XML 43 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Other Investments (Tables)
 3 Months Ended
Mar. 31, 2021
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 Equity Method Investments(1)
Carrying Value
as of		For the Three Months Ended March 31,
March 31, 2021December 31, 202020212020
Real estate equity investments
Safehold Inc. ("SAFE")(2)
$955,758 $937,712 $11,412 $19,338 
iStar Net Lease II LLC ("Net Lease Venture II")84,481 78,998 1,001 193 
Other real estate equity investments69,084 89,939 (602)(2,082)
Subtotal1,109,323 1,106,649 11,811 17,449 
Other strategic investments(3)
127,972 69,911 958 (837)
Total $1,237,295 $1,176,560 $12,769 $16,612 
____________________________________________________________
(1)For the three months ended March 31, 2021 and 2020, earnings (losses) from equity method investments is net of the Company's pro rata share of $5.6 million and $4.0 million, respectively, of depreciation expense and $15.5 million and $13.7 million, respectively, of interest expense.
(2)As of March 31, 2021, the Company owned 34.8 million shares of SAFE common stock which, based on the closing price of $70.10 on March 31, 2021, had a market value of $2.4 billion. For the three months ended March 31, 2021 and 2020, equity in earnings includes dilution gains of $0.5 million and $7.9 million, respectively, resulting from SAFE equity offerings.
(3)During the three months ended March 31, 2021 and 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 for the three months ended March 31, 2021 and 2020 of $5.1 million and $9.9 million, respectively, in "Other income" in the Company's consolidated statements of operations.
Schedule of summarized financial information The following table presents the investee level summarized financial information for the Company's equity method investment that was significant as of March 31, 2021 ($ in thousands):
RevenuesExpensesNet Income Attributable to Parent
For the Three Months Ended March 31, 2021
SAFE$43,507 $27,174 $16,908 
For the Three Months Ended March 31, 2020
SAFE$40,165 $23,587 $17,347