0001095651-22-000004 | 10-K | XBRL Viewer

^[1]

$ 121,452

$ 85,455

$ 489,900

Comprehensive income attributable to noncontrolling interests from discontinued operations

154,344

39,472

42,378

Other expenses

8,114

569

13,120

16,300

6,800

6,400

Reclassification out of Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge

22,623

6,974

(2,667)

$ 1,943

$ 1,101

184

Other expenses

$ (11,673)

[1]	Refer to Note 3 – Net Lease Sale and Discontinued Operations.

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e957-107759

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109227538&loc=d3e44648-109337

Schedule of selected quarterly financial data

Loans Receivable and Other Lending Investments, net (Loan Receivable Held for Sale) (Details) - USD ($) $ in Thousands	1 Months Ended		7 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	May 31, 2019
Debt Securities, Available-for-sale [Line Items]
Income from sales of real estate				$ 26,319	$ 6,318	$ 11,969
Purchase price for properties acquired								$ 44,100
Loan receivable held for sale				$ 43,215
Safehold Inc.
Debt Securities, Available-for-sale [Line Items]
Amount of loan funded		$ 16,100
Deferred purchase price		11,900
Leasehold improvement allowance		$ 52,000
Payment of deferred purchase price			$ 6,000
Consideration received	$ 22,100
Income from sales of real estate	$ 0
Loans Receivable Held-for-sale
Debt Securities, Available-for-sale [Line Items]
Loan receivable held for sale							$ 42,000

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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

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


	For the Years Ended December 31,
	2021		2020		2019
Net income (loss) from continuing operations	$	16,574	$	(116,308)	$	(155,575)
Net loss (income) from continuing operations attributable to noncontrolling interests		75		(337)		447
Preferred dividends		(23,496)		(23,496)		(32,495)
Net loss from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	(6,847)	$	(140,141)	$	(187,623)


	For the Years Ended December 31,
	2021		2020		2019
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders	$	(6,847)	$	(140,141)	$	(187,623)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income (loss) allocable to common shareholders	$	108,985	$	(65,937)	$	291,547

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		71,831		75,684		64,696

Basic and diluted earnings per common share:⁽¹⁾
Net loss from continuing operations and allocable to common shareholders	$	(0.10)	$	(1.85)	$	(2.90)
Net income from discontinued operations and allocable to common shareholders		1.61		0.98		7.41
Net income (loss) allocable to common shareholders	$	1.51	$	(0.87)	$	4.51

(1)

For the year ended December 31, 2021, 2020 and 2019, the effect of certain of the Company’s restricted stock awards were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the year ended December 31, 2021, 6,441,572 shares of the 3.125% Convertible Notes were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the years ended December 31, 2020 and 2019, 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 periods.

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Data [Abstract]

The following table sets forth the selected quarterly financial data (unaudited) for the Company ($ in thousands, except per share amounts). Certain amounts have been reclassified from the prior period presentation (Refer to Note 3 - Net Lease Sale and Discontinued Operations).


	For the Quarters Ended
	December 31,		September 30,		June 30,		March 31,
2021
Revenue	$	50,760	$	143,632	$	54,254	$	59,984
Net income (loss) from continuing operations		(41,578)		109,380		(36,731)		(14,497)
Net income from discontinued operations		52,037		21,614		25,315		22,486
Net income (loss) allocable to common shareholders		7,077		121,856		(19,543)		(405)
Earnings per share⁽¹⁾
Net income (loss) from continuing operations
Basic	$	(0.68)	$	1.45	$	(0.59)	$	(0.28)
Diluted		(0.68)		1.28		(0.59)		(0.28)
Net income from discontinued operations
Basic	$	0.79	$	0.26	$	0.32	$	0.27
Diluted		0.79		0.23		0.32		0.27
Net income (loss) allocable to common shareholders
Basic	$	0.11	$	1.71	$	(0.27)	$	(0.01)
Diluted		0.11		1.51		(0.27)		(0.01)
Weighted average number of common shares
Basic		69,328		71,299		72,872		73,901
Diluted		69,328		80,487		72,872		73,901

2020
Revenue	$	92,346	$	64,221	$	45,244	$	122,288
Net income (loss) from continuing operations		(34,199)		(14,382)		(36,024)		(31,703)
Net income from discontinued operations		24,143		20,833		21,661		18,818
Net income (loss) allocable to common shareholders		(19,083)		(2,069)		(23,335)		(21,450)
Earnings per share⁽¹⁾
Net income (loss) from continuing operations
Basic and diluted	$	(0.55)	$	(0.27)	$	(0.55)	$	(0.49)
Net income from discontinued operations
Basic and diluted	$	0.29	$	0.24	$	0.24	$	0.21
Net income (loss) allocable to common shareholders
Basic and diluted	$	(0.26)	$	(0.03)	$	(0.31)	$	(0.28)
Weighted average number of common shares
Basic and diluted		74,053		75,033		76,232		77,444

(1)	Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

Net Investment in Leases - Net Investment in Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	May 31, 2019
Leases [Abstract]
Total undiscounted cash flows	$ 524,712
Unguaranteed estimated residual value	42,000
Present value discount	(523,497)
Net investment in leases	$ 43,215	$ 424,100
Risk rating	1.00%

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock
Shares Issued and Outstanding (in shares)	12,200	12,200
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Carrying Value	$ 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	$ 23,496,000	$ 23,496,000	$ 32,495,000
Capital gains distribution	100.00%	100.00%
Unrecaptured Section 1250 gain percentage	18.31%
Amount of preferred dividends in arrears	$ 0
Maximum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	30 days
Minimum
Preferred Stock
Number of days prior to dividend payment date that Board of Directors may elect to designate as the payment date	10 days
Series G And I Preferred Stock
Preferred Stock
Preferred stock, liquidation preference (in dollars per share)	$ 25.00
Redemption price as a percentage of liquidation preference	100.00%
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	3,200	3,200
Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, 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
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	5,000	5,000
Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, 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
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Preferred Stock
Shares Issued and Outstanding (in shares)	4,000	4,000
Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, 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

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 12,038	$ 27,724
Unsecured notes
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 12,000	$ 26,600
Unsecured notes \| Minimum
Debt Instrument [Line Items]
Percentage of principal amount of consenting notes paid as consent fees to note holders	0.75%
Unsecured notes \| Maximum
Debt Instrument [Line Items]
Percentage of principal amount of consenting notes paid as consent fees to note holders	1.00%
Unsecured notes \| 4.75% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.75%
Unsecured notes \| 4.25% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.25%
Unsecured notes \| 5.50% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.50%

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available-for-Sale Securities
Amortized Cost Basis	$ 23,855
Estimated Fair Value	28,092
Held-to-Maturity Securities
Amortized Cost Basis	96,838
Estimated Fair Value	96,838
Total Other Lending Investments
Face Value	123,855	$ 120,680
Amortized Cost Basis	120,693	111,395
Net Unrealized Gain	4,237	4,594
Estimated Fair Value	124,930	115,989
Net Carrying Value	124,930	115,989
Municipal debt securities
Available-for-Sale Securities
Face Value	23,855	20,680
Amortized Cost Basis	23,855	20,680
Net Unrealized Gain	4,237	4,594
Estimated Fair Value	28,092	25,274
Net Carrying Value	28,092	25,274
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	96,838	90,715
Net Unrealized Gain	0	0
Estimated Fair Value	96,838	90,715
Net Carrying Value	$ 96,838	$ 90,715

Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2021

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (unaudited)

Note 19—Selected Quarterly Financial Data (unaudited)


	For the Quarters Ended
	December 31,		September 30,		June 30,		March 31,
2021
Revenue	$	50,760	$	143,632	$	54,254	$	59,984
Net income (loss) from continuing operations		(41,578)		109,380		(36,731)		(14,497)
Net income from discontinued operations		52,037		21,614		25,315		22,486
Net income (loss) allocable to common shareholders		7,077		121,856		(19,543)		(405)
Earnings per share⁽¹⁾
Net income (loss) from continuing operations
Basic	$	(0.68)	$	1.45	$	(0.59)	$	(0.28)
Diluted		(0.68)		1.28		(0.59)		(0.28)
Net income from discontinued operations
Basic	$	0.79	$	0.26	$	0.32	$	0.27
Diluted		0.79		0.23		0.32		0.27
Net income (loss) allocable to common shareholders
Basic	$	0.11	$	1.71	$	(0.27)	$	(0.01)
Diluted		0.11		1.51		(0.27)		(0.01)
Weighted average number of common shares
Basic		69,328		71,299		72,872		73,901
Diluted		69,328		80,487		72,872		73,901

2020
Revenue	$	92,346	$	64,221	$	45,244	$	122,288
Net income (loss) from continuing operations		(34,199)		(14,382)		(36,024)		(31,703)
Net income from discontinued operations		24,143		20,833		21,661		18,818
Net income (loss) allocable to common shareholders		(19,083)		(2,069)		(23,335)		(21,450)
Earnings per share⁽¹⁾
Net income (loss) from continuing operations
Basic and diluted	$	(0.55)	$	(0.27)	$	(0.55)	$	(0.49)
Net income from discontinued operations
Basic and diluted	$	0.29	$	0.24	$	0.24	$	0.21
Net income (loss) allocable to common shareholders
Basic and diluted	$	(0.26)	$	(0.03)	$	(0.31)	$	(0.28)
Weighted average number of common shares
Basic and diluted		74,053		75,033		76,232		77,444

(1)	Basic and diluted EPS are computed independently based on the weighted-average shares of common stock and stock equivalents outstanding for each period. Accordingly, the sum of the quarterly EPS amounts may not agree to the total for the year.

Other Investments (Tables)

12 Months Ended

Dec. 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):⁽¹⁾


	Carrying Value				Equity in Earnings (Losses)
	As of December 31,				For the Years Ended December 31,
	2021		2020		2021		2020		2019
Real estate equity investments
Safehold Inc. ("SAFE")⁽²⁾	$	1,168,532	$	937,712	$	108,393	$	53,476	$	29,764
Other real estate equity investments		61,979		89,939		36,606		(12,929)		12,620
Subtotal		1,230,511		1,027,651		144,999		40,547		42,384
Other strategic investments⁽³⁾		66,770		69,911		9,345		(1,075)		(6)
Total	$	1,297,281	$	1,097,562	$	154,344	$	39,472	$	42,378

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

(2)

As of December 31, 2021, the Company owned 36.6 million shares of SAFE common stock which, based on the closing price of $79.85 on December 31, 2021, had a market value of $2.9 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the years ended December 31, 2021, 2020 and 2019, equity in earnings includes $60.7 million, $14.4 million and $7.6 million, respectively, of dilution gains resulting from SAFE equity offerings.

(3)

During the years ended December 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 during the years ended December 31, 2021 and 2020 of $18.9 million and $23.9 million, respectively, in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021.

Schedule of summarized financial information

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


	As of December 31,					For the Years Ended December 31,
	2021		2020			2021		2020		2019
Balance Sheets					Income Statements
Total assets	$	6,107,890	$	4,184,503	Revenues	$	889,131	$	129,789	$	210,602
Total liabilities		3,019,208		2,250,720	Expenses		(254,001)		(188,605)		(176,887)
Noncontrolling interests		3,024		2,181	Net income (loss) attributable to parent entities		634,896		(59,010)		33,522
Total equity attributable to parent entities		3,085,657		1,931,602

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.1	$ 1.2

Loans Receivable and Other Lending Investments, net (Investment in Loans and Associated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Lending Investments
Total	$ 124,930	$ 115,989
Less: Allowance for loan losses
Individually evaluated for impairment	(576)	(743)
Collectively evaluated for impairment	(4,193)	(11,277)
Total	(4,769)	(12,020)
Individually Evaluated for Impairment	59,064	52,562
Collectively Evaluated for Impairment	273,780	634,369
Total loans receivable and other lending investments, net	332,844	686,931
Individually Evaluated for Impairment
Less: Allowance for loan losses
Net discounts	800	800
Collectively Evaluated for Impairment
Less: Allowance for loan losses
Net discounts	200	2,300
Held-to-maturity debt securities
Other Lending Investments
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	96,838	90,715
Total	96,838	90,715
Available-for-sale debt securities
Other Lending Investments
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	28,092	25,274
Total	28,092	25,274
Construction Loans
Loans
Individually Evaluated for Impairment	59,640	53,305
Collectively Evaluated for Impairment	125,621	461,528
Total	185,261	514,833
Less: Allowance for loan losses
Total	(1,213)	(6,541)	$ (6,668)
Loans
Loans
Individually Evaluated for Impairment	0	0
Collectively Evaluated for Impairment	27,422	68,129
Total	27,422	68,129
Less: Allowance for loan losses
Total	$ (676)	$ (1,643)	$ (265)

Loan Participations Payable, net (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) instrument
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net	$ 332,844	$ 686,931
Loan Participations
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable and other lending investments, net		$ 42,500
Loan Participations Payable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of debt instruments \| instrument		1
Loans receivable and other lending investments, net		$ 42,500
Weighted average interest rate		6.00%

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

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


				Cumulative Preferential Cash
				Dividends⁽¹⁾⁽²⁾
	Shares Issued
	and							Annual		Carrying
	Outstanding	Par		Liquidation		Rate per		Dividend		Value
Series	(in thousands)	Value		Preference⁽³⁾		Annum		per share		(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 $8.0 million, $6.1 million and $9.4 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the years ended December 31, 2021 and 2020, respectively. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain. 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, 2020, the Company had $529.6 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, 2021 will be determined upon finalization of the Company’s 2021 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 $35.1 million, or $0.485 per share, for the year ended December 31, 2021 and $32.8 million, or $0.43 per share, for the year ended December 31, 2020. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain. 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 year ended December 31, 2021, the Company repurchased 5.5 million shares of its outstanding common stock for $122.4 million, for an average cost of $22.38 per share. During the year ended December 31, 2020, the Company repurchased 4.2 million shares of its outstanding common stock for $48.4 million, for an average cost of $11.48 per share. The Company is generally authorized to repurchase up to $50.0 million in shares of its common stock. As of December 31, 2021, the Company had remaining authorization to repurchase up to $0.4 million of common stock under its stock repurchase program. In February 2022, the Company's board of directors authorized an increase to the stock repurchase program to $50.0 million.

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


	As of
	December 31, 2021		December 31, 2020
Unrealized gains on available-for-sale securities	$	4,237	$	4,594
Unrealized losses on cash flow hedges		(25,824)		(53,075)
Unrealized losses on cumulative translation adjustment		—		(4,199)
Accumulated other comprehensive loss	$	(21,587)	$	(52,680)

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Schedule of land and development assets

Land and Development (Tables)

12 Months Ended

Dec. 31, 2021

Land And Development [Abstract]

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


	As of
	December 31,		December 31,
	2021		2020
Land and land development, at cost	$	297,621	$	441,201
Less: accumulated depreciation		(10,811)		(10,538)
Total land and development, net	$	286,810	$	430,663

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of components of income tax expense (benefit)

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


	For the Years Ended December 31,
	2021		2020		2019
Current tax benefit (expense)⁽¹⁾⁽²⁾	$	82	$	(106)	$	(35)
Total income tax (expense) benefit	$	82	$	(106)	$	(35)

(1)	For the years ended December 31, 2021, 2020, and 2019, excludes a REIT tax expense of $0.1 million, $0.1 million, $0.4 million, respectively.

(2)

Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed. The CARES Act enacted on March 27, 2020 permits corporate taxpayers to accelerate the full amount of its alternative minimum tax credits. The Company filed a claim for refund and received a $3.0 million refund in 2020 for which the benefit had been recognized in 2017. An additional refund of alternative minimum taxes in the amount of $0.7 million was received during the year ended December 31, 2021 for which a tax benefit was recorded.

Schedule of deferred tax assets and liabilities

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


	As of December 31,
	2021		2020
Deferred tax assets⁽¹⁾	$	69,360	$	80,101
Valuation allowance		(69,360)		(80,101)
Net deferred tax assets (liabilities)	$	—	$	—

(1)

Deferred tax assets as of December 31, 2021 include temporary differences related primarily to asset basis of $18.7 million, deferred expenses and other items of $8.0 million, NOL carryforwards of $40.3 million and other credits of $2.4 million. Deferred tax assets as of December 31, 2020 include temporary differences related primarily to asset basis of $26.7 million, deferred expenses and other items of $12.7 million, NOL carryforwards of $38.4 million and other credits of $2.3 million. The Company has determined that the change in tax law associated with the Tax Cuts and Jobs Act will not have a material effect on whether its deferred tax assets are realizable.

Schedule of Discontinued Operations

The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of December 31, 2021 and 2020 ($ in thousands).


	As of
	December 31,
	2021		2020
ASSETS
Real estate
Real estate, at cost	$	1,537,655	$	1,542,101
Less: accumulated depreciation		(271,183)		(250,198)
Total real estate, net		1,266,472		1,291,903
Net investment in leases ($10,871 of allowances as of December 31, 2020)		486,389		429,101
Loans receivable held for sale		48,675		45,399
Other investments		103,229		78,998
Finance lease right of use assets		150,099		143,727
Accrued interest and operating lease income receivable, net		2,997		3,926
Deferred operating lease income receivable, net		63,156		55,223
Deferred expenses and other assets, net		178,694		180,293
Total real estate and other assets available and held for sale and classified as discontinued operations	$	2,299,711	$	2,228,570

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	92,865	$	122,441
Finance lease liabilities		161,258		150,520
Debt obligations, net		714,296		717,695
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	968,419	$	990,656

The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the years ended December 31, 2021, 2020 and 2019 ($ in thousands):


	For the Years Ended December 31,
	2021		2020		2019
Revenues:
Operating lease income	$	164,811	$	164,446	$	174,094
Interest income		3,717		3,440		2,018
Interest income from sales-type leases		35,826		33,552		20,496
Other income		5,178		5,412		9,183
Total revenues		209,532		206,850		205,791
Costs and expenses:
Interest expense		43,232		42,746		42,220
Real estate expense⁽¹⁾		27,366		26,410		24,589
Depreciation and amortization		52,221		50,765		51,083
(Recovery of) provision for loan losses		(1,150)		186		—
(Recovery of) provision for losses on net investment in leases		(10,871)		1,760		—
Impairment of assets		2,286		2,036		2,471
Other expense		16,476		—		—
Total costs and expenses		129,560		123,903		120,363
Income from sales of real estate		8,476		—		224,654
Income from discontinued operations before earnings from equity method investments and other items		88,448		82,947		310,082
Earnings from equity method investments		8,123		2,654		(529)
Selling profit from sales-type leases		25,034		—		180,416
Net income from discontinued operations before income taxes		121,605		85,601		489,969
Income tax expense		(153)		(146)		(69)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income from discontinued operations attributable to iStar Inc.	$	115,832	$	74,204	$	479,170

(1)	For the years ended December 31, 2021, 2020 and 2019, the Company recorded $8.4 million, $8.2 million and $5.0 million, respectively, of “Real estate expense” in its consolidated statements of operations from its Ground Leases with Safehold Inc. (“SAFE”).

The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2021, 2020 and 2019 ($ in thousands).


	For the Years Ended December 31,
	2021		2020		2019
Cash flows provided by operating activities	$	85,249	$	112,783	$	117,425
Cash flows provided by (used in) investing activities		2,030		(51,998)		(74,028)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

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

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100.00%
Performance-Based Commitments	$ 79,902
Strategic Investments	11,682
Total	91,584
Loans
Other Commitments [Line Items]
Performance-Based Commitments	6,980
Strategic Investments	0
Total	6,980
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	29,491
Strategic Investments	5,061
Total	34,552
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	43,431
Strategic Investments	6,621
Total	$ 50,052

Loans Receivable and Other Lending Investments, Net (Impaired Loans) (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)
Financing Receivable, Impaired [Line Items]
(Recovery of) provision for loan losses		$ (8,085,000)	$ 8,866,000	$ 6,482,000
Impaired Loans
Number of non accrual loans \| loan	1	1	1
Interest income on Impaired loans		$ 0	$ 0	0
Nonperforming Financial Instruments \| Senior mortgages
Financing Receivable, Impaired [Line Items]
Carrying value of loans	$ 15,200,000		15,200,000
Proceeds from collection of loan receivable	11,000,000.0
(Recovery of) provision for loan losses	4,200,000
Commercial Portfolio Segment
Impaired Loans
Amortized Cost	53,305,000	59,640,000	53,305,000
Unpaid Principal Balance	52,552,000	58,888,000	52,552,000
Related Allowance	(743,000)	(576,000)	(743,000)
Impaired loans, average recorded investment, total		57,853,000	50,205,000	38,556,000
Impaired loans, interest income recognized, total		0	2,145,000	0
Commercial Portfolio Segment \| Senior mortgages
Impaired Loans
Amortized Cost	53,305,000	59,640,000	53,305,000
Unpaid Principal Balance	52,552,000	58,888,000	52,552,000
Related Allowance	$ (743,000)	(576,000)	(743,000)
Impaired loans, average recorded investment, total		57,853,000	50,205,000	38,556,000
Impaired loans, interest income recognized, total		$ 0	$ 2,145,000	$ 0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows
Cash and cash equivalents	$ 339,601	$ 98,633	$ 307,172
Restricted cash included in deferred expenses and other assets, net	54,395	51,933	45,034
Total cash and cash equivalents and restricted cash	393,996	150,566	352,206
Supplemental disclosure of non-cash investing and financing activity:
Fundings and (repayments) of loan receivables and loan participations, net	(42,501)	6,720	13,014
Contributions to other investments	1,000
Sales-type lease origination	41,000		411,523
Contributions of real estate and land and development assets to equity method investments, net			4,073
Accounts payable for capital expenditures on real estate assets	3,085	7,604
Increase in net lease assets upon consolidation of equity method investment	45,313
Increase in debt obligations upon consolidation of equity method investment	44,672
Non-cash proceeds from sale of land and development asset	1,200
Financing provided on sales of real estate	$ 8,000
Acquisition of land and development asset through joint venture consolidation			27,000
Conversion of Series J convertible preferred stock			193,510
Accrued finance costs		115	2,362
Accrued repurchase of stock		$ 200	6,358
Assumption of mortgage by third party			$ 228,000

Other Investments (Other Real Estate Equity Investments) (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($) loan	May 31, 2019 USD ($)	Apr. 30, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2021 USD ($)	Aug. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity interest	51.90%					51.90%
Payments to acquire real estate assets				$ 56,700
Net proceeds from sales of loans receivable						$ 122,609	$ 11,000	$ 5,898
Maximum
Schedule of Equity Method Investments [Line Items]
Period pertaining to first look rights on qualifying pre-development projects		2 years
Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Equity interest		53.00%
Other real estate equity investments \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest	48.00%					48.00%
Other real estate equity investments \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest	95.00%					95.00%
Other real estate equity investments \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 43,300					$ 43,300	58,700
Other real estate equity investments \| Land
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,100					1,100	31,200
Other real estate equity investments \| Ground leases
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 17,600					$ 17,600
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity interest										50.00%
Equity Interest sold	50.00%					50.00%
Loans receivable, carrying value										$ 33,000
Interest income						$ 2,300	$ 2,400	$ 2,800
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest			53.00%
Equity method investments			$ 63,300
Number of loans sold \| loan			2
Net proceeds from sales of loans receivable			$ 83,400
Recognized gain or loss			$ 0
Other Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Equity interest									53.00%
Commitment to provide loan to lessee									$ 75,000
Other Real Estate Investment November 2021
Schedule of Equity Method Investments [Line Items]
Recognized gain or loss	$ 0
Other Real Estate Investment November 2021 \| Land
Schedule of Equity Method Investments [Line Items]
Payments to acquire real estate assets		$ 33,300
Other Real Estate Equity Investment Dec 2016
Schedule of Equity Method Investments [Line Items]
Equity interest								50.00%
Other Real Estate Equity Investment Dec 2016 \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity interest											50.00%
Interest income								$ 600
Loans commitment											$ 27,000
Other Real Estate Equity Investment Dec 2016 \| SAFE \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Payments to acquire real estate assets					$ 7,300
Senior note assumed in asset acquisition					27,000
Total consideration					$ 34,300

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 2,604,375	$ 2,604,375
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		$ 491,875	491,875
Secured Debt \| Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount		650,000
Long-term debt, outstanding balance		$ 491,875	$ 491,875
Secured Debt \| Senior Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.75%
Secured Debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 350,000
Secured Debt \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.25%
Current borrowing capacity		$ 278,500
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%
Debt instrument term		1 year
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%

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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


	For the Years Ended December 31,
	2021		2020		2019
Net income (loss) from continuing operations	$	16,574	$	(116,308)	$	(155,575)
Net loss (income) from continuing operations attributable to noncontrolling interests		75		(337)		447
Preferred dividends		(23,496)		(23,496)		(32,495)
Net loss from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	(6,847)	$	(140,141)	$	(187,623)

Schedule of earnings per share allocable to common shares


	For the Years Ended December 31,
	2021		2020		2019
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders	$	(6,847)	$	(140,141)	$	(187,623)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income (loss) allocable to common shareholders	$	108,985	$	(65,937)	$	291,547

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		71,831		75,684		64,696

Basic and diluted earnings per common share:⁽¹⁾
Net loss from continuing operations and allocable to common shareholders	$	(0.10)	$	(1.85)	$	(2.90)
Net income from discontinued operations and allocable to common shareholders		1.61		0.98		7.41
Net income (loss) allocable to common shareholders	$	1.51	$	(0.87)	$	4.51

(1)

Other Investments (Net Lease Venture II) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity interest	51.90%	51.90%
Net Lease Venture II \| Office laboratory property
Schedule of Equity Method Investments [Line Items]
Payments to acquire property	$ 0.6
Net Lease Venture II \| Office laboratory property \| Liabilities associated with real estate held for sale and classified as discontinued operations
Schedule of Equity Method Investments [Line Items]
Mortgage liability assumed	$ 44.4
Net Lease Venture II
Schedule of Equity Method Investments [Line Items]
Equity interest	51.90%	51.90%
Net Lease Venture II \| Net income from discontinued operations
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party		$ 1.7	$ 1.5	$ 1.5

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Segment Reporting [Abstract]

Segment profit

$ 85,382

$ (42,843)

$ (72,440)

Less: Recovery of (provision for) loan losses

8,085

(8,866)

(6,482)

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

10,872

(1,760)

Less: Impairment of assets

(678)

(5,791)

(10,948)

Less: Stock-based compensation expense

(69,261)

(39,354)

(30,436)

Less: Depreciation and amortization

(7,072)

(7,327)

(7,176)

Less: Income tax expense

(106)

(35)

Less: Loss on early extinguishment of debt, net

(12,038)

(27,724)

Less: Net income from discontinued operations

$ 52,037

$ 21,614

$ 25,315

$ 22,486

$ 24,143

$ 20,833

$ 21,661

$ 18,818

121,452

^[1]

85,455

^[1]

489,900

^[1]

Net income (loss)

$ 138,026

$ (30,853)

$ 334,325

[1]	Refer to Note 3 – Net Lease Sale and Discontinued Operations.

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 138,026

$ (30,853)

$ 334,325

Other comprehensive income (loss):

Reclassification of losses on cash flow hedges into earnings upon realization

^[1]

24,566

8,075

14,524

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

(357)

1,838

2,280

Unrealized gains (losses) on cash flow hedges

13,386

(28,290)

(42,582)

Other comprehensive income (loss)

37,595

(18,377)

(25,778)

Comprehensive income (loss)

175,621

(49,230)

308,547

Comprehensive (income) loss attributable to noncontrolling interests

^[2]

(21,860)

(7,184)

(5,942)

Comprehensive income (loss) attributable to iStar Inc.

