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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

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