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SEGMENT INFORMATION (Tables) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting [Abstract]        
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, 2022
Three Months Ended June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Equipment leasing revenues$108,931 $— $— $— $3,133 $112,064 
Infrastructure revenues— 14,528 1,640 38,060 11,640 65,868 
Total revenues108,931 14,528 1,640 38,060 14,773 177,932 
Expenses
Operating expenses26,226 14,261 4,283 19,826 19,408 84,004 
General and administrative— — — — 5,004 5,004 
Acquisition and transaction expenses919 — — 149 8,558 9,626 
Management fees and incentive allocation to affiliate— — — — 3,062 3,062 
Depreciation and amortization37,328 9,739 2,376 4,696 2,483 56,622 
Asset impairment886 — — — — 886 
Interest expense— 6,127 342 15 47,889 54,373 
Total expenses65,359 30,127 7,001 24,686 86,404 213,577 
Other income (expense)
Equity in earnings (losses) of unconsolidated entities35 — (12,971)— (887)(13,823)
Gain on sale of assets, net63,645 — — — — 63,645 
Interest income38 — — — 552 590 
Other expense— (1,291)— (305)— (1,596)
Total other income (expense)63,718 (1,291)(12,971)(305)(335)48,816 
Income (Loss) before income taxes107,290 (16,890)(18,332)13,069 (71,966)13,171 
Provision for (benefit from) income taxes1,963 68 — 2,217 (837)3,411 
Net income (loss) 105,327 (16,958)(18,332)10,852 (71,129)9,760 
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries— (8,135)(320)— (25)(8,480)
Less: Dividends on preferred shares— — — — 6,791 6,791 
Net income (loss) attributable to shareholders$105,327 $(8,823)$(18,012)$10,852 $(77,895)$11,449 
III. For the Three Months Ended June 30, 2021
Three Months Ended June 30, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Equipment leasing revenues$78,443 $— $— $— $3,128 $81,571 
Infrastructure revenues— 11,527 2,344 — 1,473 15,344 
Total revenues78,443 11,527 2,344 — 4,601 96,915 
Expenses
Operating expenses9,145 11,777 3,828 — 6,433 31,183 
General and administrative— — — — 3,655 3,655 
Acquisition and transaction expenses836 — — — 3,563 4,399 
Management fees and incentive allocation to affiliate — — — — 4,113 4,113 
Depreciation and amortization33,732 9,315 2,216 — 2,108 47,371 
Asset impairment89 — — — — 89 
Interest expense— 3,213 295 — 33,996 37,504 
Total expenses43,802 24,305 6,339 — 53,868 128,314 
Other income
Equity in (losses) earnings of unconsolidated entities(341)— (7,015)— 204 (7,152)
Gain on sale of assets, net3,971 — 16 — — 3,987 
Loss on extinguishment of debt— — — — (3,254)(3,254)
Interest income357 — 91 — 6 454 
Other (expense) income— (886)— — 2 (884)
Total other income (expense)3,987 (886)(6,908)— (3,042)(6,849)
Income (loss) before income taxes38,628 (13,664)(10,903)— (52,309)(38,248)
(Benefit from) provision for income taxes(4)59 (1,621)— (74)(1,640)
Net income (loss)38,632 (13,723)(9,282)— (52,235)(36,608)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries— (6,538)(87)— — (6,625)
Less: Dividends on preferred shares— — — — 6,551 6,551 
Net income (loss) attributable to shareholders$38,632 $(7,185)$(9,195)$— $(58,786)$(36,534)
 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated    
The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:
Three Months Ended June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Adjusted EBITDA$158,345 $4,158 $3,675 $18,826 $(19,677)$165,327 
Add: Non-controlling share of Adjusted EBITDA3,716 
Add: Equity in losses of unconsolidated entities(13,823)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(6,977)
Less: Interest expense(54,373)
Less: Depreciation and amortization expense(68,427)
Less: Incentive allocations— 
Less: Asset impairment charges(886)
Less: Changes in fair value of non-hedge derivative instruments1,514 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(9,626)
