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Segment Reporting (Tables) | 12 Months Ended
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Dec. 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 |  | 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
Schedule of reconciliation of segment profit to income (loss) |
(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 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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- Definition 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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