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Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | Note 18—Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Net Lease, Real Estate Finance, Operating Properties and Land and Development. The Net Lease segment (Refer to Note 3 - Net Lease Sale and Discontinued Operations) includes the Company’s activities and operations related to the ownership of properties generally leased to single corporate tenants and its investments in SAFE and Net Lease Venture II (refer to Note 8). The Real Estate Finance segment includes all of the Company’s activities related to senior and mezzanine real estate loans and real estate related securities. The Operating Properties segment includes the Company’s activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company’s activities related to its developable land portfolio. ​ The Company evaluates performance based on the following financial measures for each segment. The Company’s segment information is as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Net |  | Real Estate |  | Operating |  | Land and |  | Corporate/ |  | Company
​ | ​ | Lease(1) | ​ | Finance | ​ | Properties | ​ | Development | ​ | Other(2) | ​ | Total
Year Ended December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease income | ​ | $ | — | ​ | $ | — | ​ | $ | 16,445 | ​ | $ | 379 | ​ | $ | — | ​ | $ | 16,824
Interest income |  | ​ | 1,707 |  | ​ | 29,522 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 31,229
Interest income from sales-type leases |  | ​ | 1,215 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1,215
Other income |  | ​ | 14,888 |  | ​ | 1,260 |  | ​ | 27,342 |  | ​ | 6,899 |  | ​ | 19,870 |  | ​ | 70,259
Land development revenue |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 189,103 |  | ​ | — |  | ​ | 189,103
Earnings (losses) from equity method investments |  | ​ | 108,399 |  | ​ | 3,074 |  | ​ | 15,108 |  | ​ | 21,492 |  | ​ | 6,271 |  | ​ | 154,344
Income from sales of real estate |  | ​ | — |  | ​ | — |  | ​ | 26,319 |  | ​ | — |  | ​ | — |  | ​ | 26,319
Total revenue and other earnings |  | ​ | 126,209 |  | ​ | 33,856 |  | ​ | 85,214 |  | ​ | 217,873 |  | ​ | 26,141 |  | ​ | 489,293
Real estate expense |  | ​ | (424) | ​ | ​ | — |  | ​ | (27,020) |  | ​ | (18,550) |  | ​ | — |  | ​ | (45,994)
Land development cost of sales |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | (171,961) |  | ​ | — |  | ​ | (171,961)
Other expense |  | ​ | (587) |  | ​ | (515) |  | ​ | — |  | ​ | (70) |  | ​ | (6,942) |  | ​ | (8,114)
Allocated interest expense |  | ​ | (61,685) |  | ​ | (14,830) |  | ​ | (6,949) |  | ​ | (15,242) |  | ​ | (16,694) |  | ​ | (115,400)
Allocated general and administrative(3) |  | ​ | (25,077) |  | ​ | (4,736) |  | ​ | (2,227) |  | ​ | (9,555) |  | ​ | (20,847) |  | ​ | (62,442)
Segment profit (loss)(4) | ​ | $ | 38,436 | ​ | $ | 13,775 | ​ | $ | 49,018 | ​ | $ | 2,495 | ​ | $ | (18,342) | ​ | $ | 85,382
Other significant items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Recovery of loan losses | ​ | $ | — | ​ | $ | (8,085) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (8,085)
Impairment of assets | ​ |  | — | ​ |  | — | ​ |  | 678 | ​ |  | — | ​ |  | — | ​ |  | 678
Depreciation and amortization | ​ |  | — | ​ |  | — | ​ |  | 5,585 | ​ |  | 902 | ​ |  | 585 | ​ |  | 7,072
Capitalized expenditures | ​ |  | 2,578 | ​ |  | — | ​ |  | 655 | ​ |  | 24,036 | ​ |  | — | ​ |  | 27,269
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2020 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating lease income | ​ | $ | 2,706 | ​ | $ | — | ​ | $ | 21,214 | ​ | $ | 356 | ​ | $ | — | ​ | $ | 24,276
Interest income | ​ |  | — | ​ |  | 56,676 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 56,676
Other income | ​ |  | 12,704 | ​ |  | 11,975 | ​ |  | 8,065 | ​ |  | 19,030 | ​ |  | 26,671 | ​ |  | 78,445
