SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

The following table presents our adjustments for the three months ended June 30, 2019.


	As Previously Reported						Adjustments						As Reported
	Aviation Leasing		Corporate and Other		Aviation Leasing		Corporate and Other		Aviation Leasing		Corporate and Other
Operating expenses	$	2,721	$	3,166	$	746	$	—	$	3,467	$	3,166
General and administrative	—		4,297		—		(746)		—		3,551
Acquisition and transaction expenses	—		2,308		970		(970)		970		1,338

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended June 30, 2020


	Three Months Ended June 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	75,259	$	—	$	—	$	4,575	$	79,834
Infrastructure revenues	—		13,081		—		1,394		14,475
Total revenues	75,259		13,081		—		5,969		94,309

Expenses
Operating expenses	4,577		12,290		1,875		5,830		24,572
General and administrative	—		—		—		4,388		4,388
Acquisition and transaction expenses	2,061		—		19		1,581		3,661
Management fees and incentive allocation to affiliate	—		—		—		4,756		4,756
Depreciation and amortization	32,203		7,160		378		1,979		41,720
Asset impairment	10,476		—		—		—		10,476
Interest expense	—		2,310		354		19,130		21,794
Total expenses	49,317		21,760		2,626		37,664		111,367

Other (expense) income
Equity in losses of unconsolidated entities	(594)		—		(2,582)		(33)		(3,209)
Gain (loss) on sale of assets, net	775		(7)		—		—		768

Interest income	17		—		—		5		22
Other expense	—		(1)		—		—		(1)
Total other income (expense)	198		(8)		(2,582)		(28)		(2,420)
Income (loss) from continuing operations before income taxes	26,140		(8,687)		(5,208)		(31,723)		(19,478)
(Benefit from) provision for income taxes	(3,427)		74		(597)		200		(3,750)
Net income (loss) from continuing operations	29,567		(8,761)		(4,611)		(31,923)		(15,728)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		(4,020)		(92)		—		(4,112)
Dividends on preferred shares	—		—		—		4,079		4,079
Net income (loss) from continuing operations attributable to shareholders	$	29,567	$	(4,741)	$	(4,519)	$	(36,002)	$	(15,695)

III. For the Three Months Ended June 30, 2019


	Three Months Ended June 30, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Equipment leasing revenues	$	74,981	$	—	$	—	$	4,219	$	79,200
Infrastructure revenues	—		67,562		2,266		820		70,648
Total revenues	74,981		67,562		2,266		5,039		149,848

Expenses
Operating expenses	3,467		74,393		4,757		3,166		85,783
General and administrative	—		—		—		3,551		3,551
Acquisition and transaction expenses	970		—		—		1,338		2,308
Management fees and incentive allocation to affiliate	—		—		—		5,710		5,710
Depreciation and amortization	33,267		5,519		1,560		1,706		42,052

Interest expense	—		4,524		348		20,522		25,394
Total expenses	37,704		84,436		6,665		35,993		164,798

Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(242)		92		—		(19)		(169)
Gain on sale of assets, net	22,610		12		—		—		22,622

Interest income	28		33		173		6		240
Other income	—		50		4,887		—		4,937
Total other income (expense)	22,396		187		5,060		(13)		27,630
Income (loss) from continuing operations before income taxes	59,673		(16,687)		661		(30,967)		12,680
(Benefit from) provision for income taxes	(2,369)		38		—		3		(2,328)
Net income (loss) from continuing operations	62,042		(16,725)		661		(30,970)		15,008
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		(4,558)		(22)		—		(4,580)

Net income (loss) from continuing operations attributable to shareholders	$	62,042	$	(12,167)	$	683	$	(30,970)	$	19,588