$ 153,761

$ (56,414)

$ 302,605

[1]

Reclassified to “Net income from discontinued operations” in the Company’s consolidated statements of operations are $22,623 $6,974 and $2,667 for the years ended December 31, 2021, 2020 and 2019, respectively. Reclassified to “Earnings (losses) from equity method investments” in the Company’s consolidated statements of operations are $1,943, $1,101 and $184, respectively, for the years ended December 31, 2021, 2020 and 2019. Amount reclassified to “Other expense” in the Company’s consolidated statements of operations is $11,673 for the year ended December 31, 2019. The amount in 2019 resulted from hedged forecasted transactions becoming not probable to occur.

[2]

For the years ended December 31, 2021, 2020 and 2019, includes $16.3 million, $6.8 million and $6.4 million, respectively, of comprehensive income attributable to noncontrolling interests was from discontinued operations.

Basis of Presentation and Principles of Consolidation (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assets and liabilities of consolidated VIEs

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


	As of
	December 31, 2021		December 31, 2020
ASSETS
Real estate
Real estate, at cost	$	93,477	$	93,225
Less: accumulated depreciation		(14,987)		(11,568)
Real estate, net		78,490		81,657
Real estate and other assets available and held for sale and classified as discontinued operations		886,845		900,767
Land and development, net		176,833		240,137
Cash and cash equivalents		23,908		22,571
Accrued interest and operating lease income receivable, net		—		211
Deferred operating lease income receivable, net		3		—
Deferred expenses and other assets, net		5,001		8,084
Total assets	$	1,171,081	$	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	24,744	$	59,917
Liabilities associated with real estate held for sale and classified as discontinued operations		493,739		544,383
Total liabilities		518,483		604,300

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.

Summary of Significant Accounting Policies (Net Lease Sale and Discontinued Operations) (Details) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2022 USD ($) property lease	Jun. 30, 2021 lease	Dec. 31, 2021 USD ($) item
Discontinued operations
Number of joint ventures with properties included in Net Lease Sale \| item			2
Equity interest in joint ventures			51.90%
Number of ground leases entered into \| lease		2
Net Lease Business Segment \| Discontinued Operations - Held for Sale
Discontinued operations
Mortgage indebtedness on lease assets			$ 720.0
Subsequent Event
Discontinued operations
Number of properties sold \| property	2
Consideration for sale of properties	$ 122.0
Number of ground leases entered into \| lease	3
Subsequent Event \| Discontinued Operations - Held for Sale
Discontinued operations
Amount of net cash consideration expected to be available after settlement of obligations	$ 1,100.0
Subsequent Event \| Net Lease Business Segment \| Discontinued Operations - Held for Sale
Discontinued operations
Gross consideration to be received under definitive sale agreement	$ 3,070.0
Aggregate square footage of net lease assets	18.3

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1	$ 496,553	$ 561,761	$ 730,515
Additions:
New mortgage loans	32,942	19,975	11,667
Additions under existing mortgage loans	20,958	72,574	164,120
Other	7,455	25,867	25,740
Deductions:
Collections of principal	(304,053)	(178,662)	(355,769)
Provision for loan losses	166	(4,930)	(493)
Transfers to real estate and equity investments	(42,501)	0	(13,987)
Amortization of premium	(32)	(32)	(32)
Balance at December 31	$ 211,488	496,553	$ 561,761
Charge offs		$ 25,900

Fair Values

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Values

Note 17—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
			Quoted
			market		Significant
			prices in		other		Significant
			active		observable		unobservable
			markets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2021
Recurring basis:
Derivative liabilities⁽¹⁾	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities⁽¹⁾		28,092		—		—		28,092
As of December 31, 2020
Recurring basis:
Derivative liabilities⁽¹⁾		18,926		—		18,926		—
Available-for-sale securities⁽¹⁾		25,274		—		—		25,274
Non-recurring basis:
Impaired land and development⁽²⁾		6,078		—		—		6,078

(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. As of December 31, 2021 and 2020, derivative liabilities are recorded in “Liabilities associated with real estate held for sale and classified as discontinued operations” on the Company’s consolidated balance sheets.

(2)	The Company recorded a $1.3 million on a land and development asset an estimated aggregate 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 years ended December 31, 2021 and 2020 ($ in thousands):


	2021		2020
Beginning balance	$	25,274	$	23,896
Purchases		3,375		—
Repayments		(200)		(460)
Unrealized gains (losses) recorded in other comprehensive income		(357)		1,838
Ending balance	$	28,092	$	25,274

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


	As of December 31, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)⁽¹⁾	$	43	$	43	$	—	$	—
Loans receivable and other lending investments, net⁽¹⁾		333		345		687		726
Loans receivable held for sale⁽¹⁾		43		43		—		—
Cash and cash equivalents⁽²⁾		340		340		99		99
Restricted cash⁽²⁾		54		54		52		52

Liabilities
Loan participations payable, net⁽¹⁾		—		—		43		43
Debt obligations, net⁽¹⁾⁽³⁾
Level 1		2,473		2,799		2,471		2,581
Level 3		99		104		98		102
Total debt obligations, net		2,572		2,903		2,569		2,683

(1)	The fair value of the Company’s net investment in leases, loans receivable and other lending investments, net, loans receivable held for sale, loan participations payable, net and certain 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 December 31, 2021 and 2020, the fair value of the Company’s unsecured notes and Senior Term Loan are classified as Level 1 within the fair value hierarchy. As of December 31, 2021 and 2020, the fair value of the Company’s 3.125% Senior Convertible Notes was $527.5 million and $338.8 million, respectively.

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

Impaired real estate—If the Company determines a real estate asset available and held for sale is impaired, it records an impairment charge to adjust the asset to its estimated fair market value less costs to sell. Due to the nature of individual real estate properties, the Company generally uses a discounted cash flow methodology through internally developed valuation models to estimate the fair value of the assets. This approach requires the Company to make judgments with respect to significant unobservable inputs, which may include discount rates, capitalization rates and the timing and amounts of estimated future cash flows. For income producing properties, cash flows generally include property revenues,

operating costs and capital expenditures that are based on current observable market rates and estimates for market rate growth and occupancy levels. For other real estate, cash flows may include lot and unit sales that are based on current observable market rates and estimates for annual market rate growth, operating costs, costs of completion and the inventory sell out pricing and timing. The Company will also consider market comparables if available. In some cases, the Company obtains external “as is” appraisals for real estate assets and appraised values may be discounted when real estate markets rapidly deteriorate. The Company has determined that significant inputs used in its internal valuation models and appraisals fall within Level 3 of the fair value hierarchy. Additionally, in certain cases, if the Company is under contract to sell an asset, it will mark the asset to the contracted sales price less costs to sell. The Company considers this to be a Level 3 input under the fair value hierarchy.

Loans receivable and other lending investments, net—The Company estimates the fair value of its performing loans and other lending investments using a discounted cash flow methodology. This method discounts estimated future cash flows using rates management determines best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. The Company determined that the significant inputs used to value its loans and other lending investments fall within Level 3 of the fair value hierarchy. For certain lending investments, the Company uses market quotes, to the extent they are available, that fall within Level 2 of the fair value hierarchy or broker quotes that fall within Level 3 of the fair value hierarchy.

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

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

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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2021

Risk Management and Derivatives

Risk management

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

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

Substantially all of the Company’s real estate and net investment in leases, including those classified in real estate and other assets available and held for sale and classified as discontinued operations, and assets collateralizing its loans receivable are located in the United States. As of December 31, 2021, the Company’s portfolio contains concentrations in the following property types: office, entertainment/leisure, Ground Leases, industrial, land and development, multifamily, hotel, condominium, retail and other property types.

The Company underwrites the credit of prospective borrowers and tenants and often requires them to provide some form of credit support such as corporate guarantees, letters of credit and/or cash security deposits. Although the Company’s loans and real estate assets are geographically diverse and the borrowers and tenants operate in a variety of industries, to the extent the Company has a significant concentration of interest or operating lease revenues from any single

borrower or tenant, the inability of that borrower or tenant to make its payment could have a material adverse effect on the Company.

Derivatives

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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 ($ in thousands)⁽¹⁾:


	Derivative Liabilities
	Balance Sheet	Fair
As of December 31, 2021	Location	Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	8,395
Total		$	8,395

As of December 31, 2020
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	18,926
Total		$	18,926

(1)	Over the next 12 months, the Company expects that $2.7 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to earnings from equity method investments.

The table below presents 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):


		Amount of Gain		Amount of Gain
	Location of Gain	(Loss) Recognized in		(Loss) Reclassified
	(Loss)	Accumulated Other		from Accumulated
Derivatives Designated in	When Recognized in	Comprehensive		Other Comprehensive
Hedging Relationships	Income	Income		Income into Earnings
For the Year Ended December 31, 2021
Interest rate swaps	Net income from discontinued operations	$	4,748	$	(8,140)
Interest rate swaps	Earnings from equity method investments		8,638		(1,943)
For the Year Ended December 31, 2020
Interest rate swaps	Net income from discontinued operations	$	(14,940)	$	(6,974)
Interest rate swaps	Earnings from equity method investments		(13,350)		(1,101)
For the Year Ended December 31, 2019
Interest rate swaps	Net income from discontinued operations		(21,165)		(1,861)
Interest rate swaps	Earnings from equity method investments		(21,417)		(184)

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

Credit Risk-Related Contingent Features—The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company did not post any collateral related to its derivatives as of December 31, 2021.

Other Investments (Safehold Inc). (Details) $ / shares in Units, $ in Thousands	1 Months Ended																3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) agreement	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Nov. 30, 2020 USD ($) shares	Oct. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020	Mar. 31, 2020 USD ($) shares	Nov. 30, 2019 USD ($) shares	Aug. 31, 2019 USD ($) shares	May 31, 2019	Feb. 28, 2019	Jan. 31, 2019 USD ($) director $ / shares shares	Oct. 31, 2017 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2021 USD ($)	Aug. 31, 2017 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity interest																	51.90%		51.90%
Number of limited partnership units purchased (in shares) \| shares															12,500,000
Investor units, purchase price per unit (in dollars per share) \| $ / shares															$ 20.00
Cash investment in equity method investments															$ 250,000				$ 216,997	$ 260,121	$ 656,720
Conversion of stock													1
Restriction period on common stock received as payment																			2 years
Income from sales of real estate																			$ 26,319	6,318	11,969
Payment to acquire purchase option agreement																		$ 1,000
Expenses incurred in acquisition of purchase option agreement																		200
Purchase option, purchase price to acquire property			$ 215,000															$ 215,000
Purchase option, square feet of future office space development																		1,100
SAFE
Schedule of Equity Method Investments [Line Items]
Ground lease term									99 years
Proceeds from sale of purchase option agreement			1,200															$ 1,200
Gain recognized on sale of purchase option agreement			$ 0
Number of agreements \| agreement			2
Sale price per agreement for sale of land and related Ground Lease, subject to certain conditions being met	$ 33,300		$ 42,000															$ 42,000
Multiple required that may trigger receipt of additional consideration	1.25		1.25															1.25
Percentage of required return on investment that may trigger receipt of additional consideration	12.00%		9.00%
Maximum \| SAFE
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases	$ 51,800		$ 83,000															$ 83,000
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		$ 1,500,000
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		$ 3,000,000
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		$ 1,500,000
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		$ 5,000,000
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		$ 3,000,000
Fee percent of SAFE Equity over $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity																			1.50%
Fee percent of SAFE Equity over $5.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount																	5,000,000		$ 5,000,000
Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Management agreement, termination fee as multiple of prior year management fee															3
Equity method investments																	1,230,511		1,230,511	1,027,651
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments																	$ 1,800		$ 69,500
Shares acquired (in shares) \| shares																	24,108		1,000,000.0
Average cost per share acquired \| $ / shares																	$ 72.96		$ 72.96
Average cost per share \| $ / shares																	$ 73.86		$ 73.86
Expense reimbursements from related party																			$ 7,500	5,000	2,100
Amount of loan funded																						$ 16,100
Income from sales of real estate		$ 0
Consideration received		22,100
Ground lease term												99 years		98 years
Safehold Inc. \| Management Fees
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party																			$ 14,900	12,700	7,500
Safehold Inc. \| Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Equity interest																	64.60%		64.60%
Voting power cap threshold															41.90%
Number of director nominees \| director															3
Equity method investments																	$ 1,168,532		$ 1,168,532	937,712
Safehold Inc. \| Real estate equity investments \| Private Placement
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments		$ 50,000				$ 65,000				$ 80,000	$ 130,000	$ 168,000
Shares acquired (in shares) \| shares		657,894				1,100,000				1,700,000	3,800,000	6,000,000.0
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases																$ 7,200
Interest income																			300	3,400	1,200
Proceeds from sale of ground lease								$ 34,000
Gain (loss) from sale of ground lease																				6,100
Ground lease term																99 years
Multifamily Development San Jose \| Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee																$ 80,500
Carrying value of loans																$ 80,500
Ground Lease, Washington DC building conversion
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee							$ 22,500
Interest income																				$ 300
Consideration received							$ 2,300
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest					53.00%
Equity method investments					$ 63,300
Recognized gain or loss					$ 0
Other Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Equity interest		53.00%
Cash investment in equity method investments		$ 2,700
Commitment to provide loan to lessee		75,000
Consideration received		2,700
Multi-Family Project
Schedule of Equity Method Investments [Line Items]
Recognized gain or loss		0
Hotel Property
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee				$ 50,000
Interest income																			$ 2,900
Consideration received				$ 1,900
Recognized gain or loss		$ 0
Ground Lease, Atlanta medical office \| SAFE
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee																							$ 24,000
Interest income																					$ 1,200
Amount of loan funded																							$ 18,400
Land Parcel One \| Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases			83,000															83,000
Land Parcel Two \| Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases			$ 83,000															$ 83,000

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative financial instruments on consolidated balance sheet


	Derivative Liabilities
	Balance Sheet	Fair
As of December 31, 2021	Location	Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	8,395
Total		$	8,395

As of December 31, 2020
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	18,926
Total		$	18,926

(1)	Over the next 12 months, the Company expects that $2.7 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to earnings from equity method investments.

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


		Amount of Gain		Amount of Gain
	Location of Gain	(Loss) Recognized in		(Loss) Reclassified
	(Loss)	Accumulated Other		from Accumulated
Derivatives Designated in	When Recognized in	Comprehensive		Other Comprehensive
Hedging Relationships	Income	Income		Income into Earnings
For the Year Ended December 31, 2021
Interest rate swaps	Net income from discontinued operations	$	4,748	$	(8,140)
Interest rate swaps	Earnings from equity method investments		8,638		(1,943)
For the Year Ended December 31, 2020
Interest rate swaps	Net income from discontinued operations	$	(14,940)	$	(6,974)
Interest rate swaps	Earnings from equity method investments		(13,350)		(1,101)
For the Year Ended December 31, 2019
Interest rate swaps	Net income from discontinued operations		(21,165)		(1,861)
Interest rate swaps	Earnings from equity method investments		(21,417)		(184)

Net Investment in Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of net investment in leases

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


	December 31, 2021
Total undiscounted cash flows	$	524,712
Unguaranteed estimated residual value		42,000
Present value discount		(523,497)
Net investment in leases⁽¹⁾	$	43,215

(1)	As of December 31, 2021 and 2020, the Company’s net investment in lease was current in its payment status and performing in accordance with the terms of the lease. As of December 31, 2021, the risk rating on the Company’s net investment in leases was 1.0.

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 and lease payments for assets that are classified as discontinued operations, in effect as of December 31, 2021, are as follows by year ($ in thousands):⁽¹⁾


	Amount
2022	$	109
2023		1,417
2024		1,445
2025		1,474
2026		1,504
Thereafter		518,763
Total undiscounted cash flows	$	524,712

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 years ended December 31, 2021 and 2020 were as follows ($ in thousands):


	Year Ended
	December 31, 2021		December 31, 2020
Allowance for losses on net investment in leases at beginning of period⁽¹⁾	$	10,871	$	—
Initial allowance recorded upon adoption of new accounting standard⁽²⁾		—		9,111
Provision for (recovery of) losses on net investment in leases included in discontinued operations⁽¹⁾		(10,871)		1,760
Allowance for losses on net investment in leases at end of period⁽¹⁾	$	—	$	10,871

(1)

Refer to Note 3 - Net Lease Sale and Discontinued Operations. During the year ended December 31, 2021, the Company recorded a recovery of losses on net investment in leases of $10.9 million. The recovery of losses on net investment in leases for the year ended December 31, 2021 resulted primarily from the cash flows the Company expects to receive upon disposition of the Company’s net investment in leases included in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Net investment in leases” on the Company’s consolidated balance sheets. During the year ended December 31, 2020, the Company recorded a provision for losses on net investment in leases of $1.8 million resulting primarily from the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets and the adoption of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13").

(2)	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.

Schedule III - Real Estate and Accumulated Depreciation - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at December 31	$ (307,885)
Continuing Operations
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	(32,643)	$ (28,049)	$ (30,961)
Additions	(5,086)	(5,482)	(5,221)
Dispositions	1,027	888	8,133
Balance at December 31	(36,702)	(32,643)	(28,049)
Discontinued Operations
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at January 1	(250,198)	(219,949)	(287,764)
Additions	(40,268)	(38,787)	(40,393)
Other	11,059		44,200
Dispositions	8,224	8,538	64,008
Balance at December 31	$ (271,183)	$ (250,198)	$ (219,949)

Other Investments (Summarized Investee Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total assets	$ 4,840,534				$ 4,861,808				$ 4,840,534	$ 4,861,808
Total liabilities	3,777,328				3,797,425				3,777,328	3,797,425
Noncontrolling interests	211,910				193,414				211,910	193,414
Total equity attributable to parent entities	851,296				870,969				851,296	870,969
Revenues	50,760	$ 143,632	$ 54,254	$ 59,984	92,346	$ 64,221	$ 45,244	$ 122,288	308,630	324,099	$ 273,705
Expenses									472,837	474,070	455,534
Net Income Attributable to Parent									132,481	(42,441)	324,042
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total assets	6,107,890				4,184,503				6,107,890	4,184,503
Total liabilities	3,019,208				2,250,720				3,019,208	2,250,720
Noncontrolling interests	3,024				2,181				3,024	2,181
Total equity attributable to parent entities	$ 3,085,657				$ 1,931,602				3,085,657	1,931,602
Revenues									889,131	129,789	210,602
Expenses									254,001	188,605	176,887
Net Income Attributable to Parent									$ 634,896	$ (59,010)	$ 33,522

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: 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=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: 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=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

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=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: 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=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

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
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

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=123596393&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=123359005&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=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: 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=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: 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=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: 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=123367319&loc=SL114868664-224227

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Assets and Other Liabilities

Note 9—Other Assets and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):⁽¹⁾


	As of
	December 31, 2021		December 31, 2020
Intangible assets, net⁽²⁾	$	1,209	$	2,490
Restricted cash		54,395		51,933
Operating lease right-of-use assets⁽³⁾		20,437		25,099
Other assets⁽⁴⁾		16,040		18,559
Other receivables		5,054		9,846
Leasing costs, net⁽⁵⁾		818		1,319
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,852		2,024
Deferred financing fees, net		629		1,549
Deferred expenses and other assets, net	$	100,434	$	112,819

(1)	Certain items have been reclassified to “Real estate and other assets available and held for sale and classified as discontinued operations” (refer to Note 3).

(2)

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 $10.2 million and $12.3 million as of December 31, 2021 and 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, $0.2 million and $0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $1.0 million, $0.2 million and $0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of December 31, 2021, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.9 years.

(3)

Right-of-use lease assets relate primarily to the Company’s leases of office space. Right-of use lease assets initially equal the lease liability. 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 years ended December 31, 2021, 2020 and 2019, the Company recognized $4.9 million, $4.7 million and $3.6 million, respectively, in “General and administrative” and $0.6 million, $0.6 million and $0.6 million, respectively, in “Real estate expense” in its consolidated statements of operations relating to operating leases.

(4)	Other assets primarily includes prepaid expenses, deposits for certain real estate assets and management fees and expense reimbursements due from SAFE (refer to Note 8).

(5)	Accumulated amortization of leasing costs was $1.1 million and $1.7 million as of December 31, 2021 and 2020, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $14.8 million and $14.3 million as of December 31, 2021 and 2020, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):⁽¹⁾


	As of
	December 31, 2021		December 31, 2020
Other liabilities⁽²⁾	$	30,362		44,569
Accrued expenses		151,810		93,186
Operating lease liabilities (see table above)		23,267		26,212
Accrued interest payable		31,293		30,994
Accounts payable, accrued expenses and other liabilities	$	236,732	$	194,961

(1)	Certain items have been reclassified to “Liabilities associated with real estate held for sale and classified as discontinued operations” (refer to Note 3).

(2)	As of December 31, 2021 and 2020, "Other liabilities" includes $20.1 million and $27.0 million, respectively, of deferred income. As of December 31, 2021 and 2020, other liabilities includes $0.1 million and $1.0 million, respectively, of expected credit losses for unfunded loan commitments.

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


Year	Amount
2022	$	212
2023		212
2024		203
2025		175
2026		222

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (41,578)	$ 109,380	$ (36,731)	$ (14,497)	$ (34,199)	$ (14,382)	$ (36,024)	$ (31,703)	$ 16,574	$ (116,308)	$ (155,575)
Net income attributable to noncontrolling interests									75	(337)	447
Preferred dividends									(23,496)	(23,496)	(32,495)
Net loss from continuing operations and allocable to common shareholders for basic earnings per common share									(6,847)	(140,141)	(187,623)
Net loss from continuing operations and allocable to common shareholders - Diluted									$ (6,847)	$ (140,141)	$ (187,623)

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: 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=123596393&loc=d3e14064-108612

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) plan item $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	15.00%
Number of iPIP plans \| plan	5
Investment period of iPIP plans	2 years
Equity-based compensation	$ 69,261	$ 39,354	$ 30,436
Performance Incentive Plan
Accrued expenses	$ 151,810	93,186
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	$ 116,600	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 \| item	2
Ownership percentage of class A units (as a percent)	100.00%
Equity-based compensation	$ 3,800	$ 3,400	2,900
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)	95.20	97.40
Forfeited (in shares)	(2.20)
Points at end of period (in shares)	97.40
Aggregate gross book value of investments	$ 1,100,000
2021-2022 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	84.75
Granted (in shares)	94.75
Forfeited (in shares)	(10.00)
Aggregate gross book value of investments	$ 182,000
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 58,200	$ 30,700	21,200
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	80.17
Granted (in shares)	0
Points at end of period (in shares)	80.17
Aggregate gross book value of investments	$ 387,000
iPIP distributions to plan participants			$ 7,400
iPIP distributions, equity component (in shares) \| shares			389,545
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares			$ 9.21
iPIP distributions, shares issued net of tax withholdings (in shares) \| shares			209,118
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	70.40	70.40
Granted (in shares)	0
Points at end of period (in shares)	70.40
Aggregate gross book value of investments	$ 396,000
iPIP distributions to plan participants	$ 10,700	$ 1,500	$ 9,400
iPIP distributions, equity component (in shares) \| shares	243,044	54,245	356,065
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares	$ 22.66	$ 14.51	$ 13.11
iPIP distributions, shares issued net of tax withholdings (in shares) \| shares	131,757	32,825	192,829
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	75.34	73.34
Granted (in shares)	2.00
Points at end of period (in shares)	73.34
Aggregate gross book value of investments	$ 453,000
Safehold Inc.
Performance Incentive Plan
Number of shares owned (in shares) \| shares	36,600,000
Safehold Inc. \| 2019-2020 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) \| shares	26,700,000
Safehold Inc. \| Common Stock \| 2021-2022 Performance Incentive Plans
Performance Incentive Plan
Number of shares owned (in shares) \| shares	1,600,000
Safehold Inc. \| Common Stock \| 2017-2018 Performance Incentive Plan
Performance Incentive Plan
Number of shares owned (in shares) \| shares	7,600,000

Real Estate (Schedule of Real Estate Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Less: accumulated depreciation	$ (21,360)	$ (17,574)
Real estate, net	92,150	192,378
Real estate available and held for sale	301	5,212
Total real estate	92,451	197,590
Operating Properties
Real Estate Properties [Line Items]
Land, at cost	6,831	103,530
Buildings and improvements, at cost	106,679	106,422
Less: accumulated depreciation	(21,360)	(17,574)
Real estate, net	92,150	192,378
Real estate available and held for sale	301	5,212
Total real estate	92,451	197,590
Residential Operating Properties
Real Estate Properties [Line Items]
Real estate available and held for sale	$ 300	$ 5,200

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 138,026	$ (30,853)	$ 334,325
Adjustments to reconcile net income (loss) to cash flows from operating activities:
(Recovery of) provision for loan losses	(9,235)	9,052	6,482
(Recovery of) provision for losses on net investment in leases	(10,872)	1,760
Impairment of assets	2,965	7,827	13,419
Depreciation and amortization	59,294	58,092	58,259
Non-cash interest income from sales-type leases	(25,054)	(24,969)	(3,781)
Stock-based compensation expense	69,261	39,354	30,436
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	8,572	13,328	13,847
Amortization of discounts/premiums and deferred interest on loans, net	(14,481)	(30,738)	(42,342)
Deferred interest on loans received	27,526	20,661	10,397
Selling profit from sales-type leases	(25,034)		(180,416)
Earnings from equity method investments	(162,467)	(42,126)	(41,849)
Distributions from operations of other investments	51,588	24,826	30,058
Deferred operating lease income	(11,310)	(14,052)	(16,185)
Income from sales of real estate	(34,794)	(6,318)	(236,623)
Land development revenue in excess of cost of sales	(17,142)	13,025	(9,932)
Loss on early extinguishment of debt, net		12,038	27,724
Other operating activities, net	720	(19,496)	13,642
Changes in assets and liabilities:
Originations and fundings of loans receivable, net	(59,624)
Changes in accrued interest and operating lease income receivable	5,493	(2,311)	417
Changes in deferred expenses and other assets, net	(11,995)	(5,351)	(5,848)
Changes in accounts payable, accrued expenses and other liabilities	(1,764)	(1,863)	(47,655)
Cash flows used in operating activities	(20,327)	21,886	(45,625)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(75,250)	(119,368)	(255,804)
Capital expenditures on real estate assets	(6,762)	(15,798)	(39,946)
Capital expenditures on land and development assets	(23,929)	(40,954)	(117,514)
Acquisition of real estate, net investments in leases and land assets	(42,652)		(240,487)
Repayments of and principal collections on loans receivable and other lending investments, net	270,393	208,240	419,800
Net proceeds from sales of loans receivable	122,609	11,000	5,898
Net proceeds from sales of real estate	157,258	48,415	329,971
Net proceeds from sales of land and development assets	182,723	161,063	114,885
Net proceeds from sales of other investments	111,429
Distributions from other investments	35,036	39,871	62,911
Contributions to and acquisition of interest in other investments	(216,997)	(260,121)	(656,720)
Other investing activities, net	158	(1,169)	(21,090)
Cash flows provided by (used in) investing activities	514,016	31,179	(398,096)
Cash flows from financing activities:
Borrowings from debt obligations	25,000	802,913	1,486,980
Repayments and repurchases of debt obligations	(73,559)	(913,501)	(1,482,558)
Preferred dividends paid	(23,496)	(23,496)	(32,495)
Common dividends paid	(34,783)	(32,664)	(25,059)
Repurchase of stock	(122,618)	(54,565)	(68,289)
Payments for debt prepayment or extinguishment costs		(8,567)	(20,606)
Payments for deferred financing costs	(14,288)	(7,711)	(19,928)
Payments for withholding taxes upon vesting of stock-based compensation	(4,093)	(2,716)	(4,475)
Contributions from noncontrolling interests	11,127	496	2,812
Distributions to noncontrolling interests	(13,425)	(15,167)	(14,998)
Other financing activities, net			(13)
Cash flows (used in) provided by financing activities	(250,135)	(254,978)	(178,629)
Effect of exchange rate changes on cash	(124)	273	12
Changes in cash, cash equivalents and restricted cash	243,430	(201,640)	(622,338)
Cash, cash equivalents and restricted cash at beginning of period	150,566	352,206	974,544
Cash, cash equivalents and restricted cash at end of period	393,996	150,566	352,206
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amount capitalized	$ 143,451	$ 142,453	$ 181,520

Stock-Based Compensation Plans and Employee Benefits

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation Plans and Employee Benefits

Note 15—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 $69.3 million, $39.4 million and $30.4 million, respectively, during the years ended December 31, 2021, 2020 and 2019 in "General and administrative" in the Company’s consolidated statements of operations. As of December 31, 2021, there was $5.7 million of total unrecognized compensation cost related to all unvested restricted stock units that is expected to be recognized over a weighted average remaining vesting/service period of 1.10 years.