Land development revenue | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 164,702 | ​ |  | — | ​ |  | 164,702
Earnings (losses) from equity method investments | ​ |  | 53,476 | ​ |  | — | ​ |  | (16,361) | ​ |  | 3,432 | ​ |  | (1,075) | ​ |  | 39,472
Income from sales of real estate | ​ |  | 6,056 | ​ |  | — | ​ |  | 262 | ​ |  | — | ​ |  | — | ​ |  | 6,318
Total revenue and other earnings | ​ |  | 74,942 | ​ |  | 68,651 | ​ |  | 13,180 | ​ |  | 187,520 | ​ |  | 25,596 | ​ |  | 369,889
Real estate expense | ​ |  | (161) | ​ |  | — | ​ |  | (22,936) | ​ |  | (22,986) | ​ |  | — | ​ |  | (46,083)
Land development cost of sales | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (177,727) | ​ |  | — | ​ |  | (177,727)
Other expense | ​ |  | — | ​ |  | (266) | ​ |  | — | ​ |  | — | ​ |  | (303) | ​ |  | (569)
Allocated interest expense | ​ |  | (58,462) | ​ |  | (23,390) | ​ |  | (8,951) | ​ |  | (17,940) | ​ |  | (18,085) | ​ |  | (126,828)
Allocated general and administrative(3) | ​ |  | (23,223) | ​ |  | (6,622) | ​ |  | (2,591) | ​ |  | (9,990) | ​ |  | (19,099) | ​ |  | (61,525)
Segment profit (loss)(4) | ​ | $ | (6,904) | ​ | $ | 38,373 | ​ | $ | (21,298) | ​ | $ | (41,123) | ​ | $ | (11,891) | ​ | $ | (42,843)
Other significant items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for loan losses | ​ | $ | — | ​ | $ | 8,866 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 8,866
Impairment of assets | ​ |  | — | ​ |  | — | ​ |  | 3,053 | ​ |  | 2,738 | ​ |  | — | ​ |  | 5,791
Depreciation and amortization | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,142 | ​ | ​ | 952 | ​ | ​ | 1,233 | ​ | ​ | 7,327
Capitalized expenditures | ​ |  | 21,764 | ​ |  | — | ​ |  | 1,636 | ​ |  | 30,506 | ​ |  | — | ​ |  | 53,906
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Operating lease income | ​ | $ | 3,585 | ​ | $ | — | ​ | $ | 28,423 | ​ | $ | 286 | ​ | $ | — | ​ | $ | 32,294
Interest income | ​ |  | — | ​ |  | 75,636 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 75,636
Other income | ​ |  | 7,535 | ​ |  | 4,946 | ​ |  | 17,384 | ​ |  | 7,838 | ​ |  | 8,477 | ​ |  | 46,180
Land development revenue | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 119,595 | ​ |  | — | ​ |  | 119,595
Earnings (losses) from equity method investments | ​ |  | 29,764 | ​ |  | — | ​ |  | 8,298 | ​ |  | 4,322 | ​ |  | (6) | ​ |  | 42,378
Income from sales of real estate | ​ |  | — | ​ |  | — | ​ |  | 11,969 | ​ |  | — | ​ |  | — | ​ |  | 11,969
Total revenue and other earnings | ​ |  | 40,884 | ​ |  | 80,582 | ​ |  | 66,074 | ​ |  | 132,041 | ​ |  | 8,471 | ​ |  | 328,052
Real estate expense | ​ |  | (197) | ​ |  | — | ​ |  | (35,322) | ​ |  | (32,318) | ​ |  | — | ​ |  | (67,837)
Land development cost of sales | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (109,663) | ​ |  | — | ​ |  | (109,663)
Other expense | ​ |  | — | ​ |  | (462) | ​ |  | — | ​ |  | — | ​ |  | (12,658) | ​ |  | (13,120)
Allocated interest expense | ​ |  | (52,934) | ​ |  | (29,587) | ​ |  | (10,249) | ​ |  | (20,706) | ​ |  | (28,223) | ​ |  | (141,699)
Allocated general and administrative(5) | ​ |  | (25,990) | ​ |  | (8,254) | ​ |  | (2,887) | ​ |  | (11,957) | ​ |  | (19,085) | ​ |  | (68,173)
Segment profit (loss)(4) | ​ | $ | (38,237) | ​ | $ | 42,279 | ​ | $ | 17,616 | ​ | $ | (42,603) | ​ | $ | (51,495) | ​ | $ | (72,440)
Other significant non-cash items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for loan losses | ​ | $ | — | ​ | $ | 6,482 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 6,482
Impairment of assets | ​ |  | — | ​ |  | — | ​ |  | 3,853 | ​ |  | 6,427 | ​ |  | 668 | ​ |  | 10,948
Depreciation and amortization | ​ |  | — | ​ |  | — | ​ |  | 4,977 | ​ |  | 977 | ​ |  | 1,222 | ​ |  | 7,176
Capitalized expenditures | ​ |  | 31,445 | ​ |  | — | ​ |  | 5,617 | ​ |  | 99,031 | ​ |  | — | ​ |  | 136,093
