0001095651-22-000009 | 10-Q | XBRL Viewer

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

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 ($ in thousands):⁽¹⁾


	Derivative Liabilities
	Balance Sheet	Fair
As of March 31, 2022	Location	Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	—
Total		$	—

As of December 31, 2021
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

(1)	Over the next 12 months, the Company expects that $2.6 million related to its proportionate share of cash flow hedges held by SAFE 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 Three Months Ended March 31, 2022
Interest rate swaps	Earnings from equity method investments		2,755		(621)
For the Three Months Ended March 31, 2021
Interest rate swaps	Net income from discontinued operations	$	3,335	$	(2,104)
Interest rate swaps	Earnings from equity method investments		8,638		(234)

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

As of March 31, 2022, 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	$	4,235	$	8,111	$	108,650	$	120,996
Strategic Investments		—		5,061		2,325		7,386
Total	$	4,235	$	13,172	$	110,975	$	128,382

Schedule of future minimum lease obligations operating leases


	Operating⁽¹⁾
2022 (remaining nine months)	$	4,929
2023		6,295
2024		6,178
2025		6,166
2026		142
Thereafter		162
Total undiscounted cash flows		23,872
Present value discount⁽¹⁾		(2,063)
Lease liabilities	$	21,809

(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 4.4 years. During the three months ended March 31, 2022 and 2021, the Company made payments of $1.7 million and $0.8 million, respectively, related to its operating leases and $1.3 million and $1.4 million, respectively, related to its finance leases with SAFE .

Real Estate (Future Minimum Operating Lease Payments) (Details) - Operating Properties $ in Thousands	Mar. 31, 2022 USD ($)
Real Estate Properties [Line Items]
2022 (remaining nine months)	$ 4,843
2023	6,293
2024	6,195
2025	5,600
2026	5,125
Thereafter	$ 4,361

Loans Receivable and Other Lending Investments, net (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

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

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


	As of
	March 31, 2022		December 31, 2021
Construction loans
Senior mortgages	$	186,094	$	184,643
Corporate/Partnership loans		—		618
Subtotal - gross carrying value of construction loans⁽¹⁾		186,094		185,261
Loans
Senior mortgages		14,724		14,965
Subordinate mortgages		12,670		12,457
Subtotal - gross carrying value of loans		27,394		27,422
Other lending investments
Held-to-maturity debt securities		98,419		96,838
Available-for-sale debt securities		24,864		28,092
Subtotal - other lending investments		123,283		124,930
Total gross carrying value of loans receivable and other lending investments		336,771		337,613
Allowance for loan losses		(4,932)		(4,769)
Total loans receivable and other lending investments, net	$	331,839	$	332,844

(1)	As of March 31, 2022, 100% of gross carrying value of construction loans had completed construction.

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


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Three Months Ended March 31, 2022	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	1,213	$	676	$	2,304	$	576	$	4,769
Provision for (recovery of) loan losses⁽¹⁾		39		(2)		111		15		163
Allowance for loan losses at end of period	$	1,252	$	674	$	2,415	$	591	$	4,932

Three Months Ended March 31, 2021
Allowance for loan losses at beginning of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020
(Recovery of) provision for loan losses⁽¹⁾		(3,648)		172		(408)		(76)		(3,960)
Allowance for loan losses at end of period	$	2,893	$	1,815	$	2,685	$	667	$	8,060

(1)

During the three months ended March 31, 2022 and 2021, the Company recorded a provision for (recovery of) loan losses of $0.1 million and ($3.6) million, respectively, in its consolidated statements of operations. The provision in 2022 was due primarily to accretion on the Company’s held-to-maturity debt security. The recovery in 2021 was due primarily to the repayment of loans during the three months ended March 31, 2021 and an improving macroeconomic forecast on commercial real estate markets since December 31, 2020. Of this amount, $0.3 million related to a provision for loan losses for unfunded loan commitments and is recorded as a reduction to "Accounts payable, accrued expenses and other liabilities.”

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

The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2022 and December 31, 2021 ($ in thousands):


	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment⁽¹⁾		Impairment		Total
As of March 31, 2022
Construction loans⁽²⁾	$	59,642	$	126,452	$	186,094
Loans⁽²⁾		—		27,394		27,394
Held-to-maturity debt securities		—		98,419		98,419
Available-for-sale debt securities⁽³⁾		—		24,864		24,864
Less: Allowance for loan losses		(591)		(4,341)		(4,932)
Total	$	59,051	$	272,788	$	331,839
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

(1)

The carrying value of this loan includes an unamortized discount of $0.8 million and $0.8 million as of March 31, 2022 and December 31, 2021, 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 unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.2 million and $0.2 million as of March 31, 2022 and December 31, 2021, 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

The Company’s amortized cost basis in performing senior mortgages, corporate/partnership loans and subordinate mortgages, presented by year of origination and by credit quality, as indicated by risk rating, as of March 31, 2022 were as follows ($ in thousands):


	Year of Origination
	2022		2021		2020		2019		2018		Prior to 2018		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		11,899		—		11,899
2.5		—		—		—		—		52,336		—		52,336
3.0		—		—		—		—		62,912		2,826		65,738
3.5		—		—		—		—		11,203		—		11,203
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal⁽¹⁾	$	—	$	—	$	—	$	—	$	138,350	$	2,826	$	141,176
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		12,670		12,670
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	12,670	$	12,670
Total	$	—	$	—	$	—	$	—	$	138,350	$	15,496	$	153,846

(1)	As of March 31, 2022, 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 March 31, 2022
Senior mortgages	$	141,176	$	—	$	59,642		59,642	$	200,818
Subordinate mortgages		12,670		—		—		—		12,670
Total	$	153,846	$	—	$	59,642	$	59,642	$	213,488
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

Schedule of recorded investment in impaired loans


	As of March 31, 2022						As of December 31, 2021
			Unpaid						Unpaid
	Amortized		Principal		Related		Amortized		Principal		Related
	Cost		Balance		Allowance		Cost		Balance		Allowance
With an allowance recorded:
Senior mortgages⁽¹⁾	$	59,642	$	58,892	$	(591)	$	59,640	$	58,888	$	(576)
Total	$	59,642	$	58,892	$	(591)	$	59,640	$	58,888	$	(576)

(1)	The Company has one non-accrual loan as of March 31, 2022 and December 31, 2021 that is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the three months ended March 31, 2022 and 2021.

Schedule of other lending investments - securities


					Net				Net
			Amortized		Unrealized		Estimated		Carrying
	Face Value		Cost Basis		Gain		Fair Value		Value
As of March 31, 2022
Available-for-Sale Securities
Municipal debt securities	$	23,640	$	23,640	$	1,224	$	24,864	$	24,864
Held-to-Maturity Securities
Debt securities		100,000		98,419		—		98,419		98,419
Total	$	123,640	$	122,059	$	1,224	$	123,283	$	123,283
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

Schedule of contractual maturities of securities

As of March 31, 2022, 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		98,419		98,419		—		—
After 5 years through 10 years		—		—		—		—
After 10 years		—		—		23,640		24,864
Total	$	98,419	$	98,419	$	23,640	$	24,864

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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

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


	For the Three Months Ended March 31,
	2022		2021
Net loss from continuing operations	$	(1,888)	$	(14,497)
Net loss from continuing operations attributable to noncontrolling interests		18		44
Preferred dividends		(5,874)		(5,874)
Net loss from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	(7,744)	$	(20,327)

Schedule of earnings per share allocable to common shares


	For the Three Months Ended March 31,
	2022		2021
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders	$	(7,744)	$	(20,327)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income (loss) allocable to common shareholders	$	610,855	$	(405)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		69,037		73,901

Basic and diluted earnings per common share:⁽¹⁾
Net loss from continuing operations and allocable to common shareholders	$	(0.11)	$	(0.28)
Net income from discontinued operations and allocable to common shareholders		8.96		0.27
Net income (loss) allocable to common shareholders	$	8.85	$	(0.01)

(1)

For the three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022 and 2021, 8,829,274 and 2,893,787 shares, respectively, of the 3.125% Convertible Notes were antidilutive based upon the conversion price for such periods.

Net Investment in Leases

3 Months Ended

Mar. 31, 2022

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” on the Company’s consolidated balance sheets. For the three months ended March 31, 2022, the Company recognized $0.2 million of non-cash interest income in "Interest income from sales-type leases" in the Company’s consolidated statements of operations. In January 2022, the Company sold the Ground Lease to an investment fund in which the Company owns a 53% noncontrolling interest (refer to Note 8 – Ground Lease Plus Fund).

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. In January 2022, the Company sold the Ground Lease to the Ground Lease Plus Fund (refer to Note 8).

In January 2022, the Company entered into a commitment to acquire land for $36.0 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing multifamily property. As of March 31, 2022, the Company had funded $28.2 million of this commitment. SAFE (refer to Note 8) waived its right of first refusal on this investment but entered into an agreement with the Company pursuant to which SAFE would acquire the land and related Ground Lease when certain construction related conditions are met.

The Company’s net investment in leases were comprised of the following as of March 31, 2022 and December 31, 2021 ($ in thousands):


	March 31, 2022		December 31, 2021
Total undiscounted cash flows	$	356,338	$	524,712
Unguaranteed estimated residual value		21,750		42,000
Present value discount		(349,676)		(523,497)
Allowance for losses on net investment in leases		(281)		—
Net investment in leases⁽¹⁾	$	28,131	$	43,215

(1)	As of March 31, 2022 and December 31, 2021, 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 March 31, 2022, the risk rating on the Company’s net investment in leases was 1.0.

Dispositions— During the three months ended March 31, 2021, the Company sold net lease assets for net proceeds of $6.6 million and recognized an aggregate impairment of $1.5 million in connection with the sales which is recorded in “Net income from discontinued operations” in the Company’s consolidated statements of operations.

Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of March 31, 2022, are as follows by year ($ in thousands):


	Amount
2022 (remaining nine months)	$	688
2023		934
2024		1,194
2025		1,240
2026		1,264
Thereafter		351,018
Total undiscounted cash flows	$	356,338

Allowance for Losses on Net Investment in Leases—Changes in the Company’s allowance for losses on net investment in leases for the three months ended March 31, 2022 and 2021 were as follows ($ in thousands):


	Three Months Ended
	March 31, 2022		March 31, 2021
Allowance for losses on net investment in leases at beginning of period⁽¹⁾	$	—	$	10,871
Provision for (recovery of) losses on net investment in leases ⁽²⁾		281		(1,601)
Allowance for losses on net investment in leases at end of period⁽¹⁾	$	281	$	9,270

(1)	All 2021 amounts were for net investment in leases included in the Net Lease Sale (refer to Note 3 – Net Lease Sale and Discontinued Operations).

(2)

During the three months ended March 31, 2022, the Company recorded a provision for losses on net investment in leases of $0.3 million due primarily to the macroeconomic forecast on commercial real estate markets. During the three months ended March 31, 2021, the Company recorded a recovery of losses on net investment in leases of $1.6 million (which is included in “Net income from discontinued operations’) due primarily to an improving macroeconomic forecast on commercial real estate markets since December 31, 2020.

Other Investments

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

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):


					Earnings (Losses) from
	Carrying Value				Equity Method Investments
	as of				For the Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2022		2021
Real estate equity investments
Safehold Inc. ("SAFE")⁽¹⁾	$	1,388,657	$	1,168,532	$	17,029	$	11,412
Ground Lease Plus Fund		64,548		17,630		769		—
Other real estate equity investments		43,441		44,349		3,611		(602)
Subtotal		1,496,646		1,230,511		21,409		10,810
Other strategic investments⁽²⁾		29,373		66,770		3,623		958
Total	$	1,526,019	$	1,297,281	$	25,032	$	11,768

(1)

As of March 31, 2022, the Company owned 40.1 million shares of SAFE common stock which, based on the closing price of $55.45 on March 31, 2022, had a market value of $2.2 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 three months ended March 31, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $0.5 million, respectively, resulting from SAFE equity offerings.

(2)

During the three months ended March 31, 2021, 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 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $5.1 million 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.

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”). During the three months ended March 31, 2022, the Company purchased 0.2 million shares of SAFE's common stock for $10.5 million, for an average cost of $66.83 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 March 2022, the Company acquired 3,240,000 shares of SAFE’s common stock in a private placement for $191.2 million. As of March 31, 2022, the Company owned approximately 64.7% of SAFE’s common stock outstanding.

In January 2019, the Company purchased 12.5 million newly designated limited partnership units (the “Investor Units”) in SAFE’s operating partnership (“SAFE OP”), at a purchase price of $20.00 per unit, for a total purchase price of $250.0 million. In May 2019, after the approval of SAFE’s 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 on January 2, 2019. The Stockholder’s Agreement:

●

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

●

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 three months ended March 31, 2022 and 2021, the Company recorded $4.5 million and $3.5 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. Historically, pursuant to the Company’s option under the management agreement, the Company has elected to not seek reimbursement for certain expenses. This historical election is not a waiver of reimbursement for similar expenses in future periods and the Company has started to elect to seek, and may further seek in the future, reimbursement of such additional expenses that it has not previously sought, including, without limitation, rent, overhead and certain personnel costs.

During the three months ended March 31, 2022 and 2021, the Company recognized $3.1 million and $1.9 million, respectively, of expense reimbursements pursuant to its management agreement with SAFE.

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

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

In October 2017, the Company closed on a 99-year Ground Lease and a $80.5 million construction financing commitment to support the ground-up development of a to-be-built luxury multi-family project. The transaction included a combination of: (i) a newly created Ground Lease and a $7.2 million leasehold improvement allowance, which was fully funded; and (ii) an $80.5 million leasehold first mortgage. The Company sold the Ground Lease to SAFE in September 2020 for $34.0 million and in January 2021 sold the leasehold first mortgage to an entity in which the Company has a 53% noncontrolling equity interest (refer to “Other strategic investments” below) for $63.3 million.

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 November 2021, the Company acquired the 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. The Company sold the property in the first quarter of 2022. Prior to the sale, SAFE paid $0.3 million to terminate a purchase option that allowed the Company to purchase the land at the expiration of the Ground Lease.

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.

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 the Loan Fund (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. In January 2022, the Company sold the Ground Leases to the Ground Lease Plus Fund (see below). 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 Ground Lease Plus Fund.

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 Ground Lease Plus Fund (refer to Ground Lease Plus Fund below).

In December 2021, the Company’s partner in a venture recapitalized an 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 held by the Company was repaid in full. During the three months ended March 31, 2021, the Company recorded $0.6 million of interest income on the mezzanine loan.

In January 2022, 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. The purchase price to be paid is a maximum of $36.0 million (refer to Note 5), plus an amount necessary for the Company to achieve the greater of a 1.05x multiple and a 10% return on its investment. 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.

In February 2022, the Loan Fund (refer to Other Strategic Investments below) committed to provide a $130.0 million loan to the ground lessee of a Ground Lease originated at SAFE. The loan is for the Ground Lease tenant’s recapitalization of a life science office property. The Loan Fund received $9.0 million of consideration from SAFE in connection with this transaction.

Ground Lease Plus Fund—The Company formed and manages an investment fund 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”). The Company owns a 53% noncontrolling equity 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 through December 2023 on qualifying pre-development projects that SAFE has elected to not originate.

In January 2022, the Company sold two Ground Leases to the Ground Lease Plus Fund (refer to Note 5) and recognized an aggregate $0.5 million of gains in “Income from sales of real estate” on the sale. The Company and SAFE entered into an agreement pursuant to which SAFE would acquire the land properties and related Ground Leases from the Ground Lease Plus Fund when certain construction related conditions are met by a specified time period (refer to “Safehold Inc.” above).

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 the Ground Lease Plus Fund and recognized no gain or loss on the sale. 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).

Other real estate equity investments—As of March 31, 2022, the Company’s other real estate equity investments include equity interests in real estate ventures ranging from 48% to 95%, comprised of investments of $43.2 million in operating properties and $0.2 million in land assets. As of December 31, 2021, the Company’s other real estate equity investments included $43.3 million in operating properties and $1.1 million in land assets.

Other strategic investments—As of March 31, 2022 and December 31, 2021, 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 owns a 53.0% noncontrolling equity interest (the “Loan Fund”). 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 the Loan Fund. The Company does not have a controlling interest in the Loan Fund 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.

In February 2022, the Loan Fund committed to provide a $130.0 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 life science office property.