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Three Months Ended June 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	77,501	$	2,968	$	(885)	$	(13,112)	$	66,472
Add: Non-controlling share of Adjusted EBITDA									2,101
Add: Equity in losses of unconsolidated entities									(3,209)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(126)
Less: Interest expense									(21,794)
Less: Depreciation and amortization expense									(48,341)
Less: Incentive allocations									—
Less: Asset impairment charges									(10,476)
Less: Changes in fair value of non-hedge derivative instruments									—
Less: Losses on the modification or extinguishment of debt and capital lease obligations									—
Less: Acquisition and transaction expenses									(3,661)
Less: Equity-based compensation expense									(411)
Less: Benefit from income taxes									3,750
Net loss attributable to shareholders from continuing operations									$	(15,695)

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations:


	Three Months Ended June 30, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Adjusted EBITDA	$	102,864	$	(2,563)	$	(2,241)	$	(5,364)	$	92,696
Add: Non-controlling share of Adjusted EBITDA									2,785
Add: Equity in losses of unconsolidated entities									(169)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(24)
Less: Interest expense									(25,394)
Less: Depreciation and amortization expense									(51,006)
Less: Incentive allocations									(2,211)
Less: Asset impairment charges									—
Less: Changes in fair value of non-hedge derivative instruments									3,470
Less: Losses on the modification or extinguishment of debt and capital lease obligations									—
Less: Acquisition and transaction expenses									(2,308)
Less: Equity-based compensation expense									(579)
Less: Benefit from income taxes									2,328
Net income attributable to shareholders from continuing operations									$	19,588

Revenue from External Customers by Geographic Areas

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended June 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	1,319	$	—	$	—	$	—	$	1,319
Asia	31,732		—		—		4,575		36,307
Europe	31,287		—		—		—		31,287
North America	9,931		13,081		—		1,394		24,406
South America	990		—		—		—		990
Total	$	75,259	$	13,081	$	—	$	5,969	$	94,309

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Three Months Ended June 30, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Revenues
Africa	$	2,208	$	—	$	—	$	—	$	2,208
Asia	25,410		—		—		4,219		29,629
Europe	35,413		—		—		—		35,413
North America	9,604		67,562		2,266		820		80,252
South America	2,346		—		—		—		2,346
Total	$	74,981	$	67,562	$	2,266	$	5,039	$	149,848

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

. Balance Sheet and Location of Long-Lived Assets

The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net:


	June 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Total assets	$	1,758,972	$	890,770	$	414,490	$	223,262	$	3,287,494

Debt, net	—		252,754		25,000		1,324,550		1,602,304

Total liabilities	271,548		363,894		49,749		1,350,812		2,036,003

Non-controlling interests in equity of consolidated subsidiaries	—		27,419		849		524		28,792

Total equity	1,487,424		526,876		364,741		(1,127,550)		1,251,491

Total liabilities and equity	$	1,758,972	$	890,770	$	414,490	$	223,262	$	3,287,494


	December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Total assets	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922

Debt, net	—		233,077		25,000		1,162,851		1,420,928

Total liabilities	285,099		324,509		63,930		1,224,527		1,898,065

Non-controlling interests in equity of consolidated subsidiaries	—		35,671		785		524		36,980

Total equity	1,409,738		456,913		302,472		(830,266)		1,338,857

Total liabilities and equity	$	1,694,837	$	781,422	$	366,402	$	394,261	$	3,236,922

Long-lived Assets by Geographic Areas


	June 30, 2020
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	37,049	$	—	$	—	$	—	$	37,049
Asia	392,135		—		—		45,969		438,104
Europe	849,642		—		—		—		849,642
North America	300,524		612,115		254,757		120,775		1,288,171
South America	5,962		—		—		—		5,962
Total	$	1,585,312	$	612,115	$	254,757	$	166,744	$	2,618,928


	December 31, 2019
	Equipment Leasing		Infrastructure
	Aviation Leasing		Jefferson Terminal		Ports and Terminals		Corporate and Other		Total
Property, plant and equipment and leasing equipment, net
Africa	$	43,348	$	—	$	—	$	—	$	43,348
Asia	487,913		—		—		37,548		525,461
Europe	647,029		—		—		—		647,029
North America	311,185		560,059		200,319		123,067		1,194,630
South America	28,700		—		—		—		28,700
Total	$	1,518,175	$	560,059	$	200,319	$	160,615	$	2,439,168