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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

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		Finance		Properties		Development		Other⁽¹⁾		Total
Three Months Ended September 30, 2021
Operating lease income	$	40,659	$	—	$	3,637	$	96	$	—	$	44,392
Interest income		1,630		6,321		—		—		—		7,951
Interest income from sales-type leases		9,578		—		—		—		—		9,578
Other income		4,767		1,095		16,869		3,189		14,275		40,195
Land development revenue		—		—		—		93,369		—		93,369
Earnings (losses) from equity method investments		74,889		872		1,129		10,836		1,483		89,209
Income from sales of real estate		—		—		25,611		—		—		25,611
Total revenue and other earnings		131,523		8,288		47,246		107,490		15,758		310,305
Real estate expense		(5,446)		—		(9,184)		(4,094)		—		(18,724)
Land development cost of sales		—		—		—		(87,380)		—		(87,380)
Other expense		(1,327)		(270)		—		(64)		(350)		(2,011)
Allocated interest expense		(26,467)		(3,331)		(1,641)		(3,679)		(4,353)		(39,471)
Allocated general and administrative⁽²⁾		(5,487)		(958)		(473)		(2,173)		(5,029)		(14,120)
Segment profit (loss)⁽³⁾	$	92,796	$	3,729	$	35,948	$	10,100	$	6,026	$	148,599
Other significant items:
Provision for (recovery of) loan losses	$	54	$	(1,610)	$	—	$	—	$	—	$	(1,556)
Provision for losses on net investment in leases		131		—		—		—		—		131
Impairment of assets		757		—		422		—		—		1,179
Depreciation and amortization		13,114		—		1,385		228		129		14,856
Capitalized expenditures		969		—		121		7,416		—		8,506

Three Months Ended September 30, 2020
Operating lease income	$	41,144	$	—	$	5,137	$	89	$	—	$	46,370
Interest income		911		13,359		—		—		—		14,270
Interest income from sales-type leases		8,360		—		—		—		—		8,360
Other income		4,554		104		2,956		3,831		14,107		25,552
Land development revenue		—		—		—		20,502		—		20,502
Earnings (losses) from equity method investments		10,141		—		(4,134)		592		206		6,805
Income from sales of real estate		6,055		—		—		—		—		6,055
Total revenue and other earnings		71,165		13,463		3,959		25,014		14,313		127,914
Real estate expense		(7,136)		—		(4,428)		(5,371)		—		(16,935)
Land development cost of sales		—		—		—		(21,358)		—		(21,358)
Other expense		—		(37)		—		—		(36)		(73)
Allocated interest expense		(26,049)		(5,831)		(2,289)		(4,606)		(3,632)		(42,407)
Allocated general and administrative⁽²⁾		(5,161)		(1,451)		(582)		(2,320)		(4,693)		(14,207)
Segment profit (loss) ⁽³⁾		32,819	$	6,144	$	(3,340)	$	(8,641)	$	5,952	$	32,934
Other significant non-cash items:
Provision for (recovery of) loan losses	$	19	$	(1,995)	$	—	$	—	$	—	$	(1,976)
Provision for losses on net investment in leases		175		—		—		—		—		175
Depreciation and amortization		12,781		—		1,287		243		310		14,621
Capitalized expenditures		1,896		—		84		5,170		—		7,150


	Net		Real Estate		Operating		Land and		Corporate/		Company
	Lease		Finance		Properties		Development		Other⁽¹⁾		Total
Nine Months Ended September 30, 2021
Operating lease income	$	123,926	$	—	$	13,176	$	279	$	—	$	137,381
Interest income		3,696		23,878		—		—		—		27,574
Interest income from sales-type leases		26,895		—		—		—		—		26,895
Other income		14,213		1,245		23,159		5,894		20,038		64,549
Land development revenue		—		—		—		157,936		—		157,936
Earnings (losses) from equity method investments		98,604		2,092		(5,553)		15,456		4,076		114,675
Income from sales of real estate		2,114		—		26,319		—		—		28,433
Total revenue and other earnings		269,448		27,215		57,101		179,565		24,114		557,443
Real estate expense		(21,065)		—		(19,238)		(13,604)		—		(53,907)
Land development cost of sales		—		—		—		(147,507)		—		(147,507)
Other expense		(1,327)		(422)		—		(64)		(662)		(2,475)
Allocated interest expense		(76,888)		(11,737)		(5,714)		(11,481)		(12,631)		(118,451)
Allocated general and administrative⁽²⁾		(17,544)		(3,659)		(1,797)		(6,968)		(15,686)		(45,654)
Segment profit (loss)⁽³⁾	$	152,624	$	11,397	$	30,352	$	(59)	$	(4,865)	$	189,449
Other significant items:
Recovery of loan losses	$	(202)	$	(7,411)	$	—	$	—	$	—	$	(7,613)
Recovery of losses on net investment in leases		(1,735)		—		—		—		—		(1,735)
Impairment of assets		2,286		—		679		—		—		2,965
Depreciation and amortization		39,255		—		4,593		674		449		44,971
Capitalized expenditures		2,300		—		610		16,727		—		19,637