Summarized investee financial information—The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of March 31, 2022 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Three Months Ended March 31, 2022
SAFE	$	60,363	$	37,732	$	24,873

For the Three Months Ended March 31, 2021
SAFE	$	43,507	$	27,174	$	16,908

Debt Obligations, net (Unsecured Notes Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 1,428	$ 0
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%

Debt Obligations, net (Secured Term Loan and Credit Facility Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 2,112,500,000
Loss on early extinguishment of debt, net		1,428,000	$ 0
Senior Term Loan
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt, net		$ 1,400,000
Senior Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		1.00%
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 0		$ 491,875,000
Secured Debt \| Senior Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 650,000,000.0
Long-term debt, outstanding balance		$ 0		491,875,000
Secured Debt \| Senior Term Loan \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	2.75%	2.75%
Secured Debt \| Senior Term Loan \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		1.75%
Secured Debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, outstanding balance		$ 0		$ 0
Maximum borrowing capacity		$ 350,000,000.0
Debt instrument term		1 year
Current borrowing capacity		$ 59,900,000
Secured Debt \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.25%
Secured Debt \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.45%
Secured Debt \| Revolving Credit Facility \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		1.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Interest Rate Category Two \| Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.00%
Secured Debt \| Revolving Credit Facility \| LIBOR \| Interest Rate Category Two \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		2.50%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Interest Rate Category One \| Minimum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		1.00%
Secured Debt \| Revolving Credit Facility \| Base Rate \| Interest Rate Category One \| Maximum
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate		1.50%

Loans Receivable and Other Lending Investments, net

3 Months Ended

Mar. 31, 2022

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
	March 31, 2022		December 31, 2021
Construction loans
Senior mortgages	$	186,094	$	184,643
Corporate/Partnership loans		—		618
Subtotal - gross carrying value of construction loans⁽¹⁾		186,094		185,261
Loans
Senior mortgages		14,724		14,965
Subordinate mortgages		12,670		12,457
Subtotal - gross carrying value of loans		27,394		27,422
Other lending investments
Held-to-maturity debt securities		98,419		96,838
Available-for-sale debt securities		24,864		28,092
Subtotal - other lending investments		123,283		124,930
Total gross carrying value of loans receivable and other lending investments		336,771		337,613
Allowance for loan losses		(4,932)		(4,769)
Total loans receivable and other lending investments, net	$	331,839	$	332,844

(1)	As of March 31, 2022, 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 three months ended March 31, 2022 and 2021 ($ in thousands):


	General Allowance
					Held to
	Construction				Maturity Debt		Specific
Three Months Ended March 31, 2022	Loans		Loans		Securities		Allowance		Total
Allowance for loan losses at beginning of period	$	1,213	$	676	$	2,304	$	576	$	4,769
Provision for (recovery of) loan losses⁽¹⁾		39		(2)		111		15		163
Allowance for loan losses at end of period	$	1,252	$	674	$	2,415	$	591	$	4,932

Three Months Ended March 31, 2021
Allowance for loan losses at beginning of period	$	6,541	$	1,643	$	3,093	$	743	$	12,020
(Recovery of) provision for loan losses⁽¹⁾		(3,648)		172		(408)		(76)		(3,960)
Allowance for loan losses at end of period	$	2,893	$	1,815	$	2,685	$	667	$	8,060

(1)

The Company’s investment in loans and other lending investments and the associated allowance for loan losses were as follows as of March 31, 2022 and December 31, 2021 ($ in thousands):


	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment⁽¹⁾		Impairment		Total
As of March 31, 2022
Construction loans⁽²⁾	$	59,642	$	126,452	$	186,094
Loans⁽²⁾		—		27,394		27,394
Held-to-maturity debt securities		—		98,419		98,419
Available-for-sale debt securities⁽³⁾		—		24,864		24,864
Less: Allowance for loan losses		(591)		(4,341)		(4,932)
Total	$	59,051	$	272,788	$	331,839
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

(1)

(2)	The carrying value of these loans includes unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.2 million and $0.2 million as of March 31, 2022 and December 31, 2021, 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 designates loans as non-performing at such time as: (1) interest payments become 90 days delinquent; (2) the loan has a maturity default; or (3) management determines it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan. All non-performing loans are placed on non-accrual status and income is only recognized in certain cases upon actual cash receipt.


	Year of Origination
	2022		2021		2020		2019		2018		Prior to 2018		Total
Senior mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		11,899		—		11,899
2.5		—		—		—		—		52,336		—		52,336
3.0		—		—		—		—		62,912		2,826		65,738
3.5		—		—		—		—		11,203		—		11,203
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal⁽¹⁾	$	—	$	—	$	—	$	—	$	138,350	$	2,826	$	141,176
Subordinate mortgages
Risk rating
1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	—
1.5		—		—		—		—		—		—		—
2.0		—		—		—		—		—		—		—
2.5		—		—		—		—		—		—		—
3.0		—		—		—		—		—		12,670		12,670
3.5		—		—		—		—		—		—		—
4.0		—		—		—		—		—		—		—
4.5		—		—		—		—		—		—		—
5.0		—		—		—		—		—		—		—
Subtotal	$	—	$	—	$	—	$	—	$	—	$	12,670	$	12,670
Total	$	—	$	—	$	—	$	—	$	138,350	$	15,496	$	153,846

(1)	As of March 31, 2022, 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 March 31, 2022
Senior mortgages	$	141,176	$	—	$	59,642		59,642	$	200,818
Subordinate mortgages		12,670		—		—		—		12,670
Total	$	153,846	$	—	$	59,642	$	59,642	$	213,488
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

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


	As of March 31, 2022						As of December 31, 2021
			Unpaid						Unpaid
	Amortized		Principal		Related		Amortized		Principal		Related
	Cost		Balance		Allowance		Cost		Balance		Allowance
With an allowance recorded:
Senior mortgages⁽¹⁾	$	59,642	$	58,892	$	(591)	$	59,640	$	58,888	$	(576)
Total	$	59,642	$	58,892	$	(591)	$	59,640	$	58,888	$	(576)

(1)	The Company has one non-accrual loan as of March 31, 2022 and December 31, 2021 that is considered impaired and included in the table above. The Company did not record any interest income on impaired loans for the three months ended March 31, 2022 and 2021.

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. In January 2022, the Company sold its loan receivable held for sale to the Ground Lease Plus Fund (refer to Note 8).

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 March 31, 2022
Available-for-Sale Securities
Municipal debt securities	$	23,640	$	23,640	$	1,224	$	24,864	$	24,864
Held-to-Maturity Securities
Debt securities		100,000		98,419		—		98,419		98,419
Total	$	123,640	$	122,059	$	1,224	$	123,283	$	123,283
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 March 31, 2022, 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		98,419		98,419		—		—
After 5 years through 10 years		—		—		—		—
After 10 years		—		—		23,640		24,864
Total	$	98,419	$	98,419	$	23,640	$	24,864

Loans Receivable and Other Lending Investments, net (Loan Receivable Held for Sale) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		7 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Income from sales of real estate			$ 492	$ 612
Purchase price for properties acquired							$ 42,000
Loan receivable held for sale						$ 43,215
Safehold Inc.
Debt Securities, Available-for-sale [Line Items]
Amount of loan funded		$ 16,100		$ 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

Other Investments (Other Real Estate Equity Investments) (Details)	1 Months Ended					3 Months Ended
	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Jan. 31, 2021 USD ($) loan	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity interest						53.00%
Net proceeds from sales of loans receivable						$ 96,202,000	$ 79,560,000
Income from sales of real estate						$ 492,000	612,000
Payments to acquire property				$ 33,300,000
Ground Lease Plus Fund
Schedule of Equity Method Investments [Line Items]
Number of ground leases sold \| lease		2
Income from sales of real estate		$ 500,000	$ 0
SAFE
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee	$ 130,000,000.0
Consideration received for loan commitment	$ 9,000,000.0
Other real estate equity investments \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity interest						48.00%
Other real estate equity investments \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity interest						95.00%
Other real estate equity investments \| Operating Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments			43,300,000			$ 43,200,000
Other real estate equity investments \| Land
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 1,100,000			$ 200,000
Other Real Estate Equity Investment Aug 2018
Schedule of Equity Method Investments [Line Items]
Equity Interest sold			50.00%
Interest income							$ 600,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest					53.00%
Equity method investments					$ 63,300,000
Number of loans sold \| loan					2
Net proceeds from sales of loans receivable					$ 83,400,000
Recognized gain or loss					$ 0
Other Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee								$ 75,000,000.0

Land and Development (Tables)

3 Months Ended

Mar. 31, 2022

Land And Development [Abstract]

Schedule of land and development assets

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


	As of
	March 31,		December 31,
	2022		2021
Land and land development, at cost	$	288,460	$	297,621
Less: accumulated depreciation		(11,039)		(10,811)
Total land and development, net	$	277,421	$	286,810

Fair Values

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Values

Note 16—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 March 31, 2022
Recurring basis:
Available-for-sale securities⁽¹⁾	$	24,864	$	—	$	—	$	24,864
As of December 31, 2021
Recurring basis:
Derivative liabilities⁽¹⁾	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities⁽¹⁾		28,092		—		—		28,092

(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

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company’s consolidated balance sheets for the three months ended March 31, 2022 and 2021 ($ in thousands):


	2022		2021
Beginning balance	$	28,092	$	25,274
Repayments		(215)		(200)
Unrealized losses recorded in other comprehensive income		(3,013)		(1,031)
Ending balance	$	24,864	$	24,043

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


	As of March 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)⁽¹⁾	$	28	$	28	$	43	$	43
Loans receivable and other lending investments, net⁽¹⁾		332		342		333		345
Loans receivable held for sale⁽¹⁾		—		—		43		43
Cash and cash equivalents⁽²⁾		1,500		1,500		340		340
Restricted cash⁽²⁾		51		51		54		54

Liabilities
Debt obligations, net⁽¹⁾⁽³⁾
Level 1		1,985		2,228		2,473		2,799
Level 3		99		101		99		104
Total debt obligations, net		2,084		2,329		2,572		2,903

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

(2)

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

(3)

As of March 31, 2022 and December 31, 2021, the fair value of the Company’s unsecured notes is classified as Level 1 in the fair value hierarchy. As of March 31, 2022 and December 31, 2021, the fair value of the Company’s 3.125% Senior Convertible Notes was $497.5 million and $527.5 million, respectively (refer to Note 18).

- Definition

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

+ References + Details

Net Investment in Leases (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2022 USD ($) lease	Jun. 30, 2021 USD ($) lease	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Net investment in leases [Line Items]
Obligation to acquire the Ground Leases or fund the leasehold improvement allowances if certain construction conditions are not met within a specified time period		$ 0
Number of properties acquired from lessee \| lease		2
Purchase price for properties acquired		$ 42,000
Number of ground leases entered into \| lease	3	2
Loan receivable held for sale						$ 43,215
Net investment in leases	$ 28,131		$ 28,131			$ 43,215
Noncash interest income from sales-type leases			$ 200
Equity interest	53.00%		53.00%
Net proceeds from net investment in leases			$ 0	$ 6,575
Ground Lease Plus Fund
Net investment in leases [Line Items]
Equity interest	53.00%		53.00%
Loans Receivable Held-for-sale
Net investment in leases [Line Items]
Loan receivable held for sale		$ 42,000
Land Parcel One
Net investment in leases [Line Items]
Purchase price for properties acquired		$ 42,000
Number of ground leases classified as sales-type lease \| lease		1
Land Parcel One \| Maximum
Net investment in leases [Line Items]
Leasehold improvement allowance, Ground Leases		$ 83,000
Land Parcel Two
Net investment in leases [Line Items]
Purchase price for properties acquired		$ 42,000
Number of ground leases accounted for as a financing transaction \| lease		1
Land Parcel Two \| Maximum
Net investment in leases [Line Items]
Leasehold improvement allowance, Ground Leases		$ 83,000
Land Parcel Two \| Loans Receivable Held-for-sale
Net investment in leases [Line Items]
Loan receivable held for sale		$ 42,000
Land Parcel Three
Net investment in leases [Line Items]
Purchase price for properties acquired					$ 36,000
Funding for land purchase commitment	$ 28,200		$ 28,200

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

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

Dec. 31, 2020

Other Lending Investments

Total

$ 123,283

$ 124,930

Less: Allowance for loan losses

Individually evaluated for impairment

(591)

(576)

Collectively evaluated for impairment

(4,341)

(4,193)

Total

(4,932)

(4,769)

Individually Evaluated for Impairment

59,051

59,064

Collectively Evaluated for Impairment

272,788

273,780

Total loans receivable and other lending investments, net

^[1]

331,839

332,844

Net discounts

800

Held-to-maturity debt securities

Other Lending Investments

Individually Evaluated for Impairment

Collectively Evaluated for Impairment

98,419

96,838

Total

98,419

96,838

Available-for-sale debt securities

Other Lending Investments

Individually Evaluated for Impairment

Collectively Evaluated for Impairment

24,864

28,092

Total

24,864

28,092

Construction Loans

Loans

Individually Evaluated for Impairment

59,642

59,640

Collectively Evaluated for Impairment

126,452

125,621

Total

186,094

185,261

Less: Allowance for loan losses

Total

(1,252)

(1,213)

$ (2,893)

$ (6,541)

Loans

Loans

Individually Evaluated for Impairment

Collectively Evaluated for Impairment

27,394

27,422

Total

27,394

27,422

Less: Allowance for loan losses

Total

(674)

(676)

$ (1,815)

$ (1,643)

Net discounts

$ 200

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

Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Schedule of real estate assets

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


As of March 31, 2022
Land, at cost	$	6,830
Buildings and improvements, at cost		106,849
Less: accumulated depreciation		(22,245)
Real estate, net		91,434
Real estate available and held for sale⁽¹⁾		301
Total real estate	$	91,735
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⁽¹⁾		301
Total real estate	$	92,451

(1)	As of March 31, 2022 and December 31, 2021, the Company had $0.3 million and $0.3 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

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


	Operating
Year	Properties
2022 (remaining nine months)	$	4,843
2023		6,293
2024		6,195
2025		5,600
2026		5,125
Thereafter		4,361

Equity (Stock Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Feb. 28, 2022
Stock repurchase program
Shares repurchased and retired during period (in shares)	0.7
Common stock value repurchased including acquisition costs	$ 12,400,000
Average cost per share of repurchased shares (in dollars per share)	$ 17.20
Maximum
Stock repurchase program
Stock repurchase program, authorized amount		$ 50,000,000.0
Stock repurchase program remaining authorized amount		$ 50,000,000.0
Increase in authorized shares for repurchase			$ 50,000,000.0

Fair Values - (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Carrying Value
Book and estimated fair values of financial instruments
Net investment in leases	$ 28	$ 43
Loans receivable and other lending investments	332	333
Loans receivable held for sale	0	43
Cash and cash equivalents	1,500	340
Restricted cash	51	54
Debt obligations, net	2,084	2,572
Carrying Value \| Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	1,985	2,473
Carrying Value \| Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	99	99
Fair Value
Book and estimated fair values of financial instruments
Net investment in leases	28	43
Loans receivable and other lending investments	342	345
Loans receivable held for sale	0	43
Cash and cash equivalents	1,500	340
Restricted cash	51	54
Debt obligations, net	2,329	2,903
Fair Value \| Fair Value, Inputs, Level 1
Book and estimated fair values of financial instruments
Debt obligations, net	2,228	2,799
Fair Value \| Fair Value, Inputs, Level 3
Book and estimated fair values of financial instruments
Debt obligations, net	$ 101	104
3.125% Senior Convertible Notes
Book and estimated fair values of financial instruments
Stated interest rate	3.125%		3.125%
3.125% Senior Convertible Notes \| Unsecured notes
Book and estimated fair values of financial instruments
Debt obligations, net	$ 497,500	$ 527,500
Stated interest rate	3.125%	3.125%	3.125%

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Net investment in leases, allowances	$ 281	$ 0
Loans receivable and other lending investments, allowances	$ 4,932	$ 4,769
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)	69,096	68,870
Common Stock, shares outstanding (in shares)	69,096	68,870

- Definition

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

+ References + Details

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

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

Dec. 31, 2020

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

Other lending investments

$ 123,283

$ 124,930

Total gross carrying value of loans receivable and other lending investments

336,771

337,613

Allowance for loan losses

(4,932)

(4,769)

Total loans receivable and other lending investments, net

^[1]

