0001095651-21-000006 | 10-K | XBRL Viewer

^[1]

(267,772)

(233,860)

^[1]

1,484,281

1,527,219

^[1]

5,212

8,650

^[1]

1,489,493

1,535,869

^[1]

429,101

418,915

Loans receivable and other lending investments, net

^[1]

430,663

580,545

^[1]

732,330

827,861

Cash and cash equivalents

^[1]

1,176,560

907,875

^[1]

98,633

307,172

Accrued interest and operating lease income receivable, net

^[1]

10,061

10,162

Deferred operating lease income receivable, net

^[1]

58,128

54,222

^[1]

436,839

442,488

Accounts payable, accrued expenses and other liabilities

^[1]

4,861,808

5,085,109

Liabilities:

^[1]

467,922

424,374

Liabilities associated with properties held for sale

^[1]

Loan participations payable, net

^[1]

42,501

35,638

^[1]

3,286,975

3,387,080

Commitments and contingencies (refer to Note 12)

^[1]

3,797,425

3,847,149

^[1]

iStar Inc. shareholders' equity:

Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)

^[1]

Common Stock, $0.001 par value, 200,000 shares authorized, 73,967 and 77,810 shares issued and outstanding as of December 31, 2020 and 2019, respectively

^[1]

Additional paid-in capital

^[1]

3,240,535

3,284,877

Accumulated deficit

^[1]

(2,316,972)

(2,205,838)

Accumulated other comprehensive loss (refer to Note 14)

^[1]

(52,680)

(38,707)

Total iStar Inc. shareholders' equity

^[1]

870,969

1,040,422

Noncontrolling interests

^[1]

193,414

197,538

Total liabilities and equity

^[1]

1,064,383

1,237,960

^[1]

$ 4,861,808

$ 5,085,109

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	73,967	77,810
Common stock, shares outstanding (in shares)	73,967	77,810

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 530,949	$ 479,496	$ 798,122
Costs and expenses:
Interest expense	169,574	183,919	183,751
Depreciation and amortization	58,092	58,259	58,699
General and administrative	100,879	98,609	92,135
Provision for loan losses	9,052	6,482	16,937
Provision for losses on net investment in leases	1,760	0	0
Impairment of assets	7,827	13,419	147,108
Other expense	569	13,120	6,040
Total costs and expenses	597,973	575,897	994,140
Income from sales of real estate	6,318	236,623	126,004
Income (loss) from operations before earnings from equity method investments and other items	(60,706)	140,222	(70,014)
Loss on early extinguishment of debt, net	(12,038)	(27,724)	(10,367)
Earnings (losses) from equity method investments	42,126	41,849	(5,007)
Selling profit from sales-type leases	0	180,416	0
Gain on consolidation of equity method investment	0	0	67,877
Net income (loss) from operations before income taxes	(30,618)	334,763	(17,511)
Income tax expense	(235)	(438)	(815)
Net income (loss)	(30,853)	334,325	(18,326)
Net income attributable to noncontrolling interests	(11,588)	(10,283)	(13,936)
Net income (loss) attributable to iStar Inc.	(42,441)	324,042	(32,262)
Preferred dividends	(23,496)	(32,495)	(32,495)
Net income (loss) allocable to common shareholders	$ (65,937)	$ 291,547	$ (64,757)
Net income (loss) allocable to common shareholders
Basic (in dollars per share)	$ (0.87)	$ 4.51	$ (0.95)
Diluted (in dollars per share)	$ (0.87)	$ 3.73	$ (0.95)
Weighted average number of common shares:
Basic (in shares)	75,684	64,696	67,958
Diluted (in shares)	75,684	80,666	67,958
Operating lease income
Revenues:
Total revenues	$ 188,722	$ 206,388	$ 208,192
Interest income
Revenues:
Total revenues	60,116	77,654	97,878
Interest income from sales-type leases
Revenues:
Total revenues	33,552	20,496	0
Other income
Revenues:
Total revenues	83,857	55,363	82,342
Land development
Revenues:
Total revenues	164,702	119,595	409,710
Costs and expenses:
Cost of sales expense	177,727	109,663	350,181
Real estate expense
Costs and expenses:
Cost of sales expense	$ 72,493	$ 92,426	$ 139,289

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Statement of Comprehensive Income [Abstract]

Impact from adoption of new accounting standards

$ (30,853)

$ 334,325

$ (18,326)

Other comprehensive income (loss):

276

Reclassification of losses on cumulative translation adjustment into earnings upon realization

^[1]

721

Reclassification of (gains) losses on cash flow hedges into earnings upon realization

^[2]

8,075

14,524

(1,508)

Unrealized gains (losses) on available-for-sale securities

1,838

2,280

(1,135)

Unrealized gains (losses) on cash flow hedges

(28,290)

(42,582)

(14,699)

Unrealized losses on cumulative translation adjustment

(364)

Other comprehensive income (loss)

(18,377)

(25,778)

(16,709)

Comprehensive income (loss)

(49,230)

308,547

(35,035)

Comprehensive income attributable to noncontrolling interests

(7,184)

(5,942)

(12,015)

Comprehensive income (loss) attributable to iStar Inc.

$ (56,414)

$ 302,605

$ (47,050)

[1]

Amounts were reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations.

[2]

Reclassified to "Interest expense" in the Company's consolidated statements of operations are $6,974, $1,861 and $388 for the years ended December 31, 2020, 2019 and 2018, respectively. Amount reclassified to "Gain on consolidation of equity method investment" in the Company's consolidated statements of operations is $1,876 for the year ended December 31, 2018. Reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations are $1,101, $184 and $(20), respectively, for the years ended December 31, 2020, 2019 and 2018. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the year ended December 31, 2019 resulting from hedged forecasted transactions becoming not probable to occur. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $806 for the year ended December 31, 2019.

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest expense	$ 169,574	$ 183,919	$ 183,751
Losses (earnings) from equity method investments	(42,126)	(41,849)	5,007
Other expenses	569	13,120	6,040
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	6,974	1,861	388
Gain on consolidation of equity method investment			1,876
Losses (earnings) from equity method investments	$ 1,101	184	$ (20)
Other expenses		11,673
Income from sales of real estate		$ 806

Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Preferred Stock Series J

Preferred Stock

^[1]

Preferred Stock Series J

^[1]

Common Stock at Par

Preferred Stock Series J

Additional Paid-In Capital

Preferred Stock Series J

Retained Earnings (Deficit)

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Income (Loss)

Cumulative Effect, Period of Adoption, Adjustment

Noncontrolling Interests

Beginning balance at Dec. 31, 2017

$ 914,249

$ 75,869

$ 12

$ 4

$ 68

$ 3,352,665

$ (2,470,564)

$ 75,593

$ (2,482)

$ 276

$ 34,546

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends declared—preferred

(32,495)

Dividends declared—common

(12,333)

Issuance of stock/restricted stock unit amortization, net

^[2]

7,864

7,863

Change in accumulated other comprehensive income (loss)

(18,326)

(32,262)

13,936

(16,985)

(15,064)

(1,921)

Change in accumulated other comprehensive income (loss)

(16,709)

Repurchase of stock

(8,304)

(1)

(8,303)

Contributions from noncontrolling interests

15,227

Distributions to noncontrolling interests

(48,930)

Change in noncontrolling interest attributable to consolidation of equity method investment (refer to Note 8)

188,279

Ending balance at Dec. 31, 2018

1,064,115

3,352,225

(2,472,061)

(17,270)

201,137

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends declared—preferred

(32,495)

Dividends declared—common

(25,324)

Issuance of stock/restricted stock unit amortization, net

^[2]

10,182

7,317

2,864

Change in accumulated other comprehensive income (loss)

334,325

324,042

10,283

(25,778)

(21,437)

(4,341)

Repurchase of stock

(74,647)

(7)

(74,640)

Redemption of Series J Preferred Stock

$ (13)

(4)

$ 16

$ (25)

Contributions from noncontrolling interests

2,592

Distributions to noncontrolling interests

(14,997)

Ending balance at Dec. 31, 2019

$ 1,237,960

^[3]

$ (12,382)

3,284,877

(2,205,838)

$ (12,382)

(38,707)

197,538

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting Standards Update [Extensible List]

us-gaap:AccountingStandardsUpdate201613Member

Dividends declared—preferred

$ (23,496)

(23,496)

Dividends declared—common

(32,815)

Issuance of stock/restricted stock unit amortization, net

7,424

4,060

3,363

Change in accumulated other comprehensive income (loss)

(30,853)

(42,441)

11,588

(18,377)

(13,973)

(4,404)

Repurchase of stock

(48,407)

(5)

(48,402)

Contributions from noncontrolling interests

496

Distributions to noncontrolling interests

(15,167)

Ending balance at Dec. 31, 2020

$ 1,064,383

^[3]

$ 12

$ 0

$ 74

$ 3,240,535

$ (2,316,972)

$ (52,680)

$ 193,414

[1]	Refer to Note 14 for details on the Company's Preferred Stock.
[2]	Net of payments for withholding taxes upon vesting of stock-based compensation.
[3]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.43	$ 0.39	$ 0.18

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (30,853)	$ 334,325	$ (18,326)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for loan losses	9,052	6,482	16,937
Provision for losses on net investment in leases	1,760	0	0
Impairment of assets	7,827	13,419	147,108
Depreciation and amortization	58,092	58,259	58,699
Non-cash interest income from sales-type leases	(24,969)	(3,781)	0
Stock-based compensation expense	39,354	30,436	17,563
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	13,328	13,847	15,422
Amortization of discounts/premiums and deferred interest on loans, net	(30,738)	(42,342)	(41,168)
Deferred interest on loans received	20,661	10,397	40,463
Gain from consolidation of equity method investment	0	0	(67,877)
Selling profit from sales-type leases	0	(180,416)	0
Losses (earnings) from equity method investments	(42,126)	(41,849)	5,007
Distributions from operations of other investments	24,826	30,058	18,133
Deferred operating lease income	(14,052)	(16,185)	(14,989)
Income from sales of real estate	(6,318)	(236,623)	(126,004)
Land development revenue in excess of cost of sales	13,025	(9,932)	(59,529)
Loss on early extinguishment of debt, net	12,038	27,724	10,367
Other operating activities, net	(19,496)	13,642	3,377
Changes in assets and liabilities:
Changes in accrued interest and operating lease income receivable, net	(2,311)	417	949
Changes in deferred expenses and other assets, net	(5,351)	(5,848)	(1,925)
Changes in accounts payable, accrued expenses and other liabilities, net	(1,863)	(47,655)	(28,335)
Cash flows provided by (used in) operating activities	21,886	(45,625)	(24,128)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(119,368)	(255,804)	(482,143)
Capital expenditures on real estate assets	(15,798)	(39,946)	(60,495)
Capital expenditures on land and development assets	(40,954)	(117,514)	(128,543)
Acquisitions of real estate, net investments in leases and land assets	0	(240,487)	(19,454)
Repayments of and principal collections on loans receivable and other lending investments, net	208,240	419,800	832,982
Net proceeds from sales of loans receivable	11,000	5,898	0
Net proceeds from sales of real estate	48,415	329,971	411,786
Net proceeds from sales of land and development assets	161,063	114,885	223,416
Cash, cash equivalents and restricted cash acquired upon consolidation of equity method investment	0	0	13,608
Distributions from other investments	39,871	62,911	40,804
Contributions to and acquisition of interest in other investments	(260,121)	(656,720)	(94,578)
Other investing activities, net	(1,169)	(21,090)	41,476
Cash flows provided by investing activities	31,179	(398,096)	778,859
Cash flows from financing activities:
Borrowings from debt obligations	802,913	1,486,980	704,360
Repayments and repurchases of debt obligations	(913,501)	(1,482,558)	(944,800)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable	0	0	(110,939)
Preferred dividends paid	(23,496)	(32,495)	(32,496)
Common dividends paid	(32,664)	(25,059)	(12,227)
Repurchase of stock	(54,565)	(68,289)	(8,304)
Payments for deferred financing costs	(7,711)	(19,928)	(5,471)
Payments for withholding taxes upon vesting of stock-based compensation	(2,716)	(4,475)	(4,807)
Contributions from noncontrolling interests	496	2,812	13,927
Distributions to and redemption of noncontrolling interests	(15,167)	(14,998)	(60,743)
Payments for debt prepayment or extinguishment costs	(8,567)	(20,606)	(4,132)
Other financing activities, net	0	(13)	7,693
Cash flows used in financing activities	(254,978)	(178,629)	(457,939)
Effect of exchange rate changes on cash	273	12	19
Changes in cash, cash equivalents and restricted cash	(201,640)	(622,338)	296,811
Cash, cash equivalents and restricted cash at beginning of period	352,206	974,544	677,733
Cash, cash equivalents and restricted cash at end of period	150,566	352,206	974,544
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amount capitalized	142,453	181,520	171,590
Supplemental disclosure of non-cash investing and financing activity:
Fundings and repayments of loan receivables and loan participations, net	6,720	13,014	(80,095)
Sales-type lease origination	0	411,523	0
Acquisitions of real estate and land and development assets through deed-in-lieu	0	0	4,600
Contributions of real estate and land and development assets to equity method investments, net	0	4,073	0
Accounts payable for capital expenditures on land and development assets	0	0	16,052
Marketable securities transferred in connection with the defeasance of mortgage notes payable	0	0	110,939
Accounts payable for capital expenditures on real estate assets	7,604	0	0
Acquisition of land and development asset through joint venture consolidation	0	27,000	0
Conversion of Series J convertible preferred stock	0	193,510	0
Defeasance of mortgage notes payable	0	0	(105,785)
Accrued finance costs	115	2,362	0
Accrued stock repurchases	200	6,358	0
Assumption of mortgage by third party	0	228,000	0
Financing provided on sales of land and development assets, net	0	0	142,639
Increase in net lease assets upon consolidation of equity method investment	0	0	844,550
Increase in debt obligations upon consolidation of equity method investment	0	0	464,706
Increase in noncontrolling interests upon consolidation of equity method investment	$ 0	$ 0	$ 200,093

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—iStar Inc. (the "Company") finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. The Company also manages entities focused on ground lease and net lease investments (refer to Note 8). The Company has invested over $40 billion of capital over the past two decades and is structured as a real estate investment trust ("REIT") with a diversified portfolio focused on larger assets located in major metropolitan markets. The Company's primary reportable business segments are net lease, real estate finance, operating properties and land and development (refer to Note 18). Organization—The Company began its business in 1993 through the management of private investment funds and became publicly traded in 1998. Since that time, the Company has grown through the origination of new investments and corporate acquisitions.

Basis of Presentation and Principles of Consolidation

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Principles of Consolidation—The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company's involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in "Operating lease income," "Interest income," "Earnings from equity method investments," "Real estate expense" and "Interest expense" in the Company's consolidated statements of operations. The Company has provided no financial support to those VIEs that it was not previously contractually required to provide.

Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of December 31, 2020. The following table presents the assets and liabilities of the Company's consolidated VIEs as of December 31, 2020 and 2019 ($ in thousands):


	As of
	December 31, 2020		December 31, 2019
ASSETS
Real estate
Real estate, at cost	$	899,110	$	891,000
Less: accumulated depreciation	(61,917)		(37,542)
Real estate, net	837,193		853,458
Land and development, net	240,137		273,617
Other investments	35		45
Cash and cash equivalents	22,571		19,112
Accrued interest and operating lease income receivable, net	1,472		1,208
Deferred operating lease income receivable, net	29,428		19,547
Deferred expenses and other assets, net	122,591		134,117
Total assets	$	1,253,427	$	1,301,104
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	115,581	$	107,455
Debt obligations, net	488,719		482,918
Total liabilities	604,300		590,373

Unconsolidated VIEs—The Company has investments in VIEs where it is not the primary beneficiary, and accordingly, the VIEs have not been consolidated in the Company's consolidated financial statements. As of December 31, 2020, the Company's maximum exposure to loss from these investments does not exceed the sum of the $139.0 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $12.8 million of related unfunded commitments.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The following paragraph describes the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2020.

The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), as amended, on January 1, 2020 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment to retained earnings by increasing its allowance for loan losses and recording an initial allowance for losses on net investment in leases. Periods presented that are prior to the adoption date of January 1, 2020 will not be adjusted. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss ("Expected Loss"). ASU 2016-13 impacted all of the Company’s investments held at amortized cost, which included its loans (including unfunded loan commitments), financing receivables, net investment in leases and held-to-maturity debt securities. Upon adoption of ASU 2016-13 on January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million and an initial allowance for losses on net investment in leases of $9.1 million, both of which were recorded as a cumulative effect adjustment to retained earnings. Subsequent increases or decreases in the allowance for loan losses or the allowance for losses on net investment in leases will be charged to "Provision for (recovery of) loan losses" and "Provision for (recovery of) losses on net investment in leases," respectively, in the Company's consolidated statements of operations. Refer to "Significant Accounting Policies" below for more information on how the Company determines its allowance for loan losses and its allowance for losses on net investment in leases.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Significant Accounting Policies

Real estate and land and development—Real estate and land and development assets are recorded at cost less accumulated depreciation and amortization, as follows:

Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.

Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets.

The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions.

Impairments—The Company reviews real estate assets to be held for use and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as

expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations.

Real estate available and held for sale—The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded.

The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset.

If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell.

Dispositions—Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations.

Net Investment in Leases—Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. Acquisition-related costs are capitalized and recorded in "Net Investment in Leases" on the Company's consolidated balance sheets. If a lease qualifies as a sales-type lease, it is further evaluated to determine whether the transaction is considered a sale leaseback transaction. If the sales-type lease does not qualify as a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 (refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets.

Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale.

Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance net of any unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities could also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets.

Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs.

The Company may acquire properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the allowance for loan losses as of the date of foreclosure.

Equity method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. Equity method investments are included in "Other investments" on the Company's consolidated balance sheets. The Company also has equity interests that are not accounted for pursuant to the equity method of accounting. These equity interests are carried at cost, plus or minus any changes in value identified through observable comparable price changes in transactions in identical or similar investments of the same entity. The changes in fair value for these investments are included in "Other income" in the consolidated statements of operations.

To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors.

The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations.

Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.

Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets.

Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

Deferred expenses and other assets / Accounts payable, accrued expenses and other liabilities—Deferred expenses and other assets include right-of-use lease assets, certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective

borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations.

The Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the fixed and determinable lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for office leases in "General and administrative" and a single lease cost for ground leases in "Real estate expense" in the consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows. For finance leases, the Company recognizes amortization of the right-of-use assets on a straight-line basis over the term of the lease in "Depreciation and amortization" and interest expense on the lease liability using the effective interest method in "Interest expense" in the consolidated statements of operations. Repayments of the principal portion of the finance lease liability are classified within financing activities in the consolidated statements of cash flows and payments of interest on a finance lease liability are classified within operating activities in the consolidated statement of cash flows.

Identified intangible assets and liabilities—Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2020, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations.

Loan participations payable, net—The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net." Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale.

Revenue recognition—The Company's revenue recognition policies are as follows:

Operating lease income: For the Company's leases classified as operating leases, operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets.

The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period.

The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or deferred operating lease income receivable balance will be written off. If and when lease payments that were previously not considered probable of collection

become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition.

Interest Income: Interest income on loans receivable and financing receivables (refer to Note 5) is recognized on an accrual basis using the interest method.

On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations.

The Company considers a loan to be non-performing and places it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received.

Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower.

Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash.

Interest Income from Sales-Type Leases: Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned.

Other income: Other income includes mark-to-market gains on equity method investments, management fees, other ancillary income from our operating properties, land and development projects and loan portfolio and revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Hotel revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other ancillary income could include gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income.

Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs.

Allowance for loan losses and net investment in leases—The Company performs quarterly a comprehensive analysis of its loan and sales-type lease portfolios and assigns risk ratings that incorporate management's current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans and sales-type leases being risk rated, with ratings ranging from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss.

Upon adoption of ASU 2016-13 on January 1, 2020, the Company estimates its Expected Loss on its loans (including unfunded loan commitments), held-to-maturity debt securities and net investment in leases based on relevant information

including historical realized loss rates, current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company's Expected Loss requires significant judgment and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes: (i) loans and held-to-maturity debt securities; (ii) construction loans; and (iii) net investment in leases and financings that resulted from the acquisition of properties that did not qualify as a sale leaseback transaction and, as such, are accounted for as financing receivables (refer to Note 5).

For the Company's loans, held-to-maturity debt securities, construction loans, net investment in leases and financings that resulted from the acquisition of properties that did not qualify as sale leaseback transactions, the Company analyzed its historical realized loss experience to estimate its Expected Loss. The Company adjusted its Expected Loss through the use of third-party market data that provided current and future economic conditions that may impact the performance of the commercial real estate assets securing its investments.

The Company considers a loan or sales-type lease to be non-performing and places it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan or sales-type lease. Non-accrual loans or sales-type leases are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance on a non-performing loan or sales-type lease if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the collateral-dependent asset. The specific allowance is increased (decreased) through "Provision for (recovery of) loan losses" or "Provision for losses on net investment in leases" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off.

The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 7). As of December 31, 2020 and 2019, accrued interest was $5.0 million and $4.2 million, respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. The Company places loans on non-accrual status once interest on the loan becomes 90 days delinquent and reverses any accrued interest as a reduction to interest income or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the years ended December 31, 2020, 2019 and 2018, the Company did not reverse any accrued interest on its loan portfolio.

As of December 31, 2020, all of the Company's net investment in leases were performing in accordance with the terms of the respective leases. The Company's one impaired loan is collateral dependent and impairment is measured using the estimated fair value of the collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired or designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate.

A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan.

For available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates an available-for-sale security for impairment if the security's fair value is less than its amortized cost. If the Company

has an impaired security, it will then determine if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company does not intend to sell the security, it is more likely than not that the entity will not be required to sell the security or it does not expect to recover its amortized cost, the Company will record an allowance for credit losses. The credit loss component of the allowance will be recorded (or reversed, if necessary) as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder of the allowance will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets.

Loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations.

Derivative instruments and hedging activity—The Company's use of derivative financial instruments, including derivative financial instruments at some of its equity method investments, is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure. The Company does not enter into derivatives for trading purposes.

The Company recognizes its derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability.

For derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives, including the Company's pro rata share of derivatives at equity method investments, are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense or earnings from equity method investments in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt.

For the Company's derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in "Other expense" in the Company's consolidated statements of operations.

Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect: (i) actual forfeitures; and (ii) the outcome of awards with performance or service conditions through the requisite service period. Compensation cost for market-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations.

Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income; the Company, however, is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While the Company must distribute at least 90% of its taxable income to maintain its REIT status, the Company typically distributes all of its taxable income, if any, to eliminate any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific allowance amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. The Company made foreclosure elections for certain properties acquired through foreclosure, or an equivalent legal process, which allows the Company to operate these properties within the REIT and subjects net income, if any, from these assets to corporate level tax. The carrying value of assets with foreclosure elections as of December 31, 2020 is $31.5 million. Beginning in 2018, the Tax Cuts and Jobs Act reduced the corporate tax rate to 21% from 35% and net income from foreclosure property, if any, is subject to a 21% tax rate.

As of December 31, 2019, the Company had $460.6 million of REIT net operating loss ("NOL") carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2032 and will fully expire in 2036 if unused. The amount of NOL

carryforwards as of December 31, 2020 will be subject to finalization of the Company's 2020 tax return. The Tax Cuts and Jobs Act reduced the deduction for net operating losses to 80% of the Company’s taxable income for losses incurred after December 31, 2017. The Company's NOL carryforward for losses incurred in taxable years prior to 2018 remain fully deductible. The Company's tax years from 2016 through 2019 remain subject to examination by major tax jurisdictions. During the year ended December 31, 2020, the Company is expected to have a REIT taxable loss before the deduction for dividends paid and the NOL deduction. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company's consolidated statements of operations.

The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2020, $562.3 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated with the REIT for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities.

The following represents the Company's TRS income tax benefit (expense) ($ in thousands):


	For the Years Ended December 31,
	2020		2019		2018
Current tax benefit (expense)(1)(2)	$	(106)	$	(35)	$	(447)

Total income tax (expense) benefit	$	(106)	$	(35)	$	(447)

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(1)For the years ended December 31, 2020, 2019, and 2018, excludes a REIT tax expense of $0.1 million, $0.4 million, $0.5 million, respectively.

(2)Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed. The CARES Act enacted on March 27, 2020 permits corporate taxpayers to accelerate the full amount of its alternative minimum tax credits. The Company filed a claim for refund and received a $3.0 million refund for which the benefit had been recognized in 2017.

During the year ended December 31, 2020, the Company’s TRS entities generated a taxable loss of $28.7 million for which the Company recognized no current tax benefit. As of December 31, 2019, the Company's TRS entities had $123.4 million of NOL carryforwards that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2036, of which $73.6 million will fully expire in 2037, if unused. NOL carryforwards generated in 2018 and thereafter do not expire and are limited to 80% of taxable income when utilized. The amount of NOL carryforwards as of December 31, 2020 will be determined upon finalization of the Company's 2020 tax return.

Total cash paid for taxes for the years ended December 31, 2020, 2019 and 2018 was $0.8 million, $0.4 million and $2.0 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company applied the corporate tax rate enacted December 22, 2017 under the Tax Cuts and Jobs Act effective for years beginning after 2017 to value its deferred tax assets and liabilities. The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2020 and 2019, respectively. Changes in estimates of our valuation allowance, if any, are included in "Income tax (expense) benefit" in the consolidated statements of operations. The valuation allowance was reduced to reflect the change in value of our net deferred tax assets that reflects a reduced rate of tax under the Tax Cuts and Jobs Act.

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):


	As of December 31,
	2020		2019
Deferred tax assets(1)	$	80,101	$	79,645
Valuation allowance	(80,101)		(79,645)
Net deferred tax assets (liabilities)	$	—	$	—

_______________________________________________________________________________

(1)Deferred tax assets as of December 31, 2020 include temporary differences related primarily to asset basis of $26.7 million, deferred expenses and other items of $12.7 million, NOL carryforwards of $38.4 million and other credits of $2.3 million. Deferred tax assets as of December 31, 2019 include temporary differences related primarily to asset basis of $32.9 million, deferred expenses and other items of $11.9 million and NOL carryforwards of $32.5 million and other credits of $2.3 million. The Company has determined that the change in tax law associated with the Tax Cuts and Jobs Act will not have a material effect on whether its deferred tax assets are realizable.

Earnings per share—The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.

New accounting pronouncements—In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). ASU 2020-06 was issued to reduce the complexity associated with applying current accounting guidance for certain financial instruments with characteristics of both liabilities and equity. ASU 2020-06 removes certain separation models under ASC 470-20 so that a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, ASU 2020-06 requires that the if-converted method be used for all convertibles and that the treasury stock method no longer be used. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company plans to early adopt ASU 2020-06 effective with the annual reporting period beginning January 1, 2021. The impact from the adoption of ASU 2020-06 on the Company’s consolidated balance sheet will be an increase to "Debt obligations, net" as of January 1, 2021 of approximately $10 million with a corresponding decrease to "Total iStar Inc. shareholders' equity" as of January 1, 2021 of approximately $10 million.

Real Estate

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate

The Company's real estate assets were comprised of the following ($ in thousands):


	Net Lease(1)		Operating Properties		Total
As of December 31, 2020
Land, at cost	$	188,418	$	103,530	$	291,948
Buildings and improvements, at cost	1,353,683		106,422		1,460,105
Less: accumulated depreciation	(250,198)		(17,574)		(267,772)
Real estate, net	1,291,903		192,378		1,484,281
Real estate available and held for sale (2)	—		5,212		5,212
Total real estate	$	1,291,903	$	197,590	$	1,489,493
As of December 31, 2019
Land, at cost	$	199,710	$	106,187	$	305,897
Buildings and improvements, at cost	1,347,321		107,861		1,455,182
Less: accumulated depreciation	(219,949)		(13,911)		(233,860)
Real estate, net	1,327,082		200,137		1,527,219
Real estate available and held for sale (2)	—		8,650		8,650
Total real estate	$	1,327,082	$	208,787	$	1,535,869

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, real estate, net included $755.5 million and $768.6 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below).

(2)As of December 31, 2020 and 2019, the Company had $5.2 million and $8.7 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810. The Company recorded a gain of $67.9 million in "Gain on consolidation of equity method investment" in the Company's consolidated statement of operations as a result of the consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9%. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company's senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% external partner's interest.

Real Estate Available and Held for Sale—The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions):(1)


	Years Ended December 31,
Property Type	2020		2019		2018
Operating Properties	$	—	$	14.5	$	23.2
Net Lease	8.9		185.9		8.1
Total	$	8.9	$	200.4	$	31.3

_______________________________________________________________________________

(1)Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. All of these properties were ultimately sold.

Acquisitions—During the year ended December 31, 2019, the Company acquired a net lease asset for $11.5 million. In addition, the Company acquired the leasehold interest in a net lease asset for $98.2 million, inclusive of closing costs, and simultaneously entered into a new 98-year ground lease with SAFE (refer to Note 8) and also acquired the leasehold interest in a net lease asset for $110.6 million and simultaneously entered into a new 99-year Ground Lease with SAFE (refer to Note 8). During the year ended December 31, 2018, the Company acquired two net lease assets for an aggregate $14.8 million.

Dispositions—The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions):


	Years Ended December 31,
	2020		2019		2018
Operating Properties(1)
Proceeds	$	5.9	$	86.1	$	327.9
Income from sales of real estate	0.2		11.9		81.0

Net Lease(2)
Proceeds	$	42.4	$	469.4	$	79.7
Income from sales of real estate	6.1		224.7		45.0

Total
Proceeds	$	48.3	$	555.5	$	407.6
Income from sales of real estate	6.3		236.6		126.0

_______________________________________________________________________________

(1)During the year ended December 31, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $73.1 million and recognized $11.9 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2018, the Company sold 10 commercial operating properties and residential condominium units from other properties and recognized $81.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations, of which $9.8 million was attributable to a noncontrolling interest at one of the properties.

