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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2022
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
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 | ​
Schedule of reconciliation of segment profit to income (loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​

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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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