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LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:



	March 31, 2017			December 31, 2016
Leasing equipment	$	926,164		$	849,565
Less: Accumulated depreciation	(96,889		)	(84,110		)
Leasing equipment, net	$	829,275		$	765,455

During the three months ended March 31, 2017, the Company acquired six aircraft and twelve commercial jet engines, and sold one aircraft.

Depreciation expense for leasing equipment is summarized as follows:



	Three Months Ended March 31,
	2017		2016
Depreciation expense for leasing equipment	$	13,173	$	9,292

FINANCE LEASES, NET

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

FINANCE LEASES, NET

Finance leases, net are summarized as follows:



	March 31, 2017			December 31, 2016
Finance leases	$	17,524		$	18,022
Unearned revenue	(7,917		)	(8,305		)
Finance leases, net	$	9,607		$	9,717

As of March 31, 2017, future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows:



	Total
2017	$	1,510
2018	2,008
2019	2,008
2020	2,013
2021	2,008
Thereafter	7,977
Total	$	17,524

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2017

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:



	March 31, 2017			December 31, 2016
Land, site improvements and rights	$	57,617		$	57,617
Construction in progress	63,921			49,605
Buildings and improvements	3,194			2,750
Crude oil terminal machinery and equipment	236,732			236,652
Track and track related assets	22,956			22,948
Railroad equipment	1,101			1,091
Railcars and locomotives	2,931			2,909
Computer hardware and software	391			388
Furniture and fixtures	418			405
Vehicles	985			985
	390,246			375,350
Less: Accumulated depreciation	(29,317		)	(26,002		)
Spare parts	2,846			2,833
Property, plant and equipment, net	$	363,775		$	352,181

During the three months ended March 31, 2017, additional property, plant and equipment of $14,960 was acquired, consisting primarily of construction in progress, buildings and improvements, crude oil machinery and equipment, and railcars and locomotives.

During the three months ended March 31, 2017, disposals of property, plant and equipment totaled $52. During the three months ended March 31, 2016, disposals of property, plant and equipment totaled $36, mainly related to railroad equipment, vehicles, and furniture and fixtures.

Depreciation expense for property, plant and equipment is summarized as follows:



	Three Months Ended March 31,
	2017		2016
Depreciation expense for property, plant and equipment	$	3,304	$	3,026

INVESTMENTS

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

The following table presents the ownership interests and carrying values of the Company’s investments:



			Carrying Value
	Investment	Ownership Percentage	March 31, 2017		December 31, 2016
Listed securities	Available-for-sale	2%	$	30,821	$	17,630
Advanced Engine Repair JV	Equity method	25%	14,264		15,000
JGP Energy Partners LLC	Equity method	50%	9,522		3,266
Intermodal Finance I, Ltd.	Equity method	51%	3,574		4,082
Investments			$	58,181	$	39,978

Available-for-sale securities



	Equity Securities
December 31, 2016	$	17,630
Purchases	8,332
Unrealized Gains	4,859
March 31, 2017	$	30,821

Cost	$	18,833

The Company did not recognize any other-than-temporary impairments for the three months ended March 31, 2017.

Equity Method Investments

Advanced Engine Repair JV

In December 2016, the Company invested $15,000 for 25% interest in an advanced engine repair joint venture. The Company will initially focus on developing new costs savings programs for engine repairs. The primary financial activities for the joint venture relate to member contributions and therefore its summary financial information has not been presented. The Company’s proportionate share of equity in losses was $736 for the three months ended March 31, 2017.

JGP

In 2016, the Company initiated activities in a 50% non-controlling interest in JGP, a joint venture. JGP is governed by a designated operating committee selected by the members in proportion to their equity interests. JGP is solely reliant on its members to finance its activities and therefore is a variable interest entity. The Company concluded it is not the primary beneficiary of JGP as the members share equally in the risks and rewards and decision making authority of the entity; therefore, the Company does not consolidate JGP and instead accounts for this investment in accordance with the equity method. The primary financial activities for JGP relate to member investments and therefore JGP summary financial information has not been presented. The Company’s proportionate share of equity in losses was $65 for the three months ended March 31, 2017.

Intermodal Finance I, Ltd.

In 2012, the Company acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”), a joint venture. Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, the Company does not have unilateral rights over this investment; therefore, the Company does not consolidate Intermodal but accounts for this investment in accordance with the equity method. The Company does not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met.

As of March 31, 2017, Intermodal owns a portfolio of multiple finance leases, representing five customers and comprising approximately 52,000 shipping containers, as well as a portfolio of approximately 20,000 shipping containers subject to multiple operating leases. The Company’s proportionate share of equity in (losses) earnings was $(465) and $85 for the three months ended March 31, 2017 and 2016, respectively.

INTANGIBLE ASSETS AND LIABILITIES, NET

3 Months Ended

Mar. 31, 2017

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

The Company’s intangible assets and liabilities, net are summarized as follows:



	March 31, 2017
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,596		$	—		$	—		$	26,596
Less: Accumulated amortization	(16,405		)	—			—			(16,405		)
Acquired favorable lease intangibles, net	10,191			—			—			10,191
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(9,160		)	(131		)	(9,291		)
Acquired customer relationships, net	—			26,353			94			26,447
Total intangible assets, net	$	10,191		$	26,353		$	94		$	36,638

Intangible liabilities
Acquired unfavorable lease intangibles	$	2,305		$	—		$	—		$	2,305
Less: Accumulated amortization	(760		)	—			—			(760		)
Acquired unfavorable lease intangibles, net	$	1,545		$	—		$	—		$	1,545



	December 31, 2016
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,605		$	—		$	—		$	26,605
Less: Accumulated amortization	(14,998		)	—			—			(14,998		)
Acquired favorable lease intangibles, net	11,607			—			—			11,607
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(8,271		)	(120		)	(8,391		)
Acquired customer relationships, net	—			27,242			105			27,347
Total intangible assets, net	$	11,607		$	27,242		$	105		$	38,954

Intangible liabilities
Acquired unfavorable lease intangibles	$	1,506		$	—		$	—		$	1,506
Less: Accumulated amortization	(627		)	—			—			(627		)
Acquired unfavorable lease intangibles, net	$	879		$	—		$	—		$	879

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other liabilities in the accompanying Consolidated Balance Sheets.

Amortization of intangible assets and liabilities is recorded in the Consolidated Statements of Operations as follows:



	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2017		2016
Lease intangibles	Equipment leasing revenues	$	1,282	$	1,578
Customer relationships	Depreciation and amortization	900		899
Total		$	2,182	$	2,477

As of March 31, 2017, estimated net annual amortization of intangibles is as follows:



	Total
2017	$	5,564
2018	7,007
2019	5,401
2020	4,055
2021	3,591
Thereafter	9,475
Total	$	35,093

DEBT, NET

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

DEBT, NET

The Company’s debt, net is summarized as follows:



	March 31, 2017			December 31, 2016
Loans payable
FTAI Pride Credit Agreement	$	59,375		$	60,937
CMQR Credit Agreement	13,625			12,625
Total loans payable	73,000			73,562
Bonds payable
Series 2012 Bonds (including unamortized premium of $1,682 and $1,697 at March 31, 2017 and December 31, 2016, respectively)	45,872			45,887
Series 2016 Bonds	144,200			144,200
Senior Notes (including unamortized discount of $7,449 at March 31, 2017)	242,551			—
Total bonds payable	432,623			190,087
Note payable to non-controlling interest
Note payable to non-controlling interest	2,352			2,352
Total note payable to non-controlling interest	2,352			2,352

Debt	507,975			266,001
Less: Debt issuance costs	(12,493		)	(6,489		)
Total debt, net	$	495,482		$	259,512

Total debt due within one year	$	6,516		$	8,078

FTAI Pride Credit Agreement—On September 15, 2014, FTAI Pride, LLC, (“FTAI Pride”) a subsidiary of the Company entered into a credit agreement (the “FTAI Pride Credit Agreement”) with a financial institution for a term loan in an aggregate amount of $75,000. The loan proceeds were used in connection with the acquisition of an offshore construction vessel. The FTAI Pride Credit Agreement requires quarterly payments of interest and scheduled principal payments of $1,562 beginning in the quarter ending December 31, 2015, through its maturity and can be prepaid without penalty at any time. The FTAI Pride Credit Agreement is secured on a first priority basis by the offshore construction vessel. Borrowings under the FTAI Pride Credit Agreement bear interest at the LIBOR rate plus a spread of 4.50%.

The FTAI Pride Credit Agreement contains affirmative and negative covenants which limit certain actions of the borrower and a financial covenant requiring the borrower to maintain a Fixed Charges Coverage Ratio, as defined, of not less than 1.15:1.00 in any twelve month period ending December 31, 2014, or later.

CMQR Credit Agreement—On March 28, 2016, CMQR amended its credit agreement (the “CMQR Credit Agreement”) with a financial institution for a revolving line of credit to increase the aggregate amount from $10,000 to $20,000 and to extend the maturity date to September 18, 2018. Borrowings under the CMQR Credit Agreement bear interest at either (i) Adjusted LIBOR plus a spread of 2.50% or 4.50%, (ii) the U.S. or Canadian Base Rate plus a spread of 1.50% or 3.50%, or (iii) the Canadian Fixed Rate plus a spread of 2.50% or 4.50%, as defined by the CMQR Credit Agreement. The weighted-average effective interest rate as of March 31, 2017 was 3.41%.

