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Other Investments (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, All Other Investments [Abstract]  
Schedule of other investments and its proportionate share of results for equity method investments
The Company's other investments and its proportionate share of earnings (losses) from equity method investments were as follows ($ in thousands):
 
Carrying Value
 
Equity in Earnings (Losses)
 
As of December 31,
 
For the Years Ended December 31,
 
2018
 
2017
 
2018
 
2017
 
2016
Real estate equity investments
 
 
 
 
 
 
 
 
 
Safety, Income & Growth Inc. ("SAFE")(1)(2)
$
149,589

 
$
83,868

 
$
4,711

 
$
551

 
$
—

iStar Net Lease II LLC ("Net Lease Venture II")
16,215

 
—

 
(333
)
 
—

 
—

iStar Net Lease I LLC ("Net Lease Venture")(3)
—

 
121,139

 
4,100

 
4,534

 
3,567

Other real estate equity investments(2)(4)
130,955

 
102,616

 
(4,112
)
 
6,520

 
63,875

Subtotal
296,759

 
307,623

 
4,366

 
11,605

 
67,442

Other strategic investments(5)
7,516

 
13,618

 
(9,373
)
 
1,410

 
9,907

Total
$
304,275

 
$
321,241

 
$
(5,007
)
 
$
13,015

 
$
77,349


_______________________________________________________________________________
(1)
On January 2, 2019, the Company made an additional $250.0 million cash investment in newly designated limited partnership units (the "Investor Units") of SAFE's operating partnership ("SAFE OP") (refer to Note 19). For the year ended December 31, 2017, equity in earnings is for the period from April 14, 2017 to December 31, 2017.
(2)
On January 1, 2018, the Company recorded a step-up in basis to fair value of its retained noncontrolling interest relating to the sale of its Ground Lease business (refer to Note 4) and other transactions where the Company sold or contributed real estate to a venture and previously recognized partial gains. Prior to the adoption of ASU 2017-05, the Company was required to recognize gains on only the portion of its interest transferred to third parties and was precluded from recognizing a gain on its retained noncontrolling interest, which was carried at the Company’s historical cost basis.
(3)
The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below).
(4)
During the year ended December 31, 2018, the Company recorded a $6.1 million impairment on a land and development equity method investment due to a change in business strategy. During the year ended December 31, 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 equity in earnings of $31.5 million, of which $10.1 million was attributable to the noncontrolling interest. In addition, the Company received a distribution from one of its real estate equity method investments and recognized equity in earnings during the year ended December 31, 2016 of $11.6 million.
(5)
For the year ended December 31, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions.
Summary of financial information of the equity method investments
The following tables present the investee level summarized financial information of the Company's equity method investments ($ in thousands):
 
 
As of December 31,
 
 
For the Years Ended December 31,
 
 
2018
 
2017
 
 
2018
 
2017
 
2016
Balance Sheets
 
 
 
 
 
Income Statements
 
 
 
 
 
Total assets
 
$
2,118,045

 
$
2,493,798

 
Revenues
$
262,970

 
$
261,867

 
$
272,281

Total liabilities
 
1,016,502

 
1,169,125

 
Expenses
(187,257
)
 
(167,999
)
 
(227,720
)
Noncontrolling interests
 
2,007

 
13,258

 
Net income attributable to parent entities
75,056

 
91,633

 
42,209

Total equity attributable to parent entities
 
1,099,536

 
1,311,415