Other Investments (Tables)

12 Months Ended

Dec. 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):⁽¹⁾


	Carrying Value				Equity in Earnings (Losses)
	As of December 31,				For the Years Ended December 31,
	2021		2020		2021		2020		2019
Real estate equity investments
Safehold Inc. ("SAFE")⁽²⁾	$	1,168,532	$	937,712	$	108,393	$	53,476	$	29,764
Other real estate equity investments		61,979		89,939		36,606		(12,929)		12,620
Subtotal		1,230,511		1,027,651		144,999		40,547		42,384
Other strategic investments⁽³⁾		66,770		69,911		9,345		(1,075)		(6)
Total	$	1,297,281	$	1,097,562	$	154,344	$	39,472	$	42,378

(1)	Refer to Note 3 - Net Lease Sale and Discontinued Operations.

(2)

As of December 31, 2021, the Company owned 36.6 million shares of SAFE common stock which, based on the closing price of $79.85 on December 31, 2021, had a market value of $2.9 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 years ended December 31, 2021, 2020 and 2019, equity in earnings includes $60.7 million, $14.4 million and $7.6 million, respectively, of dilution gains resulting from SAFE equity offerings.

(3)

During the years ended December 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 during the years ended December 31, 2021 and 2020 of $18.9 million and $23.9 million, respectively, in “Other income” in the Company’s consolidated statements of operations. The Company’s equity security was redeemed at its carrying value in the fourth quarter of 2021.

Schedule of summarized financial information

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,
	2021		2020			2021		2020		2019
Balance Sheets					Income Statements
Total assets	$	6,107,890	$	4,184,503	Revenues	$	889,131	$	129,789	$	210,602
Total liabilities		3,019,208		2,250,720	Expenses		(254,001)		(188,605)		(176,887)
Noncontrolling interests		3,024		2,181	Net income (loss) attributable to parent entities		634,896		(59,010)		33,522
Total equity attributable to parent entities		3,085,657		1,931,602