The CMQR Credit Agreement is also indirectly supported by Fortress Transportation and Infrastructure Investors LLC (the “Sponsor”). In the event of a default under the credit agreement, CMQR’s lenders can cause CMQR to call up to a total of $29,000 in capital from the Sponsor, and in the event of CMQR’s bankruptcy, the lenders can put the debt back to the Sponsor. The CMQR Credit Agreement contains affirmative and negative covenants which limit certain actions of CMQR.

Jefferson Terminal Credit Agreement—On August 27, 2014, a subsidiary of the Company entered into a credit agreement (the “Jefferson Terminal Credit Agreement”) with a financial institution for an aggregate amount of $100,000. The Jefferson Terminal Credit Agreement required quarterly payments of $250 beginning with the quarter ending December 31, 2014, with such quarterly payments increasing to $1,250 beginning with the quarter ending December 31, 2016, and could be prepaid or repaid at any time prior to its maturity on February 27, 2018. On March 8, 2016, all amounts outstanding under the Jefferson Terminal Credit Agreement were paid in full and such agreement was terminated. Accordingly, during the first quarter of 2016, the Company recorded a loss on extinguishment of debt of $1,579.

Series 2012 Bonds—On August 1, 2012, Jefferson County Development Corporation issued $46,875 of tax-exempt industrial bonds (“Series 2012 Bonds”), to specifically fund construction and operation of an intermodal transfer facility for crude oil and refined petroleum products. The proceeds of this issuance were loaned to Jefferson Terminal, to be held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. Use of the proceeds requires approval from a trustee prior to release of funds. Such restricted cash may only be released to us after payment of applicable reserves, including a six-month interest reserve, and expenses, as determined by the trustee. The Series 2012 Bonds have a stated maturity of July 1, 2032, bear interest at 8.25%, and require scheduled principal payments. The principal of the Series 2012 Bonds is payable annually at varying amounts.

In connection with the Company’s acquisition of Jefferson Terminal, the Series 2012 Bonds were recorded at a fair value of $48,554, which represented a premium of $1,823 as compared to their face value at the date of acquisition; such premium is being amortized using the effective interest method over the remaining contractual term of the Series 2012 Bonds.

The Series 2012 Bond agreement contains a financial covenant requiring a subsidiary of the Company to maintain a long-term debt service coverage ratio, as defined in the agreement, of 1.25 to 1, in each fiscal year, beginning with December 31, 2014.

Series 2016 Bonds—On March 7, 2016, the Port of Beaumont Navigation District of Jefferson County, Texas (the “District”) issued $144,200 of Dock and Wharf Facility Revenue Bonds, Series 2016 (Jefferson Energy Companies Project) (the “Series 2016 Bonds”). Proceeds from the issuance of the Series 2016 Bonds were used, in part, to reimburse Jefferson Railport Terminal II, LLC (“Jefferson Railport II”) for certain costs related to the development, construction and acquisition of certain facilities for the transport, loading, unloading, and storage of petroleum products (the “Facilities”) on behalf of the District, and settle the Jefferson Terminal Credit Agreement. Construction of the Facilities has occurred, and will occur, on property leased by the District to Jefferson Railport II pursuant to a First Amended and Restated Ground Lease between Jefferson Railport II, as lessee, and the District, as lessor. All such Facilities will be leased by the District to Jefferson Railport II pursuant to a Lease and Development Agreement between the District and Jefferson Railport II.

The transaction described above did not qualify for sale-leaseback accounting due to the continuing involvement of the Company resulting from the mandatory tender feature and, as a result, the leases were classified as a financing transaction in the Company’s consolidated financial statements. Under the financing method, the assets constructed or to be constructed will remain on the consolidated balance sheet and the net proceeds received by the Company are recorded as financial debt. Payments under these leases are recorded as interest expense and reduction of principal in accordance with the terms of the bond agreement with annual interest payments and a principal repayment at February 13, 2020 barring a remarketing of the bond on new terms.

Under a Capital Call Agreement, the Company has agreed to make funds available to Jefferson Holdings in order to satisfy its obligation under the Standby Bond Purchase Agreement. The Capital Call Agreement contains certain covenants applicable to the Company, including a negative lien covenant regarding Aviation Assets, as defined therein, as well as maintenance of a minimum total asset value of Aviation Assets and minimum total equity of the Company. In connection with the above, and related to the Series 2016 Bonds, a subsidiary of the Company and an affiliate of its Manager entered into a Fee and Support Agreement with FTAI Energy Partners LLC and certain of its subsidiaries. The Fee and Support Agreement provides that both such subsidiary of the Company and affiliate of the Manager will effectively guarantee a pro rata portion of the obligations under the Standby Bond Purchase Agreement in return for a guarantee fee of $6,873 (shared on the same pro rata basis). This fee will be amortized as interest expense to the earlier of the redemption date or February 13, 2020.

The Series 2016 Bonds bear interest at an initial rate of 7.25% and require scheduled interest payments. The Series 2016 Bonds have a stated maturity of February 1, 2036 but are subject to mandatory tender for purchase at par on February 13, 2020 if they have not been repurchased from proceeds of a remarketing of the Series 2016 Bonds or redeemed prior to such date. In the event all of the Series 2016 Bonds are not repurchased from proceeds of a remarketing or redeemed at February 13, 2020, Jefferson Railport and Jefferson Railport Terminal II Holdings LLC (“Jefferson Holdings”), a Delaware limited liability company and parent of Jefferson Railport II, have agreed to purchase the Series 2016 Bonds from the Holders thereof at par pursuant to a Standby Bond Purchase Agreement. In addition, pursuant to the Standby Purchase Agreement, Jefferson Holdings will guarantee the payment of all Rent (as defined in the Facilities Lease), and all principal of and premium and interest on the Series 2016 Bonds payable prior to repurchase or redemption at February 13, 2020.

Term Loan—On January 23, 2017, Company entered into an unsecured credit agreement under which the Company, through its wholly owned subsidiaries, including the Partnership and WWTAI Finance Ltd., an exempted company incorporated with limited liability under the laws of Bermuda, borrowed $100,000 in term loans denominated in U.S. dollars (the “Term Loans”). The proceeds of the Term Loan are to be used for general corporate purposes, including future acquisitions by the Company and its subsidiaries of certain aviation and infrastructure assets. The Term Loans bear interest at the Base Rate (determined in accordance with the agreement) plus 2.75% per annum, or at the Adjusted Eurodollar Rate (determined in accordance with the agreement) plus 3.75% per annum, if the Company chooses to make Eurodollar Rate borrowings. The Term Loans mature on January 22, 2018, subject to the Company’s right to elect a one year extension, and require amortization payments in the amount of $250 on the last day of each fiscal quarter beginning on March 31, 2017. On March 15, 2017, all amounts outstanding under the Term Loan were repaid in full and the agreement was terminated. Accordingly, during three months ended March 31, 2017, the Company recorded a loss on extinguishment of debt of $2,456.

Senior Notes—On March 15, 2017, Company issued $250,000 aggregate principal amount of 6.75% senior unsecured notes due 2022 (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture, dated as of March 15, 2017, between the Company and U.S. Bank National Association, as trustee.

The Senior Notes bear interest at a rate of 6.75% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2017, to persons who are registered holders of the Senior Notes on the immediately preceding March 1 and September 1, respectively.

The Senior Notes mature on March 15, 2022. Prior to March 15, 2020, the Company may redeem some or all of the Senior Notes at a redemption price equal to 100.00% of the principal amount of the Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date, plus a “make-whole” premium. On or after March 15, 2020, the Company may redeem some or all of the Senior Notes at any time at declining redemption prices equal to (i) 105.063% beginning on March 15, 2020, and (ii) 100.000% beginning on March 15, 2021 and thereafter, plus, in each case, accrued and unpaid interest, if any, to, but not including, the applicable redemption date. In addition, at any time on or prior to March 15, 2020, the Company may at any time redeem up to 40% of the aggregate principal amount of the Senior Notes using net proceeds from certain equity offerings at a redemption price equal to 106.75% of the principal amount of the Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

The Company used a portion of the proceeds to fully repay all outstanding indebtedness under the Company’s Term Loan in the amount of $100,000, payment of fees related to the issuance of Senior Notes, and to fund the purchase of additional investments. The Company intends to use the remainder of the proceeds for general corporate purposes, including the funding of future investments.

Note Payable to Non-Controlling Interest—In May 2013, in connection with the capitalization of a consolidated subsidiary, the Company and the owner of the non-controlling interest loaned approximately $18,275 and $3,225, respectively, to the entity in proportion to their respective ownership percentages of 85% and 15%. The loans bear interest at an annual rate of 5% and mature in May 2021. The loan amount funded by the Company and related interest have been eliminated in consolidation.

The Company was in compliance with all debt covenants as of March 31, 2017.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.


•	Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:


•	Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.


•	Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.


•	Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The following tables set forth the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.



