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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of financial measures for each segment based on which performance is evaluated

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


	Net		Real Estate		Operating		Land and		Corporate/		Company
	Lease		Finance		Properties		Development		Other⁽¹⁾		Total
Three Months Ended June 30, 2021
Operating lease income	$	40,752	$	—	$	4,703	$	89	$	—	$	45,544
Interest income		1,188		7,785		—		—		—		8,973
Interest income from sales-type leases		8,689		—		—		—		—		8,689
Other income		4,690		52		3,953		1,315		54		10,064
Land development revenue		—		—		—		32,318		—		32,318
Earnings (losses) from equity method investments		11,302		755		(2,935)		1,474		2,101		12,697
Income from sales of real estate		2,114		—		96		—		—		2,210
Total revenue and other earnings		68,735		8,592		5,817		35,196		2,155		120,495
Real estate expense		(6,984)		—		(6,256)		(5,049)		—		(18,289)
Land development cost of sales		—		—		—		(30,803)		—		(30,803)
Other expense		—		(87)		—		—		(124)		(211)
Allocated interest expense		(25,342)		(3,828)		(2,030)		(3,864)		(4,353)		(39,417)
Allocated general and administrative⁽²⁾		(6,120)		(1,242)		(664)		(2,367)		(5,210)		(15,603)
Segment profit (loss)⁽³⁾	$	30,289	$	3,435	$	(3,133)	$	(6,887)	$	(7,532)	$	16,172
Other significant items:
Recovery of loan losses	$	(105)	$	(2,158)	$	—	$	—	$	—	$	(2,263)
Recovery of losses on net investment in leases		(265)		—		—		—		—		(265)
Depreciation and amortization		13,088		—		1,221		228		123		14,660
Capitalized expenditures		63		—		432		4,571		—		5,066

Three Months Ended June 30, 2020
Operating lease income	$	41,500	$	—	$	5,242	$	70	$	—	$	46,812

Interest income		860		14,579		—		—		—		15,439
Interest income from sales-type leases		8,295		—		—		—		—		8,295
Other income		4,621		3,839		492		1,103		237		10,292
Land development revenue		—		—		—		15,577		—		15,577
Earnings (losses) from equity method investments		8,800		—		(4,941)		48		(1,321)		2,586
Income from sales of real estate		—		—		62		—		—		62
Total revenue and other earnings		64,076		18,418		855		16,798		(1,084)		99,063
Real estate expense		(6,134)		—		(4,509)		(3,633)		—		(14,276)
Land development cost of sales		—		—		—		(16,287)		—		(16,287)
Other expense		—		(21)		—		—		(182)		(203)
Allocated interest expense		(24,388)		(5,959)		(2,183)		(4,422)		(4,998)		(41,950)
Allocated general and administrative⁽²⁾		(5,177)		(1,575)		(595)		(2,385)		(4,522)		(14,254)
Segment profit (loss) ⁽³⁾		28,377	$	10,863	$	(6,432)	$	(9,929)	$	(10,786)	$	12,093
Other significant non-cash items:
Provision for loan losses	$	57	$	2,010	$	—	$	—	$	—	$	2,067
Provision for losses on net investment in leases		534		—		—		—		—		534
Impairment of assets		328		—		2,983		1,472		—		4,783
Depreciation and amortization		12,487		—		1,271		243		299		14,300
Capitalized expenditures		5,171		—		421		8,026		—		13,618


	Net		Real Estate		Operating		Land and		Corporate/		Company
	Lease		Finance		Properties		Development		Other⁽¹⁾		Total
Six Months Ended June 30, 2021
Operating lease income	$	83,265	$	—	$	9,540	$	183	$	—	$	92,988
Interest income		2,066		17,557		—		—		—		19,623
Interest income from sales-type leases		17,316		—		—		—		—		17,316
Other income		9,444		151		6,291		2,704		5,764		24,354
Land development revenue		—		—		—		64,567		—		64,567
Earnings (losses) from equity method investments		23,715		1,220		(6,682)		4,619		2,594		25,466
Income from sales of real estate		2,114		—		708		—		—		2,822
Total revenue and other earnings		137,920		18,928		9,857		72,073		8,358		247,136
Real estate expense		(15,616)		—		(10,055)		(9,512)		—		(35,183)
Land development cost of sales		—		—		—		(60,126)		—		(60,126)
Other expense		—		(153)		—		—		(311)		(464)
Allocated interest expense		(50,421)		(8,406)		(4,073)		(7,802)		(8,278)		(78,980)
Allocated general and administrative⁽²⁾		(12,057)		(2,701)		(1,324)		(4,795)		(10,657)		(31,534)
Segment profit (loss)⁽³⁾	$	59,826	$	7,668	$	(5,595)	$	(10,162)	$	(10,888)	$	40,849
Other significant items:
Recovery of loan losses	$	(257)	$	(5,800)	$	—	$	—	$	—	$	(6,057)
Recovery of losses on net investment in leases		(1,866)		—		—		—		—		(1,866)
Impairment of assets		1,528		—		257		—		—		1,785
Depreciation and amortization		26,141		—		3,208		446		320		30,115
Capitalized expenditures		1,331		—		489		9,311		—		11,131

