XML 35 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Segment Reporting | 3 Months Ended
--- | ---
Mar. 31, 2022
Segment Reporting [Abstract] |
Segment Reporting | Note 17—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 investments in SAFE and its Ground Lease adjacent businesses (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
Three Months Ended March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease income | ​ | $ | — | ​ | $ | — | ​ | $ | 2,974 | ​ | $ | 135 | ​ | $ | — | ​ | $ | 3,109
Interest income |  | ​ | 75 |  | ​ | 4,873 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 4,948
Interest income from sales-type leases |  | ​ | 356 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 356
Other income |  | ​ | 4,459 |  | ​ | 11 |  | ​ | 2,661 |  | ​ | 1,317 |  | ​ | 192 |  | ​ | 8,640
Land development revenue |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 14,900 |  | ​ | — |  | ​ | 14,900
Earnings from equity method investments |  | ​ | 17,800 |  | ​ | 1,015 |  | ​ | 45 |  | ​ | 3,566 |  | ​ | 2,606 |  | ​ | 25,032
Income from sales of real estate |  | ​ | 492 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 492
Total revenue and other earnings |  | ​ | 23,182 |  | ​ | 5,899 |  | ​ | 5,680 |  | ​ | 19,918 |  | ​ | 2,798 |  | ​ | 57,477
Real estate expense |  | ​ | (177) |  | ​ | — |  | ​ | (5,891) |  | ​ | (4,049) |  | ​ | — |  | ​ | (10,117)
Land development cost of sales |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | (14,496) |  | ​ | — |  | ​ | (14,496)
Other expense |  | ​ | (471) |  | ​ | (119) |  | ​ | — |  | ​ | (82) |  | ​ | (258) |  | ​ | (930)
Allocated interest expense |  | ​ | (16,215) |  | ​ | (3,140) |  | ​ | (1,341) |  | ​ | (4,243) |  | ​ | (4,304) |  | ​ | (29,243)
Allocated general and administrative(3) |  | ​ | (5,016) |  | ​ | (1,124) |  | ​ | (478) |  | ​ | (2,255) |  | ​ | (4,929) |  | ​ | (13,802)
Segment profit (loss)(4) | ​ | $ | 1,303 | ​ | $ | 1,516 | ​ | $ | (2,030) | ​ | $ | (5,207) | ​ | $ | (6,693) | ​ | $ | (11,111)
Other significant items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for loan losses | ​ | $ | — | ​ | $ | 135 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 135
Provision for losses on net investment in leases | ​ |  | 281 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 281
Depreciation and amortization | ​ |  | — | ​ |  | — | ​ |  | 986 | ​ |  | 228 | ​ |  | 143 | ​ |  | 1,357
Capitalized expenditures | ​ |  | (211) | ​ |  | — | ​ |  | 220 | ​ |  | 4,922 | ​ |  | — | ​ |  | 4,931
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2021 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating lease income | ​ | $ | — | ​ | $ | — | ​ | $ | 4,837 | ​ | $ | 94 | ​ | $ | — | ​ | $ | 4,931
Interest income | ​ |  | 17 | ​ |  | 9,772 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 9,789
Interest income from sales-type leases | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Other income | ​ |  | 3,476 | ​ |  | 99 | ​ |  | 2,337 | ​ |  | 1,389 | ​ |  | 5,714 | ​ |  | 13,015
Land development revenue | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 32,249 | ​ |  | — | ​ |  | 32,249
Earnings (losses) from equity method investments | ​ |  | 11,412 | ​ |  | 466 | ​ |  | (3,747) | ​ |  | 3,146 | ​ |  | 491 | ​ |  | 11,768
Income from sales of real estate | ​ |  | — | ​ |  | — | ​ |  | 612 | ​ |  | — | ​ |  | — | ​ |  | 612
Total revenue and other earnings | ​ |  | 14,905 | ​ |  | 10,337 | ​ |  | 4,039 | ​ |  | 36,878 | ​ |  | 6,205 | ​ |  | 72,364
Real estate expense | ​ |  | (458) | ​ |  | — | ​ |  | (3,799) | ​ |  | (4,462) | ​ |  | — | ​ |  | (8,719)
Land development cost of sales | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (29,323) | ​ |  | — | ​ |  | (29,323)