331,839

332,844

Held-to-maturity debt securities

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

Other lending investments

98,419

96,838

Available-for-sale debt securities

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

Other lending investments

24,864

28,092

Commercial Portfolio Segment

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

Subtotal - gross carrying value of loans

213,488

212,683

Commercial Portfolio Segment | Senior mortgages

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

Subtotal - gross carrying value of loans

200,818

199,608

Commercial Portfolio Segment | Corporate/Partnership loans

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

Subtotal - gross carrying value of loans

618

Commercial Portfolio Segment | Subordinate mortgages

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

Subtotal - gross carrying value of loans

12,670

12,457

Construction Loans

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

Subtotal - gross carrying value of loans

186,094

185,261

Allowance for loan losses

(1,252)

(1,213)

$ (2,893)

$ (6,541)

Construction Loans | Commercial Portfolio Segment

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

Subtotal - gross carrying value of loans

186,094

185,261

Construction Loans | Commercial Portfolio Segment | Senior mortgages

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

Subtotal - gross carrying value of loans

186,094

184,643

Construction Loans | Commercial Portfolio Segment | Corporate/Partnership loans

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

Subtotal - gross carrying value of loans

$ 0

618

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

$ 27,394

27,422

Allowance for loan losses

(674)

(676)

$ (1,815)

$ (1,643)

Loans | Commercial Portfolio Segment | Senior mortgages

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

Subtotal - gross carrying value of loans

14,724

14,965

Loans | Commercial Portfolio Segment | Subordinate mortgages

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

Subtotal - gross carrying value of loans

$ 12,670

$ 12,457

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

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Discontinued operations

Noncontrolling interests

^[1]

$ 330,514

$ 211,910

Net Lease Venture

Discontinued operations

Ownership Percentage

47.50%

Net Lease Venture II | Net income from discontinued operations

Discontinued operations

Management fee revenue from related party

$ 400

Senior executives | Net Lease Venture

Discontinued operations

Ownership Percentage

0.60%

Percentage of incentive fees

50.00%

Discontinued Operations, Disposed of by Sale | Net Lease Business Segment

Discontinued operations

Other investments

$ 216,309

Discontinued Operations, Disposed of by Sale | Net Lease Sale | Net Lease Venture

Discontinued operations

Noncontrolling interests

316,600

Discontinued Operations, Disposed of by Sale | Net Lease Sale | Net Lease Venture II

Discontinued operations

Other investments

$ 216,300

Discontinued Operations - Held for Sale | Net Lease Business Segment

Discontinued operations

Other investments

$ 103,229

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

Commitments and Contingencies (Unfunded Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Percentage of capital committed that may be drawn down	100.00%
Performance-Based Commitments	$ 120,996
Strategic Investments	7,386
Total	128,382
Loans
Other Commitments [Line Items]
Performance-Based Commitments	4,235
Strategic Investments	0
Total	4,235
Real Estate
Other Commitments [Line Items]
Performance-Based Commitments	8,111
Strategic Investments	5,061
Total	13,172
Other Investments
Other Commitments [Line Items]
Performance-Based Commitments	108,650
Strategic Investments	2,325
Total	$ 110,975

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

1 Months Ended

3 Months Ended

Jun. 30, 2018

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

Total debt obligations

$ 2,112,500

Debt discounts and deferred financing costs, net

(28,248)

$ (32,201)

Total debt obligations, net

^[1]

2,084,252

2,572,174

Stockholders' equity

1,784,950

^[1]

$ 1,051,007

1,063,206

^[1]

$ 1,064,383

Interest costs capitalized

$ 300

$ 200

Period of Adoption, Adjustment

Debt Instrument [Line Items]

Stockholders' equity

$ (10,019)

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

$ 0

491,875

Debt discounts and deferred financing costs, net

Total debt obligations, net

Secured Debt | Revolving Credit Facility

Debt Instrument [Line Items]

Total debt obligations

$ 0

Debt instrument term

1 year

Secured Debt | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis point spread on variable interest rate

2.00%

Secured Debt | Revolving Credit Facility | LIBOR | Minimum

Debt Instrument [Line Items]

Basis point spread on variable interest rate

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 | 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 | 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 | 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

$ 0

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 | Maximum

Debt Instrument [Line Items]

Basis point spread on variable interest rate

1.75%

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

Stated interest rate

3.125%

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

0.0723126

Convertible debt, conversion price (in dollars per share)

$ 13.83

Contractual interest

$ 2,200

Unsecured notes | 4.75% Senior Notes

Debt Instrument [Line Items]

Total debt obligations

$ 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

Debt Instrument [Line Items]

Total debt obligations

$ 2,112,500

2,604,375

Other Debt Obligations | Trust Preferred Securities

Debt Instrument [Line Items]

Total debt obligations

$ 100,000

Basis point spread on variable interest rate

1.50%

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

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income from discontinued operations	$ 797,688	$ 22,486
Earnings from equity method investments	25,032	11,768
Other expenses	930	253
Comprehensive income attributable to noncontrolling interests from discontinued operations	179,100	5,000
Reclassification out of Other Comprehensive Income \| Accumulated Gain (Loss), Cash Flow Hedge
Net income from discontinued operations		2,104
Earnings from equity method investments	$ 621	$ 234

- Definition

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.

+ References

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
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-SubTopic 20
-Section 45
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-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
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-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

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 15—Earnings Per Share

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


	For the Three Months Ended March 31,
	2022		2021
Net loss from continuing operations	$	(1,888)	$	(14,497)
Net loss from continuing operations attributable to noncontrolling interests		18		44
Preferred dividends		(5,874)		(5,874)
Net loss from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	(7,744)	$	(20,327)


	For the Three Months Ended March 31,
	2022		2021
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders	$	(7,744)	$	(20,327)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income (loss) allocable to common shareholders	$	610,855	$	(405)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		69,037		73,901

Basic and diluted earnings per common share:⁽¹⁾
Net loss from continuing operations and allocable to common shareholders	$	(0.11)	$	(0.28)
Net income from discontinued operations and allocable to common shareholders		8.96		0.27
Net income (loss) allocable to common shareholders	$	8.85	$	(0.01)

(1)

Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 17—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 investments in SAFE and its Ground Lease adjacent businesses (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
Three Months Ended March 31, 2022
Operating lease income	$	—	$	—	$	2,974	$	135	$	—	$	3,109
Interest income		75		4,873		—		—		—		4,948
Interest income from sales-type leases		356		—		—		—		—		356
Other income		4,459		11		2,661		1,317		192		8,640
Land development revenue		—		—		—		14,900		—		14,900
Earnings from equity method investments		17,800		1,015		45		3,566		2,606		25,032
Income from sales of real estate		492		—		—		—		—		492
Total revenue and other earnings		23,182		5,899		5,680		19,918		2,798		57,477
Real estate expense		(177)		—		(5,891)		(4,049)		—		(10,117)
Land development cost of sales		—		—		—		(14,496)		—		(14,496)
Other expense		(471)		(119)		—		(82)		(258)		(930)
Allocated interest expense		(16,215)		(3,140)		(1,341)		(4,243)		(4,304)		(29,243)

Allocated general and administrative⁽³⁾		(5,016)		(1,124)		(478)		(2,255)		(4,929)		(13,802)
Segment profit (loss)⁽⁴⁾	$	1,303	$	1,516	$	(2,030)	$	(5,207)	$	(6,693)	$	(11,111)
Other significant items:
Provision for loan losses	$	—	$	135	$	—	$	—	$	—	$	135
Provision for losses on net investment in leases		281		—		—		—		—		281
Depreciation and amortization		—		—		986		228		143		1,357
Capitalized expenditures		(211)		—		220		4,922		—		4,931

Three Months Ended March 31, 2021
Operating lease income	$	—	$	—	$	4,837	$	94	$	—	$	4,931
Interest income		17		9,772		—		—		—		9,789
Interest income from sales-type leases		—		—		—		—		—		—
Other income		3,476		99		2,337		1,389		5,714		13,015
Land development revenue		—		—		—		32,249		—		32,249
Earnings (losses) from equity method investments		11,412		466		(3,747)		3,146		491		11,768
Income from sales of real estate		—		—		612		—		—		612
Total revenue and other earnings		14,905		10,337		4,039		36,878		6,205		72,364
Real estate expense		(458)		—		(3,799)		(4,462)		—		(8,719)
Land development cost of sales		—		—		—		(29,323)		—		(29,323)
Other expense		—		(64)		—		—		(189)		(253)
Allocated interest expense		(14,325)		(4,578)		(2,043)		(3,938)		(3,925)		(28,809)
Allocated general and administrative⁽³⁾		(5,937)		(1,459)		(660)		(2,428)		(5,447)		(15,931)
Segment profit (loss)⁽⁴⁾	$	(5,815)	$	4,236	$	(2,463)	$	(3,273)	$	(3,356)	$	(10,671)
Other significant items:
Recovery of loan losses	$	—	$	(3,642)	$	—	$	—	$	—	$	(3,642)
Impairment of assets		—		—		257		—		—		257
Depreciation and amortization		—		—		1,988		218		195		2,401
Capitalized expenditures		1,268		—		57		4,739		—		6,064

As of March 31, 2022
Real estate, net	$	—	$	—	$	91,434	$	—	$	—	$	91,434
Real estate available and held for sale		—		—		301		—		—		301
Total real estate		—		—		91,735		—		—		91,735
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		226,309		—		—		—		—		226,309
Net investment in leases		28,131		—		—		—		—		28,131
Land and development, net		—		—		—		277,421		—		277,421
Loans receivable and other lending investments, net		—		331,839		—		—		—		331,839
Loan receivable held for sale		—		—		—		—		—		—
Other investments		1,453,205		4,627		43,251		190		24,746		1,526,019
Total portfolio assets		1,707,645		336,466		134,986		277,611		24,746		2,481,454
Cash and other assets												1,602,597
Total assets											$	4,084,051

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

(1)	Refer to Note 3 – 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 (income) expense of ($12.4) million and $5.5 million for the three months ended March 31, 2022 and 2021, respectively.

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


	For the Three Months Ended March 31,
	2022		2021
Segment loss	$	(11,111)	$	(10,671)
Less: (Provision for) recovery of loan losses		(135)		3,642
Less: Provision for losses on net investment in leases		(281)		—
Less: Impairment of assets		—		(257)
Less: Stock-based compensation income (expense)		12,427		(5,508)
Less: Depreciation and amortization		(1,357)		(2,401)
Less: Income tax (expense) benefit		(3)		698
Less: Loss on early extinguishment of debt, net		(1,428)		—
Less: Net income from discontinued operations		797,688		22,486
Net income	$	795,800	$	7,989

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/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

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

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.

Net Lease Sale—In March 2022, the Company, through certain subsidiaries of and entities managed by the Company, closed on 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 sales price of approximately $3.07 billion and recognized a gain of $663.7 million in “Net income from discontinued operations” in the Company’s consolidated statements of operations. The Company refers to this 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 (refer to Note 8) and simplify its portfolio through sales of other assets.

The portfolio sold consisted of office, entertainment and industrial properties located in the United States comprising approximately 18.3 million square feet. It included assets wholly-owned by the Company and assets owned by two joint ventures (see Net Lease Venture and Net Lease Venture II below) managed by the Company and in which it owned 51.9% interests. At the time of closing, the portfolio was encumbered by an aggregate of $702 million of mortgage indebtedness, including indebtedness from equity method investments, which was repaid with proceeds from the sale. After repayment of the mortgage indebtedness and prepayment penalties, a senior term loan secured by certain of the assets (refer to Note 10), 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 retained net cash proceeds

of $1.2 billion from the transaction. In addition, as part of the transaction, the buyer sold three of the properties to Safehold Inc. (“SAFE”) for $122.0 million and entered into three Ground Leases with SAFE. Two net lease properties were sold to different third parties in the first quarter of 2022 and the Company’s net lease assets associated with its Ground Lease businesses were not included in the sale. The Company received net cash proceeds of $33.9 million from the sale of the two net lease properties and recognized a gain of $23.9 million in “Net income from discontinued operations” in the Company’s consolidated statements of operations.

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 was 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 was substantially devoted to the Net Lease Venture owned a total of 0.6% equity ownership in the venture via co-investment. These senior executives were also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% external partner’s interest. Net Lease Venture was part of the Net Lease Sale. As of March 31, 2022, $316.6 million of “Noncontrolling interests” was attributable to the Net Lease Venture and represented proceeds from the Net Lease Sale that were not yet distributed to the Company’s partners in the venture as of March 31, 2022.

Net Lease Venture II—In July 2018, the Company entered into a new venture (the “Net Lease Venture II”) with an investment strategy similar to the Net Lease Venture. The Company was responsible for managing the venture in exchange for a management fee and incentive fee. During the three months ended March 31, 2022 and 2021, the Company recorded $0.4 million and $0.4 million, respectively, of management fees from Net Lease Venture II in “Net income from discontinued operations” in the Company’s consolidated statements of operations. Net Lease Venture II was part of the Net Lease Sale. As of March 31, 2022, $216.3 million of “Real estate and other assets available and held for sale and classified as discontinued operations” was attributable to the Net Lease Venture II and represented proceeds from the Net Lease Sale that were not yet distributed to the Company as of March 31, 2022.

Discontinued Operations—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. For the three months ended March 31, 2022 and 2021, the operations of such assets are classified in “Net income from discontinued operations” in the Company’s consolidated statements of 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 March 31, 2022 and December 31, 2021 ($ in thousands).


	As of
	March 31,		December 31,
	2022		2021
ASSETS
Real estate
Real estate, at cost	$	—	$	1,537,655
Less: accumulated depreciation		—		(271,183)
Total real estate, net		—		1,266,472
Net investment in leases		—		486,389
Loans receivable held for sale		—		48,675
Other investments		216,309		103,229
Finance lease right of use assets		—		150,099
Accrued interest and operating lease income receivable, net		1,018		2,997
Deferred operating lease income receivable, net		—		63,156
Deferred expenses and other assets, net		8,982		178,694
Total real estate and other assets available and held for sale and classified as discontinued operations	$	226,309	$	2,299,711

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	15,963	$	92,865
Finance lease liabilities		—		161,258
Debt obligations, net		—		714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	15,963	$	968,419

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 three months ended March 31, 2022 and 2021 ($ in thousands):


	For the Three Months Ended March 31,
	2022		2021
Revenues:
Operating lease income	$	35,596	$	42,513
Interest income		885		861
Interest income from sales-type leases		8,803		8,627
Other income		4,292		1,275
Total revenues		49,576		53,276
Costs and expenses:
Interest expense⁽¹⁾		7,484		10,754
Real estate expense		5,072		8,175
Depreciation and amortization⁽¹⁾		—		13,054
Recovery of loan losses		—		(152)
Recovery of losses on net investment in leases		—		(1,601)
Impairment of assets		1,492		1,528
Other expense⁽²⁾		(5,669)		—
Total costs and expenses		8,379		31,758
Income from sales of real estate		683,738		—
Income from discontinued operations before earnings from equity method investments and other items		724,935		21,518
Earnings from equity method investments		127,129		1,001
Loss on early extinguishment of debt, net		(41,408)		—
Net income from discontinued operations before income taxes		810,656		22,519
Income tax expense		(12,968)		(33)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income from discontinued operations attributable to iStar Inc.	$	618,599	$	19,922

(1)

For the three months ended March 31, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three months ended March 31, 2021, the Company recorded $2.1 million and $0.4 million, respectively, of “Interest expense” and “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE.

(2)	Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the three months ended March 31, 2022.

The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the three months ended March 31, 2022 and 2021 ($ in thousands).