Performance Incentive Plans—The Company’s Performance Incentive Plans ("iPIP") are designed to provide, primarily to senior executives and select professionals engaged in the Company’s investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plans. Awards vest over six years, with 40% being vested at the end of the second year and 15% each year thereafter. As of December 31, 2021, there are five iPIP Plans, each covering a two-year investment period beginning with the 2013-2014 Plan through the 2021-2022 Plan.

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 will be 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 years ended December 31, 2021, 2020 and 2019, the Company recorded $3.8 million, $3.4 million and $2.9 million, respectively, of expense related to the 2019-2022 iPIP plans. Distributions on the class B units are expected to be 50% in cash and 50% in shares of the Company’s common stock; provided, however, that (a) the cash portion will be increased if the Company does not have sufficient shares available under shareholder approved equity plans; and (b) if the principal remaining material asset in a plan is unsold SAFE shares, the Company may elect to distribute SAFE shares in lieu of cash and Company stock.

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


	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	97.40	—
Granted	—	94.75
Forfeited	(2.20)	(10.00)
Points at end of period	95.20	84.75

As of December 31, 2021, investments with an aggregate gross book value of $1.1 billion, including 26.7 million shares of SAFE common stock acquired by the Company, were attributable to the 2019-2020 Plan and investments with an aggregate gross book value of $182 million, including 1.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2021-2022 Plan.

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

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


	iPIP Investment Pool
	2013‑2014	2015‑2016	2017‑2018
Points at beginning of period	80.17	70.40	73.34
Granted	—	—	2.00
Points at end of period	80.17	70.40	75.34

During the years ended December 31, 2021, 2020 and 2019, the Company recorded $58.2 million, $30.7 million and $21.2 million, respectively, of expense related to the 2013-2018 iPIP plans.

As of December 31, 2021, investments with an aggregate gross book value of $387 million were attributable to the 2013-2014 Plan, investments with an aggregate gross book value of $396 million were attributable to the 2015-2016 Plan and investments with an aggregate gross book value of $453 million, including 7.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2017-2018 Plan.

During the year ended December 31, 2021, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $10.7 million as compensation, comprised of cash and 243,044 shares of the Company’s common stock with a fair value of $22.66 per share, which are fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 131,757 shares of the Company’s common stock were issued.

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

During the year ended December 31, 2019, the Company made distributions to participants in the 2015-2016 investment pool. The iPIP participants received total distributions in the amount of $9.4 million as compensation, comprised of cash and 356,065 shares of the Company’s common stock with a fair value of $13.11 per share, which are

fully-vested and issued under the 2009 LTIP (see below). After deducting statutory minimum tax withholdings, a total of 192,829 shares of the Company’s common stock were issued.

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

As of December 31, 2021 and 2020, the Company had accrued compensation costs relating to iPIP of $116.6 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 2021, the Company’s shareholders approved an increase in the number of shares available for issuance under the 2009 LTIP from a maximum of 8.9 million to 9.9 million and extended the expiration date of the 2009 LTIP from May 2029 to May 2031.

As of December 31, 2021, an aggregate of 3.0 million shares remain available for issuance pursuant to future awards under the Company’s 2009 LTIP.

Restricted Stock Units—Changes in non-vested restricted stock units (“Units”) during the year ended December 31, 2021 were as follows (number of shares and $ in thousands, except per share amounts):


		Grant Date		Aggregate
	Number	Fair Value		Intrinsic
	of Shares	Per Share		Value
Nonvested at beginning of period	531	$	10.85	$	7,885
Granted	372	$	18.59
Vested	(115)	$	9.37
Forfeited	(34)	$	15.67
Nonvested at end of period	754	$	14.67	$	19,480

The total fair value of Units vested during the years ended December 31, 2021, 2020 and 2019 was $1.7 million, $3.6 million and $1.8 million, respectively. The weighted average grant date fair value per share of Units granted during the years ended December 31, 2021, 2020 and 2019 was $18.59, $14.68 and $8.84, respectively.

Directors’ Awards—Non-employee directors are awarded CSEs or restricted share awards at the time of the annual shareholders’ meeting in consideration for their services on the Company’s Board of Directors. During the year ended December 31, 2021, the Company awarded to non-employee Directors 38,186 restricted shares of common stock at a fair value per share of $17.51 at the time of grant for their annual equity awards and also issued 2,076 common stock equivalents ("CSEs") at a fair value of $21.15 per CSE in respect of dividend equivalents on outstanding CSEs. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the CSEs and restricted shares of common stock vest and are settled. As of December 31, 2021, a combined total of 129,936 CSEs and restricted shares of common stock granted to members of the Company’s Board of Directors remained outstanding under the Company’s Non-Employee Directors Deferral Plan, with an aggregate intrinsic value of $3.4 million.

401(k) Plan—The Company has a savings and retirement plan (the "401(k) Plan"), which is a voluntary, defined contribution plan. All employees are eligible to participate in the 401(k) Plan following completion of three months of continuous service with the Company. Each participant may contribute on a pretax basis up to the maximum percentage

of compensation and dollar amount permissible under Section 402(g) of the Internal Revenue Code not to exceed the limits of Code Sections 401(k), 404 and 415. At the discretion of the Company’s Board of Directors, the Company may make matching contributions on the participant’s behalf of up to 50% of the participant’s contributions, up to a maximum of 10% of the participants’ compensation. The Company made gross contributions of $0.9 million, $1.1 million and $0.9 million, respectively, for the years ended December 31, 2021, 2020 and 2019.

Summary of Significant Accounting Policies (Real Estate and Land Development) (Details)	12 Months Ended
	Dec. 31, 2021
Facilities
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

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

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure


				Initial Cost to				Cost		Gross Amount Carried
				Company				Capitalized		at Close of Period										Depreciable
						Building and		Subsequent to				Building and				Accumulated			Date	Life
Location		Encumbrances		Land		Improvements		Acquisition⁽²⁾		Land		Improvements		Total		Depreciation			Acquired	(Years)
CONTINUING OPERATIONS
LAND:
California	LAN003	$	-	$	28,464	$	2,836	$	(19,453)	$	9,011	$	2,836	$	11,847	$	2,866	(3)	2010	—
Florida	LAN004		-		26,600		-		(25,987)		26,600		(25,987)		613		7		2010	—
New Jersey	LAN006		-		43,300		-		32,034		75,334		-		75,334		1,189	(3)	2009	—
New Jersey	LAN007		-		3,992		-		51,329		55,321		-		55,321		-		2009	—
New Jersey	LAN008		-		111		5,954		2,275		2,386		5,954		8,340		-		2009	—
New York	LAN009		-		58,900		-		(19,874)		39,026		-		39,026		-		2011	—
New York	LAN011		-		4,600		-		-		4,600		-		4,600		-		2018	—
Virginia	LAN012		-		72,138		-		30,401		102,539		-		102,539		6,748	(3)	2009	—
Subtotal			-		238,105		8,790		50,725		314,817		(17,197)		297,620		10,810

RETAIL:
Hawaii	RET003	$	-	$	3,393	$	21,155	$	(7,134)	$	3,393	$	14,021	$	17,414	$	4,994		2009	40.0
Illinois	RET004		-		-		336		2,282		-		2,618		2,618		1,379		2010	40.0
Subtotal			-		3,393		21,491		(4,852)		3,393		16,639		20,032		6,373

HOTEL:
Hawaii	HOT001	$	-	$	17,996	$	17,996	$	(31,160)	$	3,419	$	1,413	$	4,832	$	4,531		2009	40.0
New Jersey	HOT002		-		297		18,299		3,931		297		22,230		22,527		3,089		2019	40.0
New Jersey	HOT003		-		120		6,548		23		120		6,571		6,691		412		2019	40.0
New Jersey	HOT004		-		3,815		40,194		4,143		3,815		44,337		48,152		10,002		2016	40.0
Subtotal			-		22,228		83,037		(23,063)		7,651		74,551		82,202		18,034

ENTERTAINMENT:
New Jersey	ENT060	$	-	$	750	$	10,670	$	798	$	750	$	11,468	$	12,218	$	1,226		2017	40.0
New York	ENT063		-		3,277		-		614		587		3,304		3,891		259		2013	40.0
Subtotal			-		4,027		10,670		1,412		1,337		14,772		16,109		1,485

TOTAL CONTINUING OPERATIONS		$	-	$	267,753	$	123,988	$	24,222	$	327,198	$	88,765	$	415,963	$	36,702	(5)


				Initial Cost to		Cost	Gross Amount Carried
				Company		Capitalized	at Close of Period
					Building and	Subsequent to		Building and		Accumulated	Date	Life
Location		Encumbrances		Land	Improvements	Acquisition⁽²⁾	Land	Improvements	Total	Depreciation	Acquired	(Years)
DISCONTINUED OPERATIONS
OFFICE FACILITIES:
Arizona	OFF001	-	(1)	1,033	6,652	2,942	1,033	9,594	10,627	5,688	1999	40.0
Arizona	OFF002	-	(1)	1,033	6,652	491	1,033	7,143	8,176	3,916	1999	40.0
Arizona	OFF003	-	(1)	1,033	6,652	556	1,033	7,208	8,241	3,976	1999	40.0
Arizona	OFF004	-	(1)	701	4,339	2,170	701	6,509	7,210	3,138	1999	40.0
California	OFF005	-		9,702	29,831	2,360	9,702	32,191	41,893	3,363	2018	40.0
Colorado	OFF006	-	(1)	-	16,752	(11,213)	-	5,539	5,539	712	2002	40.0
Hawaii	OFF007	43,751		-	42,177	-	-	42,177	42,177	-	2021	40.0
Illinois	OFF008	19,628		7,681	30,230	-	7,681	30,230	37,911	3,375	2018	40.0
Maryland	OFF009	115,000		19,529	148,286	(85)	19,529	148,201	167,730	11,977	2018	40.0
Massachusetts	OFF010	-		1,600	21,947	286	1,600	22,233	23,833	11,091	2002	40.0
New Jersey	OFF011	63,500		-	99,296	238	-	99,534	99,534	7,067	2019	40.0
New Jersey	OFF012	45,610		7,726	74,429	10	7,724	74,441	82,165	35,482	2002	40.0
New Jersey	OFF013	5,885		1,008	13,763	206	1,008	13,969	14,977	6,203	2004	40.0
New Jersey	OFF014	14,013		2,456	28,955	814	2,456	29,769	32,225	13,269	2004	40.0
New York	OFF015	69,986		19,631	104,527	-	19,631	104,527	124,158	9,576	2018	40.0
Texas	OFF016	91,000		-	88,136	17,533	-	105,669	105,669	7,423	2019	40.0
Virginia	OFF017	49,161		14,242	68,610	-	14,242	68,610	82,852	7,244	2018	40.0
Subtotal		517,534		87,375	791,234	16,308	87,373	807,544	894,917	133,500

INDUSTRIAL FACILITIES:
Michigan	IND001	-	(1)	598	9,814	-	598	9,814	10,412	4,867	2007	40.0
Minnesota	IND002	-	(1)	6,705	17,690	-	6,225	18,170	24,395	7,682	2005	40.0
Ohio	IND003	51,282		1,990	56,329	25,001	1,990	81,330	83,320	6,597	2018	40.0
Oklahoma	IND004	7,565		401	7,644	-	401	7,644	8,045	1,432	2018	40.0
Texas	IND005	7,566		2,341	17,142	-	2,341	17,142	19,483	1,880	2018	40.0
Wisconsin	IND006	29,349		2,845	55,805	272	2,845	56,077	58,922	6,182	2018	40.0
Subtotal		95,762		14,880	164,424	25,273	14,400	190,177	204,577	28,640


					Initial Cost to				Cost		Gross Amount Carried
					Company				Capitalized		at Close of Period
							Building and		Subsequent to				Building and				Accumulated		Date	Life
Location		Encumbrances			Land		Improvements		Acquisition⁽²⁾		Land		Improvements		Total		Depreciation		Acquired	(Years)
ENTERTAINMENT:
Alabama	ENT001	$	1,566		$	1,939	$	1,840	$	-	$	1,939	$	1,840	$	3,779	$	403	2018	40.0
Arizona	ENT002		1,252			389		2,074		1		389		2,075		2,464		273	2018	40.0
Arizona	ENT003		2,208			1,750		2,118		-		1,750		2,118		3,868		439	2018	40.0
Arizona	ENT004		4,647			1,969		3,552		-		1,969		3,552		5,521		577	2018	40.0
Arizona	ENT005		1,402			970		1,710		-		970		1,710		2,680		267	2018	40.0
Arizona	ENT006		1,640			1,205		1,933		-		1,205		1,933		3,138		286	2018	40.0
Arizona	ENT007		917			456		877		1		456		878		1,334		159	2018	40.0
California	ENT008		2,470			2,032		4,869		-		2,032		4,869		6,901		776	2018	40.0
California	ENT009		1,528			1,097		1,882		1		1,097		1,883		2,980		342	2018	40.0
California	ENT010		1,455			990		1,910		-		990		1,910		2,900		319	2018	40.0
California	ENT011		2,666			1,649		3,803		-		1,649		3,803		5,452		603	2018	40.0
California	ENT012		2,488			1,503		3,608		-		1,503		3,608		5,111		552	2018	40.0
California	ENT013		1,068			777		1,963		-		777		1,963		2,740		368	2018	40.0
California	ENT015		-	(1)		-		1,953		28,817		-		30,770		30,770		9,002	2008	40.0
California	ENT016		1,528			1,167		1,930		-		1,167		1,930		3,097		329	2018	40.0
Canada	ENT017		2,007			1,231		2,491		-		1,231		2,491		3,722		412	2018	40.0
Colorado	ENT018		1,545			1,057		1,719		-		1,057		1,719		2,776		310	2018	40.0
Colorado	ENT019		1,052			497		820		-		497		820		1,317		167	2018	40.0
Colorado	ENT020		1,464			713		2,206		-		713		2,206		2,919		262	2018	40.0
Colorado	ENT021		5,283			2,880		5,586		-		2,880		5,586		8,466		806	2018	40.0
Colorado	ENT022		1,550			1,018		1,886		-		1,018		1,886		2,904		312	2018	40.0
Colorado	ENT023		1,005			669		1,671		-		669		1,671		2,340		277	2018	40.0
Florida	ENT024		1,102			757		1,347		-		757		1,347		2,104		240	2018	40.0
Florida	ENT025		-	(1)		-		41,809		-		-		41,809		41,809		25,998	2005	27.0
Florida	ENT026		-	(1)		6,550		-		17,118		6,533		17,135		23,668		6,281	2006	40.0
Florida	ENT027		1,183			513		493		-		513		493		1,006		73	2018	40.0
Florida	ENT028		1,245			843		1,537		-		843		1,537		2,380		278	2018	40.0
Florida	ENT029		-	(1)		4,200		18,272		2,591		4,200		20,863		25,063		7,805	2005	40.0
Georgia	ENT031		1,824			1,383		3,776		-		1,383		3,776		5,159		529	2018	40.0
Georgia	ENT032		4,341			2,098		5,113		(1)		2,098		5,112		7,210		700	2018	40.0
Georgia	ENT033		1,367			911		1,285		-		911		1,285		2,196		221	2018	40.0
Georgia	ENT034		1,978			1,180		1,436		-		1,180		1,436		2,616		238	2018	40.0
Georgia	ENT035		1,176			715		760		-		715		760		1,475		153	2018	40.0
Georgia	ENT036		2,210			1,110		380		-		1,110		380		1,490		141	2018	40.0
Georgia	ENT037		1,957			893		311		1		893		312		1,205		74	2018	40.0
Illinois	ENT038		2,894			1,312		4,041		-		1,312		4,041		5,353		733	2018	40.0
Illinois	ENT039		1,575			861		3,945		-		861		3,945		4,806		555	2018	40.0
Illinois	ENT040		-	(1)		8,803		57		33,479		8,803		33,536		42,339		11,043	2006	40.0
Illinois	ENT041		1,016			455		819		1		455		820		1,275		111	2018	40.0
Illinois	ENT042		1,126			924		238		1		924		239		1,163		225	2018	40.0
Illinois	ENT043		1,150			704		956		(1)		704		955		1,659		153	2018	40.0


					Initial Cost to				Cost		Gross Amount Carried
					Company				Capitalized		at Close of Period
							Building and		Subsequent to				Building and					Accumulated		Date	Life
Location		Encumbrances			Land		Improvements		Acquisition⁽²⁾		Land		Improvements		Total			Depreciation		Acquired	(Years)
Illinois	ENT044		2,771			2,254		3,251		-		2,254		3,251		5,505			674	2018	40.0
Illinois	ENT045		1,025			730		682		-		730		682		1,412			169	2018	40.0
Illinois	ENT046		1,665			1,754		3,289		(1)		1,754		3,288		5,042			556	2018	40.0
Illinois	ENT047		918			600		666		-		600		666		1,266			150	2018	40.0
Illinois	ENT048		584			342		670		-		342		670		1,012			116	2018	40.0
Illinois	ENT049		1,098			829		1,597		(1)		829		1,596		2,425			280	2018	40.0
Maryland	ENT050		1,600			1,762		1,300		-		1,762		1,300		3,062			290	2018	40.0
Maryland	ENT051		1,244			889		1,632		1		889		1,633		2,522			225	2018	40.0
Minnesota	ENT052		2,460			1,801		2,814		(1)		1,801		2,813		4,614			584	2018	40.0
Minnesota	ENT053		2,453			1,455		2,036		-		1,455		2,036		3,491			421	2018	40.0
Minnesota	ENT054		-	(1)		2,962		-		17,164		2,962		17,164		20,126			7,490	2006	40.0
Minnesota	ENT055		2,506			1,496		2,117		-		1,496		2,117		3,613			388	2018	40.0
Minnesota	ENT056		2,508			1,910		3,373		-		1,910		3,373		5,283			538	2018	40.0
Minnesota	ENT057		-	(1)		2,437		8,715		2,098		2,437		10,813		13,250			5,250	2006	40.0
Missouri	ENT058		2,728			1,936		3,381		(0)		1,936		3,381		5,317			529	2014	40.0
Missouri	ENT059		1,283			803		1,408		0		803		1,408		2,211			214	2014	40.0
New Jersey	ENT061		1,493			1,141		2,094		-		1,141		2,094		3,235			287	2018	40.0
New Jersey	ENT062		1,368			1,354		1,314		-		1,354		1,314		2,668			353	2018	40.0
Ohio	ENT064		892			290		1,057		-		290		1,057		1,347			110	2018	40.0
Pennsylvania	ENT065		775			410		759		-		410		759		1,169			158	2018	40.0
Texas	ENT066		1,098			712		763		-		712		763		1,475			136	2018	40.0
Texas	ENT067		897			379		266		-		379		266		645			67	2018	40.0
Texas	ENT068		1,996			1,073		2,274		-		1,073		2,274		3,347			337	2018	40.0
Washington	ENT069		2,004			1,608		4,010		-		1,608		4,010		5,618			627	2018	40.0
Subtotal			102,252			91,097		188,444		101,269		91,080		289,730		380,810			92,741

RETAIL:
Colorado	RET001		-	(1)		2,631		279		5,195		2,607		5,498		8,105			1,999	2006	40.0
Florida	RET002		-	(1)		3,950		-		10,285		3,908		10,327		14,235			3,935	2005	40.0
New Mexico	RET005		-	(1)		1,733		-		8,728		1,705		8,756		10,461			3,453	2005	40.0
New York	RET006		-	(1)		731		6,073		700		711		6,793		7,504			3,051	2005	40.0
Texas	RET007		-	(1)		3,538		4,215		(187)		3,514		4,052		7,566			1,604	2005	40.0
Utah	RET008		-	(1)		3,502		-		5,978		3,502		5,978		9,480			2,260	2005	40.0
Subtotal			-			16,085		10,567		30,699		15,947		41,404		57,351			16,302

TOTAL DISCONTINUED OPERATIONS		$	715,548		$	209,437	$	1,154,669	$	173,549	$	208,800	$	1,328,855	$	1,537,655		$	271,183

GRAND TOTAL		$	715,548		$	477,190	$	1,278,657	$	197,771	$	535,998	$	1,417,620	$	1,953,618	(4)	$	307,885

(1)	Consists of properties pledged as collateral under the Company’s secured credit facilities with a carrying value of $217.7 million.

(2)	Includes impairments and unit sales.

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

(4)	The aggregate cost for Federal income tax purposes was approximately $2.14 billion at December 31, 2021.

(5)	Includes $10.8 million and $4.5 million relating to accumulated depreciation for land and development assets and real estate assets held for sale, respectively, as of December 31, 2021.

The following table reconciles real estate, excluding real estate classified as discontinued operations, from January 1, 2019 to December 31, 2021:


	2021		2020		2019
Balance at January 1	$	660,896	$	817,382	$	$ 885,200
Improvements and additions		24,691		32,142		102,590
Acquisitions through foreclosure		—		—		-
Other acquisitions		—		—		34,492
Dispositions		(268,945)		(182,838)		(194,523)
Impairments		(679)		(5,790)		(10,377)
Balance at December 31	$	415,963	$	660,896	$	817,382

The following table reconciles accumulated depreciation, excluding accumulated depreciation for real estate classified as discontinued operations, from January 1, 2019 to December 31, 2021:


	2021		2020		2019
Balance at January 1	$	(32,643)	$	(28,049)	$	(30,961)
Additions		(5,086)		(5,482)		(5,221)
Dispositions		1,027		888		8,133
Balance at December 31	$	(36,702)	$	(32,643)	$	(28,049)

The following table reconciles real estate classified as discontinued operations from January 1, 2019 to December 31, 2021:


	2021		2020		2019
Balance at January 1	$	1,542,101	$	1,547,031	$	1,825,312
Improvements and additions		2,578		21,764		31,445
Other acquisitions		42,177		—		196,944
Dispositions		(23,201)		(26,694)		(270,125)
Other		(26,000)		—		(236,545)
Balance at December 31	$	1,537,655	$	1,542,101	$	1,547,031

The following table reconciles accumulated depreciation classified as discontinued operations from January 1, 2019 to December 31, 2021:


	2021		2020		2019
Balance at January 1	$	(250,198)	$	(219,949)	$	(287,764)
Additions		(40,268)		(38,787)		(40,393)
Dispositions		8,224		8,538		64,008
Other		11,059		—		44,200
Balance at December 31	$	(271,183)	$	(250,198)	$	(219,949)

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 22, 2022
Equity [Abstract]
Shares repurchased and retired during period (in shares)	5.5	4.2
Common stock value repurchased including acquisition costs	$ 122.4	$ 48.4
Average cost per share of repurchased shares (in dollars per share)	$ 22.38	$ 11.48
Stock repurchase program, authorized amount	$ 50.0	$ 50.0
Stock repurchase program remaining authorized amount	$ 0.4
Increase in authorized shares for repurchase			$ 50.0

Risk Management and Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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	$ 2,700
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,395	$ 18,926
Derivatives Designated in Hedging Relationships \| Interest rate swaps \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 8,395	$ 18,926

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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

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


	Net		Real Estate		Operating		Land and		Corporate/		Company
	Lease⁽¹⁾		Finance		Properties		Development		Other⁽²⁾		Total
Year Ended December 31, 2021
Operating lease income	$	—	$	—	$	16,445	$	379	$	—	$	16,824
Interest income		1,707		29,522		—		—		—		31,229
Interest income from sales-type leases		1,215		—		—		—		—		1,215
Other income		14,888		1,260		27,342		6,899		19,870		70,259
Land development revenue		—		—		—		189,103		—		189,103
Earnings (losses) from equity method investments		108,399		3,074		15,108		21,492		6,271		154,344
Income from sales of real estate		—		—		26,319		—		—		26,319
Total revenue and other earnings		126,209		33,856		85,214		217,873		26,141		489,293
Real estate expense		(424)		—		(27,020)		(18,550)		—		(45,994)
Land development cost of sales		—		—		—		(171,961)		—		(171,961)
Other expense		(587)		(515)		—		(70)		(6,942)		(8,114)
Allocated interest expense		(61,685)		(14,830)		(6,949)		(15,242)		(16,694)		(115,400)
Allocated general and administrative⁽³⁾		(25,077)		(4,736)		(2,227)		(9,555)		(20,847)		(62,442)
Segment profit (loss)⁽⁴⁾	$	38,436	$	13,775	$	49,018	$	2,495	$	(18,342)	$	85,382
Other significant items:
Recovery of loan losses	$	—	$	(8,085)	$	—	$	—	$	—	$	(8,085)
Impairment of assets		—		—		678		—		—		678
Depreciation and amortization		—		—		5,585		902		585		7,072
Capitalized expenditures		2,578		—		655		24,036		—		27,269

Year Ended December 31, 2020
Operating lease income	$	2,706	$	—	$	21,214	$	356	$	—	$	24,276
Interest income		—		56,676		—		—		—		56,676
Other income		12,704		11,975		8,065		19,030		26,671		78,445
Land development revenue		—		—		—		164,702		—		164,702
Earnings (losses) from equity method investments		53,476		—		(16,361)		3,432		(1,075)		39,472
Income from sales of real estate		6,056		—		262		—		—		6,318
Total revenue and other earnings		74,942		68,651		13,180		187,520		25,596		369,889
Real estate expense		(161)		—		(22,936)		(22,986)		—		(46,083)
Land development cost of sales		—		—		—		(177,727)		—		(177,727)
Other expense		—		(266)		—		—		(303)		(569)
Allocated interest expense		(58,462)		(23,390)		(8,951)		(17,940)		(18,085)		(126,828)
Allocated general and administrative⁽³⁾		(23,223)		(6,622)		(2,591)		(9,990)		(19,099)		(61,525)
Segment profit (loss)⁽⁴⁾	$	(6,904)	$	38,373	$	(21,298)	$	(41,123)	$	(11,891)	$	(42,843)
Other significant items:
Provision for loan losses	$	—	$	8,866	$	—	$	—	$	—	$	8,866
Impairment of assets		—		—		3,053		2,738		—		5,791
Depreciation and amortization		—		—		5,142		952		1,233		7,327
Capitalized expenditures		21,764		—		1,636		30,506		—		53,906

Year Ended December 31, 2019
Operating lease income	$	3,585	$	—	$	28,423	$	286	$	—	$	32,294
Interest income		—		75,636		—		—		—		75,636
Other income		7,535		4,946		17,384		7,838		8,477		46,180
Land development revenue		—		—		—		119,595		—		119,595
Earnings (losses) from equity method investments		29,764		—		8,298		4,322		(6)		42,378
Income from sales of real estate		—		—		11,969		—		—		11,969
Total revenue and other earnings		40,884		80,582		66,074		132,041		8,471		328,052
Real estate expense		(197)		—		(35,322)		(32,318)		—		(67,837)
Land development cost of sales		—		—		—		(109,663)		—		(109,663)
Other expense		—		(462)		—		—		(12,658)		(13,120)
Allocated interest expense		(52,934)		(29,587)		(10,249)		(20,706)		(28,223)		(141,699)
Allocated general and administrative⁽⁵⁾		(25,990)		(8,254)		(2,887)		(11,957)		(19,085)		(68,173)
Segment profit (loss)⁽⁴⁾	$	(38,237)	$	42,279	$	17,616	$	(42,603)	$	(51,495)	$	(72,440)
Other significant non-cash items:
Provision for loan losses	$	—	$	6,482	$	—	$	—	$	—	$	6,482
Impairment of assets		—		—		3,853		6,427		668		10,948
Depreciation and amortization		—		—		4,977		977		1,222		7,176
Capitalized expenditures		31,445		—		5,617		99,031		—		136,093

As of December 31, 2021
Real estate, net	$	—	$	—	$	92,150	$	—	$	—	$	92,150
Real estate available and held for sale		—		—		301		—		—		301

Total real estate		—		—		92,451		—		—		92,451
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		2,299,711		—		—		—		—		2,299,711
Net investment in leases		43,215		—		—		—		—		43,215
Land and development, net		—		—		—		286,810		—		286,810
Loans receivable and other lending investments, net		—		332,844		—		—		—		332,844
Loan receivable held for sale		43,215		—		—		—		—		43,215
Other investments		1,186,162		48,862		43,252		1,096		17,909		1,297,281
Total portfolio assets		3,572,303		381,706		135,703		287,906		17,909		4,395,527
Cash and other assets												445,007
Total assets											$	4,840,534

As of December 31, 2020
Real estate, net	$	—	$	—	$	192,378	$	—	$	—	$	192,378
Real estate available and held for sale		—		—		5,212		—		—		5,212
Total real estate		—		—		197,590		—		—		197,590
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		2,228,570		—		—		—		—		2,228,570
Land and development, net		—		—		—		430,663		—		430,663
Loans receivable and other lending investments, net		—		686,931		—		—		—		686,931
Other investments		937,712		—		58,739		31,200		69,911		1,097,562
Total portfolio assets	$	3,166,282	$	686,931	$	256,329	$	461,863	$	69,911		4,641,316
Cash and other assets												220,492
Total assets											$	4,861,808

(1)	Refer to Note – Net Lease Sale and Discontinued Operations.