	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	March 31, 2017		March 31, 2017
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	221,222	$	221,222	$	—	$	—	Market
Restricted cash	56,032		56,032		—		—		Market
Available-for-sale securities	30,821		30,821		—		—		Market
Total	$	308,075	$	308,075	$	—	$	—

	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2016		December 31, 2016
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	68,055	$	68,055	$	—	$	—	Market
Restricted cash	65,441		65,441		—		—		Market
Available-for-sale securities	17,630		17,630		—		—		Market
Total	$	151,126	$	151,126	$	—	$	—

At March 31, 2017 and December 31, 2016, the Company had no liabilities that were measured at fair value on a recurring basis.

The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. Publicly traded securities with sufficient trading volume are fair valued by management using quoted prices for identical instruments in active markets and are therefore classified as Level 1 within the fair value hierarchy.

Except as discussed below, the Company’s financial instruments other than cash and cash equivalents, restricted cash and available-for-sale securities consist principally of accounts receivable, accounts payable and accrued liabilities, loans payable, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair value approximates their carrying value based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

The Company’s notes receivable at March 31, 2017 and December 31, 2016, which is included as a component of other assets on the accompanying Consolidated Balance Sheets, consist of a $3,725 loan bearing interest at 12.0% made to the Company’s joint venture partner in MT 6015 (Note 2) which is collateralized by other property owned by the joint venture partner. At March 31, 2017 and December 31, 2016, the Company’s notes receivable also included a $17,935 and $17,935, respectively, loan bearing interest at 10% related to a terminal site under development, collateralized by property at that site. The fair value of these notes receivable approximate carrying value and are classified as Level 3 within the fair value hierarchy.

The fair value of Series 2012 bonds, reported in debt, net on the Consolidated Balance Sheets, was approximately $46,669 and $46,488, respectively, at March 31, 2017 and December 31, 2016, based upon market prices for similar municipal securities. The fair value of Series 2016 bonds, reported in debt, net on the Consolidated Balance Sheets, was approximately $149,980 and $149,575 at March 31, 2017 and December 31, 2016, respectively, based upon market prices for similar municipal securities. The fair value of Senior Notes, reported in debt, net on the Consolidated Balance Sheets, was approximately $242,551 as of March 31, 2017 as the carrying value approximates the market prices, and is classified as Level 2 within the fair value hierarchy. The fair values of all other items reported as debt, net in the Consolidated Balance Sheet approximate their carrying values due to their bearing market rates of interest, and are classified as Level 2 within the fair value hierarchy.

The Company measures the fair value of certain assets and liabilities on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. The Company records such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

REVENUES

3 Months Ended

Mar. 31, 2017

Revenue Disclosure [Abstract]

REVENUES

Components of revenue are as follows:



	Three Months Ended March 31, 2017
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Equipment leasing revenues
Lease income	$	17,635	$	611	$	—	$	—	$	—	$	—	$	18,246
Maintenance revenue	12,669		—		—		—		—		—		12,669
Finance lease income	—		386		—		—		—		—		386
Other revenue	2		60		25		—		—		—		87
Total equipment leasing revenues	30,306		1,057		25		—		—		—		31,388
Infrastructure revenues
Lease income	—		—		—		—		—		16		16
Rail revenues	—		—		—		—		8,403		—		8,403
Terminal services revenues	—		—		—		4,866		—		—		4,866
Total infrastructure revenues	—		—		—		4,866		8,403		16		13,285
Total revenues	$	30,306	$	1,057	$	25	$	4,866	$	8,403	$	16	$	44,673



	Three Months Ended March 31, 2016
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Equipment leasing revenues
Lease income	$	12,847	$	75	$	—	$	—	$	—	$	—	$	12,922
Maintenance revenue	5,106		—		—		—		—		—		5,106
Finance lease income	—		410		1,112		—		—		—		1,522
Other revenue	—		—		25		—		—		—		25
Total equipment leasing revenues	17,953		485		1,137		—		—		—		19,575
Infrastructure revenues
Lease income	—		—		—		—		—		—		—
Rail revenues	—		—		—		—		7,999		—		7,999
Terminal services revenues	—		—		—		3,879		—		—		3,879
Total infrastructure revenues	—		—		—		3,879		7,999		—		11,878
Total revenues	$	17,953	$	485	$	1,137	$	3,879	$	7,999	$	—	$	31,453

Presented below are the contracted minimum future annual revenues to be received under existing operating leases across several market sectors as of March 31, 2017:



	Total
2017	$	52,645
2018	48,876
2019	33,729
2020	22,998
2021	13,943
Thereafter	3,326
Total	$	175,517

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2017

EQUITY-BASED COMPENSATION

In 2015, the Company established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to the Company, each as determined by the Compensation Committee of the Board of Directors.

As of March 31, 2017, the Incentive Plan provides for the issuance of up to 30 million shares. The Company accounts for equity-based compensation expense in accordance with Accounting Standards Codification 718 Compensation-Stock Compensation (“ASC 718”) and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations.

The Consolidated Statements of Operations includes the following expense (income) related to its stock-based compensation arrangements:



	Three Months Ended March 31,					Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2017		2016
Stock Options	$	—	$	—		$	—
Restricted Shares	59		(4,168		)	24,644
Common Units	28		205			61
Total	$	87	$	(3,963	)	$	24,705

Stock Options



	Options	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Stock options outstanding and exercisable as of January 1, 2017	15,000	$	16.98	0		8.40
Granted	—	—		—		—
Exercised	—	—		—		N/A
Forfeited and canceled	—	—		—		N/A
Stock options outstanding and exercisable as of March 31, 2017	15,000	$	16.98	$	—	8.15

Restricted Shares



	Restricted Shares	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Restricted shares outstanding and exercisable as of January 1, 2017	1,302,388	$	19.06	$	24,824	0.74
Granted	—	—		—		—
Less: vested	—	—		—		N/A
Less: forfeited and canceled	—	—		—		N/A
Restricted shares outstanding and exercisable as of March 31, 2017	1,302,388	$	19.06	$	24,824	0.49

The Company granted equity based compensation awards in a subsidiary consisting of 1.3 million restricted shares in exchange for services. The first award for 1.25 million restricted shares had a grant date fair value of $23,879. The fair value was determined on the grant date, August 27, 2014, using the market approach assuming no forfeitures. The shares vest in three tranches over three years, subject to continued employment and achievement of three separate performance conditions based on EBITDA for that subsidiary. The compensation expense will be recognized ratably over the remaining service period when it is probable that the performance conditions will be achieved and expires in August 2017. During the first quarter of 2016, the achievement of all performance conditions was deemed not probable and, accordingly, the $4,402 expense previously recognized was reversed in operating expenses in the Consolidated Statement of Operations.

The second award of 42,000 restricted shares had a grant day fair value of $800 using the market approach and assuming no forfeited awards. The award vests over four years, provided the employee remains employed by the Company. During the first quarter of 2016 the employment ended at which time 50% of the award was vested and 50% was forfeited per the terms of the agreement with the employee. In lieu of delivering the vested shares, the Company paid $200 in cash to the former employee in accordance with the amended terms of the agreement during the second quarter of 2016, effectively terminating and canceling the awards.

The third award of 52,388 restricted shares had a grant date fair value of $942. The fair value was determined on the grant date, November 9, 2016, using the discounted cash flows model. The shares vest over four years, subject to continued employment through June 2020. The compensation expense will be recognized ratably through the fourth anniversary of the employee’s start date. During the three months ended March 31, 2017, no shares were vested.

The fair value of the third award is based on the fair value of the operating subsidiary on each date of grant, which was estimated using a discounted cash flow analysis which requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market based inputs and transactions, as available at the measurement date.

Common Units



	Common Units	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Common units outstanding and exercisable as of January 1, 2017	83,333	$	1.34	$	112	0.77
Granted	—	—		—		—
Less: vested	—	—		—		N/A
Less: forfeited and canceled	—	—		—		N/A
Common units outstanding and exercisable as of March 31, 2017	83,333	$	1.34	$	112	0.52

In 2014 and 2015, the Company granted equity based compensation in a subsidiary consisting of common units in exchange for services assuming no forfeited amounts. The awards have varying terms, ranging between 16 and 36 months, and vest subject to continued employment through each respective vesting date. The awards are equity based with compensation expense recognized ratably over the vesting periods.

The fair value of the awards are based on the fair value of the operating subsidiary on each date of grant, which was estimated using a discounted cash flow analysis which requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market based inputs and transactions, as available at the measurement dates.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

INCOME TAXES

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

The current and deferred components of the income tax provision (benefit) included in the Consolidated Statements of Operations are as follows:



	Three Months Ended March 31,
	2017		2016
Current:
Federal	$	121	$	20
State and local	53		31
Foreign	21		10
Total current provision	195		61

Deferred:
Federal	4		4
State and local	—		—
Foreign	13		(131		)
Total deferred provision	17		(127		)

Total provision for (benefit from) income taxes	$	212	$	(66	)

The Company is taxed as a flow-through entity for U.S. income tax purposes and its taxable income or loss generated is the responsibility of its owners. Taxable income or loss generated by the Company’s corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

The Company’s effective tax rate differs from the U.S. federal tax rate of 35% primarily due to a significant portion of its income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates.

As of and for the period ended March 31, 2017, the Company had not established a liability for uncertain tax positions as no such positions existed. In general, the Company’s tax returns and the tax returns of its corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, the Company is not subject to examination by taxing authorities for tax years prior to 2013. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date of March 31, 2017.