	For the Three Months Ended March 31,
	2022		2021
Cash flows provided by operating activities	$	22,571	$	20,847
Cash flows provided by investing activities		2,553,349		566

Fair Values (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022
Recurring basis:
Available-for-sale securities⁽¹⁾	$	24,864	$	—	$	—	$	24,864
As of December 31, 2021
Recurring basis:
Derivative liabilities⁽¹⁾	$	8,395	$	—	$	8,395	$	—
Available-for-sale securities⁽¹⁾		28,092		—		—		28,092

(1)

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


	2022		2021
Beginning balance	$	28,092	$	25,274
Repayments		(215)		(200)
Unrealized losses recorded in other comprehensive income		(3,013)		(1,031)
Ending balance	$	24,864	$	24,043

Schedule of carrying value and fair value of financial instruments


	As of March 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in leases (refer to Note 5)⁽¹⁾	$	28	$	28	$	43	$	43
Loans receivable and other lending investments, net⁽¹⁾		332		342		333		345
Loans receivable held for sale⁽¹⁾		—		—		43		43
Cash and cash equivalents⁽²⁾		1,500		1,500		340		340
Restricted cash⁽²⁾		51		51		54		54

Liabilities
Debt obligations, net⁽¹⁾⁽³⁾
Level 1		1,985		2,228		2,473		2,799
Level 3		99		101		99		104
Total debt obligations, net		2,084		2,329		2,572		2,903

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

(2)

(3)

- Definition

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

+ References + Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

Real estate

Real estate, at cost

^[1]

$ 113,679

$ 113,510

Less: accumulated depreciation

^[1]

(22,245)

(21,360)

Real estate, net

^[1]

91,434

92,150

Real estate available and held for sale

^[1]

301

Total real estate

^[1]

91,735

92,451

Real estate and other assets available and held for sale and classified as discontinued operations

226,309

2,299,711

Net investment in leases ($281 and $0 of allowances as of March 31, 2022 and December 31, 2021, respectively)

28,131

43,215

Land and development, net

^[1]

277,421

286,810

Loans receivable and other lending investments, net ($4,932 and $4,769 of allowances as of March 31, 2022 and December 31, 2021, respectively)

^[1]

331,839

332,844

Loan receivable held for sale

43,215

Other investments

^[1]

1,526,019

1,297,281

Cash and cash equivalents

^[1]

1,500,203

339,601

Accrued interest and operating lease income receivable, net

^[1]

1,666

1,813

Deferred operating lease income receivable, net

^[1]

3,046

3,159

Deferred expenses and other assets, net

^[1]

97,682

100,434

Total assets

^[1]

4,084,051

4,840,534

Liabilities:

Accounts payable, accrued expenses and other liabilities

^[1]

198,886

236,732

Liabilities associated with real estate held for sale and classified as discontinued operations

15,963

968,419

Liabilities associated with properties held for sale

^[1]

Debt obligations, net

^[1]

2,084,252

2,572,174

Total liabilities

^[1]

2,299,101

3,777,328

Commitments and contingencies (refer to Note 11)

^[1]

iStar Inc. shareholders' equity:

Preferred Stock Series D, G and I, liquidation preference $25.00 per share

^[1]

Common Stock, $0.001 par value, 200,000 shares authorized, 69,096 and 68,870 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

^[1]

Additional paid-in capital

^[1]

3,100,665

3,100,015

Accumulated deficit

^[1]

(1,625,086)

(2,227,213)

Accumulated other comprehensive loss

^[1]

(21,224)

(21,587)

Total iStar Inc. shareholders' equity

^[1]

1,454,436

851,296

Noncontrolling interests

^[1]

330,514

211,910

Total equity

^[1]

1,784,950

1,063,206

Total liabilities and equity

^[1]

$ 4,084,051

$ 4,840,534

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

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

3 Months Ended

Mar. 31, 2022

USD ($)

segment

Mar. 31, 2021

USD ($)

Dec. 31, 2021

USD ($)

Segment Profit (Loss)

Number of reportable segments | segment

Revenues

$ 31,953

$ 59,984

Earnings from equity method investments

25,032

11,768

Income from sales of real estate

492

612

Total revenue and other earnings

57,477

72,364

Other expense

(930)

(253)

Allocated interest expense

(29,243)

(28,809)

Allocated general and administrative

(13,802)

(15,931)

Segment profit (loss)

(11,111)

(10,671)

Other significant items:

Provision for (recovery of) loan losses

135

(3,642)

Provision for losses on net investment in leases

281

Impairment of assets

257

Depreciation and amortization

1,357

2,401

Capitalized expenditures

4,931

6,064

Segment assets

Real estate, net

^[1]

91,434

$ 92,150

Real estate available and held for sale

^[1]

301

Total real estate

^[1]

91,735

92,451

Real estate and other assets available and held for sale and classified as discontinued operations

226,309

2,299,711

Net investment in leases

28,131

43,215

Land and development, net

^[1]

277,421

286,810

Loans receivable and other lending investments, net

331,839

332,844

Loan receivable held for sale

43,215

Other investments

^[1]

1,526,019

1,297,281

Total portfolio assets

2,481,454

4,395,527

Cash and other assets

1,602,597

445,007

Total assets

^[1]

4,084,051

4,840,534

Stock-based compensation expense

(12,427)

5,508

Operating lease income

Segment Profit (Loss)

Revenues

3,109

4,931

Interest income

Segment Profit (Loss)

Revenues

4,948

9,789

Interest income from sales-type leases

Segment Profit (Loss)

Revenues

356

Other income

Segment Profit (Loss)

Revenues

8,640

13,015

Land development revenue

Segment Profit (Loss)

Revenues

14,900

32,249

Cost of sales expense

(14,496)

(29,323)

Real estate expense

Segment Profit (Loss)

Cost of sales expense

(10,117)

(8,719)

Operating Segments | Net Lease

Segment Profit (Loss)

Earnings from equity method investments

17,800

11,412

Income from sales of real estate

492

Total revenue and other earnings

23,182

14,905

Other expense

(471)

Allocated interest expense

(16,215)

(14,325)

Allocated general and administrative

(5,016)

(5,937)

Segment profit (loss)

1,303

(5,815)

Other significant items:

Provision for losses on net investment in leases

281

Capitalized expenditures

(211)

1,268

Segment assets

Real estate and other assets available and held for sale and classified as discontinued operations

226,309

2,299,711

Net investment in leases

28,131

43,215

Loan receivable held for sale

43,215

Other investments

1,453,205

1,186,162

Total portfolio assets

1,707,645

3,572,303

Operating Segments | Net Lease | Interest income

Segment Profit (Loss)

Revenues

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

Segment Profit (Loss)

Revenues

356

Operating Segments | Net Lease | Other income

Segment Profit (Loss)

Revenues

4,459

3,476

Operating Segments | Net Lease | Real estate expense

Segment Profit (Loss)

Cost of sales expense

(177)

(458)

Operating Segments | Real Estate Finance

Segment Profit (Loss)

Earnings from equity method investments

1,015

466

Total revenue and other earnings

5,899

10,337

Other expense

(119)

(64)

Allocated interest expense

(3,140)

(4,578)

Allocated general and administrative

(1,124)

(1,459)

Segment profit (loss)

1,516

4,236

Other significant items:

Provision for (recovery of) loan losses

135

(3,642)

Segment assets

Loans receivable and other lending investments, net

331,839

332,844

Other investments

4,627

48,862

Total portfolio assets

336,466

381,706

Operating Segments | Real Estate Finance | Interest income

Segment Profit (Loss)

Revenues

4,873

9,772

Operating Segments | Real Estate Finance | Other income

Segment Profit (Loss)

Revenues

Operating Segments | Operating Properties

Segment Profit (Loss)

Earnings from equity method investments

(3,747)

Income from sales of real estate

612

Total revenue and other earnings

5,680

4,039

Allocated interest expense

(1,341)

(2,043)

Allocated general and administrative

(478)

(660)

Segment profit (loss)

(2,030)

(2,463)

Other significant items:

Impairment of assets

257

Depreciation and amortization

986

1,988

Capitalized expenditures

220

Segment assets

Real estate, net

91,434

92,150

Real estate available and held for sale

301

Total real estate

91,735

92,451

Other investments

43,251

43,252

Total portfolio assets

134,986

135,703

Operating Segments | Operating Properties | Operating lease income

Segment Profit (Loss)

Revenues

2,974

4,837

Operating Segments | Operating Properties | Other income

Segment Profit (Loss)

Revenues

2,661

2,337

Operating Segments | Operating Properties | Real estate expense

Segment Profit (Loss)

Cost of sales expense

(5,891)

(3,799)

Operating Segments | Land and Development

Segment Profit (Loss)

Earnings from equity method investments

3,566

3,146

Total revenue and other earnings

19,918

36,878

Other expense

(82)

Allocated interest expense

(4,243)

(3,938)

Allocated general and administrative

(2,255)

(2,428)

Segment profit (loss)

(5,207)

(3,273)

Other significant items:

Depreciation and amortization

228

218

Capitalized expenditures

4,922

4,739

Segment assets

Land and development, net

277,421

286,810

Other investments

190

1,096

Total portfolio assets

277,611

287,906

Operating Segments | Land and Development | Operating lease income

Segment Profit (Loss)

Revenues

135

Operating Segments | Land and Development | Other income

Segment Profit (Loss)

Revenues

1,317

1,389

Operating Segments | Land and Development | Land development revenue

Segment Profit (Loss)

Revenues

14,900

32,249

Cost of sales expense

(14,496)

(29,323)

Operating Segments | Land and Development | Real estate expense

Segment Profit (Loss)

Cost of sales expense

(4,049)

(4,462)

Corporate/Other

Segment Profit (Loss)

Earnings from equity method investments

2,606

491

Total revenue and other earnings

2,798

6,205

Other expense

(258)

(189)

Allocated interest expense

(4,304)

(3,925)

Allocated general and administrative

(4,929)

(5,447)

Segment profit (loss)

(6,693)

(3,356)

Other significant items:

Depreciation and amortization

143

195

Segment assets

Other investments

24,746

17,909

Total portfolio assets

24,746

$ 17,909

Corporate/Other | Other income

Segment Profit (Loss)

Revenues

$ 192

$ 5,714

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

Debt Obligations, net (Debt Covenants) (Details)	Mar. 31, 2022
Unsecured Debt
Debt Instrument [Line Items]
Unencumbered assets to unsecured indebtedness ratio (at least)	1.3
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base asset value ratio	1.5
Cash flow to fixed charges ratio	1.5

Land and Development (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate Properties [Line Items]
Revenues	$ 31,953	$ 59,984
Impairment of assets	0	257
Land development revenue
Real Estate Properties [Line Items]
Revenues	14,900	32,249
Cost of sales expense	$ 14,496	$ 29,323

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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- Definition

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).

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+ Details

Subsequent Events (Detail) - USD ($) shares in Thousands, $ in Millions	Apr. 08, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Subsequent events
Common stock, shares issued		69,096	68,870
3.125% Senior Convertible Notes
Subsequent events
Stated interest rate		3.125%		3.125%
Subsequent Events \| 3.125% Senior Convertible Notes
Subsequent events
Aggregate principal of debt converted and retired	$ 194
Common stock, shares issued	13,750
Payments to debt holders in conjunction with the conversion and retirement of debt	$ 14

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedules of discontinued operations


	As of
	March 31,		December 31,
	2022		2021
ASSETS
Real estate
Real estate, at cost	$	—	$	1,537,655
Less: accumulated depreciation		—		(271,183)
Total real estate, net		—		1,266,472
Net investment in leases		—		486,389
Loans receivable held for sale		—		48,675
Other investments		216,309		103,229
Finance lease right of use assets		—		150,099
Accrued interest and operating lease income receivable, net		1,018		2,997
Deferred operating lease income receivable, net		—		63,156
Deferred expenses and other assets, net		8,982		178,694
Total real estate and other assets available and held for sale and classified as discontinued operations	$	226,309	$	2,299,711

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	15,963	$	92,865
Finance lease liabilities		—		161,258
Debt obligations, net		—		714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	15,963	$	968,419


	For the Three Months Ended March 31,
	2022		2021
Revenues:
Operating lease income	$	35,596	$	42,513
Interest income		885		861
Interest income from sales-type leases		8,803		8,627
Other income		4,292		1,275
Total revenues		49,576		53,276
Costs and expenses:
Interest expense⁽¹⁾		7,484		10,754
Real estate expense		5,072		8,175
Depreciation and amortization⁽¹⁾		—		13,054
Recovery of loan losses		—		(152)
Recovery of losses on net investment in leases		—		(1,601)
Impairment of assets		1,492		1,528
Other expense⁽²⁾		(5,669)		—
Total costs and expenses		8,379		31,758
Income from sales of real estate		683,738		—
Income from discontinued operations before earnings from equity method investments and other items		724,935		21,518
Earnings from equity method investments		127,129		1,001
Loss on early extinguishment of debt, net		(41,408)		—
Net income from discontinued operations before income taxes		810,656		22,519
Income tax expense		(12,968)		(33)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income from discontinued operations attributable to iStar Inc.	$	618,599	$	19,922

(1)

(2)	Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the three months ended March 31, 2022.


	For the Three Months Ended March 31,
	2022		2021
Cash flows provided by operating activities	$	22,571	$	20,847
Cash flows provided by investing activities		2,553,349		566

- Definition

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.

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+ Details

Stock-Based Compensation Plans and Employee Benefits (Performance Incentive Plans) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) item plan shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage	15.00%
Equity-based compensation	$ (12,427)	$ 5,508
Performance Incentive Plan
Accrued expenses	$ 115,461		$ 151,810
iPIP Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	6 years
Vesting rights percentage	40.00%
Number of iPIP plans \| plan	5
Investment period of iPIP plans	2 years
Performance Incentive Plan
Accrued expenses	$ 102,400		$ 116,600
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	$ 1,300	1,400
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
Granted (in shares)	0
Forfeited (in shares)	0
Points at end of period (in shares)	95.20
Aggregate gross book value of investments	$ 764,000,000
2021-2022 Performance Incentive Plans
Performance Incentive Plan
Points at beginning of period (in shares)	92.35
Granted (in shares)	7.95
Forfeited (in shares)	(0.35)
Points at end of period (in shares)	84.75
Aggregate gross book value of investments	$ 416,000
2013-2018 Performance Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ (16,000)	2,400
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
Granted (in shares)	0
Points at end of period (in shares)	80.17
Aggregate gross book value of investments	$ 13,000
2015-2016 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	70.40
Granted (in shares)	0
Points at end of period (in shares)	70.40
Aggregate gross book value of investments	$ 0
iPIP distributions to plan participants		$ 2,800
iPIP distributions, equity component (in shares) \| shares		86,807
iPIP distributions, equity component, fair value (in dollars per share) \| $ / shares		$ 17.72
iPIP distributions, shares issued net of tax withholdings (in shares) \| shares		51,854
2017-2018 Performance Incentive Plan
Performance Incentive Plan
Points at beginning of period (in shares)	75.34
Granted (in shares)	0
Points at end of period (in shares)	75.34
Aggregate gross book value of investments	$ 277,000
Safehold Inc.
Performance Incentive Plan
Number of shares owned (in shares) \| shares	40,100,000
Safehold Inc. \| Common Stock \| 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	5,000,000.0
Safehold Inc. \| Common Stock \| 2017-2018 Performance Incentive Plan
Performance Incentive Plan
Number of shares owned (in shares) \| shares	7,600,000

Stock-Based Compensation Plans and Employee Benefits (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares
Number of Shares
Non-vested at beginning of period (in shares)	754
Granted (in shares)	212
Vested (in shares)	(270)
Forfeited (in shares)	(4)
Non-vested at end of period (in shares)	692
Unrecognized compensation cost \| $	$ 9.4
Weighted-average period to recognize the unrecognized compensation cost	1 year 9 months 10 days

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ (1,888)	$ (14,497)
Net loss from continuing operations attributable to noncontrolling interests	18	44
Preferred dividends	(5,874)	(5,874)
Net loss from continuing operations and allocable to common shareholders for basic earnings per common share	(7,744)	(20,327)
Net loss from continuing operations and allocable to common shareholders - Diluted	$ (7,744)	$ (20,327)

- Definition

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

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+ Details

Real Estate (Net Lease Venture) (Details)	Mar. 31, 2022
iStar Net Lease I LLC
Schedule of Equity Method Investments [Line Items]
Asset acquisition, ownership percentage	47.50%

Loans Receivable and Other Lending Investments, net (Maturities of Company Securities) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Amortized Cost Basis
Within one year	$ 0
After one year through 5 years	98,419
After 5 years through 10 years	0
After 10 years	0
Amortized Cost Basis	98,419
Estimated Fair Value
Within one year	0
After one year through 5 years	98,419
After 5 years through 10 years	0
After 10 years	0
Total	98,419
Amortized Cost Basis
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	23,640
Amortized Cost Basis	23,640
Estimated Fair Value
Within one year	0
After one year through 5 years	0
After 5 years through 10 years	0
After 10 years	24,864
Total	$ 24,864

Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Dividends [Abstract]
Operating loss carryforwards				$ 529,600
Common stock dividends declared	$ 8,728	$ 8,236
Common stock dividends declared per share (in dollars per share)	$ 0.125	$ 0.11
Capital gains distribution			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%

Debt Obligations, net

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Obligations, net

Note 10—Debt Obligations, net

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


	Carrying Value as of				Stated		Scheduled
	March 31, 2022		December 31, 2021		Interest Rates		Maturity Date
Secured credit facilities:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00	% ⁽¹⁾	September 2022
Senior Term Loan		—		491,875	LIBOR + 2.75	% ⁽²⁾	—
Total secured credit facilities		—		491,875
Unsecured notes:
3.125% senior convertible notes⁽³⁾		287,500		287,500	3.125	%	September 2022
4.75% senior notes⁽⁴⁾		775,000		775,000	4.75	%	October 2024
4.25% senior notes⁽⁵⁾		550,000		550,000	4.25	%	August 2025
5.50% senior notes⁽⁶⁾		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		2,112,500		2,604,375
Debt discounts and deferred financing costs, net		(28,248)		(32,201)
Total debt obligations, net⁽⁷⁾	$	2,084,252	$	2,572,174

(1)

The Revolving Credit Facility bears interest at the Company’s election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023.

