Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-15371 | |
Entity Registrant Name | iStar Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 95-6881527 | |
Entity Address, Address Line One | 1114 Avenue of the Americas, 39th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
City Area Code | 212 | |
Local Phone Number | 930-9400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock, Shares, Outstanding | 62,167,665 | |
Entity Central Index Key | 0001095651 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, $0.001 par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | STAR | |
Security Exchange Name | NYSE | |
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value | |
Trading Symbol | STAR-PD | |
Security Exchange Name | NYSE | |
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value | |
Trading Symbol | STAR-PG | |
Security Exchange Name | NYSE | |
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value | |
Trading Symbol | STAR-PI | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Real estate | ||
Real estate, at cost | $ 1,756,524 | $ 2,076,333 |
Less: accumulated depreciation | (226,408) | (305,314) |
Real estate, net | 1,530,116 | 1,771,019 |
Real estate available and held for sale | 12,688 | 22,551 |
Total real estate | 1,542,804 | 1,793,570 |
Net investment in leases | 421,252 | |
Land and development, net | 610,380 | 598,218 |
Loans receivable and other lending investments, net | 808,289 | 988,224 |
Other investments | 733,793 | 304,275 |
Cash and cash equivalents | 917,309 | 931,751 |
Accrued interest and operating lease income receivable, net | 8,337 | 10,669 |
Deferred operating lease income receivable, net | 50,366 | 98,302 |
Deferred expenses and other assets, net | 487,428 | 289,268 |
Total assets | 5,579,958 | 5,014,277 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities | 418,676 | 316,251 |
Liabilities associated with properties held for sale | 165 | 2,341 |
Loan participations payable, net | 33,135 | 22,484 |
Debt obligations, net | 3,827,359 | 3,609,086 |
Total liabilities | 4,279,335 | 3,950,162 |
Commitments and contingencies (refer to Note 12) | ||
iStar Inc. shareholders' equity: | ||
Common Stock, $0.001 par value, 200,000 shares authorized, 62,168 and 68,085 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 62 | 68 |
Additional paid-in capital | 3,297,805 | 3,352,225 |
Accumulated deficit | (2,153,245) | (2,472,061) |
Accumulated other comprehensive loss (refer to Note 14) | (40,522) | (17,270) |
Total iStar Inc. shareholders' equity | 1,104,116 | 862,978 |
Noncontrolling interests | 196,507 | 201,137 |
Total equity | 1,300,623 | 1,064,115 |
Total liabilities and equity | 5,579,958 | 5,014,277 |
Preferred Stock Series D, G and I | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | 12 | 12 |
Preferred Stock Series J | ||
iStar Inc. shareholders' equity: | ||
Preferred Stock | $ 4 | $ 4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common Stock, shares issued (in shares) | 62,168,000 | 68,085,000 |
Common Stock, shares outstanding (in shares) | 62,168,000 | 68,085,000 |
Preferred Stock Series D, G and I | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred Stock Series J | ||
Liquidation preference (in dollars per share) | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 145,338 | $ 122,141 | $ 350,608 | $ 657,956 |
Costs and expenses: | ||||
Interest expense | 46,522 | 47,219 | 136,851 | 135,572 |
Depreciation and amortization | 14,199 | 19,979 | 43,586 | 41,857 |
General and administrative | 24,110 | 21,613 | 72,512 | 73,655 |
(Recovery of) provision for loan losses | (3,805) | 200 | (3,792) | 18,237 |
Impairment of assets | 0 | 989 | 4,953 | 11,177 |
Other expense | 407 | 298 | 12,798 | 5,180 |
Total costs and expenses | 152,721 | 134,699 | 409,858 | 710,070 |
Income from sales of real estate | 3,476 | 5,409 | 233,406 | 79,353 |
Income (loss) from operations before earnings from equity method investments and other items | (3,907) | (7,149) | 174,156 | 27,239 |
Loss on early extinguishment of debt, net | 0 | (911) | (468) | (3,447) |
Earnings (losses) from equity method investments | 7,617 | (635) | 16,566 | (4,581) |
Selling profit from sales-type leases | 0 | 180,416 | ||
Gain on consolidation of equity method investment | 0 | 0 | 0 | 67,877 |
Net income (loss) before income taxes | 3,710 | (8,695) | 370,670 | 87,088 |
Income tax expense | (84) | (137) | (323) | (386) |
Net income (loss) | 3,626 | (8,832) | 370,347 | 86,702 |
Net (income) attributable to noncontrolling interests | (2,845) | (2,028) | (8,168) | (11,632) |
Net income (loss) attributable to iStar Inc. | 781 | (10,860) | 362,179 | 75,070 |
Preferred dividends | (8,124) | (8,124) | (24,372) | (24,372) |
Net income (loss) allocable to common shareholders | $ (7,343) | $ (18,984) | $ 337,807 | $ 50,698 |
Net income (loss) allocable to common shareholders: | ||||
Basic (in dollars per share) | $ (0.12) | $ (0.28) | $ 5.23 | $ 0.75 |
Diluted (in dollars per share) | $ (0.12) | $ (0.28) | $ 4.26 | $ 0.69 |
Weighted average number of common shares: | ||||
Basic (in shares) | 62,168 | 67,975 | 64,624 | 67,940 |
Diluted (in shares) | 62,168 | 67,975 | 80,876 | 83,729 |
Operating lease income | ||||
Revenues: | ||||
Total revenues | $ 44,110 | $ 59,109 | $ 158,210 | $ 149,516 |
Interest income | ||||
Revenues: | ||||
Total revenues | 19,701 | 22,915 | 60,417 | 74,824 |
Interest income from sales-type leases | ||||
Revenues: | ||||
Total revenues | 8,339 | 0 | 12,157 | 0 |
Other income | ||||
Revenues: | ||||
Total revenues | 18,270 | 27,808 | 43,133 | 63,951 |
Real estate | ||||
Costs and expenses: | ||||
Cost of sales expense | 23,187 | 32,287 | 71,165 | 105,511 |
Land development | ||||
Revenues: | ||||
Total revenues | 54,918 | 12,309 | 76,691 | 369,665 |
Costs and expenses: | ||||
Cost of sales expense | $ 48,101 | $ 12,114 | $ 71,785 | $ 318,881 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 3,626 | $ (8,832) | $ 370,347 | $ 86,702 | |
Other comprehensive income (loss): | |||||
Impact from adoption of new accounting standards | 0 | 0 | 0 | 276 | |
Reclassification of losses on cumulative translation adjustment into earnings upon realization | [1] | 0 | 0 | 0 | 721 |
Reclassification of (gains) losses on cash flow hedges into earnings upon realization | [2] | 665 | 101 | 13,408 | (1,683) |
Unrealized gains (losses) on available-for-sale securities | 777 | (558) | 2,486 | (1,514) | |
Unrealized gains (losses) on cash flow hedges | (9,091) | 3,900 | (45,090) | 6,258 | |
Unrealized losses on cumulative translation adjustment | 0 | 0 | 0 | (364) | |
Other comprehensive income (loss) | (7,649) | 3,443 | (29,196) | 3,694 | |
Comprehensive income (loss) | (4,023) | (5,389) | 341,151 | 90,396 | |
Comprehensive (income) loss attributable to noncontrolling interests | (1,581) | (2,848) | (2,224) | (12,452) | |
Comprehensive income (loss) attributable to iStar Inc. | $ (5,604) | $ (8,237) | $ 338,927 | $ 77,944 | |
[1] | Amounts were reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations. | ||||
[2] | Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations is $539 and $957 for the three and nine months ended September 30, 2019 , respectively, and $144 for each of the three and nine months ended September 30, 2018. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $ 806 for the nine months ended September 30, 2019 and amount reclassified to "Gain on consolidation of equity method investment" for the nine months ended September 30, 2018 is $1,876 . Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $126 and $(28) for the three and nine months ended September 30, 2019 , respectively, and $(43) and $47 for the three and nine months ended September 30, 2018, respectively. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the nine months ended September 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest expense | $ 46,522 | $ 47,219 | $ 136,851 | $ 135,572 |
Income from sales of real estate | 3,476 | 5,409 | 233,406 | 79,353 |
Gain on consolidation of equity method investment | 0 | 0 | 0 | 67,877 |
Earnings (losses) from equity method investments | 7,617 | (635) | 16,566 | (4,581) |
Other expense | 407 | 298 | 12,798 | 5,180 |
Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge | ||||
Interest expense | 539 | 144 | 957 | 144 |
Income from sales of real estate | 806 | |||
Gain on consolidation of equity method investment | 1,876 | |||
Earnings (losses) from equity method investments | $ 126 | $ (43) | (28) | $ 47 |
Other expense | $ 11,673 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Preferred Stock | Preferred Stock Series J | Common Stock at Par | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ||
Beginning Balance at Dec. 31, 2017 | $ 914,249 | $ 12 | [1] | $ 4 | [1] | $ 68 | $ 3,352,665 | $ (2,470,564) | $ (2,482) | $ 34,546 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends declared—preferred | (24,372) | (24,372) | ||||||||
Dividends declared—common | $ (6,165) | (6,165) | ||||||||
Dividends declared - common (in dollars per share) | $ 0.09 | |||||||||
Issuance of stock/restricted stock unit amortization, net | $ 7,217 | 1 | 7,216 | |||||||
Net income (loss) | 86,702 | 75,070 | 11,632 | |||||||
Change in accumulated other comprehensive income (loss) | 3,694 | |||||||||
Change in accumulated other comprehensive income | 3,418 | 2,598 | 820 | |||||||
Repurchase of stock | (8,304) | (1) | (8,303) | |||||||
Contributions from noncontrolling interests | 1,309 | 1,309 | ||||||||
Distributions to noncontrolling interests | (46,000) | (46,000) | ||||||||
Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 8) | 188,279 | 188,279 | ||||||||
Ending Balance at Sep. 30, 2018 | 1,192,202 | 12 | [1] | 4 | [1] | 68 | 3,351,578 | (2,350,438) | 392 | 190,586 |
Beginning Balance at Jun. 30, 2018 | 1,212,578 | 12 | [1] | 4 | [1] | 68 | 3,350,750 | (2,325,289) | (2,231) | 189,264 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends declared—preferred | (8,124) | (8,124) | ||||||||
Dividends declared—common | $ (6,165) | (6,165) | ||||||||
Dividends declared - common (in dollars per share) | $ 0.09 | |||||||||
Issuance of stock/restricted stock unit amortization, net | $ 828 | 828 | ||||||||
Net income (loss) | (8,832) | (10,860) | 2,028 | |||||||
Change in accumulated other comprehensive income (loss) | 3,443 | 2,623 | 820 | |||||||
Change in accumulated other comprehensive income | 3,443 | |||||||||
Contributions from noncontrolling interests | 1,300 | 1,300 | ||||||||
Distributions to noncontrolling interests | (2,826) | (2,826) | ||||||||
Ending Balance at Sep. 30, 2018 | 1,192,202 | 12 | [1] | 4 | [1] | 68 | 3,351,578 | (2,350,438) | 392 | 190,586 |
Beginning Balance at Dec. 31, 2018 | 1,064,115 | 12 | [1] | 4 | [1] | 68 | 3,352,225 | (2,472,061) | (17,270) | 201,137 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends declared—preferred | (24,372) | (24,372) | ||||||||
Dividends declared—common | $ (18,991) | (18,991) | ||||||||
Dividends declared - common (in dollars per share) | $ 0.29 | |||||||||
Issuance of stock/restricted stock unit amortization, net | $ 6,393 | 4,361 | 2,032 | |||||||
Net income (loss) | 370,347 | 362,179 | 8,168 | |||||||
Change in accumulated other comprehensive income (loss) | (29,196) | (23,252) | (5,944) | |||||||
Repurchase of stock | (58,787) | (6) | (58,781) | |||||||
Contributions from noncontrolling interests | 2,039 | 2,039 | ||||||||
Distributions to noncontrolling interests | (10,925) | (10,925) | ||||||||
Ending Balance at Sep. 30, 2019 | 1,300,623 | 12 | [1] | 4 | [1] | 62 | 3,297,805 | (2,153,245) | (40,522) | 196,507 |
Beginning Balance at Jun. 30, 2019 | 1,321,197 | 12 | 4 | 62 | 3,297,303 | (2,139,611) | (34,137) | 197,564 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Dividends declared—preferred | (8,124) | (8,124) | ||||||||
Dividends declared—common | $ (6,291) | (6,291) | ||||||||
Dividends declared - common (in dollars per share) | $ 0.10 | |||||||||
Issuance of stock/restricted stock unit amortization, net | $ 1,621 | 944 | 677 | |||||||
Net income (loss) | 3,626 | 781 | 2,845 | |||||||
Change in accumulated other comprehensive income (loss) | (7,649) | (6,385) | (1,264) | |||||||
Repurchase of stock | (442) | (442) | ||||||||
Distributions to noncontrolling interests | (3,315) | (3,315) | ||||||||
Ending Balance at Sep. 30, 2019 | $ 1,300,623 | $ 12 | [1] | $ 4 | [1] | $ 62 | $ 3,297,805 | $ (2,153,245) | $ (40,522) | $ 196,507 |
[1] | Refer to Note 14 for details on the Company's Preferred Stock. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 370,347 | $ 86,702 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Provision for loan losses | (3,792) | 18,237 |
Impairment of assets | 4,953 | 11,177 |
Depreciation and amortization | 43,586 | 41,857 |
Non-cash interest income from sales-type leases | (2,228) | |
Stock-based compensation expense | 20,694 | 16,245 |
Amortization of discounts/premiums and deferred financing costs on debt obligations, net | 10,573 | 11,715 |
Amortization of discounts/premiums and deferred interest on loans, net | (33,136) | (29,138) |
Deferred interest on loans received | 9,507 | 40,463 |
Gain from consolidation of equity method investment | 0 | (67,877) |
Selling profit from sales-type leases | (180,416) | |
Earnings from equity method investments | (16,566) | 4,581 |
Distributions from operations of other investments | 15,712 | 10,875 |
Deferred operating lease income | (12,210) | (8,119) |
Income from sales of real estate | (233,406) | (79,353) |
Land development revenue in excess of cost of sales | (4,906) | (50,784) |
Loss on early extinguishment of debt, net | 468 | 3,447 |
Other operating activities, net | 12,827 | 1,775 |
Changes in assets and liabilities: | ||
Deposit on loan to be held for sale | (21,226) | 0 |
Changes in accrued interest and operating lease income receivable | 2,010 | 2,574 |
Changes in deferred expenses and other assets, net | (8,268) | (3,767) |
Changes in accounts payable, accrued expenses and other liabilities | (50,319) | (47,227) |
Cash flows used in operating activities | (75,796) | (36,617) |
Cash flows from investing activities: | ||
Originations and fundings of loans receivable, net | (191,559) | (421,518) |
Capital expenditures on real estate assets | (21,081) | (44,211) |
Capital expenditures on land and development assets | (93,395) | (98,489) |
Acquisitions of real estate, net investments in leases and land assets | (240,487) | (3,390) |
Repayments of and principal collections on loans receivable and other lending investments, net | 380,071 | 714,898 |
Net proceeds from sales of loans receivable | 5,898 | 0 |
Net proceeds from sales of real estate | 307,493 | 271,358 |
Net proceeds from sales of land and development assets | 73,733 | 183,520 |
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment | 0 | 13,608 |
Distributions from other investments | 60,411 | 27,086 |
Contributions to and acquisition of interest in other investments | (494,339) | (68,666) |
Other investing activities, net | (28,002) | 5,019 |
Cash flows provided by (used in) investing activities | (241,257) | 579,215 |
Cash flows from financing activities: | ||
Borrowings from debt obligations | 834,980 | 349,988 |
Repayments and repurchases of debt obligations | (389,571) | (690,452) |
Preferred dividends paid | (24,372) | (24,372) |
Common dividends paid | (18,764) | (6,103) |
Repurchase of stock | (58,787) | (8,304) |
Payments for deferred financing costs | (11,416) | (6,276) |
Payments for withholding taxes upon vesting of stock-based compensation | (1,842) | (4,187) |
Contributions from noncontrolling interests | 2,039 | 9 |
Distributions to noncontrolling interests | (10,925) | (46,000) |
Other financing activities, net | 0 | 7,694 |
Cash flows used in financing activities | 321,342 | (428,003) |
Effect of exchange rate changes on cash | (15) | 30 |
Changes in cash, cash equivalents and restricted cash | 4,274 | 114,625 |
Cash, cash equivalents and restricted cash at beginning of period | 974,544 | 677,733 |
Cash, cash equivalents and restricted cash at end of period | 978,818 | 792,358 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Fundings and (repayments) of loan receivables and loan participations, net | 10,547 | (84,213) |
Accounts payable for capital expenditures on real estate assets | 0 | 2,184 |
Contributions of land and development assets to equity method investments, net | 4,073 | 0 |
Sales-type lease origination | 411,523 | |
Acquisition of land and development asset through joint venture consolidation | 27,000 | 0 |
Accounts payable for capital expenditures on land and development assets | 0 | 9,169 |
Assumption of mortgage by third party | 228,000 | 0 |
Accounts payable for finance costs | 1,878 | 0 |
Acquisitions of land and development assets through foreclosure | 0 | 4,600 |
Financing provided on sales of land and development assets, net | 0 | 142,639 |
Increase in net lease assets upon consolidation of equity method investment | 0 | 844,550 |
Increase in debt obligations upon consolidation of equity method investment | 0 | 464,706 |
Increase in noncontrolling interests upon consolidation of equity method investment | $ 0 | $ 200,093 |
Business and Organization
Business and Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Business —iStar Inc. (the "Company") finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company also manages entities focused on ground lease and net lease investments (refer to Note 8). The Company has invested over $40 billion of capital over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary reportable business segments are real estate finance, net lease, operating properties and land and development (refer to Note 18). Organization —The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments and corporate acquisitions. |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Consolidation —The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has provided no financial support to those VIEs that it was not previously contractually required to provide. Consolidated VIEs —The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of September 30, 2019 . The following table presents the assets and liabilities of the Company's consolidated VIEs as of September 30, 2019 and December 31, 2018 ($ in thousands): As of September 30, December 31, ASSETS Real estate Real estate, at cost $ 888,277 $ 848,052 Less: accumulated depreciation (31,458 ) (15,365 ) Real estate, net 856,819 832,687 Land and development, net 282,082 279,031 Other investments 52 72 Cash and cash equivalents 26,153 25,219 Accrued interest and operating lease income receivable, net 858 1,302 Deferred operating lease income receivable, net 16,958 8,972 Deferred expenses and other assets, net 137,261 167,324 Total assets $ 1,320,183 $ 1,314,607 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 117,136 $ 106,907 Debt obligations, net 485,032 485,000 Total liabilities 602,168 591,907 Unconsolidated VIEs —The Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company's consolidated financial statements. As of September 30, 2019 , the Company's maximum exposure to loss from these investments does not exceed the sum of the $115.8 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $21.6 million |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2019. ASU 2016-02 and ASU 2018-11—Accounting Standards Update ("ASU") 2016-02, Leases ("ASU 2016-02") required the recognition of right-of-use lease assets and lease liabilities by the Company as lessee for those leases classified as operating or finance leases, both measured at the present value of the lease payments, on its consolidated balance sheets. For operating lease arrangements as of December 31, 2018 for which the Company was the lessee, primarily under leases of office space and certain ground leases, the Company recorded operating lease right-of-use assets of $31.6 million in "Deferred expenses and other assets, net" and operating lease liabilities of $31.6 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets. In addition, the Company entered into finance leases in 2019, and as of September 30, 2019, recorded finance lease right-of-use assets of $145.5 million in "Deferred expenses and other assets, net" and finance lease liabilities of $147.1 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets (refer to Significant Accounting Policies below). The Company, as lessor, recognizes certain of its leases on net lease properties as sales-type leases and records the leases as "Net investment in leases" on the Company's consolidated balance sheets (refer to Note 5). For the Company's leases which qualify as sales-type leases, the Company records "Interest income from sales-type leases" in the Company's consolidated statements of operations. The amount recorded as interest income from sales-type leases in any given period will likely be different than the straight-line lease income that would have been recorded under the superseded guidance. Management elected the practical expedient package that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11, Leases amended ASU 2016-02 so that: (i) entities could elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (ii) provided lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management elected both of these provisions. ASU 2018-16—ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes was issued in October 2018 and expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements. Significant Accounting Policies Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. Net Investment in Leases —Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. If a lease qualifies as a sales-type lease, it is further evaluated to determine whether the transaction is considered a sale leaseback transaction. If the sales-type lease does not qualify as a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 (refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. Interest Income from Sales-Type Leases —Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned. Restricted cash— The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 917,309 $ 931,751 $ 757,384 $ 657,688 Restricted cash included in deferred expenses and other assets, net (1) 61,509 42,793 34,974 20,045 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 978,818 $ 974,544 $ 792,358 $ 677,733 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities— Effective January 1, 2019 with the adoption of ASU 2016-02, the Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for office leases in "General and administrative" and a single lease cost for ground leases in "Real estate expense" in the consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows. For finance leases, the Company recognizes amortization of the right-of-use assets on a straight-line basis over the term of the lease in "Depreciation and amortization" and interest expense on the lease liability using the effective interest method in "Interest expense" in the consolidated statements of operations. Repayments of the principal portion of the finance lease liability are classified within financing activities in the consolidated statements of cash flows and payments of interest on a finance lease liability are classified within operating activities in the consolidated statement of cash flows. For the remainder of the Company's significant accounting policies, refer to the Company's Annual Report. New Accounting Pronouncements — In June 2016 , the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when: (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio; and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact from ASU 2016-13 on the Company's consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate | Real Estate The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of September 30, 2019 Land, at cost $ 201,197 $ 106,187 $ 307,384 Buildings and improvements, at cost 1,342,319 106,821 1,449,140 Less: accumulated depreciation (213,618 ) (12,790 ) (226,408 ) Real estate, net 1,329,898 200,218 1,530,116 Real estate available and held for sale (2) — 12,688 12,688 Total real estate $ 1,329,898 $ 212,906 $ 1,542,804 As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 _______________________________________________________________________________ (1) In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company is required to account for the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5). (2) As of September 30, 2019 and December 31, 2018 , the Company had $11.7 million and $20.6 million , respectively, of residential condominiums available for sale in its operating properties portfolio. Acquisitions— During the nine months ended September 30, 2019 , the Company acquired a net lease asset for $11.5 million . In addition, the Company acquired the leasehold interest in a net lease asset for $98.2 million , inclusive of closing costs, and simultaneously entered into a new 98 -year Ground Lease with SAFE (refer to Note 8) and also acquired the leasehold interest in a net lease asset for $110.6 million and simultaneously entered into a new 99 -year Ground Lease with SAFE (refer to Note 8). Dispositions— The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Nine Months Ended September 30, 2019 2018 Operating Properties Proceeds (1) $ 80.2 $ 228.7 Income from sales of real estate (1) 10.2 54.5 Net Lease Proceeds (2) $ 452.7 $ 38.4 Income from sales of real estate (2) 223.2 24.9 Total Proceeds $ 532.9 $ 267.1 Income from sales of real estate 233.4 79.4 _______________________________________________________________________________ (1) During the nine months ended September 30, 2019 , the Company sold commercial and residential operating properties with an aggregate carrying value of $70.0 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. During the nine months ended September 30, 2018, the Company sold commercial and residential operating properties and recognized $54.5 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the nine months ended September 30, 2019 , the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the nine months ended September 30, 2018, the Company sold net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. Impairments— During the nine months ended September 30, 2019 , the Company recorded an impairment of $3.3 million on a commercial operating property based on an executed purchase and sale agreement and recorded $0.6 million of impairments in connection with the sale of residential condominium units. During the nine months ended September 30, 2018 , the Company recorded aggregate impairments of $9.9 million resulting from the determination that the Company's total recovery related to a net lease asset was less than its carrying value and from the sale of commercial and residential operating properties. Tenant Reimbursements— The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $4.9 million and $14.8 million for the three and nine months ended September 30, 2019 , respectively, and $5.7 million and $16.3 million for the three and nine months ended September 30, 2018, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts— As of September 30, 2019 and December 31, 2018 , the allowance for doubtful accounts related to real estate tenant receivables was $1.2 million and $1.5 million , respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.1 million and $1.8 million as of September 30, 2019 and December 31, 2018 , respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets. |
Net Investment in Leases