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	3 Months Ended
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	Mar. 31, 2017
Related Party Transactions [Abstract]
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS The Manager is paid annual fees in exchange for advising the Company on various aspects of its business, formulating its investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing its day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on the Company’s behalf, including the costs of legal, accounting and other administrative activities. In May 2015, in connection with the Company’s IPO, the Company entered into the Management Agreement which replaced its then-existing management agreement as a private fund. Additionally, the Company has entered into certain incentive allocation arrangements with Master GP, which owns 0.05% of the Partnership and is the general partner of the Partnership. Post-IPO Management Agreement and Other Incentive Allocation The Manager is entitled to a management fee, incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below) and reimbursement of certain expenses. The management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50%, and is payable monthly in arrears in cash. The total management fees for the three months ended March 31, 2017 and 2016 were $3,893 and $4,348, respectively. The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with GAAP excluding the Company’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Company’s independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter. A subsidiary of the Company allocates and distributes to the Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of the Company’s net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months. No Income Incentive Allocation was due to the Master GP for the three months ended March 31, 2017 and 2016. Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of the Company’s pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of the Company’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP. No Capital Gains Incentive Allocation was due to the Master GP for the three months ended March 31, 2017 and 2016. The Company will pay all of its operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Company include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of the company’s assets, legal and auditing fees and expenses, the compensation and expenses of the Company’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Company, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the Company’s shareholders, costs incurred by the Manager or its affiliates for travel on the Company’s behalf, costs associated with any computer software or hardware that is used for the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the Company’s transfer agent. The Company will pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; the Company will not reimburse the Manager for these expenses. During the three months ended March 31, 2017 and 2016, expense reimbursement of $2,204 and $1,758 was recorded in general and administrative expenses, respectively, and $1,150 and $1,013 was recorded in acquisition and transaction expenses, respectively, in the Consolidated Statements of Operations. If the Company terminates the Management Agreement, it will generally be required to pay the Manager a termination fee. The termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to the Master GP if the Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to the Master GP if the Company’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of a post-IPO offering of the Company’s common shares or other equity securities (including securities issued as consideration in an acquisition), the Company will grant the Manager options to purchase common shares in an amount equal to 10% of the number of common shares being sold in the offering (or if the issuance relates to equity securities other than the Company’s common shares, options to purchase a number of common shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a common share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a common share as of the date of the equity issuance if it relates to equity securities other than our common shares). Any ultimate purchaser of common shares for which such options are granted may be an affiliate of Fortress. As of March 31, 2017 and December 31, 2016, no amounts were recorded as a receivable from the Manager. As of March 31, 2017 and December 31, 2016, amounts due to the Manager or its affiliates of $1,304 and $1,697, excluding accrued management fees, respectively, are included within accounts payable and accrued liabilities on the Consolidated Balance Sheets. As of March 31, 2017 and December 31, 2016, amounts due to the Manager or its affiliates of $1,350 and $1,347, respectively, related to accrued management fees, are included within accounts payable and accrued liabilities on the Consolidated Balance Sheets. Other Affiliate Transactions As of March 31, 2017 and December 31, 2016 an affiliate of the Company’s Manager owns an approximately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. The carrying amount of this non-controlling interest at March 31, 2017 and December 31, 2016 was $72,346 and $74,904, respectively. For the three months ended March 31, 2017 and 2016, the amount of this non-controlling interest share of net loss was $2,558 and $1,633, respectively. In connection with the Capital Call Agreement related to the Series 2016 Bonds discussed in Note 8, the Company and an affiliate of its Manager entered into a Fee and Support Agreement. The Fee and Support Agreement provides that the affiliate of the Manager is compensated for its guarantee of a portion of the obligations under the Standby Bond Purchase Agreement. This affiliate of the Manager received fees of $1,740, which will be amortized as interest expense to the earlier of the redemption date or February 13, 2020.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. The Company has six reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. The Company’s reportable segments are (i) Aviation Leasing, (ii) Offshore Energy, (iii) Shipping Containers, (iv) Jefferson Terminal, (v) Railroad, and (vi) Ports and Terminals. Aviation Leasing consists of aircraft and aircraft engines held for lease and are typically held long-term. Offshore Energy consists of vessels and equipment that support offshore oil and gas drilling and production which are typically subject to long-term operating leases. Shipping Containers consists of an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers (on both an operating lease and finance lease basis). Jefferson Terminal consists of a multi-modal crude oil and refined products terminal and other related assets. Railroad consists of our CMQR railroad operations. Ports and Terminals consists of Repauno, which is a 1,630 acre deep-water port located along the Delaware river with an underground storage cavern and multiple industrial development opportunities, and the investment in note receivable.

Corporate consists primarily of unallocated Company level general and administrative expenses, and management fees. The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. The Company evaluates investment performance for each reportable segment primarily based on net income attributable to shareholders and Adjusted Net Income.

Adjusted Net Income is defined as net income attributable to shareholders, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, and equity in earnings of unconsolidated entities; (b) to include the impact of cash income tax payments, the Company’s pro-rata share of the Adjusted Net Income from unconsolidated entities (collectively “Adjusted Net Income”), and (c) to exclude the impact of the non-controlling share of Adjusted Net Income.

The Company believes that net income attributable to shareholders, as defined by GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted Net Income. Adjusted Net Income should not be considered as an alternative to net income attributable to shareholders as determined in accordance with GAAP.

The following tables set forth certain information for each reportable segment of the Company:

I. For the Three Months Ended March 31, 2017



	Three months ended March 31, 2017
	Equipment Leasing									Infrastructure
	Aviation Leasing			Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad			Ports and Terminals			Corporate			Total
Revenues
Equipment leasing revenues	$	30,306		$	1,057		$	25		$	—		$	—		$	—		$	—		$	31,388
Infrastructure revenues	—			—			—			4,866			8,403			16			—			13,285
Total revenues	30,306			1,057			25			4,866			8,403			16			—			44,673

Expenses
Operating expenses	1,419			3,543			—			7,613			7,544			894			—			21,013
General and administrative	—			—			—			—			—			—			3,835			3,835
Acquisition and transaction expenses	215			—			—			—			—			—			1,237			1,452
Management fees and incentive allocation to affiliate	—			—			—			—			—			—			3,893			3,893
Depreciation and amortization	11,289			1,607			—			3,951			526			4			—			17,377
Interest expense	—			924			—			1,437			199			274			1,860			4,694
Total expenses	12,923			6,074			—			13,001			8,269			1,172			10,825			52,264

Other income (expense)
Equity in losses of unconsolidated entities	(736		)	—			(465		)	(65		)	—			—			—			(1,266		)
Gain on sale of equipment, net	2,032			—			—			—			(14		)	—			—			2,018
Loss on extinguishment of debt	—			—			—			—			—			—			(2,456		)	(2,456		)
Interest income	83			3			—			197			—			—			—			283
Other income	—			—			—			12			—			—			—			12
Total other income (expense)	1,379			3			(465		)	144			(14		)	—			(2,456		)	(1,409		)
Income (loss) before income taxes	18,762			(5,014		)	(440		)	(7,991		)	120			(1,156		)	(13,281		)	(9,000		)
Provision for (benefit from) income taxes	193			2			(25		)	39			—			3			—			212
Net income (loss)	18,569			(5,016		)	(415		)	(8,030		)	120			(1,159		)	(13,281		)	(9,212		)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries	(82		)	(248		)	—			(4,358		)	4			(114		)	—			(4,798		)
Net income (loss) attributable to shareholders	$	18,651		$	(4,768	)	$	(415	)	$	(3,672	)	$	116		$	(1,045	)	$	(13,281	)	$	(4,414	)

The following table sets forth a reconciliation of Adjusted Net Income (Loss) to net loss attributable to shareholders:



	Three months ended March 31, 2017
	Equipment Leasing								Infrastructure
	Aviation Leasing		Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad		Ports and Terminals			Corporate			Total
Adjusted Net Income (Loss)	$	19,059	$	(4,766	)	$	(440	)	$	(3,614	)	$	142	$	(1,042	)	$	(9,588	)	$	(249	)
Add: Non-controlling share of adjustments to Adjusted Net Income																				39
Add: Equity in losses of unconsolidated entities																				(1,266		)
Add: Cash payments for income taxes																				3
Less: Incentive allocations																				—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																				1,266
Less: Asset impairment charges																				—
Less: Changes in fair value of non-hedge derivative instruments																				—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																				(2,456		)
Less: Acquisition and transaction expenses																				(1,452		)
Less: Equity-based compensation income																				(87		)
Less: Provision for income taxes																				(212		)
Net loss attributable to shareholders																				$	(4,414	)

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows:



	Three months ended March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Revenues
Africa	$	2,367	$	—	$	—	$	—	$	—	$	—	$	2,367
Asia	14,769		671		25		—		—		—		15,465
Europe	11,470		—		—		—		—		—		11,470
North America	1,405		386		—		4,866		8,403		16		15,076
South America	295		—		—		—		—		—		295
Total revenues	$	30,306	$	1,057	$	25	$	4,866	$	8,403	$	16	$	44,673

II. For the Three Months Ended March 31, 2016



	Three Months Ended March 31, 2016
	Equipment Leasing									Infrastructure
	Aviation Leasing			Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad		Ports and Terminals		Corporate			Total
Revenues
Equipment leasing revenues	$	17,953		$	485		$	1,137		$	—		$	—	$	—	$	—		$	19,575
Infrastructure revenues	—			—			—			3,879			7,999		—		—			11,878
Total revenues	17,953			485			1,137			3,879			7,999		—		—			31,453