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2021 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate, net | ​ | $ | — | ​ | $ | — | ​ | $ | 92,150 | ​ | $ | — | ​ | $ | — | ​ | $ | 92,150
Real estate available and held for sale | ​ |  | — | ​ |  | — | ​ |  | 301 | ​ |  | — | ​ |  | — | ​ |  | 301
Total real estate | ​ |  | — | ​ |  | — | ​ |  | 92,451 | ​ |  | — | ​ |  | — | ​ |  | 92,451
Real estate and other assets available and held for sale and classified as discontinued operations(1) | ​ | ​ | 2,299,711 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,299,711
Net investment in leases | ​ |  | 43,215 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 43,215
Land and development, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 286,810 | ​ |  | — | ​ |  | 286,810
Loans receivable and other lending investments, net | ​ |  | — | ​ |  | 332,844 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 332,844
Loan receivable held for sale | ​ |  | 43,215 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 43,215
Other investments | ​ | ​ | 1,186,162 | ​ | ​ | 48,862 | ​ | ​ | 43,252 | ​ | ​ | 1,096 | ​ | ​ | 17,909 | ​ | ​ | 1,297,281
Total portfolio assets | ​ | ​ | 3,572,303 | ​ | ​ | 381,706 | ​ | ​ | 135,703 | ​ | ​ | 287,906 | ​ | ​ | 17,909 | ​ |  | 4,395,527
Cash and other assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 445,007
Total assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 4,840,534
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate, net | ​ | $ | — | ​ | $ | — | ​ | $ | 192,378 | ​ | $ | — | ​ | $ | — | ​ | $ | 192,378
Real estate available and held for sale | ​ |  | — | ​ |  | — | ​ |  | 5,212 | ​ |  | — | ​ |  | — | ​ |  | 5,212
Total real estate | ​ |  | — | ​ |  | — | ​ |  | 197,590 | ​ |  | — | ​ |  | — | ​ |  | 197,590
Real estate and other assets available and held for sale and classified as discontinued operations(1) | ​ | ​ | 2,228,570 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,228,570
Land and development, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 430,663 | ​ |  | — | ​ |  | 430,663
Loans receivable and other lending investments, net | ​ |  | — | ​ |  | 686,931 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 686,931
Other investments | ​ |  | 937,712 | ​ |  | — | ​ |  | 58,739 | ​ |  | 31,200 | ​ |  | 69,911 | ​ |  | 1,097,562
Total portfolio assets | ​ | $ | 3,166,282 | ​ | $ | 686,931 | ​ | $ | 256,329 | ​ | $ | 461,863 | ​ | $ | 69,911 | ​ |  | 4,641,316
Cash and other assets | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | 220,492
Total assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 4,861,808
(1) | Refer to Note – Net Lease Sale and Discontinued Operations.
(2) | 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.
(3) | General and administrative excludes stock-based compensation expense of $69.3 million, $39.4 million and $30.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(4) | The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ | 2021 |  | 2020 |  | 2019
Segment profit | ​ | $ | 85,382 | ​ | $ | (42,843) | ​ | $ | (72,440)
Less: Recovery of (provision for) loan losses | ​ |  | 8,085 | ​ |  | (8,866) | ​ |  | (6,482)
Less: Impairment of assets | ​ |  | (678) | ​ |  | (5,791) | ​ |  | (10,948)
Less: Stock-based compensation expense | ​ |  | (69,261) | ​ |  | (39,354) | ​ |  | (30,436)
Less: Depreciation and amortization | ​ |  | (7,072) | ​ |  | (7,327) | ​ |  | (7,176)
Less: Income tax benefit (expense) | ​ |  | 118 | ​ |  | (89) | ​ |  | (369)
Less: Loss on early extinguishment of debt, net | ​ |  | — | ​ |  | (12,038) | ​ |  | (27,724)
Less: Net income from discontinued operations | ​ | ​ | 121,452 | ​ | ​ | 85,455 | ​ | ​ | 489,900
Net income (loss) | ​ | $ | 138,026 | ​ | $ | (30,853) | ​ | $ | 334,325
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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