(2)

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.

(3)	General and administrative excludes stock-based compensation expense of $69.3 million, $39.4 million and $30.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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


	For the Years Ended December 31,
	2021		2020		2019
Segment profit	$	85,382	$	(42,843)	$	(72,440)
Less: Recovery of (provision for) loan losses		8,085		(8,866)		(6,482)
Less: Impairment of assets		(678)		(5,791)		(10,948)
Less: Stock-based compensation expense		(69,261)		(39,354)		(30,436)
Less: Depreciation and amortization		(7,072)		(7,327)		(7,176)
Less: Income tax benefit (expense)		118		(89)		(369)
Less: Loss on early extinguishment of debt, net		—		(12,038)		(27,724)
Less: Net income from discontinued operations		121,452		85,455		489,900
Net income (loss)	$	138,026	$	(30,853)	$	334,325

Schedule of reconciliation of segment profit to income (loss)

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


	For the Years Ended December 31,
	2021		2020		2019
Segment profit	$	85,382	$	(42,843)	$	(72,440)
Less: Recovery of (provision for) loan losses		8,085		(8,866)		(6,482)
Less: Impairment of assets		(678)		(5,791)		(10,948)
Less: Stock-based compensation expense		(69,261)		(39,354)		(30,436)
Less: Depreciation and amortization		(7,072)		(7,327)		(7,176)
Less: Income tax benefit (expense)		118		(89)		(369)
Less: Loss on early extinguishment of debt, net		—		(12,038)		(27,724)
Less: Net income from discontinued operations		121,452		85,455		489,900
Net income (loss)	$	138,026	$	(30,853)	$	334,325

Other Assets and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Assets and Other Liabilities [Abstract]
Other liabilities	$ 30,362	$ 44,569
Accrued expenses	151,810	93,186
Operating lease liabilities (see table above)	23,267	26,212
Accrued interest payable	31,293	30,994
Accounts payable, accrued expenses and other liabilities	236,732	194,961
Deferred income	20,100	27,000
Expected credit losses for unfunded commitments	$ 100	$ 1,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities

Real Estate

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate

Note 4—Real Estate

The Company’s real estate assets were comprised of the following ($ in thousands):⁽¹⁾


As of December 31, 2021
Land, at cost	$	6,831
Buildings and improvements, at cost		106,679
Less: accumulated depreciation		(21,360)
Real estate, net		92,150
Real estate available and held for sale⁽²⁾		301
Total real estate	$	92,451
As of December 31, 2020
Land, at cost	$	103,530
Buildings and improvements, at cost		106,422
Less: accumulated depreciation		(17,574)
Real estate, net		192,378
Real estate available and held for sale⁽²⁾		5,212
Total real estate	$	197,590

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

(2)	As of December 31, 2021 and 2020, the Company had $0.3 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 - Consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9%. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company’s senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% external partner’s interest. As of

December 31, 2021 and 2020, the assets and liabilities of the Net Lease Venture are recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets (refer to Note 3 - Net Lease Sale and Discontinued Operations).

Real Estate Available and Held for Sale—The following table presents the carrying value of properties transferred to held for sale, excluding net lease assets transferred to held for sale and classified as discontinued operations (refer to Note 3 – Net Lease Sale and Discontinued Operations), by segment ($ in millions):⁽¹⁾


	Years Ended December 31,
Property Type	2021		2020		2019
Operating Properties	$	96.8	$	—	$	14.5
Total	$	96.8	$	—	$	14.5

(1)	Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy.

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


		Years Ended December 31,
	2021		2020		2019
Operating Properties⁽¹⁾
Proceeds	$	127.3	$	5.9	$	86.1
Income from sales of real estate		26.3		0.2		11.9

Net Lease⁽²⁾
Proceeds	$	37.9	$	42.4	$	469.4
Income from sales of real estate		—		6.1		—
Net income from discontinued operations		8.5		—		224.7

Total
Proceeds	$	165.2	$	48.3	$	555.5
Income from sales of real estate		26.3		6.3		11.9
Net income from discontinued operations		8.5		—		224.7

(1)

During the year ended December 31, 2021, the Company sold a commercial operating property with a carrying value of $96.8 million and recognized gains of $25.6 million and sold residential operating properties and recognized gains of $0.7 million in “Income from sales of real estate” in the Company’s consolidated statements of operations. During the year ended December 31, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $73.1 million and recognized $11.9 million of gains in “Income from sales of real estate” in the Company’s consolidated statements of operations.

(2)

During the year ended December 31, 2020, proceeds include $7.5 million of proceeds from the sale of a net lease asset for which the Company recognized an impairment of $1.7 million in connection with the sale. During the year ended December 31, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized $219.7 million of gains in “Net income from discontinued operations” in the Company’s consolidated statements of operations (refer to Note 3 - Net Lease Sale and Discontinued Operations). In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage.

Impairments—During the years ended December 31, 2021, 2020 and 2019, the Company recorded aggregate impairments on real estate assets totaling $0.6 million, $3.1 million and $4.5 million, respectively. During the year ended December 31, 2021, the Company recorded an impairment of $0.6 million on an operating property. During the year ended December 31, 2020, the Company recorded an impairment of $3.1 million on a real estate asset held for sale. During the year ended December 31, 2019, the Company recorded an aggregate impairment of $3.9 million in connection with the sale of operating properties and residential condominium units.

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 $2.9 million, $3.6 million and $5.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are included in “Net income from discontinued operations” in the Company’s consolidated statements of operations.

Allowance for Doubtful Accounts—As of December 31, 2021 and 2020, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $1.2 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 lease payments for assets that are classified as discontinued operations and customer reimbursements of expenses, in effect as of December 31, 2021, are as follows by year ($ in thousands): ⁽¹⁾


	Operating
Year	Properties
2022	$	6,275
2023		6,017
2024		5,965
2025		5,372
2026		4,892
Thereafter		3,007

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations. .

Loans Receivable and Other Lending Investments, net

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Loans Receivable and Other Lending Investments, net

Note 7—Loans Receivable and Other Lending Investments, net

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


	As of
	December 31, 2021		December 31, 2020
Construction loans
Senior mortgages	$	184,643	$	449,733
Corporate/Partnership loans		618		65,100
Subtotal - gross carrying value of construction loans⁽¹⁾		185,261		514,833
Loans
Senior mortgages		14,965		35,922
Corporate/Partnership loans		—		20,567
Subordinate mortgages		12,457		11,640
Subtotal - gross carrying value of loans		27,422		68,129
Other lending investments
Held-to-maturity debt securities		96,838		90,715
Available-for-sale debt securities		28,092		25,274
Subtotal - other lending investments		124,930		115,989
Total gross carrying value of loans receivable and other lending investments		337,613		698,951
Allowance for loan losses		(4,769)		(12,020)
Total loans receivable and other lending investments, net	$	332,844	$	686,931

(1)	As of December 31, 2021, 100% of 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 years ended December 31, 2021 and 2020 ($ in thousands):


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Year Ended December 31, 2021	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020
Recovery of loan losses⁽¹⁾		(5,328)		(967)		(789)		(167)		(7,251)
Allowance for loan losses at end of period	$	1,213	$	676	$	2,304	$	576	$	4,769

Year Ended December 31, 2020
Allowance for loan losses at beginning of period	$	6,668	$	265	$	—	$	21,701	$	28,634
Adoption of new accounting standard⁽²⁾		(353)		98		20		—		(235)
Provision for loan losses⁽¹⁾		226		1,280		3,073		4,931		9,510
Charge-offs⁽³⁾		—		—		—		(25,889)		(25,889)
Allowance for loan losses at end of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020

(1)

During the year ended December 31, 2021, the Company recorded a recovery of loan losses of $8.1 million in its consolidated statement of operations resulting from the repayment of loans during the period and an improving macroeconomic impact of the COVID-19 pandemic on commercial real estate markets, of which $1.0 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". During the year ended December 31, 2020, the Company recorded a provision for loan losses of $8.9 million in its consolidated statement of operations resulting from the macroeconomic impact of the COVID-19 pandemic on commercial real estate markets, of which $1.5 million related to a recovery of credit losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities" and $0.9 million related to a provision on a non-performing loan that was recorded as a reduction to "Accrued interest and operating lease income receivable, net."

(2)

On January 1, 2020, the Company recorded an increase to its allowance for loan losses of $2.3 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."

(3)	During the year ended December 31, 2020, the Company charged-off $25.9 million from the specific allowance due to the sale of a non-performing loan.

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


	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment⁽¹⁾		Impairment		Total
As of December 31, 2021
Construction loans⁽²⁾	$	59,640	$	125,621	$	185,261
Loans⁽²⁾		—		27,422		27,422
Held-to-maturity debt securities		—		96,838		96,838
Available-for-sale debt securities⁽³⁾		—		28,092		28,092
Less: Allowance for loan losses		(576)		(4,193)		(4,769)
Total	$	59,064	$	273,780	$	332,844
As of December 31, 2020
Construction loans⁽²⁾	$	53,305	$	461,528	$	514,833
Loans⁽²⁾		—		68,129		68,129
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)		(11,277)		(12,020)
Total	$	52,562	$	634,369	$	686,931

(1)

The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of December 31, 2021 and 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 includes an unamortized net discount of $0.2 million and $2.3 million as of December 31, 2021 and 2020, respectively.

(3)	Available-for-sale debt securities are evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses.

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

The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans, subordinate mortgages and financing receivables, presented by year of origination and by credit quality, as indicated by risk rating, was as follows as of December 31, 2021 ($ in thousands):


	Year of Origination
	2021		2020		2019		2018		2017		Prior to 2017		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		11,909		—		—		11,909
2.5		—		—		—		52,161		—		—		52,161
3.0		—		—		—		58,522		—		3,056		61,578
3.5		—		—		—		14,320		—		—		14,320
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal⁽¹⁾	$	—	$	—	$	—	$	136,912	$	—	$	3,056	$	139,968
Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	618	$	—	$	—	$	618
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		—		—
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	618	$	—	$	—	$	618
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		12,457		12,457
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	12,457	$	12,457
Total	$	—	$	—	$	—	$	137,530	$	—	$	15,513	$	153,043

(1)	As of December 31, 2021, excludes $59.6 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):


			Less Than		Greater
			or Equal		Than		Total
	Current		to 90 Days		90 Days		Past Due		Total
As of December 31, 2021
Senior mortgages	$	139,968	$	—	$	59,640		59,640	$	199,608
Corporate/Partnership loans		618		—		—		—		618
Subordinate mortgages		12,457		—		—		—		12,457
Total	$	153,043	$	—	$	59,640	$	59,640	$	212,683
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—In the fourth quarter 2020, the Company sold a non-performing loan with a carrying value of $15.2 million and received proceeds of $11.0 million. In addition, the Company recorded a $4.2 million loan loss provision and simultaneously charged-off of the remaining unpaid balance.

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


	As of December 31, 2021						As of December 31, 2020
			Unpaid						Unpaid
	Amortized		Principal		Related		Amortized		Principal		Related
	Cost		Balance		Allowance		Cost		Balance		Allowance
With an allowance recorded:
Senior mortgages⁽¹⁾	$	59,640	$	58,888	$	(576)	$	53,305	$	52,552	$	(743)
Total	$	59,640	$	58,888	$	(576)	$	53,305	$	52,552	$	(743)

(1)	The Company has one non-accrual loan as of December 31, 2021 and 2020 that is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the years ended December 31, 2021, 2020 and 2019.

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


	Years Ended December 31,
	2021				2020				2019
	Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized
With an allowance recorded:
Senior mortgages	$	57,853	$	—	$	50,205	$	2,145	$	38,556	$	—
Total	$	57,853	$	—	$	50,205	$	2,145	$	38,556	$	—

Loans 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 provided for future funding obligations to the Ground Lease tenant 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 would acquire the ground lessor entity from the Company. The Company determined that the transaction did not qualify as a sale leaseback transaction and recorded the Ground Lease in “Loans receivable held for sale” on the Company’s consolidated balance sheet. Subsequent to closing, the Company funded approximately $6.0 million of the deferred purchase price to the Ground Lease tenant. The Company sold the ground

lessor entity (and SAFE assumed all future funding obligations to the Ground Lease tenant) to SAFE in September 2021 for $22.1 million and recorded no gain or loss on the sale.

In June 2021, the Company acquired a parcel of land for $42.0 million and simultaneously entered into a Ground Lease (refer to Note 5). The Company also concurrently entered into an agreement pursuant to which SAFE would acquire the Ground Lease from the Company. The Ground Lease was entered into with the seller of the land and did not qualify for sale leaseback accounting, and as such, was accounted for as a financing transaction and $42.0 million was recorded in “Loans receivable held for sale” on the Company’s consolidated balance sheet at the time of acquisition.

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


					Net				Net
			Amortized		Unrealized		Estimated		Carrying
	Face Value		Cost Basis		Gain		Fair Value		Value
As of December 31, 2021
Available-for-Sale Securities
Municipal debt securities	$	23,855	$	23,855	$	4,237	$	28,092	$	28,092
Held-to-Maturity Securities
Debt securities		100,000		96,838		—		96,838		96,838
Total	$	123,855	$	120,693	$	4,237	$	124,930	$	124,930
As of December 31, 2020
Available-for-Sale Securities
Municipal debt securities	$	20,680	$	20,680	$	4,594	$	25,274	$	25,274
Held-to-Maturity Securities
Debt securities		100,000		90,715		—		90,715		90,715
Total	$	120,680	$	111,395	$	4,594	$	115,989	$	115,989

As of December 31, 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		Estimated		Amortized		Estimated
	Cost Basis		Fair Value		Cost Basis		Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years		96,838		96,838		—		—
After 5 years through 10 years		—		—		—		—
After 10 years		—		—		23,855		28,092
Total	$	96,838	$	96,838	$	23,855	$	28,092

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Non-vested at beginning of period (in shares)	531
Number of shares granted (in shares)	372
Vested (in shares)	(115)
Forfeited (in shares)	(34)
Non-vested at end of period (in shares)	754	531
Weighted Average Grant Date Fair Value Per Share
Non-vested at beginning of period (in dollars per share)	$ 10.85
Granted (in dollars per share)	18.59	$ 14.68	$ 8.84
Vested (in dollars per share)	9.37
Forfeited (in dollars per share)	15.67
Non-vested at end of period (in dollars per share)	$ 14.67	$ 10.85
Non-vested, aggregate intrinsic value	$ 19,480	$ 7,885
Fair value of units vested during period	$ 1,700	$ 3,600	$ 1,800

Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Note 18—Segment Reporting

The Company has determined that it has four reportable segments based on how management reviews and manages its business. These reportable segments include: Net Lease, Real Estate Finance, Operating Properties and Land and Development. The Net Lease segment (Refer to Note 3 - Net Lease Sale and Discontinued Operations) 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		Real Estate		Operating		Land and		Corporate/		Company
	Lease⁽¹⁾		Finance		Properties		Development		Other⁽²⁾		Total
Year Ended December 31, 2021
Operating lease income	$	—	$	—	$	16,445	$	379	$	—	$	16,824
Interest income		1,707		29,522		—		—		—		31,229
Interest income from sales-type leases		1,215		—		—		—		—		1,215
Other income		14,888		1,260		27,342		6,899		19,870		70,259
Land development revenue		—		—		—		189,103		—		189,103
Earnings (losses) from equity method investments		108,399		3,074		15,108		21,492		6,271		154,344
Income from sales of real estate		—		—		26,319		—		—		26,319
Total revenue and other earnings		126,209		33,856		85,214		217,873		26,141		489,293
Real estate expense		(424)		—		(27,020)		(18,550)		—		(45,994)
Land development cost of sales		—		—		—		(171,961)		—		(171,961)
Other expense		(587)		(515)		—		(70)		(6,942)		(8,114)
Allocated interest expense		(61,685)		(14,830)		(6,949)		(15,242)		(16,694)		(115,400)
Allocated general and administrative⁽³⁾		(25,077)		(4,736)		(2,227)		(9,555)		(20,847)		(62,442)
Segment profit (loss)⁽⁴⁾	$	38,436	$	13,775	$	49,018	$	2,495	$	(18,342)	$	85,382
Other significant items:
Recovery of loan losses	$	—	$	(8,085)	$	—	$	—	$	—	$	(8,085)
Impairment of assets		—		—		678		—		—		678
Depreciation and amortization		—		—		5,585		902		585		7,072
Capitalized expenditures		2,578		—		655		24,036		—		27,269

Year Ended December 31, 2020
Operating lease income	$	2,706	$	—	$	21,214	$	356	$	—	$	24,276
Interest income		—		56,676		—		—		—		56,676
Other income		12,704		11,975		8,065		19,030		26,671		78,445
Land development revenue		—		—		—		164,702		—		164,702
Earnings (losses) from equity method investments		53,476		—		(16,361)		3,432		(1,075)		39,472
Income from sales of real estate		6,056		—		262		—		—		6,318
Total revenue and other earnings		74,942		68,651		13,180		187,520		25,596		369,889
Real estate expense		(161)		—		(22,936)		(22,986)		—		(46,083)
Land development cost of sales		—		—		—		(177,727)		—		(177,727)
Other expense		—		(266)		—		—		(303)		(569)
Allocated interest expense		(58,462)		(23,390)		(8,951)		(17,940)		(18,085)		(126,828)
Allocated general and administrative⁽³⁾		(23,223)		(6,622)		(2,591)		(9,990)		(19,099)		(61,525)
Segment profit (loss)⁽⁴⁾	$	(6,904)	$	38,373	$	(21,298)	$	(41,123)	$	(11,891)	$	(42,843)
Other significant items:
Provision for loan losses	$	—	$	8,866	$	—	$	—	$	—	$	8,866
Impairment of assets		—		—		3,053		2,738		—		5,791
Depreciation and amortization		—		—		5,142		952		1,233		7,327
Capitalized expenditures		21,764		—		1,636		30,506		—		53,906

Year Ended December 31, 2019
Operating lease income	$	3,585	$	—	$	28,423	$	286	$	—	$	32,294
Interest income		—		75,636		—		—		—		75,636
Other income		7,535		4,946		17,384		7,838		8,477		46,180
Land development revenue		—		—		—		119,595		—		119,595
Earnings (losses) from equity method investments		29,764		—		8,298		4,322		(6)		42,378
Income from sales of real estate		—		—		11,969		—		—		11,969
Total revenue and other earnings		40,884		80,582		66,074		132,041		8,471		328,052
Real estate expense		(197)		—		(35,322)		(32,318)		—		(67,837)
Land development cost of sales		—		—		—		(109,663)		—		(109,663)
Other expense		—		(462)		—		—		(12,658)		(13,120)
Allocated interest expense		(52,934)		(29,587)		(10,249)		(20,706)		(28,223)		(141,699)
Allocated general and administrative⁽⁵⁾		(25,990)		(8,254)		(2,887)		(11,957)		(19,085)		(68,173)
Segment profit (loss)⁽⁴⁾	$	(38,237)	$	42,279	$	17,616	$	(42,603)	$	(51,495)	$	(72,440)
Other significant non-cash items:
Provision for loan losses	$	—	$	6,482	$	—	$	—	$	—	$	6,482
Impairment of assets		—		—		3,853		6,427		668		10,948
Depreciation and amortization		—		—		4,977		977		1,222		7,176
Capitalized expenditures		31,445		—		5,617		99,031		—		136,093

As of December 31, 2021
Real estate, net	$	—	$	—	$	92,150	$	—	$	—	$	92,150
Real estate available and held for sale		—		—		301		—		—		301

Total real estate		—		—		92,451		—		—		92,451
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		2,299,711		—		—		—		—		2,299,711
Net investment in leases		43,215		—		—		—		—		43,215
Land and development, net		—		—		—		286,810		—		286,810
Loans receivable and other lending investments, net		—		332,844		—		—		—		332,844
Loan receivable held for sale		43,215		—		—		—		—		43,215
Other investments		1,186,162		48,862		43,252		1,096		17,909		1,297,281
Total portfolio assets		3,572,303		381,706		135,703		287,906		17,909		4,395,527
Cash and other assets												445,007
Total assets											$	4,840,534

As of December 31, 2020
Real estate, net	$	—	$	—	$	192,378	$	—	$	—	$	192,378
Real estate available and held for sale		—		—		5,212		—		—		5,212
Total real estate		—		—		197,590		—		—		197,590
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		2,228,570		—		—		—		—		2,228,570
Land and development, net		—		—		—		430,663		—		430,663
Loans receivable and other lending investments, net		—		686,931		—		—		—		686,931
Other investments		937,712		—		58,739		31,200		69,911		1,097,562
Total portfolio assets	$	3,166,282	$	686,931	$	256,329	$	461,863	$	69,911		4,641,316
Cash and other assets												220,492
Total assets											$	4,861,808

(1)	Refer to Note – Net Lease Sale and Discontinued Operations.

(2)

(3)	General and administrative excludes stock-based compensation expense of $69.3 million, $39.4 million and $30.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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


	For the Years Ended December 31,
	2021		2020		2019
Segment profit	$	85,382	$	(42,843)	$	(72,440)
Less: Recovery of (provision for) loan losses		8,085		(8,866)		(6,482)
Less: Impairment of assets		(678)		(5,791)		(10,948)
Less: Stock-based compensation expense		(69,261)		(39,354)		(30,436)
Less: Depreciation and amortization		(7,072)		(7,327)		(7,176)
Less: Income tax benefit (expense)		118		(89)		(369)
Less: Loss on early extinguishment of debt, net		—		(12,038)		(27,724)
Less: Net income from discontinued operations		121,452		85,455		489,900
Net income (loss)	$	138,026	$	(30,853)	$	334,325

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=123359005&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=123359005&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=123359005&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=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&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 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

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

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

12 Months Ended

Dec. 31, 2021

Basis of Presentation and Principles of Consolidation

Note 2—Basis of Presentation and Principles of Consolidation

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

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

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


	As of
	December 31, 2021		December 31, 2020
ASSETS
Real estate
Real estate, at cost	$	93,477	$	93,225
Less: accumulated depreciation		(14,987)		(11,568)
Real estate, net		78,490		81,657
Real estate and other assets available and held for sale and classified as discontinued operations		886,845		900,767
Land and development, net		176,833		240,137
Cash and cash equivalents		23,908		22,571
Accrued interest and operating lease income receivable, net		—		211
Deferred operating lease income receivable, net		3		—
Deferred expenses and other assets, net		5,001		8,084
Total assets	$	1,171,081	$	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	24,744	$	59,917
Liabilities associated with real estate held for sale and classified as discontinued operations		493,739		544,383
Total liabilities		518,483		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 December 31, 2021, the Company’s maximum exposure to loss from these investments does not exceed the sum of the $52.6 million carrying value of the investments, which are classified in "Other investments" on the Company’s consolidated balance sheets, and $6.6 million of related unfunded commitments.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—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.

Significant Accounting Policies

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

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

Purchase price allocation—The Company’s acquisition of properties are generally accounted for as an acquisition of assets. For asset acquisitions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values and acquisition-related costs are capitalized and recorded in "Real estate, net" on the Company’s consolidated balance sheets.

The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases and in-place leases which are each recorded at their estimated fair values and included in “Deferred expenses and other assets, net” on the Company’s consolidated balance

sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term and the amortization expense is included in "Depreciation and amortization" in the Company’s consolidated statements of operations. Lease incentive assets and above-market (or below-market) lease value is amortized as a reduction of (or, increase to) operating lease income over the remaining non-cancelable term of each lease plus any renewal periods with fixed rental terms that are considered to be below-market. The Company may also engage in sale/leaseback transactions and execute leases with the occupant simultaneously with the purchase of the asset. These transactions are accounted for as asset acquisitions.

Impairments—The Company reviews real estate assets to be held for use and land and development assets, for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use and land and development assets are impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) is less than the carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets and land and development assets are recorded in "Impairment of assets" in the Company’s consolidated statements of operations.

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

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

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

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

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

(refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company’s consolidated balance sheets.