(2)During the year ended December 31, 2020, proceeds includes $7.5 million of proceeds from the sale of a net lease asset for which the Company recognized an impairment of $1.7 million in connection with the sale. During the year ended December 31, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized $219.7 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations. In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage. During the year ended December 31, 2018, the Company sold five net lease assets and recognized $45.0 million of gains in "Income from sales of real estate" in the Company's consolidated statements of operations.

Impairments—During the years ended December 31, 2020, 2019 and 2018, the Company recorded aggregate impairments on real estate assets totaling $4.8 million, $5.4 million and $90.4 million, respectively. During the year ended December 31, 2020, the Company recorded an impairment of $1.7 million in connection with the sale of a net lease asset and an impairment of $3.1 million on a real estate asset held for sale. During the year ended December 31, 2019, the Company recorded an aggregate impairment of $5.4 million in connection with the sale of net lease and operating properties and residential condominium units. The impairments recorded in 2018 were primarily from the Company's decision to accelerate the monetization of certain legacy assets, including several larger assets.

Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $23.4 million, $21.2 million and $22.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.

Allowance for Doubtful Accounts—As of December 31, 2020 and 2019, the allowance for doubtful accounts related to real estate tenant receivables was $1.7 million and $1.0 million, respectively. As of December 31, 2019, the allowance for doubtful accounts related to deferred operating lease income was $1.0 million. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net," respectively, on the Company's consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2020, are as follows ($ in thousands):


Year	Net Lease Assets		Operating Properties
2021	$	131,625	$	15,948
2022	129,891		7,784
2023	121,586		7,469
2024	115,900		7,462
2025	119,357		6,809
Thereafter	1,238,073		9,712

Net Investment in Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Net Investment in Leases

In May 2019, the Company entered into a transaction with an operator of bowling entertainment venues, consisting of the purchase of nine bowling centers for $56.7 million, of which seven were acquired from the lessee for $44.1 million, and a commitment to invest up to $55.0 million in additional bowling centers over the next several years. The new centers were added to the Company's existing master leases with the tenant. In connection with this transaction, the maturities of the master leases were extended by 15 years to 2047. In the second quarter 2020, the Company entered into a transaction with the lessee whereby it would apply $10 million of the net proceeds it received from certain sales of the lessee's facilities to the lessee's upcoming rent obligations to the Company. In exchange, the Company's obligation under the lease to acquire an equal amount of new facilities for them or to reduce their rent in the future has been terminated. In the third quarter 2020, the Company granted the lessee a nine-month rent deferral on its two wholly-owned master leases in exchange for eliminating the Company's commitment to invest up to $55.0 million in additional bowling centers over the next several years. All deferred amounts are required to be repaid with interest beginning in January 2023.

As a result of the May 2019 modifications to the leases, the Company classified the leases as sales-type leases and recorded $424.1 million in "Net investment in leases" and derecognized $193.4 million from "Real estate, net" and "Real estate available and held for sale," $25.4 million from "Deferred operating lease income receivable, net," $13.4 million from "Deferred expenses and other assets, net" and $1.9 million from "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheet. As a result of the modifications in the second and third quarter 2020, the Company reassessed this classification as required by ASC 842, and concluded that the leases should continue to be classified as sales-type leases. In May 2019, the Company determined that the seven bowling centers acquired did not qualify as a sale leaseback transaction and recorded $44.1 million in "Loans receivable and other lending investments, net" on its consolidated balance sheet (refer to Note 7). The Company recognized $180.4 million in "Selling profit from sales-type leases" in its consolidated statements of operations for the year ended December 31, 2019 as a result of the transaction. For the years ended December 31, 2020 and 2019, the Company recognized $10.8 million and $17.0 million, respectively, of cash interest income and $22.8 million and $3.5 million, respectively, of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations.

The Company's net investment in leases were comprised of the following as of December 31, 2020 and December 31, 2019 ($ in thousands):


	December 31, 2020		December 31, 2019
Total undiscounted cash flows	$	1,020,921	$	1,042,019
Unguaranteed estimated residual value	345,284		340,620
Present value discount	(926,233)		(963,724)
Allowance for losses on net investment in leases	(10,871)		—
Net investment in leases(1)	$	429,101	$	418,915

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, all of the Company's net investment in leases were current in their payment status and performing in accordance with the terms of the respective leases. As of December 31, 2020, the risk rating on the Company's net investment in leases was 2.0 (refer to Note 3).

Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of December 31, 2020, are as follows by year ($ in thousands):


	Amount
2021	$	14,248
2022	30,481
2023	41,854
2024	41,584
2025	30,481
Thereafter	862,273
Total undiscounted cash flows	$	1,020,921

Allowance for Losses on Net Investment in Leases—Changes in the Company's allowance for losses on net investment in leases for the year ended December 31, 2020 were as follows ($ in thousands):


Allowance for losses on net investment in leases at beginning of period	$	—
Initial allowance recorded upon adoption of new accounting standard(1)	9,111
Provision for losses on net investment in leases(2)	1,760

Allowance for losses on net investment in leases at end of period	$	10,871

_________________________________________________________

(1)The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020 (refer to Note 3).

(2)During the year ended December 31, 2020, the Company recorded a provision for losses on net investment in leases of $1.8 million resulting primarily from the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets and the adoption of ASU 2016-13 (refer to Note 3).

Impairments—During the year ended December 31, 2019, the Company recorded an impairment of $0.9 million in connection with the sale of a net lease property.

Land and Development

12 Months Ended

Dec. 31, 2020

Land And Development [Abstract]

Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):


	As of December 31,
	2020		2019
Land and land development, at cost	$	441,201	$	590,153
Less: accumulated depreciation	(10,538)		(9,608)
Total land and development, net	$	430,663	$	580,545

Acquisitions—During the year ended December 31, 2019, the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million, which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan. This land and development asset was sold in the fourth quarter 2020.

During the year ended December 31, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction.

Dispositions—During the years ended December 31, 2020, 2019 and 2018, the Company sold land parcels and residential lots and units and recognized land development revenue of $164.7 million, $119.6 million and $409.7 million, respectively. In connection with the sale of two land parcels totaling 93 acres during the year ended December 31, 2018, the Company provided an aggregate $145.0 million of financing to the buyers, of which $58.2 million and $94.2 million was outstanding as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the

Company recognized land development cost of sales of $177.7 million, $109.7 million and $350.2 million, respectively, from its land and development portfolio. Impairments—During the year ended December 31, 2020, the Company recorded an aggregate impairment of $2.7 million on two land and development assets. During the year ended December 31, 2019, the Company recorded an aggregate impairment of $5.3 million on two land and development assets based on expected sales proceeds and an impairment of $1.1 million on a land and development asset due to a change in business strategy. During the year ended December 31, 2018, the Company recorded an aggregate impairment of $56.7 million on five land and development assets, primarily from the Company's decision to accelerate the monetization of legacy assets, including several larger assets.

Loans Receivable and Other Lending Investments, net

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Loans Receivable and Other Lending Investments, net

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):


	As of December 31,
Construction loans	2020		2019
Senior mortgages	$	449,733	$	518,992
Corporate/Partnership loans	65,100		95,394
Subtotal - gross carrying value of construction loans(1)	514,833		614,386
Loans
Senior mortgages	35,922		53,592
Corporate/Partnership loans	20,567		24,424
Subordinate mortgages	11,640		10,877
Subtotal - gross carrying value of loans	68,129		88,893
Other lending investments
Financing receivables (refer to Note 5)	46,549		44,339
Held-to-maturity debt securities	90,715		84,981
Available-for-sale debt securities	25,274		23,896
Subtotal - other lending investments	162,538		153,216
Total gross carrying value of loans receivable and other lending investments	745,500		856,495
Allowance for loan losses	(13,170)		(28,634)
Total loans receivable and other lending investments, net	$	732,330	$	827,861

_______________________________________________________________________________

(1)As of December 31, 2020, 47%, or $241.8 million, gross carrying value of construction loans had completed construction and 5%, or $24.6 million, gross carrying value of construction loans had substantially completed construction.

Allowance for Loan Losses—Changes in the Company's allowance for loan losses were as follows for the year ended December 31, 2020 ($ in thousands):


	General Allowance
		Construction Loans		Loans		Held to Maturity Debt Securities		Financing Receivables		Specific Allowance		Total
Allowance for loan losses at beginning of period		$	6,668	$	265	$	—	$	—	$	21,701	$	28,634
Adoption of new accounting standard(1)		(353)		98		20		964		—		729
Provision for loan losses(2)		226		1,280		3,073		186		4,931		9,696
Charge-offs(3)		—		—		—		—		(25,889)		(25,889)
Allowance for loan losses at end of period		$	6,541	$	1,643	$	3,093	$	1,150	$	743	$	13,170

____________________________________________________________

(1)On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $3.3 million upon the adoption of ASU 2016-13 (refer to Note 3), of which $2.5 million related to expected credit losses for unfunded loan commitments and was recorded in "Accounts payable, accrued expenses and other liabilities."

(2)During the year ended December 31, 2020, the Company recorded a provision for loan losses of $9.1 million in its consolidated statement of operations resulting from the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets, of which $1.5 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net."

(3)During the year ended December 31,2020, the Company charged-off $25.9 million from the specific allowance due to the sale of a non-performing loan. During the year ended December 31, 2019, the Company charged-off $19.2 million from the specific allowance due to the resolution of a non-performing loan and $12.0 million due to the deterioration of the collateral on a separate non-performing loan.

The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows ($ in thousands):


	Individually Evaluated for Impairment(1)		Collectively Evaluated for Impairment		Total
As of December 31, 2020
Construction loans(2)	$	53,305	$	461,528	$	514,833
Loans(2)	—		68,129		68,129
Financing receivables	—		46,549		46,549
Held-to-maturity debt securities	—		90,715		90,715
Available-for-sale debt securities(3)	—		25,274		25,274
Less: Allowance for loan losses	(743)		(12,427)		(13,170)
Total	$	52,562	$	679,768	$	732,330
As of December 31, 2019
Construction loans(2)	$	—	$	614,386	$	614,386
Loans(2)	37,820		51,073		88,893
Financing receivables	—		44,339		44,339
Held-to-maturity debt securities	—		84,981		84,981
Available-for-sale debt securities	—		23,896		23,896
Less: Allowance for loan losses	(21,701)		(6,933)		(28,634)
Total	$	16,119	$	811,742	$	827,861

_______________________________________________________________________________

(1)The carrying value of these loans includes an unamortized net discount of $0.8 million and $0.1 million as of December 31, 2020 and 2019, respectively. The Company's loans individually evaluated for impairment represents loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income.

(2)The carrying value of these loans includes an unamortized net discount of $2.3 million and $0.7 million as of December 31, 2020 and 2019, respectively.

(3)Available-for-sale debt securities are evaluated for impairment under ASC 326-30.

Credit Characteristics—As part of the Company's process for monitoring the credit quality of its loans, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its performing loans. Risk ratings, which range from 1 (lower risk) to 5 (higher risk), are based on judgments which are inherently uncertain and there can be no assurance that actual performance will be similar to current expectation.

The Company's amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2020 ($ in thousands):


	Year of Origination
	2020		2019		2018		2017		2016		Prior to 2016		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		58,070		—		—		—		58,070
3.0	20,115		—		109,121		145,585		42,502		3,925		321,248
3.5	—		—		—		—		—		—		—
4.0	—		—		53,033		—		—		—		53,033
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal(1)	$	20,115	$	—	$	220,224	$	145,585	$	42,502	$	3,925	$	432,351

Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		22,155		—		—		—		22,155
3.5	—		—		—		—		—		—		—
4.0	—		—		20,567		—		42,945		—		63,512
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	42,722	$	—	$	42,945	$	—	$	85,667

Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		11,640		11,640
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	11,640	$	11,640



Financing receivables
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		46,549		—		—		—		—		46,549
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		—		—
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	46,549	$	—	$	—	$	—	$	—	$	46,549
Total	$	20,115	$	46,549	$	262,946	$	145,585	$	85,447	$	15,565	$	576,207

____________________________________________________________

(1)As of December 31, 2020, excludes $53.3 million for one loan on non-accrual status.

The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):


As of December 31, 2020	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	443,154	$	42,501	$	—	$	42,501	$	485,655
Corporate/Partnership loans	42,721		42,946		—		42,946		85,667
Subordinate mortgages	11,640		—		—		—		11,640
Total	$	497,515	$	85,447	$	—	$	85,447	$	582,962
As of December 31, 2019
Senior mortgages	$	534,765	$	—	$	37,820	$	37,820	$	572,585
Corporate/Partnership loans	119,818		—		—		—		119,818
Subordinate mortgages	10,877		—		—		—		10,877
Total	$	665,460	$	—	$	37,820	$	37,820	$	703,280

Impaired Loans—In the fourth quarter 2020, the Company sold a non-performing loan with a carrying value of $15.2 million and received proceeds of $11.0 million. In addition, the Company recorded a $4.2 million loan loss provision and simultaneously charged-off of the remaining unpaid balance.

In the second quarter 2018, the Company resolved a non-performing loan with a carrying value of $145.8 million. The Company received a $45.8 million cash payment and a preferred equity investment with a face value of $100.0 million that is mandatorily redeemable in five years. The Company recorded the preferred equity at its fair value of $77.0 million and are accruing interest over the expected duration of the investment. In addition, the Company recorded a $21.4 million loan loss provision and simultaneously charged-off of the remaining unpaid balance.

The Company's impaired loans, presented by class, were as follows ($ in thousands):


	As of December 31, 2020						As of December 31, 2019
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance



With an allowance recorded:
Senior mortgages(1)	$	53,305	$	52,552	$	(743)	$	37,820	$	37,923	$	(21,701)






Total	$	53,305	$	52,552	$	(743)	$	37,820	$	37,923	$	(21,701)

_______________________________________________________________________________

(1)The Company has one non-accrual loan as of December 31, 2020 and one non-accrual loan as of December 31, 2019 that are considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the years ended December 31, 2020, 2019 and 2018.

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands):


	Years Ended December 31,
	2020				2019				2018
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:

Subordinate mortgages	$	—	$	—	$	—	$	—	$	—	$	301

Subtotal	—		—		—		—		—		301
With an allowance recorded:
Senior mortgages	50,205		2,145		38,556		—		67,041		—
Corporate/Partnership loans	—		—		—		—		39,169		—

Subtotal	50,205		2,145		38,556		—		106,210		—
Total:
Senior mortgages	50,205		2,145		38,556		—		67,041		—
Corporate/Partnership loans	—		—		—		—		39,169		—
Subordinate mortgages	—		—		—		—		—		301
Total	$	50,205	$	2,145	$	38,556	$	—	$	106,210	$	301

Other lending investments—Other lending investments includes the following securities ($ in thousands):


	Face Value		Amortized Cost Basis		Net Unrealized Gain		Estimated Fair Value		Net Carrying Value
As of December 31, 2020
Available-for-Sale Securities
Municipal debt securities	$	20,680	$	20,680	$	4,594	$	25,274	$	25,274
Held-to-Maturity Securities
Debt securities	100,000		90,715		—		90,715		90,715
Total	$	120,680	$	111,395	$	4,594	$	115,989	$	115,989
As of December 31, 2019
Available-for-Sale Securities
Municipal debt securities	$	21,140	$	21,140	$	2,756	$	23,896	$	23,896
Held-to-Maturity Securities
Debt securities	100,000		84,981		—		84,981		84,981
Total	$	121,140	$	106,121	$	2,756	$	108,877	$	108,877

As of December 31, 2020, the contractual maturities of the Company's securities were as follows ($ in thousands):


	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	90,715		90,715		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		20,680		25,274
Total	$	90,715	$	90,715	$	20,680	$	25,274

Other Investments

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Other Investments

The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):


	Carrying Value				Equity in Earnings (Losses)(1)
	As of December 31,				For the Years Ended December 31,
	2020		2019		2020		2019		2018
Real estate equity investments
Safehold Inc. ("SAFE")(2)	$	937,712	$	729,357	$	53,476	$	29,764	$	4,711
iStar Net Lease II LLC ("Net Lease Venture II")	78,998		30,712		2,654		(529)		(333)
iStar Net Lease I LLC ("Net Lease Venture")(3)	—		—		—		—		4,100
Other real estate equity investments(4)	89,939		104,553		(12,929)		12,620		(4,112)
Subtotal	1,106,649		864,622		43,201		41,855		4,366
Other strategic investments(5)	69,911		43,253		(1,075)		(6)		(9,373)
Total	$	1,176,560	$	907,875	$	42,126	$	41,849	$	(5,007)

_______________________________________________________________________________

(1)For the years ended December 31, 2020, 2019 and 2018, earnings (losses) from equity method investments is net of the Company's pro rata share of $19.5 million, $14.4 million and $16.9 million, respectively, of depreciation expense and $59.3 million, $32.9 million and $18.1 million, respectively, of interest expense.

(2)As of December 31, 2020, the Company owned 34.8 million shares of SAFE common stock which, based on the closing price of $72.49 on December 31, 2020, had a market value of $2.5 billion. For the year ended December 31, 2020, equity in earnings includes $14.4 million of dilution gains resulting from the dilution of our ownership in SAFE in connection with equity offerings at SAFE in 2020. For the year ended December 31, 2019, equity in earnings includes dilution gains of $7.6 million.

(3)The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Note 4).

(4)During the year ended December 31, 2019, equity in earnings (losses) includes $19.3 million of income resulting primarily from the sale of properties at two of the Company's equity method investments. During the year ended December 31, 2018, the Company recorded a $6.1 million impairment on a land and development equity method investment due to a change in business strategy.

(5)During the year ended December 31, 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains of $23.9 million in "Other income" in the Company's consolidated statements of operations. For the year ended December 31, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions.

Safehold Inc.—SAFE is a publicly-traded company formed by the Company primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases").

On January 2, 2019, the Company purchased 12.5 million newly designated limited partnership units (the "Investor Units") in SAFE's operating partnership ("SAFE OP"), at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million. The purpose of the investment was to allow SAFE to fund additional Ground Lease acquisitions and originations. Each Investor Unit received distributions equivalent to distributions declared and paid on one share of SAFE's common stock. The Investor Units had no voting rights. They had limited protective consent rights over certain matters such as amendments to the terms of the Investor Units that would adversely affect the Investor Units. In May 2019, after the approval of SAFE's stockholders, the Investor Units were exchanged for shares of SAFE's common stock on a one-for-one basis. Following the exchange, the Investor Units were retired.

In connection with the Company's purchase of the Investor Units, it entered into a Stockholder's Agreement with SAFE on January 2, 2019. The Stockholder's Agreement:

•limits the Company's discretionary voting power to 41.9% of the outstanding voting power of SAFE's common stock until its aggregate ownership of SAFE common stock is less than 41.9%;

•requires the Company to cast all of its voting power in favor of three director nominees to SAFE's board who are independent of each of the Company and SAFE for three years;

•subjects the Company to certain standstill provisions for two years;

•restricts the Company's ability to transfer shares of SAFE common stock issued in exchange for Investor Units, or "Exchange Shares," for one year after their issuance;

•prohibits the Company from transferring shares of SAFE common stock representing more than 20% of the outstanding SAFE common stock in one transaction or a series of related transactions to any person or group, other than pursuant to a widely distributed public offering, unless SAFE's other stockholders have participation rights in the transaction; and

•provides the Company certain preemptive rights.

A wholly-owned subsidiary of the Company is the external manager of SAFE and is entitled to a management fee. In addition, the Company is also the external manager of a venture in which SAFE is a member. Following are the key terms of the management agreement with SAFE:

•The Company received no management fee through June 30, 2018, which covered the first year of the management agreement;

•The Company receives a fee equal to 1.0% of total SAFE equity (as defined in the management agreement) up to $1.5 billion; 1.25% of total SAFE equity (for incremental equity of $1.5 billion - $3.0 billion); 1.375% of total SAFE equity (for incremental equity of $3.0 billion - $5.0 billion); and 1.5% of total SAFE equity (for incremental equity over $5.0 billion);

•Fee to be paid in cash or in shares of SAFE common stock, at the discretion of SAFE's independent directors;

•The stock is locked up for two years, subject to certain restrictions;

•There is no additional performance or incentive fee;

•The management agreement is non-terminable by SAFE through June 30, 2023 except for cause; and

•Automatic annual renewals thereafter, subject to non-renewal upon certain findings by SAFE's independent directors and payment of termination fee equal to three times the prior year's management fee.

In November 2020, the Company acquired 1.1 million shares of SAFE's common stock in a private placement for $65.0 million. In March 2020, the Company acquired 1.7 million shares of SAFE's common stock in a private placement for $80.0 million. In November 2019, the Company acquired 3.8 million shares of SAFE's common stock in a private placement for $130.0 million. In August 2019, the Company acquired 6.0 million shares of SAFE's common stock in a private placement for $168.0 million. As of December 31, 2020, the Company owned approximately 65.4% of SAFE's common stock outstanding.

During the years ended December 31, 2020 and 2019, the Company recorded $12.7 million and $7.5 million, respectively, of management fees and during the six months ended December 31, 2018, the Company recorded $1.8 million of management fees pursuant to its management agreement with SAFE. During the six months ended June 30, 2018, the Company waived $1.8 million of management fees pursuant to its management agreement with SAFE.

The Company is also entitled to receive certain expense reimbursements, including for the allocable costs of its personnel that perform certain legal, accounting, due diligence tasks and other services that third-party professionals or outside consultants otherwise would perform. The Company has waived or elected not to charge in full certain of the expense reimbursements while SAFE is growing its portfolio. For the years ended December 31, 2020 and 2019, the Company was reimbursed $5.0 million and $2.1 million, respectively, of expense reimbursements and for the six months ended December 31, 2018, the Company was reimbursed $0.7 million of expense reimbursements. Pursuant to the terms of the management agreement with SAFE, the Company waived all expense reimbursements for the first year after the closing of SAFE's initial public offering, through June 30, 2018. The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a

Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity.

Following is a list of investments that the Company has transacted with SAFE, all of which were approved by the Company's and SAFE's independent directors, for the periods presented:

In August 2017, the Company committed to provide a $24.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the renovation of a medical office building. The Company funded $18.4 million of the loan, which was fully repaid in August 2019. During the years ended December 31, 2019 and 2018, the Company recorded $1.2 million and $1.4 million, respectively, of interest income on the loan.

In October 2017, the Company closed on a 99-year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of a to-be-built luxury multi-family project. The transaction includes a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded as of December 31, 2020; and (ii) a $80.5 million leasehold first mortgage. As of December 31, 2020, $61.8 million of the leasehold first mortgage was funded. During the years ended December 31, 2020, 2019 and 2018, the Company recorded $3.4 million, $1.2 million and $0.2 million, respectively, of interest income on the loan. The Company sold the Ground Lease to SAFE in September 2020 for $34.0 million and recognized a gain of $6.1 million in "Income from sales of real estate" in connection with the sale.

In May 2018, the Company provided a $19.9 million leasehold mortgage loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the acquisition of two multi-tenant office buildings. The loan was repaid in full in November 2019 and during the years ended December 31, 2019 and 2018, the Company recorded $1.9 million and $1.4 million, respectively, of interest income on the loan.

In June 2018, the Company sold two industrial facilities to a third-party and simultaneously structured and entered into two Ground Leases. The Company then sold the two Ground Leases to SAFE. Net proceeds from the transactions totaled $36.1 million and the Company recognized a $24.5 million gain on sale.

In January 2019, the Company committed to provide a $13.3 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the conversion of an office building into a multi-family property. During the years ended December 31, 2020 and 2019, the Company recorded $1.0 million and $1.0 million, respectively, of interest income on the loan. The loan was repaid in the fourth quarter 2020.

In February 2019, the Company acquired the leasehold interest in an office property and simultaneously entered into a new 98-year Ground Lease with SAFE (refer to Note 4).

In August 2019, the Company acquired the leasehold interest in a net lease asset and simultaneously entered into a new 99-year Ground Lease with SAFE (refer to Note 4).

In October 2019, SAFE acquired land and SAFE's Ground Lease tenant acquired the leasehold from a venture in which the Company has a 50% ownership interest. In addition, the Company provided a $22.0 million loan to SAFE's Ground Lease tenant for the acquisition of the leasehold. The Company sold the loan at par to a third-party in November 2019.

In June 2020, Net Lease Venture II (see below) acquired the leasehold interest in an office laboratory property in Honolulu, HI and simultaneously entered into a 99 year Ground Lease with SAFE.

In October 2020, the Company provided a $22.5 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the Ground Lease tenant's recapitalization of an existing multi-family property. The Company received $2.3 million of consideration from SAFE in connection with this transaction. During the year ended December 31, 2020, the Company recorded $0.3 million of interest income on the loan.

Net Lease Venture II—In July 2018, the Company entered into a new venture ("Net Lease Venture II") with an investment strategy similar to the Net Lease Venture. The Net Lease Venture II has a right of first offer on all new net lease investments (excluding Ground Leases) originated by the Company. Net Lease Venture II's investment period ends in June 2021. Net Lease Venture II is a voting interest entity and the Company has an equity interest in the venture of approximately

51.9%. The Company does not have a controlling interest in Net Lease Venture II due to the substantive participating rights of its partner. The Company accounts for its investment in Net Lease Venture II as an equity method investment and is responsible for managing the venture in exchange for a management fee and incentive fee. During the years ended December 31, 2020, 2019 and 2018, the Company recorded $1.5 million, $1.5 million and $0.4 million, respectively, of management fees from Net Lease Venture II.

In December 2019, Net Lease Venture II closed on a commitment to provide up to $150.0 million in net lease financing for the construction of three industrial centers and entered into a 25 year master lease with the tenant. As of December 31, 2020, Net Lease Venture II had funded $85.9 million of its commitment.

In December 2019, Net Lease Venture II closed on the acquisition of two grocery distribution centers for $81.8 million, inclusive of assumed debt. The properties are 100% leased with two separate coterminous leveraged leases that expire in February 2026.

In December 2018, Net Lease Venture II acquired four buildings (the "Properties"). Net Lease Venture II acquired the Properties for $31.2 million which are 100% leased with four separate leases that expire in December 2028.

Other real estate equity investments—As of December 31, 2020, the Company's other real estate equity investments include equity interests in real estate ventures ranging from 31% to 95%, comprised of investments of $58.7 million in operating properties and $31.2 million in land assets. As of December 31, 2019, the Company's other real estate equity investments included $61.7 million in operating properties and $42.9 million in land assets. In December 2019, the Company sold a partial interest in one of its other real estate equity investments to a related party for $0.5 million and recorded no gain or loss on the transaction.

In August 2018, the Company provided a mezzanine loan with a principal balance of $33.0 million as of December 31, 2020 and 2019, to an unconsolidated entity in which the Company owns a 50% equity interest. The loan matures in August 2021. The loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the years ended December 31, 2020, 2019 and 2018, the Company recorded $2.4 million, $2.8 million and $1.1 million, respectively, of interest income on the mezzanine loan.

In December 2016, the Company sold a land and development asset to a newly formed unconsolidated entity in which the Company owned a 50.0% equity interest. The Company provided financing to the entity in the form of a $27.0 million senior loan. In April 2019, the Company acquired the land and development asset from the entity for $34.3 million, which consisted of a $7.3 million cash payment and the assumption of the $27.0 million senior loan. During the years ended December 31, 2019 and 2018, the Company recorded $0.6 million and $2.1 million, respectively, of interest income on the senior loan. This asset was sold in the fourth quarter 2020.

Other strategic investments—As of December 31, 2020 and 2019, the Company also had investments in real estate related funds and other strategic investments in real estate entities.

Summarized investee financial information—The following table presents the investee level summarized financial information of the Company's equity method investments ($ in thousands):


	As of December 31,					For the Years Ended December 31,
	2020		2019			2020		2019		2018
Balance Sheets					Income Statements
Total assets	$	4,522,147	$	3,653,763	Revenues	$	149,928	$	214,123	$	262,970
Total liabilities	2,437,621		1,918,034		Expenses	(203,689)		(181,456)		(187,257)
Noncontrolling interests	2,124		1,486		Net income attributable to parent entities	(53,955)		32,474		75,056
Total equity attributable to parent entities	2,082,402		1,734,243

During the year ended December 31, 2020, SAFE represented a significant subsidiary of the Company. For detailed financial information regarding SAFE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol "SAFE."

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of December 31,
	2020		2019
Intangible assets, net(1)	$	156,041	$	174,973
Finance lease right-of-use assets(2)	143,727		145,209
Operating lease right-of-use assets(2)	48,891		34,063
Other receivables	10,881		16,846
Restricted cash	51,933		45,034
Other assets(3)	19,453		17,534
Leasing costs, net(4)	2,340		3,793
Corporate furniture, fixtures and equipment, net(5)	2,024		2,736
Deferred financing fees, net	1,549		2,300
Deferred expenses and other assets, net	$	436,839	$	442,488

_______________________________________________________________________________

(1)Intangible assets, net includes above market and in-place lease assets and lease incentives related to the acquisition of real estate assets. Accumulated amortization on intangible assets, net was $44.4 million and $33.4 million as of December 31, 2020 and 2019, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $1.4 million, $1.7 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. These intangible lease assets are amortized over the term of the lease. The amortization expense for in-place leases was $10.5 million, $9.6 million and $7.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of December 31, 2020, the weighted average remaining amortization period for the Company's intangible assets was approximately 16.7 years.

