<SEC-DOCUMENT>0001095651-22-000011.txt : 20220923
<SEC-HEADER>0001095651-22-000011.hdr.sgml : 20220923
<ACCEPTANCE-DATETIME>20220708161924
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001095651-22-000011
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ISTAR INC.
		CENTRAL INDEX KEY:			0001095651
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				956881527
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		2129309400

	MAIL ADDRESS:	
		STREET 1:		1114 AVENUE OF THE AMERICAS
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ISTAR FINANCIAL INC
		DATE OF NAME CHANGE:	20000501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARWOOD FINANCIAL INC
		DATE OF NAME CHANGE:	19990923
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 7/8/2022 08:17:06 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.09%;padding-right:6.62%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220708xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.68pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.96pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:360pt;text-indent:-360pt;margin:12pt 0pt 12pt 0pt;">July 8, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Jennifer Monick, Assistant Chief Accountant</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Peter McPhun, Staff Accountant</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">United States Securities and Exchange Commission</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Division of Corporation Finance</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Office of Real Estate and Construction</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">100 F Street, NE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;">Washington, D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">Re:</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">iStar Inc.</b><b style="font-size:10pt;font-weight:bold;"><br></b><b style="font-size:10pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended December 31, 2021</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">Filed February 25, 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">Form 8-K filed May 3, 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 72pt;"><b style="font-weight:bold;">File No. 001-15371</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Ms. Monick and Mr. McPhun:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On behalf of iStar Inc. (the &#8220;Company&#8221; or &#8220;we&#8221;), set forth below is the Company&#39;s response to the comments of the Staff of the Securities and Exchange Commission (the &quot;Staff&quot;) on the Company&#39;s Form 10-K for the Fiscal Year Ended December 31, 2021 (the &quot;Form 10-K&quot;) and the Company&#8217;s Form 8-K filed on May 3, 2022 (the &#8220;Form 8-K&#8221;), as set forth in the Staff&#39;s letter dated June 15, 2022 (the &#8220;June 15 Letter&#8221;). For the convenience of the Staff, the comment from the June 15 Letter is stated in italics prior to the Company&#8217;s response to such comment. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form 10-K for the Fiscal Year Ended December 31, 2021</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Notes to Consolidated Financial Statements</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Note 8 &#8211; Other Investments</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Summarized investee financial information, page 81</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">We note your disclosure that SAFE represented a significant subsidiary of the Company and your reference to their financial statements on the website of the Securities and Exchange Commission. Please tell us how you determined it was not necessary to file such financial statements with your Form 10-K. Please refer to Rule 3-09 of Regulation S-X.</i></td></tr></table><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Company determined that SAFE was a significant subsidiary for the years ended December 31, 2021 and 2020 pursuant to Rule 3-09 of Regulation S-X. In preparing the Form 10-K, the Company analogized to the guidance in section 2340 of the Financial Reporting Manual with respect to providing the audited financial statements of a significant net lease tenant, which states that &#8220;if the lessee is a public company subject to the periodic reporting obligations of the Exchange Act, the registrant may instead include in the filing a statement referring investors to a publicly-available website with the lessee&#8217;s SEC filed financial information.&#8221; The Company provided the disclosure below in Note 8 to its consolidated financial statements in the earnest belief that the guidance applicable to significant publicly-reporting tenants would similarly apply to significant publicly-reporting subsidiaries:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 72pt;">&#8220;During the&#160;years ended December&#160;31, 2021 and 2020, SAFE represented a significant subsidiary of the Company. For detailed financial information regarding SAFE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol &quot;SAFE.&quot;</p></div><div style="clear:both;display:table;margin-bottom:21.6pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:16.35pt;left:1.6%;margin-top:5.55pt;max-width:98.4%;position:relative;top:0pt;width:496.05pt;z-index:251658240;"><div style="height:16.35pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:496.05pt;"></div></div><p style="color:#5d5b58;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;">1114 Avenue of the Americas</p><p style="color:#5d5b58;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;">New York, NY 10036<br>T 212.930.9400<br>www.istar.com</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.09%;margin-right:6.62%;margin-top:30pt;page-break-after:always;width:85.29%;border-width:0;"><div style="max-width:100%;padding-left:8.09%;padding-right:6.62%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220708xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.75pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company acknowledges that its cross reference to SAFE&#39;s publicly available financial statements in Note 8 of the Form 10-K does not expressly state that they are incorporated by reference or include the consent of SAFE&#39;s auditor to do so. However, the Company does not believe that their absence renders the filing materially deficient and untimely filed. &#160;In the Form 10-K, the Company affirmatively noted SAFE&#39;s significance and directed investors to SAFE&#39;s audited financial statements which are readily and publicly available. Material balance sheet, income statement and equity information of SAFE is included in the summarized investee financial information that appears in Note 8 to the Company&#39;s financial statements, along with extensive disclosure regarding the relationship between the two companies. Note 8 forms part of the Company&#39;s financial statements which were audited by the same firm as SAFE&#39;s financial statements. In order to comply with Rule 3-09 of Regulation S-X and ensure that SAFE&#39;s audited financial statements are expressly incorporated by reference into the Company&#39;s existing Form S-3 and Form S-8 registration statements for purposes of the liability provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, the Company proposes to file the audited SAFE financial statements that were cross referenced in the Form 10-K in a Form 8-K, together with the consent of Deloitte &amp; Touche LLP, which will in turn incorporate them by reference into the Company&#39;s existing Form S-3 and S-8 registration statements. The Company will include SAFE&#8217;s audited financial statements in future Form 10-K filings if SAFE is determined to be a significant subsidiary pursuant to Rule 3-09 of Regulation S-X. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form 8-K filed May 3, 2022</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit 99.2</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Pro Forma Supplemental Financial Data, page 22</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">We note your table titled Pro Forma Supplemental Financial Data on page 22. It appears this table is presenting pro forma effects of the net lease transaction, pro forma effects of the SAFE MTM adjustment, and pro forma effects of the incremental iPIP amount. Please address the following:</i></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:45pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Please tell us which conditions in Rule 11-01(a) of Regulation S-X existed to result in the need for the pro forma adjustments, including the SAFE MTM adjustment and Incremental iPIP amount.</i></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:45pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Please tell us how you determined it was unnecessary to include explanatory notes describing the pro forma adjustments, including the SAFE MTM adjustment and Incremental iPIP amount. Reference is made to Rule 11-02 of Regulation S-X.</i></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:45pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Please clarify for us the nature of the pro forma adjustments that are not related to SAFE MTM adjustment or Incremental iPIP amount.</i></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">The &quot;Pro Forma Supplemental Financial Data&quot; table and other information labeled &quot;pro forma&quot; in the Company&#39;s first quarter 2022 earnings presentation that was furnished with the Form 8-K was intended to provide investors with supplemental information showing the full impact of the net lease transaction on the Company. The use of the term &quot;pro forma&quot; in the presentation was not intended to convey that the financial information was prepared in accordance with Article&#160;11 of Regulation S-X. &#160;</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">As noted on the inside front cover of the presentation, the pro forma financial information gives effect to (i) the closing of the net lease transaction and distributions payable to partners; (ii) payments expected to be made to the Company&#39;s iPIP holders as a result of the transaction; and (iii) an updated estimate of other potential iPIP payments that fluctuate primarily based on changes in SAFE&#39;s stock price. &#160;The net lease sale closed on March 22, 2022, at which time the Company received net cash proceeds of approximately $1.2 billion (after payment of mortgage debt). The Company then had 30 days in which to make distributions to joint venture partners and iPIP participants, which would cross into the second quarter 2022. The pro forma adjustments shown in the earnings presentation were primarily intended to show the impact of the transaction on the Company as if all such payments to partners and others had been made as of March 31, 2022. In particular, these adjustments included the following: </font></p></div><div style="clear:both;display:table;margin-bottom:21.6pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;">2</font></p><p style="color:#0000ff;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;"><font style="color:#5d5b58;font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.09%;margin-right:6.62%;margin-top:30pt;page-break-after:always;width:85.29%;border-width:0;"><div style="max-width:100%;padding-left:8.09%;padding-right:6.62%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;margin:24pt 0pt 24pt 0pt;"><img src="tmb-20220708xcorresp002.jpg" alt="Circle&#10;&#10;Description automatically generated" style="display:inline-block;height:49.5pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:48.75pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Cash</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the receipt of $226 million of cash from equity method investments and third parties for asset sales, the payment of $43 million for accrued expenses (including iPIP) and the settlement of operating accounts and liabilities, distributions of $319 million to noncontrolling interests and the reclassification of $46 million of restricted cash to unrestricted cash.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Real estate and other assets available and held for sale</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the anticipated settlement of &#160;all remaining &#8220;Real estate and other assets available and held for sale and classified as discontinued operations,&#8221; primarily from anticipated distributions from equity method investments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Other balance sheet assets</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the reclassification of amounts previously recorded as restricted cash to cash and cash equivalents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">iPIP liability (accrued)</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the settlement, in cash and shares of common stock, for accrued expenses associated with iPIP.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Liabilities associated with real estate held for sale</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the anticipated settlement of all remaining &#8220;Liabilities associated with real estate held for sale and classified as discontinued operations.&#8221;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.37;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:54pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#8226;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Total Equity</i><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">: Represents the settlement of $319 million of noncontrolling interests relating to the sale of net lease assets offset by $10 million in shares of the Company&#8217;s common stock net of tax issued to settle accrued expenses relating to iPIP.</font></td></tr></table><div style="margin-top:10pt;"></div><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">The Company filed a Form 8-K on March&#160;28, 2022 reporting the closing of the net lease sale pursuant to Item 2.01 of the form. &#160;The March 28, 2022 Form 8-K included the required pro forma financial information in accordance with Article 11 of Regulation S-X and accompanying explanatory notes for the pro forma adjustments. The Company will use a different naming convention than &quot;pro forma&quot; if it elects to provide supplemental information going forward that is not prepared in accordance with Article 11.</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 10pt 36pt;"><font style="font-family:'Times New Roman','Times','serif';">We trust we have been responsive to the Staff&#39;s comment. If you have any questions, please do not hesitate to contact me at&#160;(212) 930-9498.</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 252pt;"><font style="font-family:'Times New Roman','Times','serif';">Sincerely,</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 252pt;"><font style="font-family:'Times New Roman','Times','serif';">/s/ Brett Asnas</font></p><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 252pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Chief Financial Officer</i></p></div><div style="clear:both;display:table;margin-bottom:21.6pt;min-height:36pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;">3</font></p><p style="color:#0000ff;font-family:'F37 Ginger Light','arial','calibri','sans-serif';font-size:8pt;line-height:12pt;margin:0pt;"><font style="color:#5d5b58;font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:8.09%;margin-right:6.62%;margin-top:30pt;page-break-after:avoid;width:85.29%;border-width:0;"></body></html>
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