Net Investment in Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Net Investment in Leases | Net Investment in Leases In May 2019, the Company entered into a transaction with an operator of bowling entertainment venues, consisting of the purchase of nine bowling centers for $56.7 million , of which seven were acquired from the lessee for $44.1 million , and a commitment to invest up to $55.0 million in additional bowling centers over the next several years. The new centers were added to the Company's existing master leases with the tenant. In connection with this transaction, the maturities of the master leases were extended by 15 years to 2047. As a result of the modifications to the leases, the Company classified the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale," $25.4 million from "Deferred operating lease income receivable, net," $ 13.4 million from "Deferred expenses and other assets, net" and $1.9 million from "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheet. The Company recognized $180.4 million in "Selling profit from sales-type leases" in its consolidated statements of operations for the nine months ended September 30, 2019 as a result of the transaction. For the three and nine months ended September 30, 2019 , the Company recognized $8.3 million and $12.2 million , respectively, of "Interest income from sales-type leases" in the Company's consolidated statements of operations. The Company determined that the seven bowling centers acquired from the lessee did not qualify as a sale leaseback transaction and recorded $44.1 million in "Loans receivable and other lending investments, net" on its consolidated balance sheet (refer to Note 7). Future Minimum Lease Payments under Sales-type Leases —Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of September 30, 2019 , are as follows by year ($ in thousands): Amount 2019 (remaining three months) $ 6,891 2020 27,565 2021 28,062 2022 30,549 2023 30,549 Thereafter 925,293 Total undiscounted cash flows 1,048,909 Unguaranteed estimated residual value 343,995 Present value discount (971,652 ) Net investment in leases as of September 30, 2019 $ 421,252 |
Land and Development
Land and Development | 9 Months Ended |
Sep. 30, 2019 | |
Land And Development [Abstract] | |
Land and Development | Land and Development The Company's land and development assets were comprised of the following ($ in thousands): As of September 30, December 31, 2019 2018 Land and land development, at cost $ 619,745 $ 606,849 Less: accumulated depreciation (9,365 ) (8,631 ) Total land and development, net $ 610,380 $ 598,218 Acquisitions— During the nine months ended September 30, 2019 , the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million , which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan (refer to Note 8). During the nine months ended September 30, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. Dispositions— During the nine months ended September 30, 2019 and 2018, the Company sold land parcels and residential lots and units and recognized land development revenue of $76.7 million and $369.7 million , respectively. In connection with the sale of two land parcels totaling 93 acres during the nine months ended September 30, 2018, the Company provided an aggregate $145.0 million of financing to the buyers, of which $85.1 million was outstanding as of September 30, 2019 . During the nine months ended September 30, 2019 and 2018, the Company recognized land development cost of sales of $71.8 million and $318.9 million , respectively, from its land and development portfolio. Impairments— During the nine months ended September 30, 2019 , the Company recorded an impairment of $1.1 million on a land and development asset due to a change in business strategy. During the nine months ended September 30, 2018, the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales. |
Loans Receivable and Other Lend
Loans Receivable and Other Lending Investments, net | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable and Other Lending Investments, net | Loans Receivable and Other Lending Investments, net The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment September 30, December 31, Senior mortgages $ 554,567 $ 760,749 Corporate/Partnership loans 121,500 148,583 Subordinate mortgages 10,695 10,161 Total gross carrying value of loans 686,762 919,493 Reserves for loan losses (30,401 ) (53,395 ) Total loans receivable, net 656,361 866,098 Other lending investments (1) 151,928 122,126 Total loans receivable and other lending investments, net $ 808,289 $ 988,224 ____________________________________________________________ (1) As of September 30, 2019 , includes $44.2 million related to the acquisition of bowling centers from one of the Company's lessees (refer to Note 5). Reserve for Loan Losses —Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Reserve for loan losses at beginning of period $ 53,408 $ 54,495 $ 53,395 $ 78,489 (Recovery of) provision for loan losses (3,805 ) 200 (3,792 ) 18,237 Charge-offs (19,202 ) — (19,202 ) (42,031 ) Reserve for loan losses at end of period $ 30,401 $ 54,695 $ 30,401 $ 54,695 The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of September 30, 2019 Loans $ 38,400 $ 652,523 $ 690,923 Less: Reserve for loan losses (21,701 ) (8,700 ) (30,401 ) Total (3) $ 16,699 $ 643,823 $ 660,522 As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.1 million and $0.5 million as of September 30, 2019 and December 31, 2018 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.3 million and $3.1 million as of September 30, 2019 and December 31, 2018 , respectively. (3) The Company's recorded investment in loans as of September 30, 2019 and December 31, 2018 includes accrued interest of $4.2 million and $4.9 million , respectively, which is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of September 30, 2019, excludes $44.2 million of other lending investments that are evaluated for impairment when, based upon current information and events, the Company believes it is probable that it will be unable to collect all amounts due under the contractual terms of the lease (refer to Note 5). As of September 30, 2019 and December 31, 2018 , the total amounts exclude $107.7 million and $122.1 million , respectively, of securities that are evaluated for impairment under ASC 320. Credit Characteristics —As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments, which are inherently uncertain, and there can be no assurance that actual performance will be similar to current expectation. The Company designates loans as non-performing at such time as: (1) the loan becomes 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt. The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of September 30, 2019 As of December 31, 2018 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 519,289 2.71 $ 697,807 2.76 Corporate/Partnership loans 122,507 3.15 149,663 2.84 Subordinate mortgages 10,727 3.00 10,192 3.00 Total $ 652,523 2.80 $ 857,662 2.77 The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of September 30, 2019 Senior mortgages $ 519,289 $ — $ 38,400 $ 38,400 $ 557,689 Corporate/Partnership loans 122,507 — — — 122,507 Subordinate mortgages 10,727 — — — 10,727 Total $ 652,523 $ — $ 38,400 $ 38,400 $ 690,923 As of December 31, 2018 Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 _______________________________________________________________________________ (1) As of September 30, 2019 , the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 10.3 years outstanding. As of December 31, 2018, the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 years to 9.0 years outstanding. Impaired Loans —The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of September 30, 2019 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 38,400 $ 38,501 $ (21,701 ) $ 66,725 $ 66,777 $ (40,395 ) Total $ 38,400 $ 38,501 $ (21,701 ) $ 66,725 $ 66,777 $ (40,395 ) ____________________________________________________________ (1) All of the Company's non-accrual loans are considered impaired and included in the table above. The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ — $ 209 $ — $ — $ — $ 301 Subtotal — — — 209 — — — 301 With an allowance recorded: Senior mortgages 38,572 — 67,001 — 39,074 — 70,696 — Corporate/Partnership loans — — — — — — 78,302 — Subtotal 38,572 — 67,001 — 39,074 — 148,998 — Total: Senior mortgages 38,572 — 67,001 — 39,074 — 70,696 — Corporate/Partnership loans — — — — — — 78,302 — Subordinate mortgages — — — 209 — — — 301 Total $ 38,572 $ — $ 67,001 $ 209 $ 39,074 $ — $ 148,998 $ 301 Other lending investments —Other lending investments includes the following securities ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of September 30, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,962 $ 24,102 $ 24,102 Held-to-Maturity Securities Debt securities 100,000 83,593 — 83,593 83,593 Total $ 121,140 $ 104,733 $ 2,962 $ 107,695 $ 107,695 As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126 As of September 30, 2019 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 83,593 83,593 — — After 5 years through 10 years — — — — After 10 years — — 21,140 24,102 Total $ 83,593 $ 83,593 $ 21,140 $ 24,102 |
Other Investments
Other Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended September 30, For the Nine Months September 30, 2019 December 31, 2018 2019 2018 2019 2018 Real estate equity investments Safehold Inc. ("SAFE") $ 581,059 $ 149,589 $ 2,946 $ 775 $ 14,076 $ 2,927 iStar Net Lease II LLC ("Net Lease Venture II") 5,300 16,215 (98 ) — (416 ) — iStar Net Lease I LLC ("Net Lease Venture") (1) — — — — — 4,100 Other real estate equity investments (2) 103,021 130,955 4,574 (2,062 ) 2,744 (2,087 ) Subtotal 689,380 296,759 7,422 (1,287 ) 16,404 4,940 Other strategic investments (3) 44,413 7,516 195 652 162 (9,521 ) Total $ 733,793 $ 304,275 $ 7,617 $ (635 ) $ 16,566 $ (4,581 ) ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) During the three and nine months ended September 30, 2019, equity in earnings (losses) includes $8.2 million of income resulting from the sale of a property at one of the Company's equity method investments. (3) For the nine months ended September 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. Safehold Inc. —Safehold Inc. ("SAFE"), formerly known as Safety, Income & Growth Inc., is a publicly-traded company formed by the Company primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). On January 2, 2019, the Company purchased 12,500,000 newly designated limited partnership units (the "Investor Units") in SAFE's operating partnership ("SAFE OP"), at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million . The purpose of the investment was to allow SAFE to fund additional Ground Lease acquisitions and originations. Each Investor Unit received distributions equivalent to distributions declared and paid on one share of SAFE's common stock. The Investor Units had no voting rights. They had limited protective consent rights over certain matters such as amendments to the terms of the Investor Units that would adversely affect the Investor Units. In May 2019, after the approval of SAFE's stockholders, the Investor Units were exchanged for shares of SAFE's common stock on a one-for-one basis. Following the exchange, the Investor Units were retired. In connection with the Company's purchase of the Investor Units, it entered into a Stockholder's Agreement with SAFE on January 2, 2019. The Stockholder's Agreement: • limits the Company's discretionary voting power to 41.9% of the outstanding voting power of SAFE's common stock until its aggregate ownership of SAFE common stock is less than 41.9% ; • requires the Company to cast all of its voting power in favor of three director nominees to SAFE's board who are independent of each of the Company and SAFE for three years ; • subjects the Company to certain standstill provisions for two years ; • restricts the Company's ability to transfer shares of SAFE common stock issued in exchange for Investor Units, or "Exchange Shares," for one year after their issuance; • prohibits the Company from transferring shares of SAFE common stock representing more than 20% of the outstanding SAFE common stock in one transaction or a series of related transactions to any person or group, other than pursuant to a widely distributed public offering, unless SAFE's other stockholders have participation rights in the transaction; and • provides the Company certain preemptive rights. A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. Following are the key terms of the management agreement: • The Company received no management fee through June 30, 2018, which covered the first year of the management agreement; • The Company receives a fee equal to 1.0% of total SAFE equity (as defined in the management agreement) up to $1.5 billion ; 1.25% of total SAFE equity (for incremental equity of $1.5 billion - $3.0 billion ); 1.375% of total SAFE equity (for incremental equity of $3.0 billion - $5.0 billion ); and 1.5% of total SAFE equity (for incremental equity over $5.0 billion ); • Fee to be paid in cash or in shares of SAFE common stock, at the discretion of SAFE's independent directors; • The stock is locked up for two years , subject to certain restrictions; • There is no additional performance or incentive fee; • From January 1, 2019 through June 30, 2022, the management agreement is non-terminable by SAFE except for cause; and • Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee equal to three times the prior year's management fee, subject to SAFE having raised $820 million of total equity since inception. In August 2019, the Company acquired 6.0 million shares of SAFE's common stock in a private placement for $168.0 million . As of September 30, 2019 , the Company owned approximately 67.1% of SAFE's common stock outstanding. During the three and nine months ended September 30, 2019 , the Company recorded $1.9 million and $5.0 million , respectively, of management fees and during the three months ended September 30, 2018, the Company recorded $0.9 million of management fees pursuant to its management agreement with SAFE. For the six months ended June 30, 2018, the Company waived $1.8 million of management fees pursuant to its management agreement with SAFE. During the three and nine months ended September 30, 2019 , the Company received 56,610 shares and 178,215 shares, respectively, of SAFE common stock for payment of management fees. The Company is also entitled to receive expense reimbursements, including for the allocable costs of its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company waived certain of the expense reimbursements through June 30, 2018. For the three and nine months ended September 30, 2019 , the Company was reimbursed $0.5 million and $1.6 million , respectively, of expense reimbursements. For the three months ended September 30, 2018, the Company was reimbursed $0.4 million of expense reimbursements. For the six months ended June 30, 2018, the Company waived $0.8 million of expense reimbursements pursuant to its management agreement with SAFE. The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity. Following is a list of investments that the Company has transacted with SAFE, all of which were approved by the Company's and SAFE's independent directors, for the periods presented: In August 2017, the Company committed to provide a $24.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the renovation of a medical office building in Atlanta, GA. The Company funded $18.4 million of the loan, which was repaid in August 2019. During the three months ended September 30, 2019 and 2018, the Company recorded $0.3 million and $0.4 million , respectively, of interest income on the loan. During the nine months ended September 30, 2019 and 2018, the Company recorded $1.2 million and $1.0 million , respectively, of interest income on the loan. In October 2017, the Company closed on a 99 -year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of a to-be-built luxury multi-family project in San Jose, CA. The transaction includes a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded as of September 30, 2019 ; and (ii) a $80.5 million leasehold first mortgage. As of September 30, 2019 , $27.3 million of the loan was funded. During the three months ended September 30, 2019 and 2018, the Company recorded $0.4 million and $0.1 million , respectively, of interest income on the loan. During the nine months ended September 30, 2019 and 2018, the Company recorded $0.7 million and $0.2 million , respectively, of interest income on the loan. The Company entered into a forward purchase contract with SAFE under which SAFE would acquire the Ground Lease in November 2020 for approximately $34.0 million . In May 2018, the Company provided a $19.9 million leasehold mortgage loan to the ground lessee of a Ground Lease originated at SAFE. As of September 30, 2019 , the loan was fully funded. The loan was for the acquisition of two multi-tenant office buildings in Atlanta, GA. During the three months ended September 30, 2019 and 2018, the Company recorded $0.5 million and $0.6 million , respectively, of interest income on the loan. During the nine months ended September 30, 2019 and 2018, the Company recorded $1.6 million and $0.8 million , respectively, of interest income on the loan. In June 2018, the Company sold two industrial facilities located in Miami, FL to a third-party and simultaneously structured and entered into two Ground Leases. The Company then sold the two Ground Leases to SAFE. Net proceeds from the transactions totaled $36.1 million and the Company recognized a $24.5 million gain on sale. In January 2019, the Company committed to provide a $13.3 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the conversion of an office building into a multi-family property in Washington, DC. As of September 30, 2019 , $12.4 million of the loan was funded. During the three and nine months ended September 30, 2019 , the Company recorded $0.3 million and $0.7 million , respectively, of interest income on the loan. In February 2019, the Company acquired the leasehold interest in an office property and simultaneously entered into a new 98 -year Ground Lease with SAFE (refer to Note 4). In August 2019, the Company acquired the leasehold interest in a net lease asset and simultaneously entered into a new 99 -year Ground Lease with SAFE (refer to Note 4). Net Lease Venture —In February 2014, the Company partnered with a sovereign wealth fund to form the Net Lease Venture to acquire and develop net lease assets and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810. The Company recorded a gain of $67.9 million in "Gain on consolidation of equity method investment" in the Company's consolidated statement of operations as a result of the consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9% and recorded a $188.3 million increase to "Noncontrolling interests." The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% partner's interest. During the nine months ended September 30, 2018, the Company recorded $1.3 million of management fees from the Net Lease Venture. The management fees are included in "Other income" in the Company's consolidated statements of operations. Beginning after the Company's consolidation of the Net Lease Venture on June 30, 2018 and after the effect of eliminations, the Company earned $0.4 million and $1.1 million , respectively, of management fees during the three and nine months ended September 30, 2019 and $0.3 million during the three months ended September 30, 2018 with respect to services provided to other investors in the Net Lease Venture, which was recorded as a reduction to "Net income attributable to noncontrolling interests" in the Company's consolidated statements of operations. Net Lease Venture II —In July 2018, the Company entered into a new venture ("Net Lease Venture II") with an investment strategy similar to the Net Lease Venture. The Net Lease Venture II has a right of first offer on all new net lease investments (excluding Ground Leases) originated by the Company. Net Lease Venture II is a voting interest entity and the Company has an equity interest in the venture of approximately 51.9% , which will be accounted for as an equity method investment, and is responsible for managing the venture in exchange for a management fee and incentive fee. During the three and nine months ended September 30, 2019 , the Company recorded $0.4 million and $1.1 million , respectively, of management fees from the Net Lease Venture II. In December 2018, Net Lease Venture II acquired four buildings comprising 168,636 square feet (the "Properties") located in Livermore, CA. Net Lease Venture II acquired the Properties for $31.2 million which are 100% leased with four separate leases that expire in December 2028. Other real estate equity investments —As of September 30, 2019 , the Company's other real estate equity investments include equity interests in real estate ventures ranging from 16.0% to 95.0% , comprised of investments of $60.3 million in operating properties and $42.7 million in land assets. As of December 31, 2018 , the Company's other real estate equity investments included $65.6 million in operating properties and $65.3 million in land assets. In August 2018, the Company provided a mezzanine loan with a principal balance of $32.4 million and $30.5 million as of September 30, 2019 and December 31, 2018, respectively, to an unconsolidated entity in which the Company owns a 50% equity interest. As of September 30, 2019 and December 31, 2018, the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the three months ended September 30, 2019 and 2018, the Company recorded $0.7 million and $0.4 million , respectively, of interest income on the mezzanine loan. During the nine months ended September 30, 2019 and 2018, the Company recorded $2.1 million and $0.4 million , respectively, of interest income on the mezzanine loan. In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owned a 50.0% equity interest. The Company provided financing to the entity in the form of a $27.0 million senior loan, all of which was funded as of December 31, 2018 and was included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. In April 2019, the Company acquired the land and development asset from the entity for $34.3 million , which consisted of a $7.3 million cash payment and the assumption of the $27.0 million senior loan. During the three months ended September 30, 2018, the Company recorded $0.5 million of interest income on the senior loan. During the nine months ended September 30, 2019 and 2018, the Company recorded $0.6 million and $1.5 million , respectively, of interest income on the senior loan. Other strategic investments —As of September 30, 2019 and December 31, 2018, the Company also had investments in real estate related funds and other strategic investments in real estate entities. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of September 30, 2019 December 31, 2018 Intangible assets, net (1) $ 176,557 $ 156,281 Restricted cash 61,509 42,793 Finance lease right-of-use assets (2) 145,528 — Operating lease right-of-use assets (2) 27,816 — Other assets (3) 23,826 32,333 Other receivables (4) 42,129 46,887 Leasing costs, net (5) 4,585 6,224 Corporate furniture, fixtures and equipment, net (6) 2,980 3,850 Deferred financing fees, net 2,498 900 Deferred expenses and other assets, net $ 487,428 $ 289,268 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $30.5 million and $27.0 million as of September 30, 2019 and December 31, 2018 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $1.4 million for the three and nine months ended September 30, 2019 , respectively, and $0.9 million and $1.6 million for the three and nine months ended September 30, 2018, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.4 million and $6.9 million for the three and nine months ended September 30, 2019 , respectively, and $4.0 million and $4.7 million for the three and nine months ended September 30, 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average lease term is 9.7 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average lease term is 98.2 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019 , the Company recognized $1.7 million and $3.0 million , respectively, in "Interest expense" and $0.3 million and $0.5 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three and nine months ended September 30, 2019 , the Company recognized $0.9 million and $2.8 million , respectively, in "General and administrative" and $0.9 million and $2.6 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) As of December 31, 2018 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property that was received in 2019. As of September 30, 2019 , includes $21.2 million of receivables held in escrow. (5) Accumulated amortization of leasing costs was $3.4 million and $4.4 million as of September 30, 2019 and December 31, 2018 , respectively. (6) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.8 million and $11.9 million as of September 30, 2019 and December 31, 2018 , respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2019 December 31, 2018 Other liabilities (1) $ 85,273 143,325 Accrued expenses 85,408 95,149 Finance lease liabilities (see table above) 147,064 — Intangible liabilities, net (2) 49,185 35,108 Operating lease liabilities (see table above) 27,830 — Accrued interest payable 23,916 42,669 Accounts payable, accrued expenses and other liabilities $ 418,676 $ 316,251 _______________________________________________________________________________ (1) As of September 30, 2019 and December 31, 2018 , other liabilities includes $0.2 million and $18.5 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2019 and December 31, 2018 , other liabilities also includes $6.8 million and $9.4 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $4.5 million and $2.8 million as of September 30, 2019 and December 31, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.7 million and $1.8 million for the three and nine months ended September 30, 2019 , respectively, and $3.1 million and $3.4 million for the three and nine months |
Loan Participations Payable, ne
Loan Participations Payable, net | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Loan Participations Payable, net | Loan Participations Payable, net The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of September 30, 2019 December 31, 2018 Loan participations payable (1) $ 33,189 $ 22,642 Debt discounts and deferred financing costs, net (54 ) (158 ) Total loan participations payable, net $ 33,135 $ 22,484 _______________________________________________________________________________ (1) As of September 30, 2019 and December 31, 2018, the Company had one loan participation payable with an interest rate of 6.5% . Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of September 30, 2019 and December 31, 2018 . As of September 30, 2019 and December 31, 2018 , the corresponding loan receivable balances were $33.1 million and $22.5 million |
Debt Obligations, net
