Other Investments (Tables)

6 Months Ended

Jun. 30, 2022

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				Equity Method Investments
	as of				For the Three Months Ended				For the Six Months Ended
	June 30,		December 31,		June 30,				June 30,
	2022		2021		2022		2021		2022		2021
Real estate equity investments
Safehold Inc. ("SAFE")⁽¹⁾	$	1,405,985	$	1,168,532	$	14,720	$	9,703	$	31,749	$	21,115
Ground Lease Plus Fund		65,068		17,630		520		—		1,289		—
Other real estate equity investments		38,458		44,349		3,773		(1,461)		7,384		(2,063)
Subtotal		1,509,511		1,230,511		19,013		8,242		40,422		19,052
Other strategic investments⁽²⁾		47,281		66,770		380		2,856		4,003		3,814
Total	$	1,556,792	$	1,297,281	$	19,393	$	11,098	$	44,425	$	22,866

(1)

As of June 30, 2022, the Company owned 40.1 million shares of SAFE common stock which, based on the closing price of $35.37 on June 30, 2022, had a market value of $1.4 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 six months ended June 30, 2022 and 2021, equity in earnings includes dilution gains of $0.9 million and $0.5 million, respectively, resulting from SAFE equity offerings.

(2)

During the six months ended June 30, 2021, 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 – Investments – Equity Securities, the Company remeasured its equity investment at fair value and recognized a mark-to-market gain of $5.1 million 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 for the Company’s equity method investment that was significant as of June 30, 2022 ($ in thousands):


	Revenues		Expenses		Net Income Attributable to Parent
For the Six Months Ended June 30, 2022
SAFE	$	125,247	$	82,157	$	47,551

For the Six Months Ended June 30, 2021
SAFE	$	87,720	$	57,536	$	31,640