(2)Right-of-use lease assets relate primarily to the Company's leases of office space and certain of its ground leases. Right-of use lease assets initially equal the lease liability. The lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company's incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company's weighted average incremental secured borrowing rate for similar collateral estimated to be 5.1% and the weighted average remaining lease term is 8.2 years. For finance leases, lease liabilities were discounted at a weighted average rate implicit in the lease of 5.5% and the weighted average remaining lease term is 97.0 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the years ended December 31, 2020 and 2019, the Company recognized $8.2 million and $5.1 million, respectively, in "Interest expense" and $1.5 million and $0.9 million, respectively, in "Depreciation and amortization" in its consolidated statement of operations relating to finance leases. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease and is recorded in "General and administrative" and "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). During the years ended December 31, 2020 and 2019, the Company recognized $4.7 million and $3.6 million, respectively, in "General and administrative" and $3.5 million and $3.3 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases.

(3)Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets.

(4)Accumulated amortization of leasing costs was $2.6 million and $3.3 million as of December 31, 2020 and 2019, respectively.

(5)Accumulated depreciation on corporate furniture, fixtures and equipment was $14.3 million and $13.1 million as of December 31, 2020 and 2019, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of December 31,
	2020		2019

Other liabilities(1)	$	91,513	$	81,709
Finance lease liabilities (see table above)	150,520		147,749
Operating lease liabilities (see table above)	50,072		34,182
Accrued expenses	94,724		83,778
Accrued interest payable	32,355		25,733
Intangible liabilities, net(2)	48,738		51,223
Accounts payable, accrued expenses and other liabilities	$	467,922	$	424,374

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, "Other liabilities" includes $36.9 million and $27.5 million, respectively, of deferred income. As of December 31, 2020 and 2019, other liabilities includes $19.0 million and $8.7 million, respectively, of derivative liabilities. As of December 31, 2020, other liabilities includes $1.0 million of expected credit losses for unfunded loan commitments.

(2)Intangible liabilities, net includes below market lease liabilities related to the acquisition of real estate assets. Accumulated amortization on below market lease liabilities was $7.5 million and $5.0 million as of December 31, 2020 and 2019, respectively. The amortization of below market lease liabilities increased operating lease income in the Company's consolidated statements of operations by $2.5 million, $2.3 million and $3.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, the weighted average amortization period for the Company's intangible liabilities was approximately 17.5 years.

Intangible assets—The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):


Year	Amount
2021	$	11,725
2022	11,724
2023	11,570
2024	11,452
2025	11,144

Loan Participations Payable, net

12 Months Ended

Dec. 31, 2020

Transfers and Servicing [Abstract]

Loan Participations Payable, net

The Company's loan participations payable, net were as follows ($ in thousands):


	Carrying Value as of
	December 31, 2020		December 31, 2019
Loan participations payable(1)	$	42,501	$	35,656
Debt discounts and deferred financing costs, net	—		(18)
Total loan participations payable, net	$	42,501	$	35,638

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, the Company had one loan participation payable with an interest rate of 6.0% and 6.3%, respectively.

Loan participations represent transfers of financial assets that did not meet the sales criteria established under ASC Topic 860 and are accounted for as loan participations payable, net as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the corresponding loan receivable balances were $42.5 million and $35.6 million, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
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-Section 50
-Paragraph 3
-Subparagraph (cc)
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4D
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Commitments and Contingencies Disclosure [Abstract]

Debt Obligations, net

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt Obligations, net

The Company's debt obligations were as follows ($ in thousands):


	Carrying Value as of December 31,				Stated Interest Rates		Scheduled Maturity Date
	2020		2019
Secured credit facilities and mortgages:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00%	(1)	September 2022
Senior Term Loan	491,875		491,875		LIBOR + 2.75%	(2)	June 2023
Mortgages collateralized by net lease assets(3)	721,075		721,118		1.69% - 7.26%	(3)

Total secured credit facilities and mortgages(4)	1,212,950		1,212,993
Unsecured notes:
6.00% senior notes(5)	—		110,545		6.00%		—
5.25% senior notes(6)	—		400,000		5.25%		—
3.125% senior convertible notes(7)	287,500		287,500		3.125%		September 2022
4.75% senior notes(8)	775,000		775,000		4.75%		October 2024
4.25% senior notes(9)	550,000		550,000		4.25%		August 2025
5.50% senior notes(10)	400,000		—		5.50%		February 2026
Total unsecured notes	2,012,500		2,123,045
Other debt obligations:
Trust preferred securities	100,000		100,000		LIBOR + 1.50%		October 2035
Total debt obligations	3,325,450		3,436,038
Debt discounts and deferred financing costs, net	(38,475)		(48,958)
Total debt obligations, net(11)	$	3,286,975	$	3,387,080

_______________________________________________________________________________

(1)The Revolving Credit Facility bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023.

(2)The Senior Term Loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.00% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(3)In June 2019, the buyer of a portfolio of net lease assets assumed a $228.0 million non-recourse mortgage (refer to Note 4). As of December 31, 2020, the weighted average interest rate of these loans is 4.4% inclusive of the effect of interest rate swaps.

(4)As of December 31, 2020, $2.1 billion net carrying value of assets served as collateral for the Company's secured debt obligations.

(5)The Company repaid these senior notes in January 2020.

(6)The Company repaid these senior notes in September 2020.

(7)The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of December 31, 2020 was 70.25 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.23 per share. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance in September 2017, the Company valued the liability component at $221.8 million, net of fees, and the equity component of the conversion feature at $22.5 million, net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million, net of fees, and the equity component of the conversion feature at $3.4 million, net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of December 31, 2020, the carrying value of the 3.125% Convertible Notes was $275.1 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $10.2 million, net of fees. As of December 31, 2019, the carrying value of the 3.125% Convertible Notes was $268.7 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $15.5 million, net of fees. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $9.0 million, $9.0 million, $9.0 million, respectively, of contractual interest and $5.2 million, $5.0 million and $4.7 million, respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate for 2020, 2019 and 2018 was 5.2%.

(8)The Company can prepay these senior notes without penalty beginning July 1, 2024.

(9)The Company can prepay these senior notes without penalty beginning May 1, 2025.

(10)The Company can prepay these senior notes without penalty beginning August 15, 2024.

(11)The Company capitalized interest relating to development activities of $1.9 million, $7.5 million and $11.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Future Scheduled Maturities—As of December 31, 2020, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2021	$	—	$	156,144	$	156,144
2022	287,500		46,787		334,287
2023	—		491,875		491,875
2024	775,000		—		775,000
2025	550,000		272,843		822,843
Thereafter	500,000		245,301		745,301
Total principal maturities	2,112,500		1,212,950		3,325,450
Unamortized discounts and deferred financing costs, net	(32,465)		(6,010)		(38,475)
Total debt obligations, net	$	2,080,035	$	1,206,940	$	3,286,975

Senior Term Loan—In June 2018, the Company amended its senior secured term loan (the "Senior Term Loan") to increase the amount of the loan to $650.0 million, reduce the interest rate to LIBOR plus 2.75% and extend its maturity to June 2023. The Senior Term Loan is secured by pledges of equity of certain subsidiaries that own a defined pool of assets. The Senior Term Loan permits substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of the facility. The Company may make optional prepayments, subject to prepayment fees.

During the year ended December 31, 2018, repayments of the Senior Term Loan prior to modification and expenses incurred for the modification resulted in losses on early extinguishment of debt of $2.5 million.

Revolving Credit Facility—In September 2019, the Company amended its secured revolving credit facility (the "Revolving Credit Facility") to increase the maximum capacity to $350.0 million, extend the maturity date to September 2022 and make certain other changes. Outstanding borrowings under the Revolving Credit Facility are secured by pledges of the equity interests in the Company's subsidiaries that own a defined pool of assets. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company's corporate credit rating, ranging from 1.0% to 1.5% in the case of base rate loans and from 2.0% to 2.5% in the case of LIBOR loans. In addition, there is an undrawn credit facility commitment fee that ranges from 0.25% to 0.45%, based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. As of December 31, 2020, based on the Company's borrowing base of assets, the Company had the ability to draw $350.0 million without pledging any additional assets to the facility.

Unsecured Notes—In September 2019, the Company issued $675.0 million principal amount of 4.75% senior unsecured notes due October 2024. Proceeds from the offering, together with cash on hand, were used to repay in full the $400.0 million principal amount outstanding of the 4.625% senior unsecured notes due September 2020 and the $275.0 million principal amount outstanding of the 6.50% senior unsecured notes due July 2021. In November 2019, the Company issued an additional $100.0 million principal amount of 4.75% senior unsecured notes due October 2024 at 102% of par, representing a yield to maturity of 4.29%.

In December 2019, the Company issued $550.0 million principal amount of 4.25% senior unsecured notes due August 2025. Proceeds from the offering were used to redeem the $375.0 million principal amount outstanding ($110.5 million was redeemed in January 2020) of the 6.00% senior unsecured notes due April 2022, repay a portion of the borrowings outstanding under the Senior Term Loan and pay related premiums and expenses in connection with the transaction.

In August 2020, the Company issued $400.0 million principal amount of 5.50% senior unsecured notes due February 2026. Proceeds from the offering, together with cash on hand, were used to repay in full the $400.0 million principal amount outstanding of the 5.25% senior unsecured notes due September 2022.

During the years ended December 31, 2020, 2019 and 2018, repayments of senior unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $12.0 million, $26.6 million and $1.2 million, respectively. These amounts are included in "Loss on early extinguishment of debt, net" in the Company's consolidated statements of operations.

Debt Covenants

The Company's outstanding unsecured debt securities contain corporate level covenants that include a covenant to maintain a ratio of unencumbered assets to unsecured indebtedness, as such terms are defined in the indentures governing the debt securities, of at least 1.2x and a covenant restricting certain incurrences of debt based on a fixed charge coverage ratio. If any of the Company's covenants are breached and not cured within applicable cure periods, the breach could result in acceleration of its debt securities unless a waiver or modification is agreed upon with the requisite percentage of the bondholders.

The Company's Senior Term Loan and the Revolving Credit Facility contain certain covenants, including covenants relating to collateral coverage, restrictions on fundamental changes, transactions with affiliates, matters relating to the liens granted to the lenders and the delivery of information to the lenders. In particular, the Senior Term Loan requires the Company to maintain collateral coverage of at least 1.25x outstanding borrowings on the facility. The Revolving Credit Facility is secured by a borrowing base of assets and requires the Company to maintain both borrowing base asset value of at least 1.5x outstanding borrowings on the facility and a consolidated ratio of cash flow to fixed charges of at least 1.5x. The Revolving Credit Facility does not require that proceeds from the borrowing base be used to pay down outstanding borrowings provided the borrowing base asset value remains at least 1.5x outstanding borrowings on the facility. To satisfy this covenant, the Company has the option to pay down outstanding borrowings or substitute assets in the borrowing base. Under both the Senior Term Loan and the Revolving Credit Facility the Company is permitted to pay dividends provided that no material default (as defined in the relevant agreement) has occurred and is continuing or would result therefrom and the Company remains in compliance with its financial covenants after giving effect to the dividend.

The Company's Senior Term Loan and the Revolving Credit Facility contain cross default provisions that would allow the lenders to declare an event of default and accelerate the Company's indebtedness to them if the Company fails to pay amounts due in respect of its other recourse indebtedness in excess of specified thresholds or if the lenders under such other indebtedness are otherwise permitted to accelerate such indebtedness for any reason. The indentures governing the Company's unsecured public debt securities permit the bondholders to declare an event of default and accelerate the Company's indebtedness to them if the Company's other recourse indebtedness in excess of specified thresholds is not paid at final maturity or if such indebtedness is accelerated.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Unfunded Commitments—The Company generally funds construction and development loans and build-outs of space in real estate assets over a period of time if and when the borrowers and tenants meet established milestones and other performance criteria. The Company refers to these arrangements as Performance-Based Commitments. In addition, the Company has committed to invest capital in several real estate funds and other ventures. These arrangements are referred to as Strategic Investments.

As of December 31, 2020, the maximum amount of fundings the Company may be required to make under each category, assuming all performance hurdles and milestones are met under the Performance-Based Commitments and that 100% of its capital committed to Strategic Investments is drawn down, are as follows ($ in thousands):


	Loans and Other Lending Investments(1)		Real Estate		Other Investments		Total
Performance-Based Commitments	$	63,419	$	2,213	$	25,959	$	91,591
Strategic Investments	—		—		12,810		12,810

Total	$	63,419	$	2,213	$	38,769	$	104,401

___________________________________________________________________________

(1)Excludes $7.5 million of commitments on loan participations sold that are not the obligation of the Company.

Other Commitments—Total operating lease expense for the years ended December 31, 2020, 2019 and 2018 was $5.4 million, $4.4 million and $5.0 million, respectively. Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

_______________________________________________________________________________

(1)During the years ended December 31, 2020 and 2019, the Company made payments of $4.3 million and $4.1 million, respectively, related to its operating leases and $5.4 million and $3.3 million, respectively, related to its finance leases (refer to Note 4). As of December 31, 2020, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.6 years and the weighted average discount rate was 5.0%. As of December 31, 2020, the weighted average lease term for the Company's finance leases was 97 years and the weighted average discount rate was 5.5%.

(2)The Company is obligated to pay ground rent under certain operating leases; however, the Company's tenants at the properties pay this expense directly under the terms of various subleases and these amounts are excluded from lease obligations. The amount shown above is the net present value of the payments to be made by the Company's tenants on its behalf.

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

_______________________________________________________________________________

(1)As of December 31, 2019, the weighted average lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 4.2 years and the weighted average discount rate was 5.6%. As of December 31, 2019, the weighted average lease term for the Company's finance leases was 93 years and the weighted average discount rate was 5.4%.

Legal Proceedings—The Company and/or one or more of its subsidiaries is party to various pending litigation matters that are considered ordinary routine litigation incidental to the Company's business as a finance and investment company focused on the commercial real estate industry, including foreclosure-related proceedings. The Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

Risk management

In the normal course of its on-going business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different points in time and potentially at different bases, than its interest-earning assets. Credit risk is the risk of default on the Company's lending investments or leases that result from a borrower's or tenant's inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of loans and other lending investments due to changes in interest rates or other market factors, including the rate of prepayments of principal and the value of the collateral underlying loans, the valuation of real estate assets by the Company as well as changes in foreign currency exchange rates.

Risk concentrations—Concentrations of credit risks arise when a number of borrowers or tenants related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions.

Substantially all of the Company's real estate, net investment in leases and assets collateralizing its loans receivable are located in the United States. As of December 31, 2020, the Company's portfolio contains concentrations in the following property types: office, entertainment/leisure, Ground Leases, industrial, land and development, multifamily, hotel, condominium, retail and other property types.

The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company's loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company. During the year ended December 31, 2020, the Company's five largest borrowers or tenants collectively accounted for approximately 21.4% of the Company's revenues, of which the largest customer, from the Company's net lease segment, accounted for 11.6%.

Derivatives

The Company's use of derivative financial instruments has historically been limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company's operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company's exposure to interest rate movements and other identified risks.

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2019 ($ in thousands)(1):


	Derivative Assets			Derivative Liabilities

As of December 31, 2020	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Deferred expenses and other assets, net	$	—	Accounts payable, accrued expenses and other liabilities	$	18,926
Total		$	—		$	18,926

As of December 31, 2019
Derivatives Designated in Hedging Relationships
Interest rate swaps	Deferred expenses and other assets, net	$	114	Accounts payable, accrued expenses and other liabilities	$	8,680
Total		$	114		$	8,680

____________________________________________________________________________

(1)Over the next 12 months, the Company expects that $10.3 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense.

The tables below present the effect of the Company's derivative financial instruments, including the Company's share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):


Derivatives Designated in Hedging Relationships	Location of Gain (Loss) When Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
For the Year Ended December 31, 2020
Interest rate swaps(1)	Interest expense	$	(14,931)	$	(6,974)
Interest rate swaps	Earnings from equity method investments	(13,359)		(1,101)
For the Year Ended December 31, 2019
Interest rate swaps(1)	Interest expense	(21,165)		(1,861)
Interest rate swaps	Earnings from equity method investments	(21,417)		(184)
For the Year Ended December 31, 2018
Interest rate swaps(1)	Interest expense	(12,963)		(388)
Interest rate swaps	Earnings from equity method investments	(1,736)		20

______________________________________________________________

(1)For the years ended December 31, 2020, 2019 and 2018, $4.4 million, $4.3 million, and $1.9 million, respectively, of the loss recognized in accumulated other comprehensive income was attributable to a noncontrolling interest.

Interest Rate Hedges—For derivatives designated and qualifying as cash flow hedges, the changes in the fair value of the derivatives are reported in Accumulated Other Comprehensive Income (Loss). For derivatives not designated as cash flow hedges, the changes in the fair value of the derivatives are reported in the Company's consolidated statements of operations within "Other Expense."

Credit Risk-Related Contingent Features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its

indebtedness, then the Company could also be declared in default on its derivative obligations. The Company did not post any collateral related to its derivatives as of December 31, 2020.

Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

Preferred Stock—In December 2019, the Company issued an aggregate 16.5 million shares of its common stock upon conversion its outstanding Series J Preferred Stock at a conversion rate of 4.125 shares of common stock per each share of Series J Preferred Stock. The total carrying value of the Series J Preferred Stock prior to redemption was $193.5 million, net of discounts and fees, and was recorded in "Additional paid-in-capital" and "Convertible Preferred Stock Series J, liquidation preference $50.00 per share" on the Company's consolidated balance sheet.

The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of December 31, 2020 and 2019:


				Cumulative Preferential Cash Dividends(1)(2)						Carrying Value (in thousands)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference(3)		Rate per Annum		Annual Dividend Rate (per share)		December 31, 2020		December 31, 2019
D	4,000	$	0.001	$	25.00	8.00	%	$	2.00	$	89,041	$	89,041
G	3,200	0.001		25.00		7.65	%	1.91		72,664		72,664
I	5,000	0.001		25.00		7.50	%	1.88		120,785		120,785
Total	12,200									$	282,490	$	282,490

_______________________________________________________________________________

(1)Holders of shares of the Series D, G and I preferred stock are entitled to receive dividends, when and as declared by the Company's Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Company's Board of Directors for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.

(2)The Company declared and paid dividends of $8.0 million, $6.1 million and $9.4 million on its Series D, G and I Cumulative Redeemable Preferred Stock during the years ended December 31, 2020 and 2019, respectively. The Company declared and paid dividends of $9.0 million on its Series J Convertible Perpetual Preferred Stock during the year ended December 31, 2019. The character of the 2020 dividends was 100% return of capital. The character of the 2019 dividends was 100% capital gain distribution, of which 34.01% represented unrecaptured section 1250 gain. There are no dividend arrearages on any of the preferred shares currently outstanding.

(3)The Company may, at its option, redeem the Series G and I Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.

Dividends—To maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. The Company has recorded NOLs and may record NOLs in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2019, the Company had $460.6 million of NOL carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2032 and will fully expire in 2036 if unused. The amount of NOL carryforwards as of December 31, 2020 will be determined upon finalization of the Company's 2020 tax return. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. The Senior Term Loan and the Revolving Credit Facility permit the Company to pay common dividends with no restrictions so long as the Company is not in default on any of its debt obligations. The Company declared and paid common stock dividends of $32.8 million, or $0.43 per share, for the year ended December 31, 2020 and $25.3 million, or $0.39 per share, for the year ended December 31, 2019. The character of the 2020 dividends was 100% return of capital. The character of the 2019 dividends was 100% capital gain distribution, of which 34.01% represented unrecaptured section 1250 gain.

Stock Repurchase Program—The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the year ended December 31, 2020, the Company

repurchased 4.2 million shares of its outstanding common stock for $48.4 million, for an average cost of $11.48 per share. During the year ended December 31, 2019, the Company repurchased 7.3 million shares of its outstanding common stock for $74.6 million, for an average cost of $10.16 per share. As of December 31, 2020, the Company had authorization to repurchase up to $33.8 million of common stock. In February 2021, the Company's board of directors authorized an increase to the stock repurchase program to $50.0 million.

Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):


	As of December 31,
	2020		2019
Unrealized gains on available-for-sale securities	$	4,594	$	2,756
Unrealized losses on cash flow hedges	(53,075)		(37,264)
Unrealized losses on cumulative translation adjustment	(4,199)		(4,199)
Accumulated other comprehensive loss	$	(52,680)	$	(38,707)

Stock-Based Compensation Plans and Employee Benefits

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation expense, including the expense related to performance incentive plans (see below), of $39.4 million, $30.4 million and $17.6 million, respectively, during the years ended December 31, 2020, 2019 and 2018 in "General and administrative" in the Company's consolidated statements of operations. As of December 31, 2020, there was $2.8 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 1.20 years.

Performance Incentive Plans—The Company's Performance Incentive Plans ("iPIP") are designed to provide, primarily to senior executives and select professionals engaged in the Company's investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plans. Awards vest over six years, with 40% being vested at the end of the second year and 15% each year thereafter.

2019-2020 iPIP Plan—The Company's 2019-2020 iPIP plan is an equity-classified award which is measured at the grant date fair value and recognized as compensation cost in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" in the Company's consolidated statements of changes in equity over the requisite service period. Investments in the 2019-2020 iPIP plan will be held by a consolidated subsidiary of the Company that has two ownership classes, class A units and class B units. The Company owns 100% of the class A units and the class B units were issued to employees as long-term compensation. Except for certain clawback provisions, participants can retain vested class B units upon their termination of employment with the Company. The class B units are entitled to distributions from the net cash realized from the investments in the plan after the Company, through its ownership of the class A units, has received a specified return on its invested capital and a return of its invested capital. Distributions on the class B units are also subject to reductions under a total shareholder return ("TSR") adjustment. The fair value of the class B units was determined using a model that forecasts the underlying cash flows from the investments within the entity to which the class B units have ownership rights. During the years ended December 31, 2020 and 2019, the Company recorded $3.4 million and $2.9 million, respectively, of expense related to the 2019-2020 iPIP plan. Distributions on the class B units will be 50% in cash and 50% in shares of the Company's common stock or in shares of SAFE's common stock owned by the Company.

2013-2018 iPIP Plans—The remainder of the Company's iPIP plans, as shown in the table below, are liability-classified awards and are remeasured each reporting period at fair value until the awards are settled. Certain employees will be granted awards that entitle employees to receive the residual cash flows from the investments in the plans after the Company has received a specified return on its invested capital and a return of its invested capital. Awards are also subject to reductions under a TSR adjustment. The fair value of awards is determined using a model that forecasts the Company's projected investment performance. Settlement of the awards will be 50% in cash and 50% in shares of the Company's common stock or in shares of SAFE's common stock owned by the Company.

The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the year ended December 31, 2020.



	iPIP Investment Pool
	2013-2014	2015-2016	2017-2018
Points at beginning of period	81.17	73.28	77.27


Forfeited	(1.00)	(2.88)	(3.93)
Points at end of period	80.17	70.40	73.34

During the years ended December 31, 2020, 2019 and 2018, the Company recorded $30.7 million, $21.2 million and $15.0 million, respectively, of expense related to the 2013-2018 iPIP plans.

During the year ended December 31, 2020, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $1.5 million as compensation, comprised of cash and 54,245 shares of the Company's common stock with a fair value of $14.51 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 32,825 shares of the Company's common stock were issued.

During the year ended December 31, 2019, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $9.4 million as compensation, comprised of cash and 356,065 shares of the Company's common stock with a fair value of $13.11 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 192,829 shares of the Company's common stock were issued.

During the year ended December 31, 2019, the Company made distributions to participants in the 2013-2014 investment pool. The iPIP participants received total distributions in the amount of $7.4 million as compensation, comprised of cash and 389,545 shares of the Company's common stock with a fair value of $9.21 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 209,118 shares of the Company's common stock were issued.

As of December 31, 2020 and 2019, the Company had accrued compensation costs relating to iPIP of $69.1 million and $41.9 million, respectively, which are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.

Long-Term Incentive Plan—The Company's 2009 Long-Term Incentive Plan (the "2009 LTIP") is designed to provide incentive compensation for officers, key employees, directors and advisors of the Company. The 2009 LTIP provides for awards of stock options, shares of restricted stock, phantom shares, restricted stock units, dividend equivalent rights and other share-based performance awards. All awards under the 2009 LTIP are made at the discretion of the Company's Board of Directors or a committee of the Board of Directors. The Company's shareholders approved the 2009 LTIP in 2009 and approved the performance-based provisions of the 2009 LTIP, as amended, in 2014. In May 2019, the Company's shareholders approved an increase in the number of shares available for issuance under the 2009 LTIP from a maximum of 8.0 million to 8.9 million and extended the expiration date of the 2009 LTIP from May 2019 to May 2029.

As of December 31, 2020, an aggregate of 2.4 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP.

Restricted Stock Units—Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2020 were as follows (number of shares and $ in thousands, except per share amounts):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested as of December 31, 2019	598	$	9.18	$	8,688
Granted	181	$	14.68
Vested	(248)	$	9.62

Non-vested as of December 31, 2020	531	$	10.85	$	7,885

The total fair value of Units vested during the years ended December 31, 2020, 2019 and 2018 was $3.6 million, $1.8 million and $1.4 million, respectively. The weighted-average grant date fair value per share of Units granted during the years ended December 31, 2020, 2019 and 2018 was $14.68, $8.84 and $10.16, respectively.

Directors' Awards—Non-employee directors are awarded CSEs or restricted share awards at the time of the annual shareholders' meeting in consideration for their services on the Company's Board of Directors. During the year ended December 31, 2020, the Company awarded to non-employee Directors 79,138 restricted shares of common stock at a fair value per share of $9.75 at the time of grant for their annual equity awards, 10,710 restricted shares of common stock to a non-employee Director at a fair value of $11.52 at the time of grant for their annual equity award and also issued 3,096 common stock equivalents ("CSEs") at a fair value of $12.20 per CSE in respect of dividend equivalents on outstanding CSEs. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the CSEs and restricted shares of common stock vest and are settled. As of December 31, 2020, a combined total of 179,522 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $2.7 million.

401(k) Plan—The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Company's Board of Directors, the Company may make matching contributions on the participant's behalf of up to 50% of the participant's contributions, up to a maximum of 10% of the participants' compensation. The Company made gross contributions of $1.1 million, $0.9 million and $1.1 million, respectively, for the years ended December 31, 2020, 2019 and 2018.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities, if applicable, to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities.

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):


	For the Years Ended December 31,
	2020		2019		2018
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)
Net income attributable to noncontrolling interests	(11,588)		(10,283)		(13,936)
Preferred dividends	(23,496)		(32,495)		(32,495)
Net income (loss) allocable to common shareholders for basic earnings per common share	$	(65,937)	$	291,547	$	(64,757)



Add: Effect of Series J convertible perpetual preferred stock	—		9,000		—
Net income (loss) allocable to common shareholders for diluted earnings per common share	$	(65,937)	$	300,547	$	(64,757)


	For the Years Ended December 31,
	2020		2019		2018
Earnings allocable to common shares:
Numerator for basic earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	291,547	$	(64,757)

Numerator for diluted earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	300,547	$	(64,757)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	75,684		64,696		67,958
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	—		146		—



Add: Effect of series J convertible perpetual preferred stock	—		15,824		—
Weighted average common shares outstanding for diluted earnings per common share	75,684		80,666		67,958

Basic earnings per common share:

Net income (loss) allocable to common shareholders	$	(0.87)	$	4.51	$	(0.95)

Diluted earnings per common share:(1)

Net income (loss) allocable to common shareholders	$	(0.87)	$	3.73	$	(0.95)

_______________________________________________________________________________

(1)For the years ended December 31, 2020 and 2018, the effect of certain of the Company's restricted stock awards were anti-dilutive due to the Company having a net loss for the period. For the year ended December 31, 2018, 15,704 shares of Series J convertible perpetual preferred stock (refer to Note 14) were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the years ended December 31, 2020, 2019, and 2018, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.

Fair Values

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Values

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Certain of the Company's assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required to be marked-to-market and reported at fair value every reporting period are classified as being valued on a recurring basis. Assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are classified as being valued on a non-recurring basis.

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):


			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2020
Recurring basis:

Derivative liabilities(1)	18,926		—		18,926		—
Available-for-sale securities(1)	25,274		—		—		25,274
Non-recurring basis:
Impaired land and development(2)	6,078		—		—		6,078
As of December 31, 2019
Recurring basis:
Derivative assets(1)	$	114	$	—	$	114	$	—
Derivative liabilities(1)	8,680		—		8,680		—
Available-for-sale securities(1)	$	23,896	$	—	$	—	$	23,896
Non-recurring basis:

Impaired land and development(3)	40,000		—		—		40,000

_______________________________________________________________________________

(1)The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.

(2)The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The fair value is based on future cash flows expected to be received.

(3)The Company recorded aggregate impairments of $5.3 million on two land and development assets with an estimated aggregate fair value of $40.0 million. The estimated fair values are based on expected sales proceeds.

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2020 and 2019 ($ in thousands):


	2020		2019
Beginning balance	$	23,896	$	21,661

Repayments	(460)		(45)
Unrealized gains recorded in other comprehensive income	1,838		2,280
Ending balance	$	25,274	$	23,896

Fair values of financial instruments—The following table presents the carrying value and fair value for the Company's financial instruments ($ in millions):


	As of December 31, 2020				As of December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Net investment in leases(1)	$	429	$	431	$	419	$	419
Loans receivable and other lending investments(1)	732		772		828		864
Cash and cash equivalents(2)	99		99		307		307
Restricted cash(2)	52		52		45		45
Loan participations payable, net(1)	43		43		36		36
Debt obligations, net(1)	3,287		3,414		3,387		3,531

_______________________________________________________________________________

(1)The fair value of the Company's net investment in leases, loans receivable and other lending investments, net, loan participations payable, net and debt obligations, net are classified as Level 3 within the fair value hierarchy.