Debt Obligations, net | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt Obligations, net | Debt Obligations, net The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled September 30, 2019 December 31, 2018 Secured credit facilities and mortgages: 2015 $350 million Revolving Credit Facility $ — $ — LIBOR + 2.25% (1) September 2022 2016 Senior Term Loan 641,875 646,750 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 724,651 802,367 3.62% - 7.26% (3) Total secured credit facilities and mortgages 1,366,526 1,449,117 Unsecured notes: 5.00% senior notes (4) — 375,000 5.00 % — 4.625% senior notes (5) 400,000 400,000 4.625 % — 6.50% senior notes (6) 275,000 275,000 6.50 % — 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 4.75% senior notes (10) 675,000 — 4.75 % October 2024 Total unsecured notes 2,412,500 2,112,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,879,026 3,661,617 Debt discounts and deferred financing costs, net (51,667 ) (52,531 ) Total debt obligations, net (11) $ 3,827,359 $ 3,609,086 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (2) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) In June 2019, the buyer of a portfolio of net lease assets assumed a $228.0 million non-recourse mortgage (refer to Note 4). As of September 30, 2019 , the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) The Company prepaid these senior notes in March 2019 without penalty. (5) The Company prepaid these senior notes in October 2019 with a $6.0 million prepayment penalty. (6) The Company prepaid these senior notes in October 2019 with a $4.5 million prepayment penalty. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of September 30, 2019 was 67.3711 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.84 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the debt component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the debt component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of September 30, 2019 , the carrying value of the 3.125% Convertible Notes was $267.1 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $16.8 million , net of fees. During the three and nine months ended September 30, 2019 , the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.3 million and $3.7 million , respectively, of discount amortization on the 3.125% Convertible Notes. During the three and nine months ended September 30, 2018, the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.2 million and $3.5 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company can prepay these senior notes without penalty beginning July 1, 2024. (11) The Company capitalized interest relating to development activities of $0.5 million and $6.9 million during the three and nine months ended September 30, 2019 , respectively, and $4.0 million and $8.5 million during the three and nine months ended September 30, 2018, respectively.. Future Scheduled Maturities —As of September 30, 2019 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 (remaining three months) $ — $ — $ — 2020 (1) 400,000 — 400,000 2021 (1) 275,000 159,802 434,802 2022 1,062,500 48,174 1,110,674 2023 — 641,875 641,875 Thereafter 775,000 516,675 1,291,675 Total principal maturities 2,512,500 1,366,526 3,879,026 Unamortized discounts and deferred financing costs, net (42,487 ) (9,180 ) (51,667 ) Total debt obligations, net $ 2,470,013 $ 1,357,346 $ 3,827,359 _______________________________________________________________________________ (1) The $400.0 million principal amount outstanding of the 4.625% senior unsecured notes due September 2020 and the $275.0 million principal amount outstanding of the 6.50% senior unsecured notes due July 2021 were repaid in full in October 2019. 2016 Senior Term Loan —In June 2016, the Company entered into a senior term loan of $450.0 million (the "2016 Senior Term Loan"). In August 2016, the Company upsized the facility to $500.0 million . The initial $450.0 million of the 2016 Senior Term Loan was issued at 99% of par and the upsize was issued at par. In September 2017, the Company reduced, repriced and extended the 2016 Senior Term Loan to $400.0 million priced at LIBOR plus 3.00% with a 0.75% LIBOR floor and maturing in October 2021 . In June 2018, the Company increased the 2016 Senior Term Loan to $650.0 million , re-priced at LIBOR plus 2.75% and extended its maturity to June 2023. The facility was also modified to permit substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of the facility. This modification eliminates the mandatory amortization upon payoff or sale of collateral which existed prior to the upsize and broadens the types of collateral permitted under the facility. The Company may make optional prepayments, subject to prepayment fees, and is required to repay 0.25% of the principal amount each quarter. During the nine months ended September 30, 2018, repayments of the 2016 Senior Term Loan resulted in losses on early extinguishment of debt of $2.5 million . 2015 Revolving Credit Facility —In March 2015, the Company entered into a secured revolving credit facility with a maximum capacity of $250.0 million (the "2015 Revolving Credit Facility"). In September 2017, the Company upsized the 2015 Revolving Credit Facility to $325.0 million , added additional lenders to the syndicate, extended the maturity date to September 2020 and made certain other changes. In September 2019, the Company upsized the 2015 Revolving Credit Facility to $350.0 million , added an additional lender to the syndicate, extended the maturity date to September 2022 and made certain other changes. This facility is secured by a pledge of the equity interest in a pool of assets which provide asset value coverage for borrowings under the facility. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating. An undrawn credit facility commitment fee ranges from 0.25% to 0.45% , based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. As of September 30, 2019 , based on the Company's borrowing base of assets, the Company had $350.0 million of borrowing capacity available under the 2015 Revolving Credit Facility. Unsecured Notes —In September 2019, the Company issued $675.0 million principal amount of 4.75% senior unsecured notes due October 2024. Proceeds from the offering, together with cash on hand, were used in October 2019 to repay in full the $400.0 million principal amount outstanding of the 4.625% senior unsecured notes due September 2020 and the $275.0 million principal amount outstanding of the 6.50% senior unsecured notes due July 2021. In March 2019, the Company repaid in full the 5.00% senior unsecured notes due July 2019. During the nine months ended September 30, 2019 , repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $0.5 million . Collateral Assets —The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of September 30, 2019 December 31, 2018 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,413,531 $ 116,585 $ 1,620,008 $ 151,011 Real estate available and held for sale — 12,688 1,055 21,496 Net investment in leases 421,252 — — — Land and development, net 42,402 567,978 12,300 585,918 Loans receivable and other lending investments, net (2)(3) 308,474 475,374 498,524 480,154 Other investments — 733,793 — 304,275 Cash and other assets 2,645 1,460,795 — 1,329,990 Total $ 2,188,304 $ 3,367,213 $ 2,131,887 $ 2,872,844 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of September 30, 2019 , Collateral Assets includes $412.0 million carrying value of assets held by entities pledged as collateral for the 2015 Revolving Credit Facility that is undrawn as of September 30, 2019 . (2) As of September 30, 2019 and December 31, 2018 , the amounts presented exclude general reserves for loan losses of $8.7 million and $13.0 million , respectively. (3) As of September 30, 2019 and December 31, 2018 , the amounts presented exclude loan participations of $33.1 million and $22.5 million , respectively. Debt Covenants The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness, as such terms are defined in the indentures governing the debt securities, of at least 1.2 x and a covenant not to incur additional indebtedness (except for incurrences of permitted debt), if on a pro forma basis the Company's consolidated fixed charge coverage ratio, determined in accordance with the indentures governing the Company's debt securities, is 1.5 x or lower. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders. If the Company's ability to incur additional indebtedness under the fixed charge coverage ratio is limited, the Company is permitted to incur indebtedness for the purpose of refinancing existing indebtedness and for other permitted purposes under the indentures. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the 2016 Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25 x outstanding borrowings on the facility. The 2015 Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value of at least 1.5 x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5 x. The 2015 Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value remains at least 1.5 x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. The Company may not pay common dividends if it ceases to qualify as a REIT. In June 2018, the Company amended the terms of the 2016 Senior Term Loan and the 2015 Revolving Credit Facility to include the ability to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company's 2016 Senior Term Loan and the 2015 Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Unfunded Commitments —The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments. As of September 30, 2019 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate (2) Other Investments Total Performance-Based Commitments $ 294,059 $ 77,251 $ — $ 371,310 Strategic Investments — — 24,177 24,177 Total $ 294,059 $ 77,251 $ 24,177 $ 395,487 _______________________________________________________________________________ (1) Excludes $16.8 million of commitments on loan participations sold that are not the obligation of the Company. (2) Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5). Other Commitments —Future minimum lease obligations under operating and finance leases as of September 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 (remaining three months) $ 1,079 $ 1,330 2020 4,054 5,386 2021 1,468 5,494 2022 869 5,604 2023 728 5,716 Thereafter 2,074 1,579,655 Total undiscounted cash flows 10,272 1,603,185 Present value discount (1) (1,141 ) (1,456,121 ) Other adjustments (2) 18,699 — Lease liabilities $ 27,830 $ 147,064 _______________________________________________________________________________ (1) During the three and nine months ended September 30, 2019, the Company made payments of $1.0 million and $3.0 million , respectively, related to its operating leases and $1.1 million and $2.0 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6% . The weighted average lease term for the Company's finance leases was 98.2 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. Future minimum lease obligations under operating leases as of December 31, 2018 are as follows ($ in thousands): Operating (1) 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 _______________________________________________________________________________ (1) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. Legal Proceedings —The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including foreclosure-related proceedings. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company's use of derivative financial instruments has historically been limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company's exposure to interest rate movements, foreign exchange rate movements and other identified risks. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2019 and December 31, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of September 30, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 94 Accounts payable, accrued expenses and other liabilities $ 11,572 Total $ 94 $ 11,572 Derivative Assets Derivative Liabilities As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 3,669 Accounts payable, accrued expenses and other liabilities $ 10,244 Total $ 3,669 $ 10,244 _________________________________________________________ (1) Over the next 12 months, the Company expects that $4.8 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of December 31, 2018 , the Company posted cash collateral of $6.4 million in connection with its derivatives which were in a liability position and would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations. The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) When Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended September 30, 2019 Interest rate swaps Earnings from equity method investments $ (6,082 ) $ (126 ) Interest rate swaps Interest expense (3,009 ) (539 ) For the Three Months Ended September 30, 2018 Interest rate swaps Interest Expense 2,702 (144 ) Interest rate swaps Earnings from equity method investments 1,197 44 For the Nine Months Ended September 30, 2019 Interest rate swaps Earnings from equity method investments (21,309 ) 28 Interest rate swaps Interest expense (23,781 ) (957 ) For the Nine Months Ended September 30, 2018 Interest rate swaps Interest Expense 1,552 (144 ) Interest rate swaps Earnings from equity method investments 4,705 (47 ) |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity Preferred Stock —The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of September 30, 2019 and December 31, 2018: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Annual Dividend Per Share Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 16,200 $ 476,000 ________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $6.0 million , $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2019 and 2018 , respectively. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2019 and 2018 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% represented long term capital gain. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time into shares of the Company's common stock. The Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. The conversion rate as of September 30, 2019 was 4.0918 shares of the Company's common stock (equal to a conversion price of approximately $12.22 per share). The conversion rate is subject to adjustment from time to time for specified events. Dividends —To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2018, the Company had $567.7 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2031 and will fully expire in 2036 if unused. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The 2016 Senior Term Loan and the 2015 Revolving Credit Facility permit the Company to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company declared common stock dividends of $19.0 million , or $0.29 per share, for the nine months ended September 30, 2019 . The Company declared common stock dividends of $6.2 million , or $0.09 per share, for the nine months ended September 30, 2018. Stock Repurchase Program —The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the nine months ended September 30, 2019 , the Company repurchased 6.2 million shares of its outstanding common stock for $58.8 million , for an average cost of $9.44 per share. During the nine months ended September 30, 2018 , the Company repurchased 0.8 million shares of its outstanding common stock for $8.3 million , for an average cost of $10.22 per share. As of September 30, 2019 , the Company had remaining authorization to repurchase up to $22.1 million of common stock under its stock repurchase program. Accumulated Other Comprehensive Income (Loss) —"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of September 30, 2019 December 31, 2018 Unrealized gains on available-for-sale securities $ 2,962 $ 475 Unrealized losses on cash flow hedges (39,285 ) (13,546 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (40,522 ) $ (17,270 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation —The Company recorded stock-based compensation expense, including the expense related to performance incentive plans (see below), of $6.7 million and $20.7 million for the three and nine months ended September 30, 2019 , respectively, and $3.7 million and $16.2 million for the three and nine months ended September 30, 2018 , respectively, in "General and administrative" in the Company's consolidated statements of operations. Performance Incentive Plans —The Company's Performance Incentive Plans ("iPIP") are designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plans. Awards vest over six years , with 40% being vested at the end of the second year and 15% each year thereafter. 2019-2020 iPIP Plan —The Company's 2019-2020 iPIP plan is an equity-classified award which is measured at the grant date fair value and recognized as compensation cost in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" in the Company's consolidated statements of changes in equity over the requisite service period. Investments in the 2019-2020 iPIP plan will be held by a consolidated subsidiary of the Company that has two ownership classes, class A units and class B units. The Company owns 100% of the class A units and the class B units were issued to employees as long-term compensation. Except for certain clawback provisions, participants can retain vested class B units upon their termination of employment with the Company. The class B units are entitled to distributions from the net cash realized from the investments in the plan after the Company, through its ownership of the class A units, has received a specified return on its invested capital and a return of its invested capital. Distributions on the class B units are also subject to reductions under a total shareholder return ("TSR") adjustment. The fair value of the class B units was determined using a model that forecasts the underlying cash flows from the investments within the entity to which the class B units have ownership rights. During the nine months ended September 30, 2019 , the Company recorded $2.0 million of expense related to the 2019-2020 iPIP plan. Distributions on the class B units will be 50% in cash and 50% in shares of the Company's common stock. 2013-2018 iPIP Plans —The remainder of the Company's iPIP plans, as shown in the table below, are liability-classified awards and are remeasured each reporting period at fair value until the awards are settled. Certain employees will be granted awards that entitle employees to receive the residual cash flows from the investments in the plans after the Company has received a specified return on its invested capital and a return of its invested capital. Awards are also subject to reductions under a TSR adjustment. The fair value of awards is determined using a model that forecasts the Company's projected investment performance. Settlement of the awards will be 50% in cash and 50% in shares of the Company's common stock. The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the nine months ended September 30, 2019 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 85.77 79.41 82.43 Granted — — — Forfeited (1.60 ) (2.73 ) (3.72 ) Points at end of period 84.17 76.68 78.71 During the nine months ended September 30, 2019 , the Company made distributions to participants in the 2013-2014 investment pool. The iPIP participants received total distributions in the amount of $7.4 million as compensation, comprised of $3.8 million in cash and 389,545 shares of the Company's common stock, with a fair value of $3.6 million or $9.21 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 209,118 shares of the Company's common stock were issued. As of September 30, 2019 and December 31, 2018 , the Company had accrued compensation costs relating to iPIP of $44.2 million and $37.5 million , respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. Long-Term Incentive Plan —The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014. In May 2019, the Company's shareholders approved an increase in the number of shares available for issuance under the 2009 LTIP from 8.0 million to 8.9 million and extended the expiration date of the 2009 LTIP from May 2019 to May 2029. As of September 30, 2019 , an aggregate of 3.0 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP. Restricted Stock Unit Activity —A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the nine months ended September 30, 2019 , is as follows (in thousands): Nonvested at beginning of period 357 Granted 481 Vested (52 ) Forfeited (89 ) Nonvested at end of period 697 As of September 30, 2019 , there was $3.3 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.4 years. Directors' Awards —During the nine months ended September 30, 2019 , the Company granted 80,270 restricted shares of common stock to non-employee Directors at a fair value of $8.74 at the time of grant for their annual equity awards and also issued 4,856 common stock equivalents ("CSEs") at a fair value of $10.82 per CSE in respect of dividend equivalents on outstanding CSEs. As of September 30, 2019 , a combined total of 257,296 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.4 million . 401(k) Plan —The Company made contributions of $0.1 million and $0.8 million for the three and nine months ended September 30, 2019 , respectively, and $0.1 million and $0.9 million for the three and nine months ended September 30, 2018 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) $ 3,626 $ (8,832 ) $ 370,347 $ 86,702 Net income attributable to noncontrolling interests (2,845 ) (2,028 ) (8,168 ) (11,632 ) Preferred dividends (8,124 ) (8,124 ) (24,372 ) (24,372 ) Net income (loss) allocable to common shareholders for basic earnings per common share $ (7,343 ) $ (18,984 ) $ 337,807 $ 50,698 Add: Effect of Series J convertible perpetual preferred stock — — 6,750 6,750 Net income (loss) allocable to common shareholders for diluted earnings per common share $ (7,343 ) $ (18,984 ) $ 344,557 $ 57,448 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Earnings allocable to common shares: Numerator for basic earnings per share: Net income (loss) allocable to common shareholders $ (7,343 ) $ (18,984 ) $ 337,807 $ 50,698 Numerator for diluted earnings per share: Net income (loss) allocable to common shareholders $ (7,343 ) $ (18,984 ) $ 344,557 $ 57,448 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 62,168 67,975 64,624 67,940 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — 114 131 Add: Effect of series J convertible perpetual preferred stock — — 16,138 15,658 Weighted average common shares outstanding for diluted earnings per common share 62,168 67,975 80,876 83,729 Basic earnings per common share: Net income (loss) allocable to common shareholders $ (0.12 ) $ (0.28 ) $ 5.23 $ 0.75 Diluted earnings per common share: (1) Net income (loss) allocable to common shareholders $ (0.12 ) $ (0.28 ) $ 4.26 $ 0.69 _______________________________________________________________________________ (1) For the three months ended September 30, 2019 and 2018, 16,306 and 15,703 , respectively of Series J convertible perpetual preferred stock was anti-dilutive. For the three and nine months ended September 30, 2019 and the three months ended September 30, 2018, the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2019 and therefore the 3.125% |
Fair Values
Fair Values | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values | Fair Values Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis. The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of September 30, 2019 Recurring basis: Derivative assets (1) $ 94 $ — $ 94 $ — Derivative liabilities (1) 11,572 — 11,572 — Available-for-sale securities (1) 24,102 — — 24,102 As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (2) 29,400 — — 29,400 Impaired real estate available and held for sale (3) 19,300 — — 19,300 Impaired land and development (4) 78,400 — — 78,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: a. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. b. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (3) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (4) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: a. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. b. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. d. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019. The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2019 and 2018 ($ in thousands): 2019 2018 Beginning balance $ 21,661 $ 22,842 Repayments (45 ) (46 ) Unrealized gains (losses) recorded in other comprehensive income 2,486 (1,514 ) Ending balance $ 24,102 $ 21,282 Fair values of financial instruments— The Company's estimated fair values of its loans receivable and other lending investments and outstanding debt was $0.8 billion and $4.0 billion , respectively, as of September 30, 2019 and $1.0 billion and $3.5 billion , respectively, as of December 31, 2018 . The Company determined that the significant inputs used to value its loans receivable and other lending investments and debt obligations fall within Level 3 of the fair value hierarchy. The carrying value of other financial instruments including cash and cash equivalents, restricted cash, accrued interest receivable, net investment in leases and accounts payable, approximate the fair values of the instruments. Cash and cash equivalents and restricted cash values are considered Level 1 on the fair value hierarchy. The fair value of other financial instruments, including derivative assets and liabilities, is included in the fair value hierarchy table above. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Real Estate Finance, Net Lease, Operating Properties and Land and Development. The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants and its investment in SAFE (refer to Note 8). The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio. The Company evaluates performance based on the following financial measures for each segment. The Company's segment information is as follows ($ in thousands): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended September 30, 2019: Operating lease income $ — $ 38,006 $ 6,034 $ 70 $ — $ 44,110 Interest income 18,912 789 — — — 19,701 Interest income from sales-type leases — 8,339 — — — 8,339 Other income 115 6,347 7,611 2,124 2,073 18,270 Land development revenue — — — 54,918 — 54,918 Earnings (losses) from equity method investments — 2,848 4,875 (301 ) 195 7,617 Income from sales of real estate — 3,458 18 — — 3,476 Total revenue and other earnings 19,027 59,787 18,538 56,811 2,268 156,431 Real estate expense — (6,460 ) (9,314 ) (7,413 ) — (23,187 ) Land development cost of sales — — — (48,101 ) — (48,101 ) Other expense (49 ) — — — (358 ) (407 ) Allocated interest expense (6,902 ) (25,176 ) (2,393 ) (5,268 ) (6,783 ) (46,522 ) Allocated general and administrative (2) (2,035 ) (6,887 ) (727 ) (3,019 ) (4,702 ) (17,370 ) Segment profit (loss) (3) $ 10,041 $ 21,264 $ 6,104 $ (6,990 ) $ (9,575 ) $ 20,844 Other significant items: Recovery of loan losses $ (3,805 ) $ — $ — $ — $ — $ (3,805 ) Depreciation and amortization — 12,409 1,244 243 303 14,199 Capitalized expenditures — 7,846 2,816 20,536 — 31,198 Three Months Ended September 30, 2018: Operating lease income $ — $ 45,204 $ 13,803 $ 102 $ — $ 59,109 Interest income 22,915 — — — — 22,915 Other income 753 1,008 21,253 857 3,937 27,808 Land development revenue — — — 12,309 — 12,309 Earnings (losses) from equity method investments — 775 (2,223 ) 161 652 (635 ) Income from sales of real estate — — 5,409 — — 5,409 Total revenue and other earnings 23,668 46,987 38,242 13,429 4,589 126,915 Real estate expense — (4,774 ) (18,649 ) (8,864 ) — (32,287 ) Land development cost of sales — — — (12,114 ) — (12,114 ) Other expense (179 ) — — — (119 ) (298 ) Allocated interest expense (9,558 ) (16,454 ) (4,547 ) (5,014 ) (11,646 ) (47,219 ) Allocated general and administrative (2) (2,693 ) (5,740 ) (1,429 ) (3,576 ) (4,524 ) (17,962 ) Segment profit (loss) (3) $ 11,238 $ 20,019 $ 13,617 $ (16,139 ) $ (11,700 ) $ 17,035 Other significant items: Provision for loan losses $ 200 $ — $ — $ — $ — $ 200 Impairment of assets — — 989 — — 989 Depreciation and amortization — 12,554 6,857 263 305 19,979 Capitalized expenditures — 28,315 5,860 33,608 — 67,783 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2019: Operating lease income $ — $ 136,150 $ 21,844 $ 216 $ — $ 158,210 Interest income 59,220 1,197 — — — 60,417 Interest income from sales-type leases — 12,157 — — — 12,157 Other income 2,836 12,705 13,960 6,877 6,755 43,133 Land development revenue — — — 76,691 — 76,691 Earnings (losses) from equity method investments — 13,660 (166 ) 2,910 162 16,566 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 223,200 10,206 — — 233,406 Total revenue and other earnings 62,056 579,485 45,844 86,694 6,917 780,996 Real estate expense — (18,335 ) (28,646 ) (24,184 ) — (71,165 ) Land development cost of sales — — — (71,785 ) — (71,785 ) Other expense (359 ) — — — (12,439 ) (12,798 ) Allocated interest expense (23,251 ) (70,548 ) (7,859 ) (15,888 ) (19,305 ) (136,851 ) Allocated general and administrative (2) (6,523 ) (19,299 ) (2,214 ) (9,199 ) (14,583 ) (51,818 ) Segment profit (loss) (3) $ 31,923 $ 471,303 $ 7,125 $ (34,362 ) $ (39,410 ) $ 436,579 Other significant non-cash items: Recovery of loan losses $ (3,792 ) $ — $ — $ — $ — $ (3,792 ) Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization — 38,242 3,701 733 910 43,586 Capitalized expenditures — 12,707 4,878 86,029 — 103,614 Nine Months Ended September 30, 2018: Operating lease income $ — $ 104,241 $ 44,818 $ 457 $ — $ 149,516 Interest income 74,824 — — — — 74,824 Other income 4,271 2,755 46,748 2,640 7,537 63,951 Land development revenue — — — 369,665 — 369,665 Earnings (losses) from equity method investments — 7,028 (4,814 ) 2,726 (9,521 ) (4,581 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 54,446 — — 79,353 Total revenue and other earnings 79,095 206,808 141,198 375,488 (1,984 ) 800,605 Real estate expense — (12,186 ) (64,091 ) (29,234 ) — (105,511 ) Land development cost of sales — — — (318,881 ) — (318,881 ) Other expense (869 ) — — — (4,311 ) (5,180 ) Allocated interest expense (31,971 ) (44,246 ) (14,653 ) (16,795 ) (27,907 ) (135,572 ) Allocated general and administrative (2) (10,514 ) (15,179 ) (5,447 ) (11,128 ) (15,142 ) (57,410 ) Segment profit (loss) (3) $ 35,741 $ 135,197 $ 57,007 $ (550 ) $ (49,344 ) $ 178,051 Other significant non-cash items: Provision for loan losses $ 18,237 $ — $ — $ — $ — $ 18,237 Impairment of assets — 4,342 5,535 1,300 — 11,177 Depreciation and amortization — 25,205 14,522 1,095 1,035 41,857 Capitalized expenditures — 29,512 18,186 107,658 — 155,356 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2019 Real estate Real estate, net $ — $ 1,329,896 $ 200,220 $ — $ — $ 1,530,116 Real estate available and held for sale — — 12,688 — — 12,688 Total real estate — 1,329,896 212,908 — — 1,542,804 Net investment in leases — 421,252 — — — 421,252 Land and development, net — — — 610,380 — 610,380 Loans receivable and other lending investments, net 764,055 44,234 — — — 808,289 Other investments — 586,358 60,347 42,675 44,413 733,793 Total portfolio assets $ 764,055 $ 2,381,740 $ 273,255 $ 653,055 $ 44,413 4,116,518 Cash and other assets 1,463,440 Total assets $ 5,579,958 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 _______________________________________________________________________________ (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 $6.7 million and $20.7 million for the three and nine months ended September 30, 2019 , respectively, and $3.7 million and $16.2 million for the three and nine months ended September 30, 2018, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Segment profit $ 20,844 $ 17,035 $ 436,579 $ 178,051 Add/Less: Recovery of (provision for) loan losses 3,805 (200 ) 3,792 (18,237 ) Less: Impairment of assets — (989 ) (4,953 ) (11,177 ) Less: Stock-based compensation expense (6,740 ) (3,651 ) (20,694 ) (16,245 ) Less: Depreciation and amortization (14,199 ) (19,979 ) (43,586 ) (41,857 ) Less: Income tax expense (84 ) (137 ) (323 ) (386 ) Less: Loss on early extinguishment of debt, net — (911 ) (468 ) (3,447 ) Net income (loss) $ 3,626 $ (8,832 ) $ 370,347 $ 86,702 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New and adopted accounting pronouncements | New Accounting Pronouncements — In June 2016 , the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company currently records a general reserve that covers performing loans and reserves for loan losses are recorded when: (i) available information as of each balance sheet date indicates that it is probable a loss has occurred in the portfolio; and (ii) the amount of the loss can be reasonably estimated. The formula-based general reserve is derived from estimated principal default probabilities and loss severities applied to groups of loans based upon risk ratings assigned to loans with similar risk characteristics during our quarterly loan portfolio assessment. The Company estimates loss rates based on historical realized losses experienced within its portfolio and take into account current economic conditions affecting the commercial real estate market when establishing appropriate time frames to evaluate loss experience. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management is currently evaluating the impact from ASU 2016-13 on the Company's consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements. The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2019. ASU 2016-02 and ASU 2018-11—Accounting Standards Update ("ASU") 2016-02, Leases ("ASU 2016-02") required the recognition of right-of-use lease assets and lease liabilities by the Company as lessee for those leases classified as operating or finance leases, both measured at the present value of the lease payments, on its consolidated balance sheets. For operating lease arrangements as of December 31, 2018 for which the Company was the lessee, primarily under leases of office space and certain ground leases, the Company recorded operating lease right-of-use assets of $31.6 million in "Deferred expenses and other assets, net" and operating lease liabilities of $31.6 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets. In addition, the Company entered into finance leases in 2019, and as of September 30, 2019, recorded finance lease right-of-use assets of $145.5 million in "Deferred expenses and other assets, net" and finance lease liabilities of $147.1 million in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets (refer to Significant Accounting Policies below). The Company, as lessor, recognizes certain of its leases on net lease properties as sales-type leases and records the leases as "Net investment in leases" on the Company's consolidated balance sheets (refer to Note 5). For the Company's leases which qualify as sales-type leases, the Company records "Interest income from sales-type leases" in the Company's consolidated statements of operations. The amount recorded as interest income from sales-type leases in any given period will likely be different than the straight-line lease income that would have been recorded under the superseded guidance. Management elected the practical expedient package that allowed the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. In addition, the Company elected to not record on its consolidated balance sheets leases whose term is less than 12 months at lease inception. ASU 2018-11, Leases amended ASU 2016-02 so that: (i) entities could elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (ii) provided lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management elected both of these provisions. ASU 2018-16—ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes was issued in October 2018 and expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements. |
Real estate available and held for sale | Real estate available and held for sale— The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. |
Net investment in Leases and Interest Income from Sales-Type Leases | Net Investment in Leases —Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. If a lease qualifies as a sales-type lease, it is further evaluated to determine whether the transaction is considered a sale leaseback transaction. If the sales-type lease does not qualify as a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 (refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. Interest Income from Sales-Type Leases —Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned. |
Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities | Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities— Effective January 1, 2019 with the adoption of ASU 2016-02, the Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. |
Basis of Presentation and Pri_2
Basis of Presentation and Principles of Consolidation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of assets and liabilities of consolidated VIEs | The following table presents the assets and liabilities of the Company's consolidated VIEs as of September 30, 2019 and December 31, 2018 ($ in thousands): As of September 30, December 31, ASSETS Real estate Real estate, at cost $ 888,277 $ 848,052 Less: accumulated depreciation (31,458 ) (15,365 ) Real estate, net 856,819 832,687 Land and development, net 282,082 279,031 Other investments 52 72 Cash and cash equivalents 26,153 25,219 Accrued interest and operating lease income receivable, net 858 1,302 Deferred operating lease income receivable, net 16,958 8,972 Deferred expenses and other assets, net 137,261 167,324 Total assets $ 1,320,183 $ 1,314,607 LIABILITIES Accounts payable, accrued expenses and other liabilities $ 117,136 $ 106,907 Debt obligations, net 485,032 485,000 Total liabilities 602,168 591,907 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Reconciliation of cash and cash equivalents | The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 917,309 $ 931,751 $ 757,384 $ 657,688 Restricted cash included in deferred expenses and other assets, net (1) 61,509 42,793 34,974 20,045 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 978,818 $ 974,544 $ 792,358 $ 677,733 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. |
Reconciliation of restricted cash | The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands): September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 Cash and cash equivalents $ 917,309 $ 931,751 $ 757,384 $ 657,688 Restricted cash included in deferred expenses and other assets, net (1) 61,509 42,793 34,974 20,045 Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows $ 978,818 $ 974,544 $ 792,358 $ 677,733 _______________________________________________________________________________ (1) Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development, sale and derivative transactions. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands): Net Lease (1) Operating Properties Total As of September 30, 2019 Land, at cost $ 201,197 $ 106,187 $ 307,384 Buildings and improvements, at cost 1,342,319 106,821 1,449,140 Less: accumulated depreciation (213,618 ) (12,790 ) (226,408 ) Real estate, net 1,329,898 200,218 1,530,116 Real estate available and held for sale (2) — 12,688 12,688 Total real estate $ 1,329,898 $ 212,906 $ 1,542,804 As of December 31, 2018 Land, at cost $ 336,740 $ 133,599 $ 470,339 Buildings and improvements, at cost 1,487,270 118,724 1,605,994 Less: accumulated depreciation (287,516 ) (17,798 ) (305,314 ) Real estate, net 1,536,494 234,525 1,771,019 Real estate available and held for sale (2) 1,055 21,496 22,551 Total real estate $ 1,537,549 $ 256,021 $ 1,793,570 _______________________________________________________________________________ (1) In May 2019, the Company modified certain of its leases. As a result of these modifications, the Company is required to account for the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale" on its consolidated balance sheet (refer to Note 5). (2) As of September 30, 2019 and December 31, 2018 , the Company had $11.7 million and $20.6 million |
Schedule of net proceeds and income recognized for properties sold | The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions): Nine Months Ended September 30, 2019 2018 Operating Properties Proceeds (1) $ 80.2 $ 228.7 Income from sales of real estate (1) 10.2 54.5 Net Lease Proceeds (2) $ 452.7 $ 38.4 Income from sales of real estate (2) 223.2 24.9 Total Proceeds $ 532.9 $ 267.1 Income from sales of real estate 233.4 79.4 _______________________________________________________________________________ (1) During the nine months ended September 30, 2019 , the Company sold commercial and residential operating properties with an aggregate carrying value of $70.0 million and recognized gains of $10.2 million in "Income from sales of real estate" in the Company's consolidated statements of operations. During the nine months ended September 30, 2018, the Company sold commercial and residential operating properties and recognized $54.5 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties. (2) During the nine months ended September 30, 2019 , the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized gains of $219.7 million in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the nine months ended September 30, 2018, the Company sold net lease assets and recognized $24.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. |
Net Investment in Leases (Table
Net Investment in Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of future minimum lease payments to be collected under sales-type leases | Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of September 30, 2019 , are as follows by year ($ in thousands): Amount 2019 (remaining three months) $ 6,891 2020 27,565 2021 28,062 2022 30,549 2023 30,549 Thereafter 925,293 Total undiscounted cash flows 1,048,909 Unguaranteed estimated residual value 343,995 Present value discount (971,652 ) Net investment in leases as of September 30, 2019 $ 421,252 |
Land and Development (Tables)
Land and Development (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Land And Development [Abstract] | |
Schedule of land and development assets | The Company's land and development assets were comprised of the following ($ in thousands): As of September 30, December 31, 2019 2018 Land and land development, at cost $ 619,745 $ 606,849 Less: accumulated depreciation (9,365 ) (8,631 ) Total land and development, net $ 610,380 $ 598,218 |
Loans Receivable and Other Le_2
Loans Receivable and Other Lending Investments, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of the Company's loans and other lending investments by class | The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands): As of Type of Investment September 30, December 31, Senior mortgages $ 554,567 $ 760,749 Corporate/Partnership loans 121,500 148,583 Subordinate mortgages 10,695 10,161 Total gross carrying value of loans 686,762 919,493 Reserves for loan losses (30,401 ) (53,395 ) Total loans receivable, net 656,361 866,098 Other lending investments (1) 151,928 122,126 Total loans receivable and other lending investments, net $ 808,289 $ 988,224 ____________________________________________________________ (1) As of September 30, 2019 , includes $44.2 million related to the acquisition of bowling centers from one of the Company's lessees (refer to Note 5). |
Schedule of changes in the Company's reserve for loan losses | Changes in the Company's reserve for loan losses were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Reserve for loan losses at beginning of period $ 53,408 $ 54,495 $ 53,395 $ 78,489 (Recovery of) provision for loan losses (3,805 ) 200 (3,792 ) 18,237 Charge-offs (19,202 ) — (19,202 ) (42,031 ) Reserve for loan losses at end of period $ 30,401 $ 54,695 $ 30,401 $ 54,695 |
Schedule of recorded investment in loans and associated reserve for loan losses | The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands): Individually Evaluated for Impairment (1) Collectively Evaluated for Impairment (2) Total As of September 30, 2019 Loans $ 38,400 $ 652,523 $ 690,923 Less: Reserve for loan losses (21,701 ) (8,700 ) (30,401 ) Total (3) $ 16,699 $ 643,823 $ 660,522 As of December 31, 2018 Loans $ 66,725 $ 857,662 $ 924,387 Less: Reserve for loan losses (40,395 ) (13,000 ) (53,395 ) Total (3) $ 26,330 $ 844,662 $ 870,992 _______________________________________________________________________________ (1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.1 million and $0.5 million as of September 30, 2019 and December 31, 2018 , respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income. (2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.3 million and $3.1 million as of September 30, 2019 and December 31, 2018 , respectively. (3) The Company's recorded investment in loans as of September 30, 2019 and December 31, 2018 includes accrued interest of $4.2 million and $4.9 million , respectively, which is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of September 30, 2019, excludes $44.2 million of other lending investments that are evaluated for impairment when, based upon current information and events, the Company believes it is probable that it will be unable to collect all amounts due under the contractual terms of the lease (refer to Note 5). As of September 30, 2019 and December 31, 2018 , the total amounts exclude $107.7 million and $122.1 million , respectively, of securities that are evaluated for impairment under ASC 320. |
Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating | The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands): As of September 30, 2019 As of December 31, 2018 Performing Loans Weighted Average Risk Ratings Performing Loans Weighted Average Risk Ratings Senior mortgages $ 519,289 2.71 $ 697,807 2.76 Corporate/Partnership loans 122,507 3.15 149,663 2.84 Subordinate mortgages 10,727 3.00 10,192 3.00 Total $ 652,523 2.80 $ 857,662 2.77 |
Schedule of recorded investment in loans, aged by payment status and presented by class | The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands): Current Less Than and Equal to 90 Days Greater Than 90 Days (1) Total Past Due Total As of September 30, 2019 Senior mortgages $ 519,289 $ — $ 38,400 $ 38,400 $ 557,689 Corporate/Partnership loans 122,507 — — — 122,507 Subordinate mortgages 10,727 — — — 10,727 Total $ 652,523 $ — $ 38,400 $ 38,400 $ 690,923 As of December 31, 2018 Senior mortgages $ 703,807 $ — $ 60,725 $ 60,725 $ 764,532 Corporate/Partnership loans 149,663 — — — 149,663 Subordinate mortgages 10,192 — — — 10,192 Total $ 863,662 $ — $ 60,725 $ 60,725 $ 924,387 _______________________________________________________________________________ (1) As of September 30, 2019 , the Company had one loan which was greater than 90 days delinquent and was in various stages of resolution, including legal and environmental matters, and was 10.3 years outstanding. As of December 31, 2018, the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 years to 9.0 years |
Schedule of recorded investment in impaired loans, presented by class | The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands) (1) : As of September 30, 2019 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Senior mortgages $ 38,400 $ 38,501 $ (21,701 ) $ 66,725 $ 66,777 $ (40,395 ) Total $ 38,400 $ 38,501 $ (21,701 ) $ 66,725 $ 66,777 $ (40,395 ) ____________________________________________________________ (1) |
Schedule of average recorded investment in impaired loans and interest income recognized, presented by class | The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Subordinate mortgages $ — $ — $ — $ 209 $ — $ — $ — $ 301 Subtotal — — — 209 — — — 301 With an allowance recorded: Senior mortgages 38,572 — 67,001 — 39,074 — 70,696 — Corporate/Partnership loans — — — — — — 78,302 — Subtotal 38,572 — 67,001 — 39,074 — 148,998 — Total: Senior mortgages 38,572 — 67,001 — 39,074 — 70,696 — Corporate/Partnership loans — — — — — — 78,302 — Subordinate mortgages — — — 209 — — — 301 Total $ 38,572 $ — $ 67,001 $ 209 $ 39,074 $ — $ 148,998 $ 301 |
Schedule of other lending investments - securities | Other lending investments includes the following securities ($ in thousands): Face Value Amortized Cost Basis Net Unrealized Gain Estimated Fair Value Net Carrying Value As of September 30, 2019 Available-for-Sale Securities Municipal debt securities $ 21,140 $ 21,140 $ 2,962 $ 24,102 $ 24,102 Held-to-Maturity Securities Debt securities 100,000 83,593 — 83,593 83,593 Total $ 121,140 $ 104,733 $ 2,962 $ 107,695 $ 107,695 As of December 31, 2018 Available-for-Sale Securities Municipal debt securities $ 21,185 $ 21,185 $ 476 $ 21,661 $ 21,661 Held-to-Maturity Securities Debt securities 120,866 100,465 7 100,472 100,465 Total $ 142,051 $ 121,650 $ 483 $ 122,133 $ 122,126 |
Schedule of contractual maturities of securities | As of September 30, 2019 , the contractual maturities of the Company's securities were as follows ($ in thousands): Held-to-Maturity Securities Available-for-Sale Securities Amortized Cost Basis Estimated Fair Value Amortized Cost Basis Estimated Fair Value Maturities Within one year $ — $ — $ — $ — After one year through 5 years 83,593 83,593 — — After 5 years through 10 years — — — — After 10 years — — 21,140 24,102 Total $ 83,593 $ 83,593 $ 21,140 $ 24,102 |
Other Investments (Tables)
Other Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of other investments and proportionate share of earnings from equity method investments | The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands): Equity in Earnings (Losses) Carrying Value as of For the Three Months Ended September 30, For the Nine Months September 30, 2019 December 31, 2018 2019 2018 2019 2018 Real estate equity investments Safehold Inc. ("SAFE") $ 581,059 $ 149,589 $ 2,946 $ 775 $ 14,076 $ 2,927 iStar Net Lease II LLC ("Net Lease Venture II") 5,300 16,215 (98 ) — (416 ) — iStar Net Lease I LLC ("Net Lease Venture") (1) — — — — — 4,100 Other real estate equity investments (2) 103,021 130,955 4,574 (2,062 ) 2,744 (2,087 ) Subtotal 689,380 296,759 7,422 (1,287 ) 16,404 4,940 Other strategic investments (3) 44,413 7,516 195 652 162 (9,521 ) Total $ 733,793 $ 304,275 $ 7,617 $ (635 ) $ 16,566 $ (4,581 ) ____________________________________________________________ (1) The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below). (2) During the three and nine months ended September 30, 2019, equity in earnings (losses) includes $8.2 million of income resulting from the sale of a property at one of the Company's equity method investments. (3) For the nine months ended September 30, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions. |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets and Other Liabilities [Abstract] | |
Schedule of deferred expenses and other assets, net | Deferred expenses and other assets, net, consist of the following items ($ in thousands): As of September 30, 2019 December 31, 2018 Intangible assets, net (1) $ 176,557 $ 156,281 Restricted cash 61,509 42,793 Finance lease right-of-use assets (2) 145,528 — Operating lease right-of-use assets (2) 27,816 — Other assets (3) 23,826 32,333 Other receivables (4) 42,129 46,887 Leasing costs, net (5) 4,585 6,224 Corporate furniture, fixtures and equipment, net (6) 2,980 3,850 Deferred financing fees, net 2,498 900 Deferred expenses and other assets, net $ 487,428 $ 289,268 _______________________________________________________________________________ (1) Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $30.5 million and $27.0 million as of September 30, 2019 and December 31, 2018 , respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.4 million and $1.4 million for the three and nine months ended September 30, 2019 , respectively, and $0.9 million and $1.6 million for the three and nine months ended September 30, 2018, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $2.4 million and $6.9 million for the three and nine months ended September 30, 2019 , respectively, and $4.0 million and $4.7 million for the three and nine months ended September 30, 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. (2) Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.6% and the weighted average lease term is 9.7 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average lease term is 98.2 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2019 , the Company recognized $1.7 million and $3.0 million , respectively, in "Interest expense" and $0.3 million and $0.5 million , respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the three and nine months ended September 30, 2019 , the Company recognized $0.9 million and $2.8 million , respectively, in "General and administrative" and $0.9 million and $2.6 million , respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases. (3) Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets. (4) As of December 31, 2018 , includes $26.0 million of reimbursements receivable related to the construction and development of an operating property that was received in 2019. As of September 30, 2019 , includes $21.2 million of receivables held in escrow. (5) Accumulated amortization of leasing costs was $3.4 million and $4.4 million as of September 30, 2019 and December 31, 2018 , respectively. (6) Accumulated depreciation on corporate furniture, fixtures and equipment was $12.8 million and $11.9 million as of September 30, 2019 and December 31, 2018 , respectively. |
Schedule of accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): As of September 30, 2019 December 31, 2018 Other liabilities (1) $ 85,273 143,325 Accrued expenses 85,408 95,149 Finance lease liabilities (see table above) 147,064 — Intangible liabilities, net (2) 49,185 35,108 Operating lease liabilities (see table above) 27,830 — Accrued interest payable 23,916 42,669 Accounts payable, accrued expenses and other liabilities $ 418,676 $ 316,251 _______________________________________________________________________________ (1) As of September 30, 2019 and December 31, 2018 , other liabilities includes $0.2 million and $18.5 million , respectively, related to profit sharing arrangements with developers for certain properties sold. As of September 30, 2019 and December 31, 2018 , other liabilities also includes $6.8 million and $9.4 million , respectively, related to tax increment financing bonds which were issued by government entities to fund development within two of the Company's land projects. The amount represents tax assessments associated with each project, which will decrease as the Company sells units. (2) Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $4.5 million and $2.8 million as of September 30, 2019 and December 31, 2018 , respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.7 million and $1.8 million for the three and nine months ended September 30, 2019 , respectively, and $3.1 million and $3.4 million for the three and nine months ended September 30, 2018, respectively. |
Loan Participations Payable, _2
Loan Participations Payable, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of loan participations payable | The Company's loan participations payable, net were as follows ($ in thousands): Carrying Value as of September 30, 2019 December 31, 2018 Loan participations payable (1) $ 33,189 $ 22,642 Debt discounts and deferred financing costs, net (54 ) (158 ) Total loan participations payable, net $ 33,135 $ 22,484 _______________________________________________________________________________ (1) As of September 30, 2019 and December 31, 2018, the Company had one loan participation payable with an interest rate of 6.5% . |