Nine Months Ended September 30, 2020
Operating lease income	$	124,109	$	—	$	16,153	$	267	$	—	$	140,529
Interest income		2,594		44,331		—		—		—		46,925
Interest income from sales-type leases		25,010		—		—		—		—		25,010
Other income		13,468		4,249		6,605		5,558		26,332		56,212
Land development revenue		—		—		—		116,254		—		116,254
Earnings (losses) from equity method investments		38,472		—		(11,741)		1,225		(1,953)		26,003
Income from sales of real estate		6,056		—		62		—		—		6,118
Total revenue and other earnings		209,709		48,580		11,079		123,304		24,379		417,051
Real estate expense		(19,497)		—		(16,600)		(17,611)		—		(53,708)
Land development cost of sales		—		—		—		(114,704)		—		(114,704)
Other expense		—		(80)		—		—		(271)		(351)
Allocated interest expense		(74,915)		(17,989)		(6,731)		(13,598)		(14,515)		(127,748)
Allocated general and administrative⁽²⁾		(17,327)		(5,123)		(1,966)		(7,524)		(14,523)		(46,463)
Segment profit (loss)⁽³⁾	$	97,970	$	25,388	$	(14,218)	$	(30,133)	$	(4,930)	$	74,077
Other significant items:
Provision for loan losses	$	212	$	3,881	$	—	$	—	$	—	$	4,093
Provision for losses on net investment in leases		2,001		—		—		—		—		2,001

Impairment of assets		2,036		—		2,983		1,472		—		6,491
Depreciation and amortization		37,924		—		3,843		729		911		43,407
Capitalized expenditures		8,913		—		1,421		25,222		—		35,556

As of September 30, 2021
Real estate, net	$	1,263,881	$	—	$	93,043	$	—	$	—	$	1,356,924
Real estate available and held for sale		—		—		1,983		—		—		1,983
Total real estate		1,263,881		—		95,026		—		—		1,358,907
Net investment in leases		477,360		—		—		—		—		477,360
Land and development, net		—		—		—		302,845		—		302,845
Loans receivable and other lending investments, net		47,555		357,954		—		—		—		405,509
Loan receivable held for sale		42,683		—		—		—		—		42,683
Other investments		1,213,804		47,936		43,659		537		113,830		1,419,766
Total portfolio assets		3,045,283		405,890		138,685		303,382		113,830		4,007,070
Cash and other assets												795,095
Total assets											$	4,802,165

As of December 31, 2020
Real estate, net	$	1,291,903	$	—	$	192,378	$	—	$	—	$	1,484,281
Real estate available and held for sale		—		—		5,212		—		—		5,212
Total real estate		1,291,903		—		197,590		—		—		1,489,493
Net investment in leases		429,101		—		—		—		—		429,101
Land and development, net		—		—		—		430,663		—		430,663
Loans receivable and other lending investments, net		45,398		686,932		—		—		—		732,330
Other investments		1,016,710		—		58,739		31,200		69,911		1,176,560
Total portfolio assets	$	2,783,112	$	686,932	$	256,329	$	461,863	$	69,911		4,258,147
Cash and other assets												603,661
Total assets											$	4,861,808

(1)

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.

(2)	General and administrative excludes stock-based compensation expense of $3.0 million and $23.3 million for the three and nine months ended September 30, 2021, respectively, and $5.7 million and $26.7 million for the three and nine months ended September 30, 2020, respectively.

(3)	The following is a reconciliation of segment profit to net income (loss) ($ in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Segment profit	$	148,599	$	32,934	$	189,449	$	74,077
Less: Recovery of (provision for) loan losses		1,556		1,976		7,613		(4,093)
Less: (Provision for) recovery of losses on net investment in leases		(131)		(175)		1,735		(2,001)
Less: Impairment of assets		(1,179)		—		(2,965)		(6,491)
Less: Stock-based compensation expense		(3,001)		(5,661)		(23,300)		(26,675)
Less: Depreciation and amortization		(14,856)		(14,621)		(44,971)		(43,407)
Less: Income tax benefit (expense)		6		(78)		6		(165)
Less: Loss on early extinguishment of debt, net		—		(7,924)		—		(12,038)
Net income (loss)	$	130,994	$	6,451	$	127,567	$	(20,793)

Schedule of reconciliation of segment profit to income (loss)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Segment profit	$	148,599	$	32,934	$	189,449	$	74,077
Less: Recovery of (provision for) loan losses		1,556		1,976		7,613		(4,093)
Less: (Provision for) recovery of losses on net investment in leases		(131)		(175)		1,735		(2,001)
Less: Impairment of assets		(1,179)		—		(2,965)		(6,491)
Less: Stock-based compensation expense		(3,001)		(5,661)		(23,300)		(26,675)
Less: Depreciation and amortization		(14,856)		(14,621)		(44,971)		(43,407)
Less: Income tax benefit (expense)		6		(78)		6		(165)
Less: Loss on early extinguishment of debt, net		—		(7,924)		—		(12,038)
Net income (loss)	$	130,994	$	6,451	$	127,567	$	(20,793)