Less: Equity-based compensation expense(1,585)
Less: Provision for income taxes(3,411)
Net income attributable to shareholders $11,449 
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders:
Three Months Ended June 30, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Adjusted EBITDA$80,137 $3,555 $376 $— $(16,114)$67,954 
Add: Non-controlling share of Adjusted EBITDA3,257 
Add: Equity in income of unconsolidated entities(7,152)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities11 
Less: Interest expense(37,504)
Less: Depreciation and amortization expense(54,168)
Less: Incentive allocations— 
Less: Asset impairment charges(89)
Less: Changes in fair value of non-hedge derivative instruments(1,391)
Less: Losses on the modification or extinguishment of debt and capital lease obligations(3,254)
Less: Acquisition and transaction expenses(4,399)
Less: Equity-based compensation expense(1,439)
Less: Benefit from income taxes1,640 
Net loss attributable to shareholders$(36,534)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders:
Six Months Ended June 30, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Adjusted EBITDA$140,866 $6,383 $508 $— $(32,649)$115,108 
Add: Non-controlling share of Adjusted EBITDA5,286 
Add: Equity in losses of unconsolidated entities(5,778)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2,391)
Less: Interest expense(70,494)
Less: Depreciation and amortization expense(106,811)
Less: Incentive allocations— 
Less: Asset impairment charges(2,189)
Less: Changes in fair value of non-hedge derivative instruments6,573 
Less: Losses on the modification or extinguishment of debt and capital lease obligations(3,254)
Less: Acquisition and transaction expenses(6,042)
Less: Equity-based compensation expense(2,553)
Less: Benefit from income taxes1,471 
Net loss attributable to shareholders$(71,074)
 
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, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Asia$20,953 $— $— $— $3,133 $24,086 
Europe32,060 — — — — 32,060 
North America40,902 14,528 1,640 38,060 11,640 106,770 
South America15,016 — — — — 15,016 
Total$108,931 $14,528 $1,640 $38,060 $14,773 $177,932 
II. For the Six Months Ended June 30, 2022
Six Months Ended June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Equipment leasing revenues$193,956 $— $— $— $9,799 $203,755 
Infrastructure revenues— 27,574 (346)72,130 12,658 112,016 
Total revenues193,956 27,574 (346)72,130 22,457 315,771 
Expenses
Operating expenses92,428 27,384 8,166 38,889 26,053 192,920 
General and administrative— — — — 10,695 10,695 
Acquisition and transaction expenses1,949 — — 355 13,346 15,650 
Management fees and incentive allocation to affiliate— — — — 7,226 7,226 
Depreciation and amortization76,657 19,439 4,745 9,455 4,627 114,923 
Asset impairment123,676 — — — — 123,676 
Interest expense— 12,237 629 75 92,030 104,971 
Total expenses294,710 59,060 13,540 48,774 153,977 570,061 
Other income (expense)
Equity in earnings (losses) of unconsolidated entities233 — (36,520)— (1,549)(37,836)
Gain on sale of assets, net79,933 — — — — 79,933 
Interest income203 — — — 1,043 1,246 
Other expense— (1,390)— (665)— (2,055)
Total other income (expense)80,369 (1,390)(36,520)(665)(506)41,288 
(Loss) income before income taxes(20,385)(32,876)(50,406)22,691 (132,026)(213,002)
Provision for (benefit from) income taxes3,020 137 — 4,296 (556)6,897 
Net (loss) income (23,405)(33,013)(50,406)18,395 (131,470)(219,899)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries— (15,271)(650)— (25)(15,946)
Less: Dividends on preferred shares— — — — 13,582 13,582 
Net (loss) income attributable to shareholders$(23,405)$(17,742)$(49,756)$18,395 $(145,027)$(217,535)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders:
