The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands):



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Three Months Ended June 30, 2014:
Operating lease income	$	—		$	37,674		$	23,117		$	176		$	—		$	60,967
Interest income	35,127			—			—			—			—			35,127
Other income	19,043			519			7,874			143			1,683			29,262
Land sales revenue	—			—			—			4,487			—			4,487
Total revenue	54,170			38,193			30,991			4,806			1,683			129,843
Earnings (loss) from equity method investments	—			862			731			(151		)	22,651			24,093
Income from sales of residential property	—			—			17,180			—			—			17,180
Revenue and other earnings	54,170			39,055			48,902			4,655			24,334			171,116
Real estate expense	—			(5,520		)	(28,929		)	(6,105		)	—			(40,554		)
Land cost of sales	—			—			—			(3,611		)	—			(3,611		)
Other expense	(303		)	—			—			—			(4,387		)	(4,690		)
Allocated interest expense	(15,858		)	(18,009		)	(10,229		)	(7,294		)	(5,140		)	(56,530		)
Allocated general and administrative(2)	(4,444		)	(5,183		)	(3,078		)	(4,224		)	(6,498		)	(23,427		)
Segment profit (loss)(3)	$	33,565		$	10,343		$	6,666		$	(16,579	)	$	8,309		$	42,304
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(2,792	)	$	—		$	—		$	—		$	—		$	(2,792	)
Impairment of assets	—			—			3,900			(600		)	—			3,300
Depreciation and amortization	—			9,682			8,368			490			282			18,822
Capitalized expenditures	—			201			13,564			18,373			—			32,138
Three Months Ended June 30, 2013:
Operating lease income	$	—		$	35,783		$	21,329		$	—		$	—		$	57,112
Interest income	29,682			—			—			—			—			29,682
Other income	290			—			11,440			—			1,395			13,125
Total revenue	29,972			35,783			32,769			—			1,395			99,919
Earnings (loss) from equity method investments	—			652			1,816			(1,511		)	7,366			8,323
Income from sales of residential property	—			—			30,842			3,477			—			34,319
Income (loss) from discontinued operations(4)	—			392			110			—			—			502
Gain from discontinued operations	—			3,365			4,914			—			—			8,279
Revenue and other earnings	29,972			40,192			70,451			1,966			8,761			151,342
Real estate expense	—			(5,673		)	(24,781		)	(6,527		)	—			(36,981		)
Other expense	(414		)	—			—			—			268			(146		)
Allocated interest expense(5)	(18,470		)	(20,079		)	(12,452		)	(7,943		)	(10,213		)	(69,157		)
Allocated general and administrative(2)	(2,895		)	(3,158		)	(2,147		)	(1,788		)	(6,169		)	(16,157		)
Segment profit (loss)(3)	$	8,193		$	11,282		$	31,071		$	(14,292	)	$	(7,353	)	$	28,901
Other significant non-cash items:
Provision for (recovery of) loan losses	$	5,020		$	—		$	—		$	—		$	—		$	5,020
Impairment of assets(5)	—			—			427			—			—			427
Depreciation and amortization(5)	—			9,589			7,231			265			315			17,400
Capitalized expenditures	—			13,889			9,485			7,972			—			31,346



	Real Estate Finance			Net Lease			Operating Properties			Land			Corporate/Other(1)			Company Total
Six Months Ended June 30, 2014:
Operating lease income	$	—		$	76,555		$	46,118		$	402		$	—		$	123,075
Interest income	63,041			—			—			—			—			63,041
Other income	19,442			733			20,540			369			2,762			43,846
Land sales revenue	—			—			—			8,630			—			8,630
Total revenue	82,483			77,288			66,658			9,401			2,762			238,592
Earnings (loss) from equity method investments	—			1,148			948			(409		)	25,583			27,270
Income from sales of residential property	—			—			33,674			—			—			33,674
Revenue and other earnings	82,483			78,436			101,280			8,992			28,345			299,536
Real estate expense	—			(11,194		)	(57,543		)	(14,430		)	—			(83,167		)
Land cost of sales	—			—			—			(7,265		)	—			(7,265		)
Other expense	(733		)	—			—			—			(4,178		)	(4,911		)
Allocated interest expense	(31,310		)	(36,619		)	(20,488		)	(14,453		)	(11,116		)	(113,986		)
Allocated general and administrative(2)	(7,534		)	(8,982		)	(5,267		)	(7,273		)	(12,084		)	(41,140		)
Segment profit (loss)(3)	$	42,906		$	21,641		$	17,982		$	(34,429	)	$	967		$	49,067
Other significant non-cash items:
Provision for (recovery of) loan losses	$	(6,192	)	$	—		$	—		$	—		$	—		$	(6,192	)
Impairment of assets	—			2,979			3,900			(600		)	—			6,279
Depreciation and amortization	—			19,810			16,232			794			599			37,435
Capitalized expenditures	—			705			26,418			33,056			—			60,179
Six Months Ended June 30, 2013:
Operating lease income	$	—		$	72,436		$	42,692		$	—		$	—		$	115,128
Interest income	54,349			—			—			—			—			54,349
Other income	2,498			—			19,579			500			1,967			24,544
Total revenue	56,847			72,436			62,271			500			1,967			194,021
Earnings (loss) from equity method investments	—			1,338			4,473			(3,090		)	27,280			30,001
Income from sales of residential property	—			—			54,539			3,477			—			58,016
Income (loss) from discontinued operations(4)	—			1,001			843			—			—			1,844
Gain from discontinued operations	—			3,395			9,928			—			—			13,323
Revenue and other earnings	56,847			78,170			132,054			887			29,247			297,205
Real estate expense	—			(11,269		)	(50,515		)	(13,031		)	—			(74,815		)
Other expense	(1,857		)	—			—			—			(3,913		)	(5,770		)
Allocated interest expense(5)	(39,532		)	(40,069		)	(25,935		)	(15,625		)	(19,562		)	(140,723		)
Allocated general and administrative(2)	(6,135		)	(6,217		)	(4,410		)	(3,635		)	(12,405		)	(32,802		)
Segment profit (loss)(3)	$	9,323		$	20,615		$	51,194		$	(31,404	)	$	(6,633	)	$	43,095
Other significant non-cash items:
Provision for (recovery of) loan losses	$	15,226		$	—		$	—		$	—		$	—		$	15,226
Impairment of assets(5)	—			—			395			—			—			395
Depreciation and amortization(5)	—			19,229			14,437			530			658			34,854
Capitalized expenditures	—			17,656			14,406			15,598			—			47,660



