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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net interest income        
Interest income $ 72,763 $ 60,284 $ 196,410 $ 175,650
Interest expense 42,607 30,685 109,625 88,622
Net interest income 30,156 29,599 86,785 87,028
Provision for loan losses 0 0 0 300
Net interest income after provision for loan losses 30,156 29,599 86,785 86,728
Other income        
Operating lease income 22,924 19,466 64,741 57,845
Tenant recoveries 2,382 1,185 5,121 3,844
Sale of loans, net (775) 19,640 (1,774) 30,265
Realized gain (loss) on securities 6,688 7,126 19,182 9,524
Unrealized gain (loss) on Agency interest-only securities 577 (47) 1,034 29
Realized gain on sale of real estate, net 3,228 4,649 7,790 15,616
Fee and other income 4,338 8,101 13,378 17,258
Net result from derivative transactions (348) 9,356 (18,352) (66,148)
Earnings (loss) from investment in unconsolidated joint ventures 127 (141) 64 485
Gain (loss) on extinguishment of debt 0 0 (54) 5,382
Total other income 39,141 69,335 91,130 74,100
Costs and expenses        
Salaries and employee benefits 13,255 17,296 43,786 43,343
Operating expenses 4,790 4,391 16,098 15,399
Real estate operating expenses 9,351 8,392 24,861 23,244
Fee expense 1,242 803 3,556 2,407
Depreciation and amortization 10,606 9,733 29,323 28,789
Total costs and expenses 39,244 40,615 117,624 113,182
Income (loss) before taxes 30,053 58,319 60,291 47,646
Income tax expense (benefit) (400) 8,721 (3,224) 5,547
Net income (loss) 30,453 49,598 63,515 42,099
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 265 439 (133) 436
Net (income) loss attributable to noncontrolling interest in operating partnership $ (6,679) $ (22,429) $ (15,210) $ (17,664)
Earnings per share:        
Basic (in dollars per share) $ 0.28 $ 0.44 $ 0.61 $ 0.41
Diluted (in dollars per share) $ 0.28 $ 0.44 $ 0.59 $ 0.40
Weighted average shares outstanding:        
Basic (in shares) 85,135,685 62,148,362 79,416,957 60,976,046
Diluted (in shares) 85,476,266 63,347,690 109,857,679 61,875,010
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 24,039 $ 27,608 $ 48,172 $ 24,871
Earnings per share:        
Basic (in dollars per share) $ 0.28 $ 0.44 $ 0.61 $ 0.41
Diluted (in dollars per share) $ 0.28 $ 0.44 $ 0.59 $ 0.40
Weighted average shares outstanding:        
Basic (in shares) 85,135,685 62,148,362 79,416,957 60,976,046
Diluted (in shares) 85,476,266 63,347,690 109,857,679 61,875,010
Dividends per share of Class A common stock (in dollars per share) $ 0.300 $ 0.275 $ 0.900 $ 0.825