Expenses
Operating expenses	817			3,601			30			2,688			7,222		—		—			14,358
General and administrative	—			—			—			—			—		—		2,588			2,588
Acquisition and transaction expenses	—			—			—			—			—		—		1,059			1,059
Management fees and incentive allocation to affiliate	—			—			—			—			—		—		4,348			4,348
Depreciation and amortization	7,427			1,588			—			3,676			526		—		—			13,217
Interest expense	—			935			410			3,804			154		—		—			5,303
Total expenses	8,244			6,124			440			10,168			7,902		—		7,995			40,873

Other income (expense)
Equity in earnings of unconsolidated entities	—			—			85			—			—		—		—			85
Gain (loss) on sale of equipment and finance leases, net	1,208			—			304			—			210		—		—			1,722
Loss on extinguishment of debt	—			—			—			(1,579		)	—		—		—			(1,579		)
Interest income	1			2			—			6			—		—		—			9
Other (expense) income	—			—			(2		)	42			—		—		—			40
Total other income (expense)	1,209			2			387			(1,531		)	210		—		—			277
Income (loss) before income taxes	10,918			(5,637		)	1,084			(7,820		)	307		—		(7,995		)	(9,143		)
Provision (benefit from) for income taxes	(97		)	—			(4		)	35			—		—		—			(66		)
Net income (loss)	11,015			(5,637		)	1,088			(7,855		)	307		—		(7,995		)	(9,077		)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	97			(247		)	—			(3,156		)	13		—		(2		)	(3,295		)
Net income (loss) attributable to shareholders	$	10,918		$	(5,390	)	$	1,088		$	(4,699	)	$	294	$	—	$	(7,993	)	$	(5,782	)

The following table sets forth a reconciliation of Adjusted Net Income (Loss) to net loss attributable to shareholders:



	Three Months Ended March 31, 2016
	Equipment Leasing							Infrastructure
	Aviation Leasing		Offshore Energy			Shipping Containers		Jefferson Terminal			Railroad		Ports and Terminals		Corporate			Total
Adjusted Net Income (Loss)	$	10,475	$	(5,390	)	$	1,087	$	(6,257	)	$	491	$	—	$	(6,938	)	$	(6,532	)
Add: Non-controlling share of adjustments to Adjusted Net Income																		(989		)
Add: Equity in losses of unconsolidated entities																		85
Add: Cash payments for income taxes																		351
Less: Incentive allocations																		—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																		(85		)
Less: Asset impairment charges																		—
Less: Changes in fair value of non-hedge derivative instruments																		(3		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																		(1,579		)
Less: Acquisition and transaction expenses																		(1,059		)
Less: Equity-based compensation expense																		3,963
Less: Benefit from income taxes																		66
Net loss attributable to shareholders																		$	(5,782	)

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows:



	Three Months Ended March 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Revenues
Africa	$	2,779	$	—	$	—	$	—	$	—	$	—	$	2,779
Asia	9,383		—		809		—		—		—		10,192
Europe	4,966		75		—		—		—		—		5,041
North America	460		410		328		3,879		7,999		—		13,076
South America	365		—		—		—		—		—		365
Total revenues	$	17,953	$	485	$	1,137	$	3,879	$	7,999	$	—	$	31,453

III. Balance Sheet and location of long-lived assets

The following tables sets forth summarized balance sheet information and the geographic location of property, plant and equipment and leasing equipment, net as of March 31, 2017 and December 31, 2016:



	March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate			Total
Total assets	$	670,035	$	232,693	$	3,892	$	530,660	$	40,014	$	74,184	$	207,620		$	1,759,098

Debt, net	—		61,149		—		185,119		13,233		—		235,981			495,482

Total liabilities	85,016		65,383		—		199,526		24,409		6,693		241,510			622,537

Non-controlling interests in equity of consolidated subsidiaries	1,252		3,076		—		99,789		2,146		370		524			107,157

Total equity	585,019		167,310		3,892		331,134		15,605		67,491		(33,890		)	1,136,561

Total liabilities and equity	$	670,035	$	232,693	$	3,892	$	530,660	$	40,014	$	74,184	$	207,620		$	1,759,098



	March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Property, plant and equipment and leasing equipment, net
Africa	$	40,775	$	—	$	—	$	—	$	—	$	—	$	—	$	40,775
Asia	261,872		167,892		—		—		—		—		—		429,764
Europe	237,624		—		—		—		—		—		—		237,624
North America	71,590		—		—		323,733		30,235		51,204		—		476,762
South America	8,125		—		—		—		—		—		—		8,125
Total	$	619,986	$	167,892	$	—	$	323,733	$	30,235	$	51,204	$	—	$	1,193,050



	December 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Total assets	$	625,680	$	220,544	$	4,333	$	534,638	$	40,428	$	63,331	$	58,358	$	1,547,312

Debt, net	—		62,655		—		184,702		12,155		—		—		259,512

Total liabilities	74,989		66,002		—		205,536		24,971		6,287		3,847		381,632

Non-controlling interests in equity of consolidated subsidiaries	1,334		3,325		—		104,087		2,114		483		525		111,868

Total equity	550,691		154,542		4,333		329,102		15,457		57,044		54,511		1,165,680

Total liabilities and equity	$	625,680	$	220,544	$	4,333	$	534,638	$	40,428	$	63,331	$	58,358	$	1,547,312



	December 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Property, plant and equipment and leasing equipment, net
Africa	$	51,136	$	—	$	—	$	—	$	—	$	—	$	—	$	51,136
Asia	212,635		169,499		—		—		—		—		—		382,134
Europe	225,934		—		—		—		—		—		—		225,934
North America	56,456		—		—		319,503		29,866		44,486		—		450,311
South America	8,121		—		—		—		—		—		—		8,121
Total	$	554,282	$	169,499	$	—	$	319,503	$	29,866	$	44,486	$	—	$	1,117,636

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income (loss) attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below.



	Three Months Ended March 31,
(in thousands, except share and per share data)	2017			2016
Net loss attributable to shareholders	$	(4,414	)	$	(5,782	)
Weighted Average Shares Outstanding - Basic	75,762,283			75,727,369
Weighted Average Shares Outstanding - Diluted	75,762,283			75,727,369

Basic and Diluted EPS	$	(0.06	)	$	(0.08	)

For the three months ended March 31, 2017, 2,149 shares have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2017

COMMITMENTS AND CONTINGENCIES

In the normal course of business the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within the Company’s Offshore Energy segment, lessees have asserted that they are entitled to certain reimbursable expenses or adjustments per the terms of the related charter agreement. Although the Company believes it has strong defenses against these claims, the range of potential damages is $0 to $10,306. No amount has been recorded for this matter in the Company’s consolidated financial statements as of March 31, 2017, and the Company will continue to vigorously defend against these claims. The Company’s maximum exposure under other arrangements is unknown as no additional claims have been made. The Company believes the risk of loss in connection with such arrangements is remote.

The Company has also entered into an arrangement with its non-controlling interest holder of Repauno, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain service conditions, not to exceed $15,000. The Company will account for such amounts when and if such service conditions are achieved.

Several of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was as follows:



	Three Months Ended March 31,
	2017		2016
Rent expense	$	1,241	$	1,214

As of March 31, 2017, minimum future rental payments under operating and capital leases are as follows:



2017	$	4,886
2018	6,050
2019	5,888
2020	5,219
2021	4,185
Thereafter	73,292
Total	$	99,520

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 4, 2017, the Company’s Board of Directors declared a cash dividend on its common shares of $0.33 per share for the quarter ended March 31, 2017, payable on May 26, 2017 to the holders of record on May 18, 2017.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries.

Principles of Consolidation

Principles of Consolidation—The Company consolidates all entities in which it has a controlling financial interest and in which it has control over significant operating decisions, as well as variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest.

The Company uses the equity method of accounting for investments in entities in which the Company exercises significant influence but which do not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities.

Use of Estimates

Use of Estimates—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, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties

Risks and Uncertainties—In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with its United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars.

Variable Interest Entities

Variable Interest Entities—The assessment of whether an entity is a variable interest entity (“VIE”) and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Cash and Cash Equivalents

Cash and Cash Equivalents—The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Available-For-Sale Securities

Available-For-Sale Securities—The Company considers listed equity securities as available-for-sale securities recorded at fair value with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. The Company’s basis on which the cost of the security sold or the amount reclassified out of other comprehensive income into earnings is determined using specific identification. Available-for-sale securities are included as a component of investments on the accompanying Consolidated Balance Sheets. At each balance sheet date, the Company evaluates its available for sale securities holdings with unrealized losses to determine if an other-than-temporary impairment has occurred.

Deferred Financing Costs

Deferred Financing Costs—Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans.

Concentration of Credit Risk

Concentration of Credit Risk—The Company is subject to concentrations of credit risk with respect to amounts due from customers on its finance lease and operating leases. The Company attempts to limit its credit risk by performing ongoing credit evaluations. During the three months ended March 31, 2017, the Company had no revenue concentration over 10% of total revenue from any one customer. During the three months ended March 31, 2016, the Company earned approximately 12% of its revenue from one customer in the Jefferson Terminal segment.