(2)The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values. Restricted cash is recorded in "Deferred expenses and other assets, net" on the Company's balance sheet. The fair value of the Company's cash and cash equivalents and restricted cash are classified as Level 1 within the fair value hierarchy.

Derivatives—The Company may use interest rate swaps, interest rate caps and foreign exchange contracts to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company has determined that the significant inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.

Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In some cases, the Company obtains external "as is" appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy.

Loans receivable and other lending investments and net investment in leases—The Company estimates the fair value of its performing loans and other lending investments and net investment in leases using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates

or rental rates that would be offered for loans or tenants with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments and net investment in leases fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy.

The Company estimates the fair value of its non-performing loans using a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the collateral. This approach requires the Company to make judgments in respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues, operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual revenue growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist, and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy.

Debt obligations, net—For debt obligations traded in secondary markets, the Company uses market quotes, to the extent they are available, to determine fair value and are considered Level 2 on the fair value hierarchy. For debt obligations not traded in secondary markets, the Company determines fair value using a discounted cash flow methodology, whereby contractual cash flows are discounted at rates that management determines best reflect current market interest rates that would be charged for debt with similar characteristics and credit quality. The Company has determined that the inputs used to value its debt obligations under the discounted cash flow methodology fall within Level 3 of the fair value hierarchy.

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.

Segment Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Net Lease, Real Estate Finance, Operating Properties and Land and Development. The Net Lease segment includes the Company's activities and operations related to the ownership of properties generally leased to single corporate tenants and its investments in SAFE and Net Lease Venture II (refer to Note 8). The Real Estate Finance segment includes all of the Company's activities related to senior and mezzanine real estate loans and real estate related securities. The Operating Properties segment includes the Company's activities and operations related to its commercial and residential properties. The Land and Development segment includes the Company's activities related to its developable land portfolio.

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


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total
Year Ended December 31, 2020
Operating lease income	$	167,152	$	—	$	21,214	$	356	$	—	$	188,722
Interest income	3,440		56,676		—		—		—		60,116
Interest income from sales-type leases	33,552		—		—		—		—		33,552
Other income	18,116		11,975		8,065		19,030		26,671		83,857
Land development revenue	—		—		—		164,702		—		164,702
Earnings (losses) from equity method investments	56,130		—		(16,361)		3,432		(1,075)		42,126
Income from sales of real estate	6,056		—		262		—		—		6,318
Total revenue and other earnings	284,446		68,651		13,180		187,520		25,596		579,393
Real estate expense	(26,571)		—		(22,936)		(22,986)		—		(72,493)
Land development cost of sales	—		—		—		(177,727)		—		(177,727)
Other expense	—		(266)		—		—		(303)		(569)
Allocated interest expense	(101,208)		(23,390)		(8,951)		(17,940)		(18,085)		(169,574)
Allocated general and administrative(2)	(23,223)		(6,622)		(2,591)		(9,990)		(19,099)		(61,525)
Segment profit (loss)(3)	$	133,444	$	38,373	$	(21,298)	$	(41,123)	$	(11,891)	$	97,505
Other significant items:
Provision for loan losses	$	186	$	8,866	$	—	$	—	$	—	$	9,052
Provision for losses on net investment in leases	1,760		—		—		—		—		1,760
Impairment of assets	2,037		—		3,052		2,738		—		7,827
Depreciation and amortization	50,767		—		5,142		952		1,231		58,092
Capitalized expenditures	21,764		—		1,636		30,506		—		53,906

Year Ended December 31, 2019
Operating lease income	$	177,679	$	—	$	28,423	$	286	$	—	$	206,388
Interest income	2,018		75,636		—		—		—		77,654
Interest income from sales-type leases	20,496		—		—		—		—		20,496
Other income	16,718		4,946		17,384		7,838		8,477		55,363
Land development revenue	—		—		—		119,595		—		119,595
Earnings (losses) from equity method investments	29,235		—		8,298		4,322		(6)		41,849
Selling profit from sales-type leases	180,416		—		—		—		—		180,416


Income from sales of real estate	224,654		—		11,969		—		—		236,623
Total revenue and other earnings	651,216		80,582		66,074		132,041		8,471		938,384
Real estate expense	(24,786)		—		(35,322)		(32,318)		—		(92,426)
Land development cost of sales	—		—		—		(109,663)		—		(109,663)
Other expense	—		(462)		—		—		(12,658)		(13,120)
Allocated interest expense	(95,154)		(29,587)		(10,249)		(20,706)		(28,223)		(183,919)
Allocated general and administrative(2)	(25,990)		(8,254)		(2,887)		(11,957)		(19,085)		(68,173)
Segment profit (loss) (3)	505,286		$	42,279	$	17,616	$	(42,603)	$	(51,495)	$	471,083
Other significant non-cash items:
Provision for loan losses	$	—	$	6,482	$	—	$	—	$	—	$	6,482
Impairment of assets	2,471		—		3,853		6,427		668		13,419
Depreciation and amortization	51,091		—		4,977		977		1,214		58,259
Capitalized expenditures	31,445		—		5,617		99,031		—		136,093


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total

Year Ended December 31, 2018
Operating lease income	$	151,958	$	—	$	55,677	$	557	$	—	$	208,192
Interest income	—		97,878		—		—		—		97,878
Other income	4,286		4,556		54,361		7,320		11,819		82,342
Land development revenue	—		—		—		409,710		—		409,710
Earnings (losses) from equity method investments	8,479		—		(1,003)		(3,110)		(9,373)		(5,007)
Gain from consolidation of equity method investment	67,877		—		—		—		—		67,877

Income from sales of real estate	45,038		—		80,966		—		—		126,004
Total revenue and other earnings	277,638		102,434		190,001		414,477		2,446		986,996
Real estate expense	(17,033)		—		(80,570)		(41,686)		—		(139,289)
Land development cost of sales	—		—		—		(350,181)		—		(350,181)
Other expense	—		(1,578)		—		—		(4,462)		(6,040)
Allocated interest expense	(63,706)		(40,653)		(18,618)		(21,897)		(38,877)		(183,751)
Allocated general and administrative(2)	(20,713)		(12,997)		(6,574)		(14,313)		(19,975)		(74,572)
Segment profit (loss) (3)	$	176,186	$	47,206	$	84,239	$	(13,600)	$	(60,868)	$	233,163
Other significant non-cash items:
Provision for loan losses	$	—	$	16,937	$	—	$	—	$	—	$	16,937
Impairment of assets	10,391		—		79,991		56,726		—		147,108
Depreciation and amortization	38,588		—		17,417		1,353		1,341		58,699
Capitalized expenditures	40,215		—		19,912		144,595		—		204,722


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total
As of December 31, 2020
Real estate


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

As of December 31, 2019
Real estate


Real estate, net	$	1,327,082	$	—	$	200,137	$	—	$	—	$	1,527,219
Real estate available and held for sale	—		—		8,650		—		—		8,650
Total real estate	1,327,082		—		208,787		—		—		1,535,869
Net investment in leases	418,915		—		—		—		—		418,915
Land and development, net	—		—		—		580,545		—		580,545
Loans receivable and other lending investments, net	44,339		783,522		—		—		—		827,861
Other investments	760,068		—		61,686		42,866		43,255		907,875
Total portfolio assets	$	2,550,404	$	783,522	$	270,473	$	623,411	$	43,255	4,271,065
Cash and other assets											814,044
Total assets											$	5,085,109

_______________________________________________________________________________

(1)Corporate/Other represents all corporate level and unallocated items including any intercompany eliminations necessary to reconcile to consolidated Company totals. This caption also includes the Company's joint venture investments and strategic investments that are not included in the other reportable segments above.

(2)General and administrative excludes stock-based compensation expense of $39.4 million, $30.4 million and $17.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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


	For the Years Ended December 31,
	2020		2019		2018
Segment profit	$	97,505	$	471,083	$	233,163
Less: Provision for loan losses	(9,052)		(6,482)		(16,937)
Less: Provision for losses on net investment in leases	(1,760)		—		—
Less: Impairment of assets	(7,827)		(13,419)		(147,108)
Less: Depreciation and amortization	(58,092)		(58,259)		(58,699)
Less: Stock-based compensation expense	(39,354)		(30,436)		(17,563)
Less: Income tax expense	(235)		(438)		(815)
Less: Loss on early extinguishment of debt, net	(12,038)		(27,724)		(10,367)
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2020

Schedule II - Valuation and Qualifying Accounts and Reserves

Schedule II—Valuation and Qualifying Accounts and Reserves

($ in thousands)


	Balance at Beginning of Period		Charged to Costs and Expenses		Adjustments to Valuation Accounts		Deductions		Balance at End of Period
For the Year Ended December 31, 2018
Reserve for loan losses(1)(2)	$	78,489	$	16,937	$	—	$	(42,031)	$	53,395
Allowance for doubtful accounts(2)	2,610		1,300		—		(639)		3,271
Allowance for deferred tax assets(2)	63,258		14,849		—		—		78,107
	$	144,357	$	33,086	$	—	$	(42,670)	$	134,773
For the Year Ended December 31, 2019
Reserve for loan losses(1)(2)	$	53,395	$	6,482	$	—	$	(31,243)	$	28,634
Allowance for doubtful accounts(2)	3,271		(696)		—		(633)		1,942
Allowance for deferred tax assets(2)	78,107		1,538		—		—		79,645
	$	134,773	$	7,324	$	—	$	(31,876)	$	110,221
For the Year Ended December 31, 2020
Reserve for loan losses(1)(2)	$	28,634	$	9,696	$	729	$	(25,889)	$	13,170
Allowance for doubtful accounts(2)	1,942		1,601		—		(1,866)		1,677
Allowance for deferred tax assets(2)	79,645		456		—		—		80,101
	$	110,221	$	11,753	$	729	$	(27,755)	$	94,948

_____________________________________________________________

(1)Refer to Note 7 to the Company's consolidated financial statements.

(2)Refer to Note 3 to the Company's consolidated financial statements.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure



					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
Location		Encumbrances			Land		Building and Improvements				Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
OFFICE FACILITIES:
Tempe, Arizona	OFF001	$	—	(1)	$	1,033	$	6,652	$	2,942	$	1,033	$	9,594	$	10,627	$	5,324	1999	40.0
Tempe, Arizona	OFF002	—		(1)	1,033		6,652		491		1,033		7,143		8,176		3,724		1999	40.0
Tempe, Arizona	OFF003	—		(1)	1,033		6,652		556		1,033		7,208		8,241		3,750		1999	40.0
Tempe, Arizona	OFF004	—		(1)	701		4,339		2,171		701		6,510		7,211		2,845		1999	40.0
Alameda, California	OFF005	26,025			9,702		29,831		1,167		9,702		30,998		40,700		2,397		2018	40.0
Ft. Collins, Colorado	OFF006	—			—		16,752		(11,239)		—		5,513		5,513		474		2002	40.0
Lisle, Illinois	OFF007	21,115			7,681		30,230		—		7,681		30,230		37,911		2,411		2018	40.0
Cockeysville, Maryland	OFF008	115,000			19,529		148,286		(85)		19,529		148,201		167,730		8,269		2018	40.0
Chelmsford, Massachusetts	OFF009	5,931			1,600		21,947		285		1,600		22,232		23,832		10,540		2002	40.0
Jersey City, New Jersey	OFF010	63,500			—		99,296		—		—		99,296		99,296		4,571		2019	40.0
Mt. Laurel, New Jersey	OFF011	46,787			7,726		74,429		10		7,724		74,441		82,165		33,620		2002	40.0
Riverview, New Jersey	OFF012	6,850			1,008		13,763		206		1,008		13,969		14,977		5,847		2004	40.0
Riverview, New Jersey	OFF013	16,288			2,456		28,955		814		2,456		29,769		32,225		12,511		2004	40.0
North Hills, New York	OFF014	70,149			19,631		104,527		—		19,631		104,527		124,158		6,840		2018	40.0
Austin, Texas	OFF015	91,000			—		88,136		17,436		—		105,572		105,572		3,811		2019	40.0
Oakton, Virginia	OFF016	54,085			14,242		68,610		—		14,242		68,610		82,852		5,175		2018	40.0
Subtotal		$	516,730		$	87,375	$	749,057	$	14,754	$	87,373	$	763,813	$	851,186	$	112,109
INDUSTRIAL FACILITIES:
Montague, Michigan	IND001	—		(1)	598		9,814		—		598		9,814		10,412		4,540		2007	40.0
Little Falls, Minnesota	IND002	—		(1)	6,705		17,690		—		6,225		18,170		24,395		7,228		2005	40.0
Jacksonville, Ohio	IND003	52,410			1,990		56,329		23,979		1,990		80,308		82,298		4,302		2018	40.0
El Reno, Oklahoma	IND004	7,903			401		7,644		—		401		7,644		8,045		1,023		2018	40.0
Fort Worth, Texas	IND005	7,903			2,341		17,142		—		2,341		17,142		19,483		1,343		2018	40.0



				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
Location		Encumbrances		Land		Building and Improvements				Land		Building and Improvements		Total		Accumulated Depreciation			Date Acquired	Depreciable Life (Years)
Chippewa Falls, Wisconsin	IND006	29,670		2,845		55,805		273		2,845		56,078		58,923		4,397			2018	40.0
Subtotal		$	97,886	$	14,880	$	164,424	$	24,252	$	14,400	$	189,156	$	203,556	$	22,833
LAND:
Scottsdale, Arizona	LAN001	—		1,400		—		800		2,200		—		2,200		—			2011	0
Whittmann, Arizona	LAN002	—		96,700		—		—		96,700		—		96,700		—			2010	0
Mammoth Lakes, California	LAN003	—		28,464		2,836		(19,517)		8,947		2,836		11,783		2,836		(3)	2010	0
Naples, Florida	LAN004	—		26,600		—		(20,516)		26,600		(20,516)		6,084		5			2010	0
Chicago, Illinois	LAN005	—		31,500		—		—		31,500		—		31,500		—			2016	0
Asbury Park, New Jersey	LAN006	—		43,300		—		39,736		83,036		—		83,036		1,123			2009	0
Asbury Park, New Jersey	LAN007	—		3,992		—		106,934		110,926		—		110,926		—		(3)	2009	0
Asbury Park, New Jersey	LAN008	—		111		5,954		2,206		2,317		5,954		8,271		—			2009	0
Brooklyn, New York	LAN009	—		58,900		—		(19,874)		39,026		—		39,026		—			2011	0
Long Beach, New York	LAN010	—		52,461		—		(22,461)		30,000		—		30,000		—			2009	0
Wawarsing, New York	LAN011	—		4,600		—		—		4,600		—		4,600		—			2018	0
Chesterfield County, Virginia	LAN012	—		72,138		—		35,137		107,275		—		107,275		5,944			2009	0
Subtotal		$	—	$	420,166	$	8,790	$	102,445	$	543,127	$	(11,726)	$	531,401	$	9,908
ENTERTAINMENT:
Birmingham, Alabama	ENT001	1,618		1,939		1,840		—		1,939		1,840		3,779		288			2018	40.0
Avondale, Arizona	ENT002	1,293		389		2,074		1		389		2,075		2,464		195			2018	40.0
Glendale, Arizona	ENT003	2,281		1,750		2,118		—		1,750		2,118		3,868		314			2018	40.0
Gilbert, Arizona	ENT004	4,801		1,969		3,552		—		1,969		3,552		5,521		412			2018	40.0
Mesa, Arizona	ENT005	1,448		970		1,710		—		970		1,710		2,680		190			2018	40.0



				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at Close of Period
Location		Encumbrances		Land	Building and Improvements		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Scottsdale, Arizona	ENT006	1,694		1,205	1,933	—	1,205	1,933	3,138	204	2018	40.0
Tucson, Arizona	ENT007	948		456	877	1	456	878	1,334	114	2018	40.0
Chula Vista, California	ENT008	2,552		2,032	4,869	—	2,032	4,869	6,901	554	2018	40.0
Fontana, California	ENT009	1,578		1,097	1,882	1	1,097	1,883	2,980	244	2018	40.0
Moreno Valley, California	ENT010	1,503		990	1,910	—	990	1,910	2,900	228	2018	40.0
Murrieta, California	ENT011	2,754		1,649	3,803	—	1,649	3,803	5,452	431	2018	40.0
Norco, California	ENT012	2,570		1,503	3,608	—	1,503	3,608	5,111	394	2018	40.0
Palmdale, California	ENT013	1,103		777	1,963	—	777	1,963	2,740	263	2018	40.0
San Diego, California	ENT014	—	(1)	—	18,000	—	—	18,000	18,000	7,303	2003	40.0
Thousand Oaks, California	ENT015	—	(1)	—	1,953	28,817	—	30,770	30,770	8,201	2008	40.0
Upland, California	ENT016	1,578		1,167	1,930	—	1,167	1,930	3,097	235	2018	40.0
Brampton, ONT, Canada	ENT017	2,074		1,231	2,491	—	1,231	2,491	3,722	294	2018	40.0
Aurora, Colorado	ENT018	1,596		1,057	1,719	—	1,057	1,719	2,776	222	2018	40.0
Colorado Springs, Colorado	ENT019	1,087		497	820	—	497	820	1,317	120	2018	40.0
Lakewood, Colorado	ENT020	1,513		713	2,206	—	713	2,206	2,919	187	2018	40.0
Lone Tree, Colorado	ENT021	5,458		2,880	5,586	—	2,880	5,586	8,466	576	2018	40.0
Westminster, Colorado	ENT022	1,601		1,018	1,886	—	1,018	1,886	2,904	223	2018	40.0
Wheat Ridge, Colorado	ENT023	1,038		669	1,671	—	669	1,671	2,340	198	2018	40.0
Apopka, Florida	ENT024	1,139		757	1,347	—	757	1,347	2,104	171	2018	40.0
Boca Raton, Florida	ENT025	—	(1)	—	41,809	—	—	41,809	41,809	24,456	2005	27.0
Boynton Beach, Florida	ENT026	—	(1)	6,550	—	17,118	6,533	17,135	23,668	5,852	2006	40.0



				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at Close of Period
Location		Encumbrances		Land	Building and Improvements		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Margate, Florida	ENT027	1,222		513	493	—	513	493	1,006	52	2018	40.0
Melbourne, Florida	ENT028	1,287		843	1,537	—	843	1,537	2,380	198	2018	40.0
St. Petersburg, Florida	ENT029	—	(1)	4,200	18,272	2,591	4,200	20,863	25,063	7,240	2005	40.0
W. Palm Beach, Florida	ENT030	—	(1)	—	19,337	3,863	—	23,200	23,200	7,659	2005	40.0
Augusta, Georgia	ENT031	1,885		1,383	3,776	—	1,383	3,776	5,159	378	2018	40.0
Kennesaw, Georgia	ENT032	4,484		2,098	5,113	(1)	2,098	5,112	7,210	500	2018	40.0
Lawrenceville, Georgia	ENT033	1,412		911	1,285	—	911	1,285	2,196	158	2018	40.0
Marietta, Georgia	ENT034	2,043		1,180	1,436	—	1,180	1,436	2,616	170	2018	40.0
Marietta, Georgia	ENT035	1,215		715	760	—	715	760	1,475	110	2018	40.0
Norcross, Georgia	ENT036	2,283		1,110	380	—	1,110	380	1,490	100	2018	40.0
Roswell, Georgia	ENT037	2,022		893	311	1	893	312	1,205	53	2018	40.0
Algonquin, Illinois	ENT038	2,990		1,312	4,041	—	1,312	4,041	5,353	524	2018	40.0
Buffalo Grove, Illinois	ENT039	1,627		861	3,945	—	861	3,945	4,806	397	2018	40.0
Chicago, Illinois	ENT040	—	(1)	8,803	57	33,479	8,803	33,536	42,339	10,166	2006	40.0
Glendale Heights, Illinois	ENT041	1,050		455	819	1	455	820	1,275	79	2018	40.0
Lake Zurich, Illinois	ENT042	1,163		924	238	1	924	239	1,163	161	2018	40.0
Mount Prospect, Illinois	ENT043	1,188		704	956	(1)	704	955	1,659	109	2018	40.0
Romeoville, Illinois	ENT044	2,863		2,254	3,251	—	2,254	3,251	5,505	481	2018	40.0
Roselle, Illinois	ENT045	1,058		730	682	—	730	682	1,412	121	2018	40.0
River Grove, Illinois	ENT046	1,720		1,754	3,289	(1)	1,754	3,288	5,042	397	2018	40.0
Vernon Hills, Illinois	ENT047	949		600	666	—	600	666	1,266	107	2018	40.0
Waukegan, Illinois	ENT048	603		342	670	—	342	670	1,012	83	2018	40.0



				Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(2)	Gross Amount Carried at Close of Period
Location		Encumbrances		Land	Building and Improvements		Land	Building and Improvements	Total	Accumulated Depreciation	Date Acquired	Depreciable Life (Years)
Woodridge, Illinois	ENT049	1,135		829	1,597	(1)	829	1,596	2,425	200	2018	40.0
Columbia, Maryland	ENT050	1,653		1,762	1,300	—	1,762	1,300	3,062	207	2018	40.0
Ellicott City, Maryland	ENT051	1,286		889	1,632	1	889	1,633	2,522	161	2018	40.0
Blaine, Minnesota	ENT052	2,542		1,801	2,814	(1)	1,801	2,813	4,614	417	2018	40.0
Brooklyn Park, Minnesota	ENT053	2,534		1,455	2,036	—	1,455	2,036	3,491	300	2018	40.0
Burnsville, Minnesota	ENT054	—	(1)	2,962	—	17,164	2,962	17,164	20,126	6,877	2006	40.0
Eden Prairie, Minnesota	ENT055	2,589		1,496	2,117	—	1,496	2,117	3,613	277	2018	40.0
Lakeville, Minnesota	ENT056	2,591		1,910	3,373	—	1,910	3,373	5,283	384	2018	40.0
Rochester, Minnesota	ENT057	—	(1)	2,437	8,715	2,098	2,437	10,813	13,250	4,830	2006	40.0
St. Peters, Missouri	ENT058	2,818		1,936	3,381	—	1,936	3,381	5,317	378	2014	40.0
Valley Park, Missouri	ENT059	1,326		803	1,408	—	803	1,408	2,211	153	2014	40.0
Asbury Park, New Jersey	ENT060	—		750	10,670	798	750	11,468	12,218	868	2017	40.0
Fairlawn, New Jersey	ENT061	1,542		1,141	2,094	—	1,141	2,094	3,235	205	2018	40.0
Turnersville, New Jersey	ENT062	1,413		1,354	1,314	—	1,354	1,314	2,668	252	2018	40.0
Brooklyn, New York	ENT063	—		3,277	—	501	587	3,191	3,778	169	2013	40.0
N. Ridgeville, Ohio	ENT064	921		290	1,057	—	290	1,057	1,347	79	2018	40.0
Belle Vernon, Pennsylvania	ENT065	801		410	759	—	410	759	1,169	113	2018	40.0
Denton, Texas	ENT066	1,135		712	763	—	712	763	1,475	97	2018	40.0
Ft. Worth, Texas	ENT067	926		379	266	—	379	266	645	48	2018	40.0
Watauga, Texas	ENT068	2,062		1,073	2,274	—	1,073	2,274	3,347	241	2018	40.0



					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
Location		Encumbrances			Land		Building and Improvements				Land		Building and Improvements		Total		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
Lynnwood, Washington	ENT069	2,071			1,608		4,010		—		1,608		4,010		5,618		447		2018	40.0
Quincy, Washington	ENT070	—		(1)	1,500		6,500		—		1,500		6,500		8,000		3,246		2003	40.0
Subtotal		$	105,636		$	96,624	$	242,951	$	106,431	$	93,917	$	352,089	$	446,006	$	101,061
RETAIL:
Colorado Springs, Colorado	RET001	—		(1)	2,631		279		5,195		2,607		5,498		8,105		1,860		2006	40.0
St. Augustine, Florida	RET002	—		(1)	3,950		—		10,285		3,908		10,327		14,235		3,674		2005	40.0
Honolulu, Hawaii	RET003	—			3,393		21,155		(7,132)		3,393		14,023		17,416		4,546		2009	40.0
Chicago, Illinois	RET004	—		(1)	—		336		2,275		—		2,611		2,611		1,460		2010	40.0
Albuquerque, New Mexico	RET005	—		(1)	1,733		—		8,728		1,705		8,756		10,461		3,235		2005	40.0
Hamburg, New York	RET006	—		(1)	731		6,073		699		711		6,792		7,503		2,859		2005	40.0
Anthony, Texas	RET007	—		(1)	3,538		4,215		(187)		3,514		4,052		7,566		1,499		2005	40.0
Draper, Utah	RET008	—		(1)	3,502		—		5,975		3,502		5,975		9,477		2,107		2005	40.0
Subtotal		$	—		$	19,478	$	32,058	$	25,838	$	19,340	$	58,034	$	77,374	$	21,240
HOTEL:
Honolulu, Hawaii	HOT001	—			17,996		17,996		(31,160)		3,419		1,413		4,832		4,531		2009	40.0
Asbury Park, New Jersey	HOT002	—			297		18,299		3,896		297		22,195		22,492		1,850		2019	40.0
Asbury Park, New Jersey	HOT003	—			120		6,548		10		120		6,558		6,678		246		2019	40.0
Asbury Park, New Jersey	HOT004	—			3,815		40,194		4,052		3,815		44,246		48,061		8,433		2016	40.0
Subtotal		$	—		$	22,228	$	83,037	$	(23,202)	$	7,651	$	74,412	$	82,063	$	15,060
APARTMENT/RESIDENTIAL:
Mammoth, California	APA001	—			10,078		40,312		(50,315)		15		60		75		—		2007	0
Atlanta, Georgia	APA002	—			2,963		11,850		(10,171)		928		3,714		4,642		—		2010	0
Jersey City, New Jersey	APA003	—			36,405		64,719		(100,930)		69		125		194		—		2009	0
Subtotal		$	—		$	49,446	$	116,881	$	(161,416)	$	1,012	$	3,899	$	4,911	$	—



				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(2)		Gross Amount Carried at Close of Period
Location		Encumbrances		Land		Building and Improvements				Land		Building and Improvements		Total			Accumulated Depreciation			Date Acquired	Depreciable Life (Years)
MIXED USE:
Riverside, California	MXU001	—		5,869		629		2		5,869		631		6,500			630			2010	40.0
Subtotal		$	—	$	5,869	$	629	$	2	$	5,869	$	631	$	6,500		$	630
Total		$	720,252	$	716,066	$	1,397,827	$	89,104	$	772,689	$	1,430,308	$	2,202,997	(4)	$	282,841	(5)

_______________________________________________________________________________

(1)Consists of properties pledged as collateral under the Company's secured credit facilities with a carrying value of $263.4 million.

(2)Includes impairments and unit sales.

(3)These properties have land improvements which have depreciable lives of 15 to 20 years.

(4)The aggregate cost for Federal income tax purposes was approximately $2.56 billion at December 31, 2020.

(5)Includes $10.5 million and $4.5 million relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of December 31, 2020.

The following table reconciles real estate from January 1, 2018 to December 31, 2020:


	2020		2019		2018
Balance at January 1	$	2,364,413	$	2,710,512	$	2,577,195
Improvements and additions	53,906		134,035		203,124
Acquisitions through foreclosure	—		—		4,600
Other acquisitions	—		231,436		762,207
Dispositions	(209,532)		(464,648)		(656,900)
Other(1)	—		(236,545)		—
Impairments	(5,790)		(10,377)		(179,714)
Balance at December 31	$	2,202,997	$	2,364,413	$	2,710,512

_______________________________________________________________________________

(1)Refer to Note 5.

The following table reconciles accumulated depreciation from January 1, 2018 to December 31, 2020:


	2020		2019		2018
Balance at January 1	$	(247,998)	$	(318,724)	$	(366,265)
Additions	(44,270)		(45,615)		(48,376)
Other(1)	—		44,200		—
Dispositions	9,427		72,141		95,917
Balance at December 31	$	(282,841)	$	(247,998)	$	(318,724)

_______________________________________________________________________________

(1)Refer to Note 5.

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2020

($ in thousands)

Type of Loan/Borrower

Underlying Property Type

Contractual
Interest
Accrual
Rates

Contractual
Interest
Payment
Rates

Effective
Maturity
Dates

Periodic

Payment

Terms(1)

Prior
Liens

Face
Amount
of
Mortgages

Carrying

Amount

Mortgages(2)(3)

Senior Mortgages:

Borrower A

Mixed Use/Mixed Collateral

LIBOR + 4.50%

January, 2021

—

83,579

83,846

Borrower B

Land

LIBOR + 6.00%

March, 2021

—

58,161

58,070

Borrower C

Apartment/Residential

Fixed: 6.00%

April, 2021

—

61,805

61,740

Borrower D

Apartment/Residential

LIBOR + 5.25%

June, 2021

—

53,055

53,033

Borrower E

Mixed Use/Mixed Collateral

LIBOR + 6.75%

June, 2021

—

52,552

52,563

Borrower F

Mixed Use/Mixed Collateral

LIBOR + 4.75%

July, 2021

—

51,705

51,629

Borrower G

Hotel

LIBOR + 4.50%

February, 2021

—

42,501

Borrower H

Apartment/Residential

LIBOR + 5.25%

December, 2021

—

24,585

24,610

Borrower I

Apartment/Residential

LIBOR + 2.65%

November, 2023

—

22,500

20,115

Borrower J

Apartment/Residential

LIBOR + 5.25%

September, 2021

—

20,955

20,999

Senior mortgages individually <3%

Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Land, or Other

Fixed: 9.68%

Variable: LIBOR + 5.00%

Fixed: 9.68%

Variable: LIBOR + 5.00%

2021 to 2024

—

15,694

15,807

487,092

484,913

Subordinate Mortgages:

Subordinate mortgages individually <3%

Hotel

Fixed: 6.80%

September, 2057

—

11,637

11,640

11,637

11,640

Total mortgages

498,729

496,553

_______________________________________________________________________________

(1)IO = Interest only.