Debt Obligations, net (Tables)
Debt Obligations, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | The Company's debt obligations were as follows ($ in thousands): Carrying Value as of Stated Scheduled September 30, 2019 December 31, 2018 Secured credit facilities and mortgages: 2015 $350 million Revolving Credit Facility $ — $ — LIBOR + 2.25% (1) September 2022 2016 Senior Term Loan 641,875 646,750 LIBOR + 2.75% (2) June 2023 Mortgages collateralized by net lease assets (3) 724,651 802,367 3.62% - 7.26% (3) Total secured credit facilities and mortgages 1,366,526 1,449,117 Unsecured notes: 5.00% senior notes (4) — 375,000 5.00 % — 4.625% senior notes (5) 400,000 400,000 4.625 % — 6.50% senior notes (6) 275,000 275,000 6.50 % — 6.00% senior notes (7) 375,000 375,000 6.00 % April 2022 5.25% senior notes (8) 400,000 400,000 5.25 % September 2022 3.125% senior convertible notes (9) 287,500 287,500 3.125 % September 2022 4.75% senior notes (10) 675,000 — 4.75 % October 2024 Total unsecured notes 2,412,500 2,112,500 Other debt obligations: Trust preferred securities 100,000 100,000 LIBOR + 1.50% October 2035 Total debt obligations 3,879,026 3,661,617 Debt discounts and deferred financing costs, net (51,667 ) (52,531 ) Total debt obligations, net (11) $ 3,827,359 $ 3,609,086 _______________________________________________________________________________ (1) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50% ; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50% . At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. (2) The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 1.75% ; or (ii) LIBOR subject to a margin of 2.75% . (3) In June 2019, the buyer of a portfolio of net lease assets assumed a $228.0 million non-recourse mortgage (refer to Note 4). As of September 30, 2019 , the weighted average interest rate of these loans is 4.4% , inclusive of the effect of interest rate swaps. (4) The Company prepaid these senior notes in March 2019 without penalty. (5) The Company prepaid these senior notes in October 2019 with a $6.0 million prepayment penalty. (6) The Company prepaid these senior notes in October 2019 with a $4.5 million prepayment penalty. (7) The Company can prepay these senior notes without penalty beginning April 1, 2021. (8) The Company can prepay these senior notes without penalty beginning September 15, 2021. (9) The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of September 30, 2019 was 67.3711 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.84 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the debt component at $221.8 million , net of fees, and the equity component of the conversion feature at $22.5 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the debt component at $34.0 million , net of fees, and the equity component of the conversion feature at $3.4 million , net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of September 30, 2019 , the carrying value of the 3.125% Convertible Notes was $267.1 million , net of fees, and the unamortized discount of the 3.125% Convertible Notes was $16.8 million , net of fees. During the three and nine months ended September 30, 2019 , the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.3 million and $3.7 million , respectively, of discount amortization on the 3.125% Convertible Notes. During the three and nine months ended September 30, 2018, the Company recognized $2.2 million and $6.7 million , respectively, of contractual interest and $1.2 million and $3.5 million , respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2% . (10) The Company can prepay these senior notes without penalty beginning July 1, 2024. (11) The Company capitalized interest relating to development activities of $0.5 million and $6.9 million during the three and nine months ended September 30, 2019 , respectively, and $4.0 million and $8.5 million during the three and nine months ended September 30, 2018, respectively.. |
Schedule of future scheduled maturities of outstanding debt obligations | As of September 30, 2019 , future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): Unsecured Debt Secured Debt Total 2019 (remaining three months) $ — $ — $ — 2020 (1) 400,000 — 400,000 2021 (1) 275,000 159,802 434,802 2022 1,062,500 48,174 1,110,674 2023 — 641,875 641,875 Thereafter 775,000 516,675 1,291,675 Total principal maturities 2,512,500 1,366,526 3,879,026 Unamortized discounts and deferred financing costs, net (42,487 ) (9,180 ) (51,667 ) Total debt obligations, net $ 2,470,013 $ 1,357,346 $ 3,827,359 _______________________________________________________________________________ (1) The $400.0 million principal amount outstanding of the 4.625% senior unsecured notes due September 2020 and the $275.0 million principal amount outstanding of the 6.50% senior unsecured notes due July 2021 were repaid in full in October 2019. |
Schedule of carrying value of encumbered assets by asset type | The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands): As of September 30, 2019 December 31, 2018 Collateral Assets (1) Non-Collateral Assets Collateral Assets (1) Non-Collateral Assets Real estate, net $ 1,413,531 $ 116,585 $ 1,620,008 $ 151,011 Real estate available and held for sale — 12,688 1,055 21,496 Net investment in leases 421,252 — — — Land and development, net 42,402 567,978 12,300 585,918 Loans receivable and other lending investments, net (2)(3) 308,474 475,374 498,524 480,154 Other investments — 733,793 — 304,275 Cash and other assets 2,645 1,460,795 — 1,329,990 Total $ 2,188,304 $ 3,367,213 $ 2,131,887 $ 2,872,844 _______________________________________________________________________________ (1) The 2016 Senior Term Loan and the 2015 Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions). As of September 30, 2019 , Collateral Assets includes $412.0 million carrying value of assets held by entities pledged as collateral for the 2015 Revolving Credit Facility that is undrawn as of September 30, 2019 . (2) As of September 30, 2019 and December 31, 2018 , the amounts presented exclude general reserves for loan losses of $8.7 million and $13.0 million , respectively. (3) As of September 30, 2019 and December 31, 2018 , the amounts presented exclude loan participations of $33.1 million and $22.5 million , respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of September 30, 2019 , the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands): Loans and Other Lending Investments (1) Real Estate (2) Other Investments Total Performance-Based Commitments $ 294,059 $ 77,251 $ — $ 371,310 Strategic Investments — — 24,177 24,177 Total $ 294,059 $ 77,251 $ 24,177 $ 395,487 _______________________________________________________________________________ (1) Excludes $16.8 million of commitments on loan participations sold that are not the obligation of the Company. (2) Includes a commitment to invest up to $55.0 million in additional bowling centers over the next several years (refer to Note 5). |
Schedule of future minimum lease obligations - operating leases | Future minimum lease obligations under operating and finance leases as of September 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 (remaining three months) $ 1,079 $ 1,330 2020 4,054 5,386 2021 1,468 5,494 2022 869 5,604 2023 728 5,716 Thereafter 2,074 1,579,655 Total undiscounted cash flows 10,272 1,603,185 Present value discount (1) (1,141 ) (1,456,121 ) Other adjustments (2) 18,699 — Lease liabilities $ 27,830 $ 147,064 _______________________________________________________________________________ (1) During the three and nine months ended September 30, 2019, the Company made payments of $1.0 million and $3.0 million , respectively, related to its operating leases and $1.1 million and $2.0 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6% . The weighted average lease term for the Company's finance leases was 98.2 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. |
Schedule of future minimum lease obligations - finance leases | Future minimum lease obligations under operating and finance leases as of September 30, 2019 are as follows ($ in thousands): Operating (1)(2) Finance (1) 2019 (remaining three months) $ 1,079 $ 1,330 2020 4,054 5,386 2021 1,468 5,494 2022 869 5,604 2023 728 5,716 Thereafter 2,074 1,579,655 Total undiscounted cash flows 10,272 1,603,185 Present value discount (1) (1,141 ) (1,456,121 ) Other adjustments (2) 18,699 — Lease liabilities $ 27,830 $ 147,064 _______________________________________________________________________________ (1) During the three and nine months ended September 30, 2019, the Company made payments of $1.0 million and $3.0 million , respectively, related to its operating leases and $1.1 million and $2.0 million , respectively, related to its finance leases (refer to Note 4). The weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6% . The weighted average lease term for the Company's finance leases was 98.2 years and the weighted average discount rate was 5.5% . (2) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf. |
Schedule of future minimum lease obligations at prior year end | Future minimum lease obligations under operating leases as of December 31, 2018 are as follows ($ in thousands): Operating (1) 2019 $ 4,340 2020 4,016 2021 1,589 2022 991 2023 849 Thereafter 2,469 _______________________________________________________________________________ (1) The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2019 and December 31, 2018 ($ in thousands) (1) : Derivative Assets Derivative Liabilities As of September 30, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 94 Accounts payable, accrued expenses and other liabilities $ 11,572 Total $ 94 $ 11,572 Derivative Assets Derivative Liabilities As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated in Hedging Relationships Interest rate swaps Deferred expenses and other assets, net $ 3,669 Accounts payable, accrued expenses and other liabilities $ 10,244 Total $ 3,669 $ 10,244 _________________________________________________________ (1) Over the next 12 months, the Company expects that $4.8 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense. As of December 31, 2018 , the Company posted cash collateral of $6.4 million in connection with its derivatives which were in a liability position and would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations. |
Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income | The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands): Derivatives Designated in Hedging Relationships Location of Gain (Loss) When Recognized in Income Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings For the Three Months Ended September 30, 2019 Interest rate swaps Earnings from equity method investments $ (6,082 ) $ (126 ) Interest rate swaps Interest expense (3,009 ) (539 ) For the Three Months Ended September 30, 2018 Interest rate swaps Interest Expense 2,702 (144 ) Interest rate swaps Earnings from equity method investments 1,197 44 For the Nine Months Ended September 30, 2019 Interest rate swaps Earnings from equity method investments (21,309 ) 28 Interest rate swaps Interest expense (23,781 ) (957 ) For the Nine Months Ended September 30, 2018 Interest rate swaps Interest Expense 1,552 (144 ) Interest rate swaps Earnings from equity method investments 4,705 (47 ) |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding by series | The Company had the following series of Cumulative Redeemable and Convertible Perpetual Preferred Stock outstanding as of September 30, 2019 and December 31, 2018: Cumulative Preferential Cash Dividends (1)(2) Series Shares Issued and Outstanding (in thousands) Par Value Liquidation Preference (3)(4) Rate per Annum Annual Dividend Per Share Carrying Value (in thousands) D 4,000 $ 0.001 $ 25.00 8.00 % $ 2.00 $ 89,041 G 3,200 0.001 25.00 7.65 % 1.91 72,664 I 5,000 0.001 25.00 7.50 % 1.88 120,785 J (convertible) (4) 4,000 0.001 50.00 4.50 % 2.25 193,510 16,200 $ 476,000 ________________________________________ (1) Holders of shares of the Series D, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date. (2) The Company declared and paid dividends of $6.0 million , $4.6 million and $7.0 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the nine months ended September 30, 2019 and 2018 , respectively. The Company declared and paid dividends of $6.8 million on its Series J Convertible Perpetual Preferred Stock during the nine months ended September 30, 2019 and 2018 . The character of the 2018 dividends was 100% capital gain distribution, of which 26.02% represented unrecaptured section 1250 gain and 73.98% represented long term capital gain. There are no dividend arrearages on any of the preferred shares currently outstanding. (3) The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. (4) Each share of the Series J Preferred Stock is convertible at the holder's option at any time into shares of the Company's common stock. The Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. The conversion rate as of September 30, 2019 was 4.0918 shares of the Company's common stock (equal to a conversion price of approximately $12.22 per share). The conversion rate is subject to adjustment from time to time for specified events. |
Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity | "Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands): As of September 30, 2019 December 31, 2018 Unrealized gains on available-for-sale securities $ 2,962 $ 475 Unrealized losses on cash flow hedges (39,285 ) (13,546 ) Unrealized losses on cumulative translation adjustment (4,199 ) (4,199 ) Accumulated other comprehensive loss $ (40,522 ) $ (17,270 ) |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans and Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of performance incentive plans | The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the nine months ended September 30, 2019 . iPIP Investment Pool 2013-2014 2015-2016 2017-2018 Points at beginning of period 85.77 79.41 82.43 Granted — — — Forfeited (1.60 ) (2.73 ) (3.72 ) Points at end of period 84.17 76.68 78.71 |
Schedule of restricted stock units activity | A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the nine months ended September 30, 2019 , is as follows (in thousands): Nonvested at beginning of period 357 Granted 481 Vested (52 ) Forfeited (89 ) Nonvested at end of period 697 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations | The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) $ 3,626 $ (8,832 ) $ 370,347 $ 86,702 Net income attributable to noncontrolling interests (2,845 ) (2,028 ) (8,168 ) (11,632 ) Preferred dividends (8,124 ) (8,124 ) (24,372 ) (24,372 ) Net income (loss) allocable to common shareholders for basic earnings per common share $ (7,343 ) $ (18,984 ) $ 337,807 $ 50,698 Add: Effect of Series J convertible perpetual preferred stock — — 6,750 6,750 Net income (loss) allocable to common shareholders for diluted earnings per common share $ (7,343 ) $ (18,984 ) $ 344,557 $ 57,448 |
Schedule of earnings per share allocable to common shares and HPU shares | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Earnings allocable to common shares: Numerator for basic earnings per share: Net income (loss) allocable to common shareholders $ (7,343 ) $ (18,984 ) $ 337,807 $ 50,698 Numerator for diluted earnings per share: Net income (loss) allocable to common shareholders $ (7,343 ) $ (18,984 ) $ 344,557 $ 57,448 Denominator for basic and diluted earnings per share: Weighted average common shares outstanding for basic earnings per common share 62,168 67,975 64,624 67,940 Add: Effect of assumed shares issued under treasury stock method for restricted stock units — — 114 131 Add: Effect of series J convertible perpetual preferred stock — — 16,138 15,658 Weighted average common shares outstanding for diluted earnings per common share 62,168 67,975 80,876 83,729 Basic earnings per common share: Net income (loss) allocable to common shareholders $ (0.12 ) $ (0.28 ) $ 5.23 $ 0.75 Diluted earnings per common share: (1) Net income (loss) allocable to common shareholders $ (0.12 ) $ (0.28 ) $ 4.26 $ 0.69 _______________________________________________________________________________ (1) For the three months ended September 30, 2019 and 2018, 16,306 and 15,703 , respectively of Series J convertible perpetual preferred stock was anti-dilutive. For the three and nine months ended September 30, 2019 and the three months ended September 30, 2018, the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2019 and therefore the 3.125% |
Fair Values (Tables)
Fair Values (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis | The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands): Fair Value Using Total Quoted market prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of September 30, 2019 Recurring basis: Derivative assets (1) $ 94 $ — $ 94 $ — Derivative liabilities (1) 11,572 — 11,572 — Available-for-sale securities (1) 24,102 — — 24,102 As of December 31, 2018 Recurring basis: Derivative assets (1) $ 3,669 $ — $ 3,669 $ — Derivative liabilities (1) 10,244 — 10,244 — Available-for-sale securities (1) 21,661 — — 21,661 Non-recurring basis: Impaired real estate (2) 29,400 — — 29,400 Impaired real estate available and held for sale (3) 19,300 — — 19,300 Impaired land and development (4) 78,400 — — 78,400 ____________________________________________________________ (1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3. (2) The Company recorded aggregate impairments of $76.3 million on three real estate assets with an estimated aggregate fair value of $29.4 million . The impairments were as follows: a. A $23.2 million impairment on a commercial operating property based on a decline in expected operating performance. The fair value is based on the Company's estimate of the recoverability of its investment in the project. b. A $6.0 million impairment on a property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $47.1 million impairment on a commercial operating property based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. (3) The Company recorded aggregate impairments of $3.7 million on two real estate assets held for sale. The fair values are based on market comparable sales. (4) The Company recorded aggregate impairments of $55.4 million on four land and development assets with an estimated aggregate fair value of $78.4 million . The impairments were as follows: a. A $25.0 million impairment on a waterfront land and development asset based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. b. A $21.6 million impairment on a master planned community based on a strategic decision to sell the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. c. A $6.9 million impairment on an infill land and development asset based on the deterioration of the asset. The fair value is based on purchase offers received from third parties, which is consistent with the Company's estimate of fair value. d. A $1.9 million impairment on a waterfront land and development asset based on the sale of the asset in 2019. |
Summary of changes in Level 3 available-for-sale securities reported at fair value | The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the nine months ended September 30, 2019 and 2018 ($ in thousands): 2019 2018 Beginning balance $ 21,661 $ 22,842 Repayments (45 ) (46 ) Unrealized gains (losses) recorded in other comprehensive income 2,486 (1,514 ) Ending balance $ 24,102 $ 21,282 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
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): Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Three Months Ended September 30, 2019: Operating lease income $ — $ 38,006 $ 6,034 $ 70 $ — $ 44,110 Interest income 18,912 789 — — — 19,701 Interest income from sales-type leases — 8,339 — — — 8,339 Other income 115 6,347 7,611 2,124 2,073 18,270 Land development revenue — — — 54,918 — 54,918 Earnings (losses) from equity method investments — 2,848 4,875 (301 ) 195 7,617 Income from sales of real estate — 3,458 18 — — 3,476 Total revenue and other earnings 19,027 59,787 18,538 56,811 2,268 156,431 Real estate expense — (6,460 ) (9,314 ) (7,413 ) — (23,187 ) Land development cost of sales — — — (48,101 ) — (48,101 ) Other expense (49 ) — — — (358 ) (407 ) Allocated interest expense (6,902 ) (25,176 ) (2,393 ) (5,268 ) (6,783 ) (46,522 ) Allocated general and administrative (2) (2,035 ) (6,887 ) (727 ) (3,019 ) (4,702 ) (17,370 ) Segment profit (loss) (3) $ 10,041 $ 21,264 $ 6,104 $ (6,990 ) $ (9,575 ) $ 20,844 Other significant items: Recovery of loan losses $ (3,805 ) $ — $ — $ — $ — $ (3,805 ) Depreciation and amortization — 12,409 1,244 243 303 14,199 Capitalized expenditures — 7,846 2,816 20,536 — 31,198 Three Months Ended September 30, 2018: Operating lease income $ — $ 45,204 $ 13,803 $ 102 $ — $ 59,109 Interest income 22,915 — — — — 22,915 Other income 753 1,008 21,253 857 3,937 27,808 Land development revenue — — — 12,309 — 12,309 Earnings (losses) from equity method investments — 775 (2,223 ) 161 652 (635 ) Income from sales of real estate — — 5,409 — — 5,409 Total revenue and other earnings 23,668 46,987 38,242 13,429 4,589 126,915 Real estate expense — (4,774 ) (18,649 ) (8,864 ) — (32,287 ) Land development cost of sales — — — (12,114 ) — (12,114 ) Other expense (179 ) — — — (119 ) (298 ) Allocated interest expense (9,558 ) (16,454 ) (4,547 ) (5,014 ) (11,646 ) (47,219 ) Allocated general and administrative (2) (2,693 ) (5,740 ) (1,429 ) (3,576 ) (4,524 ) (17,962 ) Segment profit (loss) (3) $ 11,238 $ 20,019 $ 13,617 $ (16,139 ) $ (11,700 ) $ 17,035 Other significant items: Provision for loan losses $ 200 $ — $ — $ — $ — $ 200 Impairment of assets — — 989 — — 989 Depreciation and amortization — 12,554 6,857 263 305 19,979 Capitalized expenditures — 28,315 5,860 33,608 — 67,783 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total Nine Months Ended September 30, 2019: Operating lease income $ — $ 136,150 $ 21,844 $ 216 $ — $ 158,210 Interest income 59,220 1,197 — — — 60,417 Interest income from sales-type leases — 12,157 — — — 12,157 Other income 2,836 12,705 13,960 6,877 6,755 43,133 Land development revenue — — — 76,691 — 76,691 Earnings (losses) from equity method investments — 13,660 (166 ) 2,910 162 16,566 Selling profit from sales-type leases — 180,416 — — — 180,416 Income from sales of real estate — 223,200 10,206 — — 233,406 Total revenue and other earnings 62,056 579,485 45,844 86,694 6,917 780,996 Real estate expense — (18,335 ) (28,646 ) (24,184 ) — (71,165 ) Land development cost of sales — — — (71,785 ) — (71,785 ) Other expense (359 ) — — — (12,439 ) (12,798 ) Allocated interest expense (23,251 ) (70,548 ) (7,859 ) (15,888 ) (19,305 ) (136,851 ) Allocated general and administrative (2) (6,523 ) (19,299 ) (2,214 ) (9,199 ) (14,583 ) (51,818 ) Segment profit (loss) (3) $ 31,923 $ 471,303 $ 7,125 $ (34,362 ) $ (39,410 ) $ 436,579 Other significant non-cash items: Recovery of loan losses $ (3,792 ) $ — $ — $ — $ — $ (3,792 ) Impairment of assets — — 3,853 1,100 — 4,953 Depreciation and amortization — 38,242 3,701 733 910 43,586 Capitalized expenditures — 12,707 4,878 86,029 — 103,614 Nine Months Ended September 30, 2018: Operating lease income $ — $ 104,241 $ 44,818 $ 457 $ — $ 149,516 Interest income 74,824 — — — — 74,824 Other income 4,271 2,755 46,748 2,640 7,537 63,951 Land development revenue — — — 369,665 — 369,665 Earnings (losses) from equity method investments — 7,028 (4,814 ) 2,726 (9,521 ) (4,581 ) Gain from consolidation of equity method investment — 67,877 — — — 67,877 Income from sales of real estate — 24,907 54,446 — — 79,353 Total revenue and other earnings 79,095 206,808 141,198 375,488 (1,984 ) 800,605 Real estate expense — (12,186 ) (64,091 ) (29,234 ) — (105,511 ) Land development cost of sales — — — (318,881 ) — (318,881 ) Other expense (869 ) — — — (4,311 ) (5,180 ) Allocated interest expense (31,971 ) (44,246 ) (14,653 ) (16,795 ) (27,907 ) (135,572 ) Allocated general and administrative (2) (10,514 ) (15,179 ) (5,447 ) (11,128 ) (15,142 ) (57,410 ) Segment profit (loss) (3) $ 35,741 $ 135,197 $ 57,007 $ (550 ) $ (49,344 ) $ 178,051 Other significant non-cash items: Provision for loan losses $ 18,237 $ — $ — $ — $ — $ 18,237 Impairment of assets — 4,342 5,535 1,300 — 11,177 Depreciation and amortization — 25,205 14,522 1,095 1,035 41,857 Capitalized expenditures — 29,512 18,186 107,658 — 155,356 Real Estate Finance Net Lease Operating Properties Land and Development Corporate/Other (1) Company Total As of September 30, 2019 Real estate Real estate, net $ — $ 1,329,896 $ 200,220 $ — $ — $ 1,530,116 Real estate available and held for sale — — 12,688 — — 12,688 Total real estate — 1,329,896 212,908 — — 1,542,804 Net investment in leases — 421,252 — — — 421,252 Land and development, net — — — 610,380 — 610,380 Loans receivable and other lending investments, net 764,055 44,234 — — — 808,289 Other investments — 586,358 60,347 42,675 44,413 733,793 Total portfolio assets $ 764,055 $ 2,381,740 $ 273,255 $ 653,055 $ 44,413 4,116,518 Cash and other assets 1,463,440 Total assets $ 5,579,958 As of December 31, 2018 Real estate Real estate, net $ — $ 1,536,494 $ 234,525 $ — $ — $ 1,771,019 Real estate available and held for sale — 1,055 21,496 — — 22,551 Total real estate — 1,537,549 256,021 — — 1,793,570 Land and development, net — — — 598,218 — 598,218 Loans receivable and other lending investments, net 988,224 — — — — 988,224 Other investments — 165,804 65,643 65,312 7,516 304,275 Total portfolio assets $ 988,224 $ 1,703,353 $ 321,664 $ 663,530 $ 7,516 3,684,287 Cash and other assets 1,329,990 Total assets $ 5,014,277 _______________________________________________________________________________ (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 $6.7 million and $20.7 million for the three and nine months ended September 30, 2019 , respectively, and $3.7 million and $16.2 million for the three and nine months ended September 30, 2018, respectively. (3) The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Segment profit $ 20,844 $ 17,035 $ 436,579 $ 178,051 Add/Less: Recovery of (provision for) loan losses 3,805 (200 ) 3,792 (18,237 ) Less: Impairment of assets — (989 ) (4,953 ) (11,177 ) Less: Stock-based compensation expense (6,740 ) (3,651 ) (20,694 ) (16,245 ) Less: Depreciation and amortization (14,199 ) (19,979 ) (43,586 ) (41,857 ) Less: Income tax expense (84 ) (137 ) (323 ) (386 ) Less: Loss on early extinguishment of debt, net — (911 ) (468 ) (3,447 ) Net income (loss) $ 3,626 $ (8,832 ) $ 370,347 $ 86,702 |
Reconciliation of segment profit to income (loss) | The following is a reconciliation of segment profit to net income (loss) ($ in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Segment profit $ 20,844 $ 17,035 $ 436,579 $ 178,051 Add/Less: Recovery of (provision for) loan losses 3,805 (200 ) 3,792 (18,237 ) Less: Impairment of assets — (989 ) (4,953 ) (11,177 ) Less: Stock-based compensation expense (6,740 ) (3,651 ) (20,694 ) (16,245 ) Less: Depreciation and amortization (14,199 ) (19,979 ) (43,586 ) (41,857 ) Less: Income tax expense (84 ) (137 ) (323 ) (386 ) Less: Loss on early extinguishment of debt, net — (911 ) (468 ) (3,447 ) Net income (loss) $ 3,626 $ (8,832 ) $ 370,347 $ 86,702 |
Business and Organization (Deta
Business and Organization (Details) $ in Billions | Sep. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment across a range of real estate sectors over the past two decades (more than) | $ 40 |
