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Other Investments (Tables)
 12 Months Ended
Dec. 31, 2020
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)(1)
As of December 31,For the Years Ended December 31,
20202019202020192018
Real estate equity investments
Safehold Inc. ("SAFE")(2)
$937,712 $729,357 $53,476 $29,764 $4,711 
iStar Net Lease II LLC ("Net Lease Venture II")78,998 30,712 2,654 (529)(333)
iStar Net Lease I LLC ("Net Lease Venture")(3)
— — — — 4,100 
Other real estate equity investments(4)
89,939 104,553 (12,929)12,620 (4,112)
Subtotal1,106,649 864,622 43,201 41,855 4,366 
Other strategic investments(5)
69,911 43,253 (1,075)(6)(9,373)
Total $1,176,560 $907,875 $42,126 $41,849 $(5,007)
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(1)For the years ended December 31, 2020, 2019 and 2018, earnings (losses) from equity method investments is net of the Company's pro rata share of $19.5 million, $14.4 million and $16.9 million, respectively, of depreciation expense and $59.3 million, $32.9 million and $18.1 million, respectively, of interest expense.
(2)As of December 31, 2020, the Company owned 34.8 million shares of SAFE common stock which, based on the closing price of $72.49 on December 31, 2020, had a market value of $2.5 billion. For the year ended December 31, 2020, equity in earnings includes $14.4 million of dilution gains resulting from the dilution of our ownership in SAFE in connection with equity offerings at SAFE in 2020. For the year ended December 31, 2019, equity in earnings includes dilution gains of $7.6 million.
(3)The Company consolidated the assets and liabilities of the Net Lease Venture on June 30, 2018 (refer to Note 4).
(4)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.
(5)During the year ended December 31, 2020, the Company identified observable price changes in an equity security held by the Company as evidenced by orderly private issuances of similar securities by the same issuer. In accordance with ASC 321, the Company remeasured its equity investment at fair value and recognized aggregate mark-to-market gains of $23.9 million in "Other income" in the Company's consolidated statements of operations. 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,
 20202019202020192018
Balance Sheets  Income Statements
Total assets$4,522,147 $3,653,763 Revenues$149,928 $214,123 $262,970 
Total liabilities2,437,621 1,918,034 Expenses(203,689)(181,456)(187,257)
Noncontrolling interests2,124 1,486 Net income attributable to parent entities(53,955)32,474 75,056 
Total equity attributable to parent entities2,082,402 1,734,243