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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 01, 2018
Sep. 05, 2018
May 30, 2018
Feb. 27, 2018
Jan. 03, 2018
Nov. 07, 2017
Sep. 01, 2017
Jun. 01, 2017
Mar. 01, 2017
Dec. 02, 2016
Sep. 01, 2016
Jun. 01, 2016
Mar. 01, 2016
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net interest income                                                
Interest income                           $ 90,994 $ 90,386 $ 85,230 $ 78,206 $ 73,352 $ 66,833 $ 65,970 $ 57,512 $ 344,816 $ 263,667 $ 236,372
Interest expense                                           194,291 146,118 120,827
Net interest income                                           150,525 117,549 115,545
Provision for loan losses                                           13,900 0 300
Net interest income after provision for loan losses                           41,009 28,610 36,513 30,493 31,795 29,348 30,309 26,097 136,625 117,549 115,245
Other income                                                
Operating lease income                                           96,506 89,492 77,277
Tenant recoveries                                           9,671 7,179 5,958
Sale of loans, net                                           16,511 54,046 26,009
Realized gain (loss) on securities                                           (5,808) 17,209 7,724
Unrealized gain (loss) on equity securities                                           (1,605) 0 0
Unrealized gain (loss) on Agency interest-only securities                                           555 1,405 (56)
Realized gain on sale of real estate, net                                           95,881 11,423 20,636
Fee and other income                                           26,285 18,341 21,365
Net result from derivative transactions                                           15,926 (12,641) (1,409)
Earnings (loss) from investment in unconsolidated joint ventures                                           790 89 426
Gain (loss) on extinguishment/defeasance of debt                                           (4,392) (73) 5,382
Total other income                                           250,320 186,470 163,312
Costs and expenses                                                
Salaries and employee benefits                                           60,117 70,463 64,270
Operating expenses                                           21,696 21,421 20,552
Real estate operating expenses                                           29,799 33,216 30,545
Fee expense                                           5,055 4,996 3,703
Depreciation and amortization                                           41,959 40,332 39,447
Total costs and expenses                           36,610 40,136 38,753 43,127 52,804 39,244 40,120 38,260 158,626 170,428 158,517
Income (loss) before taxes                           27,810 84,668 44,141 71,700 48,427 29,245 37,664 18,255 228,319 133,591 120,040
Income tax expense (benefit)                           964 1,204 573 3,902 3,057 (576) 6,606 (1,375) 6,643 7,712 6,320
Net income (loss)                           26,846 83,464 43,568 67,798 45,370 29,821 31,058 19,630 221,676 125,879 113,720
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures                           268 (7,843) 133 (8,422) (92) 265 (77) (322) (15,864) (226) 138
Net (income) loss attributable to noncontrolling interest in operating partnership                           $ (3,011) $ (8,991) $ (5,294) $ (8,501) $ (9,172) $ (6,499) $ (8,868) $ (5,838) $ (25,797) $ (30,377) $ (47,131)
Earnings per share:                                                
Basic (in dollars per share)                           $ 0.24 $ 0.69 $ 0.40 $ 0.53 $ 0.41 $ 0.28 $ 0.28 $ 0.18 $ 1.85 $ 1.16 $ 1.08
Diluted (in dollars per share)                           $ 0.24 $ 0.67 $ 0.40 $ 0.53 0.40 0.28 0.26 0.18 $ 1.84 $ 1.13 $ 1.06
Weighted average shares outstanding:                                                
Basic (in shares)                                           97,226,027 81,902,524 61,998,089
Diluted (in shares)                                           97,652,065 109,704,880 107,638,788
Dividends per share of Class A common stock (in dollars per share)         $ 0.315                         $ 0.315 $ 0.3 $ 0.3 $ 0.3 $ 1.535 $ 1.215 $ 1.285
Class A Common Stock                                                
Costs and expenses                                                
Net income (loss) attributable to Class A common shareholders                           $ 24,103 $ 66,630 $ 38,407 $ 50,875 $ 36,106 $ 23,587 $ 22,113 $ 13,470 $ 180,015 $ 95,276 $ 66,727
Earnings per share:                                                
Basic (in dollars per share)                                           $ 1.85 $ 1.16 $ 1.08
Diluted (in dollars per share)                                           $ 1.84 $ 1.13 $ 1.06
Weighted average shares outstanding:                                                
Basic (in shares)                                           97,226,027 81,902,524 61,998,089
Diluted (in shares)                                           97,652,065 109,704,880 107,638,788
Dividends per share of Class A common stock (in dollars per share) $ 0.57 $ 0.325 $ 0.325 $ 0.315   $ 0.315 $ 0.3 $ 0.3 $ 0.3 $ 0.460 $ 0.275 $ 0.275 $ 0.275 $ 0.57 $ 0.325 $ 0.325 $ 0.315         $ 1.535 $ 1.215 $ 1.285