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

(3)

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 (refer to Note 18) at any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of March 31, 2022 was 72.3126 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.83 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. During both the three months ended March 31, 2022 and 2021, the Company recognized $2.2 million of contractual interest on the 3.125% Convertible Notes.

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

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

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

(7)	The Company capitalized interest relating to development activities of $0.3 million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively.

Future Scheduled Maturities—As of March 31, 2022, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2022 (remaining nine months)⁽¹⁾	$	287,500	$	—	$	287,500
2023		—		—		—
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		—		2,112,500
Unamortized discounts and deferred financing costs, net		(28,248)		—		(28,248)
Total debt obligations, net	$	2,084,252	$	—	$	2,084,252

(1)	Refer to Note 18.

Senior Term Loan—The Company had a $650.0 million senior term loan (the “Senior Term Loan”) that accrued interest at LIBOR plus 2.75% per annum and matured in June 2023. The Senior Term Loan was secured by pledges of equity of certain subsidiaries that own a defined pool of assets. The Senior Term Loan permitted substitution of collateral, subject to overall collateral pool coverage and concentration limits, over the life of the facility. The Company repaid the Senior Term Loan in full in March 2022 using proceeds from the Net Lease Sale (refer to Note 3 - Net Lease Sale and Discontinued Operations). During the three months ended March 31, 2022, the Company incurred a “Loss on extinguishment of debt” of $1.4 million in connection with the repayment of the Senior Term Loan.

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 March 31, 2022, based on the Company’s borrowing base of assets, the Company had the ability to draw $59.9 million without pledging any additional assets to the facility.

Unsecured Notes—As of March 31, 2022, the Company has senior unsecured notes outstanding with varying fixed-rates and maturities ranging from September 2022 to February 2026. In connection with the Net Lease Sale, 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).

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 1.3x 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 Revolving Credit Facility contains 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. 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 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 Revolving Credit Facility contains 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.

- Definition

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.

+ References

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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-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
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-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
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows

Cash and cash equivalents

$ 1,500,203

^[1]

$ 193,852

Restricted cash included in deferred expenses and other assets, net

51,047

54,029

Total cash and cash equivalents and restricted cash

1,551,250

247,881

Supplemental disclosure of non-cash investing and financing activity:

Fundings and (repayments) of loan receivables and loan participations, net

(42,501)

Accounts payable for capital expenditures on real estate assets

2,053

Marketable securities transferred in connection with the defeasance of mortgage notes payable

252,571

Defeasance of mortgage notes payable

230,452

Accrued repurchase of stock

$ 1,802

Distributions to noncontrolling interests

34,467

Assumption of mortgage by third party

$ 62,825

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

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative financial instruments on consolidated balance sheet


	Derivative Liabilities
	Balance Sheet	Fair
As of March 31, 2022	Location	Value
Derivatives Designated in Hedging Relationships
Interest rate swaps	Liabilities associated with real estate held for sale and classified as discontinued operations	$	—
Total		$	—

As of December 31, 2021
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

(1)	Over the next 12 months, the Company expects that $2.6 million related to its proportionate share of cash flow hedges held by SAFE 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 Three Months Ended March 31, 2022
Interest rate swaps	Earnings from equity method investments		2,755		(621)
For the Three Months Ended March 31, 2021
Interest rate swaps	Net income from discontinued operations	$	3,335	$	(2,104)
Interest rate swaps	Earnings from equity method investments		8,638		(234)

Basis of Presentation and Principles of Consolidation

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Note 2—Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”).

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

In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Certain prior year amounts have been reclassified in the Company’s consolidated financial statements and the related notes (refer to Note 3 – Net Lease Sale and Discontinued Operations) to conform to the current period presentation.

Principles of Consolidation—The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, controlled partnerships and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company’s involvement with VIEs affects its financial performance and cash flows primarily through amounts recorded in “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 March 31, 2022 and December 31,

2021. The following table presents the assets and liabilities of the Company’s consolidated VIEs as of March 31, 2022 and December 31, 2021 ($ in thousands):


	As of
	March 31, 2022		December 31, 2021
ASSETS
Real estate
Real estate, at cost	$	93,592	$	93,477
Less: accumulated depreciation		(15,761)		(14,987)
Real estate, net		77,831		78,490
Real estate and other assets available and held for sale and classified as discontinued operations		—		886,845
Land and development, net		168,458		176,833
Cash and cash equivalents		730,820		23,908
Accrued interest and operating lease income receivable, net		541		—
Deferred operating lease income receivable, net		5		3
Deferred expenses and other assets, net		5,371		5,001
Total assets	$	983,026	$	1,171,081
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	28,529	$	24,744
Liabilities associated with real estate held for sale and classified as discontinued operations		—		493,739
Total liabilities		28,529		518,483

Unconsolidated VIEs—The Company has investments in VIEs where it is not the primary beneficiary and accordingly the VIEs have not been consolidated in the Company’s consolidated financial statements. As of March 31, 2022, the Company’s maximum exposure to loss from these investments does not exceed the sum of the $58.7 million carrying value of the investments, which are classified in “Other investments” on the Company’s consolidated balance sheets, and $2.3 million of related unfunded commitments.

Net Investment in Leases (Future Minimum Lease Payments to be Collected Under Sales-Type Leases) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Amount
2022 (remaining nine months)	$ 688
2023	934
2024	1,194
2025	1,240
2026	1,264
Thereafter	351,018
Total undiscounted cash flows	$ 356,338

Summary of Significant Accounting Policies (Net Lease Sale) (Details) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2022 USD ($) property lease item	Jun. 30, 2021 lease	Mar. 31, 2022 USD ($) property
Discontinued operations
Equity interest in joint ventures	53.00%		53.00%
Number of properties sold \| property	3
Consideration for sale of properties	$ 122.0
Number of ground leases entered into \| lease	3	2
Discontinued Operations, Disposed of by Sale \| Net Lease Sale
Discontinued operations
Aggregate sales price	$ 3,070.0		$ 3,070.0
Recognized gain on disposal	$ 663.7
Aggregate square footage of net lease assets	18.3		18.3
Number of joint ventures with properties included in Net Lease Sale \| item	2
Mortgage indebtedness on lease assets	$ 702.0		$ 702.0
Amount of net cash consideration retained after settlement of obligations	1,200.0		1,200.0
Discontinued Operations, Disposed of by Sale \| Two Net Lease Properties
Discontinued operations
Aggregate sales price	$ 33.9		33.9
Recognized gain on disposal			$ 23.9
Number of properties sold \| property			2

Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

Note 13—Equity

Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding as of March 31, 2022 and December 31, 2021:


				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 $2.0 million, $1.5 million and $2.3 million on its Series D, G and I Cumulative Redeemable Preferred Stock during both the three months ended March 31, 2022 and 2021. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain.

(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 $8.7 million, or $0.125 per share, for the three months ended March 31, 2022 and $8.2 million, or $0.11 per share, for the three months ended March 31, 2021. The character of the 2021 dividends was 100% capital gain distribution, of which 18.31% represented unrecaptured section 1250 gain.

Stock Repurchase Program—The Company may repurchase shares in negotiated transactions or open market transactions, including through one or more trading plans. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company repurchased 0.7 million shares of its outstanding common stock for $12.4 million, for an average cost of $17.20 per share. The Company is generally authorized to repurchase up to $50.0 million in shares of its common stock and in February 2022, the Company's Board of Directors authorized an increase to the stock repurchase program to $50.0 million. As of March 31, 2022, the Company had remaining authorization to repurchase up to $50.0 million of common stock under its stock repurchase program.

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


	As of
	March 31, 2022		December 31, 2021
Unrealized gains on available-for-sale securities	$	1,224	$	4,237
Unrealized losses on cash flow hedges		(22,448)		(25,824)
Accumulated other comprehensive loss	$	(21,224)	$	(21,587)

- Definition

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.

+ References

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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

Preferred Stock

Common Stock

Additional Paid-In Capital

Period of Adoption, Adjustment

Additional Paid-In Capital

Retained Earnings (Deficit)

Period of Adoption, Adjustment

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Period of Adoption, Adjustment

Total

Beginning Balance at Dec. 31, 2020

$ 12

$ 74

$ (25,869)

$ 3,240,535

$ 15,850

$ (2,316,972)

$ (52,680)

$ 193,414

$ (10,019)

$ 1,064,383

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

Dividends declared-preferred

(5,874)

Dividends declared-common

(8,236)

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

2,572

1,370

3,942

Net income (loss)

5,469

2,520

7,989

Change in accumulated other comprehensive income (loss)

10,822

2,458

13,280

Repurchase of stock

(1)

(12,376)

(12,377)

Contributions from noncontrolling interests

Distributions to noncontrolling interests

(2,145)

Ending Balance at Mar. 31, 2021

3,204,862

(2,309,763)

(41,858)

197,681

1,051,007

Beginning Balance at Dec. 31, 2021

3,100,015

(2,227,213)

(21,587)

211,910

1,063,206

^[1]

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

Dividends declared-preferred

(5,874)

Dividends declared-common

(8,728)

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

650

1,350

2,000

Net income (loss)

616,729

179,071

795,800

Change in accumulated other comprehensive income (loss)

363

Change in accumulated other comprehensive income (loss)

363

Contributions from noncontrolling interests

7,893

Distributions to noncontrolling interests

(69,710)

Ending Balance at Mar. 31, 2022

$ 12

$ 69

$ 3,100,665

$ (1,625,086)

$ (21,224)

$ 330,514

$ 1,784,950

^[1]

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

Real Estate

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Real Estate

Note 4—Real Estate

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


As of March 31, 2022
Land, at cost	$	6,830
Buildings and improvements, at cost		106,849
Less: accumulated depreciation		(22,245)
Real estate, net		91,434
Real estate available and held for sale⁽¹⁾		301
Total real estate	$	91,735
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⁽¹⁾		301
Total real estate	$	92,451

(1)	As of March 31, 2022 and December 31, 2021, the Company had $0.3 million and $0.3 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

Dispositions—Refer to Note 3 - Net Lease Sale and Discontinued Operations.

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 $0.7 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in “Operating lease income” in the Company’s consolidated statements of operations.

Allowance for Doubtful Accounts—As of March 31, 2022 and December 31, 2021, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $0.1 million, respectively. These amounts are included in “Accrued interest and operating lease income receivable, net” on the Company’s consolidated balance sheets.

Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding customer reimbursements of expenses, in effect as of March 31, 2022, are as follows by year ($ in thousands):


	Operating
Year	Properties
2022 (remaining nine months)	$	4,843
2023		6,293
2024		6,195
2025		5,600
2026		5,125
Thereafter		4,361

Summary of Significant Accounting Policies (Discontinued Operations - Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income from discontinued operations
Impairment of assets		$ 1,500
Net income from discontinued operations	$ 797,688	22,486
Net income from discontinued operations attributable to noncontrolling interests	(179,089)	(2,564)
Discontinued Operations, Disposed of by Sale \| Net Lease Business Segment
Net income from discontinued operations
Operating lease income	35,596
Interest income	885
Interest income from sales-type leases	8,803
Other income	4,292
Total revenues	49,576
Interest expense	7,484
Real estate expense	5,072
Impairment of assets	1,492
Other expense	(5,669)
Total costs and expenses	8,379
Income from sales of real estate	683,738
Income from discontinued operations before earnings from equity method investments and other items	724,935
Earnings from equity method investments	127,129
Loss on early extinguishment of debt, net	(41,408)
Net income from discontinued operations before income taxes	810,656
Income tax expense	(12,968)
Net income from discontinued operations	797,688
Net income from discontinued operations attributable to noncontrolling interests	(179,089)
Net income from discontinued operations attributable to iStar Inc.	618,599
Discontinued Operations, Disposed of by Sale \| Net Lease Business Segment \| SAFE
Net income from discontinued operations
Interest expense	$ 1,300
Discontinued Operations - Held for Sale \| Net Lease Business Segment
Net income from discontinued operations
Operating lease income		42,513
Interest income		861
Interest income from sales-type leases		8,627
Other income		1,275
Total revenues		53,276
Interest expense		10,754
Real estate expense		8,175
Depreciation and amortization		13,054
Recovery of loan losses		(152)
Recovery of losses on net investment in leases		(1,601)
Impairment of assets		1,528
Total costs and expenses		31,758
Income from discontinued operations before earnings from equity method investments and other items		21,518
Earnings from equity method investments		1,001
Net income from discontinued operations before income taxes		22,519
Income tax expense		(33)
Net income from discontinued operations		22,486
Net income from discontinued operations attributable to noncontrolling interests		(2,564)
Net income from discontinued operations attributable to iStar Inc.		19,922
Discontinued Operations - Held for Sale \| Net Lease Business Segment \| SAFE
Net income from discontinued operations
Interest expense		2,100
Depreciation and amortization		$ 400

Real Estate (Dispositions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Income from sales of real estate	$ 492	$ 612
Impairment of assets	$ 0	$ 257

Derivatives - Classification on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Expected amount related to cash flow hedge that will be reclassified over next twelve months	$ 2,600
Derivatives Designated in Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	$ 8,395
Derivatives Designated in Hedging Relationships \| Interest rate swaps \| Accounts payable, accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0	$ 8,395

Loans Receivable and Other Lending Investments, Net (Impaired Loans) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) loan	Mar. 31, 2021 USD ($)	Dec. 31, 2022 loan	Dec. 31, 2021 USD ($) loan
Financing Receivable, Impaired [Line Items]
(Recovery of) provision for loan losses	$ 135,000	$ (3,642,000)
Impaired Loans
Number of non accrual loans \| loan	1		1	1
Interest income on Impaired loans	$ 0	$ 0
Commercial Portfolio Segment
Impaired Loans
Amortized Cost	59,642,000			$ 59,640,000
Unpaid Principal Balance	58,892,000			58,888,000
Related Allowance	(591,000)			(576,000)
Commercial Portfolio Segment \| Senior mortgages
Impaired Loans
Amortized Cost	59,642,000			59,640,000
Unpaid Principal Balance	58,892,000			58,888,000
Related Allowance	$ (591,000)			$ (576,000)

