|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate operating expenses
|
|
$30.0m
|
$33.2m
|
$29.8m
|
$23.3m
|
$28.6m
|
$26.2m
|
$38.6m
|
$37.6m
|
$40.6m
|
$40.5m
|
|
Operating Expenses
|
|
$20.6m
|
$21.4m
|
$21.7m
|
$22.6m
|
$20.3m
|
$17.7m
|
$20.7m
|
$19.5m
|
$19.2m
|
$19.4m
|
|
Additional Financial Items
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, Depletion and Amortization, Nonproduction
|
|
$39.3m
|
$40.2m
|
$41.9m
|
$38.4m
|
$39.1m
|
$37.8m
|
$32.7m
|
$29.9m
|
$32.3m
|
$32.0m
|
|
Income (Loss) from Equity Method Investments
|
|
$426k
|
$89k
|
$790k
|
$3.4m
|
$1.8m
|
$1.6m
|
$1.4m
|
$758k
|
($79k)
|
($1.4m)
|
|
Operating Lease, Lease Income
|
|
—
|
—
|
$106.2m
|
$106.4m
|
$100.2m
|
$101.6m
|
$108.3m
|
$97.0m
|
$98.7m
|
$99.3m
|
|
Debt and Equity Securities, Gain (Loss)
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
($753k)
|
$4.6m
|
|
Debt and Equity Securities, Realized Gain (Loss)
|
|
—
|
$17.2m
|
($5.8m)
|
$14.9m
|
($12.4m)
|
$1.6m
|
($73k)
|
($276k)
|
$172k
|
$3.8m
|
|
Debt and Equity Securities, Unrealized Gain (Loss)
|
|
—
|
$1.4m
|
$555k
|
$84k
|
—
|
—
|
—
|
$29k
|
($925k)
|
$749k
|
|
Equity Securities, FV-NI, Realized Gain (Loss)
|
|
—
|
—
|
$99k
|
$200k
|
$1.1m
|
$0
|
—
|
—
|
—
|
—
|
|
Interest income
|
|
$236.4m
|
$263.7m
|
$344.8m
|
$330.2m
|
$239.8m
|
$176.1m
|
$293.5m
|
$407.3m
|
$358.6m
|
$266.9m
|
|
Provision for (release of) loan loss reserves, net
|
|
—
|
—
|
—
|
—
|
$18.3m
|
($8.7m)
|
$3.7m
|
$25.1m
|
$13.9m
|
($157k)
|
|
Real estate operating income
|
|
—
|
—
|
$106.2m
|
$106.4m
|
$100.2m
|
$101.6m
|
$108.3m
|
$97.0m
|
$98.7m
|
$99.3m
|
|
Net result from mortgage loan receivables held for sale
|
|
$26.0m
|
$54.0m
|
$16.5m
|
$54.8m
|
($1.6m)
|
$8.4m
|
($2.5m)
|
($523k)
|
$30k
|
$4.7m
|
|
Gain (loss) on real estate, net
|
|
$20.6m
|
$11.4m
|
$95.9m
|
$1.4m
|
$32.1m
|
$55.8m
|
$116.0m
|
$8.8m
|
$25.3m
|
$3.8m
|
|
Fee and other income
|
|
$21.4m
|
$18.3m
|
$26.3m
|
$24.4m
|
$12.7m
|
$11.2m
|
$15.0m
|
$9.2m
|
$18.7m
|
$15.0m
|
|
Net result from derivative transactions
|
|
($1.4m)
|
($12.6m)
|
$15.9m
|
($30.0m)
|
($15.3m)
|
$1.7m
|
$12.4m
|
$1.5m
|
$5.4m
|
$1.8m
|
|
Earnings (loss) from investment in unconsolidated ventures
|
|
$426k
|
$89k
|
$790k
|
$3.4m
|
$1.8m
|
$1.6m
|
$1.4m
|
$758k
|
($79k)
|
($1.4m)
|
|
Gain on extinguishment of debt
|
|
$5.4m
|
($73k)
|
($4.4m)
|
($1.1m)
|
$22.2m
|
$0
|
$685k
|
$10.7m
|
$188k
|
$151k
|
|
Compensation and employee benefits
|
|
$64.3m
|
$70.5m
|
$60.1m
|
$67.8m
|
$58.1m
|
$38.3m
|
$75.8m
|
$63.6m
|
$60.7m
|
$52.7m
|
|
Depreciation and amortization
|
|
$39.4m
|
$40.3m
|
$42.0m
|
$38.5m
|
$39.1m
|
$37.8m
|
$32.7m
|
$29.9m
|
$32.3m
|
$32.0m
|
|
Income (loss) before taxes
|
|
$120.0m
|
$133.6m
|
$228.3m
|
$139.6m
|
($19.2m)
|
$57.8m
|
$170.2m
|
$104.7m
|
$110.9m
|
$67.2m
|
|
Effective income tax rate
|
|
$6.3m
|
$7.7m
|
$6.6m
|
$2.6m
|
($9.8m)
|
$928k
|
$4.9m
|
$4.2m
|
$3.4m
|
$3.5m
|
|
Net (income) loss attributable to noncontrolling interests in consolidated ventures
|
|
$138k
|
($226k)
|
($15.9m)
|
$694k
|
($5.5m)
|
($371k)
|
($23.1m)
|
$624k
|
$808k
|
$487k
|
|
