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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of components of income tax expense (benefit)

The following represents the Company’s TRS income tax benefit (expense) ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		For the Years Ended December 31,
​		2022			2021			2020
Current tax benefit (expense)(1)(2)	​	$	—	​	$	82	​	$	(106)
Total income tax (expense) benefit	​	$	—	​	$	82	​	$	(106)

(1) For the years ended December 31, 2022, 2021 and 2020, excludes a REIT tax expense of $13.5 million, $0.1 million, $0.1 million, respectively.

(2) Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed. The CARES Act enacted on March 27, 2020 permits corporate taxpayers to accelerate the full amount of its alternative minimum tax credits. The Company filed a claim for refund and received a $3.0 million refund in 2020 for which the benefit had been recognized in 2017. An additional refund of alternative minimum taxes in the amount of $0.7 million was received during the year ended December 31, 2021 for which a tax benefit was recorded.

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company’s TRS entities were as follows ($ in thousands):

​

​	​	​	​	​	​	​
​		As of December 31,
​		2022			2021
Deferred tax assets(1)	​	$	64,900	​	$	69,360
Valuation allowance	​		(64,900)	​		(69,360)
Net deferred tax assets (liabilities)	​	$	—	​	$	—

(1) Deferred tax assets as of December 31, 2022 include temporary differences related primarily to asset basis of $16.1 million, deferred expenses and other items of $5.7 million, NOL carryforwards of $40.8 million and other credits of $2.3 million. Deferred tax assets as of December 31, 2021 include temporary differences related primarily to asset basis of $18.7 million, deferred expenses and other items of $8.0 million, NOL carryforwards of $40.3 million and other credits of $2.4 million. The Company has determined that the change in tax law associated with the Tax Cuts and Jobs Act will not have a material effect on whether its deferred tax assets are realizable.

​

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 December 31, 2022 and 2021 ($ in thousands).

​

​	​	​	​	​	​	​	​
​	​	As of					​
​	​	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	​		1,963	​		103,229	​
Finance lease right of use assets	​	​	—	​	​	150,099	​
Accrued interest and operating lease income receivable, net	​		492	​		2,997	​
Deferred operating lease income receivable, net	​		—	​		63,156	​
Deferred expenses and other assets, net	​		484	​		178,694	​
Total real estate and other assets available and held for sale and classified as discontinued operations	​	$	2,939	​	$	2,299,711	​
​	​			​			​
LIABILITIES	​			​			​
Accounts payable, accrued expenses and other liabilities	​	$	333	​	$	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	​	$	333	​	$	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 years ended December 31, 2022, 2021 and 2020 ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
​	​	2022			2021			2020
Revenues:	​	​			​			​
Operating lease income	​	$	35,596	​	$	164,811	​	$	164,446
Interest income	​		885	​		3,717	​		3,440
Interest income from sales-type leases	​		8,803	​		35,826	​		33,552
Other income	​		4,292	​		5,178	​		5,412
Total revenues	​		49,576	​		209,532	​		206,850
Costs and expenses:	​			​			​
Interest expense(1)	​		7,484	​		43,232	​		42,746
Real estate expense	​		5,072	​		27,366	​		26,410
Depreciation and amortization(1)	​		—	​		52,221	​		50,765
(Recovery of) provision for loan losses	​	​	—	​	​	(1,150)	​	​	186
(Recovery of) provision for losses on net investment in leases	​		—	​		(10,871)	​		1,760
Impairment of assets	​		1,492	​		2,286	​		2,036
Other expense(2)	​		(5,669)	​		16,476	​		—
Total costs and expenses	​		8,379	​		129,560	​		123,903
Income from sales of real estate	​		683,738	​		8,476	​		—
Income from discontinued operations before earnings from equity method investments and other items	​		724,935	​		88,448	​		82,947
Loss on early extinguishment of debt, net	​		(41,408)	​		—	​		—
Earnings from equity method investments	​		127,129	​		8,123	​		2,654
Selling profit from sales-type leases	​		—	​		25,034	​		—
Net income from discontinued operations before income taxes	​		810,656	​		121,605	​		85,601
Income tax expense	​		(12,968)	​		(153)	​		(146)
Net income from discontinued operations	​	​	797,688	​	​	121,452	​	​	85,455
Net (income) from discontinued operations attributable to noncontrolling interests	​		(179,089)	​		(5,620)	​		(11,251)
Net income from discontinued operations attributable to iStar Inc.	​	$	618,599	​	$	115,832	​	$	74,204

(1) For the years ended December 31, 2022, 2021 and 2020, the Company recorded $1.3 million, $8.4 million and $8.2 million, respectively, of “Interest expense” in its consolidated statements of operations from its Ground Leases with SAFE. During the years ended December 31, 2021 and 2020, the Company recognized $1.5 million and $1.5 million, respectively, of “Depreciation and amortization” in its consolidated statements of operations from its Ground Leases with SAFE.

Represents the reversal of other expenses recognized in connection with the settlement of interest rate hedges during the year ended December 31, 2022.

(2) The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2022, 2021 and 2020 ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
​	​	2022			2021			2020
Cash flows provided by operating activities	​	$	115,140	​	$	85,249	​	$	112,783
Cash flows provided by (used in) investing activities	​		2,668,531	​		2,030	​		(51,998)

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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