XML 127 R39.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Other Investments (Tables)
 12 Months Ended
Dec. 31, 2019
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,
 
2019
 
2018
 
2019
 
2018
 
2017
Real estate equity investments
 
 
 
 
 
 
 
 
 
Safehold Inc. ("SAFE")(1)
$
729,357

 
$
149,589

 
$
29,764

 
$
4,711

 
$
551

iStar Net Lease II LLC ("Net Lease Venture II")
30,712

 
16,215

 
(529
)
 
(333
)
 
—

iStar Net Lease I LLC ("Net Lease Venture")(2)
—

 
—

 
—

 
4,100

 
4,534

Other real estate equity investments(3)
104,553

 
130,955

 
12,620

 
(4,112
)
 
6,520

Subtotal
864,622

 
296,759

 
41,855

 
4,366

 
11,605

Other strategic investments(4)
43,253

 
7,516

 
(6
)
 
(9,373
)
 
1,410

Total
$
907,875

 
$
304,275

 
$
41,849

 
$
(5,007
)
 
$
13,015


_______________________________________________________________________________
(1)
As of December 31, 2019, the Company owned 31.2 million shares of SAFE common stock which, based on the closing price of $40.30 on December 31, 2019, had a market value of $1.3 billion. For the year ended December 31, 2019, equity in earnings includes a dilution gain of $7.6 million resulting from SAFE equity offerings during 2019.
(2)
The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Net Lease Venture below).
(3)
During the year ended December 31, 2019, equity in earnings (losses) includes $19.3 million of income resulting primarily from the sale of properties at two of the Company's equity method investments. 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.
(4)
For the year ended December 31, 2018, equity in earnings (losses) includes a $10.0 million impairment on a foreign equity method investment due to local market conditions.
Summary of financial information of the equity method investments The following table presents the investee level summarized financial information of the Company's equity method investments ($ in thousands):
 
 
As of December 31,
 
 
For the Years Ended December 31,
 
 
2019
 
2018
 
 
2019
 
2018
 
2017
Balance Sheets
 
 
 
 
 
Income Statements
 
 
 
 
 
Total assets
 
$
3,653,763

 
$
2,118,045

 
Revenues
$
214,123

 
$
262,970

 
$
261,867

Total liabilities
 
1,918,034

 
1,016,502

 
Expenses
(181,456
)
 
(187,257
)
 
(167,999
)
Noncontrolling interests
 
1,486

 
2,007

 
Net income attributable to parent entities
32,474

 
75,056

 
91,633

Total equity attributable to parent entities
 
1,734,243

 
1,099,536