Six Months Ended June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Adjusted EBITDA$205,888 $7,964 $5,044 33,473 $(35,481)$216,888 
Add: Non-controlling share of Adjusted EBITDA7,532 
Add: Equity in losses of unconsolidated entities(37,836)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities(12,638)
Less: Interest expense(104,971)
Less: Depreciation and amortization expense(138,741)
Less: Incentive allocations— 
Less: Asset impairment charges(123,676)
Less: Changes in fair value of non-hedge derivative instruments748 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— 
Less: Acquisition and transaction expenses(15,650)
Less: Equity-based compensation expense(2,294)
Less: Provision for income taxes(6,897)
Net loss attributable to shareholders$(217,535)
Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Six Months Ended June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Africa$850 $— $— $— $— $850 
Asia38,016 — — — 9,799 47,815 
Europe64,036 — — — — 64,036 
North America66,674 27,574 (346)72,130 12,658 178,690 
South America24,380 — — — — 24,380 
Total$193,956 $27,574 $(346)$72,130 $22,457 $315,771 
Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Three Months Ended June 30, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Africa$235 $— $— $— $— $235 
Asia32,479 — — — 3,128 35,607 
Europe30,662 — — — — 30,662 
North America13,358 11,527 2,344 — 1,473 28,702 
South America1,709 — — — — 1,709 
Total$78,443 $11,527 $2,344 $— $4,601 $96,915 
 
Long-lived Assets by Geographic Areas     Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Six Months Ended June 30, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Revenues
Africa$235 $— $— $— $— $235 
Asia57,503 — — — 3,634 61,137 
Europe53,401 — — — — 53,401 
North America20,950 22,246 10,440 — 3,200 56,836 
South America2,455 — — — — 2,455 
Total$134,544 $22,246 $10,440 $— $6,834 $174,064 
June 30, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Property, plant and equipment and leasing equipment, net
Africa$21,253 $— $— $— $— $21,253 
Asia275,387 — — — 176,114 451,501 
Europe688,800 — — — — 688,800 
North America321,148 874,719 280,733 469,654 9,336 1,955,590 
South America369,487 — — — — 369,487 
Total$1,676,075 $874,719 $280,733 $469,654 $185,450 $3,486,631 
December 31, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Property, plant and equipment and leasing equipment, net
Asia$368,298 $— $— $— $175,313 $543,611 
Europe839,555 — — — — 839,555 
North America265,203 786,566 280,210 481,826 5,003 1,818,808 
South America245,532 — — — — 245,532 
Total$1,718,588 $786,566 $280,210 $481,826 $180,316 $3,447,506 
 
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, 2022
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Total assets$2,124,335 $1,304,515 $331,843 $748,210 $373,245 $4,882,148 
Debt, net— 704,410 25,000 — 2,768,156 3,497,566 
Total liabilities150,085 835,714 236,890 110,761 2,859,427 4,192,877 
Non-controlling interests in equity of consolidated subsidiaries— (16,799)1,559 897 4,740 (9,603)
Total equity1,974,250 468,801 94,953 637,449 (2,486,182)689,271 
Total liabilities and equity$2,124,335 $1,304,515 $331,843 $748,210 $373,245 $4,882,148 
December 31, 2021
Equipment LeasingInfrastructure
Aviation LeasingJefferson TerminalPorts and TerminalsTranstarCorporate and OtherTotal
Total assets$2,098,979 $1,284,432 $316,899 $762,294 $401,250 $4,863,854 
Debt, net— 693,624 25,000 — 2,501,587 3,220,211 
Total liabilities214,564 820,725 50,651 109,325 2,544,489 3,739,754 
Non-controlling interests in equity of consolidated subsidiaries— (2,604)1,888 — 524 (192)
Total equity1,884,415 463,707 266,248 652,969 (2,143,239)1,124,100 
Total liabilities and equity$2,098,979 $1,284,432 $316,899 $762,294 $401,250 $4,863,854 
 
Adjusted EBITDA $ 165,327 $ 67,954 $ 216,888 $ 115,108