Basis of Presentation and Pri_3
Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Consolidated VIEs | ||
Real estate | ||
Real estate, at cost | $ 888,277 | $ 848,052 |
Less: accumulated depreciation | (31,458) | (15,365) |
Real estate, net | 856,819 | 832,687 |
Land and development, net | 282,082 | 279,031 |
Other investments | 52 | 72 |
Cash and cash equivalents | 26,153 | 25,219 |
Accrued interest and operating lease income receivable, net | 858 | 1,302 |
Deferred operating lease income receivable, net | 16,958 | 8,972 |
Deferred expenses and other assets, net | 137,261 | 167,324 |
Total assets | 1,320,183 | 1,314,607 |
LIABILITIES | ||
Accounts payable, accrued expenses and other liabilities | 117,136 | 106,907 |
Debt obligations, net | 485,032 | 485,000 |
Total liabilities | 602,168 | $ 591,907 |
Unconsolidated VIEs | ||
LIABILITIES | ||
Carrying value of the investments | 115,800 | |
Variable interest entity unfunded commitment | $ 21,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements | ||||||
Operating lease right-of-use assets | $ 27,816 | |||||
Finance lease right-of-use asset | 145,528 | |||||
Lease liabilities | 27,830 | |||||
Finance lease liability | 147,064 | |||||
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | ||||||
Cash and cash equivalents | 917,309 | $ 931,751 | $ 757,384 | $ 657,688 | ||
Restricted cash included in deferred expenses and other assets, net | 61,509 | 42,793 | 34,974 | 20,045 | ||
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows | 978,818 | $ 974,544 | $ 792,358 | $ 677,733 | ||
ASU No. 2016-02 | ||||||
New Accounting Pronouncements | ||||||
Operating lease right-of-use assets | $ 31,600 | |||||
Finance lease right-of-use asset | $ 145,500 | |||||
Lease liabilities | $ 31,600 | |||||
Finance lease liability | $ 147,100 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | May 31, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | |||
Land, at cost | $ 307,384 | $ 470,339 | |
Buildings and improvements, at cost | 1,449,140 | 1,605,994 | |
Less: accumulated depreciation | (226,408) | (305,314) | |
Real estate, net | 1,530,116 | 1,771,019 | |
Real estate available and held for sale | 12,688 | 22,551 | |
Total real estate | 1,542,804 | 1,793,570 | |
Net investment in leases | 421,252 | $ 424,100 | |
Real estate assets derecognized at inception of sales-type lease | $ 193,400 | ||
Net Lease | |||
Real Estate Properties [Line Items] | |||
Land, at cost | 201,197 | 336,740 | |
Buildings and improvements, at cost | 1,342,319 | 1,487,270 | |
Less: accumulated depreciation | (213,618) | (287,516) | |
Real estate, net | 1,329,898 | 1,536,494 | |
Real estate available and held for sale | 0 | 1,055 | |
Total real estate | 1,329,898 | 1,537,549 | |
Operating Properties | |||
Real Estate Properties [Line Items] | |||
Land, at cost | 106,187 | 133,599 | |
Buildings and improvements, at cost | 106,821 | 118,724 | |
Less: accumulated depreciation | (12,790) | (17,798) | |
Real estate, net | 200,218 | 234,525 | |
Real estate available and held for sale | 12,688 | 21,496 | |
Total real estate | 212,906 | 256,021 | |
Residential Condominiums | |||
Real Estate Properties [Line Items] | |||
Real estate available and held for sale | $ 11,700 | $ 20,600 |
Real Estate - Acquisitions (Det
Real Estate - Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | $ 56,700 | $ 240,487 | $ 3,390 | ||
Net Lease Asset | |||||
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | 11,500 | ||||
Leasehold Interest | |||||
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | 98,200 | ||||
SAFE | |||||
Real Estate Properties [Line Items] | |||||
Acquisitions of real estate assets | $ 110,600 | ||||
Ground lease term (in years) | 99 years | 98 years |
Real Estate - Dispositions (Det
Real Estate - Dispositions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)property | |
Real Estate [Line Items] | ||||||
Income from sales of real estate | $ 24,500 | $ 3,476 | $ 5,409 | $ 233,406 | $ 79,353 | |
Operating Properties | ||||||
Real Estate [Line Items] | ||||||
Proceeds | 80,200 | 228,700 | ||||
Income from sales of real estate | 10,200 | 54,500 | ||||
Aggregate carrying value of property sold | 70,000 | |||||
Operating Properties, Noncontrolling Interest | ||||||
Real Estate [Line Items] | ||||||
Income from sales of real estate | $ 9,800 | |||||
Number of properties sold | property | 1 | |||||
Net Lease | ||||||
Real Estate [Line Items] | ||||||
Proceeds | 452,700 | $ 38,400 | ||||
Income from sales of real estate | 223,200 | 24,900 | ||||
Aggregate carrying value of property sold | 220,400 | |||||
Non-recourse debt assumed by buyer | $ 228,000 | 228,000 | ||||
Total | ||||||
Real Estate [Line Items] | ||||||
Proceeds | 532,900 | 267,100 | ||||
Income from sales of real estate | 233,400 | $ 79,400 | ||||
Income From Sales Of Real Estate | Net Lease | ||||||
Real Estate [Line Items] | ||||||
Income from sales of real estate | $ 219,700 |
Real Estate - Impairments (Deta
Real Estate - Impairments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Real Estate [Abstract] | ||
Impairment of real estate | $ 3.3 | $ 9.9 |
Impairment in connection with sale of residential condominium units | $ 0.6 |
Real Estate - Tenant Reimbursem
Real Estate - Tenant Reimbursements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Real Estate [Abstract] | ||||
Tenant expense reimbursements | $ 4.9 | $ 5.7 | $ 14.8 | $ 16.3 |
Real Estate - Allowance for Dou
Real Estate - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Real Estate Tenant Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.2 | $ 1.5 |
Deferred Operating Lease | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts receivable | $ 1.1 | $ 1.8 |
Net Investment in Leases - Narr
Net Investment in Leases - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
May 31, 2019USD ($)property | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Net investment in leases [Line Items] | ||||
Payments to acquire real estate assets | $ 56,700 | $ 240,487 | $ 3,390 | |
Number of properties acquired from lessee | property | 7 | |||
Purchase price for properties acquired from lessee | $ 44,100 | $ 44,200 | 44,200 | |
Extension of existing master net leases (in years) | 15 years | |||
Net investment in leases | $ 424,100 | 421,252 | 421,252 | |
Real estate assets derecognized at inception of sales-type lease | 193,400 | |||
Deferred operating lease income receivable derecognized at inception of sales-type lease | 25,400 | |||
Deferred expenses and other assets derecognized at inception of sales-type lease | 13,400 | |||
Accounts payable, accrued expenses, and other liabilities derecognized at inception of sales-type lease | $ 1,900 | |||
Selling profit from sales-type leases | 0 | 180,416 | ||
Interest income from sales-type leases | $ 8,300 | $ 12,200 | ||
Bowling Entertainment Venue Operator | ||||
Net investment in leases [Line Items] | ||||
Number of bowling centers acquired | property | 9 | |||
Bowling Entertainment Venue Operator | Bowling center commitment | ||||
Net investment in leases [Line Items] | ||||
Commitment to invest additional bowling centers | $ 55,000 |
Net Investment in Leases - Futu
Net Investment in Leases - Future Minimum Lease Payments to be Collected Under Sales-Type Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | May 31, 2019 |
Amount | ||
2019 (remaining three months) | $ 6,891 | |
2020 | 27,565 | |
2021 | 28,062 | |
2022 | 30,549 | |
2023 | 30,549 | |
Thereafter | 925,293 | |
Total undiscounted cash flows | 1,048,909 | |
Unguaranteed estimated residual value | 343,995 | |
Present value discount | (971,652) | |
Net investment in leases | $ 421,252 | $ 424,100 |
Land and Development - Schedule
Land and Development - Schedule of Land and Development Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Land And Development [Abstract] | ||
Land and land development, at cost | $ 619,745 | $ 606,849 |
Less: accumulated depreciation | (9,365) | (8,631) |
Total land and development, net | $ 610,380 | $ 598,218 |
Land and Development - Acquisit
Land and Development - Acquisitions, Dispositions, and Impairments (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)aproperty | Dec. 31, 2018USD ($) | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||||
Revenues | $ 145,338 | $ 122,141 | $ 350,608 | $ 657,956 | |||
Number of land parcels sold | property | 2 | ||||||
Area of land parcels sold (acres) | a | 93 | ||||||
Loan receivable | 660,522 | 660,522 | $ 870,992 | ||||
Impairment of land and development assets | 1,100 | $ 1,300 | |||||
Financing provided to buyers | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Financing provided to buyers of land parcels | 145,000 | ||||||
Loan receivable | 85,100 | 85,100 | |||||
Land development | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Revenues | 54,918 | 12,309 | 76,691 | 369,665 | |||
Cost of sales expense | $ 48,101 | $ 12,114 | $ 71,785 | 318,881 | |||
Land | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Acquisitions of land and development assets through foreclosure | $ 4,600 | ||||||
Unconsolidated entity | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Real estate transaction price | $ 34,300 | ||||||
Payments to acquire land and develop asset | 7,300 | ||||||
Assumption of loan in acquisition transaction | $ 27,000 | ||||||
Other Real Estate Equity Investment Dec 2016 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Equity interest (percent) | 50.00% | 50.00% | 50.00% |
Loans Receivable and Other Le_3
Loans Receivable and Other Lending Investments, net - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | May 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | $ 686,762 | $ 919,493 | |||||
Reserves for loan losses | (30,401) | $ (53,408) | (53,395) | $ (54,695) | $ (54,495) | $ (78,489) | |
Total loans receivable, net | 656,361 | 866,098 | |||||
Other lending investments | 151,928 | 122,126 | |||||
Total loans receivable and other lending investments, net | 808,289 | 988,224 | |||||
Purchase price for properties acquired from lessee | 44,200 | $ 44,100 | |||||
Senior mortgages | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | 554,567 | 760,749 | |||||
Corporate/Partnership loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | 121,500 | 148,583 | |||||
Subordinate mortgages | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total gross carrying value of loans | $ 10,695 | $ 10,161 |
Loans Receivable and Other Le_4
Loans Receivable and Other Lending Investments, net - Reserve for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan Losses [Roll Forward] | ||||
Reserve for loan losses at beginning of period | $ 53,408 | $ 54,495 | $ 53,395 | $ 78,489 |
(Recovery of) provision for loan losses | (3,805) | 200 | (3,792) | 18,237 |
Charge-offs | (19,202) | 0 | (19,202) | (42,031) |
Reserve for loan losses at end of period | $ 30,401 | $ 54,695 | $ 30,401 | $ 54,695 |
Loans Receivable and Other Le_5
Loans Receivable and Other Lending Investments, net - Investment in Loans and Associated Reserve for Loan Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||||
Loans | $ 690,923 | $ 924,387 | ||||
Less: Reserve for loan losses | (30,401) | $ (53,408) | (53,395) | $ (54,695) | $ (54,495) | $ (78,489) |
Total | 660,522 | 870,992 | ||||
Interest receivable | 4,200 | 4,900 | ||||
Other lending investments that are evaluated for impairment | 44,200 | |||||
Securities that are evaluated for impairment under ASC 320 | 107,695 | 122,126 | ||||
Individually Evaluated for Impairment | ||||||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||||
Loans | 38,400 | 66,725 | ||||
Less: Reserve for loan losses | (21,701) | (40,395) | ||||
Total | 16,699 | 26,330 | ||||
Unamortized discounts, premiums, deferred fees and costs, net discount | 100 | 500 | ||||
Collectively Evaluated for Impairment | ||||||
Recorded investment (comprised of a loans carrying value plus accrued interest) in loans and the associated reserve for loan losses | ||||||
Loans | 652,523 | 857,662 | ||||
Less: Reserve for loan losses | (8,700) | (13,000) | ||||
Total | 643,823 | 844,662 | ||||
Unamortized discounts, premiums, deferred fees and costs, net discount | $ 1,300 | $ 3,100 |
Loans Receivable and Other Le_6
Loans Receivable and Other Lending Investments, net - Credit Characteristics for Performing Loans (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 690,923 | $ 924,387 |
Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 557,689 | 764,532 |
Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 122,507 | 149,663 |
Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | 10,727 | 10,192 |
Real Estate Finance | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 652,523 | $ 857,662 |
Weighted Average Risk Ratings | 2.80 | 2.77 |
Real Estate Finance | Senior mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 519,289 | $ 697,807 |
Weighted Average Risk Ratings | 2.71 | 2.76 |
Real Estate Finance | Corporate/Partnership loans | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 122,507 | $ 149,663 |
Weighted Average Risk Ratings | 3.15 | 2.84 |
Real Estate Finance | Subordinate mortgages | ||
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating | ||
Performing Loans | $ 10,727 | $ 10,192 |
Weighted Average Risk Ratings | 3 | 3 |
Loans Receivable and Other Le_7
Loans Receivable and Other Lending Investments, net - Credit Characteristics by Payment Status (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 652,523 | $ 863,662 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 38,400 | 60,725 |
Total Past Due | 38,400 | 60,725 |
Loans | $ 690,923 | $ 924,387 |
Financing receivable, number of loans greater than 90 days past due | loan | 1 | 2 |
Financing receivables, past due time period | 90 days | 90 days |
Minimum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 4 years | |
Maximum | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Financing receivables, past due time period | 10 years 3 months 18 days | 9 years |
Senior mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | $ 519,289 | $ 703,807 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 38,400 | 60,725 |
Total Past Due | 38,400 | 60,725 |
Loans | 557,689 | 764,532 |
Corporate/Partnership loans | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 122,507 | 149,663 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Loans | 122,507 | 149,663 |
Subordinate mortgages | ||
Recorded investment in loans, aged by payment status and presented by class | ||
Current | 10,727 | 10,192 |
Less Than and Equal to 90 Days | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Loans | $ 10,727 | $ 10,192 |
Loans Receivable and Other Le_8
Loans Receivable and Other Lending Investments, net - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with allowance recorded, Recorded Investment | $ 38,400 | $ 38,400 | $ 66,725 | ||
Impaired loans with allowance recorded, Unpaid Principal Balance | 38,501 | 38,501 | 66,777 | ||
Impaired loans with allowance recorded, Related Allowance | (21,701) | (21,701) | (40,395) | ||
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 209 | 0 | 301 | |
Impaired loans with allowance recorded, Average Recorded Investment | 38,572 | 67,001 | 39,074 | 148,998 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 38,572 | 67,001 | 39,074 | 148,998 | |
Impaired loans, Interest Income Recognized | 0 | 209 | 0 | 301 | |
Senior mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with allowance recorded, Recorded Investment | 38,400 | 38,400 | 66,725 | ||
Impaired loans with allowance recorded, Unpaid Principal Balance | 38,501 | 38,501 | 66,777 | ||
Impaired loans with allowance recorded, Related Allowance | (21,701) | (21,701) | $ (40,395) | ||
Impaired loans with allowance recorded, Average Recorded Investment | 38,572 | 67,001 | 39,074 | 70,696 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 38,572 | 67,001 | 39,074 | 70,696 | |
Impaired loans, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Corporate/Partnership loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 78,302 | |
Impaired loans with allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Impaired loans, Average Recorded Investment | 0 | 0 | 0 | 78,302 | |
Impaired loans, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Subordinate mortgages | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with no related allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Impaired loans with no related allowance recorded, Interest Income Recognized | 0 | 209 | 0 | 301 | |
Impaired loans, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Impaired loans, Interest Income Recognized | $ 0 | $ 209 | $ 0 | $ 301 |
Loans Receivable and Other Le_9
Loans Receivable and Other Lending Investments, net - Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-Sale Securities | ||
Amortized Cost Basis | $ 21,140 | |
Estimated Fair Value | 24,102 | |
Held-to-Maturity Securities | ||
Total | 83,593 | |
Estimated Fair Value | 83,593 | |
Total Other Lending Investments | ||
Face Value | 121,140 | $ 142,051 |
Amortized Cost Basis | 104,733 | 121,650 |
Net Unrealized Gain | 2,962 | 483 |
Estimated Fair Value | 107,695 | 122,133 |
Net Carrying Value | 107,695 | 122,126 |
Municipal debt securities | ||
Available-for-Sale Securities | ||
Face Value | 21,140 | 21,185 |
Amortized Cost Basis | 21,140 | 21,185 |
Net Unrealized Gain | 2,962 | 476 |
Estimated Fair Value | 24,102 | 21,661 |
Net Carrying Value | 24,102 | 21,661 |
Debt securities | ||
Held-to-Maturity Securities | ||
Face Value | 100,000 | 120,866 |
Total | 83,593 | 100,465 |
Net Unrealized Gain | 0 | 7 |
Estimated Fair Value | 83,593 | 100,472 |
Net Carrying Value | $ 83,593 | $ 100,465 |
Loans Receivable and Other L_10
Loans Receivable and Other Lending Investments, net - Maturities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Amortized Cost Basis | |
Within one year | $ 0 |
After one year through 5 years | 83,593 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 83,593 |
Estimated Fair Value | |
Within one year | 0 |
After one year through 5 years | 83,593 |
After 5 years through 10 years | 0 |
After 10 years | 0 |
Total | 83,593 |
Amortized Cost Basis | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 21,140 |
Amortized Cost Basis | 21,140 |
Estimated Fair Value | |
Within one year | 0 |
After one year through 5 years | 0 |
After 5 years through 10 years | 0 |
After 10 years | 24,102 |
Total | $ 24,102 |
Other Investments - Schedule of
Other Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | $ 733,793 | $ 733,793 | $ 304,275 | ||
Equity in Earnings (Losses) | 7,617 | $ (635) | 16,566 | $ (4,581) | |
Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,200 | ||||
Other strategic investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Other investments | 44,413 | 44,413 | 7,516 | ||
Equity in Earnings (Losses) | 195 | 652 | 162 | (9,521) | |
Impairment on foreign equity method investment | 10,000 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 8,200 | ||||
Real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 689,380 | 689,380 | 296,759 | ||
Equity in Earnings (Losses) | 7,422 | (1,287) | 16,404 | 4,940 | |
Real estate equity investments | SAFE | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 581,059 | 581,059 | 149,589 | ||
Equity in Earnings (Losses) | 2,946 | 775 | 14,076 | 2,927 | |
Real estate equity investments | iStar Net Lease II LLC (Net Lease Venture II) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 5,300 | 5,300 | 16,215 | ||
Equity in Earnings (Losses) | (98) | 0 | (416) | 0 | |
Real estate equity investments | iStar Net Lease I LLC (Net Lease Venture) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 0 | 0 | 0 | ||
Equity in Earnings (Losses) | 0 | 0 | 0 | 4,100 | |
Real estate equity investments | Other real estate equity investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Carrying value | 103,021 | 103,021 | $ 130,955 | ||
Equity in Earnings (Losses) | $ 4,574 | $ (2,062) | $ 2,744 | $ (2,087) |
Other Investments - Safehold In
Other Investments - Safehold Inc. (Details) | Jan. 02, 2019USD ($)director$ / sharesshares | Aug. 31, 2019USD ($)shares | Apr. 30, 2019USD ($) | Feb. 28, 2019 | Jun. 30, 2018USD ($)propertyleasefacility | May 31, 2018USD ($)office_building | Oct. 31, 2017USD ($) | Sep. 30, 2019USD ($)multipleshares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)property | Sep. 30, 2019USD ($)multipleshares | Sep. 30, 2018USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Additional cash investment in equity method investment | $ 494,339,000 | $ 68,666,000 | |||||||||||||
Restriction period on common stock received as payment | 2 years | ||||||||||||||
Management agreement, termination fee as multiple of prior year management fee | multiple | 3 | 3 | |||||||||||||
Management agreement, equity raised since inception metric related to renewal and termination | $ 820,000,000 | $ 820,000,000 | |||||||||||||
Carrying value of loans | 686,762,000 | 686,762,000 | $ 919,493,000 | ||||||||||||
Number of industrial facilities sold | facility | 2 | ||||||||||||||
Number of properties subject to ground leases | property | 2 | 2 | |||||||||||||
Number of ground lease sold | lease | 2 | ||||||||||||||
Net proceeds from sales of real estate | $ 36,100,000 | 307,493,000 | 271,358,000 | ||||||||||||
Income from sales of real estate | $ 24,500,000 | 3,476,000 | $ 5,409,000 | $ 233,406,000 | 79,353,000 | ||||||||||
Fee percent of SAFE Equity up to $1.5 billion | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee as percent of equity | 1.00% | ||||||||||||||
Fee percent of SAFE Equity up to $1.5 billion | Maximum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 1,500,000,000 | $ 1,500,000,000 | |||||||||||||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee as percent of equity | 1.25% | ||||||||||||||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 1,500,000,000 | $ 1,500,000,000 | |||||||||||||
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 3,000,000,000 | $ 3,000,000,000 | |||||||||||||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee as percent of equity | 1.375% | ||||||||||||||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 3,000,000,000 | $ 3,000,000,000 | |||||||||||||
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 5,000,000,000 | $ 5,000,000,000 | |||||||||||||
Fee percent of SAFE Equity over $5.0 billion | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee as percent of equity | 1.50% | ||||||||||||||
Fee percent of SAFE Equity over $5.0 billion | Minimum | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee equity threshold amount | 5,000,000,000 | $ 5,000,000,000 | |||||||||||||
SAFE | Real estate equity investments | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of Investor Units purchased (in shares) | shares | 12,500,000 | ||||||||||||||
Investor Units, purchase price per unit (in dollars per share) | $ / shares | $ 20 | ||||||||||||||
Additional cash investment in equity method investment | $ 250,000,000 | ||||||||||||||
Voting power cap threshold (percent) | 41.90% | ||||||||||||||
Number of director nominees | director | 3 | ||||||||||||||
Independent period | 3 years | ||||||||||||||
Standstill provisions (in years) | 2 years | ||||||||||||||
Exchange shares restriction period | 1 year | ||||||||||||||
Stock transfer limitation maximum per agreement, other than widely distributed public offering (percent) | 20.00% | ||||||||||||||
Ground Lease, Atlanta medical office | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Commitment to provide loan to lessee | $ 24,000,000 | ||||||||||||||
Amount of loan funded | $ 18,400,000 | ||||||||||||||
Interest income | 300,000 | 400,000 | 1,200,000 | 1,000,000 | |||||||||||
Multifamily Development San Jose | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Amount of loan funded | 27,300,000 | 27,300,000 | |||||||||||||
Interest income | 400,000 | 100,000 | 700,000 | 200,000 | |||||||||||
Lessor, operating lease, term of contract | 99 years | ||||||||||||||
Real estate, leasehold improvement allowance | $ 7,200,000 | ||||||||||||||
Forward purchase contract, purchase agreement, amount | 34,000,000 | ||||||||||||||
Ground Lease, Multi-tenant Office Atlanta | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Commitment to provide loan to lessee | $ 19,900,000 | ||||||||||||||
Interest income | 500,000 | 600,000 | 1,600,000 | $ 800,000 | |||||||||||
Number of office buildings | office_building | 2 | ||||||||||||||
Ground Lease, Washington DC building conversion | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Commitment to provide loan to lessee | $ 13,300,000 | ||||||||||||||
Amount of loan funded | 12,400,000 | 12,400,000 | |||||||||||||
Interest income | 300,000 | 700,000 | |||||||||||||
Leasehold First Mortgage | Multifamily Development San Jose | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Commitment to provide loan to lessee | 80,500,000 | ||||||||||||||
Carrying value of loans | $ 80,500,000 | ||||||||||||||
SAFE | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Common stock, amount purchased | $ 34,300,000 | ||||||||||||||
Expense reimbursements from related party | 500,000 | 400,000 | 1,600,000 | ||||||||||||
Expense reimbursement waived | $ 800,000 | ||||||||||||||
SAFE | Management Fees | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Management fee revenue from related party | $ 1,900,000 | $ 900,000 | $ 5,000,000 | ||||||||||||
Management fee revenue waived from related party | $ 1,800,000 | ||||||||||||||
SAFE | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ground lease term (in years) | 99 years | 98 years | |||||||||||||
SAFE | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Common stock received as payment of fees (in shares) | shares | 56,610 | 178,215 | |||||||||||||
SAFE | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Additional cash investment in equity method investment | $ 168,000,000 | ||||||||||||||
Common stock company acquired (in shares) | shares | 6,000,000 | ||||||||||||||
Percentage of ownership | 67.10% | 67.10% |
Other Investments - Net Lease V
Other Investments - Net Lease Venture (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Equity Method Investments [Line Items] | |||||
Gain on consolidation of equity method investment | $ 67,900 | $ 0 | $ 0 | $ 0 | $ 67,877 |
Increase in noncontrolling interest from consolidation of equity method investment | 188,279 | ||||
Other income | Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Management fee revenue from related party | $ 1,300 | ||||
Net income attributable to noncontrolling interests | Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Management fee revenue from related party | $ 400 | $ 300 | $ 1,100 | ||
Net Lease | Net Lease Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest (percent) | 51.90% | 51.90% | |||
Equity method investment, related party ownership percentage | 0.60% | 0.60% | |||
Equity method investment, related party promote fee percentage | 50.00% | 50.00% | |||
Equity method investment, partner ownership percentage | 47.50% | 47.50% |
Other Investments - Net Lease_2
Other Investments - Net Lease Venture II (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2019USD ($) | Dec. 31, 2018USD ($)ft²leasebuilding | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Acquisitions of real estate assets | $ 56,700 | $ 240,487 | $ 3,390 | ||
Net Lease Venture II | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest (percent) | 51.90% | 51.90% | |||
Net Lease Venture II | Other income | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Management fee revenue from related party | $ 400 | $ 1,100 | |||