Six Months Ended June 30, 2020
Operating lease income	$	82,965	$	—	$	11,015	$	178	$	—	$	94,158
Interest income		1,683		30,972		—		—		—		32,655
Interest income from sales-type leases		16,650		—		—		—		—		16,650
Other income		8,913		4,145		3,650		1,727		12,225		30,660
Land development revenue		—		—		—		95,752		—		95,752
Earnings (losses) from equity method investments		28,332		—		(7,608)		632		(2,158)		19,198
Income from sales of real estate		—		—		62		—		—		62
Total revenue and other earnings		138,543		35,117		7,119		98,289		10,067		289,135
Real estate expense		(12,361)		—		(12,173)		(12,240)		—		(36,774)
Land development cost of sales		—		—		—		(93,346)		—		(93,346)
Other expense		—		(41)		—		—		(236)		(277)
Allocated interest expense		(48,866)		(12,158)		(4,442)		(8,992)		(10,883)		(85,341)
Allocated general and administrative⁽²⁾		(12,166)		(3,672)		(1,384)		(5,204)		(9,830)		(32,256)
Segment profit (loss)⁽³⁾	$	65,150	$	19,246	$	(10,880)	$	(21,493)	$	(10,882)	$	41,141
Other significant items:
Provision for loan losses	$	—	$	6,070	$	—	$	—	$	—	$	6,070
Provision for losses on net investment in leases		1,826		—		—		—		—		1,826
Impairment of assets		2,036		—		2,983		1,472		—		6,491

Depreciation and amortization		25,143		—		2,556		486		601		28,786
Capitalized expenditures		7,017		—		1,338		20,052		—		28,407

As of June 30, 2021
Real estate, net	$	1,273,031	$	—	$	93,975	$	—	$	—	$	1,367,006
Real estate available and held for sale		—		—		99,201		—		—		99,201
Total real estate		1,273,031		—		193,176		—		—		1,466,207
Net investment in leases		477,798		—		—		—		—		477,798
Land and development, net		—		—		—		381,719		—		381,719
Loans receivable and other lending investments, net		47,392		407,568		—		—		—		454,960
Loan receivable held for sale		62,525		—		—		—		—		62,525
Other investments		1,073,422		46,945		55,344		13,576		86,667		1,275,954
Total portfolio assets		2,934,168		454,513		248,520		395,295		86,667		4,119,163
Cash and other assets												648,487
Total assets											$	4,767,650

As of December 31, 2020
Real estate, net	$	1,291,903	$	—	$	192,378	$	—	$	—	$	1,484,281
Real estate available and held for sale		—		—		5,212		—		—		5,212
Total real estate		1,291,903		—		197,590		—		—		1,489,493
Net investment in leases		429,101		—		—		—		—		429,101
Land and development, net		—		—		—		430,663		—		430,663
Loans receivable and other lending investments, net		45,398		686,932		—		—		—		732,330
Other investments		1,016,710		—		58,739		31,200		69,911		1,176,560
Total portfolio assets	$	2,783,112	$	686,932	$	256,329	$	461,863	$	69,911		4,258,147
Cash and other assets												603,661
Total assets											$	4,861,808

(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 included in the other reportable segments above.

(2)	General and administrative excludes stock-based compensation expense of $14.8 million and $20.3 million for the three and six months ended June 30, 2021, respectively, and $4.7 million and $21.0 million for the three and six months ended June 30, 2020, respectively.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Segment profit	$	16,172	$	12,093	$	40,849	$	41,141
Less: Recovery of (provision for) loan losses		2,263		(2,067)		6,057		(6,070)
Less: Recovery of (provision for) losses on net investment in leases		265		(534)		1,866		(1,826)
Less: Impairment of assets		—		(4,783)		(1,785)		(6,491)
Less: Stock-based compensation expense		(14,791)		(4,744)		(20,299)		(21,014)
Less: Depreciation and amortization		(14,660)		(14,300)		(30,115)		(28,786)
Less: Income tax expense		(665)		(28)		—		(88)
Less: Loss on early extinguishment of debt, net		—		—		—		(4,115)
Net loss	$	(11,416)	$	(14,363)	$	(3,427)	$	(27,249)

Schedule of reconciliation of segment profit to income (loss)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Segment profit	$	16,172	$	12,093	$	40,849	$	41,141
Less: Recovery of (provision for) loan losses		2,263		(2,067)		6,057		(6,070)
Less: Recovery of (provision for) losses on net investment in leases		265		(534)		1,866		(1,826)
Less: Impairment of assets		—		(4,783)		(1,785)		(6,491)
Less: Stock-based compensation expense		(14,791)		(4,744)		(20,299)		(21,014)
Less: Depreciation and amortization		(14,660)		(14,300)		(30,115)		(28,786)
Less: Income tax expense		(665)		(28)		—		(88)
Less: Loss on early extinguishment of debt, net		—		—		—		(4,115)
Net loss	$	(11,416)	$	(14,363)	$	(3,427)	$	(27,249)