As of March 31, 2017, accounts receivable from two customers in the Offshore Energy segment each represented 15% and 17% of total accounts receivable, net. As of December 31, 2016, accounts receivable from two customers in the Offshore Segment each represented 22% and 18% of total accounts receivable, net.

The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts.

Provision for Doubtful Accounts

Provision for Doubtful Accounts—The Company determines the provision for doubtful accounts based on its assessment of the collectability of its receivables on a customer-by-customer basis.

Comprehensive Income (Loss)

Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. The Company’s comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to the available-for-sale securities and derivatives accounted for as cash flow hedges.

Accounting Pronouncements

Recent Accounting Pronouncements—In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330) (“ASU 2015-11”), which simplifies the measurement of inventory by requiring certain inventory to be measured at the “lower of cost and net realizable value” and the previous parameters for “market value” will be eliminated. ASU 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” The standard will be effective for fiscal years beginning after December 15, 2016, with earlier adoption permitted. The adoption of this standard did not have a material impact on our financial statements during the first quarter of 2017.

In March 2016, the FASB issued ASU 2016-06, Contingent put and call options in debt instruments (“ASU 2016-06”). ASU 2016-06 simplifies the embedded derivative analysis for debt instruments containing contingent call or put options. ASU 2016-06 will be effective fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2016-06 as of January 1, 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 requires the income tax effects of awards to be recognized in the income statement when the awards vest or are settled, increases the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification, and allow recognizing forfeitures of awards as they occur. ASU 2016-09 will be effective beginning in the first quarter of 2017, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control (“ASU 2016-17”). ASU 2016-17 amends the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. Under the amendments, a single decision maker is not required to consider indirect interests held through related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety. Instead, a single decision maker is required to include those interests on a proportionate basis consistent with indirect interests held through other related parties. ASU 2016-17 will be effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company adopted ASU 2016-17 as of January 1, 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805)(“ASU 2017-01”). ASU 2017-01 clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses or assets. ASU 2017-01 will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2017-01 as of January 1, 2017 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Unadopted Accounting Pronouncements—In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB deferred the effective date of this standard by one year, which will be for fiscal years, and interim periods within those years, beginning after December 15, 2017. Additionally, during 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations, ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing and ASU 2016-12, Revenue from Contracts with Customers, Narrow-Scope Improvements and Practical Expedients, ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, which clarify the guidance on reporting revenue as a principal versus agent, identifying and disclosing performance obligations, accounting for intellectual property licenses, and assessing collectibility, present sales tax, treating noncash consideration. The Company’s evaluation of the impact of the new guidance on its consolidated financial statements is ongoing. The Company’s implementation efforts include the identification of revenue within the scope of the guidance, the evaluation of those revenue contracts, education and discussions with the Company’s control functions. The Company continues to evaluate the timing of recognition for various revenues, however, since a substantial portion of the Company’s revenue is recognized from its leasing contracts, subject to ASU 2016-02 Leases, these have been excluded from the evaluation.

In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019, with early adoption permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company’s evaluation of the impact of the new guidance on its consolidated financial statements is ongoing. The Company is currently identifying the lease arrangements within the scope of the new guidance, and evaluating the impact of the lease arrangements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires (i) equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income, (ii) public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (iii) separate presentation of financial assets and financial liabilities by measurement category and form of financial asset. ASU 2016-01 also eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this ASU requires that credit losses be presented as an allowance rather than as a write-down. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 addresses the following eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies (COLIs); (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; (viii) and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice for transfers of certain intangible and tangible assets. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. To more faithfully represent the economics of intra-entity asset transfers, the amendments ASU 2016-16 require that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in ASU 2016-16 do not change GAAP for the pre-tax effects of an intra-entity asset transfer under Topic 810, Consolidation, or for an intra-entity transfer of inventory. ASU 2016-16 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 addresses the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU 2016-18 will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323) (“ASU 2017-03”). ASU 2017-03 adds and amends SEC paragraphs pursuant to the SEC Staff Announcements at the September 22, 2016 and November 17, 2016 Emerging Issues Task Force (EITF) meetings. The September announcement is about the disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period. The November announcement made amendments to conform the SEC Observer Comment on Accounting for Tax Benefits Resulting from Investments in Qualified Affordable Housing Projects to the guidance issued in ASU 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 addresses concerns over the cost and complexity of the two-step goodwill impairment test by removing the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. ASU 2017-01 will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) : Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2017-05 amendments the scope of the nonfinancial asset guidance in Subtopic 610-20. The amendments also clarify that the derecognition of all businesses and nonprofit activities (except those related to conveyances of oil and gas mineral rights or contracts with customers) should be accounted for in accordance with the derecognition and deconsolidation guidance in Subtopic 810-10. In addition, the amendments eliminate the exception in the financial asset guidance for transfers of investments (including equity method investments) in real estate entities and supersede the guidance in the Exchanges of a Nonfinancial Asset for a Noncontrolling Ownership Interest Subsection within Topic 845. The amendments in ASU 2017-05 also provide guidance on the accounting for what often are referred to as partial sales of nonfinancial assets within the scope of Subtopic 610-20 and contributions of nonfinancial assets to a joint venture or other noncontrolled investee. ASU 2017-05 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

In February 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). ASU 2017-07 requires an entity to present net periodic pension cost and net periodic postretirement benefit cost as a net amount that may be capitalized as part of an asset where appropriate. ASU 2017-06 will be effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements but does not except any material impact on its financial statements.

Fair Value Measurement


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.


•	Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:


•	Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.


•	Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.


•	Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

LEASING EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Leasing Equipment

Leasing equipment, net is summarized as follows:



	March 31, 2017			December 31, 2016
Leasing equipment	$	926,164		$	849,565
Less: Accumulated depreciation	(96,889		)	(84,110		)
Leasing equipment, net	$	829,275		$	765,455

Schedule of Capital Leased Assets

Depreciation expense for leasing equipment is summarized as follows:



	Three Months Ended March 31,
	2017		2016
Depreciation expense for leasing equipment	$	13,173	$	9,292

FINANCE LEASES, NET (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Capital Leases, Lessor Balance Sheet

Finance leases, net are summarized as follows:



	March 31, 2017			December 31, 2016
Finance leases	$	17,524		$	18,022
Unearned revenue	(7,917		)	(8,305		)
Finance leases, net	$	9,607		$	9,717

Schedule of Future Minimum Lease Payments for Capital Leases

As of March 31, 2017, future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows:



	Total
2017	$	1,510
2018	2,008
2019	2,008
2020	2,013
2021	2,008
Thereafter	7,977
Total	$	17,524

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Depreciation expense for property, plant and equipment is summarized as follows:



	Three Months Ended March 31,
	2017		2016
Depreciation expense for property, plant and equipment	$	3,304	$	3,026

Property, plant and equipment, net is summarized as follows:



	March 31, 2017			December 31, 2016
Land, site improvements and rights	$	57,617		$	57,617
Construction in progress	63,921			49,605
Buildings and improvements	3,194			2,750
Crude oil terminal machinery and equipment	236,732			236,652
Track and track related assets	22,956			22,948
Railroad equipment	1,101			1,091
Railcars and locomotives	2,931			2,909
Computer hardware and software	391			388
Furniture and fixtures	418			405
Vehicles	985			985
	390,246			375,350
Less: Accumulated depreciation	(29,317		)	(26,002		)
Spare parts	2,846			2,833
Property, plant and equipment, net	$	363,775		$	352,181

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of the Company’s investments:



			Carrying Value
	Investment	Ownership Percentage	March 31, 2017		December 31, 2016
Listed securities	Available-for-sale	2%	$	30,821	$	17,630
Advanced Engine Repair JV	Equity method	25%	14,264		15,000
JGP Energy Partners LLC	Equity method	50%	9,522		3,266
Intermodal Finance I, Ltd.	Equity method	51%	3,574		4,082
Investments			$	58,181	$	39,978

Available-for-sale Securities

Available-for-sale securities



	Equity Securities
December 31, 2016	$	17,630
Purchases	8,332
Unrealized Gains	4,859
March 31, 2017	$	30,821

Cost	$	18,833

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Finite-Lived Intangible Assets and Liabilities

The Company’s intangible assets and liabilities, net are summarized as follows:



	March 31, 2017
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,596		$	—		$	—		$	26,596
Less: Accumulated amortization	(16,405		)	—			—			(16,405		)
Acquired favorable lease intangibles, net	10,191			—			—			10,191
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(9,160		)	(131		)	(9,291		)
Acquired customer relationships, net	—			26,353			94			26,447
Total intangible assets, net	$	10,191		$	26,353		$	94		$	36,638

Intangible liabilities
Acquired unfavorable lease intangibles	$	2,305		$	—		$	—		$	2,305
Less: Accumulated amortization	(760		)	—			—			(760		)
Acquired unfavorable lease intangibles, net	$	1,545		$	—		$	—		$	1,545



	December 31, 2016
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets
Acquired favorable lease intangibles	$	26,605		$	—		$	—		$	26,605
Less: Accumulated amortization	(14,998		)	—			—			(14,998		)
Acquired favorable lease intangibles, net	11,607			—			—			11,607
Customer relationships	—			35,513			225			35,738
Less: Accumulated amortization	—			(8,271		)	(120		)	(8,391		)
Acquired customer relationships, net	—			27,242			105			27,347
Total intangible assets, net	$	11,607		$	27,242		$	105		$	38,954

