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Combined Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 11 Months Ended 12 Months Ended
Dec. 10, 2015
Sep. 10, 2015
Jun. 15, 2015
Apr. 06, 2015
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax                           $ 500 $ 5,800 $ 0
Net interest income                                
Interest income         $ 62,903 $ 63,013 $ 59,239 $ 56,384 $ 56,931 $ 48,459 $ 45,112 $ 36,822   241,539 187,325 121,578
Interest expense                           113,303 77,574 48,745
Net interest income                           128,236 109,751 72,833
Provision for loan losses                           600 600 600
Net interest income after provision for loan losses         33,297 33,328 31,602 29,409 30,728 28,381 28,211 21,831   127,636 109,151 72,233
Other income                                
Operating lease income                           80,465 56,649 37,395
Tenant recoveries                           9,907 9,183 3,271
Sale of loans, net                           71,066 145,275 146,708
Realized gain (loss) on securities                           24,007 26,977 4,231
Unrealized gain (loss) on Agency interest-only securities                           (1,249) 2,144 (2,665)
Realized gain on sale of real estate, net                           40,386 29,760 13,565
Fee and other income                           15,205 11,704 7,922
Net result from derivative transactions                           (38,937) (94,798) 28,075
Earnings (loss) from investment in unconsolidated joint ventures                           371 1,990 3,203
Gain on assignment of mortgage loan financing                           0 432 0
Loss on extinguishment of debt                           0 (150) 0
Total other income         72,183 7,549 86,452 35,037 31,906 61,337 55,489 40,434   201,221 189,166 241,705
Costs and expenses                                
Salaries and employee benefits                           61,612 82,144 61,038
Operating expenses                           25,103 25,398 14,937
Real estate operating expenses                           35,886 32,670 17,404
Real estate acquisition costs                           1,983 2,404 3,626
Fee expense                           4,521 3,023 2,955
Depreciation and amortization                           39,061 28,447 21,515
Total costs and expenses         38,347 42,260 44,180 43,379 48,045 42,207 45,258 38,575   168,166 174,086 121,475
Income (loss) before taxes         67,133 (1,383) 73,874 21,067 14,589 47,511 38,442 23,690   160,691 124,231 192,463
Income tax expense (benefit)         10,457 (4,181) 5,177 3,104 2,783 10,335 8,199 5,289   14,557 26,605 3,730
Net income         56,676 2,798 68,697 17,963 11,806 37,176 30,243 18,401   146,134 97,626 188,733
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures         (2,146) 85 684 (191) (83) 306 (46) 192   (1,568) 370 1,098
Pre-IPO net loss attributable to predecessor unitholders                 0 0 0 12,628   0 12,628 189,831
Net (income) loss attributable to noncontrolling interest in operating partnership         (27,407) 430 (35,171) (8,597) (7,350) (22,827) (17,691) (18,568)   (70,745) (66,437) 189,831
Net income attributable to Class A common shareholders         $ 27,123 $ 3,313 $ 34,210 $ 9,175 $ 4,374 $ 14,656 $ 12,505 $ 12,652   $ 73,821 $ 44,187  
Earnings per share:                                
Basic (in dollars per share)         $ 0.51 $ 0.06 $ 0.68 $ 0.18 $ 0.09 $ 0.30 $ 0.26 $ 0.26   $ 1.43 $ 0.90  
Diluted (in dollars per share)         0.50 0.06 0.67 0.15 $ 0.09 $ 0.28 $ 0.22 $ 0.24   $ 1.42 $ 0.86  
Weighted average shares outstanding:                                
Basic (in shares)                         49,296,417 51,702,188 49,296,417  
Diluted (in shares)                         97,583,310 51,870,808 97,583,310  
Dividends per share of common stock (in dollars per share)         $ 1.45 $ 0.275 $ 0.25 $ 0.25                
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax                           $ (500) $ (5,800) $ 0
Class A Common Stock                                
Costs and expenses                                
Net income attributable to Class A common shareholders                         $ 44,187 $ 73,821 $ 44,187  
Earnings per share:                                
Basic (in dollars per share)                         $ 0.90 $ 1.43    
Diluted (in dollars per share)                         $ 0.86 $ 1.42    
Weighted average shares outstanding:                                
Basic (in shares)                         49,296,417 51,702,188    
Diluted (in shares)                         97,583,310 51,870,808    
Dividends per share of common stock (in dollars per share) $ 1.45 $ 0.275 $ 0.25 $ 0.25                   $ 2.225 $ 0