Other Investments (Tables)

6 Months Ended

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