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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net interest income        
Interest income $ 82,251 $ 90,386 $ 254,040 $ 253,822
Interest expense 51,397 51,476 155,015 144,606
Net interest income 30,854 38,910 99,025 109,216
Provision for loan losses 0 10,300 600 13,600
Net interest income after provision for loan losses 30,854 28,610 98,425 95,616
Other income (loss)        
Operating lease income 24,405   81,106  
Operating lease income   24,997   79,306
Sale of loans, net 11,247 1,861 38,589 12,893
Realized gain (loss) on securities 3,396 (2,554) 10,726 (4,896)
Unrealized gain (loss) on equity securities 254 0 1,341 0
Unrealized gain (loss) on Agency interest-only securities 16 142 38 456
Realized gain (loss) on sale of real estate, net 2,082 63,704 963 96,341
Impairment of real estate 0 0 (1,350) 0
Fee and other income 5,166 4,851 17,047 17,579
Net result from derivative transactions (9,465) 7,115 (35,956) 29,156
Earnings (loss) from investment in unconsolidated joint ventures 1,094 401 3,617 466
Gain (loss) on extinguishment/defeasance of debt 0 (4,323) (1,070) (4,392)
Total other income (loss) 38,195 96,194 115,051 226,909
Costs and expenses        
Salaries and employee benefits 14,319 15,792 52,800 46,754
Operating expenses 5,314 5,464 16,727 16,608
Real estate operating expenses 6,270 7,152 17,776 23,806
Fee expense 2,056 1,311 4,951 2,953
Depreciation and amortization 9,030 10,417 29,192 31,896
Total costs and expenses 36,989 40,136 121,446 122,017
Income (loss) before taxes 32,060 84,668 92,030 200,508
Income tax expense (benefit) 1,112 1,204 478 5,679
Net income (loss) 30,948 83,464 91,552 194,829
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (64) (7,843) 691 (16,132)
Net (income) loss attributable to noncontrolling interest in operating partnership $ (3,308) $ (8,991) $ (10,247) $ (22,786)
Earnings per share:        
Basic (in dollars per share) $ 0.26 $ 0.69 $ 0.78 $ 1.62
Diluted (in dollars per share) $ 0.26 $ 0.67 $ 0.77 $ 1.61
Weighted average shares outstanding:        
Basic (in shares) 106,004,152 96,935,986 105,264,752 96,317,513
Diluted (in shares) 106,603,713 110,650,253 106,232,581 110,482,991
Class A Common Stock        
Costs and expenses        
Net income (loss) attributable to Class A common shareholders $ 27,576 $ 66,630 $ 81,996 $ 155,911
Earnings per share:        
Basic (in dollars per share) $ 0.26 $ 0.69 $ 0.78 $ 1.62
Diluted (in dollars per share) $ 0.26 $ 0.67 $ 0.77 $ 1.61
Weighted average shares outstanding:        
Basic (in shares) 106,004,152 96,935,986 105,264,752 96,317,513
Diluted (in shares) 106,603,713 110,650,253 106,232,581 110,482,991
Dividends per share of Class A common stock (in dollars per share) $ 0.340 $ 0.325 $ 1.020 $ 0.965