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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021:
Operating lease income									$	42,513					$	—					$	4,837					$	94					$	—					$	47,444
Interest income									878						9,772						—						—						—						10,650
Interest income from sales-type leases									8,627						—						—						—						—						8,627
Other income									4,751						99						2,337						1,389						5,714						14,290
Land development revenue									—						—						—						32,249						—						32,249
Earnings (losses) from equity method investments									12,413						466						(3,747)						3,146						491						12,769
Income from sales of real estate									—						—						612						—						—						612
Total revenue and other earnings									69,182						10,337						4,039						36,878						6,205						126,641
Real estate expense									(8,633)						—						(3,799)						(4,462)						—						(16,894)
Land development cost of sales									—						—						—						(29,323)						—						(29,323)
Other expense									—						(64)						—						—						(189)						(253)
Allocated interest expense									(25,079)						(4,578)						(2,043)						(3,938)						(3,925)						(39,563)
Allocated general and administrative(2)									(5,937)						(1,459)						(660)						(2,428)						(5,447)						(15,931)
Segment profit (loss)(3)									$	29,533					$	4,236					$	(2,463)					$	(3,273)					$	(3,356)					$	24,677
Other significant items:
Recovery of loan losses									$	(152)					$	(3,642)					$	—					$	—					$	—					$	(3,794)
Recovery of losses on net investment in leases									(1,601)						—						—						—						—						(1,601)
Impairment of assets									1,528						—						257						—						—						1,785
Depreciation and amortization									13,054						—						1,988						218						195						15,455
Capitalized expenditures									1,268						—						57						4,739						—						6,064
Three Months Ended March 31, 2020:
Operating lease income									$	41,464					$	—					$	5,774					$	108					$	—					$	47,346
Interest income									823						16,393						—						—						—						17,216
Interest income from sales-type leases									8,355						—						—						—						—						8,355
Other income									4,293						306						3,157						624						11,988						20,368
Land development revenue									—						—						—						80,176						—						80,176
Earnings (losses) from equity method investments									19,531						—						(2,667)						584						(836)						16,612
Total revenue and other earnings									74,466						16,699						6,264						81,492						11,152						190,073
Real estate expense									(6,229)						—						(7,663)						(8,606)						—						(22,498)
Land development cost of sales									—						—						—						(77,059)						—						(77,059)
Other expense									—						(19)						—						—						(55)						(74)
Allocated interest expense									(24,478)						(6,199)						(2,259)						(4,570)						(5,886)						(43,392)
Allocated general and administrative(2)									(6,989)						(2,097)						(789)						(2,819)						(5,307)						(18,001)
Segment profit (loss)(3)									$	36,770					$	8,384					$	(4,447)					$	(11,562)					$	(96)					$	29,049
Other significant items:
Provision for loan losses									$	137					$	3,866					$	—					$	—					$	—					$	4,003
Provision for losses on net investment in leases									1,292						—						—						—						—						1,292
Impairment of assets									1,708						—						—						—						—						1,708
Depreciation and amortization									12,656						—						1,284						243						303						14,486
Capitalized expenditures									1,846						—						917						12,027						—						14,790

									Net Lease						Real Estate Finance						Operating Properties						Land and Development						Corporate/Other(1)						Company Total
As of March 31, 2021
Real estate, net									$	1,283,082					$	—					$	191,311					$	—					$	—					$	1,474,393
Real estate available and held for sale									—						—						2,600						—						—						2,600
Total real estate									1,283,082						—						193,911						—						—						1,476,993
Net investment in leases									431,126						—						—						—						—						431,126
Land and development, net									—						—						—						406,781						—						406,781
Loans receivable and other lending investments, net									46,411						487,305						—						—						—						533,716
Loan receivable held for sale									16,086						—						—						—						—						16,086
Other investments									1,040,238						44,672						56,977						12,107						83,301						1,237,295
Total portfolio assets									$	2,816,943					$	531,977					$	250,888					$	418,888					$	83,301					4,101,997
Cash and other assets																																							691,594
Total assets																																							$	4,793,591
As of December 31, 2020
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

_______________________________________________________________________________

(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 $5.5 million and $16.3 million for the three months ended March 31, 2021 and 2020, respectively.

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

			For the Three Months Ended March 31,
			2021						2020
Segment profit			$	24,677					$	29,049
Less: Recovery of (provision for) loan losses			3,794						(4,003)
Less: Recovery of (provision for) losses on net investment in leases			1,601						(1,292)
Less: Impairment of assets			(1,785)						(1,708)
Less: Stock-based compensation expense			(5,508)						(16,270)
Less: Depreciation and amortization			(15,455)						(14,486)
Less: Income tax benefit (expense)			665						(60)
Less: Loss on early extinguishment of debt, net			—						(4,115)
Net income (loss)			$	7,989					$	(12,885)

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 March 31,
			2021						2020
Segment profit			$	24,677					$	29,049
Less: Recovery of (provision for) loan losses			3,794						(4,003)
Less: Recovery of (provision for) losses on net investment in leases			1,601						(1,292)
Less: Impairment of assets			(1,785)						(1,708)
Less: Stock-based compensation expense			(5,508)						(16,270)
Less: Depreciation and amortization			(15,455)						(14,486)
Less: Income tax benefit (expense)			665						(60)
Less: Loss on early extinguishment of debt, net			—						(4,115)
Net income (loss)			$	7,989					$	(12,885)

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
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

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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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