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

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

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

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

Equity method investments—Equity interests are accounted for pursuant to the equity method of accounting if the Company can significantly influence the operating and financial policies of an investee. The Company’s periodic share of earnings and losses in equity method investees is included in "Earnings from equity method investments" in the consolidated statements of operations. Equity method investments are included in "Other investments" on the Company’s consolidated balance sheets. The Company also has equity interests that are not accounted for pursuant to the equity method of accounting. These equity interests are carried at cost, plus or minus any changes in value identified through observable comparable price changes in transactions in identical or similar investments of the same entity. The changes in fair value for these investments are included in "Other income" in the consolidated statements of operations.

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

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

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

Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the

key decision making powers, their impact on the VIE’s economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

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

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

Identified intangible assets and liabilities—Upon the acquisition of a business or an asset, the Company records intangible assets or liabilities acquired at their estimated fair values and determines whether such intangible assets or liabilities have finite or indefinite lives. As of December 31, 2021, all such intangible assets and liabilities acquired by the Company have finite lives. Intangible assets are included in "Deferred expenses and other assets, net" and intangible liabilities are included in "Accounts payable, accrued expenses and other liabilities" on the Company’s consolidated balance sheets. The Company amortizes finite lived intangible assets and liabilities based on the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company reviews finite lived intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the Company determines the carrying value of an intangible asset is not recoverable it will record an impairment charge to the extent its carrying value exceeds its estimated fair value. Impairments of intangible assets are recorded in "Impairment of assets" in the Company’s consolidated statements of operations.

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

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

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

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

The Company moves to cash basis operating lease income recognition in the period in which collectability of all lease payments is no longer considered probable. At such time, any operating lease receivable or deferred operating lease income receivable balance will be written off. If and when lease payments that were previously not considered probable of collection become probable, the Company will move back to the straight-line method of income recognition and record an adjustment to operating lease income in that period as if the lease was always on the straight-line method of income recognition.

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

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

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

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

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

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

included in the effective interest method calculation and are recognized in the Company’s consolidated statements of operations in the period earned.

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

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

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

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

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

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

considers circumstances such as the foregoing to be indicators that the final steps in the loan collection process have occurred and that a loan is uncollectible. At this point, a loss is confirmed and the loan and related allowance will be charged off.

The Company made the accounting policy election to record accrued interest on its loan portfolio separate from its loans receivable and other lending investments and to exclude accrued interest from its amortized cost basis disclosures (refer to Note 7). As of December 31, 2021 and 2020, accrued interest was $1.6 million and $5.0 million, respectively, and is recorded in "Accrued interest and operating lease income receivable, net" on the Company’s consolidated balance sheets. The Company places loans on non-accrual status once interest on the loan becomes 90 days delinquent and reverses any accrued interest as a reduction to interest income or recognizes a credit loss expense at such time. As such, the Company elected the practical expedient to not record an allowance against accrued interest receivable. During the years ended December 31, 2021, 2020 and 2019, the Company did not reverse any accrued interest on its loan portfolio.

As of December 31, 2021, all of the Company’s net investment in leases were performing in accordance with the terms of the respective leases. The Company’s one impaired loan is collateral dependent and impairment is measured using the estimated fair value of the collateral, less costs to sell. The Company generally uses the income approach through internally developed valuation models to estimate the fair value of the collateral for such loans. In some cases, the Company obtains external "as is" appraisals for loan collateral, generally when third party participations exist. Valuations are performed or obtained at the time a loan is determined to be impaired or designated non-performing, and they are updated if circumstances indicate that a significant change in value has occurred. In limited cases, appraised values may be discounted when real estate markets rapidly deteriorate.

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

Management evaluates available-for-sale debt securities held in "Loans receivable and other lending investments, net" for impairment if the security’s fair value is less than its amortized cost. If the Company has an impaired security, it will then determine if: (1) the Company has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company does not intend to sell the security, it is more likely than not that the entity will not be required to sell the security or it does not expect to recover its amortized cost, the Company will record an allowance for credit losses. The credit loss component of the allowance will be recorded (or reversed, if necessary) as an "Impairment of assets" in the Company’s consolidated statements of operations, and the remainder of the allowance will be recorded in "Accumulated other comprehensive income (loss)" on the Company’s consolidated balance sheets.

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

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

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

For derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives, including the Company’s pro rata share of derivatives at equity method investments, are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense or earnings from

equity method investments in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt.

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

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

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

As of December 31, 2020, the Company had $529.6 million of REIT net operating loss ("NOL") carryforwards at the corporate REIT level that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2032 and will fully expire in 2037 if unused. The amount of NOL carryforwards as of December 31, 2021 will be subject to finalization of the Company’s 2021 tax return. The Tax Cuts and Jobs Act reduced the deduction for net operating losses to 80% of the Company’s taxable income for losses incurred after December 31, 2017. The Company’s NOL carryforward for losses incurred in taxable years prior to 2018 remain fully deductible. The Company’s tax years from 2017 through 2020 remain subject to examination by major tax jurisdictions. During the year ended December 31, 2021, the Company is expected to have a REIT taxable loss before the deduction for dividends paid and the NOL deduction. The Company recognizes interest expense and penalties related to uncertain tax positions, if any, as "Income tax (expense) benefit" in the Company’s consolidated statements of operations.

The Company may participate in certain activities from which it would be otherwise precluded and maintain its qualification as a REIT. These activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries ("TRS"), is engaged in various real estate related opportunities, primarily related to managing activities related to certain foreclosed assets, as well as managing various investments in equity affiliates. As of December 31, 2021, $681.8 million of the Company’s assets were owned by TRS entities. The Company’s TRS entities are not consolidated with the REIT for federal income tax purposes and are taxed as corporations. For financial reporting purposes, current and deferred taxes are provided for on the portion of earnings recognized by the Company with respect to its interest in TRS entities.

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


	For the Years Ended December 31,
	2021		2020		2019
Current tax benefit (expense)⁽¹⁾⁽²⁾	$	82	$	(106)	$	(35)
Total income tax (expense) benefit	$	82	$	(106)	$	(35)

(1)	For the years ended December 31, 2021, 2020, and 2019, excludes a REIT tax expense of $0.1 million, $0.1 million, $0.4 million, respectively.

(2)

During the year ended December 31, 2021, the Company’s TRS entities generated taxable income of $1.7 million for which the Company recognized a net current tax benefit of $82 thousand. As of December 31, 2020, the Company’s TRS entities had $162.8 million of NOL carryforwards that can generally be used to offset both ordinary taxable income and capital gain net income in future years. The NOL carryforwards will begin to expire in 2036, of which $73.6 million will fully expire in 2037, if unused. NOL carryforwards generated in 2018 and thereafter do not expire and are limited to 80% of taxable income when utilized. The amount of NOL carryforwards as of December 31, 2021 will be determined upon finalization of the Company’s 2021 tax return.

Total cash paid for taxes for the years ended December 31, 2021, 2020 and 2019 was $0.3 million, $0.8 million and $0.4 million, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company applied the corporate tax rate enacted December 22, 2017 under the Tax Cuts and Jobs Act effective for years beginning after 2017 to value its deferred tax assets and liabilities. The Company evaluates whether its deferred tax assets are realizable and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating whether its deferred tax assets are realizable, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses and continued volatility of the activities within the TRS entities, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2021 and 2020, respectively. Changes in estimates of our valuation allowance, if any, are included in “Income tax (expense) benefit” in the consolidated statements of operations. The valuation allowance was reduced to reflect the change in value of our net deferred tax assets that reflects a reduced rate of tax under the Tax Cuts and Jobs Act.

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


	As of December 31,
	2021		2020
Deferred tax assets⁽¹⁾	$	69,360	$	80,101
Valuation allowance		(69,360)		(80,101)
Net deferred tax assets (liabilities)	$	—	$	—

(1)

Earnings per share—The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings

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

Net Lease Sale and Discontinued Operations—A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition.

In July 2021, the Company announced that it intended to explore market interest for possible sales of its assets from its net lease business segment. In the fourth quarter 2021, the Company formally marketed the net lease portfolio for sale and, after receiving multiple bids, selected a bid from a potential buyer and commenced the due diligence process. In February 2022, the Company, through certain subsidiaries of and entities managed by the Company, entered into a definitive purchase and sale agreement to sell a portfolio of net lease properties owned and managed by such subsidiaries and entities to a third party for an aggregate gross purchase price of approximately $3.07 billion, subject to final purchase price adjustments. The Company refers to this pending transaction as the "Net Lease Sale" in this report. The Net Lease Sale is consistent with the Company’s stated corporate strategy which is to grow its Ground Lease and Ground Lease adjacent businesses and simplify its portfolio through sales of other assets.

The portfolio being sold consists of office, entertainment and industrial properties located in the United States comprising approximately 18.3 million square feet. It includes assets wholly-owned by the Company and assets owned by two joint ventures managed by the Company and in which it owns 51.9% interests. As of December 31, 2021, the portfolio was encumbered by an aggregate of $720 million of mortgage indebtedness, including indebtedness from equity method investments. which will be repaid with proceeds from the sale. After repayment of the mortgage indebtedness and prepayment penalties, a corporate term loan secured by certain of the assets, payments to terminate derivative contracts, payments to joint venture partners, and payments of promotes, transaction expenses and amounts due under employee incentive plans, the Company currently expects to retain net cash proceeds of approximately $1.1 billion from the transaction. In addition, as part of the transaction, the buyer intends to sell three of the properties to SAFE for $122.0 million and enter into three Ground Leases with SAFE. Closing of the Net Lease Sale is subject to customary closing conditions. The Company expects the transaction to close in the first quarter of 2022; however, there can be no assurance that the transaction will occur in the expected timeframe or at all. Two net lease properties that are being sold to different third parties and the Company’s net lease assets associated with its Ground Lease businesses were not included in the sale.

The Company’s net lease assets and liabilities included in the Net Lease Sale and the Company’s other two net lease assets are classified as “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of December 31, 2021 and 2020. For the years ended December 31, 2021, 2020 and 2019, the operations of such assets are classified in “Net income from discontinued operations” in the Company’s consolidated statements of operations.


	As of
	December 31,
	2021		2020
ASSETS
Real estate
Real estate, at cost	$	1,537,655	$	1,542,101
Less: accumulated depreciation		(271,183)		(250,198)
Total real estate, net		1,266,472		1,291,903
Net investment in leases ($10,871 of allowances as of December 31, 2020)		486,389		429,101
Loans receivable held for sale		48,675		45,399
Other investments		103,229		78,998
Finance lease right of use assets		150,099		143,727
Accrued interest and operating lease income receivable, net		2,997		3,926
Deferred operating lease income receivable, net		63,156		55,223
Deferred expenses and other assets, net		178,694		180,293
Total real estate and other assets available and held for sale and classified as discontinued operations	$	2,299,711	$	2,228,570

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	92,865	$	122,441
Finance lease liabilities		161,258		150,520
Debt obligations, net		714,296		717,695
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	968,419	$	990,656


	For the Years Ended December 31,
	2021		2020		2019
Revenues:
Operating lease income	$	164,811	$	164,446	$	174,094
Interest income		3,717		3,440		2,018
Interest income from sales-type leases		35,826		33,552		20,496
Other income		5,178		5,412		9,183
Total revenues		209,532		206,850		205,791
Costs and expenses:
Interest expense		43,232		42,746		42,220
Real estate expense⁽¹⁾		27,366		26,410		24,589
Depreciation and amortization		52,221		50,765		51,083
(Recovery of) provision for loan losses		(1,150)		186		—
(Recovery of) provision for losses on net investment in leases		(10,871)		1,760		—
Impairment of assets		2,286		2,036		2,471
Other expense		16,476		—		—
Total costs and expenses		129,560		123,903		120,363
Income from sales of real estate		8,476		—		224,654
Income from discontinued operations before earnings from equity method investments and other items		88,448		82,947		310,082
Earnings from equity method investments		8,123		2,654		(529)
Selling profit from sales-type leases		25,034		—		180,416
Net income from discontinued operations before income taxes		121,605		85,601		489,969
Income tax expense		(153)		(146)		(69)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income from discontinued operations attributable to iStar Inc.	$	115,832	$	74,204	$	479,170

(1)	For the years ended December 31, 2021, 2020 and 2019, the Company recorded $8.4 million, $8.2 million and $5.0 million, respectively, of “Real estate expense” in its consolidated statements of operations from its Ground Leases with Safehold Inc. (“SAFE”).


	For the Years Ended December 31,
	2021		2020		2019
Cash flows provided by operating activities	$	85,249	$	112,783	$	117,425
Cash flows provided by (used in) investing activities		2,030		(51,998)		(74,028)

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.

Loans Receivable and Other Lending Investments, net (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	$ 124,930	$ 115,989
Total gross carrying value of loans receivable and other lending investments	337,613	698,951
Allowance for loan losses	(4,769)	(12,020)
Total loans receivable and other lending investments, net	332,844	686,931
Held-to-maturity debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	96,838	90,715
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other lending investments	28,092	25,274
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	212,683	582,962
Commercial Portfolio Segment \| Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	199,608	485,655
Commercial Portfolio Segment \| Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	618	85,667
Commercial Portfolio Segment \| Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	12,457	11,640
Construction Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	185,261	514,833
Allowance for loan losses	(1,213)	(6,541)	$ (6,668)
Construction Loans \| Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	185,261	514,833
Construction Loans \| Commercial Portfolio Segment \| Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	184,643	449,733
Construction Loans \| Commercial Portfolio Segment \| Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 618	65,100
Completed construction \| Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of construction loans	100.00%
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 27,422	68,129
Allowance for loan losses	(676)	(1,643)	$ (265)
Loans \| Commercial Portfolio Segment \| Senior mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	14,965	35,922
Loans \| Commercial Portfolio Segment \| Corporate/Partnership loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans		20,567
Loans \| Commercial Portfolio Segment \| Subordinate mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subtotal - gross carrying value of loans	$ 12,457	$ 11,640

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate
Real estate, at cost	$ 113,510	$ 209,952
Less: accumulated depreciation	(21,360)	(17,574)
Real estate, net	92,150	192,378
Real estate available and held for sale	301	5,212
Total real estate	92,451	197,590
Real estate and other assets available and held for sale and classified as discontinued operations	2,299,711	2,228,570
Net investment in leases	43,215
Land and development, net	286,810	430,663
Loans receivable and other lending investments, net ($4,769 and $12,020 of allowances as of December 31, 2021 and 2020, respectively)	332,844	686,931
Loan receivable held for sale	43,215
Other investments	1,297,281	1,097,562
Cash and cash equivalents	339,601	98,633
Accrued interest and operating lease income receivable, net	1,813	6,135
Deferred operating lease income receivable, net	3,159	2,905
Deferred expenses and other assets, net	100,434	112,819
Total assets	4,840,534	4,861,808
Liabilities:
Accounts payable, accrued expenses and other liabilities	236,732	194,961
Liabilities associated with real estate held for sale and classified as discontinued operations	968,419	990,656
Liabilities associated with properties held for sale	3	27
Loan participations payable, net		42,501
Debt obligations, net	2,572,174	2,569,280
Total liabilities	3,777,328	3,797,425
Commitments and contingencies (refer to Note 12)
iStar Inc. shareholders' equity:
Preferred Stock Series D, G and I, liquidation preference $25.00 per share	12	12
Common Stock, $0.001 par value, 200,000 shares authorized, 68,870 and 73,967 shares issued and outstanding as of December 31, 2021 and 2020, respectively	69	74
Additional paid-in capital	3,100,015	3,240,535
Accumulated deficit	(2,227,213)	(2,316,972)
Accumulated other comprehensive loss	(21,587)	(52,680)
Total iStar Inc. shareholders' equity	851,296	870,969
Noncontrolling interests	211,910	193,414
Total equity	1,063,206	1,064,383
Total liabilities and equity	$ 4,840,534	$ 4,861,808

Loans Receivable and Other Lending Investments, net (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Financing Receivables
Allowance for loan losses at beginning of period	$ 12,020
(Recovery of) provision for loan losses	(8,085)	$ 8,866	$ 6,482
Allowance for loan losses at end of period	4,769	12,020
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	3,093
(Recovery of) Provision for loan losses	(789)	3,073
Allowance for loan losses at end of period	2,304	3,093
Total
Allowance for loan losses at beginning of period	12,020	28,634
(Recovery of) Provision for loan losses	(7,251)	(9,510)
Charge offs		(25,889)
Allowance for loan losses at end of period	4,769	12,020	28,634
Increase to reserves for loan losses	100	1,000
Provision for (recovery of) loan losses	(8,100)
Provision for ( recovery of) unfunded commitments	1,000
Accrued Interest And Operating Lease Income Receivable, Net
Financing Receivables
(Recovery of) provision for loan losses		900
Accounts Payable, Accrued Expenses and Other Liabilities
Total
Provision for (recovery of) loan losses		8,900
Provision for ( recovery of) unfunded commitments		1,500
Period of Adoption, Adjustment
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period		20
Allowance for loan losses at end of period			20
Total
Allowance for loan losses at beginning of period		(235)
Allowance for loan losses at end of period			(235)
Period of Adoption, Adjustment \| ASU 2016-13
Total
Increase to reserves for loan losses				$ 2,300
Period of Adoption, Adjustment \| ASU 2016-13 \| Accounts Payable, Accrued Expenses and Other Liabilities
Total
Increase to reserves for loan losses				$ 2,500
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	6,541	6,668
(Recovery of) provision for loan losses	(5,328)	226
Allowance for loan losses at end of period	1,213	6,541	6,668
Construction Loans \| Period of Adoption, Adjustment
Financing Receivables
Allowance for loan losses at beginning of period		(353)
Allowance for loan losses at end of period			(353)
Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,643	265
(Recovery of) provision for loan losses	(967)	1,280
Allowance for loan losses at end of period	676	1,643	265
Loans \| Period of Adoption, Adjustment
Financing Receivables
Allowance for loan losses at beginning of period		98
Allowance for loan losses at end of period			98
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	743	21,701
(Recovery of) provision for loan losses	(167)	4,931
Charge offs		(25,889)
Allowance for loan losses at end of period	$ 576	743	$ 21,701
Total
Charge offs		$ 25,889

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Requisite service period	3 months
Defined contribution plan maximum percentage of matching contribution	50.00%
Defined contribution plan maximum percentage of employee compensation	10.00%
Gross contributions made by the Company	$ 0.9	$ 1.1	$ 0.9

Selected Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Revenues

$ 50,760

$ 143,632

$ 54,254

$ 59,984

$ 92,346

$ 64,221

$ 45,244

$ 122,288

$ 308,630

$ 324,099

$ 273,705

Net income (loss) from continuing operations

(41,578)

109,380

(36,731)

(14,497)

(34,199)

(14,382)

(36,024)

(31,703)

16,574

(116,308)

(155,575)

Net income (loss) allocable to common shareholders - Basic

52,037

21,614

25,315

22,486

24,143

20,833

21,661

18,818

121,452

^[1]

85,455

^[1]

489,900

^[1]

$ 7,077

$ 121,856

$ (19,543)

$ (405)

$ (19,083)

$ (2,069)

$ (23,335)

$ (21,450)

$ 108,985

$ (65,937)

$ 291,547

Net income (loss) from continuing operations

$ (0.68)

$ 1.45

$ (0.59)

$ (0.28)

$ (0.55)

$ (0.27)

$ (0.55)

$ (0.49)

$ (0.10)

$ (1.85)

$ (2.90)

(0.68)

1.28

(0.59)

(0.28)

(0.55)

(0.27)

(0.55)

(0.49)

(0.10)

(1.85)

(2.90)

0.79

0.26

0.32

0.27

0.29

0.24

0.21

1.61

0.98

7.41

Net income (loss) allocable to common shareholders

0.79

0.23

0.32

0.27

0.29

0.24

0.21

1.61

0.98

7.41

Net income (loss) allocable to common shareholders - Basic

0.11

1.71

(0.27)

(0.01)

(0.26)

(0.03)

(0.31)

(0.28)

1.51

(0.87)

4.51

Net income (loss) allocable to common shareholders - Diluted

$ 0.11

$ 1.51

$ (0.27)

$ (0.01)

$ (0.26)

$ (0.03)

$ (0.31)

$ (0.28)

$ 1.51

$ (0.87)

$ 4.51

Weighted average number of common shares:

Basic (in shares)

69,328

71,299

72,872

73,901

74,053

75,033

76,232

77,444

71,831

75,684

64,696

Diluted (in shares)

69,328

80,487

72,872

73,901

74,053

75,033

76,232

77,444

71,831

75,684

64,696

[1]	Refer to Note 3 – Net Lease Sale and Discontinued Operations.

Summary of Significant Accounting Policies (ASU 2020-06) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net	$ 2,572,174	$ 2,569,280
Retained earnings	(2,227,213)	(2,316,972)
Additional paid-in capital	$ (3,100,015)	$ (3,240,535)
3.125% Senior Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated interest rate	3.125%
3.125% Senior Convertible Notes \| Unsecured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net	$ 275,100
Stated interest rate	3.125%	3.125%
ASU 2020-06 \| Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt obligations, net		$ 10,000
Retained earnings		15,900
Additional paid-in capital		$ 25,900

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

The cumulative amount of the reporting entity's undistributed earnings or deficit.

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Assets - Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 715,548
Initial cost to company, land	477,190
Initial cost to company, building and improvements	1,278,657
Cost capitalized subsequent to acquisition	197,771
Gross amount carried at close of period, land	535,998
Gross amount carried at close of period, building and improvements	1,417,620
Gross amount carried at close of period, total	1,953,618
Accumulated depreciation	307,885
Aggregate cost for federal income tax purposes	2,140,000
Land and Land Development Assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Accumulated depreciation		$ 10,800
Assets Held-for-Sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Accumulated depreciation		4,500
Continuing Operations
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	267,753
Initial cost to company, building and improvements	123,988
Cost capitalized subsequent to acquisition	24,222
Gross amount carried at close of period, land	327,198
Gross amount carried at close of period, building and improvements	88,765
Gross amount carried at close of period, total	415,963	660,896	$ 817,382	$ 885,200
Accumulated depreciation	36,702	$ 32,643	$ 28,049	$ 30,961
Continuing Operations \| Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	238,105
Initial cost to company, building and improvements	8,790
Cost capitalized subsequent to acquisition	50,725
Gross amount carried at close of period, land	314,817
Gross amount carried at close of period, building and improvements	(17,197)
Gross amount carried at close of period, total	297,620
Accumulated depreciation	$ 10,810
Continuing Operations \| Land \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life	15 years
Continuing Operations \| Land \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Depreciable life	20 years
Continuing Operations \| Land \| California LAN003
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 28,464
Initial cost to company, building and improvements	2,836
Cost capitalized subsequent to acquisition	(19,453)
Gross amount carried at close of period, land	9,011
Gross amount carried at close of period, building and improvements	2,836
Gross amount carried at close of period, total	11,847
Accumulated depreciation	2,866
Continuing Operations \| Land \| Florida LAN004
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	26,600
Cost capitalized subsequent to acquisition	(25,987)
Gross amount carried at close of period, land	26,600
Gross amount carried at close of period, building and improvements	(25,987)
Gross amount carried at close of period, total	613
Accumulated depreciation	7
Continuing Operations \| Land \| New Jersey LAN006
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	43,300
Cost capitalized subsequent to acquisition	32,034
Gross amount carried at close of period, land	75,334
Gross amount carried at close of period, total	75,334
Accumulated depreciation	1,189
Continuing Operations \| Land \| New Jersey LAN007
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	3,992
Cost capitalized subsequent to acquisition	51,329
Gross amount carried at close of period, land	55,321
Gross amount carried at close of period, total	55,321
Continuing Operations \| Land \| New Jersey LAN008
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	111
Initial cost to company, building and improvements	5,954
Cost capitalized subsequent to acquisition	2,275
Gross amount carried at close of period, land	2,386
Gross amount carried at close of period, building and improvements	5,954
Gross amount carried at close of period, total	8,340
Continuing Operations \| Land \| New York LAN009
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	58,900
Cost capitalized subsequent to acquisition	(19,874)
Gross amount carried at close of period, land	39,026
Gross amount carried at close of period, total	39,026
Continuing Operations \| Land \| New York LAN011
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	4,600
Gross amount carried at close of period, land	4,600
Gross amount carried at close of period, total	4,600
Continuing Operations \| Land \| Virginia LAN012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	72,138
Cost capitalized subsequent to acquisition	30,401
Gross amount carried at close of period, land	102,539
Gross amount carried at close of period, total	102,539
Accumulated depreciation	6,748
Continuing Operations \| Entertainment
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	4,027
Initial cost to company, building and improvements	10,670
Cost capitalized subsequent to acquisition	1,412
Gross amount carried at close of period, land	1,337
Gross amount carried at close of period, building and improvements	14,772
Gross amount carried at close of period, total	16,109
Accumulated depreciation	1,485
Continuing Operations \| Entertainment \| New Jersey ENT060
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	750
Initial cost to company, building and improvements	10,670
Cost capitalized subsequent to acquisition	798
Gross amount carried at close of period, land	750
Gross amount carried at close of period, building and improvements	11,468
Gross amount carried at close of period, total	12,218
Accumulated depreciation	$ 1,226
Depreciable life	40 years
Continuing Operations \| Entertainment \| New Jersey ENT063
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 3,277
Cost capitalized subsequent to acquisition	614
Gross amount carried at close of period, land	587
Gross amount carried at close of period, building and improvements	3,304
Gross amount carried at close of period, total	3,891
Accumulated depreciation	$ 259
Depreciable life	40 years
Continuing Operations \| Retail
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 3,393
Initial cost to company, building and improvements	21,491
Cost capitalized subsequent to acquisition	(4,852)
Gross amount carried at close of period, land	3,393
Gross amount carried at close of period, building and improvements	16,639
Gross amount carried at close of period, total	20,032
Accumulated depreciation	6,373
Continuing Operations \| Retail \| Hawaii RET003
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	3,393
Initial cost to company, building and improvements	21,155
Cost capitalized subsequent to acquisition	(7,134)
Gross amount carried at close of period, land	3,393
Gross amount carried at close of period, building and improvements	14,021
Gross amount carried at close of period, total	17,414
Accumulated depreciation	$ 4,994
Depreciable life	40 years
Continuing Operations \| Retail \| Illinois RET004
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, building and improvements	$ 336
Cost capitalized subsequent to acquisition	2,282
Gross amount carried at close of period, building and improvements	2,618
Gross amount carried at close of period, total	2,618
Accumulated depreciation	$ 1,379
Depreciable life	40 years
Continuing Operations \| Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 22,228
Initial cost to company, building and improvements	83,037
Cost capitalized subsequent to acquisition	(23,063)
Gross amount carried at close of period, land	7,651
Gross amount carried at close of period, building and improvements	74,551
Gross amount carried at close of period, total	82,202
Accumulated depreciation	18,034
Continuing Operations \| Hotel \| Hawaii HOT001
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	17,996
Initial cost to company, building and improvements	17,996
Cost capitalized subsequent to acquisition	(31,160)
Gross amount carried at close of period, land	3,419
Gross amount carried at close of period, building and improvements	1,413
Gross amount carried at close of period, total	4,832
Accumulated depreciation	$ 4,531
Depreciable life	40 years
Continuing Operations \| Hotel \| New Jersey HOT002
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 297
Initial cost to company, building and improvements	18,299
Cost capitalized subsequent to acquisition	3,931
Gross amount carried at close of period, land	297
Gross amount carried at close of period, building and improvements	22,230
Gross amount carried at close of period, total	22,527
Accumulated depreciation	$ 3,089
Depreciable life	40 years
Continuing Operations \| Hotel \| New Jersey HOT003
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 120
Initial cost to company, building and improvements	6,548
Cost capitalized subsequent to acquisition	23
Gross amount carried at close of period, land	120
Gross amount carried at close of period, building and improvements	6,571
Gross amount carried at close of period, total	6,691
Accumulated depreciation	$ 412
Depreciable life	40 years
Continuing Operations \| Hotel \| New Jersey HOT004
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, land	$ 3,815
Initial cost to company, building and improvements	40,194
Cost capitalized subsequent to acquisition	4,143
Gross amount carried at close of period, land	3,815
Gross amount carried at close of period, building and improvements	44,337
Gross amount carried at close of period, total	48,152
Accumulated depreciation	$ 10,002
Depreciable life	40 years