Intangible liabilities
Acquired unfavorable lease intangibles	$	1,506		$	—		$	—		$	1,506
Less: Accumulated amortization	(627		)	—			—			(627		)
Acquired unfavorable lease intangibles, net	$	879		$	—		$	—		$	879

Schedule of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is recorded in the Consolidated Statements of Operations as follows:



	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2017		2016
Lease intangibles	Equipment leasing revenues	$	1,282	$	1,578
Customer relationships	Depreciation and amortization	900		899
Total		$	2,182	$	2,477

Schedule of Net Annual Amortization of Intangibles

As of March 31, 2017, estimated net annual amortization of intangibles is as follows:



	Total
2017	$	5,564
2018	7,007
2019	5,401
2020	4,055
2021	3,591
Thereafter	9,475
Total	$	35,093

DEBT, NET (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s debt, net is summarized as follows:



	March 31, 2017			December 31, 2016
Loans payable
FTAI Pride Credit Agreement	$	59,375		$	60,937
CMQR Credit Agreement	13,625			12,625
Total loans payable	73,000			73,562
Bonds payable
Series 2012 Bonds (including unamortized premium of $1,682 and $1,697 at March 31, 2017 and December 31, 2016, respectively)	45,872			45,887
Series 2016 Bonds	144,200			144,200
Senior Notes (including unamortized discount of $7,449 at March 31, 2017)	242,551			—
Total bonds payable	432,623			190,087
Note payable to non-controlling interest
Note payable to non-controlling interest	2,352			2,352
Total note payable to non-controlling interest	2,352			2,352

Debt	507,975			266,001
Less: Debt issuance costs	(12,493		)	(6,489		)
Total debt, net	$	495,482		$	259,512

Total debt due within one year	$	6,516		$	8,078

Fair Value, Assets Measured on Recurring Basis

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]



	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	March 31, 2017		March 31, 2017
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	221,222	$	221,222	$	—	$	—	Market
Restricted cash	56,032		56,032		—		—		Market
Available-for-sale securities	30,821		30,821		—		—		Market
Total	$	308,075	$	308,075	$	—	$	—

	Fair Value as of		Fair Value Measurements Using Fair Value Hierarchy as of
	December 31, 2016		December 31, 2016
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Cash and cash equivalents	$	68,055	$	68,055	$	—	$	—	Market
Restricted cash	65,441		65,441		—		—		Market
Available-for-sale securities	17,630		17,630		—		—		Market
Total	$	151,126	$	151,126	$	—	$	—

REVENUES (Tables)

3 Months Ended

Mar. 31, 2017

Revenue Disclosure [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Components of revenue are as follows:



	Three Months Ended March 31, 2017
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Equipment leasing revenues
Lease income	$	17,635	$	611	$	—	$	—	$	—	$	—	$	18,246
Maintenance revenue	12,669		—		—		—		—		—		12,669
Finance lease income	—		386		—		—		—		—		386
Other revenue	2		60		25		—		—		—		87
Total equipment leasing revenues	30,306		1,057		25		—		—		—		31,388
Infrastructure revenues
Lease income	—		—		—		—		—		16		16
Rail revenues	—		—		—		—		8,403		—		8,403
Terminal services revenues	—		—		—		4,866		—		—		4,866
Total infrastructure revenues	—		—		—		4,866		8,403		16		13,285
Total revenues	$	30,306	$	1,057	$	25	$	4,866	$	8,403	$	16	$	44,673



	Three Months Ended March 31, 2016
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Equipment leasing revenues
Lease income	$	12,847	$	75	$	—	$	—	$	—	$	—	$	12,922
Maintenance revenue	5,106		—		—		—		—		—		5,106
Finance lease income	—		410		1,112		—		—		—		1,522
Other revenue	—		—		25		—		—		—		25
Total equipment leasing revenues	17,953		485		1,137		—		—		—		19,575
Infrastructure revenues
Lease income	—		—		—		—		—		—		—
Rail revenues	—		—		—		—		7,999		—		7,999
Terminal services revenues	—		—		—		3,879		—		—		3,879
Total infrastructure revenues	—		—		—		3,879		7,999		—		11,878
Total revenues	$	17,953	$	485	$	1,137	$	3,879	$	7,999	$	—	$	31,453

Schedule of Future Minimum Rental Payments for Operating Leases

Presented below are the contracted minimum future annual revenues to be received under existing operating leases across several market sectors as of March 31, 2017:



	Total
2017	$	52,645
2018	48,876
2019	33,729
2020	22,998
2021	13,943
Thereafter	3,326
Total	$	175,517

As of March 31, 2017, minimum future rental payments under operating and capital leases are as follows:



2017	$	4,886
2018	6,050
2019	5,888
2020	5,219
2021	4,185
Thereafter	73,292
Total	$	99,520

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Arrangements

The Consolidated Statements of Operations includes the following expense (income) related to its stock-based compensation arrangements:



	Three Months Ended March 31,					Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2017		2016
Stock Options	$	—	$	—		$	—
Restricted Shares	59		(4,168		)	24,644
Common Units	28		205			61
Total	$	87	$	(3,963	)	$	24,705

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Stock Options



	Options	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Stock options outstanding and exercisable as of January 1, 2017	15,000	$	16.98	0		8.40
Granted	—	—		—		—
Exercised	—	—		—		N/A
Forfeited and canceled	—	—		—		N/A
Stock options outstanding and exercisable as of March 31, 2017	15,000	$	16.98	$	—	8.15

Schedule of Restricted Stock Units Activity

Restricted Shares



	Restricted Shares	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Restricted shares outstanding and exercisable as of January 1, 2017	1,302,388	$	19.06	$	24,824	0.74
Granted	—	—		—		—
Less: vested	—	—		—		N/A
Less: forfeited and canceled	—	—		—		N/A
Restricted shares outstanding and exercisable as of March 31, 2017	1,302,388	$	19.06	$	24,824	0.49

Schedule of Common Stock Unit Activity

Common Units



	Common Units	Weighted-Average Exercise Price (per share)		Aggregate Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Common units outstanding and exercisable as of January 1, 2017	83,333	$	1.34	$	112	0.77
Granted	—	—		—		—
Less: vested	—	—		—		N/A
Less: forfeited and canceled	—	—		—		N/A
Common units outstanding and exercisable as of March 31, 2017	83,333	$	1.34	$	112	0.52

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax provision (benefit) included in the Consolidated Statements of Operations are as follows:



	Three Months Ended March 31,
	2017		2016
Current:
Federal	$	121	$	20
State and local	53		31
Foreign	21		10
Total current provision	195		61

Deferred:
Federal	4		4
State and local	—		—
Foreign	13		(131		)
Total deferred provision	17		(127		)

Total provision for (benefit from) income taxes	$	212	$	(66	)

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

. For the Three Months Ended March 31, 2017



	Three months ended March 31, 2017
	Equipment Leasing									Infrastructure
	Aviation Leasing			Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad			Ports and Terminals			Corporate			Total
Revenues
Equipment leasing revenues	$	30,306		$	1,057		$	25		$	—		$	—		$	—		$	—		$	31,388
Infrastructure revenues	—			—			—			4,866			8,403			16			—			13,285
Total revenues	30,306			1,057			25			4,866			8,403			16			—			44,673

Expenses
Operating expenses	1,419			3,543			—			7,613			7,544			894			—			21,013
General and administrative	—			—			—			—			—			—			3,835			3,835
Acquisition and transaction expenses	215			—			—			—			—			—			1,237			1,452
Management fees and incentive allocation to affiliate	—			—			—			—			—			—			3,893			3,893
Depreciation and amortization	11,289			1,607			—			3,951			526			4			—			17,377
Interest expense	—			924			—			1,437			199			274			1,860			4,694
Total expenses	12,923			6,074			—			13,001			8,269			1,172			10,825			52,264

Other income (expense)
Equity in losses of unconsolidated entities	(736		)	—			(465		)	(65		)	—			—			—			(1,266		)
Gain on sale of equipment, net	2,032			—			—			—			(14		)	—			—			2,018
Loss on extinguishment of debt	—			—			—			—			—			—			(2,456		)	(2,456		)
Interest income	83			3			—			197			—			—			—			283
Other income	—			—			—			12			—			—			—			12
Total other income (expense)	1,379			3			(465		)	144			(14		)	—			(2,456		)	(1,409		)
Income (loss) before income taxes	18,762			(5,014		)	(440		)	(7,991		)	120			(1,156		)	(13,281		)	(9,000		)
Provision for (benefit from) income taxes	193			2			(25		)	39			—			3			—			212
Net income (loss)	18,569			(5,016		)	(415		)	(8,030		)	120			(1,159		)	(13,281		)	(9,212		)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries	(82		)	(248		)	—			(4,358		)	4			(114		)	—			(4,798		)
Net income (loss) attributable to shareholders	$	18,651		$	(4,768	)	$	(415	)	$	(3,672	)	$	116		$	(1,045	)	$	(13,281	)	$	(4,414	)

