XML 93 R82.htm IDEA: XBRL DOCUMENT v3.22.4
Other Investments (Safehold Inc). (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Apr. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
shares
Feb. 28, 2022
USD ($)
Nov. 30, 2021
USD ($)
Sep. 30, 2021
USD ($)
shares
Jul. 31, 2021
USD ($)
Jun. 30, 2021
USD ($)
agreement
Feb. 28, 2021
USD ($)
Jan. 31, 2021
USD ($)
Nov. 30, 2020
USD ($)
shares
Oct. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
Mar. 31, 2020
USD ($)
shares
May 31, 2019
Jan. 31, 2019
USD ($)
$ / shares
shares
Oct. 31, 2017
USD ($)
Dec. 31, 2021
USD ($)
$ / shares
shares
Jun. 30, 2021
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Schedule of Equity Method Investments [Line Items]                                                  
Number of limited partnership units purchased (in shares) | shares                                   12,500,000              
Investor units, purchase price per unit (in dollars per share) | $ / shares                                   $ 20.00              
Cash investment in equity method investments                                   $ 250,000       $ 274,544 $ 216,997 $ 260,121  
Conversion of stock                                 1                
Average cost per share acquired | $ / shares                                           $ 66.83      
Restriction period on common stock received as payment                                           2 years      
Income from sales of real estate                                           $ 26,629 26,319 6,318  
Payment to acquire purchase option agreement                                         $ 1,000        
Expenses incurred in acquisition of purchase option agreement                                         200        
SAFE                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Proceeds from sale of ground lease $ 36,000                                                
Gain (loss) from sale of ground lease $ 1,000                                                
Ground lease term                             99 years                    
Proceeds from sale of purchase option agreement                 $ 1,200                       1,200        
Gain recognized on sale of purchase option agreement                 $ 0                                
Number of agreements | agreement                 2                                
Sale price per agreement for sale of land and related Ground Lease, subject to certain conditions being met           $ 33,300     $ 42,000                       $ 42,000        
Multiple required that may trigger receipt of additional consideration           1.25     1.25                       1.25        
Percentage of required return on investment that may trigger receipt of additional consideration           12.00%     9.00%                                
Maximum | SAFE                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Leasehold improvement allowance, Ground Leases           $ 51,800     $ 83,000                       $ 83,000        
Fee percent of SAFE Equity up to $1.5 billion                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee as percent of equity                                           1.00%      
Fee percent of SAFE Equity up to $1.5 billion | Maximum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 1,500,000      
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee as percent of equity                                           1.25%      
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Maximum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 3,000,000      
Fee percent of SAFE Equity between $1.5 billion and $3.0 billion | Minimum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 1,500,000      
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee as percent of equity                                           1.375%      
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Maximum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 5,000,000      
Fee percent of SAFE Equity between $3.0 billion and $5.0 billion | Minimum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 3,000,000      
Fee percent of SAFE Equity over $5.0 billion                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee as percent of equity                                           1.50%      
Fee percent of SAFE Equity over $5.0 billion | Minimum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee equity threshold amount                                           $ 5,000,000      
Safehold Inc.                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Purchase option, purchase price to acquire property                 215,000                       $ 215,000        
Purchase option, square feet of future office space development                                         1,100        
Loan Fund | SAFE                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Commitment to provide loan to lessee   $ 105,000     $ 130,000                                        
Consideration received for loan commitment   $ 5,000     $ 9,000                                        
Real estate equity investments                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Equity method investments                                       $ 1,230,511   1,335,282 1,230,511    
Real estate equity investments | Safehold Inc.                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management agreement, termination fee as multiple of prior year management fee                                   3              
Safehold Inc.                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Cash investment in equity method investments                                       $ 1,800   $ 10,500 $ 69,500    
Shares acquired (in shares) | shares                                       24,108     1,000,000.0    
Shares acquired (in shares) | shares                                           200,000      
Average cost per share acquired | $ / shares                                       $ 72.96     $ 72.96    
Average cost per share | $ / shares                                       $ 73.86     $ 73.86    
Shares of equity method investment distributed as non-cash dividend to shareholders | shares                                           6,630,000      
Expense reimbursements from related party                                           $ 12,500 $ 7,500 5,000  
Amount of loan funded                                                 $ 16,100
Income from sales of real estate             $ 0                                    
Consideration received             22,100                                    
Safehold Inc. | Management Fees                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Management fee revenue from related party                                           $ 20,300 14,900 $ 12,700  
Safehold Inc. | Private Placement                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Cash investment in equity method investments       $ 191,200                                          
Shares acquired (in shares) | shares       3,240,000                                          
Safehold Inc. | Real estate equity investments                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Equity interest                                           54.30%      
Voting power cap threshold                                   41.90%              
Equity method investments                                       $ 1,168,532   $ 1,237,086 $ 1,168,532    
Safehold Inc. | Real estate equity investments | Private Placement                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Cash investment in equity method investments             $ 50,000         $ 65,000       $ 80,000                  
Shares acquired (in shares) | shares             657,894         1,100,000       1,700,000                  
Multifamily Development San Jose                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Leasehold improvement allowance, Ground Leases                                     $ 7,200            
Proceeds from sale of ground lease                           $ 34,000                      
Gain (loss) from sale of ground lease                           $ 6,100                      
Ground lease term                                     99 years            
Multifamily Development San Jose | Leasehold First Mortgage                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Commitment to provide loan to lessee                                     $ 80,500            
Carrying value of loans                                     $ 80,500            
Ground Lease, Washington DC building conversion                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Commitment to provide loan to lessee                         $ 22,500                        
Consideration received                         $ 2,300                        
Other Real Estate Equity Investment January 2021                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Equity interest                     53.00%                            
Equity method investments                     $ 63,300                            
Recognized gain or loss                     $ 0                            
Other Real Estate Equity Investment September 2021                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Cash investment in equity method investments             $ 2,700                                    
Commitment to provide loan to lessee             75,000                                    
Consideration received             2,700                                    
Multi-Family Project                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Recognized gain or loss             $ 0                                    
Hotel Property                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Percentage ownership sold     50.00%                                            
Commitment to provide loan to lessee                   $ 50,000                              
Equity method investments     $ 4,400                                            
Value of land acquired in exchange     9,000                                            
Gain on disposal of equity method investment exchanged for land     4,600                                            
Consideration received                   $ 1,900                              
Recognized gain or loss               $ 0                                  
Hotel Property | SAFE                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Proceeds from sale of ground lease                                           $ 9,000      
Gain (loss) from sale of ground lease     $ 0                                            
Land Parcel One | Maximum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Leasehold improvement allowance, Ground Leases                 83,000                       $ 83,000        
Land Parcel Two | Maximum                                                  
Schedule of Equity Method Investments [Line Items]                                                  
Leasehold improvement allowance, Ground Leases                 $ 83,000                       $ 83,000