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Combined Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Net interest income        
Interest income $ 63,013 $ 48,459 $ 178,635 $ 130,394
Interest expense 29,535 19,928 83,846 51,521
Net interest income 33,478 28,531 94,789 78,873
Provision for loan losses 150 150 450 450
Net interest income after provision for loan losses 33,328 28,381 94,339 78,423
Other income        
Operating lease income 20,671 12,810 60,207 38,827
Tenant recoveries 2,847 2,252 7,883 6,473
Sale of loans, net 15,165 20,414 59,717 107,135
Realized gain (loss) on securities 513 14,074 23,680 21,259
Unrealized gain (loss) on Agency interest-only securities 731 (1,282) (639) 466
Realized gain on sale of real estate, net 6,406 8,471 21,347 24,225
Fee income 3,483 2,715 10,857 7,216
Net result from derivative transactions (42,242) 1,125 (54,594) (50,435)
Earnings (loss) from investment in unconsolidated joint ventures (25) 326 580 1,662
Gain on assignment of mortgage loan financing 0 432 0 432
Total other income 7,549 61,337 129,038 157,260
Costs and expenses        
Salaries and employee benefits 17,628 19,830 47,333 66,316
Operating expenses 4,951 6,190 20,487 12,896
Real estate operating expenses 8,975 7,150 27,976 22,131
Real estate acquisition costs 470 1,712 1,524 1,712
Fee expense 675 496 3,260 1,711
Depreciation and amortization 9,561 6,829 29,238 21,274
Total costs and expenses 42,260 42,207 129,818 126,040
Income (loss) before taxes (1,383) 47,511 93,559 109,643
Income tax expense (benefit) (4,181) 10,335 4,101 23,823
Net income 2,798 37,176 89,458 85,820
Net loss attributable to noncontrolling interest in consolidated joint ventures 85 306 578 451
Net loss attributable to predecessor unitholders 0 0 0 12,628
Net (income) loss attributable to noncontrolling interest in operating partnership 430 (22,826) (43,338) (59,086)
Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813
Earnings per share:        
Basic (in dollars per share) $ 0.06 $ 0.30 $ 0.91 $ 0.81
Diluted (in dollars per share) $ 0.06 $ 0.28 $ 0.91 $ 0.74
Weighted average shares outstanding:        
Basic (in shares) 52,922,487 49,394,399 51,091,977 49,101,904
Diluted (in shares) 53,348,858 97,918,235 51,388,851 97,750,385
Class A Common Stock        
Costs and expenses        
Net income attributable to Class A common shareholders $ 3,313 $ 14,656 $ 46,698 $ 39,813
Earnings per share:        
Basic (in dollars per share) $ 0.06 $ 0.30 $ 0.91  
Diluted (in dollars per share) $ 0.06 $ 0.28 $ 0.91  
Weighted average shares outstanding:        
Basic (in shares) 52,922,487 49,394,399 51,091,977  
Diluted (in shares) 53,348,858 97,918,235 51,388,851  
Dividends per common stock (in dollars per share) $ 0.275 $ 0 $ 0.775 $ 0