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Combined Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Net interest income        
Interest income $ 60,284 $ 63,013 $ 175,650 $ 178,635
Interest expense 30,685 29,535 88,622 83,846
Net interest income 29,599 33,478 87,028 94,789
Provision for loan losses 0 150 300 450
Net interest income after provision for loan losses 29,599 33,328 86,728 94,339
Other income        
Operating lease income 19,466 20,671 57,845 60,207
Tenant recoveries 1,185 2,847 3,844 7,883
Sale of loans, net 19,640 15,165 30,265 59,717
Realized gain (loss) on securities 7,126 513 9,524 23,680
Unrealized gain (loss) on Agency interest-only securities (47) 731 29 (639)
Realized gain on sale of real estate, net 4,649 6,406 15,616 21,347
Fee and other income 8,101 3,483 17,258 10,857
Net result from derivative transactions 9,356 (42,242) (66,148) (54,594)
Earnings (loss) from investment in unconsolidated joint ventures (141) (25) 485 580
Gain on extinguishment of debt 0 0 5,382 0
Total other income (loss) 69,335 7,549 74,100 129,038
Costs and expenses        
Salaries and employee benefits 17,296 17,628 43,343 47,333
Operating expenses 4,391 4,951 15,399 20,487
Real estate operating expenses 7,969 8,975 22,613 27,976
Real estate acquisition costs 423 470 631 1,524
Fee expense 803 675 2,407 3,260
Depreciation and amortization 9,733 9,561 28,789 29,238
Total costs and expenses 40,615 42,260 113,182 129,818
Income (loss) before taxes 58,319 (1,383) 47,646 93,559
Income tax expense (benefit) 8,721 (4,181) 5,547 4,101
Net income (loss) 49,598 2,798 42,099 89,458
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 439 85 436 578
Net (income) loss attributable to noncontrolling interest in operating partnership (22,429) 430 (17,664) (43,338)
Net income (loss) attributable to Class A common shareholders $ 27,608 $ 3,313 $ 24,871 $ 46,698
Earnings per share:        
Basic (in dollars per share) $ 0.44 $ 0.06 $ 0.41 $ 0.91
Diluted (in dollars per share) $ 0.44 $ 0.06 $ 0.40 $ 0.91
Weighted average shares outstanding:        
Basic (in shares) 62,148,362 52,922,487 60,976,046 51,091,977
Diluted (in shares) 63,347,690 53,348,858 61,875,010 51,388,851
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 27,608 $ 3,313 $ 24,871 $ 46,698
Earnings per share:        
Basic (in dollars per share) $ 0.44 $ 0.06 $ 0.41 $ 0.91
Diluted (in dollars per share) $ 0.44 $ 0.06 $ 0.40 $ 0.91
Weighted average shares outstanding:        
Basic (in shares) 62,148,362 52,922,487 60,976,046 51,091,977
Diluted (in shares) 63,347,690 53,348,858 61,875,010 51,388,851
Dividends per share of common stock (in dollars per share) $ 0.275 $ 0.275 $ 0.825 $ 0.775