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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedules of discontinued operations

The following table presents the Company’s consolidated assets and liabilities recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets as of March 31, 2022 and December 31, 2021 ($ in thousands).

​	​	​	​	​	​	​	​
​	​	As of					​
​	​	March 31,		​	December 31,		​
​	​	2022			2021		​
ASSETS	​	​			​		​
Real estate	​	​			​		​
Real estate, at cost	​	$	—	​	$	1,537,655	​
Less: accumulated depreciation	​		—	​		(271,183)	​
Total real estate, net	​		—	​		1,266,472	​
Net investment in leases	​		—	​		486,389	​
Loans receivable held for sale	​	​	—	​	​	48,675	​
Other investments	​		216,309	​		103,229	​
Finance lease right of use assets	​	​	—	​	​	150,099	​
Accrued interest and operating lease income receivable, net	​		1,018	​		2,997	​
Deferred operating lease income receivable, net	​		—	​		63,156	​
Deferred expenses and other assets, net	​		8,982	​		178,694	​
Total real estate and other assets available and held for sale and classified as discontinued operations	​	$	226,309	​	$	2,299,711	​
​	​			​			​
LIABILITIES	​			​			​
Accounts payable, accrued expenses and other liabilities	​	$	15,963	​	$	92,865	​
Finance lease liabilities	​	​	—	​	​	161,258	​
Debt obligations, net	​		—	​		714,296	​
Total liabilities associated with real estate held for sale and classified as discontinued operations	​	$	15,963	​	$	968,419	​

​

The transaction described above involving the Company's net lease business qualified for discontinued operations and the following table summarizes net income from discontinued operations for the three months ended March 31, 2022 and 2021 ($ in thousands):

​

​	​	​	​	​	​	​	​
​	​	For the Three Months Ended March 31,					​
​		2022			2021		​
Revenues:	​	​			​		​
Operating lease income	​	$	35,596	​	$	42,513	​
Interest income	​		885	​		861	​
Interest income from sales-type leases	​		8,803	​		8,627	​
Other income	​		4,292	​		1,275	​
Total revenues	​		49,576	​		53,276	​
Costs and expenses:	​		​	​		​	​
Interest expense(1)	​		7,484	​		10,754	​
Real estate expense	​		5,072	​		8,175	​
Depreciation and amortization(1)	​		—	​		13,054	​
Recovery of loan losses	​	​	—	​	​	(152)	​
Recovery of losses on net investment in leases	​		—	​		(1,601)	​
Impairment of assets	​		1,492	​		1,528	​
Other expense(2)	​		(5,669)	​		—	​
Total costs and expenses	​		8,379	​		31,758	​
Income from sales of real estate	​		683,738	​		—	​
Income from discontinued operations before earnings from equity method investments and other items	​		724,935	​		21,518	​
Earnings from equity method investments	​		127,129	​		1,001	​
Loss on early extinguishment of debt, net	​		(41,408)	​		—	​
Net income from discontinued operations before income taxes	​		810,656	​		22,519	​
Income tax expense	​		(12,968)	​		(33)	​
Net income from discontinued operations	​		797,688	​		22,486	​
Net (income) from discontinued operations attributable to noncontrolling interests	​		(179,089)	​		(2,564)	​
Net income from discontinued operations attributable to iStar Inc.	​	$	618,599	​	$	19,922	​

(1) For the three months ended March 31, 2022, the Company recorded $1.3 million of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. For the three months ended March 31, 2021, the Company recorded $2.1 million and $0.4 million, respectively, of “Interest expense” and “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE.

(2) Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the three months ended March 31, 2022.

​

The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the three months ended March 31, 2022 and 2021 ($ in thousands).

​

​	​	​	​	​	​	​
​	​	For the Three Months Ended March 31,
​	​	2022			2021
Cash flows provided by operating activities	​	$	22,571	​	$	20,847
Cash flows provided by investing activities	​		2,553,349	​		566

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Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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