Net Lease Venture II | The Properties Livermore CA | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of properties | building | 4 | ||||
Area of properties (sq ft) | ft² | 168,636 | ||||
Acquisitions of real estate assets | $ 31,200 | ||||
Percentage of acquired properties leased (percent) | 100.00% | ||||
Number of leases | lease | 4 |
Other Investments - Other Real
Other Investments - Other Real Estate Equity Investments (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2016 | |
Unconsolidated entity | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Real estate transaction price | $ 34.3 | ||||||
Payments to acquire land and develop asset | 7.3 | ||||||
Assumption of loan in acquisition transaction | $ 27 | ||||||
Other Real Estate Equity Investments | Minimum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity interest (percent) | 16.00% | 16.00% | |||||
Other Real Estate Equity Investments | Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity interest (percent) | 95.00% | 95.00% | |||||
Other Real Estate Equity Investments | Operating properties | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | $ 60.3 | $ 60.3 | $ 65.6 | ||||
Other Real Estate Equity Investments | Land assets | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments | $ 42.7 | $ 42.7 | 65.3 | ||||
Other Real Estate Equity Investment Aug 2018 | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity interest (percent) | 50.00% | 50.00% | |||||
Loans receivable, carrying value | $ 32.4 | $ 32.4 | 30.5 | ||||
Interest income | $ 0.7 | $ 0.4 | $ 2.1 | $ 0.4 | |||
Other Real Estate Equity Investment Dec 2016 | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity interest (percent) | 50.00% | 50.00% | 50.00% | ||||
Interest income | $ 0.5 | $ 0.6 | $ 1.5 | ||||
Amount of loan funded | $ 27 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Deferred Expenses and Other Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Expenses and Other Assets, Net | ||||||
Intangible assets, net | $ 176,557 | $ 176,557 | $ 156,281 | |||
Restricted cash | 61,509 | $ 34,974 | 61,509 | $ 34,974 | 42,793 | $ 20,045 |
Finance lease right-of-use assets | 145,528 | 145,528 | ||||
Operating lease right-of-use assets | 27,816 | 27,816 | ||||
Other assets | 23,826 | 23,826 | 32,333 | |||
Other receivables | 42,129 | 42,129 | 46,887 | |||
Leasing costs, net | 4,585 | 4,585 | 6,224 | |||
Corporate furniture, fixtures and equipment, net | 2,980 | 2,980 | 3,850 | |||
Deferred financing fees, net | 2,498 | 2,498 | 900 | |||
Deferred expenses and other assets, net | 487,428 | 487,428 | 289,268 | |||
Intangible assets, accumulated amortization | 30,500 | 30,500 | 27,000 | |||
Amortization of above market lease | $ 400 | 900 | $ 1,400 | 1,600 | ||
Operating leases, weighted average incremental borrowing rate, discount rate (percent) | 5.60% | 5.60% | ||||
Operating leases, weighted average lease term (in years) | 9 years 8 months 12 days | 9 years 8 months 12 days | ||||
Finance leases, weighted average rate implicit in the lease, discount rate (percent) | 5.50% | 5.50% | ||||
Finance leases, weighted average lease term (in years) | 98 years 2 months 12 days | 98 years 2 months 12 days | ||||
Receivables held in escrow | $ 21,200 | $ 21,200 | ||||
Accumulated amortization on leasing costs | 3,400 | 3,400 | 4,400 | |||
Accumulated depreciation on corporate furniture, fixtures and equipment | 12,800 | 12,800 | 11,900 | |||
Operating Properties | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Other receivables | $ 26,000 | |||||
Interest expense | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Finance lease, interest expense | 1,700 | 3,000 | ||||
Depreciation and amortization | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Finance lease, amortization | 300 | 500 | ||||
General and administrative | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Operating lease, expense | 900 | 2,800 | ||||
Real estate expense | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Operating lease, expense | 900 | 2,600 | ||||
In-Place Leases | ||||||
Deferred Expenses and Other Assets, Net | ||||||
Amortization of intangible assets | $ 2,400 | $ 4,000 | $ 6,900 | $ 4,700 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Accounts Payable, Accrued Expenses and Other Liabilities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)property | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Accounts Payable, Accrued Expenses and Other Liabilities | |||||
Other liabilities | $ 85,273 | $ 85,273 | $ 143,325 | ||
Accrued expenses | 85,408 | 85,408 | 95,149 | ||
Lease liabilities | 147,064 | 147,064 | |||
Intangible liabilities, net | 49,185 | 49,185 | 35,108 | ||
Lease liabilities | 27,830 | 27,830 | |||
Accrued interest payable | 23,916 | 23,916 | 42,669 | ||
Accounts payable, accrued expenses and other liabilities | 418,676 | 418,676 | 316,251 | ||
Liability related to profit sharing arrangements with developers | 200 | 200 | 18,500 | ||
Tax increment financing bonds | 6,800 | $ 6,800 | 9,400 | ||
Number of land projects related to financing bonds | property | 2 | ||||
Below market lease, accumulated amortization | 4,500 | $ 4,500 | $ 2,800 | ||
Amortization of below market lease | $ 700 | $ 3,100 | $ 1,800 | $ 3,400 |
Loan Participations Payable, _3
Loan Participations Payable, net (Details) $ in Thousands | Sep. 30, 2019USD ($)loan_payable | Dec. 31, 2018USD ($)loan_payable |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan participations payable | $ 33,189 | $ 22,642 |
Debt discounts and deferred financing costs, net | (54) | (158) |
Total loan participations payable, net | 33,135 | 22,484 |
Loan receivable | 660,522 | 870,992 |
Loan Participations | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan receivable | $ 33,100 | $ 22,500 |
Loan participations payable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of debt instruments | loan_payable | 1 | 1 |
Weighted average interest rate (percent) | 6.50% | 7.00% |
Debt Obligations, net - Schedul
Debt Obligations, net - Schedule of Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Oct. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Oct. 31, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | |
Debt Obligations | ||||||||||||
Total debt obligations | $ 3,879,026,000 | $ 3,879,026,000 | $ 3,661,617,000 | |||||||||
Debt discounts and deferred financing costs, net | (51,667,000) | (51,667,000) | (52,531,000) | |||||||||
Debt obligations, net | 3,827,359,000 | 3,827,359,000 | 3,609,086,000 | |||||||||
Interest costs capitalized | $ 500,000 | $ 4,000,000 | $ 6,900,000 | $ 8,500,000 | ||||||||
2016 Senior Term Loan | LIBOR | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.00% | |||||||||||
4.625% senior notes | Subsequent Event | ||||||||||||
Debt Obligations | ||||||||||||
Debt prepayment penalty | $ 6,000,000 | |||||||||||
6.50% senior notes | Subsequent Event | ||||||||||||
Debt Obligations | ||||||||||||
Debt prepayment penalty | $ 4,500,000 | |||||||||||
3.125% senior convertible notes | ||||||||||||
Debt Obligations | ||||||||||||
Stated interest rates (as a percent) | 3.125% | 3.125% | ||||||||||
Secured credit facilities and mortgages | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 1,366,526,000 | $ 1,366,526,000 | 1,449,117,000 | |||||||||
Debt discounts and deferred financing costs, net | (9,180,000) | (9,180,000) | ||||||||||
Debt obligations, net | 1,357,346,000 | 1,357,346,000 | ||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | 0 | $ 0 | 0 | |||||||||
Debt instrument term (in years) | 1 year | |||||||||||
Debt instrument, face amount | 350,000,000 | $ 350,000,000 | ||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | LIBOR | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 2.25% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | LIBOR | Minimum | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.00% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 2.00% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 2.50% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.00% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.50% | |||||||||||
Secured credit facilities and mortgages | 2015 $350 million Revolving Credit Facility | Federal Funds Rate | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 0.50% | |||||||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | 641,875,000 | $ 641,875,000 | 646,750,000 | |||||||||
Debt instrument, face amount | $ 650,000,000 | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | ||||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 2.75% | 3.00% | 2.75% | |||||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Minimum | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 0.75% | |||||||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | LIBOR | Maximum | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.75% | |||||||||||
Secured credit facilities and mortgages | 2016 Senior Term Loan | Federal Funds Rate | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 0.50% | |||||||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 724,651,000 | $ 724,651,000 | 802,367,000 | |||||||||
Weighted average interest rate (percent) | 4.40% | 4.40% | ||||||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Minimum | ||||||||||||
Debt Obligations | ||||||||||||
Stated interest rates (as a percent) | 3.62% | 3.62% | ||||||||||
Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Maximum | ||||||||||||
Debt Obligations | ||||||||||||
Stated interest rates (as a percent) | 7.26% | 7.26% | ||||||||||
Unsecured notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 2,412,500,000 | $ 2,412,500,000 | 2,112,500,000 | |||||||||
Unsecured notes | 5.00% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | 0 | 0 | $ 375,000,000 | |||||||||
Stated interest rates (as a percent) | 5.00% | |||||||||||
Unsecured notes | 4.625% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||||||
Stated interest rates (as a percent) | 4.625% | 4.625% | 4.625% | |||||||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | ||||||||||
Unsecured notes | 6.50% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | |||||||||
Stated interest rates (as a percent) | 6.50% | 6.50% | 6.50% | |||||||||
Debt instrument, face amount | $ 275,000,000 | $ 275,000,000 | ||||||||||
Unsecured notes | 6.00% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 375,000,000 | $ 375,000,000 | $ 375,000,000 | |||||||||
Stated interest rates (as a percent) | 6.00% | 6.00% | ||||||||||
Unsecured notes | 5.25% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 400,000,000 | $ 400,000,000 | 400,000,000 | |||||||||
Stated interest rates (as a percent) | 5.25% | 5.25% | ||||||||||
Unsecured notes | 3.125% senior convertible notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 287,500,000 | $ 287,500,000 | 287,500,000 | |||||||||
Debt obligations, net | $ 267,100,000 | $ 267,100,000 | ||||||||||
Stated interest rates (as a percent) | 3.125% | 3.125% | 3.125% | |||||||||
Convertible debt, conversion ratio (in shares per par value) | 0.0673711 | |||||||||||
Convertible debt, conversion ratio principal amount | $ 1,000 | |||||||||||
Convertible debt, conversion price (in dollars per share) | $ 14.84 | $ 14.84 | ||||||||||
Liability component of convertible debt | $ 221,800,000 | $ 34,000,000 | ||||||||||
Equity component of convertible debt | $ 22,500,000 | 3,400,000 | ||||||||||
Debt instrument, face amount | $ 37,500,000 | |||||||||||
Unamortized discount | $ 16,800,000 | $ 16,800,000 | ||||||||||
Contractual interest | 2,200,000 | 2,200,000 | 6,700,000 | 6,700,000 | ||||||||
Amortization of debt discount | $ 1,300,000 | $ 1,200,000 | $ 3,700,000 | $ 3,500,000 | ||||||||
Effective interest rate (percent) | 5.20% | 5.20% | ||||||||||
Unsecured notes | 4.75% senior notes | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 675,000,000 | $ 675,000,000 | 0 | |||||||||
Stated interest rates (as a percent) | 4.75% | 4.75% | ||||||||||
Debt instrument, face amount | $ 675,000,000 | $ 675,000,000 | ||||||||||
Other debt obligations | Trust preferred securities | ||||||||||||
Debt Obligations | ||||||||||||
Total debt obligations | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||||||
Other debt obligations | Trust preferred securities | LIBOR | ||||||||||||
Debt Obligations | ||||||||||||
Basis point spread on variable interest rate (as a percent) | 1.50% | |||||||||||
Net Lease | ||||||||||||
Debt Obligations | ||||||||||||
Non-recourse debt assumed by buyer | $ 228,000,000 | $ 228,000,000 |
Debt Obligations, net - Future
Debt Obligations, net - Future Scheduled Maturities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2019 (remaining three months) | $ 0 | |
2020 | 400,000,000 | |
2021 | 434,802,000 | |
2022 | 1,110,674,000 | |
2023 | 641,875,000 | |
Thereafter | 1,291,675,000 | |
Total principal maturities | 3,879,026,000 | $ 3,661,617,000 |
Unamortized discounts and deferred financing costs, net | (51,667,000) | (52,531,000) |
Debt obligations, net | 3,827,359,000 | 3,609,086,000 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
2019 (remaining three months) | 0 | |
2020 | 400,000,000 | |
2021 | 275,000,000 | |
2022 | 1,062,500,000 | |
2023 | 0 | |
Thereafter | 775,000,000 | |
Total principal maturities | 2,512,500,000 | |
Unamortized discounts and deferred financing costs, net | (42,487,000) | |
Debt obligations, net | 2,470,013,000 | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
2019 (remaining three months) | 0 | |
2020 | 0 | |
2021 | 159,802,000 | |
2022 | 48,174,000 | |
2023 | 641,875,000 | |
Thereafter | 516,675,000 | |
Total principal maturities | 1,366,526,000 | 1,449,117,000 |
Unamortized discounts and deferred financing costs, net | (9,180,000) | |
Debt obligations, net | 1,357,346,000 | |
Unsecured notes | ||
Debt Instrument [Line Items] | ||
Total principal maturities | 2,412,500,000 | 2,112,500,000 |
4.625% senior notes | Unsecured notes | ||
Debt Instrument [Line Items] | ||
Total principal maturities | 400,000,000 | $ 400,000,000 |
Debt instrument, face amount | $ 400,000,000 | |
Stated interest rates (as a percent) | 4.625% | 4.625% |
6.50% senior notes | Unsecured notes | ||
Debt Instrument [Line Items] | ||
Total principal maturities | $ 275,000,000 | $ 275,000,000 |
Debt instrument, face amount | $ 275,000,000 | |
Stated interest rates (as a percent) | 6.50% | 6.50% |
Debt Obligations, net - Secured
Debt Obligations, net - Secured Term Loan and Credit Facility Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Aug. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||||||
Loss on early extinguishment of debt | $ 0 | $ 911,000 | $ 468,000 | $ 3,447,000 | |||||
2016 Senior Term Loan | LIBOR | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 1.00% | ||||||||
Secured Debt | 2015 $350 million Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | 350,000,000 | $ 350,000,000 | |||||||
Maximum borrowing capacity | $ 325,000,000 | 350,000,000 | $ 350,000,000 | ||||||
Debt instrument term (in years) | 1 year | ||||||||
Current borrowing capacity | $ 350,000,000 | $ 350,000,000 | |||||||
Secured Debt | 2015 $350 million Revolving Credit Facility | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage | 0.25% | ||||||||
Secured Debt | 2015 $350 million Revolving Credit Facility | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage | 0.45% | ||||||||
Secured Debt | 2015 $350 million Revolving Credit Facility | LIBOR | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 2.25% | ||||||||
Secured Debt | 2015 $350 million Revolving Credit Facility | LIBOR | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 1.00% | ||||||||
Secured Debt | 2016 Senior Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, face amount | $ 650,000,000 | $ 400,000,000 | $ 500,000,000 | $ 450,000,000 | |||||
Percentage of par credit facilities were issued at | 99.00% | ||||||||
Required quarterly principal payment (as a percent) | 0.25% | ||||||||
Loss on early extinguishment of debt | $ 2,500,000 | ||||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 2.75% | 3.00% | 2.75% | ||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 0.75% | ||||||||
Secured Debt | 2016 Senior Term Loan | LIBOR | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis point spread on variable interest rate (as a percent) | 1.75% | ||||||||
Secured Debt | 2015 Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | $ 250,000,000 |
Debt Obligations, net - Unsecur
Debt Obligations, net - Unsecured Notes Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Loss on early extinguishment of debt | $ 0 | $ 911,000 | $ 468,000 | $ 3,447,000 | |
Unsecured notes | 4.75% senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 675,000,000 | $ 675,000,000 | |||
Stated interest rates (as a percent) | 4.75% | 4.75% | |||
Unsecured notes | 4.625% senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | |||
Stated interest rates (as a percent) | 4.625% | 4.625% | 4.625% | ||
Unsecured notes | 5.00% senior notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rates (as a percent) | 5.00% | ||||
Loss on early extinguishment of debt | $ 500,000 | ||||
Unsecured notes | 6.50% senior notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 275,000,000 | $ 275,000,000 | |||
Stated interest rates (as a percent) | 6.50% | 6.50% | 6.50% |
Debt Obligations, net - Collate
Debt Obligations, net - Collateral Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | May 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||
Real estate, net | $ 1,530,116 | $ 1,771,019 | |||||
Real estate available and held for sale | 12,688 | 22,551 | |||||
Net investment in leases | 421,252 | $ 424,100 | |||||
Land and development, net | 610,380 | 598,218 | |||||
Loans receivable and other lending investments, net | 808,289 | 988,224 | |||||
Other investments | 733,793 | 304,275 | |||||
Cash and other assets | 1,463,440 | 1,329,990 | |||||
Total assets | 5,579,958 | 5,014,277 | |||||
Carrying amount of assets held by entities pledged as collateral | 412,000 | ||||||
General reserve for loan losses | 30,401 | $ 53,408 | 53,395 | $ 54,695 | $ 54,495 | $ 78,489 | |
Loan participations | 660,522 | 870,992 | |||||
Loan Participations | |||||||
Debt Instrument [Line Items] | |||||||
Loan participations | 33,100 | 22,500 | |||||
Collectively Evaluated for Impairment | |||||||
Debt Instrument [Line Items] | |||||||
General reserve for loan losses | 8,700 | 13,000 | |||||
Loan participations | 643,823 | 844,662 | |||||
Collateral Assets | |||||||
Debt Instrument [Line Items] | |||||||
Real estate, net | 1,413,531 | 1,620,008 | |||||
Real estate available and held for sale | 0 | 1,055 | |||||
Net investment in leases | 421,252 | 0 | |||||
Land and development, net | 42,402 | 12,300 | |||||
Loans receivable and other lending investments, net | 308,474 | 498,524 | |||||
Other investments | 0 | 0 | |||||
Cash and other assets | 2,645 | 0 | |||||
Total assets | 2,188,304 | 2,131,887 | |||||
Non-Collateral Assets | |||||||
Debt Instrument [Line Items] | |||||||
Real estate, net | 116,585 | 151,011 | |||||
Real estate available and held for sale | 12,688 | 21,496 | |||||
Net investment in leases | 0 | 0 | |||||
Land and development, net | 567,978 | 585,918 | |||||
Loans receivable and other lending investments, net | 475,374 | 480,154 | |||||
Other investments | 733,793 | 304,275 | |||||
Cash and other assets | 1,460,795 | 1,329,990 | |||||
Total assets | $ 3,367,213 | $ 2,872,844 |
Debt Obligations, net - Debt Co
Debt Obligations, net - Debt Covenants (Details) | Sep. 30, 2019USD ($) | Sep. 30, 2017USD ($) |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Unencumbered assets to unsecured indebtedness ratio (at least) | 1.2 | |
Consolidated fixed charge coverage ratio | 1.5 | |
Secured Debt | 2015 $350 million Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 350,000,000 | $ 325,000,000 |
Borrowing base asset value ratio | 1.5 | |
Cash flow to fixed charges ratio | 1.5 | |
Secured Debt | 2016 Senior Term Loan | ||
Debt Instrument [Line Items] | ||
Collateral coverage ratio (at least) | 1.25 |
Commitments and Contingencies -
Commitments and Contingencies - Fundings That May be Required (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended |
May 31, 2019 | Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Percentage of capital committed that may be drawn down | 100.00% | |
Other Commitments [Line Items] | ||
Performance-Based Commitments | $ 371,310 | |
Strategic Investments | 24,177 | |
Total | 395,487 | |
Loans and Other Lending Investments | ||
Other Commitments [Line Items] | ||
Performance-Based Commitments | 294,059 | |
Strategic Investments | 0 | |
Total | 294,059 | |
Real Estate | ||
Other Commitments [Line Items] | ||
Performance-Based Commitments | 77,251 | |
Strategic Investments | 0 | |
Total | 77,251 | |
Other Investments | ||
Other Commitments [Line Items] | ||
Performance-Based Commitments | 0 | |
Strategic Investments | 24,177 | |
Total | 24,177 | |
Loan Participations | ||
Other Commitments [Line Items] | ||
Performance-Based Commitments | $ 16,800 | |
Bowling Entertainment Venue Operator | Bowling center commitment | ||
Other Commitments [Line Items] | ||
Commitment to invest additional bowling centers | $ 55,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Operating | |||
2019 (remaining three months) | $ 1,079 | $ 1,079 | |
2020 | 4,054 | 4,054 | |
2021 | 1,468 | 1,468 | |
2022 | 869 | 869 | |
2023 | 728 | 728 | |
Thereafter | 2,074 | 2,074 | |
Total undiscounted cash flows | 10,272 | 10,272 | |
Present value discount | (1,141) | (1,141) | |
Other adjustments | 18,699 | 18,699 | |
Lease liabilities | 27,830 | 27,830 | |
Finance | |||
2019 (remaining three months) | 1,330 | 1,330 | |
2020 | 5,386 | 5,386 | |
2021 | 5,494 | 5,494 | |
2022 | 5,604 | 5,604 | |
2023 | 5,716 | 5,716 | |
Thereafter | 1,579,655 | 1,579,655 | |
Total undiscounted cash flows | 1,603,185 | 1,603,185 | |
Present value discount | (1,456,121) | (1,456,121) | |
Lease liabilities | 147,064 | 147,064 | |
Operating lease payments made | 1,000 | 3,000 | |
Finance lease payments made | $ 1,100 | $ 2,000 | |
Operating leases, excluding tenant paid leases, weighted average lease term (in years) | 4 years 2 months 12 days | ||
Operating leases, weighted average incremental borrowing rate, discount rate (percent) | 5.60% | 5.60% | |
Finance leases, weighted average lease term (in years) | 98 years 2 months 12 days | 98 years 2 months 12 days | |
Finance leases, weighted average rate implicit in the lease, discount rate (percent) | 5.50% | 5.50% | |
Operating | |||
2019 | $ 4,340 | ||
2020 | 4,016 | ||
2021 | 1,589 | ||
2022 | 991 | ||
2023 | 849 | ||
Thereafter | $ 2,469 |
Derivatives - Classification on
Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Expected amount related to cash flow hedge that will be reclassified over next twelve months | $ 4,800 | |
Collateral posted for hedges | $ 6,400 | |
Derivatives Designated in Hedging Relationships | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 94 | 3,669 |
Derivative Liabilities | 11,572 | 10,244 |
Derivatives Designated in Hedging Relationships | Interest rate swaps | Deferred expenses and other assets, net | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 94 | 3,669 |
Derivatives Designated in Hedging Relationships | Interest rate swaps | Accounts payable, accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 11,572 | $ 10,244 |
Derivatives - Effect in the Con
Derivatives - Effect in the Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Derivative financial instruments on consolidated statements of operations | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | $ (9,091) | $ 3,900 | $ (45,090) | $ 6,258 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | [1] | (665) | (101) | (13,408) | 1,683 |
Derivatives Designated in Hedging Relationships | Interest rate swaps | Earnings from equity method investments | |||||
Derivative financial instruments on consolidated statements of operations | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (6,082) | 1,197 | (21,309) | 4,705 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | (126) | 44 | 28 | (47) | |
Derivatives Designated in Hedging Relationships | Interest rate swaps | Interest expense | |||||
Derivative financial instruments on consolidated statements of operations | |||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (3,009) | 2,702 | (23,781) | 1,552 | |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | $ (539) | $ (144) | $ (957) | $ (144) | |
[1] | Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations is $539 and $957 for the three and nine months ended September 30, 2019 , respectively, and $144 for each of the three and nine months ended September 30, 2018. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $ 806 for the nine months ended September 30, 2019 and amount reclassified to "Gain on consolidation of equity method investment" for the nine months ended September 30, 2018 is $1,876 . Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $126 and $(28) for the three and nine months ended September 30, 2019 , respectively, and $(43) and $47 for the three and nine months ended September 30, 2018, respectively. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the nine months ended September 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur. |
Equity - Preferred Stock (Detai
Equity - Preferred Stock (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Preferred Stock | |||||
Shares Issued and Outstanding (in shares) | 16,200,000 | 16,200,000 | 16,200,000 | ||
Carrying Value | $ 476,000,000 | $ 476,000,000 | $ 476,000,000 | ||
Number of days in year used in the computation of preferred stock dividends for any partial dividend period | 360 days | 360 days | |||
Number of months used in the computation of preferred stock dividends for any partial dividend period | 12 months | 12 months | |||
Number of days in month, dividends computation of dividends payable for any partial dividend period | 30 days | 30 days | |||
Preferred stock dividends declared and paid | $ 8,124,000 | $ 8,124,000 | $ 24,372,000 | $ 24,372,000 | |
Capital gains distribution (as a percent) | 100.00% | ||||
Unrecaptured Section 1250 gain (s a percent) | 26.02% | ||||
Long term capital gain (as a percent) | 73.98% | ||||
Amount of preferred dividends in arrears | $ 0 | ||||
Maximum | |||||
Preferred Stock | |||||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | 30 days | 30 days | |||
Minimum | |||||
Preferred Stock | |||||
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date | 10 days | 10 days | |||
Series D | |||||
Preferred Stock | |||||
Shares Issued and Outstanding (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | ||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | $ 25 | ||
Rate per Annum | 8.00% | 8.00% | |||
Annual Dividend Per Share (in dollars per share) | $ 2 | $ 2 | |||
Carrying Value | $ 89,041,000 | $ 89,041,000 | $ 89,041,000 | ||
Preferred stock dividends declared and paid | $ 6,000,000 | $ 6,000,000 | |||
Series G | |||||
Preferred Stock | |||||
Shares Issued and Outstanding (in shares) | 3,200,000 | 3,200,000 | 3,200,000 | ||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | $ 25 | ||
Rate per Annum | 7.65% | 7.65% | |||
Annual Dividend Per Share (in dollars per share) | $ 1.91 | $ 1.91 | |||
Carrying Value | $ 72,664,000 | $ 72,664,000 | $ 72,664,000 | ||
Preferred stock dividends declared and paid | $ 4,600,000 | 4,600,000 | |||
Series I | |||||
Preferred Stock | |||||