Summary of Significant Accounting Policies (Allowance for Loan Losses and Net Investment in Leases) (Details) $ in Millions	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Accrued interest \| $	$ 1.6	$ 5.0
Number of impaired loans used as collateral \| loan	1

Real Estate (Net Lease Venture) (Details)	Dec. 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 (Tenant Reimbursements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Tenant expense reimbursements	$ 2.9	$ 3.6	$ 5.1

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Loans receivable and other lending investments, allowances	$ 4,769	$ 12,020
Preferred stock, 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)	68,870	73,967
Common Stock, shares outstanding (in shares)	68,870	73,967

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 206,332
Carrying amount of mortgages	211,488	$ 496,553	$ 561,761	$ 730,515
Reserves on impaired loans	600
Borrower A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Mortgages	14,350
Carrying amount of mortgages	$ 14,320
Borrower A \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Borrower A \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Borrower B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	54,151
Carrying amount of mortgages	$ 59,063
Borrower B \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	6.75%
Borrower B \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	6.75%
Borrower C
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	52,230
Carrying amount of mortgages	$ 52,161
Borrower C \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	4.75%
Borrower C \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	4.75%
Borrower D
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	28,337
Carrying amount of mortgages	$ 28,394
Borrower D \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Borrower D \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Borrower E
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	29,952
Carrying amount of mortgages	$ 30,128
Borrower E \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Borrower E \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.25%
Senior mortgages individually less than 3 percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Mortgages	14,859
Carrying amount of mortgages	$ 14,965
Senior mortgages individually less than 3 percent \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	9.68%
Senior mortgages individually less than 3 percent \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	9.68%
Senior mortgages individually less than 3 percent \| LIBOR \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.00%
Senior mortgages individually less than 3 percent \| LIBOR \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate (as a percent)	5.00%
Subordinate mortgages individually less than 3 percent
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 12,453
Carrying amount of mortgages	$ 12,457
Subordinate mortgages individually less than 3 percent \| Contractual Interest Accrual Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	6.80%
Subordinate mortgages individually less than 3 percent \| Contractual Interest Payment Rates
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	6.80%
Subordinate mortgages
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 12,453
Carrying amount of mortgages	$ 12,457

Land and Development (Schedule of Land and Development Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total land and development, net	$ 286,810	$ 430,663
Land
Real Estate Properties [Line Items]
Land and land development, at cost	297,621	441,201
Less: accumulated depreciation	(10,811)	(10,538)
Total land and development, net	$ 286,810	$ 430,663

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Revenues:

Depreciation and amortization

$ 308,630

$ 324,099

$ 273,705

Costs and expenses:

Interest expense

115,400

126,828

141,699

7,072

7,327

7,176

General and administrative

131,703

100,879

98,609

(Recovery of) provision for loan losses

(8,085)

8,866

6,482

Impairment of assets

678

5,791

10,948

Other expense

8,114

569

13,120

Total costs and expenses

472,837

474,070

455,534

Income from sales of real estate

26,319

6,318

11,969

Income (loss) from operations before earnings from equity method investments and other items

(137,888)

(143,653)

(169,860)

Loss on early extinguishment of debt, net

(12,038)

(27,724)

Selling profit from sales-type leases

154,344

39,472

42,378

25,034

180,416

Net income (loss) from continuing operations before income taxes

16,456

(116,219)

(155,206)

Income tax benefit (expense)

(106)

(35)

Net income (loss) from continuing operations

16,574

(116,308)

(155,575)

Net loss (income) from continuing operations attributable to noncontrolling interests

^[1]

121,452

85,455

489,900

Net income (loss)

138,026

(30,853)

334,325

(337)

447

Net (income) from discontinued operations attributable to noncontrolling interests

(5,620)

(11,251)

(10,730)

Net income (loss) attributable to iStar Inc.

132,481

(42,441)

324,042

Net income (loss) allocable to common shareholders - Basic

$ 108,985

$ (65,937)

$ 291,547

Per common share data:

Net income (loss) allocable to common shareholders - Basic

$ 1.51

$ (0.87)

$ 4.51

Net income (loss) allocable to common shareholders - Diluted

1.51

(0.87)

4.51

Net loss from continuing operations and allocable to common shareholders:

(0.10)

(1.85)

(2.90)

Net income from discontinued operations, net:

(0.10)

(1.85)

(2.90)

1.61

0.98

7.41

Weighted average number of common shares:

$ 1.61

$ 0.98

$ 7.41

Basic (in shares)

71,831

75,684

64,696

Diluted (in shares)

71,831

75,684

64,696

Operating lease income

Revenues:

$ 16,824

$ 24,276

$ 32,294

Interest income

Revenues:

Interest income from sales-type leases

31,229

56,676

75,636

Revenues:

1,215

Other income

Revenues:

70,259

78,445

46,180

Land development revenue

Revenues:

Investments, All Other Investments [Abstract]

189,103

164,702

119,595

Costs and expenses:

Cost of sales expense

171,961

177,727

109,663

Real estate expense

Costs and expenses:

Cost of sales expense

$ 45,994

$ 46,083

$ 67,837

[1]	Refer to Note 3 – Net Lease Sale and Discontinued Operations.

Other Investments

12 Months Ended

Dec. 31, 2021

Other Investments

Note 8—Other Investments

The Company’s other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):⁽¹⁾


	Carrying Value				Equity in Earnings (Losses)
	As of December 31,				For the Years Ended December 31,
	2021		2020		2021		2020		2019
Real estate equity investments
Safehold Inc. ("SAFE")⁽²⁾	$	1,168,532	$	937,712	$	108,393	$	53,476	$	29,764
Other real estate equity investments		61,979		89,939		36,606		(12,929)		12,620
Subtotal		1,230,511		1,027,651		144,999		40,547		42,384
Other strategic investments⁽³⁾		66,770		69,911		9,345		(1,075)		(6)
Total	$	1,297,281	$	1,097,562	$	154,344	$	39,472	$	42,378

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

(2)

(3)

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”).

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 shareholders, 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 in January 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 until January 2022;

●

subjects the Company to certain standstill provisions; and

●

provides the Company certain preemptive rights.

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

●

The Company 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 year ended December 31, 2021, the Company purchased 1.0 million shares of SAFE's common stock for $69.5 million, for an average cost of $72.96 per share, in open market purchases made in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended. In addition, in the fourth quarter 2021 the Company purchased 24,108 shares of SAFE’s common stock for $1.8 million, for an average cost of $73.86 per share, in an open market transaction.

In September 2021, the Company acquired 657,894 shares of SAFE’s common stock in a private placement for $50.0 million. In November 2020, the Company acquired 1.1 million shares of SAFE’s common stock in a private placement for $65.0 million. In March 2020, the Company acquired 1.7 million shares of SAFE’s common stock in a private placement for $80.0 million. In November 2019, the Company acquired 3.8 million shares of SAFE’s common stock in a private placement for $130.0 million. In August 2019, the Company acquired 6.0 million shares of SAFE’s common stock in a private placement for $168.0 million. As of December 31, 2021, the Company owned approximately 64.6% of SAFE’s common stock outstanding.

During the years ended December 31, 2021, 2020 and 2019, the Company recorded $14.9 million, $12.7 million and $7.5 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 years ended December 31, 2021, 2020 and 2019, the Company recognized $7.5 million, $5.0 million and $2.1 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 August 2017, the Company committed to provide a $24.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan was for the renovation of a medical office building. The Company funded $18.4 million of the loan, which was fully repaid in August 2019. During the year ended December 31, 2019, the Company recorded $1.2 million of interest income on the loan.

In October 2017, the Company closed on a 99-year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of a to-be-built luxury multi-family project. The transaction included a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded; and (ii) an $80.5 million leasehold first mortgage. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $0.3 million, $3.4 million and $1.2 million, respectively, of interest income on the loan. The

Company sold the Ground Lease to SAFE in September 2020 for $34.0 million and recognized a gain of $6.1 million in “Income from sales of real estate” in connection with the sale and in January 2021 sold the leasehold first mortgage to an entity in which the Company has a 53% equity interest (refer to “Other strategic investments” below) for $63.3 million.

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

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

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

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

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. The Company sold the loan in July 2021 and recorded no gain or loss on the sale. During the year ended December 31, 2021, the Company recorded $2.9 million of interest income on the loan prior to the 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. At closing, the Company entered into an agreement with SAFE pursuant to which, subject to certain conditions being met, SAFE would acquire the ground lessor entity from the Company. The Company sold the ground lessor entity to SAFE in September 2021 and recognized no gain or loss on the sale (refer to Note 7 - Loans receivable held for sale). The Company also committed to provide a $75.0 million construction loan to the Ground Lease tenant. The Company received $2.7 million of consideration from SAFE in connection with this transaction. In September 2021, the construction loan commitment and the $2.7 million of consideration was transferred to an entity in which the Company has a 53.0% noncontrolling equity interest (refer to “Other strategic investments” below).

In June 2021, the Company sold to SAFE its rights under a purchase option agreement for $1.2 million. The Company had previously acquired such purchase option agreement from a third-party property owner for $1.0 million and incurred $0.2 million of expenses. Under the option agreement, upon certain conditions being met by an outside developer who may become the Ground Lease tenant, SAFE has the right to acquire for $215.0 million a property and hold a Ground Lease under approximately 1.1 million square feet of office space that may be developed on the property. No gain or loss was recognized by the Company as a result of the sale.

In June 2021, the Company and SAFE entered into two agreements pursuant to each of which SAFE would acquire land and a related Ground Lease originated by the Company when certain construction related conditions are met by a specified time period. The purchase price to be paid for each is $42.0 million, plus an amount necessary for the Company to achieve the greater of a 1.25x multiple and a 9% return on its investment. In addition, each Ground Lease provides for a leasehold improvement allowance up to a maximum of $83.0 million, which obligation would be assumed by SAFE upon acquisition. If certain construction conditions are not met within a specified time period, SAFE will have no obligation to acquire the Ground Leases or fund the leasehold improvement allowances. There can be no assurance that the conditions to closing will be satisfied and that SAFE will acquire the properties and Ground Leases from the Company.

In November 2021, the Company and SAFE entered into an agreement pursuant to which SAFE would acquire land and a related Ground Lease originated by the Company when certain construction related conditions are met by a specified time period. The purchase price to be paid is $33.3 million, plus an amount necessary for the Company to achieve the greater of a 1.25x multiple and a 12% return on its investment. In addition, the Ground Lease provides for a leasehold improvement allowance up to a maximum of $51.8 million, which obligation would be assumed by SAFE upon

acquisition. If certain construction conditions are not met within a specified time period, SAFE will have no obligation to acquire the Ground Lease or fund the leasehold improvement allowance. There can be no assurance that the conditions to closing will be satisfied and that SAFE will acquire the land and Ground Lease from the Company. Refer to “Other real estate equity investments” below.

In December 2021, the Company’s partner in a venture recapitalized an existing multifamily property, which included a Ground Lease provided by SAFE (refer to “Other real estate equity investments below”).

Net Lease Venture II—In July 2018, the Company entered into a new venture (“Net Lease Venture II”) with an investment strategy similar to the Net Lease Venture. The Net Lease Venture II has a right of first offer on all new net lease investments (excluding Ground Leases) originated by the Company. Net Lease Venture II’s investment period ends on June 30, 2022. Net Lease Venture II is a voting interest entity and the Company has an equity interest in the venture of approximately 51.9%. The Company does not have a controlling interest in Net Lease Venture II due to the substantive participating rights of its partner. The Company accounts for its investment in Net Lease Venture II as an equity method investment and is responsible for managing the venture in exchange for a management fee and incentive fee. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $1.7 million, $1.5 million and $1.5 million, respectively, of management fees from Net Lease Venture II in “Net income from discontinued operations” in the Company’s consolidated statements of operations.

In December 2021, the Company acquired an office laboratory property from Net Lease Venture II. The Company paid $0.6 million to its partner to acquire its equity interest in the property and assumed a $44.4 million mortgage on the property. As of December 31, 2021, the office condominium property is included in “Real estate and other assets available and held for sale and classified as discontinued operations” and the mortgage is included in “Liabilities associated with real estate held for sale and classified as discontinued operations” on the Company’s consolidated balance sheet.

As of December 31, 2021 and 2020, the Company’s investment in Net Lease Venture II is recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” on the Company’s consolidated balance sheets and for the years ended December 31, 2021, 2020 and 2019, the operations of the Company’s investment in Net Lease Venture II are classified in “Net income from discontinued operations” in the Company’s consolidated statements of operations (refer to Note 3 - Net Lease Sale and Discontinued Operations).

Other real estate equity investments—As of December 31, 2021, the Company’s other real estate equity investments include equity interests in real estate ventures ranging from 48% to 95%, comprised of investments of $43.3 million in operating properties, $17.6 million in Ground Leases and $1.1 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 November 2021, the Company acquired land for $33.3 million and simultaneously structured and entered into a Ground Lease on which a multi-family project will be constructed. In December 2021, the Company sold the Ground Lease to an investment fund the Company formed and manages that targets the origination and acquisition of Ground Leases for commercial real estate projects that are in a pre-development phase (the “Ground Lease Plus Fund”) and recognized no gain or loss on the sale. The Company owns a 53% noncontrolling interest in the Ground Lease Plus Fund. The Company does not have a controlling interest in the Ground Lease Plus Fund due to the substantive participating rights of its partner and accounts for this investment as an equity method investment. In addition, the Ground Lease Plus Fund has first look rights on qualifying pre-development projects for a maximum period up to two years. The Company and SAFE entered into an agreement pursuant to which SAFE would acquire the land and related Ground Lease from the Ground Lease Plus Fund when certain construction related conditions are met by a specified time period (refer to “Safehold Inc.” above).

In August 2018, the Company provided a mezzanine loan with a principal balance of $33.0 million to an unconsolidated entity in which the Company owns a 50% equity interest. The loan was included in “Loans receivable and other lending investments, net” on the Company’s consolidated balance sheet as of December 31, 2020. In December 2021, the Company’s partner in the venture recapitalized the existing multifamily property, which included a Ground Lease provided by SAFE. As part of the recapitalization, the Company’s partner acquired its 50% equity interest in the

entity and the mezzanine loan was repaid in full. During the years ended December 31, 2021, 2020 and 2019, the Company recorded $2.3 million, $2.4 million and $2.8 million, respectively, of interest income on the mezzanine loan.

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

Other strategic investments—As of December 31, 2021 and 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. In September 2021, the Company transferred a $75.0 million construction loan commitment to this entity. 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 of the Company’s equity method investments ($ in thousands):


	As of December 31,					For the Years Ended December 31,
	2021		2020			2021		2020		2019
Balance Sheets					Income Statements
Total assets	$	6,107,890	$	4,184,503	Revenues	$	889,131	$	129,789	$	210,602
Total liabilities		3,019,208		2,250,720	Expenses		(254,001)		(188,605)		(176,887)
Noncontrolling interests		3,024		2,181	Net income (loss) attributable to parent entities		634,896		(59,010)		33,522
Total equity attributable to parent entities		3,085,657		1,931,602

During the years ended December 31, 2021 and 2020, SAFE represented a significant subsidiary of the Company. For detailed financial information regarding SAFE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol "SAFE."

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company’s debt obligations were as follows ($ in thousands):⁽¹⁾


	Carrying Value as of				Stated		Scheduled
	December 31, 2021		December 31, 2020		Interest Rates		Maturity Date
Secured credit facilities:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00	% ⁽²⁾	September 2022
Senior Term Loan		491,875		491,875	LIBOR + 2.75	% ⁽³⁾	June 2023
Total secured credit facilities⁽⁴⁾		491,875		491,875
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		2,604,375		2,604,375
Debt discounts and deferred financing costs, net⁽⁹⁾		(32,201)		(35,095)
Total debt obligations, net⁽¹⁰⁾	$	2,572,174	$	2,569,280

(1)	Certain items have been reclassified to “Liabilities associated with real estate held for sale and classified as discontinued operations” (refer to Note 3).

(2)

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

(3)	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 1.00% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(4)	As of December 31, 2021, $0.9 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 December 31, 2021 was 71.9478 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.90 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 years ended December 31, 2021, 2020 and 2019, the Company recognized $9.0 million, $9.0 million, $9.0 million, respectively, of contractual interest and during the years ended December 31, 2020 and 2019 the Company recognized $5.2 million and $5.0 million, respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate for 2020 and 2019 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 $1.0 million, $1.4 million and $7.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

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


	Unsecured Debt		Secured Debt		Total
2022	$	287,500	$	—	$	287,500
2023		—		491,875		491,875
2024		775,000		—		775,000
2025		550,000		—		550,000
2026		400,000		—		400,000
Thereafter		100,000		—		100,000
Total principal maturities		2,112,500		491,875		2,604,375
Unamortized discounts and deferred financing costs, net		(30,604)		(1,597)		(32,201)
Total debt obligations, net	$	2,081,896	$	490,278	$	2,572,174

Loan Participations Payable, net

12 Months Ended

Dec. 31, 2021

Transfers and Servicing [Abstract]

Loan Participations Payable, net

Note 10—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.

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (cc)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122596-111746

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=SL51823488-111719

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122739-111746

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 7
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL34722452-111729

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122625-111746

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122625-111746

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-URI http://asc.fasb.org/topic&trid=2197590

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122739-111746

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122596-111746

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125521744&loc=d3e122596-111746

Principles of Consolidation

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Restricted Stock and Common Stock Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, outstanding (in shares)	129,936
Non-vested, aggregate intrinsic value \| $	$ 3.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	38,186
Grant date fair value (in dollars per share) \| $ / shares	$ 17.51
Common Stock Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,076
Grant date fair value (in dollars per share) \| $ / shares	$ 21.15

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Continuing Operations
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 93,280	$ 109,010	$ 133,135
Charged to Costs and Expenses	(22,208)	10,646	7,740
Adjustments to Valuation Accounts	3,309	409	0
Deductions	(198)	(26,785)	(31,865)
Balance at End of Period	74,183	93,280	109,010
Continuing Operations \| Reserve for loan losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	12,020	28,634	53,395
Charged to Costs and Expenses	(8,085)	8,866	6,482
Adjustments to Valuation Accounts	834	409	0
Deductions	0	(25,889)	(31,243)
Balance at End of Period	4,769	12,020	28,634
Continuing Operations \| Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,159	731	1,633
Charged to Costs and Expenses	(907)	1,324	(280)
Adjustments to Valuation Accounts	0	0	0
Deductions	(198)	(896)	(622)
Balance at End of Period	54	1,159	731
Continuing Operations \| Allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	80,101	79,645	78,107
Charged to Costs and Expenses	(13,216)	456	1,538
Adjustments to Valuation Accounts	2,475	0	0
Deductions	0	0	0
Balance at End of Period	69,360	80,101	79,645
Discontinued Operations
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	12,540	1,211	1,638
Charged to Costs and Expenses	(11,355)	1,458	(416)
Adjustments to Valuation Accounts	0	10,075	0
Deductions	(902)	(204)	(11)
Balance at End of Period	283	12,540	1,211
Discontinued Operations \| Reserve for loan losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,150	0
Charged to Costs and Expenses	(1,150)	186
Adjustments to Valuation Accounts	0	964
Deductions	0	0
Balance at End of Period	0	1,150	0
Discontinued Operations \| Reserve for losses on net investment in leases
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	10,871	0
Charged to Costs and Expenses	(10,871)	1,760
Adjustments to Valuation Accounts	0	9,111
Deductions	0	0
Balance at End of Period	0	10,871	0
Discontinued Operations \| Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	519	1,211	1,638
Charged to Costs and Expenses	666	(488)	(416)
Adjustments to Valuation Accounts	0	0	0
Deductions	(902)	(204)	(11)
Balance at End of Period	$ 283	$ 519	$ 1,211

Segment Reporting (Schedule of Segments) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 31, 2019 USD ($)
Segment Profit (Loss)
Number of reportable segments \| segment									4
Revenues	$ 50,760	$ 143,632	$ 54,254	$ 59,984	$ 92,346	$ 64,221	$ 45,244	$ 122,288	$ 308,630	$ 324,099	$ 273,705
Earnings from equity method investments									154,344	39,472	42,378
Selling profit from sales-type leases									25,034		180,416
Income from sales of real estate									26,319	6,318	11,969
Total revenue and other earnings									489,293	369,889	328,052
Other expense									(8,114)	(569)	(13,120)
Allocated interest expense									(115,400)	(126,828)	(141,699)
Allocated general and administrative									(62,442)	(61,525)	(68,173)
Segment profit (loss)									85,382	(42,843)	(72,440)
Other significant items:
(Recovery of) provision for loan losses									(8,085)	8,866	6,482
(Recovery of) provision for losses on net investment in leases									(10,872)	1,760
Impairment of assets									678	5,791	10,948
Depreciation and amortization									7,072	7,327	7,176
Capitalized expenditures									27,269	53,906	136,093
Segment assets
Real estate, net	92,150				192,378				92,150	192,378
Real estate available and held for sale	301				5,212				301	5,212
Total real estate	92,451				197,590				92,451	197,590
Real estate and other assets available and held for sale and classified as discontinued operations	2,299,711				2,228,570				2,299,711	2,228,570
Net investment in leases	43,215								43,215			$ 424,100
Land and development, net	286,810				430,663				286,810	430,663
Loans receivable and other lending investments, net	332,844				686,931				332,844	686,931
Loan receivable held for sale	43,215								43,215
Other investments	1,297,281				1,097,562				1,297,281	1,097,562
Total portfolio assets	4,395,527				4,641,316				4,395,527	4,641,316
Cash and other assets	445,007				220,492				445,007	220,492
Total assets	4,840,534				4,861,808				4,840,534	4,861,808
Stock-based compensation expense									69,261	39,354	30,436
Operating lease income
Segment Profit (Loss)
Revenues									16,824	24,276	32,294
Interest income
Segment Profit (Loss)
Revenues									31,229	56,676	75,636
Interest income from sales-type leases
Segment Profit (Loss)
Revenues									1,215
Other income
Segment Profit (Loss)
Revenues									70,259	78,445	46,180
Land development revenue
Segment Profit (Loss)
Revenues									189,103	164,702	119,595
Cost of sales expense									(171,961)	(177,727)	(109,663)
Real estate expense
Segment Profit (Loss)
Cost of sales expense									(45,994)	(46,083)	(67,837)
Operating Segments \| Net Lease
Segment Profit (Loss)
Earnings from equity method investments									108,399	53,476	29,764
Income from sales of real estate									0	6,056	0
Total revenue and other earnings									126,209	74,942	40,884
Other expense									(587)	0	0
Allocated interest expense									(61,685)	(58,462)	(52,934)
Allocated general and administrative									(25,077)	(23,223)	(25,990)
Segment profit (loss)									38,436	(6,904)	(38,237)
Other significant items:
(Recovery of) provision for loan losses									0	0	0
Impairment of assets									0	0	0
Depreciation and amortization									0	0	0
Capitalized expenditures									2,578	21,764	31,445
Segment assets
Real estate, net	0				0				0	0
Real estate available and held for sale	0				0				0	0
Total real estate	0				0				0	0
Real estate and other assets available and held for sale and classified as discontinued operations	2,299,711				2,228,570				2,299,711	2,228,570
Net investment in leases	43,215								43,215
Land and development, net	0				0				0	0
Loans receivable and other lending investments, net	0				0				0	0
Loan receivable held for sale	43,215								43,215
Other investments	1,186,162				937,712				1,186,162	937,712
Total portfolio assets	3,572,303				3,166,282				3,572,303	3,166,282
Operating Segments \| Net Lease \| Operating lease income
Segment Profit (Loss)
Revenues									0	2,706	3,585
Operating Segments \| Net Lease \| Interest income
Segment Profit (Loss)
Revenues									1,707	0	0
Operating Segments \| Net Lease \| Interest income from sales-type leases
Segment Profit (Loss)
Revenues									1,215
Operating Segments \| Net Lease \| Other income
Segment Profit (Loss)
Revenues									14,888	12,704	7,535
Operating Segments \| Net Lease \| Land development revenue
Segment Profit (Loss)
Revenues									0	0	0
Cost of sales expense									0	0	0
Operating Segments \| Net Lease \| Real estate expense
Segment Profit (Loss)
Cost of sales expense									(424)	(161)	(197)
Operating Segments \| Real Estate Finance
Segment Profit (Loss)
Earnings from equity method investments									3,074	0	0
Income from sales of real estate									0	0	0
Total revenue and other earnings									33,856	68,651	80,582
Other expense									(515)	(266)	(462)
Allocated interest expense									(14,830)	(23,390)	(29,587)
Allocated general and administrative									(4,736)	(6,622)	(8,254)
Segment profit (loss)									13,775	38,373	42,279
Other significant items:
(Recovery of) provision for loan losses									(8,085)	8,866	6,482
Impairment of assets									0	0	0
Depreciation and amortization									0	0	0
Capitalized expenditures									0	0	0
Segment assets
Real estate, net	0				0				0	0
Real estate available and held for sale	0				0				0	0
Total real estate	0				0				0	0
Real estate and other assets available and held for sale and classified as discontinued operations	0				0				0	0
Net investment in leases	0								0
Land and development, net	0				0				0	0
Loans receivable and other lending investments, net	332,844				686,931				332,844	686,931
Loan receivable held for sale	0								0
Other investments	48,862				0				48,862	0
Total portfolio assets	381,706				686,931				381,706	686,931
Operating Segments \| Real Estate Finance \| Operating lease income
Segment Profit (Loss)
Revenues									0	0	0
Operating Segments \| Real Estate Finance \| Interest income
Segment Profit (Loss)
Revenues									29,522	56,676	75,636
Operating Segments \| Real Estate Finance \| Interest income from sales-type leases
Segment Profit (Loss)
Revenues									0
Operating Segments \| Real Estate Finance \| Other income
Segment Profit (Loss)
Revenues									1,260	11,975	4,946
Operating Segments \| Real Estate Finance \| Land development revenue
Segment Profit (Loss)
Revenues									0	0	0
Cost of sales expense									0	0	0
Operating Segments \| Real Estate Finance \| Real estate expense
Segment Profit (Loss)
Cost of sales expense									0	0	0
Operating Segments \| Operating Properties
Segment Profit (Loss)
Earnings from equity method investments									15,108	(16,361)	8,298
Income from sales of real estate									26,319	262	11,969
Total revenue and other earnings									85,214	13,180	66,074
Other expense									0	0	0
Allocated interest expense									(6,949)	(8,951)	(10,249)
Allocated general and administrative									(2,227)	(2,591)	(2,887)
Segment profit (loss)									49,018	(21,298)	17,616
Other significant items:
(Recovery of) provision for loan losses									0	0	0
Impairment of assets									678	3,053	3,853
Depreciation and amortization									5,585	5,142	4,977
Capitalized expenditures									655	1,636	5,617
Segment assets
Real estate, net	92,150				192,378				92,150	192,378
Real estate available and held for sale	301				5,212				301	5,212
Total real estate	92,451				197,590				92,451	197,590
Real estate and other assets available and held for sale and classified as discontinued operations	0				0				0	0
Net investment in leases	0								0
Land and development, net	0				0				0	0
Loans receivable and other lending investments, net	0				0				0	0
Loan receivable held for sale	0								0
Other investments	43,252				58,739				43,252	58,739
Total portfolio assets	135,703				256,329				135,703	256,329
Operating Segments \| Operating Properties \| Operating lease income
Segment Profit (Loss)
Revenues									16,445	21,214	28,423
Operating Segments \| Operating Properties \| Interest income
Segment Profit (Loss)
Revenues									0	0	0
Operating Segments \| Operating Properties \| Interest income from sales-type leases
Segment Profit (Loss)
Revenues									0
Operating Segments \| Operating Properties \| Other income
Segment Profit (Loss)
Revenues									27,342	8,065	17,384
Operating Segments \| Operating Properties \| Land development revenue
Segment Profit (Loss)
Revenues									0	0	0
Cost of sales expense									0	0	0
Operating Segments \| Operating Properties \| Real estate expense
Segment Profit (Loss)
Cost of sales expense									(27,020)	(22,936)	(35,322)
Operating Segments \| Land and Development
Segment Profit (Loss)
Earnings from equity method investments									21,492	3,432	4,322
Income from sales of real estate									0	0	0
Total revenue and other earnings									217,873	187,520	132,041
Other expense									(70)	0	0
Allocated interest expense									(15,242)	(17,940)	(20,706)
Allocated general and administrative									(9,555)	(9,990)	(11,957)
Segment profit (loss)									2,495	(41,123)	(42,603)
Other significant items:
(Recovery of) provision for loan losses									0	0	0
Impairment of assets									0	2,738	6,427
Depreciation and amortization									902	952	977
Capitalized expenditures									24,036	30,506	99,031
Segment assets
Real estate, net	0				0				0	0
Real estate available and held for sale	0				0				0	0
Total real estate	0				0				0	0
Real estate and other assets available and held for sale and classified as discontinued operations	0				0				0	0
Net investment in leases	0								0
Land and development, net	286,810				430,663				286,810	430,663
Loans receivable and other lending investments, net	0				0				0	0
Loan receivable held for sale	0								0
Other investments	1,096				31,200				1,096	31,200
Total portfolio assets	287,906				461,863				287,906	461,863
Operating Segments \| Land and Development \| Operating lease income
Segment Profit (Loss)
Revenues									379	356	286
Operating Segments \| Land and Development \| Interest income
Segment Profit (Loss)
Revenues									0	0	0
Operating Segments \| Land and Development \| Interest income from sales-type leases
Segment Profit (Loss)
Revenues									0
Operating Segments \| Land and Development \| Other income
Segment Profit (Loss)
Revenues									6,899	19,030	7,838
Operating Segments \| Land and Development \| Land development revenue
Segment Profit (Loss)
Revenues									189,103	164,702	119,595
Cost of sales expense									(171,961)	(177,727)	(109,663)
Operating Segments \| Land and Development \| Real estate expense
Segment Profit (Loss)
Cost of sales expense									(18,550)	(22,986)	(32,318)
Corporate/Other
Segment Profit (Loss)
Earnings from equity method investments									6,271	(1,075)	(6)
Income from sales of real estate									0	0	0
Total revenue and other earnings									26,141	25,596	8,471
Other expense									(6,942)	(303)	(12,658)
Allocated interest expense									(16,694)	(18,085)	(28,223)
Allocated general and administrative									(20,847)	(19,099)	(19,085)
Segment profit (loss)									(18,342)	(11,891)	(51,495)
Other significant items:
(Recovery of) provision for loan losses									0	0	0
Impairment of assets									0	0	668
Depreciation and amortization									585	1,233	1,222
Capitalized expenditures									0	0	0
Segment assets
Real estate, net	0				0				0	0
Real estate available and held for sale	0				0				0	0
Total real estate	0				0				0	0
Real estate and other assets available and held for sale and classified as discontinued operations	0				0				0	0
Net investment in leases	0								0
Land and development, net	0				0				0	0
Loans receivable and other lending investments, net	0				0				0	0
Loan receivable held for sale	0								0
Other investments	17,909				69,911				17,909	69,911
Total portfolio assets	$ 17,909				$ 69,911				17,909	69,911
Corporate/Other \| Operating lease income
Segment Profit (Loss)
Revenues									0	0	0
Corporate/Other \| Interest income
Segment Profit (Loss)
Revenues									0	0	0
Corporate/Other \| Interest income from sales-type leases
Segment Profit (Loss)
Revenues									0
Corporate/Other \| Other income
Segment Profit (Loss)
Revenues									19,870	26,671	8,477
Corporate/Other \| Land development revenue
Segment Profit (Loss)
Revenues									0	0	0
Cost of sales expense									0	0	0
Corporate/Other \| Real estate expense
Segment Profit (Loss)
Cost of sales expense									$ 0	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Capitalization and depreciation