Basic (in shares)
|
|
$62.0m
|
$81.9m
|
$97.2m
|
$105.5m
|
$112.4m
|
$123.8m
|
$124.3m
|
$124.7m
|
$125.6m
|
$125.5m
|
|
Diluted (in shares)
|
|
$107.6m
|
$109.7m
|
$97.7m
|
$106.4m
|
$112.4m
|
$124.6m
|
$125.8m
|
$124.9m
|
$125.8m
|
$126.2m
|
|
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
|
|
$120.0m
|
$133.6m
|
$228.3m
|
$139.6m
|
($19.2m)
|
$57.8m
|
$170.2m
|
$104.7m
|
$110.9m
|
$67.2m
|
|
Gain (Loss) on Derivative Instruments, Net, Pretax
|
|
($1.4m)
|
($12.6m)
|
$15.9m
|
($30.0m)
|
($15.3m)
|
$1.7m
|
$12.4m
|
$1.5m
|
$5.4m
|
$1.8m
|
|
Total other income (loss)
|
|
$163.3m
|
$186.5m
|
$250.3m
|
$174.7m
|
$140.0m
|
$181.7m
|
$251.1m
|
$127.1m
|
$148.2m
|
$123.4m
|
|
Net Income (Loss) Available to Common Stockholders, Basic
|
|
$66.7m
|
$95.3m
|
$180.0m
|
$122.6m
|
($14.4m)
|
$56.5m
|
$142.2m
|
$101.1m
|
$108.3m
|
$64.2m
|
|
Net Income (Loss) Attributable to Noncontrolling Interest
|
|
($138k)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Earnings Per Share, Basic
|
|
$1.08
|
$1.16
|
$1.85
|
$1.16
|
($0.13)
|
$0.46
|
$1.14
|
$0.81
|
$0.86
|
$0.51
|
|
Earnings Per Share, Diluted
|
|
$1.06
|
$1.13
|
$1.84
|
$1.15
|
($0.13)
|
$0.45
|
$1.13
|
$0.81
|
$0.86
|
$0.51
|
|
Common Stock, Dividends, Per Share, Declared
|
|
$1.28
|
$1.22
|
$1.53
|
$1.36
|
$0.94
|
$0.80
|
$1.14
|
$0.81
|
$0.86
|
$0.51
|
|
Weighted Average Number of Shares Outstanding, Basic
|
|
62.0m
|
81.9m
|
97.2m
|
105.5m
|
112.4m
|
123.8m
|
124.3m
|
124.7m
|
125.6m
|
$125.5m
|
|
Weighted Average Number of Shares Outstanding, Diluted
|
|
107.6m
|
109.7m
|
97.7m
|
106.4m
|
112.4m
|
124.6m
|
125.8m
|
124.9m
|
125.8m
|
$126.2m
|
|
Business Combination, Acquisition Related Costs
|
|
$592k
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|
Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
|
|
—
|
—
|
—
|
—
|
$18.3m
|
($8.7m)
|
$3.7m
|
$25.1m
|
$13.9m
|
($157k)
|
|
Labor and Related Expense
|
|
$64.3m
|
$70.5m
|
$60.1m
|
$67.8m
|
$58.1m
|
$38.3m
|
$75.8m
|
$63.6m
|
$60.7m
|
$52.7m
|
|
Operating Lease, Expense
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$1.5m
|
$331k
|
—
|
|
Net interest income (expense) after provision for (release of) loan loss reserves
|
|
$115.2m
|
$117.5m
|
$136.6m
|
$123.3m
|
($5.9m)
|
$1.9m
|
$94.2m
|
$137.1m
|
$123.2m
|
$92.1m
|
|
Investment related expenses
|
|
—
|
—
|
—
|
—
|
—
|
$5.8m
|
$7.2m
|
$8.8m
|
$7.7m
|
$3.7m
|
|
Interest Expense
|
|
$120.8m
|
$146.1m
|
$194.3m
|
$204.4m
|
$227.5m
|
$182.9m
|
$195.6m
|
$245.1m
|
$221.5m
|
$174.9m
|
|
Interest Expense Operating
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$221.5m
|
$174.9m
|
|
Current Income Tax Expense (Benefit)
|
|
$4.5m
|
$2.1m
|
$14.2m
|
($2.2m)
|
($9.9m)
|
$656k
|
$5.4m
|
$3.1m
|
$1.8m
|
$1.5m
|
|
Interest Income (Expense), Net
|
|
$115.5m
|
$117.5m
|
$150.5m
|
$125.9m
|
$12.4m
|
($6.8m)
|
$97.9m
|
$162.2m
|
$137.1m
|
$92.0m
|
|
Total costs and expenses
|
|
$158.5m
|
$170.4m
|
$158.6m
|
$158.3m
|
$153.3m
|
$125.8m
|
$175.1m
|
$159.5m
|
$160.5m
|
$148.3m
|
|
Income Tax Expense (Benefit)
|
|
$6.3m
|
$7.7m
|
$6.6m
|
$2.6m
|
($9.8m)
|
$928k
|
$4.9m
|
$4.2m
|
$3.4m
|
$3.5m
|