Shares Issued and Outstanding (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Liquidation Preference (in dollars per share) | $ 25 | $ 25 | $ 25 | ||
Rate per Annum | 7.50% | 7.50% | |||
Annual Dividend Per Share (in dollars per share) | $ 1.88 | $ 1.88 | |||
Carrying Value | $ 120,785,000 | $ 120,785,000 | $ 120,785,000 | ||
Preferred stock dividends declared and paid | $ 7,000,000 | 7,000,000 | |||
Series J (convertible) | |||||
Preferred Stock | |||||
Shares Issued and Outstanding (in shares) | 4,000,000 | 4,000,000 | 4,000,000 | ||
Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Liquidation Preference (in dollars per share) | $ 50 | $ 50 | $ 50 | ||
Rate per Annum | 4.50% | 4.50% | |||
Annual Dividend Per Share (in dollars per share) | $ 2.25 | $ 2.25 | |||
Carrying Value | $ 193,510,000 | $ 193,510,000 | $ 193,510,000 | ||
Preferred stock dividends declared and paid | $ 6,800,000 | $ 6,800,000 | |||
Redemption price as a percentage of liquidation preference | 100.00% | ||||
Shares issued upon conversion (in shares) | 4.0918 | 4.0918 | |||
Conversion price per share (in dollars per share) | $ 12.22 | $ 12.22 |
Equity - Dividends (Details)
Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Equity [Abstract] | |||||
Operating loss carryforwards | $ 567,700 | ||||
Common stock dividends declared | $ 6,291 | $ 6,165 | $ 18,991 | $ 6,165 | |
Common stock dividends declared per share (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.29 | $ 0.09 |
Equity - Stock Repurchase Progr
Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Equity [Abstract] | ||
Shares repurchased and retired during period (in shares) | 6.2 | 0.8 |
Common stock value repurchased including acquisition costs | $ 58.8 | $ 8.3 |
Average cost per share of repurchased shares (in dollars per share) | $ 9.44 | $ 10.22 |
Stock repurchase program remaining authorized amount | $ 22.1 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ 1,300,623 | $ 1,321,197 | $ 1,064,115 | $ 1,192,202 | $ 1,212,578 | $ 914,249 |
Unrealized gains on available-for-sale securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | 2,962 | 475 | ||||
Unrealized losses on cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (39,285) | (13,546) | ||||
Unrealized losses on cumulative translation adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | (4,199) | (4,199) | ||||
Accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ (40,522) | $ (34,137) | $ (17,270) | $ 392 | $ (2,231) | $ (2,482) |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans and Employee Benefits - Stock-Based Compensation and Long-Term Incentive Plan (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 31, 2019 | Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 6,740 | $ 3,651 | $ 20,694 | $ 16,245 | ||
Long-term Incentive Plan 2009 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance (in shares) | 8.9 | 8 | ||||
Shares remaining available for issuance (in shares) | 3 | 3 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans and Employee Benefits - Performance Incentive Plans (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)ownership_class$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ | $ 6,740 | $ 3,651 | $ 20,694 | $ 16,245 | |
Performance Incentive Plan | |||||
Accrued expenses | $ | 85,408 | $ 85,408 | $ 95,149 | ||
iPIP Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 6 years | ||||
Performance Incentive Plan | |||||
iPIP distributions to plan participants | $ | $ 7,400 | ||||
iPIP distributions, cash component | $ | $ 3,800 | ||||
iPIP distributions, equity component (in shares) | 389,545 | ||||
iPIP distributions, equity component, fair value | $ | $ 3,600 | ||||
iPIP distributions, equity component, fair value (in dollars per share) | $ / shares | $ 9.21 | ||||
iPIP distributions, shares issued net of tax withholdings (in shares) | 209,118 | ||||
Accrued expenses | $ | $ 44,200 | $ 44,200 | $ 37,500 | ||
iPIP Plans | Vesting at end of second year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 40.00% | ||||
iPIP Plans | Vesting in each of years three through six | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rights percentage | 15.00% | ||||
2019-2020 Performance Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of ownership classes of consolidated subsidiary | ownership_class | 2 | ||||
Ownership percentage of class A units (percent) | 100.00% | ||||
Equity-based compensation | $ | $ 2,000 | ||||
Settlement or distribution on units and awards, cash (percent) | 50.00% | ||||
Settlement or distribution on units and awards, common stock (percent) | 50.00% | ||||
2013-2018 Performance Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Settlement or distribution on units and awards, cash (percent) | 50.00% | ||||
Settlement or distribution on units and awards, common stock (percent) | 50.00% | ||||
2013-2014 Performance Incentive Plan | |||||
Performance Incentive Plan | |||||
Points at beginning of period (in shares) | 84.17 | 84.17 | |||
Granted (in shares) | 0 | ||||
Forfeited (in shares) | (1.60) | ||||
Points at end of period (in shares) | 85.77 | ||||
2015-2016 Performance Incentive Plan | |||||
Performance Incentive Plan | |||||
Points at beginning of period (in shares) | 76.68 | 76.68 | |||
Granted (in shares) | 0 | ||||
Forfeited (in shares) | (2.73) | ||||
Points at end of period (in shares) | 79.41 | ||||
2017-2018 Performance Incentive Plan | |||||
Performance Incentive Plan | |||||
Points at beginning of period (in shares) | 78.71 | 78.71 | |||
Granted (in shares) | 0 | ||||
Forfeited (in shares) | (3.72) | ||||
Points at end of period (in shares) | 82.43 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans and Employee Benefits - Restricted Stock Unit Activity (Details) - Restricted stock units shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($)shares | |
Number of Shares | |
Non-vested at beginning of period (in shares) | 357 |
Granted (in shares) | 481 |
Vested (in shares) | (52) |
Forfeited (in shares) | (89) |
Non-vested at end of period (in shares) | 697 |
Unrecognized compensation cost | $ | $ 3.3 |
Weighted-average period to recognize the unrecognized compensation cost | 1 year 4 months 24 days |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans and Employee Benefits - Directors' Awards (Details) - Directors $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
CSE and Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, outstanding (in shares) | 257,296 |
Non-vested, aggregate intrinsic value | $ | $ 3.4 |
Restricted shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares granted (in shares) | 80,270 |
Grant date fair value (in dollars per share) | $ / shares | $ 8.74 |
CSE | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares granted (in shares) | 4,856 |
Grant date fair value (in dollars per share) | $ / shares | $ 10.82 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans and Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Gross contributions made by the Company | $ 0.1 | $ 0.1 | $ 0.8 | $ 0.9 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 3,626 | $ (8,832) | $ 370,347 | $ 86,702 |
Net income attributable to noncontrolling interests | (2,845) | (2,028) | (8,168) | (11,632) |
Preferred dividends | (8,124) | (8,124) | (24,372) | (24,372) |
Net income (loss) allocable to common shareholders | (7,343) | (18,984) | 337,807 | 50,698 |
Add: Effect of Series J convertible perpetual preferred stock | 0 | 0 | 6,750 | 6,750 |
Net income (loss) allocable to common shareholders for diluted earnings per common share | $ (7,343) | $ (18,984) | $ 344,557 | $ 57,448 |
Earnings Per Share - Earnings A
Earnings Per Share - Earnings Allocable to Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator for basic earnings per share: | ||||
Net income (loss) allocable to common shareholders for basic earnings per common share | $ (7,343) | $ (18,984) | $ 337,807 | $ 50,698 |
Numerator for diluted earnings per share: | ||||
Net income (loss) allocable to common shareholders | $ (7,343) | $ (18,984) | $ 344,557 | $ 57,448 |
Denominator for basic and diluted earnings per share: | ||||
Weighted average common shares outstanding for basic earnings per common share (in shares) | 62,168 | 67,975 | 64,624 | 67,940 |
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares) | 0 | 0 | 114 | 131 |
Add: Effect of series J convertible perpetual preferred stock (in shares) | 0 | 0 | 16,138 | 15,658 |
Weighted average common shares outstanding for diluted earnings per common share (in shares) | 62,168 | 67,975 | 80,876 | 83,729 |
Basic earnings per common share: | ||||
Net income (loss) allocable to common shareholders (in dollars per share) | $ (0.12) | $ (0.28) | $ 5.23 | $ 0.75 |
Diluted earnings per common share: | ||||
Net income (loss) allocable to common shareholders (in dollars per share) | $ (0.12) | $ (0.28) | $ 4.26 | $ 0.69 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019shares | Sep. 30, 2018shares | Sep. 30, 2019trading_day | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Series J convertible perpetual preferred stock | shares | 16,306 | 15,703 | |
3.125% senior convertible notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stated interest rates (as a percent) | 3.125% | 3.125% | |
Threshold consecutive trading days | trading_day | 40 |
Fair Values - Schedule of Fair
Fair Values - Schedule of Fair Value Measurement (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)real_estate_assetland_asset | Sep. 30, 2019USD ($) | |
Recurring basis | Fair Value | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | $ 3,669 | $ 94 |
Derivative liabilities | 10,244 | 11,572 |
Available-for-sale securities | 21,661 | 24,102 |
Recurring basis | Quoted market prices in active markets (Level 1) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 3,669 | 94 |
Derivative liabilities | 10,244 | 11,572 |
Available-for-sale securities | 0 | 0 |
Recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Available-for-sale securities | 21,661 | $ 24,102 |
Non-recurring basis | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate, aggregate impairment | $ 76,300 | |
Impaired real estate, number of assets | real_estate_asset | 3 | |
Impaired real estate available and held for sale, aggregate impairment | $ 3,700 | |
Impaired real estate available and held for sale, number of assets | real_estate_asset | 2 | |
Impaired land and development, aggregate impairment | $ 55,400 | |
Impaired land and development, number of assets | land_asset | 4 | |
Non-recurring basis | Fair Value | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | $ 29,400 | |
Impaired real estate available and held for sale | 19,300 | |
Impaired land and development | 78,400 | |
Non-recurring basis | Commercial operating property one | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate, aggregate impairment | 23,200 | |
Non-recurring basis | Property to be sold | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate, aggregate impairment | 6,000 | |
Non-recurring basis | Commercial operating property two | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate, aggregate impairment | 47,100 | |
Non-recurring basis | Waterfront land and development asset to be sold | ||
Assets and liabilities recorded at fair value | ||
Impaired land and development, aggregate impairment | 25,000 | |
Non-recurring basis | Master planned community | ||
Assets and liabilities recorded at fair value | ||
Impaired land and development, aggregate impairment | 21,600 | |
Non-recurring basis | Infill land and development asset | ||
Assets and liabilities recorded at fair value | ||
Impaired land and development, aggregate impairment | 6,900 | |
Non-recurring basis | Waterfront land and development asset sold | ||
Assets and liabilities recorded at fair value | ||
Impaired land and development, aggregate impairment | 1,900 | |
Non-recurring basis | Quoted market prices in active markets (Level 1) | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 0 | |
Impaired real estate available and held for sale | 0 | |
Impaired land and development | 0 | |
Non-recurring basis | Significant other observable inputs (Level 2) | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 0 | |
Impaired real estate available and held for sale | 0 | |
Impaired land and development | 0 | |
Non-recurring basis | Significant unobservable inputs (Level 3) | ||
Assets and liabilities recorded at fair value | ||
Impaired real estate | 29,400 | |
Impaired real estate available and held for sale | 19,300 | |
Impaired land and development | $ 78,400 |
Fair Values - Summary of Change
Fair Values - Summary of Changes in Level 3 Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 21,661 | $ 22,842 |
Repayments | (45) | (46) |
Unrealized gains (losses) recorded in other comprehensive income | 2,486 | (1,514) |
Ending balance | $ 24,102 | $ 21,282 |
Fair Values - Fair Values of Fi
Fair Values - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Book and estimated fair values of financial instruments | ||
Loans receivable and other lending investments, net | $ 808,289 | $ 988,224 |
Debt obligations, net | 3,827,359 | 3,609,086 |
Fair Value | ||
Book and estimated fair values of financial instruments | ||
Loans receivable and other lending investments, net | 800,000 | 1,000,000 |
Debt obligations, net | $ 4,000,000 | $ 3,500,000 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segments (Details) $ in Thousands | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segments | Sep. 30, 2018USD ($) | May 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Segment Reporting [Abstract] | ||||||||
Number of reportable segments | segments | 4 | |||||||
Segment Reporting | ||||||||
Revenues | $ 145,338 | $ 122,141 | $ 350,608 | $ 657,956 | ||||
Earnings (losses) from equity method investments | 7,617 | (635) | 16,566 | (4,581) | ||||
Selling profit from sales-type leases | 0 | 180,416 | ||||||
Gain from consolidation of equity method investment | $ 67,900 | 0 | 0 | 0 | 67,877 | |||
Income from sales of real estate | $ 24,500 | 3,476 | 5,409 | 233,406 | 79,353 | |||
Total revenue and other earnings | 156,431 | 126,915 | 780,996 | 800,605 | ||||
Other expense | (407) | (298) | (12,798) | (5,180) | ||||
Allocated interest expense | (46,522) | (47,219) | (136,851) | (135,572) | ||||
Allocated general and administrative | (17,370) | (17,962) | (51,818) | (57,410) | ||||
Segment profit (loss) | 20,844 | 17,035 | 436,579 | 178,051 | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | (3,805) | 200 | (3,792) | 18,237 | ||||
Impairment of assets | 0 | 989 | 4,953 | 11,177 | ||||
Depreciation and amortization | 14,199 | 19,979 | 43,586 | 41,857 | ||||
Capitalized expenditures | 31,198 | 67,783 | 103,614 | 155,356 | ||||
Segment assets | ||||||||
Real estate, net | 1,530,116 | 1,530,116 | $ 1,771,019 | |||||
Real estate available and held for sale | 12,688 | 12,688 | 22,551 | |||||
Total real estate | 1,542,804 | 1,542,804 | 1,793,570 | |||||
Net investment in leases | 421,252 | 421,252 | $ 424,100 | |||||
Land and development, net | 610,380 | 610,380 | 598,218 | |||||
Loans receivable and other lending investments, net | 808,289 | 808,289 | 988,224 | |||||
Other investments | 733,793 | 733,793 | 304,275 | |||||
Total portfolio assets | 4,116,518 | 4,116,518 | 3,684,287 | |||||
Cash and other assets | 1,463,440 | 1,463,440 | 1,329,990 | |||||
Total assets | 5,579,958 | 5,579,958 | 5,014,277 | |||||
Stock-based compensation expense | 6,740 | 3,651 | 20,694 | 16,245 | ||||
Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 44,110 | 59,109 | 158,210 | 149,516 | ||||
Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 19,701 | 22,915 | 60,417 | 74,824 | ||||
Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 8,339 | 0 | 12,157 | 0 | ||||
Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 18,270 | 27,808 | 43,133 | 63,951 | ||||
Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 54,918 | 12,309 | 76,691 | 369,665 | ||||
Cost of sales expense | (48,101) | (12,114) | (71,785) | (318,881) | ||||
Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | (23,187) | (32,287) | (71,165) | (105,511) | ||||
Operating Segments | Real Estate Finance | ||||||||
Segment Reporting | ||||||||
Earnings (losses) from equity method investments | 0 | 0 | 0 | 0 | ||||
Selling profit from sales-type leases | 0 | |||||||
Gain from consolidation of equity method investment | 0 | |||||||
Income from sales of real estate | 0 | 0 | 0 | 0 | ||||
Total revenue and other earnings | 19,027 | 23,668 | 62,056 | 79,095 | ||||
Other expense | (49) | (179) | (359) | (869) | ||||
Allocated interest expense | (6,902) | (9,558) | (23,251) | (31,971) | ||||
Allocated general and administrative | (2,035) | (2,693) | (6,523) | (10,514) | ||||
Segment profit (loss) | 10,041 | 11,238 | 31,923 | 35,741 | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | (3,805) | 200 | (3,792) | 18,237 | ||||
Impairment of assets | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Capitalized expenditures | 0 | 0 | 0 | 0 | ||||
Segment assets | ||||||||
Real estate, net | 0 | 0 | 0 | |||||
Real estate available and held for sale | 0 | 0 | 0 | |||||
Total real estate | 0 | 0 | 0 | |||||
Net investment in leases | 0 | 0 | ||||||
Land and development, net | 0 | 0 | 0 | |||||
Loans receivable and other lending investments, net | 764,055 | 764,055 | 988,224 | |||||
Other investments | 0 | 0 | 0 | |||||
Total portfolio assets | 764,055 | 764,055 | 988,224 | |||||
Operating Segments | Real Estate Finance | Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Operating Segments | Real Estate Finance | Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 18,912 | 22,915 | 59,220 | 74,824 | ||||
Operating Segments | Real Estate Finance | Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | ||||||
Operating Segments | Real Estate Finance | Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 115 | 753 | 2,836 | 4,271 | ||||
Operating Segments | Real Estate Finance | Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales expense | 0 | 0 | 0 | 0 | ||||
Operating Segments | Real Estate Finance | Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | 0 | 0 | 0 | 0 | ||||
Operating Segments | Net Lease | ||||||||
Segment Reporting | ||||||||
Earnings (losses) from equity method investments | 2,848 | 775 | 13,660 | 7,028 | ||||
Selling profit from sales-type leases | 180,416 | |||||||
Gain from consolidation of equity method investment | 67,877 | |||||||
Income from sales of real estate | 3,458 | 0 | 223,200 | 24,907 | ||||
Total revenue and other earnings | 59,787 | 46,987 | 579,485 | 206,808 | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Allocated interest expense | (25,176) | (16,454) | (70,548) | (44,246) | ||||
Allocated general and administrative | (6,887) | (5,740) | (19,299) | (15,179) | ||||
Segment profit (loss) | 21,264 | 20,019 | 471,303 | 135,197 | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | ||||
Impairment of assets | 0 | 0 | 4,342 | |||||
Depreciation and amortization | 12,409 | 12,554 | 38,242 | 25,205 | ||||
Capitalized expenditures | 7,846 | 28,315 | 12,707 | 29,512 | ||||
Segment assets | ||||||||
Real estate, net | 1,329,896 | 1,329,896 | 1,536,494 | |||||
Real estate available and held for sale | 0 | 0 | 1,055 | |||||
Total real estate | 1,329,896 | 1,329,896 | 1,537,549 | |||||
Net investment in leases | 421,252 | 421,252 | ||||||
Land and development, net | 0 | 0 | 0 | |||||
Loans receivable and other lending investments, net | 44,234 | 44,234 | 0 | |||||
Other investments | 586,358 | 586,358 | 165,804 | |||||
Total portfolio assets | 2,381,740 | 2,381,740 | 1,703,353 | |||||
Operating Segments | Net Lease | Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 38,006 | 45,204 | 136,150 | 104,241 | ||||
Operating Segments | Net Lease | Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 789 | 0 | 1,197 | 0 | ||||
Operating Segments | Net Lease | Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 8,339 | 12,157 | ||||||
Operating Segments | Net Lease | Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 6,347 | 1,008 | 12,705 | 2,755 | ||||
Operating Segments | Net Lease | Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales expense | 0 | 0 | 0 | 0 | ||||
Operating Segments | Net Lease | Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | (6,460) | (4,774) | (18,335) | (12,186) | ||||
Operating Segments | Operating Properties | ||||||||
Segment Reporting | ||||||||
Earnings (losses) from equity method investments | 4,875 | (2,223) | (166) | (4,814) | ||||
Selling profit from sales-type leases | 0 | |||||||
Gain from consolidation of equity method investment | 0 | |||||||
Income from sales of real estate | 18 | 5,409 | 10,206 | 54,446 | ||||
Total revenue and other earnings | 18,538 | 38,242 | 45,844 | 141,198 | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Allocated interest expense | (2,393) | (4,547) | (7,859) | (14,653) | ||||
Allocated general and administrative | (727) | (1,429) | (2,214) | (5,447) | ||||
Segment profit (loss) | 6,104 | 13,617 | 7,125 | 57,007 | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | ||||
Impairment of assets | 989 | 3,853 | 5,535 | |||||
Depreciation and amortization | 1,244 | 6,857 | 3,701 | 14,522 | ||||
Capitalized expenditures | 2,816 | 5,860 | 4,878 | 18,186 | ||||
Segment assets | ||||||||
Real estate, net | 200,220 | 200,220 | 234,525 | |||||
Real estate available and held for sale | 12,688 | 12,688 | 21,496 | |||||
Total real estate | 212,908 | 212,908 | 256,021 | |||||
Net investment in leases | 0 | 0 | ||||||
Land and development, net | 0 | 0 | 0 | |||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | |||||
Other investments | 60,347 | 60,347 | 65,643 | |||||
Total portfolio assets | 273,255 | 273,255 | 321,664 | |||||
Operating Segments | Operating Properties | Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 6,034 | 13,803 | 21,844 | 44,818 | ||||
Operating Segments | Operating Properties | Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Operating Segments | Operating Properties | Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | ||||||
Operating Segments | Operating Properties | Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 7,611 | 21,253 | 13,960 | 46,748 | ||||
Operating Segments | Operating Properties | Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales expense | 0 | 0 | 0 | 0 | ||||
Operating Segments | Operating Properties | Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | (9,314) | (18,649) | (28,646) | (64,091) | ||||
Operating Segments | Land and Development | ||||||||
Segment Reporting | ||||||||
Earnings (losses) from equity method investments | (301) | 161 | 2,910 | 2,726 | ||||
Selling profit from sales-type leases | 0 | |||||||
Gain from consolidation of equity method investment | 0 | |||||||
Income from sales of real estate | 0 | 0 | 0 | 0 | ||||
Total revenue and other earnings | 56,811 | 13,429 | 86,694 | 375,488 | ||||
Other expense | 0 | 0 | 0 | 0 | ||||
Allocated interest expense | (5,268) | (5,014) | (15,888) | (16,795) | ||||
Allocated general and administrative | (3,019) | (3,576) | (9,199) | (11,128) | ||||
Segment profit (loss) | (6,990) | (16,139) | (34,362) | (550) | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | ||||
Impairment of assets | 0 | 1,100 | 1,300 | |||||
Depreciation and amortization | 243 | 263 | 733 | 1,095 | ||||
Capitalized expenditures | 20,536 | 33,608 | 86,029 | 107,658 | ||||
Segment assets | ||||||||
Real estate, net | 0 | 0 | 0 | |||||
Real estate available and held for sale | 0 | 0 | 0 | |||||
Total real estate | 0 | 0 | 0 | |||||
Net investment in leases | 0 | 0 | ||||||
Land and development, net | 610,380 | 610,380 | 598,218 | |||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | |||||
Other investments | 42,675 | 42,675 | 65,312 | |||||
Total portfolio assets | 653,055 | 653,055 | 663,530 | |||||
Operating Segments | Land and Development | Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 70 | 102 | 216 | 457 | ||||
Operating Segments | Land and Development | Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Operating Segments | Land and Development | Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | ||||||
Operating Segments | Land and Development | Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 2,124 | 857 | 6,877 | 2,640 | ||||
Operating Segments | Land and Development | Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 54,918 | 12,309 | 76,691 | 369,665 | ||||
Cost of sales expense | (48,101) | (12,114) | (71,785) | (318,881) | ||||
Operating Segments | Land and Development | Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | (7,413) | (8,864) | (24,184) | (29,234) | ||||
Corporate/Other | ||||||||
Segment Reporting | ||||||||
Earnings (losses) from equity method investments | 195 | 652 | 162 | (9,521) | ||||
Selling profit from sales-type leases | 0 | |||||||
Gain from consolidation of equity method investment | 0 | |||||||
Income from sales of real estate | 0 | 0 | 0 | 0 | ||||
Total revenue and other earnings | 2,268 | 4,589 | 6,917 | (1,984) | ||||
Other expense | (358) | (119) | (12,439) | (4,311) | ||||
Allocated interest expense | (6,783) | (11,646) | (19,305) | (27,907) | ||||
Allocated general and administrative | (4,702) | (4,524) | (14,583) | (15,142) | ||||
Segment profit (loss) | (9,575) | (11,700) | (39,410) | (49,344) | ||||
Other significant items: | ||||||||
(Recovery of) provision for loan losses | 0 | 0 | 0 | 0 | ||||
Impairment of assets | 0 | 0 | 0 | |||||
Depreciation and amortization | 303 | 305 | 910 | 1,035 | ||||
Capitalized expenditures | 0 | 0 | 0 | 0 | ||||
Segment assets | ||||||||
Real estate, net | 0 | 0 | 0 | |||||
Real estate available and held for sale | 0 | 0 | 0 | |||||
Total real estate | 0 | 0 | 0 | |||||
Net investment in leases | 0 | 0 | ||||||
Land and development, net | 0 | 0 | 0 | |||||
Loans receivable and other lending investments, net | 0 | 0 | 0 | |||||
Other investments | 44,413 | 44,413 | 7,516 | |||||
Total portfolio assets | 44,413 | 44,413 | $ 7,516 | |||||
Corporate/Other | Operating lease income | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Corporate/Other | Interest income | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Corporate/Other | Interest income from sales-type leases | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | ||||||
Corporate/Other | Other income | ||||||||
Segment Reporting | ||||||||
Revenues | 2,073 | 3,937 | 6,755 | 7,537 | ||||
Corporate/Other | Land development | ||||||||
Segment Reporting | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Cost of sales expense | 0 | 0 | 0 | 0 | ||||
Corporate/Other | Real estate | ||||||||
Segment Reporting | ||||||||
Cost of sales expense | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment Profit to Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Segment profit | $ 20,844 | $ 17,035 | $ 436,579 | $ 178,051 |
Add/Less: Recovery of (provision for) loan losses | 3,805 | (200) | 3,792 | (18,237) |
Less: Impairment of assets | 0 | (989) | (4,953) | (11,177) |
Less: Stock-based compensation expense | (6,740) | (3,651) | (20,694) | (16,245) |
Less: Depreciation and amortization | (14,199) | (19,979) | (43,586) | (41,857) |
Less: Income tax expense | (84) | (137) | (323) | (386) |
Less: Loss on early extinguishment of debt, net | 0 | (911) | (468) | (3,447) |
Net income (loss) | $ 3,626 | $ (8,832) | $ 370,347 | $ 86,702 |
Uncategorized Items - star-0930
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 75,869,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 75,593,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 276,000 |