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Combined Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Net interest income        
Interest income $ 55,766 $ 59,239 $ 115,366 $ 115,622
Interest expense 28,402 27,487 57,938 54,311
Net interest income (expense) 27,364 31,752 57,428 61,311
Provision for loan losses 150 150 300 300
Net interest income after provision for loan losses 27,214 31,602 57,128 61,011
Other income        
Operating lease income 19,085 20,390 38,379 39,537
Tenant recoveries 1,324 2,510 2,659 5,036
Sale of loans, net 2,795 14,524 10,625 44,551
Realized gain (loss) on securities 2,971 11,017 2,398 23,167
Unrealized gain (loss) on Agency interest-only securities (584) (51) 76 (1,369)
Realized gain on sale of real estate, net 4,873 7,278 10,968 14,940
Fee and other income 6,181 3,833 9,156 7,374
Net result from derivative transactions (24,642) 26,787 (75,504) (12,352)
Earnings from investment in unconsolidated joint ventures (168) 164 626 605
Gain on extinguishment of debt 0 0 5,382 0
Total other income (loss) 11,835 86,452 4,765 121,489
Costs and expenses        
Salaries and employee benefits 13,432 15,947 26,047 29,705
Operating expenses 4,713 6,734 11,008 15,537
Real estate operating expenses 8,925 9,628 14,644 19,001
Real estate acquisition costs 208 454 208 1,054
Fee expense 873 1,463 1,603 2,585
Depreciation and amortization 9,254 9,954 19,057 19,677
Total costs and expenses 37,405 44,180 72,567 87,559
Income (loss) before taxes 1,644 73,874 (10,674) 94,941
Income tax expense (benefit) (2,301) 5,177 (3,174) 8,282
Net income (loss) 3,945 68,697 (7,500) 86,659
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (235) 684 (2) 493
Net (income) loss attributable to noncontrolling interest in operating partnership (908) (35,171) 4,765 (43,768)
Net income (loss) attributable to Class A common shareholders $ 2,802 $ 34,210 $ (2,737) $ 43,384
Earnings per share:        
Basic (in dollars per share) $ 0.05 $ 0.68 $ (0.05) $ 0.86
Diluted (in dollars per share) $ 0.05 $ 0.67 $ (0.05) $ 0.85
Weighted average shares outstanding        
Basic (in shares) 61,170,006 50,335,095 60,383,447 50,161,553
Diluted (in shares) 61,976,962 50,929,538 60,383,447 98,148,577
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 2,802 $ 34,210 $ (2,737) $ 43,384
Earnings per share:        
Basic (in dollars per share) $ 0.05 $ 0.68 $ (0.05) $ 0.86
Diluted (in dollars per share) $ 0.05 $ 0.67 $ (0.05) $ 0.85
Weighted average shares outstanding        
Basic (in shares) 61,170,006 50,335,095 60,383,447 50,161,553
Diluted (in shares) 61,976,962 50,929,538 60,383,447 98,148,577
Dividends declared per share A of Class common stock (in dollars per share) $ 0.275 $ 0.25 $ 0.55 $ 0.5