Other Investments (Safehold Inc). (Details) $ / shares in Units, ft² in Millions	1 Months Ended												3 Months Ended		6 Months Ended
	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) ft² agreement	Feb. 28, 2021 USD ($)	Jan. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020	May 31, 2019	Jan. 31, 2019 USD ($) $ / shares shares	Oct. 31, 2017 USD ($)	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Feb. 28, 2022 USD ($)	Jan. 02, 2019
Schedule of Equity Method Investments [Line Items]
Equity interest													53.00%
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											$ 250,000,000.0		$ 255,182,000	$ 59,866,000
Conversion of stock										1
Restriction period on common stock received as payment													2 years
Management agreement, termination fee as multiple of prior year management fee													3
Income from sales of real estate													$ 492,000	612,000
Payment to acquire purchase option agreement															$ 1,000,000.0
Expenses incurred in acquisition of purchase option agreement															200,000
Purchase option, purchase price to acquire property					$ 215,000,000.0										215,000,000.0
Purchase option, square feet of future office space development \| ft²					1.1
SAFE
Schedule of Equity Method Investments [Line Items]
Expense reimbursements from related party													3,100,000	1,900,000
Commitment to provide loan to lessee																$ 130,000,000.0
Proceeds from sale of purchase option agreement					$ 1,200,000										1,200,000
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		$ 33,300,000			$ 42,000,000.0										$ 42,000,000.0
Multiple required that may trigger receipt of additional consideration	1.05	1.25			1.25										1.25
Percentage of required return on investment that may trigger receipt of additional consideration	10.00%	12.00%			9.00%
Management Fees \| SAFE
Schedule of Equity Method Investments [Line Items]
Management fee revenue from related party													$ 4,500,000	3,500,000
Maximum \| SAFE
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases		$ 51,800,000			$ 83,000,000.0										$ 83,000,000.0
Sale price per agreement for sale of land and related Ground Lease, subject to certain conditions being met	$ 36,000,000.0
Fee percent of SAFE Equity up to $1.5 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity													1.00%
Fee percent of SAFE Equity up to $1.5 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 1,500,000,000
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity													1.25%
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 3,000,000,000.0
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 1,500,000,000
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity													1.375%
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 5,000,000,000.0
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion \| Minimum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 3,000,000,000.0
Fee percent of SAFE Equity over $5.0 billion
Schedule of Equity Method Investments [Line Items]
Management fee as percent of equity													1.50%
Fee percent of SAFE Equity over $5.0 billion \| Maximum
Schedule of Equity Method Investments [Line Items]
Management fee equity threshold amount													$ 5,000,000,000.0
Safehold Inc.
Schedule of Equity Method Investments [Line Items]
Equity interest													64.70%
Cash investment in equity method investments													$ 10,500,000
Shares acquired (in shares) \| shares													200,000
Average cost per share \| $ / shares													$ 66.83
Amount of loan funded														16,100,000
Income from sales of real estate			$ 0
Consideration received			22,100,000
Safehold Inc. \| Private Placement
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments													$ 191,200,000
Shares acquired (in shares) \| shares													3,240,000
Safehold Inc. \| Real estate equity investments
Schedule of Equity Method Investments [Line Items]
Voting power cap threshold																	41.90%
Multifamily Development San Jose
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract (in years)												99 years
Leasehold improvement allowance, Ground Leases												$ 7,200,000
Proceeds from sale of ground lease								$ 34,000,000.0
Multifamily Development San Jose \| Leasehold First Mortgage
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee												80,500,000
Carrying value of loans												$ 80,500,000
Other Real Estate Equity Investment January 2021
Schedule of Equity Method Investments [Line Items]
Equity interest							53.00%
Equity method investments							$ 63,300,000
Recognized gain or loss							$ 0
Other Real Estate Equity Investment September 2021
Schedule of Equity Method Investments [Line Items]
Cash investment in equity method investments			2,700,000
Commitment to provide loan to lessee			75,000,000.0
Multi-Family Project
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee														$ 75,000,000.0
Income from sales of real estate			0
Consideration received			$ 2,700,000
Hotel Property
Schedule of Equity Method Investments [Line Items]
Commitment to provide loan to lessee						$ 50,000,000.0
Consideration received						$ 1,900,000
Recognized gain or loss				$ 0
Ground Lease, Honolulu, Hawaii [Member]
Schedule of Equity Method Investments [Line Items]
Lessor, operating lease, term of contract (in years)									99 years
Land Parcel One \| Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases					83,000,000.0										83,000,000.0
Land Parcel Two \| Maximum
Schedule of Equity Method Investments [Line Items]
Leasehold improvement allowance, Ground Leases					$ 83,000,000										$ 83,000,000

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders - Basic	$ (7,744)	$ (20,327)
Net loss from continuing operations and allocable to common shareholders - Diluted	(7,744)	(20,327)
Net income from discontinued operations - Basic	797,688	22,486
Net income from discontinued operations	797,688	22,486
Net income from discontinued operations attributable to noncontrolling interests	(179,089)	(2,564)
Net income (loss) allocable to common shareholders - Basic	610,855	(405)
Net income (loss) allocable to common shareholders - Diluted	$ 610,855	$ (405)
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	69,037,000	73,901,000
Weighted average common shares outstanding for diluted earnings per common share	69,037,000	73,901,000
Basic and diluted earnings per common share:
Net loss from continuing operations and allocable to common shareholders - Basic	$ (0.11)	$ (0.28)
Net loss from continuing operations and allocable to common shareholders - Diluted	(0.11)	(0.28)
Net income from discontinued operations - Basic	8.96	0.27
Net income from discontinued operations - Diluted	8.96	0.27
Net income (loss) allocable to common shareholders - Basic	8.85	(0.01)
Net income (loss) allocable to common shareholders - Diluted	$ 8.85	$ (0.01)
3.125% Senior Convertible Notes
Basic and diluted earnings per common share:
Antidilutive (in shares)	8,829,274	2,893,787
Stated interest rate	3.125%	3.125%

Stock-Based Compensation Plans and Employee Benefits (Stock-Based Compensation and Long-Term Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 31, 2021	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ (12,427)	$ 5,508
Long-term Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for issuance (in shares)	2,800,000
Long-term Incentive Plan 2009 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)			9,900,000	8,900,000

Land and Development

3 Months Ended

Mar. 31, 2022

Land And Development [Abstract]

Land and Development

Note 6—Land and Development

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


	As of
	March 31,		December 31,
	2022		2021
Land and land development, at cost	$	288,460	$	297,621
Less: accumulated depreciation		(11,039)		(10,811)
Total land and development, net	$	277,421	$	286,810

Dispositions—During the three months ended March 31, 2022 and 2021, the Company sold land parcels and residential lots and units and recognized land development revenue of $14.9 million and $32.2 million, respectively. During the three months ended March 31, 2022 and 2021, the Company recognized land development cost of sales of $14.5 million and $29.3 million, respectively, from its land and development portfolio.

Loans Receivable and Other Lending Investments, net (Credit Characteristics for Performing Loans) (Details) $ in Thousands	Dec. 31, 2022 loan	Mar. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) 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	1
Commercial Portfolio Segment
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total		$ 213,488	$ 212,683
Commercial Portfolio Segment \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total		200,818	199,608
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
Commercial Portfolio Segment \| Subordinate mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
Total		12,670	$ 12,457
Commercial Portfolio Segment \| Performing Financial Instruments
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2022		0
2021		0
2020		0
2019		0
2018		138,350
Prior to 2018		15,496
Total		153,846
Commercial Portfolio Segment \| Performing Financial Instruments \| Senior mortgages
Recorded Investments in loans, presented by class and by credit quality, as indicated by risk rating
2022		0
2021		0
2020		0
2019		0
2018		138,350
Prior to 2018		2,826
Total		141,176
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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		11,899
Prior to 2018		0
Total		11,899
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
2022		0
2021		0
2020		0
2019		0
2018		52,336
Prior to 2018		0
Total		52,336
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
2022		0
2021		0
2020		0
2019		0
2018		62,912
Prior to 2018		2,826
Total		65,738
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
2022		0
2021		0
2020		0
2019		0
2018		11,203
Prior to 2018		0
Total		11,203
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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		12,670
Total		12,670
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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		12,670
Total		12,670
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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		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
2022		0
2021		0
2020		0
2019		0
2018		0
Prior to 2018		0
Total		$ 0

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

Mar. 31, 2022

Dec. 31, 2021

Assets and liabilities recorded at fair value

Loan receivable held for sale

$ 43,215

Other investments

^[1]

$ 1,526,019

1,297,281

Recurring Basis

Assets and liabilities recorded at fair value

Derivative liabilities

8,395

Available-for-sale securities

24,864

28,092

Recurring Basis | Fair Value, Inputs, Level 2

Assets and liabilities recorded at fair value

Derivative liabilities

8,395

Recurring Basis | Fair Value, Inputs, Level 3

Assets and liabilities recorded at fair value

Available-for-sale securities

$ 24,864

$ 28,092

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

Stock-Based Compensation Plans and Employee Benefits (401(k) Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Gross contributions made by the Company	$ 0.8	$ 0.5

Business and Organization

3 Months Ended

Mar. 31, 2022

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 17).

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.

Other Investments (Net Lease Venture II) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity interest		53.00%
Payments to acquire property	$ 33.3
Net Lease Venture II \| Office laboratory property
Schedule of Equity Method Investments [Line Items]
Payment to terminate a real estate purchase option		$ 0.3
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 \| Office laboratory property
Schedule of Equity Method Investments [Line Items]
Payments to acquire property	$ 0.6

Summary of Significant Accounting Policies (Discontinued Operations - Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Total real estate and other assets available and held for sale and classified as discontinued operations	$ 226,309	$ 2,299,711
Liabilities
Total liabilities associated with real estate held for sale and classified as discontinued operations	15,963	968,419
Discontinued Operations, Disposed of by Sale \| Net Lease Business Segment
Assets
Other investments	216,309
Accrued interest and operating lease income receivable, net	1,018
Deferred expenses and other assets, net	8,982
Total real estate and other assets available and held for sale and classified as discontinued operations	226,309
Liabilities
Accounts payable, accrued expenses and other liabilities	15,963
Total liabilities associated with real estate held for sale and classified as discontinued operations	$ 15,963
Discontinued Operations - Held for Sale \| Net Lease Business Segment
Assets
Real estate, at cost		1,537,655
Less: accumulated depreciation		(271,183)
Total real estate, net		1,266,472
Net investment in leases ($10,871 of allowances as of December 31, 2020)		486,389
Loan receivable held for sale		48,675
Other investments		103,229
Finance lease right of use assets		150,099
Accrued interest and operating lease income receivable, net		2,997
Deferred operating lease income receivable, net		63,156
Deferred expenses and other assets, net		178,694
Total real estate and other assets available and held for sale and classified as discontinued operations		2,299,711
Liabilities
Accounts payable, accrued expenses and other liabilities		92,865
Finance lease liabilities		161,258
Debt obligations, net		714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations		$ 968,419

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Schedule of Equity Method Investments [Line Items]

Other investments

^[1]

$ 1,526,019

$ 1,297,281

Earnings (losses) from equity method investments

25,032

$ 11,768

Interest expense

29,243

28,809

Mark-to-market gain

$ 5,100

Safehold Inc.

Schedule of Equity Method Investments [Line Items]

Number of shares owned (in shares)

40.1

Closing price (in dollars per share)

$ 55.45

Market value

$ 2,200,000

Dilution gain

900

500

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

Other investments

1,526,019

1,297,281

Earnings (losses) from equity method investments

25,032

11,768

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

Schedule of Equity Method Investments [Line Items]

Other investments

29,373

66,770

Earnings (losses) from equity method investments

3,623

958

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

Schedule of Equity Method Investments [Line Items]

Carrying value

1,496,646

1,230,511

Earnings (losses) from equity method investments

21,409

10,810

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

Schedule of Equity Method Investments [Line Items]

Carrying value

1,388,657

1,168,532

Earnings (losses) from equity method investments

17,029

11,412

Real estate equity investments | Equity Method Investment, Nonconsolidated Investee or Group of Investees | Ground Lease Plus Fund

Schedule of Equity Method Investments [Line Items]

Carrying value

64,548

17,630

Earnings (losses) from equity method investments

769

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

Schedule of Equity Method Investments [Line Items]

Carrying value

43,441

$ 44,349

Earnings (losses) from equity method investments

$ 3,611

$ (602)

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

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

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
Three Months Ended March 31, 2022
Operating lease income	$	—	$	—	$	2,974	$	135	$	—	$	3,109
Interest income		75		4,873		—		—		—		4,948
Interest income from sales-type leases		356		—		—		—		—		356
Other income		4,459		11		2,661		1,317		192		8,640
Land development revenue		—		—		—		14,900		—		14,900
Earnings from equity method investments		17,800		1,015		45		3,566		2,606		25,032
Income from sales of real estate		492		—		—		—		—		492
Total revenue and other earnings		23,182		5,899		5,680		19,918		2,798		57,477
Real estate expense		(177)		—		(5,891)		(4,049)		—		(10,117)
Land development cost of sales		—		—		—		(14,496)		—		(14,496)
Other expense		(471)		(119)		—		(82)		(258)		(930)
Allocated interest expense		(16,215)		(3,140)		(1,341)		(4,243)		(4,304)		(29,243)

Allocated general and administrative⁽³⁾		(5,016)		(1,124)		(478)		(2,255)		(4,929)		(13,802)
Segment profit (loss)⁽⁴⁾	$	1,303	$	1,516	$	(2,030)	$	(5,207)	$	(6,693)	$	(11,111)
Other significant items:
Provision for loan losses	$	—	$	135	$	—	$	—	$	—	$	135
Provision for losses on net investment in leases		281		—		—		—		—		281
Depreciation and amortization		—		—		986		228		143		1,357
Capitalized expenditures		(211)		—		220		4,922		—		4,931

Three Months Ended March 31, 2021
Operating lease income	$	—	$	—	$	4,837	$	94	$	—	$	4,931
Interest income		17		9,772		—		—		—		9,789
Interest income from sales-type leases		—		—		—		—		—		—
Other income		3,476		99		2,337		1,389		5,714		13,015
Land development revenue		—		—		—		32,249		—		32,249
Earnings (losses) from equity method investments		11,412		466		(3,747)		3,146		491		11,768
Income from sales of real estate		—		—		612		—		—		612
Total revenue and other earnings		14,905		10,337		4,039		36,878		6,205		72,364
Real estate expense		(458)		—		(3,799)		(4,462)		—		(8,719)
Land development cost of sales		—		—		—		(29,323)		—		(29,323)
Other expense		—		(64)		—		—		(189)		(253)
Allocated interest expense		(14,325)		(4,578)		(2,043)		(3,938)		(3,925)		(28,809)
Allocated general and administrative⁽³⁾		(5,937)		(1,459)		(660)		(2,428)		(5,447)		(15,931)
Segment profit (loss)⁽⁴⁾	$	(5,815)	$	4,236	$	(2,463)	$	(3,273)	$	(3,356)	$	(10,671)
Other significant items:
Recovery of loan losses	$	—	$	(3,642)	$	—	$	—	$	—	$	(3,642)
Impairment of assets		—		—		257		—		—		257
Depreciation and amortization		—		—		1,988		218		195		2,401
Capitalized expenditures		1,268		—		57		4,739		—		6,064

As of March 31, 2022
Real estate, net	$	—	$	—	$	91,434	$	—	$	—	$	91,434
Real estate available and held for sale		—		—		301		—		—		301
Total real estate		—		—		91,735		—		—		91,735
Real estate and other assets available and held for sale and classified as discontinued operations⁽¹⁾		226,309		—		—		—		—		226,309
Net investment in leases		28,131		—		—		—		—		28,131
Land and development, net		—		—		—		277,421		—		277,421
Loans receivable and other lending investments, net		—		331,839		—		—		—		331,839
Loan receivable held for sale		—		—		—		—		—		—
Other investments		1,453,205		4,627		43,251		190		24,746		1,526,019
Total portfolio assets		1,707,645		336,466		134,986		277,611		24,746		2,481,454
Cash and other assets												1,602,597
Total assets											$	4,084,051

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

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

(2)

(3)	General and administrative excludes stock-based compensation (income) expense of ($12.4) million and $5.5 million for the three months ended March 31, 2022 and 2021, respectively.

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


	For the Three Months Ended March 31,
	2022		2021
Segment loss	$	(11,111)	$	(10,671)
Less: (Provision for) recovery of loan losses		(135)		3,642
Less: Provision for losses on net investment in leases		(281)		—
Less: Impairment of assets		—		(257)
Less: Stock-based compensation income (expense)		12,427		(5,508)
Less: Depreciation and amortization		(1,357)		(2,401)
Less: Income tax (expense) benefit		(3)		698
Less: Loss on early extinguishment of debt, net		(1,428)		—
Less: Net income from discontinued operations		797,688		22,486
Net income	$	795,800	$	7,989

Schedule of reconciliation of segment profit to income (loss)


	For the Three Months Ended March 31,
	2022		2021
Segment loss	$	(11,111)	$	(10,671)
Less: (Provision for) recovery of loan losses		(135)		3,642
Less: Provision for losses on net investment in leases		(281)		—
Less: Impairment of assets		—		(257)
Less: Stock-based compensation income (expense)		12,427		(5,508)
Less: Depreciation and amortization		(1,357)		(2,401)
Less: Income tax (expense) benefit		(3)		698
Less: Loss on early extinguishment of debt, net		(1,428)		—
Less: Net income from discontinued operations		797,688		22,486
Net income	$	795,800	$	7,989

Stock-Based Compensation Plans and Employee Benefits

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans and Employee Benefits

Note 14—Stock-Based Compensation Plans and Employee Benefits

Stock-Based Compensation—The Company recorded stock-based compensation (income) expense, including the expense related to performance incentive plans (see below), of ($12.4) million and $5.5 million for the three months ended March 31, 2022 and 2021, respectively, in “General and administrative” in the Company’s consolidated statements of operations.

