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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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
Year Ended December 31, 2020
Operating lease income			$	167,152					$	—					$	21,214					$	356					$	—					$	188,722
Interest income			3,440						56,676						—						—						—						60,116
Interest income from sales-type leases			33,552						—						—						—						—						33,552
Other income			18,116						11,975						8,065						19,030						26,671						83,857
Land development revenue			—						—						—						164,702						—						164,702
Earnings (losses) from equity method investments			56,130						—						(16,361)						3,432						(1,075)						42,126
Income from sales of real estate			6,056						—						262						—						—						6,318
Total revenue and other earnings			284,446						68,651						13,180						187,520						25,596						579,393
Real estate expense			(26,571)						—						(22,936)						(22,986)						—						(72,493)
Land development cost of sales			—						—						—						(177,727)						—						(177,727)
Other expense			—						(266)						—						—						(303)						(569)
Allocated interest expense			(101,208)						(23,390)						(8,951)						(17,940)						(18,085)						(169,574)
Allocated general and administrative(2)			(23,223)						(6,622)						(2,591)						(9,990)						(19,099)						(61,525)
Segment profit (loss)(3)			$	133,444					$	38,373					$	(21,298)					$	(41,123)					$	(11,891)					$	97,505
Other significant items:
Provision for loan losses			$	186					$	8,866					$	—					$	—					$	—					$	9,052
Provision for losses on net investment in leases			1,760						—						—						—						—						1,760
Impairment of assets			2,037						—						3,052						2,738						—						7,827
Depreciation and amortization			50,767						—						5,142						952						1,231						58,092
Capitalized expenditures			21,764						—						1,636						30,506						—						53,906
Year Ended December 31, 2019
Operating lease income			$	177,679					$	—					$	28,423					$	286					$	—					$	206,388
Interest income			2,018						75,636						—						—						—						77,654
Interest income from sales-type leases			20,496						—						—						—						—						20,496
Other income			16,718						4,946						17,384						7,838						8,477						55,363
Land development revenue			—						—						—						119,595						—						119,595
Earnings (losses) from equity method investments			29,235						—						8,298						4,322						(6)						41,849
Selling profit from sales-type leases			180,416						—						—						—						—						180,416
Income from sales of real estate			224,654						—						11,969						—						—						236,623
Total revenue and other earnings			651,216						80,582						66,074						132,041						8,471						938,384
Real estate expense			(24,786)						—						(35,322)						(32,318)						—						(92,426)
Land development cost of sales			—						—						—						(109,663)						—						(109,663)
Other expense			—						(462)						—						—						(12,658)						(13,120)
Allocated interest expense			(95,154)						(29,587)						(10,249)						(20,706)						(28,223)						(183,919)
Allocated general and administrative(2)			(25,990)						(8,254)						(2,887)						(11,957)						(19,085)						(68,173)
Segment profit (loss) (3)			505,286						$	42,279					$	17,616					$	(42,603)					$	(51,495)					$	471,083
Other significant non-cash items:
Provision for loan losses			$	—					$	6,482					$	—					$	—					$	—					$	6,482
Impairment of assets			2,471						—						3,853						6,427						668						13,419
Depreciation and amortization			51,091						—						4,977						977						1,214						58,259
Capitalized expenditures			31,445						—						5,617						99,031						—						136,093

			Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/ Other(1)						Company Total
Year Ended December 31, 2018
Operating lease income			$	151,958					$	—					$	55,677					$	557					$	—					$	208,192
Interest income			—						97,878						—						—						—						97,878
Other income			4,286						4,556						54,361						7,320						11,819						82,342
Land development revenue			—						—						—						409,710						—						409,710
Earnings (losses) from equity method investments			8,479						—						(1,003)						(3,110)						(9,373)						(5,007)
Gain from consolidation of equity method investment			67,877						—						—						—						—						67,877
Income from sales of real estate			45,038						—						80,966						—						—						126,004
Total revenue and other earnings			277,638						102,434						190,001						414,477						2,446						986,996
Real estate expense			(17,033)						—						(80,570)						(41,686)						—						(139,289)
Land development cost of sales			—						—						—						(350,181)						—						(350,181)
Other expense			—						(1,578)						—						—						(4,462)						(6,040)
Allocated interest expense			(63,706)						(40,653)						(18,618)						(21,897)						(38,877)						(183,751)
Allocated general and administrative(2)			(20,713)						(12,997)						(6,574)						(14,313)						(19,975)						(74,572)
Segment profit (loss) (3)			$	176,186					$	47,206					$	84,239					$	(13,600)					$	(60,868)					$	233,163
Other significant non-cash items:
Provision for loan losses			$	—					$	16,937					$	—					$	—					$	—					$	16,937
Impairment of assets			10,391						—						79,991						56,726						—						147,108
Depreciation and amortization			38,588						—						17,417						1,353						1,341						58,699
Capitalized expenditures			40,215						—						19,912						144,595						—						204,722

			Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/ Other(1)						Company Total
As of December 31, 2020
Real estate
Real estate, net			$	1,291,903					$	—					$	192,378					$	—					$	—					$	1,484,281
Real estate available and held for sale			—						—						5,212						—						—						5,212
Total real estate			1,291,903						—						197,590						—						—						1,489,493
Net investment in leases			429,101						—						—						—						—						429,101
Land and development, net			—						—						—						430,663						—						430,663
Loans receivable and other lending investments, net			45,398						686,932						—						—						—						732,330
Other investments			1,016,710						—						58,739						31,200						69,911						1,176,560
Total portfolio assets			$	2,783,112					$	686,932					$	256,329					$	461,863					$	69,911					4,258,147
Cash and other assets																																	603,661
Total assets																																	$	4,861,808
As of December 31, 2019
Real estate
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 $39.4 million, $30.4 million and $17.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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

			For the Years Ended December 31,
			2020						2019						2018
Segment profit			$	97,505					$	471,083					$	233,163
Less: Provision for loan losses			(9,052)						(6,482)						(16,937)
Less: Provision for losses on net investment in leases			(1,760)						—						—
Less: Impairment of assets			(7,827)						(13,419)						(147,108)
Less: Depreciation and amortization			(58,092)						(58,259)						(58,699)
Less: Stock-based compensation expense			(39,354)						(30,436)						(17,563)
Less: Income tax expense			(235)						(438)						(815)
Less: Loss on early extinguishment of debt, net			(12,038)						(27,724)						(10,367)
Net income (loss)			$	(30,853)					$	334,325					$	(18,326)

Reconciliation of segment profit to income (loss) from continuing operations

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

			For the Years Ended December 31,
			2020						2019						2018
Segment profit			$	97,505					$	471,083					$	233,163
Less: Provision for loan losses			(9,052)						(6,482)						(16,937)
Less: Provision for losses on net investment in leases			(1,760)						—						—
Less: Impairment of assets			(7,827)						(13,419)						(147,108)
Less: Depreciation and amortization			(58,092)						(58,259)						(58,699)
Less: Stock-based compensation expense			(39,354)						(30,436)						(17,563)
Less: Income tax expense			(235)						(438)						(815)
Less: Loss on early extinguishment of debt, net			(12,038)						(27,724)						(10,367)
Net income (loss)			$	(30,853)					$	334,325					$	(18,326)

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
-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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