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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 26, 2019
Aug. 22, 2019
May 30, 2019
May 01, 2019
Feb. 27, 2019
Feb. 06, 2019
Jan. 24, 2019
Oct. 30, 2018
Sep. 05, 2018
May 30, 2018
Feb. 27, 2018
Nov. 07, 2017
Sep. 01, 2017
Jun. 01, 2017
Mar. 01, 2017
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net interest income                                                    
Interest income                               $ 76,196 $ 82,251 $ 85,322 $ 86,466 $ 90,994 $ 90,386 $ 85,230 $ 78,206 $ 330,235 $ 344,816 $ 263,667
Interest expense                                               204,353 194,291 146,118
Net interest income                                               125,882 150,525 117,549
Provision for loan losses                                               2,600 13,900 0
Net interest income after provision for loan losses                               24,857 30,854 32,653 34,918 41,009 28,610 36,513 30,493 123,282 136,625 117,549
Other income (loss)                                                    
Operating lease income       $ 3,900                                       106,366    
Operating lease income                                                 106,177 96,671
Sale of loans, net                                               54,758 16,511 54,046
Realized gain (loss) on securities                                               14,911 (5,808) 17,209
Unrealized gain (loss) on equity securities                                               1,737 (1,605) 0
Unrealized gain (loss) on Agency interest-only securities                                               84 555 1,405
Realized gain (loss) on sale of real estate, net                                               1,392 95,881 11,423
Impairment of real estate                                     (1,400)         (1,350) 0 0
Fee and other income                                               24,403 26,285 18,341
Net result from derivative transactions                                               (30,011) 15,926 (12,641)
Earnings (loss) from investment in unconsolidated joint ventures                                               3,432 790 89
Gain (loss) on extinguishment/defeasance of debt           $ (1,100)                                   (1,070) (4,392) (73)
Total other income (loss)                                               174,652 250,320 186,470
Costs and expenses                                                    
Salaries and employee benefits                                               67,768 60,117 70,463
Operating expenses                                               22,595 21,696 21,421
Real estate operating expenses                                               23,323 29,799 33,216
Fee expense                                               6,090 5,055 4,996
Depreciation and amortization       $ 400                                       38,511 41,959 40,332
Total costs and expenses                               36,839 36,989 38,069 46,390 36,610 40,136 38,753 43,127 158,287 158,626 170,428
Income (loss) before taxes                               47,619 32,060 38,291 21,677 27,810 84,668 44,141 71,700 139,647 228,319 133,591
Income tax expense (benefit)                               2,169 1,112 2,219 (2,854) 964 1,204 573 3,902 2,646 6,643 7,712
Net income (loss)                               45,450 30,948 36,072 24,531 26,846 83,464 43,568 67,798 137,001 221,676 125,879
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures                               4 (64) 307 447 268 (7,843) 133 (8,422) 694 (15,864) (226)
Net (income) loss attributable to noncontrolling interest in operating partnership                               $ (4,804) $ (3,308) $ (4,136) $ (2,802) $ (3,011) $ (8,991) $ (5,294) $ (8,501) $ (15,050) $ (25,797) $ (30,377)
Earnings per share:                                                    
Basic (in dollars per share)                               $ 0.38 $ 0.26 $ 0.31 $ 0.21 $ 0.24 $ 0.69 $ 0.40 $ 0.53 $ 1.16 $ 1.85 $ 1.16
Diluted (in dollars per share)                               $ 0.37 $ 0.26 $ 0.30 $ 0.21 $ 0.24 $ 0.67 $ 0.40 $ 0.53 $ 1.15 $ 1.84 $ 1.13
Weighted average shares outstanding:                                                    
Basic (in shares)                                               105,455,849 97,226,027 81,902,524
Diluted (in shares)                                               106,399,783 97,652,065 109,704,880
Class A Common Stock                                                    
Costs and expenses                                                    
Net income (loss) attributable to Class A common shareholders                               $ 40,650 $ 27,577 $ 32,242 $ 22,175 $ 24,103 $ 66,630 $ 38,407 $ 50,875 $ 122,645 $ 180,015 $ 95,276
Earnings per share:                                                    
Basic (in dollars per share)                                               $ 1.16 $ 1.85 $ 1.16
Diluted (in dollars per share)                                               $ 1.15 $ 1.84 $ 1.13
Weighted average shares outstanding:                                                    
Basic (in shares)                                               105,455,849 97,226,027 81,902,524
Diluted (in shares)                                               106,399,783 97,652,065 109,704,880
Dividends per share of Class A common stock (in dollars per share) $ 0.340 $ 0.340 $ 0.340   $ 0.340   $ 0.570 $ 0.570 $ 0.325 $ 0.325 $ 0.315 $ 0.315 $ 0.300 $ 0.300 $ 0.300 $ 0.340 $ 0.340 $ 0.340 $ 0.340 $ 0.570 $ 0.325 $ 0.325 $ 0.315 $ 1.360 $ 1.535 $ 1.215