(2)Amounts are presented net of asset-specific allowances of $0.7 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.

(3)The carrying amount of mortgages approximated the federal income tax basis.

iStar Inc.

Schedule IV—Mortgage Loans on Real Estate (Continued)

As of December 31, 2020

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2018 to December 31, 2020:(1)


	2020		2019		2018
Balance at January 1	$	561,761	$	730,515	$	752,129
Additions:
New mortgage loans	19,975		11,667		381,133
Additions under existing mortgage loans	72,574		164,120		157,702
Other(2)	25,867		25,740		25,778
Deductions(3):
Collections of principal	(178,662)		(355,769)		(501,466)
Provision for loan losses	(4,930)		(493)		(45)
Transfers to real estate and equity investments	—		(13,987)		(84,684)
Amortization of premium	(32)		(32)		(32)
Balance at December 31	$	496,553	$	561,761	$	730,515

______________________________________________________________

(1) Balances represent the carrying value of loans, which are net of asset specific allowances.

(2) Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.

(3) Amount is presented net of charge-offs of $25.9 million and $19.2 million for the years ended December 31, 2020 and 2019.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Capitalization and depreciation	Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. For real estate projects, the Company begins to capitalize qualified development and construction costs, including interest, real estate taxes, compensation and certain other carrying costs incurred which are specifically identifiable to a development project once activities necessary to get the asset ready for its intended use have commenced. If specific allocation of costs is not practicable, the Company will allocate costs based on relative fair value prior to construction or relative sales value, relative size or other methods as appropriate during construction. The Company’s policy for interest capitalization on qualifying real estate assets is to use the average amount of accumulated expenditures during the period the asset is being prepared for its intended use, which is typically when physical construction commences, and a capitalization rate which is derived from specific borrowings on the qualifying asset or the Company’s corporate borrowing rate in the absence of specific borrowings. The Company ceases capitalization on the portions substantially completed and ready for their intended use. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method of cost recovery over the estimated useful life, which is generally 40 years for facilities, five years for furniture and equipment, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.
Purchase price allocation	Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred and the services are received. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company's consolidated balance sheets. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions.
Impairments	Impairments—The Company reviews real estate assets to be held for use and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations.
Real estate available and held for sale	Real estate available and held for sale—The Company reports real estate assets to be sold at the lower of their carrying amount or estimated fair value less costs to sell and classifies them as “Real estate available and held for sale” on the Company's consolidated balance sheets. If the estimated fair value less costs to sell is less than the carrying value, the difference will be recorded as an impairment charge. Impairment for real estate assets disposed of or classified as held for sale are included in "Impairment of assets" in the Company's consolidated statements of operations. Once a real estate asset is classified as held for sale, depreciation expense is no longer recorded. The Company classifies its real estate assets as held for sale in the period in which all of the following conditions are met: (i) the Company commits to a plan and has the authority to sell the asset; (ii) the asset is available for sale in its current condition; (iii) the Company has initiated an active marketing plan to locate a buyer for the asset; (iv) the sale of the asset is both probable and expected to qualify for full sales recognition within a period of 12 months; (v) the asset is being actively marketed for sale at a price that is reflective of its current fair value; and (vi) the Company does not anticipate changes to its plan to sell the asset. If circumstances arise that were previously considered unlikely and, as a result the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used and included in "Real estate, net" on the Company's consolidated balance sheets. The Company measures and records a property that is reclassified as held and used at the lower of: (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held and used; or (ii) the estimated fair value at the date of the subsequent decision not to sell.
Dispositions	Dispositions—Gains or losses on the sale of real estate assets, including residential property, are recognized in accordance with Accounting Standards Codification ("ASC") 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. The Company primarily uses specific identification and the relative sales value method to allocate costs. Gains on sales of real estate are included in "Income from sales of real estate" in the Company's consolidated statements of operations.
Net investment in leases	Net Investment in Leases—Net investment in leases are recognized when the Company's leases qualify as sales-type leases. The net investment in leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. Acquisition-related costs are capitalized and recorded in "Net Investment in Leases" on the Company's consolidated balance sheets. If a lease qualifies as a sales-type lease, it is further evaluated to determine whether the transaction is considered a sale leaseback transaction. If the sales-type lease does not qualify as a sale leaseback transaction, the lease is considered a financing receivable and is recognized in accordance with ASC 310 (refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets.
Loans receivable and other lending investments, net	Loans receivable and other lending investments, net—Loans receivable and other lending investments, net includes the following investments: senior mortgages, corporate/partnership loans, subordinate mortgages, preferred equity investments and debt securities. Management considers nearly all of its loans to be held-for-investment, although certain investments may be classified as held-for-sale or available-for-sale. Loans receivable classified as held-for-investment and debt securities classified as held-to-maturity are reported at their outstanding unpaid principal balance net of any unamortized acquisition premiums or discounts and unamortized deferred loan costs or fees. These loans and debt securities could also include accrued and paid-in-kind interest and accrued exit fees that the Company determines are probable of being collected. Debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets. Loans receivable and other lending investments designated for sale are classified as held-for-sale and are carried at lower of amortized cost or estimated fair value. The amount by which carrying value exceeds fair value is recorded as a valuation allowance. Subsequent changes in the valuation allowance are included in the determination of net income (loss) in the period in which the change occurs.
Loans and leases receivable, real estate acquired through foreclosure	The Company may acquire properties through foreclosure or by deed-in-lieu of foreclosure in full or partial satisfaction of non-performing loans. Based on the Company's strategic plan to realize the maximum value from the collateral received, property is classified as "Land and development, net," "Real estate, net" or "Real estate available and held for sale" at its estimated fair value when title to the property is obtained. Any excess of the carrying value of the loan over the estimated fair value of the property (less costs to sell for assets held for sale) is charged-off against the allowance for loan losses as of the date of foreclosure.
Equity method investments	Equity method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. This is generally presumed to exist when ownership interest is between 20% and 50% of a corporation, or greater than 5% of a limited partnership or certain limited liability companies. The Company's periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. Equity method investments are included in "Other investments" on the Company's consolidated balance sheets. The Company also has equity interests that are not accounted for pursuant to the equity method of accounting. These equity interests are carried at cost, plus or minus any changes in value identified through observable comparable price changes in transactions in identical or similar investments of the same entity. The changes in fair value for these investments are included in "Other income" in the consolidated statements of operations. To the extent that the Company contributes assets to an unconsolidated subsidiary, the Company’s investment in the subsidiary is recorded at the Company’s cost basis in the assets that were contributed to the unconsolidated subsidiary. To the extent that the Company’s cost basis is different from the basis reflected at the subsidiary level, when required, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the unconsolidated subsidiary, as appropriate. The Company recognizes gains on the contribution of real estate to unconsolidated subsidiaries, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. The Company recognizes a loss when it contributes property to an unconsolidated subsidiary and receives a disproportionately smaller interest in the subsidiary based on a comparison of the carrying amount of the property with the cash and other consideration contributed by the other investors. The Company periodically reviews equity method investments for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. The Company will record an impairment charge to the extent that the estimated fair value of an investment is less than its carrying value and the Company determines the impairment is other-than-temporary. Impairment charges are recorded in "Earnings from equity method investments" in the Company's consolidated statements of operations.
Cash and cash equivalents	Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds with original maturity terms of less than 90 days.
Restricted cash	Restricted cash—Restricted cash represents amounts required to be maintained under certain of the Company's debt obligations, loans, leasing, land development and derivative transactions. Restricted cash is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets.
Variable interest entities	Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.
Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities	Deferred expenses and other assets / Accounts payable, accrued expenses and other liabilities—Deferred expenses and other assets include right-of-use lease assets, certain non-tenant receivables, leasing costs, lease incentives and financing fees associated with revolving-debt arrangements. Financing fees associated with other debt obligations are recorded as a reduction of the carrying value of "Debt obligations, net" and "Loan participations payable, net" on the Company's consolidated balance sheets. Lease incentives and leasing costs that include brokerage, legal and other costs are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated statements of cash flows. External fees and costs incurred to obtain long-term debt financing have been deferred and are amortized over the term of the respective borrowing using the effective interest method. Amortization of leasing costs is included in "Depreciation and amortization" and amortization of deferred financing fees is included in "Interest expense" in the Company's consolidated statements of operations.
Leases	The Company, as lessee, records right-of-use lease assets in "Deferred expenses and other assets" and lease liabilities in "Accounts payable, accrued expenses and other liabilities" on its consolidated balance sheets for operating and finance leases, both measured at the present value of the fixed and determinable lease payments. Some of the Company's lease agreements include extension options, which are not included in the lease payments unless the extensions are reasonably certain to be exercised. For operating leases, the Company recognizes a single lease cost for office leases in "General and administrative" and a single lease cost for ground leases in "Real estate expense" in the consolidated statements of operations, calculated so that the cost of the lease is allocated generally on a straight-line basis over the term of the lease, and classifies all cash payments within operating activities in the consolidated statements of cash flows. For finance leases, the Company recognizes amortization of the right-of-use assets on a straight-line basis over the term of the lease in "Depreciation and amortization" and interest expense on the lease liability using the effective interest method in "Interest expense" in the consolidated statements of operations. Repayments of the principal portion of the finance lease liability are classified within financing activities in the consolidated statements of cash flows and payments of interest on a finance lease liability are classified within operating activities in the consolidated statement of cash flows.
Identified intangible assets and liabilities	Identified intangible assets and liabilities—Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2020, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company's consolidated statements of operations.
Loan participations payable, net	Loan participations payable, net—The Company accounts for transfers of financial assets under ASC Topic 860, “Transfers and Servicing,” as either sales or secured borrowings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is presented on the balance sheet as "Loan participations payable, net." Financial asset activities that are accounted for as sales are removed from the balance sheet with any realized gain (loss) reflected in earnings during the period of sale.
Revenue recognition	Revenue recognition—The Company's revenue recognition policies are as follows: Operating lease income: For the Company's leases classified as operating leases, operating lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the facility subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease revenue recognized under this method and contractual lease payment terms is recorded as "Deferred operating lease income receivable, net" on the Company's consolidated balance sheets. The Company also recognizes revenue from certain tenant leases for reimbursements of all or a portion of operating expenses, including common area costs, insurance, utilities and real estate taxes of the respective property. This revenue is accrued in the same periods as the expense is incurred and is recorded as “Operating lease income” in the Company's consolidated statements of operations. Revenue is also recorded from certain tenant leases that is contingent upon tenant sales exceeding defined thresholds. These rents are recognized only after the defined threshold has been met for the period. The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or deferred operating lease income receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition. Interest Income: Interest income on loans receivable and financing receivables (refer to Note 5) is recognized on an accrual basis using the interest method. On occasion, the Company may acquire loans at premiums or discounts. These discounts and premiums in addition to any deferred costs or fees, are typically amortized over the contractual term of the loan using the interest method. Exit fees are also recognized over the lives of the related loans as a yield adjustment, if management believes it is probable that such amounts will be received. If loans with premiums, discounts, loan origination or exit fees are prepaid, the Company immediately recognizes the unamortized portion, which is included in "Other income" or "Other expense" in the Company's consolidated statements of operations. The Company considers a loan to be non-performing and places it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan. While on non-accrual status, based on the Company's judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon actual receipt of cash, or on a cost-recovery basis, where all cash receipts reduce a loan's carrying value. Non-accrual loans are returned to accrual status when a loan has become contractually current and management believes all amounts contractually owed will be received. Certain of the Company's loans contractually provide for accrual of interest at specified rates that differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to management's determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the borrower. Certain of the Company's loan investments provide for additional interest based on the borrower's operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon receipt of cash. Interest Income from Sales-Type Leases: Interest income from sales-type leases is recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned. Other income: Other income includes mark-to-market gains on equity method investments, management fees, other ancillary income from our operating properties, land and development projects and loan portfolio and revenues from hotel operations, which are recognized when rooms are occupied and the related services are provided. Hotel revenues include room sales, food and beverage sales, parking, telephone, spa services and gift shop sales. Other ancillary income could include gains from sales of loans, loan prepayment fees, yield maintenance payments, lease termination fees and other ancillary income. Land development revenue and cost of sales: Land development revenue includes lot and parcel sales from wholly-owned properties and is recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs.
Allowance for loan losses and net investment in leases	Allowance for loan losses and net investment in leases—The Company performs quarterly a comprehensive analysis of its loan and sales-type lease portfolios and assigns risk ratings that incorporate management's current judgments about credit quality based on all known and relevant internal and external factors that may affect collectability. The Company considers, among other things, payment status, lien position, borrower or tenant financial resources and investment collateral, collateral type, project economics and geographical location as well as national and regional economic factors. This methodology results in loans and sales-type leases being risk rated, with ratings ranging from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss. Upon adoption of ASU 2016-13 on January 1, 2020, the Company estimates its Expected Loss on its loans (including unfunded loan commitments), held-to-maturity debt securities and net investment in leases based on relevant information including historical realized loss rates, current market conditions and reasonable and supportable forecasts that affect the collectability of its investments. The estimate of the Company's Expected Loss requires significant judgment and the Company analyzes its loan portfolio based upon its different categories of financial assets, which includes: (i) loans and held-to-maturity debt securities; (ii) construction loans; and (iii) net investment in leases and financings that resulted from the acquisition of properties that did not qualify as a sale leaseback transaction and, as such, are accounted for as financing receivables (refer to Note 5). For the Company's loans, held-to-maturity debt securities, construction loans, net investment in leases and financings that resulted from the acquisition of properties that did not qualify as sale leaseback transactions, the Company analyzed its historical realized loss experience to estimate its Expected Loss. The Company adjusted its Expected Loss through the use of third-party market data that provided current and future economic conditions that may impact the performance of the commercial real estate assets securing its investments. The Company considers a loan or sales-type lease to be non-performing and places it on non-accrual status at such time as: (1) interest payments become 90 days delinquent; (2) it has a maturity default; or (3) management determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan or sales-type lease. Non-accrual loans or sales-type leases are returned to accrual status when they have become contractually current and management believes all amounts contractually owed will be received. The Company will record a specific allowance on a non-performing loan or sales-type lease if the Company determines that the collateral fair value less costs to sell is less than the carrying value of the collateral-dependent asset. The specific allowance is increased (decreased) through "Provision for (recovery of) loan losses" or "Provision for losses on net investment in leases" in the Company's consolidated statements of operations and is decreased by charge-offs. During delinquency and the foreclosure process, there are typically numerous points of negotiation with the borrower or tenant as the Company works toward a settlement or other alternative resolution, which can impact the potential for repayment or receipt of collateral. The Company's policy is to charge off a loan when it determines, based on a variety of factors, that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at different times, including when the Company receives cash or other assets in a pre-foreclosure sale or takes control of the underlying collateral in full satisfaction of the loan upon foreclosure or deed-in-lieu, or when the Company has otherwise ceased significant collection efforts. The Company considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off. The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 7). As of December 31, 2020 and 2019, accrued interest was $5.0 million and $4.2 million, respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. The Company places loans on non-accrual status once interest on the loan becomes 90 days delinquent and reverses any accrued interest as a reduction to interest income or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the years ended December 31, 2020, 2019 and 2018, the Company did not reverse any accrued interest on its loan portfolio. As of December 31, 2020, all of the Company's net investment in leases were performing in accordance with the terms of the respective leases. The Company's one impaired loan is collateral dependent and impairment is measured using the estimated fair value of the collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired or designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate. A loan is also considered impaired if its terms are modified in a troubled debt restructuring ("TDR"). A TDR occurs when the Company has granted a concession and the debtor is experiencing financial difficulties. Impairments on TDR loans are generally measured based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. For available-for-sale debt securities held in "Loans receivable and other lending investments, net," management evaluates an available-for-sale security for impairment if the security's fair value is less than its amortized cost. If the Company has an impaired security, it will then determine if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company does not intend to sell the security, it is more likely than not that the entity will not be required to sell the security or it does not expect to recover its amortized cost, the Company will record an allowance for credit losses. The credit loss component of the allowance will be recorded (or reversed, if necessary) as an "Impairment of assets" in the Company's consolidated statements of operations, and the remainder of the allowance will be recorded in "Accumulated other comprehensive income (loss)" on the Company's consolidated balance sheets.
Loss on debt extinguishments	Loss on debt extinguishments—The Company recognizes the difference between the reacquisition price of debt and the net carrying amount of extinguished debt currently in earnings. Such amounts may include prepayment penalties or the write-off of unamortized debt issuance costs, and are recorded in “Loss on early extinguishment of debt, net” in the Company's consolidated statements of operations.
Derivative instruments and hedging activity	Derivative instruments and hedging activity—The Company's use of derivative financial instruments, including derivative financial instruments at some of its equity method investments, is primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure. The Company does not enter into derivatives for trading purposes. The Company recognizes its derivatives as either assets or liabilities on the Company's consolidated balance sheets at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives, including the Company's pro rata share of derivatives at equity method investments, are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense or earnings from equity method investments in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. For the Company's derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in "Other expense" in the Company's consolidated statements of operations.
Stock-based compensation	Stock-based compensation—Compensation cost for stock-based awards is measured on the grant date and adjusted over the period of the employees' services to reflect: (i) actual forfeitures; and (ii) the outcome of awards with performance or service conditions through the requisite service period. Compensation cost for market-based awards is determined using a Monte Carlo model to simulate a range of possible future stock prices for the Company's common stock, which is reflected in the grant date fair value. All compensation cost for market-based awards in which the service conditions are met is recognized regardless of whether the market-condition is satisfied. Compensation costs are recognized ratably over the applicable vesting/service period and recorded in "General and administrative" in the Company's consolidated statements of operations.
Income taxes	Income taxes—The Company has elected to be qualified and taxed as a REIT under section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is subject to federal income taxation at corporate rates on its REIT taxable income; the Company, however, is allowed a deduction for the amount of dividends paid to its shareholders, thereby subjecting the distributed net income of the Company to taxation at the shareholder level only. While the Company must distribute at least 90% of its taxable income to maintain its REIT status, the Company typically distributes all of its taxable income, if any, to eliminate any tax on undistributed taxable income. In addition, the Company is allowed several other deductions in computing its REIT taxable income, including non-cash items such as depreciation expense and certain specific allowance amounts that the Company deems to be uncollectable. These deductions allow the Company to reduce its dividend payout requirement under federal tax laws. The Company intends to operate in a manner consistent with, and its election to be treated as, a REIT for tax purposes. The Company made foreclosure elections for certain properties acquired through foreclosure, or an equivalent legal process, which allows the Company to operate these properties within the REIT and subjects net income, if any, from these assets to corporate level tax. The carrying value of assets with foreclosure elections as of December 31, 2020 is $31.5 million. Beginning in 2018, the Tax Cuts and Jobs Act reduced the corporate tax rate to 21% from 35% and net income from foreclosure property, if any, is subject to a 21% tax rate. As of December 31, 2019, the Company had $460.6 million of REIT net operating loss ("NOL") carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2032 and will fully expire in 2036 if unused. The amount of NOL carryforwards as of December 31, 2020 will be subject to finalization of the Company's 2020 tax return. The Tax Cuts and Jobs Act reduced the deduction for net operating losses to 80% of the Company’s taxable income for losses incurred after December 31, 2017. The Company's NOL carryforward for losses incurred in taxable years prior to 2018 remain fully deductible. The Company's tax years from 2016 through 2019 remain subject to examination by major tax jurisdictions. During the year ended December 31, 2020, the Company is expected to have a REIT taxable loss before the deduction for dividends paid and the NOL deduction. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company's consolidated statements of operations. The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2020, $562.3 million of the Company's assets were owned by TRS entities. The Company's TRS entities are not consolidated with the REIT for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company applied the corporate tax rate enacted December 22, 2017 under the Tax Cuts and Jobs Act effective for years beginning after 2017 to value its deferred tax assets and liabilities. The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2020 and 2019, respectively. Changes in estimates of our valuation allowance, if any, are included in "Income tax (expense) benefit" in the consolidated statements of operations.
Earnings per share	Earnings per share—The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.
New accounting pronouncements	New accounting pronouncements—In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) ("ASU 2020-06"). ASU 2020-06 was issued to reduce the complexity associated with applying current accounting guidance for certain financial instruments with characteristics of both liabilities and equity. ASU 2020-06 removes certain separation models under ASC 470-20 so that a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. In addition, ASU 2020-06 requires that the if-converted method be used for all convertibles and that the treasury stock method no longer be used. ASU 2020-06 is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company plans to early adopt ASU 2020-06 effective with the annual reporting period beginning January 1, 2021. The impact from the adoption of ASU 2020-06 on the Company’s consolidated balance sheet will be an increase to "Debt obligations, net" as of January 1, 2021 of approximately $10 million with a corresponding decrease to "Total iStar Inc. shareholders' equity" as of January 1, 2021 of approximately $10 million.

Basis of Presentation and Principles of Consolidation (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assets and liabilities of consolidated VIEs

The following table presents the assets and liabilities of the Company's consolidated VIEs as of December 31, 2020 and 2019 ($ in thousands):


	As of
	December 31, 2020		December 31, 2019
ASSETS
Real estate
Real estate, at cost	$	899,110	$	891,000
Less: accumulated depreciation	(61,917)		(37,542)
Real estate, net	837,193		853,458
Land and development, net	240,137		273,617
Other investments	35		45
Cash and cash equivalents	22,571		19,112
Accrued interest and operating lease income receivable, net	1,472		1,208
Deferred operating lease income receivable, net	29,428		19,547
Deferred expenses and other assets, net	122,591		134,117
Total assets	$	1,253,427	$	1,301,104
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	115,581	$	107,455
Debt obligations, net	488,719		482,918
Total liabilities	604,300		590,373

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Schedule of components of income tax expense (benefit)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

The following represents the Company's TRS income tax benefit (expense) ($ in thousands):


	For the Years Ended December 31,
	2020		2019		2018
Current tax benefit (expense)(1)(2)	$	(106)	$	(35)	$	(447)

Total income tax (expense) benefit	$	(106)	$	(35)	$	(447)

_______________________________________________________________________________

(1)For the years ended December 31, 2020, 2019, and 2018, excludes a REIT tax expense of $0.1 million, $0.4 million, $0.5 million, respectively.

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):


	As of December 31,
	2020		2019
Deferred tax assets(1)	$	80,101	$	79,645
Valuation allowance	(80,101)		(79,645)
Net deferred tax assets (liabilities)	$	—	$	—

_______________________________________________________________________________

Real Estate (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of real estate assets

The Company's real estate assets were comprised of the following ($ in thousands):


	Net Lease(1)		Operating Properties		Total
As of December 31, 2020
Land, at cost	$	188,418	$	103,530	$	291,948
Buildings and improvements, at cost	1,353,683		106,422		1,460,105
Less: accumulated depreciation	(250,198)		(17,574)		(267,772)
Real estate, net	1,291,903		192,378		1,484,281
Real estate available and held for sale (2)	—		5,212		5,212
Total real estate	$	1,291,903	$	197,590	$	1,489,493
As of December 31, 2019
Land, at cost	$	199,710	$	106,187	$	305,897
Buildings and improvements, at cost	1,347,321		107,861		1,455,182
Less: accumulated depreciation	(219,949)		(13,911)		(233,860)
Real estate, net	1,327,082		200,137		1,527,219
Real estate available and held for sale (2)	—		8,650		8,650
Total real estate	$	1,327,082	$	208,787	$	1,535,869

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, real estate, net included $755.5 million and $768.6 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below).

(2)As of December 31, 2020 and 2019, the Company had $5.2 million and $8.7 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Schedule of real estate available and held for sale

The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions):(1)


	Years Ended December 31,
Property Type	2020		2019		2018
Operating Properties	$	—	$	14.5	$	23.2
Net Lease	8.9		185.9		8.1
Total	$	8.9	$	200.4	$	31.3

_______________________________________________________________________________

(1)Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy. All of these properties were ultimately sold.

Schedule of proceeds from other dispositions

The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions):


	Years Ended December 31,
	2020		2019		2018
Operating Properties(1)
Proceeds	$	5.9	$	86.1	$	327.9
Income from sales of real estate	0.2		11.9		81.0

Net Lease(2)
Proceeds	$	42.4	$	469.4	$	79.7
Income from sales of real estate	6.1		224.7		45.0

Total
Proceeds	$	48.3	$	555.5	$	407.6
Income from sales of real estate	6.3		236.6		126.0

_______________________________________________________________________________

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2020, are as follows ($ in thousands):


Year	Net Lease Assets		Operating Properties
2021	$	131,625	$	15,948
2022	129,891		7,784
2023	121,586		7,469
2024	115,900		7,462
2025	119,357		6,809
Thereafter	1,238,073		9,712

Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

_______________________________________________________________________________

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

_______________________________________________________________________________

Net Investment in Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of net investment in leases

The Company's net investment in leases were comprised of the following as of December 31, 2020 and December 31, 2019 ($ in thousands):


	December 31, 2020		December 31, 2019
Total undiscounted cash flows	$	1,020,921	$	1,042,019
Unguaranteed estimated residual value	345,284		340,620
Present value discount	(926,233)		(963,724)
Allowance for losses on net investment in leases	(10,871)		—
Net investment in leases(1)	$	429,101	$	418,915

_______________________________________________________________________________

Schedule of future minimum lease payments to be collected under sales-type leases

Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of December 31, 2020, are as follows by year ($ in thousands):


	Amount
2021	$	14,248
2022	30,481
2023	41,854
2024	41,584
2025	30,481
Thereafter	862,273
Total undiscounted cash flows	$	1,020,921

Schedule of changes in allowance for losses on net investment in leases

Allowance for Losses on Net Investment in Leases—Changes in the Company's allowance for losses on net investment in leases for the year ended December 31, 2020 were as follows ($ in thousands):


Allowance for losses on net investment in leases at beginning of period	$	—
Initial allowance recorded upon adoption of new accounting standard(1)	9,111
Provision for losses on net investment in leases(2)	1,760

Allowance for losses on net investment in leases at end of period	$	10,871

_________________________________________________________

(1)The Company recorded an initial allowance for losses on net investment in leases of $9.1 million upon the adoption of ASU 2016-13 on January 1, 2020 (refer to Note 3).

Land and Development (Tables)

12 Months Ended

Dec. 31, 2020

Land And Development [Abstract]

Schedule of land and land improvements

The Company's land and development assets were comprised of the following ($ in thousands):


	As of December 31,
	2020		2019
Land and land development, at cost	$	441,201	$	590,153
Less: accumulated depreciation	(10,538)		(9,608)
Total land and development, net	$	430,663	$	580,545

Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of the company's loans and other lending investments by class

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):


	As of December 31,
Construction loans	2020		2019
Senior mortgages	$	449,733	$	518,992
Corporate/Partnership loans	65,100		95,394
Subtotal - gross carrying value of construction loans(1)	514,833		614,386
Loans
Senior mortgages	35,922		53,592
Corporate/Partnership loans	20,567		24,424
Subordinate mortgages	11,640		10,877
Subtotal - gross carrying value of loans	68,129		88,893
Other lending investments
Financing receivables (refer to Note 5)	46,549		44,339
Held-to-maturity debt securities	90,715		84,981
Available-for-sale debt securities	25,274		23,896
Subtotal - other lending investments	162,538		153,216
Total gross carrying value of loans receivable and other lending investments	745,500		856,495
Allowance for loan losses	(13,170)		(28,634)
Total loans receivable and other lending investments, net	$	732,330	$	827,861

_______________________________________________________________________________

Schedule of changes in the company's reserve for loan losses

Changes in the Company's allowance for loan losses were as follows for the year ended December 31, 2020 ($ in thousands):


	General Allowance
		Construction Loans		Loans		Held to Maturity Debt Securities		Financing Receivables		Specific Allowance		Total
Allowance for loan losses at beginning of period		$	6,668	$	265	$	—	$	—	$	21,701	$	28,634
Adoption of new accounting standard(1)		(353)		98		20		964		—		729
Provision for loan losses(2)		226		1,280		3,073		186		4,931		9,696
Charge-offs(3)		—		—		—		—		(25,889)		(25,889)
Allowance for loan losses at end of period		$	6,541	$	1,643	$	3,093	$	1,150	$	743	$	13,170

____________________________________________________________

Schedule of recorded investment in loans and associated reserve for loan losses

The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows ($ in thousands):


	Individually Evaluated for Impairment(1)		Collectively Evaluated for Impairment		Total
As of December 31, 2020
Construction loans(2)	$	53,305	$	461,528	$	514,833
Loans(2)	—		68,129		68,129
Financing receivables	—		46,549		46,549
Held-to-maturity debt securities	—		90,715		90,715
Available-for-sale debt securities(3)	—		25,274		25,274
Less: Allowance for loan losses	(743)		(12,427)		(13,170)
Total	$	52,562	$	679,768	$	732,330
As of December 31, 2019
Construction loans(2)	$	—	$	614,386	$	614,386
Loans(2)	37,820		51,073		88,893
Financing receivables	—		44,339		44,339
Held-to-maturity debt securities	—		84,981		84,981
Available-for-sale debt securities	—		23,896		23,896
Less: Allowance for loan losses	(21,701)		(6,933)		(28,634)
Total	$	16,119	$	811,742	$	827,861

_______________________________________________________________________________

(2)The carrying value of these loans includes an unamortized net discount of $2.3 million and $0.7 million as of December 31, 2020 and 2019, respectively.

(3)Available-for-sale debt securities are evaluated for impairment under ASC 326-30.

Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating


	Year of Origination
	2020		2019		2018		2017		2016		Prior to 2016		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		58,070		—		—		—		58,070
3.0	20,115		—		109,121		145,585		42,502		3,925		321,248
3.5	—		—		—		—		—		—		—
4.0	—		—		53,033		—		—		—		53,033
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal(1)	$	20,115	$	—	$	220,224	$	145,585	$	42,502	$	3,925	$	432,351

Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		22,155		—		—		—		22,155
3.5	—		—		—		—		—		—		—
4.0	—		—		20,567		—		42,945		—		63,512
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	42,722	$	—	$	42,945	$	—	$	85,667

Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		11,640		11,640
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	11,640	$	11,640



Financing receivables
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		46,549		—		—		—		—		46,549
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		—		—
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	46,549	$	—	$	—	$	—	$	—	$	46,549
Total	$	20,115	$	46,549	$	262,946	$	145,585	$	85,447	$	15,565	$	576,207

____________________________________________________________

(1)As of December 31, 2020, excludes $53.3 million for one loan on non-accrual status.

Schedule of recorded investment in loans, aged by payment status and presented by class

The Company's amortized cost basis in loans, aged by payment status and presented by class, was as follows ($ in thousands):


As of December 31, 2020	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
Senior mortgages	$	443,154	$	42,501	$	—	$	42,501	$	485,655
Corporate/Partnership loans	42,721		42,946		—		42,946		85,667
Subordinate mortgages	11,640		—		—		—		11,640
Total	$	497,515	$	85,447	$	—	$	85,447	$	582,962
As of December 31, 2019
Senior mortgages	$	534,765	$	—	$	37,820	$	37,820	$	572,585
Corporate/Partnership loans	119,818		—		—		—		119,818
Subordinate mortgages	10,877		—		—		—		10,877
Total	$	665,460	$	—	$	37,820	$	37,820	$	703,280

Schedule of recorded investment in impaired loans, presented by class

The Company's impaired loans, presented by class, were as follows ($ in thousands):


	As of December 31, 2020						As of December 31, 2019
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance



With an allowance recorded:
Senior mortgages(1)	$	53,305	$	52,552	$	(743)	$	37,820	$	37,923	$	(21,701)






Total	$	53,305	$	52,552	$	(743)	$	37,820	$	37,923	$	(21,701)

_______________________________________________________________________________

Schedule of average recorded investment in impaired loans and interest income recognized, presented by class

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, was as follows ($ in thousands):


	Years Ended December 31,
	2020				2019				2018
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:

Subordinate mortgages	$	—	$	—	$	—	$	—	$	—	$	301

Subtotal	—		—		—		—		—		301
With an allowance recorded:
Senior mortgages	50,205		2,145		38,556		—		67,041		—
Corporate/Partnership loans	—		—		—		—		39,169		—

Subtotal	50,205		2,145		38,556		—		106,210		—
Total:
Senior mortgages	50,205		2,145		38,556		—		67,041		—
Corporate/Partnership loans	—		—		—		—		39,169		—
Subordinate mortgages	—		—		—		—		—		301
Total	$	50,205	$	2,145	$	38,556	$	—	$	106,210	$	301

Schedule of other lending investments - securities

Other lending investments includes the following securities ($ in thousands):


	Face Value		Amortized Cost Basis		Net Unrealized Gain		Estimated Fair Value		Net Carrying Value
As of December 31, 2020
Available-for-Sale Securities
Municipal debt securities	$	20,680	$	20,680	$	4,594	$	25,274	$	25,274
Held-to-Maturity Securities
Debt securities	100,000		90,715		—		90,715		90,715
Total	$	120,680	$	111,395	$	4,594	$	115,989	$	115,989
As of December 31, 2019
Available-for-Sale Securities
Municipal debt securities	$	21,140	$	21,140	$	2,756	$	23,896	$	23,896
Held-to-Maturity Securities
Debt securities	100,000		84,981		—		84,981		84,981
Total	$	121,140	$	106,121	$	2,756	$	108,877	$	108,877

Schedule of contractual maturities of securities

As of December 31, 2020, the contractual maturities of the Company's securities were as follows ($ in thousands):


	Held-to-Maturity Securities				Available-for-Sale Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	90,715		90,715		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		20,680		25,274
Total	$	90,715	$	90,715	$	20,680	$	25,274

Other Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Schedule of other investments and its proportionate share of results for equity method investments

The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):


	Carrying Value				Equity in Earnings (Losses)(1)
	As of December 31,				For the Years Ended December 31,
	2020		2019		2020		2019		2018
Real estate equity investments
Safehold Inc. ("SAFE")(2)	$	937,712	$	729,357	$	53,476	$	29,764	$	4,711
iStar Net Lease II LLC ("Net Lease Venture II")	78,998		30,712		2,654		(529)		(333)
iStar Net Lease I LLC ("Net Lease Venture")(3)	—		—		—		—		4,100
Other real estate equity investments(4)	89,939		104,553		(12,929)		12,620		(4,112)
Subtotal	1,106,649		864,622		43,201		41,855		4,366
Other strategic investments(5)	69,911		43,253		(1,075)		(6)		(9,373)
Total	$	1,176,560	$	907,875	$	42,126	$	41,849	$	(5,007)

_______________________________________________________________________________

(3)The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Note 4).

Summary of financial information of the equity method investments

The following table presents the investee level summarized financial information of the Company's equity method investments ($ in thousands):


	As of December 31,					For the Years Ended December 31,
	2020		2019			2020		2019		2018
Balance Sheets					Income Statements
Total assets	$	4,522,147	$	3,653,763	Revenues	$	149,928	$	214,123	$	262,970
Total liabilities	2,437,621		1,918,034		Expenses	(203,689)		(181,456)		(187,257)
Noncontrolling interests	2,124		1,486		Net income attributable to parent entities	(53,955)		32,474		75,056
Total equity attributable to parent entities	2,082,402		1,734,243

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of December 31,
	2020		2019
Intangible assets, net(1)	$	156,041	$	174,973
Finance lease right-of-use assets(2)	143,727		145,209
Operating lease right-of-use assets(2)	48,891		34,063
Other receivables	10,881		16,846
Restricted cash	51,933		45,034
Other assets(3)	19,453		17,534
Leasing costs, net(4)	2,340		3,793
Corporate furniture, fixtures and equipment, net(5)	2,024		2,736
Deferred financing fees, net	1,549		2,300
Deferred expenses and other assets, net	$	436,839	$	442,488

_______________________________________________________________________________

(3)Other assets primarily includes derivative assets, prepaid expenses and deposits for certain real estate assets.

(4)Accumulated amortization of leasing costs was $2.6 million and $3.3 million as of December 31, 2020 and 2019, respectively.

(5)Accumulated depreciation on corporate furniture, fixtures and equipment was $14.3 million and $13.1 million as of December 31, 2020 and 2019, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of December 31,
	2020		2019

Other liabilities(1)	$	91,513	$	81,709
Finance lease liabilities (see table above)	150,520		147,749
Operating lease liabilities (see table above)	50,072		34,182
Accrued expenses	94,724		83,778
Accrued interest payable	32,355		25,733
Intangible liabilities, net(2)	48,738		51,223
Accounts payable, accrued expenses and other liabilities	$	467,922	$	424,374

_______________________________________________________________________________

Schedule of expense from the amortization of lease intangible assets and liabilities

The estimated expense from the amortization of intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):


Year	Amount
2021	$	11,725
2022	11,724
2023	11,570
2024	11,452
2025	11,144

Loan Participations Payable, net (Tables)

12 Months Ended

Dec. 31, 2020

Transfers and Servicing [Abstract]

Schedule of participating mortgage loans

The Company's loan participations payable, net were as follows ($ in thousands):


	Carrying Value as of
	December 31, 2020		December 31, 2019
Loan participations payable(1)	$	42,501	$	35,656
Debt discounts and deferred financing costs, net	—		(18)
Total loan participations payable, net	$	42,501	$	35,638

_______________________________________________________________________________

(1)As of December 31, 2020 and 2019, the Company had one loan participation payable with an interest rate of 6.0% and 6.3%, respectively.

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company's debt obligations were as follows ($ in thousands):


	Carrying Value as of December 31,				Stated Interest Rates		Scheduled Maturity Date
	2020		2019
Secured credit facilities and mortgages:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00%	(1)	September 2022
Senior Term Loan	491,875		491,875		LIBOR + 2.75%	(2)	June 2023
Mortgages collateralized by net lease assets(3)	721,075		721,118		1.69% - 7.26%	(3)

Total secured credit facilities and mortgages(4)	1,212,950		1,212,993
Unsecured notes:
6.00% senior notes(5)	—		110,545		6.00%		—
5.25% senior notes(6)	—		400,000		5.25%		—
3.125% senior convertible notes(7)	287,500		287,500		3.125%		September 2022
4.75% senior notes(8)	775,000		775,000		4.75%		October 2024
4.25% senior notes(9)	550,000		550,000		4.25%		August 2025
5.50% senior notes(10)	400,000		—		5.50%		February 2026
Total unsecured notes	2,012,500		2,123,045
Other debt obligations:
Trust preferred securities	100,000		100,000		LIBOR + 1.50%		October 2035
Total debt obligations	3,325,450		3,436,038
Debt discounts and deferred financing costs, net	(38,475)		(48,958)
Total debt obligations, net(11)	$	3,286,975	$	3,387,080

_______________________________________________________________________________

(4)As of December 31, 2020, $2.1 billion net carrying value of assets served as collateral for the Company's secured debt obligations.

(5)The Company repaid these senior notes in January 2020.

(6)The Company repaid these senior notes in September 2020.

(8)The Company can prepay these senior notes without penalty beginning July 1, 2024.

(9)The Company can prepay these senior notes without penalty beginning May 1, 2025.

(10)The Company can prepay these senior notes without penalty beginning August 15, 2024.

(11)The Company capitalized interest relating to development activities of $1.9 million, $7.5 million and $11.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

As of December 31, 2020, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2021	$	—	$	156,144	$	156,144
2022	287,500		46,787		334,287
2023	—		491,875		491,875
2024	775,000		—		775,000
2025	550,000		272,843		822,843
Thereafter	500,000		245,301		745,301
Total principal maturities	2,112,500		1,212,950		3,325,450
Unamortized discounts and deferred financing costs, net	(32,465)		(6,010)		(38,475)
Total debt obligations, net	$	2,080,035	$	1,206,940	$	3,286,975

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments


	Loans and Other Lending Investments(1)		Real Estate		Other Investments		Total
Performance-Based Commitments	$	63,419	$	2,213	$	25,959	$	91,591
Strategic Investments	—		—		12,810		12,810

Total	$	63,419	$	2,213	$	38,769	$	104,401

___________________________________________________________________________

(1)Excludes $7.5 million of commitments on loan participations sold that are not the obligation of the Company.

Schedule of future minimum rental payments for operating leases

Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2020, are as follows ($ in thousands):


Year	Net Lease Assets		Operating Properties
2021	$	131,625	$	15,948
2022	129,891		7,784
2023	121,586		7,469
2024	115,900		7,462
2025	119,357		6,809
Thereafter	1,238,073		9,712

Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

_______________________________________________________________________________

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

_______________________________________________________________________________

Schedule of future minimum rental payments for financing leases

Future minimum lease obligations under non-cancelable operating and finance leases as of December 31, 2020 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021	$	3,797	$	5,494
2022	6,756		5,604
2023	6,393		5,716
2024	6,309		5,830
2025	6,297		5,946
Thereafter	496		1,567,826
Total undiscounted cash flows	30,048		1,596,416
Present value discount(1)	(3,771)		(1,445,896)
Other adjustments(2)	23,795		—
Lease liabilities	$	50,072	$	150,520

_______________________________________________________________________________

Future minimum lease obligations under operating and finance leases as of December 31, 2019 were as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2020	$	4,167	$	5,386
2021	1,803		5,494
2022	1,098		5,604
2023	728		5,716
2024	617		5,830
Thereafter	1,447		1,573,824
Total undiscounted cash flows	9,860		1,601,854
Present value discount(1)	(1,057)		(1,454,105)
Other adjustments(2)	25,379		—
Lease liabilities	$	34,182	$	147,749

_______________________________________________________________________________

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative financial instruments as well as their classification on Consolidated Balance Sheets


	Derivative Assets			Derivative Liabilities

As of December 31, 2020	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Deferred expenses and other assets, net	$	—	Accounts payable, accrued expenses and other liabilities	$	18,926
Total		$	—		$	18,926

As of December 31, 2019
Derivatives Designated in Hedging Relationships
Interest rate swaps	Deferred expenses and other assets, net	$	114	Accounts payable, accrued expenses and other liabilities	$	8,680
Total		$	114		$	8,680

____________________________________________________________________________

Schedule of derivative financial instruments on Consolidated Statements of Operations


Derivatives Designated in Hedging Relationships	Location of Gain (Loss) When Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
For the Year Ended December 31, 2020
Interest rate swaps(1)	Interest expense	$	(14,931)	$	(6,974)
Interest rate swaps	Earnings from equity method investments	(13,359)		(1,101)
For the Year Ended December 31, 2019
Interest rate swaps(1)	Interest expense	(21,165)		(1,861)
Interest rate swaps	Earnings from equity method investments	(21,417)		(184)
For the Year Ended December 31, 2018
Interest rate swaps(1)	Interest expense	(12,963)		(388)
Interest rate swaps	Earnings from equity method investments	(1,736)		20

______________________________________________________________

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of cumulative redeemable and convertible perpetual preferred stock outstanding

The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of December 31, 2020 and 2019:


				Cumulative Preferential Cash Dividends(1)(2)						Carrying Value (in thousands)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference(3)		Rate per Annum		Annual Dividend Rate (per share)		December 31, 2020		December 31, 2019
D	4,000	$	0.001	$	25.00	8.00	%	$	2.00	$	89,041	$	89,041
G	3,200	0.001		25.00		7.65	%	1.91		72,664		72,664
I	5,000	0.001		25.00		7.50	%	1.88		120,785		120,785
Total	12,200									$	282,490	$	282,490

_______________________________________________________________________________

Accumulated other comprehensive income (loss) reflected in the Company's shareholders' equity

"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):


	As of December 31,
	2020		2019
Unrealized gains on available-for-sale securities	$	4,594	$	2,756
Unrealized losses on cash flow hedges	(53,075)		(37,264)
Unrealized losses on cumulative translation adjustment	(4,199)		(4,199)
Accumulated other comprehensive loss	$	(52,680)	$	(38,707)

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of performance incentive plans

The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the year ended December 31, 2020.



	iPIP Investment Pool
	2013-2014	2015-2016	2017-2018
Points at beginning of period	81.17	73.28	77.27


Forfeited	(1.00)	(2.88)	(3.93)
Points at end of period	80.17	70.40	73.34

Schedule of changes in non-vested restricted stock units

Changes in non-vested restricted stock units ("Units") during the year ended December 31, 2020 were as follows (number of shares and $ in thousands, except per share amounts):


	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Non-vested as of December 31, 2019	598	$	9.18	$	8,688
Granted	181	$	14.68
Vested	(248)	$	9.62

Non-vested as of December 31, 2020	531	$	10.85	$	7,885

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):


	For the Years Ended December 31,
	2020		2019		2018
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)
Net income attributable to noncontrolling interests	(11,588)		(10,283)		(13,936)
Preferred dividends	(23,496)		(32,495)		(32,495)
Net income (loss) allocable to common shareholders for basic earnings per common share	$	(65,937)	$	291,547	$	(64,757)



Add: Effect of Series J convertible perpetual preferred stock	—		9,000		—
Net income (loss) allocable to common shareholders for diluted earnings per common share	$	(65,937)	$	300,547	$	(64,757)

Schedule of earnings per share allocable to common shares and HPU shares


	For the Years Ended December 31,
	2020		2019		2018
Earnings allocable to common shares:
Numerator for basic earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	291,547	$	(64,757)

Numerator for diluted earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	300,547	$	(64,757)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	75,684		64,696		67,958
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	—		146		—



Add: Effect of series J convertible perpetual preferred stock	—		15,824		—
Weighted average common shares outstanding for diluted earnings per common share	75,684		80,666		67,958

Basic earnings per common share:

Net income (loss) allocable to common shareholders	$	(0.87)	$	4.51	$	(0.95)

Diluted earnings per common share:(1)

Net income (loss) allocable to common shareholders	$	(0.87)	$	3.73	$	(0.95)

_______________________________________________________________________________

Fair Values (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):


			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2020
Recurring basis:

Derivative liabilities(1)	18,926		—		18,926		—
Available-for-sale securities(1)	25,274		—		—		25,274
Non-recurring basis:
Impaired land and development(2)	6,078		—		—		6,078
As of December 31, 2019
Recurring basis:
Derivative assets(1)	$	114	$	—	$	114	$	—
Derivative liabilities(1)	8,680		—		8,680		—
Available-for-sale securities(1)	$	23,896	$	—	$	—	$	23,896
Non-recurring basis:

Impaired land and development(3)	40,000		—		—		40,000

_______________________________________________________________________________

(2)The Company recorded a $1.3 million impairment on a land and development asset with an estimated fair value of $6.1 million. The fair value is based on future cash flows expected to be received.

Summary of changes in Level 3 available-for-sale securities reported at fair value


	2020		2019
Beginning balance	$	23,896	$	21,661

Repayments	(460)		(45)
Unrealized gains recorded in other comprehensive income	1,838		2,280
Ending balance	$	25,274	$	23,896

Schedule of Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and fair value for the Company's financial instruments ($ in millions):


	As of December 31, 2020				As of December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Net investment in leases(1)	$	429	$	431	$	419	$	419
Loans receivable and other lending investments(1)	732		772		828		864
Cash and cash equivalents(2)	99		99		307		307
Restricted cash(2)	52		52		45		45
Loan participations payable, net(1)	43		43		36		36
Debt obligations, net(1)	3,287		3,414		3,387		3,531

_______________________________________________________________________________

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

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


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total
Year Ended December 31, 2020
Operating lease income	$	167,152	$	—	$	21,214	$	356	$	—	$	188,722
Interest income	3,440		56,676		—		—		—		60,116
Interest income from sales-type leases	33,552		—		—		—		—		33,552
Other income	18,116		11,975		8,065		19,030		26,671		83,857
Land development revenue	—		—		—		164,702		—		164,702
Earnings (losses) from equity method investments	56,130		—		(16,361)		3,432		(1,075)		42,126
Income from sales of real estate	6,056		—		262		—		—		6,318
Total revenue and other earnings	284,446		68,651		13,180		187,520		25,596		579,393
Real estate expense	(26,571)		—		(22,936)		(22,986)		—		(72,493)
Land development cost of sales	—		—		—		(177,727)		—		(177,727)
Other expense	—		(266)		—		—		(303)		(569)
Allocated interest expense	(101,208)		(23,390)		(8,951)		(17,940)		(18,085)		(169,574)
Allocated general and administrative(2)	(23,223)		(6,622)		(2,591)		(9,990)		(19,099)		(61,525)
Segment profit (loss)(3)	$	133,444	$	38,373	$	(21,298)	$	(41,123)	$	(11,891)	$	97,505
Other significant items:
Provision for loan losses	$	186	$	8,866	$	—	$	—	$	—	$	9,052
Provision for losses on net investment in leases	1,760		—		—		—		—		1,760
Impairment of assets	2,037		—		3,052		2,738		—		7,827
Depreciation and amortization	50,767		—		5,142		952		1,231		58,092
Capitalized expenditures	21,764		—		1,636		30,506		—		53,906

Year Ended December 31, 2019
Operating lease income	$	177,679	$	—	$	28,423	$	286	$	—	$	206,388
Interest income	2,018		75,636		—		—		—		77,654
Interest income from sales-type leases	20,496		—		—		—		—		20,496
Other income	16,718		4,946		17,384		7,838		8,477		55,363
Land development revenue	—		—		—		119,595		—		119,595
Earnings (losses) from equity method investments	29,235		—		8,298		4,322		(6)		41,849
Selling profit from sales-type leases	180,416		—		—		—		—		180,416


Income from sales of real estate	224,654		—		11,969		—		—		236,623
Total revenue and other earnings	651,216		80,582		66,074		132,041		8,471		938,384
Real estate expense	(24,786)		—		(35,322)		(32,318)		—		(92,426)
Land development cost of sales	—		—		—		(109,663)		—		(109,663)
Other expense	—		(462)		—		—		(12,658)		(13,120)
Allocated interest expense	(95,154)		(29,587)		(10,249)		(20,706)		(28,223)		(183,919)
Allocated general and administrative(2)	(25,990)		(8,254)		(2,887)		(11,957)		(19,085)		(68,173)
Segment profit (loss) (3)	505,286		$	42,279	$	17,616	$	(42,603)	$	(51,495)	$	471,083
Other significant non-cash items:
Provision for loan losses	$	—	$	6,482	$	—	$	—	$	—	$	6,482
Impairment of assets	2,471		—		3,853		6,427		668		13,419
Depreciation and amortization	51,091		—		4,977		977		1,214		58,259
Capitalized expenditures	31,445		—		5,617		99,031		—		136,093


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total

Year Ended December 31, 2018
Operating lease income	$	151,958	$	—	$	55,677	$	557	$	—	$	208,192
Interest income	—		97,878		—		—		—		97,878
Other income	4,286		4,556		54,361		7,320		11,819		82,342
Land development revenue	—		—		—		409,710		—		409,710
Earnings (losses) from equity method investments	8,479		—		(1,003)		(3,110)		(9,373)		(5,007)
Gain from consolidation of equity method investment	67,877		—		—		—		—		67,877

Income from sales of real estate	45,038		—		80,966		—		—		126,004
Total revenue and other earnings	277,638		102,434		190,001		414,477		2,446		986,996
Real estate expense	(17,033)		—		(80,570)		(41,686)		—		(139,289)
Land development cost of sales	—		—		—		(350,181)		—		(350,181)
Other expense	—		(1,578)		—		—		(4,462)		(6,040)
Allocated interest expense	(63,706)		(40,653)		(18,618)		(21,897)		(38,877)		(183,751)
Allocated general and administrative(2)	(20,713)		(12,997)		(6,574)		(14,313)		(19,975)		(74,572)
Segment profit (loss) (3)	$	176,186	$	47,206	$	84,239	$	(13,600)	$	(60,868)	$	233,163
Other significant non-cash items:
Provision for loan losses	$	—	$	16,937	$	—	$	—	$	—	$	16,937
Impairment of assets	10,391		—		79,991		56,726		—		147,108
Depreciation and amortization	38,588		—		17,417		1,353		1,341		58,699
Capitalized expenditures	40,215		—		19,912		144,595		—		204,722


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/ Other(1)		Company Total
As of December 31, 2020
Real estate


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

As of December 31, 2019
Real estate


Real estate, net	$	1,327,082	$	—	$	200,137	$	—	$	—	$	1,527,219
Real estate available and held for sale	—		—		8,650		—		—		8,650
Total real estate	1,327,082		—		208,787		—		—		1,535,869
Net investment in leases	418,915		—		—		—		—		418,915
Land and development, net	—		—		—		580,545		—		580,545
Loans receivable and other lending investments, net	44,339		783,522		—		—		—		827,861
Other investments	760,068		—		61,686		42,866		43,255		907,875
Total portfolio assets	$	2,550,404	$	783,522	$	270,473	$	623,411	$	43,255	4,271,065
Cash and other assets											814,044
Total assets											$	5,085,109

_______________________________________________________________________________

(2)General and administrative excludes stock-based compensation expense of $39.4 million, $30.4 million and $17.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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


	For the Years Ended December 31,
	2020		2019		2018
Segment profit	$	97,505	$	471,083	$	233,163
Less: Provision for loan losses	(9,052)		(6,482)		(16,937)
Less: Provision for losses on net investment in leases	(1,760)		—		—
Less: Impairment of assets	(7,827)		(13,419)		(147,108)
Less: Depreciation and amortization	(58,092)		(58,259)		(58,699)
Less: Stock-based compensation expense	(39,354)		(30,436)		(17,563)
Less: Income tax expense	(235)		(438)		(815)
Less: Loss on early extinguishment of debt, net	(12,038)		(27,724)		(10,367)
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)

Reconciliation of segment profit to income (loss) from continuing operations

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


	For the Years Ended December 31,
	2020		2019		2018
Segment profit	$	97,505	$	471,083	$	233,163
Less: Provision for loan losses	(9,052)		(6,482)		(16,937)
Less: Provision for losses on net investment in leases	(1,760)		—		—
Less: Impairment of assets	(7,827)		(13,419)		(147,108)
Less: Depreciation and amortization	(58,092)		(58,259)		(58,699)
Less: Stock-based compensation expense	(39,354)		(30,436)		(17,563)
Less: Income tax expense	(235)		(438)		(815)
Less: Loss on early extinguishment of debt, net	(12,038)		(27,724)		(10,367)
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)

Business and Organization (Details) $ in Billions	Dec. 31, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment across a range of real estate sectors over the past two decades	$ 40

Basis of Presentation and Principles of Consolidation (VIEs) (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Real estate

Real estate, at cost

^[1]

$ 1,752,053

$ 1,761,079

^[1]

(267,772)

(233,860)

^[1]

1,484,281

1,527,219

^[1]

430,663

580,545

Cash and cash equivalents

^[1]

1,176,560

907,875

^[1]

98,633

307,172

Accrued interest and operating lease income receivable, net

^[1]

10,061

10,162

Deferred operating lease income receivable, net

^[1]

58,128

54,222

^[1]

436,839

442,488

Accounts payable, accrued expenses and other liabilities

^[1]

4,861,808

5,085,109

LIABILITIES

^[1]

467,922

424,374

^[1]

3,286,975

3,387,080

Variable Interest Entity, Primary Beneficiary

^[1]

3,797,425

3,847,149

Real estate

Real estate, at cost

899,110

891,000

(61,917)

(37,542)

837,193

853,458

240,137

273,617

Cash and cash equivalents

22,571

19,112

Accrued interest and operating lease income receivable, net

1,472

1,208

Deferred operating lease income receivable, net

29,428

19,547

122,591

134,117

Accounts payable, accrued expenses and other liabilities

1,253,427

1,301,104

LIABILITIES

115,581

107,455

488,719

482,918

Carrying value of investments

604,300

$ 590,373

Unconsolidated VIEs

LIABILITIES

139,000

Variable interest entity unfunded commitment

$ 12,800

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Summary of Significant Accounting Policies (Adoption of New Accounting Standards) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for loan losses		$ 9,052	$ 6,482	$ 16,937
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for loan losses	$ 3,300
Provision for losses on net investment in leases	$ 9,100

Summary of Significant Accounting Policies (Real Estate and Land Development) (Details)	12 Months Ended
	Dec. 31, 2020
Facilities
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years

Summary of Significant Accounting Policies (Allowance for Loan Losses and Net Investment in Leases (Details) $ in Millions	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Accrued interest \| $	$ 5.0	$ 4.2
Number of impaired loans used as collateral \| loan	1

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Entity Information [Line Items]
Assets with foreclosure elections	$ 31,500
Operating loss carryforwards		$ 460,600
Total income tax (expense) benefit	(235)	(438)	$ (815)
Refund received				$ 3,000
Taxable REIT Subsidiaries
Entity Information [Line Items]
Operating loss carryforwards	38,400	32,500
Assets owned taxable subsidiaries	562,300
Current tax benefit (expense)	(106)	(35)	(447)
Total income tax (expense) benefit	(106)	(35)	(447)
Taxable loss	28,700
Operating loss carryforwards		123,400
Operating loss carryforwards subject to expiration		73,600
Deferred tax assets	80,101	79,645
Valuation allowance	(80,101)	(79,645)
Net deferred tax assets (liabilities)	0	0
Real estate asset basis differences	26,700	32,900
Deferred expenses and other items	12,700	11,900
Other credits	2,300	2,300
REIT
Entity Information [Line Items]
Current tax benefit (expense)	(100)	(400)	(500)
Income taxes paid	$ 800	$ 400	$ 2,000

Summary of Significant Accounting Policies (New Accounting Pronouncements) (Details) - USD ($)
$ in Thousands

Jan. 01, 2021

Dec. 31, 2020

Dec. 31, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total iStar Inc. shareholders' equity

^[1]

$ 3,286,975

$ 3,387,080

^[1]

$ 870,969

$ 1,040,422

Forecast | Accounting Standards Update 2020-06

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total iStar Inc. shareholders' equity

$ 10,000

$ (10,000)

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ (267,772)

$ (233,860)

^[1]

1,484,281

1,527,219

^[1]

5,212

8,650

^[1]

1,489,493

1,535,869

Net Lease

Buildings and improvements, at cost

Land, at cost

188,418

199,710

1,353,683

1,347,321

(250,198)

(219,949)

1,291,903

1,327,082

Net Lease | iStar Net Lease I LLC

1,291,903

1,327,082

755,500

768,600

Operating Properties

Buildings and improvements, at cost

Land, at cost

103,530

106,187

106,422

107,861

(17,574)

(13,911)

192,378

200,137

5,212

8,650

197,590

208,787

Real Estate Properties

Buildings and improvements, at cost

Land, at cost

291,948

305,897

1,460,105

1,455,182

(267,772)

(233,860)

1,484,281

1,527,219

5,212

8,650

Residential Operating Properties

1,489,493

1,535,869

Repurchase Agreement Counterparty [Line Items]

$ 5,200

$ 8,700

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Real Estate - Net Lease Venture (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Gain on consolidation of equity method investment	$ 67,900	$ 0	$ 0	$ 67,877
Equity method investment, partner ownership percentage		47.50%
Net Lease \| iStar Net Lease I LLC
Schedule of Equity Method Investments [Line Items]
Equity interest		51.90%
Equity method investment, related party ownership percentage		0.60%
Equity method investment, related party promote fee percentage		50.00%

Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Property transferred to held for sale, aggregate, carrying value	$ 8.9	$ 200.4	$ 31.3
Operating Properties
Real Estate Properties [Line Items]
Property transferred to held for sale, aggregate, carrying value	0.0	14.5	23.2
Net Lease
Real Estate Properties [Line Items]
Property transferred to held for sale, aggregate, carrying value	$ 8.9	$ 185.9	$ 8.1

Real Estate (Acquisitions) (Details) $ in Thousands	1 Months Ended		12 Months Ended
Real Estate (Acquisitions) (Details) $ in Thousands	Jun. 30, 2020	May 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) lease_asset
Real Estate Properties [Line Items]
Acquisitions of real estate assets		$ 56,700	$ 0	$ 240,487	$ 19,454
Net lease assets \| lease_asset					2
Safehold Inc.
Real Estate Properties [Line Items]
Ground lease term	99 years			98 years
Net Lease Asset
Real Estate Properties [Line Items]
Acquisitions of real estate assets				$ 11,500	$ 14,800
Net Lease Asset Two
Real Estate Properties [Line Items]
Acquisitions of real estate assets				$ 110,600
Ground lease term				99 years
Lease Hold Interest
Real Estate Properties [Line Items]
Acquisitions of real estate assets				$ 98,200

Real Estate (Dispositions) (Details) $ in Thousands	1 Months Ended		12 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) property net_lease_asset
Other Dispositions by Property Type
Proceeds			$ 48,415	$ 329,971	$ 411,786
Income from sales of real estate		$ 24,500	6,318	236,623	126,004
Impairment of assets			7,827	13,419	147,108
Total
Other Dispositions by Property Type
Proceeds			48,300	555,500	407,600
Income from sales of real estate			6,300	236,600	126,000
Operating Properties
Other Dispositions by Property Type
Proceeds			5,900	86,100	327,900
Income from sales of real estate			200	11,900	$ 81,000
Aggregate carrying value of property sold				73,100
Number of properties sold \| property					10
Operating Properties \| Income from sales of real estate
Other Dispositions by Property Type
Income from sales of real estate				11,900	$ 81,000
Net Lease
Other Dispositions by Property Type
Proceeds			42,400	469,400	79,700
Income from sales of real estate			6,100	224,700	$ 45,000
Aggregate carrying value of property sold				220,400
Number of properties sold \| net_lease_asset					5
Non-recourse debt assumed by buyer	$ 228,000			228,000
Net Lease \| Income from sales of real estate
Other Dispositions by Property Type
Income from sales of real estate				$ 219,700	$ 45,000
Net Lease Asset
Other Dispositions by Property Type
Proceeds			7,500
Impairment of assets			$ 1,700
Operating Properties, Noncontrolling Interest
Other Dispositions by Property Type
Income from sales of real estate					$ 9,800

Real Estate (Impairments) (Details) - USD ($) $ in Millions	12 Months Ended
Real Estate (Impairments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Impairment of real estate	$ 4.8	$ 5.4	$ 90.4
Impairment of long-lived assets to be disposed of	3.1
Net Lease Asset
Real Estate Properties [Line Items]
Impairment of long-lived assets to be disposed of	$ 1.7

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Tenant reimbursements	$ 23.4	$ 21.2	$ 22.4

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1.7	$ 1.0
Deferred Operating Lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable		$ 1.0

Real Estate (Future Minimum Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Net Lease
Future Minimum Operating Lease Payments Receivable
2021	$ 131,625
2022	129,891
2023	121,586
2024	115,900
2025	119,357
Thereafter	1,238,073
Operating Properties
Future Minimum Operating Lease Payments Receivable
2021	15,948
2022	7,784
2023	7,469
2024	7,462
2025	6,809
Thereafter	$ 9,712

Net Investment in Leases (Narrative) (Details)
$ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

May 31, 2019

USD ($)

property

Sep. 30, 2020

USD ($)

Jun. 30, 2020

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Payments to acquire real estate assets

$ 56,700

$ 0

$ 240,487

$ 19,454

Number of properties acquired from lessee | property

Purchase price for properties acquired from lessee

$ 44,100

Extension of existing master net leases

15 years

Net proceeds from sale of lessee's facilities

$ 10,000

Real estate assets derecognized at inception of sales-type lease

$ 424,100

429,101

^[1]

418,915

^[1]

193,400

Deferred operating lease income receivable derecognized at inception of sales-type lease

25,400

Deferred expenses and other assets derecognized at inception of sales-type lease

13,400

Accounts payable, accrued expenses, and other liabilities derecognized at inception of sales-type lease

$ 1,900

Interest income from sales-type leases

180,416

$ 0

10,800

17,000

Noncash interest income from sales-type leases

$ 22,800

3,500

Impairment of real estate

$ 900

Bowling Entertainment Venue Operator

Repurchase Agreement Counterparty [Line Items]

Number of properties acquired from lessee | property

Bowling Entertainment Venue Operator | Bowling Center Commitment

Repurchase Agreement Counterparty [Line Items]

Commitment to invest additional bowling centers

$ 55,000

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Net Investment in Leases - Net Investment in Leases (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

May 31, 2019

Leases [Abstract]

Total undiscounted cash flows

$ 1,020,921

$ 1,042,019

Unguaranteed estimated residual value

345,284

340,620

Present value discount

(926,233)

(963,724)

Allowance for losses on net investment in leases

(10,871)

$ 429,101

^[1]

$ 418,915

^[1]

$ 424,100

Risk rating

200.00%

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Net Investment in Leases (Future Minimum Lease Payments to be Collected Under Sales-Type Leases) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 14,248
2022	30,481
2023	41,854
2024	41,584
2025	30,481
Thereafter	862,273
Total undiscounted cash flows	$ 1,020,921

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Allowance for losses on net investment in leases at beginning of period	$ 0
Initial allowance recorded upon adoption of new accounting standard	0	$ 0
Provision for losses on net investment in leases	1,760	0	$ 0
Allowance for losses on net investment in leases at end of period	10,871	0
ASU 2016-13
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Initial allowance recorded upon adoption of new accounting standard				$ 9,100
Cumulative Effect, Period of Adoption, Adjustment
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Allowance for losses on net investment in leases at beginning of period	9,111
Initial allowance recorded upon adoption of new accounting standard	$ 9,111	9,111
Allowance for losses on net investment in leases at end of period		$ 9,111

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Total land and development, net

^[1]

$ 430,663

$ 580,545

Land

Land and land development, at cost

441,201

590,153

Total land and development, net

(10,538)

(9,608)

$ 430,663

$ 580,545

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Land and Development (Acquisitions, Dispositions, Impairments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) land_asset	Dec. 31, 2019 USD ($) land_asset	Dec. 31, 2018 USD ($) a parcel land_asset
Real Estate Properties [Line Items]
Increase in net lease assets upon consolidation of equity method investment	$ 0	$ 0	$ 844,550
Revenue	530,949	479,496	$ 798,122
Number of land parcels sold \| parcel			2
Area of land parcels sold (in acres) \| a			93
Impairment of assets	7,827	13,419	$ 147,108
Impairment of land and development assets, expected sales proceeds		$ 5,300
Number of land and development assets impaired \| land_asset		2	5
Impairment of land and development assets			$ 56,700
Land
Real Estate Properties [Line Items]
Aggregate financing provided to buyers			145,000
Proceeds of notes receivable	58,200	$ 94,200
Land development
Real Estate Properties [Line Items]
Revenue	164,702	119,595	409,710
Cost of sales expense	177,727	109,663	350,181
Land \| Real Estate Acquired in Satisfaction of Debt
Real Estate Properties [Line Items]
Increase in net lease assets upon consolidation of equity method investment			$ 4,600
Land and development asset
Real Estate Properties [Line Items]
Impairment of assets	$ 2,700	1,100
Number of land and development assets impaired \| land_asset	2
Affiliated Entity
Real Estate Properties [Line Items]
Real estate transaction price		34,300
Payments to acquire land and develop asset		7,300
Assumption of loan in acquisition transaction		$ 27,000
Other Real Estate Equity Investment Dec 2016
Real Estate Properties [Line Items]
Equity interest		50.00%

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	$ 162,538	$ 153,216
Total gross carrying value of loans receivable and other lending investments	745,500	856,495
Allowance for loan losses	(13,170)	(28,634)
Total loans receivable and other lending investments, net	732,330	827,861
Financing receivables (refer to Note 5)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	46,549	44,339
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	90,715	84,981
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	25,274	23,896
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	582,962	703,280
Construction loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	514,833	614,386
Allowance for loan losses	(6,541)	(6,668)
Construction loans \| Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	514,833	614,386
Construction loans \| Commercial Portfolio Segment \| Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	449,733	518,992
Construction loans \| Commercial Portfolio Segment \| Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	65,100	95,394
Completed construction \| Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 241,800
Percentage of construction loans	47.00%
Substantially completed construction \| Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 24,600
Percentage of construction loans	5.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 68,129	88,893
Allowance for loan losses	(1,643)	(265)
Loans \| Commercial Portfolio Segment \| Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	35,922	53,592
Loans \| Commercial Portfolio Segment \| Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	20,567	24,424
Loans \| Commercial Portfolio Segment \| Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 11,640	$ 10,877

Loans Receivable and Other Lending Investments, net (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period	$ 28,634	$ 28,634
Adoption of new accounting standard	28,634	28,634	$ 28,634		$ 13,170
Provision for loan losses		9,052	6,482	$ 16,937
Allowance for loan losses at end of period		13,170	28,634
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	0	0
Adoption of new accounting standard	0	3,093	0		3,093
Provision for loan losses		3,073
Charge offs		0
Allowance for loan losses at end of period		3,093	0
Total
Allowance for loan losses at beginning of period	28,634	28,634
Allowance For Credit Loss	28,634	13,170	28,634		13,170
Provision for loan losses		9,696
Charge offs		(25,889)
Allowance for loan losses at end of period		13,170	28,634
Increase to reserves for loan losses					1,000
Provision		9,100
Nonperforming Financial Instruments
Financing Receivables
Charge offs			(19,200)
Total
Charge offs			19,200
Nonperforming Financial Instrument With Deteriorated Collateral
Total
Financing receivable, allowance for credit loss, writeoff, deterioration of collateral			12,000
Accounts Payable, Accrued Expenses, and Other Liabilities
Total
Increase to reserves for loan losses						$ 2,500
Recoveries for unfunded commitments		1,500
Accrued Interest And Operating Lease Income Receivable, Net
Financing Receivables
Provision for loan losses		900
ASU 2016-13
Total
Increase to reserves for loan losses						3,300
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivables
Provision for loan losses	3,300
Held to Maturity Debt Securities
Adoption of new accounting standard	20					20
Allowance for loan losses at end of period	20
Total
Allowance For Credit Loss	729					729
Allowance for loan losses at end of period	729
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	6,668	6,668
Adoption of new accounting standard	6,668	6,541	6,668		6,541
Provision for loan losses		226
Charge offs		0
Allowance for loan losses at end of period		6,541	6,668
Total
Charge offs		0
Construction Loans \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard	(353)					(353)
Allowance for loan losses at end of period	(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	265	265
Adoption of new accounting standard	265	1,643	265		1,643
Provision for loan losses		1,280
Charge offs		0
Allowance for loan losses at end of period		1,643	265
Total
Charge offs		0
Loans \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard	98					98
Allowance for loan losses at end of period	98
Financing Receivables
Financing Receivables
Allowance for loan losses at beginning of period	0	0
Adoption of new accounting standard	0	1,150	0		1,150
Provision for loan losses		186
Charge offs		0
Allowance for loan losses at end of period		1,150	0
Total
Charge offs		0
Financing Receivables \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard	964					964
Allowance for loan losses at end of period	964
Specific Allowance
Financing Receivables
Allowance for loan losses at beginning of period	21,701	21,701
Adoption of new accounting standard	21,701	743	21,701		$ 743
Provision for loan losses		4,931
Charge offs		(25,889)
Allowance for loan losses at end of period		743	$ 21,701
Total
Charge offs		$ 25,889
Specific Allowance \| Cumulative Effect, Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard	0					$ 0
Allowance for loan losses at end of period	$ 0

Loans Receivable and Other Lending Investments, net (Investment in Loans and Associated Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Lending Investments
Total	$ 162,538	$ 153,216
Less: Allowance for loan losses
Individually evaluated for impairment	(743)	(21,701)
Collectively evaluated for impairment	(12,427)	(6,933)
Total	(13,170)	(28,634)
Individually evaluated for impairment	52,562	16,119
Collectively evaluated for impairment	679,768	811,742
Total loans receivable and other lending investments, net	732,330	827,861
Individually Evaluated for Impairment
Less: Allowance for loan losses
Net discounts	800	100
Collectively Evaluated for Impairment
Less: Allowance for loan losses
Net discounts	2,300	700
Held-to-maturity debt securities
Other Lending Investments
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	90,715	84,981
Total	90,715	84,981
Available-for-sale debt securities
Other Lending Investments
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	25,274	23,896
Total	25,274	23,896
Construction loans
Loans
Individually evaluated for impairment	53,305	0
Collectively evaluated for impairment	461,528	614,386
Total	514,833	614,386
Less: Allowance for loan losses
Total	(6,541)	(6,668)
Loans
Loans
Individually evaluated for impairment	0	37,820
Collectively evaluated for impairment	68,129	51,073
Total	68,129	88,893
Less: Allowance for loan losses
Total	(1,643)	(265)
Financing receivables
Loans
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	46,549	44,339
Total	46,549	44,339
Less: Allowance for loan losses
Total	$ (1,150)	$ 0

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($) loan
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Number of non-accrual loans \| loan	1	1
Commercial Portfolio Segment
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 582,962	$ 703,280
Commercial Portfolio Segment \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	20,115
2019	46,549
2018	262,946
2017	145,585
2016	85,447
Prior to 2016	15,565
Total	576,207
Commercial Portfolio Segment \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Loan on non-accrual status	53,300
Commercial Portfolio Segment \| Senior mortgages \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	20,115
2019	0
2018	220,224
2017	145,585
2016	42,502
Prior to 2016	3,925
Total	432,351
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 1.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 1.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 2.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 2.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	58,070
2017	0
2016	0
Prior to 2016	0
Total	58,070
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 3.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	20,115
2019	0
2018	109,121
2017	145,585
2016	42,502
Prior to 2016	3,925
Total	321,248
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 3.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 4.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	53,033
2017	0
2016	0
Prior to 2016	0
Total	53,033
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 4.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Senior mortgages \| Risk Rating 5.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	42,722
2017	0
2016	42,945
Prior to 2016	0
Total	85,667
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 1.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 1.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 2.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 2.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 3.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	22,155
2017	0
2016	0
Prior to 2016	0
Total	22,155
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 3.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 4.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	20,567
2017	0
2016	42,945
Prior to 2016	0
Total	63,512
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 4.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Corporate/Partnership loans \| Risk Rating 5.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,640
Total	11,640
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 1.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 1.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 2.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 2.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 3.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	11,640
Total	11,640
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 3.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 4.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 4.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Subordinate mortgages \| Risk Rating 5.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	46,549
2018	0
2017	0
2016	0
Prior to 2016	0
Total	46,549
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 1.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 1.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 2.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	46,549
2018	0
2017	0
2016	0
Prior to 2016	0
Total	46,549
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 2.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 3.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 3.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 4.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 4.5 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	0
Commercial Portfolio Segment \| Financing Receivables \| Risk Rating 5.0 \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2020	0
2019	0
2018	0
2017	0
2016	0
Prior to 2016	0
Total	$ 0

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) - Commercial Portfolio Segment - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Recorded investment in loans, aged by payment status and presented by class
Current	$ 497,515	$ 665,460
Total Past Due	85,447	37,820
Total	582,962	703,280
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	85,447	0
Greater than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	37,820
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	443,154	534,765
Total Past Due	42,501	37,820
Total	485,655	572,585
Senior mortgages \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	42,501	0
Senior mortgages \| Greater than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	37,820
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	42,721	119,818
Total Past Due	42,946	0
Total	85,667	119,818
Corporate/Partnership loans \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	42,946	0
Corporate/Partnership loans \| Greater than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	11,640	10,877
Total Past Due	0	0
Total	11,640	10,877
Subordinate mortgages \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Subordinate mortgages \| Greater than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	$ 0	$ 0

Loans Receivable and Other Lending Investments, net (Impaired Loans) (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) loan	Jun. 30, 2018 USD ($)	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($)
Financing Receivable, Impaired [Line Items]
Preferred equity investment received, face value		$ 100,000,000.0
Preferred equity investment mandatory redemption period		5 years
Preferred equity investment received, recorded fair value		$ 77,000,000.0
Provision for loan losses			$ 9,052,000	$ 6,482,000	$ 16,937,000
Impaired Loans
Number of non-accrual loans \| loan	1		1	1
Interest income on impaired loans			$ 0	$ 0	0
Commercial Portfolio Segment
Impaired Loans
Impaired loans with allowance recorded, recorded investment	$ 53,305,000		53,305,000	37,820,000
Impaired loans with allowance recorded, unpaid principal balance	52,552,000		52,552,000	37,923,000
Impaired loans with allowance recorded, related allowance	(743,000)		(743,000)	(21,701,000)
Impaired loans with no related allowance recorded, average recorded investment			0	0	0
Impaired loans with no related allowance recorded, interest income recognized			0	0	301,000
Impaired loans with allowance recorded, average recorded investment			50,205,000	38,556,000	106,210,000
Impaired loans with allowance recorded, interest income recognized			2,145,000	0	0
Impaired loans, average recorded investment, total			50,205,000	38,556,000	106,210,000
Impaired loans, interest income recognized, total			2,145,000	0	301,000
Commercial Portfolio Segment \| Subordinate mortgages
Impaired Loans
Impaired loans with no related allowance recorded, average recorded investment			0	0	0
Impaired loans with no related allowance recorded, interest income recognized			0	0	301,000
Impaired loans, average recorded investment, total			0	0	0
Impaired loans, interest income recognized, total			0	0	301,000
Commercial Portfolio Segment \| Senior mortgages
Impaired Loans
Impaired loans with allowance recorded, recorded investment	53,305,000		53,305,000	37,820,000
Impaired loans with allowance recorded, unpaid principal balance	52,552,000		52,552,000	37,923,000
Impaired loans with allowance recorded, related allowance	(743,000)		(743,000)	(21,701,000)
Impaired loans with allowance recorded, average recorded investment			50,205,000	38,556,000	67,041,000
Impaired loans with allowance recorded, interest income recognized			2,145,000	0	0
Impaired loans, average recorded investment, total			50,205,000	38,556,000	67,041,000
Impaired loans, interest income recognized, total			2,145,000	0	0
Commercial Portfolio Segment \| Corporate/Partnership loans
Impaired Loans
Impaired loans with allowance recorded, average recorded investment			0	0	39,169,000
Impaired loans with allowance recorded, interest income recognized			0	0	0
Impaired loans, average recorded investment, total			0	0	39,169,000
Impaired loans, interest income recognized, total			0	$ 0	$ 0
Nonperforming Financial Instruments \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Gross carrying value of loan	15,200,000		$ 15,200,000
Proceeds from collection of loan receivable	11,000,000.0
Provision for loan losses	$ 4,200,000
Nonperforming Financial Instruments \| Corporate/Partnership loans
Financing Receivable, Impaired [Line Items]
Gross carrying value of loan		145,800,000
Proceeds from collection of loan receivable		45,800,000
Provision for loan losses		$ 21,400,000

Loans Receivable and Other Lending Investments, net (Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Available-for-Sale Securities
Amortized Cost Basis	$ 20,680
Estimated Fair Value	25,274
Held-to-Maturity Securities
Amortized Cost Basis	90,715
Estimated Fair Value	90,715
Total
Face Value	120,680	$ 121,140
Amortized Cost Basis	111,395	106,121
Net Unrealized Gain	4,594	2,756
Estimated Fair Value	115,989	108,877
Net Carrying Value	115,989	108,877
Municipal debt securities
Available-for-Sale Securities
Face Value	20,680	21,140
Amortized Cost Basis	20,680	21,140
Net Unrealized Gain	4,594	2,756
Estimated Fair Value	25,274	23,896
Net Carrying Value	25,274	23,896
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	90,715	84,981
Net Unrealized Gain	0	0
Estimated Fair Value	90,715	84,981
Net Carrying Value	$ 90,715	$ 84,981

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Held-to-Maturity Securities, Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	90,715
After 5 years through 10 years	0
After 10 years	0
Total	90,715
Held-to-Maturity Securities, Estimated Fair Value
Within one year	0
After one year through 5 years	90,715
After 5 years through 10 years	0
After 10 years	0
Total	90,715
Available-for-Sale Securities, Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	20,680
Total	20,680
Available-for-Sale Securities, Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	25,274
Total	$ 25,274

Other Investments (Schedule of Other Investments) (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Schedule of Equity Method Investments [Line Items]

^[1]

$ 1,176,560

$ 907,875

Market-to-market gain (loss)

42,126

41,849

$ (5,007)

Interest expense

169,574

183,919

183,751

$ 23,900

Safehold Inc.

Schedule of Equity Method Investments [Line Items]

Number of investor units owned (in shares)

34.8

Investor units closing price (in dollars per share)

$ 72.49

Fair value

$ 2,500,000

Equity method investment realized gain

14,400

7,600

Other real estate equity investments

Schedule of Equity Method Investments [Line Items]

Equity method investment realized gain

19,300

Other strategic investments

Schedule of Equity Method Investments [Line Items]

Impairment on foreign equity method investment

10,000

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

1,176,560

907,875

Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other strategic investments

42,126

41,849

(5,007)

Depreciation expense

19,500

14,400

16,900

Interest expense

59,300

32,900

18,100

Schedule of Equity Method Investments [Line Items]

69,911

43,253

Real Estate Investment | Other real estate equity investments

(1,075)

(6)

(9,373)

Schedule of Equity Method Investments [Line Items]

Impairment on foreign equity method investment

6,100

Real Estate Investment | Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

1,106,649

864,622

Real Estate Investment | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Safehold Inc.

43,201

41,855

4,366

Schedule of Equity Method Investments [Line Items]

937,712

729,357

Real Estate Investment | Equity Method Investment, Nonconsolidated Investee or Group of Investees | iStar Net Lease II LLC

53,476

29,764

4,711

Schedule of Equity Method Investments [Line Items]

78,998

30,712

Real Estate Investment | Equity Method Investment, Nonconsolidated Investee or Group of Investees | iStar Net Lease I LLC

2,654

(529)

(333)

Schedule of Equity Method Investments [Line Items]

Real Estate Investment | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Other real estate equity investments

4,100

Schedule of Equity Method Investments [Line Items]

89,939

104,553

Schedule of Equity Method Investments [Line Items]

$ (12,929)

$ 12,620

$ (4,112)

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Other Investments (Narrative) (Details)		1 Months Ended													6 Months Ended		12 Months Ended
Other Investments (Narrative) (Details)	Jan. 02, 2019 USD ($) $ / shares shares	Nov. 30, 2020 USD ($) shares	Oct. 31, 2020 USD ($)	Jun. 30, 2020	Mar. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) lease building	Nov. 30, 2019 USD ($) shares	Aug. 31, 2019 USD ($) shares	May 31, 2019 USD ($)	Apr. 30, 2019 USD ($)	Feb. 28, 2019	Dec. 31, 2018 USD ($) lease building	Jun. 30, 2018 USD ($) facility lease	May 31, 2018 USD ($) office_building	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) building	Dec. 31, 2018 USD ($)	Sep. 30, 2020 USD ($)	Oct. 31, 2019 USD ($)	Jan. 31, 2019 USD ($)	Oct. 31, 2017 USD ($)	Aug. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of investor units purchased (in shares) \| shares	12,500,000
Investor units, purchase price per unit (in dollars per share) \| $ / shares	$ 20.00
Payments to acquire equity method investments	$ 250,000,000.0																$ 260,121,000	$ 656,720,000	$ 94,578,000
Conversion of Investor Units into shares									1
Restriction period on common stock received as payment																	2 years
Commitment to extend credit						$ 150,000,000.0												150,000,000.0
Number of industrial facilities sold \| facility													2
Number of ground leases structured and entered into \| lease													2
Number of ground leases sold \| lease													2
Net proceeds from sales of real estate													$ 36,100,000
Income from sales of real estate													$ 24,500,000				$ 6,318,000	236,623,000	126,004,000
Revenue																	530,949,000	$ 479,496,000	798,122,000
Number of units in real estate property to be built \| building						3												3
Acquisitions of real estate assets									$ 56,700,000								0	$ 240,487,000	19,454,000
SAFE
Schedule of Equity Method Investments [Line Items]
Expense reimbursements from related party															$ 700,000		5,000,000.0	2,100,000
Ground lease term								99 years			98 years
Percentage of ownership																					50.00%
Great Oaks
Schedule of Equity Method Investments [Line Items]
Lease term																							99 years
Real estate leasehold improvement allowances																							$ 7,200,000
Ground Lease Multifamily Development SanJose CA
Schedule of Equity Method Investments [Line Items]
Interest income																	3,400,000	1,200,000	200,000
Proceeds from sale of ground lease																				$ 34,000,000.0
Gain (loss) from sale of ground lease																	6,100,000
Ground Lease, 100 200 Glenridge Point
Schedule of Equity Method Investments [Line Items]
Interest income																		1,900,000
Ground Lease Conversion Washington DC
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit																						$ 13,300,000
Interest income																	1,000,000.0	$ 1,000,000.0
Ground Lease Conversion Seattle WA
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit			$ 22,500,000
Interest income																	$ 300,000
Consideration received			$ 2,300,000
Ground Lease Tenant Acquisition
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit																					$ 22,000,000.0
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest																	51.90%
Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity investments related to party						$ 500,000
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest						50.00%											50.00%	50.00%
Interest income																	$ 2,400,000	$ 2,800,000	1,100,000
Payments for funding under loan commitments						$ 33,000,000.0											33,000,000.0	$ 33,000,000.0
Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Equity interest						50.00%												50.00%
Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Real estate transaction price																		$ 34,300,000
Payments to acquire land and develop asset																		7,300,000
Assumption of loan in acquisition transaction																		27,000,000.0
The Properties - Livermore CA \| Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Number of properties \| building						2						4
Acquisitions of real estate assets						$ 81,800,000						$ 31,200,000
Percentage of acquired properties leased						100.00%						100.00%
Number of leases \| lease						2						4
Land \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value						$ 42,900,000											31,200,000	42,900,000
Operating Properties
Schedule of Equity Method Investments [Line Items]
Income from sales of real estate																	200,000	11,900,000	81,000,000.0
Operating Properties \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Carrying value						$ 61,700,000											58,700,000	61,700,000
Operating Properties \| Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Equity interest																									50.00%
Interest income																		$ 600,000	2,100,000
Loans commitment																									$ 27,000,000.0
Operating Properties \| Affiliated Entity \| Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Real estate transaction price										$ 34,300,000
Payments to acquire land and develop asset										7,300,000
Assumption of loan in acquisition transaction										$ 27,000,000.0
Leasehold First Mortgage \| Great Oaks
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit																							80,500,000
Loans receivable net of deferred income																							$ 80,500,000
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Ground lease term				99 years														98 years
Safehold Inc. \| Ground Lease, Atlanta medical office
Schedule of Equity Method Investments [Line Items]
Interest income																		$ 1,200,000	1,400,000
Safehold Inc. \| Ground Lease, 100 200 Glenridge Point
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit														$ 19,900,000
Interest income																			1,400,000
Number of office buildings \| office_building														2
Safehold Inc. \| Ground Lease, Atlanta medical office
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit																								$ 24,000,000.0
Commitment to extend credit, amount funded																	61,800,000							$ 18,400,000
Management Fees \| SAFE
Schedule of Equity Method Investments [Line Items]
Revenue from related party															$ 1,800,000	$ 1,800,000	12,700,000	7,500,000
Management Fees \| Other Income \| Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Commitment to extend credit, amount funded																	85,900,000
Revenue																	$ 1,500,000	$ 1,500,000	$ 400,000
Management Fees \| Master Lease \| Other Income \| Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Lease term						25 years												25 years
Minimum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity interest																	31.00%
Maximum \| Other real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity interest																	95.00%
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																	1.00%
Fee percent of SAFE Equity up to $1.5 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																	1.25%
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 3,000,000,000.0
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																	1.375%
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 3,000,000,000.0
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 5,000,000,000.0
Fee percent of SAFE Equity over $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																	1.50%
Fee percent of SAFE Equity over $5.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	$ 5,000,000,000.0
Real Estate Investment \| SAFE
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold	41.90%
Independent period	3 years
Standstill provisions	2 years
Stock transfer limitation maximum per agreement, other than widely distributed public offering	20.00%
Common stock company acquired (in shares)		$ 65,000,000.0			$ 80,000,000.0		$ 130,000,000.0	$ 168,000,000.0
Common stock company acquired \| shares		1,100,000			1,700,000		3,800,000	6,000,000.0
Equity interest																	65.40%

Other Investments (Summarized Investee Financial Information) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[1]

$ 4,861,808

$ 5,085,109

Total equity attributable to parent entities

^[1]

3,797,425

3,847,149

Noncontrolling interests

^[1]

193,414

197,538

^[1]

870,969

1,040,422

Revenues

530,949

479,496

$ 798,122

Expenses

(597,973)

(575,897)

(994,140)

Net income attributable to parent entities

(42,441)

324,042

(32,262)

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

4,522,147

3,653,763

Total equity attributable to parent entities

2,437,621

1,918,034

Noncontrolling interests

2,124

1,486

2,082,402

1,734,243

Revenues

149,928

214,123

262,970

Expenses

(203,689)

(181,456)

(187,257)

Net income attributable to parent entities

$ (53,955)

$ 32,474

$ 75,056

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Finance lease right-of-use asset

Intangible assets, net

$ 156,041

$ 174,973

143,727

145,209

Operating lease right-of-use assets

48,891

34,063

Other receivables

10,881

16,846

Restricted cash

51,933

45,034

Other assets

19,453

17,534

Leasing costs, net

2,340

3,793

Corporate furniture, fixtures and equipment, net

2,024

2,736

Deferred financing fees, net

1,549

2,300

Intangible assets, accumulated amortization

^[1]

436,839

442,488

44,400

33,400

Amortization of above market lease and lease incentives

1,400

1,700

$ 2,200

Amortization of intangible assets

$ 10,500

9,600

$ 7,200

Weighted average useful life

16 years 8 months 12 days

Operating leases, weighted average incremental borrowing rate, discount rate (percent)

5.10%

Operating leases, weighted average lease term (in years)

8 years 2 months 12 days

Finance leases, weighted average rate implicit in the lease, discount rate (percent)

5.50%

Finance leases, weighted average lease term (in years)

97 years

Operating lease expense

$ 5,400

4,400

Accumulated amortization on leasing costs

2,600

3,300

Accumulated depreciation on corporate furniture, fixtures and equipment

$ 14,300

$ 13,100

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

star:DeferredExpensesAndOtherAssetsNet

Interest Expense

Finance lease, interest expense

$ 8,200

$ 5,100

Depreciation and Amortization

Finance lease, amortization

1,500

900

General and Administrative Expense

Operating lease expense

4,700

3,600

Real Estate Expense

Other Assets and Other Liabilities [Abstract]

Operating lease expense

$ 3,500

$ 3,300

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Other liabilities

$ 91,513

$ 81,709

Finance lease liabilities (see table above)

150,520

147,749

Operating lease liabilities (see table above)

50,072

34,182

Accrued expenses

94,724

83,778

Accrued interest payable

32,355

25,733

Intangible liabilities, net

48,738

51,223

Accounts payable, accrued expenses and other liabilities

^[1]

467,922

424,374

Deferred income

36,900

27,500

Derivative liabilities

19,000

8,700

Increase to reserves for loan losses

1,000

Below market lease, accumulated amortization

7,500

5,000

Amortization of below market lease

$ 2,500

$ 2,300

$ 3,900

Below market lease intangible liability, weighted average useful life

17 years 6 months

Operating Lease, Liability, Statement of Financial Position [Extensible List]

us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Other Assets and Other Liabilities (Intangible assets) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Other Assets and Other Liabilities [Abstract]
2021	$ 11,725
2022	11,724
2023	11,570
2024	11,452
2025	$ 11,144

Loan Participations Payable, net (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

debt_instrument

Dec. 31, 2019

USD ($)

debt_instrument

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loan participations payable

$ 42,501

$ 35,656

Debt discounts and deferred financing costs, net

(18)

Total loan participations payable, net

^[1]

42,501

35,638

Loans receivable

732,330

827,861

Loan Participations

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans receivable

$ 42,500

$ 35,600

Loan Participations Payable

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of debt instruments | debt_instrument

Weighted average interest rate

6.00%

6.30%

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Debt Obligations, net (Schedule of Debt) (Details)

1 Months Ended

12 Months Ended

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2018

USD ($)

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Aug. 31, 2020

USD ($)

Nov. 30, 2019

USD ($)

Oct. 31, 2017

USD ($)

Sep. 30, 2017

USD ($)

Debt discounts and deferred financing costs, net

$ 3,325,450,000

$ 3,436,038,000

(38,475,000)

(48,958,000)

Interest costs capitalized

^[1]

3,286,975,000

3,387,080,000

$ 1,900,000

7,500,000

$ 11,300,000

Net Lease Asset

Non-recourse debt assumed by buyer

$ 228,000,000.0

228,000,000.0

Senior Term Loan | LIBOR

3.125% senior convertible notes

1.00%

Secured credit facilities and mortgages

3.125%

Debt discounts and deferred financing costs, net

$ 1,212,950,000

1,212,993,000

(6,010,000)

Assets served as collateral

1,206,940,000

2,100,000,000

Secured credit facilities and mortgages | Revolving Credit Facility

Secured credit facilities and mortgages | Revolving Credit Facility | Federal Funds Rate

$ 0

Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR

0.50%

Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Minimum

2.00%

Debt instrument term

1 year

Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two

2.00%

1.00%

Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Maximum

2.00%

Secured credit facilities and mortgages | Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two

2.50%

Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Minimum

2.50%

Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One

1.00%

Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Maximum

1.00%

Secured credit facilities and mortgages | Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One

1.50%

Secured credit facilities and mortgages | Senior Term Loan

1.50%

$ 491,875,000

491,875,000

Secured credit facilities and mortgages | Senior Term Loan | Federal Funds Rate

$ 650,000,000.0

Secured credit facilities and mortgages | Senior Term Loan | LIBOR

0.50%

Secured credit facilities and mortgages | Senior Term Loan | LIBOR | Maximum

2.75%

Secured credit facilities and mortgages | Mortgages collateralized by net lease assets

1.75%

Weighted average interest rate

$ 721,075,000

721,118,000

4.40%

Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Minimum

Secured credit facilities and mortgages | Mortgages collateralized by net lease assets | Maximum

1.69%

7.26%

Unsecured notes

Unsecured notes | 6.00% senior notes

$ 2,012,500,000

2,123,045,000

$ 0

$ 110,545,000

Unsecured notes | 5.25% senior notes

6.00%

$ 0

$ 400,000,000

5.25%

Unsecured notes | 3.125% senior convertible notes

$ 400,000,000.0

$ 287,500,000

287,500,000

$ 275,100,000

$ 268,700,000

Convertible debt conversion ratio (in shares per par value)

3.125%

0.07025

Convertible debt conversion price (in dollars per share) | $ / shares

$ 14.23

Liability component of convertible debt

$ 34,000,000.0

$ 221,800,000

Equity component of convertible debt

3,400,000

$ 22,500,000

Amortization of debt discount

$ 37,500,000

Unamortized discount

$ 10,200,000

$ 15,500,000

Contractual interest

9,000,000.0

$ 5,200,000

$ 5,000,000.0

$ 4,700,000

Effective interest rate

5.20%

Unsecured notes | 4.75% senior notes

$ 775,000,000

4.75%

Unsecured notes | 4.25% senior notes

$ 675,000,000.0

$ 100,000,000.0

Effective interest rate

4.29%

$ 550,000,000

4.25%

Unsecured notes | 5.5% senior notes

$ 550,000,000.0

$ 400,000,000

Other debt obligations | Trust preferred securities

5.50%

Other debt obligations | Trust preferred securities | LIBOR

$ 100,000,000

Maturities of Long-term Debt [Abstract]

1.50%

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Debt Obligations, net (Future Scheduled Maturities) (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

$ 156,144

334,287

491,875

775,000

822,843

745,301

Total principal maturities

3,325,450

$ 3,436,038

Unamortized discounts and deferred financing costs, net

(38,475)

(48,958)

Maturities of Long-term Debt [Abstract]

^[1]

3,286,975

3,387,080

Unsecured Debt

287,500

775,000

550,000

500,000

Total principal maturities

2,112,500

Unamortized discounts and deferred financing costs, net

(32,465)

Maturities of Long-term Debt [Abstract]

2,080,035

Secured Debt

156,144

46,787

491,875

272,843

245,301

Total principal maturities

1,212,950

$ 1,212,993

Unamortized discounts and deferred financing costs, net

(6,010)

Derivative financial instruments on consolidated statements of operations

$ 1,206,940

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Debt Obligations, net (Narrative) (Details) - USD ($)	1 Months Ended				12 Months Ended
Debt Obligations, net (Narrative) (Details) - USD ($)	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Loss on early extinguishment of debt, net					$ 12,038,000	$ 27,724,000	$ 10,367,000
2016 Senior Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate					1.00%
Secured Debt \| 2016 Senior Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount				$ 650,000,000.0
Secured Debt \| 2016 Senior Term Loan \| Gain (Loss) On Extinguishment Of Debt
Debt Instrument [Line Items]
Loss on early extinguishment of debt, net							2,500,000
Secured Debt \| 2016 Senior Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate				2.75%	2.75%
Secured Debt \| 2016 Senior Term Loan \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate					1.75%
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 350,000,000.0
Secured Debt \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.25%
Current borrowing capacity					$ 350,000,000.0
Secured Debt \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.45%
Secured Debt \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate					2.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate			2.00%		1.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate			2.50%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate			1.00%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate			1.50%
Unsecured Notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt, net					$ 12,000,000.0	26,600,000	$ 1,200,000
Unsecured Notes \| 4.75% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 675,000,000.0						$ 100,000,000.0
Stated interest rate			4.75%		4.75%				4.75%
Percentage of par credit facilities were issued at									102.00%
Yield to maturity									4.29%
Unsecured Notes \| 4.625% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000,000.0
Stated interest rate			4.625%
Unsecured Notes \| 6.50% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 275,000,000.0
Stated interest rate			6.50%
Unsecured Notes \| 4.25% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 550,000,000.0				$ 550,000,000.0
Stated interest rate		4.25%			4.25%	4.25%
Unsecured Notes \| 6.00% senior notes
Debt Instrument [Line Items]
Stated interest rate		6.00%			6.00%	6.00%
Principal amount called for redemption	$ 110,500,000	$ 375,000,000.0
Unsecured Notes \| 5.5% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount								$ 400,000,000.0
Stated interest rate								5.50%
Unsecured Notes \| 5.25% senior notes
Debt Instrument [Line Items]
Debt instrument, face amount								$ 400,000,000.0
Stated interest rate					5.25%			5.25%

Debt Obligations, net (Debt Covenants) (Details)	Dec. 31, 2020
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio	1.2
Secured Debt \| 2016 Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio	1.25
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed to strategic investments that may be drawn down	100.00%
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 91,591
Strategic Investments	12,810
Total	104,401
Loans and Other Lending Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	63,419
Strategic Investments	0
Total	63,419
Real Estate
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	2,213
Strategic Investments	0
Total	2,213
Other Investments
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	25,959
Strategic Investments	12,810
Total	38,769
Loan Participations Payable
Unfunded Financial Commitments [Line Items]
Performance-Based Commitments	$ 7,500

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 5,400	$ 4,400
Operating lease expense			$ 5,000
Operating
Year one	3,797	4,167
Year two	6,756	1,803
Year three	6,393	1,098
Year four	6,309	728
Year five	6,297	617
Thereafter	496	1,447
Total undiscounted cash flows	30,048	9,860
Present value discount	(3,771)	(1,057)
Other adjustments	23,795	25,379
Lease liabilities	50,072	34,182
Finance
Year one	5,494	5,386
Year two	5,604	5,494
Year three	5,716	5,604
Year four	5,830	5,716
Year five	5,946	5,830
Thereafter	1,567,826	1,573,824
Total undiscounted cash flows	1,596,416	1,601,854
Present value discount	(1,445,896)	(1,454,105)
Other adjustments	0	0
Lease liabilities	150,520	147,749
Operating lease payments made	4,300	4,100
Finance lease payments made	$ 5,400	$ 3,300
Operating leases, excluding tenant paid leases, weighted average lease term	5 years 7 months 6 days	4 years 2 months 12 days
Operating leases, weighted average incremental borrowing rate, discount rate	5.00%	5.60%
Finance leases, weighted average lease term	97 years	93 years
Finance leases, weighted average rate implicit in the lease, discount rate	5.50%	5.40%

Risk Management and Derivatives (Risk Concentration) (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2020 borrower
Concentration Risk [Line Items]
Number of large borrowers or tenants	5
Concentration risk percentage of revenue (no more than)	21.40%
Concentration risk percentage of one single customer, revenue (no more than)	11.60%

Risk Management and Derivatives (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative financial instruments on consolidated balance sheets
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 10,300
Designated as hedge
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	0	$ 114
Derivative liabilities, fair value	18,926	8,680
Designated as hedge \| Interest rate swaps \| Other assets
Derivative financial instruments on consolidated balance sheets
Derivative assets, fair value	0	114
Designated as hedge \| Interest rate swaps \| Other liabilities
Derivative financial instruments on consolidated balance sheets
Derivative liabilities, fair value	$ 18,926	$ 8,680

Risk Management and Derivatives (Classification on the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income

$ (28,290)

$ (42,582)

$ (14,699)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings

^[1]

(8,075)

(14,524)

1,508

Interest rate swap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of loss attributable to noncontrolling interest

4,400

4,300

1,900

Interest expense | Interest rate swap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income

(14,931)

(21,165)

(12,963)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings

(6,974)

(1,861)

(388)

Earnings from equity method investments | Interest rate swap | Designated as hedge

Derivative financial instruments on consolidated statements of operations

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income

(13,359)

(21,417)

(1,736)

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings

$ (1,101)

$ (184)

$ 20

[1]

Equity (Preferred Stock) (Details)	1 Months Ended	12 Months Ended
Equity (Preferred Stock) (Details)	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) mo $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Preferred Stock
Shares issued and outstanding (in shares) \| shares	12,200,000	12,200,000	12,200,000
Liquidation preference (in dollars per share)	$ 25.00	$ 25.00	$ 25.00
Carrying value \| $	$ 282,490,000	$ 282,490,000	$ 282,490,000
Number of days in year used in the computation of preferred stock dividends for any partial dividend period		360 days
Dividends payable for any partial dividend period number of months \| mo		12
Number of days in month, dividends computation of dividends payable for any partial dividend period		30 days
Capital gains distribution percentage		100.00%	100.00%
Unrecaptured Section 1250 gain percentage			34.01%
Amount of preferred dividends in arrears \| $		$ 0
Maximum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date		30 days
Minimum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date		10 days
Convertible Preferred Stock Series J
Class of Stock [Line Items]
Common stock to redeem outstanding shares \| shares	16,500,000
Shares issued upon conversion \| shares	4.125		4.125
Preferred Stock
Liquidation preference (in dollars per share)	$ 50.00		$ 50.00
Carrying value \| $	$ 193,500,000		$ 193,500,000
Dividends declared and paid \| $			$ 9,000,000.0
Series D
Preferred Stock
Shares issued and outstanding (in shares) \| shares	4,000,000	4,000,000	4,000,000
Par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Liquidation preference (in dollars per share)	$ 25.00	$ 25.00	$ 25.00
Rate per annum		8.00%	8.00%
Equivalent to fixed annual rate (in dollars per share)		$ 2.00	$ 2.00
Carrying value \| $	$ 89,041,000	$ 89,041,000	$ 89,041,000
Dividends declared and paid \| $		$ 8,000,000.0	$ 8,000,000.0
Series G
Preferred Stock
Shares issued and outstanding (in shares) \| shares	3,200,000	3,200,000	3,200,000
Par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Liquidation preference (in dollars per share)	$ 25.00	$ 25.00	$ 25.00
Rate per annum		7.65%	7.65%
Equivalent to fixed annual rate (in dollars per share)		$ 1.91	$ 1.91
Carrying value \| $	$ 72,664,000	$ 72,664,000	$ 72,664,000
Dividends declared and paid \| $		$ 6,100,000	$ 6,100,000
Series I
Preferred Stock
Shares issued and outstanding (in shares) \| shares	5,000,000	5,000,000	5,000,000
Par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Liquidation preference (in dollars per share)	$ 25.00	$ 25.00	$ 25.00
Rate per annum		7.50%	7.50%
Equivalent to fixed annual rate (in dollars per share)		$ 1.88	$ 1.88
Carrying value \| $	$ 120,785,000	$ 120,785,000	$ 120,785,000
Dividends declared and paid \| $		$ 9,400,000	$ 9,400,000
Series G and I Preferred Stock
Preferred Stock
Liquidation preference (in dollars per share)		$ 25.00
Redemption price as a percentage of liquidation preference		100.00%

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends [Abstract]
Operating loss carryforwards		$ 460,600
Common stock dividends	$ 32,815	$ 25,324	$ 12,333
Common stock dividends paid (in dollars per share)	$ 0.43	$ 0.39
Capital gains distribution percentage	100.00%	100.00%
Unrecaptured Section 1250 gain percentage		34.01%
Common Stock
Dividends [Abstract]
Capital gains distribution percentage		100.00%
Unrecaptured Section 1250 gain percentage		34.01%

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Feb. 23, 2021
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)	4.2	7.3
Common stock value acquired including acquisition costs	$ 48.4	$ 74.6
Average cost per share (in dollars per share)	$ 11.48	$ 10.16
Stock repurchase program remaining authorized amount	$ 33.8
Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50.0

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized gains on available-for-sale securities

$ 1,064,383

^[1]

$ 1,237,960

^[1]

$ 1,064,115

$ 914,249

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized losses on cash flow hedges

4,594

2,756

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized losses on cumulative translation adjustment

(53,075)

(37,264)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated other comprehensive loss

(4,199)

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ (52,680)

$ (38,707)

$ (17,270)

$ (2,482)

[1]	Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21914-107793

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 39,354	$ 30,436	$ 17,563
Unrecognized compensation cost	$ 2,800
Weighted-average period to recognize the unrecognized compensation cost	1 year 2 months 12 days

Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) ownership_class $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	May 01, 2019 shares	Apr. 30, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	15.00%
Equity-based compensation \| $	$ 39,354	$ 30,436	$ 17,563
Performance Incentive Plan
Accrued expenses \| $	$ 94,724	83,778
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage of class A units	100.00%
Performance Incentive Plan
Number of shares authorized for issuance (in shares)				8,900,000	8,000,000.0
Shares available for grant (in shares)	2,400,000
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years
Vesting rights percentage	40.00%
Performance Incentive Plan
Accrued expenses \| $	$ 69,100	$ 41,900
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	81.17
Forfeited (in shares)	(1.00)
Points at end of period (in shares)	80.17	81.17
iPIP distributions to plan participants \| $		$ 7,400
iPIP distributions, equity component (in shares)		389,545
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares		$ 9.21
iPIP distributions, shares issued net of tax withholdings (in shares)		209,118
2019-2020 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ownership classes of consolidated subsidiary \| ownership_class	2
Equity-based compensation \| $	$ 3,400	$ 2,900
Settlement or distribution on units and awards, cash	50.00%
Settlement or distribution on units and awards, common stock	50.00%
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	73.28
Forfeited (in shares)	(2.88)
Points at end of period (in shares)	70.40	73.28
iPIP distributions to plan participants \| $	$ 1,500	$ 9,400
iPIP distributions, equity component (in shares)	54,245	356,065
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares	$ 14.51	$ 13.11
iPIP distributions, shares issued net of tax withholdings (in shares)	32,825	192,829
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	77.27
Forfeited (in shares)	(3.93)
Points at end of period (in shares)	73.34	77.27
2013-2018 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation \| $	$ 30,700	$ 21,200	$ 15,000
Settlement or distribution on units and awards, cash	50.00%
Settlement or distribution on units and awards, common stock	50.00%

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Shares
Non-vested at beginning of period (in shares)	598
Granted (in shares)	181
Vested (in shares)	(248)
Non-vested at end of period (in shares)	531	598
Weighted Average Grant Date Fair Value Per Share
Non-vested at beginning of period (in dollars per share)	$ 9.18
Granted (in dollars per share)	14.68	$ 8.84	$ 10.16
Vested (in dollars per share)	9.62
Non-vested at end of period (in dollars per share)	$ 10.85	$ 9.18
Non-vested, aggregate intrinsic value	$ 7,885	$ 8,688
Fair value of units vested during period	$ 3,600	$ 1,800	$ 1,400

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Award Date One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	79,138
Grant date fair value (in dollars per share) \| $ / shares	$ 9.75
Award Date Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	10,710
Grant date fair value (in dollars per share) \| $ / shares	$ 11.52
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	3,096
Grant date fair value (in dollars per share) \| $ / shares	$ 12.20
CSE and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	179,522
Non-vested, aggregate intrinsic value \| $	$ 2.7

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Requisite service period	3 months
Defined contribution plan maximum percentage of matching contribution	50.00%
Defined contribution plan maximum percentage of employee compensation	10.00%
Gross contributions made by the company	$ 1.1	$ 0.9	$ 1.1

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (30,853)	$ 334,325	$ (18,326)
Net income attributable to noncontrolling interests	(11,588)	(10,283)	(13,936)
Preferred dividends	(23,496)	(32,495)	(32,495)
Net income (loss) allocable to common shareholders	(65,937)	291,547	(64,757)
Add: Effect of Series J convertible perpetual preferred stock	0	9,000	0
Net income (loss) allocable to common shareholders	$ (65,937)	$ 300,547	$ (64,757)

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Number of reportable segments | segment

Earnings Per Share (Earnings Allocable to Common Shares) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) trading_day $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares
Numerator for basic earnings per share:
Net income (loss) allocable to common shareholders \| $	$ (65,937)	$ 291,547	$ (64,757)
Numerator for diluted earnings per share:
Net income (loss) allocable to common shareholders \| $	$ (65,937)	$ 300,547	$ (64,757)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	75,684,000	64,696,000	67,958,000
Add: Effect of assumed shares issued under treasury stock method for restricted stock units (in shares)	0	146,000	0
Add: Effect of series J convertible perpetual preferred stock (in shares)	0	15,824,000	0
Weighted average common shares outstanding for diluted earnings per common share (in shares)	75,684,000	80,666,000	67,958,000
Basic earnings per common share:
Net income (loss) allocable to common shareholders (in dollars per share) \| $ / shares	$ (0.87)	$ 4.51	$ (0.95)
Diluted earnings per common share:
Net income (loss) allocable to common shareholders (in dollars per share) \| $ / shares	$ (0.87)	$ 3.73	$ (0.95)
Anti-dilutive shares			15,704,000
3.125% senior convertible notes
Diluted earnings per common share:
Stated interest rate	3.125%
Threshold consecutive trading days \| trading_day	40
Shares issued upon conversion	0

Fair Values (Schedule of Fair Value Measurement) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) land_asset
Assets and liabilities recorded at fair value
Derivative liabilities	$ 19,000	$ 8,700
Recurring basis \| Fair Value
Assets and liabilities recorded at fair value
Derivative assets		114
Derivative liabilities	18,926	8,680
Available-for-sale securities	25,274	23,896
Recurring basis \| Level 1
Assets and liabilities recorded at fair value
Derivative assets		0
Derivative liabilities	0	0
Available-for-sale securities	0	0
Recurring basis \| Level 2
Assets and liabilities recorded at fair value
Derivative assets		114
Derivative liabilities	18,926	8,680
Available-for-sale securities	0	0
Recurring basis \| Level 3
Assets and liabilities recorded at fair value
Derivative assets		0
Derivative liabilities	0	0
Available-for-sale securities	25,274	23,896
Non-recurring basis
Assets and liabilities recorded at fair value
Impaired land and development, aggregate impairment	1,300	$ 5,300
Impaired land and development, number of assets \| land_asset		2
Non-recurring basis \| Fair Value
Assets and liabilities recorded at fair value
Impaired land and development	6,078	$ 40,000
Non-recurring basis \| Level 1
Assets and liabilities recorded at fair value
Impaired land and development	0	0
Non-recurring basis \| Level 2
Assets and liabilities recorded at fair value
Impaired land and development	0	0
Non-recurring basis \| Level 3
Assets and liabilities recorded at fair value
Impaired land and development	$ 6,078	$ 40,000

Fair Values (Schedule of Level 3 Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 23,896	$ 21,661
Repayments	(460)	(45)
Unrealized gains recorded in other comprehensive income	1,838	2,280
Ending balance	$ 25,274	$ 23,896

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 429	$ 419
Loans receivable and other lending investments	732	828
Cash and cash equivalents	99	307
Restricted cash	52	45
Loan participations payable, net	43	36
Debt obligations, net	3,287	3,387
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	431	419
Loans receivable and other lending investments	772	864
Cash and cash equivalents	99	307
Restricted cash	52	45
Loan participations payable, net	43	36
Debt obligations, net	$ 3,414	$ 3,531

Segment Reporting (Schedule of Segments) (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Jun. 30, 2018

USD ($)

Jun. 30, 2018

USD ($)

Dec. 31, 2020

USD ($)

segment

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

May 31, 2019

USD ($)

Segment Reporting [Abstract]

$ 530,949

$ 479,496

$ 798,122

42,126

41,849

(5,007)

180,416

$ 67,900

67,877

$ 24,500

6,318

236,623

126,004

579,393

938,384

986,996

(569)

(13,120)

(6,040)

(169,574)

(183,919)

(183,751)

(61,525)

(68,173)

(74,572)

97,505

471,083

233,163

9,052

6,482

16,937

1,760

7,827

13,419

147,108

58,092

58,259

58,699

53,906

136,093

204,722

^[1]

1,484,281

1,527,219

^[1]

5,212

8,650

^[1]

1,489,493

1,535,869

429,101

^[1]

418,915

^[1]

$ 424,100

Loans receivable and other lending investments, net

^[1]

430,663

580,545

^[1]

732,330

827,861

^[1]

1,176,560

907,875

4,258,147

4,271,065

Cash and other assets

603,661

814,044

Stock-based compensation expense

^[1]

4,861,808

5,085,109

39,354

30,436

17,563

Operating lease income

188,722

206,388

208,192

Interest income

Interest income from sales-type leases

60,116

77,654

97,878

33,552

20,496

Other income

83,857

55,363

82,342

Land development

164,702

119,595

409,710

(177,727)

(109,663)

(350,181)

Real estate expense

Operating Segments | Net Lease

(72,493)

(92,426)

(139,289)

56,130

29,235

8,479

180,416

67,877

6,056

224,654

45,038

284,446

651,216

277,638

(101,208)

(95,154)

(63,706)

(23,223)

(25,990)

(20,713)

133,444

505,286

176,186

186

1,760

2,037

2,471

10,391

50,767

51,091

38,588

21,764

31,445

40,215

1,291,903

1,327,082

1,291,903

1,327,082

429,101

418,915

Loans receivable and other lending investments, net

45,398

44,339

1,016,710

760,068

Operating Segments | Net Lease | Operating lease income

2,783,112

2,550,404

Operating Segments | Net Lease | Interest income

167,152

177,679

151,958

Operating Segments | Net Lease | Interest income from sales-type leases

3,440

2,018

Operating Segments | Net Lease | Other income

33,552

20,496

Operating Segments | Net Lease | Land development

18,116

16,718

4,286

Operating Segments | Net Lease | Real estate expense

Operating Segments | Real Estate Finance

(26,571)

(24,786)

(17,033)

68,651

80,582

102,434

(266)

(462)

(1,578)

(23,390)

(29,587)

(40,653)

(6,622)

(8,254)

(12,997)

38,373

42,279

47,206

8,866

6,482

16,937

Loans receivable and other lending investments, net

686,932

783,522

Operating Segments | Real Estate Finance | Operating lease income

686,932

783,522

Operating Segments | Real Estate Finance | Interest income

Operating Segments | Real Estate Finance | Interest income from sales-type leases

56,676

75,636

97,878

Operating Segments | Real Estate Finance | Other income

Operating Segments | Real Estate Finance | Land development

11,975

4,946

4,556

Operating Segments | Real Estate Finance | Real estate expense

Operating Segments | Operating Properties

(16,361)

8,298

(1,003)

262

11,969

80,966

13,180

66,074

190,001

(8,951)

(10,249)

(18,618)

(2,591)

(2,887)

(6,574)

(21,298)

17,616

84,239

3,052

3,853

79,991

5,142

4,977

17,417

1,636

5,617

19,912

192,378

200,137

5,212

8,650

197,590

208,787

Loans receivable and other lending investments, net

58,739

61,686

Operating Segments | Operating Properties | Operating lease income

256,329

270,473

Operating Segments | Operating Properties | Interest income

21,214

28,423

55,677

Operating Segments | Operating Properties | Interest income from sales-type leases

Operating Segments | Operating Properties | Other income

Operating Segments | Operating Properties | Land development

8,065

17,384

54,361

Operating Segments | Operating Properties | Real estate expense

Operating Segments | Land and Development

(22,936)

(35,322)

(80,570)

3,432

4,322

(3,110)

187,520

132,041

414,477

(17,940)

(20,706)

(21,897)

(9,990)

(11,957)

(14,313)

(41,123)

(42,603)

(13,600)

2,738

6,427

56,726

952

977

1,353

30,506

99,031

144,595

Loans receivable and other lending investments, net

430,663

580,545

31,200

42,866

Operating Segments | Land and Development | Operating lease income

461,863

623,411

Operating Segments | Land and Development | Interest income

356

286

557

Operating Segments | Land and Development | Interest income from sales-type leases

Operating Segments | Land and Development | Other income

Operating Segments | Land and Development | Land development

19,030

7,838

7,320

164,702

119,595

409,710

Operating Segments | Land and Development | Real estate expense

(177,727)

(109,663)

(350,181)

(22,986)

(32,318)

(41,686)

Corporate/Other

(1,075)

(6)

(9,373)

25,596

8,471

2,446

(303)

(12,658)

(4,462)

(18,085)

(28,223)

(38,877)

(19,099)

(19,085)

(19,975)

(11,891)

(51,495)

(60,868)

668

1,231

1,214

1,341

Loans receivable and other lending investments, net

69,911

43,255

Corporate/Other | Operating lease income

69,911

43,255

Corporate/Other | Interest income

Corporate/Other | Interest income from sales-type leases

Corporate/Other | Other income

Corporate/Other | Land development

26,671

8,477

11,819

Corporate/Other | Real estate expense