Purchase price allocation

Impairments

Real estate available and held for sale

Dispositions

Net investment in leases

(refer to Note 5) and recorded in "Loans receivable and other lending investments, net" on the Company’s consolidated balance sheets.

Loans receivable and other lending investments, net

Loans and leases receivable, real estate acquired through foreclosure

Equity method investments

Cash and cash equivalents

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

Restricted cash

Variable interest entities

Deferred expenses and other assets and accounts payable, accrued expenses and other liabilities

Leases

Identified intangible assets and liabilities

Loan participations payable, net

Revenue recognition

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

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

included in the effective interest method calculation and are recognized in the Company’s consolidated statements of operations in the period earned.

Allowance for loan losses and net investment in leases

Loss on debt extinguishments

Derivative instruments and hedging activity

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

Stock-based compensation

Income taxes

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


	For the Years Ended December 31,
	2021		2020		2019
Current tax benefit (expense)⁽¹⁾⁽²⁾	$	82	$	(106)	$	(35)
Total income tax (expense) benefit	$	82	$	(106)	$	(35)

(1)	For the years ended December 31, 2021, 2020, and 2019, excludes a REIT tax expense of $0.1 million, $0.1 million, $0.4 million, respectively.

(2)

Total cash paid for taxes for the years ended December 31, 2021, 2020 and 2019 was $0.3 million, $0.8 million and $0.4 million, respectively.

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


	As of December 31,
	2021		2020
Deferred tax assets⁽¹⁾	$	69,360	$	80,101
Valuation allowance		(69,360)		(80,101)
Net deferred tax assets (liabilities)	$	—	$	—

(1)

Earnings per share

Net Lease Sale and Discontinued Operations


	As of
	December 31,
	2021		2020
ASSETS
Real estate
Real estate, at cost	$	1,537,655	$	1,542,101
Less: accumulated depreciation		(271,183)		(250,198)
Total real estate, net		1,266,472		1,291,903
Net investment in leases ($10,871 of allowances as of December 31, 2020)		486,389		429,101
Loans receivable held for sale		48,675		45,399
Other investments		103,229		78,998
Finance lease right of use assets		150,099		143,727
Accrued interest and operating lease income receivable, net		2,997		3,926
Deferred operating lease income receivable, net		63,156		55,223
Deferred expenses and other assets, net		178,694		180,293
Total real estate and other assets available and held for sale and classified as discontinued operations	$	2,299,711	$	2,228,570

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	92,865	$	122,441
Finance lease liabilities		161,258		150,520
Debt obligations, net		714,296		717,695
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	968,419	$	990,656


	For the Years Ended December 31,
	2021		2020		2019
Revenues:
Operating lease income	$	164,811	$	164,446	$	174,094
Interest income		3,717		3,440		2,018
Interest income from sales-type leases		35,826		33,552		20,496
Other income		5,178		5,412		9,183
Total revenues		209,532		206,850		205,791
Costs and expenses:
Interest expense		43,232		42,746		42,220
Real estate expense⁽¹⁾		27,366		26,410		24,589
Depreciation and amortization		52,221		50,765		51,083
(Recovery of) provision for loan losses		(1,150)		186		—
(Recovery of) provision for losses on net investment in leases		(10,871)		1,760		—
Impairment of assets		2,286		2,036		2,471
Other expense		16,476		—		—
Total costs and expenses		129,560		123,903		120,363
Income from sales of real estate		8,476		—		224,654
Income from discontinued operations before earnings from equity method investments and other items		88,448		82,947		310,082
Earnings from equity method investments		8,123		2,654		(529)
Selling profit from sales-type leases		25,034		—		180,416
Net income from discontinued operations before income taxes		121,605		85,601		489,969
Income tax expense		(153)		(146)		(69)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income from discontinued operations attributable to iStar Inc.	$	115,832	$	74,204	$	479,170

(1)	For the years ended December 31, 2021, 2020 and 2019, the Company recorded $8.4 million, $8.2 million and $5.0 million, respectively, of “Real estate expense” in its consolidated statements of operations from its Ground Leases with Safehold Inc. (“SAFE”).


	For the Years Ended December 31,
	2021		2020		2019
Cash flows provided by operating activities	$	85,249	$	112,783	$	117,425
Cash flows provided by (used in) investing activities		2,030		(51,998)		(74,028)

New accounting pronouncements

Loans Receivable and Other Lending Investments, net (Tables)

12 Months Ended

Dec. 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
	December 31, 2021		December 31, 2020
Construction loans
Senior mortgages	$	184,643	$	449,733
Corporate/Partnership loans		618		65,100
Subtotal - gross carrying value of construction loans⁽¹⁾		185,261		514,833
Loans
Senior mortgages		14,965		35,922
Corporate/Partnership loans		—		20,567
Subordinate mortgages		12,457		11,640
Subtotal - gross carrying value of loans		27,422		68,129
Other lending investments
Held-to-maturity debt securities		96,838		90,715
Available-for-sale debt securities		28,092		25,274
Subtotal - other lending investments		124,930		115,989
Total gross carrying value of loans receivable and other lending investments		337,613		698,951
Allowance for loan losses		(4,769)		(12,020)
Total loans receivable and other lending investments, net	$	332,844	$	686,931

(1)	As of December 31, 2021, 100% of 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 years ended December 31, 2021 and 2020 ($ in thousands):


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Year Ended December 31, 2021	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020
Recovery of loan losses⁽¹⁾		(5,328)		(967)		(789)		(167)		(7,251)
Allowance for loan losses at end of period	$	1,213	$	676	$	2,304	$	576	$	4,769

Year Ended December 31, 2020
Allowance for loan losses at beginning of period	$	6,668	$	265	$	—	$	21,701	$	28,634
Adoption of new accounting standard⁽²⁾		(353)		98		20		—		(235)
Provision for loan losses⁽¹⁾		226		1,280		3,073		4,931		9,510
Charge-offs⁽³⁾		—		—		—		(25,889)		(25,889)
Allowance for loan losses at end of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020

(1)

(2)

(3)	During the year ended December 31, 2020, the Company charged-off $25.9 million from the specific allowance due to the sale of a non-performing loan.

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 ($ in thousands):


	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment⁽¹⁾		Impairment		Total
As of December 31, 2021
Construction loans⁽²⁾	$	59,640	$	125,621	$	185,261
Loans⁽²⁾		—		27,422		27,422
Held-to-maturity debt securities		—		96,838		96,838
Available-for-sale debt securities⁽³⁾		—		28,092		28,092
Less: Allowance for loan losses		(576)		(4,193)		(4,769)
Total	$	59,064	$	273,780	$	332,844
As of December 31, 2020
Construction loans⁽²⁾	$	53,305	$	461,528	$	514,833
Loans⁽²⁾		—		68,129		68,129
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)		(11,277)		(12,020)
Total	$	52,562	$	634,369	$	686,931

(1)

(2)	The carrying value of these loans includes an unamortized net discount of $0.2 million and $2.3 million as of December 31, 2021 and 2020, respectively.

(3)	Available-for-sale debt securities are evaluated for impairment under ASC 326-30 – Financial Instruments-Credit Losses.

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	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		11,909		—		—		11,909
2.5		—		—		—		52,161		—		—		52,161
3.0		—		—		—		58,522		—		3,056		61,578
3.5		—		—		—		14,320		—		—		14,320
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal⁽¹⁾	$	—	$	—	$	—	$	136,912	$	—	$	3,056	$	139,968
Corporate/partnership loans
Risk rating
1.0	$	—	$	—	$	—	$	618	$	—	$	—	$	618
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		—		—
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	618	$	—	$	—	$	618
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		12,457		12,457
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	12,457	$	12,457
Total	$	—	$	—	$	—	$	137,530	$	—	$	15,513	$	153,043

(1)	As of December 31, 2021, excludes $59.6 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):


			Less Than		Greater
			or Equal		Than		Total
	Current		to 90 Days		90 Days		Past Due		Total
As of December 31, 2021
Senior mortgages	$	139,968	$	—	$	59,640		59,640	$	199,608
Corporate/Partnership loans		618		—		—		—		618
Subordinate mortgages		12,457		—		—		—		12,457
Total	$	153,043	$	—	$	59,640	$	59,640	$	212,683
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 loans, presented by class, were as follows ($ in thousands):


	As of December 31, 2021						As of December 31, 2020
			Unpaid						Unpaid
	Amortized		Principal		Related		Amortized		Principal		Related
	Cost		Balance		Allowance		Cost		Balance		Allowance
With an allowance recorded:
Senior mortgages⁽¹⁾	$	59,640	$	58,888	$	(576)	$	53,305	$	52,552	$	(743)
Total	$	59,640	$	58,888	$	(576)	$	53,305	$	52,552	$	(743)

(1)	The Company has one non-accrual loan as of December 31, 2021 and 2020 that is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the years ended December 31, 2021, 2020 and 2019.

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

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


	Years Ended December 31,
	2021				2020				2019
	Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized
With an allowance recorded:
Senior mortgages	$	57,853	$	—	$	50,205	$	2,145	$	38,556	$	—
Total	$	57,853	$	—	$	50,205	$	2,145	$	38,556	$	—

Schedule of other lending investments - securities

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


					Net				Net
			Amortized		Unrealized		Estimated		Carrying
	Face Value		Cost Basis		Gain		Fair Value		Value
As of December 31, 2021
Available-for-Sale Securities
Municipal debt securities	$	23,855	$	23,855	$	4,237	$	28,092	$	28,092
Held-to-Maturity Securities
Debt securities		100,000		96,838		—		96,838		96,838
Total	$	123,855	$	120,693	$	4,237	$	124,930	$	124,930
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 December 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		Estimated		Amortized		Estimated
	Cost Basis		Fair Value		Cost Basis		Fair Value
Maturities
Within one year	$	—	$	—	$	—	$	—
After one year through 5 years		96,838		96,838		—		—
After 5 years through 10 years		—		—		—		—
After 10 years		—		—		23,855		28,092
Total	$	96,838	$	96,838	$	23,855	$	28,092

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Numerator for basic and diluted earnings per share:

Net loss from continuing operations and allocable to common shareholders - Basic

$ (6,847)

$ (140,141)

$ (187,623)

Net loss from continuing operations and allocable to common shareholders - Diluted

(6,847)

(140,141)

(187,623)

Net (income) from discontinued operations attributable to noncontrolling interests

$ 52,037

$ 21,614

$ 25,315

$ 22,486

$ 24,143

$ 20,833

$ 21,661

$ 18,818

121,452

^[1]

85,455

^[1]

489,900

^[1]

121,452

85,455

489,900

Net (income) from discontinued operations attributable to noncontrolling interests

(5,620)

(11,251)

(10,730)

Net income (loss) allocable to common shareholders - Basic

$ 7,077

$ 121,856

$ (19,543)

$ (405)

$ (19,083)

$ (2,069)

$ (23,335)

$ (21,450)

108,985

(65,937)

291,547

Net income (loss) allocable to common shareholders - Diluted

$ 108,985

$ (65,937)

$ 291,547

Denominator for basic and diluted earnings per share:

Weighted average common shares outstanding for basic earnings per common share

69,328,000

71,299,000

72,872,000

73,901,000

74,053,000

75,033,000

76,232,000

77,444,000

71,831,000

75,684,000

64,696,000

Weighted average common shares outstanding for diluted earnings per common share

69,328,000

80,487,000

72,872,000

73,901,000

74,053,000

75,033,000

76,232,000

77,444,000

71,831,000

75,684,000

64,696,000

Basic and diluted earnings per common share:

Net loss from continuing operations and allocable to common shareholders - Basic

$ (0.68)

$ 1.45

$ (0.59)

$ (0.28)

$ (0.55)

$ (0.27)

$ (0.55)

$ (0.49)

$ (0.10)

$ (1.85)

$ (2.90)

Net loss from continuing operations and allocable to common shareholders - Diluted

(0.68)

1.28

(0.59)

(0.28)

(0.55)

(0.27)

(0.55)

(0.49)

(0.10)

(1.85)

(2.90)

Net income from discontinued operations - Basic

0.79

0.26

0.32

0.27

0.29

0.24

0.21

1.61

0.98

7.41

Net income from discontinued operations - Diluted

0.79

0.23

0.32

0.27

0.29

0.24

0.21

1.61

0.98

7.41

Net income (loss) allocable to common shareholders - Basic

0.11

1.71

(0.27)

(0.01)

(0.26)

(0.03)

(0.31)

(0.28)

1.51

(0.87)

4.51

Net income (loss) allocable to common shareholders - Diluted

$ 0.11

$ 1.51

$ (0.27)

$ (0.01)

$ (0.26)

$ (0.03)

$ (0.31)

$ (0.28)

$ 1.51

$ (0.87)

$ 4.51

3.125% Senior Convertible Notes

Basic and diluted earnings per common share:

Antidilutive (in shares)

6,441,572

Stated interest rate

3.125%

[1]	Refer to Note 3 – Net Lease Sale and Discontinued Operations.

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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
Provision for (recovery of) losses on net investment in leases included in discontinued operations	$ (10,871)	$ 1,760
Allowance for losses on net investment in leases at end of period		10,871
Period of Adoption, Adjustment \| ASU 2016-13
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Allowance for losses on net investment in leases at beginning of period		$ 9,111

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Number of non accrual loans \| loan	1	1
Commercial Portfolio Segment
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	$ 212,683	$ 582,962
Commercial Portfolio Segment \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	199,608	485,655
Loan on non-accrual status	59,600
Commercial Portfolio Segment \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	618	85,667
Commercial Portfolio Segment \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total	12,457	$ 11,640
Commercial Portfolio Segment \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	137,530
2017	0
Prior to 2017	15,513
Total	153,043
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	136,912
2017	0
Prior to 2017	3,056
Total	139,968
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	11,909
2017	0
Prior to 2017	0
Total	11,909
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	52,161
2017	0
Prior to 2017	0
Total	52,161
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	58,522
2017	0
Prior to 2017	3,056
Total	61,578
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	14,320
2017	0
Prior to 2017	0
Total	14,320
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages \| Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	618
2017	0
Prior to 2017	0
Total	618
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	618
2017	0
Prior to 2017	0
Total	618
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Corporate/Partnership loans \| Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	12,457
Total	12,457
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 1.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 1.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 2.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 2.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 3.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	12,457
Total	12,457
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 3.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 4.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 4.5
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	0
Commercial Portfolio Segment \| Performing Financial Instruments \| Subordinate mortgages \| Risk Rating 5.0
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2021	0
2020	0
2019	0
2018	0
2017	0
Prior to 2017	0
Total	$ 0

Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation and Long-Term Incentive Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2021	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 69,261	$ 39,354	$ 30,436
Unrecognized compensation cost	$ 5,700
Unrecognized stock-based compensation expense	1 year 1 month 6 days
Weighted-average period to recognize the unrecognized compensation cost	1 year 1 month 6 days
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)				9,900,000	8,900,000
Shares remaining available for issuance (in shares)	3,000,000.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

As of December 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		Real		Other
	Investments		Estate		Investments		Total
Performance-Based Commitments	$	6,980	$	29,491	$	43,431	$	79,902
Strategic Investments		—		5,061		6,621		11,682
Total	$	6,980	$	34,552	$	50,052	$	91,584

Schedule of future minimum lease obligations finance leases


	Operating⁽¹⁾
2022	$	6,625
2023		6,262
2024		6,178
2025		6,166
2026		142
Thereafter		—
Total undiscounted cash flows		25,373
Present value discount⁽¹⁾		(2,106)
Lease liabilities	$	23,267

(1)

The lease liability 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 4.7% and the weighted average remaining lease term is 4.6 years.

Land and Development (Acquisitions, Dispositions, Impairments) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($) item
Real Estate Properties [Line Items]
Equity interest	51.90%								51.90%
Revenues	$ 50,760	$ 143,632	$ 54,254	$ 59,984	$ 92,346	$ 64,221	$ 45,244	$ 122,288	$ 308,630	$ 324,099	$ 273,705
Impairment of assets									678	5,791	10,948
Land development revenue
Real Estate Properties [Line Items]
Revenues									189,103	164,702	119,595
Cost of sales expense									$ 171,961	177,727	109,663
Land and development asset
Real Estate Properties [Line Items]
Impairment of assets										$ 2,700
Impairment of land and development assets, expected sales proceeds											5,300
Impairment of land and development assets, change in business strategy											$ 1,100
Number of land and development assets impaired \| item										2	2
SAFE
Real Estate Properties [Line Items]
Real estate transaction price											$ 34,300
Payments to acquire land and develop asset											7,300
Assumption of loan in acquisition transaction											$ 27,000
Other Real Estate Equity Investment Dec 2016
Real Estate Properties [Line Items]
Equity interest											50.00%

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Derivative financial instruments on consolidated statements of operations

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

$ 13,386

$ (28,290)

$ (42,582)

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

^[1]

(24,566)

(8,075)

(14,524)

Derivatives Designated in Hedging Relationships | Interest rate swaps | Net income from discontinued operations

Derivative financial instruments on consolidated statements of operations

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

4,748

(14,940)

(21,165)

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

(8,140)

(6,974)

(1,861)

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

8,638

(13,350)

(21,417)

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

$ (1,943)

$ (1,101)

$ (184)

[1]

Fair Values (Tables)

12 Months Ended

Dec. 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
			Quoted
			market		Significant
			prices in		other		Significant
			active		observable		unobservable
			markets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of December 31, 2021
Recurring basis:
Derivative liabilities⁽¹⁾	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities⁽¹⁾		28,092		—		—		28,092
As of December 31, 2020
Recurring basis:
Derivative liabilities⁽¹⁾		18,926		—		18,926		—
Available-for-sale securities⁽¹⁾		25,274		—		—		25,274
Non-recurring basis:
Impaired land and development⁽²⁾		6,078		—		—		6,078

(1)

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

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


	2021		2020
Beginning balance	$	25,274	$	23,896
Purchases		3,375		—
Repayments		(200)		(460)
Unrealized gains (losses) recorded in other comprehensive income		(357)		1,838
Ending balance	$	28,092	$	25,274

Schedule of carrying value and fair value of financial instruments


	As of December 31, 2021				As of December 31, 2020
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)⁽¹⁾	$	43	$	43	$	—	$	—
Loans receivable and other lending investments, net⁽¹⁾		333		345		687		726
Loans receivable held for sale⁽¹⁾		43		43		—		—
Cash and cash equivalents⁽²⁾		340		340		99		99
Restricted cash⁽²⁾		54		54		52		52

Liabilities
Loan participations payable, net⁽¹⁾		—		—		43		43
Debt obligations, net⁽¹⁾⁽³⁾
Level 1		2,473		2,799		2,471		2,581
Level 3		99		104		98		102
Total debt obligations, net		2,572		2,903		2,569		2,683

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

(2)

(3)

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.

Debt Obligations, net

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt Obligations, net

Note 11—Debt Obligations, net

The Company’s debt obligations were as follows ($ in thousands):⁽¹⁾


	Carrying Value as of				Stated		Scheduled
	December 31, 2021		December 31, 2020		Interest Rates		Maturity Date
Secured credit facilities:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00	% ⁽²⁾	September 2022
Senior Term Loan		491,875		491,875	LIBOR + 2.75	% ⁽³⁾	June 2023
Total secured credit facilities⁽⁴⁾		491,875		491,875
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		2,604,375		2,604,375
Debt discounts and deferred financing costs, net⁽⁹⁾		(32,201)		(35,095)
Total debt obligations, net⁽¹⁰⁾	$	2,572,174	$	2,569,280

(1)	Certain items have been reclassified to “Liabilities associated with real estate held for sale and classified as discontinued operations” (refer to Note 3).

(2)

(3)	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 1.00% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(4)	As of December 31, 2021, $0.9 billion net carrying value of assets served as collateral for the Company’s secured debt obligations.

(5)

(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 $1.0 million, $1.4 million and $7.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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


	Unsecured Debt		Secured Debt		Total
2022	$	287,500	$	—	$	287,500
2023		—		491,875		491,875
2024		775,000		—		775,000
2025		550,000		—		550,000
2026		400,000		—		400,000
Thereafter		100,000		—		100,000
Total principal maturities		2,112,500		491,875		2,604,375
Unamortized discounts and deferred financing costs, net		(30,604)		(1,597)		(32,201)
Total debt obligations, net	$	2,081,896	$	490,278	$	2,572,174

Senior Term Loan—The Company has a $650.0 million senior term loan that bears interest at LIBOR plus 2.75% per annum and matures in June 2023 (the “Senior Term Loan”). 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 December 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 with a maximum capacity of $350.0 million that matures in September 2022 (the “Revolving Credit Facility”). Outstanding borrowings under the Revolving Credit Facility are secured by pledges of the equity interests in the Company’s subsidiaries that own a defined pool of assets. Borrowings under this credit facility bear interest at a floating rate indexed to one of several base rates plus a margin which adjusts upward or downward based upon the Company’s corporate credit rating, ranging from 1.0% to 1.5% in the case of base rate loans and from 2.0% to 2.5% in the case of LIBOR loans. In addition, there is an undrawn credit facility commitment fee that ranges from 0.25% to 0.45%, based on corporate credit ratings. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023. As of December 31, 2021, based on the Company’s borrowing base of assets, the Company had the ability to draw $278.5 million without pledging any additional assets to the facility.

Unsecured Notes— As of December 31, 2021, the Company has senior unsecured notes outstanding with varying fixed-rates and maturities ranging from September 2022 to February 2026. In the fourth quarter 2021, the Company obtained the consents of holders of its outstanding 4.75% senior notes due 2024, 4.25% senior notes due 2025 and 5.50% senior notes due 2026 to certain amendments to the indentures governing the notes intended to align the indentures with the potential sale of the Company's net lease assets. The Company paid holders consent fees ranging from 0.75% to 1.00% of the principal amount of consenting notes, depending on the relevant series. 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 years ended December 31, 2020 and 2019, repayments of senior unsecured notes prior to maturity resulted in losses on early extinguishment of debt of $12.0 million and $26.6 million, respectively. These amounts are included in “Loss on early extinguishment of debt, net” in the Company’s consolidated statements of operations.

