Other income            
Segment Reporting            
Revenues 4,554 6,347 13,468 12,705    
Operating Segments | Net Lease | Real estate expense            
Segment Reporting            
Cost of sales expense (7,136) (6,460) (19,497) (18,335)    
Operating Segments | Net Lease | Land development revenue            
Segment Reporting            
Revenues 0 0 0 0    
Cost of sales expense 0 0 0 0    
Operating Segments | Real Estate Finance            
Segment Reporting            
Earnings from equity method investments 0 0 0 0    
Selling profit from sales-type leases       0    
Income from sales of real estate 0 0 0 0    
Total revenue and other earnings 13,463 19,027 48,580 62,056    
Other expense (37) (49) (80) (359)    
Allocated interest expense (5,831) (6,902) (17,989) (23,251)    
Allocated general and administrative (1,451) (2,035) (5,123) (6,523)    
Segment profit (loss) 6,144 10,041 25,388 31,923    
Other significant items:            
(Recovery of) provision for loan losses (1,995) (3,805) 3,881 (3,792)    
Provision for losses on net investment in leases 0   0      
Impairment of assets     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   0  
Land and development, net 0   0   0  
Loans receivable and other lending investments, net 720,545   720,545   783,522  
Other investments 0   0   0  
Total portfolio assets 720,545   720,545   783,522  
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 13,359 18,912 44,331 59,220    
Operating Segments | Real Estate Finance | Interest income from sales-type leases            
Segment Reporting            
Revenues 0 0 0 0    
Operating Segments | Real Estate Finance | Other income            
Segment Reporting            
Revenues 104 115 4,249 2,836    
Operating Segments | Real Estate Finance | Real estate expense            
Segment Reporting            
Cost of sales expense 0 0 0 0    
Operating Segments | Real Estate Finance | Land development revenue            
Segment Reporting            
Revenues 0 0 0 0    
Cost of sales expense 0 0 0 0    
Operating Segments | Operating Properties            
Segment Reporting            
Earnings from equity method investments (4,134) 4,875 (11,741) (166)    
Selling profit from sales-type leases       0    
Income from sales of real estate 0 18 62 10,206    
Total revenue and other earnings 3,959 18,538 11,079 45,844    
Other expense 0 0 0 0    
Allocated interest expense (2,289) (2,393) (6,731) (7,859)    
Allocated general and administrative (582) (727) (1,966) (2,214)    
Segment profit (loss) (3,340) 6,104 (14,218) 7,125    
Other significant items:            
(Recovery of) provision for loan losses 0 0 0 0    
Provision for losses on net investment in leases 0   0      
Impairment of assets     2,983 3,853    
Depreciation and amortization 1,287 1,244 3,843 3,701    
Capitalized expenditures 84 2,816 1,421 4,878    
Segment assets            
Real estate, net 198,164   198,164   200,137  
Real estate available and held for sale 5,519   5,519   8,650  
Total real estate 203,683   203,683   208,787  
Net investment in leases 0   0   0  
Land and development, net 0   0   0  
Loans receivable and other lending investments, net 0   0   0  
Other investments 61,315   61,315   61,686  
Total portfolio assets 264,998   264,998   270,473  
Operating Segments | Operating Properties | Operating lease income            
Segment Reporting            
Revenues 5,137 6,034 16,153 21,844    
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 0 0    
Operating Segments | Operating Properties | Other income            
Segment Reporting            
Revenues 2,956 7,611 6,605 13,960    
Operating Segments | Operating Properties | Real estate expense            
Segment Reporting            
Cost of sales expense (4,428) (9,314) (16,600) (28,646)    
Operating Segments | Operating Properties | Land development revenue            
Segment Reporting            
Revenues 0 0 0 0    
Cost of sales expense 0 0 0 0    
Operating Segments | Land and Development            
Segment Reporting            
Earnings from equity method investments 592 (301) 1,225 2,910    
Selling profit from sales-type leases       0    
Income from sales of real estate 0 0 0 0    
Total revenue and other earnings 25,014 56,811 123,304 86,694    
Other expense 0 0 0 0    
Allocated interest expense (4,606) (5,268) (13,598) (15,888)    
Allocated general and administrative (2,320) (3,019) (7,524) (9,199)    
Segment profit (loss) (8,641) (6,990) (30,133) (34,362)    
Other significant items:            
(Recovery of) provision for loan losses 0 0 0 0    
Provision for losses on net investment in leases 0   0      
Impairment of assets     1,472 1,100    
Depreciation and amortization 243 243 729 733    
Capitalized expenditures 5,170 20,536 25,222 86,029    
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   0  
Land and development, net 488,916   488,916   580,545  
Loans receivable and other lending investments, net 0   0   0  
Other investments 30,357   30,357   42,866  
Total portfolio assets 519,273   519,273   623,411  
Operating Segments | Land and Development | Operating lease income            
Segment Reporting            
Revenues 89 70 267 216    
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 0 0    
Operating Segments | Land and Development | Other income            
Segment Reporting            
Revenues 3,831 2,124 5,558 6,877    
Operating Segments | Land and Development | Real estate expense            
Segment Reporting            
Cost of sales expense (5,371) (7,413) (17,611) (24,184)    
Operating Segments | Land and Development | Land development revenue            
Segment Reporting            
Revenues 20,502 54,918 116,254 76,691    
Cost of sales expense (21,358) (48,101) (114,704) (71,785)    
Corporate/Other            
Segment Reporting            
Earnings from equity method investments 206 195 (1,953) 162    
Selling profit from sales-type leases       0    
Income from sales of real estate 0 0 0 0    
Total revenue and other earnings 14,313 2,268 24,379 6,917    
Other expense (36) (358) (271) (12,439)    
Allocated interest expense (3,632) (6,783) (14,515) (19,305)    
Allocated general and administrative (4,693) (4,702) (14,523) (14,583)    
Segment profit (loss) 5,952 (9,575) (4,930) (39,410)    
Other significant items:            
(Recovery of) provision for loan losses 0 0 0 0    
Provision for losses on net investment in leases 0   0      
Impairment of assets     0 0    
Depreciation and amortization 310 303 911 910    
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   0  
Land and development, net 0   0   0  
Loans receivable and other lending investments, net 0   0   0  
Other investments 72,220   72,220   43,255  
Total portfolio assets 72,220   72,220   $ 43,255  
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 0 0    
Corporate/Other | Other income            
Segment Reporting            
Revenues 14,107 2,073 26,332 6,755    
Corporate/Other | Real estate expense            
Segment Reporting            
Cost of sales expense 0 0 0 0    
Corporate/Other | Land development revenue            
Segment Reporting            
Revenues 0 0 0 0    
Cost of sales expense $ 0 $ 0 $ 0 $ 0