	Real Estate Finance		Net Lease			Operating Properties			Land			Corporate/Other(1)		Company Total
As of June 30, 2014
Real estate
Real estate, at cost	$	—	$	1,611,446		$	744,212		$	829,112		$	—	$	3,184,770
Less: accumulated depreciation	—		(352,418		)	(86,747		)	(4,215		)	—		(443,380		)
Real estate, net	—		1,259,028			657,465			824,897			—		2,741,390
Real estate available and held for sale	—		—			232,771			122,043			—		354,814
Total real estate	—		1,259,028			890,236			946,940			—		3,096,204
Loans receivable and other lending investments, net	1,456,407		—			—			—			—		1,456,407
Other investments	—		33,740			15,097			49,367			143,357		241,561
Total portfolio assets	$	1,456,407	$	1,292,768		$	905,333		$	996,307		$	143,357	4,794,172
Cash and other assets														679,313
Total assets														$	5,473,485
As of December 31, 2013
Real estate
Real estate, at cost	$	—	$	1,696,888		$	720,508		$	803,238		$	—	$	3,220,634
Less: accumulated depreciation	—		(338,640		)	(82,420		)	(3,393		)	—		(424,453		)
Real estate, net	—		1,358,248			638,088			799,845			—		2,796,181
Real estate available and held for sale	—		—			228,328			132,189			—		360,517
Total real estate	—		1,358,248			866,416			932,034			—		3,156,698
Loans receivable and other lending investments, net	1,370,109		—			—			—			—		1,370,109
Other investments	—		16,408			16,032			29,765			145,004		207,209
Total portfolio assets	$	1,370,109	$	1,374,656		$	882,448		$	961,799		$	145,004	4,734,016
Cash and other assets														907,995
Total assets														$	5,642,011

Explanatory Notes:

_______________________________________________________________________________

(1)

Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not related to the other reportable segments above, including the Company's share of equity in earnings from LNR of $1.7 million and $16.5 million for the three and six months ended June 30, 2013. See Note 6 for further details on the Company's investment in LNR and summarized financial information of LNR.


(2)	General and administrative excludes stock-based compensation expense of $3.2 million and $5.3 million for the three and six months ended June 30, 2014, respectively, and $4.7 million and $9.9 million for the three and six months ended June 30, 2013, respectively.


(3)	The following is a reconciliation of segment profit (loss) to net income (loss) ($ in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2014			2013			2014			2013
Segment profit (loss)	$	42,304		$	28,901		$	49,067		$	43,095
Less: (Provision for) recovery of loan losses	2,792			(5,020		)	6,192			(15,226		)
Less: Impairment of assets(4)	(3,300		)	(427		)	(6,279		)	(395		)
Less: Stock-based compensation expense	(3,196		)	(4,719		)	(5,271		)	(9,921		)
Less: Depreciation and amortization(4)	(18,822		)	(17,400		)	(37,435		)	(34,854		)
Less: Income tax (expense) benefit(4)	215			(491		)	722			(4,566		)
Less: Loss on early extinguishment of debt, net	(23,587		)	(15,242		)	(24,767		)	(24,784		)
Net income (loss)	$	(3,594	)	$	(14,398	)	$	(17,771	)	$	(46,651	)


(4)	For the three and six months ended June 30, 2013, excludes certain amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.


(5)	For the three and six months ended June 30, 2013, includes related amounts reclassified to discontinued operations on the Company's Consolidated Statements of Operations.