XML 128 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Investments (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, All Other Investments [Abstract]  
Schedule of other investments and its proportionate share of results for equity method investments
The Company's other investments and its proportionate share of earnings from equity method investments were as follows ($ in thousands):
 
 
 
Equity in Earnings
 
Carrying Value as of
 
For the Three Months Ended September 30,
 
For the Nine Months
Ended September 30,
 
September 30, 2017
 
December 31, 2016
 
2017
 
2016
 
2017
 
2016
Real estate equity investments
 
 
 
 
 
 
 
 
 
 
 
iStar Net Lease I LLC ("Net Lease Venture")
$
110,153

 
$
92,669

 
$
962

 
$
723

 
$
2,975

 
$
2,613

Safety, Income & Growth Inc. ("SAFE")(1)
75,023

 
—

 
340

 
—

 
388

 
—

Marina Palms, LLC ("Marina Palms")
5,369

 
35,185

 
494

 
6,182

 
4,794

 
19,583

Other real estate equity investments(2)
79,768

 
53,202

 
55

 
16,289

 
4,304

 
43,187

Subtotal
270,313

 
181,056

 
1,851

 
23,194

 
12,461

 
65,383

Other strategic investments(3)
18,724

 
33,350

 
610

 
3,346

 
1,216

 
8,871

Total
$
289,037

 
$
214,406

 
$
2,461

 
$
26,540

 
$
13,677

 
$
74,254


_______________________________________________________________________________
(1)
Equity in earnings is for the period from April 14, 2017 to September 30, 2017.
(2)
In June 2016, a majority-owned consolidated subsidiary of the Company sold its interest in a real estate equity method investment for net proceeds of $39.8 million and recognized a gain of $31.5 million, of which $10.1 million of the gain was attributable to the noncontrolling interest. In September 2016, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the three and nine months ended September 30, 2016 of $15.8 million and $11.6 million, respectively.
(3)
In conjunction with the sale of the Company's interests in Oak Hill Advisors, L.P. in 2011, the Company retained a share of the carried interest related to various funds. During the three and nine months ended September 30, 2016, the Company recognized $0.6 million and $4.3 million, respectively, of carried interest income.
Summarized investee financial information
The following table presents the investee level summarized financial information of the Company's equity method investments, which were significant subsidiaries for the nine months ended September 30, 2017 and 2016 ($ in thousands):
 
Revenues
 
Expenses
 
Net Income Attributable to Parent Entities
For the Nine Months Ended September 30, 2017
 
 
 
 
 
Marina Palms
$
37,668

 
$
(24,209
)
 
$
13,459

 
 
 
 
 
 
For the Nine Months Ended September 30, 2016
 
 
 
 
 
Marina Palms
$
129,697

 
$
(72,736
)
 
$
56,961