Other expense | ​ |  | — | ​ |  | (64) | ​ |  | — | ​ |  | — | ​ |  | (189) | ​ |  | (253)
Allocated interest expense | ​ |  | (14,325) | ​ |  | (4,578) | ​ |  | (2,043) | ​ |  | (3,938) | ​ |  | (3,925) | ​ |  | (28,809)
Allocated general and administrative(3) | ​ |  | (5,937) | ​ |  | (1,459) | ​ |  | (660) | ​ |  | (2,428) | ​ |  | (5,447) | ​ |  | (15,931)
Segment profit (loss)(4) | ​ | $ | (5,815) | ​ | $ | 4,236 | ​ | $ | (2,463) | ​ | $ | (3,273) | ​ | $ | (3,356) | ​ | $ | (10,671)
Other significant items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Recovery of loan losses | ​ | $ | — | ​ | $ | (3,642) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (3,642)
Impairment of assets | ​ |  | — | ​ |  | — | ​ |  | 257 | ​ |  | — | ​ |  | — | ​ |  | 257
Depreciation and amortization | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,988 | ​ | ​ | 218 | ​ | ​ | 195 | ​ | ​ | 2,401
Capitalized expenditures | ​ |  | 1,268 | ​ |  | — | ​ |  | 57 | ​ |  | 4,739 | ​ |  | — | ​ |  | 6,064
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of March 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Real estate, net | ​ | $ | — | ​ | $ | — | ​ | $ | 91,434 | ​ | $ | — | ​ | $ | — | ​ | $ | 91,434
Real estate available and held for sale | ​ |  | — | ​ |  | — | ​ |  | 301 | ​ |  | — | ​ |  | — | ​ |  | 301
Total real estate | ​ |  | — | ​ |  | — | ​ |  | 91,735 | ​ |  | — | ​ |  | — | ​ |  | 91,735
Real estate and other assets available and held for sale and classified as discontinued operations(1) | ​ | ​ | 226,309 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 226,309
Net investment in leases | ​ |  | 28,131 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 28,131
Land and development, net | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 277,421 | ​ |  | — | ​ |  | 277,421
Loans receivable and other lending investments, net | ​ |  | — | ​ |  | 331,839 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 331,839
Loan receivable held for sale | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Other investments | ​ | ​ | 1,453,205 | ​ | ​ | 4,627 | ​ | ​ | 43,251 | ​ | ​ | 190 | ​ | ​ | 24,746 | ​ | ​ | 1,526,019
Total portfolio assets | ​ | ​ | 1,707,645 | ​ | ​ | 336,466 | ​ | ​ | 134,986 | ​ | ​ | 277,611 | ​ | ​ | 24,746 | ​ |  | 2,481,454
Cash and other assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,602,597
Total assets | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 4,084,051
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
(1) | Refer to Note 3 – 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 (income) expense of ($12.4) million and $5.5 million for the three months ended March 31, 2022 and 2021, respectively.
(4) | The following is a reconciliation of segment profit to net income (loss) ($ in thousands):
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, | ​
​ |  | 2022 |  | 2021 | ​
Segment loss | ​ | $ | (11,111) | ​ | $ | (10,671) | ​
Less: (Provision for) recovery of loan losses | ​ |  | (135) | ​ |  | 3,642 | ​
Less: Provision for losses on net investment in leases | ​ |  | (281) | ​ |  | — | ​
Less: Impairment of assets | ​ |  | — | ​ |  | (257) | ​
Less: Stock-based compensation income (expense) | ​ |  | 12,427 | ​ |  | (5,508) | ​
Less: Depreciation and amortization | ​ |  | (1,357) | ​ |  | (2,401) | ​
Less: Income tax (expense) benefit | ​ |  | (3) | ​ |  | 698 | ​
Less: Loss on early extinguishment of debt, net | ​ |  | (1,428) | ​ |  | — | ​
Less: Net income from discontinued operations | ​ | ​ | 797,688 | ​ | ​ | 22,486 | ​
Net income | ​ | $ | 795,800 | ​ | $ | 7,989 | ​
​

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration