0001095651-21-000012 | 10-Q | XBRL Viewer

^[1]

(278,985)

(267,772)

^[1]

1,474,393

1,484,281

^[1]

2,600

5,212

Net investment in leases ($9,270 and $10,871 of allowances as of March 31, 2021 and December 31, 2020, respectively)

^[1]

1,476,993

1,489,493

^[1]

431,126

429,101

Loans receivable and other lending investments, net ($9,058 and $13,170 of allowances as of March 31, 2021 and December 31, 2020, respectively)

^[1]

406,781

430,663

^[1]

533,716

732,330

^[1]

16,086

Cash and cash equivalents

^[1]

1,237,295

1,176,560

^[1]

193,852

98,633

Accrued interest and operating lease income receivable, net

^[1]

8,686

10,061

Deferred operating lease income receivable, net

^[1]

60,812

58,128

^[1]

428,244

436,839

Accounts payable, accrued expenses and other liabilities

^[1]

4,793,591

4,861,808

Liabilities:

^[1]

451,010

467,922

Liabilities associated with properties held for sale

^[1]

231

Loan participations payable, net

^[1]

42,501

Commitments and contingencies (refer to Note 12)

^[1]

3,291,343

3,286,975

Total liabilities

^[1]

3,742,584

3,797,425

^[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, 73,440 and 73,967 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

^[1]

Additional paid-in capital

^[1]

3,204,862

3,240,535

Accumulated deficit

^[1]

(2,309,763)

(2,316,972)

Accumulated other comprehensive loss (refer to Note 14)

^[1]

(41,858)

(52,680)

Total iStar Inc. shareholders' equity

^[1]

853,326

870,969

Noncontrolling interests

^[1]

197,681

193,414

Total equity

^[1]

1,051,007

1,064,383

Total liabilities and equity

^[1]

$ 4,793,591

$ 4,861,808

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

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for losses on net investment in leases at end of period	$ 9,270	$ 10,871
Loans receivable and other lending investments, allowances	$ 9,058	$ 13,170
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)	73,440	73,967
Common Stock, shares outstanding (in shares)	73,440	73,967

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 113,260	$ 173,461
Costs and expenses:
Interest expense	39,563	43,392
Depreciation and amortization	15,455	14,486
General and administrative	21,439	34,271
(Recovery of) provision for loan losses	(3,794)	4,003
Recovery of (provision for) losses on net investment in leases	(1,601)	1,292
Impairment of assets	1,785	1,708
Other expense	253	74
Total costs and expenses	119,317	198,783
Income from sales of real estate	612	0
Loss from operations before earnings from equity method investments and other items	(5,445)	(25,322)
Loss on early extinguishment of debt, net	0	(4,115)
Earnings from equity method investments	12,769	16,612
Net income (loss) before income taxes	7,324	(12,825)
Income tax benefit (expense)	665	(60)
Net income (loss)	7,989	(12,885)
Net (income) attributable to noncontrolling interests	(2,520)	(2,691)
Net income (loss) attributable to iStar Inc.	5,469	(15,576)
Preferred dividends	(5,874)	(5,874)
Net loss allocable to common shareholders	$ (405)	$ (21,450)
Net loss allocable to common shareholders:
Basic (in dollars per share)	$ (0.01)	$ (0.28)
Diluted (in dollars per share)	$ (0.01)	$ (0.28)
Weighted average number of common shares:
Basic (in shares)	73,901	77,444
Diluted (in shares)	73,901	77,444
Operating lease income
Revenues:
Total revenues	$ 47,444	$ 47,346
Interest income
Revenues:
Total revenues	10,650	17,216
Interest income from sales-type leases
Revenues:
Total revenues	8,627	8,355
Other income
Revenues:
Total revenues	14,290	20,368
Land development
Revenues:
Total revenues	32,249	80,176
Costs and expenses:
Cost of sales expense	29,323	77,059
Real estate expense
Costs and expenses:
Cost of sales expense	$ 16,894	$ 22,498

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 7,989

$ (12,885)

Other comprehensive income (loss):

Reclassification of losses on cash flow hedges into earnings upon realization

^[1]

2,338

1,314

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

(1,031)

203

Unrealized gains (losses) on cash flow hedges

11,973

(27,776)

Other comprehensive income (loss)

13,280

(26,259)

Comprehensive income (loss)

21,269

(39,144)

Comprehensive (income) loss attributable to noncontrolling interests

(4,978)

2,753

Comprehensive income (loss) attributable to iStar Inc.

$ 16,291

$ (36,391)

[1]

Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020 are $2,104 and $1,088, respectively. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended March 31, 2021 and 2020 are $234 and $226, respectively.

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest expense	$ 39,563	$ 43,392
Earnings from equity method investments	12,769	16,612
Other expense	253	74
Reclassification out of Other Comprehensive Income \| Accumulated Gain (Loss), Cash Flow Hedge
Interest expense	2,104	1,088
Earnings from equity method investments	$ 234	$ 226

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

Total

Period of Adoption, Adjustment

Preferred Stock

^[1]

Common Stock at Par

Additional Paid-In Capital

Period of Adoption, Adjustment

Retained Earnings (Deficit)

Period of Adoption, Adjustment

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Beginning Balance at Dec. 31, 2019

$ 1,237,960

$ (12,382)

$ 12

$ 78

$ 3,284,877

$ (2,205,838)

$ (12,382)

$ (38,707)

$ 197,538

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

Dividends declared—preferred

(5,874)

Dividends declared—common

(7,834)

Issuance of stock/restricted stock unit amortization, net(2)

2,949

2,222

727

Net income (loss)

(12,885)

(15,576)

2,691

Change in accumulated other comprehensive income (loss)

(26,259)

(20,815)

(5,444)

Repurchase of stock

(12,045)

(1)

(12,044)

Contributions from noncontrolling interests

163

Distributions to noncontrolling interests

(3,724)

Ending Balance at Mar. 31, 2020

1,160,069

3,275,055

(2,247,504)

(59,522)

191,951

Beginning Balance at Dec. 31, 2020

1,064,383

^[2]

$ (10,019)

3,240,535

$ (25,869)

(2,316,972)

$ 15,850

(52,680)

193,414

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

Dividends declared—preferred

(5,874)

Dividends declared—common

(8,236)

Issuance of stock/restricted stock unit amortization, net(2)

3,942

2,572

1,370

Net income (loss)

7,989

5,469

2,520

Change in accumulated other comprehensive income (loss)

13,280

10,822

2,458

Repurchase of stock

(12,377)

(1)

(12,376)

Contributions from noncontrolling interests

Distributions to noncontrolling interests

(2,145)

Ending Balance at Mar. 31, 2021

$ 1,051,007

^[2]

$ 12

$ 73

$ 3,204,862

$ (2,309,763)

$ (41,858)

$ 197,681

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

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.11	$ 0.10

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 7,989	$ (12,885)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
(Recovery of) provision for loan losses	(3,794)	4,003
(Recovery of) provision for losses on net investment in leases	(1,601)	1,292
Impairment of assets	1,785	1,708
Depreciation and amortization	15,455	14,486
Non-cash interest income from sales-type leases	(9,388)	(1,570)
Stock-based compensation expense	5,508	16,270
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	2,016	3,320
Amortization of discounts/premiums and deferred interest on loans, net	(3,379)	(8,404)
Deferred interest on loans received	23,703	0
Earnings from equity method investments	(12,769)	(16,612)
Distributions from operations of other investments	10,598	5,009
Deferred operating lease income	(2,684)	(3,618)
Income from sales of real estate	(612)	0
Land development revenue in excess of cost of sales	(2,926)	(3,117)
Loss on early extinguishment of debt, net	0	4,115
Other operating activities, net	(3,917)	(9,710)
Changes in assets and liabilities:
Increase Decrease In Origination Of Loan Receivable Held For Sale	(16,086)	0
Changes in accrued interest and operating lease income receivable	1,945	79
Changes in deferred expenses and other assets, net	1,776	(3,039)
Changes in accounts payable, accrued expenses and other liabilities	(17,414)	(12,324)
Cash flows provided by (used in) operating activities	(3,795)	(20,997)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(50,670)	(37,977)
Capital expenditures on real estate assets	(648)	(4,008)
Capital expenditures on land and development assets	(4,134)	(15,035)
Repayments of and principal collections on loans receivable and other lending investments, net	109,926	18,346
Net proceeds from sales of loans receivable	79,560	0
Net proceeds from sales of real estate	2,967	7,493
Net proceeds from net investment in leases	6,575	0
Net proceeds from sales of land and development assets	30,801	76,776
Distributions from other investments	20,032	9,866
Contributions to and acquisition of interest in other investments	(59,866)	(118,991)
Other investing activities, net	3,092	769
Cash flows used in investing activities	137,635	(62,761)
Cash flows from financing activities:
Borrowings from debt obligations	25,000	306,180
Repayments and repurchases of debt obligations	(32,308)	(113,634)
Preferred dividends paid	(5,874)	(5,874)
Common dividends paid	(8,216)	(7,797)
Repurchase of stock	(10,775)	(18,153)
Payments for debt prepayment or extinguishment costs	0	(3,316)
Payments for deferred financing costs	(75)	(2,382)
Payments for withholding taxes upon vesting of stock-based compensation	(2,085)	(1,984)
Contributions from noncontrolling interests	64	163
Distributions to noncontrolling interests	(2,145)	(3,724)
Cash flows (used in) provided by financing activities	(36,414)	149,479
Effect of exchange rate changes on cash	(111)	(25)
Changes in cash, cash equivalents and restricted cash	97,315	65,696
Cash, cash equivalents and restricted cash at beginning of period	150,566	352,206
Cash, cash equivalents and restricted cash at end of period	247,881	417,902
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net	(42,501)	2,110
Accrued repurchase of stock	$ 1,802	$ 250

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2021
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

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report").

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.

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

Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company did not have any unfunded commitments related to consolidated VIEs as of March 31, 2021 and December 31, 2020. The following table presents the assets and liabilities of the Company's consolidated VIEs as of March 31, 2021 and December 31, 2020 ($ in thousands):


	As of
	March 31, 2021		December 31, 2020
ASSETS
Real estate
Real estate, at cost	$	900,349	$	899,110
Less: accumulated depreciation	(68,141)		(61,917)
Real estate, net	832,208		837,193
Land and development, net	220,273		240,137
Other investments	31		35
Cash and cash equivalents	32,756		22,571
Accrued interest and operating lease income receivable, net	2,501		1,472
Deferred operating lease income receivable, net	31,785		29,428
Deferred expenses and other assets, net	120,288		122,591
Total assets	$	1,239,842	$	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	116,224	$	115,581
Debt obligations, net	482,827		488,719
Total liabilities	599,051		604,300

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 March 31, 2021, the Company's maximum exposure to loss from these investments does not exceed the sum of the $127.7 million carrying value of the investments, which are classified in "Other investments" on the Company's consolidated balance sheets, and $17.0 million of related unfunded commitments.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2021. The Company adopted 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") on January 1, 2021 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment on January 1, 2021 by increasing "Debt obligations, net" by $10.0 million, increasing retained earnings by $15.9 million and decreasing "Additional paid-in capital" by $25.9 million with respect to its 3.125% senior convertible notes (refer to Note 11). Periods presented that are prior to the adoption date of January 1, 2021 will not be adjusted. In addition, upon the adoption of ASU 2020-06, the Company is required to use a modified if-converted method when calculating earnings per share. The Company will settle conversions of the 3.125% senior 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 if-converted method is modified so that interest expense is not added back to the numerator, and the denominator only includes the net number of incremental shares that would be issued upon conversion. For the remainder of the Company's significant accounting policies, refer to the Company's Annual Report. New Accounting Pronouncements—In March 2020, the Financial Accounting Standards Board 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.

Real Estate

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
Land, at cost	$	188,418	$	103,530	$	291,948
Buildings and improvements, at cost	1,354,952		106,478		1,461,430
Less: accumulated depreciation	(260,288)		(18,697)		(278,985)
Real estate, net(1)	1,283,082		191,311		1,474,393
Real estate available and held for sale(2)	—		2,600		2,600
Total real estate	$	1,283,082	$	193,911	$	1,476,993
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)	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

_______________________________________________________________________________

(1)As of March 31, 2021 and December 31, 2020, real estate, net included $751.4 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below).

(2)As of March 31, 2021 and December 31, 2020, the Company had $2.6 million and $5.2 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 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.

Dispositions—During the three months ended March 31, 2020, the Company sold a net lease asset for net proceeds of $7.5 million and recognized an impairment of $1.7 million in connection with the sale.

Real Estate Available and Held for Sale—During the three months ended March 31, 2020, the Company transferred a net lease asset with an aggregate carrying value of $25.7 million to held for sale due to an executed contract with SAFE. The net lease asset was sold to SAFE in September 2020.

Impairments—During the three months ended March 31, 2020, the Company recorded an impairment of $1.7 million in connection with the sale of a net lease asset.

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 $7.0 million and $5.9 million for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations.

Allowance for Doubtful Accounts—As of March 31, 2021 and December 31, 2020, the allowance for doubtful accounts related to real estate tenant receivables was $1.0 million and $1.7 million, respectively. These amounts are included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2021, are as follows by year ($ in thousands):


Year	Net Lease		Operating Properties
2021 (remaining nine months)	$	95,970	$	10,877
2022	130,077		6,677
2023	121,718		6,421
2024	116,027		6,383
2025	119,483		5,720
Thereafter	1,254,867		8,247

Net Investment in Leases

3 Months Ended

Mar. 31, 2021

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" 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). For the three months ended March 31, 2021 and 2020, the Company recognized $0.1 million and $6.9 million, respectively, of cash interest income and $8.5 million and $1.5 million, respectively, of non-cash interest income in "Interest income from sales-type leases" in the Company's consolidated statements of operations.

Dispositions—During the three months ended March 31, 2021, the Company sold net lease assets for net proceeds of $6.6 million and recognized an aggregate impairment of $1.5 million in connection with the sales.

The Company's net investment in leases were comprised of the following as of March 31, 2021 and December 31, 2020 ($ in thousands):


	March 31, 2021		December 31, 2020
Total undiscounted cash flows	$	1,020,921	$	1,020,921
Unguaranteed estimated residual value	338,543		345,284
Present value discount	(919,068)		(926,233)
Allowance for losses on net investment in leases	(9,270)		(10,871)
Net investment in leases(1)	$	431,126	$	429,101

_______________________________________________________________________________

(1)As of March 31, 2021 and December 31, 2020, 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 March 31, 2021, the risk rating on the Company's net investment in leases was 2.0.

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 March 31, 2021, are as follows by year ($ in thousands):


	Amount
2021 (remaining nine months)	$	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 three months ended March 31, 2021 and 2020 were as follows ($ in thousands):


	2021		2020
Allowance for losses on net investment in leases at beginning of period	$	10,871	$	—
Initial allowance recorded upon adoption of new accounting standard(1)	—		9,111
(Recovery of) provision for losses on net investment in leases(2)	(1,601)		1,292

Allowance for losses on net investment in leases at end of period	$	9,270	$	10,403

_________________________________________________________

(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.

(2)During the three months ended March 31, 2021, the Company recorded a recovery of losses on net investment in leases of $1.6 million due primarily to an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. During the three months ended March 31, 2020, the Company recorded an allowance for losses on net investment in leases of $1.3 million due primarily to the macroeconomic impact of COVID-19 on commercial real estate markets and the adoption of ASU 2016-13.

Land and Development

3 Months Ended

Mar. 31, 2021

Land And Development [Abstract]

Land and Development

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


	As of
	March 31,		December 31,
	2021		2020
Land and land development, at cost	$	417,537	$	441,201
Less: accumulated depreciation	(10,756)		(10,538)
Total land and development, net	$	406,781	$	430,663

Dispositions—During the three months ended March 31, 2021 and 2020, the Company sold land parcels and residential lots and units and recognized land development revenue of $32.2 million and $80.2 million, respectively. During the three months ended March 31, 2021 and 2020, the Company recognized land development cost of sales of $29.3 million and $77.1 million, respectively, from its land and development portfolio.

Loans Receivable and Other Lending Investments, net

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Construction loans
Senior mortgages	$	277,253	$	449,733
Corporate/Partnership loans	20,623		65,100
Subtotal - gross carrying value of construction loans(1)	297,876		514,833



Loans
Senior mortgages	49,758		35,922
Corporate/Partnership loans	19,653		20,567
Subordinate mortgages	11,839		11,640
Subtotal - gross carrying value of loans	81,250		68,129






Other lending investments
Financing receivables (refer to Note 5)	47,409		46,549
Held-to-maturity debt securities	92,196		90,715
Available-for-sale debt securities	24,043		25,274
Subtotal - other lending investments	163,648		162,538
Total gross carrying value of loans receivable and other lending investments	542,774		745,500
Allowance for loan losses	(9,058)		(13,170)
Total loans receivable and other lending investments, net	$	533,716	$	732,330

____________________________________________________________

(1)As of March 31, 2021, 85%, or $254.4, gross carrying value of construction loans had completed construction.

Allowance for Loan Losses—Changes in the Company's allowance for loan losses were as follows for the three months ended March 31, 2021 ($ 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		$	6,541	$	1,643	$	3,093	$	1,150	$	743	$	13,170

(Recovery of) provision for loan losses(1)		(3,648)		172		(408)		(152)		(76)		(4,112)

Allowance for loan losses at end of period		$	2,893	$	1,815	$	2,685	$	998	$	667	$	9,058

____________________________________________________________

(1)During the three months ended March 31, 2021, the Company recorded a recovery of loan losses of $3.8 million in its consolidated statement of operations due primarily to the repayment of loans during the three months ended March 31, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. Of this amount, $0.3 million related to a provision for credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."

Changes in the Company's allowance for loan losses were as follows for the three months ended March 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)		3,409		323		33		136		—		3,901

Allowance for loan losses at end of period		$	9,724	$	686	$	53	$	1,100	$	21,701	$	33,264

____________________________________________________________

(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, 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 three months ended March 31, 2020, the Company recorded a provision for loan losses of $4.0 million due primarily to the adoption of ASU 2016-13, of which $0.1 million related to expected credit losses for unfunded loan commitments and was recorded as a reduction to "Accounts payable, accrued expenses and other liabilities."

The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2021 and December 31, 2020 ($ in thousands):


	Individually Evaluated for Impairment(1)		Collectively Evaluated for Impairment		Total
As of March 31, 2021
Construction loans(2)	$	56,343	$	241,533	$	297,876
Loans(2)	—		81,250		81,250

Financing receivables	—		47,409		47,409
Held-to-maturity debt securities	—		92,196		92,196
Available-for-sale debt securities(3)	—		24,043		24,043
Less: Allowance for loan losses	(667)		(8,391)		(9,058)
Total	$	55,676	$	478,040	$	533,716
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

_______________________________________________________________________________

(1)The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively. The Company's loans individually evaluated for impairment represent loans on non-accrual status and the unamortized amounts associated with these loans are not currently being amortized into income.

(2)The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $2.2 million and $2.3 million as of March 31, 2021 and December 31, 2020, 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 designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt.

The Company's 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, as of March 31, 2021 were as follows ($ in thousands):


	Year of Origination
	2021		2020		2019		2018		2017		Prior to 2017		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	75,014	$	—	$	75,014
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	33,419		—		—		113,154		—		3,714		150,287


3.5	—		—		—		—		—		—		—
4.0	—		—		—		45,366		—		—		45,366
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal(1)	$	33,419	$	—	$	—	$	158,520	$	75,014	$	3,714	$	270,667

Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	2,525		—		—		18,098		—		—		20,623
3.5	—		—		—		—		—		—		—
4.0	—		—		—		19,653		—		—		19,653
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	2,525	$	—	$	—	$	37,751	$	—	$	—	$	40,276

Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		11,839		11,839
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	11,839	$	11,839
Financing receivables
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		47,409		—		—		—		47,409
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		—		—
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	47,409	$	—	$	—	$	—	$	47,409
Total	$	35,944	$	—	$	47,409	$	196,271	$	75,014	$	15,553	$	370,191

____________________________________________________________

(1)As of March 31, 2021, excludes $56.3 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):


	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
As of March 31, 2021
Senior mortgages	$	327,011	$	—	$	—	—		$	327,011
Corporate/Partnership loans	40,276		—		—		—		40,276
Subordinate mortgages	11,839		—		—		—		11,839
Total	$	379,126	$	—	$	—	$	—	$	379,126
As of December 31, 2020
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

Impaired Loans—The Company's impaired loan was as follows ($ in thousands):


	As of March 31, 2021						As of December 31, 2020
	Amortized Cost		Unpaid Principal Balance		Related Allowance		Amortized Cost		Unpaid Principal Balance		Related Allowance




With an allowance recorded:
Senior mortgages(1)	$	56,343	$	55,592	$	(667)	$	53,305	$	52,552	$	(743)

Total	$	56,343	$	55,592	$	(667)	$	53,305	$	52,552	$	(743)

____________________________________________________________

(1)The Company has one non-accrual loan as of March 31, 2021 and December 31, 2020 that is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the three months ended March 31, 2021 and 2020.

Loan receivable held for sale—In March 2021, the Company acquired land and simultaneously structured and entered into with the seller a Ground Lease on which a multi-family project will be constructed. The Company funded $16.1 million at closing and the Ground Lease documents provide for future funding obligations of approximately $11.9 million of deferred purchase price and $52.0 million of leasehold improvement allowance upon achievement of certain milestones. At closing, the Company entered into an agreement with SAFE pursuant to which, subject to certain conditions being met, SAFE will acquire the ground lessor from the Company. The Company determined that the transaction did not qualify as a sale leaseback transaction and recorded the Ground Lease in "Loan receivable held for sale" on the Company's consolidated balance sheet as of March 31, 2021. The Company received $2.7 million of consideration from SAFE in connection with this transaction.

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 March 31, 2021
Available-for-Sale Securities
Municipal debt securities	$	20,480	$	20,480	$	3,563	$	24,043	$	24,043
Held-to-Maturity Securities
Debt securities	100,000		92,196		—		92,196		92,196
Total	$	120,480	$	112,676	$	3,563	$	116,239	$	116,239
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 March 31, 2021, the contractual maturities of the Company's securities were as follows ($ in thousands):


	Held-to-Maturity Debt Securities				Available-for-Sale Debt Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	92,196		92,196		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		20,480		24,043
Total	$	92,196	$	92,196	$	20,480	$	24,043

Other Investments

3 Months Ended

Mar. 31, 2021

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):


					Earnings (Losses) from Equity Method Investments(1)
	Carrying Value as of				For the Three Months Ended March 31,
	March 31, 2021		December 31, 2020		2021		2020
Real estate equity investments
Safehold Inc. ("SAFE")(2)	$	955,758	$	937,712	$	11,412	$	19,338
iStar Net Lease II LLC ("Net Lease Venture II")	84,481		78,998		1,001		193

Other real estate equity investments	69,084		89,939		(602)		(2,082)
Subtotal	1,109,323		1,106,649		11,811		17,449
Other strategic investments(3)	127,972		69,911		958		(837)


Total	$	1,237,295	$	1,176,560	$	12,769	$	16,612

____________________________________________________________

(1)For the three months ended March 31, 2021 and 2020, earnings (losses) from equity method investments is net of the Company's pro rata share of $5.6 million and $4.0 million, respectively, of depreciation expense and $15.5 million and $13.7 million, respectively, of interest expense.

(2)As of March 31, 2021, the Company owned 34.8 million shares of SAFE common stock which, based on the closing price of $70.10 on March 31, 2021, had a market value of $2.4 billion. For the three months ended March 31, 2021 and 2020, equity in earnings includes dilution gains of $0.5 million and $7.9 million, respectively, resulting from SAFE equity offerings.

(3)During the three months ended March 31, 2021 and 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 for the three months ended March 31, 2021 and 2020 of $5.1 million and $9.9 million, respectively, in "Other income" in the Company's consolidated statements of operations.

Safehold Inc.—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"). As of March 31, 2021, the Company owned approximately 65.4% of SAFE's common stock outstanding.

In January 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. 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; and

•provides the Company certain preemptive rights.

In March 2020, the Company acquired 1.7 million shares of SAFE's common stock in a private placement for $80.0 million.

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 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.

During the three months ended March 31, 2021 and 2020, the Company recorded $3.5 million and $2.9 million, respectively, 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 elected not to charge in full certain of the expense reimbursements while SAFE is growing its portfolio. During the three months ended March 31, 2021 and 2020, the Company recognized $1.9 million and $1.3 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE.

The Company has an exclusivity agreement with SAFE pursuant to which it agreed, subject to certain exceptions, that it will not acquire, originate, invest in, or provide financing for a third party’s acquisition of, a Ground Lease unless it has first offered that opportunity to SAFE and a majority of its independent directors has declined the opportunity.

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

In 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 included a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded as of March 31, 2021; and (ii) an $80.5 million leasehold first mortgage. During the three months ended March 31, 2021 and 2020, the Company recorded $0.3 million and $0.7 million, respectively, of interest income on the loan. The Company sold the Ground Lease to SAFE in September 2020 for $34.0 million and sold the leasehold first mortgage to an entity in which the Company has a 53% equity interest (refer to "Other strategic investments" below) in January 2021 for $63.3 million.

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 was for the conversion of an office building into a multi-family property. The loan was repaid during the fourth quarter 2020. During the three months ended March 31, 2020, the Company recorded $0.3 million of interest income on the loan.

In February 2021, the Company provided a $50.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the Ground Lease tenant's recapitalization of a hotel property. The Company received $1.9 million of consideration from SAFE in connection with this transaction. As of March 31, 2021, $38.4 million of the loan was funded and during the three months ended March 31, 2021, the Company recorded $0.9 million of interest income on the loan.

In March 2021, the Company acquired land and simultaneously structured and entered into with the seller a Ground Lease on which a multi-family project will be constructed. At closing, the Company entered into an agreement with SAFE pursuant to which, subject to certain conditions being met, SAFE will acquire the ground lessor from the Company (refer to Note 7 - Loan receivable held for sale). The Company also committed to provide a $75.0 million construction loan to the Ground Lease tenant.

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 expires on June 30, 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 three months ended March 31, 2021 and 2020, the Company recorded $0.4 million and $0.4 million, respectively, of management fees from Net Lease Venture II.

Other real estate equity investments—As of March 31, 2021, the Company's other real estate equity investments include equity interests in real estate ventures ranging from 33% to 95%, comprised of investments of $57.0 million in operating properties and $12.1 million in land assets. As of December 31, 2020, the Company's other real estate equity investments included $58.7 million in operating properties and $31.2 million in land assets.

In August 2018, the Company provided a mezzanine loan with a principal balance of $33.0 million as of March 31, 2021 and December 31, 2020 to an unconsolidated entity in which the Company owns a 50% equity interest. The loan matures in August 2021. As of March 31, 2021 and December 31, 2020, the loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheet. During the three months ended March 31, 2021 and 2020, the Company recorded $0.6 million and $0.7 million, respectively, of interest income on the mezzanine loan.

Other strategic investments—As of March 31, 2021 and December 31, 2020, the Company also had investments in real estate related funds and other strategic investments in real estate entities.

In January 2021, the Company sold two loans for $83.4 million to a newly formed entity in which the Company has a 53.0% noncontrolling equity interest. The Company did not recognize any gain or loss on the sales. The Company does not have a controlling interest in this entity due to the substantive participating rights of its partner. The Company accounts for this investment as an equity method investment and receives a fixed annual fee in exchange for managing the entity.

Summarized investee financial information—The following table presents the investee level summarized financial information for the Company's equity method investment that was significant as of March 31, 2021 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Three Months Ended March 31, 2021
SAFE	$	43,507	$	27,174	$	16,908



For the Three Months Ended March 31, 2020
SAFE	$	40,165	$	23,587	$	17,347

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Intangible assets, net(1)	$	152,553	$	156,041
Restricted cash	54,029		51,933
Finance lease right-of-use assets(2)	143,356		143,727
Operating lease right-of-use assets(2)	47,397		48,891
Other assets(3)	19,751		19,453
Other receivables	5,964		10,881
Leasing costs, net(4)	2,046		2,340
Corporate furniture, fixtures and equipment, net(5)	1,884		2,024
Deferred financing fees, net	1,264		1,549
Deferred expenses and other assets, net	$	428,244	$	436,839

_______________________________________________________________________________

(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 $47.6 million and $44.4 million as of March 31, 2021 and December 31, 2020, respectively. The amortization of above market leases and lease incentive assets decreased operating lease income in the Company's consolidated statements of operations by $0.3 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $3.2 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. As of March 31, 2021, the weighted average remaining amortization period for the Company's intangible assets was approximately 16.5 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 8.0 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 96.7 years. Right-of-use assets for finance leases are amortized on a straight-line basis over the term of the lease and are recorded in "Depreciation and amortization" in the Company's consolidated statements of operations. During the three months ended March 31, 2021 and 2020, the Company recognized $2.1 million and $2.0 million, respectively, in "Interest expense" and $0.4 million and $0.4 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. During the three months ended March 31, 2021 and 2020, the Company recognized $1.2 million and $1.0 million, respectively, in "General and administrative" and $0.9 million and $0.8 million, respectively, in "Real estate expense" in its consolidated statement of operations relating to operating leases.

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

(4)Accumulated amortization of leasing costs was $2.9 million and $2.6 million as of March 31, 2021 and December 31, 2020, respectively.

(5)Accumulated depreciation on corporate furniture, fixtures and equipment was $14.4 million and $14.3 million as of March 31, 2021 and December 31, 2020, respectively.

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


	As of
	March 31, 2021		December 31, 2020
Other liabilities(1)	$	87,516	91,513
Accrued expenses	85,895		94,724
Finance lease liabilities (see table above)	151,222		150,520
Intangible liabilities, net(2)	48,115		48,738
Operating lease liabilities (see table above)	49,146		50,072
Accrued interest payable	29,116		32,355
Accounts payable, accrued expenses and other liabilities	$	451,010	$	467,922

_______________________________________________________________________________

(1)As of March 31, 2021 and December 31, 2020, other liabilities includes $34.5 million and $36.9 million, respectively, of deferred income. As of March 31, 2021 and December 31, 2020, other liabilities includes $14.2 million and $19.0 million, respectively, of derivative liabilities. As of March 31, 2021 and December 31, 2020, other liabilities includes $1.3 million and $1.0 million, respectively, 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 $8.1 million and $7.5 million as of March 31, 2021 and December 31, 2020, respectively. The amortization of below market leases increased operating lease income in the Company's consolidated statements of operations by $0.6 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively.

Loan Participations Payable, net	3 Months Ended
Loan Participations Payable, net	Mar. 31, 2021
Transfers and Servicing [Abstract]
Loan Participations Payable, net	Loan Participations Payable, net The Company had one loan participation payable with a carrying value of $42.5 million and an interest rate of 6.0% as of December 31, 2020. The loan was repaid in the first quarter 2021. 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. As of December 31, 2020, the corresponding loan receivable balance was $42.5 million and is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on 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.

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Commitments and Contingencies Disclosure [Abstract]

Debt Obligations, net

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt Obligations, net

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


	Carrying Value as of				Stated Interest Rates		Scheduled Maturity Date
	March 31, 2021		December 31, 2020
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)	713,766		721,075		1.66% - 7.26%	(3)

Total secured credit facilities and mortgages(4)	1,205,641		1,212,950
Unsecured notes:
3.125% senior convertible notes(5)	287,500		287,500		3.125%		September 2022
4.75% senior notes(6)	775,000		775,000		4.75%		October 2024
4.25% senior notes(7)	550,000		550,000		4.25%		August 2025
5.50% senior notes(8)	400,000		400,000		5.50%		February 2026
Total unsecured notes	2,012,500		2,012,500
Other debt obligations:
Trust preferred securities	100,000		100,000		LIBOR + 1.50%		October 2035
Total debt obligations	3,318,141		3,325,450
Debt discounts and deferred financing costs, net(9)	(26,798)		(38,475)
Total debt obligations, net(10)	$	3,291,343	$	3,286,975

_______________________________________________________________________________

(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 1.0% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023.

(2)The loan bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(3)As of March 31, 2021, the weighted average interest rate of these loans is 4.4%, inclusive of the effect of interest rate swaps.

(4)As of March 31, 2021, $2.1 billion net carrying value of assets served as collateral for the Company's secured debt obligations.

(5)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 March 31, 2021 was 70.716 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.14 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As 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. Upon the adoption of ASU 2020-06 on January 1, 2021, the Company reclassed the unamortized discount to shareholders equity (refer to Note 3). During the three months ended March 31, 2021, the Company recognized $2.2 million of contractual interest. During the three months ended March 31, 2020, the Company recognized $2.2 million of contractual interest and $1.3 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three months ended March 31, 2020 was 5.2%.

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

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

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

(9)On January 1, 2021, the Company adopted ASU 2020-06 and reclassed $10.0 million of debt discount and unamortized fees from the 3.125% Convertible Notes to shareholders' equity on the Company's consolidated balance sheet (refer to Note 3).

(10)The Company capitalized interest relating to development activities of $0.3 million and $0.5 million during the three months ended March 31, 2021 and 2020, respectively.

Future Scheduled Maturities—As of March 31, 2021, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2021 (remaining nine months)	—		$	101,519	$	101,519
2022	287,500		96,406		383,906
2023	—		491,875		491,875
2024	775,000		—		775,000
2025	550,000		271,985		821,985
Thereafter	500,000		243,856		743,856
Total principal maturities	2,112,500		1,205,641		3,318,141
Unamortized discounts and deferred financing costs, net	(21,122)		(5,676)		(26,798)
Total debt obligations, net	$	2,091,378	$	1,199,965	$	3,291,343

Senior Term Loan—The Company has a $650.0 million senior term loan (the "Senior Term Loan") that bears interest at LIBOR plus 2.75% per annum and matures in 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. As of March 31, 2021, the outstanding balance on the Company's Senior Term Loan was $491.9 million.

Revolving Credit Facility—The Company has a secured revolving credit facility (the "Revolving Credit Facility") with a maximum capacity of $350.0 million that matures in September 2022. 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 March 31, 2021, based on the Company's borrowing base of assets, had the ability to draw $350.0 million without pledging any additional assets to the facility.

Unsecured Notes—As of March 31, 2021, the Company has senior unsecured notes outstanding with varying fixed-rates and maturities ranging from September 2022 to February 2026. The Company's senior unsecured notes are interest only, are generally redeemable at the option of the Company and contain certain financial covenants (see below).

During the three months ended March 31, 2020, repayments of unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $4.1 million. This amount is 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

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, 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		Real Estate		Other Investments		Total
Performance-Based Commitments	$	110,398	$	69,734	$	35,044	$	215,176
Strategic Investments	—		—		17,015		17,015
Total	$	110,398	$	69,734	$	52,059	$	232,191

Other Commitments—Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021 (remaining nine months)	$	2,975	$	4,133
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	29,226		1,595,055
Present value discount(1)	(3,448)		(1,443,833)
Other adjustments(2)	23,368		—
Lease liabilities	$	49,146	$	151,222

_______________________________________________________________________________

(1)During the three months ended March 31, 2021 and 2020, the Company made payments of $0.8 million and $1.1 million, respectively, related to its operating leases and $1.4 million and $1.3 million, respectively, related to its finance leases with SAFE. The weighted average remaining lease term for the Company's operating leases, excluding operating leases for which the Company's tenants pay rent on its behalf, was 5.3 years and the weighted average discount rate was 5.0%. The weighted average remaining lease term for the Company's finance leases was 96.7 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 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)The weighted average remaining 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%. The weighted average remaining lease term for the Company's finance leases was 97 years and the weighted average discount rate was 5.5%.

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

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2021 and December 31, 2020 ($ in thousands):(1)

Derivative Liabilities

As of March 31, 2021

Balance Sheet
Location

Fair
Value

Derivatives Designated in Hedging Relationships

Interest rate swaps

Accounts payable, accrued expenses and other liabilities

14,178

Total

14,178

Derivative Liabilities

As of December 31, 2020

Balance Sheet
Location

Fair
Value

Derivatives Designated in Hedging Relationships

Interest rate swaps

Accounts payable, accrued expenses and other liabilities

18,926

Total

18,926

_________________________________________________________

(1)Over the next 12 months, the Company expects that $10.1 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 Three Months Ended March 31, 2021


Interest rate swaps	Earnings from equity method investments	$	8,656	$	(234)
Interest rate swaps	Interest expense	3,317		(2,104)


For the Three Months Ended March 31, 2020
Interest rate swaps	Interest Expense	(12,604)		(1,088)

Interest rate swaps	Earnings from equity method investments	(15,172)		(226)

Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2021 and December 31, 2020:


				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference(3)		Rate per Annum		Annual Dividend Per Share		Carrying Value (in thousands)
D	4,000	$	0.001	$	25.00	8.00	%	$	2.00	$	89,041


G	3,200	0.001		25.00		7.65	%	1.91		72,664
I	5,000	0.001		25.00		7.50	%	1.88		120,785

Total	12,200									$	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 $2.0 million, $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the three months ended March 31, 2021 and 2020. The character of the 2020 dividends was 100% return of capital. 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 common stock dividends of $8.2 million, or $0.11 per share, for the three months ended March 31, 2021 and $7.8 million, or $0.10 per share, for the three months ended March 31, 2020. The character of the 2020 dividends was 100% return of capital.

Stock Repurchase Program—The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. During the three months ended March 31, 2021, the Company repurchased 0.7 million shares of its outstanding common stock for $12.4 million, for an average cost of $17.20 per share. During the three months ended March 31, 2020, the Company repurchased 1.0 million shares of its outstanding common stock for $12.0 million, for an average cost of $12.51 per share. In February 2021, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million. As of March 31, 2021, the Company had remaining authorization to repurchase up to $40.1 million of common stock under its stock repurchase program.

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


	As of
	March 31, 2021		December 31, 2020
Unrealized gains on available-for-sale securities	$	3,563	$	4,594
Unrealized losses on cash flow hedges	(41,254)		(53,075)
Unrealized losses on cumulative translation adjustment	(4,167)		(4,199)
Accumulated other comprehensive loss	$	(41,858)	$	(52,680)

Stock-Based Compensation Plans and Employee Benefits

3 Months Ended

Mar. 31, 2021

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 $5.5 million and $16.3 million for the three months ended March 31, 2021 and 2020, respectively, in "General and administrative" in the Company's consolidated statements of operations.

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

2019-2022 iPIP Plans—The Company's 2019-2020 and 2021-2022 iPIP plans are equity-classified awards which are 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 2019-2022 iPIP plans are held by consolidated subsidiaries of the Company and have 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 three months ended March 31, 2021 and 2020, the Company recorded $1.4 million and $0.7 million, respectively, of expense related to the 2019-2022 iPIP plans. 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.

The following is a summary of the status of the Company’s equity-classified iPIP plans and changes during the three months ended March 31, 2021.



	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	97.40	—
Granted	—	94.00
Forfeited	(0.20)	—
Points at end of period	97.20	94.00

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 three months ended March 31, 2021.



	iPIP Investment Pool
	2013-2014	2015-2016	2017-2018
Points at beginning of period	80.17	70.40	73.34


Forfeited	—	—	—
Points at end of period	80.17	70.40	73.34

During the three months ended March 31, 2021 and 2020, the Company recorded $2.4 million and $14.3 million, respectively, of expense related to the 2013-2018 iPIP plans.

During the three months ended March 31, 2021, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $2.8 million as compensation, comprised of cash and 86,807 shares of the Company's common stock with a fair value of $17.72 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 51,854 shares of the Company's common stock were issued.

During the three months ended March 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. After deducting statutory minimum tax withholdings, a total of 32,825 shares of the Company's common stock were issued.

As of March 31, 2021 and December 31, 2020, the Company had accrued compensation costs relating to iPIP of $68.6 million and $69.1 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 March 31, 2021, an aggregate of 2.1 million shares remain available for issuance pursuant to future awards under the Company's 2009 LTIP.

Restricted Stock Unit Activity—A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the three months ended March 31, 2021, is as follows (in thousands):



Nonvested at beginning of period			531
Granted			327
Vested			(107)

Nonvested at end of period			751

As of March 31, 2021, there was $8.0 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.9 years.

Directors' Awards—During the three months ended March 31, 2021, the Company issued 545 common stock equivalents ("CSEs") at a fair value of $18.10 per CSE in respect of dividend equivalents on outstanding CSEs. As of March 31, 2021, a combined total of 180,067 CSEs and restricted shares of common stock granted to members of the Company's Board of Directors remained outstanding under the Company's Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.2 million.

401(k) Plan—The Company made contributions of $0.5 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively.

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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


	For the Three Months Ended March 31,
	2021		2020
Net income (loss)	$	7,989	$	(12,885)
Net income attributable to noncontrolling interests	(2,520)		(2,691)
Preferred dividends	(5,874)		(5,874)


Net loss allocable to common shareholders for basic and diluted earnings per common share	$	(405)	$	(21,450)


	For the Three Months Ended March 31,
	2021		2020
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss attributable to iStar Inc. and allocable to common shareholders	$	(405)	$	(21,450)











Denominator for basic and diluted earnings per share:






Weighted average common shares outstanding for basic and diluted earnings per common share	73,901		77,444

Basic and diluted earnings per common share:(1)




Net loss allocable to common shareholders	$	(0.01)	$	(0.28)

____________________________________________________________

(1)For the three months ended March 31, 2021 and 2020, the effect of the Company's restricted stock awards were anti-dilutive. For the three months ended March 31, 2021, 2,893,787 shares of the 3.125% Convertible Notes (refer to Note 11) were anti-dilutive based upon the conversion price for such period. For the three months ended March 31, 2020, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such period.

Fair Values

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
Recurring basis:

Derivative liabilities(1)	$	14,178	$	—	$	14,178	$	—
Available-for-sale securities(1)	24,043		—		—		24,043
Loan receivable held for sale (refer to Note 7)	16,086		—		—		16,086
Non-recurring basis:
Other investments(2)	75,402		—		75,402		—




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(3)	6,078		—		—		6,078

____________________________________________________________

(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)During the three months ended March 31, 2021, the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2.

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

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 three months ended March 31, 2021 and 2020 ($ in thousands):


	2021		2020
Beginning balance	$	25,274	$	23,896

Repayments	(200)		(459)
Unrealized gains (losses) recorded in other comprehensive income	(1,031)		203
Ending balance	$	24,043	$	23,640

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 March 31, 2021				As of December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Net investment in leases(1)	$	431	$	440	$	429	$	431
Loans receivable and other lending investments, net(1)	534		578		732		772
Cash and cash equivalents(2)	194		194		99		99
Restricted cash(2)	54		54		52		52
Loan participations payable, net(1)	—		—		43		43
Debt obligations, net(1)(3)	3,291		3,449		3,287		3,414

_______________________________________________________________________________

(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.

(3)As of March 31, 2021 and December 31, 2020, the fair value of the Company's 3.125% Senior Convertible Notes was $377.8 million and $338.8 million, respectively.

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.

+ References + Details

Segment Reporting

3 Months Ended

Mar. 31, 2021

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
Three Months Ended March 31, 2021:
Operating lease income	$	42,513	$	—	$	4,837	$	94	$	—	$	47,444
Interest income	878		9,772		—		—		—		10,650
Interest income from sales-type leases	8,627		—		—		—		—		8,627
Other income	4,751		99		2,337		1,389		5,714		14,290
Land development revenue	—		—		—		32,249		—		32,249
Earnings (losses) from equity method investments	12,413		466		(3,747)		3,146		491		12,769

Income from sales of real estate	—		—		612		—		—		612
Total revenue and other earnings	69,182		10,337		4,039		36,878		6,205		126,641
Real estate expense	(8,633)		—		(3,799)		(4,462)		—		(16,894)
Land development cost of sales	—		—		—		(29,323)		—		(29,323)
Other expense	—		(64)		—		—		(189)		(253)
Allocated interest expense	(25,079)		(4,578)		(2,043)		(3,938)		(3,925)		(39,563)
Allocated general and administrative(2)	(5,937)		(1,459)		(660)		(2,428)		(5,447)		(15,931)
Segment profit (loss)(3)	$	29,533	$	4,236	$	(2,463)	$	(3,273)	$	(3,356)	$	24,677
Other significant items:
Recovery of loan losses	$	(152)	$	(3,642)	$	—	$	—	$	—	$	(3,794)
Recovery of losses on net investment in leases	(1,601)		—		—		—		—		(1,601)
Impairment of assets	1,528		—		257		—		—		1,785
Depreciation and amortization	13,054		—		1,988		218		195		15,455
Capitalized expenditures	1,268		—		57		4,739		—		6,064

Three Months Ended March 31, 2020:
Operating lease income	$	41,464	$	—	$	5,774	$	108	$	—	$	47,346
Interest income	823		16,393		—		—		—		17,216
Interest income from sales-type leases	8,355		—		—		—		—		8,355
Other income	4,293		306		3,157		624		11,988		20,368
Land development revenue	—		—		—		80,176		—		80,176
Earnings (losses) from equity method investments	19,531		—		(2,667)		584		(836)		16,612


Total revenue and other earnings	74,466		16,699		6,264		81,492		11,152		190,073
Real estate expense	(6,229)		—		(7,663)		(8,606)		—		(22,498)
Land development cost of sales	—		—		—		(77,059)		—		(77,059)
Other expense	—		(19)		—		—		(55)		(74)
Allocated interest expense	(24,478)		(6,199)		(2,259)		(4,570)		(5,886)		(43,392)
Allocated general and administrative(2)	(6,989)		(2,097)		(789)		(2,819)		(5,307)		(18,001)
Segment profit (loss)(3)	$	36,770	$	8,384	$	(4,447)	$	(11,562)	$	(96)	$	29,049
Other significant items:
Provision for loan losses	$	137	$	3,866	$	—	$	—	$	—	$	4,003
Provision for losses on net investment in leases	1,292		—		—		—		—		1,292
Impairment of assets	1,708		—		—		—		—		1,708
Depreciation and amortization	12,656		—		1,284		243		303		14,486
Capitalized expenditures	1,846		—		917		12,027		—		14,790


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/Other(1)		Company Total
As of March 31, 2021



Real estate, net	$	1,283,082	$	—	$	191,311	$	—	$	—	$	1,474,393
Real estate available and held for sale	—		—		2,600		—		—		2,600
Total real estate	1,283,082		—		193,911		—		—		1,476,993
Net investment in leases	431,126		—		—		—		—		431,126
Land and development, net	—		—		—		406,781		—		406,781
Loans receivable and other lending investments, net	46,411		487,305		—		—		—		533,716
Loan receivable held for sale	16,086		—		—		—		—		16,086
Other investments	1,040,238		44,672		56,977		12,107		83,301		1,237,295
Total portfolio assets	$	2,816,943	$	531,977	$	250,888	$	418,888	$	83,301	4,101,997
Cash and other assets											691,594
Total assets											$	4,793,591

As of December 31, 2020



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

_______________________________________________________________________________

(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 $5.5 million and $16.3 million for the three months ended March 31, 2021 and 2020, respectively.

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


	For the Three Months Ended March 31,
	2021		2020
Segment profit	$	24,677	$	29,049
Less: Recovery of (provision for) loan losses	3,794		(4,003)
Less: Recovery of (provision for) losses on net investment in leases	1,601		(1,292)
Less: Impairment of assets	(1,785)		(1,708)
Less: Stock-based compensation expense	(5,508)		(16,270)
Less: Depreciation and amortization	(15,455)		(14,486)
Less: Income tax benefit (expense)	665		(60)

Less: Loss on early extinguishment of debt, net	—		(4,115)
Net income (loss)	$	7,989	$	(12,885)

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
-SubTopic 10
-Section 50
-Paragraph 21
-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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation.
Principles of Consolidation	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.
Adoption of Accounting Standards Updates and New Accounting Pronouncements	The following paragraph describes the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") on January 1, 2021. The Company adopted 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") on January 1, 2021 using the modified retrospective approach method. Under the modified retrospective approach, the Company recorded a cumulative effect adjustment on January 1, 2021 by increasing "Debt obligations, net" by $10.0 million, increasing retained earnings by $15.9 million and decreasing "Additional paid-in capital" by $25.9 million with respect to its 3.125% senior convertible notes (refer to Note 11). Periods presented that are prior to the adoption date of January 1, 2021 will not be adjusted. In addition, upon the adoption of ASU 2020-06, the Company is required to use a modified if-converted method when calculating earnings per share. The Company will settle conversions of the 3.125% senior 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 if-converted method is modified so that interest expense is not added back to the numerator, and the denominator only includes the net number of incremental shares that would be issued upon conversion. New Accounting Pronouncements—In March 2020, the Financial Accounting Standards Board 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.

Basis of Presentation and Principles of Consolidation (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of assets and liabilities of consolidated VIEs

The following table presents the assets and liabilities of the Company's consolidated VIEs as of March 31, 2021 and December 31, 2020 ($ in thousands):


	As of
	March 31, 2021		December 31, 2020
ASSETS
Real estate
Real estate, at cost	$	900,349	$	899,110
Less: accumulated depreciation	(68,141)		(61,917)
Real estate, net	832,208		837,193
Land and development, net	220,273		240,137
Other investments	31		35
Cash and cash equivalents	32,756		22,571
Accrued interest and operating lease income receivable, net	2,501		1,472
Deferred operating lease income receivable, net	31,785		29,428
Deferred expenses and other assets, net	120,288		122,591
Total assets	$	1,239,842	$	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	116,224	$	115,581
Debt obligations, net	482,827		488,719
Total liabilities	599,051		604,300

Schedule of real estate assets

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.

+ References + Details

Real Estate (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

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


	Net Lease(1)		Operating Properties		Total
As of March 31, 2021
Land, at cost	$	188,418	$	103,530	$	291,948
Buildings and improvements, at cost	1,354,952		106,478		1,461,430
Less: accumulated depreciation	(260,288)		(18,697)		(278,985)
Real estate, net(1)	1,283,082		191,311		1,474,393
Real estate available and held for sale(2)	—		2,600		2,600
Total real estate	$	1,283,082	$	193,911	$	1,476,993
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)	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

_______________________________________________________________________________

(1)As of March 31, 2021 and December 31, 2020, real estate, net included $751.4 million and $755.5 million, respectively, of real estate of the Net Lease Venture (refer to Net Lease Venture below).

(2)As of March 31, 2021 and December 31, 2020, the Company had $2.6 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Schedule of future minimum lease obligations operating leases

Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2021, are as follows by year ($ in thousands):


Year	Net Lease		Operating Properties
2021 (remaining nine months)	$	95,970	$	10,877
2022	130,077		6,677
2023	121,718		6,421
2024	116,027		6,383
2025	119,483		5,720
Thereafter	1,254,867		8,247

Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021 (remaining nine months)	$	2,975	$	4,133
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	29,226		1,595,055
Present value discount(1)	(3,448)		(1,443,833)
Other adjustments(2)	23,368		—
Lease liabilities	$	49,146	$	151,222

_______________________________________________________________________________

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

_______________________________________________________________________________

Net Investment in Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of net investment in leases

The Company's net investment in leases were comprised of the following as of March 31, 2021 and December 31, 2020 ($ in thousands):


	March 31, 2021		December 31, 2020
Total undiscounted cash flows	$	1,020,921	$	1,020,921
Unguaranteed estimated residual value	338,543		345,284
Present value discount	(919,068)		(926,233)
Allowance for losses on net investment in leases	(9,270)		(10,871)
Net investment in leases(1)	$	431,126	$	429,101

_______________________________________________________________________________

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 March 31, 2021, are as follows by year ($ in thousands):


	Amount
2021 (remaining nine months)	$	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

Changes in the Company's allowance for losses on net investment in leases for the three months ended March 31, 2021 and 2020 were as follows ($ in thousands):


	2021		2020
Allowance for losses on net investment in leases at beginning of period	$	10,871	$	—
Initial allowance recorded upon adoption of new accounting standard(1)	—		9,111
(Recovery of) provision for losses on net investment in leases(2)	(1,601)		1,292

Allowance for losses on net investment in leases at end of period	$	9,270	$	10,403

_________________________________________________________

(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.

Land and Development (Tables)

3 Months Ended

Mar. 31, 2021

Land And Development [Abstract]

Schedule of land and development assets

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


	As of
	March 31,		December 31,
	2021		2020
Land and land development, at cost	$	417,537	$	441,201
Less: accumulated depreciation	(10,756)		(10,538)
Total land and development, net	$	406,781	$	430,663

Loans Receivable and Other Lending Investments, net (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Construction loans
Senior mortgages	$	277,253	$	449,733
Corporate/Partnership loans	20,623		65,100
Subtotal - gross carrying value of construction loans(1)	297,876		514,833



Loans
Senior mortgages	49,758		35,922
Corporate/Partnership loans	19,653		20,567
Subordinate mortgages	11,839		11,640
Subtotal - gross carrying value of loans	81,250		68,129






Other lending investments
Financing receivables (refer to Note 5)	47,409		46,549
Held-to-maturity debt securities	92,196		90,715
Available-for-sale debt securities	24,043		25,274
Subtotal - other lending investments	163,648		162,538
Total gross carrying value of loans receivable and other lending investments	542,774		745,500
Allowance for loan losses	(9,058)		(13,170)
Total loans receivable and other lending investments, net	$	533,716	$	732,330

____________________________________________________________

(1)As of March 31, 2021, 85%, or $254.4, gross carrying value of construction loans had completed construction.

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

Changes in the Company's allowance for loan losses were as follows for the three months ended March 31, 2021 ($ 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		$	6,541	$	1,643	$	3,093	$	1,150	$	743	$	13,170

(Recovery of) provision for loan losses(1)		(3,648)		172		(408)		(152)		(76)		(4,112)

Allowance for loan losses at end of period		$	2,893	$	1,815	$	2,685	$	998	$	667	$	9,058

____________________________________________________________

Changes in the Company's allowance for loan losses were as follows for the three months ended March 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)		3,409		323		33		136		—		3,901

Allowance for loan losses at end of period		$	9,724	$	686	$	53	$	1,100	$	21,701	$	33,264

____________________________________________________________

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

The Company's investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2021 and December 31, 2020 ($ in thousands):


	Individually Evaluated for Impairment(1)		Collectively Evaluated for Impairment		Total
As of March 31, 2021
Construction loans(2)	$	56,343	$	241,533	$	297,876
Loans(2)	—		81,250		81,250

Financing receivables	—		47,409		47,409
Held-to-maturity debt securities	—		92,196		92,196
Available-for-sale debt securities(3)	—		24,043		24,043
Less: Allowance for loan losses	(667)		(8,391)		(9,058)
Total	$	55,676	$	478,040	$	533,716
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

_______________________________________________________________________________

(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
	2021		2020		2019		2018		2017		Prior to 2017		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	75,014	$	—	$	75,014
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	33,419		—		—		113,154		—		3,714		150,287


3.5	—		—		—		—		—		—		—
4.0	—		—		—		45,366		—		—		45,366
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal(1)	$	33,419	$	—	$	—	$	158,520	$	75,014	$	3,714	$	270,667

Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	2,525		—		—		18,098		—		—		20,623
3.5	—		—		—		—		—		—		—
4.0	—		—		—		19,653		—		—		19,653
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	2,525	$	—	$	—	$	37,751	$	—	$	—	$	40,276

Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		—		—		—		—		—
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		11,839		11,839
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	11,839	$	11,839
Financing receivables
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5	—		—		—		—		—		—		—
2.0	—		—		47,409		—		—		—		47,409
2.5	—		—		—		—		—		—		—
3.0	—		—		—		—		—		—		—
3.5	—		—		—		—		—		—		—
4.0	—		—		—		—		—		—		—
4.5	—		—		—		—		—		—		—
5.0	—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	47,409	$	—	$	—	$	—	$	47,409
Total	$	35,944	$	—	$	47,409	$	196,271	$	75,014	$	15,553	$	370,191

____________________________________________________________

(1)As of March 31, 2021, excludes $56.3 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):


	Current		Less Than and Equal to 90 Days		Greater Than 90 Days		Total Past Due		Total
As of March 31, 2021
Senior mortgages	$	327,011	$	—	$	—	—		$	327,011
Corporate/Partnership loans	40,276		—		—		—		40,276
Subordinate mortgages	11,839		—		—		—		11,839
Total	$	379,126	$	—	$	—	$	—	$	379,126
As of December 31, 2020
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

Schedule of recorded investment in impaired loans

The Company's impaired loan was as follows ($ in thousands):


	As of March 31, 2021						As of December 31, 2020
	Amortized Cost		Unpaid Principal Balance		Related Allowance		Amortized Cost		Unpaid Principal Balance		Related Allowance




With an allowance recorded:
Senior mortgages(1)	$	56,343	$	55,592	$	(667)	$	53,305	$	52,552	$	(743)

Total	$	56,343	$	55,592	$	(667)	$	53,305	$	52,552	$	(743)

____________________________________________________________

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 March 31, 2021
Available-for-Sale Securities
Municipal debt securities	$	20,480	$	20,480	$	3,563	$	24,043	$	24,043
Held-to-Maturity Securities
Debt securities	100,000		92,196		—		92,196		92,196
Total	$	120,480	$	112,676	$	3,563	$	116,239	$	116,239
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

Schedule of contractual maturities of securities

As of March 31, 2021, the contractual maturities of the Company's securities were as follows ($ in thousands):


	Held-to-Maturity Debt Securities				Available-for-Sale Debt Securities
	Amortized Cost Basis		Estimated Fair Value		Amortized Cost Basis		Estimated Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years	92,196		92,196		—		—
After 5 years through 10 years	—		—		—		—
After 10 years	—		—		20,480		24,043
Total	$	92,196	$	92,196	$	20,480	$	24,043

Other Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, All Other Investments [Abstract]

Schedule of other investments and proportionate share of earnings from equity method investments

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


					Earnings (Losses) from Equity Method Investments(1)
	Carrying Value as of				For the Three Months Ended March 31,
	March 31, 2021		December 31, 2020		2021		2020
Real estate equity investments
Safehold Inc. ("SAFE")(2)	$	955,758	$	937,712	$	11,412	$	19,338
iStar Net Lease II LLC ("Net Lease Venture II")	84,481		78,998		1,001		193

Other real estate equity investments	69,084		89,939		(602)		(2,082)
Subtotal	1,109,323		1,106,649		11,811		17,449
Other strategic investments(3)	127,972		69,911		958		(837)


Total	$	1,237,295	$	1,176,560	$	12,769	$	16,612

____________________________________________________________

Schedule of summarized financial information

The following table presents the investee level summarized financial information for the Company's equity method investment that was significant as of March 31, 2021 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Three Months Ended March 31, 2021
SAFE	$	43,507	$	27,174	$	16,908



For the Three Months Ended March 31, 2020
SAFE	$	40,165	$	23,587	$	17,347

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Intangible assets, net(1)	$	152,553	$	156,041
Restricted cash	54,029		51,933
Finance lease right-of-use assets(2)	143,356		143,727
Operating lease right-of-use assets(2)	47,397		48,891
Other assets(3)	19,751		19,453
Other receivables	5,964		10,881
Leasing costs, net(4)	2,046		2,340
Corporate furniture, fixtures and equipment, net(5)	1,884		2,024
Deferred financing fees, net	1,264		1,549
Deferred expenses and other assets, net	$	428,244	$	436,839

_______________________________________________________________________________

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

(4)Accumulated amortization of leasing costs was $2.9 million and $2.6 million as of March 31, 2021 and December 31, 2020, respectively.

(5)Accumulated depreciation on corporate furniture, fixtures and equipment was $14.4 million and $14.3 million as of March 31, 2021 and December 31, 2020, 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
	March 31, 2021		December 31, 2020
Other liabilities(1)	$	87,516	91,513
Accrued expenses	85,895		94,724
Finance lease liabilities (see table above)	151,222		150,520
Intangible liabilities, net(2)	48,115		48,738
Operating lease liabilities (see table above)	49,146		50,072
Accrued interest payable	29,116		32,355
Accounts payable, accrued expenses and other liabilities	$	451,010	$	467,922

_______________________________________________________________________________

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt obligations

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


	Carrying Value as of				Stated Interest Rates		Scheduled Maturity Date
	March 31, 2021		December 31, 2020
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)	713,766		721,075		1.66% - 7.26%	(3)

Total secured credit facilities and mortgages(4)	1,205,641		1,212,950
Unsecured notes:
3.125% senior convertible notes(5)	287,500		287,500		3.125%		September 2022
4.75% senior notes(6)	775,000		775,000		4.75%		October 2024
4.25% senior notes(7)	550,000		550,000		4.25%		August 2025
5.50% senior notes(8)	400,000		400,000		5.50%		February 2026
Total unsecured notes	2,012,500		2,012,500
Other debt obligations:
Trust preferred securities	100,000		100,000		LIBOR + 1.50%		October 2035
Total debt obligations	3,318,141		3,325,450
Debt discounts and deferred financing costs, net(9)	(26,798)		(38,475)
Total debt obligations, net(10)	$	3,291,343	$	3,286,975

_______________________________________________________________________________

(3)As of March 31, 2021, the weighted average interest rate of these loans is 4.4%, inclusive of the effect of interest rate swaps.

(4)As of March 31, 2021, $2.1 billion net carrying value of assets served as collateral for the Company's secured debt obligations.

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

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

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

(10)The Company capitalized interest relating to development activities of $0.3 million and $0.5 million during the three months ended March 31, 2021 and 2020, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

As of March 31, 2021, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2021 (remaining nine months)	—		$	101,519	$	101,519
2022	287,500		96,406		383,906
2023	—		491,875		491,875
2024	775,000		—		775,000
2025	550,000		271,985		821,985
Thereafter	500,000		243,856		743,856
Total principal maturities	2,112,500		1,205,641		3,318,141
Unamortized discounts and deferred financing costs, net	(21,122)		(5,676)		(26,798)
Total debt obligations, net	$	2,091,378	$	1,199,965	$	3,291,343

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments


	Loans and Other Lending Investments		Real Estate		Other Investments		Total
Performance-Based Commitments	$	110,398	$	69,734	$	35,044	$	215,176
Strategic Investments	—		—		17,015		17,015
Total	$	110,398	$	69,734	$	52,059	$	232,191

Schedule of future minimum lease obligations operating leases


Year	Net Lease		Operating Properties
2021 (remaining nine months)	$	95,970	$	10,877
2022	130,077		6,677
2023	121,718		6,421
2024	116,027		6,383
2025	119,483		5,720
Thereafter	1,254,867		8,247

Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021 (remaining nine months)	$	2,975	$	4,133
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	29,226		1,595,055
Present value discount(1)	(3,448)		(1,443,833)
Other adjustments(2)	23,368		—
Lease liabilities	$	49,146	$	151,222

_______________________________________________________________________________

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

_______________________________________________________________________________

Schedule of future minimum lease obligations finance leases

Future minimum lease obligations under operating and finance leases as of March 31, 2021 are as follows ($ in thousands):


	Operating(1)(2)		Finance(1)
2021 (remaining nine months)	$	2,975	$	4,133
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	29,226		1,595,055
Present value discount(1)	(3,448)		(1,443,833)
Other adjustments(2)	23,368		—
Lease liabilities	$	49,146	$	151,222

_______________________________________________________________________________

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

_______________________________________________________________________________

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative financial instruments on consolidated balance sheet

Derivative Liabilities

As of March 31, 2021

Balance Sheet
Location

Fair
Value

Derivatives Designated in Hedging Relationships

Interest rate swaps

Accounts payable, accrued expenses and other liabilities

14,178

Total

14,178

Derivative Liabilities

As of December 31, 2020

Balance Sheet
Location

Fair
Value

Derivatives Designated in Hedging Relationships

Interest rate swaps

Accounts payable, accrued expenses and other liabilities

18,926

Total

18,926

_________________________________________________________

Schedule of derivative financial instruments on consolidated statements of operations and comprehensive income


Derivatives Designated in Hedging Relationships	Location of Gain (Loss) When Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
For the Three Months Ended March 31, 2021


Interest rate swaps	Earnings from equity method investments	$	8,656	$	(234)
Interest rate swaps	Interest expense	3,317		(2,104)


For the Three Months Ended March 31, 2020
Interest rate swaps	Interest Expense	(12,604)		(1,088)

Interest rate swaps	Earnings from equity method investments	(15,172)		(226)

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of cumulative redeemable preferred stock outstanding by series

The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2021 and December 31, 2020:


				Cumulative Preferential Cash Dividends(1)(2)
Series	Shares Issued and Outstanding (in thousands)	Par Value		Liquidation Preference(3)		Rate per Annum		Annual Dividend Per Share		Carrying Value (in thousands)
D	4,000	$	0.001	$	25.00	8.00	%	$	2.00	$	89,041


G	3,200	0.001		25.00		7.65	%	1.91		72,664
I	5,000	0.001		25.00		7.50	%	1.88		120,785

Total	12,200									$	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
	March 31, 2021		December 31, 2020
Unrealized gains on available-for-sale securities	$	3,563	$	4,594
Unrealized losses on cash flow hedges	(41,254)		(53,075)
Unrealized losses on cumulative translation adjustment	(4,167)		(4,199)
Accumulated other comprehensive loss	$	(41,858)	$	(52,680)

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)

3 Months Ended

Mar. 31, 2021

Schedule of performance incentive plans

The following is a summary of the status of the Company’s equity-classified iPIP plans and changes during the three months ended March 31, 2021.



	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	97.40	—
Granted	—	94.00
Forfeited	(0.20)	—
Points at end of period	97.20	94.00

The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the three months ended March 31, 2021.



	iPIP Investment Pool
	2013-2014	2015-2016	2017-2018
Points at beginning of period	80.17	70.40	73.34


Forfeited	—	—	—
Points at end of period	80.17	70.40	73.34

Schedule of restricted stock units activity

A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the three months ended March 31, 2021, is as follows (in thousands):



Nonvested at beginning of period			531
Granted			327
Vested			(107)

Nonvested at end of period			751

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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

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


	For the Three Months Ended March 31,
	2021		2020
Net income (loss)	$	7,989	$	(12,885)
Net income attributable to noncontrolling interests	(2,520)		(2,691)
Preferred dividends	(5,874)		(5,874)


Net loss allocable to common shareholders for basic and diluted earnings per common share	$	(405)	$	(21,450)

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


	For the Three Months Ended March 31,
	2021		2020
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss attributable to iStar Inc. and allocable to common shareholders	$	(405)	$	(21,450)











Denominator for basic and diluted earnings per share:






Weighted average common shares outstanding for basic and diluted earnings per common share	73,901		77,444

Basic and diluted earnings per common share:(1)




Net loss allocable to common shareholders	$	(0.01)	$	(0.28)

____________________________________________________________

Fair Values (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021
Recurring basis:

Derivative liabilities(1)	$	14,178	$	—	$	14,178	$	—
Available-for-sale securities(1)	24,043		—		—		24,043
Loan receivable held for sale (refer to Note 7)	16,086		—		—		16,086
Non-recurring basis:
Other investments(2)	75,402		—		75,402		—




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(3)	6,078		—		—		6,078

____________________________________________________________

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


	2021		2020
Beginning balance	$	25,274	$	23,896

Repayments	(200)		(459)
Unrealized gains (losses) recorded in other comprehensive income	(1,031)		203
Ending balance	$	24,043	$	23,640

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 March 31, 2021				As of December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Net investment in leases(1)	$	431	$	440	$	429	$	431
Loans receivable and other lending investments, net(1)	534		578		732		772
Cash and cash equivalents(2)	194		194		99		99
Restricted cash(2)	54		54		52		52
Loan participations payable, net(1)	—		—		43		43
Debt obligations, net(1)(3)	3,291		3,449		3,287		3,414

_______________________________________________________________________________

(3)As of March 31, 2021 and December 31, 2020, the fair value of the Company's 3.125% Senior Convertible Notes was $377.8 million and $338.8 million, respectively.

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

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.

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

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
Three Months Ended March 31, 2021:
Operating lease income	$	42,513	$	—	$	4,837	$	94	$	—	$	47,444
Interest income	878		9,772		—		—		—		10,650
Interest income from sales-type leases	8,627		—		—		—		—		8,627
Other income	4,751		99		2,337		1,389		5,714		14,290
Land development revenue	—		—		—		32,249		—		32,249
Earnings (losses) from equity method investments	12,413		466		(3,747)		3,146		491		12,769

Income from sales of real estate	—		—		612		—		—		612
Total revenue and other earnings	69,182		10,337		4,039		36,878		6,205		126,641
Real estate expense	(8,633)		—		(3,799)		(4,462)		—		(16,894)
Land development cost of sales	—		—		—		(29,323)		—		(29,323)
Other expense	—		(64)		—		—		(189)		(253)
Allocated interest expense	(25,079)		(4,578)		(2,043)		(3,938)		(3,925)		(39,563)
Allocated general and administrative(2)	(5,937)		(1,459)		(660)		(2,428)		(5,447)		(15,931)
Segment profit (loss)(3)	$	29,533	$	4,236	$	(2,463)	$	(3,273)	$	(3,356)	$	24,677
Other significant items:
Recovery of loan losses	$	(152)	$	(3,642)	$	—	$	—	$	—	$	(3,794)
Recovery of losses on net investment in leases	(1,601)		—		—		—		—		(1,601)
Impairment of assets	1,528		—		257		—		—		1,785
Depreciation and amortization	13,054		—		1,988		218		195		15,455
Capitalized expenditures	1,268		—		57		4,739		—		6,064

Three Months Ended March 31, 2020:
Operating lease income	$	41,464	$	—	$	5,774	$	108	$	—	$	47,346
Interest income	823		16,393		—		—		—		17,216
Interest income from sales-type leases	8,355		—		—		—		—		8,355
Other income	4,293		306		3,157		624		11,988		20,368
Land development revenue	—		—		—		80,176		—		80,176
Earnings (losses) from equity method investments	19,531		—		(2,667)		584		(836)		16,612


Total revenue and other earnings	74,466		16,699		6,264		81,492		11,152		190,073
Real estate expense	(6,229)		—		(7,663)		(8,606)		—		(22,498)
Land development cost of sales	—		—		—		(77,059)		—		(77,059)
Other expense	—		(19)		—		—		(55)		(74)
Allocated interest expense	(24,478)		(6,199)		(2,259)		(4,570)		(5,886)		(43,392)
Allocated general and administrative(2)	(6,989)		(2,097)		(789)		(2,819)		(5,307)		(18,001)
Segment profit (loss)(3)	$	36,770	$	8,384	$	(4,447)	$	(11,562)	$	(96)	$	29,049
Other significant items:
Provision for loan losses	$	137	$	3,866	$	—	$	—	$	—	$	4,003
Provision for losses on net investment in leases	1,292		—		—		—		—		1,292
Impairment of assets	1,708		—		—		—		—		1,708
Depreciation and amortization	12,656		—		1,284		243		303		14,486
Capitalized expenditures	1,846		—		917		12,027		—		14,790


	Net Lease		Real Estate Finance		Operating Properties		Land and Development		Corporate/Other(1)		Company Total
As of March 31, 2021



Real estate, net	$	1,283,082	$	—	$	191,311	$	—	$	—	$	1,474,393
Real estate available and held for sale	—		—		2,600		—		—		2,600
Total real estate	1,283,082		—		193,911		—		—		1,476,993
Net investment in leases	431,126		—		—		—		—		431,126
Land and development, net	—		—		—		406,781		—		406,781
Loans receivable and other lending investments, net	46,411		487,305		—		—		—		533,716
Loan receivable held for sale	16,086		—		—		—		—		16,086
Other investments	1,040,238		44,672		56,977		12,107		83,301		1,237,295
Total portfolio assets	$	2,816,943	$	531,977	$	250,888	$	418,888	$	83,301	4,101,997
Cash and other assets											691,594
Total assets											$	4,793,591

As of December 31, 2020



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

_______________________________________________________________________________

(2)General and administrative excludes stock-based compensation expense of $5.5 million and $16.3 million for the three months ended March 31, 2021 and 2020, respectively.

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


	For the Three Months Ended March 31,
	2021		2020
Segment profit	$	24,677	$	29,049
Less: Recovery of (provision for) loan losses	3,794		(4,003)
Less: Recovery of (provision for) losses on net investment in leases	1,601		(1,292)
Less: Impairment of assets	(1,785)		(1,708)
Less: Stock-based compensation expense	(5,508)		(16,270)
Less: Depreciation and amortization	(15,455)		(14,486)
Less: Income tax benefit (expense)	665		(60)

Less: Loss on early extinguishment of debt, net	—		(4,115)
Net income (loss)	$	7,989	$	(12,885)

Schedule of reconciliation of segment profit to income (loss)

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


	For the Three Months Ended March 31,
	2021		2020
Segment profit	$	24,677	$	29,049
Less: Recovery of (provision for) loan losses	3,794		(4,003)
Less: Recovery of (provision for) losses on net investment in leases	1,601		(1,292)
Less: Impairment of assets	(1,785)		(1,708)
Less: Stock-based compensation expense	(5,508)		(16,270)
Less: Depreciation and amortization	(15,455)		(14,486)
Less: Income tax benefit (expense)	665		(60)

Less: Loss on early extinguishment of debt, net	—		(4,115)
Net income (loss)	$	7,989	$	(12,885)

Business and Organization (Details) $ in Billions	Mar. 31, 2021 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 (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Real estate

Real estate, at cost

^[1]

$ 1,753,378

$ 1,752,053

^[1]

(278,985)

(267,772)

^[1]

1,474,393

1,484,281

^[1]

406,781

430,663

Cash and cash equivalents

^[1]

1,237,295

1,176,560

^[1]

193,852

98,633

Accrued interest and operating lease income receivable, net

^[1]

8,686

10,061

Deferred operating lease income receivable, net

^[1]

60,812

58,128

^[1]

428,244

436,839

Accounts payable, accrued expenses and other liabilities

^[1]

4,793,591

4,861,808

LIABILITIES

^[1]

451,010

467,922

^[1]

3,291,343

3,286,975

Total liabilities

^[1]

3,742,584

3,797,425

Consolidated VIEs

Real estate

Real estate, at cost

900,349

899,110

(68,141)

(61,917)

832,208

837,193

220,273

240,137

Cash and cash equivalents

32,756

22,571

Accrued interest and operating lease income receivable, net

2,501

1,472

Deferred operating lease income receivable, net

31,785

29,428

120,288

122,591

Accounts payable, accrued expenses and other liabilities

1,239,842

1,253,427

LIABILITIES

116,224

115,581

Carrying value of the investments

482,827

488,719

Total liabilities

599,051

$ 604,300

Unconsolidated VIEs

LIABILITIES

127,700

Variable interest entity unfunded commitment

$ 17,000

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

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

Mar. 31, 2021

Jan. 01, 2021

Dec. 31, 2020

Mar. 31, 2020

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

Additional paid-in capital

^[1]

$ 3,291,343

$ 3,286,975

Retained earnings

^[1]

(2,309,763)

(2,316,972)

^[1]

$ (3,204,862)

(3,240,535)

3.125% Senior Convertible Notes

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

3.125% Senior Convertible Notes | Unsecured notes

3.125%

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

$ 275,100

Accounting Standards Update 2020-06 | Period of Adoption, Adjustment

3.125%

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

Additional paid-in capital

$ 10,000

Retained earnings

15,900

$ 25,900

Accounting Standards Update 2020-06 | Period of Adoption, Adjustment | 3.125% Senior Convertible Notes | Unsecured notes

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

3.125%

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

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

Mar. 31, 2021

Dec. 31, 2020

^[1]

$ (278,985)

$ (267,772)

^[1]

1,474,393

1,484,281

^[1]

2,600

5,212

^[1]

1,476,993

1,489,493

Net Lease

Buildings and improvements, at cost

Land, at cost

188,418

1,354,952

1,353,683

(260,288)

(250,198)

1,283,082

1,291,903

Net Lease | iStar Net Lease I LLC

1,283,082

1,291,903

751,400

755,500

Operating Properties

Buildings and improvements, at cost

Land, at cost

103,530

106,478

106,422

(18,697)

(17,574)

191,311

192,378

2,600

5,212

193,911

197,590

Real Estate Properties

Buildings and improvements, at cost

Land, at cost

291,948

1,461,430

1,460,105

(278,985)

(267,772)

1,474,393

1,484,281

2,600

5,212

Residential Operating Properties

1,476,993

1,489,493

$ 2,600

$ 5,200

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

Real Estate (Net Lease Venture) (Details)	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Asset acquisition, partner ownership percentage	47.50%
iStar Net Lease I LLC \| Net Lease
Schedule of Equity Method Investments [Line Items]
Asset acquisition, ownership percentage	51.90%
Asset acquisition, related party ownership percentage	0.60%
Asset acquisition, related party promote fee percentage	50.00%

Real Estate (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Line Items]
Net proceeds from sales of real estate	$ 2,967	$ 7,493
Impairment of assets	$ 1,785	1,708
Net Lease
Real Estate [Line Items]
Net proceeds from sales of real estate		7,500
Impairment of assets		$ 1,700

Real Estate (Real Estate Available and Held for Sale) (Details) $ in Millions	Mar. 31, 2020 USD ($)
Net Lease
Real Estate Properties [Line Items]
Real estate asset transferred to held for sale	$ 25.7

Real Estate (Impairments) (Details) $ in Millions	3 Months Ended
Real Estate (Impairments) (Details) $ in Millions	Mar. 31, 2020 USD ($)
Net Lease
Real Estate Properties [Line Items]
Impairment of real estate	$ 1.7

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Tenant expense reimbursements	$ 7.0	$ 5.9

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 1.0	$ 1.7

Real Estate (Future Minimum Operating Lease Payments) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Net Lease
Real Estate Properties [Line Items]
2021 (remaining nine months)	$ 95,970
2022	130,077
2023	121,718
2024	116,027
2025	119,483
Thereafter	1,254,867
Operating Properties
Real Estate Properties [Line Items]
2021 (remaining nine months)	10,877
2022	6,677
2023	6,421
2024	6,383
2025	5,720
Thereafter	$ 8,247

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

1 Months Ended

3 Months Ended

May 31, 2019

USD ($)

property

Mar. 31, 2021

USD ($)

Sep. 30, 2020

lease

Jun. 30, 2020

USD ($)

Mar. 31, 2020

USD ($)

Dec. 31, 2020

USD ($)

^[1]

Payments to acquire real estate assets

$ 56,700

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

Term of rent deferral granted for lessee

9 months

Number of master leases | lease

Cash interest income from sales-type leases

$ 424,100

$ 431,126

^[1]

$ 429,101

100

$ 6,900

Noncash interest income from sales-type leases

8,500

1,500

Net proceeds from net investment in leases

6,575

$ 0

Net Lease

Net proceeds from net investment in leases

6,600

Impairment loss

$ 1,500

Bowling Entertainment Venue Operator

Number of bowling centers acquired | property

Bowling Entertainment Venue Operator | Bowling Center Commitment

Commitment to invest additional bowling centers

$ 55,000

[1]	(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

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

May 31, 2019

Leases [Abstract]

Total undiscounted cash flows

$ 1,020,921

Unguaranteed estimated residual value

338,543

345,284

Present value discount

(919,068)

(926,233)

Allowance for losses on net investment in leases

(9,270)

(10,871)

$ (10,403)

$ 0

$ 431,126

^[1]

$ 429,101

^[1]

$ 424,100

Risk rating

200.00%

[1]	(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	Mar. 31, 2021 USD ($)
Amount
2021 (remaining nine months)	$ 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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	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	$ 10,871	$ 0
Initial allowance recorded upon adoption of new accounting standard	10,871	10,403
(Recovery of) provision for losses on net investment in leases	(1,601)	1,292
Allowance for losses on net investment in leases at end of period	9,270	$ 10,403
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
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	0
Initial allowance recorded upon adoption of new accounting standard	$ 0		$ 9,111

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

Mar. 31, 2021

Dec. 31, 2020

Total land and development, net

^[1]

$ 406,781

$ 430,663

Land

Land and land development, at cost

417,537

441,201

Total land and development, net

(10,756)

(10,538)

$ 406,781

$ 430,663

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

Land and Development (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate Properties [Line Items]
Revenues	$ 113,260	$ 173,461
Land development revenue
Real Estate Properties [Line Items]
Revenues	32,249	80,176
Cost of sales expense	$ 29,323	$ 77,059

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

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

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Total gross carrying value of loans receivable and other lending investments

$ 163,648

$ 162,538

542,774

745,500

Allowance for loan losses

(9,058)

(13,170)

Total loans receivable and other lending investments, net

^[1]

533,716

732,330

Financing receivables (refer to Note 5)

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

Held-to-maturity debt securities

47,409

46,549

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

Available-for-sale debt securities

92,196

90,715

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

Commercial Portfolio Segment

24,043

25,274

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

Commercial Portfolio Segment | Senior mortgages

379,126

582,962

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

Commercial Portfolio Segment | Corporate/Partnership loans

327,011

485,655

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

Commercial Portfolio Segment | Subordinate mortgages

40,276

85,667

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

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

11,839

11,640

Construction loans

Allowance for loan losses

297,876

514,833

(2,893)

(6,541)

$ (9,724)

$ (6,668)

Construction loans | Commercial Portfolio Segment

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

Construction loans | Commercial Portfolio Segment | Senior mortgages

297,876

514,833

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

Construction loans | Commercial Portfolio Segment | Corporate/Partnership loans

277,253

449,733

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

Completed construction | Commercial Portfolio Segment

20,623

65,100

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

Percentage of construction loans

$ 254,400

85.00%

Loans

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

Allowance for loan losses

$ 81,250

68,129

(1,815)

(1,643)

$ (686)

$ (265)

Loans | Commercial Portfolio Segment | Senior mortgages

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

Loans | Commercial Portfolio Segment | Corporate/Partnership loans

49,758

35,922

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

Loans | Commercial Portfolio Segment | Subordinate mortgages

19,653

20,567

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

$ 11,839

$ 11,640

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

Loans Receivable and Other Lending Investments, net (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period	$ 13,170
Adoption of new accounting standard	13,170		$ 9,058	$ 13,170
(Recovery of) provision for loan losses	(3,794)	$ 4,003
Allowance for loan losses at end of period	9,058
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	3,093	0
Adoption of new accounting standard	2,685	53	2,685	3,093
(Recovery of) Provision for loan losses	(408)	33
Allowance for loan losses at end of period	2,685	53
Total
Allowance for loan losses at beginning of period	13,170	28,634
Allowance For Credit Loss	9,058	33,264	9,058	13,170
(Recovery of) Provision for loan losses	(4,112)	3,901
Allowance for loan losses at end of period	9,058	33,264
Increase to reserves for loan losses			1,300	1,000
Recovery for loan losses	3,800	4,000
ASU 2016-13
Total
Increase to reserves for loan losses					$ 3,300
Period of Adoption, Adjustment
Held to Maturity Debt Securities
Adoption of new accounting standard					20
Total
Allowance For Credit Loss					729
Accounts Payable, Accrued Expenses, and Other Liabilities
Total
Increase to reserves for loan losses					2,500
Recoveries for unfunded commitments	300	100
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	6,541	6,668
Adoption of new accounting standard	2,893	9,724	2,893	6,541
(Recovery of) provision for loan losses	(3,648)	3,409
Allowance for loan losses at end of period	2,893	9,724
Construction Loans \| Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard					(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,643	265
Adoption of new accounting standard	1,815	686	1,815	1,643
(Recovery of) provision for loan losses	172	323
Allowance for loan losses at end of period	1,815	686
Loans \| Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard					98
Financing Receivables
Financing Receivables
Allowance for loan losses at beginning of period	1,150	0
Adoption of new accounting standard	998	1,100	998	1,150
(Recovery of) provision for loan losses	(152)	136
Allowance for loan losses at end of period	998	1,100
Financing Receivables \| Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard					964
Specific Allowance
Financing Receivables
Allowance for loan losses at beginning of period	743	21,701
Adoption of new accounting standard	667	21,701	$ 667	$ 743
(Recovery of) provision for loan losses	(76)	0
Allowance for loan losses at end of period	$ 667	$ 21,701
Specific Allowance \| Period of Adoption, Adjustment
Financing Receivables
Adoption of new accounting standard					$ 0

Loans Receivable and Other Lending Investments, net (Investment in Loans and Associated Allowance for Loan Losses) (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Other Lending Investments

$ 163,648

$ 162,538

(667)

(743)

(8,391)

(12,427)

(9,058)

(13,170)

55,676

52,562

Total loans receivable and other lending investments, net

478,040

679,768

^[1]

533,716

732,330

Net discounts

800

Held-to-maturity debt securities

Other Lending Investments

92,196

90,715

Available-for-sale debt securities

92,196

90,715

Other Lending Investments

24,043

25,274

24,043

25,274

Construction loans

Loans

56,343

53,305

241,533

461,528

297,876

514,833

(2,893)

(6,541)

$ (9,724)

$ (6,668)

Loans

Loans

81,250

68,129

81,250

68,129

(1,815)

(1,643)

(686)

(265)

Net discounts

2,200

2,300

Financing receivables

Loans

47,409

46,549

47,409

46,549

Schedule of Equity Method Investments [Line Items]

$ (998)

$ (1,150)

$ (1,100)

$ 0

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

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) - Commercial Portfolio Segment - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Recorded investment in loans, aged by payment status and presented by class
Current	$ 379,126	$ 497,515
Total Past Due	0	85,447
Total	379,126	582,962
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	85,447
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Current	327,011	443,154
Total Past Due	0	42,501
Total	327,011	485,655
Senior mortgages \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	42,501
Senior mortgages \| Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total Past Due	0	0
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Current	40,276	42,721
Total Past Due	0	42,946
Total	40,276	85,667
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	0	42,946
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	11,839	11,640
Total Past Due	0	0
Total	11,839	11,640
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
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of non accrual loans \| loan	1		1
Interest income on Impaired loans	$ 0	$ 0
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	56,343,000		$ 53,305,000
Unpaid Principal Balance	55,592,000		52,552,000
Related Allowance	(667,000)		(743,000)
Commercial Portfolio Segment \| Senior mortgages
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized Cost	56,343,000		53,305,000
Unpaid Principal Balance	55,592,000		52,552,000
Related Allowance	$ (667,000)		$ (743,000)

Loans Receivable and Other Lending Investments, net (Loan Receivable Held for Sale) (Details) - SAFE $ in Millions	1 Months Ended
	Mar. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amount of loan funded	$ 16.1
Deferred purchase price	11.9
Leasehold improvement allowance	52.0
Consideration received	$ 2.7

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available-for-Sale Securities
Amortized Cost Basis	$ 20,480
Estimated Fair Value	24,043
Held-to-Maturity Securities
Amortized Cost Basis	92,196
Estimated Fair Value	92,196
Total Other Lending Investments
Face Value	120,480	$ 120,680
Amortized Cost Basis	112,676	111,395
Net Unrealized Gain	3,563	4,594
Estimated Fair Value	116,239	115,989
Net Carrying Value	116,239	115,989
Municipal debt securities
Available-for-Sale Securities
Face Value	20,480	20,680
Amortized Cost Basis	20,480	20,680
Net Unrealized Gain	3,563	4,594
Estimated Fair Value	24,043	25,274
Net Carrying Value	24,043	25,274
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	92,196	90,715
Net Unrealized Gain	0	0
Estimated Fair Value	92,196	90,715
Net Carrying Value	$ 92,196	$ 90,715

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	92,196
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	92,196
Estimated Fair Value
Within one year	0
After one year through 5 years	92,196
After 5 years through 10 years	0
After 10 years	0
Total	92,196
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	20,480
Amortized Cost Basis	20,480
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	24,043
Total	$ 24,043

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

^[1]

$ 1,237,295

$ 1,176,560

Schedule of Equity Method Investments [Line Items]

12,769

$ 16,612

Interest expense

39,563

43,392

Mark-to-market gain

$ 5,100

9,900

SAFE

Number of shares owned (in shares)

34.8

Closing price (in dollars per share)

$ 70.10

Market value

$ 2,400,000

Dilution gain

500

7,900

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

1,237,295

1,176,560

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

12,769

16,612

Depreciation expense

5,600

4,000

Interest expense

15,500

13,700

Schedule of Equity Method Investments [Line Items]

127,972

69,911

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

958

(837)

Schedule of Equity Method Investments [Line Items]

1,109,323

1,106,649

Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | SAFE

11,811

17,449

Schedule of Equity Method Investments [Line Items]

955,758

937,712

Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | iStar Net Lease II LLC (Net Lease Venture II)

11,412

19,338

Schedule of Equity Method Investments [Line Items]

84,481

78,998

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

1,001

193

Schedule of Equity Method Investments [Line Items]

69,084

$ 89,939

$ (602)

$ (2,082)

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

Other Investments (Safehold Inc). (Details) $ / shares in Units, shares in Millions		1 Months Ended					3 Months Ended
	Jan. 02, 2019 director	Feb. 28, 2021 USD ($)	Mar. 31, 2020 USD ($) shares	May 31, 2019	Jan. 31, 2019 USD ($) $ / shares shares	Oct. 31, 2017 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jan. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of limited partnership units purchased (in shares) \| shares					12.5
Investor units, purchase price per unit (in dollars per share) \| $ / shares					$ 20.00
Additional cash investment in equity method investment					$ 250,000,000.0		$ 59,866,000	$ 118,991,000
Conversion of stock				1
Restriction period on common stock received as payment							2 years
Management agreement, termination fee as multiple of prior year management fee							3
SAFE
Schedule of Equity Method Investments [Line Items]
Expense reimbursements from related party							$ 1,900,000	1,300,000
Management Fees \| SAFE
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party							$ 3,500,000	2,900,000
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity							1.00%
Fee percent of SAFE Equity up to $1.5 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount							$ 1,500,000,000
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 \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount							$ 3,000,000,000.0
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 $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 \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount							$ 5,000,000,000.0
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 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
SAFE \| Private Placement
Schedule of Equity Method Investments [Line Items]
Shares acquired (in shares) \| shares			1.7
Value of common stock issued in private placement			$ 80,000,000.0
SAFE
Schedule of Equity Method Investments [Line Items]
Equity interest							65.40%
SAFE \| Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold	41.90%
Number of director nominees \| director	3
Independent period	3 years
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract (in years)						99 years
Real estate, leasehold improvement allowance						$ 7,200,000
Interest income							$ 300,000	700,000
Multifamily Development San Jose \| Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee						80,500,000
Carrying value of loans						$ 80,500,000
Ground Lease, Washington DC building conversion
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee					$ 13,300,000
Interest income								$ 300,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest									53.00%
Proceeds from sale of ground lease										$ 34,000,000.0
Equity method investments									$ 63,300,000
Multi-Family Project
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee							75,000,000.0
Hotel Property
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee		$ 50,000,000.0
Interest income							900,000
Amount of loan funded							$ 38,400,000
Consideration received		$ 1,900,000

Other Investments (Net Lease Venture II) (Details) - Net Lease Venture II - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity interest	51.90%
Other income
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party	$ 0.4	$ 0.4

Other Investments (Other Real Estate Equity Investments) (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2021 USD ($) loan	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Net proceeds from sales of loans receivable		$ 79,560,000	$ 0
Other Real Estate Equity Investments \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest		33.00%
Other Real Estate Equity Investments \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest		95.00%
Other Real Estate Equity Investments \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 57,000,000.0		$ 58,700,000
Other Real Estate Equity Investments \| Land Assets
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 12,100,000		$ 31,200,000
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest		50.00%		50.00%
Loans receivable, carrying value		$ 33,000,000.0		$ 33,000,000.0
Interest income		$ 600,000	$ 700,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest	53.00%
Equity method investments	$ 63,300,000
Number of loans sold \| loan	2
Net proceeds from sales of loans receivable	$ 83,400,000
Recognized gain or loss	$ 0

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenues	$ 113,260	$ 173,461
Expenses	119,317	198,783
Net Income Attributable to Parent	5,469	(15,576)
SAFE
Schedule of Equity Method Investments [Line Items]
Revenues	43,507	40,165
Expenses	27,174	23,587
Net Income Attributable to Parent	$ 16,908	$ 17,347

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Finance lease right-of-use assets

Intangible assets, net

$ 152,553

$ 156,041

Restricted cash

54,029

51,933

143,356

143,727

Operating lease right-of-use assets

47,397

48,891

Other assets

19,751

19,453

Other receivables

5,964

10,881

Leasing costs, net

2,046

2,340

Corporate furniture, fixtures and equipment, net

1,884

2,024

Deferred financing fees, net

1,264

1,549

Intangible assets, accumulated amortization

^[1]

428,244

436,839

47,600

44,400

Amortization of above market lease

$ 300

$ 400

Weighted average amortization period

16 years 6 months

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

5.10%

Operating leases, weighted average lease term (in years)

8 years

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

5.50%

Finance leases, weighted average lease term (in years)

96 years 8 months 12 days

Accumulated amortization on leasing costs

$ 2,900

2,600

Accumulated depreciation on corporate furniture, fixtures and equipment

14,400

$ 14,300

Interest Expense

Finance lease, interest expense

2,100

2,000

Depreciation and Amortization

Finance lease, amortization

400

General and Administrative

Operating lease, expense

1,200

1,000

Real Estate Expense

Operating lease, expense

900

800

In-Place Leases

Amortization of intangible assets

$ 3,200

$ 2,700

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

Other Assets and Other Liabilities (Accounts Payable, Accrued Expenses and Other Liabilities) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

Other Assets and Other Liabilities [Abstract]

Other liabilities

$ 87,516

$ 91,513

Accrued expenses

85,895

94,724

Finance lease liabilities (see table above)

151,222

150,520

Intangible liabilities, net

48,115

48,738

Operating lease liabilities (see table above)

49,146

50,072

Accrued interest payable

29,116

32,355

Accounts payable, accrued expenses and other liabilities

^[1]

451,010

467,922

Deferred income

34,500

36,900

Expected credit losses for unfunded commitments

14,200

19,000

1,300

1,000

Below market lease, accumulated amortization

8,100

$ 7,500

Amortization of below market lease

$ 600

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

Loan Participations Payable, net (Details)
$ in Thousands

Mar. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

debt_instrument

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

Loan participations payable

$ 42,500

Loans receivable

^[1]

$ 533,716

732,330

Loan Participations

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

Loans receivable

$ 42,500

Loan Participations Payable

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

Number of debt instruments | debt_instrument

Weighted average interest rate

6.00%

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

Debt Obligations, net (Schedule of Debt) (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

Sep. 30, 2019

Jun. 30, 2018

Mar. 31, 2021

USD ($)

$ / shares

Mar. 31, 2020

USD ($)

Jan. 01, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Debt discounts and deferred financing costs, net

$ 3,318,141

$ 3,325,450

(26,798)

(38,475)

^[1]

3,291,343

3,286,975

Interest costs capitalized

1,051,007

^[1]

$ 1,160,069

1,064,383

^[1]

$ 1,237,960

$ 300

$ 500

Period of Adoption, Adjustment

Period of Adoption, Adjustment | Accounting Standards Update 2020-06

(10,019)

$ (12,382)

Debt discounts and deferred financing costs, net

$ 10,000

10,000

$ 10,000

Senior Term Loan | LIBOR

3.125% Senior Convertible Notes

1.00%

Secured Credit Facility and Mortgages

3.125%

Debt discounts and deferred financing costs, net

$ 1,205,641

1,212,950

(5,676)

Assets served as collateral

1,199,965

2,100,000

Secured Credit Facility and Mortgages | Revolving Credit Facility

Secured Credit Facility and Mortgages | Revolving Credit Facility | LIBOR

$ 0

Debt instrument term

1 year

Secured Credit Facility and Mortgages | Revolving Credit Facility | LIBOR | Minimum

2.00%

Secured Credit Facility and Mortgages | Revolving Credit Facility | LIBOR | Minimum | Interest Rate Category Two

2.00%

1.00%

Secured Credit Facility and Mortgages | Revolving Credit Facility | LIBOR | Maximum

2.00%

Secured Credit Facility and Mortgages | Revolving Credit Facility | LIBOR | Maximum | Interest Rate Category Two

2.50%

Secured Credit Facility and Mortgages | Revolving Credit Facility | Federal Funds Rate

2.50%

Secured Credit Facility and Mortgages | Revolving Credit Facility | Base Rate | Minimum

0.50%

Secured Credit Facility and Mortgages | Revolving Credit Facility | Base Rate | Minimum | Interest Rate Category One

1.00%

Secured Credit Facility and Mortgages | Revolving Credit Facility | Base Rate | Maximum

1.00%

Secured Credit Facility and Mortgages | Revolving Credit Facility | Base Rate | Maximum | Interest Rate Category One

1.50%

Secured Credit Facility and Mortgages | Senior Term Loan

1.50%

Secured Credit Facility and Mortgages | Senior Term Loan | LIBOR

$ 491,875

491,875

Secured Credit Facility and Mortgages | Senior Term Loan | LIBOR | Maximum

2.75%

Secured Credit Facility and Mortgages | Senior Term Loan | Federal Funds Rate

1.75%

Secured Credit Facility and Mortgages | Mortgages Collateralized by Net Lease Assets

0.50%

Weighted average interest rate

$ 713,766

721,075

4.40%

Secured Credit Facility and Mortgages | Mortgages Collateralized by Net Lease Assets | Minimum

Secured Credit Facility and Mortgages | Mortgages Collateralized by Net Lease Assets | Maximum

1.66%

7.26%

Unsecured Notes

Unsecured Notes | 3.125% Senior Convertible Notes

$ 2,012,500

2,012,500

$ 287,500

287,500

$ 275,100

Convertible debt, conversion ratio (in shares per par value)

3.125%

0.070716

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

$ 14.14

Unamortized discount

$ 10,200

Contractual interest

$ 2,200

Amortization of debt discount

$ 1,300

Effective interest rate

5.20%

Unsecured Notes | 3.125% Senior Convertible Notes | Period of Adoption, Adjustment | Accounting Standards Update 2020-06

Unsecured Notes | 4.75% Senior Notes

3.125%

$ 775,000

775,000

Unsecured Notes | 4.25% Senior Notes

4.75%

$ 550,000

550,000

Unsecured Notes | 5.50% Senior Notes

4.25%

$ 400,000

400,000

Other Debt Obligations | Trust Preferred Securities

5.50%

Other Debt Obligations | Trust Preferred Securities | LIBOR

$ 100,000

1.50%

[1]	(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

Mar. 31, 2021

Dec. 31, 2020

2021 (remaining nine months)

$ 101,519

383,906

491,875

775,000

821,985

743,856

Total principal maturities

3,318,141

$ 3,325,450

Unamortized discounts and deferred financing costs, net

(26,798)

(38,475)

^[1]

3,291,343

3,286,975

Unsecured Debt

2021 (remaining nine months)

287,500

775,000

550,000

500,000

Total principal maturities

2,112,500

Unamortized discounts and deferred financing costs, net

(21,122)

2,091,378

Secured Debt

2021 (remaining nine months)

101,519

96,406

491,875

271,985

243,856

Total principal maturities

1,205,641

$ 1,212,950

Unamortized discounts and deferred financing costs, net

(5,676)

Derivative financial instruments on consolidated statements of operations

$ 1,199,965

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

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 3,318,141,000	$ 3,325,450,000
Senior Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			1.00%
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 1,205,641,000	1,212,950,000
Secured Debt \| Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 650,000,000.0
Long-term debt, outstanding balance			$ 491,875,000	491,875,000
Secured Debt \| Senior Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.75%	2.75%
Secured Debt \| Senior Term Loan \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			1.75%
Secured Debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance			$ 0	$ 0
Maximum borrowing capacity	$ 350,000,000.0
Debt instrument term	1 year
Current borrowing capacity			$ 350,000,000.0
Secured Debt \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Secured Debt \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.45%
Secured Debt \| Revolving Credit Facility \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate			2.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.00%		1.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.50%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	1.00%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	1.50%

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 0	$ 4,115
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 4,100

Debt Obligations, net (Debt Covenants) (Details)	Mar. 31, 2021
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.2
Secured Debt \| Senior Term Loan
Debt Instrument [Line Items]
Collateral coverage ratio (at least)	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	3 Months Ended
	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Percentage of capital committed that may be drawn down	100.00%
Other Commitments [Line Items]
Performance-Based Commitments	$ 215,176
Strategic Investments	17,015
Total	232,191
Loans and Other Lending Investments
Other Commitments [Line Items]
Performance-Based Commitments	110,398
Strategic Investments	0
Total	110,398
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	69,734
Strategic Investments	0
Total	69,734
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	35,044
Strategic Investments	17,015
Total	$ 52,059

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating
2021 (remaining nine months)	$ 2,975
2022	6,756		$ 3,797
2023	6,393		6,756
2024	6,309		6,393
2025	6,297		6,309
2025			6,297
Thereafter	496
Thereafter			496
Total undiscounted cash flows	29,226		30,048
Present value discount	(3,448)		(3,771)
Other adjustments	23,368		23,795
Lease liabilities	49,146		50,072
Finance
2021 (remaining nine months)	4,133
2022	5,604		5,494
2023	5,716		5,604
2024	5,830		5,716
2025	5,946		5,830
2025			5,946
Thereafter	1,567,826
Thereafter			1,567,826
Total undiscounted cash flows	1,595,055		1,596,416
Present value discount	(1,443,833)		(1,445,896)
Other adjustments	0		0
Lease liabilities	151,222		$ 150,520
Operating lease payments made	800	$ 1,100
Finance lease payments made	$ 1,400	$ 1,300
Operating leases, excluding tenant paid leases, weighted average lease term	5 years 3 months 18 days		5 years 7 months 6 days
Operating leases, weighted average incremental borrowing rate, discount rate	5.00%		5.00%
Finance leases, weighted average lease term	96 years 8 months 12 days		97 years
Finance leases, weighted average rate implicit in the lease, discount rate	5.50%		5.50%

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 10,100
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	14,178	$ 18,926
Derivatives Designated in Hedging Relationships \| Interest rate swaps \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 14,178	$ 18,926

Derivatives (Effect in the Consolidated Statements of Operations and Comprehensive Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

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

$ 11,973

$ (27,776)

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

^[1]

(2,338)

(1,314)

Derivatives Designated in Hedging Relationships | Interest rate swaps | Earnings from equity method investments

Derivative financial instruments on consolidated statements of operations

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

8,656

(15,172)

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

(234)

(226)

Derivatives Designated in Hedging Relationships | Interest rate swaps | Interest expense

Derivative financial instruments on consolidated statements of operations

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

3,317

(12,604)

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

$ (2,104)

$ (1,088)

[1]

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Preferred Stock
Shares Issued and Outstanding (in shares)	12,200		12,200
Liquidation Preference (in dollars per share)	$ 25.00		$ 25.00
Carrying Value	$ 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
Number of months used in the computation of preferred stock dividends for any partial dividend period	12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period	30 days
Preferred stock dividends declared and paid	$ 5,874,000	$ 5,874,000
Capital gains distribution		100.00%
Amount of preferred dividends in arrears	$ 0
Liquidation preference (in dollars per share)	$ 25.00		$ 25.00
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
Series D
Preferred Stock
Shares Issued and Outstanding (in shares)	4,000		4,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25.00		$ 25.00
Rate per Annum	8.00%		8.00%
Annual Dividend Per Share (in dollars per share)	$ 2.00		$ 2.00
Carrying Value	$ 89,041,000		$ 89,041,000
Preferred stock dividends declared and paid	$ 2,000,000.0	$ 2,000,000.0
Liquidation preference (in dollars per share)	$ 25.00		$ 25.00
Series G
Preferred Stock
Shares Issued and Outstanding (in shares)	3,200		3,200
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25.00		$ 25.00
Rate per Annum	7.65%		7.65%
Annual Dividend Per Share (in dollars per share)	$ 1.91		$ 1.91
Carrying Value	$ 72,664,000		$ 72,664,000
Preferred stock dividends declared and paid	$ 1,500,000	1,500,000
Liquidation preference (in dollars per share)	$ 25.00		$ 25.00
Series I
Preferred Stock
Shares Issued and Outstanding (in shares)	5,000		5,000
Par Value (in dollars per share)	$ 0.001		$ 0.001
Liquidation Preference (in dollars per share)	$ 25.00		$ 25.00
Rate per Annum	7.50%		7.50%
Annual Dividend Per Share (in dollars per share)	$ 1.88		$ 1.88
Carrying Value	$ 120,785,000		$ 120,785,000
Preferred stock dividends declared and paid	$ 2,300,000	$ 2,300,000
Liquidation preference (in dollars per share)	$ 25.00		$ 25.00
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%
Liquidation preference (in dollars per share)	$ 25.00

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Operating loss carryforwards			$ 460,600
Common stock dividends declared	$ 8,236	$ 7,834
Common stock dividends declared per share (in dollars per share)	$ 0.11	$ 0.10
Capital gains distribution		100.00%

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 28, 2021
Equity [Abstract]
Shares repurchased and retired during period (in shares)	0.7	1.0
Common stock value repurchased including acquisition costs	$ 12,400,000	$ 12,000,000.0
Average cost per share of repurchased shares (in dollars per share)	$ 17.20	$ 12.51
Stock repurchase program, authorized amount			$ 50,000,000.0
Stock repurchase program remaining authorized amount	$ 40,100,000

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

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized gains on available-for-sale securities

$ 1,051,007

^[1]

$ 1,064,383

^[1]

$ 1,160,069

$ 1,237,960

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized losses on cash flow hedges

3,563

4,594

Accumulated Other Comprehensive Income (Loss) [Line Items]

Unrealized losses on cumulative translation adjustment

(41,254)

(53,075)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated other comprehensive loss

(4,167)

(4,199)

Accumulated Other Comprehensive Income (Loss) [Line Items]

$ (41,858)

$ (52,680)

$ (59,522)

$ (38,707)

[1]	(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.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation and Long-Term Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	May 31, 2019	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,508	$ 16,270
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)			8,900,000	8,000,000.0
Shares remaining available for issuance (in shares)	2,100,000

Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) ownership_class $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	15.00%
Equity-based compensation	$ 5,508	$ 16,270
Performance Incentive Plan
Accrued expenses	$ 85,895		$ 94,724
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	$ 68,600		$ 69,100
2019-2022 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of ownership classes of consolidated subsidiary \| ownership_class	2
Ownership percentage of class A units (as a percent)	100.00%
Equity-based compensation	$ 1,400	700
Settlement or distribution on units and awards, cash (as a percent)	50.00%
Settlement or distribution on units and awards, common stock (as a percent)	50.00%
2019-2020 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	97.20
Granted (in shares)	0
Forfeited (in shares)	(0.20)
Points at end of period (in shares)	97.40
2021-2022 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	94.00
Granted (in shares)	94.00
Forfeited (in shares)	0
Points at end of period (in shares)	0
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 2,400	14,300
Settlement or distribution on units and awards, cash (as a percent)	50.00%
Settlement or distribution on units and awards, common stock (as a percent)	50.00%
2013-2014 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	80.17
Forfeited (in shares)	0
Points at end of period (in shares)	80.17
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	70.40
Forfeited (in shares)	0
Points at end of period (in shares)	70.40
iPIP distributions to plan participants	$ 2,800	$ 1,500
iPIP distributions, equity component (in shares) \| shares	86,807	54,245
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares	$ 17.72	$ 14.51
iPIP distributions, shares issued net of tax withholdings (in shares) \| shares	51,854	32,825
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	73.34
Forfeited (in shares)	0
Points at end of period (in shares)	73.34

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted Stock Units shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) shares
Number of Shares
Non-vested at beginning of period (in shares)	531
Granted (in shares)	327
Vested (in shares)	(107)
Non-vested at end of period (in shares)	751
Unrecognized compensation cost \| $	$ 8.0
Weighted-average period to recognize the unrecognized compensation cost	1 year 10 months 24 days

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
CSE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	545
Grant date fair value (in dollars per share) \| $ / shares	$ 18.10
CSE and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	180,067
Non-vested, aggregate intrinsic value \| $	$ 3.2

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.5	$ 0.7

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 7,989	$ (12,885)
Net income attributable to noncontrolling interests	(2,520)	(2,691)
Preferred dividends	(5,874)	(5,874)
Net loss allocable to common shareholders	$ (405)	$ (21,450)

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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Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator for basic and diluted earnings per share:
Net loss attributable to iStar Inc. and allocable to common shareholders	$ (405)	$ (21,450)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$ (405)	$ (21,450)
Denominator for basic and diluted earnings per share:
Basic (in shares)	73,901,000	77,444,000
Diluted (in shares)	73,901,000	77,444,000
Basic and diluted earnings per common share:
Basic (in dollars per share)	$ (0.01)	$ (0.28)
Diluted (in dollars per share)	$ (0.01)	$ (0.28)
Antidilutive (in shares)	2,893,787
3.125% Senior Convertible Notes
Basic and diluted earnings per common share:
Antidilutive (in shares)		0
Stated interest rates	3.125%	3.125%

Fair Values (Schedule of Fair Value Measurement) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Mar. 31, 2021

$ 19,000

$ 14,200

^[1]

16,086

Recurring Basis | Fair Value

^[1]

1,176,560

1,237,295

18,926

14,178

25,274

24,043

Recurring Basis | Quoted market prices in active markets (Level 1)

16,086

Recurring Basis | Significant other observable inputs (Level 2)

18,926

14,178

Recurring Basis | Significant unobservable inputs (Level 3)

25,274

24,043

16,086

Non-recurring Basis

Non-recurring Basis | Fair Value

Aggregate impairments

1,300

75,402

Non-recurring Basis | Quoted market prices in active markets (Level 1)

6,078

Non-recurring Basis | Significant other observable inputs (Level 2)

75,402

Non-recurring Basis | Significant unobservable inputs (Level 3)

$ 0

Number of reportable segments | segment

$ 6,078

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

Fair Values (Summary of Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 25,274	$ 23,896
Repayments	(200)	(459)
Unrealized gains (losses) recorded in other comprehensive income	(1,031)	203
Ending balance	$ 24,043	$ 23,640

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Mar. 31, 2020
3.125% Senior Convertible Notes
Book and estimated fair values of financial instruments
Stated interest rates	3.125%			3.125%
3.125% Senior Convertible Notes \| Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net	$ 377.8
Stated interest rates	3.125%	3.125%	3.125%	3.125%
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 431.0		$ 429.0
Loans receivable and other lending investments	534.0		732.0
Cash and cash equivalents	194.0		99.0
Restricted cash	54.0		52.0
Loan participations payable, net	0.0		43.0
Debt obligations, net	3,291.0		3,287.0
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	440.0		431.0
Loans receivable and other lending investments	578.0		772.0
Cash and cash equivalents	194.0		99.0
Restricted cash	54.0		52.0
Loan participations payable, net	0.0		43.0
Debt obligations, net	$ 3,449.0		3,414.0
Fair Value \| 3.125% Senior Convertible Notes \| Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net			$ 338.8

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

3 Months Ended

Mar. 31, 2021

USD ($)

segment

Mar. 31, 2020

USD ($)

Dec. 31, 2020

USD ($)

May 31, 2019

USD ($)

Segment Reporting [Abstract]

$ 113,260

$ 173,461

12,769

16,612

612

126,641

190,073

(253)

(74)

(39,563)

(43,392)

(15,931)

(18,001)

24,677

29,049

Recovery of (provision for) losses on net investment in leases

(3,794)

4,003

(1,601)

1,292

1,785

1,708

15,455

14,486

6,064

14,790

^[1]

1,474,393

$ 1,484,281

^[1]

2,600

5,212

^[1]

1,476,993

1,489,493

431,126

^[1]

429,101

^[1]

$ 424,100

Loans receivable and other lending investments, net

^[1]

406,781

430,663

^[1]

533,716

732,330

^[1]

16,086

^[1]

1,237,295

1,176,560

4,101,997

4,258,147

Cash and other assets

691,594

603,661

Stock-based compensation expense

^[1]

4,793,591

4,861,808

5,508

16,270

Operating lease income

47,444

47,346

Interest income

Interest income from sales-type leases

10,650

17,216

8,627

8,355

Other income

14,290

20,368

Land development revenue

32,249

80,176

(29,323)

(77,059)

Real estate expense

Operating Segments | Net Lease

(16,894)

(22,498)

12,413

19,531

69,182

74,466

(25,079)

(24,478)

(5,937)

(6,989)

29,533

36,770

Recovery of (provision for) losses on net investment in leases

(152)

137

(1,601)

1,292

1,528

1,708

13,054

12,656

1,268

1,846

1,283,082

1,291,903

1,283,082

1,291,903

431,126

429,101

Loans receivable and other lending investments, net

46,411

45,398

16,086

1,040,238

1,016,710

Operating Segments | Net Lease | Operating lease income

2,816,943

2,783,112

Operating Segments | Net Lease | Interest income

42,513

41,464

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

878

823

Operating Segments | Net Lease | Other income

8,627

8,355

Operating Segments | Net Lease | Land development revenue

4,751

4,293

Operating Segments | Net Lease | Real estate expense

Operating Segments | Real Estate Finance

(8,633)

(6,229)

466

10,337

16,699

(64)

(19)

(4,578)

(6,199)

(1,459)

(2,097)

4,236

8,384

Recovery of (provision for) losses on net investment in leases

(3,642)

3,866

Loans receivable and other lending investments, net

487,305

686,932

44,672

Operating Segments | Real Estate Finance | Operating lease income

531,977

686,932

Operating Segments | Real Estate Finance | Interest income

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

9,772

16,393

Operating Segments | Real Estate Finance | Other income

Operating Segments | Real Estate Finance | Land development revenue

306

Operating Segments | Real Estate Finance | Real estate expense

Operating Segments | Operating Properties

(3,747)

(2,667)

612

4,039

6,264

(2,043)

(2,259)

(660)

(789)

(2,463)

(4,447)

Recovery of (provision for) losses on net investment in leases

257

1,988

1,284

917

191,311

192,378

2,600

5,212

193,911

197,590

Loans receivable and other lending investments, net

56,977

58,739

Operating Segments | Operating Properties | Operating lease income

250,888

256,329

Operating Segments | Operating Properties | Interest income

4,837

5,774

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

Operating Segments | Operating Properties | Other income

Operating Segments | Operating Properties | Land development revenue

2,337

3,157

Operating Segments | Operating Properties | Real estate expense

Operating Segments | Land and Development

(3,799)

(7,663)

3,146

584

36,878

81,492

(3,938)

(4,570)

(2,428)

(2,819)

(3,273)

(11,562)

Recovery of (provision for) losses on net investment in leases

218

243

4,739

12,027

Loans receivable and other lending investments, net

406,781

430,663

12,107

31,200

Operating Segments | Land and Development | Operating lease income

418,888

461,863

Operating Segments | Land and Development | Interest income

108

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 revenue

1,389

624

32,249

80,176

Operating Segments | Land and Development | Real estate expense

(29,323)

(77,059)

(4,462)

(8,606)

Corporate/Other

491

(836)

6,205

11,152

(189)

(55)

(3,925)

(5,886)

(5,447)

(5,307)

(3,356)

(96)

Recovery of (provision for) losses on net investment in leases

195

303

Loans receivable and other lending investments, net

83,301

69,911

Corporate/Other | Operating lease income

83,301

$ 69,911

Corporate/Other | Interest income

Corporate/Other | Interest income from sales-type leases

Corporate/Other | Other income

Corporate/Other | Land development revenue

5,714

11,988

Corporate/Other | Real estate expense

$ 0

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

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Segment profit	$ 24,677	$ 29,049
Less: Recovery of (provision for) loan losses	3,794	(4,003)
Less: Recovery of (provision for) losses on net investment in leases	1,601	(1,292)
Less: Impairment of assets	(1,785)	(1,708)
Less: Stock-based compensation expense	(5,508)	(16,270)
Less: Depreciation and amortization	(15,455)	(14,486)
Less: Income tax benefit (expense)	665	(60)
Less: Loss on early extinguishment of debt, net	0	(4,115)
Net income (loss)	$ 7,989	$ (12,885)

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	istar:AccountingStandardsUpdate202006Member

Indicates amendment to accounting standards.

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