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Other Investments (Tables) | 9 Months Ended
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Sep. 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 Nine Months Ended
​ | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | September 30,
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Real estate equity investments | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |
Safehold Inc. ("SAFE")(2) | ​ | $ | 1,113,333 | ​ | $ | 937,712 | ​ | $ | 73,475 | ​ | $ | 9,331 | ​ | $ | 94,590 | ​ | $ | 36,905
iStar Net Lease II LLC ("Net Lease Venture II") | ​ |  | 100,471 | ​ |  | 78,998 | ​ |  | 1,414 | ​ |  | 811 | ​ |  | 4,014 | ​ |  | 1,568
Other real estate equity investments | ​ |  | 44,196 | ​ |  | 89,939 | ​ |  | 11,965 | ​ |  | (3,542) | ​ |  | 9,902 | ​ |  | (10,517)
Subtotal | ​ |  | 1,258,000 | ​ |  | 1,106,649 | ​ |  | 86,854 | ​ |  | 6,600 | ​ |  | 108,506 | ​ |  | 27,956
Other strategic investments(3) | ​ |  | 161,766 | ​ |  | 69,911 | ​ |  | 2,355 | ​ |  | 205 | ​ |  | 6,169 | ​ |  | (1,953)
Total | ​ | $ | 1,419,766 | ​ | $ | 1,176,560 | ​ | $ | 89,209 | ​ | $ | 6,805 | ​ | $ | 114,675 | ​ | $ | 26,003
(1) | For the three months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $5.1 million and $4.6 million, respectively, of depreciation expense and $18.5 million and $14.6 million, respectively, of interest expense. For the nine months ended September 30, 2021 and 2020, earnings (losses) from equity method investments is net of the Company’s pro rata share of $16.2 million and $13.4 million, respectively, of depreciation expense and $51.7 million and $44.0 million, respectively, of interest expense.
(2) | As of September 30, 2021, the Company owned 36.0 million shares of SAFE common stock which, based on the closing price of $71.89 on September 30, 2021, had a market value of $2.6 billion. Pursuant to ASC 323-10-40-1, an equity method investor shall account for a share issuance by an investee as if the investor had sold a proportionate share of its investment. Any gain or loss to the investor resulting from an investee’s share issuance shall be recognized in earnings. For the three months ended September 30, 2021, equity in earnings includes a dilution gain of $60.2 million resulting from a SAFE equity offering. For the nine months ended September 30, 2021 and 2020, equity in earnings includes dilution gains of $60.7 million and $7.9 million, respectively, resulting from SAFE equity offerings.
(3) | During the three and nine months ended September 30, 2021 and the three and nine months ended September 30, 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 $14.0 million and $19.1 million for the three and nine months ended September 30, 2021, respectively, and aggregate mark-to-market gains of $14.0 million and $23.9 million for the three and nine months ended September30, 2020, respectively, in “Other income” in the Company’s consolidated statements of operations.
Schedule of summarized financial information | The following table presents the investee level summarized financial information for the Company’s equity method investment that was significant as of September 30, 2021 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Revenues |  | Expenses |  | Net Income Attributable to Parent
For the Nine Months Ended September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 135,001 | ​ | $ | 88,585 | ​ | $ | 51,844
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Nine Months Ended September 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SAFE | ​ | $ | 115,518 | ​ | $ | 73,821 | ​ | $ | 44,024

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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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