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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-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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