XML 26 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Combined Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 11 Months Ended 12 Months Ended
Dec. 02, 2016
Sep. 01, 2016
Jun. 01, 2016
Mar. 01, 2016
Dec. 01, 2015
Sep. 01, 2015
Jun. 08, 2015
Mar. 12, 2015
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net interest income                                        
Interest income                 $ 60,721 $ 60,284 $ 55,766 $ 59,601 $ 62,903 $ 63,013 $ 59,239 $ 56,384   $ 236,372 $ 241,539 $ 187,325
Interest expense                                   120,827 113,303 77,574
Net interest income                                   115,545 128,236 109,751
Provision for loan losses                                   300 600 600
Net interest income after provision for loan losses                 28,517 29,599 27,214 29,915 33,297 33,328 31,602 29,409   115,245 127,636 109,151
Other income                                        
Operating lease income                                   77,277 80,465 56,649
Tenant recoveries                                   5,958 9,907 9,183
Sale of loans, net                                   26,009 71,066 145,275
Realized gain (loss) on securities                                   7,724 24,007 26,977
Unrealized gain (loss) on Agency interest-only securities                                   (56) (1,249) 2,144
Realized gain on sale of real estate, net                                   20,636 40,386 29,760
Fee and other income                                   21,365 15,205 11,704
Net result from derivative transactions                                   (1,409) (38,937) (94,798)
Earnings (loss) from investment in unconsolidated joint ventures                                   426 371 1,990
Gain on assignment of mortgage loan financing                                   0 0 432
Gain (loss) on extinguishment of debt                                   5,382 0 (150)
Total other income                                   163,312 201,221 189,166
Costs and expenses                                        
Salaries and employee benefits                                   64,270 61,612 82,144
Operating expenses                                   20,552 25,103 25,398
Real estate operating expenses                                   29,953 35,886 32,670
Real estate acquisition costs                                   592 1,983 2,404
Fee expense                                   3,703 4,521 3,023
Depreciation and amortization                                   39,447 39,061 28,447
Total costs and expenses                 45,335 40,615 37,405 35,162 38,347 42,260 44,180 43,379   158,517 168,166 174,086
Income (loss) before taxes                 72,394 58,319 1,644 (12,317) 67,133 (1,383) 73,874 21,067   120,040 160,691 124,231
Income tax expense (benefit)                 773 8,721 (2,301) (873) 10,457 (4,181) 5,177 3,104   6,320 14,557 26,605
Net income (loss)                 71,621 49,598 3,945 (11,444) 56,676 2,798 68,697 17,963   113,720 146,134 97,626
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures                 (298) 439 (235) 232 (2,146) 85 684 (191)   138 (1,568) 370
Pre-IPO net loss attributable to predecessor unitholders                                   0 0 12,628
Net (income) loss attributable to noncontrolling interest in operating partnership                 (29,467) (22,429) (908) 5,673 (27,407) 430 (35,171) (8,597)   (47,131) (70,745) (66,437)
Net income (loss) attributable to Class A common shareholders                 $ 41,856 $ 27,608 $ 2,802 $ (5,539) $ 27,123 $ 3,313 $ 34,210 $ 9,175   $ 66,727 $ 73,821 $ 44,187
Earnings per share:                                        
Basic (in dollars per share)                 $ 0.64 $ 0.44 $ 0.05 $ (0.09) $ 0.51 $ 0.06 $ 0.68 $ 0.18   $ 1.08 $ 1.43 $ 0.90
Diluted (in dollars per share)                 0.63 0.44 0.05 (0.09) 0.50 0.06 0.67 0.15   $ 1.06 $ 1.42 $ 0.86
Weighted average shares outstanding:                                        
Basic (in shares)                                 49,296,417 61,998,089 51,702,188 49,296,417
Diluted (in shares)                                 97,583,310 107,638,788 51,870,808 97,583,310
Dividends per share of Class A common stock (in dollars per share)                 $ 0.460 $ 0.275 $ 0.275 $ 0.275 $ 1.450 $ 0.275 $ 0.250 $ 0.250        
Class A Common Stock                                        
Costs and expenses                                        
Net income (loss) attributable to Class A common shareholders                                 $ 44,187 $ 66,727 $ 73,821 $ 44,187
Earnings per share:                                        
Basic (in dollars per share)                                 $ 0.90 $ 1.08 $ 1.43  
Diluted (in dollars per share)                                 $ 0.86 $ 1.06 $ 1.42  
Weighted average shares outstanding:                                        
Basic (in shares)                                 49,296,417 61,998,089 51,702,188  
Diluted (in shares)                                 97,583,310 107,638,788 51,870,808  
Dividends per share of Class A common stock (in dollars per share) $ 0.460 $ 0.275 $ 0.275 $ 0.275 $ 1.450 $ 0.275 $ 0.250 $ 0.250                   $ 1.285 $ 2.225 $ 0