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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net interest income        
Interest income $ 85,322 $ 85,230 $ 171,789 $ 163,437
Interest expense 52,369 48,417 103,618 93,130
Net interest income 32,953 36,813 68,171 70,307
Provision for loan losses 300 300 600 3,300
Net interest income after provision for loan losses 32,653 36,513 67,571 67,007
Other income (loss)        
Operating lease income 27,780   56,701  
Operating lease income   26,171   54,310
Sale of loans, net 20,264 6,144 27,342 11,032
Realized gain (loss) on securities 4,464 (1,243) 7,329 (2,342)
Unrealized gain (loss) on equity securities (990) 0 1,088 0
Unrealized gain (loss) on Agency interest-only securities 11 110 22 313
Realized gain (loss) on sale of real estate, net (1,124) 1,628 (1,119) 32,637
Impairment of real estate 0 0 (1,350) 0
Fee and other income 7,196 6,477 11,882 12,728
Net result from derivative transactions (15,457) 7,081 (26,491) 22,040
Earnings (loss) from investment in unconsolidated joint ventures 1,564 13 2,522 65
Gain (loss) on extinguishment/defeasance of debt 0 0 (1,070) (69)
Total other income (loss) 43,708 46,381 76,856 130,714
Costs and expenses        
Salaries and employee benefits 14,907 13,866 38,481 30,962
Operating expenses 6,012 5,597 11,413 11,144
Real estate operating expenses 6,032 7,836 11,506 16,654
Fee expense 1,183 799 2,895 1,641
Depreciation and amortization 9,935 10,656 20,162 21,479
Total costs and expenses 38,069 38,754 84,457 81,880
Income (loss) before taxes 38,292 44,140 59,970 115,841
Income tax expense (benefit) 2,219 573 (634) 4,476
Net income (loss) 36,073 43,567 60,604 111,365
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 307 133 754 (8,289)
Net (income) loss attributable to noncontrolling interest in operating partnership $ (4,136) $ (5,294) $ (6,939) $ (13,795)
Earnings per share:        
Basic (in dollars per share) $ 0.31 $ 0.40 $ 0.52 $ 0.93
Diluted (in dollars per share) $ 0.30 $ 0.40 $ 0.51 $ 0.93
Weighted average shares outstanding:        
Basic (in shares) 105,511,385 96,810,266 104,888,925 96,003,151
Diluted (in shares) 105,892,420 97,165,899 105,742,589 96,276,824
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 32,244 $ 38,406 $ 54,419 $ 89,281
Earnings per share:        
Basic (in dollars per share) $ 0.31 $ 0.40 $ 0.52 $ 0.93
Diluted (in dollars per share) $ 0.30 $ 0.40 $ 0.51 $ 0.93
Weighted average shares outstanding:        
Basic (in shares) 105,511,385 96,810,266 104,888,925 96,003,151
Diluted (in shares) 105,892,420 97,165,899 105,742,589 96,276,824
Dividends per share of Class A common stock (in dollars per share) $ 0.340 $ 0.325 $ 0.680 $ 0.640