Performance Incentive Plans—The Company’s Performance Incentive Plans (“iPIP”) are designed to provide, primarily to senior executives and select professionals engaged in the Company’s investment activities, long-term compensation which has a direct relationship to the realized returns on investments included in the plans. Awards vest over six years, with 40% being vested at the end of the second year and 15% each year thereafter. As of March 31, 2022, 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 are held by consolidated subsidiaries of the Company and have two ownership classes, class A units and class B units. The Company owns 100% of the class A units and the class B units were issued to employees as long-term compensation. Except for certain clawback provisions, participants can retain vested class B units upon their termination of employment with the Company. The class B units are entitled to distributions from the net cash realized from the investments in the plan after the Company, through its ownership of the class A units, has received a specified return on its invested capital and a return of its invested capital. Distributions on the class B units are also subject to reductions under a total shareholder return (“TSR”) adjustment. The fair value of the class B units was determined using a model that forecasts the underlying cash flows from the investments within the entity to which the class B units have ownership rights. During the three months ended March 31, 2022 and 2021, the Company recorded $1.3 million and $1.4 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 three months ended March 31, 2022.


	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	95.20	84.75
Granted	—	7.95
Forfeited	—	(0.35)
Points at end of period	95.20	92.35

As of March 31, 2022, investments with an aggregate gross book value of $764 million, 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 $416 million, including 5.0 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 three months ended March 31, 2022.


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

During the three months ended March 31, 2022, the Company recorded a $16.0 million reduction of expense related to the 2013-2018 iPIP plans, primarily due to a decrease in the price per share of SAFE common stock. During the three months ended March 31, 2021, the Company recorded $2.4 million of expense related to the 2013-2018 iPIP plans.

As of March 31, 2022, investments with an aggregate gross book value of $13 million were attributable to the 2013-2014 Plan and investments with an aggregate gross book value of $277 million, including 7.6 million shares of SAFE common stock acquired by the Company, were attributable to the 2017-2018 Plan. As of March 31, 2022 there were no investments attributable to the 2015-2016 Plan.

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

As of March 31, 2022 and December 31, 2021, the Company had accrued compensation costs relating to iPIP of $102.4 million and $116.6 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 March 31, 2022, an aggregate of 2.8 million shares remain available for issuance pursuant to future awards under the Company’s 2009 LTIP.

Restricted Stock Unit Activity—A summary of the Company’s stock-based compensation awards to certain employees in the form of long-term incentive awards for the three months ended March 31, 2022, is as follows (in thousands):


Nonvested at beginning of period		754
Granted		212
Vested		(270)
Forfeited		(4)
Nonvested at end of period		692

As of March 31, 2022, there was $9.4 million of total unrecognized compensation cost related to all unvested restricted stock units that are expected to be recognized over a weighted average remaining vesting/service period of 1.78 years.

Directors’ Awards—During the three months ended March 31, 2022, the Company issued 478 common stock equivalents (“CSEs”) at a fair value of $23.99 per CSE in respect of dividend equivalents on outstanding CSEs. As of March 31, 2022, a combined total of 130,414 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 $3.1 million.

401(k) Plan— The Company made contributions of $0.8 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively, to the Company’s 401(k) Plan.

Real Estate (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Real Estate Tenant Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0.1	$ 0.1

Fair Values (Summary of Changes in Level 3 Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 28,092	$ 25,274
Repayments	(215)	(200)
Unrealized gains (losses) recorded in other comprehensive income	(3,013)	(1,031)
Ending balance	$ 24,864	$ 24,043

Loans Receivable and Other Lending Investments, net (Credit Characteristics by Payment Status) (Details) - Commercial Portfolio Segment - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Recorded investment in loans, aged by payment status and presented by class
Total	$ 213,488	$ 212,683
Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	59,642	59,640
Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	59,642	59,640
Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Current
Recorded investment in loans, aged by payment status and presented by class
Total	153,846	153,043
Senior mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	200,818	199,608
Senior mortgages \| Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	59,642	59,640
Senior mortgages \| Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	59,642	59,640
Senior mortgages \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Senior mortgages \| Current
Recorded investment in loans, aged by payment status and presented by class
Total	141,176	139,968
Corporate/Partnership loans
Recorded investment in loans, aged by payment status and presented by class
Total		618
Corporate/Partnership loans \| Past Due
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans \| Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total		0
Corporate/Partnership loans \| Current
Recorded investment in loans, aged by payment status and presented by class
Total		618
Subordinate mortgages
Recorded investment in loans, aged by payment status and presented by class
Total	12,670	12,457
Subordinate mortgages \| Past Due
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages \| Greater Than 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages \| Less Than and Equal to 90 Days
Recorded investment in loans, aged by payment status and presented by class
Total	0	0
Subordinate mortgages \| Current
Recorded investment in loans, aged by payment status and presented by class
Total	$ 12,670	$ 12,457

Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2022

Other Assets and Other Liabilities [Abstract]

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
	March 31, 2022		December 31, 2021
Intangible assets, net⁽²⁾	$	1,156	$	1,209
Restricted cash		51,047		54,395
Operating lease right-of-use assets⁽³⁾		19,349		20,437
Other assets⁽⁴⁾		19,444		16,040
Other receivables		3,648		5,054
Leasing costs, net⁽⁵⁾		789		818
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,832		1,852
Deferred financing fees, net		417		629
Deferred expenses and other assets, net	$	97,682	$	100,434

(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 $9.2 million and $10.2 million as of March 31, 2022 and December 31, 2021, respectively. These intangible lease assets are amortized over the remaining term of the lease. The amortization expense for in-place leases was $0.6 million for the three months ended March 31, 2021. This amount is included in “Depreciation and amortization” in the Company’s consolidated statements of operations. As of March 31, 2022, the weighted average remaining amortization period for the Company’s intangible assets was approximately 5.6 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 three months ended March 31, 2022 and 2021, the Company recognized $1.2 million and $1.2 million, respectively, in "General and administrative" and $0.1 million and $0.2 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 $0.9 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $14.9 million and $14.8 million as of March 31, 2022 and December 31, 2021, respectively.

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


	As of
	March 31, 2022		December 31, 2021
Other liabilities⁽¹⁾	$	35,565		30,362
Accrued expenses		115,461		151,810
Operating lease liabilities (see table above)		21,809		23,267
Accrued interest payable		26,051		31,293
Accounts payable, accrued expenses and other liabilities	$	198,886	$	236,732

(1)

As of March 31, 2022 and December 31, 2021, other liabilities includes $20.8 million and $20.1 million, respectively, of deferred income. As of March 31, 2022 and December 31, 2021, other liabilities includes $0.1 million and $0.1 million, respectively, of expected credit losses for unfunded loan commitments.

Basis of Presentation and Principles of Consolidation (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assets and liabilities of consolidated VIEs


	As of
	March 31, 2022		December 31, 2021
ASSETS
Real estate
Real estate, at cost	$	93,592	$	93,477
Less: accumulated depreciation		(15,761)		(14,987)
Real estate, net		77,831		78,490
Real estate and other assets available and held for sale and classified as discontinued operations		—		886,845
Land and development, net		168,458		176,833
Cash and cash equivalents		730,820		23,908
Accrued interest and operating lease income receivable, net		541		—
Deferred operating lease income receivable, net		5		3
Deferred expenses and other assets, net		5,371		5,001
Total assets	$	983,026	$	1,171,081
LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	28,529	$	24,744
Liabilities associated with real estate held for sale and classified as discontinued operations		—		493,739
Total liabilities		28,529		518,483

- Definition

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

+ References + Details

Equity (Tables)

3 Months Ended

Mar. 31, 2022

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

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


	As of
	March 31, 2022		December 31, 2021
Unrealized gains on available-for-sale securities	$	1,224	$	4,237
Unrealized losses on cash flow hedges		(22,448)		(25,824)
Accumulated other comprehensive loss	$	(21,224)	$	(21,587)

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Discontinued Operations - Cash Flows) (Details) - Net Lease Business Segment - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations, Disposed of by Sale
Cash flows from discontinued operations
Cash flows provided by operating activities	$ 22,571
Cash flows provided by investing activities	$ 2,553,349
Discontinued Operations - Held for Sale
Cash flows from discontinued operations
Cash flows provided by operating activities		$ 20,847
Cash flows provided by investing activities		$ 566

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

Mar. 31, 2022

Dec. 31, 2021

Real Estate Properties [Line Items]

Total land and development, net

^[1]

$ 277,421

$ 286,810

Land

Real Estate Properties [Line Items]

Land and land development, at cost

288,460

297,621

Less: accumulated depreciation

(11,039)

(10,811)

Total land and development, net

$ 277,421

$ 286,810

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

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Derivative financial instruments on consolidated statements of operations

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

$ 2,755

$ 11,973

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

^[1]

(621)

(2,338)

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

3,335

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

(2,104)

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

2,755

8,638

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

$ (621)

$ (234)

[1]

Reclassified to “Net income from discontinued operations” in the Company’s consolidated statements of operations for the three months ended March 31, 2021 is $2,104. Reclassified to “Earnings from equity method investments” in the Company’s consolidated statements of operations for the three months ended March 31, 2022 and 2021 are $621 and $234, respectively.

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Schedule of Equity Method Investments [Line Items]

Total assets

^[1]

$ 4,084,051

$ 4,840,534

Total liabilities

^[1]

2,299,101

3,777,328

Noncontrolling interests

^[1]

330,514

211,910

Total equity attributable to parent entities

^[1]

1,454,436

$ 851,296

Revenues

31,953

$ 59,984

Expenses

57,934

87,559

Net Income Attributable to Parent

616,729

5,469

Safehold Inc.

Schedule of Equity Method Investments [Line Items]

Revenues

60,363

43,507

Expenses

37,732

27,174

Net Income Attributable to Parent

$ 24,873

$ 16,908

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

- Definition

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

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+ Details

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

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2021

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' equity

$ 1,784,950

^[1]

$ 1,063,206

^[1]

$ 1,051,007

$ 1,064,383

Unrealized gains on available-for-sale securities

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' equity

1,224

4,237

Unrealized losses on cash flow hedges

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' equity

(22,448)

(25,824)

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' equity

$ (21,224)

$ (21,587)

$ (41,858)

$ (52,680)

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

- Definition

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

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+ Details

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Real Estate Properties [Line Items]

Intangible assets, net

$ 1,156

$ 1,209

Restricted cash

51,047

54,395

Operating lease right-of-use assets

19,349

20,437

Other receivables

3,648

5,054

Other assets

19,444

16,040

Leasing costs, net

789

818

Corporate furniture, fixtures and equipment, net

1,832

1,852

Deferred financing fees, net

417

629

Deferred expenses and other assets, net

^[1]

97,682

100,434

Intangible assets, accumulated amortization

$ 9,200

10,200

Weighted average amortization period

5 years 7 months 6 days

Accumulated amortization on leasing costs

$ 900

1,100

Accumulated depreciation on corporate furniture, fixtures and equipment

14,900

$ 14,800

In-Place Leases

Real Estate Properties [Line Items]

Amortization of intangible assets

$ 600

General and Administrative

Real Estate Properties [Line Items]

Operating lease, expense

1,200

Real Estate Expense

Real Estate Properties [Line Items]

Operating lease, expense

$ 100

$ 200

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

Commitments and Contingencies (Other Commitments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating
2022 (remaining nine months)	$ 4,929
2023	6,295
2024	6,178
2025	6,166
2026	142
Thereafter	162
Total undiscounted cash flows	23,872
Present value discount	(2,063)
Lease liabilities	$ 21,809		$ 23,267
Operating leases, weighted average incremental borrowing rate, discount rate (percent)	4.70%
Operating leases, weighted average lease term (in years)	4 years 4 months 24 days
Operating lease payments made	$ 1,700	$ 800
Finance lease payments made	$ 1,300	$ 1,400

Real Estate (Tenant Reimbursements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Tenant expense reimbursements	$ 0.7	$ 0.7

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 795,800	$ 7,989
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Provision for (recovery of) loan losses	135	(3,794)
Provision for losses on net investment in leases	281	(1,601)
Impairment of assets	1,492	1,785
Depreciation and amortization	1,357	15,455
Non-cash interest income from sales-type leases	(1,580)	(9,388)
Stock-based compensation (income) expense	(12,427)	5,508
Amortization of discounts/premiums and deferred financing costs on debt obligations, net	2,930	2,016
Amortization of discounts/premiums and deferred interest on loans, net	(2,785)	(3,379)
Deferred interest on loans received	0	23,703
Earnings from equity method investments	(152,161)	(12,769)
Distributions from operations of other investments	16,429	10,598
Deferred operating lease income	(2,373)	(2,684)
Income from sales of real estate	(684,229)	(612)
Land development revenue in excess of cost of sales	(404)	(2,926)
Loss on early extinguishment of debt, net	42,836	0
Other operating activities, net	(9,940)	(3,917)
Changes in assets and liabilities:
Originations and fundings of loans receivable held for sale	0	(16,086)
Changes in accrued interest and operating lease income receivable	1,368	1,945
Changes in deferred expenses and other assets, net	(1,735)	1,776
Changes in accounts payable, accrued expenses and other liabilities	(25,618)	(17,414)
Cash flows used in operating activities	(30,624)	(3,795)
Cash flows from investing activities:
Originations and fundings of loans receivable, net	(4,000)	(50,670)
Capital expenditures on real estate assets	(741)	(648)
Capital expenditures on land and development assets	(4,803)	(4,134)
Acquisition of real estate, net investments in leases and land assets	(28,309)	0
Repayments of and principal collections on loans receivable and other lending investments, net	4,612	109,926
Net proceeds from sales of loans receivable	96,202	79,560
Net proceeds from sales of real estate	1,981,599	2,967
Net proceeds from sales of net investment in leases	563,495	0
Net proceeds from net investment in leases	0	6,575
Net proceeds from sales of land and development assets	14,407	30,801
Distributions from other investments	46,073	20,032
Contributions to and acquisition of interest in other investments	(255,182)	(59,866)
Other investing activities, net	4,514	3,092
Cash flows provided by investing activities	2,417,867	137,635
Cash flows from financing activities:
Borrowings from debt obligations	50,000	25,000
Repayments and repurchases of debt obligations	(965,592)	(32,308)
Purchase of marketable securities in connection with the defeasance of mortgage notes payable	(252,571)	0
Preferred dividends paid	(5,874)	(5,874)
Common dividends paid	(8,956)	(8,216)
Repurchase of stock	0	(10,775)
Payments for debt prepayment or extinguishment costs	(15,608)	0
Payments for deferred financing costs	0	(75)
Payments for withholding taxes upon vesting of stock-based compensation	(3,808)	(2,085)
Contributions from noncontrolling interests	7,893	64
Distributions to noncontrolling interests	(35,476)	(2,145)
Cash flows used in financing activities	(1,229,992)	(36,414)
Effect of exchange rate changes on cash	3	(111)
Changes in cash, cash equivalents and restricted cash	1,157,254	97,315
Cash, cash equivalents and restricted cash at beginning of period	393,996	150,566
Cash, cash equivalents and restricted cash at end of period	$ 1,551,250	$ 247,881

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 31,953	$ 59,984
Costs and expenses:
Interest expense	29,243	28,809
Depreciation and amortization	1,357	2,401
General and administrative	1,375	21,439
Provision for (recovery of) loan losses	135	(3,642)
Provision for losses on net investment in leases	281	0
Impairment of assets	0	257
Other expense	930	253
Total costs and expenses	57,934	87,559
Income from sales of real estate	492	612
Loss from operations before earnings from equity method investments and other items	(25,489)	(26,963)
Loss on early extinguishment of debt, net	(1,428)	0
Earnings from equity method investments	25,032	11,768
Loss from continuing operations before income taxes	(1,885)	(15,195)
Income tax (expense) benefit	(3)	698
Net loss from continuing operations	(1,888)	(14,497)
Net income from discontinued operations	797,688	22,486
Net income	795,800	7,989
Net loss from continuing operations attributable to noncontrolling interests	18	44
Net income from discontinued operations attributable to noncontrolling interests	(179,089)	(2,564)
Net income attributable to iStar Inc.	616,729	5,469
Preferred dividends	(5,874)	(5,874)
Net income (loss) allocable to common shareholders - Basic	$ 610,855	$ (405)
Per common share data:
Net income (loss) allocable to common shareholders - Basic	$ 8.85	$ (0.01)
Net income (loss) allocable to common shareholders - Diluted	8.85	(0.01)
Net loss from continuing operations and allocable to common shareholders:
Basic (in dollars per share)	(0.11)	(0.28)
Diluted (in dollars per share)	(0.11)	(0.28)
Net income from discontinued operations and allocable to common shareholders
Basic (in dollars per share)	8.96	0.27
Diluted (in dollars per share)	$ 8.96	$ 0.27
Weighted average number of common shares:
Basic (in shares)	69,037	73,901
Diluted (in shares)	69,037	73,901
Operating lease income
Revenues:
Total revenues	$ 3,109	$ 4,931
Interest income
Revenues:
Total revenues	4,948	9,789
Interest income from sales-type leases
Revenues:
Total revenues	356
Other income
Revenues:
Total revenues	8,640	13,015
Land development revenue
Revenues:
Total revenues	14,900	32,249
Costs and expenses:
Cost of sales expense	14,496	29,323
Real estate expense
Costs and expenses:
Cost of sales expense	$ 10,117	$ 8,719

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11—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	$	4,235	$	8,111	$	108,650	$	120,996
Strategic Investments		—		5,061		2,325		7,386
Total	$	4,235	$	13,172	$	110,975	$	128,382

Other Commitments—Future minimum lease obligations under non-cancelable operating leases as of March 31, 2022 are as follows ($ in thousands):


	Operating⁽¹⁾
2022 (remaining nine months)	$	4,929
2023		6,295
2024		6,178
2025		6,166
2026		142
Thereafter		162
Total undiscounted cash flows		23,872
Present value discount⁽¹⁾		(2,063)
Lease liabilities	$	21,809

(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.

