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Other Investments (Tables) | 6 Months Ended
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Jun. 30, 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 | ​ | Earnings (Losses) from
​ | ​ | Carrying Value | ​ | Equity Method Investments (1) | ​ | Equity Method Investments(1)
​ | ​ | as of | ​ | For the Three Months Ended | ​ | For the Six Months Ended
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | June 30,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Real estate equity investments | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
Safehold Inc. ("SAFE")(2) | ​ | $ | 988,687 | ​ | $ | 937,712 | ​ | $ | 9,703 | ​ | $ | 8,236 | ​ | $ | 21,115 | ​ | $ | 27,574
iStar Net Lease II LLC ("Net Lease Venture II") | ​ |  | 84,735 | ​ |  | 78,998 | ​ |  | 1,599 | ​ |  | 564 | ​ |  | 2,600 | ​ |  | 757
Other real estate equity investments | ​ |  | 68,920 | ​ |  | 89,939 | ​ |  | (1,461) | ​ |  | (4,893) | ​ |  | (2,063) | ​ |  | (6,975)
Subtotal | ​ |  | 1,142,342 | ​ |  | 1,106,649 | ​ |  | 9,841 | ​ |  | 3,907 | ​ |  | 21,652 | ​ |  | 21,356
Other strategic investments(3) | ​ |  | 133,612 | ​ |  | 69,911 | ​ |  | 2,856 | ​ |  | (1,321) | ​ |  | 3,814 | ​ |  | (2,158)
Total | ​ | $ | 1,275,954 | ​ | $ | 1,176,560 | ​ | $ | 12,697 | ​ | $ | 2,586 | ​ | $ | 25,466 | ​ | $ | 19,198
(1) | For the three months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.5 million and $4.8 million, respectively, of depreciation expense and $17.7 million and $15.7 million, respectively, of interest expense. For the six months ended June 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $11.1 million and $8.8 million, respectively, of depreciation expense and $33.2 million and $29.4 million, respectively, of interest expense.
(2) | As of June 30, 2021, the Company owned 35.2 million shares of SAFE common stock which, based on the closing price of $78.50 on June 30, 2021, had a market value of $2.8 billion. For the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2021 and 2020 of $5.1 million and $9.9 million, respectively, in “Other income” in the Company’s consolidated statements of operations.
Schedule of summarized financial information | The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of June 30, 2021 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Revenues |  | Expenses |  | Net Income Attributable to Parent
For the Six Months Ended June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 87,720 | ​ | $ | 57,536 | ​ | $ | 31,640
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Six Months Ended June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 77,518 | ​ | $ | 49,200 | ​ | $ | 29,861

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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