II. For the Three Months Ended March 31, 2016



	Three Months Ended March 31, 2016
	Equipment Leasing									Infrastructure
	Aviation Leasing			Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad		Ports and Terminals		Corporate			Total
Revenues
Equipment leasing revenues	$	17,953		$	485		$	1,137		$	—		$	—	$	—	$	—		$	19,575
Infrastructure revenues	—			—			—			3,879			7,999		—		—			11,878
Total revenues	17,953			485			1,137			3,879			7,999		—		—			31,453

Expenses
Operating expenses	817			3,601			30			2,688			7,222		—		—			14,358
General and administrative	—			—			—			—			—		—		2,588			2,588
Acquisition and transaction expenses	—			—			—			—			—		—		1,059			1,059
Management fees and incentive allocation to affiliate	—			—			—			—			—		—		4,348			4,348
Depreciation and amortization	7,427			1,588			—			3,676			526		—		—			13,217
Interest expense	—			935			410			3,804			154		—		—			5,303
Total expenses	8,244			6,124			440			10,168			7,902		—		7,995			40,873

Other income (expense)
Equity in earnings of unconsolidated entities	—			—			85			—			—		—		—			85
Gain (loss) on sale of equipment and finance leases, net	1,208			—			304			—			210		—		—			1,722
Loss on extinguishment of debt	—			—			—			(1,579		)	—		—		—			(1,579		)
Interest income	1			2			—			6			—		—		—			9
Other (expense) income	—			—			(2		)	42			—		—		—			40
Total other income (expense)	1,209			2			387			(1,531		)	210		—		—			277
Income (loss) before income taxes	10,918			(5,637		)	1,084			(7,820		)	307		—		(7,995		)	(9,143		)
Provision (benefit from) for income taxes	(97		)	—			(4		)	35			—		—		—			(66		)
Net income (loss)	11,015			(5,637		)	1,088			(7,855		)	307		—		(7,995		)	(9,077		)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	97			(247		)	—			(3,156		)	13		—		(2		)	(3,295		)
Net income (loss) attributable to shareholders	$	10,918		$	(5,390	)	$	1,088		$	(4,699	)	$	294	$	—	$	(7,993	)	$	(5,782	)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted Net Income (Loss) to net loss attributable to shareholders:



	Three months ended March 31, 2017
	Equipment Leasing								Infrastructure
	Aviation Leasing		Offshore Energy			Shipping Containers			Jefferson Terminal			Railroad		Ports and Terminals			Corporate			Total
Adjusted Net Income (Loss)	$	19,059	$	(4,766	)	$	(440	)	$	(3,614	)	$	142	$	(1,042	)	$	(9,588	)	$	(249	)
Add: Non-controlling share of adjustments to Adjusted Net Income																				39
Add: Equity in losses of unconsolidated entities																				(1,266		)
Add: Cash payments for income taxes																				3
Less: Incentive allocations																				—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																				1,266
Less: Asset impairment charges																				—
Less: Changes in fair value of non-hedge derivative instruments																				—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																				(2,456		)
Less: Acquisition and transaction expenses																				(1,452		)
Less: Equity-based compensation income																				(87		)
Less: Provision for income taxes																				(212		)
Net loss attributable to shareholders																				$	(4,414	)

The following table sets forth a reconciliation of Adjusted Net Income (Loss) to net loss attributable to shareholders:



	Three Months Ended March 31, 2016
	Equipment Leasing							Infrastructure
	Aviation Leasing		Offshore Energy			Shipping Containers		Jefferson Terminal			Railroad		Ports and Terminals		Corporate			Total
Adjusted Net Income (Loss)	$	10,475	$	(5,390	)	$	1,087	$	(6,257	)	$	491	$	—	$	(6,938	)	$	(6,532	)
Add: Non-controlling share of adjustments to Adjusted Net Income																		(989		)
Add: Equity in losses of unconsolidated entities																		85
Add: Cash payments for income taxes																		351
Less: Incentive allocations																		—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																		(85		)
Less: Asset impairment charges																		—
Less: Changes in fair value of non-hedge derivative instruments																		(3		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																		(1,579		)
Less: Acquisition and transaction expenses																		(1,059		)
Less: Equity-based compensation expense																		3,963
Less: Benefit from income taxes																		66
Net loss attributable to shareholders																		$	(5,782	)

Revenue from External Customers by Geographic Areas

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows:



	Three Months Ended March 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Revenues
Africa	$	2,779	$	—	$	—	$	—	$	—	$	—	$	2,779
Asia	9,383		—		809		—		—		—		10,192
Europe	4,966		75		—		—		—		—		5,041
North America	460		410		328		3,879		7,999		—		13,076
South America	365		—		—		—		—		—		365
Total revenues	$	17,953	$	485	$	1,137	$	3,879	$	7,999	$	—	$	31,453

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer, is as follows:



	Three months ended March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Total
Revenues
Africa	$	2,367	$	—	$	—	$	—	$	—	$	—	$	2,367
Asia	14,769		671		25		—		—		—		15,465
Europe	11,470		—		—		—		—		—		11,470
North America	1,405		386		—		4,866		8,403		16		15,076
South America	295		—		—		—		—		—		295
Total revenues	$	30,306	$	1,057	$	25	$	4,866	$	8,403	$	16	$	44,673

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated



	December 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Total assets	$	625,680	$	220,544	$	4,333	$	534,638	$	40,428	$	63,331	$	58,358	$	1,547,312

Debt, net	—		62,655		—		184,702		12,155		—		—		259,512

Total liabilities	74,989		66,002		—		205,536		24,971		6,287		3,847		381,632

Non-controlling interests in equity of consolidated subsidiaries	1,334		3,325		—		104,087		2,114		483		525		111,868

Total equity	550,691		154,542		4,333		329,102		15,457		57,044		54,511		1,165,680

Total liabilities and equity	$	625,680	$	220,544	$	4,333	$	534,638	$	40,428	$	63,331	$	58,358	$	1,547,312



	December 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Property, plant and equipment and leasing equipment, net
Africa	$	51,136	$	—	$	—	$	—	$	—	$	—	$	—	$	51,136
Asia	212,635		169,499		—		—		—		—		—		382,134
Europe	225,934		—		—		—		—		—		—		225,934
North America	56,456		—		—		319,503		29,866		44,486		—		450,311
South America	8,121		—		—		—		—		—		—		8,121
Total	$	554,282	$	169,499	$	—	$	319,503	$	29,866	$	44,486	$	—	$	1,117,636



	March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate			Total
Total assets	$	670,035	$	232,693	$	3,892	$	530,660	$	40,014	$	74,184	$	207,620		$	1,759,098

Debt, net	—		61,149		—		185,119		13,233		—		235,981			495,482

Total liabilities	85,016		65,383		—		199,526		24,409		6,693		241,510			622,537

Non-controlling interests in equity of consolidated subsidiaries	1,252		3,076		—		99,789		2,146		370		524			107,157

Total equity	585,019		167,310		3,892		331,134		15,605		67,491		(33,890		)	1,136,561

Total liabilities and equity	$	670,035	$	232,693	$	3,892	$	530,660	$	40,014	$	74,184	$	207,620		$	1,759,098

Long-lived Assets by Geographic Areas



	March 31, 2017
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Property, plant and equipment and leasing equipment, net
Africa	$	40,775	$	—	$	—	$	—	$	—	$	—	$	—	$	40,775
Asia	261,872		167,892		—		—		—		—		—		429,764
Europe	237,624		—		—		—		—		—		—		237,624
North America	71,590		—		—		323,733		30,235		51,204		—		476,762
South America	8,125		—		—		—		—		—		—		8,125
Total	$	619,986	$	167,892	$	—	$	323,733	$	30,235	$	51,204	$	—	$	1,193,050



	December 31, 2016
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Ports and Terminals		Corporate		Total
Property, plant and equipment and leasing equipment, net
Africa	$	51,136	$	—	$	—	$	—	$	—	$	—	$	—	$	51,136
Asia	212,635		169,499		—		—		—		—		—		382,134
Europe	225,934		—		—		—		—		—		—		225,934
North America	56,456		—		—		319,503		29,866		44,486		—		450,311
South America	8,121		—		—		—		—		—		—		8,121
Total	$	554,282	$	169,499	$	—	$	319,503	$	29,866	$	44,486	$	—	$	1,117,636

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below.



	Three Months Ended March 31,
(in thousands, except share and per share data)	2017			2016
Net loss attributable to shareholders	$	(4,414	)	$	(5,782	)
Weighted Average Shares Outstanding - Basic	75,762,283			75,727,369
Weighted Average Shares Outstanding - Diluted	75,762,283			75,727,369

Basic and Diluted EPS	$	(0.06	)	$	(0.08	)

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Operating Leases of Lessee

Several of the Company’s subsidiaries are lessees under various operating and capital leases. Total rent expense for operating leases was as follows:



	Three Months Ended March 31,
	2017		2016
Rent expense	$	1,241	$	1,214

Schedule of Future Minimum Rental Payments for Operating Leases

Presented below are the contracted minimum future annual revenues to be received under existing operating leases across several market sectors as of March 31, 2017:



	Total
2017	$	52,645
2018	48,876
2019	33,729
2020	22,998
2021	13,943
Thereafter	3,326
Total	$	175,517

As of March 31, 2017, minimum future rental payments under operating and capital leases are as follows:



2017	$	4,886
2018	6,050
2019	5,888
2020	5,219
2021	4,185
Thereafter	73,292
Total	$	99,520

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.