Net Investment in Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of net investment in leases

The Company’s net investment in leases were comprised of the following as of March 31, 2022 and December 31, 2021 ($ in thousands):


	March 31, 2022		December 31, 2021
Total undiscounted cash flows	$	356,338	$	524,712
Unguaranteed estimated residual value		21,750		42,000
Present value discount		(349,676)		(523,497)
Allowance for losses on net investment in leases		(281)		—
Net investment in leases⁽¹⁾	$	28,131	$	43,215

(1)	As of March 31, 2022 and December 31, 2021, 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 March 31, 2022, 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


	Amount
2022 (remaining nine months)	$	688
2023		934
2024		1,194
2025		1,240
2026		1,264
Thereafter		351,018
Total undiscounted cash flows	$	356,338

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


	Three Months Ended
	March 31, 2022		March 31, 2021
Allowance for losses on net investment in leases at beginning of period⁽¹⁾	$	—	$	10,871
Provision for (recovery of) losses on net investment in leases ⁽²⁾		281		(1,601)
Allowance for losses on net investment in leases at end of period⁽¹⁾	$	281	$	9,270

(1)	All 2021 amounts were for net investment in leases included in the Net Lease Sale (refer to Note 3 – Net Lease Sale and Discontinued Operations).

(2)

Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Assets and Other Liabilities [Abstract]

Schedule of deferred expenses and other assets, net

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


	As of
	March 31, 2022		December 31, 2021
Intangible assets, net⁽²⁾	$	1,156	$	1,209
Restricted cash		51,047		54,395
Operating lease right-of-use assets⁽³⁾		19,349		20,437
Other assets⁽⁴⁾		19,444		16,040
Other receivables		3,648		5,054
Leasing costs, net⁽⁵⁾		789		818
Corporate furniture, fixtures and equipment, net⁽⁶⁾		1,832		1,852
Deferred financing fees, net		417		629
Deferred expenses and other assets, net	$	97,682	$	100,434

(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 $0.9 million and $1.1 million as of March 31, 2022 and December 31, 2021, respectively.

(6)	Accumulated depreciation on corporate furniture, fixtures and equipment was $14.9 million and $14.8 million as of March 31, 2022 and December 31, 2021, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

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


	As of
	March 31, 2022		December 31, 2021
Other liabilities⁽¹⁾	$	35,565		30,362
Accrued expenses		115,461		151,810
Operating lease liabilities (see table above)		21,809		23,267
Accrued interest payable		26,051		31,293
Accounts payable, accrued expenses and other liabilities	$	198,886	$	236,732

(1)

Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
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		$ 282,490
Number of days in year used in the computation of preferred stock dividends for any partial dividend period	360 days
Number of months used in the computation of preferred stock dividends for any partial dividend period	12 months
Number of days in month, dividends computation of dividends payable for any partial dividend period	30 days
Preferred stock dividends declared and paid	$ 5,874	$ 5,874
Capital gains distribution			100.00%
Unrecaptured Section 1250 gain percentage			18.31%
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		$ 72,664
Preferred stock dividends declared and paid	$ 1,500	1,500
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		$ 120,785
Preferred stock dividends declared and paid	$ 2,300	2,300
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		$ 89,041
Preferred stock dividends declared and paid	$ 2,000	$ 2,000

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

Mar. 31, 2022

Dec. 31, 2021

Other Assets and Other Liabilities [Abstract]

Other liabilities

$ 35,565

$ 30,362

Accrued expenses

115,461

151,810

Operating lease liabilities (see table above)

21,809

23,267

Accrued interest payable

26,051

31,293

Accounts payable, accrued expenses and other liabilities

^[1]

198,886

236,732

Deferred income

20,800

20,100

Expected credit losses for unfunded commitments

$ 100

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

Stock-Based Compensation Plans and Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022.


	iPIP Investment Pool
	2019-2020	2021-2022
Points at beginning of period	95.20	84.75
Granted	—	7.95
Forfeited	—	(0.35)
Points at end of period	95.20	92.35

The following is a summary of the status of the Company’s liability-classified iPIP plans and changes during the three months ended March 31, 2022.


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

Schedule of restricted stock units activity


Nonvested at beginning of period		754
Granted		212
Vested		(270)
Forfeited		(4)
Nonvested at end of period		692

Loans Receivable and Other Lending Investments, net (Other Lending Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Available-for-Sale Securities
Amortized Cost Basis	$ 23,640
Estimated Fair Value	24,864
Held-to-Maturity Securities
Amortized Cost Basis	98,419
Estimated Fair Value	98,419
Total Other Lending Investments
Face Value	123,640	$ 123,855
Amortized Cost Basis	122,059	120,693
Net Unrealized Gain	1,224	4,237
Estimated Fair Value	123,283	124,930
Net Carrying Value	123,283	124,930
Municipal debt securities
Available-for-Sale Securities
Face Value	23,640	23,855
Amortized Cost Basis	23,640	23,855
Net Unrealized Gain	1,224	4,237
Estimated Fair Value	24,864	28,092
Net Carrying Value	24,864	28,092
Debt securities
Held-to-Maturity Securities
Face Value	100,000	100,000
Amortized Cost Basis	98,419	96,838
Estimated Fair Value	98,419	96,838
Net Carrying Value	$ 98,419	$ 96,838

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

Mar. 31, 2022

Dec. 31, 2021

Real Estate Properties [Line Items]

Less: accumulated depreciation

^[1]

$ (22,245)

$ (21,360)

Real estate, net

^[1]

91,434

92,150

Real estate available and held for sale

^[1]

301

Total real estate

^[1]

91,735

92,451

Operating Properties

Real Estate Properties [Line Items]

Land, at cost

6,830

6,831

Buildings and improvements, at cost

106,849

106,679

Less: accumulated depreciation

(22,245)

(21,360)

Real estate, net

91,434

92,150

Real estate available and held for sale

301

Total real estate

91,735

92,451

Residential Operating Properties

Real Estate Properties [Line Items]

Real estate available and held for sale

$ 300

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

Loans Receivable and Other Lending Investments, net (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivables
Allowance for loan losses at beginning of period	$ 4,769
Provision for (recovery of) loan losses	135	$ (3,642)
Allowance for loan losses at end of period	4,932
Held to Maturity Debt Securities
Allowance for loan losses at beginning of period	2,304	3,093
(Recovery of) Provision for loan losses	111	(408)
Allowance for loan losses at end of period	2,415	2,685
Total
Allowance for loan losses at beginning of period	4,769	12,020
(Recovery of) Provision for loan losses	163	(3,960)
Allowance for loan losses at end of period	4,932	8,060
Increase to reserves for loan losses	100		$ 100
Provision for (recovery of) loan losses	100	(3,600)
Accounts Payable, Accrued Expenses and Other Liabilities
Total
Provision for ( recovery of) unfunded commitments		(300)
Construction Loans
Financing Receivables
Allowance for loan losses at beginning of period	1,213	6,541
Provision for (recovery of) loan losses	39	(3,648)
Allowance for loan losses at end of period	1,252	2,893
Loans
Financing Receivables
Allowance for loan losses at beginning of period	676	1,643
Provision for (recovery of) loan losses	(2)	172
Allowance for loan losses at end of period	674	1,815
Specific receivables
Financing Receivables
Allowance for loan losses at beginning of period	576	743
Provision for (recovery of) loan losses	15	(76)
Allowance for loan losses at end of period	$ 591	$ 667

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

Mar. 31, 2022

Dec. 31, 2021

Maturities of Long-term Debt [Abstract]

2022 (remaining nine months)

$ 287,500

775,000

550,000

400,000

100,000

Total principal maturities

2,112,500

Debt discounts and deferred financing costs, net

(28,248)

$ (32,201)

Total debt obligations, net

^[1]

2,084,252

2,572,174

Unsecured Debt

Maturities of Long-term Debt [Abstract]

2022 (remaining nine months)

287,500

775,000

550,000

400,000

100,000

Total principal maturities

2,112,500

Debt discounts and deferred financing costs, net

(28,248)

Total debt obligations, net

2,084,252

Secured Debt

Maturities of Long-term Debt [Abstract]

2022 (remaining nine months)

Total principal maturities

$ 491,875

Debt discounts and deferred financing costs, net

Total debt obligations, net

$ 0

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

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt obligations

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


	Carrying Value as of				Stated		Scheduled
	March 31, 2022		December 31, 2021		Interest Rates		Maturity Date
Secured credit facilities:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00	% ⁽¹⁾	September 2022
Senior Term Loan		—		491,875	LIBOR + 2.75	% ⁽²⁾	—
Total secured credit facilities		—		491,875
Unsecured notes:
3.125% senior convertible notes⁽³⁾		287,500		287,500	3.125	%	September 2022
4.75% senior notes⁽⁴⁾		775,000		775,000	4.75	%	October 2024
4.25% senior notes⁽⁵⁾		550,000		550,000	4.25	%	August 2025
5.50% senior notes⁽⁶⁾		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		2,112,500		2,604,375
Debt discounts and deferred financing costs, net		(28,248)		(32,201)
Total debt obligations, net⁽⁷⁾	$	2,084,252	$	2,572,174

(1)

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

(3)

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

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

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

(7)	The Company capitalized interest relating to development activities of $0.3 million and $0.2 million during the three months ended March 31, 2022 and 2021, respectively.

Schedule of future scheduled maturities of outstanding debt obligations


	Unsecured Debt		Secured Debt		Total
2022 (remaining nine months)⁽¹⁾	$	287,500	$	—	$	287,500
2023		—		—		—
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		—		2,112,500
Unamortized discounts and deferred financing costs, net		(28,248)		—		(28,248)
Total debt obligations, net	$	2,084,252	$	—	$	2,084,252

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared - common (in dollars per share)	$ 0.125	$ 0.11

Net Investment in Leases - Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Total undiscounted cash flows		$ 356,338	$ 524,712
Unguaranteed estimated residual value		21,750	42,000
Present value discount		(349,676)	(523,497)
Allowance for losses on net investment in leases	$ 9,270	281	0	$ 10,871
Net investment in leases		$ 28,131	$ 43,215
Risk rating		1.00%
Proceeds from the sale of net lease assets	6,600
Impairment of net lease assets	$ 1,500

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

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 795,800

$ 7,989

Other comprehensive income (loss):

Reclassification of losses on cash flow hedges into earnings upon realization

^[1]

621

2,338

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

(3,013)

(1,031)

Unrealized gains (losses) on cash flow hedges

2,755

11,973

Other comprehensive income (loss)

363

13,280

Comprehensive income (loss)

796,163

21,269

Comprehensive (income) loss attributable to noncontrolling interests

(179,071)

(4,978)

Comprehensive income (loss) attributable to iStar Inc.

$ 617,092

$ 16,291

[1]

Other Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

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

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


					Earnings (Losses) from
	Carrying Value				Equity Method Investments
	as of				For the Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2022		2021
Real estate equity investments
Safehold Inc. ("SAFE")⁽¹⁾	$	1,388,657	$	1,168,532	$	17,029	$	11,412
Ground Lease Plus Fund		64,548		17,630		769		—
Other real estate equity investments		43,441		44,349		3,611		(602)
Subtotal		1,496,646		1,230,511		21,409		10,810
Other strategic investments⁽²⁾		29,373		66,770		3,623		958
Total	$	1,526,019	$	1,297,281	$	25,032	$	11,768

(1)

(2)

Schedule of summarized financial information

The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of March 31, 2022 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Three Months Ended March 31, 2022
SAFE	$	60,363	$	37,732	$	24,873

For the Three Months Ended March 31, 2021
SAFE	$	43,507	$	27,174	$	16,908

Net Investment in Leases - Allowance for Losses on Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Allowance for losses on net investment in leases at beginning of period	$ 0	$ 10,871
Provision for (recovery of) losses on net investment in leases	281	(1,601)
Allowance for losses on net investment in leases at end of period	$ 281	$ 9,270

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Net lease sale and discontinued operations


	As of
	March 31,		December 31,
	2022		2021
ASSETS
Real estate
Real estate, at cost	$	—	$	1,537,655
Less: accumulated depreciation		—		(271,183)
Total real estate, net		—		1,266,472
Net investment in leases		—		486,389
Loans receivable held for sale		—		48,675
Other investments		216,309		103,229
Finance lease right of use assets		—		150,099
Accrued interest and operating lease income receivable, net		1,018		2,997
Deferred operating lease income receivable, net		—		63,156
Deferred expenses and other assets, net		8,982		178,694
Total real estate and other assets available and held for sale and classified as discontinued operations	$	226,309	$	2,299,711

LIABILITIES
Accounts payable, accrued expenses and other liabilities	$	15,963	$	92,865
Finance lease liabilities		—		161,258
Debt obligations, net		—		714,296
Total liabilities associated with real estate held for sale and classified as discontinued operations	$	15,963	$	968,419


	For the Three Months Ended March 31,
	2022		2021
Revenues:
Operating lease income	$	35,596	$	42,513
Interest income		885		861
Interest income from sales-type leases		8,803		8,627
Other income		4,292		1,275
Total revenues		49,576		53,276
Costs and expenses:
Interest expense⁽¹⁾		7,484		10,754
Real estate expense		5,072		8,175
Depreciation and amortization⁽¹⁾		—		13,054
Recovery of loan losses		—		(152)
Recovery of losses on net investment in leases		—		(1,601)
Impairment of assets		1,492		1,528
Other expense⁽²⁾		(5,669)		—
Total costs and expenses		8,379		31,758
Income from sales of real estate		683,738		—
Income from discontinued operations before earnings from equity method investments and other items		724,935		21,518
Earnings from equity method investments		127,129		1,001
Loss on early extinguishment of debt, net		(41,408)		—
Net income from discontinued operations before income taxes		810,656		22,519
Income tax expense		(12,968)		(33)
Net income from discontinued operations		797,688		22,486
Net (income) from discontinued operations attributable to noncontrolling interests		(179,089)		(2,564)
Net income from discontinued operations attributable to iStar Inc.	$	618,599	$	19,922

(1)

(2)	Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the three months ended March 31, 2022.


	For the Three Months Ended March 31,
	2022		2021
Cash flows provided by operating activities	$	22,571	$	20,847
Cash flows provided by investing activities		2,553,349		566

Segment Reporting (Reconciliation of Segment Profit to Net Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Segment profit	$ (11,111)	$ (10,671)
Less: Recovery of (provision for) loan losses	(135)	3,642
Less: Recovery of (provision for) losses on net investment in leases	(281)	0
Less: Impairment of assets	0	(257)
Less: Stock-based compensation expense	12,427	(5,508)
Less: Depreciation and amortization	(1,357)	(2,401)
Less: Income tax expense	(3)	698
Less: Loss on early extinguishment of debt, net	(1,428)	0
Less: Net income from discontinued operations	797,688	22,486
Net income	$ 795,800	$ 7,989

Stock-Based Compensation Plans and Employee Benefits (Directors' Awards) (Details) - Directors - Common Stock Equivalents $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	478
Grant date fair value (in dollars per share) \| $ / shares	$ 23.99
Non-vested, outstanding (in shares)	130,414
Non-vested, aggregate intrinsic value \| $	$ 3.1

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events

Subsequent Events

Note 18—Subsequent Events

On April 8, 2022, the Company completed separate, privately-negotiated transactions with holders of $194 million aggregate principal amount of the Company's 3.125% Convertible Notes (refer to Note 10) in which the noteholders exchanged their convertible notes with the Company for 13.75 million newly issued shares of the Company's common stock and aggregate cash payments of $14 million. The 3.125% Convertible Senior Notes received by the Company were retired.