Debt Covenants

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

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

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

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Commitments and Contingencies Disclosure [Abstract]

Summary of Significant Accounting Policies (Discontinued Operations - Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Total real estate and other assets available and held for sale and classified as discontinued operations	$ 2,299,711	$ 2,228,570
Liabilities
Total liabilities associated with real estate held for sale and classified as discontinued operations	968,419	990,656
Net Lease Business Segment \| Discontinued Operations, Held-for-sale [Member]
Assets
Real estate, at cost	1,537,655	1,542,101
Less: accumulated depreciation	(271,183)	(250,198)
Total real estate, net	1,266,472	1,291,903
Net investment in leases ($10,871 of allowances as of December 31, 2020)	486,389	429,101
Loan receivable held for sale	48,675	45,399
Other investments	103,229	78,998
Finance lease right of use assets	150,099	143,727
Accrued interest and operating lease income receivable, net	2,997	3,926
Deferred operating lease income receivable, net	63,156	55,223
Deferred expenses and other assets, net	178,694	180,293
Total real estate and other assets available and held for sale and classified as discontinued operations	2,299,711	2,228,570
Liabilities
Accounts payable, accrued expenses and other liabilities	92,865	122,441
Finance lease liabilities	161,258	150,520
Debt obligations, net	714,296	717,695
Total liabilities associated with real estate held for sale and classified as discontinued operations	$ 968,419	990,656
Net investment in leases, allowance		$ 10,871

Commitments and Contingencies

12 Months Ended

Dec. 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.


	Loans and Other
	Lending		Real		Other
	Investments		Estate		Investments		Total
Performance-Based Commitments	$	6,980	$	29,491	$	43,431	$	79,902
Strategic Investments		—		5,061		6,621		11,682
Total	$	6,980	$	34,552	$	50,052	$	91,584

Other Commitments—Total operating lease expense for the years ended December 31, 2021, 2020 and 2019 was $5.2 million, $5.4 million and $4.4 million, respectively. Future minimum lease obligations under non-cancelable operating leases, excluding lease obligations for liabilities included in discontinued operations, as of December 31, 2021 are as follows ($ in thousands):


	Operating⁽¹⁾
2022	$	6,625
2023		6,262
2024		6,178
2025		6,166
2026		142
Thereafter		—
Total undiscounted cash flows		25,373
Present value discount⁽¹⁾		(2,106)
Lease liabilities	$	23,267

(1)

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.

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of cumulative redeemable preferred stock outstanding by series


				Cumulative Preferential Cash
				Dividends⁽¹⁾⁽²⁾
	Shares Issued
	and							Annual		Carrying
	Outstanding	Par		Liquidation		Rate per		Dividend		Value
Series	(in thousands)	Value		Preference⁽³⁾		Annum		per share		(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)

(2)

(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.

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


	As of
	December 31, 2021		December 31, 2020
Unrealized gains on available-for-sale securities	$	4,237	$	4,594
Unrealized losses on cash flow hedges		(25,824)		(53,075)
Unrealized losses on cumulative translation adjustment		—		(4,199)
Accumulated other comprehensive loss	$	(21,587)	$	(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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends [Abstract]
Operating loss carryforwards	$ 40,300	$ 38,400
Common stock dividends declared	$ 35,076	$ 32,815	$ 25,324
Common stock dividends declared per share (in dollars per share)	$ 0.485	$ 0.43
Capital gains distribution	100.00%	100.00%
Unrecaptured Section 1250 gain percentage	18.31%
Common Stock
Dividends [Abstract]
Capital gains distribution		100.00%
Unrecaptured Section 1250 gain percentage		18.31%
7.65% Series G Cumulative Redeemable Preferred Stock, $0.001 par value
Dividends [Abstract]
Common stock dividends declared	$ 6,100	$ 6,100
7.50% Series I Cumulative Redeemable Preferred Stock, $0.001 par value
Dividends [Abstract]
Common stock dividends declared	9,400	9,400
8.00% Series D Cumulative Redeemable Preferred Stock, $0.001 par value
Dividends [Abstract]
Common stock dividends declared	$ 8,000	$ 8,000

Net Investment in Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Net Investment in Leases

Note 5—Net Investment in Leases

In June 2021, the Company acquired two parcels of land for $42.0 million each and simultaneously entered into two Ground Leases with the respective tenants. Each Ground Lease also provides for a leasehold improvement allowance up to a maximum of $83.0 million. The Company also concurrently entered into an agreement pursuant to which SAFE would acquire the Ground Leases from the Company. If certain construction conditions are not met within a specified time period, SAFE will have no obligation to acquire the Ground Leases or fund the leasehold improvement allowances. The Company classified one of the Ground Leases as a sales-type lease and it is recorded in “Net investment in leases available for sale” on the Company’s consolidated balance sheets. For the year ended December 31, 2021, the Company recognized $1.2 million of non-cash interest income in "Interest income from sales-type leases" in the Company’s consolidated statements of operations.

One Ground Lease was entered into with the seller of the land and did not qualify for sale leaseback accounting, and as such, was accounted for as a financing transaction and $42.0 million was recorded in “Loans receivable held for sale” on the Company’s consolidated balance sheet at the time of acquisition. There can be no assurance that the conditions to closing will be satisfied and that SAFE will acquire the properties and Ground Leases from the Company.

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


	December 31, 2021
Total undiscounted cash flows	$	524,712
Unguaranteed estimated residual value		42,000
Present value discount		(523,497)
Net investment in leases⁽¹⁾	$	43,215

(1)	As of December 31, 2021 and 2020, the Company’s net investment in lease was current in its payment status and performing in accordance with the terms of the lease. As of December 31, 2021, the risk rating on the Company’s net investment in leases was 1.0.

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 and lease payments for assets that are classified as discontinued operations, in effect as of December 31, 2021, are as follows by year ($ in thousands):⁽¹⁾


	Amount
2022	$	109
2023		1,417
2024		1,445
2025		1,474
2026		1,504
Thereafter		518,763
Total undiscounted cash flows	$	524,712

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

Allowance for Losses on Net Investment in Leases—Changes in the Company’s allowance for losses on net investment in leases for the years ended December 31, 2021 and 2020 were as follows ($ in thousands):


	Year Ended
	December 31, 2021		December 31, 2020
Allowance for losses on net investment in leases at beginning of period⁽¹⁾	$	10,871	$	—
Initial allowance recorded upon adoption of new accounting standard⁽²⁾		—		9,111
Provision for (recovery of) losses on net investment in leases included in discontinued operations⁽¹⁾		(10,871)		1,760
Allowance for losses on net investment in leases at end of period⁽¹⁾	$	—	$	10,871

(1)

(2)	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.

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 was 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 - Leases, 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). As of December 31, 2021 and 2020, the assets and liabilities of these sales-type leases are recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and

classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets (refer to Note 3 – Net Lease Sale and Discontinued Operations).

Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 1,063,206	$ 1,064,383	$ 1,237,960	$ 1,064,115
Unrealized gains on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	4,237	4,594
Unrealized losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(25,824)	(53,075)
Unrealized losses on cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity		(4,199)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (21,587)	$ (52,680)	$ (38,707)	$ (17,270)

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568740-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21711-107793

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-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 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

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

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4590271-111686

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4568447-111683

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

Other Assets and Other Liabilities [Abstract]

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):⁽¹⁾


	As of
	December 31, 2021		December 31, 2020
Intangible assets, net⁽²⁾	$	1,209	$	2,490
Restricted cash		54,395		51,933
Operating lease right-of-use assets⁽³⁾		20,437		25,099
Other assets⁽⁴⁾		16,040		18,559
Other receivables		5,054		9,846
Leasing costs, net⁽⁵⁾		818		1,319
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,852		2,024
Deferred financing fees, net		629		1,549
Deferred expenses and other assets, net	$	100,434	$	112,819

(1)	Certain items have been reclassified to “Real estate and other assets available and held for sale and classified as discontinued operations” (refer to Note 3).

(2)

(3)

(4)	Other assets primarily includes prepaid expenses, deposits for certain real estate assets and management fees and expense reimbursements due from SAFE (refer to Note 8).

(5)	Accumulated amortization of leasing costs was $1.1 million and $1.7 million as of December 31, 2021 and 2020, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $14.8 million and $14.3 million as of December 31, 2021 and 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):⁽¹⁾


	As of
	December 31, 2021		December 31, 2020
Other liabilities⁽²⁾	$	30,362		44,569
Accrued expenses		151,810		93,186
Operating lease liabilities (see table above)		23,267		26,212
Accrued interest payable		31,293		30,994
Accounts payable, accrued expenses and other liabilities	$	236,732	$	194,961

(1)	Certain items have been reclassified to “Liabilities associated with real estate held for sale and classified as discontinued operations” (refer to Note 3).

(2)	As of December 31, 2021 and 2020, "Other liabilities" includes $20.1 million and $27.0 million, respectively, of deferred income. As of December 31, 2021 and 2020, other liabilities includes $0.1 million and $1.0 million, respectively, of expected credit losses for unfunded loan commitments.

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

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


Year	Amount
2022	$	212
2023		212
2024		203
2025		175
2026		222

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 43.0
Loans receivable and other lending investments	333.0	$ 687.0
Loans receivable held for sale	43.0
Cash and cash equivalents	340.0	99.0
Restricted cash	54.0	52.0
Loan participations payable, net		43.0
Debt obligations, net	2,572.0	2,569.0
Carrying Value \| Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	2,473.0	2,471.0
Carrying Value \| Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	99.0	98.0
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	43.0
Loans receivable and other lending investments	345.0	726.0
Loans receivable held for sale	43.0
Cash and cash equivalents	340.0	99.0
Restricted cash	54.0	52.0
Loan participations payable, net		43.0
Debt obligations, net	2,903.0	2,683.0
Fair Value \| Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	2,799.0	2,581.0
Fair Value \| Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	$ 104.0	$ 102.0
3.125% Senior Convertible Notes
Book and estimated fair values of financial instruments
Stated interest rate	3.125%
3.125% Senior Convertible Notes \| Unsecured notes
Book and estimated fair values of financial instruments
Stated interest rate	3.125%	3.125%
3.125% Senior Convertible Notes \| Unsecured notes \| Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	$ 527.5	$ 338.8

Fair Values (Summary of Changes in Level 3 Assets) (Details) - Recurring Basis - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 25,274	$ 23,896
Purchases	3,375
Repayments	(200)	(460)
Unrealized gains (losses) recorded in other comprehensive income	(357)	1,838
Ending balance	$ 28,092	$ 25,274

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2021

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

Schedule II - Valuation and Qualifying Accounts and Reserves

iStar Inc.

Schedule II—Valuation and Qualifying Accounts and Reserves

($ in thousands)


	Balance at		Charged to		Adjustments				Balance at
	Beginning		Costs and		to Valuation				End
	of Period		Expenses		Accounts		Deductions		of Period
For the Year Ended December 31, 2019
Continuing Operations
Reserve for loan losses⁽¹⁾⁽²⁾	$	53,395	$	6,482	$	—	$	(31,243)	$	28,634
Allowance for doubtful accounts⁽²⁾		1,633		(280)		—		(622)		731
Allowance for deferred tax assets⁽²⁾		78,107		1,538		—		—		79,645
	$	133,135	$	7,740	$	—	$	(31,865)	$	109,010
Discontinued Operations
Allowance for doubtful accounts⁽²⁾		1,638		(416)		—		(11)		1,211
	$	1,638	$	(416)	$	—	$	(11)	$	1,211
For the Year Ended December 31, 2020
Continuing Operations
Reserve for loan losses⁽¹⁾⁽²⁾	$	28,634	$	8,866	$	409	$	(25,889)	$	12,020
Allowance for doubtful accounts⁽²⁾		731		1,324		—		(896)		1,159
Allowance for deferred tax assets⁽²⁾		79,645		456		—		—		80,101
	$	109,010	$	10,646	$	409	$	(26,785)	$	93,280
Discontinued Operations
Reserve for loan losses⁽¹⁾⁽²⁾	$	—	$	186	$	964	$	—	$	1,150
Reserve for losses on net investment in leases		—		1,760		9,111		—		10,871
Allowance for doubtful accounts⁽²⁾		1,211		(488)		—		(204)		519
	$	1,211	$	1,458	$	10,075	$	(204)	$	12,540
For the Year Ended December 31, 2021
Continuing Operations
Reserve for loan losses⁽¹⁾⁽²⁾	$	12,020	$	(8,085)	$	834	$	—	$	4,769
Allowance for doubtful accounts⁽²⁾		1,159		(907)		—		(198)		54
Allowance for deferred tax assets⁽²⁾		80,101		(13,216)		2,475		—		69,360
	$	93,280	$	(22,208)	$	3,309	$	(198)	$	74,183
Discontinued Operations
Reserve for loan losses⁽¹⁾⁽²⁾	$	1,150	$	(1,150)	$	—	$	—	$	—
Reserve for losses on net investment in leases		10,871		(10,871)		—		—		—
Allowance for doubtful accounts⁽²⁾		519		666		—		(902)		283
	$	12,540	$	(11,355)	$	—	$	(902)	$	283

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

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

Real Estate (Real Estate Available and Held for Sale) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Real estate asset held for sale	$ 96.8		$ 14.5
Proceeds from sale of real estate held for sale	165.2	$ 48.3	555.5
Net Lease
Real Estate Properties [Line Items]
Proceeds from sale of real estate held for sale	37.9	42.4	469.4
Operating Properties
Real Estate Properties [Line Items]
Real estate asset held for sale	96.8		14.5
Proceeds from sale of real estate held for sale	$ 127.3	$ 5.9	$ 86.1

Real Estate (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of real estate assets

The Company’s real estate assets were comprised of the following ($ in thousands):⁽¹⁾


As of December 31, 2021
Land, at cost	$	6,831
Buildings and improvements, at cost		106,679
Less: accumulated depreciation		(21,360)
Real estate, net		92,150
Real estate available and held for sale⁽²⁾		301
Total real estate	$	92,451
As of December 31, 2020
Land, at cost	$	103,530
Buildings and improvements, at cost		106,422
Less: accumulated depreciation		(17,574)
Real estate, net		192,378
Real estate available and held for sale⁽²⁾		5,212
Total real estate	$	197,590

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

(2)	As of December 31, 2021 and 2020, the Company had $0.3 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Schedule of real estate available and held for sale

The following table presents the carrying value of properties transferred to held for sale, excluding net lease assets transferred to held for sale and classified as discontinued operations (refer to Note 3 – Net Lease Sale and Discontinued Operations), by segment ($ in millions):⁽¹⁾


	Years Ended December 31,
Property Type	2021		2020		2019
Operating Properties	$	96.8	$	—	$	14.5
Total	$	96.8	$	—	$	14.5

(1)	Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy.

Schedule of proceeds from other dispositions

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


		Years Ended December 31,
	2021		2020		2019
Operating Properties⁽¹⁾
Proceeds	$	127.3	$	5.9	$	86.1
Income from sales of real estate		26.3		0.2		11.9

Net Lease⁽²⁾
Proceeds	$	37.9	$	42.4	$	469.4
Income from sales of real estate		—		6.1		—
Net income from discontinued operations		8.5		—		224.7

Total
Proceeds	$	165.2	$	48.3	$	555.5
Income from sales of real estate		26.3		6.3		11.9
Net income from discontinued operations		8.5		—		224.7

(1)

(2)

Schedule of future minimum lease payments to be collected under non-cancelable operating leases


	Operating
Year	Properties
2022	$	6,275
2023		6,017
2024		5,965
2025		5,372
2026		4,892
Thereafter		3,007

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations. .

Real Estate (Impairments) (Details) - USD ($) $ in Millions	12 Months Ended
Real Estate (Impairments) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Impairment of real estate - Held for sale		$ 3.1
Impairment of real estate	$ 0.6	$ 3.1	$ 4.5
Operating Properties
Real Estate Properties [Line Items]
Impairment of real estate	$ 0.6		$ 3.9

Business and Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Note 1—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 investments (refer to Note 8). The Company has invested 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 (refer to Note 3 - Net Lease Sale and Discontinued Operations), 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.

Net Investment in Leases (Future Minimum Lease Payments to be Collected Under Sales-Type Leases) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Amount
2022	$ 109
2023	1,417
2024	1,445
2025	1,474
2026	1,504
Thereafter	518,763
Total undiscounted cash flows	$ 524,712

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

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

Schedule IV - Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

As of December 31, 2021

($ in thousands)

Contractual

Face

Carrying

Interest

Effective

Periodic

Amount

Accrual

Payment

Maturity

Payment

Prior

Type of Loan/Borrower

Underlying Property Type

Rates

Dates

Terms⁽¹⁾

Liens

Mortgages

Mortgages⁽²⁾⁽³⁾

Senior Mortgages:

Borrower A

Apartment/Residential

LIBOR + 5.25

June, 2022

—

14,350

14,320

Borrower B

Mixed Use/Mixed Collateral

LIBOR + 6.75

June, 2021

—

54,151

59,063

Borrower C

Mixed Use/Mixed Collateral

LIBOR + 4.75

July, 2022

—

52,230

52,161

Borrower D

Apartment/Residential

LIBOR + 5.25

December, 2022

—

28,337

28,394

Borrower E

Apartment/Residential

LIBOR + 5.25

January, 2022

—

29,952

30,128

Senior mortgages individually <3%

Retail, Mixed Use/Mixed Collateral

Fixed: 9.68% Variable: LIBOR + 5.00

2022 to 2024

—

14,859

14,965

Subordinate Mortgages:

Subordinate mortgages individually <3%

Hotel

Fixed: 6.80

September, 2057

—

12,453

12,457

12,453

12,457

Total mortgages

206,332

211,488

(1)	IO = Interest only.

(2)	Amounts are presented net of asset-specific allowances of $0.6 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.

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

iStar Inc.

Schedule IV—Mortgage Loans on Real Estate (Continued)

As of December 31, 2021

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2019 to December 31, 2021:⁽¹⁾


	2021		2020		2019
Balance at January 1	$	496,553	$	561,761	$	730,515
Additions:
New mortgage loans		32,942		19,975		11,667
Additions under existing mortgage loans		20,958		72,574		164,120
Other⁽²⁾		7,455		25,867		25,740
Deductions⁽³⁾:
Collections of principal		(304,053)		(178,662)		(355,769)
Provision for loan losses		166		(4,930)		(493)
Transfers to real estate and equity investments		(42,501)		—		(13,987)
Amortization of premium		(32)		(32)		(32)
Balance at December 31	$	211,488	$	496,553	$	561,761

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

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

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

Stock-Based Compensation Plans and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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 year ended December 31, 2021.


	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	97.40	—
Granted	—	94.75
Forfeited	(2.20)	(10.00)
Points at end of period	95.20	84.75

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


	iPIP Investment Pool
	2013‑2014	2015‑2016	2017‑2018
Points at beginning of period	80.17	70.40	73.34
Granted	—	—	2.00
Points at end of period	80.17	70.40	75.34

Schedule of changes in non-vested restricted stock units

Changes in non-vested restricted stock units (“Units”) during the year ended December 31, 2021 were as follows (number of shares and $ in thousands, except per share amounts):


		Grant Date		Aggregate
	Number	Fair Value		Intrinsic
	of Shares	Per Share		Value
Nonvested at beginning of period	531	$	10.85	$	7,885
Granted	372	$	18.59
Vested	(115)	$	9.37
Forfeited	(34)	$	15.67
Nonvested at end of period	754	$	14.67	$	19,480

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating
2022	$ 6,625
2023	6,262
2024	6,178
2025	6,166
2026	142
Total undiscounted cash flows	25,373
Present value discount	(2,106)
Lease liabilities	$ 23,267	$ 26,212
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	4.70%
Operating leases, weighted average lease term (in years)	4 years 7 months 6 days

Other Assets and Other Liabilities (Deferred Expenses and Other Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Intangible assets, net	$ 1,209	$ 2,490
Restricted cash	54,395	51,933
Operating lease right-of-use assets	20,437	25,099
Other receivables	5,054	9,846
Other assets	16,040	18,559
Leasing costs, net	818	1,319
Corporate furniture, fixtures and equipment, net	1,852	2,024
Deferred financing fees, net	629	1,549
Deferred expenses and other assets, net	100,434	112,819
Intangible assets, accumulated amortization	10,200	12,300
Amortization of above market lease	300	200	$ 200
Amortization of intangible assets	$ 1,000	200	200
Weighted average amortization period	5 years 10 months 24 days
Operating lease, expense	$ 5,200	5,400	4,400
Accumulated amortization on leasing costs	1,100	1,700
Accumulated depreciation on corporate furniture, fixtures and equipment	$ 14,800	$ 14,300
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Deferred expenses and other assets, net	Deferred expenses and other assets, net
General and Administrative
Real Estate Properties [Line Items]
Operating lease, expense	$ 4,900	$ 4,700	3,600
Real Estate Expense
Real Estate Properties [Line Items]
Operating lease, expense	$ 600	$ 600	$ 600

Basis of Presentation and Principles of Consolidation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real estate
Real estate, at cost	$ 113,510	$ 209,952
Less: accumulated depreciation	(21,360)	(17,574)
Real estate, net	92,150	192,378
Land and development, net	286,810	430,663
Cash and cash equivalents	339,601	98,633	$ 307,172
Accrued interest and operating lease income receivable, net	1,813	6,135
Deferred operating lease income receivable, net	3,159	2,905
Deferred expenses and other assets, net	100,434	112,819
Total assets	4,840,534	4,861,808
LIABILITIES
Accounts payable, accrued expenses and other liabilities	236,732	194,961
Liabilities associated with real estate held for sale and classified as discontinued operations	968,419	990,656
Debt obligations, net	2,572,174	2,569,280
Total liabilities	3,777,328	3,797,425
Carrying value of investment	1,297,281	1,097,562
Consolidated VIEs
Real estate
Real estate, at cost	93,477	93,225
Less: accumulated depreciation	(14,987)	(11,568)
Real estate, net	78,490	81,657
Real estate and other assets available and held for sale and classified as discontinued operations.	886,845	900,767
Land and development, net	176,833	240,137
Cash and cash equivalents	23,908	22,571
Accrued interest and operating lease income receivable, net		211
Deferred operating lease income receivable, net	3
Deferred expenses and other assets, net	5,001	8,084
Total assets	1,171,081	1,253,427
LIABILITIES
Accounts payable, accrued expenses and other liabilities	24,744	59,917
Liabilities associated with real estate held for sale and classified as discontinued operations	493,739	544,383
Total liabilities	518,483	$ 604,300
Unconsolidated VIEs
LIABILITIES
Carrying value of investment	52,600
Variable interest entity unfunded commitment	$ 6,600

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt obligations		$ 2,604,375	$ 2,604,375
Debt discounts and deferred financing costs, net		(32,201)	(35,095)
Total debt obligations, net		2,572,174	2,569,280
Stockholders' equity		1,063,206	1,064,383	$ 1,237,960	$ 1,064,115
Interest costs capitalized		$ 1,000	1,400	7,400
Period of Adoption, Adjustment
Debt Instrument [Line Items]
Stockholders' equity			(10,019)	(12,382)
Period of Adoption, Adjustment \| ASU 2020-06
Debt Instrument [Line Items]
Debt discounts and deferred financing costs, net			10,000
Total debt obligations, net			10,000
Stockholders' equity			10,000
Senior Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.00%
3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Stated interest rate		3.125%
Secured Debt
Debt Instrument [Line Items]
Total debt obligations		$ 491,875	491,875
Debt discounts and deferred financing costs, net		(1,597)
Total debt obligations, net		490,278
Assets served as collateral		$ 900,000
Secured Debt \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.00%
Debt instrument term		1 year
Secured Debt \| Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate	2.00%	1.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Minimum \| Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate	2.50%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Maximum \| Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.50%
Secured Debt \| Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate		0.50%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis point spread on variable interest rate	1.00%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Minimum \| Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.00%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis point spread on variable interest rate	1.50%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Maximum \| Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.50%
Secured Debt \| Senior Term Loan
Debt Instrument [Line Items]
Total debt obligations		$ 491,875	491,875
Secured Debt \| Senior Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.75%
Secured Debt \| Senior Term Loan \| LIBOR \| Interest Rate Category One
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.75%
Secured Debt \| Senior Term Loan \| LIBOR \| Interest Rate Category Two
Debt Instrument [Line Items]
Basis point spread on variable interest rate		2.75%
Secured Debt \| Senior Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Basis point spread on variable interest rate		0.50%
Unsecured notes
Debt Instrument [Line Items]
Total debt obligations		$ 2,012,500	2,012,500
Unsecured notes \| 3.125% Senior Convertible Notes
Debt Instrument [Line Items]
Total debt obligations		287,500	$ 287,500
Total debt obligations, net		$ 275,100
Stated interest rate		3.125%	3.125%
Convertible debt, conversion ratio (in shares per par value)		0.0719478
Convertible debt, conversion price (in dollars per share)		$ 13.90
Unamortized discount		$ 10,200
Contractual interest		9,000	$ 9,000	9,000
Amortization of debt discount			$ 5,200	$ 5,000
Effective interest rate			5.20%	5.20%
Unsecured notes \| 4.75% Senior Notes
Debt Instrument [Line Items]
Total debt obligations		$ 775,000	$ 775,000
Stated interest rate		4.75%
Unsecured notes \| 4.25% Senior Notes
Debt Instrument [Line Items]
Total debt obligations		$ 550,000	550,000
Stated interest rate		4.25%
Unsecured notes \| 5.50% Senior Notes
Debt Instrument [Line Items]
Total debt obligations		$ 400,000	400,000
Stated interest rate		5.50%
Other Debt Obligations \| Trust Preferred Securities
Debt Instrument [Line Items]
Total debt obligations		$ 100,000	$ 100,000
Other Debt Obligations \| Trust Preferred Securities \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate		1.50%

Summary of Significant Accounting Policies (Discontinued Operations - Net Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Net income from discontinued operations

$ 52,037

$ 21,614

$ 25,315

$ 22,486

$ 24,143

$ 20,833

$ 21,661

$ 18,818

$ 121,452

^[1]

$ 85,455

^[1]

$ 489,900

^[1]

Net (income) from discontinued operations attributable to noncontrolling interests

(5,620)

(11,251)

(10,730)

Net income (loss) attributable to iStar Inc.

132,481

(42,441)

324,042

Discontinued Operations - Held for Sale | Net Lease Business Segment

Interest income from sales-type leases

Operating lease income

164,811

164,446

174,094

Interest income

3,717

3,440

2,018

35,826

33,552

20,496

Other income

5,178

5,412

9,183

Depreciation and amortization

209,532

206,850

205,791

Interest expense

43,232

42,746

42,220

Real estate expense

27,366

26,410

24,589

52,221

50,765

51,083

(Recovery of) provision for loan losses

(1,150)

186

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

(10,871)

1,760

Impairment of assets

2,286

2,036

2,471

Other expense

16,476

Total costs and expenses

129,560

123,903

120,363

Income from sales of real estate

8,476

224,654

Income from discontinued operations before earnings from equity method investments and other items

88,448

82,947

310,082

Selling profit from sales-type leases

8,123

2,654

(529)

25,034

180,416

Net income from discontinued operations before income taxes

121,605

85,601

489,969

Income tax expense

(153)

(146)

(69)

Net income from discontinued operations

121,452

85,455

489,900

Net (income) from discontinued operations attributable to noncontrolling interests

(5,620)

(11,251)

(10,730)

Net income (loss) attributable to iStar Inc.

115,832

74,204

479,170

Discontinued Operations - Held for Sale | Net Lease Business Segment | SAFE